DEI Document
DEI Document - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 02, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Amendment Flag | false | |
Document Transition Report | false | |
Entity File Number | 001-38710 | |
Entity Registrant Name | Corteva, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 82-4979096 | |
Entity Address, Address Line One | 9330 Zionsville Road, | |
Entity Address, City or Town | Indianapolis, | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 46268 | |
City Area Code | (833) | |
Local Phone Number | 267-8382 | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 704,729,000 | |
Entity Central Index Key | 0001755672 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Other Address | ||
Document Information [Line Items] | ||
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 | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | CTVA | |
Security Exchange Name | NYSE | |
EID [Member] | ||
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Amendment Flag | false | |
Document Transition Report | false | |
Entity File Number | 1-815 | |
Entity Registrant Name | EIDP, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 51-0014090 | |
Entity Address, Address Line One | 9330 Zionsville Road, | |
Entity Address, City or Town | Indianapolis, | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 46268 | |
City Area Code | (833) | |
Local Phone Number | 267-8382 | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 200 | |
Entity Central Index Key | 0000030554 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
EID [Member] | Other Address | ||
Document Information [Line Items] | ||
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 | |
EID [Member] | $3.50 Series Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | $3.50 Series Preferred Stock | |
Trading Symbol | CTAPrA | |
Security Exchange Name | NYSE | |
EID [Member] | $4.50 Series Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | $4.50 Series Preferred Stock | |
Trading Symbol | CTAPrB | |
Security Exchange Name | NYSE |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net Sales | $ 2,590 | $ 2,777 | $ 13,519 | $ 13,630 |
Cost of Goods Sold | 1,646 | 1,879 | 7,554 | 7,926 |
Research and Development Expense | 335 | 312 | 980 | 876 |
Selling, General and Administrative Expenses | 670 | 657 | 2,441 | 2,409 |
Amortization of Intangibles | 174 | 178 | 508 | 536 |
Restructuring and Related Cost, Incurred Cost | 2 | 152 | 95 | 300 |
Other income - net | (149) | 23 | (354) | 89 |
Interest Expense | 58 | 18 | 171 | 43 |
Income from continuing operations before income taxes | (444) | (396) | 1,416 | 1,629 |
Provision for (benefit from) income taxes on continuing operations | (129) | (74) | 244 | 372 |
Income from continuing operations after income taxes | (315) | (322) | 1,172 | 1,257 |
Income (loss) from discontinued operations after income taxes | (3) | (6) | (174) | (46) |
Net income | (318) | (328) | 998 | 1,211 |
Net income attributable to noncontrolling interests | 3 | 3 | 10 | 9 |
Net income attributable to Corteva | $ (321) | $ (331) | $ 988 | $ 1,202 |
Basic earnings (loss) per share of common stock from continuing operations | $ (0.45) | $ (0.45) | $ 1.64 | $ 1.73 |
Basic earnings (loss) per share of common stock from discontinued operations | 0 | (0.01) | (0.24) | (0.06) |
Basic earnings (loss) per share of common stock | (0.45) | (0.46) | 1.40 | 1.67 |
Diluted earnings (loss) per share of common stock from continuing operations | (0.45) | (0.45) | 1.63 | 1.72 |
Diluted earnings (loss) per share of common stock from discontinued operations | 0 | (0.01) | (0.24) | (0.06) |
Diluted earnings (loss) per share of common stock | $ (0.45) | $ (0.46) | $ 1.39 | $ 1.66 |
EID [Member] | ||||
Net Sales | $ 2,590 | $ 2,777 | $ 13,519 | $ 13,630 |
Cost of Goods Sold | 1,646 | 1,879 | 7,554 | 7,926 |
Research and Development Expense | 335 | 312 | 980 | 876 |
Selling, General and Administrative Expenses | 670 | 657 | 2,441 | 2,409 |
Amortization of Intangibles | 174 | 178 | 508 | 536 |
Restructuring and Related Cost, Incurred Cost | 2 | 152 | 95 | 300 |
Other income - net | (149) | 23 | (354) | 89 |
Income from continuing operations before income taxes | (446) | (410) | 1,394 | 1,596 |
Provision for (benefit from) income taxes on continuing operations | (129) | (77) | 239 | 364 |
Income from continuing operations after income taxes | (317) | (333) | 1,155 | 1,232 |
Income (loss) from discontinued operations after income taxes | (3) | (6) | (174) | (46) |
Net income | (320) | (339) | 981 | 1,186 |
Net income attributable to noncontrolling interests | 0 | 0 | 2 | 1 |
Net income attributable to Corteva | (320) | (339) | 979 | 1,185 |
EID [Member] | Segment Reconciling Items [Member] | ||||
Interest Expense | $ 60 | $ 32 | $ 193 | $ 76 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ (318) | $ (328) | $ 998 | $ 1,211 |
Cumulative Translation Adjustments | (323) | (533) | (41) | (868) |
Derivative Instruments | (2) | 50 | (154) | 42 |
Total other comprehensive income (loss) | (324) | (369) | (195) | (694) |
Comprehensive income (loss) | (642) | (697) | 803 | 517 |
Comprehensive Income Attributable to Noncontrolling Interest - Net of Tax | 3 | 3 | 10 | 9 |
Comprehensive Income (Loss) Attributable to Corteva | (645) | (700) | 793 | 508 |
Pension Plan | ||||
Adjustments to benefit plans | 3 | 113 | 6 | 128 |
Other Benefit Plans | ||||
Adjustments to benefit plans | (2) | 1 | (6) | 4 |
EID [Member] | ||||
Net income | (320) | (339) | 981 | 1,186 |
Cumulative Translation Adjustments | (323) | (533) | (41) | (868) |
Derivative Instruments | (2) | 50 | (154) | 42 |
Total other comprehensive income (loss) | (324) | (369) | (195) | (694) |
Comprehensive income (loss) | (644) | (708) | 786 | 492 |
Comprehensive Income Attributable to Noncontrolling Interest - Net of Tax | 0 | 0 | 2 | 1 |
Comprehensive Income (Loss) Attributable to Corteva | (644) | (708) | 784 | 491 |
EID [Member] | Pension Plan | ||||
Adjustments to benefit plans | 3 | 113 | 6 | 128 |
EID [Member] | Other Benefit Plans | ||||
Adjustments to benefit plans | $ (2) | $ 1 | $ (6) | $ 4 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |
Cash and cash equivalents | $ 2,254 | $ 3,191 | $ 2,199 | |
Marketable Securities | 108 | 124 | 119 | |
Accounts and notes receivable - net | 6,581 | 5,701 | 6,273 | |
Inventories | 6,320 | 6,811 | 5,415 | |
Other current assets | 1,070 | 968 | 1,039 | |
Total current assets | 16,333 | 16,795 | 15,045 | |
Investments in nonconsolidated affiliates | 106 | 102 | 91 | |
Property, Plant and Equipment | 8,892 | 8,551 | 8,444 | |
Less: Accumulated Depreciation | 4,572 | 4,297 | 4,259 | |
Net Property, Plant and Equipment | 4,320 | 4,254 | 4,185 | |
Goodwill | 10,441 | 9,962 | 9,791 | |
Other intangible assets | 9,795 | [1] | 9,339 | 9,461 |
Deferred Income Taxes | 554 | 479 | 407 | |
Other assets | 1,561 | 1,687 | 1,671 | |
Total Assets | 43,110 | 42,618 | 40,651 | |
Short-term borrowings and finance lease obligations | 3,609 | 24 | 1,576 | |
Accounts payable | 3,678 | 4,895 | 4,140 | |
Income Taxes Payable | 236 | 183 | 227 | |
Deferred Revenue | 552 | 3,388 | 860 | |
Accrued and other current liabilities | 2,273 | 2,254 | 2,115 | |
Total current liabilities | 10,348 | 10,744 | 8,918 | |
Long-term Debt | 2,290 | 1,283 | 1,277 | |
Deferred income tax liabilities | 1,070 | 1,119 | 1,123 | |
Pension and other post employment benefits - noncurrent | 2,228 | 2,255 | 2,628 | |
Other noncurrent obligations | 1,707 | 1,676 | 1,621 | |
Total noncurrent liabilities | 7,295 | 6,333 | 6,649 | |
Common stock | 7 | 7 | 7 | |
Additional Paid in Capital | 27,895 | 27,851 | 27,815 | |
Retained earnings | 325 | 250 | 614 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (3,001) | (2,806) | (3,592) | |
Total stockholders' equity attributable to the company | 25,226 | 25,302 | 24,844 | |
Noncontrolling Interests | 241 | 239 | 240 | |
Total Equity | 25,467 | 25,541 | 25,084 | |
Liabilities and Equity | 43,110 | 42,618 | 40,651 | |
EID [Member] | ||||
Cash and cash equivalents | 2,254 | 3,190 | 2,199 | |
Marketable Securities | 108 | 124 | 119 | |
Accounts and notes receivable - net | 6,581 | 5,701 | 6,273 | |
Inventories | 6,320 | 6,812 | 5,415 | |
Other current assets | 1,070 | 968 | 1,039 | |
Total current assets | 16,333 | 16,795 | 15,045 | |
Investments in nonconsolidated affiliates | 106 | 102 | 91 | |
Property, Plant and Equipment | 8,892 | 8,551 | 8,444 | |
Less: Accumulated Depreciation | 4,572 | 4,297 | 4,259 | |
Net Property, Plant and Equipment | 4,320 | 4,254 | 4,185 | |
Goodwill | 10,441 | 9,962 | 9,791 | |
Other intangible assets | 9,795 | 9,339 | 9,461 | |
Deferred Income Taxes | 554 | 479 | 407 | |
Other assets | 1,778 | 1,687 | 1,671 | |
Total Assets | 43,327 | 42,618 | 40,651 | |
Short-term borrowings and finance lease obligations | 3,609 | 24 | 1,576 | |
Accounts payable | 3,678 | 4,895 | 4,140 | |
Income Taxes Payable | 236 | 183 | 227 | |
Deferred Revenue | 552 | 3,388 | 860 | |
Accrued and other current liabilities | 2,284 | 2,258 | 2,134 | |
Total current liabilities | 10,474 | 10,748 | 8,937 | |
Long-term Debt | 2,290 | 1,283 | 1,277 | |
Deferred income tax liabilities | 1,070 | 1,119 | 1,123 | |
Pension and other post employment benefits - noncurrent | 2,228 | 2,255 | 2,628 | |
Other noncurrent obligations | 1,707 | 1,675 | 1,621 | |
Total noncurrent liabilities | 7,295 | 7,121 | 7,715 | |
Common stock | 0 | 0 | 0 | |
Additional Paid in Capital | 24,323 | 24,284 | 24,252 | |
Retained earnings | 3,995 | 3,031 | 3,098 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (3,001) | (2,806) | (3,592) | |
Total stockholders' equity attributable to the company | 25,556 | 24,748 | 23,997 | |
Noncontrolling Interests | 2 | 1 | 2 | |
Total Equity | 25,558 | 24,749 | 23,999 | |
Liabilities and Equity | 43,327 | 42,618 | 40,651 | |
EID [Member] | $4.50 Series Preferred Stock [Member] | ||||
Preferred Stock | 169 | 169 | 169 | |
EID [Member] | $3.50 Series Preferred Stock [Member] | ||||
Preferred Stock | 70 | 70 | 70 | |
Corteva [Member] | EID [Member] | ||||
Other assets | 217 | |||
Short-Term borrowings - related party | 115 | 0 | 0 | |
Long-Term Debt | $ 0 | $ 789 | $ 1,066 | |
[1]Includes the intangible assets acquired in connection with the Stoller and Symborg acquisitions, which were completed on March 1, 2023. See Note 3 – Business Combinations, to the interim Consolidated Financial Statements, for additional information. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,666,667,000 | 1,666,667,000 | 1,666,667,000 |
Common Stock, Shares, Outstanding | 704,880,000 | 713,419,000 | 716,225,000 |
EID [Member] | |||
Common Stock, Par Value | $ 0.30 | $ 0.30 | $ 0.30 |
Common Stock, Shares Authorized | 1,800,000,000 | 1,800,000,000 | 1,800,000,000 |
Common Stock, Shares, Outstanding | 200 | 200 | 200 |
EID [Member] | $4.50 Series Preferred Stock [Member] | |||
Preferred Stock, Par Value | $ 0 | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 1,673,000 | 1,673,000 | 1,673,000 |
Preferred Stock, Redemption Amount | $ 120 | $ 120 | $ 120 |
EID [Member] | $3.50 Series Preferred Stock [Member] | |||
Preferred Stock, Par Value | $ 0 | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 700,000 | 700,000 | 700,000 |
Preferred Stock, Redemption Amount | $ 102 | $ 102 | $ 102 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | ||
Cash provided by (used for) operating activities | |||
Net income | $ 998 | $ 1,211 | |
Provision for (benefit from) deferred income tax | (308) | (149) | |
Net Periodic Pension and OPEB benefit, net | 105 | (155) | |
Pension and OPEB Contributions | (123) | (147) | |
Net (gain) loss on sales of property, businesses, consolidated companies, and investments | (12) | (17) | |
Other net loss | 342 | 181 | |
Accounts and notes receivable | (782) | (1,814) | |
Inventories | 492 | (466) | |
Accounts Payable | (1,215) | (202) | |
Deferred Revenue | (2,840) | (2,311) | |
Other Assets and Liabilities | (255) | 100 | |
Cash provided by (used for) operating activities | (2,604) | (2,146) | |
Cash provided by (used for) investing activities | |||
Capital expenditures | (412) | (460) | |
Proceeds from sales of property, businesses, and consolidated companies - net of cash divested | 42 | 46 | |
Payments to Acquire Businesses, Net of Cash Acquired | (1,456) | 0 | |
Investments in and loans to nonconsolidated affiliates | (31) | (9) | |
Purchases of investments | (83) | (314) | |
Proceeds from Sale and Maturities of Investments | 127 | 274 | |
Proceeds from Hedge, Investing Activities | 42 | 0 | |
Other investing activities - net | (2) | 24 | |
Cash provided by (used for) investing activities | (1,773) | (439) | |
Cash provided by (used for) financing activities | |||
Net change in borrowings (less than 90 days) | 2,419 | 777 | |
Proceeds from debt | 3,427 | 1,335 | |
Payments on Debt | (1,314) | (355) | |
Repurchase of Common Stock | (585) | (800) | |
Proceeds from Exercise of Stock Options | 28 | 66 | |
Dividends paid to stockholders | (327) | (311) | |
Other financing activities | (45) | (49) | |
Cash provided by (used for) financing activities | 3,603 | 663 | |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (68) | (295) | |
Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash | (842) | (2,217) | |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 3,618 | 4,836 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | [1] | 2,776 | 2,619 |
EID [Member] | |||
Cash provided by (used for) operating activities | |||
Net income | 981 | 1,186 | |
Provision for (benefit from) deferred income tax | (308) | (149) | |
Net Periodic Pension and OPEB benefit, net | 105 | (155) | |
Pension and OPEB Contributions | (123) | (147) | |
Net (gain) loss on sales of property, businesses, consolidated companies, and investments | (12) | (17) | |
Other net loss | 342 | 181 | |
Accounts and notes receivable | (782) | (1,814) | |
Inventories | 492 | 466 | |
Accounts Payable | (1,215) | (202) | |
Deferred Revenue | (2,840) | (2,311) | |
Other Assets and Liabilities | (249) | (119) | |
Cash provided by (used for) operating activities | (2,615) | (2,152) | |
Cash provided by (used for) investing activities | |||
Capital expenditures | (412) | (460) | |
Proceeds from sales of property, businesses, and consolidated companies - net of cash divested | 42 | 46 | |
Payments to Acquire Businesses, Net of Cash Acquired | (1,456) | 0 | |
Investments in and loans to nonconsolidated affiliates | (31) | (9) | |
Purchases of investments | (83) | (314) | |
Proceeds from Sale and Maturities of Investments | 127 | 274 | |
Proceeds from Hedge, Investing Activities | 42 | 0 | |
Other investing activities - net | (2) | 24 | |
Cash provided by (used for) investing activities | (1,773) | (439) | |
Cash provided by (used for) financing activities | |||
Net change in borrowings (less than 90 days) | 2,419 | 777 | |
Proceeds from Related Party Debt | 29 | 19 | |
Repayments of Related Party Debt | (924) | (1,116) | |
Proceeds from debt | 3,427 | 1,335 | |
Payments on Debt | (1,314) | (355) | |
Proceeds from Exercise of Stock Options | 28 | 66 | |
Other financing activities | (51) | (57) | |
Cash provided by (used for) financing activities | 3,614 | 669 | |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (68) | (295) | |
Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash | (842) | (2,217) | |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 3,618 | 4,836 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | 2,776 | 2,619 | |
Total company [Member] | |||
Cash provided by (used for) operating activities | |||
Depreciation and Amortization | 899 | 919 | |
Restructuring Charges | 95 | 300 | |
Total company [Member] | EID [Member] | |||
Cash provided by (used for) operating activities | |||
Depreciation and Amortization | 899 | 919 | |
Restructuring Charges | $ 95 | $ 300 | |
[1]See page 17 for reconciliation of cash and cash equivalents and restricted cash equivalents presented in interim Consolidated Balance Sheets to total cash, cash equivalents and restricted cash equivalents presented in the interim Consolidated Statements of Cash Flows. |
Statement of Stockholders Equit
Statement of Stockholders Equity Statement - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comp (Loss) Income | Noncontrolling Interest [Member] | EID [Member] | EID [Member] Preferred Stock [Member] | EID [Member] Common Stock [Member] | EID [Member] Additional Paid-in Capital [Member] | EID [Member] Retained Earnings [Member] | EID [Member] Accumulated Other Comp (Loss) Income | EID [Member] Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2021 | $ 25,623 | $ 7 | $ 27,751 | $ 524 | $ (2,898) | $ 239 | $ 23,459 | $ 239 | $ 0 | $ 24,196 | $ 1,922 | $ (2,898) | $ 0 |
Net income (loss) | 567 | 564 | 3 | 560 | 559 | 1 | |||||||
Other comprehensive (loss) income | 77 | 77 | 77 | 77 | |||||||||
Common Dividends | (102) | (102) | |||||||||||
Dividends, Preferred Stock | (2) | (2) | |||||||||||
Issuance of Corteva Stock | 40 | 40 | 40 | 40 | |||||||||
Share-based compensation | (31) | (31) | (31) | (31) | |||||||||
Repurchase of common stock | (235) | (235) | |||||||||||
Other-net | (3) | (1) | (2) | (4) | (3) | (1) | |||||||
Ending Balance at Mar. 31, 2022 | 25,936 | 7 | 27,760 | 750 | (2,821) | 240 | 24,099 | 239 | 0 | 24,202 | 2,478 | (2,821) | 1 |
Beginning Balance at Dec. 31, 2021 | 25,623 | 7 | 27,751 | 524 | (2,898) | 239 | 23,459 | 239 | 0 | 24,196 | 1,922 | (2,898) | 0 |
Net income (loss) | 1,211 | 1,186 | |||||||||||
Other comprehensive (loss) income | (694) | (694) | (694) | ||||||||||
Ending Balance at Sep. 30, 2022 | 25,084 | 7 | 27,815 | 614 | (3,592) | 240 | 23,999 | 239 | 0 | 24,252 | 3,098 | (3,592) | 2 |
Beginning Balance at Mar. 31, 2022 | 25,936 | 7 | 27,760 | 750 | (2,821) | 240 | 24,099 | 239 | 0 | 24,202 | 2,478 | (2,821) | 1 |
Net income (loss) | 972 | 969 | 3 | 965 | 965 | ||||||||
Other comprehensive (loss) income | (402) | (402) | (402) | (402) | |||||||||
Common Dividends | (101) | (101) | |||||||||||
Dividends, Preferred Stock | (3) | (3) | |||||||||||
Issuance of Corteva Stock | 22 | 22 | 22 | 22 | |||||||||
Share-based compensation | 12 | 13 | (1) | 12 | 13 | (1) | |||||||
Repurchase of common stock | (365) | (365) | |||||||||||
Other-net | (3) | (3) | (2) | (2) | |||||||||
Ending Balance at Jun. 30, 2022 | 26,071 | 7 | 27,795 | 1,252 | (3,223) | 240 | 24,691 | 239 | 0 | 24,235 | 3,439 | (3,223) | 1 |
Net income (loss) | (328) | (331) | 3 | (339) | (339) | ||||||||
Other comprehensive (loss) income | (369) | (369) | (369) | (369) | |||||||||
Common Dividends | (108) | (108) | |||||||||||
Dividends, Preferred Stock | (2) | (2) | |||||||||||
Issuance of Corteva Stock | 4 | 4 | 4 | 4 | |||||||||
Share-based compensation | 15 | 16 | (1) | 15 | 16 | (1) | |||||||
Repurchase of common stock | (200) | (200) | |||||||||||
Other-net | (1) | 2 | (3) | (1) | (3) | 1 | 1 | ||||||
Ending Balance at Sep. 30, 2022 | 25,084 | 7 | 27,815 | 614 | (3,592) | 240 | 23,999 | 239 | 0 | 24,252 | 3,098 | (3,592) | 2 |
Beginning Balance at Dec. 31, 2022 | 25,541 | 7 | 27,851 | 250 | (2,806) | 239 | 24,749 | 239 | 0 | 24,284 | 3,031 | (2,806) | 1 |
Net income (loss) | 599 | 595 | 4 | 589 | 588 | 1 | |||||||
Other comprehensive (loss) income | 67 | 67 | 67 | 67 | |||||||||
Common Dividends | (107) | (107) | |||||||||||
Dividends, Preferred Stock | (3) | (3) | |||||||||||
Issuance of Corteva Stock | 7 | 7 | 7 | 7 | |||||||||
Share-based compensation | (14) | (14) | (14) | (14) | |||||||||
Repurchase of common stock | (252) | (252) | |||||||||||
Other-net | (2) | 1 | (3) | (4) | (2) | (2) | |||||||
Ending Balance at Mar. 31, 2023 | 25,839 | 7 | 27,844 | 487 | (2,739) | 240 | 25,391 | 239 | 0 | 24,275 | 3,614 | (2,739) | 2 |
Beginning Balance at Dec. 31, 2022 | 25,541 | 7 | 27,851 | 250 | (2,806) | 239 | 24,749 | 239 | 0 | 24,284 | 3,031 | (2,806) | 1 |
Net income (loss) | 998 | 981 | |||||||||||
Other comprehensive (loss) income | (195) | (195) | (195) | ||||||||||
Ending Balance at Sep. 30, 2023 | 25,467 | 7 | 27,895 | 325 | (3,001) | 241 | 25,558 | 239 | 0 | 24,323 | 3,995 | (3,001) | 2 |
Beginning Balance at Mar. 31, 2023 | 25,839 | 7 | 27,844 | 487 | (2,739) | 240 | 25,391 | 239 | 0 | 24,275 | 3,614 | (2,739) | 2 |
Net income (loss) | 717 | 714 | 3 | 712 | 711 | 1 | |||||||
Other comprehensive (loss) income | 62 | 62 | 62 | 62 | |||||||||
Common Dividends | (107) | (107) | |||||||||||
Dividends, Preferred Stock | (2) | (2) | |||||||||||
Issuance of Corteva Stock | 19 | 19 | 19 | 19 | |||||||||
Share-based compensation | 13 | 14 | (1) | 13 | 14 | (1) | |||||||
Repurchase of common stock | (81) | (81) | |||||||||||
Other-net | (1) | 1 | (2) | (4) | (2) | (1) | (1) | ||||||
Ending Balance at Jun. 30, 2023 | 26,461 | 7 | 27,877 | 1,013 | (2,677) | 241 | 26,191 | 239 | 0 | 24,306 | 4,321 | (2,677) | 2 |
Net income (loss) | (318) | (321) | 3 | (320) | (320) | ||||||||
Other comprehensive (loss) income | (324) | (324) | (324) | (324) | |||||||||
Common Dividends | (113) | (113) | |||||||||||
Dividends, Preferred Stock | (3) | (3) | |||||||||||
Issuance of Corteva Stock | 2 | 2 | 2 | 2 | |||||||||
Share-based compensation | 15 | 16 | (1) | 15 | 16 | (1) | |||||||
Repurchase of common stock | (252) | (252) | |||||||||||
Other-net | (4) | (1) | (3) | (3) | (1) | (2) | |||||||
Ending Balance at Sep. 30, 2023 | $ 25,467 | $ 7 | $ 27,895 | $ 325 | $ (3,001) | $ 241 | $ 25,558 | $ 239 | $ 0 | $ 24,323 | $ 3,995 | $ (3,001) | $ 2 |
Statement of Stockholders' Equi
Statement of Stockholders' Equity Parentheticals (Parentheticals) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Common Stock, Dividends, Per Share, Declared | $ 0.16 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.14 | $ 0.14 |
EID [Member] | $4.50 Series Preferred Stock [Member] | ||||||
Preferred Stock, Dividends Per Share, Declared | 1.125 | 1.125 | 1.125 | 1.125 | 1.125 | 1.125 |
EID [Member] | $3.50 Series Preferred Stock [Member] | ||||||
Preferred Stock, Dividends Per Share, Declared | $ 0.875 | $ 0.875 | $ 0.875 | $ 0.875 | $ 0.875 | $ 0.875 |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Notes) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. Results for interim periods should not be considered indicative of results for a full year. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in the company’s Annual Report on Form 10-K for the year ended December 31, 2022, collectively referred to as the “2022 Annual Report.” The interim Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained. Since 2018, Argentina has been considered a hyper-inflationary economy under U.S. GAAP and therefore the U.S. Dollar (“USD”) is the functional currency for our related subsidiaries. Argentina contributes approximately 5 percent to both the company's annual net sales and segment operating EBITDA. We remeasure net monetary assets and translate our financial statements utilizing the official Argentine Peso (“Peso”) to USD exchange rate. The ability to draw down Peso cash balances is limited at this time due to government restrictions and market availability of U.S. Dollars. The devaluation of the Peso relative to the USD over the last several years has resulted in the recognition of exchange losses (refer to Note 6 – Supplementary Information, to the interim Consolidated Financial Statements and the company's 2022 Annual Report). As of September 30, 2023, a further 10 percent deterioration in the official Peso to USD exchange rate would reduce the USD value of our net monetary assets and negatively impact pre-tax earnings by approximately $15 million. We will continue to assess the implications to our operations and financial reporting. |
Recent Accounting Guidance
Recent Accounting Guidance | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Guidance | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In September 2022, the Financial Accounting Standards Board (the "FASB") issued ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This ASU includes amendments that require a buyer in supplier finance programs to disclose key terms of the programs and related obligations, including a rollforward of such obligations. This guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the rollforward requirements, which are effective for fiscal years beginning after December 15, 2023, and early adoption is permitted. Retrospective application to all periods in which a balance sheet is presented is required, except for the rollforward requirement, which will be applied prospectively. The company adopted this guidance on January 1, 2023 which resulted in certain disclosures being added relating to supplier financing programs and related obligations. See Note 13 – Commitments and Contingent Liabilities, to the interim Consolidated Financial Statements, for additional information. Accounting Guidance Issued But Not Adopted as of September 30, 2023 In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement. The amendments in this ASU are intended to facilitate consistency in the application of accounting guidance upon the formation of entities qualifying as joint ventures ("JVs"). It generally requires the use of business combinations accounting at the JV formation date, which would result in the contributed assets/liabilities being revalued to fair value and potentially result in the recognition of goodwill and other intangibles on the JV’s financial statements. It does not alter the ongoing accounting for the joint venture’s operations. This guidance is effective for joint ventures with formation dates on or after January 1, 2025. Prospective application is required, with early adoption permitted. Retrospective application can be elected for joint ventures formed before January 1, 2025. The company does not expect the impact of adoption to be material. |
Business Combinations and Asset
Business Combinations and Asset Acquisitions | 3 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combination Disclosure | BUSINESS COMBINATIONS On March 1, 2023 ("Acquisition Date"), Corteva completed its previously announced acquisitions of all the outstanding equity interests in Stoller Group, Inc. (“Stoller”), one of the largest independent companies in the Biologicals industry, and Quorum Vital Investment, S.L. and its affiliates (“Symborg”), an expert in microbiological technologies. The purchase price for Stoller and Symborg was $1,220 million, inclusive of a working capital adjustment, and $370 million, respectively. These acquisitions supplement the crop protection business with additional biological tools that complement evolving farming practices. The operating results of Stoller and Symborg, since the Acquisition Date, did not have a material impact to the company's interim Consolidated Financial Statements for the three and nine months ended September 30, 2023. Additionally, supplemental pro forma information have not been presented since the reported amounts in the company's interim Consolidated Financial Statements for the current period and comparative prior period would not be materially different had these acquisitions occurred as of January 1, 2022. Purchase Price Allocation The company performed a preliminary purchase price allocation and assessment of the fair value of the assets acquired and liabilities assumed as of the Acquisition Date. The company continues to evaluate aspects of net working capital and income tax related amounts and will finalize the purchase price allocation as it obtains the information necessary to complete the valuation during the measurement period. The effect of measurement period adjustments to the estimated fair values will be reflected as if the adjustments had been completed on the Acquisition Date. The following table summarizes the preliminary purchase price allocation to the assets acquired and liabilities assumed for the Stoller and Symborg acquisitions, as of the Acquisition Date: (In millions) Stoller 1 Symborg 1 Assets Cash and cash equivalents $ 97 $ — Accounts and notes receivable 249 17 Inventories 81 10 Other current assets 9 1 Property, plant and equipment 71 3 Goodwill 374 122 Other intangible assets 645 311 Deferred income taxes 10 — Other assets 5 — Total assets acquired $ 1,541 $ 464 Liabilities Short-term borrowings 59 — Accounts payable 25 13 Income taxes payable 2 — Accrued and other current liabilities 59 4 Long-term debt 2 — Deferred income tax liabilities 153 76 Other noncurrent obligations 21 1 Total liabilities assumed $ 321 $ 94 Net assets acquired $ 1,220 $ 370 1. Includes preliminary measurement period adjustments, which were not material. The significant fair value adjustments included in the preliminary purchase price allocation are discussed below. Inventories Acquired inventories in connection with the acquisition of Stoller and Symborg are primarily comprised of finished goods and raw materials. The fair value of finished goods was calculated as the estimated selling price, adjusted for costs of the selling effort and a reasonable profit allowance relating to the selling effort. The fair value of raw materials and supplies was determined based on replacement cost which approximates historical carrying value. The fair value step-up was recognized within cost of goods sold, in the interim Consolidated Statements of Operations, as the inventory was sold. Property, Plant & Equipment Property, plant and equipment associated with Stoller is comprised of $31 million of machinery and equipment, $31 million of buildings, $7 million of land and land improvements, and $2 million of construction in progress. The preliminary estimated fair value was primarily determined using a market approach for land and certain types of equipment, and a replacement cost approach for the remaining depreciable property, plant and equipment. The market approach for certain types of equipment represents a sale comparison that measures the value of an asset through an analysis of sales and offerings of comparable assets. The replacement cost approach used for all other depreciable property, plant and equipment measures the value of an asset by estimating the cost to acquire or construct comparable assets and adjust for age and condition of the asset. Goodwill The excess of the consideration for Stoller and Symborg over the preliminary fair value of assets acquired and liabilities assumed resulted in the recognition of goodwill, which has been assigned to the crop protection reporting unit. Goodwill associated with these acquisitions is attributable to the assembled workforce and expanding the company’s addressable market position. None of the goodwill recognized will be deductible for income tax purposes. Other Intangible Assets In connection with the acquisitions of Stoller and Symborg, the company recorded certain intangible assets, as shown in the table below, representing the preliminary fair values at the Acquisition Date. Intangible Assets Stoller Symborg (In millions) Fair Value Weighted-Average Amortization Period (Years) Fair Value Weighted-Average Amortization Period (Years) Intangible assets with finite lives: Customer-related $ 495 13 $ — — Developed technology 106 13 238 12 Trademarks/trade names 44 15 57 12 Total other intangible assets with finite lives 645 13 295 12 Intangible assets with indefinite lives: IPR&D — — 16 — Total other intangible assets with indefinite lives — — 16 — Total other intangible assets $ 645 $ 311 |
