DEI Document
DEI Document - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Feb. 04, 2021 | Jun. 30, 2020 | Dec. 31, 2019 | |
Document Information [Line Items] | ||||
Document Annual Report | true | |||
Document Type | 10-K | |||
Amendment Flag | false | |||
Document Period End Date | Dec. 31, 2020 | |||
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 | 2020 | |||
Document Fiscal Period Focus | FY | |||
Entity Well-known Seasoned Issuer | Yes | |||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Entity Filer Category | Large Accelerated Filer | |||
Entity Emerging Growth Company | false | |||
Entity Public Float | $ 20,000,000,000 | |||
Entity Common Stock, Shares Outstanding | 744,062,000 | |||
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 Tax Identification Number | 82-4979096 | |||
Entity Address, Address Line One | 974 Centre Road, | |||
Entity Address, City or Town | Wilmington, | |||
Entity Address, State or Province | DE | |||
Entity Address, Postal Zip Code | 19805 | |||
City Area Code | (302) | |||
Local Phone Number | 485-3000 | |||
Documents Incorporated by Reference [Text Block] | Information pertaining to certain Items in Part III of this report is incorporated herein by reference to portions of Corteva, Inc.'s definitive 2021 Annual Meeting Proxy Statement to be filed within 120 days after the end of the year covered by this Annual Report on Form 10-K, pursuant to Regulation 14A (the Proxy). | |||
Common Stock [Member] | ||||
Document Information [Line Items] | ||||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |||
Trading Symbol | CTVA | |||
Security Exchange Name | NYSE | |||
EID [Member] | ||||
Document Information [Line Items] | ||||
Document Type | 10-K | |||
Amendment Flag | false | |||
Document Period End Date | Dec. 31, 2020 | |||
Entity Registrant Name | E. I. du Pont de Nemours and Company | |||
Entity Incorporation, State or Country Code | DE | |||
Entity Central Index Key | 0000030554 | |||
Current Fiscal Year End Date | --12-31 | |||
Document Fiscal Year Focus | 2020 | |||
Document Fiscal Period Focus | FY | |||
Entity Well-known Seasoned Issuer | Yes | |||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Entity Filer Category | Non-accelerated Filer | |||
Entity Emerging Growth Company | false | |||
Entity Common Stock, Shares Outstanding | 200 | |||
Common Stock, Par Value | $ 0.30 | $ 0.30 | $ 0.30 | |
Entity Small Business | false | |||
Entity Shell Company | false | |||
Entity File Number | 1-815 | |||
Entity Tax Identification Number | 51-0014090 | |||
Entity Address, Address Line One | 974 Centre Road, | |||
Entity Address, City or Town | Wilmington, | |||
Entity Address, State or Province | DE | |||
Entity Address, Postal Zip Code | 19805 | |||
City Area Code | (302) | |||
Local Phone Number | 485-3000 | |||
EID [Member] | $3.50 Series Preferred Stock [Member] | ||||
Document Information [Line Items] | ||||
Title of 12(b) Security | $3.50 Series Preferred Stock | |||
Trading Symbol | CTAPrA | |||
Security Exchange Name | NYSE | |||
EID [Member] | $4.50 Series Preferred Stock [Member] | ||||
Document Information [Line Items] | ||||
Title of 12(b) Security | $4.50 Series Preferred Stock | |||
Trading Symbol | CTAPrB | |||
Security Exchange Name | NYSE |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Net Sales | $ 14,217 | $ 13,846 | $ 14,287 | ||
Cost of Goods Sold | 8,507 | 8,575 | 9,948 | ||
Research and Development Expense | 1,142 | 1,147 | 1,355 | ||
Selling, General and Administrative Expense | 3,043 | 3,065 | 3,041 | ||
Amortization of Intangibles | 682 | 475 | 391 | ||
Restructuring and asset related charges- net | 335 | 222 | 694 | ||
Integration and Separation Costs | 0 | 744 | 992 | ||
Goodwill Impairment Charge | 0 | 0 | 4,503 | ||
Other income (expense) - net | 212 | 215 | 249 | ||
Loss on early Extinguishment of Debt | 0 | 13 | [1] | 81 | [1] |
Interest Expense | 45 | 136 | 337 | ||
Income (loss) from continuing operations before income taxes | 675 | (316) | (6,806) | ||
Benefit from income taxes on continuing operations | (81) | (46) | (31) | ||
Income (loss) from continuing operations after income taxes | 756 | (270) | (6,775) | ||
(Loss) income from discontinued operations after income taxes | (55) | (671) | 1,748 | ||
Net income (loss) | 701 | (941) | [1] | (5,027) | [1] |
Net income attributable to noncontrolling interests | 20 | 18 | 38 | ||
Net (loss) income attributable to Corteva | $ 681 | $ (959) | $ (5,065) | ||
Basic earnings (loss) per share of common stock from continuing operations | $ 0.98 | $ (0.38) | $ (9.08) | ||
Basic (loss) earnings per share of common stock from discontinued operations | (0.07) | (0.90) | 2.32 | ||
Basic earnings (loss) per share of common stock | 0.91 | (1.28) | (6.76) | ||
Diluted earnings (loss) per share of common stock from continuing operations | 0.98 | (0.38) | (9.08) | ||
Diluted (loss) earnings per share of common stock from discontinued operations | (0.07) | (0.90) | 2.32 | ||
Diluted earnings (loss) per share of common stock | $ 0.91 | $ (1.28) | $ (6.76) | ||
EID [Member] | |||||
Net Sales | $ 14,217 | $ 13,846 | $ 14,287 | ||
Cost of Goods Sold | 8,507 | 8,575 | 9,948 | ||
Research and Development Expense | 1,142 | 1,147 | 1,355 | ||
Selling, General and Administrative Expense | 3,043 | 3,065 | 3,041 | ||
Amortization of Intangibles | 682 | 475 | 391 | ||
Restructuring and asset related charges- net | 335 | 222 | 694 | ||
Integration and Separation Costs | 0 | 744 | 992 | ||
Goodwill Impairment Charge | 0 | 0 | 4,503 | ||
Other income (expense) - net | 212 | 215 | 249 | ||
Loss on early Extinguishment of Debt | 0 | 13 | [2] | 81 | [2] |
Interest Expense | 145 | 242 | 337 | ||
Income (loss) from continuing operations before income taxes | 575 | (422) | (6,806) | ||
Benefit from income taxes on continuing operations | (105) | (71) | (31) | ||
Income (loss) from continuing operations after income taxes | 680 | (351) | (6,775) | ||
(Loss) income from discontinued operations after income taxes | (55) | (671) | 1,748 | ||
Net income (loss) | 625 | (1,022) | [2] | (5,027) | [2] |
Net income attributable to noncontrolling interests | 10 | 8 | 28 | ||
Net (loss) income attributable to Corteva | $ 615 | $ (1,030) | $ (5,055) | ||
[1] | The cash flows for the years ended December 31, 2018 and 2019 includes cash flows of EID's ECP and Specialty Products Entities. | ||||
[2] | The cash flows for the year ended December 31, 2018 and 2019 includes cash flows of EID's ECP and Specialty Products Entities |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Net income (loss) | $ 701 | $ (941) | [1] | $ (5,027) | [1] |
Cumulative Translation Adjustments | (26) | (274) | (1,576) | ||
Unrealized Gain (Loss) on Investments | (10) | 0 | 0 | ||
Derivatives Instruments | (69) | 28 | (24) | ||
Other Comprehensive Income (Loss), Net of Tax | 380 | (1,124) | (2,183) | ||
Comprehensive Income (Loss) | 1,081 | (2,065) | (7,210) | ||
Comprehensive Income Attributable to Noncontrolling Interest | 20 | 18 | 38 | ||
Comprehensive Income (Loss) Attributable to Corteva | 1,061 | (2,083) | (7,248) | ||
Pension Plan | |||||
Adjustments to other benefit plans | (186) | (718) | (715) | ||
Other Benefit Plans | |||||
Adjustments to other benefit plans | 671 | (160) | 132 | ||
EID [Member] | |||||
Net income (loss) | 625 | (1,022) | [2] | (5,027) | [2] |
Cumulative Translation Adjustments | (26) | (274) | (1,576) | ||
Unrealized Gain (Loss) on Investments | (10) | 0 | 0 | ||
Derivatives Instruments | (69) | 28 | (24) | ||
Other Comprehensive Income (Loss), Net of Tax | 380 | (1,124) | (2,183) | ||
Comprehensive Income (Loss) | 1,005 | (2,146) | (7,210) | ||
Comprehensive Income Attributable to Noncontrolling Interest | 10 | 8 | 28 | ||
Comprehensive Income (Loss) Attributable to Corteva | 995 | (2,154) | (7,238) | ||
EID [Member] | Pension Plan | |||||
Adjustments to other benefit plans | (186) | (718) | (715) | ||
EID [Member] | Other Benefit Plans | |||||
Adjustments to other benefit plans | $ 671 | $ (160) | $ 132 | ||
[1] | The cash flows for the years ended December 31, 2018 and 2019 includes cash flows of EID's ECP and Specialty Products Entities. | ||||
[2] | The cash flows for the year ended December 31, 2018 and 2019 includes cash flows of EID's ECP and Specialty Products Entities |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents | $ 3,526 | $ 1,764 |
Marketable Securities | 269 | 5 |
Accounts and notes receivable - net | 4,926 | 5,528 |
Inventories | 4,882 | 5,032 |
Other current assets | 1,165 | 1,190 |
Total current assets | 14,768 | 13,519 |
Investments in nonconsolidated affiliates | 66 | 66 |
Property, Plant and Equipment, Gross | 8,253 | 7,872 |
Accumulated Depreciation | 3,857 | 3,326 |
Property, Plant and Equipment, Net | 4,396 | 4,546 |
Goodwill | 10,269 | 10,229 |
Other intangible assets | 10,747 | 11,424 |
Deferred Income Taxes | 464 | 287 |
Other Assets | 1,939 | 2,326 |
Total Assets | 42,649 | 42,397 |
Short-term borrowings and finance lease obligations | 3 | 7 |
Accounts Payable | 3,615 | 3,702 |
Income Taxes Payable | 123 | 95 |
Accrued and other current liabilities | 4,807 | 4,434 |
Total current liabilities | 8,548 | 8,238 |
Long-term Debt | 1,102 | 115 |
Deferred Income Tax Liabilities | 893 | 920 |
Pension and other post employment benefits - noncurrent | 5,176 | 6,377 |
Other noncurrent obligations | 1,867 | 2,192 |
Liabilities, Noncurrent | 9,038 | 9,604 |
Common stock | 7 | 7 |
Additional Paid in Capital | 27,707 | 27,997 |
Retained earnings / (accumulated deficit) | 0 | (425) |
Accumulated other comprehensive loss | (2,890) | (3,270) |
Total Company Stockholders' Equity | 24,824 | 24,309 |
Noncontrolling Interests | 239 | 246 |
Total Stockholders' Equity | 25,063 | 24,555 |
Total Liabilities and Equity | 42,649 | 42,397 |
EID [Member] | ||
Cash and Cash Equivalents | 3,526 | 1,764 |
Marketable Securities | 269 | 5 |
Accounts and notes receivable - net | 4,926 | 5,528 |
Inventories | 4,882 | 5,032 |
Other current assets | 1,165 | 1,190 |
Total current assets | 14,768 | 13,519 |
Investments in nonconsolidated affiliates | 66 | 66 |
Property, Plant and Equipment, Gross | 8,253 | 7,872 |
Accumulated Depreciation | 3,857 | 3,326 |
Property, Plant and Equipment, Net | 4,396 | 4,546 |
Goodwill | 10,269 | 10,229 |
Other intangible assets | 10,747 | 11,424 |
Deferred Income Taxes | 464 | 287 |
Other Assets | 1,939 | 2,326 |
Total Assets | 42,649 | 42,397 |
Short-term borrowings and finance lease obligations | 3 | 7 |
Accounts Payable | 3,615 | 3,702 |
Income Taxes Payable | 123 | 95 |
Accrued and other current liabilities | 4,810 | 4,440 |
Total current liabilities | 8,551 | 8,244 |
Long-term Debt | 1,102 | 115 |
Deferred Income Tax Liabilities | 893 | 920 |
