DEI Document
DEI Document - USD ($) | 12 Months Ended | |||||
Dec. 31, 2023 | Feb. 01, 2024 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 26, 2019 | Jun. 03, 2019 | |
Document Information [Line Items] | ||||||
Document Annual Report | true | |||||
Document Type | 10-K | |||||
Amendment Flag | false | |||||
Document Period End Date | Dec. 31, 2023 | |||||
Entity Registrant Name | Corteva, Inc. | |||||
Entity Incorporation, State or Country Code | DE | |||||
Entity Central Index Key | 0001755672 | |||||
Current Fiscal Year End Date | --12-31 | |||||
Document Fiscal Year Focus | 2023 | |||||
Document Fiscal Period Focus | FY | |||||
Entity Well-known Seasoned Issuer | Yes | |||||
Entity Voluntary Filers | No | |||||
Entity Current Reporting Status | Yes | |||||
ICFR Auditor Attestation Flag | true | |||||
Entity Interactive Data Current | Yes | |||||
Entity Filer Category | Large Accelerated Filer | |||||
Entity Emerging Growth Company | false | |||||
Document Financial Statement Error Correction [Flag] | false | |||||
Aggregate market value | $ 40.6 | |||||
Entity Common Stock, Shares Outstanding | 701,783,000 | |||||
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | |||
Entity Small Business | false | |||||
Entity Shell Company | false | |||||
Document Transition Report | false | |||||
Entity File Number | 001-38710 | |||||
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 | |||||
Documents Incorporated by Reference [Text Block] | Information pertaining to certain Items in Part III of this report is incorporated herein by reference to portions of Corteva, Inc.'s definitive 2022 Annual Meeting Proxy Statement to be filed within 120 days after the end of the year covered by this Annual Report on Form 10-K, pursuant to Regulation 14A (the Proxy). | |||||
Auditor Location | Philadelphia, Pennsylvania | |||||
Auditor Name | PricewaterhouseCoopers LLP | |||||
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 | |||||
EIDP | ||||||
Document Information [Line Items] | ||||||
Document Type | 10-K | |||||
Amendment Flag | false | |||||
Document Period End Date | Dec. 31, 2023 | |||||
Entity Registrant Name | EIDP, Inc. | |||||
Entity Incorporation, State or Country Code | DE | |||||
Entity Central Index Key | 0000030554 | |||||
Current Fiscal Year End Date | --12-31 | |||||
Document Fiscal Year Focus | 2023 | |||||
Document Fiscal Period Focus | FY | |||||
Entity Well-known Seasoned Issuer | Yes | |||||
Entity Voluntary Filers | No | |||||
Entity Current Reporting Status | Yes | |||||
ICFR Auditor Attestation Flag | true | |||||
Entity Interactive Data Current | Yes | |||||
Entity Filer Category | Non-accelerated Filer | |||||
Entity Emerging Growth Company | false | |||||
Document Financial Statement Error Correction [Flag] | false | |||||
Entity Common Stock, Shares Outstanding | 200 | |||||
Common Stock, Par Value | $ 0.30 | |||||
Entity Small Business | false | |||||
Entity Shell Company | false | |||||
Entity File Number | 1-815 | |||||
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 | |||||
EIDP | 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 | |||||
EIDP | $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 | |||||
EIDP | $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 | |||||
Corteva [Member] | ||||||
Document Information [Line Items] | ||||||
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Philadelphia, Pennsylvania |
Auditor Firm ID | 238 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Sales | $ 17,226 | $ 17,455 | $ 15,655 |
Cost of Goods Sold | 9,920 | 10,436 | 9,220 |
Research and Development Expense | 1,337 | 1,216 | 1,187 |
Selling, General and Administrative Expense | 3,176 | 3,173 | 3,209 |
Amortization of Intangibles | 683 | 702 | 722 |
Restructuring and Related Cost, Incurred Cost | 336 | 363 | 289 |
Other income (expense) - net | (448) | (60) | 1,348 |
Interest Expense | 233 | 79 | 30 |
Income (loss) from continuing operations before income taxes | 1,093 | 1,426 | 2,346 |
Provision for (benefit from) income taxes on continuing operations | 152 | 210 | 524 |
Income (loss) from continuing operations after income taxes | 941 | 1,216 | 1,822 |
Income (loss) from discontinued operations after income taxes | (194) | (58) | (53) |
Net income (loss) | 747 | 1,158 | 1,769 |
Net income (loss) attributable to noncontrolling interests | 12 | 11 | 10 |
Net income (loss) attributable to Corteva | $ 735 | $ 1,147 | $ 1,759 |
Basic earnings (loss) per share of common stock from continuing operations | $ 1.31 | $ 1.67 | $ 2.46 |
Basic earnings (loss) per share of common stock from discontinued operations | (0.27) | (0.08) | (0.07) |
Basic earnings (loss) per share of common stock | 1.04 | 1.59 | 2.39 |
Diluted earnings (loss) per share of common stock from continuing operations | 1.30 | 1.66 | 2.44 |
Diluted earnings (loss) per share of common stock from discontinued operations | (0.27) | (0.08) | (0.07) |
Diluted earnings (loss) per share of common stock | $ 1.03 | $ 1.58 | $ 2.37 |
EIDP | |||
Net Sales | $ 17,226 | $ 17,455 | $ 15,655 |
Cost of Goods Sold | 9,920 | 10,436 | 9,220 |
Research and Development Expense | 1,337 | 1,216 | 1,187 |
Selling, General and Administrative Expense | 3,176 | 3,173 | 3,209 |
Amortization of Intangibles | 683 | 702 | 722 |
Restructuring and Related Cost, Incurred Cost | 336 | 363 | 289 |
Other income (expense) - net | (448) | (60) | 1,348 |
Interest Expense | 253 | 124 | 80 |
Income (loss) from continuing operations before income taxes | 1,073 | 1,381 | 2,296 |
Provision for (benefit from) income taxes on continuing operations | 147 | 199 | 512 |
Income (loss) from continuing operations after income taxes | 926 | 1,182 | 1,784 |
Income (loss) from discontinued operations after income taxes | (194) | (58) | (53) |
Net income (loss) | 732 | 1,124 | 1,731 |
Net income (loss) attributable to noncontrolling interests | 1 | 0 | |
Net income (loss) attributable to Corteva | $ 730 | $ 1,123 | $ 1,731 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income (loss) | $ 747 | $ 1,158 | $ 1,769 |
Cumulative Translation Adjustments | 425 | (340) | (573) |
Unrealized Gain (Loss) on Investments | 0 | 0 | 10 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (135) | 8 | 139 |
Total other comprehensive income (loss) | 129 | 92 | (8) |
Comprehensive Income (Loss) | 876 | 1,250 | 1,761 |
Comprehensive Income Attributable to Noncontrolling Interest- net of tax | 11 | 10 | |
Comprehensive Income (Loss) Attributable to Corteva | 864 | 1,239 | 1,751 |
Pension Plan | |||
Adjustments to other benefit plans | (190) | 233 | 1,037 |
Other Benefit Plans | |||
Adjustments to other benefit plans | 29 | 191 | (621) |
EIDP | |||
Net income (loss) | 732 | 1,124 | 1,731 |
Cumulative Translation Adjustments | 425 | (340) | (573) |
Unrealized Gain (Loss) on Investments | 0 | 0 | 10 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (135) | 8 | 139 |
Total other comprehensive income (loss) | 129 | 92 | (8) |
Comprehensive Income (Loss) | 861 | 1,216 | 1,723 |
Comprehensive Income Attributable to Noncontrolling Interest- net of tax | 2 | 1 | 0 |
Comprehensive Income (Loss) Attributable to Corteva | 859 | 1,215 | 1,723 |
EIDP | Pension Plan | |||
Adjustments to other benefit plans | (190) | 233 | 1,037 |
EIDP | Other Benefit Plans | |||
Adjustments to other benefit plans | $ 29 | $ 191 | $ (621) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Cash and Cash Equivalents | $ 2,644 | $ 3,191 | |
Marketable Securities | 98 | 124 | |
Accounts and notes receivable - net | 5,488 | 5,701 | |
Inventories | 6,899 | 6,811 | |
Other current assets | 1,131 | 968 | |
Total current assets | 16,260 | 16,795 | |
Investments in nonconsolidated affiliates | 115 | 102 | |
Property, Plant and Equipment | 8,956 | 8,551 | |
Accumulated Depreciation | 4,669 | 4,297 | |
Net Property, Plant and Equipment | 4,287 | 4,254 | |
Goodwill | 10,605 | 9,962 | |
Other intangible assets | 9,626 | [1] | 9,339 |
Deferred Income Taxes | 584 | 479 | |
Other Assets | 1,519 | 1,687 | |
Assets | 42,996 | 42,618 | |
Short-term borrowings and finance lease obligations | 198 | 24 | |
Accounts Payable | 4,280 | 4,895 | |
Income Taxes Payable | 174 | 183 | |
Deferred Revenue | 3,406 | 3,388 | |
Accrued and other current liabilities | 2,351 | 2,254 | |
Total current liabilities | 10,409 | 10,744 | |
Long-term Debt | 2,291 | 1,283 | |
Deferred Income Tax Liabilities | 899 | 1,119 | |
Pension and other post employment benefits - noncurrent | 2,467 | 2,255 | |
Other noncurrent obligations | 1,651 | 1,676 | |
Liabilities, Noncurrent | 7,308 | 6,333 | |
Common stock | 7 | 7 | |
Additional Paid in Capital | 27,748 | 27,851 | |
Retained earnings (accumulated deficit) | (41) | 250 | |
Accumulated other comprehensive income (loss) | (2,677) | (2,806) | |
Total Company Stockholders' Equity | 25,037 | 25,302 | |
Noncontrolling Interests | 242 | 239 | |
Total Stockholders' Equity | 25,279 | 25,541 | |
Total Liabilities and Equity | 42,996 | 42,618 | |
EIDP | |||
Cash and Cash Equivalents | 2,644 | 3,190 | |
Marketable Securities | 98 | 124 | |
Accounts and notes receivable - net | 5,488 | 5,701 | |
Inventories | 6,899 | 6,812 | |
Other current assets | 1,131 | 968 | |
Total current assets | 16,260 | 16,795 | |
Investments in nonconsolidated affiliates | 115 | 102 | |
Property, Plant and Equipment | 8,956 | 8,551 | |
Accumulated Depreciation | 4,669 | 4,297 | |
Net Property, Plant and Equipment | 4,287 | 4,254 | |
Goodwill | 10,605 | 9,962 | |
Other intangible assets | 9,626 | 9,339 | |
Deferred Income Taxes | 584 | 479 | |
Other Assets | 1,896 | 1,687 | |
Assets | 43,373 | 42,618 | |
Short-term borrowings and finance lease obligations | 198 | 24 | |
Accounts Payable | 4,280 | 4,895 | |
Income Taxes Payable | 174 | 183 | |
Deferred Revenue | 3,406 | 3,388 | |
Accrued and other current liabilities | 2,347 | 2,258 | |
Total current liabilities | 10,405 | 10,748 | |
Long-term Debt | 2,291 | 1,283 | |
Deferred Income Tax Liabilities | 899 | 1,119 | |
Pension and other post employment benefits - noncurrent | 2,467 | 2,255 | |
Other noncurrent obligations | 1,651 | 1,675 | |
Liabilities, Noncurrent | 7,308 | 7,121 | |
Common stock | 0 | 0 | |
Additional Paid in Capital | 24,349 | 24,284 | |
Retained earnings (accumulated deficit) | 3,747 | 3,031 | |
Accumulated other comprehensive income (loss) | (2,677) | (2,806) | |
Total Company Stockholders' Equity | 25,658 | 24,748 | |
Noncontrolling Interests | 2 | 1 | |
Total Stockholders' Equity | 25,660 | 24,749 | |
Total Liabilities and Equity | 43,373 | 42,618 | |
EIDP | Related Party | |||
Long-term Debt - Related Party | 0 | 789 | |
EIDP | $4.50 Series Preferred Stock [Member] | |||
Preferred stock, without par value – cumulative; 23,000,000 shares authorized; issued at December 31, 2020 and December 31, 2019 | 169 | 169 | |
EIDP | $3.50 Series Preferred Stock [Member] | |||
Preferred stock, without par value – cumulative; 23,000,000 shares authorized; issued at December 31, 2020 and December 31, 2019 | $ 70 | $ 70 | |
[1] Includes the intangible assets acquired in connection with the Stoller and Symborg acquisitions, which were completed on March 1, 2023. See Note 4 – Business Combinations, to the Consolidated Financial Statements, for additional information. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,666,667,000 | 1,666,667,000 |
Common Stock, Shares, Outstanding | 701,260,000 | 713,419,000 |
EID [Member] | ||
Common Stock, Par Value | $ 0.30 | $ 0.30 |
Common Stock, Shares Authorized | 1,800,000,000 | 1,800,000,000 |
Common Stock, Shares, Outstanding | 200 | 200 |
EID [Member] | $4.50 Series Preferred Stock [Member] | ||
Preferred Stock, Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 1,673,000 | 1,673,000 |
Preferred Stock, Redemption Amount | $ 120 | $ 120 |
EID [Member] | $3.50 Series Preferred Stock [Member] | ||
Preferred Stock, Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 700,000 | 700,000 |
Preferred Stock, Redemption Amount | $ 102 | $ 102 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Net income (loss) | $ 747 | $ 1,158 | $ 1,769 | |||
Income (loss) from discontinued operations after income taxes | 194 | 58 | 53 | |||
Depreciation and Amortization | 1,211 | 1,223 | 1,243 | |||
Provision for (Benefit from) Deferred Income Tax | (438) | (288) | 199 | |||
Pension and Other Postretirement Benefits Expense (Reversal of Expense), Noncash | 138 | (142) | (1,292) | |||
Pension and OPEB contributions | 149 | 182 | 247 | |||
Net gain on sales of property, businesses, consolidated companies, and investments | (22) | (18) | (21) | |||
Restructuring and asset related charges- net | 336 | 363 | 289 | |||
Other net loss | 578 | 305 | 154 | |||
Accounts and Notes Receivable | 358 | (993) | (113) | |||
Inventories | 57 | (1,715) | (422) | |||
Accounts Payable | (663) | 807 | 526 | |||
Deferred Revenue | (11) | 194 | 574 | |||
Other Assets and Liabilities, Net | (527) | 142 | 57 | |||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 1,809 | 912 | 2,769 | |||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | (40) | (40) | (42) | |||
Cash provided by (used for) operating activities | 1,769 | 872 | 2,727 | |||
Capital expenditures | (595) | (605) | (573) | |||
Proceeds from the sale of property, businesses, and consolidated companies, net of cash divested | 57 | 73 | 75 | |||
Escrow funding associated with acquisitions | 0 | (36) | 0 | |||
Acquisitions of businesses - Net of Cash Acquired | (1,456) | 0 | 0 | |||
Investments in and loans to nonconsolidated affiliates | (32) | (12) | (4) | |||
Purchases of investments | (148) | (344) | (204) | |||
Proceeds from Sale and Maturities of Investments | 147 | 295 | 345 | |||
Proceeds from Hedge, Investing Activities | 42 | 0 | 0 | |||
Other investing activities - net | (2) | (3) | (1) | |||
Cash provided by (used for) investing activities | (1,987) | (632) | (362) | |||
Net Change in borrowings (less than 90 days) | (6) | (13) | 13 | |||
Proceeds from Debt | 3,429 | 1,358 | 419 | |||
Payments on Debt | (2,309) | (1,140) | (421) | |||
Repurchase of Common Stock | (756) | (1,000) | (950) | |||
Proceeds from Exercise of Stock Options | 31 | 88 | 100 | |||
Dividends Paid to stockholders | (439) | (418) | (397) | |||
Other financing activities | (49) | (55) | (30) | |||
Cash provided by (used for) financing activities | (99) | (1,180) | (1,266) | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents | (143) | (278) | (136) | |||
Increase (decrease) on cash, cash equivalents and restricted cash | (460) | (1,218) | 963 | |||
Cash, cash equivalents and restricted cash equivalents at beginning of period | 3,618 | [1] | 4,836 | [1] | 3,873 | |
Cash, cash equivalents and restricted cash equivalents at end of period | [1] | 3,158 | 3,618 | 4,836 | ||
Supplemental Cash Flow Information [Abstract] | ||||||
Interest, net of amounts capitalized | 234 | 75 | 30 | |||
Income Taxes | 535 | 467 | 341 | |||
EIDP | ||||||
Net income (loss) | 732 | 1,124 | 1,731 | |||
Income (loss) from discontinued operations after income taxes | 194 | 58 | 53 | |||
Depreciation and Amortization | 1,211 | 1,223 | 1,243 | |||
Provision for (Benefit from) Deferred Income Tax | (438) | (288) | 199 | |||
Pension and Other Postretirement Benefits Expense (Reversal of Expense), Noncash | 138 | (142) | (1,292) | |||
Pension and OPEB contributions | 149 | 182 | 247 | |||
Net gain on sales of property, businesses, consolidated companies, and investments | (22) | (18) | (21) | |||
Restructuring and asset related charges- net | 336 | 363 | 289 | |||
Other net loss | 578 | 305 | 154 | |||
Accounts and Notes Receivable | 358 | (993) | (113) | |||
Inventories | 57 | (1,715) | (422) | |||
Accounts Payable | (663) | 807 | 526 | |||
Deferred Revenue | (11) | 194 | 574 | |||
Other Assets and Liabilities, Net | (913) | 143 | 57 | |||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 1,408 | 879 | 2,731 | |||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | (40) | (40) | (42) | |||
Cash provided by (used for) operating activities | 1,368 | 839 | 2,689 | |||
Capital expenditures | (595) | (605) | (573) | |||
Proceeds from the sale of property, businesses, and consolidated companies, net of cash divested | 57 | 73 | 75 | |||
Escrow funding associated with acquisitions | 0 | (36) | 0 | |||
Investments in and loans to nonconsolidated affiliates | (32) | (12) | (4) | |||
Purchases of investments | (148) | (344) | (204) | |||
Proceeds from Sale and Maturities of Investments | 147 | 295 | 345 | |||
Other investing activities - net | (2) | (3) | (1) | |||
Cash provided by (used for) investing activities | (1,987) | (632) | (362) | |||
Net Change in borrowings (less than 90 days) | (6) | (13) | 13 | |||
Proceeds from Related Party Debt | 29 | 48 | 52 | |||
Repayments of Related Party Debt | (818) | (1,422) | (1,349) | |||
Proceeds from Debt | 3,429 | 1,358 | 419 | |||
Payments on Debt | (2,309) | (1,140) | (421) | |||
Proceeds from Exercise of Stock Options | 31 | 88 | 100 | |||
Other financing activities | (54) | (66) | (42) | |||
Cash provided by (used for) financing activities | 302 | (1,147) | (1,228) | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents | (143) | (278) | (136) | |||
Increase (decrease) on cash, cash equivalents and restricted cash | (460) | (1,218) | 963 | |||
Cash, cash equivalents and restricted cash equivalents at beginning of period | 3,618 | 4,836 | 3,873 | |||
Cash, cash equivalents and restricted cash equivalents at end of period | 3,158 | 3,618 | 4,836 | |||
Supplemental Cash Flow Information [Abstract] | ||||||
Interest, net of amounts capitalized | [2] | 234 | 75 | 30 | ||
Income Taxes | $ 535 | $ 467 | $ 341 | |||
[1]See page F-26 for reconciliation of cash and cash equivalents and restricted cash equivalents presented in the Consolidated Balance Sheets to total cash, cash equivalents and restricted cash equivalents presented in the Consolidated Statements of Cash Flows.[2] Reflects interest, net of amounts capitalized, paid to external parties. For information associated with interest paid on related party debt refer to EIDP's Note 2 - Related Party Transactions, of the EIDP Consolidated Financial Statements. |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comp Loss | Noncontrolling Interest [Member] | EIDP | EIDP Preferred Stock [Member] | EIDP Common Stock [Member] | EIDP Additional Paid-in Capital [Member] | EIDP Retained Earnings [Member] | EIDP Accumulated Other Comp Loss | EIDP Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2020 | $ 25,063 | $ 7 | $ 27,707 | $ 0 | $ (2,890) | $ 239 | $ 21,601 | $ 239 | $ 0 | $ 24,049 | $ 203 | $ (2,890) | $ 0 |
Net income (loss) | 1,769 | 1,759 | 10 | 1,731 | 1,731 | ||||||||
Net other comprehensive income (loss) | (8) | (8) | (8) | (8) | |||||||||
Dividends, Common Stock | (397) | (97) | (300) | ||||||||||
Dividends, Preferred Stock | (10) | (10) | |||||||||||
Issuance of stock | 100 | 100 | 100 | 100 | |||||||||
Share-based compensation | 56 | 59 | 56 | 59 | |||||||||
Retained Earnings, Share-based Compensation | (3) | (3) | |||||||||||
Common Stock Repurchase | (950) | (18) | (932) | ||||||||||
Stockholders' Equity, Other | (10) | (10) | (11) | (12) | 1 | ||||||||
Ending 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) | 1,158 | 1,147 | 11 | 1,124 | 1,123 | 1 | |||||||
Net other comprehensive income (loss) | 92 | 92 | 92 | 92 | |||||||||
Dividends, Common Stock | (418) | (418) | |||||||||||
Dividends, Preferred Stock | (10) | (10) | |||||||||||
Issuance of stock | 88 | 88 | 88 | 88 | |||||||||
Share-based compensation | 10 | 12 | 10 | 12 | |||||||||
Retained Earnings, Share-based Compensation | (2) | (2) | |||||||||||
Common Stock Repurchase | (1,000) | (1,000) | |||||||||||
Stockholders' Equity, Other | (12) | (1) | (11) | (14) | (12) | (2) | |||||||
Ending 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) | 747 | 735 | 12 | 732 | 730 | 2 | |||||||
Net other comprehensive income (loss) | 129 | 129 | 129 | 129 | |||||||||
Dividends, Common Stock | (439) | (439) | |||||||||||
Dividends, Preferred Stock | (10) | (10) | |||||||||||
Issuance of stock | 40 | 40 | 40 | 40 | |||||||||
Share-based compensation | 26 | 28 | 26 | 28 | |||||||||
Retained Earnings, Share-based Compensation | (2) | (2) | |||||||||||
Common Stock Repurchase | (756) | (171) | (585) | ||||||||||
Stockholders' Equity, Other | (9) | (9) | (6) | (3) | (2) | (1) | |||||||
Ending Balance at Dec. 31, 2023 | $ 25,279 | $ 7 | $ 27,748 | $ (41) | $ (2,677) | $ 242 | $ 25,660 | $ 239 | $ 0 | $ 24,349 | $ 3,747 | $ (2,677) | $ 2 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Common Stock Dividends | $ 0.58 | $ 0.54 | $ 0.52 |
$3.50 Series Preferred Stock [Member] | EID [Member] | |||
Preferred Stock, Dividends Per Share | 3.50 | 3.50 | 3.50 |
$4.50 Series Preferred Stock [Member] | EID [Member] | |||
Preferred Stock, Dividends Per Share | $ 4.50 | $ 4.50 | $ 4.50 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II—Valuation and Qualifying Accounts (Corteva, Inc. and EIDP) (Dollars in millions) For the Year Ended December 31, 2023 2022 2021 Accounts Receivable—Allowance for Doubtful Receivables Balance at beginning of period $ 194 $ 210 $ 208 Additions charged to expenses 24 3 6 Deductions from reserves 1 (13) (19) (4) Balance at end of period $ 205 $ 194 $ 210 Deferred Tax Assets—Valuation Allowance Balance at beginning of period $ 342 $ 366 $ 453 Additions charged to expenses 225 87 97 Purchase Accounting Adjustments 8 — — Deductions from reserves 2 (65) (111) (184) Balance at end of period $ 510 $ 342 $ 366 1. Deductions include write-offs, recoveries collected and currency translation adjustments. 2. Deductions include currency translation adjustments. |
Background and Basis of Present
Background and Basis of Presentation (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Intended Business Separations [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | BACKGROUND AND BASIS OF PRESENTATION Corteva, Inc. is a leading global provider of seed and crop protection solutions focused on the agriculture industry. The company intends to leverage its rich heritage of scientific achievement to advance its robust innovation pipeline and continue to shape the future of responsible agriculture. The company's broad portfolio of agriculture solutions fuels farmer productivity around the globe. Corteva has two reportable segments: seed and crop protection. See Note 23 - Segment Information, to the Consolidated Financial Statements, for additional information on the company's reportable segments. Throughout these financial statements, except as otherwise noted by the context, the terms "Corteva" or "company" used herein mean Corteva, Inc. and its consolidated subsidiaries (including EIDP) and the term “EIDP” used herein means EIDP, Inc. (formerly known as E. I. du Pont de Nemours and Company) and its consolidated subsidiaries or EIDP, Inc. excluding its consolidated subsidiaries, as the context may indicate. Principles of Consolidation and Basis of Presentation The consolidated financial statements contained in this Annual Report were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for all periods presented and include the accounts of the company, its majority owned subsidiaries over which the company exercises control. The Consolidated Financial Statements and other financial information included in this Annual Report, unless otherwise specified, have been presented to separately show the effects of discontinued operations. The company made the decision, which was retrospectively applied, to adjust the presentation of the Consolidated Statement of Cash Flows to separately show the cash provided by (used for) operating activities – discontinued operations, which was previously presented within cash provided by (used for) operating activities. See Note 16 – Commitments and Contingent Liabilities, to the Consolidated Financial Statements, for additional information on discontinued operations activities. On June 1, 2019, Corteva, Inc. became an independent, publicly traded company through the completed separation (the “Separation”) of the agriculture business of DuPont de Nemours, Inc. (formerly known as DowDuPont Inc.) (“DowDuPont” or “DuPont”). The separation was effectuated through a pro rata distribution (the “Corteva Distribution”) of all of the then-issued and outstanding shares of common stock of Corteva, Inc. Subsequent to the Merger, Historical Dow and EIDP engaged in a series of internal reorganization and realignment steps to realign their businesses into three subgroups: agriculture, materials science and specialty products ("Internal Reorganization"). On April 1, 2019, DowDuPont completed the separation of its materials science business into a separate and independent public company by way of a distribution of Dow common stock to holders of DowDuPont's common stock (the “Dow Distribution” and together with the Corteva Distribution, the “Distributions”). On April 1, 2019, Historical Dow entities, which held certain assets and liabilities aligned with Historical Dow’s agriculture business and the assets and liabilities associated with its specialty products business, respectively, were transferred and conveyed to DowDuPont. On April 1, 2019 and May 1, 2019, EIDP’s materials science and specialty products entities, along with their respective assets and liabilities, were conveyed to Dow and DowDuPont, respectively. On May 2, 2019, DowDuPont conveyed Historical Dow agricultural entities to EIDP. On May 6, 2019, the Board of Directors of DowDuPont approved the distribution of all the then issued and outstanding shares of common stock of Corteva, Inc., then a wholly-owned subsidiary of DowDuPont, to DowDuPont stockholders. On May 31, 2019, DowDuPont contributed EIDP to Corteva, Inc. and on June 1, 2019, the Separation was completed. Information related to the Corteva Distribution and its effect on the company's financial statements is discussed throughout these Notes to the Consolidated Financial Statements. 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 4 percent and 3 percent to the company's annual net sales and segment operating EBITDA, respectively. The company remeasures net monetary assets and translates the 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 7 – Supplementary Information, to the Consolidated Financial Statements). As of December 31, 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 $10 million. The company will continue to assess the implications to its operations and financial reporting. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Consolidated Financial Statements include the accounts of the company and subsidiaries in which a controlling interest is maintained. For those consolidated subsidiaries in which the company's ownership is less than 100 percent, the outside stockholders' interests are shown as noncontrolling interests. Investments in affiliates over which the company has the ability to exercise significant influence but does not have a controlling interest are accounted for under the equity method. The company is also involved with certain joint ventures accounted for under the equity method of accounting that are variable interest entities ("VIEs"). The company is not the primary beneficiary, as the nature of the company's involvement with each VIE does not provide it the power to direct the VIE's significant activities. Future events may require these VIEs to be consolidated if the company becomes the primary beneficiary. At December 31, 2023 and 2022, the maximum exposure to loss related to the nonconsolidated VIEs is not considered material to the Consolidated Financial Statements. Use of Estimates in Financial Statement Preparation The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The company’s consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. Cash and Cash Equivalents Cash equivalents represent investments with maturities of three months or less from time of purchase. They are carried at cost plus accrued interest. Restricted Cash Equivalents Restricted cash equivalents primarily consist of trust assets and contributions to the escrow accounts for the settlement of certain legal matters and the settlement of legacy PFAS matters and the associated qualified spend. 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 Consolidated Balance Sheets. See Note 7 - Supplementary Information, to the Consolidated Financial Statements, for further information. Marketable Securities Marketable securities represent investments in fixed and floating rate financial instruments with maturities greater than three months and up to twelve months at time of purchase. Investments classified as held-to-maturity are recorded at amortized cost. The carrying value approximates fair value due to the short-term nature of the investments. Investments classified as debt securities that are available-for-sale are carried at estimated fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss) or current period earnings if an allowance for credit losses has been established. The cost of investments sold is determined by specific identification. Fair Value Measurements Under the accounting guidance for fair value measurements and disclosures, a fair value hierarchy was established that prioritizes the inputs to valuation techniques used to measure fair value. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The company uses the following hierarchy to classify assets and liabilities measured at fair value: Level 1 – Quoted market prices in active markets for identical assets or liabilities. Level 2 – Significant other observable inputs (e.g., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs). Level 3 – Unobservable inputs for the asset or liability, which are valued based on management's estimates of assumptions that market participants would use in pricing the asset or liability. Foreign Currency Translation The company's worldwide operations utilize the USD or a related foreign currency as the functional currency, where applicable. The company identifies its separate and distinct foreign entities and groups the foreign entities into two categories: 1) extension of the parent or foreign subsidiaries operating in a hyper-inflationary environment (USD functional currency) and 2) self-contained (related foreign functional currency). If a foreign entity does not align with either category, factors are evaluated and a judgment is made to determine the functional currency. For foreign entities where the USD is the functional currency, all foreign currency-denominated asset and liability amounts are re-measured into USD at end-of-period exchange rates, except for inventories, prepaid expenses, property, plant and equipment, goodwill and other intangible assets, which are re-measured at historical rates. Foreign currency income and expenses are re-measured at average exchange rates in effect during each month, except for expenses related to balance sheet amounts re-measured at historical exchange rates. Exchange gains and losses arising from re-measurement of foreign currency-denominated monetary assets and liabilities are included in income in the period in which they occur. For foreign entities where a related foreign currency is the functional currency, assets and liabilities denominated in the related foreign currencies are translated into USD at end-of-period exchange rates and the resultant translation adjustments are reported, net of their related tax effects, as a component of accumulated other comprehensive income (loss) in equity. Assets and liabilities denominated in other than the functional currency are re-measured into the functional currency prior to translation into USD and the resultant exchange gains or losses are included in income in the period in which they occur. Income and expenses are translated into USD at average exchange rates in effect during each month. The company changes the functional currency of its separate and distinct foreign entities only when significant changes in economic facts and circumstances indicate clearly that the functional currency has changed. Inventories The company's inventories are valued at the lower of cost or net realizable value. Elements of cost in inventories include raw materials, direct labor and manufacturing overhead. Stores and supplies are valued at cost or net realizable value, whichever is lower; cost is generally determined by the average cost method. As of December 31, 2023, approximately 60% and 40% of the company's inventories were accounted for under the first-in, first-out ("FIFO") and average cost methods, respectively. As of December 31, 2022, approximately 55% and 45% of the company's inventories were accounted for under the FIFO and average cost methods, respectively. Inventories accounted for under the FIFO method are primarily comprised of products with shorter shelf lives such as seeds. See Note 11 - Inventories, to the Consolidated Financial Statements, for further information. The company establishes an obsolescence reserve for inventory based upon quality considerations and assumptions about future demand and market conditions. Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation. Depreciation is based on the estimated service lives of depreciable assets and is calculated using the straight-line method. Fully depreciated assets are retained in property and accumulated depreciation accounts until they are removed from service. When assets are surrendered, retired, sold, or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the Consolidated Balance Sheets and included in determining gain or loss on such disposals. See Note 12 – Property, Plant and Equipment, to the Consolidated Financial Statements, for further information. Goodwill and Other Intangible Assets The company records goodwill when the purchase price of a business acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired. Goodwill is tested for impairment at the reporting unit level at least annually, or more frequently when events or changes in circumstances indicate that the fair value of a reporting unit has more likely than not declined below its carrying value. The company performs an annual goodwill impairment test in the fourth quarter. When testing goodwill for impairment, the company has the option to first perform qualitative testing to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the company chooses not to complete a qualitative assessment for a given reporting unit or if the initial assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, additional quantitative testing is required. If additional quantitative testing is required, the reporting unit's fair value is compared with its carrying amount, and an impairment charge, if any, is recognized for the amount by which the carrying amount exceeds the reporting unit's fair value, limited to the amount of goodwill associated with the reporting unit. The company determines fair values for each of the reporting units using a discounted cash flow model (a form of the income approach) or the market approach. Under the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The company's significant assumptions in this analysis include future cash flow projections, weighted average cost of capital, the terminal growth rate, and the tax rate. Under the market approach, the company uses metrics of publicly traded companies or historically completed transactions for comparable companies. See Note 13 - Goodwill and Other Intangible Assets, to the Consolidated Financial Statements, for further information on goodwill. Indefinite-lived intangible assets are tested for impairment at least annually; however, these tests are performed more frequently when events or changes in circumstances indicate that the asset may be impaired. Impairment exists when carrying value exceeds fair value. The company performs an impairment assessment using the multi-period excess earnings method (a form of the income approach) using Level 3 inputs within the fair value hierarchy. The significant assumptions used in the calculation include future cash flow projections, the discount rate, and the terminal growth rate. These significant assumptions involve management judgment and estimates relating to future operating performance and economic conditions that may differ from actual cash flows. Definite-lived intangible assets are amortized over their estimated useful lives, generally on a straight-line basis for periods ranging primarily from 2 years to 25 years. The company continually evaluates the reasonableness of the useful lives of these assets. Once these assets are no longer considered held and used, they are removed from the Consolidated Balance Sheets. Acquisitions Acquisitions are recorded using the acquisition method of accounting and recognizes and measures the identifiable assets acquired and liabilities assumed as of the acquisition date at fair value, where applicable. The excess, if any, of total consideration transferred in a business combination over the fair value of identifiable assets acquired and liabilities assumed is recognized as goodwill. Costs incurred as a result of a business combination other than costs related to the issuance of debt or equity securities are recorded in the period the costs are incurred. The company includes the operating results of acquired entities from their respective dates of acquisition. Leases The company determines whether an arrangement is a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset and the company has the right to control the asset. Operating lease right-of-use ("ROU") assets are included in other assets on the company’s Consolidated Balance Sheets. Operating lease liabilities are included in accrued and other current liabilities and other noncurrent obligations on the company’s Consolidated Balance Sheets. Finance lease assets are included in property, plant and equipment on the company’s Consolidated Balance Sheets. Finance lease liabilities are included in short-term borrowings and finance lease obligations and long-term debt on the company’s Consolidated Balance Sheets. Operating lease ROU assets represent the company’s right to use an underlying asset for the lease term and lease liabilities represent the company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the company’s leases do not provide the lessor's implicit rate, the company uses its incremental borrowing rate at the commencement date in determining the present value of lease payments. Lease terms include options to extend the lease when it is reasonably certain those options will be exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The company recognizes lease expense for these leases on a straight-line basis over the lease term. The company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all asset classes. In the Consolidated Statements of Operations, lease expense for operating leases is recognized on a straight-line basis over the lease term. For finance leases, interest expense is recognized on the lease liability and the ROU asset is amortized over the lease term. See Note 14 - Leases, to the Consolidated Financial Statements, for further information. Impairment of Long-Lived Assets The company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from the assets are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset group. The company's fair value methodology is an estimate of fair market value which is made based on prices of similar assets or other valuation methodologies including present value techniques. Long-lived assets to be disposed of by sale, if material, are classified as held for sale and reported at the lower of carrying amount or fair value less cost to sell, and depreciation is ceased. Long-lived assets to be disposed of other than by sale are classified as held and used until they are disposed of and reported at the lower of carrying amount or fair value. Depreciation is recognized over the remaining useful life of the assets. Derivative Instruments Derivative instruments are reported in the Consolidated Balance Sheets at their fair values. The company utilizes derivatives to manage exposures to foreign currency exchange rates and commodity prices. Changes in the fair values of derivative instruments that are not designated as hedges are recorded in current period earnings. For derivative instruments designated as cash flow hedges, the gain (loss) is reported in accumulated other comprehensive income (loss) until it is cleared to earnings during the same period in which the hedged item affects earnings. For derivative instruments designated as net investment hedges, the gain (loss) is reported within accumulated other comprehensive income (loss) until the subsidiary is divested. In the event that a derivative designated as a hedge of a firm commitment or an anticipated transaction is terminated prior to the maturation of the hedged transaction, the net gain or loss in accumulated other comprehensive income (loss) generally remains in accumulated other comprehensive income (loss) until the item that was hedged affects earnings. If a hedged transaction matures, or is sold, extinguished, or terminated prior to the maturity of a derivative designated as a hedge of such transaction, gains or losses associated with the derivative through the date the transaction matured are included in the measurement of the hedged transaction and the derivative is reclassified as for trading purposes. Derivatives designated as hedges of anticipated transactions are reclassified as for trading purposes if the anticipated transaction is no longer probable. The company included foreign currency exchange contract settlements within cash flows from operating activities, regardless of hedge accounting qualification. See Note 20 - Financial Instruments, to the Consolidated Financial Statements, for additional discussion regarding the company's objectives and strategies for derivative instruments. Environmental Matters Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. These accruals are adjusted periodically as assessment and remediation efforts progress or as additional technical or legal information becomes available. Accruals for environmental liabilities are included in the Consolidated Balance Sheets in accrued and other current liabilities and other noncurrent obligations at undiscounted amounts. Accruals for related insurance or other third-party recoveries for environmental liabilities are recorded when it is probable that a recovery will be realized and are included in the Consolidated Balance Sheets as accounts and notes receivable - net. Environmental costs are capitalized if the costs extend the life of the property, increase its capacity, and/or mitigate or prevent contamination from future operations. Environmental costs are also capitalized in recognition of legal asset retirement obligations resulting from the acquisition, construction and/or normal operation of a long-lived asset. Costs related to environmental contamination treatment and cleanup are charged to expense. Estimated future incremental operations, maintenance and management costs directly related to remediation are accrued when such costs are probable and reasonably estimable. Revenue Recognition The company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the company expects to receive in exchange for those goods or services. To determine the revenue recognition for an arrangement considered to be a contract with a customer, the company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. See Note 5 - Revenue, to the Consolidated Financial Statements, for additional information on revenue recognition. Prepaid Royalties The company currently has certain third-party biotechnology trait license agreements, which require up-front and variable payments subject to the licensor meeting certain conditions. These payments are reflected as other current assets and other assets in the Consolidated Balance Sheets and are amortized to cost of goods sold in the Consolidated Statement of Operations as seeds containing the respective trait technology are utilized over the life of the license. The rate of royalty amortization expense recognized is based on the company’s strategic plans which include various assumptions and estimates including product portfolio, market dynamics, farmer preferences, growth rates and projected planted acres. Changes in factors and assumptions included in the strategic plans, including potential changes to the product portfolio in favor of internally developed biotechnology, could impact the rate of recognition of the relevant prepaid royalty. At December 31, 2023, the balance of prepaid royalties reflected in other current assets and other assets in the Consolidated Balance Sheets was approximately $105 million and $25 million, respectively. The majority of the balance of prepaid royalties in other current assets relates to the company’s wholly owned subsidiary, Pioneer Hi-Bred International, Inc.’s (“Pioneer”) non-exclusive license in the United States and Canada for the Monsanto Company's Genuity ® Roundup Ready 2 Yield ® glyphosate tolerance trait and Roundup Ready 2 Xtend ® glyphosate and dicamba tolerance trait for soybeans (“Roundup Ready 2 License Agreement”). Each of these licensed technologies are now trademarks of the Bayer Group, which acquired the Monsanto Company in 2018. The prepaid royalty asset relates to a series of up-front, fixed and variable royalty payments to utilize the traits in Pioneer’s soybean product mix. The company’s historical expectation was that the technology licensed under the Roundup Ready 2 License Agreement would be used as the primary herbicide tolerance trait platform in the Pioneer ® brand soybean through the term of the agreement. DAS and MS Technologies, L.L.C. jointly developed and own the Enlist E3 TM herbicide tolerance trait for soybeans which provides tolerance to 2, 4-D choline in Enlist Duo ® and Enlist One ® herbicides, as well as glyphosate and glufosinate herbicides. In connection with the validation of breeding plans and large-scale product development timelines, during 2019 the company committed to accelerate the ramp up of the Enlist E3 TM trait platform in the company’s soybean portfolio mix across all brands, including Pioneer ® brands. During the five-year ramp-up period, the company has began to significantly reduce the volume of products with the Roundup Ready 2 Yield ® and Roundup Ready 2 Xtend ® herbicide tolerance traits, with expected minimal use of the trait platform thereafter for the remainder of the Roundup Ready 2 License Agreement (the “Transition Plan”). The rate of royalty expense has therefore increased significantly through higher amortization of the prepaid royalty as fewer seeds containing the respective trait are expected to be utilized. In connection with the departure from these traits, beginning January 1, 2020 the company presents and discloses the non-cash accelerated prepaid royalty amortization expense as a component of restructuring and asset related charges - net, in the Consolidated Statement of Operations. The accelerated prepaid royalty amortization expense represents the difference between the rate of amortization based on the revised number of units expected to contain the Roundup Ready 2 Yield ® and Roundup Ready 2 Xtend ® trait technology and the variable cash rate per the Roundup Ready 2 License Agreement. Further changes in factors and assumptions associated with usage of the trait platform licensed under the Roundup Ready 2 License Agreement, including the Transition Plan, could further impact the rate of recognition of the prepaid royalty and Consolidated Statement of Operations presentation of the accelerated prepaid royalty amortization expense. Cost of Goods Sold Cost of goods sold primarily includes the cost of manufacture and delivery, ingredients or raw materials, direct salaries, wages and benefits and overhead, non-capitalizable costs associated with capital projects, royalties and other operational expenses. No amortization of intangibles is included within cost of goods sold. Research and Development Research and development costs are expensed as incurred. Research and development expense includes costs (primarily consisting of employee costs, materials, contract services, research agreements, and other external spend) relating to the discovery and development of new products. Selling, General and Administrative Expenses Selling, general and administrative expenses primarily include selling and marketing expenses, commissions, functional costs, and business management expenses. Litigation and Other Contingencies Accruals for legal matters and other contingencies are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Legal costs, such as outside counsel fees and expenses, are charged to expense in the period incurred. Severance Costs Severance benefits are provided to employees under the company's ongoing benefit arrangements. Severance costs are accrued when management commits to a plan of termination and it becomes probable that employees will be entitled to benefits at amounts that can be reasonably estimated. Insurance/Self-Insurance The company self-insures certain risks where permitted by law or regulation, including workers' compensation, vehicle liability and employee related benefits. Liabilities associated with these risks are estimated in part by considering historical claims experience, demographic factors and other actuarial assumptions. For other risks, the company uses a combination of insurance and self-insurance, reflecting comprehensive reviews of relevant risks. A receivable for an insurance recovery is generally recognized when the loss has occurred and collection is considered probable. Income Taxes The company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities using enacted tax rates. The effect of a change in tax rates on deferred tax assets or liabilities is recognized in income in the period that includes the enactment date. The company recognizes the financial statement effects of an uncertain income tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The current portion of uncertain income tax positions is included in income taxes payable or income tax receivable, and the long-term portion is included in other noncurrent obligations or other noncurrent assets in the Consolidated Balance Sheets. Income tax related penalties are included in the provision for (benefit from) income taxes in the Consolidated Statements of Operations. Interest accrued related to unrecognized tax benefits is included within the provision for (benefit from) income taxes from continuing operations in the Consolidated Statements of Operations. Earnings per Common Share The calculation of earnings per common share is based on the weighted-average number of the company’s common shares outstanding for the applicable period. The calculation of diluted earnings per common share reflects the effect of all potential common shares that were outstanding during the respective periods, unless the effect of doing so is antidilutive. |