Revenue (Notes)
Revenue (Notes) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | REVENUE Revenue Recognition Products Substantially all of Corteva's revenue is derived from product sales, which 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 does 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. When the company performs shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to or at shipment), these are considered fulfillment activities, and accordingly, the costs are accrued when the related revenue is recognized. 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 primarily utilize the expected value method based on historical experience. 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 applies the practical expedient to disclose the transaction price allocated to the remaining performance obligations for only those contracts with an original duration of more than one year. The transaction price allocated to remaining performance obligations with an original duration of more than one year related to material rights granted to customers for contract renewal options were $135 million, $131 million and $129 million at September 30, 2023, December 31, 2022 and September 30, 2022, respectively. The company expects revenue to be recognized for the remaining performance obligations evenly over the period of one year to six 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 conditional rights to consideration for completed performance not yet invoiced. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract Balances September 30, 2023 December 31, 2022 September 30, 2022 (In millions) Accounts and notes receivable - trade 1 $ 5,320 $ 4,261 $ 4,875 Contract assets - current 2 $ 27 $ 26 $ 25 Contract assets - noncurrent 3 $ 67 $ 64 $ 62 Deferred revenue - current $ 552 $ 3,388 $ 860 Deferred revenue - noncurrent 4 $ 109 $ 107 $ 108 1. Included in accounts and notes receivable - net in the interim Consolidated Balance Sheets. 2. Included in other current assets in the interim Consolidated Balance Sheets. 3. Included in other assets in the interim Consolidated Balance Sheets. 4. Included in other noncurrent obligations in the interim Consolidated Balance Sheets. Revenue recognized during the nine months ended September 30, 2023 and 2022 from amounts included in deferred revenue at the beginning of the period was $3,287 million and $3,049 million, respectively. Disaggregation of Revenue Corteva's operations are classified into two reportable segments: Seed and Crop Protection. The company disaggregates its revenue by major product line and geographic region, as the company believes it best depicts the nature, amount and timing of its revenue and cash flows. Net sales by major product line are included below: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Corn $ 487 $ 469 $ 5,139 $ 4,621 Soybean 189 205 1,713 1,685 Other oilseeds 142 124 637 647 Other 60 64 348 380 Seed 878 862 7,837 7,333 Herbicides 815 1,043 3,043 3,472 Insecticides 416 363 1,156 1,275 Fungicides 226 421 837 1,173 Other 255 88 646 377 Crop Protection 1,712 1,915 5,682 6,297 Total $ 2,590 $ 2,777 $ 13,519 $ 13,630 Sales are attributed to geographic regions based on customer location. Net sales by geographic region and segment are included below: Seed Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 North America 1 $ 173 $ 218 $ 5,192 $ 4,637 EMEA 2 198 157 1,441 1,442 Latin America 380 383 847 912 Asia Pacific 127 104 357 342 Total $ 878 $ 862 $ 7,837 $ 7,333 Crop Protection Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 North America 1 $ 399 $ 521 $ 1,901 $ 2,185 EMEA 2 271 297 1,555 1,452 Latin America 844 898 1,537 1,852 Asia Pacific 198 199 689 808 Total $ 1,712 $ 1,915 $ 5,682 $ 6,297 1. Represents U.S. & Canada. 2. Europe, Middle East, and Africa ("EMEA"). |
Restructuring and Asset Related
Restructuring and Asset Related Charges | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING AND ASSET RELATED CHARGES - NET 2022 Restructuring Actions In connection with the company’s shift to a global business unit model during 2022, the company assessed its business priorities and operational structure to maximize the customer experience and deliver on growth and earnings potential. As a result of this assessment, the company committed to restructuring actions during the second quarter of 2022, which included the company’s separate announcement to withdraw from Russia (“Russia Exit”) (collectively the “2022 Restructuring Actions”). The company recorded pre-tax restructuring and other charges of $350 million inception-to-date under the 2022 Restructuring Actions, which is comprised of $115 million of severance and related benefit costs, $115 million of asset related charges, $61 million of costs related to contract terminations (including early lease terminations) and $59 million of other charges. The company does not anticipate any additional material charges from the 2022 Restructuring Actions. Cash payments related to these charges are anticipated to be $180 million to $210 million, of which approximately $140 million has been paid through September 30, 2023, and primarily relate to the payment of severance and related benefits, contract terminations and other charges. The restructuring actions associated with these charges are expected to be substantially complete in 2023. The total pre-tax restructuring and other charges recognized through the third quarter of 2023 included $50 million associated with the Russia Exit. The Russia Exit pre-tax restructuring charges consisted of $6 million of severance and related benefit costs, $6 million of asset related charges, and $27 million of costs related to contract terminations (including early lease terminations). Other pre-tax charges associated with the Russia Exit were recorded to cost of goods sold and other income (expense) – net in the interim Consolidated Statement of Operations, relating to inventory write-offs of $3 million and settlement costs of $8 million, respectively. The charges related to the 2022 Restructuring Actions related to the segments, as well as corporate expenses, for the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Seed $ 1 $ 61 $ 10 $ 94 Crop Protection — 19 5 20 Corporate expenses — 66 4 88 Total 1 $ 1 $ 146 $ 19 $ 202 1. This amount excludes other pre-tax charges recorded during the three and nine months ended September 30, 2023 and 2022 impacting the Seed segment. These charges consisted of inventory write-offs and gains (losses) on sale of businesses, assets and equity investments and settlement costs associated with the Russia Exit, which are included in cost of goods sold and other income (expense) - net, in the interim Consolidated Statement of Operations, respectively. See Note 18 – Segment Information, to the interim Consolidated Financial Statements, for additional information. The following table is a summary of charges incurred related to the 2022 Restructuring Actions for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Severance and related benefit costs $ — $ 66 $ 4 $ 88 Asset related charges — 66 11 70 Contract termination charges 1 1 14 4 44 Total restructuring and asset related charges – net 2 $ 1 $ 146 $ 19 $ 202 1. Contract terminations includes early lease terminations. 2. This amount excludes other pre-tax charges recorded during the three and nine months ended September 30, 2023 and 2022 included in cost of goods sold and other income (expense) – net, in the company’s interim Consolidated Statement of Operations, as noted above. A reconciliation of the December 31, 2022 to the September 30, 2023 liability balances related to the 2022 Restructuring Actions is summarized below: (in millions) Severance and Related Benefit Costs Asset Related Contract Termination 1 Total Balance at December 31, 2022 $ 71 $ — $ 12 $ 83 Charges to income (loss) from continuing operations 4 11 4 19 Payments (35) — (13) (48) Asset write-offs — (11) — (11) Balance at September 30, 2023 $ 40 $ — $ 3 $ 43 1. The liability for contract terminations includes lease obligations. The cash impact of these obligations are substantially complete. Other Asset Related Benefits (Charges) The company recognized benefits (charges) of $2 million and $(66) million for the three and nine months ended September 30, 2023, respectively, and $(5) million and $(104) million for the three and nine months ended September 30, 2022, respectively, in restructuring and asset related charges - net in the interim Consolidated Statement of Operations, from non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. |
Supplementary Information
Supplementary Information | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Additional Financial Information Disclosure [Text Block] | SUPPLEMENTARY INFORMATION Other Income (Expense) - Net Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Interest income $ 59 $ 36 $ 153 $ 75 Equity in earnings (losses) of affiliates - net (2) (1) 4 13 Net gain (loss) on sales of businesses and other assets 10 16 11 17 Net exchange gains (losses) 1 (102) (13) (242) (96) Non-operating pension and other post employment benefit credit (costs) 2 (30) 22 (91) 170 Miscellaneous income (expenses) - net 3 (84) (37) (189) (90) Other income (expense) - net $ (149) $ 23 $ (354) $ 89 1. Includes net pre-tax exchange gains (losses) associated with the devaluation of the Argentine peso of $(83) million and $(150) million for the three and nine months ended September 30, 2023, respectively, and $(32) million and $(65) million for the three and nine months ended September 30, 2022, respectively. 2. Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, amortization of unrecognized gain (loss), amortization of prior service benefit and settlement gain (loss). 3. Includes estimated settlement reserves, losses on sales of receivables, and other items. The nine months ended September 30, 2023 also includes an adjustment to the Employee Retention Credit pursuant to the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act as enhanced by the Consolidated Appropriations Act (“CAA”) and American Rescue Plan Act (“ARPA”) due to a change in estimate, gains on the sale of assets and a loss on the sale of the company’s interest in an equity investment. The three and nine months ended September 30, 2022 also includes settlement costs associated with the Russia Exit and an Employee Retention Credit. The nine months ended September 30, 2022 also includes loss on the sale of the company’s interest in an equity investment and losses associated with a previously held equity investment. The following table summarizes the impacts of the company's foreign currency hedging program on the company's results of operations. The company routinely uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities. The objective of this program is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes on net monetary asset positions. The hedging program gains (losses) are largely taxable (tax deductible) in the U.S., whereas the offsetting exchange gains (losses) on the remeasurement of the net monetary asset positions are often not taxable (tax deductible) in their local jurisdictions. The net pre-tax exchange gains (losses) are recorded in other income (expense) - net and the related tax impact is recorded in provision for (benefit from) income taxes on continuing operations in the interim Consolidated Statements of Operations. (In millions) Three Months Ended Nine Months Ended 2023 2022 2023 2022 Subsidiary Monetary Position Gain (Loss) Pre-tax exchange gain (loss) $ (104) $ (80) $ (182) $ (120) Local tax (expenses) benefits 19 (40) 27 (61) Net after-tax impact from subsidiary exchange gain (loss) $ (85) $ (120) $ (155) $ (181) Hedging Program Gain (Loss) Pre-tax exchange gain (loss) $ 2 $ 67 $ (60) $ 24 Tax (expenses) benefits (4) (15) 12 (5) Net after-tax impact from hedging program exchange gain (loss) $ (2) $ 52 $ (48) $ 19 Total Exchange Gain (Loss) Pre-tax exchange gain (loss) $ (102) $ (13) $ (242) $ (96) Tax (expenses) benefits 15 (55) 39 (66) Net after-tax exchange gain (loss) $ (87) $ (68) $ (203) $ (162) Cash, cash equivalents and restricted cash equivalents The following table provides a reconciliation of cash and cash equivalents and restricted cash equivalents presented in the interim Consolidated Balance Sheets to the total cash, cash equivalents and restricted cash equivalents presented in the interim Consolidated Statements of Cash Flows. Corteva classifies restricted cash equivalents as current or noncurrent based on the nature of the restrictions, which are included in other current assets and other assets, respectively, in the interim Consolidated Balance Sheets. (In millions) September 30, 2023 December 31, 2022 September 30, 2022 Cash and cash equivalents $ 2,254 $ 3,191 $ 2,199 Restricted cash equivalents 522 427 420 Total cash, cash equivalents and restricted cash equivalents $ 2,776 $ 3,618 $ 2,619 Restricted cash equivalents primarily relates to a trust funded by EIDP for cash obligations under certain non-qualified benefit and deferred compensation plans due to the Merger, which was a change in control event, and contributions to escrow accounts established for the settlement of certain legal matters and the settlement of legacy PFAS matters and the associated qualified spend. All of the company's restricted cash equivalents are classified as current as of September 30, 2023, December 31, 2022 and September 30, 2022, except for the contributions to the escrow account established for the settlement of legacy PFAS matters and the associated qualified spend, which was classified as noncurrent prior to June 30, 2023. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES The effective tax rate for the three and nine months ended September 30, 2023 was 29.1 percent and 17.2 percent, respectively, and 18.7 percent and 22.8 percent for the three and nine months ended September 30, 2022, respectively. During the three and nine months ended September 30, 2023, the company recognized $11 million and $79 million of net tax benefits for income taxes on continuing operations associated with changes in deferred taxes, accruals for certain prior year tax positions in various jurisdictions, stock-based compensation, as well as the impact of changes to deferred taxes associated with a tax currency change for a legal entity. During the three and nine months ended September 30, 2022, the company recognized $46 million and $94 million of net tax benefits to provision for income taxes on continuing operations associated with changes in deferred taxes, accruals for certain prior year tax positions in various jurisdictions, stock-based compensation, and a tax benefit of $55 million related to the impact of a change in a U.S. legal entity's tax characterization, resulting in the establishment of deferred taxes. 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 the program, which resides in the U.S., is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate |
Earnings Per Share (Notes)
Earnings Per Share (Notes) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS PER SHARE OF COMMON STOCK The following tables provide earnings per share calculations for the periods indicated below: Net Income (Loss) for Earnings (Loss) Per Share Calculations - Basic and Diluted Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Income (loss) from continuing operations after income taxes $ (315) $ (322) $ 1,172 $ 1,257 Net income (loss) attributable to continuing operations noncontrolling interests 3 3 10 9 Income (loss) from continuing operations available to Corteva common stockholders (318) (325) 1,162 1,248 Income (loss) from discontinued operations available to Corteva common stockholders (3) (6) (174) (46) Net income (loss) available to common stockholders $ (321) $ (331) $ 988 $ 1,202 Earnings (Loss) Per Share Calculations - Basic Three Months Ended Nine Months Ended (Dollars per share) 2023 2022 2023 2022 Earnings (loss) per share of common stock from continuing operations $ (0.45) $ (0.45) $ 1.64 $ 1.73 Earnings (loss) per share of common stock from discontinued operations — (0.01) (0.24) (0.06) Earnings (loss) per share of common stock $ (0.45) $ (0.46) $ 1.40 $ 1.67 Earnings (Loss) Per Share Calculations - Diluted Three Months Ended Nine Months Ended (Dollars per share) 2023 2022 2023 2022 Earnings (loss) per share of common stock from continuing operations $ (0.45) $ (0.45) $ 1.63 $ 1.72 Earnings (loss) per share of common stock from discontinued operations — (0.01) (0.24) (0.06) Earnings (loss) per share of common stock $ (0.45) $ (0.46) $ 1.39 $ 1.66 Share Count Information Three Months Ended Nine Months Ended (Shares in millions) 2023 2022 2023 2022 Weighted-average common shares - basic 708.4 718.7 710.7 722.8 Plus dilutive effect of equity compensation plans 1 — — 2.9 3.6 Weighted-average common shares - diluted 708.4 718.7 713.6 726.4 Potential shares of common stock excluded from EPS calculations 2 2.2 6.1 2.4 2.2 1. Diluted earnings (loss) 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. 2. These outstanding potential shares of common stock relating to stock options, restricted stock units and performance-based restricted stock units were excluded from the calculation of diluted earnings (loss) per share because (i) the effect of including them would have been anti-dilutive; and (ii) the performance metrics have not yet been achieved for the outstanding potential shares relating to performance-based restricted stock units, which are deemed to be contingently issuable. |
Accounts and Notes Receivable (
Accounts and Notes Receivable (Notes) | 9 Months Ended |
Sep. 30, 2023 | |
Accounts and Notes Receivable [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ACCOUNTS AND NOTES RECEIVABLE - NET (In millions) September 30, 2023 December 31, 2022 September 30, 2022 Accounts receivable – trade 1 $ 4,013 $ 4,168 $ 3,642 Notes receivable – trade 1,2 1,307 93 1,233 Other 3 1,261 1,440 1,398 Total accounts and notes receivable - net $ 6,581 $ 5,701 $ 6,273 1. Accounts receivable – trade and notes receivable - trade are net of allowances of $201 million, $194 million, and $213 million at September 30, 2023, December 31, 2022, and September 30, 2022, respectively. 2. Notes receivable – trade primarily consists of receivables for deferred payment loan programs for the sale of seed and chemical products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of September 30, 2023, December 31, 2022, and September 30, 2022 there were no 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 5 percent of total receivables. In addition, Other includes amounts due from nonconsolidated affiliates of $137 million, $148 million, and $132 million as of September 30, 2023, December 31, 2022, and September 30, 2022, respectively. Accounts and notes receivable are carried at the expected amount to be collected, which approximates fair value. The company establishes the allowance for doubtful receivables using a loss-rate method where the loss rate is developed using past events, historical experience, current conditions and forecasts that affect the collectability of the financial assets. The following table summarizes changes in the allowance for doubtful receivables for the nine months ended September 30, 2023 and 2022: (In millions) 2022 Balance at December 31, 2021 $ 210 Net provision for credit losses 4 Other - net of write-offs charged against allowance (1) Balance at September 30, 2022 $ 213 2023 Balance at December 31, 2022 $ 194 Net provision for credit losses 10 Other - net of write-offs charged against allowance (3) Balance at September 30, 2023 $ 201 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 interim 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 interim Consolidated Balance Sheets. Trade receivables sold under these agreements were $57 million and $100 million for the three and nine months ended September 30, 2023, respectively, and $35 million and $130 million for the three and nine months ended September 30, 2022, respectively. The trade receivables sold that remained outstanding under these agreements which include an element of recourse as of September 30, 2023, December 31, 2022, and September 30, 2022 were $19 million, $37 million, and $47 million, respectively. The net proceeds received are included in cash provided by (used for) operating activities in the interim 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 interim Consolidated Statements of Operations. The loss on sale of receivables for the three and nine months ended September 30, 2023 was $4 million and $17 million, respectively, and $6 million and $19 million for the three and nine months ended September 30, 2022, respectively. See Note 13 - Commitments and Contingent Liabilities for additional information on the company’s guarantees. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES (In millions) September 30, 2023 December 31, 2022 September 30, 2022 Finished products $ 2,786 $ 3,260 $ 2,082 Semi-finished products 2,690 2,689 2,557 Raw materials and supplies 844 862 776 Total inventories $ 6,320 $ 6,811 $ 5,415 |
Other Intangible Assets
Other Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
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 nine months ended September 30, 2023: (In millions) Crop Protection Seed Total Balance as of December 31, 2022 $ 4,618 $ 5,344 $ 9,962 Acquisitions 1 496 — 496 Currency translation adjustments (8) (9) (17) Balance as of September 30, 2023 $ 5,106 $ 5,335 $ 10,441 1. On March 1, 2023, the company completed the acquisitions of Stoller and Symborg, which are included in the crop protection segment. See Note 3 – Business Combinations, to the interim Consolidated Financial Statements, for additional information. In April 2022, the company implemented a global business unit organization model (“BU Reorganization”). The BU Reorganization resulted in the company’s digital reporting unit being merged into the seed and crop protection reporting units with the goodwill relating to the former digital reporting unit being reassigned to the seed and crop protection reporting units using a relative fair value allocation approach. An interim goodwill impairment assessment immediately prior to the BU Reorganization and for the seed and crop protection reporting units immediately after the BU Reorganization resulted in no goodwill impairment charges. Other Intangibles Assets The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: (In millions) September 30, 2023 1 December 31, 2022 September 30, 2022 Gross Accumulated Net Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization (finite-lived): Germplasm $ 6,291 $ (1,017) $ 5,274 $ 6,291 $ (826) $ 5,465 $ 6,265 $ (762) $ 5,503 Customer-related 2,403 (688) 1,715 1,912 (585) 1,327 1,890 (550) 1,340 Developed technology 1,845 (958) 887 1,485 (830) 655 1,485 (790) 695 Trademarks/trade names 2,110 (314) 1,796 2,009 (251) 1,758 2,006 (231) 1,775 Favorable supply contracts 2 475 (467) 8 Other 3 395 (288) 107 395 (271) 124 395 (265) 130 Total other intangible assets with finite lives 13,044 (3,265) 9,779 12,092 (2,763) 9,329 12,516 (3,065) 9,451 Intangible assets not subject to amortization (indefinite-lived): IPR&D 16 — 16 10 — 10 10 — 10 Total other intangible assets with 16 — 16 10 — 10 10 — 10 Total other intangible assets $ 13,060 $ (3,265) $ 9,795 $ 12,102 $ (2,763) $ 9,339 $ 12,526 $ (3,065) $ 9,461 1. Includes the intangible assets acquired in connection with the Stoller and Symborg acquisitions, which were completed on March 1, 2023. See Note 3 – Business Combinations, to the interim Consolidated Financial Statements, for additional information. 2. Effective November 1, 2022, the favorable supply contracts expired and were fully amortized. 3. Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. |
Short-Term Borrowings, Long-Ter
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | SHORT-TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES The following tables summarize Corteva's short-term borrowings and finance lease obligations and long-term debt: Short-term borrowings and finance lease obligations (In millions) September 30, 2023 December 31, 2022 September 30, 2022 Commercial paper $ 3,417 $ — $ 1,369 Repurchase facility — — 200 Other loans - various currencies 3 23 6 Long-term debt payable within one year 188 — — Finance lease obligations payable within one year 1 1 1 Total short-term borrowings and finance lease obligations $ 3,609 $ 24 $ 1,576 Long-term debt (in millions) September 30, 2023 December 31, 2022 September 30, 2022 Amount Weighted Average Rate Amount Weighted Average Rate Amount Weighted Average Rate Promissory notes and debentures: Maturing in 2025 $ 500 1.70 % $ 500 1.70 % $ 500 1.70 % Maturing in 2026 600 4.50 % — — Maturing in 2030 500 2.30 % 500 2.30 % 500 2.30 % Maturing in 2033 600 4.80 % — — Other loans: Foreign currency loans, various rates and maturities 188 14.80 % 181 14.80 % 176 14.80 % Medium-term notes, varying maturities through 2041 106 5.33 % 107 4.27 % 107 2.87 % Finance lease obligations 1 2 2 Less: Unamortized debt discount and issuance costs 17 7 8 Less: Long-term debt due within one year 188 — — Total long-term debt $ 2,290 $ 1,283 $ 1,277 The estimated fair value of the company's short-term and long-term borrowings, including interest rate financial instruments, was determined using Level 2 inputs within the fair value hierarchy. Based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities, the fair value of the company's short-term borrowings and finance lease obligations was approximately carrying value. The fair value of the company’s long-term borrowings, including debt due within one year, was $2,320 million, $1,172 million, and $1,154 million as of September 30, 2023, December 31, 2022, and September 30, 2022, respectively. Debt Offering In May 2023, the company issued $600 million of 4.50 percent Senior Notes due in 2026 and $600 million of 4.80 percent Senior Notes due in 2033 (the “May 2023 Debt Offering”). Repurchase Facility In May 2023, the company entered into a committed receivable repurchase facility of up to $500 million (the "2023 Repurchase Facility"), which expires in December 2023. Under the 2023 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 2023 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 2023 Repurchase Facility have an interest rate equal to the Adjusted Term Secured Overnight Financing Rate ("SOFR"), which is Term SOFR plus 0.10 percent, plus the margin. As of September 30, 2023, there were no outstanding borrowings under the 2023 Repurchase Facility. Foreign Currency Loans The company enters into short-term and long-term foreign currency loans from time-to-time by accessing uncommitted revolving credit lines to fund working capital needs of foreign subsidiaries in the normal course of business (“Foreign Currency Loans”). Interest rates are variable and determined at the time of borrowing. Total unused bank credit lines on the Foreign Currency Loans at September 30, 2023 was approximately $55 million. The company’s Foreign Currency Loans have varying maturities through 2024. Available Committed Credit Facilities The following table summarizes the company's credit facilities: Committed and Available Credit Facilities at September 30, 2023 (in millions) Effective Date Committed Credit Credit Available Maturity Date Interest Revolving Credit Facility May 2022 $ 3,000 $ 3,000 May 2027 Floating Rate Revolving Credit Facility May 2022 2,000 2,000 May 2025 Floating Rate 364-day Revolving Credit Facility May 2022 500 500 January 2024 Floating Rate Total Committed and Available Credit Facilities $ 5,500 $ 5,500 Revolving Credit Facilities In May 2022, EIDP entered into a $3 billion, 5-year revolving credit facility and a $2 billion, 3-year revolving credit facility (the “Revolving Credit Facilities”) expiring in May 2027 and May 2025, respectively. Borrowings under the Revolving Credit Facilities will have an interest rate equal to Adjusted Term SOFR, which is Term SOFR plus 0.10 percent, plus the applicable margin. The Revolving Credit Facilities may serve as a substitute to the company's commercial paper program, and can be used, from time to time, for general corporate purposes including, but not limited to, the funding of seasonal working capital needs. The Revolving Credit Facilities contain customary representations and warranties, affirmative and negative covenants and events of default that are typical for companies with similar credit ratings. Additionally, the Revolving Credit Facilities contain a financial covenant requiring that the ratio of total indebtedness to total capitalization for Corteva and its consolidated subsidiaries not exceed 0.60. At September 30, 2023, the company was in compliance with these covenants. 364-Day Revolving Credit Facilities In January 2023, the company amended and restated its May 2022 364-day revolving credit agreement (the “364-Day Revolving Credit Facility”) increasing the facility amount to $1 billion and extending the expiration date to January 2024. Borrowings under the 364-Day Revolving Credit Facility will have an interest rate equal to Adjusted Term SOFR, which is Term SOFR plus 0.10 percent, plus the applicable margin. The 364-Day Revolving Credit Facility includes a provision under which the company may convert any advances outstanding prior to the maturity date into term loans having a maturity date up to one year later. In February 2023, the company drew down $1 billion under the 364-Day Revolving Credit Facility, which was used for general corporate purposes, including funding seasonal working capital needs, capital spending, dividend payments, share repurchases and to partially fund the Stoller and Symborg acquisitions. In May 2023, the company repaid the $1 billion loan using the proceeds from the May 2023 Debt Offering and subsequently, in July 2023, reduced the available credit from $1 billion to $500 million. The 364-Day Revolving Credit Facility contains customary representations and warranties, affirmative and negative covenants and events of default that are typical for companies with similar credit ratings. Additionally, the 364-Day Revolving Credit Facility contains a financial covenant requiring that the ratio of total indebtedness to total capitalization for Corteva and its consolidated subsidiaries not exceed 0.60. At September 30, 2023, the company was in compliance with these covenants. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENT LIABILITIES Guarantees Indemnifications In connection with acquisitions and divestitures, 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 below for additional information relating to the indemnification obligations under the Chemours Separation Agreement and the Corteva Separation Agreement. Obligations for Supplier Finance Programs The company enters into supplier finance programs with various finance providers in which the company agrees to pay the stated amount of confirmed invoices from participating suppliers by the original maturity date. The company or the financial provider may terminate the agreement upon providing at least thirty days’ written notice. The payment terms that the company has with its finance providers under supplier finance programs are less than one year. At September 30, 2023, December 31, 2022 and September 30, 2022, the outstanding obligations under supplier finance programs was approximately $115 million, $220 million, and $192 million, respectively, and included within accounts payable in the interim Consolidated Balance Sheets. 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 September 30, 2023, December 31, 2022 and September 30, 2022, the company had directly guaranteed $73 million, $88 million, and $79 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 maximum future payments at September 30, 2023, approximately $15 million had terms greater than one year. The maximum future payments include $4 million, $16 million and $19 million at September 30, 2023, December 31, 2022 and September 30, 2022, respectively, of guarantees related to the various factoring agreements that the company enters into with third-party financial institutions to sell its trade receivables. See Note 9 - Accounts and Notes Receivable - Net, to the interim Consolidated Financial Statements, for additional information. The maximum future payments also 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 amounts owed from customers to the lenders relating to these agreements was $492 million, $202 million and $560 million at September 30, 2023, December 31, 2022 and September 30, 2022, 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. Indemnifications under Separation Agreements The company has entered into various agreements where the company is indemnified 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. In connection with the recognition of liabilities related to these matters, the company records an indemnification asset when recovery is deemed probable. Chemours/Performance Chemicals Pursuant to the Chemours Separation Agreement resulting from the 2015 spin-off of the Performance Chemicals segment from Historical DuPont, Chemours indemnifies the company against certain litigation, environmental, workers' compensation and other liabilities that arose prior to the distribution. In 2017, the Chemours Separation Agreement was amended to provide for a limited sharing of potential future liabilities related to alleged historical releases of perfluorooctanoic acids and its ammonium salts (“PFOA”) for a five-year period that began on July 6, 2017. In addition, in 2017, Chemours and EIDP settled multi-district litigation in the U.S. District Court for the Southern District of Ohio (“Ohio MDL”), resolving claims of about 3,550 plaintiffs alleging injury from exposure to PFOA in drinking water as a result of the historical manufacture or use of PFOA at the Washington Works plant outside Parkersburg, West Virginia. This plant was previously owned and/or operated by the performance chemicals segment of EIDP and is now owned and/or operated by Chemours. On May 13, 2019, Chemours filed suit in the Delaware Court of Chancery against DuPont, EIDP, and Corteva, seeking, among other things, to limit its responsibility for the litigation and environmental liabilities allocated to and assumed by Chemours under the Chemours Separation Agreement (the “Delaware Litigation”). On March 30, 2020, the Court of Chancery granted a motion to dismiss. On December 15, 2020, the Delaware Supreme Court affirmed the judgment of the Court of Chancery. Meanwhile, a confidential arbitration process regarding the same and other claims proceeded (the “Arbitration”). On January 22, 2021, Chemours, DuPont, Corteva and EIDP entered into a binding memorandum of understanding containing a settlement to resolve legal disputes originating from the Delaware Litigation and Arbitration, and to establish a cost sharing arrangement and escrow account to be used to support and manage potential future legacy per- and polyfluoroalkyl substances ("PFAS") liabilities arising out of pre-July 1, 2015 conduct (the “MOU”). The MOU replaces the 2017 amendment to the Chemours Separation Agreement. According to the terms of the cost sharing arrangement within the MOU, Corteva and DuPont together, on one hand, and Chemours, on the other hand, agreed to a 50-50 split of certain qualified expenses related to PFAS liabilities incurred over a term not to exceed twenty years or $4 billion of qualified spend and escrow account contributions (see below for discussion of the escrow account) in the aggregate. DuPont’s and Corteva’s 50% share under the MOU will be limited to $2 billion, including qualified expenses and escrow contributions. These expenses and escrow account contributions will be subject to the existing Letter Agreement, under which DuPont and Corteva will each bear 50% of the first $300 million (up to $150 million each), and thereafter DuPont bears 71% and Corteva bears the remaining 29%. Under the terms of the MOU, Corteva's estimated aggregate share of the potential $2 billion is approximately $600 million. In order to support and manage any potential future PFAS liabilities, the parties have also agreed to establish an escrow account ("MOU Escrow Account"). The MOU provides that (1) no later than each of September 30, 2021 and September 30, 2022, Chemours shall deposit $100 million into an escrow account and DuPont and Corteva shall together deposit $100 million in the aggregate into an escrow account and (2) no later than September 30 of each subsequent year through and including 2028, Chemours shall deposit $50 million into an escrow account and DuPont and Corteva shall together deposit $50 million in the aggregate into an escrow account. Subject to the terms and conditions set forth in the MOU, each party may be permitted to defer funding in any year (excluding 2021). Over this period, Chemours will deposit a total of $500 million in the account and DuPont and Corteva will deposit an additional $500 million pursuant to the terms of the Letter Agreement. Additionally, if on December 31, 2028, the balance of the escrow account (including interest) is less than $700 million, Chemours will make 50% of the deposits and DuPont and Corteva together will make 50% of the deposits necessary to restore the balance of the escrow account to $700 million, pursuant to the terms of the Letter Agreement. Such payments will be made in a series of consecutive annual equal installments commencing on September 30, 2029, pursuant to the escrow account replenishment terms as set forth in the MOU. The MOU provides that no withdrawals from the MOU Escrow Account can be made before year six, except to fund mutually agreed upon third-party settlements in excess of $125 million. Starting with year six, withdrawals can only be made to fund qualified spend if the parties’ aggregate qualified spend in that particular year is greater than $200 million. Beginning with year 11, the amounts in the MOU Escrow Account can be used to fund any qualified spend. The company made its annual installment deposits due to the MOU Escrow Account through September 30, 2022. In connection with the Nationwide Water District Settlement (as defined below under the caption “Other PFOA Matters”), the MOU was supplemented to waive funding due to the MOU Escrow Account by Chemours, DuPont and Corteva for 2023 provided that each party fully funds its portion of the Nationwide Water District Settlement and said settlement is consummated. In the event the Nationwide Water District Settlement is not consummated, Chemours, DuPont and Corteva will redeposit into the MOU Escrow Account the cash each withdrew to partially fund its respective contribution to the Water District Settlement Fund. The funding obligation to the MOU Escrow Account with respect to 2024 and due September 30, 2024 will be waived if (i) between October 1, 2023 and September 30, 2024, the parties have entered into settlement agreements resolving liabilities under the MOU that in the aggregate exceed $100 million; (ii) each company has fully funded its respective share, in accordance with the MOU, of such settlements; and (iii) such settlements are consummated. After the term of this arrangement, Chemours’ indemnification obligations under the original 2015 Chemours Separation Agreement, would continue unchanged, subject in each case to certain exceptions set out in the MOU. Under the MOU, Chemours waived specified claims regarding the construct of its 2015 spin-off transaction, and the parties dismissed the Pending Arbitration regarding those claims. Additionally, the parties have agreed to resolve the Ohio MDL PFOA personal injury litigation (as discussed below). The parties are expected to cooperate in good faith to enter into additional agreements reflecting the terms set forth in the MOU. 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 assets, employees, certain liabilities and obligations (including its investments, property and employee benefits and tax-related assets and liabilities) among the parties and provides for indemnification obligation among the parties. Under the Corteva Separation Agreements, DuPont will indemnify Corteva against certain litigation, environmental, tax, workers' compensation and other liabilities that arose prior to the Corteva Distribution and Dow indemnifies Corteva against certain litigation, environmental, tax, workers' compensation and other liabilities that relate to the Historical Dow business, and Corteva indemnifies DuPont and Dow for certain liabilities. Under the Corteva Separation Agreement, certain legacy EIDP liabilities from discontinued and/or divested operations and businesses of EIDP (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 managed 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 was met, the companies share proportionally on the basis of 29% and 71% respectively, subject to a $1 million de minimis requirement. The aggregate amount of cash remitted by Corteva has exceeded the stray liability thresholds, including PFAS, noted above. At September 30, 2023, December 31, 2022 and September 30, 2022, the indemnification assets were $36 million, $31 million, and $33 million, respectively, within accounts and notes receivable - net and $126 million, $105 million, and $91 million, respectively, within other assets in the interim Consolidated Balance Sheets. At September 30, 2023, December 31, 2022 and September 30, 2022, the indemnification liabilities were $38 million, $31 million, and $24 million, respectively, within accrued and other current liabilities and $108 million, $115 million, and $122 million, respectively, within other noncurrent obligations in the interim Consolidated Balance Sheets. Discontinued Operations Activity The company recorded charges of $3 million and $174 million for the three and nine months ended September 30, 2023, respectively, and $6 million and $46 million for the three and nine months ended September 30, 2022, respectively, to income (loss) from discontinued operations after income taxes, in the interim Consolidated Statement of Operations. The after-tax charges recognized during the nine months ended September 30, 2023 primarily included approximately $155 million associated with the settlement of certain legacy PFAS related legal matters that are subject to the MOU, including the Nationwide Water District Settlement. The after-tax charges recognized during the three and nine months ended September 30, 2022, primarily included approximately $5 million and $32 million, respectively, related to the MOU, driven by the environmental remediation accrual at Chemours’ Fayetteville Works facility for estimated costs for offsite water systems and on-site surface water and groundwater remediation to address and abate PFAS discharges arising out of pre-July 1, 2015 conduct. 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 EIDP 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, as considerable uncertainty exists. The company records accruals for legal matters when the information available indicates that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Accruals may reflect the impact and status of negotiations, settlements, rulings, advice from counsel and other information and events that may pertain to a particular matter. For the litigation matters discussed below, management believes that it is reasonably possible that the company could incur liabilities in excess of amounts accrued, the ultimate liability for which could be material to the results of operations and the cash flows in the period recognized. However, the company is unable to estimate the possible loss beyond amounts accrued due to various reasons, including, among others, that the underlying matters are either in early stages and/or have significant factual issues to be resolved. In addition, even when the company believes it has substantial defenses, the company may consider settlement of matters if it believes it is in the best interest of the company. Lorsban ® Lawsuits As of September 30, 2023, there were pending personal injury lawsuits filed and additional asserted claims against the former Dow Agrosciences LLC, alleging injuries related to chlorpyrifos exposure, the active ingredient in Lorsban®, an insecticide used by commercial farms for field fruit, nut and vegetable crops. Corteva ended its production of Lorsban® in 2020. Chlorpyrifos products are restricted-use pesticides, which are not available for purchase or use by the general public, and may only be sold to, and used by, certified applicators or someone under the certified applicator's direct supervision. These lawsuits do not relate to Dursban®, a residential type chlorpyrifos product that was authorized for indoor purposes, which was discontinued over two decades ago prior to the Merger and Corteva’s formation and Separation. Claimants allege personal injury, including autism, developmental delays and/or decreased neurologic function, resulting from farm worker exposure and bystander drift and in utero exposure to chlorpyrifos. Certain claimants have also put forth remediation claims due to alleged property contamination from chlorpyrifos. As of September 30, 2023, an accrual has been established for the estimated resolution of certain claims. Federal Trade Commission Investigation On May 26, 2020, Corteva received a subpoena from the Federal Trade Commission (“FTC”) directing it to submit documents pertaining to its crop protection products generally, as well as business plans, rebate programs, offers, pricing and marketing materials specifically related to its acetochlor, oxamyl, rimsulfuron and other related products in order to determine whether Corteva engaged in unfair methods of competition through anticompetitive conduct. Corteva has fully cooperated with all requests related to this subpoena. On September 29, 2022, the FTC, along with ten state attorneys general in California, Colorado, Illinois, Indiana, Iowa, Minnesota, Nebraska, Oregon, Wisconsin, and Texas, filed a lawsuit against Corteva and another competitor alleging the parties engaged in unfair methods of competition, unlawful conditioning of payments, unreasonably restrained trade, and have an unlawful monopoly (the “FTC lawsuit”). In December 2022, attorneys general in Tennessee and Washington joined the FTC lawsuit and the Arkansas state attorney general filed a separate lawsuit against Corteva and another competitor based on the allegations set forth in the FTC lawsuit. Several proposed private class action lawsuits were also filed in federal court alleging anticompetitive conduct based on the allegations set forth in the FTC lawsuit. In February 2023, most of these private lawsuits were centralized into a multi-district litigation in the U.S. District Court for the Middle District of North Carolina. Corteva expects to continue a meritorious defense of its business practices. Litigation related to legacy EIDP businesses unrelated to Corteva’s current businesses 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, including PFOA, PFOS (perfluorooctanesulfonic acid), GenX and other perfluorinated chemicals and compounds ("PFCs"). EIDP is a party to various legal proceedings relating to the use of PFOA by its former Performance Chemicals segment for which potential liabilities would be subject to the cost sharing arrangement under the MOU as long as it remains effective. Leach Settlement and Ohio MDL Settlement EIDP has residual liabilities under its 2004 settlement of a West Virginia state court class action, Leach v. EIDP, which alleged that PFOA from EIDP’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 EIDP 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 September 30, 2023, 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 (“Ohio MDL”). The Ohio MDL was settled in early 2017 for approximately $670 million in cash, with Chemours and EIDP (without indemnification from Chemours) each paying half. Post-MDL Settlement PFOA Personal Injury Claims The 2017 Ohio MDL settlement did not resolve claims of plaintiffs who did not have claims in the Ohio MDL or whose claims are based on diseases first diagnosed after February 11, 2017. The first was a consolidated trial of two cases; the first, a kidney cancer case, which resulted in a hung jury, while the second, Travis and Julie Abbott v. E. I. du Pont de Nemours and Company (the “Abbott Case”), a testicular cancer case, resulted in a jury verdict of $40 million in compensatory damages and $10 million for loss of consortium, plus interest. The loss of consortium award was subsequently reduced to $250,000 in accordance with state law limitations. Following entry of the judgment by the court, EIDP filed post-trial motions to reduce the verdict, and to appeal the verdict on the basis of procedural and substantive legal errors made by the trial court. After the denial of the company’s appeal and request for en banc review, a petition seeking review by the U.S. Supreme Court was filed in June 2023. Defense costs and future liabilities that may arise from these cases are subject to the terms and conditions of the MOU and the Corteva Separation Agreement. As of September 30, 2023, an accrual was established for this matter. In January 2021, Chemours, DuPont and Corteva agreed to settle the remaining approximately 95 matters, as well as unfiled matters, remaining in the Ohio MDL, with the exception of the Abbott case, for $83 million, with Chemours contributing $29 million to the settlement, and DuPont and Corteva contributing $27 million each. The company paid $27 million during the year ended December 31, 2021. As agreed to in the settlement, the plaintiffs' counsel filed a motion to dissolve the MDL. In December 2022, the motion to dissolve the MDL was denied. As of September 30, 2023, 23 plaintiffs purporting to be Leach class members have filed personal injury cases, which are expected to proceed in the Ohio MDL. Other PFOA Matters EIDP is a party to other PFOA lawsuits involving claims for property damage, medical monitoring and personal injury. Defense costs and any future liabilities that may arise out of these lawsuits are subject to the MOU and the cost sharing arrangement disclosed above. Under the MOU, fraudulent conveyance claims associated with these matters are not qualified expenses, unless Corteva, Inc. and EIDP would prevail on the merits of these claims. EIDP did not make firefighting foams, PFOS, or PFOS products. While EIDP made surfactants and intermediaries that some manufacturers used in making foams, which may have contained PFOA as an unintended byproduct or an impurity, EIDP’s products were not formulated with PFOA, nor was PFOA an ingredient of these products. EIDP has never made or sold PFOA as a commercial product. In March 2023, the U.S. Environmental Protection Agency ("EPA") published proposed rules establishing a maximum contaminate level of four parts per trillion for PFOA in drinking water. If such rules are adopted, a legal mandate with respect to acceptable PFOA levels in drinking water would be established. Aqueous Firefighting Foams . Approximately 5,400 cases have been filed against 3M and other defendants, including EIDP and Chemours, and some including Corteva and DuPont, alleging PFOS or PFOA environmental contamination and/or personal injury from the use of aqueous firefighting foams. The vast majority of these cases have been transferred to a multi-district litigation proceeding in federal district court in South Carolina (“SC MDL”). Approximately 4,700 of these cases were filed on behalf of firefighters who allege personal injuries (primarily kidney and testicular cancer) as a result of exposure to aqueous firefighting foams (“AFFF”). Most of these recent cases assert claims that the EIDP and Chemours separation constituted a fraudulent conveyance. On June 1, 2023, approximately 640 cases filed relating to U.S. public water systems were included as part of the Nationwide Water District Settlement (as defined below). Nationwide Water District Settlement. On June 1, 2023, Corteva, EIDP, Inc., DuPont, and Chemours (collectively, the “settling companies”) entered into a binding agreement in principle to comprehensively resolve all drinking water claims related to PFAS of a defined class of U.S. public water systems that serve the vast majority of the United States population, including, but not limited to the AFFF claims in the SC MDL. The federal district court in South Carolina (the “SC Court”) granted preliminary approval of the class settlement on August 22, 2023 (the “Nationwide Water District Settlement”). PFAS, as defined in the settlement, includes PFOA and HFPO-DA, among a broad range of fluorinated organic substances. Under the Nationwide Water District Settlement, in September 2023 the settling companies established a settlement fund (the “Water District Settlement Fund”) and collectively contributed $1.185 billion with Chemours contributing 50 percent, and DuPont and Corteva collectively contributing the remaining 50 percent pursuant to the terms of the Letter Agreement. The settling companies utilized the balance in the MOU Escrow Account, along with amounts previously expected to be contributed to the MOU Escrow Account in 2023, among other sources, to make their respective contributions to the Water District Settlement Fund. In exchange for the payment to the Water District Settlement Fund, the settling companies will receive a complete release of the claims described below from the Class (as defined below). The class represented by the Nationwide Water District Settlement is composed of all Public Water Systems, as defined in 42 U.S.C. § 300f, with a current detection of PFAS or that are currently required to monitor for PFAS under the Environmental Protection Agency’s Fifth Unregulated Contaminant Monitoring Rule (“UCMR 5”) or other applicable federal or state law (the “Class”). Approximately 88 percent of the U.S. is served by systems required to test under UCMR 5. The Class does not include water systems owned and operated by a State or the United States government; small systems that have not detected the presence of PFAS and are not currently required to monitor for it under federal or state requirements; and, unless they otherwise request to be included, water systems in the lower Cape Fear River Basin of North Carolina. The Nationwide Water District Settlement addresses the timing and logistics of the settlement payment and conditions under which the settlement might not proceed, including a walk-away right that enables the settling companies to terminate the settlement if more than a confidential, agreed number of class members opt out. Final approval of the settlement is expected no sooner than six months after preliminary approval, and a fairness hearing ahead of final approval is scheduled for December 14, 2023. As part of the final approval process, the SC Court will establish a timetable for notice to class members, for hearings on approval, and for class members to opt out of the settlement. A court-appointed claims administrator, under the oversight of a court-appointed special master, will be responsible for the management, allocation and distribution of the Water District Settlement Fund. Class counsel, subject to the settling companies’ consent, will nominate the persons who, if approved by the SC Court, will serve as claims administrator and special master. The Nationwide Water District Settlement was entered into solely by way of compromise and settlement and is not in any way an admission of liability or fault by Corteva or EIDP. As of September 30, 2023, an accrual has been established for this settlement. If a settlement does not receive final approval, and plaintiffs elect to pursue their claims in court, the settling companies will continue to assert their strong legal defenses in pending litigation. New Jersey . In late March of 2019, the New Jersey State Attorney General filed four lawsuits against EIDP, Chemours, and others alleging that operations at and discharges from former EIDP 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 EIDP, Chemours, and others alleging losses related to the investigation, remediation and monitoring of polyfluorinated surfactants, including PFOA, in water supplies. DuPont and Corteva were subsequently added as defendants to these lawsuits. These lawsuits include claims under the New Jersey Industrial Site Recovery Act ("ISRA") and for fraudulent conveyance. Beginning in April 2023, the lawsuits have been stayed subject to a court appointed mediation. EIDP and Chemours are also defendants in two lawsuits by a private water utility provider in New Jersey and New York alleging damages from PFAS releases into the environment, that impacted water sources that the utilities use to provide water, as well as products liability, negligence, nuisance, and trespass claims. The court dismissed the New York plaintiff's trespass claims and limited plaintiffs’ nuisance claims to abatement damages. Ohio . EIDP is a defendant in three lawsuits, including an action by the State of Ohio based on alleged damage to natural resources, and an action by the City of Dayton claiming losses related to the investigation, remediation and monitoring of PFAS in water supplies. While currently in mediation, the trial with respect to the natural resources lawsuit is scheduled for September 2024. The third lawsuit, a putative nationwide class action ("the Hardwick Class Action") brought on behalf of anyone who has detectable levels of PFAS in their blood serum seeks declaratory and injunctive relief, including the establishment of a “PFAS Science Panel.” In March 2022, the trial court certified a class covering anyone subject to Ohio laws having minimal levels of PFOA plus at least one other PFAS in their blood. The trial court |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS' EQUITY Share Buyback Plan On September 13, 2022, Corteva, Inc. announced that its Board of Directors authorized a $2 billion share repurchase program to purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date ("2022 Share Buyback Plan"). The timing, price and volume of purchases will be based on market conditions, relevant securities laws and other factors. In connection with the 2022 Share Buyback Plan, the company repurchased and retired 4,913,000 shares and 6,330,000 shares in the open market for a cost (excluding excise taxes) of $250 million and $330 million during the three and nine months ended September 30, 2023, respectively. On August 5, 2021, Corteva, Inc. announced that its Board of Directors authorized a $1.5 billion share repurchase program to purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date ("2021 Share Buyback Plan"). In connection with the 2021 Share Buyback Plan, the company repurchased and retired 4,098,000 shares in the open market for a cost (excluding excise taxes) of $250 million during the nine months ended September 30, 2023 and 3,414,000 shares and 14,284,000 shares in the open market for a total cost of $200 million and $800 million during the three and nine months ended September 30, 2022, respectively. Repurchases under the 2021 Share Buyback Plan were completed during the first quarter of 2023. Shares repurchased pursuant to Corteva's share buyback plans are immediately retired upon repurchase. Repurchased common stock is reflected as a reduction of stockholders' equity. The company's accounting policy related to its share repurchases is to reduce its common stock based on the par value of the shares and to reduce its retained earnings for the excess of the repurchase price over the par value. When Corteva has an accumulated deficit balance, the excess over the par value is applied to APIC. When Corteva has retained earnings, the excess is charged entirely to retained earnings. Noncontrolling Interest Corteva, Inc. owns 100 percent of the outstanding common shares of EIDP. However, EIDP has preferred stock outstanding to third parties which is accounted for as a non-controlling interest in Corteva's interim Consolidated Balance Sheets. Each share of EIDP Preferred Stock - $4.50 Series and EIDP Preferred Stock - $3.50 Series issued and outstanding at the effective date of the Corteva Distribution remains issued and outstanding as to EIDP and was unaffected by the Corteva Distribution. Below is a summary of the EIDP Preferred Stock at September 30, 2023, December 31, 2022, and September 30, 2022, which is classified as noncontrolling interests in Corteva's interim 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 Income (Loss) The changes and after-tax balances of components comprising accumulated other comprehensive income (loss) are summarized below: (In millions) Cumulative Translation Adjustment 1 Derivative Instruments Pension Benefit Plans Other Benefit Plans Total 2022 Balance January 1, 2022 $ (2,543) $ 72 $ (396) $ (31) $ (2,898) Other comprehensive income (loss) before reclassifications (868) 92 107 3 (666) Amounts reclassified from accumulated other comprehensive income (loss) — (50) 21 1 (28) Net other comprehensive income (loss) (868) 42 128 4 (694) Balance September 30, 2022 $ (3,411) $ 114 $ (268) $ (27) $ (3,592) 2023 Balance January 1, 2023 $ (2,883) $ 80 $ (163) $ 160 $ (2,806) Other comprehensive income (loss) before reclassifications (41) (114) 6 — (149) Amounts reclassified from accumulated other comprehensive income (loss) — (40) — (6) (46) Net other comprehensive income (loss) (41) (154) 6 (6) (195) Balance September 30, 2023 $ (2,924) $ (74) $ (157) $ 154 $ (3,001) 1. The cumulative translation adjustment loss for the nine months ended September 30, 2023 was primarily driven by the strengthening of the USD against the South African Rand ("ZAR") and European Euro ("EUR"), partially offset by the weakening of the USD against the Brazilian Real (BRL). The cumulative translation adjustment loss for the nine months ended September 30, 2022 was primarily driven by the strengthening of the USD against the European Euro ("EUR"), Swiss Franc ("CHF"), Indian Rupee ("INR") and South African Rand ("ZAR"). The tax (expense) benefit on the net activity related to each component of other comprehensive income (loss) was as follows: (In millions) Three Months Ended Nine Months Ended 2023 2022 2023 2022 Derivative instruments $ (3) $ (13) $ 59 $ (13) Pension benefit plans - net — (30) — (35) Other benefit plans - net 1 — 2 3 (Provision for) benefit from income taxes related to other comprehensive income (loss) items $ (2) $ (43) $ 61 $ (45) A summary of the reclassifications out of accumulated other comprehensive income (loss) is provided as follows: (In millions) Three Months Ended Nine Months Ended 2023 2022 2023 2022 Derivative Instruments 1 : $ 16 $ 33 $ (50) $ (68) Tax (benefit) expense 2 (5) (5) 10 18 After-tax $ 11 $ 28 $ (40) $ (50) Amortization of pension benefit plans: Prior service (benefit) cost 3,4 $ — $ — $ (2) $ (2) Actuarial (gains) losses 3,4 — — — 2 Settlement (gain) loss 3,4 1 25 1 27 Total before tax $ 1 $ 25 $ (1) $ 27 Tax (benefit) expense 2 — (6) 1 (6) After-tax $ 1 $ 19 $ — $ 21 Amortization of other benefit plans: Prior service (benefit) cost 3,4 $ (1) $ — $ (1) $ (1) Actuarial (gains) loss 3,4 (2) 1 (7) 2 Total before tax $ (3) $ 1 $ (8) $ 1 Tax (benefit) expense 2 1 — 2 — After-tax $ (2) $ 1 $ (6) $ 1 Total reclassifications for the period, after-tax $ 10 $ 48 $ (46) $ (28) 1. Reflected in cost of goods sold in the interim Consolidated Statements of Operations. 2. Reflected in provision for (benefit from) income taxes from continuing operations in the interim Consolidated Statements of Operations. 3. These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit credit of the company's pension and other benefit plans. See Note 15 - Pension Plans and Other Post Employment Benefits, for additional information. |