Pension and other post employment benefits - noncurrent | 5,176 | 6,377 |
Other noncurrent obligations | 1,867 | 2,192 |
Liabilities, Noncurrent | 12,497 | 13,625 |
Common stock | 0 | 0 |
Additional Paid in Capital | 24,049 | 23,958 |
Retained earnings / (accumulated deficit) | 203 | (406) |
Accumulated other comprehensive loss | (2,890) | (3,270) |
Total Company Stockholders' Equity | 21,601 | 20,521 |
Noncontrolling Interests | 0 | 7 |
Total Stockholders' Equity | 21,601 | 20,528 |
Total Liabilities and Equity | 42,649 | 42,397 |
EID [Member] | $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 |
EID [Member] | $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 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,666,667,000 | 1,666,667,000 |
Common Stock, Shares, Outstanding | 743,458,000 | 748,577,000 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Net income (loss) | $ 701 | $ (941) | [1] | $ (5,027) | [1] | ||
Depreciation and Amortization | 1,599 | 2,790 | |||||
(Benefit from) Provision for Deferred Income Tax | (330) | (477) | [1] | 31 | [1] | ||
Net Periodic Pension (Benefit) Cost | (409) | (264) | [1] | (321) | [1] | ||
Pension Contributions | (62) | (121) | [1] | (1,314) | [1] | ||
Net gain on sales of property, businesses, consolidated companies, and investments | 3 | (142) | [1] | (11) | [1] | ||
Goodwill Impairment Charge | 0 | 0 | 4,503 | ||||
Loss on early Extinguishment of Debt | 0 | 13 | [1] | 81 | [1] | ||
Restructuring and asset related charges- net | 335 | 222 | 694 | ||||
Amortization of inventory step-up | 0 | 272 | [1] | 1,628 | [1] | ||
Other net loss | 290 | 246 | [1] | 262 | [1] | ||
Accounts and Notes Receivable | 187 | (361) | [1] | (1,522) | [1] | ||
Inventories | 104 | 74 | [1] | (498) | [1] | ||
Accounts Payable | (118) | 149 | [1] | 642 | [1] | ||
Other Assets and Liabilities, Net | 186 | (418) | [1] | (1,564) | [1] | ||
Cash provided by operating activities | 2,064 | 1,070 | [1] | 483 | [1] | ||
Capital expenditures | (475) | (1,163) | [1] | (1,501) | [1] | ||
Proceeds from the sale of property, businesses, and consolidated companies, net of cash divested | 83 | 249 | [1] | 69 | [1] | ||
Acquisitions of businesses - Net of Cash Acquired | 0 | (10) | [1] | 0 | [1] | ||
Investments in and loans to nonconsolidated affiliates | (1) | (10) | [1] | (8) | [1] | ||
Proceeds from sale of ownership interest in non-consolidated affiliates | 0 | 21 | [1] | 9 | [1] | ||
Purchases of investments | (995) | (138) | [1] | (1,257) | [1] | ||
Proceeds from Sale and Maturities of Investments | 721 | 160 | [1] | 2,186 | [1] | ||
Other investing activities - net | (7) | (13) | [1] | (3) | [1] | ||
Cash used for investing activities | (674) | (904) | [1] | (505) | [1] | ||
Net Change in borrowings (less than 90 days) | 0 | (1,868) | [1] | 400 | [1] | ||
Proceeds from Debt | 2,439 | 1,001 | [1] | 756 | [1] | ||
Payments on Debt | (1,441) | (6,804) | [1] | (5,956) | [1] | ||
Repurchase of Common Stock | (275) | (25) | [1] | 0 | [1] | ||
Proceeds from Exercise of Stock Options | 56 | 47 | [1] | 85 | [1] | ||
Dividends Paid to stockholders | (388) | (194) | [1] | 0 | [1] | ||
Payment for acquisition of subsidiary's interest from the non-controlling interest | (60) | 0 | [1] | 0 | [1] | ||
Distributions to Dow and DowDuPont | 0 | (317) | [1] | (2,806) | [1] | ||
Contributions from Dow and DowDuPont | 0 | 7,396 | [1] | 5,363 | [1] | ||
Cash Transferred to DowDuPont at Internal Reorganizations | 0 | (2,053) | [1] | 0 | [1] | ||
Debt Extinguishment Costs | 0 | (79) | [1] | (378) | [1] | ||
Other financing activities | (28) | (33) | [1] | (88) | [1] | ||
Cash provided by (used for) financing activities | 303 | (2,929) | [1] | (2,624) | [1] | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 7 | (88) | [1] | (244) | [1] | ||
(Decrease) increase on cash, cash equivalents and restricted cash | 1,700 | (2,851) | [1] | (2,890) | [1] | ||
Cash, cash equivalents and restricted cash at beginning of period | [1] | 2,173 | [2] | 5,024 | [2] | 7,914 | |
Cash, cash equivalents and restricted cash at end of period | [2] | 3,873 | 2,173 | [1] | 5,024 | [1] | |
Interest, net of amounts capitalized | 36 | 263 | [1] | 923 | [1] | ||
Income Taxes | 229 | 234 | [1] | 961 | [1] | ||
EID [Member] | |||||||
Net income (loss) | 625 | (1,022) | [3] | (5,027) | [3] | ||
Depreciation and Amortization | 1,177 | 1,000 | 909 | ||||
(Benefit from) Provision for Deferred Income Tax | (330) | (477) | [3] | 31 | [3] | ||
Net Periodic Pension (Benefit) Cost | (409) | (264) | [3] | (321) | [3] | ||
Pension Contributions | (62) | (121) | [3] | (1,314) | [3] | ||
Net gain on sales of property, businesses, consolidated companies, and investments | 3 | (142) | [3] | (11) | [3] | ||
Goodwill Impairment Charge | 0 | 0 | 4,503 | ||||
Loss on early Extinguishment of Debt | 0 | 13 | [3] | 81 | [3] | ||
Restructuring and asset related charges- net | 335 | 222 | 694 | ||||
Amortization of inventory step-up | 0 | 272 | [3] | 1,628 | [3] | ||
Other net loss | 290 | 246 | [3] | 262 | [3] | ||
Accounts and Notes Receivable | 187 | (361) | [3] | (1,522) | [3] | ||
Inventories | 104 | 74 | [3] | (498) | [3] | ||
Accounts Payable | (118) | 149 | [3] | 642 | [3] | ||
Other Assets and Liabilities, Net | 184 | (411) | [3] | (1,564) | [3] | ||
Cash provided by operating activities | 1,986 | 996 | [3] | 483 | [3] | ||
Capital expenditures | (475) | (1,163) | [3] | (1,501) | [3] | ||
Proceeds from the sale of property, businesses, and consolidated companies, net of cash divested | 83 | 249 | [3] | 69 | [3] | ||
Acquisitions of businesses - Net of Cash Acquired | 0 | (10) | [3] | 0 | [3] | ||
Investments in and loans to nonconsolidated affiliates | (1) | (10) | [3] | (8) | [3] | ||
Proceeds from sale of ownership interest in non-consolidated affiliates | 0 | 21 | [3] | 9 | [3] | ||
Purchases of investments | (995) | (138) | [3] | (1,257) | [3] | ||
Proceeds from Sale and Maturities of Investments | 721 | 160 | [3] | 2,186 | [3] | ||
Other investing activities - net | (7) | (13) | [3] | (3) | [3] | ||
Cash used for investing activities | (674) | (904) | [3] | (505) | [3] | ||
Net Change in borrowings (less than 90 days) | 0 | (1,868) | [3] | 400 | [3] | ||
Proceeds from Related Party Debt | 103 | 4,240 | [3] | 0 | [3] | ||
Repayments of Related Party Debt | (665) | (219) | [3] | 0 | [3] | ||
Proceeds from Debt | 2,439 | 1,001 | [3] | 756 | [3] | ||
Payments on Debt | (1,441) | (6,804) | [3] | (5,956) | [3] | ||
Proceeds from Exercise of Stock Options | 56 | 47 | [3] | 85 | [3] | ||
Payment for acquisition of subsidiary's interest from the non-controlling interest | (60) | 0 | [3] | 0 | [3] | ||
Distributions to Dow and DowDuPont | 0 | (317) | [3] | (2,806) | [3] | ||
Contributions from Dow and DowDuPont | 0 | 3,255 | [3] | 5,363 | [3] | ||
Cash Transferred to DowDuPont at Internal Reorganizations | 0 | (2,053) | [3] | 0 | [3] | ||
Debt Extinguishment Costs | 0 | (79) | [3] | (378) | [3] | ||
Other financing activities | (51) | (58) | [3] | (88) | [3] | ||
Cash provided by (used for) financing activities | 381 | (2,855) | [3] | (2,624) | [3] | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 7 | (88) | [3] | (244) | [3] | ||
(Decrease) increase on cash, cash equivalents and restricted cash | 1,700 | (2,851) | [3] | (2,890) | [3] | ||
Cash, cash equivalents and restricted cash at beginning of period | [3] | 2,173 | 5,024 | 7,914 | |||
Cash, cash equivalents and restricted cash at end of period | 3,873 | 2,173 | [3] | 5,024 | [3] | ||
Interest, net of amounts capitalized | [4] | 36 | 263 | [3] | 923 | [3] | |
Income Taxes | 229 | 234 | [3] | 961 | [3] | ||
Total company [Member] | |||||||
Depreciation and Amortization | 1,177 | 1,599 | [1] | 2,790 | [1] | ||
Goodwill Impairment Charge | 0 | 1,102 | [1] | 4,503 | [1] | ||
Restructuring and asset related charges- net | 335 | 339 | [1] | 803 | [1] | ||
Total company [Member] | EID [Member] | |||||||
Depreciation and Amortization | 1,177 | 1,599 | [3] | 2,790 | [3] | ||
Goodwill Impairment Charge | 0 | 1,102 | [3] | 4,503 | [3] | ||
Restructuring and asset related charges- net | $ 335 | $ 339 | [3] | $ 803 | [3] | ||
[1] | The cash flows for the years ended December 31, 2018 and 2019 includes cash flows of EID's ECP and Specialty Products Entities. | ||||||
[2] | See page F-35 for reconciliation of cash and cash equivalents and restricted cash presented in Consolidated Balance Sheets to total cash, cash equivalents and restricted cash presented in the Consolidated Statements of Cash Flows. | ||||||
[3] | The cash flows for the year ended December 31, 2018 and 2019 includes cash flows of EID's ECP and Specialty Products Entities | ||||||
[4] | Reflects interest, net of amounts capitalized, paid to external parties. For information associated with interest paid on related party debt refer to EID's Note 2 - Related Party Transactions, of the EID Consolidated Financial Statements. |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Divisional Equity [Member] | Retained Earnings [Member] | Accumulated Other Comp Loss | Treasury Stock [Member] | Noncontrolling Interest [Member] | EID [Member] | EID [Member]Preferred Stock [Member] | EID [Member]Common Stock [Member] | EID [Member]Additional Paid-in Capital [Member] | EID [Member]Divisional Equity [Member] | EID [Member]Retained Earnings [Member] | EID [Member]Accumulated Other Comp Loss | EID [Member]Treasury Stock [Member] | EID [Member]Noncontrolling Interest [Member] | Corteva [Member] | Corteva [Member]Additional Paid-in Capital [Member] | Corteva [Member]EID [Member] | Corteva [Member]EID [Member]Additional Paid-in Capital [Member] | DowDuPont [Member] | DowDuPont [Member]Divisional Equity [Member] | DowDuPont [Member]EID [Member] | DowDuPont [Member]EID [Member]Divisional Equity [Member] | ||
Beginning Balance at Dec. 31, 2017 | $ 79,593 | $ 0 | $ 0 | $ 80,318 | $ 0 | $ (1,177) | $ 0 | $ 452 | $ 79,593 | $ 0 | $ 0 | $ 0 | $ 80,557 | $ 0 | $ (1,177) | $ 0 | $ 213 | ||||||||||
Net income (loss) | (5,027) | [1] | (5,065) | 38 | (5,027) | [2] | (5,055) | 28 | |||||||||||||||||||
Net other comprehensive income (loss) | (2,183) | (2,183) | (2,183) | (2,183) | |||||||||||||||||||||||
Dividends, Preferred Stock | (10) | (10) | |||||||||||||||||||||||||
Distributions to Dow and DowDuPont | (2,806) | [1] | (2,806) | (2,806) | [2] | (2,806) | $ 2,806 | ||||||||||||||||||||
Contributions from Dow and DowDuPont | 5,363 | [1] | 5,363 | 5,363 | [2] | 5,363 | |||||||||||||||||||||
Issuance of stock | 85 | 85 | 85 | 85 | |||||||||||||||||||||||
Share-based compensation | 129 | 129 | 129 | 129 | |||||||||||||||||||||||
Stockholders' Equity, Other | (1) | (4) | 3 | 9 | (4) | 13 | |||||||||||||||||||||