Recent Accounting Guidance
Recent Accounting Guidance | 12 Months Ended |
Dec. 31, 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 Accounting Standards Update ("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 16 – Commitments and Contingent Liabilities, to the Consolidated Financial Statements, for additional information. Accounting Guidance Issued But Not Adopted as of December 31, 2023 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires that an entity disclose specific categories in the effective tax rate reconciliation as well as reconciling items that meet a quantitative threshold. Further, the ASU requires additional disclosures on income tax expense and taxes paid, net of refunds received, by jurisdiction. The new standard is effective for annual periods beginning after December 15, 2024 on a prospective basis with the option to apply it retrospectively. Early adoption is permitted. The adoption of this guidance will result in the company being required to include enhanced income tax related disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU includes amendments that expand the existing reportable segment disclosure requirements and requires disclosure of (i) significant expense categories and amounts by reportable segment as well as the segment’s profit or loss measure(s) that are regularly provided to the chief operating decision maker (the “CODM”) to allocate resources and assess performance; (ii) how the CODM uses each reported segment profit or loss measure to allocate resources and assess performance; (iii) the nature of other segment balances contributing to reported segment profit or loss that are not captured within segment revenues or expenses; and (iv) the title and position of the individual or name of the group or committee identified as the CODM. This guidance requires retrospective application to all prior periods presented in the financial statements and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of this guidance will result in the company being required to include enhanced disclosures relating to its reportable segments. 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. It generally requires the use of business combinations accounting at the joint venture 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 joint venture’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 | 12 Months Ended |
Dec. 31, 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 Consolidated Financial Statements for the year ended December 31, 2023. Additionally, supplemental pro forma information have not been presented since the reported amounts in the company's Consolidated Financial Statements for the current period and comparative prior periods 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 243 17 Inventories 81 10 Other current assets 9 2 Property, plant and equipment 71 3 Goodwill 383 129 Other intangible assets 645 300 Deferred income taxes 10 — Other assets 5 1 Total assets acquired $ 1,544 $ 462 Liabilities Short-term borrowings 59 — Accounts payable 25 13 Income taxes payable 2 — Accrued and other current liabilities 65 4 Long-term debt 2 — Deferred income tax liabilities 150 74 Other noncurrent obligations 21 1 Total liabilities assumed $ 324 $ 92 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 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 net 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 infinite lives: IPR&D — — 5 — Total other intangible assets with indefinite lives $ — — $ 5 — Total intangible assets $ 645 $ 300 The preliminary customer-related and in-process research and development (“IPR&D”) intangible asset’s fair values were determined using the multi-period excess earnings method. The preliminary developed technology fair values were determined utilizing the relief from royalty method for Stoller and the |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 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 $134 million and $131 million at December 31, 2023 and December 31, 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 December 31, 2023 December 31, 2022 (In millions) Accounts and notes receivable - trade 1 $ 4,329 $ 4,261 Contract assets - current 2 27 26 Contract assets - noncurrent 3 67 64 Deferred revenue - current 3,406 3,388 Deferred revenue - noncurrent 4 108 107 1. Included in accounts and notes receivable - net in the Consolidated Balance Sheets. 2. Included in other current assets in the Consolidated Balance Sheets. 3. Included in other assets in the Consolidated Balance Sheets. 4. Included in other noncurrent obligations in the Consolidated Balance Sheets. Revenue recognized during the year ended December 31, 2023, 2022, and 2021 from amounts included in deferred revenue at the beginning of the period was $3,342 million, $3,150 million, and $2,613 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: For the Year Ended December 31, (In millions) 2023 2022 2021 Corn $ 6,447 $ 5,955 $ 5,618 Soybean 1,858 1,810 1,568 Other oilseeds 708 714 752 Other 459 500 464 Seed 9,472 8,979 8,402 Herbicides 4,034 4,591 3,815 Insecticides 1,598 1,831 1,730 Fungicides 1,112 1,450 1,310 Other 1,010 604 398 Crop Protection 7,754 8,476 7,253 Total $ 17,226 $ 17,455 $ 15,655 Sales are attributed to geographic regions based on customer location. Net sales by geographic region and segment are included below: Seed For the Year Ended December 31, (In millions) 2023 2022 2021 North America 1 $ 5,768 $ 5,178 $ 5,004 EMEA 2 1,622 1,609 1,599 Latin America 1,637 1,758 1,420 Asia Pacific 445 434 379 Total $ 9,472 $ 8,979 $ 8,402 Crop Protection For the Year Ended December 31, (In millions) 2023 2022 2021 North America 1 $ 2,822 $ 3,116 $ 2,532 EMEA 2 1,745 1,647 1,524 Latin America 2,269 2,687 2,125 Asia Pacific 918 1,026 1,072 Total $ 7,754 $ 8,476 $ 7,253 1. Represents U.S. & Canada. 2. Europe, Middle East, and Africa ("EMEA"). |
Restructuring and Asset Related
Restructuring and Asset Related Charges | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING AND ASSET RELATED CHARGES - NET Crop Protection Operations Strategy Restructuring Program On November 5, 2023, management of the company approved a plan to further optimize its Crop Protection network of manufacturing and external partners (the "Crop Protection Operations Strategy Program"). 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-related charges include non-cash impairments charges of $152 million, which were recognized during the year ended December 31, 2023 and consisted of $92 million and $60 million relating to operating lease assets and property, plant and equipment, respectively, associated with the exit of the company’s production activities at its site in Pittsburg, California. Future cash payments related to these charges are anticipated to be $90 million to $120 million, which primarily relate to the payment of severance and related benefits and contract terminations. During the year ended December 31, 2023, the company paid $3 million associated with these charges. The restructuring actions associated with these charges are expected to be substantially complete in 2024. The charges of $217 million related to the Crop Protection Operations Strategy Program for the year ended December 31, 2023 impacted the crop protection segment. This amount excludes charges relating to spare parts write-offs, which also impacted the crop protection segment, included in cost of goods sold, in the company’s Consolidated Statement of Operations. See Note 23 – Segment Information, to the Consolidated Financial Statements, for additional information. The following table is a summary of charges incurred related to the Crop Protection Strategy Operations Program for the year ended December 31, 2023: (In millions) For the Year Ended December 31, 2023 Asset related charges 1 $ 214 Contract termination charges 3 Total restructuring and asset related charges - net 2 $ 217 1. Asset-related charges includes impairment charges related to operating lease assets and property, plant and equipment, as noted above. 2. This amount excludes charges relating to spare parts write-offs included in cost of goods sold, in the company’s Consolidated Statement of Operations, as noted above. A reconciliation of the December 31, 2022 to the December 31, 2023 liability balances related to the Crop Protection Operations Strategy Program is summarized below: (In millions) Asset Related 1 Contract Termination Total Balance at December 31, 2022 $ — $ — $ — Charges to income from continuing operations 214 3 217 Payments — (3) (3) Asset write-offs (214) — (214) Balance at December 31, 2023 $ — $ — $ — 1. Asset-related charges includes impairment charges related to operating lease assets and property, plant and equipment, as noted above. 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”). Through the year ended December 31, 2023, the company recorded net pre-tax restructuring and other charges of $373 million inception-to-date under the 2022 Restructuring Actions, consisting of $131 million of severance and related benefit costs, $116 million of asset related charges, $67 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 as actions associated with this charge are substantially complete. Cash payments related to these charges are anticipated to be up to $210 million, of which approximately $150 million has been paid through December 31, 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 substantially complete. The total net pre-tax restructuring and other charges recognized through the year ended December 31, 2023 included $53 million associated with the Russia Exit. The Russia Exit net pre-tax restructuring charges consisted of $6 million of severance and related benefit costs, $6 million of asset related charges, and $30 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 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 years ended December 31, 2023 and 2022 were as follows: For the Year Ended December 31, (In millions) 2023 2022 Seed $ 17 $ 120 Crop Protection 5 41 Corporate expenses 20 111 Total 1 $ 42 $ 272 1. This amount excludes other pre-tax charges recorded during the years ended December 31, 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 company's Consolidated Statement of Operations, respectively. See Note 23 - Segment Information, to the Consolidated Financial Statements, for additional information. The following table is a summary of charges incurred related to the 2022 Restructuring Actions for the years ended December 31, 2023 and 2022: For the Year Ended December 31, (In millions) 2023 2022 Severance and related benefit costs $ 20 $ 111 Asset related charges 12 104 Contract termination charges 1 10 57 Total restructuring and asset related charges - net 2 $ 42 $ 272 1. Contract terminations includes early lease terminations. 2. This amount excludes other pre-tax charges recorded during the year ended December 31, 2023 and 2022 included in cost of goods sold and other income (expense) – net, in the company’s Consolidated Statement of Operations, as noted above. A reconciliation of the December 31, 2022 to the December 31, 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 from continuing operations 20 12 10 42 Payments (43) — (13) (56) Asset write-offs — (11) — (11) Balance at December 31, 2023 $ 48 $ 1 $ 9 $ 58 1. The liability for contract terminations includes lease obligations. The cash impact of these obligations are substantially complete. 2021 Restructuring Actions During the first quarter of 2021, Corteva approved restructuring actions designed to right-size and optimize its footprint and organizational structure according to the business needs in each region with the focus on driving continued cost improvement and productivity. Through the year ended December 31, 2023, the company recorded net pre-tax restructuring charges of $167 million inception-to-date under the 2021 Restructuring Actions, consisting of $70 million of severance and related benefit costs, $45 million of asset related charges, $12 million of asset retirement obligations and $40 million of costs related to contract terminations (including early lease terminations). The company does not anticipate any additional material charges from the 2021 Restructuring Actions as actions associated with this charge were substantially complete by the end of 2021. The charges related to the 2021 Restructuring Actions related to the segments, as well as corporate expenses, for the years ended December 31, 2023, 2022 and 2021 were as follows: For the Year Ended December 31, (In millions) 2023 2022 2021 Seed $ — $ (1) $ 31 Crop Protection 6 (1) 55 Corporate expenses 1 (5) 81 Total $ 7 $ (7) $ 167 The following table is a summary of charges incurred related to the 2021 Restructuring Actions for the years ended December 31, 2023, 2022 and 2021: For the Year Ended December 31, (In millions) 2023 2022 2021 Severance and related benefit costs $ 1 $ (5) $ 74 Asset related charges 6 — 51 Contract termination charges — (2) 42 Total restructuring and asset related charges - net $ 7 $ (7) $ 167 Other Asset Related Charges For the years ended December 31, 2023, 2022, and 2021 the company recognized $72 million, $109 million, and $125 million respectively, in restructuring and asset related charges - net in the Consolidated Statements 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 | 12 Months Ended |
Dec. 31, 2023 | |
Supplementary Information [Abstract] | |
Additional Financial Information Disclosure [Text Block] | SUPPLEMENTARY INFORMATION Other Income (Expense) - Net For the Year Ended December 31, (In millions) 2023 2022 2021 Interest income $ 283 $ 124 $ 77 Equity in earnings (losses) of affiliates - net 10 20 14 Net gain (loss) on sales of businesses and other assets 1 22 18 21 Net exchange gains (losses) 2 (397) (229) (54) Non-operating pension and other post-employment benefit credits (costs) 3 (119) 163 1,318 Miscellaneous income (expenses) - net 4 (247) (156) (28) Other income (expense) - net $ (448) $ (60) $ 1,348 1. The years ended December 31, 2022 and 2021 include a gain of $15 million and $19 million, respectively, relating to the sale of a business in the crop protection segment. 2. Includes net pre-tax exchange gains (losses) of $(284) million, $(110) million and $(67) million associated with the devaluation of the Argentine peso for the years ended December 31, 2023, 2022 and 2021, respectively. 3. 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)). 4. Includes losses from sale of receivables, tax indemnification adjustments related to changes in indemnification balances as a result of the application of the terms of the Tax Matters Agreement between Corteva and Dow and/or DuPont, and other items. The years ended December 31, 2023, 2022, and 2021 also includes an 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”). The years ended December 31, 2023 and 2022 also includes estimated settlement reserves and gains (losses) associated with the sale of businesses, assets and equity investments. The year ended December 31, 2022 also includes legal accruals and settlement cost associated with the Russia Exit. The year ended December 31, 2021 also includes a charge related to a contract termination with a third-party service provider, a gain from the remeasurement of an equity investment and an officer indemnification payment. See Note 23 - Segment Information, to the Consolidated Financial Statements, for additional information on significant items. The following table summarizes the impacts of the company's foreign currency hedging program on the company's results of operations. The company routinely uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities. The objective of this program is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes on net monetary asset positions. The hedging program gains (losses) are largely taxable (tax deductible) in the United States (U.S.), whereas the offsetting exchange gains (losses) on the remeasurement of the net monetary asset positions are often not taxable (tax deductible) in their local jurisdictions. The net pre-tax exchange gains (losses) are recorded in other income (expense) - net and the related tax impact is recorded in provision for (benefit from) income taxes on continuing operations in the Consolidated Statements of Operations. For the Year Ended December 31, (In millions) 2023 2022 2021 Subsidiary Monetary Position Gain (Loss) Pre-tax exchange gain (loss) $ (371) $ (217) $ (72) Local tax (expenses) benefits 55 (10) (30) Net after-tax impact from subsidiary exchange gain (loss) $ (316) $ (227) $ (102) Hedging Program Gain (Loss) Pre-tax exchange gain (loss) $ (26) $ (12) $ 18 Tax (expenses) benefits 7 5 (4) Net after-tax impact from hedging program exchange gain (loss) $ (19) $ (7) $ 14 Total Exchange Gain (Loss) Pre-tax exchange gain (loss) $ (397) $ (229) $ (54) Tax (expenses) benefits 62 (5) (34) Net after-tax exchange gain (loss) $ (335) $ (234) $ (88) 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 Consolidated Balance Sheets to the total cash, cash equivalents and restricted cash equivalents presented in the 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 Consolidated Balance Sheets. (In millions) December 31, 2023 December 31, 2022 Cash and cash equivalents $ 2,644 $ 3,191 Restricted cash equivalents 514 427 Total cash, cash equivalents and restricted cash equivalents $ 3,158 $ 3,618 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 December 31, 2023 and 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 at December 31, 2022. Accounts payable Accounts payable was $4,280 million and $4,895 million at December 31, 2023 and 2022, respectively. Accounts payable - trade, which is a component of accounts payable, was $2,952 million and $3,717 million at December 31, 2023 and 2022, respectively. Included in accounts payable – trade was seed grower compensation of approximately $560 million and $470 million at December 31, 2023 and 2022, respectively, which is measured at fair value using level 2 inputs for each period presented. Accrued discounts and rebates, which is a component of accounts payable, was approximately $1,170 million and $1,030 million at December 31, 2023 and 2022, respectively. No other components of accounts payable were more than 5 percent of total current liabilities. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES Domestic and foreign components of the income (loss) from continuing operations before income taxes and the provision for (benefit from) current and deferred tax expense (benefit) are shown below: Geographic Allocation of Income (Loss) and Provision for (Benefit from) Income Taxes For the Year Ended December 31, (In millions) 2023 2022 2021 Income (loss) from continuing operations before income taxes Domestic $ (414) $ (1) $ 941 Foreign 1,507 1,427 1,405 Income (loss) from continuing operations before income taxes $ 1,093 $ 1,426 $ 2,346 Current tax expense (benefit) Federal $ 143 $ 65 $ (13) State and local 40 21 6 Foreign 407 403 329 Total current tax expense (benefit) $ 590 $ 489 $ 322 Deferred tax expense (benefit) Federal $ (326) $ (170) $ 164 State and local (50) (39) 55 Foreign (62) (70) (17) Total deferred tax expense (benefit) $ (438) $ (279) $ 202 Provision for (benefit from) income taxes on continuing operations 152 210 524 Net income (loss) from continuing operations after taxes $ 941 $ 1,216 $ 1,822 The effective income tax rate applicable to income (loss) from continuing operations before income taxes was different from the statutory U.S. federal income tax rate due to the factors listed in the following table: Reconciliation to U.S. Statutory Rate For the Year Ended December 31, 2023 2022 2021 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Effective tax rates on international operations - net 1 (1.8) (3.5) (2.5) Acquisitions, divestitures and ownership restructuring activities 2 3.6 (5.4) (0.1) U.S. research and development credit (5.9) (2.2) (2.4) Exchange gains/losses 3 2.0 3.7 1.9 State and local incomes taxes - net 0.9 0.3 2.1 Impact of Swiss Tax Changes 4 (7.9) — 0.2 Excess tax benefits/deficiencies from stock compensation (0.5) (0.7) (0.2) Tax settlements and expiration of statute of limitations (0.3) 0.1 — Repatriation of foreign earnings 5 2.9 1.7 1.0 Other – net (0.1) (0.3) 1.3 Effective tax rate on income from continuing operations 13.9 % 14.7 % 22.3 % 1. Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. Includes a tax benefit of $(36) million for the year ended December 31, 2022, relating to the release of a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil. 2. Includes net tax charge of $46 million for the year ended December 31, 2023, associated with intellectual property realignment. Includes net tax benefits of $(55) million and $(42) million for the year ended December 31, 2022, related to deferred tax assets established upon change in a U.S. entity's tax characterization, and a worthless stock deduction on Company's investment in a subsidiary after a change in the entity's legal structure, respectively. 3. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 7 - Supplementary Information, and Note 20 - Financial Instruments, under the heading Foreign Currency Risk. 4. Includes net tax benefits of $(62) million and $(24) million for the year ended December 31, 2023, related to changes in deferred taxes and a tax currency change, respectively. 5. Includes the effect of withholding tax on distribution of foreign earnings to the U.S., net of U.S. foreign tax credits. Significant components of the company's net deferred tax asset (liability) were attributable to: Deferred Tax Balances at December 31, 2023 2022 (In millions) Assets Liabilities Assets Liabilities Property $ — $ 353 $ — $ 447 Operating loss and tax credit carryforwards 1 539 — 363 — Accrued employee benefits 703 — 680 — Other accruals and reserves 603 — 545 — Intangibles — 2,153 — 2,106 Inventory 193 — 198 — Research and development capitalization 607 — 418 — Investments 39 — 40 — Unrealized exchange gains/losses — 38 — 29 Other – net 55 — 40 — Subtotal $ 2,739 $ 2,544 $ 2,284 $ 2,582 Valuation allowances 2 (510) — (342) — Total $ 2,229 $ 2,544 $ 1,942 $ 2,582 Net Deferred Tax Asset (Liability) $ (315) $ (640) 1. Primarily related to tax loss and credit carryforwards from operations in the United States, Switzerland, and Spain. 2. During the year ended December 31, 2023, the company adjusted the valuation allowances recorded against the net deferred tax asset position of various legal entities, the largest of which relates to legal entities in Switzerland and Argentina. Details of the company’s operating loss and tax credit carryforwards are shown in the following table: Operating Loss and Tax Credit Carryforwards Deferred Tax Asset (In millions) 2023 2022 Operating loss carryforwards Expire within 5 years $ 103 $ 127 Expire after 5 years or indefinite expiration 303 158 Total operating loss carryforwards $ 406 $ 285 Tax credit carryforwards Expire within 5 years $ 59 $ 15 Expire after 5 years or indefinite expiration 74 63 Total tax credit carryforwards $ 133 $ 78 Total Operating Loss and Tax Credit Carryforwards $ 539 $ 363 A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: Total Gross Unrecognized Tax Benefits For the Year Ended December 31, (In millions) 2023 2022 2021 Total unrecognized tax benefits as of beginning of period $ 357 $ 377 $ 395 Decreases related to positions taken on items from prior years — (3) (7) Increases related to positions taken on items from prior years 23 4 13 Increases related to positions taken in the current year 16 11 9 Settlement of uncertain tax positions with tax authorities (4) (24) (17) Decreases due to expiration of statutes of limitations (2) (5) (16) Exchange (gain) loss — (3) — Total unrecognized tax benefits as of end of period $ 390 $ 357 $ 377 Total unrecognized tax benefits that, if recognized, would impact the effective tax rate $ 173 $ 139 $ 157 Total amount of interest and penalties (benefits) recognized in provision for (benefit from) income taxes on continuing operations $ 1 $ 1 $ 1 Total accrual for interest and penalties associated with unrecognized tax benefits at end of period $ 11 $ 13 $ 11 Each year the company files hundreds of tax returns in the various national, state and local income taxing jurisdictions in which it operates. These tax returns are subject to examination and possible challenge by the tax authorities. Positions challenged by the tax authorities may be settled or appealed by the company. As a result, there is an uncertainty in income taxes recognized in the company's financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. It is reasonably possible that changes to the company’s global unrecognized tax benefits could be significant; however, due to the uncertainty regarding the timing of completion of audits and possible outcomes, a current estimate of the range of increases or decreases that may occur within the next twelve months cannot be made. As of December 31, 2023, the company has made advance deposits of approximately $90 million to a foreign taxing authority, partially as a prerequisite to petition the court related to an open tax examination. These payments are accounted for as a prepaid asset, included in other assets in the Consolidated Balance Sheets. Tax years that remain subject to examination for the company’s major tax jurisdictions are shown below: Tax Years Subject to Examination by Major Tax Jurisdiction at December 31, 2023 Earliest Open Year Jurisdiction Argentina 2017 Brazil 2018 Canada 2016 China 2014 France 2021 India 2022 Italy 2017 Switzerland 2018 United States: Federal income tax 2012 State and local income tax 2012 Undistributed earnings of foreign subsidiaries and related companies that are deemed to be indefinitely invested amounted to $4,240 million at December 31, 2023. Distributions of profits from non-U.S. subsidiaries are subject to certain taxes upon repatriation, primarily where foreign withholding taxes apply; these taxes are partially offset by U.S. foreign tax credits. The company is asserting indefinite reinvestment related to certain investments in foreign subsidiaries. Determination of the amount of unrecognized deferred tax liability related to indefinitely reinvested profits is not feasible primarily due to our legal entity structure and the complexity of U.S. and local tax laws. For periods between the Merger on August 31, 2017, and the Corteva Distribution, Corteva and its subsidiaries were included in DowDuPont's consolidated federal income tax group and consolidated tax return. Generally, the consolidated tax liability of the DowDuPont U.S. tax group for each year was apportioned among the members of the consolidated group based on each member’s separate taxable income. Corteva, DuPont and Dow intend that to the extent federal and/or state corporate income tax liabilities are reduced through the utilization of tax attributes of the other, settlement of any receivable and payable generated from the use of the other party’s sub-group attributes will be in accordance with a tax sharing agreement and/or Tax Matters Agreement. See Note 16 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements for further information related to indemnifications between Corteva, DuPont and Dow. On August 16, 2022, the U.S. federal government enacted the Inflation Reduction Act of 2022 (“the Act”). The Act includes tax provisions, among other things, which implement (i) a 15 percent minimum tax on book income of certain large corporations; (ii) a one percent excise tax on net stock repurchases; and (iii) several tax incentives to promote clean energy. The Act did not have a material impact on the company’s financial position, results of operations or cash flows. In December 2021, the Organization for Economic Cooperation and Development ("OECD") released the Pillar Two Model rules (also referred to as the global minimum tax or Global Anti-Base Erosion "GloBE" rules), which were designed to ensure multinational enterprises pay a certain level of tax within every jurisdiction they operate. Several jurisdictions in which we operate have enacted these rules, with a January 1, 2024 effective date. The company is monitoring developments and evaluating the potential impact. At this time, the company does not anticipate a material tax charge as a result of implementation of these rules. |
Earnings Per Share of Common St
Earnings Per Share of Common Stock (Notes) | 12 Months Ended |
Dec. 31, 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 Per Share Calculations - Basic and Diluted For the Year Ended December 31, (In millions) 2023 2022 2021 Income (loss) from continuing operations after income taxes $ 941 $ 1,216 $ 1,822 Net income (loss) attributable to continuing operations noncontrolling interests 12 11 10 Income (loss) from continuing operations available to Corteva common stockholders 929 1,205 1,812 Income (loss) from discontinued operations available to Corteva common stockholders (194) (58) (53) Net income (loss) available to common stockholders $ 735 $ 1,147 $ 1,759 Earnings (Loss) Per Share Calculations - Basic For the Year Ended December 31, (Dollars per share) 2023 2022 2021 Earnings (loss) per share of common stock from continuing operations $ 1.31 $ 1.67 $ 2.46 Earnings (loss) per share of common stock from discontinued operations (0.27) (0.08) (0.07) Earnings (loss) per share of common stock $ 1.04 $ 1.59 $ 2.39 Earnings (Loss) Per Share Calculations - Diluted For the Year Ended December 31, (Dollars per share) 2023 2022 2021 Earnings (loss) per share of common stock from continuing operations $ 1.30 $ 1.66 $ 2.44 Earnings (loss) per share of common stock from discontinued operations (0.27) (0.08) (0.07) Earnings (loss) per share of common stock $ 1.03 $ 1.58 $ 2.37 Share Count Information For the Year Ended December 31, (Shares in millions) 2023 2022 2021 Weighted-average common shares - basic 709.0 720.8 735.9 Plus dilutive effect of equity compensation plans 1 2.9 3.7 5.7 Weighted-average common shares - diluted 711.9 724.5 741.6 Potential shares of common stock excluded from EPS calculations 2 2.3 1.5 2.8 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, Net | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Accounts and Notes Receivables, Net | ACCOUNTS AND NOTES RECEIVABLE - NET (In millions) December 31, 2023 December 31, 2022 Accounts receivable – trade 1 $ 4,210 $ 4,168 Notes receivable – trade 1,2 119 93 Other 3 1,159 1,440 Total accounts and notes receivable - net $ 5,488 $ 5,701 1. Accounts and notes receivable – trade are net of allowances of $205 million and $194 million at December 31, 2023 and 2022, respectively. 2. Notes receivable – trade primarily consists of receivables for deferred payment loan programs for the sale of seed and crop protection products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid pre-approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of December 31, 2023 and 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 current assets. In addition, Other includes amounts due from nonconsolidated affiliates of $131 million and $148 million as of December 31, 2023 and 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 years ended December 31, 2023 and 2022 respectively: (In millions) Balance at December 31, 2021 $ 210 Net provision for credit losses (13) Other - net of write-offs charged against allowance (3) Balance at December 31, 2022 $ 194 Net provision for credit losses 11 Other - net of write-offs charged against allowance — Balance at December 31, 2023 $ 205 The company enters into various factoring agreements with third-party financial institutions to sell its trade receivables under both recourse and non-recourse agreements in exchange for cash proceeds. These financing arrangements result in a transfer of the company's receivables and risks to the third-party. As these transfers qualify as true sales under the applicable accounting guidance, the receivables are derecognized from the Consolidated Balance Sheets upon transfer, and the company receives a payment for the receivables from the third-party within a mutually agreed upon time period. For arrangements involving an element of recourse, which is typically provided through a guarantee of accounts in the event of customer default, the guarantee obligation is measured using market data from similar transactions and reported as a current liability in the Consolidated Balance Sheets. Trade receivables sold under these agreements were $112 million, $134 million, and $272 million for the years ended December 31, 2023, 2022 and 2021, respectively. The trade receivables sold that remained outstanding under these agreements which include an element of recourse as of December 31, 2023 and 2022 were $2 million and $37 million, respectively. The net proceeds received were included in cash provided by (used for) operating activities, in the Consolidated Statements of Cash Flows. The difference between the carrying amount of the trade receivables sold and the sum of the cash received is recorded as a loss on sale of receivables in other income (expense) - net in the Consolidated Statements of Operations. The loss on sale of receivables were $17 million, $19 million, and $54 million for the years ended December 31, 2023, 2022 and 2021, respectively. See Note 16 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements, for additional information on the company’s guarantees. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES (In millions) December 31, 2023 December 31, 2022 Finished products $ 3,273 $ 3,260 Semi-finished products 2,775 2,689 Raw materials and supplies 851 862 Total inventories $ 6,899 $ 6,811 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | PROPERTY, PLANT AND EQUIPMENT (In millions) December 31, 2023 1 December 31, 2022 Land and land improvements $ 440 $ 416 Buildings 1,671 1,541 Machinery and equipment 6,315 6,077 Construction in progress 530 517 Total property, plant and equipment 8,956 8,551 Accumulated depreciation (4,669) (4,297) Total property, plant and equipment - net $ 4,287 $ 4,254 1. Includes property, plant and equipment acquired in connection with the Stoller and Symborg acquisitions, which were completed on March 1, 2023. See Note 4 – Business Combinations, to the Consolidated Financial Statements, for additional information. Buildings, machinery and equipment and land improvements are depreciated over useful lives on a straight-line basis ranging from 2 to 25 years. Capitalizable costs associated with computer software for internal use are amortized on a straight-line basis over 2 to 7 years. For the Year Ended December 31, (In millions) 2023 2022 2021 Depreciation expense $ 528 $ 521 $ 521 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2022 and 2023, respectively. (In millions) Crop Protection Seed Total Balance as of December 31, 2021 $ 4,672 $ 5,435 $ 10,107 Currency translation adjustment (63) (72) (135) Other goodwill adjustments 1 9 (19) (10) Balance as of December 31, 2022 $ 4,618 $ 5,344 $ 9,962 Acquisitions 2 512 — 512 Currency translation adjustment 53 78 131 Balance as of December 31, 2023 $ 5,183 $ 5,422 $ 10,605 1. Consists primarily of the goodwill included in the sale of a business in the crop protection segment and reallocation of the former digital reporting unit goodwill between the seed and the crop protection segments. 2. On March 1, 2023, the company completed the acquisitions of Stoller and Symborg, which are included in the crop protection segment. See Note 4 – Business Combinations, to the Consolidated Financial Statements, for additional information. The company tests goodwill and other indefinite-lived intangible assets for impairment annually (during the fourth quarter), or more frequently when events or changes in circumstances indicate it is more likely than not that the fair value of a reporting unit has declined below its carrying value. Goodwill is evaluated for impairment using qualitative and / or quantitative testing procedures. The company performs goodwill impairment testing at the reporting unit level, which is defined as the operating segment or one level below the operating segment. One level below the operating segment, or component, is a business in which discrete financial information is available and regularly reviewed by segment management. The company aggregates certain components into reporting units based on economic similarities. In April 2022, the company implemented a global business unit organization model ("BU Reorganization"). The BU Reorganization did not have a material impact to the company’s historical reportable segments’ financial measures and had no impact on our determination of operating segments. However, it did result 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. As a result of the BU Reorganization, the company determined that a triggering event had occurred during the second quarter of 2022 that required an interim impairment assessment as of April 1, 2022. The interim impairment assessment was performed for the seed, crop protection, and the former digital reporting units immediately prior to the BU Reorganization and for the seed and crop protection reporting units immediately after the BU Reorganization resulting in no goodwill impairment charges. The company performed annual quantitative testing on all of its reporting units and determined that no goodwill impairments existed in 2023 and 2022. As of December 31, 2023, accumulated impairment losses on goodwill were $4,503 million. Other Intangible Assets The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: (In millions) December 31, 2023 1 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization (finite-lived): Germplasm $ 6,291 $ (1,081) $ 5,210 $ 6,291 $ (826) $ 5,465 Customer-related 2,427 (734) 1,693 1,912 (585) 1,327 Developed technology 1,849 (1,004) 845 1,485 (830) 655 Trademarks/trade names 2,111 (339) 1,772 2,009 (251) 1,758 Other 2 395 (294) 101 395 (271) 124 Total other intangible assets with finite lives 13,073 (3,452) 9,621 12,092 (2,763) 9,329 Intangible assets not subject to amortization (indefinite-lived): IPR&D 5 — 5 10 — 10 Total other intangible assets with indefinite lives 5 — 5 10 — 10 Total other intangible assets $ 13,078 $ (3,452) $ 9,626 $ 12,102 $ (2,763) $ 9,339 1. Includes the intangible assets acquired in connection with the Stoller and Symborg acquisitions, which were completed on March 1, 2023. See Note 4 – Business Combinations, to the Consolidated Financial Statements, for additional information. 2. Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. The aggregate pre-tax amortization expense from continuing operations for finite-lived intangible assets was $683 million, $702 million, and $722 million, for the years ended December 31, 2023, 2022, and 2021, respectively. Total estimated amortization expense for the next five fiscal years is as follows: (In millions) 2024 $ 683 2025 646 2026 636 2027 576 2028 554 |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | LEASES The company has operating and finance leases for real estate, transportation, certain machinery and equipment, and information technology assets. The company’s leases have remaining lease terms of approximately 1 to 39 years. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend the lease when it is reasonably certain that the company will exercise that option. Some leasing arrangements require variable payments that are dependent on usage, output, or may vary for other reasons, such as insurance and tax payments. The variable lease payments are not presented as part of the initial ROU asset or lease liability. Certain of the company's leases include residual value guarantees. These residual value guarantees are based on a percentage of the lessor's asset acquisition price and the amount of such guarantee generally declines over the course of the lease term. The portion of residual value guarantees that are probable of payment are included in the related lease liability. At December 31, 2023, the company has future maximum payments for residual value guarantees in operating leases of $207 million with final expirations through 2032. The company's lease agreements do not contain any material restrictive covenants. The components of lease cost for the years ended December 31, 2023, 2022 and 2021 were as follows: For the Year Ended December 31, (In millions) 2023 2022 2021 Operating lease cost $ 169 $ 152 $ 158 Finance lease cost Amortization of right-of-use assets 1 1 1 Total finance lease cost 1 1 1 Short-term lease cost 23 18 14 Variable lease cost 11 8 8 Total lease cost $ 204 $ 179 $ 181 Supplemental cash flow information related to leases for the years ended December 31, 2023, 2022 and 2021 was as follows: For the Year Ended December 31, (In millions) 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 169 $ 155 $ 169 Financing cash outflows from finance leases $ 1 $ 1 $ 1 New leases entered into during the years ended December 31, 2023 and 2022 were not material, on an individual basis . Supplemental balance sheet information related to leases is as follows: (In millions) December 31, 2023 December 31, 2022 Operating Leases Operating lease right-of-use assets 1 $ 412 $ 460 Current operating lease liabilities 2 131 119 Noncurrent operating lease liabilities 3 355 331 Total operating lease liabilities $ 486 $ 450 Finance Leases Property, plant, and equipment, gross $ 14 $ 14 Accumulated depreciation (13) (11) Property, plant, and equipment, net 1 3 Short-term borrowings and finance lease obligations 1 1 Long-Term Debt 1 2 Total finance lease liabilities $ 2 $ 3 1. Included in other assets 2. Included in accrued and other current liabilities 3. Included in other noncurrent obligations The company utilizes the incremental borrowing rate in determining the present value of lease payments unless the implicit rate is readily determinable. Lease Term and Discount Rate December 31, 2023 December 31, 2022 Weighted-average remaining lease term (years) Operating leases 6.63 7.19 Financing leases 1.36 2.36 Weighted average discount rate Operating leases 2.98 % 3.14 % Financing leases 3.29 % 3.29 % Maturities of lease liabilities are as follows: Maturity of Lease Liabilities at December 31, 2023 Operating Leases Financing Leases (In millions) 2024 $ 139 $ 1 2025 108 1 2026 87 — 2027 54 — 2028 43 — 2029 and thereafter 99 — Total lease payments 530 2 Less: Interest 44 — Present value of lease liabilities $ 486 $ 2 |
Leases | LEASES The company has operating and finance leases for real estate, transportation, certain machinery and equipment, and information technology assets. The company’s leases have remaining lease terms of approximately 1 to 39 years. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend the lease when it is reasonably certain that the company will exercise that option. Some leasing arrangements require variable payments that are dependent on usage, output, or may vary for other reasons, such as insurance and tax payments. The variable lease payments are not presented as part of the initial ROU asset or lease liability. Certain of the company's leases include residual value guarantees. These residual value guarantees are based on a percentage of the lessor's asset acquisition price and the amount of such guarantee generally declines over the course of the lease term. The portion of residual value guarantees that are probable of payment are included in the related lease liability. At December 31, 2023, the company has future maximum payments for residual value guarantees in operating leases of $207 million with final expirations through 2032. The company's lease agreements do not contain any material restrictive covenants. The components of lease cost for the years ended December 31, 2023, 2022 and 2021 were as follows: For the Year Ended December 31, (In millions) 2023 2022 2021 Operating lease cost $ 169 $ 152 $ 158 Finance lease cost Amortization of right-of-use assets 1 1 1 Total finance lease cost 1 1 1 Short-term lease cost 23 18 14 Variable lease cost 11 8 8 Total lease cost $ 204 $ 179 $ 181 Supplemental cash flow information related to leases for the years ended December 31, 2023, 2022 and 2021 was as follows: For the Year Ended December 31, (In millions) 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 169 $ 155 $ 169 Financing cash outflows from finance leases $ 1 $ 1 $ 1 New leases entered into during the years ended December 31, 2023 and 2022 were not material, on an individual basis . Supplemental balance sheet information related to leases is as follows: (In millions) December 31, 2023 December 31, 2022 Operating Leases Operating lease right-of-use assets 1 $ 412 $ 460 Current operating lease liabilities 2 131 119 Noncurrent operating lease liabilities 3 355 331 Total operating lease liabilities $ 486 $ 450 Finance Leases Property, plant, and equipment, gross $ 14 $ 14 Accumulated depreciation (13) (11) Property, plant, and equipment, net 1 3 Short-term borrowings and finance lease obligations 1 1 Long-Term Debt 1 2 Total finance lease liabilities $ 2 $ 3 1. Included in other assets 2. Included in accrued and other current liabilities 3. Included in other noncurrent obligations The company utilizes the incremental borrowing rate in determining the present value of lease payments unless the implicit rate is readily determinable. Lease Term and Discount Rate December 31, 2023 December 31, 2022 Weighted-average remaining lease term (years) Operating leases 6.63 7.19 Financing leases 1.36 2.36 Weighted average discount rate Operating leases 2.98 % 3.14 % Financing leases 3.29 % 3.29 % Maturities of lease liabilities are as follows: Maturity of Lease Liabilities at December 31, 2023 Operating Leases Financing Leases (In millions) 2024 $ 139 $ 1 2025 108 1 2026 87 — 2027 54 — 2028 43 — 2029 and thereafter 99 — Total lease payments 530 2 Less: Interest 44 — Present value of lease liabilities $ 486 $ 2 |
Long-Term Debt and Available Cr