Pension Plans and Other Post Em
Pension Plans and Other Post Employment Benefit Plans | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Pension and other Post Employment Benefits | PENSION PLANS AND OTHER POST EMPLOYMENT BENEFITS The following sets forth the components of the company's net periodic benefit (credit) cost for defined benefit pension plans and other post employment benefits: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Defined Benefit Pension Plans: Service cost $ 3 $ 5 $ 13 $ 14 Interest cost 171 126 518 343 Expected return on plan assets (151) (180) (454) (560) Amortization of unrecognized (gain) loss — — — 2 Amortization of prior service (benefit) cost — — (2) (2) Settlement loss 1 25 1 27 Net periodic benefit (credit) cost $ 24 $ (24) $ 76 $ (176) Other Post Employment Benefits: Service cost $ 1 $ — $ 1 $ 1 Interest cost 12 6 36 19 Amortization of unrecognized (gain) loss (2) 1 (7) 2 Amortization of prior service (benefit) cost (1) — (1) (1) Net periodic benefit (credit) cost $ 10 $ 7 $ 29 $ 21 |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments Disclosure [Text Block] | FINANCIAL INSTRUMENTS At September 30, 2023, December 31, 2022 and September 30, 2022, the company had $1,619 million, $2,296 million and $921 million, respectively, of held-to-maturity securities (primarily time deposits and money market funds) classified as cash equivalents in the interim Consolidated Balance Sheets, as these securities had maturities of three months or less at the time of purchase; $108 million, $124 million and $119 million at September 30, 2023, December 31, 2022 and September 30, 2022, respectively, of held-to-maturity securities (primarily time deposits and foreign government bonds) classified as marketable securities in the interim Consolidated Balance Sheets, as these securities had maturities of more than three months to less than one year at the time of purchase; $27 million and $24 million at December 31, 2022 and September 30, 2022, respectively, of held-to-maturity securities (primarily foreign government bonds) classified as marketable securities and included in other assets in the interim Consolidated Balance Sheets, as these securities had maturities more 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. The company’s held-to-maturity securities relating to investments in foreign government bonds at September 30, 2023 are discussed further in the “Debt Securities” section. 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, and multinational grain exporters. 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) September 30, 2023 December 31, 2022 September 30, 2022 Derivatives designated as hedging instruments: Foreign currency contracts $ 468 $ 953 $ 948 Commodity contracts $ 1,097 $ 1,167 $ 1,424 Derivatives not designated as hedging instruments: Foreign currency contracts $ 634 $ 430 $ 1,371 Commodity contracts $ — $ 9 $ 3 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. Prior to the first quarter of 2023, the company mitigated the exposure of certain investments in foreign subsidiaries against changes in the Euro/USD exchange rate. Accordingly, the company enters into various contracts that change in value as foreign exchange rates change to protect the value of its existing foreign currency-denominated assets, liabilities, commitments, investments and cash flows. The company uses foreign currency 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 also uses foreign currency exchange contracts to offset a portion of the company’s exposure to certain forecasted transactions as well as the translation of foreign currency-denominated earnings. The company also uses commodity contracts to offset risks associated with foreign currency devaluation in certain countries. 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, forwards, futures and swaps, to hedge the commodity price risk associated with agriculture commodity exposures. While each risk management program has a different time maturity period, most programs currently do not extend beyond the next two years. Cash flow hedge results are reclassified into earnings during the same period in which the related exposure impacts earnings. Reclassifications are made sooner if it appears that a forecasted transaction is probable of not occurring. The following table summarizes the after-tax effect of commodity contract cash flow hedges on accumulated other comprehensive income (loss): Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Beginning balance $ (71) $ 81 $ 55 $ 47 Additions and revaluations of derivatives designated as cash flow hedges (20) (25) (94) 91 Clearance of hedge results to earnings 2 (4) (50) (86) Ending balance $ (89) $ 52 $ (89) $ 52 At September 30, 2023, an after-tax net loss of $78 million is expected to be reclassified from accumulated other comprehensive income (loss) into earnings over the next twelve months. Foreign Currency Contracts The company enters into forward contracts to hedge the foreign currency risk associated with forecasted transactions within certain foreign subsidiaries. While each risk management program has a different time maturity period, most programs currently do not extend beyond the next two years. Cash flow hedge results are reclassified into earnings during the same period in which the related exposure impacts earnings. Reclassifications are made sooner if it appears that a forecasted transaction is probable of not occurring. The following table summarizes the after-tax effect of foreign currency cash flow hedges on accumulated other comprehensive income (loss): Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Beginning balance $ (16) $ (31) $ 10 $ 32 Additions and revaluations of derivatives designated as cash flow hedges 7 11 (20) (56) Clearance of hedge results to earnings 9 32 10 36 Ending balance $ — $ 12 $ — $ 12 Derivatives Designated as Net Investment Hedges Foreign Currency Contracts The company had designated €450 million of forward contracts to exchange EUR as net investment hedges. The purpose of these forward contracts was to mitigate foreign exchange exposure related to a portion of the company’s Euro net investments in certain foreign subsidiaries against changes in Euro/USD exchange rates. These hedges expired and were settled in March 2023. Prior to maturity, the company had elected to apply the spot method in testing for effectiveness of the hedging relationship. Derivatives not Designated in Hedging Relationships Foreign Currency Contracts The company uses foreign 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. The company also uses foreign currency exchange contracts to offset a portion of the company’s exposure to the translation of certain foreign currency-denominated earnings so that gains and losses on the contracts offset changes in the USD value of the related foreign currency-denominated earnings over the relevant aggregate period. 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. The company uses forward agreements, with durations less than one year, to buy and sell USD priced commodities in order to reduce its exposure to currency devaluation for a portion of its local currency cash balances. Counterparties to the forward sales agreements are multinational grain exporters and subject to the company’s financial risk management procedures. Fair Value of Derivative Instruments Asset and liability derivatives subject to an enforceable master netting arrangement with the same counterparty are presented on a net basis in the interim Consolidated Balance Sheets. The presentation of the company's derivative assets and liabilities is as follows: September 30, 2023 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the interim Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 7 $ — $ 7 Commodity contracts Other current assets 1 — 1 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 45 (39) 6 Total asset derivatives $ 53 $ (39) $ 14 Liability derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 7 $ — $ 7 Commodity contracts Accrued and other current liabilities 3 — 3 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities 87 (39) 48 Commodity contracts Accrued and other current liabilities 3 — 3 Total liability derivatives $ 100 $ (39) $ 61 December 31, 2022 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 41 $ — $ 41 Commodities Contracts Other current assets 4 — 4 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 51 (40) 11 Total asset derivatives $ 96 $ (40) $ 56 Liability derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 9 $ — $ 9 Commodity contracts Accrued and other current liabilities 3 — 3 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities 58 (40) 18 Total liability derivatives $ 70 $ (40) $ 30 September 30, 2022 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the interim Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 101 $ — $ 101 Commodity Contracts Other current assets 3 — 3 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 112 (58) 54 Total asset derivatives $ 216 $ (58) $ 158 Liability derivatives: Derivatives designated as hedging instruments: Commodity contracts Accrued and other current liabilities 2 — 2 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities 63 (58) 5 Total liability derivatives $ 65 $ (58) $ 7 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 - Pre-Tax 1 Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Derivatives designated as hedging instruments: Net investment hedges: Foreign currency contracts $ — $ 47 $ — $ 74 Cash flow hedges: Foreign currency contracts 11 13 (30) (68) Commodity contracts (26) (30) (133) 117 Total derivatives designated as hedging instruments $ (15) $ 30 $ (163) $ 123 1. OCI is defined as other comprehensive income (loss). Amount of Gain (Loss) Recognized in Income - Pre-Tax 1 Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Derivatives designated as hedging instruments: Cash flow hedges: Foreign currency contracts 2 $ (13) $ (39) $ (15) $ (44) Commodity contracts 2 (3) 6 65 112 Total derivatives designated as hedging instruments $ (16) $ (33) $ 50 $ 68 Derivatives not designated as hedging instruments: Foreign currency contracts 3 $ (3) $ 67 $ (65) $ 24 Foreign currency contracts 2 4 4 (67) (1) Commodity contracts 2 1 5 4 (21) Commodity contracts 3 5 — 5 — Total derivatives not designated as hedging instruments 7 76 (123) 2 Total derivatives $ (9) $ 43 $ (73) $ 70 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 in the interim Consolidated Statements of Operations. 3. Recognized in other income (expense). Note that net loss from foreign currency contracts was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 6 - Supplementary Information, to the interim Consolidated Financial Statements, for additional information. Debt Securities The company’s debt securities include foreign government bonds classified as held-to-maturity securities at September 30, 2023, December 31, 2022 and September 30, 2022. The company’s investments in held-to-maturity securities are held at amortized cost, which approximates fair value, and are held by certain foreign subsidiaries in which the USD is the functional currency. The company's investments in debt securities at September 30, 2023 with a contractual maturity within one year was $85 million. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
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: September 30, 2023 December 31, 2022 September 30, 2022 (In millions) Level 2 1 Level 2 1 Level 2 1 Assets at fair value: Marketable securities $ 108 $ 124 $ 119 Derivatives relating to: 2 Foreign currency 52 92 213 Commodity contracts 1 4 3 Total assets at fair value $ 161 $ 220 $ 335 Liabilities at fair value: Derivatives relating to: 2 Foreign currency 94 67 63 Commodity contracts 6 3 2 Total liabilities at fair value $ 100 $ 70 $ 65 1. Reflects significant other observable inputs. 2. See Note 16 - Financial Instruments for the classification of derivatives in the interim Consolidated Balance Sheets. |
Segment Reporting (Notes)
Segment Reporting (Notes) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | SEGMENT INFORMATION Corteva’s reportable segments reflects the manner in which its chief operating decision maker ("CODM") allocates resources and assesses performance, which is at the operating segment level (seed and crop protection). For purposes of allocating resources to the segments and assessing segment performance, segment operating EBITDA is the primary measure used by Corteva’s CODM. The company defines segment operating EBITDA as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, corporate expenses, non-operating benefits (costs), foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items. Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments and environmental remediation and legal costs associated with legacy EIDP 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. Net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting represents the non-cash net gain (loss) from changes in fair value of certain undesignated foreign currency derivative contracts. Upon settlement, which is within the same calendar year of execution of the contract, the realized gain (loss) from the changes in fair value of the non-qualified foreign currency derivative contracts will be reported in the respective segment results to reflect the economic effects of the foreign currency derivative contracts without the resulting unrealized mark to fair value volatility. As of and for the Three Months Ended September 30, (In millions) Seed Crop Protection Total 2023 Net sales $ 878 $ 1,712 $ 2,590 Segment operating EBITDA $ (138) $ 184 $ 46 Segment assets 1 $ 22,829 $ 15,446 $ 38,275 2022 Net sales $ 862 $ 1,915 $ 2,777 Segment operating EBITDA $ (224) $ 352 $ 128 Segment assets 1 $ 22,665 $ 13,474 $ 36,139 1. Segment assets at December 31, 2022 were $22,952 million and $14,097 million for Seed and Crop Protection, respectively. For the Nine Months Ended September 30, (In millions) Seed Crop Protection Total 2023 Net sales $ 7,837 $ 5,682 $ 13,519 Segment operating EBITDA $ 1,972 $ 1,107 $ 3,079 2022 Net sales $ 7,333 $ 6,297 $ 13,630 Segment operating EBITDA $ 1,585 $ 1,352 $ 2,937 Reconciliation to interim Consolidated Financial Statements Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) Three Months Ended Nine Months Ended 2023 2022 2023 2022 Income (loss) from continuing operations after income taxes $ (315) $ (322) $ 1,172 $ 1,257 Provision for (benefit from) income taxes on continuing operations (129) (74) 244 372 Income (loss) from continuing operations before income taxes (444) (396) 1,416 1,629 Depreciation and amortization 306 310 899 919 Interest income (59) (36) (153) (75) Interest expense 58 18 171 43 Exchange (gains) losses 102 13 242 96 Non-operating (benefits) costs 28 (9) 115 (134) Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges (44) (6) 34 (3) Significant items (benefit) charge 71 202 271 379 Corporate expenses 28 32 84 83 Segment operating EBITDA $ 46 $ 128 $ 3,079 $ 2,937 Segment assets to total assets (in millions) September 30, 2023 December 31, 2022 September 30, 2022 Total segment assets $ 38,275 $ 37,049 $ 36,139 Corporate assets 4,835 5,569 4,512 Total assets $ 43,110 $ 42,618 $ 40,651 Significant Pre-tax (Charges) Benefits Not Included in Segment Operating EBITDA The three and nine months ended September 30, 2023 and 2022, respectively, included the following significant pre-tax (charges) benefits which are excluded from segment operating EBITDA: (In millions) Seed Crop Protection Corporate Total For the Three Months Ended September 30, 2023 Restructuring and asset related charges - net 1 $ 1 $ — $ (3) $ (2) Estimated settlement expense 2 — (66) — (66) Gain (loss) on sale of business, assets and equity investments 3 4 — — 4 Acquisition-related costs 5 — (7) — (7) Total $ 5 $ (73) $ (3) $ (71) (In millions) Seed Crop Protection Corporate Total For the Three Months Ended September 30, 2022 Restructuring and asset related charges - net 1 $ (66) $ (20) $ (66) $ (152) Estimated settlement expense 2 — (40) — (40) Inventory write-offs 3 (32) — — (32) Gain (loss) on sale of business, assets and equity investments 3 — 15 — 15 Settlement costs associated with Russia Exit 3 (2) — — (2) Employee Retention Credit 6 3 — 9 Total $ (94) $ (42) $ (66) $ (202) (in millions) Seed Crop Protection Corporate Total For the Nine Months Ended September 30, 2023 Restructuring and asset related charges - net 1 $ (74) $ (11) $ (10) $ (95) Estimated settlement expense 2 — (156) — (156) Inventory write-offs 3 (7) — — (7) Gain (loss) on sale of business, assets and equity investments 3 4 3 — 7 Seed sale associated with Russia Exit 3,4 18 — — 18 Acquisition-related costs 5 — (41) — (41) Employee Retention Credit — 3 — 3 Total $ (59) $ (202) $ (10) $ (271) (in millions) Seed Crop Protection Corporate Total For the Nine Months Ended September 30, 2022 Restructuring and asset related charges - net 1 $ (197) $ (20) $ (83) $ (300) Estimated settlement expense 2 — (57) — (57) Inventory write-offs 3 (33) — — (33) Gain (loss) on sale of business 3 — 15 — 15 Loss on sale of equity investment 3 (5) — — (5) Settlement costs associated with Russia Exit 3 (8) — — (8) Employee Retention Credit 6 3 — 9 Total $ (237) $ (59) $ (83) $ (379) 1. Includes restructuring plans and asset related charges as well as accelerated prepaid amortization expense. See Note 5 - Restructuring and Asset Related Charges - Net, to the interim Consolidated Financial Statements, for additional information. 2. Consists of estimated Lorsban® related charges. 3. Incremental gains (losses) associated with activities related to the 2022 Restructuring Actions. 4. Includes a benefit (charge) of $18 million for the nine months ended September 30, 2023, relating to the sale of seeds already under production in Russia when the decision to exit the country was made and that the company was contractually required to purchase. It consists of $71 million of net sales and $53 million of cost of goods sold for the nine months ended September 30, 2023. 5. Relates to acquisition-related costs, including transaction and third-party integration costs associated with the completed acquisitions of Stoller and Symborg as well as the recognition of the inventory fair value step-up. See Note 3 - Business Combinations, to the interim Consolidated Financial Statements, for additional information. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On November 5, 2023, management of the company approved a plan to further optimize its Crop Protection network of manufacturing and external partners. The plan includes the exit of the company’s production activities at its site in Pittsburg, California, as well as ceasing operations in select manufacturing lines at other locations. The company expects to record aggregate pre-tax restructuring and asset related charges of $410 million to $460 million, comprised of $70 million to $90 million of severance and related benefit costs, $320 million to $340 million of asset-related and impairment charges and $20 million to $30 million of costs related to contract terminations. Reductions in workforce are subject to local regulatory requirements. Asset impairments of $165 million to $175 million are associated with operating lease assets and property, plant and equipment at the Pittsburg, California site and will be recorded in the fourth quarter of 2023. |
EID - Basis of Presentation (No
EID - Basis of Presentation (Notes) | 9 Months Ended |
Sep. 30, 2023 | |
EID [Member] | |
Entity Information [Line Items] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | BASIS OF PRESENTATION Corteva, Inc. owns 100% of the outstanding common stock of EIDP. EIDP 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 EIDP are outlined below: • Preferred Stock - EIDP has preferred stock outstanding to third parties which is accounted for as a non-controlling interest at the Corteva, Inc. level. Each share of EIDP Preferred Stock - $4.50 Series and EIDP Preferred Stock - $3.50 Series issued and outstanding at the effective date of the Corteva Distribution remains issued and outstanding as to EIDP and was unaffected by the Corteva Distribution. • Related Party Loan - EIDP engaged in a series of debt redemptions during the second quarter of 2019 that were partially funded through an intercompany loan from Corteva, Inc. This was eliminated in consolidation at the Corteva, Inc. level but remains on EIDP's consolidated financial statements at the standalone level (including the associated interest). • Capital Structure - At September 30, 2023, Corteva, Inc.'s capital structure consists of 704,880,000 issued shares of common stock, par value $0.01 per share. The accompanying footnotes relate to EIDP only, and not to Corteva, Inc., and are presented to show differences between EIDP and Corteva, Inc. For the footnotes listed below, refer to the following Corteva, Inc. footnotes: • Note 1 - Summary of Significant Accounting Policies - refer to page 10 of the Corteva, Inc. interim Consolidated Financial Statements • Note 2 - Recent Accounting Guidance - refer to page 10 of the Corteva, Inc. interim Consolidated Financial Statements • Note 3 - Business Combinations - refer to page 10 of the Corteva, Inc. interim Consolidated Financial Statements • Note 4 - Revenue - refer to page 12 of the Corteva, Inc. interim Consolidated Financial Statements • Note 5 - Restructuring and Asset Related Charges - Net - refer to page 15 of the Corteva, Inc. interim Consolidated Financial Statements • Note 6 - Supplementary Information - refer to page 16 of the Corteva, Inc. interim Consolidated Financial Statements • Note 7 - Income Taxes - Differences exist between Corteva, Inc. and EIDP; refer to EIDP Note 3 - Income Taxes, of the EIDP interim Consolidated Financial Statements, below • Note 8 - Earnings Per Share of Common Stock - Not applicable for EIDP • Note 9 - Accounts and Notes Receivable - Net - refer to page 19 of the Corteva, Inc. interim Consolidated Financial Statements • Note 10 - Inventories - refer to page 20 of the Corteva, Inc. interim Consolidated Financial Statements • Note 11 - Goodwill and Other Intangible Assets - refer to page 20 of the Corteva, Inc. interim Consolidated Financial Statements • Note 12 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities - refer to page 21 of the Corteva, Inc. interim Consolidated Financial Statements. In addition, EIDP has a related party loan payable to Corteva, Inc.; refer to EIDP Note 2 - Related Party Transactions, below • Note 13 - Commitments and Contingent Liabilities - refer to page 23 of the Corteva, Inc. interim Consolidated Financial Statements • Note 14 - Stockholders' Equity - refer to page 31 of the Corteva, Inc. interim Consolidated Financial Statements • Note 15 - Pension Plans and Other Post Employment Benefits - refer to page 33 of the Corteva, Inc. interim Consolidated Financial Statements • Note 16 - Financial Instruments - refer to page 34 of the Corteva, Inc. interim Consolidated Financial Statements • Note 17 - Fair Value Measurements - refer to page 39 of the Corteva, Inc. interim Consolidated Financial Statements • Note 18 - Segment Information - Differences exist between Corteva, Inc. and EIDP; refer to EIDP Note 4 - Segment Information, below |
EID - Related Party Transaction
EID - Related Party Transactions (Notes) | 9 Months Ended |
Sep. 30, 2023 | |
EID [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS Transactions with Corteva In the second quarter of 2019, EIDP entered into a related party revolving loan from Corteva, Inc., with a maturity date in 2024. As of September 30, 2023, December 31, 2022, and September 30, 2022, the outstanding related party loan balance was $115 million, $789 million, and $1,066 million, respectively (which approximates fair value), with interest rates of 7.00%, 6.52%, and 4.12%, respectively. The balance at September 30, 2023 was reflected as short-term borrowings – related party and the balance at December 31, 2022 and September 30, 2022 was reflected as long-term debt - related party in EIDP's interim Consolidated Balance Sheets. Additionally, EIDP has incurred tax deductible interest expense of $2 million and $22 million for the three and nine months ended September 30, 2023, respectively, and $14 million and $33 million for the three and nine months ended September 30, 2022, respectively, associated with the related party loan from Corteva, Inc. EIDP and Corteva, including certain consolidated subsidiaries (collectively the “Participating Companies”), are party to a Master In-House Banking Agreement, which established banking arrangements to facilitate the management of the cash and liquidity needs of the Participating Companies. As of September 30, 2023, EIDP had receivables from Corteva, Inc. of $217 million included in other assets in the interim Consolidated Balance Sheets related to this agreement. As of September 30, 2023, December 31, 2022, and September 30, 2022, EIDP had payables to Corteva, Inc., of $38 million, $31 million and $24 million included in accrued and other current liabilities, respectively, and $108 million, $115 million, and $122 million, included in other noncurrent obligations, respectively, in the interim Consolidated Balance Sheets related to Corteva's indemnification liabilities to Dow and DuPont per the Separation Agreements (refer to page 25 of the Corteva, Inc. interim Consolidated Financial Statements for further details of the Separation Agreements). |
EID Income Taxes (Notes)
EID Income Taxes (Notes) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Text Block] | INCOME TAXES The effective tax rate for the three and nine months ended September 30, 2023 was 29.1 percent and 17.2 percent, respectively, and 18.7 percent and 22.8 percent for the three and nine months ended September 30, 2022, respectively. During the three and nine months ended September 30, 2023, the company recognized $11 million and $79 million of net tax benefits for income taxes on continuing operations associated with changes in deferred taxes, accruals for certain prior year tax positions in various jurisdictions, stock-based compensation, as well as the impact of changes to deferred taxes associated with a tax currency change for a legal entity. During the three and nine months ended September 30, 2022, the company recognized $46 million and $94 million of net tax benefits to provision for income taxes on continuing operations associated with changes in deferred taxes, accruals for certain prior year tax positions in various jurisdictions, stock-based compensation, and a tax benefit of $55 million related to the impact of a change in a U.S. legal entity's tax characterization, resulting in the establishment of deferred taxes. 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 the program, which resides in the U.S., is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate |
EID [Member] | |