Ending Balance at Dec. 31, 2018 | 75,153 | 0 | 0 | 78,020 | 0 | (3,360) | 0 | 493 | 75,153 | 0 | 0 | 0 | 78,259 | 0 | (3,360) | 0 | 254 | ||||||||||
Net income (loss) | (941) | [1] | (641) | (318) | 18 | (1,022) | [2] | (640) | (390) | 8 | |||||||||||||||||
Net other comprehensive income (loss) | (1,124) | (1,124) | (1,124) | (1,124) | |||||||||||||||||||||||
Dividends, Common Stock | (194) | (97) | (97) | ||||||||||||||||||||||||
Dividends, Preferred Stock | (10) | (2) | (2) | (6) | |||||||||||||||||||||||
Distributions to Dow and DowDuPont | (317) | [1] | (317) | (317) | [2] | (317) | 317 | ||||||||||||||||||||
Contributions from Dow and DowDuPont | 7,396 | [1] | 7,396 | 3,255 | [2] | 3,255 | |||||||||||||||||||||
Issuance of stock | $ 8 | $ 8 | $ 8 | $ 8 | $ 39 | $ 39 | $ 39 | $ 39 | |||||||||||||||||||
Share-based compensation | 103 | 41 | 62 | 103 | 41 | 62 | |||||||||||||||||||||
Common Stock Repurchase | (25) | (25) | |||||||||||||||||||||||||
Impact of Internal Reorganizations | (55,496) | (56,479) | 1,214 | (231) | (55,496) | (56,479) | 1,214 | (231) | |||||||||||||||||||
Reclassification of Divisional Equity to Additional Paid in Capital | 0 | 7 | 28,070 | (28,077) | 0 | 239 | 23,936 | (24,175) | |||||||||||||||||||
Stockholders' Equity, Other | (47) | $ (3) | (10) | (34) | (61) | (25) | $ (2) | (10) | (24) | ||||||||||||||||||
Ending Balance at Dec. 31, 2019 | 24,555 | 7 | 27,997 | (425) | (3,270) | 0 | 246 | 20,528 | 239 | 0 | 23,958 | (406) | (3,270) | 0 | 7 | ||||||||||||
Net income (loss) | 701 | 681 | 20 | 625 | 615 | 10 | |||||||||||||||||||||
Net other comprehensive income (loss) | 380 | 380 | 380 | 380 | |||||||||||||||||||||||
Dividends, Common Stock | (388) | (194) | (194) | ||||||||||||||||||||||||
Dividends, Preferred Stock | (10) | (5) | (5) | ||||||||||||||||||||||||
Distributions to Dow and DowDuPont | 0 | 0 | |||||||||||||||||||||||||
Contributions from Dow and DowDuPont | 0 | 0 | |||||||||||||||||||||||||
Issuance of stock | 56 | $ 56 | $ 56 | $ 56 | |||||||||||||||||||||||
Retained Earnings, Share-based Compensation | (1) | (1) | |||||||||||||||||||||||||
Share-based compensation | 59 | 60 | 59 | 60 | |||||||||||||||||||||||
Common Stock Repurchase | (275) | (216) | (59) | ||||||||||||||||||||||||
Acquisition of a noncontrolling interest in consolidated subsidiaries | (52) | (37) | (15) | (52) | (37) | (15) | |||||||||||||||||||||
Stockholders' Equity, Other | 27 | 41 | (2) | (12) | 15 | 17 | (2) | ||||||||||||||||||||
Ending Balance at Dec. 31, 2020 | $ 25,063 | $ 7 | $ 27,707 | $ 0 | $ (2,890) | $ 0 | $ 239 | $ 21,601 | $ 239 | $ 0 | $ 24,049 | $ 203 | $ (2,890) | $ 0 | $ 0 | ||||||||||||
[1] | The cash flows for the years ended December 31, 2018 and 2019 includes cash flows of EID's ECP and Specialty Products Entities. | ||||||||||||||||||||||||||
[2] | The cash flows for the year ended December 31, 2018 and 2019 includes cash flows of EID's ECP and Specialty Products Entities |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Common Stock Dividends | $ 0.52 | $ 0.26 | |
$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, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II—Valuation and Qualifying Accounts (EID and Corteva, Inc.) (Dollars in millions) For the Year Ended December 31, 2020 2019 2018 Accounts Receivable—Allowance for Doubtful Receivables Balance at beginning of period $ 174 $ 127 $ 64 Additions charged to expenses 154 69 80 Deductions from reserves 1 (120) (22) (17) Balance at end of period $ 208 $ 174 $ 127 Deferred Tax Assets—Valuation Allowance Balance at beginning of period $ 457 $ 669 $ 559 Additions charged to expenses 56 20 451 Deductions from reserves 2 (60) (232) (341) Balance at end of period $ 453 $ 457 $ 669 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, 2020 | |
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 in approximately 140 countries. Corteva has two reportable segments: seed and crop protection. See Note 25 - Segment Information, to the Consolidated Financial Statements, for additional information on the company's reportable segments. Throughout this Annual Report on Form 10-K, except as otherwise noted by the context, the terms "Corteva" or "company" used herein mean Corteva, Inc. and its consolidated subsidiaries (including EID) and the term “EID” used herein means E. I. du Pont de Nemours and Company and its consolidated subsidiaries or E. I. du Pont de Nemours and Company excluding its consolidated subsidiaries, as the context may indicate. Additionally, on June 1, 2019, DowDuPont Inc. changed its registered name to DuPont de Nemours, Inc. (“DuPont”), for certain events prior to, or on, June 1, 2019, DuPont may be referred to as DowDuPont. Principles of Consolidation and Basis of Presentation On June 1, 2019, Corteva, Inc. became an independent, publicly traded company through the previously announced separation (the “Separation”) of the agriculture business of DuPont de Nemours, Inc. (formerly known as DowDuPont Inc.) (“DowDuPont” or “DuPont”). The separation was effectuated through a pro rata distribution (the “Corteva Distribution”) of all of the then-issued and outstanding shares of common stock, par value $0.01 per share, of Corteva, Inc., which was then a wholly-owned subsidiary of DowDuPont, to holders of record of DowDuPont common stock as of the close of business on May 24, 2019. Previously, DowDuPont was formed on December 9, 2015, to effect an all-stock merger of equals strategic combination between The Dow Chemical Company ("Historical Dow") and EID. On August 31, 2017 at 11:59 pm ET (the “Merger Effectiveness Time”) pursuant to the Agreement and Plan of Merger, dated as of December 11, 2015, as amended March 31, 2017 (the "Merger Agreement"), Historical Dow and EID each merged with wholly-owned subsidiaries of DowDuPont and became subsidiaries of DowDuPont (the “Merger”). Prior to the Merger, DowDuPont did not conduct any business activities other than those required for its formation and matters contemplated by the Merger Agreement. Subsequent to the Merger, Historical Dow and EID engaged in a series of internal reorganization and realignment steps to realign their businesses into three subgroups: agriculture, materials science and specialty products through a series of tax-efficient transactions (collectively, the "Business Separations”). Effective as of 5:00 pm ET on April 1, 2019, DowDuPont completed the previously announced separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. (“Dow”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock, par value $0.01 per share, to holders of DowDuPont's common stock, as of the close of business on March 21, 2019 (the “Dow Distribution” and together with the Corteva Distribution, the “Distributions”). Prior to the Dow Distribution, Historical Dow conveyed or transferred the assets and liabilities aligned with Historical Dow’s agriculture business to separate legal entities (“Dow Ag Entities”) and the assets and liabilities associated with its specialty products business to separate legal entities (the “Dow SP Entities”). On April 1, 2019, Dow Ag Entities and the Dow SP Entities were transferred and conveyed to DowDuPont. In furtherance of the Business Separations, EID engaged in a series of internal reorganization and realignment steps (the “Internal Reorganization” and the "Business Realignment," respectively) to realign its businesses into three subgroups: agriculture, materials science and specialty products. As part of the Internal Reorganization: • the assets and liabilities aligned with EID’s materials science business, including EID’s ethylene and ethylene copolymers business, excluding its ethylene acrylic elastomers business, (“EID ECP”) were transferred or conveyed to separate legal entities (the “Materials Science Entities”) that were ultimately conveyed by DowDuPont to Dow; • the assets and liabilities aligned with the EID’s specialty products business were transferred or conveyed to separate legal entities (“EID Specialty Products Entities”); • on April 1, 2019, EID transferred and conveyed its Materials Science Entities to DowDuPont; • on May 1, 2019, EID distributed its Specialty Products Entities to DowDuPont; • on May 2, 2019, DowDuPont conveyed Dow Ag Entities to EID and in connection with the foregoing, EID issued additional shares of its Common Stock to DowDuPont; and • on May 31, 2019, DowDuPont contributed EID to Corteva, Inc. On May 6, 2019, the Board of Directors of DowDuPont approved the distribution of all the then issued and outstanding shares of common stock of Corteva, Inc., a wholly-owned subsidiary of DowDuPont, to DowDuPont stockholders. On June 1, 2019, DowDuPont completed the Separation. Each DowDuPont stockholder received one share of Corteva common stock for every three shares of DowDuPont common stock held at the close of business on May 24, 2019, the record date of distribution. Corteva, Inc.'s common stock began trading the "regular way" under the ticker symbol "CTVA" on June 3, 2019, the first business day after June 1, 2019. Upon becoming an independent company, the capital structure of Corteva consisted of 748,815,000 authorized shares of common stock (par value of $0.01 per share), which represents the number of common shares issued on June 3, 2019. Information related to the Corteva Distribution and its effect on the company's financial statements is discussed throughout these Notes to the Consolidated Financial Statements. As a result of the Business Realignment and the Internal Reorganization discussed above, Corteva owns 100% of the outstanding common stock of EID, and EID owns 100% of DAS. EID is a subsidiary of Corteva, Inc. and continues to be a reporting company, subject to the requirements of the Securities Exchange Act of 1934, as amended. DAS Common Control Business Combination The transfer or conveyance of DAS to Corteva was treated as a transfer of entities under common control. As such, the company recorded the assets, liabilities, and equity of DAS on its balance sheet at their historical basis. Transfers of businesses between entities under common control requires the financial statements to be presented as if the transaction had occurred at the point at which common control first existed (the Merger Effectiveness Time). As a result, the accompanying Consolidated Financial Statements and Notes thereto include the results of DAS as of the Merger Effectiveness Time. See Note 4 - Common Control Business Combination, to the Consolidated Financial Statements, for additional information. For periods prior to the Corteva Distribution, the combined results of operations and assets and liabilities of EID and DAS were derived from the Consolidated Financial Statements and accounting records of EID as well as the carve-out financial statements