Long-Term Debt and Available Credit Facilities | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 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) December 31, 2023 December 31, 2022 Other loans - various currencies $ 1 $ 23 Long-term debt payable within one year 196 — Finance lease obligations payable within one year 1 1 Total short-term borrowings and finance lease obligations $ 198 $ 24 Long-Term Debt December 31, 2023 December 31, 2022 (In millions) Amount Weighted Average Rate Amount Weighted Average Rate Promissory notes and debentures: Maturing in 2025 $ 500 1.70 % $ 500 1.70 % Maturing in 2026 600 4.50 % — Maturing in 2030 500 2.30 % 500 2.30 % Maturing in 2033 600 4.80 % — Other loans: Foreign currency loans, various rates and maturities 196 14.80 % 181 14.80 % Medium-term notes, varying maturities through 2041 106 5.34 % 107 4.27 % Finance lease obligations 1 2 Less: Unamortized debt discount and issuance costs 16 7 Less: Long-term debt due within one year 196 — Total $ 2,291 $ 1,283 Principal payments of long-term debt are $196 million, $500 million and $600 million for debt maturing in 2024, 2025 and 2026, respectively. 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, as described in Note 2 - Summary of Significant Accounting Policies. 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 long-term debt due within one year, was $2,434 million and $1,172 million at December 31, 2023 and 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”). The proceeds of this offering are intended to be used for general corporate purposes, which may include funding of working capital, capital expenditures and share repurchases. 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 December 31, 2023 was approximately $50 million. The company's long-term Foreign Currency Loans have varying maturities throughout 2024. Available Committed Credit Facilities The following table summarizes the company's credit facilities: Committed and Available Credit Facilities at December 31, 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 January 2023 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 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 December 31, 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 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. In January 2024, the company amended and restated the 364-Day Revolving Credit Facility to extend the expiration date to February 26, 2024. 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 December 31, 2023, the company was in compliance with these covenants. Uncommitted Credit Facilities and Outstanding Letters of Credit Unused bank credit lines on uncommitted credit facilities were $523 million at December 31, 2023. These lines are available to support short-term liquidity needs and general corporate purposes, including letters of credit. Outstanding letters of credit were $143 million at December 31, 2023. These letters of credit support commitments made in the ordinary course of business. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS' EQUITY Common Stock Set forth below is a reconciliation of common stock share activity for the years ended December 31, 2023, 2022, and 2021: Shares of common stock Issued Balance December 31, 2020 743,458,000 Issued 4,019,000 Repurchased and retired (20,950,000) Balance December 31, 2021 726,527,000 Issued 4,317,000 Repurchased and retired (17,425,000) Balance December 31, 2022 713,419,000 Issued 1,965,000 Repurchased and retired (14,124,000) Balance December 31, 2023 701,260,000 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 10,026,000 shares in the open market for a cost (excluding excise taxes) of $500 million during the year ended December 31, 2023. 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"). The company completed the 2021 Share Buyback Plan during the first quarter of 2023 and repurchased and retired 4,098,000, 17,425,000 and 5,572,000 shares in the open market for a total cost of $250 million, $1 billion, and $250 million during the years ended December 31, 2023, 2022 and 2021, respectively. On June 26, 2019, Corteva, Inc. announced that its Board of Directors authorized a $1 billion share repurchase program to purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date ("2019 Share Buyback Plan"). The company completed the 2019 Share Buyback Plan during the third quarter of 2021 and repurchased and retired 24,705,000 shares between the years ended December 31, 2019 and 2021 in the open market. 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 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 December 31, 2023 and 2022 which is classified as noncontrolling interests in the Corteva Consolidated Balance Sheets. (Shares in thousands) Number of Shares Authorized 23,000 $4.50 Series, callable at $120 1,673 $3.50 Series, callable at $102 700 Other Comprehensive 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 Unrealized Gain (Loss) on Investments Total 2021 Balance January 1, 2021 $ (1,970) $ (67) $ (1,433) $ 590 $ (10) $ (2,890) Other comprehensive income (loss) before reclassifications (573) 143 996 25 3 594 Amounts reclassified from accumulated other comprehensive income (loss) — (4) 41 (646) 7 (602) Net other comprehensive income (loss) (573) 139 1,037 (621) 10 (8) Balance December 31, 2021 $ (2,543) $ 72 $ (396) $ (31) $ — $ (2,898) 2022 Other comprehensive income (loss) before reclassifications (340) 63 213 190 — 126 Amounts reclassified from accumulated other comprehensive income (loss) — (55) 20 1 — (34) Net other comprehensive income (loss) (340) 8 233 191 — 92 Balance December 31, 2022 $ (2,883) $ 80 $ (163) $ 160 $ — $ (2,806) 2023 Other comprehensive income (loss) before reclassifications 425 (123) (188) 38 — 152 Amounts reclassified from accumulated other comprehensive income (loss) — (12) (2) (9) — (23) Net other comprehensive income (loss) 425 (135) (190) 29 — 129 Balance December 31, 2023 $ (2,458) $ (55) $ (353) $ 189 $ — $ (2,677) 1. The cumulative translation adjustment gains for the year ended December 31, 2023 was primarily driven by the weakening of the U.S. Dollar (“USD”) against the Swiss Franc ("CHF"), Brazilian Real ("BRL") and European Euro ("EUR"). The cumulative translation adjustment losses for the year ended December 31, 2022 was primarily driven by the strengthening of the U.S. Dollar (“USD”) against the European Euro ("EUR"), Indian Rupee (“INR”), South African Rand (“ZAR”) and Philippine Peso (“PHP”). The cumulative translation adjustment losses for the year ended December 31, 2021 was primarily driven by the strengthening of the U.S. Dollar ("USD") against the European Euro ("EUR"), Swiss franc ("CHF") and Turkish Lira (“TRY”). The tax (expense) benefit on the net activity related to each component of other comprehensive income (loss) was as follows: For the Year Ended December 31, (In millions) 2023 2022 2021 Derivative instruments $ 50 $ 3 $ (41) Pension benefit plans - net 60 (68) (319) Other benefit plans - net (9) (56) 188 (Provision for) benefit from income taxes related to other comprehensive income (loss) items $ 101 $ (121) $ (172) A summary of the reclassifications out of accumulated other comprehensive income (loss) is provided as follows: (In millions) For the Year Ended December 31, 2023 2022 2021 Derivative Instruments 1 : $ (8) $ (63) $ (13) Tax (benefit) expense 2 (4) 8 9 After-tax $ (12) $ (55) $ (4) Amortization of pension benefit plans: Prior service (benefit) cost 3,4 $ (3) $ (3) $ (2) Actuarial (gains) losses 3,4 — 3 55 Settlement (gain) loss 3,4 — 25 1 Total before tax (3) 25 54 Tax (benefit) expense 2 1 (5) (13) After-tax $ (2) $ 20 $ 41 Amortization of other benefit plans: Prior service (benefit) cost 3,4 $ (2) $ (1) $ (922) Actuarial (gains) losses 3,4 (10) 2 81 Curtailment (gain) loss — — (1) Total before tax (12) 1 (842) Tax (benefit) expense 2 3 — 196 After-tax $ (9) $ 1 $ (646) Unrealized (Gain) Loss on Investments 4 $ — $ — $ 7 Tax (benefit) expense 2 — — — After-tax $ — $ — $ 7 Total reclassifications for the period, after-tax $ (23) $ (34) $ (602) 1. Reflected in cost of goods sold in the Consolidated Statements of Operations. 2. Reflected in provision for (benefit from) income taxes from continuing operations in the Consolidated Statements of Operations. 3. These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit (credit) cost of the company's pension and other benefit plans. See Note 18 - Pension Plans and Other Post-Employment Benefits, to the Consolidated Financial Statements, for additional information. 4. Reflected in other income (expense) - net in the Consolidated Statements of Operations. |
Pension Plans and Other Post Em
Pension Plans and Other Post Employment Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS The company offers various long-term benefits to its employees. Where permitted by applicable law, the company reserves the right to change, modify or discontinue the plans. Defined Benefit Pension Plans The company has both funded and unfunded noncontributory defined benefit pension plans covering employees in the U.S. and non-U.S. countries. The principal U.S. pension plan is the largest pension plan held by Corteva. Effective January 1, 2007, most new hires were no longer eligible to participate in the U.S. defined benefit pension plans. On November 30, 2018, the company froze the pay and service amounts used to calculate the pension benefits for active employees who participate in the pension plan. As a result, no participants are currently accruing additional benefits in the pension plan. The company's funding policy is consistent with the funding requirements of federal laws and regulations. Pension coverage for employees of the company's non-U.S. consolidated subsidiaries is provided, to the extent deemed appropriate, through separate plans. Obligations under such plans are funded by depositing funds with trustees, covered by insurance contracts, or remain unfunded. The company made total contributions of $52 million, $60 million, and $49 million to its pension plans other than the principal U.S. pension plan for the years ended December 31, 2023, 2022 and 2021, respectively. Corteva expects to contribute approximately $50 million to its pension plans other than the principal U.S. pension plan in 2024. The company does not anticipate making contributions to its principal U.S pension plan in 2024. In August 2022, the company transferred approximately $1.1 billion of certain benefit obligations and associated plan assets in the principal U.S. pension plan (the “Plan”) to an insurance company through the purchase of a nonparticipating group annuity contract (“Annuity Purchase”). The company recorded a non-cash, pre-tax settlement charge of approximately $25 million in other income (expense) – net in the Consolidated Statements of Operations for the year ended December 31, 2022 and corresponding adjustment to accumulated other comprehensive income (loss) in the Consolidated Balance Sheets at December 31, 2022 due to the Annuity Purchase. The Annuity Purchase resulted in a remeasurement of the Plan as of August 31, 2022 and the company updated the weighted average discount rate used in developing the 2022 net periodic pension (credit) costs at December 31, 2021 from 2.82 percent to 4.60 percent. Due to the remeasurement, the company recorded a pre-tax actuarial gain of approximately $110 million to accumulated other comprehensive income (loss) in the Consolidated Balance Sheets at December 31, 2022. The weighted-average assumptions used to determine pension plan obligations for all pension plans are summarized in the table below: Weighted-Average Assumptions used to Determine Benefit Obligations December 31, 2023 December 31, 2022 Discount rate 4.97 % 5.17 % Rate of increase in future compensation levels 1 2.87 % 2.83 % 1. The rate of compensation increase excludes U.S. pension plans since the employees who participate in the U.S. pension plans no longer accrue additional benefits for future service and eligible compensation. The weighted-average assumptions used to determine net periodic benefit costs for all pension plans are summarized in the table below: Weighted-Average Assumptions used to Determine Net Periodic Benefit Cost For the Year Ended December 31, 2023 2022 2021 Discount rate 5.17 % 3.33 % 2.44 % Rate of increase in future compensation levels 1 2.83 % 2.55 % 2.54 % Expected long-term rate of return on plan assets 4.55 % 4.51 % 5.73 % 1. The rate of compensation increase excludes U.S. pension plans since the employees who participate in the U.S. pension plans no longer accrue additional benefits for future service and eligible compensation. Other Post-Employment Benefits The company has historically provided medical, dental and life insurance benefits to certain pensioners and survivors. The majority of U.S. employees hired on or after January 1, 2007, and eligible employees under the age of 50 as of November 30, 2018, are not eligible to participate in the post-employment medical, dental and life insurance plans. Substantially all of the cost and liabilities for these retiree benefit plans are attributable to the U.S. benefit plans. The non-Medicare eligible retiree medical plan is contributory with costs shared between the company and pensioners and survivors. For Medicare eligible pensioners and survivors, Corteva provides a company-funded Health Reimbursement Arrangement ("HRA"). In December 2020, the company amended its retiree medical, dental and life insurance plans resulting in the company no longer providing retiree dental and life insurance benefits effective January 1, 2022 and Corteva’s portion of the cost of non-Medicare retiree medical coverage no longer being adjusted for cost increases, which capped the Corteva cost at the level in effect as of December 31, 2021 ("2020 OPEB Plan Amendments"). As a result of these changes, the company recorded a $939 million decrease in other post-employment benefits ("OPEB") benefit obligations as of December 31, 2020 with a corresponding prior service benefit within other comprehensive income for the year ended December 31, 2020. A substantial amount of the prior service benefit within other comprehensive income (loss) in 2020 was recognized in other income (expense) - net in the Consolidated Statement of Operations during 2021 with the remainder recognized during 2022. The company also provides disability benefits to employees. In most countries, employee disability benefit plans are insured. In the U.S., these plans are generally self-insured. Obligations and expenses for self-insured plans are reflected in the change in projected benefit obligations table on page F-51. The company's OPEB plans are unfunded and the cost of the approved claims is paid from operating cash flows. Pre-tax cash requirements to cover actual net claims costs and related administrative expenses were $97 million, $122 million, and $198 million for the years ended December 31, 2023, 2022 and 2021, respectively. Changes in cash requirements reflect the net impact of per capita health care costs, demographic changes, plan amendments and changes in participant premiums, co-payments and deductibles. In 2024, the company expects to contribute approximately $115 million for its OPEB plans. The weighted-average assumptions used to determine benefit obligations for OPEB plans are summarized in the table below: Weighted-Average Assumptions used to Determine Benefit Obligations December 31, 2023 December 31, 2022 Discount rate 4.92 % 5.09 % The weighted-average assumptions used to determine net periodic benefit costs for the OPEB plans are summarized in the table below: Weighted-Average Assumptions used to Determine Net Periodic Benefit Cost For the Year Ended December 31, 2023 2022 2021 Discount rate 5.09 % 2.59 % 2.09 % As of December 31, 2023, 2022 and 2021, health care cost trend rates do not impact the benefit obligations for the OPEB plans because of the 2020 OPEB Plan Amendments. Assumptions For the U.S. plan, the company determines the expected long-term rate of return on plan assets by performing a detailed analysis of key economic and market factors driving historical returns for each asset class and formulating a projected return based on factors in the current environment. Factors considered include, but are not limited to, inflation, real economic growth, interest rate yield, interest rate spreads, and other valuation measures and market metrics. The expected long-term rate of return for each asset class is then weighted based on the strategic asset allocation approved by the governing body for the plan. The company's historical experience with the pension fund asset performance is also considered. For non-U.S. plans, assumptions reflect economic assumptions applicable to each country. In the U.S., Corteva calculates service costs and interest costs by applying individual spot rates from a yield curve (based on high-quality corporate bond yields) to the separate expected cash flows components of service cost and interest cost. Service cost and interest cost for all other plans are determined based on the single equivalent discount rates derived in determining those plan obligations. For U.S. benefit plans, the discount rates utilized to measure the pension and other post-employment benefit obligations are based on the yield of high-quality corporate fixed income investments at the measurement date. Future expected actuarially determined cash flows are individually discounted at the spot rates under the Aon AA_Above Median yield curve (based on high-quality corporate bond yields) to arrive at the plan’s obligations as of the measurement date. For non-U.S. benefit plans, historically the company utilized prevailing long-term high quality corporate bond indices to determine the discount rate, applicable to each country, at the measurement date. The company adopts the most recently published mortality tables and mortality improvement scale released by the Society of Actuaries in measuring its U.S. pension and other post-employment benefit obligations. The effect of these adoptions is amortized into net periodic benefit cost for the years following the adoption. Summarized information on the company's pension and other post-employment benefit plans is as follows: Change in Projected Benefit Obligations, Plan Assets and Funded Status Defined Benefit Pension Plans Other Post-Employment Benefits (In millions) For the Year Ended December 31, For the Year Ended December 31, 2023 2022 2023 2022 Change in benefit obligations: Benefit obligation at beginning of the period $ 13,982 $ 19,775 $ 1,021 $ 1,362 Service cost 18 20 1 1 Interest cost 690 505 49 26 Plan participants' contributions 1 1 20 20 Actuarial (gain) loss 311 (3,759) (49) (246) Benefits paid (1,304) (1,460) (117) (142) Other 1 (257) (1,080) — — Effect of foreign exchange rates (1) (20) — — Benefit obligations at end of the period $ 13,440 $ 13,982 $ 925 $ 1,021 Change in plan assets: Fair value of plan assets at beginning of the period $ 12,584 $ 17,827 $ — $ — Actual return on plan assets 661 (2,765) — — Employer contributions 52 60 97 122 Plan participants' contributions 1 1 20 20 Benefits paid (1,304) (1,460) (117) (142) Other 1 (257) (1,080) — — Effect of foreign exchange rates 18 1 — — Fair value of plan assets at end of the period $ 11,755 $ 12,584 $ — $ — Funded status U.S. plan with plan assets $ (1,336) $ (1,050) $ — $ — Non-U.S. plans with plan assets (43) (30) — — All other plans 2,3 (306) (318) (925) (1,021) Funded status at end of the period $ (1,685) $ (1,398) $ (925) $ (1,021) 1. Primarily relates to transfers of certain benefit obligations and related assets associated with the principal U.S. pension plan to an insurance company through the purchase of nonparticipating group annuity contracts. 2. As of December 31, 2023 and 2022, $155 million and $182 million, respectively, of the benefit obligations are supported by funding under the Trust agreement, defined in the "Trust Assets" section below. 3. Includes pension plans maintained around the world where funding is not customary. Defined Benefit Pension Plans Other Post-Employment Benefits (In millions) December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Amounts recognized in the Consolidated Balance Sheets: Other assets $ 2 $ 3 $ — $ — Accrued and other current liabilities (31) (35) (114) (132) Pension and other post-employment benefits - noncurrent (1,656) (1,366) (811) (889) Net amount recognized $ (1,685) $ (1,398) $ (925) $ (1,021) Pretax amounts recognized in accumulated other comprehensive income (loss): Net gain (loss) $ (487) $ (238) $ 238 $ 198 Prior service benefit (cost) 22 23 14 16 Pretax balance in accumulated other comprehensive income (loss) at end of year $ (465) $ (215) $ 252 $ 214 The loss related to the change in pension and OPEB plan benefit obligations for the period ended December 31, 2023 is mainly due to the reduction in the discount rate. The accumulated benefit obligation for all pension plans was $13.4 billion and $14.0 billion at December 31, 2023 and 2022, respectively. Pension Plans with Projected Benefit Obligations in Excess of Plan Assets December 31, 2023 December 31, 2022 (In millions) Projected benefit obligations $ 13,262 $ 13,832 Fair value of plan assets 11,575 12,430 Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets December 31, 2023 December 31, 2022 (In millions) Accumulated benefit obligations $ 13,155 $ 13,676 Fair value of plan assets 11,488 12,290 (In millions) Defined Benefit Pension Plans Other Post-Employment Benefits For the Year Ended December 31, For the Year Ended December 31, Components of net periodic benefit (credit) cost and amounts recognized in other comprehensive income (loss) 2023 2022 2021 2023 2022 2021 Net Periodic Benefit (Credit) Cost: Service cost $ 18 $ 20 $ 25 $ 1 $ 1 $ 1 Interest cost 690 505 364 49 26 21 Expected return on plan assets (605) (720) (915) — — — Amortization of unrecognized loss (gain) — 3 55 (10) 2 81 Amortization of prior service (benefit) cost (3) (3) (2) (2) (1) (922) Curtailment (gain) loss — — — — — (1) Settlement loss — 25 1 — — — Net periodic benefit (credit) cost - Total $ 100 $ (170) $ (472) $ 38 $ 28 $ (820) Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net gain (loss) $ (255) $ 274 $ 1,284 $ 49 $ 246 $ 33 Amortization of unrecognized (gain) loss — 3 55 (10) 2 81 Prior service benefit (cost) — — 15 — — — Amortization of prior service (benefit) cost (3) (3) (2) (2) (1) (922) Curtailment (gain) loss — — — — — (1) Settlement loss — 25 1 — — — Effect of foreign exchange rates 8 2 3 1 — — Total benefit (loss) recognized in other comprehensive income (loss), attributable to Corteva $ (250) $ 301 $ 1,356 $ 38 $ 247 $ (809) Total recognized in net periodic benefit (credit) cost and other comprehensive income (loss) $ (350) $ 471 $ 1,828 $ — $ 219 $ 11 Estimated Future Benefit Payments The estimated future benefit payments, reflecting expected future service, as appropriate, are presented in the following table: Estimated Future Benefit Payments at December 31, 2023 Defined Benefit Pension Plans Other Post-Employment Benefits (In millions) 2024 $ 1,251 $ 113 2025 1,214 106 2026 1,182 99 2027 1,149 93 2028 1,112 86 Years 2029-2033 4,994 344 Total $ 10,902 $ 841 Plan Assets All pension plan assets in the U.S. are invested through a single master trust fund. The general principles guiding U.S. pension asset investment policies are those embodied in the Employee Retirement Income Security Act of 1974 ("ERISA"). These principles include discharging Corteva's investment responsibilities for the exclusive benefit of plan participants and in accordance with the "prudent expert" standard and other ERISA rules and regulations. Corteva establishes strategic asset allocation percentage targets and appropriate benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. The strategic asset allocation for this trust fund is approved by the Pension Investment Committee. Strategic asset allocations in other countries are selected in accordance with the laws and practices of those countries. Where appropriate, asset liability studies are utilized in this process. U.S. plan assets are managed by investment professionals employed by Corteva, and plan assets for non-U.S. plans are managed by professional investment firms unrelated to the company. Corteva's pension investment professionals have discretion to manage the assets within established asset allocation ranges approved by the Pension Investment Committee. Additionally, pension trust funds are permitted to enter into certain contractual arrangements generally described as "derivatives." Derivatives are primarily used to reduce specific market risks, hedge currency and adjust portfolio duration and asset allocation in a cost-effective manner. The weighted-average target allocation for plan assets of the company's pension plans is summarized as follows: Target Allocation for Plan Assets December 31, 2023 December 31, 2022 Asset Category U.S. equity securities 9 % 8 % Non-U.S. equity securities 5 7 Fixed income securities 64 64 Hedge funds 2 3 Private market securities 11 11 Real estate 7 6 Cash and cash equivalents 2 1 Total 100 % 100 % U.S. equity investments are primarily large-cap companies. Non-U.S. equity securities include varying market capitalization levels. Fixed income securities include corporate-issued, government-issued and asset-backed securities of both U.S. and non-U.S. issuers. Corporate debt investments include a range of credit risk and industry diversification. U.S. fixed income investments are weighted heavier than non-U.S. fixed income securities. Other investments include cash and cash equivalents, hedge funds, real estate and private market securities such as interests in private equity and venture capital partnerships. Fair value calculations may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. For pension plan assets classified as Level 1 measurements (measured using quoted prices in active markets), total fair value is either the price of the most recent trade at the time of the market close or the official close price, as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. For pension plan assets classified as Level 2 measurements, where the security is frequently traded in less active markets, fair value is based on the closing price at the end of the period; where the security is less frequently traded, fair value is based on the price a dealer would pay for the security or similar securities, adjusted for any terms specific to that asset or liability. Market inputs are obtained from well-established and recognized vendors of market data and subjected to tolerance and quality checks. For derivative assets and liabilities, standard industry models are used to calculate the fair value of the various financial instruments based on significant observable market inputs, such as foreign exchange rates, commodity prices, swap rates, interest rates and implied volatilities obtained from various market sources. For pension plan assets classified as Level 3 measurements, total fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity for the investment. Investment managers, fund managers, or investment contract issuers provide valuations of the investment on a monthly or quarterly basis. These valuations are reviewed for reasonableness based on applicable sector, benchmark and company performance. Adjustments to valuations are made where appropriate. Where available, audited financial statements are obtained and reviewed for the investments as support for the manager’s investment valuation. The tables below present the fair values of the company's pension assets by level within the fair value hierarchy, as described in Note 2 - Summary of Significant Accounting Policies: Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 For the year ended December 31, 2023 (In millions) Cash and cash equivalents $ 1,148 $ 1,148 $ — $ — U.S. equity securities 1 1,108 1,106 1 1 Non-U.S. equity securities 441 439 — 2 Debt – government-issued 1,601 — 1,601 — Debt – corporate-issued 3,908 — 3,906 2 Debt – asset-backed 637 — 637 — Hedge funds 5 — 2 3 Private market securities 6 — — 6 Real estate funds 52 — — 52 Other 55 — — 55 Subtotal $ 8,961 $ 2,693 $ 6,147 $ 121 Investments measured at net asset value Debt - government issued 42 Debt - corporate-issued 3 U.S. equity securities 19 Non-U.S. equity securities 21 Hedge funds 143 Private market securities 1,928 Real estate funds 768 Total investments measured at net asset value $ 2,924 Other items to reconcile to fair value of plan assets Pension trust receivables 2 315 Pension trust payables 3 (445) Total $ 11,755 1. The Corteva pension plans directly held $204 million (approximately 2 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2023. 2. Primarily receivables for investments securities sold. 3. Primarily payables for investment securities purchased. Basis of Fair Value Measurements For the year ended December 31, 2022 (In millions) Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,348 $ 1,348 $ — $ — U.S. equity securities 1 1,200 1,195 2 3 Non-U.S. equity securities 806 806 — — Debt – government-issued 1,669 — 1,669 — Debt – corporate-issued 3,822 — 3,822 — Debt – asset-backed 695 — 695 — Hedge funds 3 — — 3 Private market securities 4 — — 4 Real estate funds 132 — — 132 Derivatives – asset position 2 — 2 — Other 62 — — 62 Subtotal $ 9,743 $ 3,349 $ 6,190 $ 204 Investments measured at net asset value Debt - government issued 35 Debt - corporate-issued 3 U.S. equity securities 20 Non-U.S. equity securities 20 Hedge funds 347 Private market securities 1,991 Real estate funds 669 Total investments measured at net asset value $ 3,085 Other items to reconcile to fair value of plan assets Pension trust receivables 2 161 Pension trust payables 3 (405) Total $ 12,584 1. The Corteva pension plans directly held $250 million (approximately 2 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2022. 2. Primarily receivables for investments securities sold. 3. Primarily payables for investment securities purchased. The following table summarizes the changes in fair value of Level 3 pension plan assets for the years ended December 31, 2023 and 2022: Fair Value Measurement of U.S. equity securities Non-U.S. equity securities Debt – corporate-issued Hedge funds Private market securities Real estate Other Total (In millions) Balance at January 1, 2022 $ 4 $ — $ 2 $ — $ 3 $ 26 $ 75 $ 110 Actual return on assets: Relating to assets sold during the year ended December 31, 2022 1 — (15) — (9) — — (23) Relating to assets held at December 31, 2022 — (13) 13 (8) 10 8 (1) 9 Purchases, sales and settlements, net (2) 1 — — — (1) (12) (14) Transfers in or out of Level 3, net — 12 — 11 — 99 — 122 Balance at December 31, 2022 $ 3 $ — $ — $ 3 $ 4 $ 132 $ 62 $ 204 Actual return on assets: Relating to assets sold during the year ended December 31, 2023 (1) (9) — — — — — (10) Relating to assets held at December 31, 2023 — 10 (5) — 2 (24) 4 (13) Purchases, sales and settlements, net (1) 1 7 — — (35) (13) (41) Transfers in or out of Level 3, net — — — — — (21) 2 (19) Balance at December 31, 2023 $ 1 $ 2 $ 2 $ 3 $ 6 $ 52 $ 55 $ 121 Trust Assets EIDP entered into a trust agreement in 2013 (as amended and restated in 2017, "the Trust") that established and requires EIDP to fund the Trust for cash obligations under certain non-qualified benefit and deferred compensation plans upon a change in control event as defined in the Trust agreement. Under the Trust agreement, the consummation of the Merger was a change in control event and resulted in a contribution to the Trust by EIDP. Additionally, the Separation resulted in Corteva transferring a portion of the balance of the Trust to DuPont at the Separation date. During the years ended December 31, 2023 and 2022, $47 million and $58 million, respectively, was distributed to EIDP according to the Trust agreement, and at December 31, 2023 and 2022, the balance in the Trust was $214 million and $251 million, respectively. The Trust Assets are classified as current restricted cash equivalents and included within other current assets in the Consolidated Balance Sheets. See Note 7 - Supplementary Information, to the Consolidated Financial Statements, for further information. Defined Contribution Plans Corteva provides defined contribution benefits to its employees. The most significant is the U.S. Retirement Savings Plan ("the Plan"), which covers almost all of the U.S. full-service employees. This Plan includes a non-leveraged Employee Stock Ownership Plan ("ESOP"). Employees are not required to participate in the ESOP and those who do are free to diversify out of the ESOP. The purpose of the Plan is to provide retirement savings benefits for employees and to provide employees an opportunity to become stockholders of the company. The Plan is a tax qualified contributory profit sharing plan, with cash or deferred arrangement and any eligible employee of Corteva may participate. Currently, Corteva contributes 100 percent of the first 6 percent of the employee's contribution election and also contributes 3 percent of each eligible employee's eligible compensation regardless of the employee's contribution. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [Text Block] | STOCK-BASED COMPENSATION Prior to the Corteva Distribution, Corteva employees held equity awards, including stock options, share appreciation rights (“SARs”), restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”), which were denominated in DowDuPont common stock and, in some cases, in Dow Inc. common stock, and which had originally been issued under the DuPont Equity and Incentive Plan ("EIP"), the Dow Chemical Company 2012 Stock Incentive Plan or the Dow Chemical Company 1988 Award and Option Plan. As discussed in Note 16 - Commitments and Contingent Liabilities, on April 1, 2019 the company entered into an employee matters agreement (the "EMA") with DuPont and Dow that identifies employees and employee-related liabilities (and attributable assets) to be allocated (either retained, transferred and accepted, or assigned and assumed, as applicable) to the Parties as part of the Distributions and describes when and how the relevant transfers and assignments will occur. With some exceptions, the EMA provides for the equitable adjustment of existing equity incentive compensation awards denominated in the common stock of DowDuPont to reflect the occurrence of the Distributions. In connection with the Separation on June 1, 2019, outstanding DowDuPont-denominated stock options, SARs, RSU and PSU awards were converted into Corteva-denominated awards under the “Employer Method,” or into both DuPont-denominated awards and Corteva-denominated awards under the “Shareholder Method,” using a formula designed to preserve the intrinsic value of the awards immediately prior to and subsequent to the Corteva Separation. The awards have the same terms and conditions under the applicable plans and award agreements prior to the Separation transactions. The conversions of equity awards did not have a material impact to the company’s consolidated financial statements. On June 1, 2019 (“Adoption Date”), in connection with the Separation, the Omnibus Incentive Plan (the "OIP") became effective. Under the OIP, the company may grant incentive awards, including stock options (both “incentive stock options” and nonqualified stock options), share appreciation rights, restricted shares, restricted stock units, other share-based awards and cash awards, to its and its subsidiaries’ eligible employees, non-employee directors, independent contractors and consultants following the Separation until the tenth anniversary of the Adoption Date, subject to an aggregate limit and annual individual limits. Under the OIP, the maximum number of shares reserved for the grant or settlement of awards is 20 million shares, excluding shares underlying certain exempt awards, such as the awards converted to Corteva-denominated awards pursuant to the Separation. At December 31, 2023, approximately 10 million shares were authorized for future grants under the OIP. The company generally satisfies stock option exercises and the vesting of RSUs and PSUs with newly issued shares of Corteva common stock, although RSU awards granted under Historical Dow plans in certain countries are settled in cash. The compensation committee determines the long-term incentive mix, including stock options, RSUs and PSUs and may authorize new grants annually. The company estimates expected forfeitures. The total stock-based compensation cost included in income (loss) from continuing operations before income taxes within the Consolidated Statement of Operations was $54 million, $55 million, and $79 million for the years ended December 31, 2023, 2022 and 2021, respectively. The income tax benefits related to stock-based compensation arrangements were $(10) million, $(10) million, and $(15) million for the years ended December 31, 2023, 2022 and 2021, respectively. Stock Options The exercise price of shares subject to option is equal to the market price of the company's common stock on the date of grant. All options vest serially over a period of three years. Stock option awards granted under the OIP between June 2019 and 2023 expire 10 years after the grant date. Stock option awards granted under the EIP (previous plan) between 2016 and May 2019 expire 10 years after the grant date. Stock option awards granted under the Historical Dow plans subsequent to 2013 expire 10 years after the grant date. To measure the fair value of the awards on the date of grant, the company used the Black-Scholes option pricing model and the assumptions set forth in the below table. The weighted-average grant-date fair value of options granted for the years ended December 31, 2023, 2022 and 2021 was $21.42, $14.12 and $11.77, respectively. Weighted-Average Assumptions For the Year ended December 31, 2023 2022 2021 Dividend yield 0.96 % 1.09 % 1.14 % Expected volatility 31.07 % 28.95 % 29.44 % Risk-free interest rate 4.1 % 1.9 % 1.0 % Expected life of stock options granted during period (years) 6.0 6.0 6.0 The company determined the dividend yield by dividing the annualized dividend on Corteva’s Common Stock by the option exercise price. A historical daily measurement of volatility is determined based on the expected life of the option granted. For the years ended December 31, 2023, 2022 and 2021, the measurement of volatility is based on the average volatility of eight of Corteva's peer companies. Corteva's peer volatility is based on the historical volatility of each business respectively. The risk-free interest rate is determined by reference to the yield on an outstanding U.S. Treasury note with a term equal to the expected life of the option granted. Expected life is determined by utilizing the simplified method for estimating expected term. The following table summarizes stock option activity for year ended December 31, 2023: Stock Options For the Year Ended December 31, 2023 Number of Shares Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at January 1, 2023 4,225 $ 39.13 5.37 $ 82,917 Granted 298 62.29 Exercised (547) 33.81 Forfeited/Expired (60) 39.86 Outstanding at December 31, 2023 3,916 $ 41.61 4.99 $ 30,060 Exercisable at December 31, 2023 3,255 $ 38.91 4.32 $ 29,735 The aggregate intrinsic values in the table above represent the total pre-tax intrinsic value (the difference between the closing stock price on the last trading day of the period ended December 31, 2023 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their in-the-money options at period end. The total intrinsic value of options exercised for the years ended December 31, 2023, 2022 and 2021 were $14 million, $43 million, and $43 million, respectively. The company recognized tax benefits from options exercised for the years ended December 31, 2023, 2022 and 2021 of $(3) million, $(8) million and $(8) million, respectively. As of December 31, 2023, $6 million of total unrecognized pre-tax compensation expense related to nonvested stock options is expected to be recognized over a weighted-average period of about 1.1 years. Restricted Stock Units and Performance Share Units RSUs granted serially vest over 3 years. Upon vesting, these RSUs convert one-for-one to Corteva Common Stock. A retirement-eligible employee retains any granted awards upon retirement for one year provided the employee has rendered at least six months of service following the grant date. Additional RSUs are also granted periodically to key senior management employees. These RSUs generally vest over periods ranging from 3 years to 5 years. The fair value of all stock-settled RSUs is based upon the market price of the underlying common stock as of the grant date. The company grants PSUs to senior leadership. In 2023, there were 284,174 PSUs granted. Vesting for PSUs granted in 2023 and 2022 is partially based on the realization of the Company’s improvement of its Return on Net Assets (“RONA”) and Operating Earnings Per Share ("EPS") during the Performance Period. Vesting for PSUs granted in 2021 is partially based on the realization of the Company’s improvement of its Return on Invested Capital (“ROIC”) and Operating EPS during the Performance Period. Performance and payouts are determined independently for each metric. The actual award, delivered in Corteva Common Stock, can range from zero percent to 200 percent of the original grant. The weighted-average grant date fair value of the PSUs granted in 2023 of $62.29 was based upon the market price of the underlying common stock as of the grant date. Nonvested awards of RSUs and PSUs are shown below. RSUs & PSUs For the Year Ended December 31, 2023 Number of Shares Weighted Average Grant Date Fair Value Nonvested at January 1, 2023 3,955 $ 43.56 Granted 1,309 62.22 Vested (1,501) 38.48 Forfeited (267) 39.36 Nonvested at December 31, 2023 3,496 $ 53.05 The total fair value of stock units vested for the years ended December 31, 2023, 2022 and 2021 was $58 million, $88 million and $56 million, respectively. The weighted-average grant-date fair value of stock units granted for the years ended December 31, 2023, 2022 and 2021 was $62.22, $51.99 and $45.30, respectively. As of December 31, 2023, $60 million of total unrecognized pre-tax compensation expense related to RSUs and PSUs is expected to be recognized over a weighted average period of 1.14 years. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments Disclosure [Text Block] | FINANCIAL INSTRUMENTS At December 31, 2023 and 2022, the company had $1,746 million and $2,296 million, respectively, of held-to-maturity securities (primarily time deposits and money market funds) classified as cash equivalents in the Consolidated Balance Sheets, as these securities had maturities of three months or less at the time of purchase; $98 million and $124 million at December 31, 2023 and 2022, respectively, of held-to-maturity securities (primarily time deposits and foreign government bonds) classified as marketable securities in the Consolidated Balance Sheets, as these securities had maturities of more than three months to less than one year at the time of purchase; and $55 million and $27 million at December 31, 2023 and 2022, respectively, of held-to-maturity securities (primarily foreign government bonds) classified as marketable securities and included in other assets in the Consolidated Balance Sheets, as these securities had maturities of 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 December 31, 2023 and available-for-sale securities sold during the year ended December 31, 2021 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 losses 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 aggregate notional amounts for the company's derivative instruments that are designated and not designated as hedging instruments was a net buy (sell) position of $(1,600) million and $2,559 million at December 31, 2023 and 2022, respectively. Foreign Currency Risk The company's objective in managing exposure to foreign currency fluctuations is to reduce earnings and cash flow volatility associated with foreign currency rate changes and to mitigate the exposure of certain investments in foreign subsidiaries against changes in the Euro/USD exchange rate. Accordingly, the company enters into various contracts that change in value as foreign exchange rates change to protect the value of its existing foreign currency-denominated assets, liabilities, commitments, investments and cash flows. The company uses 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, 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): For the Year Ended December 31, (In millions) 2023 2022 2021 Beginning balance $ 55 $ 47 $ (16) Additions and revaluations of derivatives designated as cash flow hedges (87) 102 92 Clearance of hedge results to earnings (39) (94) (29) Ending balance $ (71) $ 55 $ 47 At December 31, 2023, an after-tax net loss of $58 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 not probable of occurring. The following table summarizes the after-tax effect of foreign currency cash flow hedges on accumulated other comprehensive income (loss): (In millions) For the Year Ended December 31, 2023 2022 2021 Beginning balance $ 10 $ 32 $ (17) Additions and revaluations of derivatives designated as cash flow hedges (36) (61) 24 Clearance of hedges results to earnings 27 39 25 Ending balance $ 1 $ 10 $ 32 At December 31, 2023, an after-tax net gain of $1 million is expected to be reclassified from accumulated other comprehensive income (loss) into earnings over the next twelve months. 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 is 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 commodity contracts to offset a portion of the company’s exposure to commodity price fluctuations so that gains and losses on the contracts offset changes in the commodity price over the relevant aggregate period. 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 Consolidated Balance Sheets. The presentation of the company's derivative assets and liabilities is as follows: December 31, 2023 (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 $ — $ — $ — Commodity Contracts Other current assets 3 — 3 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 83 (33) 50 Commodity Contracts Other current assets 2 — 2 Total asset derivatives $ 88 $ (33) $ 55 Liability derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 23 $ — $ 23 Commodity Contracts Accrued and other current liabilities 6 — 6 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities 38 (33) 5 Commodity contracts Accrued and other current liabilities 8 — 8 Total liability derivatives $ 75 $ (33) $ 42 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 Commodity 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 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. Effect of Derivative Instruments Amount of Gain (Loss) Recognized in OCI 1 - Pre-Tax For the Year Ended December 31, (In millions) 2023 2022 2021 Derivatives designated as hedging instruments: Net investment hedges: Foreign currency contracts $ — $ 28 $ 37 Cash flow hedges: Foreign currency contracts (54) (90) 27 Commodity contracts (123) 130 129 Total derivatives designated as hedging instruments $ (177) $ 68 $ 193 1. OCI is defined as other comprehensive income (loss). (in millions) Amount of Gain (Loss) Recognized in Income - Pre-Tax 1 For the Year Ended December 31, 2023 2022 2021 Derivatives designated as hedging instruments: Cash flow hedges: Foreign currency contracts 2 $ (41) $ (59) $ (29) Commodity contracts 2 49 122 42 Total derivatives designated as hedging instruments 8 63 13 Derivatives not designated as hedging instruments: Foreign currency contracts 3 (28) (12) 18 Foreign currency contracts 2 (77) (6) (14) Commodity contracts 2,4 (20) (21) (18) Commodity contracts 3 2 — — Total derivatives not designated as hedging instruments (123) (39) (14) Total derivatives $ (115) $ 24 $ (1) 1. For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income during the period. 2. Recorded in cost of goods sold, 3. Recognized in other income (expense) - net, in the Consolidated Statement of Operations. Note that the 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 7 - Supplementary Information, to the Consolidated Financial Statements for additional information. 4. The net gain (loss) relating to commodity contracts that are not designated as hedging instruments that were recorded in cost of goods sold, in the Consolidated Statement of Operations, are mostly offset by the related net gain (loss) on third-party grower contracts denominated as liabilities. Debt Securities The company’s debt securities include foreign government bonds classified as held-to-maturity securities at December 31, 2023 and 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 December 31, 2023 with a contractual maturity within one year and between one to five years was $85 million and $55 million, respectively. During 2021, the company sold its U.S. treasuries classified as available-for-sale securities. The estimated fair value of the available-for-sale securities that were sold in 2021 was determined using Level 1 inputs within the fair value hierarchy. Level 1 measurements were based on quoted market prices in active markets for identical assets and liabilities. The available-for-sale securities that were sold in 2021 were held by certain foreign subsidiaries in which the USD is not the functional currency. The fluctuations in foreign exchange were initially recorded in accumulated other comprehensive income (loss) within the Consolidated Statements of Equity and subsequently reclassified to earnings when sold. The gains and losses on these securities offset a portion of the foreign exchange fluctuations in earnings for the company. The following table provides the investing results from available-for-sale securities for the year ended December 31, 2021: Investing Results For the Year Ended December 31, (In millions) 2021 Proceeds from sales of available-for-sale securities $ 226 Gross realized losses $ (7) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS The table below summarizes the basis used to measure certain assets and liabilities relating to marketable securities and derivative assets and liabilities at fair value on a recurring basis. Significant Other Observable Inputs December 31, 2023 December 31, 2022 (In millions) Level 2 Level 2 Assets at fair value: Marketable securities $ 98 $ 124 Derivatives relating to: 1 Foreign currency 83 92 Commodity Contracts 5 4 Total assets at fair value $ 186 $ 220 Liabilities at fair value: Derivatives relating to: 1 Foreign currency 61 67 Commodity contracts 14 3 Total liabilities at fair value $ 75 $ 70 1. See Note 20 - Financial Instruments, to the Consolidated Financial Statements, for the classification of derivatives in the Consolidated Balance Sheets. For assets and liabilities classified as Level 1 measurements (measured using quoted prices in active markets), total fair value is either the price of the most recent trade at the time of the market close or the official close price, as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. For assets and liabilities classified as Level 2 measurements, where the security is frequently traded in less active markets, fair value is based on the closing price at the end of the period; where the security is less frequently traded, fair value is based on the price a dealer would pay for the security or similar securities, adjusted for any terms specific to that asset or liability, or by using observable market data points of similar, more liquid securities to imply the price. For time deposits classified as held-to-maturity investments and reported at amortized cost, fair value is based on an observable interest rate for similar securities. Market inputs are obtained from well-established and recognized vendors of market data and subjected to tolerance and quality checks. For derivative assets and liabilities, standard industry models are used to calculate the fair value of the various financial instruments based on significant observable market inputs, such as foreign exchange rates, commodity prices, swap rates and implied volatilities obtained from various market sources. Market inputs are obtained from well-established and recognized vendors of market data and subjected to tolerance/quality checks. For all other assets and liabilities for which observable inputs are used, fair value is derived through the use of fair value models, such as a discounted cash flow model or other standard pricing models. See Note 20 - Financial Instruments, to the Consolidated Financial Statements, for further information on the types of instruments used by the company for risk management. There were no transfers between Levels 1 and 2 during the years ended December 31, 2023 and 2022. For assets classified as Level 3 measurements, the fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity. The fair value of the company’s interests held in trade receivable conduits is determined by calculating the expected amount of cash to be received using the key input of anticipated credit losses in the portfolio of receivables sold that have not yet been collected. Given the short-term nature of the underlying receivables, discount rate and prepayments are not factors in determining the fair value of the interests. |
Geographic Information
Geographic Information | 12 Months Ended |