Income Tax Disclosure [Text Block] | INCOME TAXES Refer to page 17 of the Corteva, Inc. Interim Consolidated Financial Statements for discussion of tax items that do not differ between Corteva, Inc. and EIDP. The effective tax rate for the three and nine months ended September 30, 2023 was 28.9 percent and 17.1 percent, respectively, and 18.8 percent and 22.8 percent for the three and nine months ended September 30, 2022, respectively. EIDP's effective tax rates for the three and nine months ended September 30, 2023 and 2022 were driven by net tax benefits recognized for income taxes on continuing operations associated with the interest expense incurred on the related party loan between EIDP and Corteva, Inc. and the net tax benefits discussed on page 17 of the Corteva, Inc. Interim Consolidated Financial Statements. |
EID Segment FN (Notes)
EID Segment FN (Notes) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting Information [Line Items] | |
Segment Reporting Disclosure [Text Block] | SEGMENT INFORMATION Corteva’s reportable segments reflects the manner in which its chief operating decision maker ("CODM") allocates resources and assesses performance, which is at the operating segment level (seed and crop protection). For purposes of allocating resources to the segments and assessing segment performance, segment operating EBITDA is the primary measure used by Corteva’s CODM. The company defines segment operating EBITDA as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, corporate expenses, non-operating benefits (costs), foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items. Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments and environmental remediation and legal costs associated with legacy EIDP 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. Net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting represents the non-cash net gain (loss) from changes in fair value of certain undesignated foreign currency derivative contracts. Upon settlement, which is within the same calendar year of execution of the contract, the realized gain (loss) from the changes in fair value of the non-qualified foreign currency derivative contracts will be reported in the respective segment results to reflect the economic effects of the foreign currency derivative contracts without the resulting unrealized mark to fair value volatility. As of and for the Three Months Ended September 30, (In millions) Seed Crop Protection Total 2023 Net sales $ 878 $ 1,712 $ 2,590 Segment operating EBITDA $ (138) $ 184 $ 46 Segment assets 1 $ 22,829 $ 15,446 $ 38,275 2022 Net sales $ 862 $ 1,915 $ 2,777 Segment operating EBITDA $ (224) $ 352 $ 128 Segment assets 1 $ 22,665 $ 13,474 $ 36,139 1. Segment assets at December 31, 2022 were $22,952 million and $14,097 million for Seed and Crop Protection, respectively. For the Nine Months Ended September 30, (In millions) Seed Crop Protection Total 2023 Net sales $ 7,837 $ 5,682 $ 13,519 Segment operating EBITDA $ 1,972 $ 1,107 $ 3,079 2022 Net sales $ 7,333 $ 6,297 $ 13,630 Segment operating EBITDA $ 1,585 $ 1,352 $ 2,937 Reconciliation to interim Consolidated Financial Statements Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) Three Months Ended Nine Months Ended 2023 2022 2023 2022 Income (loss) from continuing operations after income taxes $ (315) $ (322) $ 1,172 $ 1,257 Provision for (benefit from) income taxes on continuing operations (129) (74) 244 372 Income (loss) from continuing operations before income taxes (444) (396) 1,416 1,629 Depreciation and amortization 306 310 899 919 Interest income (59) (36) (153) (75) Interest expense 58 18 171 43 Exchange (gains) losses 102 13 242 96 Non-operating (benefits) costs 28 (9) 115 (134) Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges (44) (6) 34 (3) Significant items (benefit) charge 71 202 271 379 Corporate expenses 28 32 84 83 Segment operating EBITDA $ 46 $ 128 $ 3,079 $ 2,937 Segment assets to total assets (in millions) September 30, 2023 December 31, 2022 September 30, 2022 Total segment assets $ 38,275 $ 37,049 $ 36,139 Corporate assets 4,835 5,569 4,512 Total assets $ 43,110 $ 42,618 $ 40,651 Significant Pre-tax (Charges) Benefits Not Included in Segment Operating EBITDA The three and nine months ended September 30, 2023 and 2022, respectively, included the following significant pre-tax (charges) benefits which are excluded from segment operating EBITDA: (In millions) Seed Crop Protection Corporate Total For the Three Months Ended September 30, 2023 Restructuring and asset related charges - net 1 $ 1 $ — $ (3) $ (2) Estimated settlement expense 2 — (66) — (66) Gain (loss) on sale of business, assets and equity investments 3 4 — — 4 Acquisition-related costs 5 — (7) — (7) Total $ 5 $ (73) $ (3) $ (71) (In millions) Seed Crop Protection Corporate Total For the Three Months Ended September 30, 2022 Restructuring and asset related charges - net 1 $ (66) $ (20) $ (66) $ (152) Estimated settlement expense 2 — (40) — (40) Inventory write-offs 3 (32) — — (32) Gain (loss) on sale of business, assets and equity investments 3 — 15 — 15 Settlement costs associated with Russia Exit 3 (2) — — (2) Employee Retention Credit 6 3 — 9 Total $ (94) $ (42) $ (66) $ (202) (in millions) Seed Crop Protection Corporate Total For the Nine Months Ended September 30, 2023 Restructuring and asset related charges - net 1 $ (74) $ (11) $ (10) $ (95) Estimated settlement expense 2 — (156) — (156) Inventory write-offs 3 (7) — — (7) Gain (loss) on sale of business, assets and equity investments 3 4 3 — 7 Seed sale associated with Russia Exit 3,4 18 — — 18 Acquisition-related costs 5 — (41) — (41) Employee Retention Credit — 3 — 3 Total $ (59) $ (202) $ (10) $ (271) (in millions) Seed Crop Protection Corporate Total For the Nine Months Ended September 30, 2022 Restructuring and asset related charges - net 1 $ (197) $ (20) $ (83) $ (300) Estimated settlement expense 2 — (57) — (57) Inventory write-offs 3 (33) — — (33) Gain (loss) on sale of business 3 — 15 — 15 Loss on sale of equity investment 3 (5) — — (5) Settlement costs associated with Russia Exit 3 (8) — — (8) Employee Retention Credit 6 3 — 9 Total $ (237) $ (59) $ (83) $ (379) 1. Includes restructuring plans and asset related charges as well as accelerated prepaid amortization expense. See Note 5 - Restructuring and Asset Related Charges - Net, to the interim Consolidated Financial Statements, for additional information. 2. Consists of estimated Lorsban® related charges. 3. Incremental gains (losses) associated with activities related to the 2022 Restructuring Actions. 4. Includes a benefit (charge) of $18 million for the nine months ended September 30, 2023, relating to the sale of seeds already under production in Russia when the decision to exit the country was made and that the company was contractually required to purchase. It consists of $71 million of net sales and $53 million of cost of goods sold for the nine months ended September 30, 2023. 5. Relates to acquisition-related costs, including transaction and third-party integration costs associated with the completed acquisitions of Stoller and Symborg as well as the recognition of the inventory fair value step-up. See Note 3 - Business Combinations, to the interim Consolidated Financial Statements, for additional information. |
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 EIDP. In addition, there are no differences between Corteva, Inc. and EIDP segment net sales, segment operating EBITDA, segment assets, or significant items by segment; refer to page 39 of the Corteva, Inc. interim Consolidated Financial Statements for background information on the segments as well as further details regarding segment metrics. The tables below reconcile income (loss) from continuing operations after income taxes to segment operating EBITDA, as differences exist between Corteva, Inc. and EIDP. Reconciliation to interim Consolidated Financial Statements Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) Three Months Ended Nine Months Ended 2023 2022 2023 2022 Income (loss) from continuing operations after income taxes $ (317) $ (333) $ 1,155 $ 1,232 Provision for (benefit from) income taxes on continuing operations (129) (77) 239 364 Income (loss) from continuing operations before income taxes (446) (410) 1,394 1,596 Depreciation and amortization 306 310 899 919 Interest income (59) (36) (153) (75) Interest expense 60 32 193 76 Exchange (gains) losses 102 13 242 96 Non-operating (benefits) costs 28 (9) 115 (134) Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges (44) (6) 34 (3) Significant items (benefit) charge 71 202 271 379 Corporate expenses 28 32 84 83 Segment operating EBITDA $ 46 $ 128 $ 3,079 $ 2,937 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. Results for interim periods should not be considered indicative of results for a full year. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in the company’s Annual Report on Form 10-K for the year ended December 31, 2022, collectively referred to as the “2022 Annual Report.” The interim Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained. Since 2018, Argentina has been considered a hyper-inflationary economy under U.S. GAAP and therefore the U.S. Dollar (“USD”) is the functional currency for our related subsidiaries. Argentina contributes approximately 5 percent to both the company's annual net sales and segment operating EBITDA. We remeasure net monetary assets and translate our financial statements utilizing the official Argentine Peso (“Peso”) to USD exchange rate. The ability to draw down Peso cash balances is limited at this time due to government restrictions and market availability of U.S. Dollars. The devaluation of the Peso relative to the USD over the last several years has resulted in the recognition of exchange losses (refer to Note 6 – Supplementary Information, to the interim Consolidated Financial Statements and the company's 2022 Annual Report). As of September 30, 2023, a further 10 percent deterioration in the official Peso to USD exchange rate would reduce the USD value of our net monetary assets and negatively impact pre-tax earnings by approximately $15 million. We will continue to assess the implications to our operations and financial reporting. |
Recent Accounting Guidance Rece
Recent Accounting Guidance Recent Accounting Guidance (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Recent Accounting Guidance | Recently Adopted Accounting Guidance In September 2022, the Financial Accounting Standards Board (the "FASB") issued ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This ASU includes amendments that require a buyer in supplier finance programs to disclose key terms of the programs and related obligations, including a rollforward of such obligations. This guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the rollforward requirements, which are effective for fiscal years beginning after December 15, 2023, and early adoption is permitted. Retrospective application to all periods in which a balance sheet is presented is required, except for the rollforward requirement, which will be applied prospectively. The company adopted this guidance on January 1, 2023 which resulted in certain disclosures being added relating to supplier financing programs and related obligations. See Note 13 – Commitments and Contingent Liabilities, to the interim Consolidated Financial Statements, for additional information. Accounting Guidance Issued But Not Adopted as of September 30, 2023 In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement. The amendments in this ASU are intended to facilitate consistency in the application of accounting guidance upon the formation of entities qualifying as joint ventures ("JVs"). It generally requires the use of business combinations accounting at the JV formation date, which would result in the contributed assets/liabilities being revalued to fair value and potentially result in the recognition of goodwill and other intangibles on the JV’s financial statements. It does not alter the ongoing accounting for the joint venture’s operations. This guidance is effective for joint ventures with formation dates on or after January 1, 2025. Prospective application is required, with early adoption permitted. Retrospective application can be elected for joint ventures formed before January 1, 2025. The company does not expect the impact of adoption to be material. |
Revenue Revenue Recognition (Po
Revenue Revenue Recognition (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Recognition Products Substantially all of Corteva's revenue is derived from product sales, which 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 does 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. When the company performs shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to or at shipment), these are considered fulfillment activities, and accordingly, the costs are accrued when the related revenue is recognized. 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 primarily utilize the expected value method based on historical experience. 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 |
Business Combinations and Ass_2
Business Combinations and Asset Acquisitions (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | (In millions) Stoller 1 Symborg 1 Assets Cash and cash equivalents $ 97 $ — Accounts and notes receivable 249 17 Inventories 81 10 Other current assets 9 1 Property, plant and equipment 71 3 Goodwill 374 122 Other intangible assets 645 311 Deferred income taxes 10 — Other assets 5 — Total assets acquired $ 1,541 $ 464 Liabilities Short-term borrowings 59 — Accounts payable 25 13 Income taxes payable 2 — Accrued and other current liabilities 59 4 Long-term debt 2 — Deferred income tax liabilities 153 76 Other noncurrent obligations 21 1 Total liabilities assumed $ 321 $ 94 Net assets acquired $ 1,220 $ 370 1. Includes preliminary measurement period adjustments, which were not material. |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | Intangible Assets Stoller Symborg (In millions) Fair Value Weighted-Average Amortization Period (Years) Fair Value Weighted-Average Amortization Period (Years) Intangible assets with finite lives: Customer-related $ 495 13 $ — — Developed technology 106 13 238 12 Trademarks/trade names 44 15 57 12 Total other intangible assets with finite lives 645 13 295 12 Intangible assets with indefinite lives: IPR&D — — 16 — Total other intangible assets with indefinite lives — — 16 — Total other intangible assets $ 645 $ 311 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Disaggregation of Revenue [Line Items] | |
Contract Balances | Contract Balances September 30, 2023 December 31, 2022 September 30, 2022 (In millions) Accounts and notes receivable - trade 1 $ 5,320 $ 4,261 $ 4,875 Contract assets - current 2 $ 27 $ 26 $ 25 Contract assets - noncurrent 3 $ 67 $ 64 $ 62 Deferred revenue - current $ 552 $ 3,388 $ 860 Deferred revenue - noncurrent 4 $ 109 $ 107 $ 108 1. Included in accounts and notes receivable - net in the interim Consolidated Balance Sheets. 2. Included in other current assets in the interim Consolidated Balance Sheets. 3. Included in other assets in the interim Consolidated Balance Sheets. |
Major Product Line [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Corn $ 487 $ 469 $ 5,139 $ 4,621 Soybean 189 205 1,713 1,685 Other oilseeds 142 124 637 647 Other 60 64 348 380 Seed 878 862 7,837 7,333 Herbicides 815 1,043 3,043 3,472 Insecticides 416 363 1,156 1,275 Fungicides 226 421 837 1,173 Other 255 88 646 377 Crop Protection 1,712 1,915 5,682 6,297 Total $ 2,590 $ 2,777 $ 13,519 $ 13,630 |
Geography [Domain] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | Seed Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 North America 1 $ 173 $ 218 $ 5,192 $ 4,637 EMEA 2 198 157 1,441 1,442 Latin America 380 383 847 912 Asia Pacific 127 104 357 342 Total $ 878 $ 862 $ 7,837 $ 7,333 Crop Protection Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 North America 1 $ 399 $ 521 $ 1,901 $ 2,185 EMEA 2 271 297 1,555 1,452 Latin America 844 898 1,537 1,852 Asia Pacific 198 199 689 808 Total $ 1,712 $ 1,915 $ 5,682 $ 6,297 1. Represents U.S. & Canada. 2. Europe, Middle East, and Africa ("EMEA"). |
Restructuring and Asset Relat_2
Restructuring and Asset Related Charges (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
2022 Restructuring Actions | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Seed $ 1 $ 61 $ 10 $ 94 Crop Protection — 19 5 20 Corporate expenses — 66 4 88 Total 1 $ 1 $ 146 $ 19 $ 202 1. This amount excludes other pre-tax charges recorded during the three and nine months ended September 30, 2023 and 2022 impacting the Seed segment. These charges consisted of inventory write-offs and gains (losses) on sale of businesses, assets and equity investments and settlement costs associated with the Russia Exit, which are included in cost of goods sold and other income (expense) - net, in the interim Consolidated Statement of Operations, respectively. See Note 18 – Segment Information, to the interim Consolidated Financial Statements, for additional information. The following table is a summary of charges incurred related to the 2022 Restructuring Actions for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Severance and related benefit costs $ — $ 66 $ 4 $ 88 Asset related charges — 66 11 70 Contract termination charges 1 1 14 4 44 Total restructuring and asset related charges – net 2 $ 1 $ 146 $ 19 $ 202 1. Contract terminations includes early lease terminations. 2. This amount excludes other pre-tax charges recorded during the three and nine months ended September 30, 2023 and 2022 included in cost of goods sold and other income (expense) – net, in the company’s interim Consolidated Statement of Operations, as noted above. A reconciliation of the December 31, 2022 to the September 30, 2023 liability balances related to the 2022 Restructuring Actions is summarized below: (in millions) Severance and Related Benefit Costs Asset Related Contract Termination 1 Total Balance at December 31, 2022 $ 71 $ — $ 12 $ 83 Charges to income (loss) from continuing operations 4 11 4 19 Payments (35) — (13) (48) Asset write-offs — (11) — (11) Balance at September 30, 2023 $ 40 $ — $ 3 $ 43 1. The liability for contract terminations includes lease obligations. The cash impact of these obligations are substantially complete. |
Supplementary Information (Tabl
Supplementary Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Other Income (Expense) - Net Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Interest income $ 59 $ 36 $ 153 $ 75 Equity in earnings (losses) of affiliates - net (2) (1) 4 13 Net gain (loss) on sales of businesses and other assets 10 16 11 17 Net exchange gains (losses) 1 (102) (13) (242) (96) Non-operating pension and other post employment benefit credit (costs) 2 (30) 22 (91) 170 Miscellaneous income (expenses) - net 3 (84) (37) (189) (90) Other income (expense) - net $ (149) $ 23 $ (354) $ 89 1. Includes net pre-tax exchange gains (losses) associated with the devaluation of the Argentine peso of $(83) million and $(150) million for the three and nine months ended September 30, 2023, respectively, and $(32) million and $(65) million for the three and nine months ended September 30, 2022, respectively. 2. Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, amortization of unrecognized gain (loss), amortization of prior service benefit and settlement gain (loss). |
Foreign Currency Exchange Gain (Loss) | (In millions) Three Months Ended Nine Months Ended 2023 2022 2023 2022 Subsidiary Monetary Position Gain (Loss) Pre-tax exchange gain (loss) $ (104) $ (80) $ (182) $ (120) Local tax (expenses) benefits 19 (40) 27 (61) Net after-tax impact from subsidiary exchange gain (loss) $ (85) $ (120) $ (155) $ (181) Hedging Program Gain (Loss) Pre-tax exchange gain (loss) $ 2 $ 67 $ (60) $ 24 Tax (expenses) benefits (4) (15) 12 (5) Net after-tax impact from hedging program exchange gain (loss) $ (2) $ 52 $ (48) $ 19 Total Exchange Gain (Loss) Pre-tax exchange gain (loss) $ (102) $ (13) $ (242) $ (96) Tax (expenses) benefits 15 (55) 39 (66) Net after-tax exchange gain (loss) $ (87) $ (68) $ (203) $ (162) |
Restrictions on Cash and Cash Equivalents | (In millions) September 30, 2023 December 31, 2022 September 30, 2022 Cash and cash equivalents $ 2,254 $ 3,191 $ 2,199 Restricted cash equivalents 522 427 420 Total cash, cash equivalents and restricted cash equivalents $ 2,776 $ 3,618 $ 2,619 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net Income (Loss) for Earnings (Loss) Per Share Calculations - Basic and Diluted Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Income (loss) from continuing operations after income taxes $ (315) $ (322) $ 1,172 $ 1,257 Net income (loss) attributable to continuing operations noncontrolling interests 3 3 10 9 Income (loss) from continuing operations available to Corteva common stockholders (318) (325) 1,162 1,248 Income (loss) from discontinued operations available to Corteva common stockholders (3) (6) (174) (46) Net income (loss) available to common stockholders $ (321) $ (331) $ 988 $ 1,202 |
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block] | Earnings (Loss) Per Share Calculations - Basic Three Months Ended Nine Months Ended (Dollars per share) 2023 2022 2023 2022 Earnings (loss) per share of common stock from continuing operations $ (0.45) $ (0.45) $ 1.64 $ 1.73 Earnings (loss) per share of common stock from discontinued operations — (0.01) (0.24) (0.06) Earnings (loss) per share of common stock $ (0.45) $ (0.46) $ 1.40 $ 1.67 |
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block] | Earnings (Loss) Per Share Calculations - Diluted Three Months Ended Nine Months Ended (Dollars per share) 2023 2022 2023 2022 Earnings (loss) per share of common stock from continuing operations $ (0.45) $ (0.45) $ 1.63 $ 1.72 Earnings (loss) per share of common stock from discontinued operations — (0.01) (0.24) (0.06) Earnings (loss) per share of common stock $ (0.45) $ (0.46) $ 1.39 $ 1.66 |
Schedule of Weighted Average Number of Shares | Share Count Information Three Months Ended Nine Months Ended (Shares in millions) 2023 2022 2023 2022 Weighted-average common shares - basic 708.4 718.7 710.7 722.8 Plus dilutive effect of equity compensation plans 1 — — 2.9 3.6 Weighted-average common shares - diluted 708.4 718.7 713.6 726.4 Potential shares of common stock excluded from EPS calculations 2 2.2 6.1 2.4 2.2 1. Diluted earnings (loss) 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. 2. These outstanding potential shares of common stock relating to stock options, restricted stock units and performance-based restricted stock units were excluded from the calculation of diluted earnings (loss) per share because (i) the effect of including them would have been anti-dilutive; and (ii) the performance metrics have not yet been achieved for the outstanding potential shares relating to performance-based restricted stock units, which are deemed to be contingently issuable. |
Accounts and Notes Receivable_2
Accounts and Notes Receivable (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounts and Notes Receivable [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (In millions) September 30, 2023 December 31, 2022 September 30, 2022 Accounts receivable – trade 1 $ 4,013 $ 4,168 $ 3,642 Notes receivable – trade 1,2 1,307 93 1,233 Other 3 1,261 1,440 1,398 Total accounts and notes receivable - net $ 6,581 $ 5,701 $ 6,273 1. Accounts receivable – trade and notes receivable - trade are net of allowances of $201 million, $194 million, and $213 million at September 30, 2023, December 31, 2022, and September 30, 2022, respectively. 2. Notes receivable – trade primarily consists of receivables for deferred payment loan programs for the sale of seed and chemical products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of September 30, 2023, December 31, 2022, and September 30, 2022 there were no 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 5 percent of total receivables. In addition, Other includes amounts due from nonconsolidated affiliates of $137 million, $148 million, and $132 million as of September 30, 2023, December 31, 2022, and September 30, 2022, respectively. |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | (In millions) 2022 Balance at December 31, 2021 $ 210 Net provision for credit losses 4 Other - net of write-offs charged against allowance (1) Balance at September 30, 2022 $ 213 2023 Balance at December 31, 2022 $ 194 Net provision for credit losses 10 Other - net of write-offs charged against allowance (3) Balance at September 30, 2023 $ 201 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | (In millions) September 30, 2023 December 31, 2022 September 30, 2022 Finished products $ 2,786 $ 3,260 $ 2,082 Semi-finished products 2,690 2,689 2,557 Raw materials and supplies 844 862 776 Total inventories $ 6,320 $ 6,811 $ 5,415 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | (In millions) Crop Protection Seed Total Balance as of December 31, 2022 $ 4,618 $ 5,344 $ 9,962 Acquisitions 1 496 — 496 Currency translation adjustments (8) (9) (17) Balance as of September 30, 2023 $ 5,106 $ 5,335 $ 10,441 1. On March 1, 2023, the company completed the acquisitions of Stoller and Symborg, which are included in the crop protection segment. See Note 3 – Business Combinations, to the interim Consolidated Financial Statements, for additional information. |
Schedule of Finite-Lived Intangible Assets | (In millions) September 30, 2023 1 December 31, 2022 September 30, 2022 Gross Accumulated Net Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization (finite-lived): Germplasm $ 6,291 $ (1,017) $ 5,274 $ 6,291 $ (826) $ 5,465 $ 6,265 $ (762) $ 5,503 Customer-related 2,403 (688) 1,715 1,912 (585) 1,327 1,890 (550) 1,340 Developed technology 1,845 (958) 887 1,485 (830) 655 1,485 (790) 695 Trademarks/trade names 2,110 (314) 1,796 2,009 (251) 1,758 2,006 (231) 1,775 Favorable supply contracts 2 475 (467) 8 Other 3 395 (288) 107 395 (271) 124 395 (265) 130 Total other intangible assets with finite lives 13,044 (3,265) 9,779 12,092 (2,763) 9,329 12,516 (3,065) 9,451 Intangible assets not subject to amortization (indefinite-lived): IPR&D 16 — 16 10 — 10 10 — 10 Total other intangible assets with 16 — 16 10 — 10 10 — 10 Total other intangible assets $ 13,060 $ (3,265) $ 9,795 $ 12,102 $ (2,763) $ 9,339 $ 12,526 $ (3,065) $ 9,461 1. Includes the intangible assets acquired in connection with the Stoller and Symborg acquisitions, which were completed on March 1, 2023. See Note 3 – Business Combinations, to the interim Consolidated Financial Statements, for additional information. 2. Effective November 1, 2022, the favorable supply contracts expired and were fully amortized. 3. Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. |
Short-Term Borrowings, Long-T_2
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt (in millions) September 30, 2023 December 31, 2022 September 30, 2022 Amount Weighted Average Rate Amount Weighted Average Rate Amount Weighted Average Rate Promissory notes and debentures: Maturing in 2025 $ 500 1.70 % $ 500 1.70 % $ 500 1.70 % Maturing in 2026 600 4.50 % — — Maturing in 2030 500 2.30 % 500 2.30 % 500 2.30 % Maturing in 2033 600 4.80 % — — Other loans: Foreign currency loans, various rates and maturities 188 14.80 % 181 14.80 % 176 14.80 % Medium-term notes, varying maturities through 2041 106 5.33 % 107 4.27 % 107 2.87 % Finance lease obligations 1 2 2 Less: Unamortized debt discount and issuance costs 17 7 8 Less: Long-term debt due within one year 188 — — Total long-term debt $ 2,290 $ 1,283 $ 1,277 |
Schedule of Short-term Debt [Table Text Block] | Short-term borrowings and finance lease obligations (In millions) September 30, 2023 December 31, 2022 September 30, 2022 Commercial paper $ 3,417 $ — $ 1,369 Repurchase facility — — 200 Other loans - various currencies 3 23 6 Long-term debt payable within one year 188 — — Finance lease obligations payable within one year 1 1 1 Total short-term borrowings and finance lease obligations $ 3,609 $ 24 $ 1,576 |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt (in millions) September 30, 2023 December 31, 2022 September 30, 2022 Amount Weighted Average Rate Amount Weighted Average Rate Amount Weighted Average Rate Promissory notes and debentures: Maturing in 2025 $ 500 1.70 % $ 500 1.70 % $ 500 1.70 % Maturing in 2026 600 4.50 % — — Maturing in 2030 500 2.30 % 500 2.30 % 500 2.30 % Maturing in 2033 600 4.80 % — — Other loans: Foreign currency loans, various rates and maturities 188 14.80 % 181 14.80 % 176 14.80 % Medium-term notes, varying maturities through 2041 106 5.33 % 107 4.27 % 107 2.87 % Finance lease obligations 1 2 2 Less: Unamortized debt discount and issuance costs 17 7 8 Less: Long-term debt due within one year 188 — — Total long-term debt $ 2,290 $ 1,283 $ 1,277 |
Schedule of Line of Credit Facilities | Committed and Available Credit Facilities at September 30, 2023 (in millions) Effective Date Committed Credit Credit Available Maturity Date Interest Revolving Credit Facility May 2022 $ 3,000 $ 3,000 May 2027 Floating Rate Revolving Credit Facility May 2022 2,000 2,000 May 2025 Floating Rate 364-day Revolving Credit Facility May 2022 500 500 January 2024 Floating Rate Total Committed and Available Credit Facilities $ 5,500 $ 5,500 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Environmental Loss Contingencies by Site [Table Text Block] | As of September 30, 2023 (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 $ 156 $ 156 $ 282 Other discontinued or divested businesses obligations 1 40 67 193 Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont 2 58 61 62 Environmental remediation liabilities not subject to indemnity — 106 75 Indemnification liabilities related to the MOU 4 26 118 28 Total $ 280 $ 508 $ 640 1. Represents liabilities that are subject to the $200 million threshold and sharing arrangements as discussed on page 25, under the header "Corteva Separation Agreement." 2. The company has recorded an indemnification asset related to these accruals, including $33 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. Accrual balance includes $57 million for remediation of Superfund sites. Amounts do not include possible impacts from the remediation elements of the EPA's October 2021 PFAS Strategic Roadmap (as applicable), except as disclosed on page 24 relating to Chemours' remediation activities at the Fayetteville Works Facility pursuant to the Consent Order with the North Carolina Department of Environmental Quality ("NC DEQ"). 4. Represents liabilities that are subject to the $150 million threshold and sharing agreements as discussed on page 23, under the header "Chemours / Performance Chemicals." |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Schedule of Noncontrolling Interests Represented by Preferred Stock [Table Text Block] | Shares in thousands Number of Shares Authorized 23,000 $4.50 Series, callable at $120 1,673 $3.50 Series, callable at $102 700 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (In millions) Cumulative Translation Adjustment 1 Derivative Instruments Pension Benefit Plans Other Benefit Plans Total 2022 Balance January 1, 2022 $ (2,543) $ 72 $ (396) $ (31) $ (2,898) Other comprehensive income (loss) before reclassifications (868) 92 107 3 (666) Amounts reclassified from accumulated other comprehensive income (loss) — (50) 21 1 (28) Net other comprehensive income (loss) (868) 42 128 4 (694) Balance September 30, 2022 $ (3,411) $ 114 $ (268) $ (27) $ (3,592) 2023 Balance January 1, 2023 $ (2,883) $ 80 $ (163) $ 160 $ (2,806) Other comprehensive income (loss) before reclassifications (41) (114) 6 — (149) Amounts reclassified from accumulated other comprehensive income (loss) — (40) — (6) (46) Net other comprehensive income (loss) (41) (154) 6 (6) (195) Balance September 30, 2023 $ (2,924) $ (74) $ (157) $ 154 $ (3,001) |