of DAS. The DAS carve-out financial statements reflect the historical results of operations, financial position, and cash flows of Historical Dow's Agricultural Sciences Business and include allocations of certain expenses for services from Historical Dow, including, but not limited to, general corporate expenses related to finance, legal, information technology, human resources, ethics and compliance, shared services, employee benefits and incentives, insurance, and stock-based compensation. These expenses were allocated on the basis of direct usage when identifiable, with the remainder allocated under the basis of headcount or other measures. The company's Consolidated Balance Sheets for all periods presented consist of Corteva, Inc. and its consolidated subsidiaries. The company's Consolidated Statements of Operations (the "Consolidated Statements of Operations") for all periods prior to the Corteva Distribution consist of the combined results of operations for Historical EID and DAS. The Consolidated Statements of Operations for all periods after the Corteva Distribution represent the consolidated balances of the company. Intercompany balances and transactions with Historical EID and DAS have been eliminated. During the first quarter 2020, the company recorded an increase of $40 million to APIC relating to net assets recorded as transferred as part of the 2019 Internal Reorganizations that were retained. Divestiture of EID ECP The transfer of EID ECP meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. The comprehensive income (loss), stockholder's equity and cash flows related to EID ECP have not been segregated and are included in the Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Equity and Consolidated Statements of Cash Flows, respectively, for 2019 and all prior periods. Amounts related to EID ECP are consistently included or excluded from the Notes to the Consolidated Financial Statements based on the respective financial statement line item. See Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information. Divestiture of EID Specialty Products Entities The transfer of the EID Specialty Products Entities meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. The comprehensive income (loss), stockholder's equity and cash flows related to the EID Specialty Products Entities |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Consolidated Financial Statements include the accounts of the company and subsidiaries in which a controlling interest is maintained. For those consolidated subsidiaries in which the company's ownership is less than 100 percent, the outside stockholders' interests are shown as noncontrolling interests. Investments in affiliates over which the company has the ability to exercise significant influence but does not have a controlling interest are accounted for under the equity method. The company is also involved with certain joint ventures accounted for under the equity method of accounting that are variable interest entities ("VIEs"). The company is not the primary beneficiary, as the nature of the company's involvement with the VIEs does not provide it the power to direct the VIEs significant activities. Future events may require these VIEs to be consolidated if the company becomes the primary beneficiary. At December 31, 2020 and 2019, 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 Restricted cash represents trust assets of $347 million and $409 million as of December 31, 2020 and 2019, respectively, and is included within other current assets on the Consolidated Balance Sheets. See Note 9 - 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 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. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The company uses the following valuation techniques to measure fair value for its assets and liabilities: Level 1 – Quoted market prices in active markets for identical assets or liabilities; Level 2 – Significant other observable inputs (e.g. quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs); Level 3 – Unobservable inputs for the asset or liability, which are valued based on management's estimates of assumptions that market participants would use in pricing the asset or liability. Foreign Currency Translation The company's worldwide operations utilize the U.S. dollar ("USD") or 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 the year, except for expenses related to balance sheet amounts re-measured at historical exchange rates. Exchange gains and losses arising from re-measurement of foreign currency-denominated monetary assets and liabilities are included in income in the period in which they occur. For foreign entities where 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 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 the period. The company changes the functional currency of its separate and distinct foreign entities only when significant changes in economic facts and circumstances indicate clearly that the functional currency has changed. Inventories The company's inventories are valued at the lower of cost or net realizable value. Elements of cost in inventories include raw materials, direct labor and manufacturing overhead. Stores and supplies are valued at cost or net realizable value, whichever is lower; cost is generally determined by the average cost method. As of December 31, 2020, approximately 62% and 38% of the company's inventories were accounted for under the first-in, first-out ("FIFO") and average cost methods, respectively. As of December 31, 2019, approximately 59% and 41% of the company's inventories were accounted for under the FIFO and average cost methods, respectively. Inventories accounted for under the FIFO method are primarily comprised of products with shorter shelf lives such as seeds. See Note 13 - Inventories, 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. In connection with the Merger, the fair value of property, plant and equipment was determined using a market approach and a replacement cost approach. Depreciation is based on the estimated service lives of depreciable assets and is calculated using the straight-line method. Fully depreciated assets are retained in property and accumulated depreciation accounts until they are removed from service. When assets are surrendered, retired, sold, or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the Consolidated Balance Sheets and included in determining gain or loss on such disposals. Goodwill and Other Intangible Assets The company records goodwill when the purchase price of a business acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired. Goodwill is tested for impairment at the reporting unit level 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. 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 included 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 15 - 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 relief from royalty method (a form of the income approach) using Level 3 inputs within the fair value hierarchy. The significant assumptions used in the calculation included projected revenue, the royalty rate, 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 fully amortized, they are removed from the Consolidated Balance Sheets. Leases The company adopted ASU 2016-02, Leases (Topic 842), and associated ASUs related to Topic 842, in the first quarter of 2019. Prior periods are not restated and continue to be reported under ASC 840. Under Topic 842, the company determines whether an arrangement is a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset and the company has the right to control the asset. Operating lease right-of-use ("ROU") assets are included in other assets on the company’s Consolidated Balance Sheets. Operating lease liabilities are included in accrued and other current liabilities and other noncurrent obligations on the company’s Consolidated Balance Sheets. Finance lease assets are included in property, plant and equipment on the company’s Consolidated Balance Sheets. Finance lease liabilities are included in short-term borrowings and finance lease obligations and long-term debt on the company’s Consolidated Balance Sheets. Operating lease ROU assets represent the company’s right to use an underlying asset for the lease term and lease liabilities represent the company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the company’s leases do not provide the lessor's implicit rate, the company uses its incremental borrowing rate at the commencement date in determining the present value of lease payments. Lease terms include options to extend the lease when it is reasonably certain those options will be exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The company recognizes lease expense for these leases on a straight-line basis over the lease term. The company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all asset classes. In the Consolidated Statements of Operations, lease expense for operating lease payments is recognized on a straight-line basis over the lease term. For finance leases, interest expense is recognized on the lease liability and the ROU asset is amortized over the lease term. See Note 16 - Leases, 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. The company's fair value methodology is an estimate of fair market value which is made based on prices of similar assets or other valuation methodologies including present value techniques. Long-lived assets to be disposed of by sale, if material, are classified as held for sale and reported at the lower of carrying amount or fair value less cost to sell, and depreciation is ceased. Long-lived assets to be disposed of other than by sale are classified as held and used until they are disposed of and reported at the lower of carrying amount or fair value. Depreciation is recognized over the remaining useful life of the assets. Derivative Instruments Derivative instruments are reported in the Consolidated Balance Sheets at their fair values. The company utilizes derivatives to manage exposures to foreign currency exchange rates and commodity prices. Changes in the fair values of derivative instruments that are not designated as hedges are recorded in current period earnings. For derivative instruments designated as cash flow hedges, the (loss) gain is reported in accumulated other comprehensive loss until it is cleared to earnings during the same period in which the hedged item affects earnings. For derivative instruments designated as net investment hedges, the (loss) gain is reported within accumulated other comprehensive 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 ("AOCI") generally remains in AOCI until the item that was