Dec. 31, 2023 | |
Geographical Reporting [Abstract] | |
Geographic Information [Text Block] | GEOGRAPHIC INFORMATION Sales are attributed to geographic areas based on customer location; long-lived assets are attributed to geographic areas based on asset location. Net Sales For the Year Ended December 31, (In millions) 2023 2022 2021 United States $ 7,783 $ 7,553 $ 6,782 Canada 807 741 754 EMEA 3,367 3,256 3,123 Latin America 1 3,906 4,445 3,545 Asia Pacific 1,363 1,460 1,451 Total $ 17,226 $ 17,455 $ 15,655 1. Net sales for Brazil for the years ended December 31, 2023, 2022 and 2021 were $2,523 million , $3,137 million and $2,315 million, respectively. Net Property As of December 31, (In millions) 2023 2022 2021 United States $ 2,922 $ 2,992 $ 3,051 Canada 119 116 114 EMEA 548 538 566 Latin America 608 506 468 Asia Pacific 90 102 130 Total $ 4,287 $ 4,254 $ 4,329 |
Segment Reporting (Notes)
Segment Reporting (Notes) | 12 Months Ended |
Dec. 31, 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, environmental remediation and legal costs associated with legacy EIDP businesses and sites, and the 2021 officer indemnification payment. 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. Corporate Profile The company conducts its global operations through the following reportable segments: Seed The company’s seed segment is a global leader in developing and supplying advanced germplasm and traits that produce optimum yield for farms around the world. The segment is a leader in many of the company’s key seed markets, including North America corn and soybeans, Europe corn and sunflower, as well as Brazil, India, South Africa and Argentina corn. The segment offers trait technologies that improve resistance to weather, disease, insects and enhance food and nutritional characteristics, herbicides used to control weeds, and digital solutions that assist farmer decision-making to help maximize yield and profitability. Crop Protection The crop protection segment serves the global agricultural input industry with products that protect against weeds, insects and other pests, and disease, and that improve overall crop health both above and below ground via nitrogen management and seed-applied technologies. The segment offers crop protection solutions and digital solutions that provide farmers the tools they need to improve productivity and profitability, and help keep fields free of weeds, insects and diseases. The segment is a leader in global herbicides, insecticides, nitrogen stabilizers, pasture and range management herbicides and biologicals. (In millions) Seed Crop Protection Total As of and for the Year Ended December 31, 2023 Net sales $ 9,472 $ 7,754 $ 17,226 Segment operating EBITDA 2,117 1,374 3,491 Depreciation and amortization 814 397 1,211 Segment assets 22,732 15,004 37,736 Investments in nonconsolidated affiliates 39 76 115 Purchases of property, plant and equipment 332 263 595 As of and for the Year Ended December 31, 2022 Net sales 8,979 8,476 17,455 Segment operating EBITDA 1,656 1,684 3,340 Depreciation and amortization 839 384 1,223 Segment assets 22,952 14,097 37,049 Investments in nonconsolidated affiliates 35 67 102 Purchases of property, plant and equipment 225 380 605 As of and for the Year Ended December 31, 2021 Net sales 8,402 7,253 15,655 Segment operating EBITDA 1,512 1,202 2,714 Depreciation and amortization 866 377 1,243 Segment assets 23,270 12,428 35,698 Investments in nonconsolidated affiliates 29 47 76 Purchase of property, plant and equipment 237 336 573 Reconciliation to Consolidated Financial Statements Income (loss) from continuing operations after income taxes to segment operating EBITDA For the Year Ended December 31, (In millions) 2023 2022 2021 Income (loss) from continuing operations after income taxes $ 941 $ 1,216 $ 1,822 Provision for (benefit from) income taxes on continuing operations 152 210 524 Income (loss) from continuing operations before income taxes 1,093 1,426 2,346 Depreciation and amortization 1,211 1,223 1,243 Interest income (283) (124) (77) Interest expense 233 79 30 Exchange (gains) losses - net 397 229 54 Non-operating (benefits) costs - net 1 151 (111) (1,256) Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges — — — Significant items 579 502 236 Corporate expenses 110 116 138 Segment operating EBITDA $ 3,491 $ 3,340 $ 2,714 1. The year ended December 31, 2021 includes non-cash benefits related to the 2020 OPEB Plan Amendments. Refer to Note 18 - Pension Plans and Other Post-Employment Benefits, to the Consolidated Financial Statements, for additional information. Segment assets to total assets (in millions) December 31, 2023 December 31, 2022 Total segment assets $ 37,736 $ 37,049 Corporate assets 5,260 5,569 Total assets $ 42,996 $ 42,618 Significant Pre-tax (Charges) Benefits Not Included in Segment Operating EBITDA The years ended December 31, 2023, 2022 and 2021, 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 Year Ended December 31, 2023 Restructuring and asset related charges - net 1 $ (86) $ (228) $ (22) $ (336) Estimated settlement expense 2 — (204) — (204) Inventory write-offs 3 (7) — — (7) Spare parts write-off 4 — (12) — (12) Gain (loss) on sale of business, assets and equity investments 3 4 10 — 14 Employee Retention Credit — 3 — 3 AltEn facility remediation charges (10) — — (10) Seed sale associated with Russia Exit 3,5 18 — — 18 Acquisition-related costs 6 — (45) — (45) Total $ (81) $ (476) $ (22) $ (579) (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2022 Restructuring and asset related charges - net 1 $ (228) $ (37) $ (98) $ (363) Estimated settlement expense 2 — (87) — (87) Inventory write-offs 3 (33) — — (33) Gain (loss) on sale of business, assets and equity investments 3 (5) 15 — 10 Settlement costs associated with Russia Exit 3 (8) — — (8) Employee Retention Credit 6 3 — 9 AltEn facility remediation charges (33) — — (33) Seed sale associated with Russia Exit 3,5 3 — — 3 Total $ (298) $ (106) $ (98) $ (502) (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2021 Restructuring and asset related charges - net 1 $ (152) $ (59) $ (78) $ (289) Equity securities mark-to-market gain (loss) 47 — — 47 Employee Retention Credit 37 23 — 60 Contract termination (30) (24) — (54) Total $ (98) $ (60) $ (78) $ (236) 1. Includes restructuring plans and asset related charges as well as accelerated prepaid amortization expense. See Note 6 - Restructuring and Asset Related Charges - Net, to the 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. Incremental loss associated with activities related to the Crop Protection Operations Strategy Restructuring Program. 5. Includes a benefit of $18 million and $3 million for the years ended December 31, 2023 and 2022, respectively, 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 and $8 million of net sales and $53 million and $5 million of cost of goods sold for the years ended December 31, 2023 and 2022, respectively. 6. 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 4 - Business Combinations, to the Consolidated Financial Statements, for additional information. |
EIDP Basis of Presentation (Not
EIDP Basis of Presentation (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Entity Information [Line Items] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | BACKGROUND AND BASIS OF PRESENTATION Corteva, Inc. is a leading global provider of seed and crop protection solutions focused on the agriculture industry. The company intends to leverage its rich heritage of scientific achievement to advance its robust innovation pipeline and continue to shape the future of responsible agriculture. The company's broad portfolio of agriculture solutions fuels farmer productivity around the globe. Corteva has two reportable segments: seed and crop protection. See Note 23 - Segment Information, to the Consolidated Financial Statements, for additional information on the company's reportable segments. Throughout these financial statements, except as otherwise noted by the context, the terms "Corteva" or "company" used herein mean Corteva, Inc. and its consolidated subsidiaries (including EIDP) and the term “EIDP” used herein means EIDP, Inc. (formerly known as E. I. du Pont de Nemours and Company) and its consolidated subsidiaries or EIDP, Inc. excluding its consolidated subsidiaries, as the context may indicate. Principles of Consolidation and Basis of Presentation The consolidated financial statements contained in this Annual Report were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for all periods presented and include the accounts of the company, its majority owned subsidiaries over which the company exercises control. The Consolidated Financial Statements and other financial information included in this Annual Report, unless otherwise specified, have been presented to separately show the effects of discontinued operations. The company made the decision, which was retrospectively applied, to adjust the presentation of the Consolidated Statement of Cash Flows to separately show the cash provided by (used for) operating activities – discontinued operations, which was previously presented within cash provided by (used for) operating activities. See Note 16 – Commitments and Contingent Liabilities, to the Consolidated Financial Statements, for additional information on discontinued operations activities. On June 1, 2019, Corteva, Inc. became an independent, publicly traded company through the completed separation (the “Separation”) of the agriculture business of DuPont de Nemours, Inc. (formerly known as DowDuPont Inc.) (“DowDuPont” or “DuPont”). The separation was effectuated through a pro rata distribution (the “Corteva Distribution”) of all of the then-issued and outstanding shares of common stock of Corteva, Inc. Subsequent to the Merger, Historical Dow and EIDP engaged in a series of internal reorganization and realignment steps to realign their businesses into three subgroups: agriculture, materials science and specialty products ("Internal Reorganization"). On April 1, 2019, DowDuPont completed the separation of its materials science business into a separate and independent public company by way of a distribution of Dow common stock to holders of DowDuPont's common stock (the “Dow Distribution” and together with the Corteva Distribution, the “Distributions”). On April 1, 2019, Historical Dow entities, which held certain assets and liabilities aligned with Historical Dow’s agriculture business and the assets and liabilities associated with its specialty products business, respectively, were transferred and conveyed to DowDuPont. On April 1, 2019 and May 1, 2019, EIDP’s materials science and specialty products entities, along with their respective assets and liabilities, were conveyed to Dow and DowDuPont, respectively. On May 2, 2019, DowDuPont conveyed Historical Dow agricultural entities to EIDP. On May 6, 2019, the Board of Directors of DowDuPont approved the distribution of all the then issued and outstanding shares of common stock of Corteva, Inc., then a wholly-owned subsidiary of DowDuPont, to DowDuPont stockholders. On May 31, 2019, DowDuPont contributed EIDP to Corteva, Inc. and on June 1, 2019, the Separation was completed. Information related to the Corteva Distribution and its effect on the company's financial statements is discussed throughout these Notes to the Consolidated Financial Statements. 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 4 percent and 3 percent to the company's annual net sales and segment operating EBITDA, respectively. The company remeasures net monetary assets and translates the 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 7 – Supplementary Information, to the Consolidated Financial Statements). As of December 31, 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 $10 million. The company will continue to assess the implications to its operations and financial reporting. |
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 noncontrolling 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 financial statements at the standalone level (including the associated interest). • Capital Structure - At December 31, 2023, Corteva, Inc.'s capital structure consists of 701,260,000 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 footnotes from the Corteva 10-K: • Note 1 - Background and Basis of Presentation - refer to page F-11 of the Corteva, Inc. Consolidated Financial Statements • Note 2 - Summary of Significant Accounting Policies - refer to page F-12 of the Corteva, Inc. Consolidated Financial Statements • Note 3 - Recent Accounting Guidance - refer to page F-17 of the Corteva, Inc. Consolidated Financial Statements • Note 4 - Business Combinations - refer to page F-18 of the Corteva, Inc. Consolidated Financial Statements • Note 5 - Revenue - refer to page F-19 of the Corteva, Inc. Consolidated Financial Statements • Note 6 - Restructuring and Asset Related Charges - Net - refer to page F-22 of the Corteva, Inc. Consolidated Financial Statements • Note 7 - Supplementary Information - refer to page F-25 of the Corteva, Inc. Consolidated Financial Statements • Note 8 - Income Taxes - Differences exist between Corteva, Inc. and EIDP; refer to EIDP Note 3 - Income Taxes, of the EIDP Consolidated Financial Statements, below • Note 9 - Earnings Per Share of Common Stock - Not applicable for EIDP • Note 10 - Accounts and Notes Receivable - Net - refer to page F-31 of the Corteva, Inc. Consolidated Financial Statements • Note 11 - Inventories - refer to page F-32 of the Corteva, Inc. Consolidated Financial Statements • Note 12 - Property, Plant and Equipment - refer to page F-32 of the Corteva, Inc. Consolidated Financial Statements • Note 13 - Goodwill and Other Intangible Assets - refer to page F-32 of the Corteva, Inc. Consolidated Financial Statements • Note 14 - Leases - refer to page F-34 of the Corteva, Inc. Consolidated Financial Statements • Note 15 - Long-Term Debt and Available Credit Facilities - refer to page F-35 of the Corteva, Inc. Consolidated Financial Statements. In addition, EIDP has a related party loan payable to Corteva, Inc.; refer to EIDP Note 2 - Related Party Transactions, of the EIDP Consolidated Financial Statements, below • Note 16 - Commitments and Contingent Liabilities - refer to page F-37 of the Corteva, Inc. Consolidated Financial Statements • Note 17 - Stockholders' Equity - refer to page F-46 of the Corteva, Inc. Consolidated Financial Statements • Note 18 - Pension Plans and Other Post-Employment Benefits - refer to page F-49 of the Corteva, Inc. Consolidated Financial Statements • Note 19 - Stock-Based Compensation - refer to page F-58 of the Corteva, Inc. Consolidated Financial Statements • Note 20 - Financial Instruments - refer to page F-60 of the Corteva, Inc. Consolidated Financial Statements • Note 21 - Fair Value Measurements - refer to page F-65 of the Corteva, Inc. Consolidated Financial Statements • Note 22 - Geographic Information - refer to page F-66 of the Corteva, Inc. Consolidated Financial Statements • Note 23 - Segment Information - Differences exist between Corteva, Inc. and EIDP; refer to EIDP Note 4 - Segment Information, of the EIDP Consolidated Financial Statements, below |
EIDP Income Taxes (Notes)
EIDP Income Taxes (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Text Block] | INCOME TAXES Domestic and foreign components of the income (loss) from continuing operations before income taxes and the provision for (benefit from) current and deferred tax expense (benefit) are shown below: Geographic Allocation of Income (Loss) and Provision for (Benefit from) Income Taxes For the Year Ended December 31, (In millions) 2023 2022 2021 Income (loss) from continuing operations before income taxes Domestic $ (414) $ (1) $ 941 Foreign 1,507 1,427 1,405 Income (loss) from continuing operations before income taxes $ 1,093 $ 1,426 $ 2,346 Current tax expense (benefit) Federal $ 143 $ 65 $ (13) State and local 40 21 6 Foreign 407 403 329 Total current tax expense (benefit) $ 590 $ 489 $ 322 Deferred tax expense (benefit) Federal $ (326) $ (170) $ 164 State and local (50) (39) 55 Foreign (62) (70) (17) Total deferred tax expense (benefit) $ (438) $ (279) $ 202 Provision for (benefit from) income taxes on continuing operations 152 210 524 Net income (loss) from continuing operations after taxes $ 941 $ 1,216 $ 1,822 The effective income tax rate applicable to income (loss) from continuing operations before income taxes was different from the statutory U.S. federal income tax rate due to the factors listed in the following table: Reconciliation to U.S. Statutory Rate For the Year Ended December 31, 2023 2022 2021 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Effective tax rates on international operations - net 1 (1.8) (3.5) (2.5) Acquisitions, divestitures and ownership restructuring activities 2 3.6 (5.4) (0.1) U.S. research and development credit (5.9) (2.2) (2.4) Exchange gains/losses 3 2.0 3.7 1.9 State and local incomes taxes - net 0.9 0.3 2.1 Impact of Swiss Tax Changes 4 (7.9) — 0.2 Excess tax benefits/deficiencies from stock compensation (0.5) (0.7) (0.2) Tax settlements and expiration of statute of limitations (0.3) 0.1 — Repatriation of foreign earnings 5 2.9 1.7 1.0 Other – net (0.1) (0.3) 1.3 Effective tax rate on income from continuing operations 13.9 % 14.7 % 22.3 % 1. Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. Includes a tax benefit of $(36) million for the year ended December 31, 2022, relating to the release of a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil. 2. Includes net tax charge of $46 million for the year ended December 31, 2023, associated with intellectual property realignment. Includes net tax benefits of $(55) million and $(42) million for the year ended December 31, 2022, related to deferred tax assets established upon change in a U.S. entity's tax characterization, and a worthless stock deduction on Company's investment in a subsidiary after a change in the entity's legal structure, respectively. 3. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 7 - Supplementary Information, and Note 20 - Financial Instruments, under the heading Foreign Currency Risk. 4. Includes net tax benefits of $(62) million and $(24) million for the year ended December 31, 2023, related to changes in deferred taxes and a tax currency change, respectively. 5. Includes the effect of withholding tax on distribution of foreign earnings to the U.S., net of U.S. foreign tax credits. Significant components of the company's net deferred tax asset (liability) were attributable to: Deferred Tax Balances at December 31, 2023 2022 (In millions) Assets Liabilities Assets Liabilities Property $ — $ 353 $ — $ 447 Operating loss and tax credit carryforwards 1 539 — 363 — Accrued employee benefits 703 — 680 — Other accruals and reserves 603 — 545 — Intangibles — 2,153 — 2,106 Inventory 193 — 198 — Research and development capitalization 607 — 418 — Investments 39 — 40 — Unrealized exchange gains/losses — 38 — 29 Other – net 55 — 40 — Subtotal $ 2,739 $ 2,544 $ 2,284 $ 2,582 Valuation allowances 2 (510) — (342) — Total $ 2,229 $ 2,544 $ 1,942 $ 2,582 Net Deferred Tax Asset (Liability) $ (315) $ (640) 1. Primarily related to tax loss and credit carryforwards from operations in the United States, Switzerland, and Spain. 2. During the year ended December 31, 2023, the company adjusted the valuation allowances recorded against the net deferred tax asset position of various legal entities, the largest of which relates to legal entities in Switzerland and Argentina. Details of the company’s operating loss and tax credit carryforwards are shown in the following table: Operating Loss and Tax Credit Carryforwards Deferred Tax Asset (In millions) 2023 2022 Operating loss carryforwards Expire within 5 years $ 103 $ 127 Expire after 5 years or indefinite expiration 303 158 Total operating loss carryforwards $ 406 $ 285 Tax credit carryforwards Expire within 5 years $ 59 $ 15 Expire after 5 years or indefinite expiration 74 63 Total tax credit carryforwards $ 133 $ 78 Total Operating Loss and Tax Credit Carryforwards $ 539 $ 363 A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: Total Gross Unrecognized Tax Benefits For the Year Ended December 31, (In millions) 2023 2022 2021 Total unrecognized tax benefits as of beginning of period $ 357 $ 377 $ 395 Decreases related to positions taken on items from prior years — (3) (7) Increases related to positions taken on items from prior years 23 4 13 Increases related to positions taken in the current year 16 11 9 Settlement of uncertain tax positions with tax authorities (4) (24) (17) Decreases due to expiration of statutes of limitations (2) (5) (16) Exchange (gain) loss — (3) — Total unrecognized tax benefits as of end of period $ 390 $ 357 $ 377 Total unrecognized tax benefits that, if recognized, would impact the effective tax rate $ 173 $ 139 $ 157 Total amount of interest and penalties (benefits) recognized in provision for (benefit from) income taxes on continuing operations $ 1 $ 1 $ 1 Total accrual for interest and penalties associated with unrecognized tax benefits at end of period $ 11 $ 13 $ 11 Each year the company files hundreds of tax returns in the various national, state and local income taxing jurisdictions in which it operates. These tax returns are subject to examination and possible challenge by the tax authorities. Positions challenged by the tax authorities may be settled or appealed by the company. As a result, there is an uncertainty in income taxes recognized in the company's financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. It is reasonably possible that changes to the company’s global unrecognized tax benefits could be significant; however, due to the uncertainty regarding the timing of completion of audits and possible outcomes, a current estimate of the range of increases or decreases that may occur within the next twelve months cannot be made. As of December 31, 2023, the company has made advance deposits of approximately $90 million to a foreign taxing authority, partially as a prerequisite to petition the court related to an open tax examination. These payments are accounted for as a prepaid asset, included in other assets in the Consolidated Balance Sheets. Tax years that remain subject to examination for the company’s major tax jurisdictions are shown below: Tax Years Subject to Examination by Major Tax Jurisdiction at December 31, 2023 Earliest Open Year Jurisdiction Argentina 2017 Brazil 2018 Canada 2016 China 2014 France 2021 India 2022 Italy 2017 Switzerland 2018 United States: Federal income tax 2012 State and local income tax 2012 Undistributed earnings of foreign subsidiaries and related companies that are deemed to be indefinitely invested amounted to $4,240 million at December 31, 2023. Distributions of profits from non-U.S. subsidiaries are subject to certain taxes upon repatriation, primarily where foreign withholding taxes apply; these taxes are partially offset by U.S. foreign tax credits. The company is asserting indefinite reinvestment related to certain investments in foreign subsidiaries. Determination of the amount of unrecognized deferred tax liability related to indefinitely reinvested profits is not feasible primarily due to our legal entity structure and the complexity of U.S. and local tax laws. For periods between the Merger on August 31, 2017, and the Corteva Distribution, Corteva and its subsidiaries were included in DowDuPont's consolidated federal income tax group and consolidated tax return. Generally, the consolidated tax liability of the DowDuPont U.S. tax group for each year was apportioned among the members of the consolidated group based on each member’s separate taxable income. Corteva, DuPont and Dow intend that to the extent federal and/or state corporate income tax liabilities are reduced through the utilization of tax attributes of the other, settlement of any receivable and payable generated from the use of the other party’s sub-group attributes will be in accordance with a tax sharing agreement and/or Tax Matters Agreement. See Note 16 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements for further information related to indemnifications between Corteva, DuPont and Dow. On August 16, 2022, the U.S. federal government enacted the Inflation Reduction Act of 2022 (“the Act”). The Act includes tax provisions, among other things, which implement (i) a 15 percent minimum tax on book income of certain large corporations; (ii) a one percent excise tax on net stock repurchases; and (iii) several tax incentives to promote clean energy. The Act did not have a material impact on the company’s financial position, results of operations or cash flows. In December 2021, the Organization for Economic Cooperation and Development ("OECD") released the Pillar Two Model rules (also referred to as the global minimum tax or Global Anti-Base Erosion "GloBE" rules), which were designed to ensure multinational enterprises pay a certain level of tax within every jurisdiction they operate. Several jurisdictions in which we operate have enacted these rules, with a January 1, 2024 effective date. The company is monitoring developments and evaluating the potential impact. At this time, the company does not anticipate a material tax charge as a result of implementation of these rules. |
EIDP | |
Income Tax Disclosure [Text Block] | Refer to page F-26 of the Corteva, Inc. Consolidated Financial Statements for discussion of tax items that do not differ between Corteva, Inc. and EIDP. Geographic Allocation of Income (Loss) and Provision for (Benefit from) Income Taxes For the Year Ended December 31, (In millions) 2023 2022 2021 Income (loss) from continuing operations before income taxes Domestic $ (434) $ (46) $ 892 Foreign 1,507 1,427 1,404 Income (loss) from continuing operations before income taxes $ 1,073 $ 1,381 $ 2,296 Current tax expense (benefit) Federal $ 138 $ 56 $ (23) State and local 40 19 4 Foreign 407 403 329 Total current tax expense (benefit) $ 585 $ 478 $ 310 Deferred tax expense (benefit) Federal $ (326) $ (170) $ 164 State and local (50) (39) 55 Foreign (62) (70) (17) Total deferred tax expense (benefit) $ (438) $ (279) $ 202 Provision for (benefit from) income taxes on continuing operations 147 199 512 Net income (loss) from continuing operations $ 926 $ 1,182 $ 1,784 Reconciliation to U.S. Statutory Rate For the Year Ended December 31, 2023 2022 2021 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Effective tax rates on international operations - net 1 (1.9) (3.6) (2.6) Acquisitions, divestitures and ownership restructuring activities 2 3.6 (5.5) (0.1) U.S. research and development credit (6.0) (2.3) (2.5) Exchange gains/losses 3 2.0 3.8 1.9 State and local income taxes - net 0.9 0.2 2.2 Impact of Swiss Tax Changes 4 (8.0) — 0.2 Excess tax benefits/deficiencies from stock compensation (0.6) (0.7) (0.2) Tax settlements and expiration of statute of limitations (0.4) 0.1 — Repatriation of foreign earnings 5 2.9 1.7 1.0 Other – net 0.2 (0.3) 1.3 Effective tax rate 13.7 % 14.4 % 22.2 % 1. Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. Includes a tax benefit of $(36) million for the year ended December 31, 2022, relating to the release of a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil. 2. Includes a tax charge of $46 million for the year ended December 31, 2023 associated with intellectual property realignment. Includes net tax benefits of $(55) million and $(42) million for the year ended December 31, 2022, related to deferred tax assets established upon change in a U.S. entity's tax characterization, and a worthless stock deduction on Company's investment in a subsidiary after a change in the entity's legal structure, respectively. 3. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 7 - Supplementary Information, and Note 20 - Financial Instruments, under the heading Foreign Currency Risk. 4. Includes net tax benefits of $(62) million and $(24) million for the year ended December 31, 2023, related to changes in deferred taxes and a tax currency change, respectively. |
EIDP Segment FN (Notes)
EIDP Segment FN (Notes) | 12 Months Ended |
Dec. 31, 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, environmental remediation and legal costs associated with legacy EIDP businesses and sites, and the 2021 officer indemnification payment. 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. Corporate Profile The company conducts its global operations through the following reportable segments: Seed The company’s seed segment is a global leader in developing and supplying advanced germplasm and traits that produce optimum yield for farms around the world. The segment is a leader in many of the company’s key seed markets, including North America corn and soybeans, Europe corn and sunflower, as well as Brazil, India, South Africa and Argentina corn. The segment offers trait technologies that improve resistance to weather, disease, insects and enhance food and nutritional characteristics, herbicides used to control weeds, and digital solutions that assist farmer decision-making to help maximize yield and profitability. Crop Protection The crop protection segment serves the global agricultural input industry with products that protect against weeds, insects and other pests, and disease, and that improve overall crop health both above and below ground via nitrogen management and seed-applied technologies. The segment offers crop protection solutions and digital solutions that provide farmers the tools they need to improve productivity and profitability, and help keep fields free of weeds, insects and diseases. The segment is a leader in global herbicides, insecticides, nitrogen stabilizers, pasture and range management herbicides and biologicals. (In millions) Seed Crop Protection Total As of and for the Year Ended December 31, 2023 Net sales $ 9,472 $ 7,754 $ 17,226 Segment operating EBITDA 2,117 1,374 3,491 Depreciation and amortization 814 397 1,211 Segment assets 22,732 15,004 37,736 Investments in nonconsolidated affiliates 39 76 115 Purchases of property, plant and equipment 332 263 595 As of and for the Year Ended December 31, 2022 Net sales 8,979 8,476 17,455 Segment operating EBITDA 1,656 1,684 3,340 Depreciation and amortization 839 384 1,223 Segment assets 22,952 14,097 37,049 Investments in nonconsolidated affiliates 35 67 102 Purchases of property, plant and equipment 225 380 605 As of and for the Year Ended December 31, 2021 Net sales 8,402 7,253 15,655 Segment operating EBITDA 1,512 1,202 2,714 Depreciation and amortization 866 377 1,243 Segment assets 23,270 12,428 35,698 Investments in nonconsolidated affiliates 29 47 76 Purchase of property, plant and equipment 237 336 573 Reconciliation to Consolidated Financial Statements Income (loss) from continuing operations after income taxes to segment operating EBITDA For the Year Ended December 31, (In millions) 2023 2022 2021 Income (loss) from continuing operations after income taxes $ 941 $ 1,216 $ 1,822 Provision for (benefit from) income taxes on continuing operations 152 210 524 Income (loss) from continuing operations before income taxes 1,093 1,426 2,346 Depreciation and amortization 1,211 1,223 1,243 Interest income (283) (124) (77) Interest expense 233 79 30 Exchange (gains) losses - net 397 229 54 Non-operating (benefits) costs - net 1 151 (111) (1,256) Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges — — — Significant items 579 502 236 Corporate expenses 110 116 138 Segment operating EBITDA $ 3,491 $ 3,340 $ 2,714 1. The year ended December 31, 2021 includes non-cash benefits related to the 2020 OPEB Plan Amendments. Refer to Note 18 - Pension Plans and Other Post-Employment Benefits, to the Consolidated Financial Statements, for additional information. Segment assets to total assets (in millions) December 31, 2023 December 31, 2022 Total segment assets $ 37,736 $ 37,049 Corporate assets 5,260 5,569 Total assets $ 42,996 $ 42,618 Significant Pre-tax (Charges) Benefits Not Included in Segment Operating EBITDA The years ended December 31, 2023, 2022 and 2021, 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 Year Ended December 31, 2023 Restructuring and asset related charges - net 1 $ (86) $ (228) $ (22) $ (336) Estimated settlement expense 2 — (204) — (204) Inventory write-offs 3 (7) — — (7) Spare parts write-off 4 — (12) — (12) Gain (loss) on sale of business, assets and equity investments 3 4 10 — 14 Employee Retention Credit — 3 — 3 AltEn facility remediation charges (10) — — (10) Seed sale associated with Russia Exit 3,5 18 — — 18 Acquisition-related costs 6 — (45) — (45) Total $ (81) $ (476) $ (22) $ (579) (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2022 Restructuring and asset related charges - net 1 $ (228) $ (37) $ (98) $ (363) Estimated settlement expense 2 — (87) — (87) Inventory write-offs 3 (33) — — (33) Gain (loss) on sale of business, assets and equity investments 3 (5) 15 — 10 Settlement costs associated with Russia Exit 3 (8) — — (8) Employee Retention Credit 6 3 — 9 AltEn facility remediation charges (33) — — (33) Seed sale associated with Russia Exit 3,5 3 — — 3 Total $ (298) $ (106) $ (98) $ (502) (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2021 Restructuring and asset related charges - net 1 $ (152) $ (59) $ (78) $ (289) Equity securities mark-to-market gain (loss) 47 — — 47 Employee Retention Credit 37 23 — 60 Contract termination (30) (24) — (54) Total $ (98) $ (60) $ (78) $ (236) 1. Includes restructuring plans and asset related charges as well as accelerated prepaid amortization expense. See Note 6 - Restructuring and Asset Related Charges - Net, to the 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. Incremental loss associated with activities related to the Crop Protection Operations Strategy Restructuring Program. 5. Includes a benefit of $18 million and $3 million for the years ended December 31, 2023 and 2022, respectively, 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 and $8 million of net sales and $53 million and $5 million of cost of goods sold for the years ended December 31, 2023 and 2022, respectively. 6. 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 4 - Business Combinations, to the Consolidated Financial Statements, for additional information. |
EIDP | |
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 F-67 of the Corteva, Inc. Consolidated Financial Statements for background information on the segments as well as further details regarding segment metrics. The tables below reconcile income (loss) from continuing operations after income taxes to segment operating EBITDA, as differences exist between Corteva, Inc. and EIDP. Reconciliation to Consolidated Financial Statements Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) For the Year Ended December 31, 2023 2022 2021 Income (loss) from continuing operations after income taxes $ 926 $ 1,182 $ 1,784 Provision for (benefit from) income taxes on continuing operations 147 199 512 Income (loss) from continuing operations before income taxes 1,073 1,381 2,296 Depreciation and amortization 1,211 1,223 1,243 Interest income (283) (124) (77) Interest expense 253 124 80 Exchange losses - net 397 229 54 Non-operating (benefits) costs - net 1 151 (111) (1,256) Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges — — — Significant items 579 502 236 Corporate expenses 110 116 138 Segment operating EBITDA $ 3,491 $ 3,340 $ 2,714 1. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net (loss) income attributable to Company | $ 735 | $ 1,147 | $ 1,759 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Background and Basis of Prese_2
Background and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Intended Business Separations [Policy Text Block] | Subsequent to the Merger, Historical Dow and EIDP engaged in a series of internal reorganization and realignment steps to realign their businesses into three subgroups: agriculture, materials science and specialty products ("Internal Reorganization"). On April 1, 2019, DowDuPont completed the separation of its materials science business into a separate and independent public company by way of a distribution of Dow common stock to holders of DowDuPont's common stock (the “Dow Distribution” and together with the Corteva Distribution, the “Distributions”). On April 1, 2019, Historical Dow entities, which held certain assets and liabilities aligned with Historical Dow’s agriculture business and the assets and liabilities associated with its specialty products business, respectively, were transferred and conveyed to DowDuPont. On April 1, 2019 and May 1, 2019, EIDP’s materials science and specialty products entities, along with their respective assets and liabilities, were conveyed to Dow and DowDuPont, respectively. On May 2, 2019, DowDuPont conveyed Historical Dow agricultural entities to EIDP. |
Specialty Products Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued Operations, Policy [Policy Text Block] | 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 4 percent and 3 percent to the company's annual net sales and segment operating EBITDA, respectively. The company remeasures net monetary assets and translates the 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 7 – Supplementary Information, to the Consolidated Financial Statements). As of December 31, 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 $10 million. The company will continue to assess the implications to its operations and financial reporting. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | The Consolidated Financial Statements include the accounts of the company and subsidiaries in which a controlling interest is maintained. For those consolidated subsidiaries in which the company's ownership is less than 100 percent, the outside stockholders' interests are shown as noncontrolling interests. Investments in affiliates over which the company has the ability to exercise significant influence but does not have a controlling interest are accounted for under the equity method. |
Use of Estimates | Use of Estimates in Financial Statement Preparation |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Restricted Cash | Restricted Cash Equivalents Restricted cash equivalents primarily consist of trust assets and contributions to the escrow accounts for the settlement of certain legal matters and the settlement of legacy PFAS matters and the associated qualified spend. 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 Consolidated Balance Sheets. See Note 7 - Supplementary Information, to the Consolidated Financial Statements, for further information. |
Marketable Securities | Marketable Securities Marketable securities represent investments in fixed and floating rate financial instruments with maturities greater than three months and up to twelve months at time of purchase. Investments classified as held-to-maturity are recorded at amortized cost. The carrying value approximates fair value due to the short-term nature of the investments. Investments classified as debt securities that are available-for-sale are carried at estimated fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss) or current period earnings if an allowance for credit losses has been established. The cost of investments sold is determined by specific identification. |
Fair Value Measurements | Fair Value Measurements Under the accounting guidance for fair value measurements and disclosures, a fair value hierarchy was established that prioritizes the inputs to valuation techniques used to measure fair value. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The company uses the following hierarchy to classify assets and liabilities measured at fair value: Level 1 – Quoted market prices in active markets for identical assets or liabilities. Level 2 – Significant other observable inputs (e.g., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs). Level 3 – Unobservable inputs for the asset or liability, which are valued based on management's estimates of assumptions that market participants would use in pricing the asset or liability. |
Foreign Currency Translation | Foreign Currency Translation The company's worldwide operations utilize the USD or a related foreign currency as the functional currency, where applicable. The company identifies its separate and distinct foreign entities and groups the foreign entities into two categories: 1) extension of the parent or foreign subsidiaries operating in a hyper-inflationary environment (USD functional currency) and 2) self-contained (related foreign functional currency). If a foreign entity does not align with either category, factors are evaluated and a judgment is made to determine the functional currency. For foreign entities where the USD is the functional currency, all foreign currency-denominated asset and liability amounts are re-measured into USD at end-of-period exchange rates, except for inventories, prepaid expenses, property, plant and equipment, goodwill and other intangible assets, which are re-measured at historical rates. Foreign currency income and expenses are re-measured at average exchange rates in effect during each month, except for expenses related to balance sheet amounts re-measured at historical exchange rates. Exchange gains and losses arising from re-measurement of foreign currency-denominated monetary assets and liabilities are included in income in the period in which they occur. For foreign entities where a related foreign currency is the functional currency, assets and liabilities denominated in the related foreign currencies are translated into USD at end-of-period exchange rates and the resultant translation adjustments are reported, net of their related tax effects, as a component of accumulated other comprehensive income (loss) in equity. Assets and liabilities denominated in other than the functional currency are re-measured into the functional currency prior to translation into USD and the resultant exchange gains or losses are included in income in the period in which they occur. Income and expenses are translated into USD at average exchange rates in effect during each month. The company changes the functional currency of its separate and distinct foreign entities only when significant changes in economic facts and circumstances indicate clearly that the functional currency has changed. |
Inventories | Inventories The company's inventories are valued at the lower of cost or net realizable value. Elements of cost in inventories include raw materials, direct labor and manufacturing overhead. Stores and supplies are valued at cost or net realizable value, whichever is lower; cost is generally determined by the average cost method. As of December 31, 2023, approximately 60% and 40% of the company's inventories were accounted for under the first-in, first-out ("FIFO") and average cost methods, respectively. As of December 31, 2022, approximately 55% and 45% of the company's inventories were accounted for under the FIFO and average cost methods, respectively. Inventories accounted for under the FIFO method are primarily comprised of products with shorter shelf lives such as seeds. See Note 11 - Inventories, to the Consolidated Financial Statements, for further information. The company establishes an obsolescence reserve for inventory based upon quality considerations and assumptions about future demand and market conditions. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation. Depreciation is based on the estimated service lives of depreciable assets and is calculated using the straight-line method. Fully depreciated assets are retained in property and accumulated depreciation accounts until they are removed from service. When assets are surrendered, retired, sold, or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the Consolidated Balance Sheets and included in determining gain or loss on such disposals. See Note 12 – Property, Plant and Equipment, to the Consolidated Financial Statements, for further information. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The company records goodwill when the purchase price of a business acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired. Goodwill is tested for impairment at the reporting unit level at least annually, or more frequently when events or changes in circumstances indicate that the fair value of a reporting unit has more likely than not declined below its carrying value. The company performs an annual goodwill impairment test in the fourth quarter. When testing goodwill for impairment, the company has the option to first perform qualitative testing to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the company chooses not to complete a qualitative assessment for a given reporting unit or if the initial assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, additional quantitative testing is required. If additional quantitative testing is required, the reporting unit's fair value is compared with its carrying amount, and an impairment charge, if any, is recognized for the amount by which the carrying amount exceeds the reporting unit's fair value, limited to the amount of goodwill associated with the reporting unit. The company determines fair values for each of the reporting units using a discounted cash flow model (a form of the income approach) or the market approach. Under the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The company's significant assumptions in this analysis include future cash flow projections, weighted average cost of capital, the terminal growth rate, and the tax rate. Under the market approach, the company uses metrics of publicly traded companies or historically completed transactions for comparable companies. See Note 13 - Goodwill and Other Intangible Assets, to the Consolidated Financial Statements, for further information on goodwill. Indefinite-lived intangible assets are tested for impairment at least annually; however, these tests are performed more frequently when events or changes in circumstances indicate that the asset may be impaired. Impairment exists when carrying value exceeds fair value. The company performs an impairment assessment using the multi-period excess earnings method (a form of the income approach) using Level 3 inputs within the fair value hierarchy. The significant assumptions used in the calculation include future cash flow projections, the discount rate, and the terminal growth rate. These significant assumptions involve management judgment and estimates relating to future operating performance and economic conditions that may differ from actual cash flows. Definite-lived intangible assets are amortized over their estimated useful lives, generally on a straight-line basis for periods ranging primarily from 2 years to 25 years. The company continually evaluates the reasonableness of the useful lives of these assets. Once these assets are no longer considered held and used, they are removed from the Consolidated Balance Sheets. |
Business Combinations Policy | Acquisitions |
Leases | Leases The company determines whether an arrangement is a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset and the company has the right to control the asset. Operating lease right-of-use ("ROU") assets are included in other assets on the company’s Consolidated Balance Sheets. Operating lease liabilities are included in accrued and other current liabilities and other noncurrent obligations on the company’s Consolidated Balance Sheets. Finance lease assets are included in property, plant and equipment on the company’s Consolidated Balance Sheets. Finance lease liabilities are included in short-term borrowings and finance lease obligations and long-term debt on the company’s Consolidated Balance Sheets. Operating lease ROU assets represent the company’s right to use an underlying asset for the lease term and lease liabilities represent the company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the company’s leases do not provide the lessor's implicit rate, the company uses its incremental borrowing rate at the commencement date in determining the present value of lease payments. Lease terms include options to extend the lease when it is reasonably certain those options will be exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The company recognizes lease expense for these leases on a straight-line basis over the lease term. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from the assets are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset group. The company's fair value methodology is an estimate of fair market value which is made based on prices of similar assets or other valuation methodologies including present value techniques. Long-lived assets to be disposed of by sale, if material, are classified as held for sale and reported at the lower of carrying amount or fair value less cost to sell, and depreciation is ceased. Long-lived assets to be disposed of other than by sale are classified as held and used until they are disposed of and reported at the lower of carrying amount or fair value. Depreciation is recognized over the remaining useful life of the assets. |