Tax (Expense) Benefit of Other Comprehensive (Loss) Income | (In millions) Three Months Ended Nine Months Ended 2023 2022 2023 2022 Derivative instruments $ (3) $ (13) $ 59 $ (13) Pension benefit plans - net — (30) — (35) Other benefit plans - net 1 — 2 3 (Provision for) benefit from income taxes related to other comprehensive income (loss) items $ (2) $ (43) $ 61 $ (45) |
Reclassification out of Accumulated Other Comprehensive (Loss) Income [Table Text Block] | (In millions) Three Months Ended Nine Months Ended 2023 2022 2023 2022 Derivative Instruments 1 : $ 16 $ 33 $ (50) $ (68) Tax (benefit) expense 2 (5) (5) 10 18 After-tax $ 11 $ 28 $ (40) $ (50) Amortization of pension benefit plans: Prior service (benefit) cost 3,4 $ — $ — $ (2) $ (2) Actuarial (gains) losses 3,4 — — — 2 Settlement (gain) loss 3,4 1 25 1 27 Total before tax $ 1 $ 25 $ (1) $ 27 Tax (benefit) expense 2 — (6) 1 (6) After-tax $ 1 $ 19 $ — $ 21 Amortization of other benefit plans: Prior service (benefit) cost 3,4 $ (1) $ — $ (1) $ (1) Actuarial (gains) loss 3,4 (2) 1 (7) 2 Total before tax $ (3) $ 1 $ (8) $ 1 Tax (benefit) expense 2 1 — 2 — After-tax $ (2) $ 1 $ (6) $ 1 Total reclassifications for the period, after-tax $ 10 $ 48 $ (46) $ (28) 1. Reflected in cost of goods sold in the interim Consolidated Statements of Operations. 2. Reflected in provision for (benefit from) income taxes from continuing operations in the interim Consolidated Statements of Operations. 3. These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit credit of the company's pension and other benefit plans. See Note 15 - Pension Plans and Other Post Employment Benefits, for additional information. |
Pension Plans and Other Post _2
Pension Plans and Other Post Employment Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Defined Benefit Pension Plans: Service cost $ 3 $ 5 $ 13 $ 14 Interest cost 171 126 518 343 Expected return on plan assets (151) (180) (454) (560) Amortization of unrecognized (gain) loss — — — 2 Amortization of prior service (benefit) cost — — (2) (2) Settlement loss 1 25 1 27 Net periodic benefit (credit) cost $ 24 $ (24) $ 76 $ (176) Other Post Employment Benefits: Service cost $ 1 $ — $ 1 $ 1 Interest cost 12 6 36 19 Amortization of unrecognized (gain) loss (2) 1 (7) 2 Amortization of prior service (benefit) cost (1) — (1) (1) Net periodic benefit (credit) cost $ 10 $ 7 $ 29 $ 21 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Notional Amounts (In millions) September 30, 2023 December 31, 2022 September 30, 2022 Derivatives designated as hedging instruments: Foreign currency contracts $ 468 $ 953 $ 948 Commodity contracts $ 1,097 $ 1,167 $ 1,424 Derivatives not designated as hedging instruments: Foreign currency contracts $ 634 $ 430 $ 1,371 Commodity contracts $ — $ 9 $ 3 |
Fair Value of Derivatives Instruments | September 30, 2023 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the interim Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 7 $ — $ 7 Commodity contracts Other current assets 1 — 1 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 45 (39) 6 Total asset derivatives $ 53 $ (39) $ 14 Liability derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 7 $ — $ 7 Commodity contracts Accrued and other current liabilities 3 — 3 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities 87 (39) 48 Commodity contracts Accrued and other current liabilities 3 — 3 Total liability derivatives $ 100 $ (39) $ 61 December 31, 2022 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 41 $ — $ 41 Commodities Contracts Other current assets 4 — 4 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 51 (40) 11 Total asset derivatives $ 96 $ (40) $ 56 Liability derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 9 $ — $ 9 Commodity contracts Accrued and other current liabilities 3 — 3 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities 58 (40) 18 Total liability derivatives $ 70 $ (40) $ 30 September 30, 2022 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the interim Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 101 $ — $ 101 Commodity Contracts Other current assets 3 — 3 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 112 (58) 54 Total asset derivatives $ 216 $ (58) $ 158 Liability derivatives: Derivatives designated as hedging instruments: Commodity contracts Accrued and other current liabilities 2 — 2 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities 63 (58) 5 Total liability derivatives $ 65 $ (58) $ 7 |
Effect of Derivatives | Amount of Gain (Loss) Recognized in OCI - Pre-Tax 1 Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Derivatives designated as hedging instruments: Net investment hedges: Foreign currency contracts $ — $ 47 $ — $ 74 Cash flow hedges: Foreign currency contracts 11 13 (30) (68) Commodity contracts (26) (30) (133) 117 Total derivatives designated as hedging instruments $ (15) $ 30 $ (163) $ 123 1. OCI is defined as other comprehensive income (loss). Amount of Gain (Loss) Recognized in Income - Pre-Tax 1 Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Derivatives designated as hedging instruments: Cash flow hedges: Foreign currency contracts 2 $ (13) $ (39) $ (15) $ (44) Commodity contracts 2 (3) 6 65 112 Total derivatives designated as hedging instruments $ (16) $ (33) $ 50 $ 68 Derivatives not designated as hedging instruments: Foreign currency contracts 3 $ (3) $ 67 $ (65) $ 24 Foreign currency contracts 2 4 4 (67) (1) Commodity contracts 2 1 5 4 (21) Commodity contracts 3 5 — 5 — Total derivatives not designated as hedging instruments 7 76 (123) 2 Total derivatives $ (9) $ 43 $ (73) $ 70 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 in the interim Consolidated Statements of Operations. |
Commodity Contract [Member] | |
Derivative [Line Items] | |
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Beginning balance $ (71) $ 81 $ 55 $ 47 Additions and revaluations of derivatives designated as cash flow hedges (20) (25) (94) 91 Clearance of hedge results to earnings 2 (4) (50) (86) Ending balance $ (89) $ 52 $ (89) $ 52 |
Foreign Currency Contract [Member] | |
Derivative [Line Items] | |
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Beginning balance $ (16) $ (31) $ 10 $ 32 Additions and revaluations of derivatives designated as cash flow hedges 7 11 (20) (56) Clearance of hedge results to earnings 9 32 10 36 Ending balance $ — $ 12 $ — $ 12 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities Measured on Recurring Basis | September 30, 2023 December 31, 2022 September 30, 2022 (In millions) Level 2 1 Level 2 1 Level 2 1 Assets at fair value: Marketable securities $ 108 $ 124 $ 119 Derivatives relating to: 2 Foreign currency 52 92 213 Commodity contracts 1 4 3 Total assets at fair value $ 161 $ 220 $ 335 Liabilities at fair value: Derivatives relating to: 2 Foreign currency 94 67 63 Commodity contracts 6 3 2 Total liabilities at fair value $ 100 $ 70 $ 65 1. Reflects significant other observable inputs. 2. See Note 16 - Financial Instruments for the classification of derivatives in the interim Consolidated Balance Sheets. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of and for the Three Months Ended September 30, (In millions) Seed Crop Protection Total 2023 Net sales $ 878 $ 1,712 $ 2,590 Segment operating EBITDA $ (138) $ 184 $ 46 Segment assets 1 $ 22,829 $ 15,446 $ 38,275 2022 Net sales $ 862 $ 1,915 $ 2,777 Segment operating EBITDA $ (224) $ 352 $ 128 Segment assets 1 $ 22,665 $ 13,474 $ 36,139 1. Segment assets at December 31, 2022 were $22,952 million and $14,097 million for Seed and Crop Protection, respectively. For the Nine Months Ended September 30, (In millions) Seed Crop Protection Total 2023 Net sales $ 7,837 $ 5,682 $ 13,519 Segment operating EBITDA $ 1,972 $ 1,107 $ 3,079 2022 Net sales $ 7,333 $ 6,297 $ 13,630 Segment operating EBITDA $ 1,585 $ 1,352 $ 2,937 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Segment assets to total assets (in millions) September 30, 2023 December 31, 2022 September 30, 2022 Total segment assets $ 38,275 $ 37,049 $ 36,139 Corporate assets 4,835 5,569 4,512 Total assets $ 43,110 $ 42,618 $ 40,651 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Reconciliation to interim Consolidated Financial Statements Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) Three Months Ended Nine Months Ended 2023 2022 2023 2022 Income (loss) from continuing operations after income taxes $ (315) $ (322) $ 1,172 $ 1,257 Provision for (benefit from) income taxes on continuing operations (129) (74) 244 372 Income (loss) from continuing operations before income taxes (444) (396) 1,416 1,629 Depreciation and amortization 306 310 899 919 Interest income (59) (36) (153) (75) Interest expense 58 18 171 43 Exchange (gains) losses 102 13 242 96 Non-operating (benefits) costs 28 (9) 115 (134) Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges (44) (6) 34 (3) Significant items (benefit) charge 71 202 271 379 Corporate expenses 28 32 84 83 Segment operating EBITDA $ 46 $ 128 $ 3,079 $ 2,937 |
Segment, Reconciliation of Other Items from Segments to Consolidated | (In millions) Seed Crop Protection Corporate Total For the Three Months Ended September 30, 2023 Restructuring and asset related charges - net 1 $ 1 $ — $ (3) $ (2) Estimated settlement expense 2 — (66) — (66) Gain (loss) on sale of business, assets and equity investments 3 4 — — 4 Acquisition-related costs 5 — (7) — (7) Total $ 5 $ (73) $ (3) $ (71) (In millions) Seed Crop Protection Corporate Total For the Three Months Ended September 30, 2022 Restructuring and asset related charges - net 1 $ (66) $ (20) $ (66) $ (152) Estimated settlement expense 2 — (40) — (40) Inventory write-offs 3 (32) — — (32) Gain (loss) on sale of business, assets and equity investments 3 — 15 — 15 Settlement costs associated with Russia Exit 3 (2) — — (2) Employee Retention Credit 6 3 — 9 Total $ (94) $ (42) $ (66) $ (202) (in millions) Seed Crop Protection Corporate Total For the Nine Months Ended September 30, 2023 Restructuring and asset related charges - net 1 $ (74) $ (11) $ (10) $ (95) Estimated settlement expense 2 — (156) — (156) Inventory write-offs 3 (7) — — (7) Gain (loss) on sale of business, assets and equity investments 3 4 3 — 7 Seed sale associated with Russia Exit 3,4 18 — — 18 Acquisition-related costs 5 — (41) — (41) Employee Retention Credit — 3 — 3 Total $ (59) $ (202) $ (10) $ (271) (in millions) Seed Crop Protection Corporate Total For the Nine Months Ended September 30, 2022 Restructuring and asset related charges - net 1 $ (197) $ (20) $ (83) $ (300) Estimated settlement expense 2 — (57) — (57) Inventory write-offs 3 (33) — — (33) Gain (loss) on sale of business 3 — 15 — 15 Loss on sale of equity investment 3 (5) — — (5) Settlement costs associated with Russia Exit 3 (8) — — (8) Employee Retention Credit 6 3 — 9 Total $ (237) $ (59) $ (83) $ (379) 1. Includes restructuring plans and asset related charges as well as accelerated prepaid amortization expense. See Note 5 - Restructuring and Asset Related Charges - Net, to the interim Consolidated Financial Statements, for additional information. 2. Consists of estimated Lorsban® related charges. 3. Incremental gains (losses) associated with activities related to the 2022 Restructuring Actions. 4. Includes a benefit (charge) of $18 million for the nine months ended September 30, 2023, relating to the sale of seeds already under production in Russia when the decision to exit the country was made and that the company was contractually required to purchase. It consists of $71 million of net sales and $53 million of cost of goods sold for the nine months ended September 30, 2023. 5. Relates to acquisition-related costs, including transaction and third-party integration costs associated with the completed acquisitions of Stoller and Symborg as well as the recognition of the inventory fair value step-up. See Note 3 - Business Combinations, to the interim Consolidated Financial Statements, for additional information. |
EID Segment FN (Tables)
EID Segment FN (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting Information [Line Items] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Reconciliation to interim Consolidated Financial Statements Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) Three Months Ended Nine Months Ended 2023 2022 2023 2022 Income (loss) from continuing operations after income taxes $ (315) $ (322) $ 1,172 $ 1,257 Provision for (benefit from) income taxes on continuing operations (129) (74) 244 372 Income (loss) from continuing operations before income taxes (444) (396) 1,416 1,629 Depreciation and amortization 306 310 899 919 Interest income (59) (36) (153) (75) Interest expense 58 18 171 43 Exchange (gains) losses 102 13 242 96 Non-operating (benefits) costs 28 (9) 115 (134) Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges (44) (6) 34 (3) Significant items (benefit) charge 71 202 271 379 Corporate expenses 28 32 84 83 Segment operating EBITDA $ 46 $ 128 $ 3,079 $ 2,937 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Segment assets to total assets (in millions) September 30, 2023 December 31, 2022 September 30, 2022 Total segment assets $ 38,275 $ 37,049 $ 36,139 Corporate assets 4,835 5,569 4,512 Total assets $ 43,110 $ 42,618 $ 40,651 |
EID [Member] | |
Segment Reporting Information [Line Items] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) Three Months Ended Nine Months Ended 2023 2022 2023 2022 Income (loss) from continuing operations after income taxes $ (317) $ (333) $ 1,155 $ 1,232 Provision for (benefit from) income taxes on continuing operations (129) (77) 239 364 Income (loss) from continuing operations before income taxes (446) (410) 1,394 1,596 Depreciation and amortization 306 310 899 919 Interest income (59) (36) (153) (75) Interest expense 60 32 193 76 Exchange (gains) losses 102 13 242 96 Non-operating (benefits) costs 28 (9) 115 (134) Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges (44) (6) 34 (3) Significant items (benefit) charge 71 202 271 379 Corporate expenses 28 32 84 83 Segment operating EBITDA $ 46 $ 128 $ 3,079 $ 2,937 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Summary of Accounting Policies (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Foreign Exchange Impact on Income (Loss) from Continuing Operations | $ 15 |
Percentage deterioration of the official Peso to USD exchange rate | 10% |
Argentina Percentage annual sales and EBITDA | 5% |
Business Combinations and Ass_3
Business Combinations and Asset Acquisitions (Details)- Purchase Price Allocation - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | ||
Asset Acquisition [Line Items] | ||||
Goodwill | $ 10,441 | $ 9,962 | $ 9,791 | |
Stoller | ||||
Asset Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Gross | 1,220 | |||
Cash and Cash Equivalents | [1] | 97 | ||
Accounts and Notes Receivables | [1] | 249 | ||
Inventories | [1] | 81 | ||
Other Current Assets | [1] | 9 | ||
Property, Plant, and Equipment | [1] | 71 | ||
Goodwill | [1] | 374 | ||
Other Intangible Assets | [1] | 645 | ||
Deferred Income Taxes | [1] | 10 | ||
Other Assets | [1] | 5 | ||
Total Assets Acquired | [1] | 1,541 | ||
Short-Term Debt | [1] | 59 | ||
Accounts Payable | [1] | 25 | ||
Income Taxes Payable | [1] | 2 | ||
Accrued and Other Current Liabilities | [1] | 59 | ||
Long-Term Debt | [1] | 2 | ||
Deferred Income Tax Liabilities | [1] | 153 | ||
Other Noncurrent Liabilities | [1] | 21 | ||
Total Liabilities Assumed | [1] | 321 | ||
Net Assets Acquired | [1] | 1,220 | ||
Buildings | 31 | |||
Machinery and Equipment | 31 | |||
Land and Land Improvements | 7 | |||
Construction in Progress | 2 | |||
Symborg | ||||
Asset Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Gross | 370 | |||
Cash and Cash Equivalents | [1] | 0 | ||
Accounts and Notes Receivables | [1] | 17 | ||
Inventories | [1] | 10 | ||
Other Current Assets | [1] | 1 | ||
Property, Plant, and Equipment | [1] | 3 | ||
Goodwill | [1] | 122 | ||
Other Intangible Assets | [1] | 311 | ||
Deferred Income Taxes | [1] | 0 | ||
Other Assets | [1] | 0 | ||
Total Assets Acquired | [1] | 464 | ||
Short-Term Debt | [1] | 0 | ||
Accounts Payable | [1] | 13 | ||
Income Taxes Payable | [1] | 0 | ||
Accrued and Other Current Liabilities | [1] | 4 | ||
Long-Term Debt | [1] | 0 | ||
Deferred Income Tax Liabilities | [1] | 76 | ||
Other Noncurrent Liabilities | [1] | 1 | ||
Total Liabilities Assumed | [1] | 94 | ||
Net Assets Acquired | [1] | $ 370 | ||
[1]Includes preliminary measurement period adjustments, which were not material. |
Business Combinations and Ass_4
Business Combinations and Asset Acquisitions (Details)- Intangible Assets $ in Millions | 9 Months Ended | |
Sep. 30, 2023 USD ($) | ||
Stoller | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Major Class Name [Domain] | $ 645 | |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 13 years | |
Acquired Indefinite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 0 | |
Other Intangible Assets | 645 | [1] |
Stoller | In Process Research and Development [Member] | ||
Acquired Indefinite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 0 | |
Stoller | Customer-Related Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Major Class Name [Domain] | $ 495 | |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 13 years | |
Stoller | Developed Technology Rights [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Major Class Name [Domain] | $ 106 | |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 13 years | |
Stoller | Trademarks and Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Major Class Name [Domain] | $ 44 | |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 15 years | |
Symborg | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Major Class Name [Domain] | $ 295 | |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 12 years | |
Acquired Indefinite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 16 | |
Other Intangible Assets | 311 | [1] |
Symborg | In Process Research and Development [Member] | ||
Acquired Indefinite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 16 | |
Symborg | Customer-Related Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Major Class Name [Domain] | 0 | |
Symborg | Developed Technology Rights [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Major Class Name [Domain] | $ 238 | |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 12 years | |
Symborg | Trademarks and Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Major Class Name [Domain] | $ 57 | |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 12 years | |
[1]Includes preliminary measurement period adjustments, which were not material. |
Revenue Narrative (Details)
Revenue Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Amount | $ 135 | $ 131 | $ 129 |
Minimum [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Maximum [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 6 years |
Revenue Contract Balances (Deta
Revenue Contract Balances (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Disaggregation of Revenue [Line Items] | ||||
Accounts and notes receivable - trade | [1] | $ 5,320 | $ 4,875 | $ 4,261 |
Contract assets - current | [2] | 27 | 25 | 26 |
Contract assets - noncurrent | [3] | 67 | 62 | 64 |
Deferred Revenue | 552 | 860 | 3,388 | |
Deferred revenue recognized during the period | 3,287 | 3,049 | ||
Other noncurrent obligations | ||||
Disaggregation of Revenue [Line Items] | ||||
Deferred Revenue | [4] | $ 109 | $ 108 | $ 107 |
[1]Included in accounts and notes receivable - net in the interim Consolidated Balance Sheets.[2]Included in other current assets in the interim Consolidated Balance Sheets.[3]Included in other assets in the interim Consolidated Balance Sheets.[4]Included in other noncurrent obligations in the interim Consolidated Balance Sheets. |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue - Principal Product Groups (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 2,590 | $ 2,777 | $ 13,519 | $ 13,630 |
Seed [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 878 | 862 | 7,837 | 7,333 |
Seed [Member] | Corn [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 487 | 469 | 5,139 | 4,621 |
Seed [Member] | Soybean [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 189 | 205 | 1,713 | 1,685 |
Seed [Member] | Other oilseeds [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 142 | 124 | 637 | 647 |
Seed [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 60 | 64 | 348 | 380 |
Crop Protection [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 1,712 | 1,915 | 5,682 | 6,297 |
Crop Protection [Member] | Herbicides [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 815 | 1,043 | 3,043 | 3,472 |
Crop Protection [Member] | Insecticides [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 416 | 363 | 1,156 | 1,275 |
Crop Protection [Member] | Fungicides [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 226 | 421 | 837 | 1,173 |
Crop Protection [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 255 | $ 88 | $ 646 | $ 377 |
Revenue Disaggregation of Rev_2
Revenue Disaggregation of Revenue - Geography (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | $ 2,590 | $ 2,777 | $ 13,519 | $ 13,630 | |
Seed [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | 878 | 862 | 7,837 | 7,333 | |
Seed [Member] | North America | |||||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | [1] | 173 | 218 | 5,192 | 4,637 |
Seed [Member] | EMEA | |||||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | [2] | 198 | 157 | 1,441 | 1,442 |
Seed [Member] | Latin America | |||||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | 380 | 383 | 847 | 912 | |
Seed [Member] | Asia Pacific | |||||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | 127 | 104 | 357 | 342 | |
Crop Protection [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | 1,712 | 1,915 | 5,682 | 6,297 | |
Crop Protection [Member] | North America | |||||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | [1] | 399 | 521 | 1,901 | 2,185 |
Crop Protection [Member] | EMEA | |||||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | [2] | 271 | 297 | 1,555 | 1,452 |
Crop Protection [Member] | Latin America | |||||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | 844 | 898 | 1,537 | 1,852 | |
Crop Protection [Member] | Asia Pacific | |||||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | $ 198 | $ 199 | $ 689 | $ 808 | |
[1]Represents U.S. & Canada.[2]Europe, Middle East, and Africa ("EMEA"). |
Restructuring and Asset Relat_3
Restructuring and Asset Related Charges - 2022 Restructuring Actions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 18 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | |||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Incurred Cost | $ 2 | $ 152 | $ 95 | $ 300 | |||
2022 Restructuring Actions | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 350 | 350 | $ 350 | ||||
Restructuring Reserve, Beginning Balance | 83 | ||||||
Payments for Restructuring | (48) | (140) | |||||
Asset write-offs and adjustments | (11) | ||||||
Restructuring Reserve, Ending Balance | 43 | 43 | 43 | ||||
Restructuring and Related Cost, Incurred Cost | [1],[2] | 1 | 146 | 19 | 202 | ||
2022 Restructuring Actions | Minimum [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Payments for Restructuring | (180) | ||||||
2022 Restructuring Actions | Maximum [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Payments for Restructuring | (210) | ||||||
2022 Restructuring Actions | Severance and Related Benefit Costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 115 | 115 | 115 | ||||
Restructuring Reserve, Beginning Balance | 71 | ||||||
Payments for Restructuring | (35) | ||||||
Asset write-offs and adjustments | 0 | ||||||
Restructuring Reserve, Ending Balance | 40 | 40 | 40 | ||||
Restructuring and Related Cost, Incurred Cost | 0 | 66 | 4 | 88 | |||
2022 Restructuring Actions | Contract Termination | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 61 | 61 | 61 | ||||
Restructuring Reserve, Beginning Balance | [3] | 12 | |||||
Payments for Restructuring | [3] | (13) | |||||
Asset write-offs and adjustments | [3] | 0 | |||||
Restructuring Reserve, Ending Balance | [3] | 3 | 3 | 3 | |||
Restructuring and Related Cost, Incurred Cost | [4] | 1 | 14 | 4 | [3] | 44 | |
2022 Restructuring Actions | Asset Related Charges [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 115 | 115 | 115 | ||||
Restructuring Reserve, Beginning Balance | 0 | ||||||
Payments for Restructuring | 0 | ||||||
Asset write-offs and adjustments | (11) | ||||||
Restructuring Reserve, Ending Balance | 0 | 0 | 0 | ||||
Restructuring and Related Cost, Incurred Cost | 0 | 66 | 11 | 70 | |||
2022 Restructuring Actions | Other [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 59 | 59 | 59 | ||||
2022 Restructuring Actions- Russia Exit | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 50 | 50 | 50 | ||||
2022 Restructuring Actions- Russia Exit | Severance and Related Benefit Costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 6 | 6 | 6 | ||||
2022 Restructuring Actions- Russia Exit | Contract Termination | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 27 | 27 | 27 | ||||
2022 Restructuring Actions- Russia Exit | Asset Related Charges [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 6 | 6 | 6 | ||||
2022 Restructuring Actions- Russia Exit | inventory write-offs | Cost of Goods Sold | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 3 | 3 | 3 | ||||
2022 Restructuring Actions- Russia Exit | Settlement Cost | Other Income | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 8 | 8 | $ 8 | ||||
Seed [Member] | 2022 Restructuring Actions | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Incurred Cost | 1 | 61 | 10 | 94 | |||
Crop Protection [Member] | 2022 Restructuring Actions | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Incurred Cost | 0 | 19 | 5 | 20 | |||
Corporate Segment | 2022 Restructuring Actions | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Incurred Cost | $ 0 | $ 66 | $ 4 | $ 88 | |||
[1]This amount excludes other pre-tax charges recorded during the three and nine months ended September 30, 2023 and 2022 impacting the Seed segment. These charges consisted of inventory write-offs and gains (losses) on sale of businesses, assets and equity investments and settlement costs associated with the Russia Exit, which are included in cost of goods sold and other income (expense) - net, in the interim Consolidated Statement of Operations, respectively. See Note 18 – Segment Information, to the interim Consolidated Financial Statements, for additional information.[2]This amount excludes other pre-tax charges recorded during the three and nine months ended September 30, 2023 and 2022 included in cost of goods sold and other income (expense) – net, in the company’s interim Consolidated Statement of Operations, as noted above.[3]The liability for contract terminations includes lease obligations. The cash impact of these obligations are substantially complete[4]Contract terminations includes early lease terminations. |
Restructuring and Asset Relat_4
Restructuring and Asset Related Charges Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other Asset Related [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Amortization of Advance Royalty | $ (2) | $ (5) | $ (66) | $ (104) |
Supplementary Information Other
Supplementary Information Other Income (Expense) - Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Interest income | $ 59 | $ 36 | $ 153 | $ 75 | |
Equity in earnings (losses) of affiliates - net | (2) | (1) | 4 | 13 | |
Net gain (loss) on sales of businesses and other assets | 10 | 16 | 11 | 17 | |
Net exchange gains (losses) | [1] | (102) | (13) | (242) | (96) |
Non-operating pension and other post employment benefit credit | [2] | (30) | 22 | (91) | 170 |
Miscellaneous expenses - net | [3] | (84) | (37) | (189) | (90) |
Other income - net | (149) | 23 | (354) | 89 | |
Hedging Program [Member] | |||||
Net exchange gains (losses) | 2 | 67 | (60) | 24 | |
Hedging Program [Member] | Argentine Peso Devaluation [Member] | |||||
Net exchange gains (losses) | (83) | (32) | (150) | (65) | |
Subsidiary Monetary Position | |||||
Net exchange gains (losses) | $ (104) | $ (80) | $ (182) | $ (120) | |
[1]Includes net pre-tax exchange gains (losses) associated with the devaluation of the Argentine peso of $(83) million and $(150) million for the three and nine months ended September 30, 2023, respectively, and $(32) million and $(65) million for the three and nine months ended September 30, 2022, respectively.[2]Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, amortization of unrecognized gain (loss), amortization of prior service benefit and settlement gain (loss).[3]Includes estimated settlement reserves, losses on sales of receivables, and other items. The nine months ended September 30, 2023 also includes an adjustment to the Employee Retention Credit pursuant to the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act as enhanced by the Consolidated Appropriations Act (“CAA”) and American Rescue Plan Act (“ARPA”) due to a change in estimate, gains on the sale of assets and a loss on the sale of the company’s interest in an equity investment. The three and nine months ended September 30, 2022 also includes settlement costs associated with the Russia Exit and an Employee Retention Credit. The nine months ended September 30, 2022 also includes loss on the sale of the company’s interest in an equity investment and losses associated with a previously held equity investment. |
Supplementary Information Forei