hedged affects earnings. If a hedged transaction matures, or is sold, extinguished, or terminated prior to the maturity of a derivative designated as a hedge of such transaction, gains or losses associated with the derivative through the date the transaction matured are included in the measurement of the hedged transaction and the derivative is reclassified as for trading purposes. Derivatives designated as hedges of anticipated transactions are reclassified as for trading purposes if the anticipated transaction is no longer probable. The company included foreign currency exchange contract settlements within cash flows from operating activities, regardless of hedge accounting qualification. See Note 22 - 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 revenue recognition for the arrangements that the company determines are within the scope of FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), the company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. See Note 6 - Revenue, 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 and are amortized to cost of goods sold as seeds containing the respective trait technology are utilized over the life of the license. The rate of royalty amortization expense recognized is based on the company’s strategic plans which include various assumptions and estimates including product portfolio, market dynamics, farmer preferences, growth rates and projected planted acres. Changes in factors and assumptions included in the strategic plans, including potential changes to the product portfolio in favor of internally developed biotechnology, could impact the rate of recognition of the relevant prepaid royalty. At December 31, 2020, the balance of prepaid royalties reflected in other current assets and other assets was $426 million and $459 million, respectively. The majority of the balance of prepaid royalties relates to the company’s wholly owned subsidiary, Pioneer Hi-Bred International, Inc.’s (“Pioneer”) non-exclusive license in the United States and Canada for the Monsanto Company's Genuity ® Roundup Ready 2 Yield ® glyphosate tolerance trait and Roundup Ready 2 Xtend ® glyphosate and dicamba tolerance trait for soybeans (“Roundup Ready 2 License Agreement”). Each of these licensed technologies are now trademarks of the Bayer Group, which acquired the Monsanto Company in 2018. The prepaid royalty asset relates to a series of up-front, fixed and variable royalty payments to utilize the traits in Pioneer’s soybean product mix. The company’s historical expectation has been that the technology licensed under the Roundup Ready 2 License Agreement would be used as the primary herbicide tolerance trait platform in the Pioneer ® brand soybean through the term of the agreement. DAS and MS Technologies, L.L.C. jointly developed and own the Enlist E3 TM herbicide tolerance trait for soybeans which provides tolerance to 2, 4-D choline in Enlist Duo ® and Enlist One ® herbicides, as well as glyphosate and glufosinate herbicides. In connection with the validation of breeding plans and large-scale product development timelines, during the fourth quarter of 2019, the company accelerated the ramp up of the Enlist E3 TM trait platform in the company’s soybean portfolio mix across all brands, including Pioneer ® brands, over the subsequent five years. During the ramp-up period, the company is expected to significantly reduce the volume of products with the Roundup Ready 2 Yield ® and Roundup Ready 2 Xtend ® herbicide tolerance traits beginning in 2021, with expected minimal use of the trait platform thereafter for the remainder of the Roundup Ready 2 License Agreement (the “Transition Plan”). The rate of royalty expense 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 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 costs 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, enhancement of existing products, and regulatory approval of new and existing products. Selling, General and Administrative Expenses Selling, general and administrative expenses primarily include selling and marketing expenses, commissions, functional costs, and business management expenses. Integration and Separation Costs Integration and separation costs includes costs incurred to prepare for and close the Merger, post-Merger integration expenses, and costs incurred to prepare for the Business Separations. These costs primarily consist of financial advisory, information technology, legal, accounting, consulting and other professional advisory fees associated with preparation and execution of these activities. Litigation and Other Contingencies Accruals for legal matters and other contingencies are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Legal costs, such as outside counsel fees and expenses, are charged to expense in the period incurred. Severance Costs Severance benefits are provided to employees under the company's ongoing benefit arrangements. Severance costs are accrued when management commits to a plan of termination and it becomes probable that employees will be entitled to benefits at amounts that can be reasonably estimated. Insurance/Self-Insurance The company self-insures certain risks where permitted by law or regulation, including workers' compensation, vehicle liability and employee related benefits. Liabilities associated with these risks are estimated in part by considering historical claims experience, demographic factors and other actuarial assumptions. For other risks, the company uses a combination of insurance and self-insurance, reflecting comprehensive reviews of relevant risks. A receivable for an insurance recovery is generally recognized when the loss has occurred and collection is considered probable. Income Taxes The company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities using enacted tax rates. The effect of a change in tax rates on deferred tax assets or liabilities is recognized in income in the period that includes the enactment date (see Note 10 - Income Taxes, to the Consolidated Financial Statements, for further information relating to the enactment of the Tax Cuts and Job Act). The company recognizes the financial statement effects of an uncertain income tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The current portion of uncertain income tax positions is included in income taxes payable or income tax receivable, and the long-term portion is included in other noncurrent obligations and other noncurrent assets in the Consolidated Balance Sheets. Income tax related penalties are included in the provision for income taxes in the Consolidated Statements of Operations. Interest accrued related to unrecognized tax benefits is included within the (benefit from) provision for income taxes from continuing operations in the Consolidated Statements of Operations. Earnings per Common Share The calculation of earnings per common share is based on the weighted-average number of the company’s common shares outstanding for the applicable period. The calculation of diluted earnings per common share reflects the effect of all potential common shares that were outstanding during the respective periods, unless the effect of doing so is antidilutive. Segments |
Recent Accounting Guidance
Recent Accounting Guidance | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Guidance | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In June 2016, the FASB issued ASU 2016-13, Financial Instruments (Topic 326): Credit Losses - Measurement of Credit Losses on Financial Statements, which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The amortized cost basis of financial assets should be reduced by expected credit losses to present the net carrying value in the financial statements at the amount expected to be collected. The measurement of expected credit losses is based on past events, historical experience, current conditions and forecasts that affect the collectability of the financial assets. Additionally, credit losses relating to available-for-sale debt securities should be recorded through an allowance for credit losses. The company adopted the guidance in the first quarter of 2020. The primary impact of adoption related to the credit losses on accounts and notes receivable, which is applied using a cumulative-effect adjustment in the period of adoption, and prior periods are not restated. The adoption of ASU 2016-13 did not have a material impact on the company's financial position, results of operations or cash flows. See Note 10 - Accounts and Notes Receivable - Net, to the Consolidated Financial Statements, for additional information. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606, which provides guidance on whether certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a customer in the context of a unit of account. Accordingly, this amendment added unit of account guidance in Topic 606 when an entity is assessing whether the collaborative arrangement, or a part of the arrangement, is within the scope of Topic 606. In addition, the amendment provides certain guidance on presenting the collaborative arrangement transaction together with Topic 606. This ASU is to be applied retrospectively to the date of initial application of Topic 606. The company adopted this guidance on January 1, 2020 and it did not have a material impact on the company's financial position, results of operations or cash flows. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848), which provides companies with optional financial reporting alternatives to reduce the cost and complexity associated with the accounting for contracts and hedging relationships affected by reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. The adoption of ASU 2020-04 did not have a material impact on the company's financial position, results of operations or cash flows, and will apply to future changes. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which provides certain optional expedients that allow derivative instruments impacted by changes in the interest rate used for margining, discounting or contract price alignment to qualify for certain optional relief. The amendments in this Update are effective immediately for all entities and may be applied retrospectively as of any date from the beginning of any interim period that includes March 12, 2020 or prospectively to new modifications subsequent to the issuance of this Update. The adoption of ASU 2021-01 did not have a material impact on the company’s financial position, results of operation or cash flows. Accounting Guidance Issued But Not Adopted as of December 31, 2020 |
Common Control Business Combina