Derivative Instruments | Derivative Instruments Derivative instruments are reported in the Consolidated Balance Sheets at their fair values. The company utilizes derivatives to manage exposures to foreign currency exchange rates and commodity prices. Changes in the fair values of derivative instruments that are not designated as hedges are recorded in current period earnings. For derivative instruments designated as cash flow hedges, the gain (loss) is reported in accumulated other comprehensive income (loss) until it is cleared to earnings during the same period in which the hedged item affects earnings. For derivative instruments designated as net investment hedges, the gain (loss) is reported within accumulated other comprehensive income (loss) until the subsidiary is divested. In the event that a derivative designated as a hedge of a firm commitment or an anticipated transaction is terminated prior to the maturation of the hedged transaction, the net gain or loss in accumulated other comprehensive income (loss) generally remains in accumulated other comprehensive income (loss) until the item that was hedged affects earnings. If a hedged transaction matures, or is sold, extinguished, or terminated prior to the maturity of a derivative designated as a hedge of such transaction, gains or losses associated with the derivative through the date the transaction matured are included in the measurement of the hedged transaction and the derivative is reclassified as for trading purposes. Derivatives designated as hedges of anticipated transactions are reclassified as for trading purposes if the anticipated transaction is no longer probable. The company included foreign currency exchange contract settlements within cash flows from operating activities, regardless of hedge accounting qualification. See Note 20 - Financial Instruments, to the Consolidated Financial Statements, for additional discussion regarding the company's objectives and strategies for derivative instruments. |
Environmental Matters | Environmental Matters Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. These accruals are adjusted periodically as assessment and remediation efforts progress or as additional technical or legal information becomes available. Accruals for environmental liabilities are included in the Consolidated Balance Sheets in accrued and other current liabilities and other noncurrent obligations at undiscounted amounts. Accruals for related insurance or other third-party recoveries for environmental liabilities are recorded when it is probable that a recovery will be realized and are included in the Consolidated Balance Sheets as accounts and notes receivable - net. Environmental costs are capitalized if the costs extend the life of the property, increase its capacity, and/or mitigate or prevent contamination from future operations. Environmental costs are also capitalized in recognition of legal asset retirement obligations resulting from the acquisition, construction and/or normal operation of a long-lived asset. Costs related to environmental contamination treatment and cleanup are charged to expense. Estimated future incremental operations, maintenance and management costs directly related to remediation are accrued when such costs are probable and reasonably estimable. |
Revenue Recognition | Revenue Recognition The company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the company expects to receive in exchange for those goods or services. To determine the revenue recognition for an arrangement considered to be a contract with a customer, the company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. See Note 5 - Revenue, to the Consolidated Financial Statements, for additional information on revenue recognition. |
Royalty Expense | Prepaid Royalties The company currently has certain third-party biotechnology trait license agreements, which require up-front and variable payments subject to the licensor meeting certain conditions. These payments are reflected as other current assets and other assets in the Consolidated Balance Sheets and are amortized to cost of goods sold in the Consolidated Statement of Operations as seeds containing the respective trait technology are utilized over the life of the license. The rate of royalty amortization expense recognized is based on the company’s strategic plans which include various assumptions and estimates including product portfolio, market dynamics, farmer preferences, growth rates and projected planted acres. Changes in factors and assumptions included in the strategic plans, including potential changes to the product portfolio in favor of internally developed biotechnology, could impact the rate of recognition of the relevant prepaid royalty. At December 31, 2023, the balance of prepaid royalties reflected in other current assets and other assets in the Consolidated Balance Sheets was approximately $105 million and $25 million, respectively. The majority of the balance of prepaid royalties in other current assets relates to the company’s wholly owned subsidiary, Pioneer Hi-Bred International, Inc.’s (“Pioneer”) non-exclusive license in the United States and Canada for the Monsanto Company's Genuity ® Roundup Ready 2 Yield ® glyphosate tolerance trait and Roundup Ready 2 Xtend ® glyphosate and dicamba tolerance trait for soybeans (“Roundup Ready 2 License Agreement”). Each of these licensed technologies are now trademarks of the Bayer Group, which acquired the Monsanto Company in 2018. The prepaid royalty asset relates to a series of up-front, fixed and variable royalty payments to utilize the traits in Pioneer’s soybean product mix. The company’s historical expectation was that the technology licensed under the Roundup Ready 2 License Agreement would be used as the primary herbicide tolerance trait platform in the Pioneer ® brand soybean through the term of the agreement. DAS and MS Technologies, L.L.C. jointly developed and own the Enlist E3 TM herbicide tolerance trait for soybeans which provides tolerance to 2, 4-D choline in Enlist Duo ® and Enlist One ® herbicides, as well as glyphosate and glufosinate herbicides. In connection with the validation of breeding plans and large-scale product development timelines, during 2019 the company committed to accelerate the ramp up of the Enlist E3 TM trait platform in the company’s soybean portfolio mix across all brands, including Pioneer ® brands. During the five-year ramp-up period, the company has began to significantly reduce the volume of products with the Roundup Ready 2 Yield ® and Roundup Ready 2 Xtend ® herbicide tolerance traits, with expected minimal use of the trait platform thereafter for the remainder of the Roundup Ready 2 License Agreement (the “Transition Plan”). The rate of royalty expense has therefore increased significantly through higher amortization of the prepaid royalty as fewer seeds containing the respective trait are expected to be utilized. In connection with the departure from these traits, beginning January 1, 2020 the company presents and discloses the non-cash accelerated prepaid royalty amortization expense as a component of restructuring and asset related charges - net, in the Consolidated Statement of Operations. The accelerated prepaid royalty amortization expense represents the difference between the rate of amortization based on the revised number of units expected to contain the Roundup Ready 2 Yield ® and Roundup Ready 2 Xtend ® trait technology and the variable cash rate per the Roundup Ready 2 License Agreement. |
Cost of Goods Sold | Cost of Goods Sold |
Research and Development | Research and Development Research and development costs are expensed as incurred. Research and development expense includes costs (primarily consisting of employee costs, materials, contract services, research agreements, and other external spend) relating to the discovery and development of new products. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses |
Litigation | Litigation and Other Contingencies |
Severance Costs | Severance Costs |
Insurance and Self Insurance | Insurance/Self-Insurance The company self-insures certain risks where permitted by law or regulation, including workers' compensation, vehicle liability and employee related benefits. Liabilities associated with these risks are estimated in part by considering historical claims experience, demographic factors and other actuarial assumptions. For other risks, the company uses a combination of insurance and self-insurance, reflecting comprehensive reviews of relevant risks. A receivable for an insurance recovery is generally recognized when the loss has occurred and collection is considered probable. |
Income Taxes | Income Taxes The company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities using enacted tax rates. The effect of a change in tax rates on deferred tax assets or liabilities is recognized in income in the period that includes the enactment date. The company recognizes the financial statement effects of an uncertain income tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The current portion of uncertain income tax positions is included in income taxes payable or income tax receivable, and the long-term portion is included in other noncurrent obligations or other noncurrent assets in the Consolidated Balance Sheets. Income tax related penalties are included in the provision for (benefit from) income taxes in the Consolidated Statements of Operations. Interest accrued related to unrecognized tax benefits is included within the provision for (benefit from) income taxes from continuing operations in the Consolidated Statements of Operations. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share The calculation of earnings per common share is based on the weighted-average number of the company’s common shares outstanding for the applicable period. The calculation of diluted earnings per common share reflects the effect of all potential common shares that were outstanding during the respective periods, unless the effect of doing so is antidilutive. |
Recent Accounting Guidance Rece
Recent Accounting Guidance Recent Accounting Guidance (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Recent Accounting Guidance | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In September 2022, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update ("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 16 – Commitments and Contingent Liabilities, to the Consolidated Financial Statements, for additional information. Accounting Guidance Issued But Not Adopted as of December 31, 2023 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires that an entity disclose specific categories in the effective tax rate reconciliation as well as reconciling items that meet a quantitative threshold. Further, the ASU requires additional disclosures on income tax expense and taxes paid, net of refunds received, by jurisdiction. The new standard is effective for annual periods beginning after December 15, 2024 on a prospective basis with the option to apply it retrospectively. Early adoption is permitted. The adoption of this guidance will result in the company being required to include enhanced income tax related disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU includes amendments that expand the existing reportable segment disclosure requirements and requires disclosure of (i) significant expense categories and amounts by reportable segment as well as the segment’s profit or loss measure(s) that are regularly provided to the chief operating decision maker (the “CODM”) to allocate resources and assess performance; (ii) how the CODM uses each reported segment profit or loss measure to allocate resources and assess performance; (iii) the nature of other segment balances contributing to reported segment profit or loss that are not captured within segment revenues or expenses; and (iv) the title and position of the individual or name of the group or committee identified as the CODM. This guidance requires retrospective application to all prior periods presented in the financial statements and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of this guidance will result in the company being required to include enhanced disclosures relating to its reportable segments. 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. It generally requires the use of business combinations accounting at the joint venture 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 joint venture’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 from Contract with Cust
Revenue from Contract with Customer (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the company expects to receive in exchange for those goods or services. To determine the revenue recognition for an arrangement considered to be a contract with a customer, the company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. See Note 5 - Revenue, to the Consolidated Financial Statements, for additional information on revenue recognition. |
Business Combinations and Ass_2
Business Combinations and Asset Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 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 243 17 Inventories 81 10 Other current assets 9 2 Property, plant and equipment 71 3 Goodwill 383 129 Other intangible assets 645 300 Deferred income taxes 10 — Other assets 5 1 Total assets acquired $ 1,544 $ 462 Liabilities Short-term borrowings 59 — Accounts payable 25 13 Income taxes payable 2 — Accrued and other current liabilities 65 4 Long-term debt 2 — Deferred income tax liabilities 150 74 Other noncurrent obligations 21 1 Total liabilities assumed $ 324 $ 92 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 infinite lives: IPR&D — — 5 — Total other intangible assets with indefinite lives $ — — $ 5 — Total intangible assets $ 645 $ 300 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disaggregation of Revenue [Line Items] | |
Contract Balances [Table Text Block] | Contract Balances December 31, 2023 December 31, 2022 (In millions) Accounts and notes receivable - trade 1 $ 4,329 $ 4,261 Contract assets - current 2 27 26 Contract assets - noncurrent 3 67 64 Deferred revenue - current 3,406 3,388 Deferred revenue - noncurrent 4 108 107 1. Included in accounts and notes receivable - net in the Consolidated Balance Sheets. 2. Included in other current assets in the Consolidated Balance Sheets. 3. Included in other assets in the Consolidated Balance Sheets. 4. |
Geography [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | Seed For the Year Ended December 31, (In millions) 2023 2022 2021 North America 1 $ 5,768 $ 5,178 $ 5,004 EMEA 2 1,622 1,609 1,599 Latin America 1,637 1,758 1,420 Asia Pacific 445 434 379 Total $ 9,472 $ 8,979 $ 8,402 Crop Protection For the Year Ended December 31, (In millions) 2023 2022 2021 North America 1 $ 2,822 $ 3,116 $ 2,532 EMEA 2 1,745 1,647 1,524 Latin America 2,269 2,687 2,125 Asia Pacific 918 1,026 1,072 Total $ 7,754 $ 8,476 $ 7,253 1. Represents U.S. & Canada. 2. Europe, Middle East, and Africa ("EMEA"). |
Restructuring and Asset Relat_2
Restructuring and Asset Related Charges (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
2022 Restructuring Actions | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Segment | For the Year Ended December 31, (In millions) 2023 2022 Seed $ 17 $ 120 Crop Protection 5 41 Corporate expenses 20 111 Total 1 $ 42 $ 272 1. This amount excludes other pre-tax charges recorded during the years ended December 31, 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 company's Consolidated Statement of Operations, respectively. See Note 23 - Segment Information, to the Consolidated Financial Statements, for additional information. |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | For the Year Ended December 31, (In millions) 2023 2022 Severance and related benefit costs $ 20 $ 111 Asset related charges 12 104 Contract termination charges 1 10 57 Total restructuring and asset related charges - net 2 $ 42 $ 272 1. Contract terminations includes early lease terminations. 2. This amount excludes other pre-tax charges recorded during the year ended December 31, 2023 and 2022 included in cost of goods sold and other income (expense) – net, in the company’s Consolidated Statement of Operations, as noted above. A reconciliation of the December 31, 2022 to the December 31, 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 from continuing operations 20 12 10 42 Payments (43) — (13) (56) Asset write-offs — (11) — (11) Balance at December 31, 2023 $ 48 $ 1 $ 9 $ 58 1. The liability for contract terminations includes lease obligations. The cash impact of these obligations are substantially complete. |
2021 Restructuring Actions [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Segment | The charges related to the 2021 Restructuring Actions related to the segments, as well as corporate expenses, for the years ended December 31, 2023, 2022 and 2021 were as follows: For the Year Ended December 31, (In millions) 2023 2022 2021 Seed $ — $ (1) $ 31 Crop Protection 6 (1) 55 Corporate expenses 1 (5) 81 Total $ 7 $ (7) $ 167 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table is a summary of charges incurred related to the 2021 Restructuring Actions for the years ended December 31, 2023, 2022 and 2021: For the Year Ended December 31, (In millions) 2023 2022 2021 Severance and related benefit costs $ 1 $ (5) $ 74 Asset related charges 6 — 51 Contract termination charges — (2) 42 Total restructuring and asset related charges - net $ 7 $ (7) $ 167 |
Crop Protection Strategy Operations Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | (In millions) For the Year Ended December 31, 2023 Asset related charges 1 $ 214 Contract termination charges 3 Total restructuring and asset related charges - net 2 $ 217 1. Asset-related charges includes impairment charges related to operating lease assets and property, plant and equipment, as noted above. 2. This amount excludes charges relating to spare parts write-offs included in cost of goods sold, in the company’s Consolidated Statement of Operations, as noted above. A reconciliation of the December 31, 2022 to the December 31, 2023 liability balances related to the Crop Protection Operations Strategy Program is summarized below: (In millions) Asset Related 1 Contract Termination Total Balance at December 31, 2022 $ — $ — $ — Charges to income from continuing operations 214 3 217 Payments — (3) (3) Asset write-offs (214) — (214) Balance at December 31, 2023 $ — $ — $ — 1. Asset-related charges includes impairment charges related to operating lease assets and property, plant and equipment, as noted above. |
Supplementary Information (Tabl
Supplementary Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Other Income (Expense) - Net For the Year Ended December 31, (In millions) 2023 2022 2021 Interest income $ 283 $ 124 $ 77 Equity in earnings (losses) of affiliates - net 10 20 14 Net gain (loss) on sales of businesses and other assets 1 22 18 21 Net exchange gains (losses) 2 (397) (229) (54) Non-operating pension and other post-employment benefit credits (costs) 3 (119) 163 1,318 Miscellaneous income (expenses) - net 4 (247) (156) (28) Other income (expense) - net $ (448) $ (60) $ 1,348 1. The years ended December 31, 2022 and 2021 include a gain of $15 million and $19 million, respectively, relating to the sale of a business in the crop protection segment. 2. Includes net pre-tax exchange gains (losses) of $(284) million, $(110) million and $(67) million associated with the devaluation of the Argentine peso for the years ended December 31, 2023, 2022 and 2021, respectively. 3. 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)). 4. Includes losses from sale of receivables, tax indemnification adjustments related to changes in indemnification balances as a result of the application of the terms of the Tax Matters Agreement between Corteva and Dow and/or DuPont, and other items. The years ended December 31, 2023, 2022, and 2021 also includes an 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”). The years ended December 31, 2023 and 2022 also includes estimated settlement reserves and gains (losses) associated with the sale of businesses, assets and equity investments. The year ended December 31, 2022 also includes legal accruals and settlement cost associated with the Russia Exit. The year ended December 31, 2021 also includes a charge related to a contract termination with a third-party service provider, a gain from the remeasurement of an equity investment and an officer indemnification payment. See Note 23 - Segment Information, to the Consolidated Financial Statements, for additional information on significant items. |
Foreign Currency Exchange Gain (Loss) | For the Year Ended December 31, (In millions) 2023 2022 2021 Subsidiary Monetary Position Gain (Loss) Pre-tax exchange gain (loss) $ (371) $ (217) $ (72) Local tax (expenses) benefits 55 (10) (30) Net after-tax impact from subsidiary exchange gain (loss) $ (316) $ (227) $ (102) Hedging Program Gain (Loss) Pre-tax exchange gain (loss) $ (26) $ (12) $ 18 Tax (expenses) benefits 7 5 (4) Net after-tax impact from hedging program exchange gain (loss) $ (19) $ (7) $ 14 Total Exchange Gain (Loss) Pre-tax exchange gain (loss) $ (397) $ (229) $ (54) Tax (expenses) benefits 62 (5) (34) Net after-tax exchange gain (loss) $ (335) $ (234) $ (88) |
Restrictions on Cash and Cash Equivalents | (In millions) December 31, 2023 December 31, 2022 Cash and cash equivalents $ 2,644 $ 3,191 Restricted cash equivalents 514 427 Total cash, cash equivalents and restricted cash equivalents $ 3,158 $ 3,618 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Geographic Allocation of Income and Provision for Income Taxes | Geographic Allocation of Income (Loss) and Provision for (Benefit from) Income Taxes For the Year Ended December 31, (In millions) 2023 2022 2021 Income (loss) from continuing operations before income taxes Domestic $ (414) $ (1) $ 941 Foreign 1,507 1,427 1,405 Income (loss) from continuing operations before income taxes $ 1,093 $ 1,426 $ 2,346 Current tax expense (benefit) Federal $ 143 $ 65 $ (13) State and local 40 21 6 Foreign 407 403 329 Total current tax expense (benefit) $ 590 $ 489 $ 322 Deferred tax expense (benefit) Federal $ (326) $ (170) $ 164 State and local (50) (39) 55 Foreign (62) (70) (17) Total deferred tax expense (benefit) $ (438) $ (279) $ 202 Provision for (benefit from) income taxes on continuing operations 152 210 524 Net income (loss) from continuing operations after taxes $ 941 $ 1,216 $ 1,822 |
Reconciliation to US Statutory Rate | Reconciliation to U.S. Statutory Rate For the Year Ended December 31, 2023 2022 2021 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Effective tax rates on international operations - net 1 (1.8) (3.5) (2.5) Acquisitions, divestitures and ownership restructuring activities 2 3.6 (5.4) (0.1) U.S. research and development credit (5.9) (2.2) (2.4) Exchange gains/losses 3 2.0 3.7 1.9 State and local incomes taxes - net 0.9 0.3 2.1 Impact of Swiss Tax Changes 4 (7.9) — 0.2 Excess tax benefits/deficiencies from stock compensation (0.5) (0.7) (0.2) Tax settlements and expiration of statute of limitations (0.3) 0.1 — Repatriation of foreign earnings 5 2.9 1.7 1.0 Other – net (0.1) (0.3) 1.3 Effective tax rate on income from continuing operations 13.9 % 14.7 % 22.3 % 1. Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. Includes a tax benefit of $(36) million for the year ended December 31, 2022, relating to the release of a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil. 2. Includes net tax charge of $46 million for the year ended December 31, 2023, associated with intellectual property realignment. Includes net tax benefits of $(55) million and $(42) million for the year ended December 31, 2022, related to deferred tax assets established upon change in a U.S. entity's tax characterization, and a worthless stock deduction on Company's investment in a subsidiary after a change in the entity's legal structure, respectively. 3. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 7 - Supplementary Information, and Note 20 - Financial Instruments, under the heading Foreign Currency Risk. 4. Includes net tax benefits of $(62) million and $(24) million for the year ended December 31, 2023, related to changes in deferred taxes and a tax currency change, respectively. |
Deferred Tax Balances | Deferred Tax Balances at December 31, 2023 2022 (In millions) Assets Liabilities Assets Liabilities Property $ — $ 353 $ — $ 447 Operating loss and tax credit carryforwards 1 539 — 363 — Accrued employee benefits 703 — 680 — Other accruals and reserves 603 — 545 — Intangibles — 2,153 — 2,106 Inventory 193 — 198 — Research and development capitalization 607 — 418 — Investments 39 — 40 — Unrealized exchange gains/losses — 38 — 29 Other – net 55 — 40 — Subtotal $ 2,739 $ 2,544 $ 2,284 $ 2,582 Valuation allowances 2 (510) — (342) — Total $ 2,229 $ 2,544 $ 1,942 $ 2,582 Net Deferred Tax Asset (Liability) $ (315) $ (640) 1. Primarily related to tax loss and credit carryforwards from operations in the United States, Switzerland, and Spain. 2. During the year ended December 31, 2023, the company adjusted the valuation allowances recorded against the net deferred tax asset position of various legal entities, the largest of which relates to legal entities in Switzerland and Argentina. |
Operating Loss and Tax Credit Carryforwards | Operating Loss and Tax Credit Carryforwards Deferred Tax Asset (In millions) 2023 2022 Operating loss carryforwards Expire within 5 years $ 103 $ 127 Expire after 5 years or indefinite expiration 303 158 Total operating loss carryforwards $ 406 $ 285 Tax credit carryforwards Expire within 5 years $ 59 $ 15 Expire after 5 years or indefinite expiration 74 63 Total tax credit carryforwards $ 133 $ 78 Total Operating Loss and Tax Credit Carryforwards $ 539 $ 363 |
Total Gross Unrecognized Tax Benefits | Total Gross Unrecognized Tax Benefits For the Year Ended December 31, (In millions) 2023 2022 2021 Total unrecognized tax benefits as of beginning of period $ 357 $ 377 $ 395 Decreases related to positions taken on items from prior years — (3) (7) Increases related to positions taken on items from prior years 23 4 13 Increases related to positions taken in the current year 16 11 9 Settlement of uncertain tax positions with tax authorities (4) (24) (17) Decreases due to expiration of statutes of limitations (2) (5) (16) Exchange (gain) loss — (3) — Total unrecognized tax benefits as of end of period $ 390 $ 357 $ 377 Total unrecognized tax benefits that, if recognized, would impact the effective tax rate $ 173 $ 139 $ 157 Total amount of interest and penalties (benefits) recognized in provision for (benefit from) income taxes on continuing operations $ 1 $ 1 $ 1 Total accrual for interest and penalties associated with unrecognized tax benefits at end of period $ 11 $ 13 $ 11 |
Tax Year Subject to Examination | Tax Years Subject to Examination by Major Tax Jurisdiction at December 31, 2023 Earliest Open Year Jurisdiction Argentina 2017 Brazil 2018 Canada 2016 China 2014 France 2021 India 2022 Italy 2017 Switzerland 2018 United States: Federal income tax 2012 State and local income tax 2012 |
Earnings Per Share of Common _2
Earnings Per Share of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block] | Earnings (Loss) Per Share Calculations - Basic For the Year Ended December 31, (Dollars per share) 2023 2022 2021 Earnings (loss) per share of common stock from continuing operations $ 1.31 $ 1.67 $ 2.46 Earnings (loss) per share of common stock from discontinued operations (0.27) (0.08) (0.07) Earnings (loss) per share of common stock $ 1.04 $ 1.59 $ 2.39 |
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block] | Earnings (Loss) Per Share Calculations - Diluted For the Year Ended December 31, (Dollars per share) 2023 2022 2021 Earnings (loss) per share of common stock from continuing operations $ 1.30 $ 1.66 $ 2.44 Earnings (loss) per share of common stock from discontinued operations (0.27) (0.08) (0.07) Earnings (loss) per share of common stock $ 1.03 $ 1.58 $ 2.37 |
Share Count Information [Table Text Block] | Share Count Information For the Year Ended December 31, (Shares in millions) 2023 2022 2021 Weighted-average common shares - basic 709.0 720.8 735.9 Plus dilutive effect of equity compensation plans 1 2.9 3.7 5.7 Weighted-average common shares - diluted 711.9 724.5 741.6 Potential shares of common stock excluded from EPS calculations 2 2.3 1.5 2.8 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. |
Earnings Per Share of Common Stock Reconciliation | Net Income (Loss) for Earnings Per Share Calculations - Basic and Diluted For the Year Ended December 31, (In millions) 2023 2022 2021 Income (loss) from continuing operations after income taxes $ 941 $ 1,216 $ 1,822 Net income (loss) attributable to continuing operations noncontrolling interests 12 11 10 Income (loss) from continuing operations available to Corteva common stockholders 929 1,205 1,812 Income (loss) from discontinued operations available to Corteva common stockholders (194) (58) (53) Net income (loss) available to common stockholders $ 735 $ 1,147 $ 1,759 |
Accounts and Notes Receivable_2
Accounts and Notes Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts and Notes Receivable | (In millions) December 31, 2023 December 31, 2022 Accounts receivable – trade 1 $ 4,210 $ 4,168 Notes receivable – trade 1,2 119 93 Other 3 1,159 1,440 Total accounts and notes receivable - net $ 5,488 $ 5,701 1. Accounts and notes receivable – trade are net of allowances of $205 million and $194 million at December 31, 2023 and 2022, respectively. 2. Notes receivable – trade primarily consists of receivables for deferred payment loan programs for the sale of seed and crop protection products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid pre-approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of December 31, 2023 and 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 current assets. In addition, Other includes amounts due from nonconsolidated affiliates of $131 million and $148 million as of December 31, 2023 and 2022, respectively. |
Accounts Receivable, Allowance for Credit Loss | (In millions) Balance at December 31, 2021 $ 210 Net provision for credit losses (13) Other - net of write-offs charged against allowance (3) Balance at December 31, 2022 $ 194 Net provision for credit losses 11 Other - net of write-offs charged against allowance — Balance at December 31, 2023 $ 205 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory, Net [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | (In millions) December 31, 2023 December 31, 2022 Finished products $ 3,273 $ 3,260 Semi-finished products 2,775 2,689 Raw materials and supplies 851 862 Total inventories $ 6,899 $ 6,811 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | (In millions) December 31, 2023 1 December 31, 2022 Land and land improvements $ 440 $ 416 Buildings 1,671 1,541 Machinery and equipment 6,315 6,077 Construction in progress 530 517 Total property, plant and equipment 8,956 8,551 Accumulated depreciation (4,669) (4,297) Total property, plant and equipment - net $ 4,287 $ 4,254 |
Property, Plant and Equipment - Depreciation Expense [Table Text Block] | For the Year Ended December 31, (In millions) 2023 2022 2021 Depreciation expense $ 528 $ 521 $ 521 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Asset Disclosure [Abstract] | |
Schedule of Goodwill | (In millions) Crop Protection Seed Total Balance as of December 31, 2021 $ 4,672 $ 5,435 $ 10,107 Currency translation adjustment (63) (72) (135) Other goodwill adjustments 1 9 (19) (10) Balance as of December 31, 2022 $ 4,618 $ 5,344 $ 9,962 Acquisitions 2 512 — 512 Currency translation adjustment 53 78 131 Balance as of December 31, 2023 $ 5,183 $ 5,422 $ 10,605 1. Consists primarily of the goodwill included in the sale of a business in the crop protection segment and reallocation of the former digital reporting unit goodwill between the seed and the crop protection segments. 2. On March 1, 2023, the company completed the acquisitions of Stoller and Symborg, which are included in the crop protection segment. See Note 4 – Business Combinations, to the Consolidated Financial Statements, for additional information. |
Other Intangible Assets | (In millions) December 31, 2023 1 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization (finite-lived): Germplasm $ 6,291 $ (1,081) $ 5,210 $ 6,291 $ (826) $ 5,465 Customer-related 2,427 (734) 1,693 1,912 (585) 1,327 Developed technology 1,849 (1,004) 845 1,485 (830) 655 Trademarks/trade names 2,111 (339) 1,772 2,009 (251) 1,758 Other 2 395 (294) 101 395 (271) 124 Total other intangible assets with finite lives 13,073 (3,452) 9,621 12,092 (2,763) 9,329 Intangible assets not subject to amortization (indefinite-lived): IPR&D 5 — 5 10 — 10 Total other intangible assets with indefinite lives 5 — 5 10 — 10 Total other intangible assets $ 13,078 $ (3,452) $ 9,626 $ 12,102 $ (2,763) $ 9,339 1. Includes the intangible assets acquired in connection with the Stoller and Symborg acquisitions, which were completed on March 1, 2023. See Note 4 – Business Combinations, to the Consolidated Financial Statements, for additional information. 2. Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | (In millions) 2024 $ 683 2025 646 2026 636 2027 576 2028 554 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | For the Year Ended December 31, (In millions) 2023 2022 2021 Operating lease cost $ 169 $ 152 $ 158 Finance lease cost Amortization of right-of-use assets 1 1 1 Total finance lease cost 1 1 1 Short-term lease cost 23 18 14 Variable lease cost 11 8 8 Total lease cost $ 204 $ 179 $ 181 |
Schedule of Supplemental Cash Flow Information Related to Leases [Table Text Block] | For the Year Ended December 31, (In millions) 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 169 $ 155 $ 169 Financing cash outflows from finance leases $ 1 $ 1 $ 1 |
Schedule of Lease Assets and Liabilities [Table Text Block] | (In millions) December 31, 2023 December 31, 2022 Operating Leases Operating lease right-of-use assets 1 $ 412 $ 460 Current operating lease liabilities 2 131 119 Noncurrent operating lease liabilities 3 355 331 Total operating lease liabilities $ 486 $ 450 Finance Leases Property, plant, and equipment, gross $ 14 $ 14 Accumulated depreciation (13) (11) Property, plant, and equipment, net 1 3 Short-term borrowings and finance lease obligations 1 1 Long-Term Debt 1 2 Total finance lease liabilities $ 2 $ 3 1. Included in other assets 2. Included in accrued and other current liabilities 3. Included in other noncurrent obligations |
Lease Term and Discount Rate [Table Text Block] | Lease Term and Discount Rate December 31, 2023 December 31, 2022 Weighted-average remaining lease term (years) Operating leases 6.63 7.19 Financing leases 1.36 2.36 Weighted average discount rate Operating leases 2.98 % 3.14 % Financing leases 3.29 % 3.29 % |
Maturities of Lease Liabilities [Table Text Block] | Maturity of Lease Liabilities at December 31, 2023 Operating Leases Financing Leases (In millions) 2024 $ 139 $ 1 2025 108 1 2026 87 — 2027 54 — 2028 43 — 2029 and thereafter 99 — Total lease payments 530 2 Less: Interest 44 — Present value of lease liabilities $ 486 $ 2 |
Long-Term Debt and Available _2
Long-Term Debt and Available Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings and Finance Lease Obligations | Short-term borrowings and finance lease obligations (In millions) December 31, 2023 December 31, 2022 Other loans - various currencies $ 1 $ 23 Long-term debt payable within one year 196 — Finance lease obligations payable within one year 1 1 Total short-term borrowings and finance lease obligations $ 198 $ 24 |
Long-Term Debt | Long-Term Debt December 31, 2023 December 31, 2022 (In millions) Amount Weighted Average Rate Amount Weighted Average Rate Promissory notes and debentures: Maturing in 2025 $ 500 1.70 % $ 500 1.70 % Maturing in 2026 600 4.50 % — Maturing in 2030 500 2.30 % 500 2.30 % Maturing in 2033 600 4.80 % — Other loans: Foreign currency loans, various rates and maturities 196 14.80 % 181 14.80 % Medium-term notes, varying maturities through 2041 106 5.34 % 107 4.27 % Finance lease obligations 1 2 Less: Unamortized debt discount and issuance costs 16 7 Less: Long-term debt due within one year 196 — Total $ 2,291 $ 1,283 |
Committed and Available Credit Facilities | Committed and Available Credit Facilities at December 31, 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 January 2023 500 500 January 2024 Floating Rate Total Committed and Available Credit Facilities $ 5,500 $ 5,500 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Environmental Loss Contingencies | As of December 31, 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 $ 150 $ 150 $ 286 Other discontinued or divested businesses obligations 1 44 65 198 Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont 2 59 63 63 Environmental remediation liabilities not subject to indemnity — 106 78 Indemnification liabilities related to the MOU 4 26 117 29 Total $ 279 $ 501 $ 654 1. Represents liabilities that are subject to the $200 million threshold and sharing arrangements as discussed on page F-39, under the header "Corteva Separation Agreement." 2. The company has recorded an indemnification asset related to these accruals, including $31 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 $55 million for remediation of Superfund sites. Amounts do not include possible impacts from the remediation elements of the EPAs October 2021 PFAS Strategic Roadmap (as applicable), except as disclosed on page F-44 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 F-38, under the header "Chemours / Performance Chemicals." |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Reconciliation of Common Stock Share Activity | Shares of common stock Issued Balance December 31, 2020 743,458,000 Issued 4,019,000 Repurchased and retired (20,950,000) Balance December 31, 2021 726,527,000 Issued 4,317,000 Repurchased and retired (17,425,000) Balance December 31, 2022 713,419,000 Issued 1,965,000 Repurchased and retired (14,124,000) Balance December 31, 2023 701,260,000 |
Schedule of Noncontrolling Interests Represented by Preferred Stock [Table Text Block] | (Shares in thousands) Number of Shares Authorized 23,000 $4.50 Series, callable at $120 1,673 $3.50 Series, callable at $102 700 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (In millions) Cumulative Translation Adjustment 1 Derivative Instruments Pension Benefit Plans Other Benefit Plans Unrealized Gain (Loss) on Investments Total 2021 Balance January 1, 2021 $ (1,970) $ (67) $ (1,433) $ 590 $ (10) $ (2,890) Other comprehensive income (loss) before reclassifications (573) 143 996 25 3 594 Amounts reclassified from accumulated other comprehensive income (loss) — (4) 41 (646) 7 (602) Net other comprehensive income (loss) (573) 139 1,037 (621) 10 (8) Balance December 31, 2021 $ (2,543) $ 72 $ (396) $ (31) $ — $ (2,898) 2022 Other comprehensive income (loss) before reclassifications (340) 63 213 190 — 126 Amounts reclassified from accumulated other comprehensive income (loss) — (55) 20 1 — (34) Net other comprehensive income (loss) (340) 8 233 191 — 92 Balance December 31, 2022 $ (2,883) $ 80 $ (163) $ 160 $ — $ (2,806) 2023 Other comprehensive income (loss) before reclassifications 425 (123) (188) 38 — 152 Amounts reclassified from accumulated other comprehensive income (loss) — (12) (2) (9) — (23) Net other comprehensive income (loss) 425 (135) (190) 29 — 129 Balance December 31, 2023 $ (2,458) $ (55) $ (353) $ 189 $ — $ (2,677) 1. |
Other Comprehensive Income (Loss) | For the Year Ended December 31, (In millions) 2023 2022 2021 Derivative instruments $ 50 $ 3 $ (41) Pension benefit plans - net 60 (68) (319) Other benefit plans - net (9) (56) 188 (Provision for) benefit from income taxes related to other comprehensive income (loss) items $ 101 $ (121) $ (172) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | (In millions) For the Year Ended December 31, 2023 2022 2021 Derivative Instruments 1 : $ (8) $ (63) $ (13) Tax (benefit) expense 2 (4) 8 9 After-tax $ (12) $ (55) $ (4) Amortization of pension benefit plans: Prior service (benefit) cost 3,4 $ (3) $ (3) $ (2) Actuarial (gains) losses 3,4 — 3 55 Settlement (gain) loss 3,4 — 25 1 Total before tax (3) 25 54 Tax (benefit) expense 2 1 (5) (13) After-tax $ (2) $ 20 $ 41 Amortization of other benefit plans: Prior service (benefit) cost 3,4 $ (2) $ (1) $ (922) Actuarial (gains) losses 3,4 (10) 2 81 Curtailment (gain) loss — — (1) Total before tax (12) 1 (842) Tax (benefit) expense 2 3 — 196 After-tax $ (9) $ 1 $ (646) Unrealized (Gain) Loss on Investments 4 $ — $ — $ 7 Tax (benefit) expense 2 — — — After-tax $ — $ — $ 7 Total reclassifications for the period, after-tax $ (23) $ (34) $ (602) 1. Reflected in cost of goods sold in the Consolidated Statements of Operations. 2. Reflected in provision for (benefit from) income taxes from continuing operations in the Consolidated Statements of Operations. 3. These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit (credit) cost of the company's pension and other benefit plans. See Note 18 - Pension Plans and Other Post-Employment Benefits, to the Consolidated Financial Statements, for additional information. 4. Reflected in other income (expense) - net in the Consolidated Statements of Operations. |
Pension Plans and Other Post _2
Pension Plans and Other Post Employment Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plan, Assumptions [Table Text Block] | The weighted-average assumptions used to determine pension plan obligations for all pension plans are summarized in the table below: Weighted-Average Assumptions used to Determine Benefit Obligations December 31, 2023 December 31, 2022 Discount rate 4.97 % 5.17 % Rate of increase in future compensation levels 1 2.87 % 2.83 % 1. The rate of compensation increase excludes U.S. pension plans since the employees who participate in the U.S. pension plans no longer accrue additional benefits for future service and eligible compensation. The weighted-average assumptions used to determine net periodic benefit costs for all pension plans are summarized in the table below: Weighted-Average Assumptions used to Determine Net Periodic Benefit Cost For the Year Ended December 31, 2023 2022 2021 Discount rate 5.17 % 3.33 % 2.44 % Rate of increase in future compensation levels 1 2.83 % 2.55 % 2.54 % Expected long-term rate of return on plan assets 4.55 % 4.51 % 5.73 % 1. The rate of compensation increase excludes U.S. pension plans since the employees who participate in the U.S. pension plans no longer accrue additional benefits for future service and eligible compensation. The weighted-average assumptions used to determine benefit obligations for OPEB plans are summarized in the table below: Weighted-Average Assumptions used to Determine Benefit Obligations December 31, 2023 December 31, 2022 Discount rate 4.92 % 5.09 % The weighted-average assumptions used to determine net periodic benefit costs for the OPEB plans are summarized in the table below: Weighted-Average Assumptions used to Determine Net Periodic Benefit Cost For the Year Ended December 31, 2023 2022 2021 Discount rate 5.09 % 2.59 % 2.09 % |
Schedule of Pension Plans and Other Postemployment Benefits [Table Text Block] | Summarized information on the company's pension and other post-employment benefit plans is as follows: Change in Projected Benefit Obligations, Plan Assets and Funded Status Defined Benefit Pension Plans Other Post-Employment Benefits (In millions) For the Year Ended December 31, For the Year Ended December 31, 2023 2022 2023 2022 Change in benefit obligations: Benefit obligation at beginning of the period $ 13,982 $ 19,775 $ 1,021 $ 1,362 Service cost 18 20 1 1 Interest cost 690 505 49 26 Plan participants' contributions 1 1 20 20 Actuarial (gain) loss 311 (3,759) (49) (246) Benefits paid (1,304) (1,460) (117) (142) Other 1 (257) (1,080) — — Effect of foreign exchange rates (1) (20) — — Benefit obligations at end of the period $ 13,440 $ 13,982 $ 925 $ 1,021 Change in plan assets: Fair value of plan assets at beginning of the period $ 12,584 $ 17,827 $ — $ — Actual return on plan assets 661 (2,765) — — Employer contributions 52 60 97 122 Plan participants' contributions 1 1 20 20 Benefits paid (1,304) (1,460) (117) (142) Other 1 (257) (1,080) — — Effect of foreign exchange rates 18 1 — — Fair value of plan assets at end of the period $ 11,755 $ 12,584 $ — $ — Funded status U.S. plan with plan assets $ (1,336) $ (1,050) $ — $ — Non-U.S. plans with plan assets (43) (30) — — All other plans 2,3 (306) (318) (925) (1,021) Funded status at end of the period $ (1,685) $ (1,398) $ (925) $ (1,021) 1. Primarily relates to transfers of certain benefit obligations and related assets associated with the principal U.S. pension plan to an insurance company through the purchase of nonparticipating group annuity contracts. 2. As of December 31, 2023 and 2022, $155 million and $182 million, respectively, of the benefit obligations are supported by funding under the Trust agreement, defined in the "Trust Assets" section below. 3. Includes pension plans maintained around the world where funding is not customary. Defined Benefit Pension Plans Other Post-Employment Benefits (In millions) December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Amounts recognized in the Consolidated Balance Sheets: Other assets $ 2 $ 3 $ — $ — Accrued and other current liabilities (31) (35) (114) (132) Pension and other post-employment benefits - noncurrent (1,656) (1,366) (811) (889) Net amount recognized $ (1,685) $ (1,398) $ (925) $ (1,021) Pretax amounts recognized in accumulated other comprehensive income (loss): Net gain (loss) $ (487) $ (238) $ 238 $ 198 Prior service benefit (cost) 22 23 14 16 Pretax balance in accumulated other comprehensive income (loss) at end of year $ (465) $ (215) $ 252 $ 214 |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] | Pension Plans with Projected Benefit Obligations in Excess of Plan Assets December 31, 2023 December 31, 2022 (In millions) Projected benefit obligations $ 13,262 $ 13,832 Fair value of plan assets 11,575 12,430 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets December 31, 2023 December 31, 2022 (In millions) Accumulated benefit obligations $ 13,155 $ 13,676 Fair value of plan assets 11,488 12,290 |
Schedule of Net Benefit Costs [Table Text Block] | (In millions) Defined Benefit Pension Plans Other Post-Employment Benefits For the Year Ended December 31, For the Year Ended December 31, Components of net periodic benefit (credit) cost and amounts recognized in other comprehensive income (loss) 2023 2022 2021 2023 2022 2021 Net Periodic Benefit (Credit) Cost: Service cost $ 18 $ 20 $ 25 $ 1 $ 1 $ 1 Interest cost 690 505 364 49 26 21 Expected return on plan assets (605) (720) (915) — — — Amortization of unrecognized loss (gain) — 3 55 (10) 2 81 Amortization of prior service (benefit) cost (3) (3) (2) (2) (1) (922) Curtailment (gain) loss — — — — — (1) Settlement loss — 25 1 — — — Net periodic benefit (credit) cost - Total $ 100 $ (170) $ (472) $ 38 $ 28 $ (820) Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net gain (loss) $ (255) $ 274 $ 1,284 $ 49 $ 246 $ 33 Amortization of unrecognized (gain) loss — 3 55 (10) 2 81 Prior service benefit (cost) — — 15 — — — Amortization of prior service (benefit) cost (3) (3) (2) (2) (1) (922) Curtailment (gain) loss — — — — — (1) Settlement loss — 25 1 — — — Effect of foreign exchange rates 8 2 3 1 — — Total benefit (loss) recognized in other comprehensive income (loss), attributable to Corteva $ (250) $ 301 $ 1,356 $ 38 $ 247 $ (809) Total recognized in net periodic benefit (credit) cost and other comprehensive income (loss) $ (350) $ 471 $ 1,828 $ — $ 219 $ 11 |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated Future Benefit Payments at December 31, 2023 Defined Benefit Pension Plans Other Post-Employment Benefits (In millions) 2024 $ 1,251 $ 113 2025 1,214 106 2026 1,182 99 2027 1,149 93 2028 1,112 86 Years 2029-2033 4,994 344 Total $ 10,902 $ 841 |
Schedule of Allocation of Plan Assets [Table Text Block] | Target Allocation for Plan Assets December 31, 2023 December 31, 2022 Asset Category U.S. equity securities 9 % 8 % Non-U.S. equity securities 5 7 Fixed income securities 64 64 Hedge funds 2 3 Private market securities 11 11 Real estate 7 6 Cash and cash equivalents 2 1 Total 100 % 100 % Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 For the year ended December 31, 2023 (In millions) Cash and cash equivalents $ 1,148 $ 1,148 $ — $ — U.S. equity securities 1 1,108 1,106 1 1 Non-U.S. equity securities 441 439 — 2 Debt – government-issued 1,601 — 1,601 — Debt – corporate-issued 3,908 — 3,906 2 Debt – asset-backed 637 — 637 — Hedge funds 5 — 2 3 Private market securities 6 — — 6 Real estate funds 52 — — 52 Other 55 — — 55 Subtotal $ 8,961 $ 2,693 $ 6,147 $ 121 Investments measured at net asset value Debt - government issued 42 Debt - corporate-issued 3 U.S. equity securities 19 Non-U.S. equity securities 21 Hedge funds 143 Private market securities 1,928 Real estate funds 768 Total investments measured at net asset value $ 2,924 Other items to reconcile to fair value of plan assets Pension trust receivables 2 315 Pension trust payables 3 (445) Total $ 11,755 1. The Corteva pension plans directly held $204 million (approximately 2 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2023. 2. Primarily receivables for investments securities sold. 3. Primarily payables for investment securities purchased. Basis of Fair Value Measurements For the year ended December 31, 2022 (In millions) Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,348 $ 1,348 $ — $ — U.S. equity securities 1 1,200 1,195 2 3 Non-U.S. equity securities 806 806 — — Debt – government-issued 1,669 — 1,669 — Debt – corporate-issued 3,822 — 3,822 — Debt – asset-backed 695 — 695 — Hedge funds 3 — — 3 Private market securities 4 — — 4 Real estate funds 132 — — 132 Derivatives – asset position 2 — 2 — Other 62 — — 62 Subtotal $ 9,743 $ 3,349 $ 6,190 $ 204 Investments measured at net asset value Debt - government issued 35 Debt - corporate-issued 3 U.S. equity securities 20 Non-U.S. equity securities 20 Hedge funds 347 Private market securities 1,991 Real estate funds 669 Total investments measured at net asset value $ 3,085 Other items to reconcile to fair value of plan assets Pension trust receivables 2 161 Pension trust payables 3 (405) Total $ 12,584 1. The Corteva pension plans directly held $250 million (approximately 2 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2022. 2. Primarily receivables for investments securities sold. 3. Primarily payables for investment securities purchased. |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | Fair Value Measurement of U.S. equity securities Non-U.S. equity securities Debt – corporate-issued Hedge funds Private market securities Real estate Other Total (In millions) Balance at January 1, 2022 $ 4 $ — $ 2 $ — $ 3 $ 26 $ 75 $ 110 Actual return on assets: Relating to assets sold during the year ended December 31, 2022 1 — (15) — (9) — — (23) Relating to assets held at December 31, 2022 — (13) 13 (8) 10 8 (1) 9 Purchases, sales and settlements, net (2) 1 — — — (1) (12) (14) Transfers in or out of Level 3, net — 12 — 11 — 99 — 122 Balance at December 31, 2022 $ 3 $ — $ — $ 3 $ 4 $ 132 $ 62 $ 204 Actual return on assets: Relating to assets sold during the year ended December 31, 2023 (1) (9) — — — — — (10) Relating to assets held at December 31, 2023 — 10 (5) — 2 (24) 4 (13) Purchases, sales and settlements, net (1) 1 7 — — (35) (13) (41) Transfers in or out of Level 3, net — — — — — (21) 2 (19) Balance at December 31, 2023 $ 1 $ 2 $ 2 $ 3 $ 6 $ 52 $ 55 $ 121 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Average Assumptions - Stock Option Awards | Weighted-Average Assumptions For the Year ended December 31, 2023 2022 2021 Dividend yield 0.96 % 1.09 % 1.14 % Expected volatility 31.07 % 28.95 % 29.44 % Risk-free interest rate 4.1 % 1.9 % 1.0 % Expected life of stock options granted during period (years) 6.0 6.0 6.0 |