Supplementary Information Foreign Currency Exchange Gain (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Foreign Currency Exchange Gain (Loss) [Line Items] | |||||
Pre-tax exchange (losses) gains - net | [1] | $ (102) | $ (13) | $ (242) | $ (96) |
Foreign Currency Transaction (Loss) Gain Tax (Expense) Benefit | 15 | (55) | 39 | (66) | |
Foreign Currency Transaction (Loss) Gain After Tax | (87) | (68) | (203) | (162) | |
Subsidiary Monetary Position | |||||
Foreign Currency Exchange Gain (Loss) [Line Items] | |||||
Pre-tax exchange (losses) gains - net | (104) | (80) | (182) | (120) | |
Foreign Currency Transaction (Loss) Gain Tax (Expense) Benefit | 19 | (40) | 27 | (61) | |
Foreign Currency Transaction (Loss) Gain After Tax | (85) | (120) | (155) | (181) | |
Hedging Program [Member] | |||||
Foreign Currency Exchange Gain (Loss) [Line Items] | |||||
Pre-tax exchange (losses) gains - net | 2 | 67 | (60) | 24 | |
Foreign Currency Transaction (Loss) Gain Tax (Expense) Benefit | (4) | (15) | 12 | (5) | |
Foreign Currency Transaction (Loss) Gain After Tax | $ (2) | $ 52 | $ (48) | $ 19 | |
[1]Includes net pre-tax exchange gains (losses) associated with the devaluation of the Argentine peso of $(83) million and $(150) million for the three and nine months ended September 30, 2023, respectively, and $(32) million and $(65) million for the three and nine months ended September 30, 2022, respectively. |
Supplementary Information Recon
Supplementary Information Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||
Cash and cash equivalents | $ 2,254 | $ 3,191 | $ 2,199 | |||
Restricted Cash Equivalents | 522 | 427 | 420 | |||
Total Cash, Cash Equivalents and Restricted Cash Equivalents | $ 2,776 | [1] | $ 3,618 | $ 2,619 | [1] | $ 4,836 |
[1]See page 17 for reconciliation of cash and cash equivalents and restricted cash equivalents presented in interim Consolidated Balance Sheets to total cash, cash equivalents and restricted cash equivalents presented in the interim Consolidated Statements of Cash Flows. |
Income Taxes Income Tax Narrati
Income Taxes Income Tax Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate | 29.10% | 18.70% | 17.20% | 22.80% |
Net Tax Benefits | $ 11 | $ 46 | $ 79 | $ 94 |
Other Income Tax Expense (Benefit), Continuing Operations | $ 55 |
Earnings Per Share Net Income f
Earnings Per Share Net Income for Earnings Per Share Calculations - Basic and Diluted (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Income (loss) from continuing operations after income taxes | $ (315) | $ (322) | $ 1,172 | $ 1,257 |
Net income (loss) Attributable to Noncontrolling Interest, Continuing Operations | 3 | 3 | 10 | 9 |
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Diluted | (318) | (325) | 1,162 | 1,248 |
Net income (loss) from Continuing Operations Available to Common Shareholders | (318) | (325) | 1,162 | 1,248 |
Income (loss) from discontinued operations after income taxes | (3) | (6) | (174) | (46) |
Diluted earnings (loss) per share of common stock | (321) | (331) | 988 | 1,202 |
Basic earnings (loss) per share of common stock | $ (321) | $ (331) | $ 988 | $ 1,202 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share Calculations - Basic (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Basic earnings (loss) per share of common stock from continuing operations | $ (0.45) | $ (0.45) | $ 1.64 | $ 1.73 |
Basic earnings (loss) per share of common stock from discontinued operations | 0 | (0.01) | (0.24) | (0.06) |
Basic earnings (loss) per share of common stock | $ (0.45) | $ (0.46) | $ 1.40 | $ 1.67 |
Earnings Per Share Earnings P_2
Earnings Per Share Earnings Per Share Calculations - Diluted (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Diluted earnings (loss) per share of common stock from continuing operations | $ (0.45) | $ (0.45) | $ 1.63 | $ 1.72 |
Diluted earnings (loss) per share of common stock from discontinued operations | 0 | (0.01) | (0.24) | (0.06) |
Diluted earnings (loss) per share of common stock | $ (0.45) | $ (0.46) | $ 1.39 | $ 1.66 |
Earnings Per Share Share Count
Earnings Per Share Share Count Information (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Earnings Per Share [Abstract] | |||||
Weighted Average Common Shares - basic | 708.4 | 718.7 | 710.7 | 722.8 | |
Dilutive effect of equity compensation plans | [1] | 0 | 0 | 2.9 | 3.6 |
Weighted Average Common Shares - diluted | 708.4 | 718.7 | 713.6 | 726.4 | |
Potential shares of common stock excluded from EPS calculations | [2] | 2.2 | 6.1 | 2.4 | 2.2 |
[1]Diluted earnings (loss) 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.[2]These outstanding potential shares of common stock relating to stock options, restricted stock units and performance-based restricted stock units were excluded from the calculation of diluted earnings (loss) per share because (i) the effect of including them would have been anti-dilutive; and (ii) the performance metrics have not yet been achieved for the outstanding potential shares relating to performance-based restricted stock units, which are deemed to be contingently issuable. |
Accounts and Notes Receivable_3
Accounts and Notes Receivable (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Accounts Receivable - trade | [1] | $ 4,013 | $ 3,642 | $ 4,013 | $ 3,642 | $ 4,168 | |
Notes receivable - trade | [1],[2] | 1,307 | 1,233 | 1,307 | 1,233 | 93 | |
Other | [3] | 1,261 | 1,398 | 1,261 | 1,398 | 1,440 | |
Accounts and notes receivable - net | 6,581 | 6,273 | 6,581 | 6,273 | 5,701 | ||
Accounts Receivable, Allowance for Credit Loss, Current | 201 | 213 | 201 | 213 | 194 | $ 210 | |
Amounts due from nonconsolidated affiliates | 137 | 132 | 137 | 132 | 148 | ||
Loss on Sale of Accounts Receivable | 4 | 6 | 17 | 19 | |||
Factoring Agreement [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Trade Receivables Sold | 57 | 35 | 100 | 130 | |||
Trade receivables sold the remain outstanding with an element of recourse | $ 19 | $ 47 | $ 19 | $ 47 | $ 37 | ||
[1]Accounts receivable – trade and notes receivable - trade are net of allowances of $201 million, $194 million, and $213 million at September 30, 2023, December 31, 2022, and September 30, 2022, respectively.[2]Notes receivable – trade primarily consists of receivables for deferred payment loan programs for the sale of seed and chemical products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of September 30, 2023, December 31, 2022, and September 30, 2022 there were no 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 5 percent of total receivables. In addition, Other includes amounts due from nonconsolidated affiliates of $137 million, $148 million, and $132 million as of September 30, 2023, December 31, 2022, and September 30, 2022, respectively. |
Accounts and Notes Receivable A
Accounts and Notes Receivable Allowance Rollforward (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Receivables [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Beginning Balance | $ 194 | $ 210 |
Net Provision for Credit Losses | 10 | 4 |
Write-offs charged against allowance/ other | (3) | (1) |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 201 | $ 213 |
Inventories Schedule of Invento
Inventories Schedule of Inventory (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Inventory Disclosure [Abstract] | |||
Finished Products | $ 2,786 | $ 3,260 | $ 2,082 |
Semi-finished Products | 2,690 | 2,689 | 2,557 |
Raw Materials and Supplies | 844 | 862 | 776 |
Total inventories | $ 6,320 | $ 6,811 | $ 5,415 |
Goodwill (Details)
Goodwill (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 USD ($) | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 9,962 | |
Goodwill, Acquired During Period | 496 | [1] |
Goodwill, Currency Translation Adjustments | (17) | |
Goodwill, Ending Balance | 10,441 | |
Crop Protection [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 4,618 | |
Goodwill, Acquired During Period | 496 | [1] |
Goodwill, Currency Translation Adjustments | (8) | |
Goodwill, Ending Balance | 5,106 | |
Seed [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 5,344 | |
Goodwill, Acquired During Period | 0 | |
Goodwill, Currency Translation Adjustments | (9) | |
Goodwill, Ending Balance | $ 5,335 | |
[1]On March 1, 2023, the company completed the acquisitions of Stoller and Symborg, which are included in the crop protection segment. See Note 3 – Business Combinations, to the interim Consolidated Financial Statements, for additional information. |
Other Intangible Assets Other I
Other Intangible Assets Other Intangible Assets (Details) - USD ($) $ in Millions | Sep. 30, 2023 | [1] | Dec. 31, 2022 | Sep. 30, 2022 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ 13,044 | $ 12,092 | $ 12,516 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (3,265) | (2,763) | (3,065) | ||
Finite-Lived Intangible Assets, Net | 9,779 | 9,329 | 9,451 | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 16 | 10 | 10 | ||
Intangible Assets, Gross (Excluding Goodwill) | 13,060 | 12,102 | 12,526 | ||
Total other intangible assets | 9,795 | 9,339 | 9,461 | ||
In Process Research and Development [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 16 | 10 | 10 | ||
Germplasm [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 6,291 | 6,291 | 6,265 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (1,017) | (826) | (762) | ||
Finite-Lived Intangible Assets, Net | 5,274 | 5,465 | 5,503 | ||
Customer-Related Intangible Assets [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 2,403 | 1,912 | 1,890 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (688) | (585) | (550) | ||
Finite-Lived Intangible Assets, Net | 1,715 | 1,327 | 1,340 | ||
Developed Technology Rights [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 1,845 | 1,485 | 1,485 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (958) | (830) | (790) | ||
Finite-Lived Intangible Assets, Net | 887 | 655 | 695 | ||
Trademarks and Trade Names [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 2,110 | 2,009 | 2,006 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (314) | (251) | (231) | ||
Finite-Lived Intangible Assets, Net | 1,796 | 1,758 | 1,775 | ||
Favorable Supply Contract [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | [2] | 475 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | [2] | (467) | |||
Finite-Lived Intangible Assets, Net | [2] | 8 | |||
Other Intangible Assets [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | [3] | 395 | 395 | 395 | |
Finite-Lived Intangible Assets, Accumulated Amortization | [3] | (288) | (271) | (265) | |
Finite-Lived Intangible Assets, Net | [3] | $ 107 | $ 124 | $ 130 | |
[1]Includes the intangible assets acquired in connection with the Stoller and Symborg acquisitions, which were completed on March 1, 2023. See Note 3 – Business Combinations, to the interim Consolidated Financial Statements, for additional information.[2]Effective November 1, 2022, the favorable supply contracts expired and were fully amortized.[3]Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. |
Other Intangible Assets Future
Other Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 174 | $ 178 | $ 508 | $ 536 |
Continuing Operations [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Pre-tax amortization expense, remainder of 2023 | 173 | 173 | ||
Pre-tax amortization expense, 2024 | 683 | 683 | ||
Pre-tax amortization expense, 2025 | 646 | 646 | ||
Pre-tax amortization expense, 2026 | 635 | 635 | ||
Pre-tax amortization expense, 2027 | 575 | 575 | ||
Pre-tax amortization expense, 2028 | $ 554 | $ 554 |
Short-Term Borrowings, Long-T_3
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Short-term borrowings and finance lease obligations (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Short-term Debt [Line Items] | |||
Long-term Debt Payable within one year | $ 188 | $ 0 | $ 0 |
Finance Lease, Liability, Current | 1 | 1 | 1 |
Short-term borrowings and finance lease obligations | 3,609 | 24 | 1,576 |
Commercial Paper [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 3,417 | 0 | 1,369 |
Other loans - various currencies [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 3 | 23 | 6 |
364-day Revolving Credit Facilities due 2023 | Securities Sold under Agreements to Repurchase [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 0 | $ 0 | $ 200 |
Short-Term Borrowings, Long-T_4
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Long-term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Aug. 01, 2023 | Jul. 01, 2023 | May 01, 2023 | Feb. 01, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Debt Instrument [Line Items] | |||||||
Long-term Debt Payable within one year | $ 188 | $ 0 | $ 0 | ||||
Long-term Debt and Lease Obligation | 2,290 | 1,283 | 1,277 | ||||
Finance Lease, Liability, Noncurrent | 1 | 2 | 2 | ||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 17 | 7 | 8 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 5,500 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 5,500 | ||||||
Foreign Currency Loans | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 55 | ||||||
Revolving Credit Facilities due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 3,000 | ||||||
Revolving Credit Facilities due 2025 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 2,000 | ||||||
364-day Revolving Credit Facilities due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 500 | $ 500 | $ 1,000 | $ 1,000 | $ 1,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 500 | ||||||
Medium-term Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Gross | $ 106 | $ 107 | $ 107 | ||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 5.33% | 4.27% | 2.87% | ||||
Loans Payable [Member] | Foreign Currency Loans | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Gross | $ 188 | $ 181 | $ 176 | ||||
Foreign Currency Loans | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 14.80% | 14.80% | 14.80% | ||||
Senior Notes | Notes Maturing 2025 [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Gross | $ 500 | $ 500 | $ 500 | ||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 1.70% | 1.70% | 1.70% | ||||
Senior Notes | Notes Maturing 2026 [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Gross | $ 600 | ||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.50% | ||||||
Senior Notes | Notes Maturing 2030 [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Gross | $ 500 | $ 500 | $ 500 | ||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 2.30% | 2.30% | 2.30% | ||||
Senior Notes | Notes Maturing 2033 [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Gross | $ 600 | ||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.80% | ||||||
Fair Value, Inputs, Level 2 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Fair Value | $ 2,320 | $ 1,172 | $ 1,154 |
Short-Term Borrowings, Long-T_5
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Repurchase Facility and Revolving Credit Facilities (Details) $ in Millions | 9 Months Ended | |||||||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Aug. 01, 2023 USD ($) | Jul. 01, 2023 USD ($) | May 02, 2023 USD ($) | May 01, 2023 USD ($) | Feb. 01, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Line of Credit Facility [Line Items] | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 5,500 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 5,500 | |||||||
Proceeds from debt | 3,427 | $ 1,335 | ||||||
Repayments of Long-term Debt | 1,314 | 355 | ||||||
Foreign Currency Loans | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 55 | |||||||
Revolving Credit Facilities due 2022 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000 | |||||||
Debt Instrument, Term | 3 years | |||||||
Revolving Credit Facilities due 2024 [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, Term | 5 years | |||||||
Revolving Credit Facilities due 2025 [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 2,000 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000 | |||||||
Revolving Credit Facilities due 2025 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Adjusted Term SOFR | 0.10% | |||||||
Revolving Credit Facilities due 2027 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 3,000 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | |||||||
Revolving Credit Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Ratio of Indebtedness to Net Capital | 0.60 | |||||||
364-day Revolving Credit Facilities due 2023 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 500 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | $ 500 | $ 1,000 | $ 1,000 | $ 1,000 | |||
Debt Instrument, Term | 364 days | |||||||
Ratio of Indebtedness to Net Capital | 0.60 | |||||||
364-day Revolving Credit Facilities due 2023 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Adjusted Term SOFR | 0.10% | |||||||
2023 repurchase facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | |||||||
Percentage of outstanding amounts borrowed utilized as collateral | 105% | |||||||
2023 repurchase facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Adjusted Term SOFR | 0.10% | |||||||
Securities Sold under Agreements to Repurchase [Member] | 364-day Revolving Credit Facilities due 2023 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Short-term borrowings | $ 0 | $ 200 | $ 0 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Supplier Finance (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Commitments and Contingencies Disclosure [Abstract] | |||
Supplier Finance Program, Obligation, Current | $ 115 | $ 220 | $ 192 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities Guarantee Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Guarantor Obligations [Line Items] | |||
Guarantee Obligations | $ 73 | $ 88 | $ 79 |
Greater than one year | |||
Guarantor Obligations [Line Items] | |||
Guarantee Obligations | 15 | ||
Factoring Agreement [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee Obligations | 4 | 16 | 19 |
Agreements with lenders to provide financing for select customers [Member] | |||
Guarantor Obligations [Line Items] | |||
Accounts Receivable, after Allowance for Credit Loss | $ 492 | $ 202 | $ 560 |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities Chemours (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 USD ($) | Sep. 30, 2023 USD ($) | Dec. 31, 2028 USD ($) | Dec. 31, 2019 lawsuits | |
PFOA Matters: Multi-District Litigation [Member] | ||||
Loss Contingencies [Line Items] | ||||
Litigation Settlement, Amount Awarded to Other Party | $ 670 | |||
Lawsuits alleging personal injury filed | lawsuits | 3,550 | |||
Corteva [Member] | ||||
Loss Contingencies [Line Items] | ||||
Stray liability sharing percentage | 29% | |||
DuPont de Nemours [Member] | ||||
Loss Contingencies [Line Items] | ||||
Corteva and DuPont stray liability threshold for PFAS | $ 200 | |||
Stray liability sharing percentage | 71% | |||
PFAS [Member] | ||||
Loss Contingencies [Line Items] | ||||
Minimum Settlement Amount Required To Allow Withdrawals From Escrow Account | $ 125 | |||
Threshold to waive MOU escrow account funding obligation | $ 100 | |||
PFAS [Member] | Forecast [Member] | ||||
Loss Contingencies [Line Items] | ||||
Escrow Account Balance | $ 700 | |||
PFAS [Member] | Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Cost Sharing Arrangement Term | 20 years | |||
Qualified Spend and Escrow Account Contribution Threshold | $ 4,000 | |||
PFAS [Member] | Chemours [Member] | ||||
Loss Contingencies [Line Items] | ||||
Escrow Account Deposit Percentage | 50% | |||
PFAS [Member] | Chemours [Member] | No later than September 30 of each subsequent year through and including 2028 | ||||
Loss Contingencies [Line Items] | ||||
Escrow Balance | $ 50 | |||
PFAS [Member] | Chemours [Member] | No later than each of September 30, 2021 and September 30, 2022 | ||||
Loss Contingencies [Line Items] | ||||
Escrow Balance | 100 | |||
PFAS [Member] | Chemours [Member] | Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Escrow Balance | $ 500 | |||
PFAS [Member] | Corteva [Member] | ||||
Loss Contingencies [Line Items] | ||||
Stray liability sharing percentage for PFAS | 50% | |||
PFAS [Member] | Corteva [Member] | Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Qualified Spend and Escrow Account Contribution Threshold | $ 600 | |||
PFAS [Member] | DuPont de Nemours [Member] | ||||
Loss Contingencies [Line Items] | ||||
Stray liability sharing percentage for PFAS | 50% | |||
PFAS [Member] | Corteva and DuPont | ||||
Loss Contingencies [Line Items] | ||||
Stray liability sharing percentage for PFAS | 50% | |||
Escrow Account Deposit Percentage | 50% | |||
Amount credited to each company's threshold | $ 150 | |||
PFAS [Member] | Corteva and DuPont | No later than September 30 of each subsequent year through and including 2028 | ||||
Loss Contingencies [Line Items] | ||||
Escrow Balance | 50 | |||
PFAS [Member] | Corteva and DuPont | No later than each of September 30, 2021 and September 30, 2022 | ||||
Loss Contingencies [Line Items] | ||||
Escrow Balance | 100 | |||
PFAS [Member] | Corteva and DuPont | Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Qualified Spend and Escrow Account Contribution Threshold | 2,000 | |||
Corteva and DuPont stray liability threshold for PFAS | 300 | |||
Escrow Balance | $ 500 |
Commitments and Contingent Li_6
Commitments and Contingent Liabilities Corteva Separation (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Accounts and Notes Receivable [Member] | |||
Loss Contingencies [Line Items] | |||
Indemnification Assets | $ 36,000,000 | $ 31,000,000 | $ 33,000,000 |
Other Assets [Member] | |||
Loss Contingencies [Line Items] | |||
Indemnification Assets | 126,000,000 | 105,000,000 | 91,000,000 |
Accrued and Other Current Liabilities [Member] | |||
Loss Contingencies [Line Items] | |||
Indemnified Liabilities | 38,000,000 | 31,000,000 | 24,000,000 |
Other noncurrent obligations | |||
Loss Contingencies [Line Items] | |||
Indemnified Liabilities | 108,000,000 | $ 115,000,000 | $ 122,000,000 |
PFAS [Member] | Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
De minimis threshold | 1,000,000 | ||
Corteva and DuPont stray liability threshold for PFAS | 1 | ||
Corteva [Member] | |||
Loss Contingencies [Line Items] | |||
Stray liability threshold | $ 200,000,000 | ||
Stray liability sharing percentage | 29% | ||
Corteva [Member] | PFAS [Member] | |||
Loss Contingencies [Line Items] | |||
Stray liability sharing percentage for PFAS | 50% | ||
DuPont de Nemours [Member] | |||
Loss Contingencies [Line Items] | |||
Stray liability sharing percentage | 71% | ||
Corteva and DuPont stray liability threshold for PFAS | $ 200,000,000 | ||
DuPont de Nemours [Member] | PFAS [Member] | |||
Loss Contingencies [Line Items] | |||
Stray liability sharing percentage for PFAS | 50% | ||
DuPont de Nemours [Member] | DuPont de Nemours [Member] | |||
Loss Contingencies [Line Items] | |||
Stray liability threshold | $ 200,000,000 |
Commitments and Contingent Li_7
Commitments and Contingent Liabilities- DISCOPs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Loss Contingencies [Line Items] | ||||
Income (loss) from discontinued operations after income taxes | $ (3) | $ (6) | $ (174) | $ (46) |
PFAS [Member] | Pending Litigation | ||||
Loss Contingencies [Line Items] | ||||
Income (loss) from discontinued operations after income taxes | $ (155) | $ (5) | $ (32) |
Commitments and Contingent Li_8
Commitments and Contingent Liabilities PFOA / Leach Settlement (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 USD ($) | Sep. 30, 2023 USD ($) lawsuits | Dec. 31, 2004 USD ($) | Dec. 31, 2019 lawsuits | Jan. 01, 2012 | |
MDL Settlement [Domain] | |||||
Loss Contingencies [Line Items] | |||||
Litigation Settlement, Amount Awarded to Other Party | $ 83,000,000 | ||||
DuPont de Nemours and Corteva Contribution to MDL Settlement | |||||
Loss Contingencies [Line Items] | |||||
Litigation Settlement, Amount Awarded to Other Party | 27,000,000 | ||||
Payments for Legal Settlements | 27,000,000 | ||||
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: Drinking Water Actions [Member] | WEST VIRGINIA AND OHIO [Domain] | Settled Litigation | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Claims Settled, Number | lawsuits | 95 | ||||
PFOA Matters: Drinking Water Actions [Member] | WEST VIRGINIA AND OHIO [Domain] | Compensatory damages [Member] | |||||
Loss Contingencies [Line Items] | |||||
Litigation Settlement, Amount Awarded to Other Party | $ 40,000,000 | ||||
PFOA Matters: Drinking Water Actions [Member] | WEST VIRGINIA AND OHIO [Domain] | Loss of consortium [Member] | |||||
Loss Contingencies [Line Items] | |||||
Litigation Settlement, Amount Awarded to Other Party | $ 10,000,000 | ||||
PFOA Matters: Multi-District Litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Disease Categories for MDL | 6 | ||||
Lawsuits alleging personal injury filed | lawsuits | 3,550 | ||||
Litigation Settlement, Amount Awarded to Other Party | $ 670,000,000 |
Commitments and Contingent Li_9
Commitments and Contingent Liabilities Other PFOA Matters / Fayetteville (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Jun. 30, 2020 USD ($) | Sep. 30, 2023 USD ($) lawsuits | |
Firefighting Foam [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | lawsuits | 5,400 | |
PFOA Matters: Multi-District Litigation [Member] | ||
Loss Contingencies [Line Items] | ||
Litigation Settlement, Amount Awarded to Other Party | $ 670 | |
Loss Contingency, Number of Plaintiffs | lawsuits | 23 | |
Personal injury cases [Member] | Firefighting Foam [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | 4,700 | |
Chemours Contribution to MDL Settlement | ||
Loss Contingencies [Line Items] | ||
Litigation Settlement, Amount Awarded to Other Party | $ 29 | |
Water System MOU | Pending Litigation | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $ 1,185 | |
Public U.S Water Systems [Member] | Firefighting Foam [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | 640 | |
NEW YORK | PFOA Matters: Drinking Water Actions [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | 45 | |
NEW JERSEY | Natural Resources Damages [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | 2 | |
OHIO | PFOA Matters: Drinking Water Actions [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | lawsuits | 3 | |
NORTH CAROLINA | PFOA Matters: Drinking Water Actions [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Number of Property Owners | 100 | |
DELAWARE | Natural Resources Damages [Member] | Corteva [Member] | DuPont de Nemours [Member] | ||
Loss Contingencies [Line Items] | ||
Threshold for payments to fund the NRST Trust | $ 50 | |
Supplemental payment threshold | $ 25 | |
Period for supplemental payment | 8 years | |
Alabama Water Utility [Member] | Natural Resources Damages [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | 1 |
Commitments and Contingent L_10
Commitments and Contingent Liabilities Environmental (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Jan. 28, 2022 | |
Loss Contingencies [Line Items] | |||
Indemnification Asset | $ 280 | ||
Accrual for Environmental Loss Contingencies | [1] | 508 | |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1] | 640 | |
Non-PFAS | |||
Loss Contingencies [Line Items] | |||
Request for Remediation Funding Source ("RFS") | $ 900 | ||
Chemours related obligation subject to indemnification [Member] | |||
Loss Contingencies [Line Items] | |||
Indemnification Asset | [2],[3] | 156 | |
Accrual for Environmental Loss Contingencies | [1],[2],[3] | 156 | |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1],[2],[3] | 282 | |
Discontinued Operations [Member] | |||
Loss Contingencies [Line Items] | |||
Indemnification Asset | [2] | 40 | |
Other discontinued or divested business obligations [Member] | |||
Loss Contingencies [Line Items] | |||
Accrual for Environmental Loss Contingencies | [1],[2] | 67 | |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1],[2] | 193 | |
Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont [Member] | |||
Loss Contingencies [Line Items] | |||
Indemnification Asset | [3] | 58 | |
Accrual for Environmental Loss Contingencies | [1],[3] | 61 | |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1],[3] | 62 | |
Not subject to indemnification [Member] | |||
Loss Contingencies [Line Items] | |||
Indemnification Asset | 0 | ||
Accrual for Environmental Loss Contingencies | [1] | 106 | |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1] | 75 | |
Indemnification liabilities related to the MOU | |||
Loss Contingencies [Line Items] | |||
Indemnification Asset | [4] | 26 | |
Accrual for Environmental Loss Contingencies | [1],[4] | 118 | |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1],[2],[4] | 28 | |
DuPont de Nemours [Member] | DuPont de Nemours [Member] | |||
Loss Contingencies [Line Items] | |||
Stray liability threshold | 200 | ||
Superfund Sites [Member] | |||
Loss Contingencies [Line Items] | |||
Accrual for Environmental Loss Contingencies | 57 | ||
Superfund Sites [Member] | Chemours [Member] | Indemnification Agreement [Member] | |||
Loss Contingencies [Line Items] | |||
Indemnification Asset | $ 33 | ||
[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. Accrual balance includes $57 million for remediation of Superfund sites. Amounts do not include possible impacts from the remediation elements of the EPA's October 2021 PFAS Strategic Roadmap (as applicable), except as disclosed on page 24 relating to Chemours' remediation activities at the Fayetteville Works Facility pursuant to the Consent Order with the North Carolina Department of Environmental Quality ("NC DEQ"). 4. Represents liabilities that are subject to the $150 million threshold and sharing agreements as discussed on page 23, under the header "Chemours / Performance Chemicals." |
Stockholders' Equity Common Sto
Stockholders' Equity Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Sep. 13, 2022 | Aug. 05, 2021 | Jun. 26, 2019 | |
Class of Stock [Line Items] | ||||||||
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||
Repurchase of Common Stock | $ 585 | $ 800 | ||||||
2021 Stock Repurchase Program | ||||||||
Class of Stock [Line Items] | ||||||||
Stock Repurchased and Retired During Period, Shares | 3,414 | 4,098 | 14,284 | |||||
Stock Repurchase Program, Authorized Amount | $ 1,500 | |||||||
Repurchase of Common Stock | $ 200 | $ 250 | $ 800 | |||||
2022 Stock Repurchase Program | ||||||||
Class of Stock [Line Items] | ||||||||
Stock Repurchased and Retired During Period, Shares | 4,913 | 6,330 | ||||||
Stock Repurchase Program, Authorized Amount | $ 2,000 | |||||||
Repurchase of Common Stock | $ 250 | $ 330 | ||||||