Common Control Business Combinations | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | COMMON CONTROL BUSINESS COMBINATIONS DAS Common Control Combination Based on an evaluation of the provisions of ASC 805 (Business Combinations), Corteva and DAS represented entities under common control, as both shared DowDuPont as their parent company. As a result, the assets, liabilities and operations of Corteva and DAS were combined at their historical carrying amounts, and periods prior to the Internal Reorganizations are adjusted as if Corteva and DAS had been combined since the Merger Effectiveness Time, when the entities were first under common control. Accordingly, in 2019, the accompanying Consolidated Financial Statements and Notes thereto were retrospectively revised to include the transferred net assets and results of operations of DAS beginning on September 1, 2017. Refer to Note 1 - Background and Basis of Presentation, for additional information on the common control combination. The following table provides supplemental results of EID and DAS, as previously reported, for the year ended December 31, 2018: For the Year Ended December 31, 2018 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS Corteva Net Sales $ 26,279 $ (17,638) $ 5,646 $ 14,287 (Loss) income from continuing operations before income taxes $ (4,793) $ (2,128) $ 115 $ (6,806) Loss from continuing operations after income taxes $ (5,013) $ (1,753) $ (9) $ (6,775) 1. Reflects discontinued operations of EID's ECP and Specialty Products Entities and adjustments primarily related to the elimination of intercompany transactions between EID and DAS for periods subsequent to the Merger, as if they were combined affiliates, and adjustments made to align historical financial statement presentation of DAS and Corteva. Intercompany balances and transactions with Historical EID and DAS have been eliminated. |
Divestitures and Other Transact
Divestitures and Other Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DIVESTITURES AND OTHER TRANSACTIONS Separation Agreements In connection with the Distributions, DuPont, Corteva, and Dow (together, the “Parties” and each a “Party”) entered into certain agreements to effect the separation, provide for the allocation of DowDuPont’s assets, employees, liabilities and obligations (including its investments, property and employee benefits and tax-related assets and liabilities) among the Parties, and provide a framework for Corteva's relationship with Dow and DuPont following the separations and Distributions (collectively, the "Separation Agreements"). The Parties entered into, among other agreements, the following agreements: • Separation and Distribution Agreement - Effective April 1, 2019, the Parties entered into an agreement that sets forth, among other things, the agreements among the Parties regarding the principal transactions necessary to effect the Distributions. It also sets forth other agreements that govern certain aspects of the Parties’ ongoing relationships after the completion of the Distributions (the "Corteva Separation Agreement"). • Tax Matters Agreement - The Parties entered into an agreement effective as of April 1, 2019 as amended on June 1, 2019 that governs their respective rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes. • Employee Matters Agreement - The Parties entered into an agreement that identifies employees and employee-related liabilities (and attributable assets) to be allocated (either retained, transferred and accepted, or assigned and assumed, as applicable) to the Parties as part of the Distributions and describes when and how the relevant transfers and assignments will occur. • Intellectual Property Cross-License Agreement - Effective as of April 1, 2019 Corteva and Dow, and effective June 1, 2019 Corteva and DuPont entered into Intellectual Property Cross-License Agreements. The Intellectual Property Cross-License Agreements set forth the terms and conditions under which the applicable Parties may use in their respective businesses, following each of the Distributions, certain know-how (including trade secrets), copyrights, and software, and certain patents and standards, allocated to another Party pursuant to the Corteva Separation Agreement. • Letter Agreement - DuPont and Corteva entered into a Letter Agreement. The Letter Agreement sets forth certain additional terms and conditions related to the Separation, including certain limitations on each party’s ability to transfer certain businesses and assets to third parties without assigning certain of such party’s indemnification obligations under the Corteva Separation Agreement to the other party to the transferee of such businesses and assets or meeting certain other alternative conditions. DuPont Pursuant to the Separation Agreements, DuPont and Corteva indemnifies the other against certain litigation, environmental, tax, workers' compensation and other liabilities that arose prior to the Corteva Distribution. The term of this indemnification is generally indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. In connection with the recognition of liabilities related to these matters, the company records an indemnification asset when recovery is deemed probable. At December 31, 2020, the indemnification assets are $27 million within accounts and notes receivable - net and $51 million within other assets in the Consolidated Balance Sheet. At December 31, 2020, the indemnification liabilities are $5 million within accrued and other current liabilities and $79 million within other noncurrent obligations in the Consolidated Balance Sheet. Dow Pursuant to the Separation Agreements, Dow and Corteva indemnifies the other against certain litigation, environmental, tax and other liabilities that arose prior to the Corteva Distribution. The term of this indemnification is generally indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. In connection with the recognition of liabilities related to these matters, the company records an indemnification asset when recovery is deemed probable. At December 31, 2020, the indemnification assets are $5 million within accounts and notes receivable - net in the Consolidated Balance Sheet. At December 31, 2020, the indemnification liabilities are $87 million within accrued and other current liabilities and $13 million within other noncurrent obligations in the Consolidated Balance Sheet. EID ECP Divestiture As discussed in Note 1 - Background and Basis of Presentation, on April 1, 2019, EID completed the transfer of the entities and related assets and liabilities of EID ECP to DowDuPont. As a result, the financial results of EID ECP are reflected as discontinued operations, as summarized below: For the Year Ended December 31, (In millions) 2019 2018 Net sales $ 362 $ 1,564 Cost of goods sold 259 1,082 Research and development expense 4 23 Selling, general and administrative expenses 9 43 Amortization of intangibles 23 96 Restructuring and asset related charges - net 2 12 Integration and separation costs 44 135 Other income - net 2 13 Income from discontinued operations before income taxes 23 186 Provision for income taxes on discontinued operations 4 35 Income from discontinued operations after income taxes $ 19 $ 151 The following table presents the depreciation, amortization of intangibles, and capital expenditures of the discontinued operations related to EID ECP: For the Year Ended December 31, (In millions) 2019 2018 Depreciation $ 28 $ 133 Amortization of intangibles 23 96 Capital expenditures 16 77 EID Specialty Products Divestiture As discussed in Note 1 - Background and Basis of Presentation, on May 1, 2019, the company completed the transfer of the entities and related assets and liabilities of the EID Specialty Products Entities to DowDuPont. As a result, the financial results of the EID Specialty Products Entities are reflected as discontinued operations, as summarized below: For the Year Ended December 31, (In millions) 2019 2018 Net sales $ 5,030 $ 15,711 Cost of goods sold 3,352 10,533 Research and development expense 204 626 Selling, general and administrative expenses 573 1,599 Amortization of intangibles 267 815 Restructuring and asset related charges - net 115 97 Integration and separation costs 253 340 Goodwill impairment 1,102 — Other income - net 57 241 (Loss) income from discontinued operations before income taxes (779) 1,942 Provision for income taxes on discontinued operations 80 340 (Loss) income from discontinued operations after income taxes $ (859) $ 1,602 EID Specialty Products Impairment As a result of the Merger and related acquisition method of accounting, Historical DuPont's assets and liabilities were measured at fair value resulting in increases to the company’s goodwill and other intangible assets. The fair value valuation increased the risk that any declines in financial projections, including changes to key assumptions, could have a material, negative impact on the fair value of the company’s reporting units and assets, and therefore could result in an impairment. As a result of the Internal Reorganization, in the second quarter of 2019, EID assessed the recoverability of the goodwill within the electronics and communications, protection solutions, nutrition and health, transportation and advanced polymers, packaging and specialty plastics, industrial biosciences, and clean technologies reporting units, and the overall carrying value of the net assets in the disposal group that was distributed to DowDuPont on May 1, 2019. As a result of this analysis, the company determined that the fair value of certain reporting units related to the EID specialty products businesses were below carrying value resulting in pre-tax, non-cash goodwill impairment charges totaling $1,102 million reflected in loss from discontinued operations after income taxes. Revised financial projections reflect unfavorable market conditions, driven by slowed demand in the biomaterials business unit, coupled with challenging conditions in U.S. bioethanol markets. These revised financial projections resulted in a reduction in the long-term forecasts of sales and profitability as compared to prior projections. The company’s analyses above using discounted cash flow models (a form of the income approach) utilized Level 3 unobservable inputs. The company’s significant assumptions in these analyses include, but are not limited to, future cash flow projections, the weighted average cost of capital, the terminal growth rate, and the tax rate. The company’s estimates of future cash flows are based on current regulatory and economic climates, recent operating results, and planned business strategies. These estimates could be negatively affected by changes in federal, state, or local regulations or economic downturns. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from the company’s estimates. The company also used a form of the market approach (utilizes Level 3 unobservable inputs), which is derived from metrics of publicly traded companies or historically completed transactions of comparable businesses. The selection of comparable businesses is based on the markets in which the reporting units operate giving consideration to risk profiles, size, geography, and diversity of products and services. As such, the company believes the current assumptions and estimates utilized are both reasonable and appropriate. In addition, the company performed an impairment analysis related to the equity method investments held by the EID specialty products businesses, as of May 1, 2019. The company applied the net asset value method under the cost approach to determine the fair value of the equity method investments in the EID specialty products businesses. Based on updated projections, the company determined the fair value of an equity method investment was below the carrying value and had no expectation the fair value would recover in the short-term due to the current economic environment. As a result, management concluded the impairment was other-than-temporary and recorded an impairment charge of $63 million, reflected in loss from discontinued operations after income taxes. Additionally, this impairment is reflected within restructuring and asset related charges - net in the year ended December 31, 2019, within the table above. The following table presents the depreciation, amortization of intangibles, and capital expenditures of the discontinued operations related to the EID Specialty Products Entities: For the Year Ended December 31, (In millions) 2019 2018 Depreciation $ 281 $ 837 Amortization of intangibles 267 815 Capital expenditures 481 911 Merger Remedy - Divested Ag Business As a condition of the regulatory approval for the Merger, including by the European Commission, EID was required to divest (the “Divested Ag Business”) certain assets related to its crop protection business and research and development ("R&D") organization, specifically EID’s Cereal Broadleaf Herbicides and Chewing Insecticides portfolios, including Rynaxypyr®, Cyazypyr® and Indoxacarb as well as the crop protection R&D pipeline and organization, excluding seed treatment, nematicides, and late-stage R&D programs. On March 31, 2017, EID and FMC Corporation (“FMC”) entered into a definitive agreement (the "FMC Transaction Agreement"), and on November 1, 2017 FMC acquired the Divested Ag Business. As a result of the agreement, EID entered into favorable contracts with FMC of $495 million, which were recorded as intangible assets recognized at the fair value of off-market contracts. For the year ended December 31, 2019, the company recorded income from discontinued operations after income taxes related to the Divested Ag Business of $80 million related to changes in accruals for certain prior year tax positions. For the year ended December 31, 2018, the company recorded a loss from discontinued operations before income taxes related to the Divested Ag Business of $(10) million, $(5) million after tax. Performance Chemicals On July 1, 2015, Historical DuPont completed the separation of its Performance Chemicals segment through the spin-off of all of the issued and outstanding stock of The Chemours Company (the "Chemours Separation"). In connection with the Chemours Separation, Historical DuPont and The Chemours Company ("Chemours") entered into a Separation Agreement (as amended, the "Chemours Separation Agreement"), discussed below, a Tax Matters Agreement and certain ancillary agreements, including an employee matters agreement, agreements related to transition and site services, and intellectual property cross licensing arrangements. In addition, the companies have entered into certain supply agreements. Separation Agreement The Chemours Separation Agreement sets forth, among other things, the agreements between the company and Chemours regarding the principal transactions necessary to effect the Chemours Separation and also sets forth ancillary agreements that govern certain aspects of the company’s relationship with Chemours after the separation. Among other matters, the Chemours Separation Agreement and the ancillary agreements provide for the allocation between Historical DuPont and Chemours of assets, employees, liabilities and obligations (including investments, property and employee benefits and tax-related assets and liabilities) attributable to periods prior to, at and after the completion of the Chemours Separation. Pursuant to the Chemours Separation Agreement, Chemours indemnifies the company against certain litigation, environmental, workers' compensation and other liabilities that arose prior to the distribution. The term of this indemnification is generally indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. In 2017, EID and Chemours amended the Chemours Separation Agreement to provide for a limited sharing of potential future perfluorooctanoic acid (“PFOA”) liabilities for a period of five years beginning July 6, 2017. In January 2021, Chemours, DuPont and Corteva entered into a binding memorandum of understanding ("MOU") amending the Chemours Separation Agreement, and thereby replacing the 2017 amendment. In connection with the recognition of liabilities related to these matters, the company records an indemnification asset when recovery is deemed probable. At December 31, 2020, the indemnified assets are $66 million within accounts and notes receivable - net and $257 million within other assets (along with the corresponding liabilities within accrued and other current liabilities and other noncurrent obligations on the Consolidated Balance Sheet). Additionally, at December 31, 2020 the company recorded indemnification liabilities related to the MOU, primarily associated with environmental remediation related to PFAS, of $8 million within accrued and other current liabilities and $31 million within other noncurrent obligations in the Consolidated Balance Sheet with corresponding charges to (loss) income from discontinued operations after income taxes, during the year ended December 31, 2020. In addition, in January 2021 Chemours, DuPont and Corteva agreed to settle approximately 95 matters, as well as unfiled matters remaining in the Ohio MDL, for $83 million, with Chemours contributing $29 million to the settlement, and DuPont and Corteva contributing $27 million each. The company has recorded a liability for its share of the settlement, with a charge to (loss) income from discontinued operations after income taxes, during the year ended December 31, 2020. See Note 18 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements, for further discussion of the amendment to the Chemours Separation Agreement, memorandum of understanding and certain litigation and environmental matters indemnified by Chemours. Other Discontinued Operations Activity |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Revenue Recognition Products Substantially all of Corteva's revenue is derived from product sales. Product sales consist of sales of Corteva's products to farmers, distributors, and manufacturers. Corteva considers purchase orders, which in some cases are governed by master supply agreements, to be a contract with a customer. Contracts with customers are considered to be short-term when the time between order confirmation and satisfaction of the performance obligations is equal to or less than one year. However, the company has some long-term contracts which can span multiple years. Revenue from product sales is recognized when the customer obtains control of the company's product, which occurs at a point in time according to shipping terms. Payment terms are generally less than one year from invoicing. The company elected the practical expedient and 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. The company has elected to recognize shipping and handling activities when control has transferred to the customer as an expense in cost of goods sold. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. In addition, the company elected the practical expedient to expense any costs to obtain contracts as incurred, as the amortization period for these costs would have been one year or less. The transaction price includes estimates of variable consideration, such as rights of return, rebates, and discounts, that are reductions in revenue. All estimates are based on the company's historical experience, anticipated performance, and the company's best judgment at the time the estimate is made. Estimates of variable consideration included in the transaction price utilize either the expected value method or most likely amount depending on the nature of the variable consideration. These estimates are reassessed each reporting period and are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur upon resolution of uncertainty associated with the variable consideration. The majority of contracts have a single performance obligation satisfied at a point in time and the transaction price is stated in the contract, usually as quantity times price per unit. For contracts with multiple performance obligations, the company allocates the transaction price to each performance obligation based on the relative standalone selling price. The standalone selling price is the observable price which depicts the price as if sold to a similar customer in similar circumstances. Licenses of Intellectual Property Corteva enters into licensing arrangements with customers under which it licenses its intellectual property. Revenue from the majority of intellectual property licenses is derived from sales-based royalties. Revenue for licensing agreements that contain sales-based royalties is recognized at the later of (i) when the subsequent sale occurs or (ii) when the performance obligation to which some or all of the royalty has been allocated is satisfied. Remaining Performance Obligations Remaining performance obligations represent the transaction price allocated to unsatisfied or partially unsatisfied performance obligations. The company applies the practical expedient to disclose the transaction price allocated to remaining performance obligations for only those contracts with an original duration of one year or more. 