OIP [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Option Activity | Stock Options For the Year Ended December 31, 2023 Number of Shares Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at January 1, 2023 4,225 $ 39.13 5.37 $ 82,917 Granted 298 62.29 Exercised (547) 33.81 Forfeited/Expired (60) 39.86 Outstanding at December 31, 2023 3,916 $ 41.61 4.99 $ 30,060 Exercisable at December 31, 2023 3,255 $ 38.91 4.32 $ 29,735 |
RSU and PSU Activity | RSUs & PSUs For the Year Ended December 31, 2023 Number of Shares Weighted Average Grant Date Fair Value Nonvested at January 1, 2023 3,955 $ 43.56 Granted 1,309 62.22 Vested (1,501) 38.48 Forfeited (267) 39.36 Nonvested at December 31, 2023 3,496 $ 53.05 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative [Line items] | |
Fair Value of Derivatives Instruments | December 31, 2023 (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 $ — $ — $ — Commodity Contracts Other current assets 3 — 3 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 83 (33) 50 Commodity Contracts Other current assets 2 — 2 Total asset derivatives $ 88 $ (33) $ 55 Liability derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 23 $ — $ 23 Commodity Contracts Accrued and other current liabilities 6 — 6 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities 38 (33) 5 Commodity contracts Accrued and other current liabilities 8 — 8 Total liability derivatives $ 75 $ (33) $ 42 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 Commodity 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 1. |
Effect of Derivative Instruments | Amount of Gain (Loss) Recognized in OCI 1 - Pre-Tax For the Year Ended December 31, (In millions) 2023 2022 2021 Derivatives designated as hedging instruments: Net investment hedges: Foreign currency contracts $ — $ 28 $ 37 Cash flow hedges: Foreign currency contracts (54) (90) 27 Commodity contracts (123) 130 129 Total derivatives designated as hedging instruments $ (177) $ 68 $ 193 1. OCI is defined as other comprehensive income (loss). (in millions) Amount of Gain (Loss) Recognized in Income - Pre-Tax 1 For the Year Ended December 31, 2023 2022 2021 Derivatives designated as hedging instruments: Cash flow hedges: Foreign currency contracts 2 $ (41) $ (59) $ (29) Commodity contracts 2 49 122 42 Total derivatives designated as hedging instruments 8 63 13 Derivatives not designated as hedging instruments: Foreign currency contracts 3 (28) (12) 18 Foreign currency contracts 2 (77) (6) (14) Commodity contracts 2,4 (20) (21) (18) Commodity contracts 3 2 — — Total derivatives not designated as hedging instruments (123) (39) (14) Total derivatives $ (115) $ 24 $ (1) 1. For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income during the period. 2. Recorded in cost of goods sold, 3. Recognized in other income (expense) - net, in the Consolidated Statement of Operations. Note that the 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 7 - Supplementary Information, to the Consolidated Financial Statements for additional information. 4. |
Schedule of Available-for-sale Securities Reconciliation | Investing Results For the Year Ended December 31, (In millions) 2021 Proceeds from sales of available-for-sale securities $ 226 Gross realized losses $ (7) |
Commodity Contract [Member] | |
Derivative [Line items] | |
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | For the Year Ended December 31, (In millions) 2023 2022 2021 Beginning balance $ 55 $ 47 $ (16) Additions and revaluations of derivatives designated as cash flow hedges (87) 102 92 Clearance of hedge results to earnings (39) (94) (29) Ending balance $ (71) $ 55 $ 47 |
Foreign Exchange Contract [Member] | |
Derivative [Line items] | |
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | (In millions) For the Year Ended December 31, 2023 2022 2021 Beginning balance $ 10 $ 32 $ (17) Additions and revaluations of derivatives designated as cash flow hedges (36) (61) 24 Clearance of hedges results to earnings 27 39 25 Ending balance $ 1 $ 10 $ 32 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Significant Other Observable Inputs December 31, 2023 December 31, 2022 (In millions) Level 2 Level 2 Assets at fair value: Marketable securities $ 98 $ 124 Derivatives relating to: 1 Foreign currency 83 92 Commodity Contracts 5 4 Total assets at fair value $ 186 $ 220 Liabilities at fair value: Derivatives relating to: 1 Foreign currency 61 67 Commodity contracts 14 3 Total liabilities at fair value $ 75 $ 70 1. |
Geographic Information (Tables)
Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Geographic Area, Revenues from External Customers [Abstract] | |
Net Sales by Geographic Area | Net Sales For the Year Ended December 31, (In millions) 2023 2022 2021 United States $ 7,783 $ 7,553 $ 6,782 Canada 807 741 754 EMEA 3,367 3,256 3,123 Latin America 1 3,906 4,445 3,545 Asia Pacific 1,363 1,460 1,451 Total $ 17,226 $ 17,455 $ 15,655 1. Net sales for Brazil for the years ended December 31, 2023, 2022 and 2021 were $2,523 million , |
Net Property By Geographic Area | Net Property As of December 31, (In millions) 2023 2022 2021 United States $ 2,922 $ 2,992 $ 3,051 Canada 119 116 114 EMEA 548 538 566 Latin America 608 506 468 Asia Pacific 90 102 130 Total $ 4,287 $ 4,254 $ 4,329 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (In millions) Seed Crop Protection Total As of and for the Year Ended December 31, 2023 Net sales $ 9,472 $ 7,754 $ 17,226 Segment operating EBITDA 2,117 1,374 3,491 Depreciation and amortization 814 397 1,211 Segment assets 22,732 15,004 37,736 Investments in nonconsolidated affiliates 39 76 115 Purchases of property, plant and equipment 332 263 595 As of and for the Year Ended December 31, 2022 Net sales 8,979 8,476 17,455 Segment operating EBITDA 1,656 1,684 3,340 Depreciation and amortization 839 384 1,223 Segment assets 22,952 14,097 37,049 Investments in nonconsolidated affiliates 35 67 102 Purchases of property, plant and equipment 225 380 605 As of and for the Year Ended December 31, 2021 Net sales 8,402 7,253 15,655 Segment operating EBITDA 1,512 1,202 2,714 Depreciation and amortization 866 377 1,243 Segment assets 23,270 12,428 35,698 Investments in nonconsolidated affiliates 29 47 76 Purchase of property, plant and equipment 237 336 573 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Income (loss) from continuing operations after income taxes to segment operating EBITDA For the Year Ended December 31, (In millions) 2023 2022 2021 Income (loss) from continuing operations after income taxes $ 941 $ 1,216 $ 1,822 Provision for (benefit from) income taxes on continuing operations 152 210 524 Income (loss) from continuing operations before income taxes 1,093 1,426 2,346 Depreciation and amortization 1,211 1,223 1,243 Interest income (283) (124) (77) Interest expense 233 79 30 Exchange (gains) losses - net 397 229 54 Non-operating (benefits) costs - net 1 151 (111) (1,256) Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges — — — Significant items 579 502 236 Corporate expenses 110 116 138 Segment operating EBITDA $ 3,491 $ 3,340 $ 2,714 1. |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Segment assets to total assets (in millions) December 31, 2023 December 31, 2022 Total segment assets $ 37,736 $ 37,049 Corporate assets 5,260 5,569 Total assets $ 42,996 $ 42,618 |
Schedule of Additional Segment Details [Table Text Block] | (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2023 Restructuring and asset related charges - net 1 $ (86) $ (228) $ (22) $ (336) Estimated settlement expense 2 — (204) — (204) Inventory write-offs 3 (7) — — (7) Spare parts write-off 4 — (12) — (12) Gain (loss) on sale of business, assets and equity investments 3 4 10 — 14 Employee Retention Credit — 3 — 3 AltEn facility remediation charges (10) — — (10) Seed sale associated with Russia Exit 3,5 18 — — 18 Acquisition-related costs 6 — (45) — (45) Total $ (81) $ (476) $ (22) $ (579) (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2022 Restructuring and asset related charges - net 1 $ (228) $ (37) $ (98) $ (363) Estimated settlement expense 2 — (87) — (87) Inventory write-offs 3 (33) — — (33) Gain (loss) on sale of business, assets and equity investments 3 (5) 15 — 10 Settlement costs associated with Russia Exit 3 (8) — — (8) Employee Retention Credit 6 3 — 9 AltEn facility remediation charges (33) — — (33) Seed sale associated with Russia Exit 3,5 3 — — 3 Total $ (298) $ (106) $ (98) $ (502) (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2021 Restructuring and asset related charges - net 1 $ (152) $ (59) $ (78) $ (289) Equity securities mark-to-market gain (loss) 47 — — 47 Employee Retention Credit 37 23 — 60 Contract termination (30) (24) — (54) Total $ (98) $ (60) $ (78) $ (236) 1. Includes restructuring plans and asset related charges as well as accelerated prepaid amortization expense. See Note 6 - Restructuring and Asset Related Charges - Net, to the 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. Incremental loss associated with activities related to the Crop Protection Operations Strategy Restructuring Program. 5. Includes a benefit of $18 million and $3 million for the years ended December 31, 2023 and 2022, respectively, 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 and $8 million of net sales and $53 million and $5 million of cost of goods sold for the years ended December 31, 2023 and 2022, respectively. 6. 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 4 - Business Combinations, to the Consolidated Financial Statements, for additional information. |
EIDP Income Taxes (Tables)
EIDP Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Geographic Allocation of Income and Provision for Income Taxes | Geographic Allocation of Income (Loss) and Provision for (Benefit from) Income Taxes For the Year Ended December 31, (In millions) 2023 2022 2021 Income (loss) from continuing operations before income taxes Domestic $ (414) $ (1) $ 941 Foreign 1,507 1,427 1,405 Income (loss) from continuing operations before income taxes $ 1,093 $ 1,426 $ 2,346 Current tax expense (benefit) Federal $ 143 $ 65 $ (13) State and local 40 21 6 Foreign 407 403 329 Total current tax expense (benefit) $ 590 $ 489 $ 322 Deferred tax expense (benefit) Federal $ (326) $ (170) $ 164 State and local (50) (39) 55 Foreign (62) (70) (17) Total deferred tax expense (benefit) $ (438) $ (279) $ 202 Provision for (benefit from) income taxes on continuing operations 152 210 524 Net income (loss) from continuing operations after taxes $ 941 $ 1,216 $ 1,822 |
Reconciliation to US Statutory Rate | Reconciliation to U.S. Statutory Rate For the Year Ended December 31, 2023 2022 2021 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Effective tax rates on international operations - net 1 (1.8) (3.5) (2.5) Acquisitions, divestitures and ownership restructuring activities 2 3.6 (5.4) (0.1) U.S. research and development credit (5.9) (2.2) (2.4) Exchange gains/losses 3 2.0 3.7 1.9 State and local incomes taxes - net 0.9 0.3 2.1 Impact of Swiss Tax Changes 4 (7.9) — 0.2 Excess tax benefits/deficiencies from stock compensation (0.5) (0.7) (0.2) Tax settlements and expiration of statute of limitations (0.3) 0.1 — Repatriation of foreign earnings 5 2.9 1.7 1.0 Other – net (0.1) (0.3) 1.3 Effective tax rate on income from continuing operations 13.9 % 14.7 % 22.3 % 1. Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. Includes a tax benefit of $(36) million for the year ended December 31, 2022, relating to the release of a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil. 2. Includes net tax charge of $46 million for the year ended December 31, 2023, associated with intellectual property realignment. Includes net tax benefits of $(55) million and $(42) million for the year ended December 31, 2022, related to deferred tax assets established upon change in a U.S. entity's tax characterization, and a worthless stock deduction on Company's investment in a subsidiary after a change in the entity's legal structure, respectively. 3. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 7 - Supplementary Information, and Note 20 - Financial Instruments, under the heading Foreign Currency Risk. 4. Includes net tax benefits of $(62) million and $(24) million for the year ended December 31, 2023, related to changes in deferred taxes and a tax currency change, respectively. |
EIDP | |
Geographic Allocation of Income and Provision for Income Taxes | Geographic Allocation of Income (Loss) and Provision for (Benefit from) Income Taxes For the Year Ended December 31, (In millions) 2023 2022 2021 Income (loss) from continuing operations before income taxes Domestic $ (434) $ (46) $ 892 Foreign 1,507 1,427 1,404 Income (loss) from continuing operations before income taxes $ 1,073 $ 1,381 $ 2,296 Current tax expense (benefit) Federal $ 138 $ 56 $ (23) State and local 40 19 4 Foreign 407 403 329 Total current tax expense (benefit) $ 585 $ 478 $ 310 Deferred tax expense (benefit) Federal $ (326) $ (170) $ 164 State and local (50) (39) 55 Foreign (62) (70) (17) Total deferred tax expense (benefit) $ (438) $ (279) $ 202 Provision for (benefit from) income taxes on continuing operations 147 199 512 Net income (loss) from continuing operations $ 926 $ 1,182 $ 1,784 |
Reconciliation to US Statutory Rate | Reconciliation to U.S. Statutory Rate For the Year Ended December 31, 2023 2022 2021 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Effective tax rates on international operations - net 1 (1.9) (3.6) (2.6) Acquisitions, divestitures and ownership restructuring activities 2 3.6 (5.5) (0.1) U.S. research and development credit (6.0) (2.3) (2.5) Exchange gains/losses 3 2.0 3.8 1.9 State and local income taxes - net 0.9 0.2 2.2 Impact of Swiss Tax Changes 4 (8.0) — 0.2 Excess tax benefits/deficiencies from stock compensation (0.6) (0.7) (0.2) Tax settlements and expiration of statute of limitations (0.4) 0.1 — Repatriation of foreign earnings 5 2.9 1.7 1.0 Other – net 0.2 (0.3) 1.3 Effective tax rate 13.7 % 14.4 % 22.2 % 1. Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. Includes a tax benefit of $(36) million for the year ended December 31, 2022, relating to the release of a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil. 2. Includes a tax charge of $46 million for the year ended December 31, 2023 associated with intellectual property realignment. Includes net tax benefits of $(55) million and $(42) million for the year ended December 31, 2022, related to deferred tax assets established upon change in a U.S. entity's tax characterization, and a worthless stock deduction on Company's investment in a subsidiary after a change in the entity's legal structure, respectively. 3. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 7 - Supplementary Information, and Note 20 - Financial Instruments, under the heading Foreign Currency Risk. 4. Includes net tax benefits of $(62) million and $(24) million for the year ended December 31, 2023, related to changes in deferred taxes and a tax currency change, respectively. |
EIDP Segment FN (Tables)
EIDP Segment FN (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting, Asset Reconciling Item [Line Items] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Income (loss) from continuing operations after income taxes to segment operating EBITDA For the Year Ended December 31, (In millions) 2023 2022 2021 Income (loss) from continuing operations after income taxes $ 941 $ 1,216 $ 1,822 Provision for (benefit from) income taxes on continuing operations 152 210 524 Income (loss) from continuing operations before income taxes 1,093 1,426 2,346 Depreciation and amortization 1,211 1,223 1,243 Interest income (283) (124) (77) Interest expense 233 79 30 Exchange (gains) losses - net 397 229 54 Non-operating (benefits) costs - net 1 151 (111) (1,256) Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges — — — Significant items 579 502 236 Corporate expenses 110 116 138 Segment operating EBITDA $ 3,491 $ 3,340 $ 2,714 1. |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Segment assets to total assets (in millions) December 31, 2023 December 31, 2022 Total segment assets $ 37,736 $ 37,049 Corporate assets 5,260 5,569 Total assets $ 42,996 $ 42,618 |
EIDP | |
Segment Reporting, Asset Reconciling Item [Line Items] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) For the Year Ended December 31, 2023 2022 2021 Income (loss) from continuing operations after income taxes $ 926 $ 1,182 $ 1,784 Provision for (benefit from) income taxes on continuing operations 147 199 512 Income (loss) from continuing operations before income taxes 1,073 1,381 2,296 Depreciation and amortization 1,211 1,223 1,243 Interest income (283) (124) (77) Interest expense 253 124 80 Exchange losses - net 397 229 54 Non-operating (benefits) costs - net 1 151 (111) (1,256) Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges — — — Significant items 579 502 236 Corporate expenses 110 116 138 Segment operating EBITDA $ 3,491 $ 3,340 $ 2,714 1. |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | $ 194 | $ 210 | $ 208 | |
Additions charged to expenses | 24 | 3 | 6 | |
Deductions from reserves | [1] | (13) | (19) | (4) |
Balance at end of period | 205 | 194 | 210 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | 342 | 366 | 453 | |
Additions charged to expenses | 225 | 87 | 97 | |
Purchase Accounting Adjustments | 8 | 0 | 0 | |
Deductions from reserves | [2] | (65) | (111) | (184) |
Balance at end of period | $ 510 | $ 342 | $ 366 | |
[1] Deductions include write-offs, recoveries collected and currency translation adjustments. |
Background and Basis of Prese_3
Background and Basis of Presentation (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) $ / shares shares | Feb. 01, 2024 $ / shares | Dec. 31, 2022 $ / shares shares | Jun. 26, 2019 $ / shares | Jun. 03, 2019 $ / shares | |
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | ||
Common Stock, Shares Authorized | shares | 1,666,667,000 | 1,666,667,000 | |||
Percentage of Annual Net Sales [Line Items] | 4% | ||||
Percentage of Segment Operating EBITDA | 3% | ||||
Percentage deterioration of the official Peso to USD exchange rate | 10% | ||||
Foreign Exchange Impact on Income (Loss) from Continuing Operations | $ | $ 10 | ||||
EID [Member] | |||||
Common Stock, Par Value | $ 0.30 | $ 0.30 | |||
Common Stock, Shares Authorized | shares | 1,800,000,000 | 1,800,000,000 | |||
EID [Member] | Corteva [Member] | |||||
Ownership interest in an entity | 100% | ||||
Corteva [Member] | |||||
Number of Reportable Segments | 2 | ||||
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Restricted Cash | $ 514 | $ 427 |
Percentage of FIFO Inventory | 60% | 55% |
Percentage of Weighted Average Cost Inventory | 40% | 45% |
Minimum [Member] | ||
Definite-Lived Intangible Asset, Useful Life | 2 years | |
Maximum [Member] | ||
Definite-Lived Intangible Asset, Useful Life | 25 years | |
Other Current Assets [Member] | ||
Prepaid Royalties | $ 105 | |
Other Assets [Member] | ||
Prepaid Royalties - Long-Term | $ 25 |
Business Combinations and Ass_3
Business Combinations and Asset Acquisitions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 10,605 | $ 9,962 | $ 10,107 |
Stoller | |||
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | 1,220 | ||
Cash and Cash Equivalents | 97 | ||
Accounts and Notes Receivables | 243 | ||
Inventory | 81 | ||
Other Current Assets | 9 | ||
Property, Plant, and Equipment | 71 | ||
Goodwill | 383 | ||
Other Intangible Assets | 645 | ||
Deferred Income Tax | 10 | ||
Other Assets | 5 | ||
Total Assets Acquired | 1,544 | ||
Short-term borrowings | 59 | ||
Accounts Payable | 25 | ||
Income tax payable | 2 | ||
Accrued and Other Current Liabilities | 65 | ||
Long-Term Debt | 2 | ||
Deferred Income Tax Liabilities | 150 | ||
Other Noncurrent Liabilities | 21 | ||
Total Liabilities Assumed | 324 | ||
Net assets acquired | 1,220 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment | 31 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | 31 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | 7 | ||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Construction in Progress | 2 | ||
Symborg | |||
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | 370 | ||
Cash and Cash Equivalents | 0 | ||
Accounts and Notes Receivables | 17 | ||
Inventory | 10 | ||
Other Current Assets | 2 | ||
Property, Plant, and Equipment | 3 | ||
Goodwill | 129 | ||
Other Intangible Assets | 300 | ||
Deferred Income Tax | 0 | ||
Other Assets | 1 | ||
Total Assets Acquired | 462 | ||
Short-term borrowings | 0 | ||
Accounts Payable | 13 | ||
Income tax payable | 0 | ||
Accrued and Other Current Liabilities | 4 | ||
Long-Term Debt | 0 | ||
Deferred Income Tax Liabilities | 74 | ||
Other Noncurrent Liabilities | 1 | ||
Total Liabilities Assumed | 92 | ||
Net assets acquired | $ 370 |
Business Combinations and Ass_4
Business Combinations and Asset Acquisitions - Intangible Assets (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Stoller | |
Business Acquisition [Line Items] | |
Finite-Lived Intangibles | $ 645 |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 13 years |
Other Intangible Assets | $ 645 |
Stoller | Customer-Related Intangible Assets [Member] | |
Business Acquisition [Line Items] | |
Finite-Lived Intangibles | $ 495 |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 13 years |
Stoller | Developed Technology Rights [Member] | |
Business Acquisition [Line Items] | |
Finite-Lived Intangibles | $ 106 |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 13 years |
Stoller | Trademarks and Trade Names [Member] | |
Business Acquisition [Line Items] | |
Finite-Lived Intangibles | $ 44 |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 15 years |
Symborg | |
Business Acquisition [Line Items] | |
Finite-Lived Intangibles | $ 295 |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 12 years |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 5 |
Other Intangible Assets | 300 |
Symborg | Developed Technology Rights [Member] | |
Business Acquisition [Line Items] | |
Finite-Lived Intangibles | $ 238 |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 12 years |
Symborg | Trademarks and Trade Names [Member] | |
Business Acquisition [Line Items] | |
Finite-Lived Intangibles | $ 57 |
Finite-Lived Intangible Assets, Weighted Average Useful Life | 12 years |
Symborg | IPR&D [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 5 |
Revenue Narrative (Details)
Revenue Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining Performance Obligation | $ 134 | $ 131 |
Minimum [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining Performance Obligation, Expected Timing of Satisfaction | 1 year | |
Maximum [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining Performance Obligation, Expected Timing of Satisfaction | 6 years |
Revenue Contract Balances (Deta
Revenue Contract Balances (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disaggregation of Revenue [Line Items] | ||||
Accounts and notes receivable - trade | [1] | $ 4,329 | $ 4,261 | |
Contract assets - current | [2] | 27 | 26 | |
Contract assets - noncurrent | [3] | 67 | 64 | |
Deferred Revenue | 3,406 | 3,388 | ||
Deferred Revenue Recognized During the Period | 3,342 | 3,150 | $ 2,613 | |
Other Noncurrent Obligations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Deferred Revenue | [4] | $ 108 | $ 107 | |
[1] Included in accounts and notes receivable - net in the Consolidated Balance Sheets. Included in other current assets in the Consolidated Balance Sheets. |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue - Products (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Net Sales | $ 17,226 | $ 17,455 | $ 15,655 |
Seed [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 9,472 | 8,979 | 8,402 |
Seed [Member] | Corn [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 6,447 | 5,955 | 5,618 |
Seed [Member] | Soybean [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 1,858 | 1,810 | 1,568 |
Seed [Member] | Other oilseeds [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 708 | 714 | 752 |
Seed [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 459 | 500 | 464 |
Crop Protection [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 7,754 | 8,476 | 7,253 |
Crop Protection [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 1,010 | 604 | 398 |
Crop Protection [Member] | Herbicides [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 4,034 | 4,591 | 3,815 |
Crop Protection [Member] | Insecticides [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 1,598 | 1,831 | 1,730 |
Crop Protection [Member] | Fungicides [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | $ 1,112 | $ 1,450 | $ 1,310 |
Revenue Disaggregation of Rev_2
Revenue Disaggregation of Revenue - Geo (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 17,226 | $ 17,455 | $ 15,655 | |
EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 3,367 | 3,256 | 3,123 | |
Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 1,363 | 1,460 | 1,451 | |
Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | [1] | 3,906 | 4,445 | 3,545 |
Seed [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 9,472 | 8,979 | 8,402 | |
Seed [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | [2] | 5,768 | 5,178 | 5,004 |
Seed [Member] | EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | [3] | 1,622 | 1,609 | 1,599 |
Seed [Member] | Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 445 | 434 | 379 | |
Seed [Member] | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 1,637 | 1,758 | 1,420 | |
Crop Protection [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 7,754 | 8,476 | 7,253 | |
Crop Protection [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | [2] | 2,822 | 3,116 | 2,532 |
Crop Protection [Member] | EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | [3] | 1,745 | 1,647 | 1,524 |
Crop Protection [Member] | Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 918 | 1,026 | 1,072 | |
Crop Protection [Member] | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 2,269 | $ 2,687 | $ 2,125 | |
[1] Net sales for Brazil for the years ended December 31, 2023, 2022 and 2021 were $2,523 million , $3,137 million and $2,315 million, respectively. Represents U.S. & Canada. |
Restructuring and Asset Relat_3
Restructuring and Asset Related Charges - Crop Protection Operations Strategy(Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | $ 336 | $ 363 | $ 289 | |
Crop Protection Strategy Operations Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset Impairment Charges | 152 | |||
Restructuring Reserve, Beginning Balance | 0 | |||
Restructuring and Related Cost, Incurred Cost | [1] | 217 | ||
Payments for Restructuring | 3 | |||
Asset write-offs | (214) | |||
Restructuring Reserve, Ending Balance | 0 | 0 | ||
Crop Protection Strategy Operations Program [Member] | Minimum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 410 | |||
Anticipated Cash Payments | 90 | |||
Crop Protection Strategy Operations Program [Member] | Maximum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 460 | |||
Anticipated Cash Payments | 120 | |||
Crop Protection Strategy Operations Program [Member] | Employee Severance [Member] | Minimum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 70 | |||
Crop Protection Strategy Operations Program [Member] | Employee Severance [Member] | Maximum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 90 | |||
Crop Protection Strategy Operations Program [Member] | Asset Related Charges [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Beginning Balance | [2] | 0 | ||
Restructuring and Related Cost, Incurred Cost | [2],[3] | 214 | ||
Payments for Restructuring | [2] | 0 | ||
Asset write-offs | [2] | (214) | ||
Restructuring Reserve, Ending Balance | [2] | 0 | 0 | |
Crop Protection Strategy Operations Program [Member] | Asset Related Charges [Member] | Minimum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 320 | |||
Crop Protection Strategy Operations Program [Member] | Asset Related Charges [Member] | Maximum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 340 | |||
Crop Protection Strategy Operations Program [Member] | Contract Termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 0 | |||
Restructuring and Related Cost, Incurred Cost | 3 | |||
Payments for Restructuring | 3 | |||
Asset write-offs | 0 | |||
Restructuring Reserve, Ending Balance | 0 | $ 0 | ||
Crop Protection Strategy Operations Program [Member] | Contract Termination [Member] | Minimum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 20 | |||
Crop Protection Strategy Operations Program [Member] | Contract Termination [Member] | Maximum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 30 | |||
Crop Protection Strategy Operations Program [Member] | Lease Asset | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset Impairment Charges | 92 | |||
Crop Protection Strategy Operations Program [Member] | Property, Plant and Equipment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset Impairment Charges | $ 60 | |||
[1]This amount excludes charges relating to spare parts write-offs included in cost of goods sold, in the company’s Consolidated Statement of Operations, as noted above.[2] Asset-related charges includes impairment charges related to operating lease assets and property, plant and equipment, as noted above. Asset-related charges includes impairment charges related to operating lease assets and property, plant and equipment, as noted above. |
Restructuring and Asset Relat_4
Restructuring and Asset Related Charges 2022 Restructuring Actions (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | $ 336 | $ 363 | $ 289 | |||
2022 Restructuring Actions | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 373 | |||||
restructuring payments, inception-to-date | 150 | |||||
Restructuring Reserve, Beginning Balance | 83 | |||||
Restructuring and Related Cost, Incurred Cost | [1] | 42 | 272 | [2] | ||
Payments for Restructuring | (56) | |||||
Asset write-offs | (11) | |||||
Restructuring Reserve, Ending Balance | 58 | 83 | ||||
2022 Restructuring Actions | Maximum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Anticipated Cash Payments | 210 | |||||
2022 Restructuring Actions | Employee Severance [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 131 | |||||
Restructuring Reserve, Beginning Balance | 71 | |||||
Restructuring and Related Cost, Incurred Cost | 20 | 111 | ||||
Payments for Restructuring | (43) | |||||
Asset write-offs | 0 | |||||
Restructuring Reserve, Ending Balance | 48 | 71 | ||||
2022 Restructuring Actions | Asset Related Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 116 | |||||
Restructuring Reserve, Beginning Balance | 0 | |||||
Restructuring and Related Cost, Incurred Cost | 12 | 104 | ||||
Payments for Restructuring | 0 | |||||
Asset write-offs | (11) | |||||
Restructuring Reserve, Ending Balance | 1 | 0 | ||||
2022 Restructuring Actions | Contract Termination [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 67 | |||||
Restructuring Reserve, Beginning Balance | [3] | 12 | ||||
Restructuring and Related Cost, Incurred Cost | 10 | [3],[4] | 57 | |||
Payments for Restructuring | [3] | (13) | ||||
Asset write-offs | [3] | 0 | ||||
Restructuring Reserve, Ending Balance | [3] | 9 | 12 | |||
2022 Restructuring Actions | Other charges | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 59 | |||||
2022 Restructuring Actions - Russia Exit | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 53 | |||||
2022 Restructuring Actions - Russia Exit | Employee Severance [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 6 | |||||
2022 Restructuring Actions - Russia Exit | Asset Related Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 6 | |||||
2022 Restructuring Actions - Russia Exit | Contract Termination [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 30 | |||||
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 | |||||
2022 Restructuring Actions - Russia Exit | Settlement with Taxing Authority | Other Income | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 8 | |||||
Seed [Member] | 2022 Restructuring Actions | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 17 | 120 | ||||
Crop Protection [Member] | 2022 Restructuring Actions | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 5 | 41 | ||||
Corporate Segment [Member] | 2022 Restructuring Actions | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | $ 20 | $ 111 | ||||
[1] This amount excludes other pre-tax charges recorded during the years ended December 31, 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 company's Consolidated Statement of Operations, respectively. See Note 23 - Segment Information, to the Consolidated Financial Statements, for additional information. This amount excludes other pre-tax charges recorded during the year ended December 31, 2023 and 2022 included in cost of goods sold and other income (expense) – net, in the company’s Consolidated Statement of Operations, as noted above. The liability for contract terminations includes lease obligations. The cash impact of these obligations are substantially complete. Contract terminations includes early lease terminations. |
Restructuring and Asset Relat_5
Restructuring and Asset Related Charges 2021 Restructuring Actions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | $ (336) | $ (363) | $ (289) |
2021 Restructuring Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | (7) | (7) | (167) |
Restructuring and Related Cost, Cost Incurred to Date | 167 | ||
2021 Restructuring Actions [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | (1) | (5) | (74) |
Restructuring and Related Cost, Cost Incurred to Date | 70 | ||
2021 Restructuring Actions [Member] | Asset Related Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | (6) | 0 | (51) |
Restructuring and Related Cost, Cost Incurred to Date | 45 | ||
2021 Restructuring Actions [Member] | Contract Termination [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | (2) | (42) |
Restructuring and Related Cost, Cost Incurred to Date | 40 | ||
2021 Restructuring Actions [Member] | Asset Retirement Obligation Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 12 | ||
Seed [Member] | 2021 Restructuring Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | (1) | (31) |
Crop Protection [Member] | 2021 Restructuring Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | (6) | (1) | (55) |
Corporate Segment [Member] | 2021 Restructuring Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | $ (1) | $ (5) | $ (81) |
Restructuring and Asset Relat_6
Restructuring and Asset Related Charges Asset Impairments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Asset Related [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Non-cash accelerated prepaid royalty amortization | $ 72 | $ 109 | $ 125 |
Supplementary Information Other
Supplementary Information Other Income (Expense) - Net (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||||
Interest income | $ 283 | $ 124 | $ 77 | |||
Equity in earnings (losses) of affiliates - net | 10 | 20 | 14 | |||
Net gain on sales of businesses and other assets | [1] | 22 | 18 | 21 | ||
Net exchange losses | [2] | (397) | (229) | (54) | ||
Non-operating pension and other post employment benefit credit (cost) | [3] | (119) | 163 | 1,318 | ||
Miscellaneous income (expenses) - net | [4] | (247) | (156) | (28) | ||
Other income (expense) - net | (448) | (60) | 1,348 | |||
Estimated Settlement Expense | [5] | 204 | 87 | |||
Segment Reconciling Items [Member] | ||||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||||
Interest income | (283) | (124) | (77) | |||
Net exchange losses | 397 | 229 | 54 | |||
Non-operating pension and other post employment benefit credit (cost) | 151 | (111) | (1,256) | [6] | ||
Employee Retention Credit | 3 | 9 | 60 | |||
Segment Reconciling Items [Member] | Crop Protection [Member] | ||||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||||
(Loss) Gain on sale or disposition of assets | 15 | [7] | 19 | |||
Employee Retention Credit | 3 | 3 | 23 | |||
Estimated Settlement Expense | [5] | 204 | 87 | |||
Contract Termination Cost | (24) | |||||
Hedging Program [Member] | ||||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||||
Net exchange losses | (26) | (12) | 18 | |||
Hedging Program [Member] | Argentine peso devaluation [Member] | ||||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||||
Net exchange losses | $ (284) | $ (110) | $ (67) | |||
[1]The years ended December 31, 2022 and 2021 include a gain of $15 million and $19 million, respectively, relating to the sale of a business in the crop protection segment.[2]Includes net pre-tax exchange gains (losses) of $(284) million, $(110) million and $(67) million associated with the devaluation of the Argentine peso for the years ended December 31, 2023, 2022 and 2021, respectively.[3]Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, amortization of unrecognized gain (loss), amortization of prior service benefit and settlement gain (loss)). [4]Includes losses from sale of receivables, tax indemnification adjustments related to changes in indemnification balances as a result of the application of the terms of the Tax Matters Agreement between Corteva and Dow and/or DuPont, and other items. The years ended December 31, 2023, 2022, and 2021 also includes an Employee Retention Credit pursuant to the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act as enhanced by the Consolidated Appropriations Act (“CAA”) and American Rescue Plan Act (“ARPA”). The years ended December 31, 2023 and 2022 also includes estimated settlement reserves and gains (losses) associated with the sale of businesses, assets and equity investments. The year ended December 31, 2022 also includes legal accruals and settlement cost associated with the Russia Exit. The year ended December 31, 2021 also includes a charge related to a contract termination with a third-party service provider, a gain from the remeasurement of an equity investment and an officer indemnification payment. See Note 23 - Segment Information, to the Consolidated Financial Statements, for additional information on significant items.[5] Consists of estimated Lorsban® related charges. Incremental gains (losses) associated with activities related to the 2022 Restructuring Actions. |
Supplementary Information Forei
Supplementary Information Foreign Currency Exchange Gain (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||
Pre-tax exchange (loss) gain | [1] | $ (397) | $ (229) | $ (54) |
Tax benefits (expenses) on exchange (loss) gain | 62 | (5) | (34) | |
Net after-tax exchange (loss) gain | (335) | (234) | (88) | |
Subsidiary Monetary Position | ||||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||
Pre-tax exchange (loss) gain | (371) | (217) | (72) | |
Tax benefits (expenses) on exchange (loss) gain | 55 | (10) | (30) | |
Net after-tax exchange (loss) gain | (316) | (227) | (102) | |
Hedging Program [Member] | ||||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||
Pre-tax exchange (loss) gain | (26) | (12) | 18 | |
Tax benefits (expenses) on exchange (loss) gain | 7 | 5 | (4) | |
Net after-tax exchange (loss) gain | (19) | (7) | 14 | |
Argentine peso devaluation [Member] | Hedging Program [Member] | ||||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||
Pre-tax exchange (loss) gain | $ (284) | $ (110) | $ (67) | |
[1]Includes net pre-tax exchange gains (losses) of $(284) million, $(110) million and $(67) million associated with the devaluation of the Argentine peso for the years ended December 31, 2023, 2022 and 2021, respectively. |
Supplementary Information Recon
Supplementary Information Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | ||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||||
Cash and Cash Equivalents | $ 2,644 | $ 3,191 | |||||
Restricted Cash | 514 | 427 | |||||
Cash, Cash Equivalents, and Restricted Cash | 3,158 | 3,618 | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $ 3,158 | [1] | $ 3,618 | [1] | $ 4,836 | $ 3,873 | |
[1]See page F-26 for reconciliation of cash and cash equivalents and restricted cash equivalents presented in the Consolidated Balance Sheets to total cash, cash equivalents and restricted cash equivalents presented in the Consolidated Statements of Cash Flows. |
Supplementary Information Suppl
Supplementary Information Supplementary Information (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued and other current liabilities | $ 2,351 | $ 2,254 |
Accounts Payable | 4,280 | 4,895 |
Accounts Payable, Trade, Current | 2,952 | 3,717 |
Accounts Payable, Other | 1,170 | 1,030 |
Seed Grower Compensation | ||
Accounts Payable, Trade, Current | $ 560 | $ 470 |
Income Taxes Income Taxes - Geo
Income Taxes Income Taxes - Geographic Allocation of Income and Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income (loss) from Continuing Operations before Income Taxes | $ 1,093 | $ 1,426 | $ 2,346 |
Provision for (benefit from) income taxes on continuing operations | 152 | 210 | 524 |
Income (loss) from continuing operations after income taxes | 941 | 1,216 | 1,822 |
Continuing Operations [Member] | |||
Income (loss) from Continuing Operations before Income Taxes, Domestic | (414) | (1) | 941 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 1,507 | 1,427 | 1,405 |
Income (loss) from Continuing Operations before Income Taxes | 1,093 | 1,426 | 2,346 |
Current Federal Tax (Benefit) Expense | 143 | 65 | (13) |
Current State and Local Tax Expense (Benefit) | 40 | 21 | 6 |
Current Foreign Tax Expense (Benefit) | 407 | 403 | 329 |
Total current tax expense (benefit) | 590 | 489 | 322 |
Deferred Federal Income Tax Expense (Benefit) | (326) | (170) | 164 |
Deferred State and Local Income Tax Expense (Benefit) | (50) | (39) | 55 |
Deferred Foreign Income Tax Expense (Benefit) | (62) | (70) | (17) |
Total deferred tax expense (benefit) | (438) | (279) | 202 |
Provision for (benefit from) income taxes on continuing operations | 152 | 210 | 524 |
Income (loss) from continuing operations after income taxes | $ 941 | $ 1,216 | $ 1,822 |
Income Taxes Income Taxes - Rec
Income Taxes Income Taxes - Reconciliation to US Statutory Rate (Details) - Continuing Operations [Member] | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Statutory U.S. federal income tax rate | 21% | 21% | 21% | |
Effective tax rates on international operations - net | [1] | (1.80%) | (3.50%) | (2.50%) |
Acquisitions, divestitures, and ownership restructuring activities | [2] | (3.60%) | (5.40%) | (0.10%) |
U.S. research and development credit | (5.90%) | (2.20%) | (2.40%) | |
Exchange gains/losses | [3] | 2% | 3.70% | 1.90% |
State and Local Income Taxes | 0.90% | 0.30% | 2.10% | |
Impact of Swiss Tax Changes | [4] | (7.90%) | 0% | (0.20%) |
Excess tax benefits (tax deficiency) from stock-compensation | (0.50%) | (0.70%) | (0.20%) | |
Tax settlements and expiration of statue of limitations | (0.30%) | 0.10% | 0% | |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | [5] | 2.90% | 1.70% | 1% |
Other, net | (0.10%) | (0.30%) | (1.30%) | |
Effective Income Tax Rate | 13.90% | 14.70% | 22.30% | |
[1]Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. Includes a tax benefit of $(36) million for the year ended December 31, 2022, relating to the release of a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil.[2]Includes net tax charge of $46 million for the year ended December 31, 2023, associated with intellectual property realignment. Includes net tax benefits of $(55) million and $(42) million for the year ended December 31, 2022, related to deferred tax assets established upon change in a U.S. entity's tax characterization, and a worthless stock deduction on Company's investment in a subsidiary after a change in the entity's legal structure, respectively.[3]Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 7 - Supplementary Information, and Note 20 - Financial Instruments, under the heading Foreign Currency Risk.[4]Includes net tax benefits of $(62) million and $(24) million for the year ended December 31, 2023, related to changes in deferred taxes and a tax currency change, respectively.[5]Includes the effect of withholding tax on distribution of foreign earnings to the U.S., net of U.S. foreign tax credits. |
Income Taxes Income Taxes - Def
Income Taxes Income Taxes - Deferred Tax Balances (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Total Operating Loss and Tax Credit Carryforwards | [1] | $ 539 | $ 363 |
Deferred Tax Assets, Accrued Employee Benefits | 703 | 680 | |
Deferred Tax Assets, Other Accruals and Reversals | 603 | 545 | |
Deferred Tax Assets, Inventory | 193 | 198 | |
Deferred Tax Assets, Research and Development Capitalization | 607 | 418 | |
Deferred Tax Assets, Investments | 39 | 40 | |
Unrealized Exchange Gains / Losses | 0 | 0 | |
Deferred Tax Liabilities, Other | 0 | 0 | |
Deferred Tax Assets, Other | 55 | 40 | |
Deferred Tax Assets, Gross | 2,739 | 2,284 | |
Deferred Tax Assets, Valuation Allowance | [2] | (510) | (342) |
Deferred Tax Assets, Net of Valuation Allowance | 2,229 | 1,942 | |
Liabilities | |||
Deferred Tax Liabilities, Property | 353 | 447 | |
Deferred Tax Liabilities, Intangible Assets | 2,153 | 2,106 | |
Deferred Tax Liabilities, Unrealized Exchange Gains/Losses | 38 | 29 | |
Deferred Tax Liabilities, Gross | 2,544 | 2,582 | |
Net Deferred Tax Liability | $ (315) | $ (640) | |
[1]Primarily related to tax loss and credit carryforwards from operations in the United States, Switzerland, and Spain.[2]During the year ended December 31, 2023, the company adjusted the valuation allowances recorded against the net deferred tax asset position of various legal entities, the largest of which relates to legal entities in Switzerland and Argentina. |
Income Taxes Income Taxes - Ope
Income Taxes Income Taxes - Operating Loss and Tax Credit Carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 406 | $ 285 | |
Tax Credit Carryforwards | 133 | 78 | |
Total Operating Loss and Tax Credit Carryforwards | [1] | 539 | 363 |
Expiring within Five Years [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | 103 | 127 | |
Tax Credit Carryforwards | 59 | 15 | |
Expiring After Five Years Or Having Indefinite Expiration [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | 303 | 158 | |
Tax Credit Carryforwards | $ 74 | $ 63 | |
[1]Primarily related to tax loss and credit carryforwards from operations in the United States, Switzerland, and Spain. |
Income Taxes Income Taxes - Gro
Income Taxes Income Taxes - Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits, Beginning Balance | $ 357 | $ 377 | $ 395 |
Decreases related to positions taken on items from prior years | 0 | (3) | (7) |
Increases related to positions taken on items from prior years | 23 | 4 | 13 |
Increases related to positions taken in the current year | 16 | 11 | 9 |
Settlement of uncertain tax positions with tax authorities | (4) | (24) | (17) |
Decreases due to expiration of statutes of limitations | (2) | (5) | (16) |
Exchange (gain) loss | 0 | (3) | 0 |
Unrecognized Tax Benefits, Ending Balance | 390 | 357 | 377 |
Total unrecognized tax benefits that, if recognized, would impact the effective tax rate | 173 | 139 | 157 |
Total amount of interest and penalties (benefit) recognized in Provision for income taxes on continuing operations | 1 | 1 | 1 |
Total accrual for interest and penalties associated with unrecognized tax benefits | 11 | $ 13 | $ 11 |
Tax, Advance deposits made to foreign taxing authority | 90 | ||
Undistributed Earnings of Foreign Subsidiaries | $ 4,240 |
Earnings Per Share Net Income f
Earnings Per Share Net Income for Earnings Per Share Calculations - Basic and Diluted (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Income (Loss) from Continuing Operations After Taxes | $ 941 | $ 1,216 | $ 1,822 |
Net Income attributable to continuing operations - Noncontrolling Interest | 12 | 11 | 10 |
Income (loss) from continuing operations attributable to Corteva common stockholders | 929 | 1,205 | 1,812 |
(Loss) income from discontinued operations attributable to Corteva common stockholders | (194) | (58) | (53) |
Net (Loss) Income attributable to common stockholders | $ 735 | $ 1,147 | $ 1,759 |
Earnings Per Share of Common _3
Earnings Per Share of Common Stock EPS Calculation - Basic (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Basic earnings (loss) per share of common stock from continuing operations | $ 1.31 | $ 1.67 | $ 2.46 |
Basic earnings (loss) per share of common stock from discontinued operations | (0.27) | (0.08) | (0.07) |
Basic earnings (loss) per share of common stock | $ 1.04 | $ 1.59 | $ 2.39 |
Earnings Per Share of Common _4
Earnings Per Share of Common Stock EPS Calculation - Diluted (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Diluted earnings (loss) per share of common stock from continuing operations | $ 1.30 | $ 1.66 | $ 2.44 |
Diluted earnings (loss) per share of common stock from discontinued operations | (0.27) | (0.08) | (0.07) |