Corteva [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 |
Stockholders' Equity Preferred
Stockholders' Equity Preferred Stock (Details) - EID [Member] - USD ($) | 9 Months Ended | ||
Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |
$4.50 Series Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 1,673,000 | 1,673,000 | 1,673,000 |
Preferred Stock, Redemption Amount | $ 120 | $ 120 | $ 120 |
$3.50 Series Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 700,000 | 700,000 | 700,000 |
Preferred Stock, Redemption Amount | $ 102 | $ 102 | $ 102 |
Corteva [Member] | |||
Class of Stock [Line Items] | |||
Ownership interest in an entity | 100% |
Stockholders' Equity Other Comp
Stockholders' Equity Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Beginning Balance | $ (2,806) | $ (2,806) | |||||||
Beginning Balance | $ 26,461 | $ 25,839 | 25,541 | $ 26,071 | $ 25,936 | $ 25,623 | 25,541 | $ 25,623 | |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 10 | 48 | (46) | (28) | |||||
Other comprehensive (loss) income | (324) | 62 | 67 | (369) | (402) | 77 | (195) | (694) | |
Ending Balance | 25,467 | 26,461 | 25,839 | 25,084 | 26,071 | 25,936 | 25,467 | 25,084 | |
Ending Balance | (3,001) | (3,592) | (3,001) | (3,592) | |||||
Pension Plan | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Beginning Balance | (163) | (396) | (163) | (396) | |||||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | 6 | 107 | |||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | 21 | |||||||
Other comprehensive (loss) income | 6 | 128 | |||||||
Ending Balance | (157) | (268) | (157) | (268) | |||||
Other Benefit Plans | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Beginning Balance | 160 | (31) | 160 | (31) | |||||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | 0 | 3 | |||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (6) | 1 | |||||||
Other comprehensive (loss) income | (6) | 4 | |||||||
Ending Balance | 154 | (27) | 154 | (27) | |||||
Cumulative Translation Adjustment | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Beginning Balance | (2,883) | (2,543) | (2,883) | (2,543) | |||||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | [1] | (41) | (868) | ||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | 0 | |||||||
Other comprehensive (loss) income | (41) | (868) | |||||||
Ending Balance | (2,924) | (3,411) | (2,924) | (3,411) | |||||
Derivative Instruments | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Beginning Balance | 80 | 72 | 80 | 72 | |||||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | (114) | 92 | |||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 11 | 28 | (40) | (50) | |||||
Other comprehensive (loss) income | (154) | 42 | |||||||
Ending Balance | (74) | 114 | (74) | 114 | |||||
Total | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Beginning Balance | (2,806) | (2,898) | (2,806) | (2,898) | |||||
Beginning Balance | (2,677) | (2,739) | (2,806) | (3,223) | (2,821) | (2,898) | (2,806) | (2,898) | |
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | (149) | (666) | |||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (46) | (28) | |||||||
Other comprehensive (loss) income | (324) | 62 | 67 | (369) | (402) | 77 | (195) | (694) | |
Ending Balance | (3,001) | $ (2,677) | $ (2,739) | (3,592) | $ (3,223) | $ (2,821) | (3,001) | (3,592) | |
Ending Balance | $ (3,001) | $ (3,592) | $ (3,001) | $ (3,592) | |||||
[1]The cumulative translation adjustment loss for the nine months ended September 30, 2023 was primarily driven by the strengthening of the USD against the South African Rand ("ZAR") and European Euro ("EUR"), partially offset by the weakening of the USD against the Brazilian Real (BRL). The cumulative translation adjustment loss for the nine months ended September 30, 2022 was primarily driven by the strengthening of the USD against the European Euro ("EUR"), Swiss Franc ("CHF"), Indian Rupee ("INR") and South African Rand ("ZAR"). |
Stockholders' Equity Tax Benefi
Stockholders' Equity Tax Benefit (Expense) on Net Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | $ (2) | $ 61 | $ (43) | $ (45) |
Pension Plan | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | 0 | 0 | (30) | (35) |
Other Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | 1 | 2 | 0 | 3 |
Derivative Instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | $ (3) | $ 59 | $ (13) | $ (13) |
Stockholders' Equity Reclassifi
Stockholders' Equity Reclassifications out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | $ 10 | $ 48 | $ (46) | $ (28) | |
Other Benefit Plans | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amortization of Prior Service Benefit | [1],[2] | (1) | 0 | (1) | (1) |
Pension Plan | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | 21 | |||
Other Benefit Plans | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (6) | 1 | |||
Derivative Instruments | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | [3] | 16 | 33 | (50) | (68) |
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [4] | (5) | (5) | 10 | 18 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 11 | 28 | (40) | (50) | |
Actuarial (Gains) Losses | Pension Plan | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | [1],[2] | 0 | 0 | 0 | 2 |
Actuarial (Gains) Losses | Other Benefit Plans | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | [1],[2] | (2) | 1 | (7) | 2 |
Settlement Loss | Pension Plan | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | [1],[2] | 1 | 25 | 1 | 27 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | Pension Plan | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | 1 | 25 | (1) | 27 | |
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [4] | 0 | (6) | 1 | (6) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 1 | 19 | 0 | 21 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | Other Benefit Plans | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | (3) | 1 | (8) | 1 | |
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [4] | 1 | 0 | 2 | 0 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | (2) | 1 | (6) | 1 | |
Prior Service Benefit | Pension Plan | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | [1],[2] | $ 0 | $ 0 | $ (2) | $ (2) |
[1]Reflected in other income (expense) - net in the interim Consolidated Statements of Operations.[2]These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit credit of the company's pension and other benefit plans. See Note 15 - Pension Plans and Other Post Employment Benefits, for additional information.[3]Reflected in cost of goods sold in the interim Consolidated Statements of Operations.[4]Reflected in provision for (benefit from) income taxes from continuing operations in the interim Consolidated Statements of Operations. |
Pension Plans and Other Post _3
Pension Plans and Other Post Employment Benefit Plans Components of net periodic benefit cost (credit) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | $ 3 | $ 5 | $ 13 | $ 14 |
Interest Cost | 171 | 126 | 518 | 343 |
Expected return on plan assets | (151) | (180) | (454) | (560) |
Amortization of unrecognized loss (gain) | 0 | 0 | 0 | 2 |
Amortization of Prior Service Benefit | 0 | 0 | (2) | (2) |
Settlement Loss (Gain) | 1 | 25 | 1 | 27 |
Defined Benefit Plan, Net Periodic Benefit (Credit) Cost | 24 | (24) | 76 | (176) |
Other Benefit Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 1 | 0 | 1 | 1 |
Interest Cost | 12 | 6 | 36 | 19 |
Amortization of unrecognized loss (gain) | (2) | 1 | (7) | 2 |
Amortization of Prior Service Benefit | (1) | 0 | (1) | (1) |
Defined Benefit Plan, Net Periodic Benefit (Credit) Cost | $ 10 | $ 7 | $ 29 | $ 21 |
Financial Instruments Financial
Financial Instruments Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Cash Equivalents [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities | $ 1,619 | $ 2,296 | $ 921 |
Marketable Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities | $ 108 | 124 | 119 |
Other Assets [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities | $ 27 | $ 24 |
Financial Instruments Notional
Financial Instruments Notional Amounts (Details) € in Millions, $ in Millions | Sep. 30, 2023 USD ($) | Sep. 30, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) |
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Notional Amount | $ 468 | $ 953 | $ 948 | |
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Net Investment Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Notional Amount | € | € 450 | |||
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Notional Amount | 1,097 | 1,167 | 1,424 | |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Notional Amount | 634 | 430 | 1,371 | |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Notional Amount | $ 0 | $ 9 | $ 3 |
Financial Instruments Cash Flow
Financial Instruments Cash Flow Hedges Included in AOCI (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Commodity Contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Remaining Maturity | 2 years | 2 years | |||
Beginning Balance | $ (71) | $ 81 | $ 55 | $ 47 | |
Additions and revaluations of derivatives designated as cash flow hedges | (20) | (25) | (94) | 91 | |
Clearance of hedge results to earnings | 2 | (4) | (50) | (86) | |
Ending Balance | (89) | 52 | (89) | 52 | |
After-tax net gain (loss) to be reclassified from AOCL into earnings over the next twelve months | 78 | ||||
Derivative, Notional Amount | $ 1,097 | 1,424 | $ 1,097 | 1,424 | $ 1,167 |
Foreign Currency Contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Remaining Maturity | 2 years | 2 years | |||
Beginning Balance | $ (16) | (31) | $ 10 | 32 | |
Additions and revaluations of derivatives designated as cash flow hedges | 7 | 11 | (20) | (56) | |
Clearance of hedge results to earnings | 9 | 32 | 10 | 36 | |
Ending Balance | 0 | 12 | 0 | 12 | |
Derivative, Notional Amount | $ 468 | $ 948 | $ 468 | $ 948 | $ 953 |
Financial Instruments Fair Valu
Financial Instruments Fair Value of Derivatives (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other current assets | Other current assets | Other current assets | |||
Derivative Asset, Gross | $ 53 | $ 96 | $ 216 | |||
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (39) | (40) | (58) | ||
Derivative Asset, Net | $ 14 | $ 56 | $ 158 | |||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued and other current liabilities | Accrued and other current liabilities | Accrued and other current liabilities | |||
Derivative Liability, Gross | $ 100 | $ 70 | $ 65 | |||
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (39) | (40) | (58) | ||
Derivative Liability, Net | 61 | 30 | 7 | |||
Foreign Currency Contract [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Asset, Gross | 7 | 41 | 101 | |||
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | 0 | 0 | 0 | ||
Derivative Asset, Net | 7 | 41 | 101 | |||
Derivative Liability, Gross | 7 | 9 | ||||
Derivative Liability, Counterparty and Cash Collateral Netting | 0 | 0 | [1] | |||
Derivative Liability, Net | 7 | 9 | ||||
Foreign Currency Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Asset, Gross | 45 | 51 | 112 | |||
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (39) | (40) | (58) | ||
Derivative Asset, Net | 6 | 11 | 54 | |||
Derivative Liability, Gross | 87 | 58 | 63 | |||
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (39) | (40) | (58) | ||
Derivative Liability, Net | 48 | 18 | 5 | |||
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Asset, Gross | 4 | 3 | ||||
Derivative Asset, Counterparty and Cash Collateral Netting | 0 | 0 | ||||
Derivative Asset, Net | 4 | 3 | ||||
Derivative Liability, Gross | 3 | 3 | 2 | |||
Derivative Liability, Counterparty and Cash Collateral Netting | 0 | [1] | 0 | 0 | ||
Derivative Liability, Net | 3 | $ 3 | $ 2 | |||
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Asset, Gross | 1 | |||||
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | 0 | ||||
Derivative Asset, Net | 1 | |||||
Derivative Liability, Gross | 3 | |||||
Derivative Liability, Counterparty and Cash Collateral Netting | 0 | |||||
Derivative Liability, Net | $ 3 | |||||
[1]Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. |
Financial Instruments Effect of
Financial Instruments Effect of Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Goods Sold | Cost of Goods Sold | Cost of Goods Sold | Cost of Goods Sold | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | [1] | $ (9) | $ 43 | $ (73) | $ 70 | ||
Designated as Hedging Instrument [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), Reclassification, before Tax | (15) | [2] | 30 | [2] | (163) | 123 | |
Amount of gain (loss) recognized in Income - Pre-tax | [1] | (16) | (33) | 50 | 68 | ||
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Foreign Currency Contract [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), Reclassification, before Tax | 0 | [2] | 47 | [2] | 0 | 74 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Currency Contract [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 11 | [2] | 13 | [2] | (30) | (68) | |
Amount of gain (loss) recognized in Income - Pre-tax | [1],[3] | (13) | (39) | (15) | (44) | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Commodity Contract [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (26) | [2] | (30) | [2] | (133) | 117 | |
Amount of gain (loss) recognized in Income - Pre-tax | [1],[3] | (3) | 6 | 65 | 112 | ||
Not Designated as Hedging Instrument [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Amount of gain (loss) recognized in income - pre-tax | [1] | 7 | 76 | (123) | 2 | ||
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Cost of Goods Sold | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Amount of gain (loss) recognized in income - pre-tax | [1],[3] | 4 | 4 | (67) | (1) | ||
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Other Income - net | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Amount of gain (loss) recognized in income - pre-tax | [1],[4] | (3) | 67 | (65) | 24 | ||
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Cost of Goods Sold | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Amount of gain (loss) recognized in income - pre-tax | [1],[3] | 1 | 5 | 4 | (21) | ||
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Income - net | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Amount of gain (loss) recognized in income - pre-tax | $ 5 | $ 0 | $ 5 | $ 0 | |||
[1]For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income during the period.[2]OCI is defined as other comprehensive income (loss).[3]Recorded in cost of goods sold in the interim Consolidated Statements of Operations.[4]ecognized in other income (expense). Note that net loss from foreign currency contracts was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 6 - Supplementary Information, to the interim Consolidated Financial Statements, for additional information. |
Financial Instruments (Details)
Financial Instruments (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |
Amortized Cost, Within One Year | $ 85 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative Asset | $ 53 | $ 96 | $ 216 | |
Derivative Liability | 100 | 70 | 65 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Marketable Securities | [1] | 108 | 124 | 119 |
Assets at Fair Value | [1] | 161 | 220 | 335 |
Liabilities at Fair Value | [1] | 100 | 70 | 65 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Currency Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative Asset | [1],[2] | 52 | 92 | 213 |
Derivative Liability | [1],[2] | 94 | 67 | 63 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commodity Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative Asset | [1],[2] | 1 | 4 | 3 |
Derivative Liability | [1],[2] | $ 6 | $ 3 | $ 2 |
[1]Reflects significant other observable inputs.[2]See Note 16 - Financial Instruments for the classification of derivatives in the interim Consolidated Balance Sheets. |
Segment Reporting Segment Infor
Segment Reporting Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |||||
Segment Reporting Information [Line Items] | |||||||||
Net Sales | $ 2,590 | $ 2,777 | $ 13,519 | $ 13,630 | |||||
Segment operating EBITDA | 46 | 128 | 3,079 | 2,937 | |||||
Total Assets | 43,110 | 40,651 | 43,110 | 40,651 | $ 42,618 | ||||
Segments | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net Sales | 2,590 | 2,777 | 13,519 | 13,630 | |||||
Segment operating EBITDA | 46 | 128 | 3,079 | 2,937 | |||||
Total Assets | 38,275 | 36,139 | 38,275 | 36,139 | 37,049 | ||||
EID [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net Sales | 2,590 | 2,777 | 13,519 | 13,630 | |||||
Segment operating EBITDA | 46 | 128 | 3,079 | 2,937 | |||||
Total Assets | 43,327 | 40,651 | 43,327 | 40,651 | 42,618 | ||||
Seed [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net Sales | 878 | 862 | 7,837 | 7,333 | |||||
Seed [Member] | Segments | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net Sales | 878 | 862 | 7,837 | 7,333 | |||||
Segment operating EBITDA | (138) | (224) | 1,972 | 1,585 | |||||
Total Assets | 22,829 | [1] | 22,665 | [1] | 22,829 | [1] | 22,665 | [1] | 22,952 |
Crop Protection [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net Sales | 1,712 | 1,915 | 5,682 | 6,297 | |||||
Crop Protection [Member] | Segments | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net Sales | 1,712 | 1,915 | 5,682 | 6,297 | |||||
Segment operating EBITDA | 184 | 352 | 1,107 | 1,352 | |||||
Total Assets | $ 15,446 | [1] | $ 13,474 | [1] | $ 15,446 | [1] | $ 13,474 | [1] | $ 14,097 |
[1]Segment assets at December 31, 2022 were $22,952 million and $14,097 million for Seed and Crop Protection, respectively. |
Segment Reporting Segment Recon
Segment Reporting Segment Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Segment Reporting Information [Line Items] | |||||
Income (loss) from continuing operations after income taxes | $ (315) | $ (322) | $ 1,172 | $ 1,257 | |
Provision for (benefit from) income taxes on continuing operations | (129) | (74) | 244 | 372 | |
Income from continuing operations before income taxes | (444) | (396) | 1,416 | 1,629 | |
Interest income | 59 | 36 | 153 | 75 | |
Interest Expense | 58 | 18 | 171 | 43 | |
Exchange (gains) losses - net | [1] | (102) | (13) | (242) | (96) |
Segment operating EBITDA | 46 | 128 | 3,079 | 2,937 | |
EID [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income (loss) from continuing operations after income taxes | (317) | (333) | 1,155 | 1,232 | |
Provision for (benefit from) income taxes on continuing operations | (129) | (77) | 239 | 364 | |
Income from continuing operations before income taxes | (446) | (410) | 1,394 | 1,596 | |
Segment operating EBITDA | 46 | 128 | 3,079 | 2,937 | |
Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and Amortization | 306 | 310 | 899 | 919 | |
Interest income | (59) | (36) | (153) | (75) | |
Exchange (gains) losses - net | 102 | 13 | 242 | 96 | |
Nonoperating (benefits) costs | 28 | (9) | 115 | (134) | |
Mark-to-market gain (loss) on certain foreign currency contracts not designated as hedges | 44 | 6 | (34) | 3 | |
Significant Items | (71) | (202) | (271) | (379) | |
Corporate Expenses | 28 | 32 | 84 | 83 | |
Segment Reconciling Items [Member] | EID [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and Amortization | 306 | 310 | 899 | 919 | |
Interest income | (59) | (36) | (153) | (75) | |
Interest Expense | 60 | 32 | 193 | 76 | |
Exchange (gains) losses - net | 102 | 13 | 242 | 96 | |
Nonoperating (benefits) costs | 28 | (9) | 115 | (134) | |
Mark-to-market gain (loss) on certain foreign currency contracts not designated as hedges | 44 | 6 | (34) | 3 | |
Significant Items | (71) | (202) | (271) | (379) | |
Corporate Expenses | $ 28 | $ 32 | $ 84 | $ 83 | |
[1]Includes net pre-tax exchange gains (losses) associated with the devaluation of the Argentine peso of $(83) million and $(150) million for the three and nine months ended September 30, 2023, respectively, and $(32) million and $(65) million for the three and nine months ended September 30, 2022, respectively. |
Segment Reporting Segment Asset
Segment Reporting Segment Asset Reconciliation (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Segment Reporting Information [Line Items] | |||
Total Assets | $ 43,110 | $ 42,618 | $ 40,651 |
Segments | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 38,275 | 37,049 | 36,139 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Total Assets | $ 4,835 | $ 5,569 | $ 4,512 |
Segment Reporting Significant I
Segment Reporting Significant Items (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||||||
Segment Reporting Information [Line Items] | |||||||||
Gain (loss) on sale of business | $ 12 | $ 17 | |||||||
Net Sales | $ 2,590 | $ 2,777 | 13,519 | 13,630 | |||||
Seed [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net Sales | 878 | 862 | 7,837 | 7,333 | |||||
Crop Protection [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net Sales | 1,712 | 1,915 | 5,682 | 6,297 | |||||
Segment Reconciling Items [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Restructuring Charges | (2) | [1] | (152) | (95) | [1] | (300) | [1] | ||
Estimated Settlement Expense | (66) | [2] | (40) | (156) | [2] | (57) | [2] | ||
Inventory Write-down | [3] | (32) | (7) | (33) | |||||
Gain (loss) on sale of business | 15 | [3] | 7 | [3] | 15 | ||||
Gain (Loss) on Sale of Equity Investment | [3] | (5) | |||||||
Acquisition-related costs | [4] | (7) | (41) | ||||||
Employee Retention Credit | 9 | 3 | 9 | ||||||
Significant Items | (71) | (202) | (271) | (379) | |||||
Segment Reconciling Items [Member] | 2022 Restructuring Actions- Russia Exit | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Effective Income Tax Rate Reconciliation, Tax Settlement, Foreign, Amount | [3] | (2) | (8) | ||||||
Russia Seed Sale, pre-tax benefit | [3],[5] | 18 | |||||||
Segment Reconciling Items [Member] | 2022 Restructuring Actions | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Gain (loss) on sale of business | [3] | 4 | |||||||
Segment Reconciling Items [Member] | Seed [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Restructuring Charges | [1] | 1 | (66) | (74) | (197) | ||||
Inventory Write-down | [3] | (32) | (7) | (33) | |||||
Gain (loss) on sale of business | [3] | 4 | |||||||
Gain (Loss) on Sale of Equity Investment | [3] | (5) | |||||||
Employee Retention Credit | 6 | 6 | |||||||
Significant Items | 5 | (94) | (59) | (237) | |||||
Segment Reconciling Items [Member] | Seed [Member] | 2022 Restructuring Actions- Russia Exit | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Effective Income Tax Rate Reconciliation, Tax Settlement, Foreign, Amount | [3] | (2) | (8) | ||||||
Russia Seed Sale, pre-tax benefit | [3],[5] | 18 | |||||||
Net Sales | 71 | ||||||||
Cost of Revenue | 53 | ||||||||
Segment Reconciling Items [Member] | Crop Protection [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Restructuring Charges | [1] | 0 | (20) | (11) | (20) | ||||
Estimated Settlement Expense | (66) | [2] | (40) | (156) | [2] | (57) | [2] | ||
Gain (loss) on sale of business | 15 | 3 | [3] | 15 | [3] | ||||
Acquisition-related costs | [4] | (7) | (41) | ||||||
Employee Retention Credit | 3 | 3 | 3 | ||||||
Significant Items | (73) | (42) | (202) | (59) | |||||
Segment Reconciling Items [Member] | Corporate Segment | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Restructuring Charges | [1] | (3) | (66) | (10) | (83) | ||||
Significant Items | $ (3) | $ (66) | $ (10) | $ (83) | |||||
[1]Includes restructuring plans and asset related charges as well as accelerated prepaid amortization expense. See Note 5 - Restructuring and Asset Related Charges - Net, to the interim Consolidated Financial Statements, for additional information.[2]Consists of estimated Lorsban® related charges.[3]Incremental gains (losses) associated with activities related to the 2022 Restructuring Actions.[4]Relates to acquisition-related costs, including transaction and third-party integration costs associated with the completed acquisitions of Stoller and Symborg as well as the recognition of the inventory fair value step-up. See Note 3 - Business Combinations, to the interim Consolidated Financial Statements, for additional information[5]Includes a benefit (charge) of $18 million for the nine months ended September 30, 2023, relating to the sale of seeds already under production in Russia when the decision to exit the country was made and that the company was contractually required to purchase. It consists of $71 million of net sales and $53 million of cost of goods sold for the nine months ended September 30, 2023. |
Subsequent Events (Details)
Subsequent Events (Details) - 2023 Restructuring Actions - Subsequent Event $ in Millions | 14 Months Ended |
Dec. 31, 2024 USD ($) | |
Minimum [Member] | |
Subsequent Event [Line Items] | |
Restructuring Charges | $ 410 |
Asset Impairment Charges | 165 |
Payments for Restructuring | 90 |
Maximum [Member] | |
Subsequent Event [Line Items] | |
Restructuring Charges | 460 |
Asset Impairment Charges | 175 |
Payments for Restructuring | 120 |
Severance and Related Benefit Costs | Minimum [Member] | |
Subsequent Event [Line Items] | |
Restructuring Charges | 70 |
Severance and Related Benefit Costs | Maximum [Member] | |
Subsequent Event [Line Items] | |
Restructuring Charges | 90 |
Asset Related and impairment charges [Member] | Minimum [Member] | |
Subsequent Event [Line Items] | |
Restructuring Charges | 320 |
Asset Related and impairment charges [Member] | Maximum [Member] | |
Subsequent Event [Line Items] | |
Restructuring Charges | 340 |
Contract Termination | Minimum [Member] | |
Subsequent Event [Line Items] | |
Restructuring Charges | 20 |
Contract Termination | Maximum [Member] | |
Subsequent Event [Line Items] | |
Restructuring Charges | $ 30 |
EID - Basis of Presentation Nar
EID - Basis of Presentation Narrative (Details) - $ / shares | 9 Months Ended | |||
Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 26, 2019 | |
Common Stock, Shares, Outstanding | 704,880,000 | 713,419,000 | 716,225,000 | |
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | |
EID [Member] | ||||
Common Stock, Shares, Outstanding | 200 | 200 | 200 | |
Common Stock, Par Value | $ 0.30 | $ 0.30 | $ 0.30 | |
Corteva [Member] | ||||
Common Stock, Par Value | $ 0.01 | $ 0.01 | ||
Corteva [Member] | EID [Member] | ||||
Ownership interest in an entity | 100% |
EID - Related Party Transacti_2
EID - Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
Accrued and other current liabilities | $ 2,273 | $ 2,115 | $ 2,273 | $ 2,115 | $ 2,254 |
Other assets | 1,561 | 1,671 | 1,561 | 1,671 | 1,687 |
EID [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accrued and other current liabilities | 2,284 | 2,134 | 2,284 | 2,134 | 2,258 |
Other assets | $ 1,778 | $ 1,671 | $ 1,778 | $ 1,671 | $ 1,687 |
EID [Member] | Corteva [Member] | |||||
Related Party Transaction [Line Items] | |||||
Debt, Weighted Average Interest Rate | 7% | 4.12% | 7% | 4.12% | 6.52% |
Interest Expense | $ 2 | $ 14 | $ 22 | $ 33 | |
Short-term borrowings | 115 | 0 | 115 | 0 | $ 0 |
Other assets | 217 | 217 | |||
Long-Term Debt | 0 | 1,066 | 0 | 1,066 | 789 |
Accrued and Other Current Liabilities [Member] | EID [Member] | Corteva [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accrued and other current liabilities | 38 | 24 | 38 | 24 | 31 |
Other noncurrent obligations | EID [Member] | Corteva [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accounts Payable and Accrued Liabilities, Noncurrent | $ 108 | $ 122 | $ 108 | $ 122 | $ 115 |
Income Taxes Income Tax Narra_2
Income Taxes Income Tax Narrative (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Effective Income Tax Rate | 29.10% | 18.70% | 17.20% | 22.80% |
EID [Member] | ||||
Effective Income Tax Rate | 28.90% | 18.80% | 17.10% | 22.80% |
EID Segment FN Segment reconcil
EID Segment FN Segment reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Segment Reporting Information [Line Items] | |||||
Income (loss) from continuing operations after income taxes | $ (315) | $ (322) | $ 1,172 | $ 1,257 | |
Provision for (benefit from) income taxes on continuing operations | (129) | (74) | 244 | 372 | |
Income from continuing operations before income taxes | (444) | (396) | 1,416 | 1,629 | |
Interest income | 59 | 36 | 153 | 75 | |
Interest Expense | 58 | 18 | 171 | 43 | |
Exchange (gains) losses - net | [1] | (102) | (13) | (242) | (96) |
Segment operating EBITDA | 46 | 128 | 3,079 | 2,937 | |
EID [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income (loss) from continuing operations after income taxes | (317) | (333) | 1,155 | 1,232 | |
Provision for (benefit from) income taxes on continuing operations | (129) | (77) | 239 | 364 | |
Income from continuing operations before income taxes | (446) | (410) | 1,394 | 1,596 | |
Segment operating EBITDA | 46 | 128 | 3,079 | 2,937 | |
Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and Amortization | 306 | 310 | 899 | 919 | |
Interest income | (59) | (36) | (153) | (75) | |
Exchange (gains) losses - net | 102 | 13 | 242 | 96 | |
Nonoperating (benefits) costs | 28 | (9) | 115 | (134) | |
Mark-to-market gain (loss) on certain foreign currency contracts not designated as hedges | 44 | 6 | (34) | 3 | |
Significant Items | (71) | (202) | (271) | (379) | |
Corporate Expenses | 28 | 32 | 84 | 83 | |
Segment Reconciling Items [Member] | EID [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and Amortization | 306 | 310 | 899 | 919 | |
Interest income | (59) | (36) | (153) | (75) | |
Interest Expense | 60 | 32 | 193 | 76 | |
Exchange (gains) losses - net | 102 | 13 | 242 | 96 | |
Nonoperating (benefits) costs | 28 | (9) | 115 | (134) | |
Mark-to-market gain (loss) on certain foreign currency contracts not designated as hedges | 44 | 6 | (34) | 3 | |
Significant Items | (71) | (202) | (271) | (379) | |
Corporate Expenses | 28 | 32 | 84 | 83 | |
Crop Protection [Member] | Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Significant Items | $ (73) | $ (42) | $ (202) | $ (59) | |
[1]Includes net pre-tax exchange gains (losses) associated with the devaluation of the Argentine peso of $(83) million and $(150) million for the three and nine months ended September 30, 2023, respectively, and $(32) million and $(65) million for the three and nine months ended September 30, 2022, respectively. |
EID Segment FN Segment Asset Re
EID Segment FN Segment Asset Reconciliation (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Segment Reporting Information [Line Items] | |||
Total Assets | $ 43,110 | $ 42,618 | $ 40,651 |
EID [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | $ 43,327 | $ 42,618 | $ 40,651 |