Diluted (loss) earnings per share of common stock | $ 1.03 | $ 1.58 | $ 2.37 |
Earnings Per Share Share Count
Earnings Per Share Share Count Information (Details) - shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Earnings Per Share [Line Items] | ||||
Weighted Average Number of Shares Outstanding, Basic | 709,000,000 | 720,800,000 | 735,900,000 | |
Dilutive effect of equity compensation plans | [1] | 2,900,000 | 3,700,000 | 5,700,000 |
Weighted Average Number of Shares Outstanding, Diluted | 711,900,000 | 724,500,000 | 741,600,000 | |
Common Stock, Shares Authorized | 1,666,667,000 | 1,666,667,000 | ||
Stock options and restricted stock units excluded from EPS | [2] | 2,300,000 | 1,500,000 | 2,800,000 |
[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. 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, Net (Schedule of Accounts and Notes Receivable, Net) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable - trade | [1] | $ 4,210 | $ 4,168 | |
Notes receivable - trade | [1],[2] | 119 | 93 | |
Other | [3] | 1,159 | 1,440 | |
Total accounts and notes receivable - net | 5,488 | 5,701 | ||
A/R trade and notes receivable - trade, allowance | 205 | 194 | $ 210 | |
Nonconsolidated Affiliates [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Other | $ 131 | $ 148 | ||
[1] Accounts and notes receivable – trade are net of allowances of $205 million and $194 million at December 31, 2023 and 2022, respectively. Notes receivable – trade primarily consists of receivables for deferred payment loan programs for the sale of seed and crop protection products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid pre-approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of December 31, 2023 and 2022, there were no significant impairments related to current loan agreements. 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 current assets. In addition, Other includes amounts due from nonconsolidated affiliates of $131 million and $148 million as of December 31, 2023 and 2022, respectively. |
Accounts and Notes Receivable A
Accounts and Notes Receivable Allowance Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Receivables [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 194 | $ 210 |
Net provision for credit losses | 11 | 13 |
Write-offs charged against allowance/ other | 0 | 3 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 205 | $ 194 |
Accounts and Notes Receivable_4
Accounts and Notes Receivable, Net Customer Financing (Details) - Factoring Agreement [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Trade Receivables Sold Under Factoring Agreements | $ 112 | $ 134 | $ 272 |
Trade Receivables Sold That Remained Outstanding | 2 | 37 | |
Loss on Sale of Accounts Receivable | $ 17 | $ 19 | $ 54 |
Inventories Schedule of Invento
Inventories Schedule of Inventory (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory [Line Items] | ||
Finished products | $ 3,273 | $ 3,260 |
Semi-finished products | 2,775 | 2,689 |
Raw materials and supplies | 851 | 862 |
Total inventories | $ 6,899 | $ 6,811 |
Property, Plant and Equipment S
Property, Plant and Equipment Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment | $ 8,956 | $ 8,551 | |
Accumulated Depreciation | (4,669) | (4,297) | |
Property, Plant and Equipment, Net | 4,287 | 4,254 | $ 4,329 |
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment | 440 | 416 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment | $ 1,671 | 1,541 | |
Building [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Building [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 25 years | ||
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment | $ 6,315 | 6,077 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment | $ 530 | $ 517 | |
Computer Software, Intangible Asset [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Computer Software, Intangible Asset [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years |
Property, Plant and Equipment_2
Property, Plant and Equipment Schedule of Depreciation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 528 | $ 521 | $ 521 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets Goodwill by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Goodwill [Line Items] | |||
Goodwill Beginning Balance | $ 9,962 | $ 10,107 | |
Currency Translation Adjustment | 131 | (135) | |
Other goodwill adjustments and acquisitions | [1] | (10) | |
Acquisitions | [2] | 512 | |
Goodwill Ending Balance | 10,605 | 9,962 | |
Accumulated impairment losses on goodwill | 4,503 | ||
Crop Protection [Member] | |||
Goodwill [Line Items] | |||
Goodwill Beginning Balance | 4,618 | 4,672 | |
Currency Translation Adjustment | 53 | (63) | |
Other goodwill adjustments and acquisitions | [1] | 9 | |
Acquisitions | [2] | 512 | |
Goodwill Ending Balance | 5,183 | 4,618 | |
Seed [Member] | |||
Goodwill [Line Items] | |||
Goodwill Beginning Balance | 5,344 | 5,435 | |
Currency Translation Adjustment | 78 | (72) | |
Other goodwill adjustments and acquisitions | [1] | (19) | |
Goodwill Ending Balance | $ 5,422 | $ 5,344 | |
[1] Consists primarily of the goodwill included in the sale of a business in the crop protection segment and reallocation of the former digital reporting unit goodwill between the seed and the crop protection segments. |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets Other Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | [1] | Dec. 31, 2022 | |
Intangible Assets [Line Items] | ||||
Definite-Lived Intangible Assets, Gross | $ 13,073 | $ 12,092 | ||
Accumulated Amortization | (3,452) | (2,763) | ||
Definite-Lived Intangible Assets, Net | 9,621 | 9,329 | ||
Indefinite-lived Intangible Assets | 5 | 10 | ||
Total Intangible Assets, Gross | 13,078 | 12,102 | ||
Total intangible assets - net | 9,626 | 9,339 | ||
IPR&D [Member] | ||||
Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets | 5 | 10 | ||
Germplasm [Member] | ||||
Intangible Assets [Line Items] | ||||
Definite-Lived Intangible Assets, Gross | 6,291 | 6,291 | ||
Accumulated Amortization | (1,081) | (826) | ||
Definite-Lived Intangible Assets, Net | 5,210 | 5,465 | ||
Customer-Related Intangible Assets [Member] | ||||
Intangible Assets [Line Items] | ||||
Definite-Lived Intangible Assets, Gross | 2,427 | 1,912 | ||
Accumulated Amortization | (734) | (585) | ||
Definite-Lived Intangible Assets, Net | 1,693 | 1,327 | ||
Developed Technology [Member] | ||||
Intangible Assets [Line Items] | ||||
Definite-Lived Intangible Assets, Gross | 1,849 | 1,485 | ||
Accumulated Amortization | (1,004) | (830) | ||
Definite-Lived Intangible Assets, Net | 845 | 655 | ||
Trademarks and Trade Names [Member] | ||||
Intangible Assets [Line Items] | ||||
Definite-Lived Intangible Assets, Gross | 2,111 | 2,009 | ||
Accumulated Amortization | (339) | (251) | ||
Definite-Lived Intangible Assets, Net | 1,772 | 1,758 | ||
Other Intangible Assets [Member] | ||||
Intangible Assets [Line Items] | ||||
Definite-Lived Intangible Assets, Gross | [2] | 395 | 395 | |
Accumulated Amortization | [2] | (294) | (271) | |
Definite-Lived Intangible Assets, Net | [2] | $ 101 | $ 124 | |
[1] Includes the intangible assets acquired in connection with the Stoller and Symborg acquisitions, which were completed on March 1, 2023. See Note 4 – Business Combinations, to the Consolidated Financial Statements, for additional information. Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets Amortization Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 683 | $ 702 | $ 722 |
2022 | 683 | ||
2023 | 646 | ||
2024 | 636 | ||
2025 | 576 | ||
2026 | $ 554 |
Leases Narrative (Details)
Leases Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Residual Value Guarantee | $ 207 |
Minimum [Member] | |
Remaining Lease Term | 1 year |
Maximum [Member] | |
Remaining Lease Term | 39 years |
Leases Lease Costs (Details)
Leases Lease Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating Lease, Cost | $ 169 | $ 152 | $ 158 |
Finance Lease, Right-of-Use Asset, Amortization | 1 | 1 | 1 |
Finance Lease, Cost | 1 | 1 | 1 |
Short-term Lease, Cost | 23 | 18 | 14 |
Variable Lease, Cost | 11 | 8 | 8 |
Total Lease Cost | $ 204 | $ 179 | $ 181 |
Leases Supplemental Cash Flow I
Leases Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating cash outflows from operating leases | $ 169 | $ 155 | $ 169 |
Financing cash outflows from finance leases | $ 1 | $ 1 | $ 1 |
Leases Supplemental Balance She
Leases Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | |||
Operating Lease, Right-of-Use Asset | [1] | $ 412 | $ 460 |
Current operating lease liabilities | [2] | 131 | 119 |
Noncurrent operating lease liabilities | [3] | 355 | 331 |
Total operating lease liabilities | 486 | 450 | |
Finance Lease, Right-of-Use Asset, Gross | 14 | 14 | |
Finance Lease, Right-Of-Use Asset, Accumulated Depreciation | $ (13) | $ (11) | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net | |
Finance Lease, Right-of-Use Asset | $ 1 | $ 3 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Short-term borrowings and finance lease obligations | Short-term borrowings and finance lease obligations | |
Finance Lease, Liability, Current | $ 1 | $ 1 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term Debt | Long-term Debt | |
Finance Lease, Liability, Noncurrent | $ 1 | $ 2 | |
Finance Lease, Liability | $ 2 | $ 3 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued and other current liabilities | Accrued and other current liabilities | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other noncurrent obligations | Other noncurrent obligations | |
[1] Included in other assets Included in accrued and other current liabilities Included in other noncurrent obligations |
Leases Lease Term and Discount
Leases Lease Term and Discount Rate (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 6 years 7 months 17 days | 7 years 2 months 8 days |
Finance Lease, Weighted Average Remaining Lease Term | 1 year 4 months 9 days | 2 years 4 months 9 days |
Operating Lease, Weighted Average Discount Rate, Percent | 2.98% | 3.14% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.29% | 3.29% |
Leases Maturity of Lease Liabil
Leases Maturity of Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating Lease, Year One | $ 139 | |
Operating Lease, Year Two | 108 | |
Operating Lease, Year Three | 87 | |
Operating Lease, Year Four | 54 | |
Operating Lease, Year Five | 43 | |
Operating Lease, Due After Year Five | 99 | |
Operating Lease, Total Payments | 530 | |
Operating Lease, Interest | 44 | |
Total operating lease liabilities | 486 | $ 450 |
Finance Lease, Year One | 1 | |
Finance Lease, Year Two | 1 | |
Finance Lease, Year Three | 0 | |
Finance Lease, Year Four | 0 | |
Finance Lease, Year Five | 0 | |
Finance Lease, Due After Year Five | 0 | |
Finance Lease, Total Payments | 2 | |
Finance Lease, Interest | 0 | |
Finance Lease, Liability | $ 2 | $ 3 |
Long-Term Debt and Available _3
Long-Term Debt and Available Credit Facilities Long Term Debt (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Finance Lease, Liability, Noncurrent | $ 1,000,000 | $ 2,000,000 |
Unamortized debt discount and issuance costs | 16,000,000 | 7,000,000 |
Long-term debt payable within one year | 196,000,000 | 0 |
Long-term Debt | 2,291,000,000 | 1,283,000,000 |
Loans Payable [Member] | Notes Maturing 2025 [Domain] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 500,000,000 | $ 500,000,000 |
Long-term Debt, Weighted Average Interest Rate | 1.70% | 1.70% |
Loans Payable [Member] | Notes Maturing 2026 [Domain] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 600,000,000 | $ 0 |
Long-term Debt, Weighted Average Interest Rate | 4.50% | |
Loans Payable [Member] | Notes Maturing 2030 [Domain] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 500,000,000 | $ 500,000,000 |
Long-term Debt, Weighted Average Interest Rate | 2.30% | 2.30% |
Loans Payable [Member] | Notes Maturing 2033 [Domain] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 600,000,000 | $ 0 |
Long-term Debt, Weighted Average Interest Rate | 4.80% | |
Loans Payable [Member] | Foreign Currency Loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 196,000,000 | $ 181,000,000 |
Long-term Debt, Weighted Average Interest Rate | 14.80% | 14.80% |
Medium-term Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 106,000,000 | $ 107,000,000 |
Long-term Debt, Weighted Average Interest Rate | 5.34% | 4.27% |
Notes Maturing 2025 [Domain] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Periodic Payment, Principal | $ 500,000,000 | |
Notes Maturing 2024 [Domain] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Periodic Payment, Principal | 196,000,000 | |
Notes Maturing 2026 [Domain] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Periodic Payment, Principal | 600,000,000 | |
Fair Value, Inputs, Level 2 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value | $ 2,434,000,000 | $ 1,172,000,000 |
Long-Term Debt and Available _4
Long-Term Debt and Available Credit Facilities Available Committed Credit Facilities (Narrative) (Details) $ in Millions | 13 Months Ended | 36 Months Ended | 60 Months Ended | |||||||
Feb. 26, 2024 | May 03, 2025 | May 03, 2027 | Dec. 31, 2023 USD ($) | Aug. 01, 2023 USD ($) | Jul. 01, 2023 USD ($) | May 01, 2023 USD ($) | Feb. 01, 2023 USD ($) | Jan. 27, 2023 USD ($) | May 03, 2022 USD ($) | |
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,500 | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 5,500 | |||||||||
Foreign Currency Loans [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 50 | |||||||||
Revolving Credit Facilities due 2027 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000 | $ 3,000 | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 3,000 | |||||||||
Debt Instrument, Term | 5 years | |||||||||
Revolving Credit Facilities due 2025 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000 | $ 2,000 | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 2,000 | |||||||||
Debt Instrument, Term | 3 years | |||||||||
364-day Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 500 | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 500 | |||||||||
Debt Instrument, Term | 364 days | |||||||||
Ratio of Indebtedness to Net Capital | 0.60 | |||||||||
364-day Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||||||||
364-day Revolving Credit Facilities due 2024 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |||||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||||||||
Revolving Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Ratio of Indebtedness to Net Capital | 0.60 |
Long-Term Debt and Available _5
Long-Term Debt and Available Credit Facilities Uncommitted Credit Facilities and Outstanding Letters of Credit (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
Line Of Credit Facility, Remaining Borrowing Capacity, Uncommitted Amount | $ 523 |
Letters of Credit Outstanding, Amount | $ 143 |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Short-term Debt [Line Items] | ||
Long-term debt payable within one year | $ 196 | $ 0 |
Finance Lease, Liability, Current | 1 | 1 |
Short-term borrowings and finance lease obligations | 198 | 24 |
Other loans - various currencies | ||
Short-term Debt [Line Items] | ||
Short-term borrowings and finance lease obligations | $ 1 | $ 23 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities Guarantee Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Guarantor Obligations [Line Items] | ||
Guarantee Obligations | $ 84 | $ 88 |
Less than one year | ||
Guarantor Obligations [Line Items] | ||
Guarantee Obligations | 15 | |
Agreements with lenders to provide financing for select customers [Member] | ||
Guarantor Obligations [Line Items] | ||
Accounts Receivable, after Allowance for Credit Loss | 187 | 202 |
Factoring Agreement [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee Obligations | $ 2 | $ 16 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities- Supplier Finance (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Supplier Finance Program, Obligation, Current | $ 115 | $ 220 |
Loss Contingencies [Line Items] | ||
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration] | Accounts Payable |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities Litigation - Chemours (Details) | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) | Sep. 30, 2031 USD ($) | Dec. 31, 2028 USD ($) | Sep. 30, 2025 USD ($) | Jan. 28, 2022 USD ($) | Dec. 31, 2018 lawsuits | |
Loss Contingencies [Line Items] | ||||||
Threshold to waive MOU escrow account funding obligation | $ 100,000,000 | |||||
PFOA Matters: Multi-District Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Lawsuits alleging personal injury filed | lawsuits | 3,550 | |||||
Non-PFAS | ||||||
Loss Contingencies [Line Items] | ||||||
Request for Remediation Funding Source ("RFS") | $ 900,000,000 | |||||
Corteva [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Stray liability sharing percentage | 29% | |||||
DuPont de Nemours [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Amount credited to each company's threshold | $ 150,000,000 | |||||
Stray liability sharing percentage | 71% | |||||
PFAS [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Withdrawal Amount after Year 6 | $ 200,000,000 | |||||
MOU Terms for Withdrawals | 125,000,000 | |||||
PFAS [Member] | Forecast [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Escrow Account Balance | $ 700,000,000 | |||||
PFAS [Member] | Maximum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Qualified Spend and Escrow Account Contribution Threshold | $ 4,000,000,000 | |||||
Cost Sharing Arrangement Term | 20 years | |||||
Corteva and Dupont stray liability threshold for PFAS | $ 300,000,000 | |||||
PFAS [Member] | Minimum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Corteva and Dupont stray liability threshold for PFAS | 1 | |||||
PFAS [Member] | Corteva [Member] | Maximum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Qualified Spend and Escrow Account Contribution Threshold | $ 600,000,000 | |||||
PFAS [Member] | Chemours [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
MOU Escrow Account Deposit | $ 100,000,000 | |||||
Escrow Account Deposit Percentage | 50% | |||||
PFAS [Member] | Chemours [Member] | Forecast [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Annual escrow deposit, remainder of period | $ 50,000,000 | |||||
PFAS [Member] | Chemours [Member] | Maximum [Member] | Forecast [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Total Escrow Deposit Amount | 500,000,000 | |||||
PFAS [Member] | DuPont de Nemours [Member] | Corteva [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Escrow Account Deposit Percentage | 50% | |||||
PFAS [Member] | DuPont de Nemours and Corteva [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
MOU Escrow Account Deposit | $ 100,000,000 | |||||
Corteva and DuPont stray liability sharing percentage for PFAS | 50% | |||||
PFAS [Member] | DuPont de Nemours and Corteva [Member] | Forecast [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Annual escrow deposit, remainder of period | 50,000,000 | |||||
PFAS [Member] | DuPont de Nemours and Corteva [Member] | Maximum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Qualified Spend and Escrow Account Contribution Threshold | $ 2,000,000,000 | |||||
PFAS [Member] | DuPont de Nemours and Corteva [Member] | Corteva [Member] | Maximum [Member] | Forecast [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Total Escrow Deposit Amount | $ 500,000,000 |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities Litigation - Corteva Separation (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts and Notes Receivable [Member] | ||
Loss Contingencies [Line Items] | ||
Indemnification Assets | $ 44,000,000 | $ 31,000,000 |
Other Assets [Member] | ||
Loss Contingencies [Line Items] | ||
Indemnification Assets | 104,000,000 | 105,000,000 |
Accrued and Other Current Liabilities [Member] | ||
Loss Contingencies [Line Items] | ||
Indemnified Liabilities | 30,000,000 | 31,000,000 |
Other Noncurrent Obligations [Member] | ||
Loss Contingencies [Line Items] | ||
Indemnified Liabilities | 106,000,000 | $ 115,000,000 |
PFAS [Member] | Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Corteva and Dupont stray liability threshold for PFAS | 1 | |
PFAS [Member] | Minimum [Member] | Once $300 million threshold is met [Member] | ||
Loss Contingencies [Line Items] | ||
De minimis threshold | 1,000,000 | |
PFAS [Member] | Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Corteva and Dupont stray liability threshold for PFAS | 300,000,000 | |
DuPont de Nemours [Member] | ||
Loss Contingencies [Line Items] | ||
Stray liability threshold | $ 200,000,000 | |
Stray liability sharing percentage | 71% | |
Amount credited to each company's threshold | $ 150,000,000 | |
DuPont de Nemours and Corteva [Member] | PFAS [Member] | ||
Loss Contingencies [Line Items] | ||
Corteva and DuPont stray liability sharing percentage for PFAS | 50% | |
Corteva [Member] | ||
Loss Contingencies [Line Items] | ||
Stray liability sharing percentage | 29% |
Commitments and Contingent Li_6
Commitments and Contingent Liabilities- DISCOPS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | |||
Income (loss) from discontinued operations after income taxes | $ (194) | $ (58) | $ (53) |
Other Discontinued or Divested Business Obligations | |||
Loss Contingencies [Line Items] | |||
Income (loss) from discontinued operations after income taxes | 13 | ||
PFAS [Member] | |||
Loss Contingencies [Line Items] | |||
Income (loss) from discontinued operations after income taxes | $ 175 | $ 36 |
Commitments and Contingent Li_7
Commitments and Contingent Liabilities Litigation - Leach and MDL Settlement (Details) | 3 Months Ended | 12 Months Ended | 108 Months Ended | |||
Jun. 30, 2017 USD ($) | Dec. 31, 2023 USD ($) lawsuits | Dec. 31, 2004 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2018 lawsuits | Jan. 01, 2012 | |
PFOA Matters: Drinking Water Actions [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Binding Settlement Agreement Class Size | 80,000 | |||||
Loss Contingency, Number Of Water Districts Receiving Water Treatment | 6 | |||||
Litigation Settlement, Liability For Medical Monitoring Program, Threshold | $ 235,000,000 | |||||
Litigation Settlement, Medical Monitoring Program, Escrow Account, Disbursements To Date | $ 2,000,000 | |||||
Escrow Balance | $ 1,000,000 | |||||
PFOA Matters: Multi-District Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Disease Categories for MDL | 6 | |||||
Lawsuits alleging personal injury filed | lawsuits | 3,550 | |||||
Litigation Settlement Amount | $ 670,000,000 | |||||
Post-MDL Settlement PFOA Personal Injury Claims [Domain] | Compensatory Damages [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement Amount | $ 40,000,000 | |||||
Post-MDL Settlement PFOA Personal Injury Claims [Domain] | Compensatory Damages [Member] | EIDP | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement Amount | 6,000,000 | |||||
Post-MDL Settlement PFOA Personal Injury Claims [Domain] | Loss of Consortium [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement Amount | 10,000,000 | |||||
Post-MDL Settlement PFOA Personal Injury Claims [Domain] | Loss of Consortium [Member] | Maximum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement Amount | 250,000 | |||||
MDL Settlement [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement Amount | 83,000,000 | |||||
MDL Settlement [Member] | Corteva [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Payments for Legal Settlements | $ 27,000,000 | |||||
MDL Settlement [Member] | PFOA Matters: Drinking Water Actions [Member] | Settled Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Pending Claims, Number | lawsuits | 95 | |||||
OHIO | Natural Resources Damages [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement Amount | $ 110,000,000 | |||||
Loss Contingency, Pending Claims, Number | lawsuits | 2 | |||||
Chemours [Member] | MDL Settlement [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement Amount | $ 29,000,000 | |||||
DuPont de Nemours and Corteva [Member] | MDL Settlement [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement Amount | $ 27,000,000 |
Commitments and Contingent Li_8
Commitments and Contingent Liabilities Litigation - Other PFOA Matters / Fayatteville (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) lawsuits | Dec. 31, 2022 lawsuits | |
Nationwide Water District Settlement | ||
Loss Contingencies [Line Items] | ||
Corteva and DuPont stray liability sharing percentage for PFAS | 50% | |
Number of water district opt-outs | 1,000 | |
Water Districts remaining in Settlement Class | 93% | |
Estimated Litigation Liability | $ 1,185 | |
Firefighting Foam [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | lawsuits | 6,200 | |
Firefighting Foam [Member] | Personal injury cases [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | 4,800 | |
Firefighting Foam [Member] | Nationwide Water District Settlement | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | lawsuits | 700 | |
NORTH CAROLINA | PFOA Matters: Drinking Water Actions [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Number of Property Owners | 100 | |
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 | 4 | |
NEW JERSEY | PFAS [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | 2 | |
OHIO | Natural Resources Damages [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | lawsuits | 2 | |
Estimated Litigation Liability | $ 16 | |
Litigation Settlement Amount | 110 | |
DELAWARE | Natural Resources Damages [Member] | ||
Loss Contingencies [Line Items] | ||
Collective Threshold for Payments to Fund the NRST Trust | 50 | |
Supplemental Payment Threshold | 25 | |
Loss Contingency Accrual, Payments | $ 4 | |
NEW JERSEY AND NEW YORK | PFAS [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | lawsuits | 2 | |
NETHERLANDS | PFOA Matters: Drinking Water Actions [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | lawsuits | 4 |
Commitments and Contingent Li_9
Commitments and Contingent Liabilities Environmental (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Jan. 28, 2022 | |
Loss Contingencies [Line Items] | |||
Accrual for Environmental Loss Contingencies | [1],[2] | $ 501 | |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1] | 654 | |
Indemnification Asset | 279 | ||
Non-PFAS | |||
Loss Contingencies [Line Items] | |||
Request for Remediation Funding Source ("RFS") | $ 900 | ||
DuPont de Nemours [Member] | |||
Loss Contingencies [Line Items] | |||
Stray liability threshold | 200 | ||
Indemnification liabilities related to the MOU | |||
Loss Contingencies [Line Items] | |||
Accrual for Environmental Loss Contingencies | [1],[2] | 117 | |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1] | 29 | |
Indemnification Asset | 26 | ||
Chemours related obligation subject to indemnification [Member] | |||
Loss Contingencies [Line Items] | |||
Accrual for Environmental Loss Contingencies | [1],[2],[3],[4] | 150 | |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1],[3],[4] | 286 | |
Indemnification Asset | [3],[4] | 150 | |
Discontinued Operations [Member] | |||
Loss Contingencies [Line Items] | |||
Indemnification Asset | [3] | 44 | |
Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont [Member] | |||
Loss Contingencies [Line Items] | |||
Accrual for Environmental Loss Contingencies | [1],[2],[4] | 63 | |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1],[4] | 63 | |
Indemnification Asset | [4] | 59 | |
Not subject to indemnification [Member] | |||
Loss Contingencies [Line Items] | |||
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1] | 78 | |
Indemnification Asset | 0 | ||
Accrual for Environmental Loss Contingencies, Gross | [1] | 106 | |
Other Discontinued or Divested Business Obligations | |||
Loss Contingencies [Line Items] | |||
Accrual for Environmental Loss Contingencies | [1],[2],[3] | 65 | |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1],[3] | 198 | |
DuPont de Nemours [Member] | DuPont de Nemours [Member] | |||
Loss Contingencies [Line Items] | |||
Stray liability threshold | 200 | ||
Superfund Sites [Member] | Chemours [Member] | Indemnification Agreement [Member] | |||
Loss Contingencies [Line Items] | |||
Indemnification Asset | $ 31 | ||
[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 $55 million for remediation of Superfund sites. Amounts do not include possible impacts from the remediation elements of the EPAs October 2021 PFAS Strategic Roadmap (as applicable), except as disclosed on page F-44 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"). Represents liabilities that are subject to the $150 million threshold and sharing agreements as discussed on page F-38, under the header "Chemours / Performance Chemicals." Represents liabilities that are subject to the $200 million threshold and sharing arrangements as discussed on page F-39, under the header "Corteva Separation Agreement." The company has recorded an indemnification asset related to these accruals, including $31 million related to the Superfund sites. |
Stockholders' Equity Common Sto
Stockholders' Equity Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 16 Months Ended | 36 Months Ended | |||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2021 | Feb. 01, 2024 | Sep. 13, 2022 | Aug. 05, 2021 | Jun. 26, 2019 | Jun. 03, 2019 | |
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Common Stock, Shares Authorized | 1,666,667,000 | 1,666,667,000 | 1,666,667,000 | |||||||
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Common Stock, Shares, Outstanding, Beginning Balance | 713,419,000 | 726,527,000 | 743,458,000 | |||||||
Stock Issued During Period, Shares, New Issues | 1,965,000 | 4,317,000 | 4,019,000 | |||||||
Stock Repurchased and Retired During Period, Shares | 14,124,000 | 17,425,000 | 20,950,000 | |||||||
Common Stock, Shares, Outstanding, Ending Balance | 701,260,000 | 713,419,000 | 726,527,000 | 701,260,000 | 726,527,000 | |||||
Payments for Repurchase of Common Stock | $ 756 | $ 1,000 | $ 950 | |||||||
2022 Share Repurchase Program | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Stock Repurchased and Retired During Period, Shares | 10,026,000 | |||||||||
Stock Repurchase Program, Authorized Amount | $ 2,000 | |||||||||
Payments for Repurchase of Common Stock | $ 500 | |||||||||
2021 Share Repurchase Program | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Stock Repurchased and Retired During Period, Shares | 4,098,000 | 17,425,000 | 5,572,000 | |||||||
Stock Repurchase Program, Authorized Amount | $ 1,500 | |||||||||
Payments for Repurchase of Common Stock | $ 250 | $ 1,000 | $ 250 | |||||||
2019 share repurchase plan | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Stock Repurchased and Retired During Period, Shares | 24,705,000 | |||||||||
Stock Repurchase Program, Authorized Amount | $ 1,000 | |||||||||
Corteva [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Stockholders' Equity Noncontrol
Stockholders' Equity Noncontrolling Interest (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Noncontrolling Interest [Line Items] | ||
Net Deferred Tax Liability | $ 315,000,000 | $ 640,000,000 |
$4.50 Series Preferred Stock [Member] | EID [Member] | ||
Noncontrolling Interest [Line Items] | ||
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 1,673,000 | 1,673,000 |
Preferred Stock, Redemption Amount | $ 120 | $ 120 |
$3.50 Series Preferred Stock [Member] | EID [Member] | ||
Noncontrolling Interest [Line Items] | ||
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 700,000 | 700,000 |
Preferred Stock, Redemption Amount | $ 102 | $ 102 |
Corteva [Member] | EID [Member] | ||
Noncontrolling Interest [Line Items] | ||
Ownership interest in an entity | 100% |
Stockholders' Equity Other Comp
Stockholders' Equity Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 25,541 | $ 25,623 | $ 25,063 | |
Net other comprehensive income (loss) | 129 | 92 | (8) | |
Ending Balance | 25,279 | 25,541 | 25,623 | |
Cumulative Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (2,883) | (2,543) | (1,970) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | [1] | 425 | (340) | (573) |
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | 0 | 0 | 0 | |
Net other comprehensive income (loss) | 425 | (340) | (573) | |
Ending Balance | (2,458) | (2,883) | (2,543) | |
Derivative Instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 80 | 72 | (67) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (123) | 63 | 143 | |
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | (12) | (55) | (4) | |
Net other comprehensive income (loss) | (135) | 8 | 139 | |
Ending Balance | (55) | 80 | 72 | |
Unrealized gain (loss) on investments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 0 | 0 | (10) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 3 | |
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | 0 | 0 | 7 | |
Net other comprehensive income (loss) | 0 | 0 | 10 | |
Ending Balance | 0 | 0 | 0 | |
Accumulated Other Comp Loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (2,806) | (2,898) | (2,890) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 152 | 126 | 594 | |
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | (23) | (34) | (602) | |
Net other comprehensive income (loss) | 129 | 92 | (8) | |
Ending Balance | (2,677) | (2,806) | (2,898) | |
Pension Plan | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (163) | (396) | (1,433) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (188) | 213 | 996 | |
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | (2) | 20 | 41 | |
Net other comprehensive income (loss) | (190) | 233 | 1,037 | |
Ending Balance | (353) | (163) | (396) | |
Other Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 160 | (31) | 590 | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 38 | 190 | 25 | |
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | (9) | 1 | (646) | |
Net other comprehensive income (loss) | 29 | 191 | (621) | |
Ending Balance | $ 189 | $ 160 | $ (31) | |
[1]The cumulative translation adjustment losses for the year ended December 31, 2022 was primarily driven by the strengthening of the U.S. Dollar (“USD”) against the European Euro ("EUR"), Indian Rupee (“INR”), South African Rand (“ZAR”) and Philippine Peso (“PHP”). The cumulative translation adjustment losses for the year ended December 31, 2021 was primarily driven by the strengthening of the U.S. Dollar ("USD") against the European Euro ("EUR"), Swiss franc ("CHF") and Turkish Lira (“TRY”). |
Stockholders' Equity Tax Benefi
Stockholders' Equity Tax Benefit (Expense) on Net Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Tax | $ 101 | $ (121) | $ (172) |
Pension Plan | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Tax | 60 | (68) | (319) |
Other Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Tax | (9) | (56) | 188 |
Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Tax | $ 50 | $ 3 | $ (41) |
Stockholders' Equity Reclassifi
Stockholders' Equity Reclassifications out of AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income Tax Expense (Benefit) | $ 152 | $ 210 | $ 524 | |
Income (loss) from continuing operations after income taxes | 941 | 1,216 | 1,822 | |
Derivative Instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income Tax Expense (Benefit) | [1] | (4) | 8 | 9 |
Income (loss) from continuing operations after income taxes | (12) | (55) | (4) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [2] | (8) | (63) | (13) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (12) | (55) | (4) | |
Unrealized gain (loss) on investments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (loss) from continuing operations after income taxes | 0 | 0 | 7 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [3] | 0 | 0 | 7 |
Reclassification from AOCI, Current Period, Tax | [1] | 0 | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 7 | |
AOCI Attributable to Parent | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (23) | (34) | (602) | |
Pension Plan | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2) | 20 | 41 | |
Pension Plan | Prior Service Benefit | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [3],[4] | (3) | (3) | (2) |
Pension Plan | Actuarial Losses | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [3],[4] | 0 | 3 | 55 |
Pension Plan | Accumulated Defined Benefit Plans Adjustment, Settlement Gain (Loss) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [3],[4] | 0 | 25 | 1 |
Pension Plan | Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (3) | 25 | 54 | |
Reclassification from AOCI, Current Period, Tax | [1] | 1 | (5) | (13) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2) | 20 | 41 | |
Other Benefit Plans | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (9) | 1 | (646) | |
Other Benefit Plans | Prior Service Benefit | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [3],[4] | (2) | (1) | (922) |
Other Benefit Plans | Actuarial Losses | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [3],[4] | (10) | 2 | 81 |
Other Benefit Plans | Curtailment (loss) gain | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | (1) | |
Other Benefit Plans | Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (12) | 1 | (842) | |
Reclassification from AOCI, Current Period, Tax | [1] | 3 | 0 | 196 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (9) | $ 1 | $ (646) | |
[1] Reflected in provision for (benefit from) income taxes from continuing operations in the Consolidated Statements of Operations. Reflected in cost of goods sold in the Consolidated Statements of Operations. Reflected in other income (expense) - net in the Consolidated Statements of Operations. These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit (credit) cost of the company's pension and other benefit plans. See Note 18 - Pension Plans and Other Post-Employment Benefits, to the Consolidated Financial Statements, for additional information. |
Pension Plans and Other Post _3
Pension Plans and Other Post Employment Benefit Plans Additional Information (Details) - USD ($) $ in Millions | 8 Months Ended | 12 Months Ended | ||||
Aug. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2024 | ||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||
Pre-tax cash requirements to cover actual net claims costs and related administrative expenses | $ 97 | $ 122 | $ 198 | |||
Trust Asset | $ 514 | 427 | ||||
U.S. Retirement Savings Plan [Member] | ||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||
Employer Matching Contribution, Percent of Match | 100% | |||||
Employer Matching Contribution, Percent of Employees' Gross Pay | 6% | |||||
Employer Discretionary Contribution Percent | 3% | |||||
Defined Contribution Plan, Employer Contribution | $ 101 | 97 | 63 | |||
Employers Discretionary Contribution, Vesting Period | 3 years | |||||
Trust Agreement [Member] | ||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||
Trust Asset | $ 214 | 251 | ||||
Corteva Other Contribution Plans [Member] | ||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||
Defined Contribution Plan, Employer Contribution | 45 | 36 | $ 29 | |||
Pension Plan | ||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||
Defined Benefit Plan, Unfunded Status of Plan | (1,685) | (1,398) | ||||
Employer contributions | $ 52 | $ 60 | ||||
Expected long-term rate of return on plan assets | 4.55% | 4.51% | 5.73% | |||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | ||||||
2021 | $ 1,214 | |||||
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Assets Transferred to (from) Plan | 257 | [1] | $ 1,100 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | (25) | $ (1) | |||
Actuarial (gain) loss | $ 110 | 311 | 3,759 | |||
Other Post Employment Benefits Plan | ||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||
Defined Benefit Plan, Unfunded Status of Plan | (925) | (1,021) | ||||
Employer contributions | 97 | 122 | ||||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | ||||||
2021 | 106 | |||||
Defined Benefit Plan, Accumulated Benefit Obligation, Increase (Decrease) for Plan Amendment | 939 | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 0 | 0 | |||
Actuarial (gain) loss | (49) | 246 | ||||
Other Post Employment Benefits Plan | Forecast [Member] | ||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||
Expected Future Employer Contributions, Next Fiscal Year | $ 115 | |||||
Other Pension Plan [Member] | ||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||
Employer contributions | 52 | 60 | $ 49 | |||
Other Pension Plan [Member] | Forecast [Member] | ||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||
Expected Future Employer Contributions, Next Fiscal Year | $ 50 | |||||
Nonqualified Plan [Member] | Trust Agreement [Member] | ||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||
Trust Asset Distribution | $ 58 | $ 47 | ||||
[1]elates to transfers of certain benefit obligations and related assets associated with the principal U.S. pension plan to an insurance company through the purchase of nonparticipating group annuity contracts. |
Pension Plans and Other Post _4
Pension Plans and Other Post Employment Benefit Plans Weighted Average Assumptions used to Determine Benefit Obligations - Pension (Details) - Pension Plan | Dec. 31, 2023 | Dec. 31, 2022 | Aug. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount Rate | 4.97% | 5.17% | 4.60% | 2.82% | |
Rate of increase in future compensation levels | [1] | 2.87% | 2.83% | ||
[1] The rate of compensation increase excludes U.S. pension plans since the employees who participate in the U.S. pension plans no longer accrue additional benefits for future service and eligible compensation. |
Pension Plans and Other Post _5
Pension Plans and Other Post Employment Benefit Plans Weighted Average Assumptions used to Determine Net Periodic Benefit Cost - Pension (Details) - Pension Plan | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net Periodic Benefit, Discount Rate | 5.17% | 3.33% | 2.44% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | [1] | 2.83% | 2.55% | 2.54% |
Expected long-term rate of return on plan assets | 4.55% | 4.51% | 5.73% | |
[1] The rate of compensation increase excludes U.S. pension plans since the employees who participate in the U.S. pension plans no longer accrue additional benefits for future service and eligible compensation. |
Pension Plans and Other Post _6
Pension Plans and Other Post Employment Benefit Plans Weighted Average Assumptions used to Determine Benefit Obligations and Periodic Benefit Cost - OPEB (Details) - Other Post Employment Benefits Plan | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount Rate | 4.92% | 5.09% | |
Net Periodic Benefit, Discount Rate | 5.09% | 2.59% | 2.09% |
Pension Plans and Other Post _7
Pension Plans and Other Post Employment Benefit Plans Change in Projected Benefit Obligations, Plan Assets and Funded Status (Details) - USD ($) $ in Millions | 8 Months Ended | 12 Months Ended | ||||
Aug. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 13,400 | $ 14,000 | ||||
Trust Agreement [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Benefit obligation at beginning of the period | 182 | |||||
Benefit obligation at end of the period | 155 | 182 | ||||
Pension Plan | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Benefit obligation at beginning of the period | $ 19,775 | 13,982 | 19,775 | |||
Service Cost | 18 | 20 | $ 25 | |||
Interest Cost | 690 | 505 | 364 | |||
Plan participants' contributions | 1 | 1 | ||||
Actuarial (gain) loss | (110) | (311) | (3,759) | |||
Benefits Paid | (1,304) | (1,460) | ||||
Net effects of acquisitions / divestitures / other | [1] | 257 | (1,080) | |||
Effect of foreign exchange rates | 1 | (20) | ||||
Benefit obligation at end of the period | 13,440 | 13,982 | 19,775 | |||
Fair value of plan assets at beginning of period | 17,827 | 12,584 | 17,827 | |||
Actual return on plan assets | (661) | (2,765) | ||||
Employer contributions | 52 | 60 | ||||
Plan participants' contributions | 1 | 1 | ||||
Benefits paid | (1,304) | (1,460) | ||||
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Assets Transferred to (from) Plan | 257 | [1] | 1,100 | |||
Net effects of acquisitions / divestitures / other | [1] | (1,080) | ||||
Effect of foreign exchange rates | 18 | 1 | ||||
Fair value of plan assets at end of period | 11,755 | 12,584 | 17,827 | |||
Funded (unfunded) status of plan | (1,685) | (1,398) | ||||
Pension Plan | U.S. Plans with Plan Assets [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Funded (unfunded) status of plan | (1,336) | (1,050) | ||||
Pension Plan | Non-U.S. plans with plan assets [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Funded (unfunded) status of plan | (43) | (30) | ||||
Pension Plan | All other plans [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Funded (unfunded) status of plan | [2],[3] | (306) | (318) | |||
Other Post Employment Benefits Plan | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Benefit obligation at beginning of the period | 1,362 | 1,021 | 1,362 | |||
Service Cost | 1 | 1 | 1 | |||
Interest Cost | 49 | 26 | 21 | |||
Plan participants' contributions | 20 | 20 | ||||
Actuarial (gain) loss | 49 | (246) | ||||
Benefits Paid | (117) | (142) | ||||
Net effects of acquisitions / divestitures / other | 0 | 0 | ||||
Effect of foreign exchange rates | 0 | 0 | ||||
Benefit obligation at end of the period | 925 | 1,021 | 1,362 | |||
Fair value of plan assets at beginning of period | $ 0 | 0 | 0 | |||
Actual return on plan assets | 0 | 0 | ||||
Employer contributions | 97 | 122 | ||||
Plan participants' contributions | 20 | 20 | ||||
Benefits paid | (117) | (142) | ||||
Net effects of acquisitions / divestitures / other | 0 | 0 | ||||
Effect of foreign exchange rates | 0 | 0 | ||||
Fair value of plan assets at end of period | 0 | 0 | 0 | |||
Funded (unfunded) status of plan | (925) | (1,021) | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | 0 | 0 | $ (1) | |||
Other Post Employment Benefits Plan | U.S. Plans with Plan Assets [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Funded (unfunded) status of plan | 0 | 0 | ||||
Other Post Employment Benefits Plan | Non-U.S. plans with plan assets [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Funded (unfunded) status of plan | 0 | 0 | ||||
Other Post Employment Benefits Plan | All other plans [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Funded (unfunded) status of plan | [2],[3] | $ (925) | $ (1,021) | |||
[1]elates to transfers of certain benefit obligations and related assets associated with the principal U.S. pension plan to an insurance company through the purchase of nonparticipating group annuity contracts.[2] As of December 31, 2023 and 2022, $155 million and $182 million, respectively, of the benefit obligations are supported by funding under the Trust agreement, defined in the "Trust Assets" section below. Includes pension plans maintained around the world where funding is not customary. |
Pension Plans and Other Post _8
Pension Plans and Other Post Employment Benefit Plans Amounts Recognized in Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 13,400 | $ 14,000 |
Noncurrent liabilities | (2,467) | (2,255) |
Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net amount recognized | (1,685) | (1,398) |
Net loss (gain) | (487) | (238) |
Prior service (benefit) cost | 22 | 23 |
Pretax balance in accumulated other comprehensive (income) loss at end of year | (465) | (215) |
Other Post Employment Benefits Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net amount recognized | (925) | (1,021) |
Net loss (gain) | 238 | 198 |
Prior service (benefit) cost | 14 | 16 |
Pretax balance in accumulated other comprehensive (income) loss at end of year | 252 | 214 |
Other Assets [Member] | Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Other Assets | 2 | 3 |
Other Assets [Member] | Other Post Employment Benefits Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Other Assets | 0 | 0 |
Accrued and Other Current Liabilities [Member] | Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Current liabilities | (31) | (35) |
Accrued and Other Current Liabilities [Member] | Other Post Employment Benefits Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Current liabilities | (114) | (132) |
Pension and other post employment benefits - noncurrent [Member] | Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Noncurrent liabilities | (1,656) | (1,366) |
Pension and other post employment benefits - noncurrent [Member] | Other Post Employment Benefits Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Noncurrent liabilities | $ (811) | $ (889) |
Pension Plans and Other Post _9
Pension Plans and Other Post Employment Benefit Plans Pension Plans with Projected Benefit Obligations in Excess of Plan Assets (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligations | $ 13,262 | $ 13,832 |
Fair Value of plan assets | $ 11,575 | $ 12,430 |
Pension Plans and Other Post_10
Pension Plans and Other Post Employment Benefit Plans Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated benefit obligations | $ 13,155 | $ 13,676 |
Fair value of plan assets | $ 11,488 | $ 12,290 |
Pension Plans and Other Post_11
Pension Plans and Other Post Employment Benefit Plans Components of net periodic benefit cost (credit) and amounts recognized in other comprehensive loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service Cost | $ 18 | $ 20 | $ 25 |
Interest Cost | 690 | 505 | 364 |
Expected return on plan assets | (605) | (720) | (915) |
Amortization of unrecognized loss (gain) | 0 | 3 | 55 |
Amortization of prior service benefit | (3) | (3) | (2) |
Curtailment gain | 0 | 0 | 0 |
Settlement loss | 0 | 25 | 1 |
Net periodic benefit cost (credit) | 100 | (170) | (472) |
Net loss (gain) | (255) | 274 | 1,284 |
Amortization of unrecognized (loss) gain | 0 | 3 | 55 |
Prior service cost (benefit) | 0 | 0 | 15 |
Amortization of prior service benefit | (3) | (3) | (2) |
Settlement loss | 0 | 25 | 1 |
Effect of foreign exchange rates | 8 | 2 | 3 |
Total (benefit) loss recognized in other comprehensive loss, attributable to Corteva | (250) | 301 | 1,356 |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | (350) | 471 | 1,828 |
Other Post Employment Benefits Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service Cost | 1 | 1 | 1 |
Interest Cost | 49 | 26 | 21 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of unrecognized loss (gain) | (10) | 2 | 81 |
Amortization of prior service benefit | (2) | (1) | (922) |
Curtailment gain | 0 | 0 | (1) |
Settlement loss | 0 | 0 | 0 |
Net periodic benefit cost (credit) | 38 | 28 | (820) |
Net loss (gain) | 49 | 246 | 33 |
Amortization of unrecognized (loss) gain | (10) | 2 | 81 |
Prior service cost (benefit) | 0 | 0 | 0 |
Amortization of prior service benefit | (2) | (1) | (922) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | 0 | 0 | (1) |
Settlement loss | 0 | 0 | 0 |
Effect of foreign exchange rates | 1 | 0 | 0 |
Total (benefit) loss recognized in other comprehensive loss, attributable to Corteva | 38 | 247 | (809) |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ 0 | $ 219 | $ 11 |
Pension Plans and Other Post_12
Pension Plans and Other Post Employment Benefit Plans Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Pension Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2020 | $ 1,251 |
2021 | 1,214 |
2022 | 1,182 |
2023 | 1,149 |
2024 | 1,112 |
2025-2029 | 4,994 |
Total | 10,902 |
Other Post Employment Benefits Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2020 | 113 |
2021 | 106 |
2022 | 99 |
2023 | 93 |
2024 | 86 |
2025-2029 | 344 |
Total | $ 841 |
Pension Plans and Other Post_13
Pension Plans and Other Post Employment Benefit Plans Target Allocation for Plan Assets (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 100% | 100% |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 64% | 64% |
Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 2% | 3% |
Private Market Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 11% | 11% |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 7% | 6% |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 2% | 1% |
UNITED STATES | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 9% | 8% |
Non-US [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 5% | 7% |
Pension Plans and Other Post_14
Pension Plans and Other Post Employment Benefit Plans Basis of Fair Value Measurement (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Pension Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | $ 11,755 | $ 12,584 | $ 17,827 | |||
Fair Value of Plan Assets, Excluding Trust Receivables and payables and assets measured at NAV | 8,961 | |||||
Pension Plan | Fair Value, Inputs, Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 2,693 | 3,349 | ||||
Pension Plan | Fair Value, Inputs, Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 6,147 | 6,190 | ||||
Pension Plan | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 121 | 204 | 110 | |||
Pension Plan | Fair Value Measured at Net Asset Value Per Share | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 3,085 | |||||
Pension Plan | Fair Value, Inputs, Level 1, Level 2, and Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 9,743 | |||||
Pension Plan | Defined Benefit Plan, Cash | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 1,148 | |||||
Pension Plan | Defined Benefit Plan, Cash | Fair Value, Inputs, Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 1,148 | 1,348 | ||||
Pension Plan | Defined Benefit Plan, Cash | Fair Value, Inputs, Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Defined Benefit Plan, Cash | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Defined Benefit Plan, Cash | Fair Value, Inputs, Level 1, Level 2, and Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 1,348 | |||||
Pension Plan | Defined Benefit Plan, Equity Securities, US | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | [1] | 1,108 | ||||
Pension Plan | Defined Benefit Plan, Equity Securities, US | Fair Value, Inputs, Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 1,106 | [1] | 1,195 | [2] | ||
Pension Plan | Defined Benefit Plan, Equity Securities, US | Fair Value, Inputs, Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 1 | [1] | 2 | [2] | ||
Pension Plan | Defined Benefit Plan, Equity Securities, US | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 1 | [1] | 3 | [2] | 4 | |
Pension Plan | Defined Benefit Plan, Equity Securities, US | Fair Value Measured at Net Asset Value Per Share | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 19 | 20 | ||||
Pension Plan | Defined Benefit Plan, Equity Securities, US | Fair Value, Inputs, Level 1, Level 2, and Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | [2] | 1,200 | ||||
Pension Plan | Defined Benefit Plan, Equity Securities, Non-US | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 441 | |||||
Pension Plan | Defined Benefit Plan, Equity Securities, Non-US | Fair Value, Inputs, Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 439 | 806 | ||||
Pension Plan | Defined Benefit Plan, Equity Securities, Non-US | Fair Value, Inputs, Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Defined Benefit Plan, Equity Securities, Non-US | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 2 | 0 | 0 | |||
Pension Plan | Defined Benefit Plan, Equity Securities, Non-US | Fair Value Measured at Net Asset Value Per Share | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 21 | 20 | ||||
Pension Plan | Defined Benefit Plan, Equity Securities, Non-US | Fair Value, Inputs, Level 1, Level 2, and Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 806 | |||||
Pension Plan | US Treasury and Government [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 1,601 | |||||
Pension Plan | US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 1,601 | 1,669 | ||||
Pension Plan | US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | US Treasury and Government [Member] | Fair Value Measured at Net Asset Value Per Share | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 42 | 35 | ||||
Pension Plan | US Treasury and Government [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 1,669 | |||||
Pension Plan | Corporate Debt Securities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 3,908 | |||||
Pension Plan | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 3,906 | 3,822 | ||||
Pension Plan | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 2 | 0 | 2 | |||
Pension Plan | Corporate Debt Securities [Member] | Fair Value Measured at Net Asset Value Per Share | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 3 | 3 | ||||
Pension Plan | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 3,822 | |||||
Pension Plan | Asset-backed Securities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 637 | |||||
Pension Plan | Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 637 | 695 | ||||
Pension Plan | Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Asset-backed Securities [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 695 | |||||
Pension Plan | Hedge Funds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 5 | |||||
Pension Plan | Hedge Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Hedge Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 2 | 0 | ||||
Pension Plan | Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 3 | 3 | 0 | |||
Pension Plan | Hedge Funds [Member] | Fair Value Measured at Net Asset Value Per Share | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 143 | 347 | ||||
Pension Plan | Hedge Funds [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 3 | |||||
Pension Plan | Private Market Securities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 6 | |||||
Pension Plan | Private Market Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Private Market Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Private Market Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 6 | 4 | 3 | |||
Pension Plan | Private Market Securities [Member] | Fair Value Measured at Net Asset Value Per Share | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 1,928 | 1,991 | ||||
Pension Plan | Private Market Securities [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 4 | |||||
Pension Plan | Real Estate [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 52 | |||||
Pension Plan | Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 0 | 0 | ||||
Pension Plan | Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 52 | 132 | 26 | |||
Pension Plan | Real Estate [Member] | Fair Value Measured at Net Asset Value Per Share | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 768 | 669 | ||||
Pension Plan | Real Estate [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 132 | |||||
Pension Plan | Derivative, Asset [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 0 | |||||
Pension Plan | Derivative, Asset [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 2 | |||||
Pension Plan | Derivative, Asset [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 0 | |||||
Pension Plan | Derivative, Asset [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 2 | |||||
Pension Plan | Other Investments [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 55 | |||||
Pension Plan | Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 0 | |||||
Pension Plan | Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 0 | |||||
Pension Plan | Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 55 | |||||
Pension Plan | Other Contract | Fair Value, Inputs, Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 0 | |||||
Pension Plan | Other Contract | Fair Value, Inputs, Level 2 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 0 | |||||
Pension Plan | Other Contract | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 55 | 62 | $ 75 | |||
Pension Plan | Other Contract | Fair Value, Inputs, Level 1, Level 2, and Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 62 | |||||
Pension Plan | Pension trust receivables | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | [3] | 315 | ||||
Pension Plan | Pension trust receivables | Fair Value, Inputs, Level 1, Level 2, and Level 3 | Other Reconciling Items | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | [4] | 161 | ||||
Pension Plan | Pension trust payables | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | [5] | (445) | ||||
Pension Plan | Pension trust payables | Fair Value, Inputs, Level 1, Level 2, and Level 3 | Other Reconciling Items | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | [6] | $ (405) | ||||
Pension Plan | Plan Assets Total Investments Measured At NAV | Fair Value Measured at Net Asset Value Per Share | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | $ 2,924 | |||||
Common Stock [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Amount of Employer and Related Party Securities Included in Plan Assets, Percent | 2% | |||||
Common Stock [Member] | Pension Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Amount of Employer and Related Party Securities Included in Plan Assets, Percent | 2% | |||||
Common Stock [Member] | Pension Plan | Defined Benefit Plan, Equity Securities, US | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Amount of Employer and Related Party Securities Included in Plan Assets | $ 204 | $ 250 | ||||
[1] The Corteva pension plans directly held $204 million (approximately 2 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2023. The Corteva pension plans directly held $250 million (approximately 2 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2022. Primarily receivables for investments securities sold. Primarily receivables for investments securities sold. Primarily payables for investment securities purchased. Primarily payables for investment securities purchased. |
Pension Plans and Other Post_15
Pension Plans and Other Post Employment Benefit Plans Summary of Fair Value Measurement of Level 3 Pension Plan Assets (Details) - Pension Plan - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | $ 11,755 | $ 12,584 | $ 17,827 | |||
Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 121 | 204 | 110 | |||
Actual Return (Loss) on Plan Assets Sold | (10) | (23) | ||||
Actual Return (Loss) on Plan Assets Still Held | (13) | 9 | ||||
Purchases, Sales, and Settlements | (41) | (14) | ||||
Assets Transferred into (out of) Level 3 | (19) | 122 | ||||
Corporate Debt Securities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 3,908 | |||||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 2 | 0 | 2 | |||
Actual Return (Loss) on Plan Assets Sold | 0 | (15) | ||||
Actual Return (Loss) on Plan Assets Still Held | (5) | 13 | ||||
Purchases, Sales, and Settlements | 7 | 0 | ||||
Assets Transferred into (out of) Level 3 | 0 | 0 | ||||
Asset-backed Securities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 637 | |||||
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 0 | 0 | ||||
Hedge Funds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 5 | |||||
Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 3 | 3 | 0 | |||
Actual Return (Loss) on Plan Assets Sold | 0 | 0 | ||||
Actual Return (Loss) on Plan Assets Still Held | 0 | (8) | ||||
Purchases, Sales, and Settlements | 0 | 0 | ||||
Assets Transferred into (out of) Level 3 | 0 | 11 | ||||
Private Market Securities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 6 | |||||
Private Market Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 6 | 4 | 3 | |||
Actual Return (Loss) on Plan Assets Sold | 0 | (9) | ||||
Actual Return (Loss) on Plan Assets Still Held | 2 | 10 | ||||
Purchases, Sales, and Settlements | 0 | 0 | ||||
Assets Transferred into (out of) Level 3 | 0 | 0 | ||||
Real Estate [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 52 | |||||
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 52 | 132 | 26 | |||
Actual Return (Loss) on Plan Assets Sold | 0 | 0 | ||||
Actual Return (Loss) on Plan Assets Still Held | (24) | 8 | ||||
Purchases, Sales, and Settlements | (35) | (1) | ||||
Assets Transferred into (out of) Level 3 | (21) | 99 | ||||
Derivative, Asset [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 55 | |||||
Derivative, Asset [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 55 | |||||
Defined Benefit Plan, Equity Securities, US | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | [1] | 1,108 | ||||
Defined Benefit Plan, Equity Securities, US | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 1 | [1] | 3 | [2] | 4 | |
Actual Return (Loss) on Plan Assets Sold | (1) | 1 | ||||
Actual Return (Loss) on Plan Assets Still Held | 0 | 0 | ||||
Purchases, Sales, and Settlements | (1) | (2) | ||||
Assets Transferred into (out of) Level 3 | 0 | 0 | ||||
Defined Benefit Plan, Equity Securities, Non-US | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 441 | |||||
Defined Benefit Plan, Equity Securities, Non-US | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 2 | 0 | 0 | |||
Actual Return (Loss) on Plan Assets Sold | (9) | 0 | ||||
Actual Return (Loss) on Plan Assets Still Held | 10 | (13) | ||||
Purchases, Sales, and Settlements | 1 | 1 | ||||
Assets Transferred into (out of) Level 3 | 0 | 12 | ||||
Other Contract | Fair Value, Inputs, Level 3 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 55 | 62 | $ 75 | |||
Actual Return (Loss) on Plan Assets Sold | 0 | 0 | ||||
Actual Return (Loss) on Plan Assets Still Held | 4 | (1) | ||||
Purchases, Sales, and Settlements | (13) | (12) | ||||
Assets Transferred into (out of) Level 3 | $ 2 | $ 0 | ||||
[1] The Corteva pension plans directly held $204 million (approximately 2 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2023. The Corteva pension plans directly held $250 million (approximately 2 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2022. |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Compensation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Remaining Weighted-Average Recognition Period | 1 year 1 month 6 days | ||
OIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant | 20,000,000 | ||
Shares authorized for future grants | 10,000,000 | ||
Tax Benefit from Compensation Expense | $ 3 | $ 8 | $ 8 |
Intrinsic value of stock options | 14 | 43 | 43 |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 54 | 55 | 79 |
Tax Benefit from Compensation Expense | $ 10 | $ 10 | $ 15 |
Stock-Based Compensation Weight
Stock-Based Compensation Weighted Average Assumptions - Stock Options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options outstanding, weighted average remaining contractual term | 4 years 11 months 26 days | 5 years 4 months 13 days | |
OIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.96% | 1.09% | 1.14% |
Expected Volatility | 31.07% | 28.95% | 29.44% |
Risk Free Interest Rate | 4.10% | 1.90% | 1% |
Expected life of stock options granted during period | 6 years | 6 years | 6 years |
OIP [Member] | Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Grant Date Fair Value | $ 21.42 | $ 14.12 | $ 11.77 |
Stock-Based Compensation Stoc_2
Stock-Based Compensation Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Option Award Vesting Period | 3 years | ||
Unrecognized Pretax Compensation Expense Related to Stock Options | $ 6,000 | ||
Remaining Weighted-Average Recognition Period | 1 year 1 month 6 days | ||
Dow [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Option, Expiration Period | 10 years | ||
OIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of stock options | $ 14,000 | $ 43,000 | $ 43,000 |
Tax Benefit from Compensation Expense | $ 3,000 | $ 8,000 | $ 8,000 |
Equity Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options outstanding at beginning of period | 4,225 | ||
Stock options granted during the period | 298 | ||
Stock options exercised during the period | 547 | ||
Stock options forfeited/expired during the period | 60 | ||
Stock options outstanding at end of period | 3,916 | 4,225 | |
Stock options exercisable at end of period | 3,255 | ||
Stock options outstanding, weighted average exercise price beginning of period | $ 39.13 | ||
Stock options granted, weighted average price | 62.29 | ||
Stock options exercised during the period, weighted average exercise price | 33.81 | ||
Stock options forfeited/expired, weighted average price | 39.86 | ||
Stock options outstanding, weighted average exercise price end of period | 41.61 | $ 39.13 | |
Stock options exercisable, weighted average exercise price | $ 38.91 | ||
Stock options outstanding, weighted average remaining contractual term | 4 years 11 months 26 days | 5 years 4 months 13 days | |
Stock options exercisable, weighted average remaining contractual term | 4 years 3 months 25 days | ||
Stock options outstanding, intrinsic value | $ 30,060 | $ 82,917 | |
Stock options exercisable, intrinsic value | $ 29,735 | ||
Grants between 2016 and 2018 [Member] | Equity Option [Member] | EIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Option, Expiration Period | 10 years | ||
Grants between June 2019 and 2020 [Member] | Equity Option [Member] | OIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Option, Expiration Period | 10 years |
Stock-Based Compensation Restri
Stock-Based Compensation Restricted Stock Units and Performance Deferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSU and PSU Award Vesting Period | 3 years | ||
Remaining Weighted-Average Recognition Period | 1 year 1 month 6 days | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation arrangement by share based payment award, equity instruments other than options, actual awards granted, percentage of performance target | 0% | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation arrangement by share based payment award, equity instruments other than options, actual awards granted, percentage of performance target | 200% | ||
RSUs and PSUs - OIP [Domain] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Grant Date Fair Value, RSUs and PSUs granted during the period | $ 62.22 | $ 51.99 | $ 45.30 |
Fair Value of RSUs and PSUs vested during the period | $ 58 | $ 88 | $ 56 |
Unrecognized Pretax Compensation Expense Related to RSUs and PSUs | $ 60 | ||
Remaining Weighted-Average Recognition Period | 1 year 1 month 20 days | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity award conversion ratio | 1 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSU Requisite Service Period | 6 months | ||
Restricted Stock Units and Performance Deferred Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested RSUs and PSUs at beginning of period | 3,955,000 | ||
RSUs and PSUs granted during the period | 1,309,000 | ||
RSUs and PSUs vested during the period | (1,501,000) | ||
RSUs and PSUs forfeited during the period | (267,000) | ||
Nonvested RSUs and PSUs at end of period | 3,496,000 | 3,955,000 | |
Weighted average grant date fair value, nonvested RSUs and PSUs beginning of period | $ 43.56 | ||
Weighted Average Grant Date Fair Value, RSUs and PSUs granted during the period | 62.22 | ||
Weighted Average Grant Date Fair Value, vested RSUs and PSUs during the period | 38.48 | ||
Weighted Average Grant Date Fair Value, RSUs and PSUs forfeited during the period | 39.36 | ||
Weighted average grant date fair value, nonvested RSUs and PSUs end of period | $ 53.05 | $ 43.56 | |
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSUs and PSUs granted during the period | 284,174 | ||
Weighted Average Grant Date Fair Value, RSUs and PSUs granted during the period | $ 62.29 | ||
Management [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSU and PSU Award Vesting Period | 3 years | ||
Management [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSU and PSU Award Vesting Period | 5 years | ||
OIP [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSU and PSU Award Vesting Period | 3 years |
Financial Instruments Financial
Financial Instruments Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Cash Equivalents [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | $ 1,746 | $ 2,296 |
Marketable Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 98 | 124 |
Other Assets [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | $ 55 | $ 27 |
Financial Instruments Notional
Financial Instruments Notional Amounts (Details) € in Millions, $ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ | $ (1,600) | $ (2,559) | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Net Investment Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | € | € (450) |
Financial Instruments Cash Flow
Financial Instruments Cash Flow Hedges Included in AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Notional Amount | $ 1,600 | $ 2,559 | ||
Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | [1] | $ (177) | 68 | $ 193 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Remaining Maturity | 2 years | |||
Beginning Balance | $ 10 | 32 | (17) | |
Clearance of hedge results to earnings | 27 | 39 | 25 | |
Ending Balance | 1 | 10 | 32 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (36) | (61) | 24 | |
After-tax net gain to be reclassified from AOCL into earnings over the next twelve months | $ 1 | |||
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Remaining Maturity | 2 years | |||
Beginning Balance | $ 55 | 47 | (16) | |
Clearance of hedge results to earnings | (39) | (94) | (29) | |
Ending Balance | (71) | 55 | 47 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (87) | $ 102 | $ 92 | |
After-tax net gain to be reclassified from AOCL into earnings over the next twelve months | $ 58 | |||
[1] OCI is defined as other comprehensive income (loss). |
Financial Instruments Fair Valu
Financial Instruments Fair Value of Derivatives (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Asset, Gross | $ 88 | $ 96 | ||
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (33) | (40) | |
Derivative Asset, Net | 55 | 56 | ||
Derivative Liability, Gross | 75 | 70 | ||
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (33) | (40) | |
Derivative Liability, Net | $ 42 | $ 30 | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other current assets | Other current assets | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued and other current liabilities | Accrued and other current liabilities | ||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Asset, Gross | $ 83 | $ 51 | ||
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (33) | (40) | |
Derivative Asset, Net | 50 | 11 | ||
Derivative Liability, Gross | 38 | 58 | ||
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (33) | (40) | |
Derivative Liability, Net | 5 | 18 | ||
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Asset, Gross | 2 | |||
Derivative Asset, Net | 2 | |||
Derivative Liability, Gross | 8 | |||
Derivative Liability, Counterparty and Cash Collateral Netting | 0 | |||
Derivative Liability, Net | 8 | |||
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Asset, Gross | 0 | 41 | ||
Derivative Asset, Counterparty and Cash Collateral Netting | 0 | 0 | [1] | |
Derivative Asset, Net | 0 | 41 | ||
Derivative Liability, Gross | 23 | 9 | ||
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | 0 | ||
Derivative Liability, Net | 23 | 9 | ||
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Asset, Gross | 3 | 4 | ||
Derivative Asset, Counterparty and Cash Collateral Netting | 0 | 0 | ||
Derivative Asset, Net | 3 | 4 | ||
Derivative Liability, Gross | 6 | 3 | ||
Derivative Liability, Counterparty and Cash Collateral Netting | 0 | 0 | ||
Derivative Liability, Net | $ 6 | $ 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 | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Loss) Gain on Derivative Instruments, Net, Pretax | [1] | $ (115) | $ 24 | $ (1) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Goods Sold | Cost of Goods Sold | Cost of Goods Sold | |
Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | [2] | $ (177) | $ 68 | $ 193 |
(Loss) Gain on Hedging Activity | [1] | 8 | 63 | 13 |
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, (Loss) Gain, Net | [1] | (123) | (39) | (14) |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (36) | (61) | 24 | |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Net Investment Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | [2] | 0 | 28 | 37 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | [2] | (54) | (90) | 27 |
(Loss) Gain on Hedging Activity | [1],[3] | (41) | (59) | (29) |
Foreign Exchange Contract [Member] | Cost of Goods Sold | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, (Loss) Gain, Net | [1],[3] | (77) | (6) | (14) |
Foreign Exchange Contract [Member] | Other Income (Expense) - net | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, (Loss) Gain, Net | [1],[4] | (28) | (12) | 18 |
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (87) | 102 | 92 | |
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | [2] | (123) | 130 | 129 |
(Loss) Gain on Hedging Activity | [1],[3] | 49 | 122 | 42 |
Commodity Contract [Member] | Cost of Goods Sold | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, (Loss) Gain, Net | [1],[5] | (20) | (21) | (18) |
Commodity Contract [Member] | Other Income (Expense) - net | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, (Loss) Gain, Net | $ 2 | $ 0 | $ 0 | |
[1] For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income during the period. OCI is defined as other comprehensive income (loss). Recorded in cost of goods sold, Recognized in other income (expense) - net, in the Consolidated Statement of Operations. Note that the 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 7 - Supplementary Information, to the Consolidated Financial Statements for additional information. |
Financial Instruments Debt Secu
Financial Instruments Debt Securities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2023 | |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $ 85 | |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $ 55 | |
Available-for-sale Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 226 | |
Available-for-sale Securities, Gross Realized Gain (Loss) | $ (7) |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurement Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Derivative Asset | $ 88 | $ 96 | |
Derivative Liability, Foreign Currency | 75 | 70 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Marketable Securities | 98 | 124 | |
Total assets at fair value | 186 | 220 | |
Total Liabilities at fair value | 75 | 70 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member] | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Derivative Asset | [1] | 83 | 92 |
Derivative Liability, Foreign Currency | [1] | 61 | 67 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commodity Contract [Member] | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Derivative Asset | [1] | 5 | 4 |
Derivative Liability, Foreign Currency | [1] | $ 14 | $ 3 |
[1]See Note 20 - Financial Instruments, to the Consolidated Financial Statements, for the classification of derivatives in the Consolidated Balance Sheets. |
Geographic Information Revenue
Geographic Information Revenue by Country (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Sales | $ 17,226 | $ 17,455 | $ 15,655 | |
UNITED STATES | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Sales | 7,783 | 7,553 | 6,782 | |
CANADA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Sales | 807 | 741 | 754 | |
EMEA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Sales | 3,367 | 3,256 | 3,123 | |
Asia Pacific | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Sales | 1,363 | 1,460 | 1,451 | |
Latin America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Sales | [1] | 3,906 | 4,445 | 3,545 |
BRAZIL | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Sales | $ 2,523 | $ 3,137 | $ 2,315 | |
[1] Net sales for Brazil for the years ended December 31, 2023, 2022 and 2021 were $2,523 million , $3,137 million and $2,315 million, respectively. |
Geographic Information Net Prop
Geographic Information Net Property by Country (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property | $ 4,287 | $ 4,254 | $ 4,329 |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property | 2,922 | 2,992 | 3,051 |
CANADA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property | 119 | 116 | 114 |
EMEA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property | 548 | 538 | 566 |
Asia Pacific | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property | 608 | 506 | 468 |
Latin America | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property | $ 90 | $ 102 | $ 130 |
Segment Reporting Segment Infor
Segment Reporting Segment Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net Sales | $ 17,226 | $ 17,455 | $ 15,655 |
Segment Operating EBITDA | 3,491 | 3,340 | 2,714 |
Depreciation and Amortization | 1,211 | 1,223 | 1,243 |
Segment Assets | 37,736 | 37,049 | 35,698 |
Investments in nonconsolidated affiliates | 115 | 102 | |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 1,211 | 1,223 | 1,243 |
Investments in nonconsolidated affiliates | 115 | 102 | 76 |
Purchases of property, plant and equipment | 595 | 605 | 573 |
Seed [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 9,472 | 8,979 | 8,402 |
Segment Operating EBITDA | 2,117 | 1,656 | 1,512 |
Segment Assets | 22,732 | 22,952 | 23,270 |
Seed [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 814 | 839 | 866 |
Investments in nonconsolidated affiliates | 39 | 35 | 29 |
Purchases of property, plant and equipment | 332 | 225 | 237 |
Crop Protection [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 7,754 | 8,476 | 7,253 |
Segment Operating EBITDA | 1,374 | 1,684 | 1,202 |
Segment Assets | 15,004 | 14,097 | 12,428 |
Crop Protection [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 397 | 384 | 377 |
Investments in nonconsolidated affiliates | 76 | 67 | 47 |
Purchases of property, plant and equipment | $ 263 | $ 380 | $ 336 |
Segment Reporting Segment Recon
Segment Reporting Segment Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Segment Reporting Information [Line Items] | |||||
Income (Loss) from Continuing Operations After Taxes | $ 941 | $ 1,216 | $ 1,822 | ||
Provision for (benefit from) income taxes on continuing operations | 152 | 210 | 524 | ||
Income (loss) from Continuing Operations before Income Taxes | 1,093 | 1,426 | 2,346 | ||
Depreciation and Amortization | 1,211 | 1,223 | 1,243 | ||
Interest income | 283 | 124 | 77 | ||
Interest Expense | 233 | 79 | 30 | ||
Net exchange losses | [1] | (397) | (229) | (54) | |
Non-operating pension and other post employment benefit credit (cost) | [2] | (119) | 163 | 1,318 | |
Segment Operating EBITDA | 3,491 | 3,340 | 2,714 | ||
Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and Amortization | 1,211 | 1,223 | 1,243 | ||
Interest income | (283) | (124) | (77) | ||
Net exchange losses | 397 | 229 | 54 | ||
Non-operating pension and other post employment benefit credit (cost) | 151 | (111) | (1,256) | [3] | |
Mark-to-market gain (loss) on certain foreign currency contracts not designated as hedges | 0 | 0 | 0 | ||
Significant items | (579) | (502) | (236) | ||
Corporate Expenses | $ 110 | $ 116 | $ 138 | ||
[1]Includes net pre-tax exchange gains (losses) of $(284) million, $(110) million and $(67) million associated with the devaluation of the Argentine peso for the years ended December 31, 2023, 2022 and 2021, respectively.[2]Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, amortization of unrecognized gain (loss), amortization of prior service benefit and settlement gain (loss)). [3]The year ended December 31, 2021 includes non-cash benefits related to the 2020 OPEB Plan Amendments. Refer to Note 18 - Pension Plans and Other Post-Employment Benefits, to the Consolidated Financial Statements, for additional information. |
Segment Reporting Segment Asset
Segment Reporting Segment Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | |||
Segment Assets | $ 37,736 | $ 37,049 | $ 35,698 |
Corporate Assets | 5,260 | 5,569 | |
Assets | $ 42,996 | $ 42,618 |
Segment Reporting Sig Items (De
Segment Reporting Sig Items (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Segment Reporting Information [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | $ 336 | $ 363 | $ 289 | |||
Estimated Settlement Expense | [1] | (204) | (87) | |||
Net Sales | 17,226 | 17,455 | 15,655 | |||
Segment Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | [2] | (336) | (363) | (289) | ||
Inventory Write-down | (12) | [3] | 10 | [4] | ||
Equity Securities, Mark-to-Market Gain (Loss) | 47 | |||||
Employee Retention Credit | 3 | 9 | 60 | |||
AltEn facility remediation charges | (10) | (33) | ||||
Acquisition Related Costs | [5] | (45) | ||||
Significant items | (579) | (502) | (236) | |||
2022 Restructuring Actions | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | [6] | 42 | 272 | [7] | ||
2022 Restructuring Actions | Segment Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Inventory Write-down | [4] | (7) | (33) | |||
Gain (Loss) on sale of business, assets and equity investments | [4] | 14 | ||||
2022 Restructuring Actions - Russia Exit | Segment Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Russia Seed Sale, pre-tax benefit | [4],[8] | 18 | 3 | |||
Net Sales | 71 | 8 | ||||
Cost of Revenue | 53 | 5 | ||||
Settlement with Taxing Authority | 2022 Restructuring Actions - Russia Exit | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring Costs | [4] | (8) | ||||
Seed [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | 9,472 | 8,979 | 8,402 | |||
Seed [Member] | Segment Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | [2] | (86) | (228) | (152) | ||
Gain (Loss) on sale of business, assets and equity investments | [4] | (5) | ||||
Equity Securities, Mark-to-Market Gain (Loss) | 47 | |||||
Employee Retention Credit | 6 | 37 | ||||
AltEn facility remediation charges | (10) | (33) | ||||
Contract Termination Cost | (30) | |||||
Significant items | (81) | (298) | (98) | |||
Seed [Member] | 2022 Restructuring Actions | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 17 | 120 | ||||
Seed [Member] | 2022 Restructuring Actions | Segment Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Inventory Write-down | [4] | (7) | (33) | |||
Gain (Loss) on sale of business, assets and equity investments | [4] | 4 | ||||
Seed [Member] | 2022 Restructuring Actions - Russia Exit | Segment Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Russia Seed Sale, pre-tax benefit | [4],[8] | 3 | ||||
Seed [Member] | Settlement with Taxing Authority | 2022 Restructuring Actions - Russia Exit | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring Costs | [4] | (8) | ||||
Crop Protection [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | 7,754 | 8,476 | 7,253 | |||
Crop Protection [Member] | Segment Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | [2] | (228) | (37) | (59) | ||
Estimated Settlement Expense | [1] | (204) | (87) | |||
Inventory Write-down | [3] | (12) | ||||
Gain (Loss) on sale of business, assets and equity investments | 15 | [4] | 19 | |||
Employee Retention Credit | 3 | 3 | 23 | |||
Contract Termination Cost | (24) | |||||
Acquisition Related Costs | [5] | (45) | ||||
Significant items | (476) | (106) | (60) | |||
Crop Protection [Member] | 2022 Restructuring Actions | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 5 | 41 | ||||
Crop Protection [Member] | 2022 Restructuring Actions | Segment Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gain (Loss) on sale of business, assets and equity investments | [4] | 10 | ||||
Corporate Segment [Member] | Segment Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | [2] | (22) | (98) | (78) | ||
Significant items | (22) | (98) | $ (78) | |||
Corporate Segment [Member] | 2022 Restructuring Actions | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | $ 20 | $ 111 | ||||
[1] Consists of estimated Lorsban® related charges. Includes restructuring plans and asset related charges as well as accelerated prepaid amortization expense. See Note 6 - Restructuring and Asset Related Charges - Net, to the Consolidated Financial Statements, for additional information. Incremental loss associated with activities related to the Crop Protection Operations Strategy Restructuring Program. Incremental gains (losses) associated with activities related to the 2022 Restructuring Actions. 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 4 - Business Combinations, to the Consolidated Financial Statements, for additional information. This amount excludes other pre-tax charges recorded during the years ended December 31, 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 company's Consolidated Statement of Operations, respectively. See Note 23 - Segment Information, to the Consolidated Financial Statements, for additional information. This amount excludes other pre-tax charges recorded during the year ended December 31, 2023 and 2022 included in cost of goods sold and other income (expense) – net, in the company’s Consolidated Statement of Operations, as noted above. Includes a benefit of $18 million and $3 million for the years ended December 31, 2023 and 2022, respectively, 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 and $8 million of net sales and $53 million and $5 million of cost of goods sold for the years ended December 31, 2023 and 2022, respectively. |
EIDP Basis of Presentation (Det
EIDP Basis of Presentation (Details) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2023 | Feb. 01, 2024 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common Stock, Shares, Outstanding | 701,260,000 | 713,419,000 | 726,527,000 | 743,458,000 | |
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | ||
EID [Member] | |||||
Common Stock, Shares, Outstanding | 200 | 200 | |||
Common Stock, Par Value | $ 0.30 | $ 0.30 | |||
Corteva [Member] | EID [Member] | |||||
Ownership interest in an entity | 100% |
EIDP Related Party (Details)
EIDP Related Party (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Other Assets | $ 1,519 | $ 1,687 | |
EIDP | |||
Related Party Transaction [Line Items] | |||
Other Assets | 1,896 | 1,687 | |
EIDP | Related Party | |||
Related Party Transaction [Line Items] | |||
Long-term Debt - Related Party | 0 | $ 789 | |
EIDP | Corteva [Member] | |||
Related Party Transaction [Line Items] | |||
Debt, Weighted Average Interest Rate | 6.52% | ||
Interest Expense | 20 | $ 46 | $ 50 |
Interest Paid on Related Party Long-Term Debt | 40 | 48 | $ 51 |
Other Assets | 377 | ||
Accrued and Other Current Liabilities [Member] | |||
Related Party Transaction [Line Items] | |||
Indemnified Liabilities | 30 | 31 | |
Accrued and Other Current Liabilities [Member] | EIDP | Corteva [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts Payable | 30 | 31 | |
Other Noncurrent Obligations [Member] | |||
Related Party Transaction [Line Items] | |||
Indemnified Liabilities | 106 | 115 | |
Other Noncurrent Obligations [Member] | EIDP | Corteva [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts Payable | $ 106 | $ 115 |
EIDP Income Taxes Geographic Al
EIDP Income Taxes Geographic Allocation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income (loss) from Continuing Operations before Income Taxes | $ 1,093 | $ 1,426 | $ 2,346 |
Provision for (benefit from) income taxes on continuing operations | 152 | 210 | 524 |
Net income (loss) from continuing operations after income taxes | 747 | 1,158 | 1,769 |
Continuing Operations [Member] | |||
Income (loss) from Continuing Operations before Income Taxes, Domestic | (414) | (1) | 941 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 1,507 | 1,427 | 1,405 |
Income (loss) from Continuing Operations before Income Taxes | 1,093 | 1,426 | 2,346 |
Current Federal Tax (Benefit) Expense | 143 | 65 | (13) |
Current State and Local Tax Expense (Benefit) | 40 | 21 | 6 |
Current Foreign Tax Expense (Benefit) | 407 | 403 | 329 |
Total current tax expense (benefit) | 590 | 489 | 322 |
Deferred Federal Income Tax Expense (Benefit) | (326) | (170) | 164 |
Deferred State and Local Income Tax Expense (Benefit) | (50) | (39) | 55 |
Deferred Foreign Income Tax Expense (Benefit) | (62) | (70) | (17) |
Total deferred tax expense (benefit) | (438) | (279) | 202 |
Provision for (benefit from) income taxes on continuing operations | 152 | 210 | 524 |
EIDP | |||
Income (loss) from Continuing Operations before Income Taxes | 1,073 | 1,381 | 2,296 |
Provision for (benefit from) income taxes on continuing operations | 147 | 199 | 512 |
Net income (loss) from continuing operations after income taxes | 732 | 1,124 | 1,731 |
EIDP | Continuing Operations [Member] | |||
Income (loss) from Continuing Operations before Income Taxes, Domestic | (434) | (46) | 892 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 1,507 | 1,427 | 1,404 |
Income (loss) from Continuing Operations before Income Taxes | 1,073 | 1,381 | 2,296 |
Current Federal Tax (Benefit) Expense | 138 | 56 | (23) |
Current State and Local Tax Expense (Benefit) | 40 | 19 | 4 |
Current Foreign Tax Expense (Benefit) | 407 | 403 | 329 |
Total current tax expense (benefit) | 585 | 478 | 310 |
Deferred Federal Income Tax Expense (Benefit) | (326) | (170) | 164 |
Deferred State and Local Income Tax Expense (Benefit) | (50) | (39) | 55 |
Deferred Foreign Income Tax Expense (Benefit) | (62) | (70) | (17) |
Total deferred tax expense (benefit) | (438) | (279) | 202 |
Provision for (benefit from) income taxes on continuing operations | 147 | 199 | 512 |
Net income (loss) from continuing operations after income taxes | $ 926 | $ 1,182 | $ 1,784 |
EIDP Income Taxes Rate Reconcil
EIDP Income Taxes Rate Reconciliation (Details) - Continuing Operations [Member] | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Statutory U.S. federal income tax rate | 21% | 21% | 21% | |
Effective tax rates on international operations - net | [1] | (1.80%) | (3.50%) | (2.50%) |
Acquisitions, divestitures, and ownership restructuring activities | [2] | (3.60%) | (5.40%) | (0.10%) |
U.S. research and development credit | (5.90%) | (2.20%) | (2.40%) | |
Exchange gains/losses | [3] | 2% | 3.70% | 1.90% |
State and Local Income Taxes | 0.90% | 0.30% | 2.10% | |
Impact of Swiss Tax Changes | [4] | 7.90% | 0% | 0.20% |
Excess tax benefits (tax deficiency) from stock-compensation | (0.50%) | (0.70%) | (0.20%) | |
Tax settlements and expiration of statue of limitations | (0.30%) | 0.10% | 0% | |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | [5] | 2.90% | 1.70% | 1% |
Other, net | (0.10%) | (0.30%) | (1.30%) | |
Effective Income Tax Rate | 13.90% | 14.70% | 22.30% | |
EIDP | ||||
Statutory U.S. federal income tax rate | 21% | 21% | 21% | |
Effective tax rates on international operations - net | [6] | 1.90% | (3.60%) | (2.60%) |
Acquisitions, divestitures, and ownership restructuring activities | [7] | (3.60%) | (5.50%) | (0.10%) |
U.S. research and development credit | (6.00%) | (2.30%) | (2.50%) | |
Exchange gains/losses | [8] | 2% | 3.80% | 1.90% |
State and Local Income Taxes | 0.90% | 0.20% | 2.20% | |
Impact of Swiss Tax Changes | [9] | (8.00%) | 0% | 0.20% |
Excess tax benefits (tax deficiency) from stock-compensation | 0.60% | (0.70%) | (0.20%) | |
Tax settlements and expiration of statue of limitations | (0.40%) | 0.10% | 0% | |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | [10] | 2.90% | 1.70% | 1% |
Other, net | (0.20%) | (0.30%) | (1.30%) | |
Effective Income Tax Rate | 13.70% | 14.40% | 22.20% | |
[1]Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. Includes a tax benefit of $(36) million for the year ended December 31, 2022, relating to the release of a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil.[2]Includes net tax charge of $46 million for the year ended December 31, 2023, associated with intellectual property realignment. Includes net tax benefits of $(55) million and $(42) million for the year ended December 31, 2022, related to deferred tax assets established upon change in a U.S. entity's tax characterization, and a worthless stock deduction on Company's investment in a subsidiary after a change in the entity's legal structure, respectively.[3]Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 7 - Supplementary Information, and Note 20 - Financial Instruments, under the heading Foreign Currency Risk.[4]Includes net tax benefits of $(62) million and $(24) million for the year ended December 31, 2023, related to changes in deferred taxes and a tax currency change, respectively.[5]Includes the effect of withholding tax on distribution of foreign earnings to the U.S., net of U.S. foreign tax credits.[6]Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. Includes a tax benefit of $(36) million for the year ended December 31, 2022, relating to the release of a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil.[7]Includes a tax charge of $46 million for the year ended December 31, 2023 associated with intellectual property realignment. Includes net tax benefits of $(55) million and $(42) million for the year ended December 31, 2022, related to deferred tax assets established upon change in a U.S. entity's tax characterization, and a worthless stock deduction on Company's investment in a subsidiary after a change in the entity's legal structure, respectively.[8]Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 7 - Supplementary Information, and Note 20 - Financial Instruments, under the heading Foreign Currency Risk.[9]Includes net tax benefits of $(62) million and $(24) million for the year ended December 31, 2023, related to changes in deferred taxes and a tax currency change, respectively.[10]Includes the effect of withholding tax on distribution of foreign earnings to the U.S., net of U.S. foreign tax credits. |
EIDP Segment FN Segment Reconci
EIDP Segment FN Segment Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Income (Loss) from Continuing Operations After Taxes | $ 941 | $ 1,216 | $ 1,822 | ||
Provision for (benefit from) income taxes on continuing operations | 152 | 210 | 524 | ||
Income (loss) from Continuing Operations before Income Taxes | 1,093 | 1,426 | 2,346 | ||
Depreciation and Amortization | 1,211 | 1,223 | 1,243 | ||
Interest income | 283 | 124 | 77 | ||
Interest Expense | 233 | 79 | 30 | ||
Net exchange losses | [1] | (397) | (229) | (54) | |
Segment Operating EBITDA | 3,491 | 3,340 | 2,714 | ||
Segment Reconciling Items [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Depreciation and Amortization | 1,211 | 1,223 | 1,243 | ||
Interest income | (283) | (124) | (77) | ||
Net exchange losses | 397 | 229 | 54 | ||
Corporate Expenses | 110 | 116 | 138 | ||
EIDP | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Income (Loss) from Continuing Operations After Taxes | 926 | 1,182 | 1,784 | ||
Provision for (benefit from) income taxes on continuing operations | 147 | 199 | 512 | ||
Income (loss) from Continuing Operations before Income Taxes | 1,073 | 1,381 | 2,296 | ||
Depreciation and Amortization | 1,211 | 1,223 | 1,243 | ||
Interest Expense | 253 | 124 | 80 | ||
Non-operating benefits - net | 151 | (111) | (1,256) | [2] | |
Significant items | 579 | 502 | 236 | ||
Corporate Expenses | 110 | 116 | 138 | ||
Segment Operating EBITDA | 3,491 | 3,340 | 2,714 | ||
EIDP | Segment Reconciling Items [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Interest income | (283) | (124) | (77) | ||
Net exchange losses | 397 | 229 | 54 | ||
Hedging Program [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Net exchange losses | (26) | (12) | 18 | ||
Hedging Program [Member] | Argentine peso devaluation [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Net exchange losses | $ (284) | $ (110) | $ (67) | ||
[1]Includes net pre-tax exchange gains (losses) of $(284) million, $(110) million and $(67) million associated with the devaluation of the Argentine peso for the years ended December 31, 2023, 2022 and 2021, respectively.[2]The year ended December 31, 2021 includes non-cash benefits related to the 2020 OPEB Plan Amendments. Refer to Note 18 - Pension Plans and Other Post-Employment Benefits, to the Consolidated Financial Statements, for additional information. |
EIDP Segment FN Segment Asset R
EIDP Segment FN Segment Asset Reconciliation (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | |||
Segment Assets | $ 37,736 | $ 37,049 | $ 35,698 |
Corporate Assets | 5,260 | 5,569 | |
Assets | 42,996 | 42,618 | |
EIDP | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 43,373 | $ 42,618 |