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 $115 million and $108 million at December 31, 2020 and December 31, 2019, respectively. The company expects revenue to be recognized for the remaining performance obligations over the next 1 year to 6 years. Contract Balances Contract liabilities primarily reflect deferred revenue from prepayments under contracts with customers where the company receives advance payments for products to be delivered in future periods. Corteva classifies deferred revenue as current or noncurrent based on the timing of when the company expects to recognize revenue. Contract assets primarily include amounts related to contractual rights to consideration for completed performance not yet invoiced. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract Balances December 31, 2020 December 31, 2019 (In millions) Accounts and notes receivable - trade 1 $ 3,917 $ 4,396 Contract assets - current 2 $ 22 $ 20 Contract assets - noncurrent 3 $ 54 $ 49 Deferred revenue - current 4 $ 2,662 $ 2,584 Deferred revenue - noncurrent 5 $ 116 $ 108 1. Included in accounts and notes receivable - net in the Consolidated Balance Sheets. 2. Included in other current assets in the Consolidated Balance Sheets. 3. Included in other assets in the Consolidated Balance Sheets. 4. Included in accrued and other current liabilities in the Consolidated Balance Sheets. 5. Included in other noncurrent obligations in the Consolidated Balance Sheets. Revenue recognized during the year ended December 31, 2020 from amounts included in deferred revenue at the beginning of the period was $2,540 million ($2,146 million for the year ended December 31, 2019). Disaggregation of Revenue Corteva's operations are classified into two reportable segments: Seed and Crop Protection. The company disaggregates its revenue by major product line and geographic region, as the company believes it best depicts the nature, amount and timing of its revenue and cash flows. Net sales by major product line are included below: For the Year Ended December 31, (In millions) 2020 2019 1 2018 1 Corn $ 5,182 $ 5,126 $ 5,220 Soybean 1,445 1,387 1,497 Other oilseeds 619 593 645 Other 510 484 480 Seed 7,756 7,590 7,842 Herbicides 3,280 3,206 3,413 Insecticides 1,764 1,652 1,506 Fungicides 1,032 1,072 1,142 Other 385 326 384 Crop Protection 6,461 6,256 6,445 Total $ 14,217 $ 13,846 $ 14,287 1. Prior periods have been reclassified to conform to current period presentation. 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) 2020 2019 2018 North America 1 $ 4,795 $ 4,724 $ 4,974 EMEA 2 1,468 1,378 1,408 Latin America 1,117 1,130 1,102 Asia Pacific 376 358 358 Total $ 7,756 $ 7,590 $ 7,842 Crop Protection For the Year Ended December 31, (In millions) 2020 2019 2018 North America 1 $ 2,373 $ 2,205 $ 2,438 EMEA 2 1,374 1,362 1,357 Latin America 1,688 1,759 1,715 Asia Pacific 1,026 930 935 Total $ 6,461 $ 6,256 $ 6,445 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, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING AND ASSET RELATED CHARGES - NET Execute to Win Productivity Program During the first quarter of 2020, Corteva approved restructuring actions designed to improve productivity through optimizing certain operational and organizational structures primarily related to the Execute to Win Productivity Program. The company recorded net pre-tax restructuring charges in 2020 under the Execute to Win Program, as disclosed in the tables below. Future cash payments related to this charge are anticipated to be $77 million, primarily related to the payment of severance and related benefits and asset retirement obligations. The company does not anticipate any additional material charges from the Execute to Win Program as actions associated with this charge are substantially complete. The Execute to Win Productivity Program charges related to the segments, as well as corporate expenses, were as follows: (In millions) For the Year Ended December 31, 2020 Seed $ 15 Crop Protection 98 Corporate expenses 63 Total $ 176 The below is a summary of charges incurred related to the Execute to Win Productivity Program for the year ended December 31, 2020: (In millions) For the Year Ended December 31, 2020 Severance and related benefit costs - net $ 63 Asset related charges 113 Total restructuring and asset related charges - net $ 176 A reconciliation of the December 31, 2019 to the December 31, 2020 liability balances related to the Execute to Win Productivity Program is summarized below: (In millions) Severance and Related Benefit (Credits) Costs Asset Related Charges Total Balance at December 31, 2019 $ — $ — $ — Charges to income from continuing operations for the year ended December 31, 2020 63 113 176 Payments (10) (5) (15) Asset write-offs — (105) (105) Balance at December 31, 2020 $ 53 $ 3 $ 56 In addition to the above, the company has recorded asset retirement obligations of $21 million as of December 31, 2020. The asset retirement obligations relate to the company’s required demolition and removal for buildings and equipment, primarily at third party leased sites and will be recognized as asset related charges over the remaining useful lives of the related assets. The company’s leases require these assets be removed from leased land within 12-24 months of operations being ceased. The company ceased substantially all operations in 2020 and the assets are expected to be removed within the contractual timeframe. DowDuPont Cost Synergy Program In September and November 2017, DowDuPont and EID approved post-merger restructuring actions under the DowDuPont Cost Synergy Program (the “Synergy Program”), adopted at the time by the DowDuPont Board of Directors. The Synergy Program was designed to integrate and optimize the organization following the Merger and in preparation for the Business Separations. The company recorded net pre-tax restructuring charges of $845 million from inception-to-date under the Synergy Program, consisting of severance and related benefit costs of $317 million, contract termination costs of $193 million, and asset related charges of $335 million. Actions associated with the Synergy Program, including employee separations, were substantially complete by the end of 2019. The Synergy Program net charges (benefits) related to the segments, as well as corporate expenses, were as follows: For the Year Ended December 31, (In millions) 2020 2019 2018 Seed $ (9) $ 66 $ 237 Crop Protection 11 27 57 Corporate expenses (2) (1) 190 Total $ — $ 92 $ 484 The below is a summary of net charges (benefits) incurred related to the Synergy Program for the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, (In millions) 2020 2019 2018 Severance and related benefit (credits) costs - net $ (2) $ (7) $ 191 Contract termination charges — 69 84 Asset related charges 2 30 209 Total restructuring and asset related charges - net $ — $ 92 $ 484 Account balances and activity for the Synergy Program are summarized below: (In millions) Severance and Related Benefit (Credits) Costs Costs Associated with Exit and Disposal Activities 1 Asset Related Charges Total Balance at December 31, 2019 $ 29 $ 40 $ — $ 69 (Benefits) charges to income from continuing operations for the year ended December 31, 2020 (2) — 5 3 Payments (19) (10) 2 (27) Asset write-offs — — (7) (7) Balance at December 31, 2020 $ 8 $ 30 $ — $ 38 1. Relates primarily to contract terminations charges. DowDuPont Agriculture Division Restructuring Program During the fourth quarter of 2018 and in connection with the ongoing integration activities, DowDuPont approved restructuring actions to simplify and optimize certain organizational structures in preparation for the Business Separations. The company recorded net pre-tax restructuring charges, from inception-to-date, as disclosed in the tables below. The actions related to this program were completed in 2019. The DowDuPont Agriculture Division Restructuring Program (benefits) charges related to the segments, as well as corporate expenses, were as follows: (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Seed $ 3 $ 5 Crop Protection (4) 1 Corporate expenses (13) 78 Total $ (14) $ 84 The below is a summary of net (benefits) charges incurred related to the DowDuPont Agriculture Division Restructuring Program for the years ended December 31, 2019 and 2018: (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Severance and related benefit (credits) costs - net $ (17) $ 78 Asset related charges 3 6 Total $ (14) $ 84 Other Asset Related Charges For the year ended December 31, 2020, the company recognized $159 million, in restructuring and asset related charges, net in the Consolidated Statement of Operations, from non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. Asset Impairment During the third and fourth quarters of 2019, the company recognized non-cash impairment charges of $54 million pre-tax ($41 million after-tax) and $90 million pre-tax ($69 million after-tax), respectively, in restructuring and asset related charges - net in the company's Consolidated Statements of Operations related to certain in-process research and development ("IPR&D") assets within the seed segment. Refer to Note 15 - Goodwill and Other Intangible Assets, and Note 23 - Fair Value Measurements, for further information. During the third quarter of 2018, the company recognized an $85 million pre-tax ($66 million after-tax) non-cash impairment charge in restructuring and asset related charges - net in the company's Consolidated Statements of Operations related to certain IPR&D within the seed segment. Refer to Note 15 - Goodwill and Other Intangible Assets, and Note 23 - Fair Value Measurements, for further information. In addition, in 2018, based on updated projections for the company’s investments in nonconsolidated affiliates in China related to the seed segment, management determined the fair values of the investments in nonconsolidated affiliates were below the carrying values and had no expectation the fair values would recover due to the continuing unfavorable regulatory environment including lack of intellectual property protection, uncertain product registration timing and limited freedom to operate. As a result, management concluded the impairment was other than temporary and in the third quarter of 2018 recorded a non-cash impairment charge of $41 million in restructuring and asset related charges - net in the company's Consolidated Statements of Operations, none of which is tax-deductible. Refer to Note 23 - Fair Value Measurements, for further information. |
Related Parties (Notes)
Related Parties (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS Services Provided by and to Historical Dow and its affiliates Following the Merger and prior to the Dow Distribution, Corteva reported transactions with Historical Dow and its affiliates as related party transactions. Purchases from Historical Dow and its affiliates were $42 million, and $149 million for the years ended December 31, 2019 and 2018, respectively. Transactions with DowDuPont In November 2017, DowDuPont's Board of Directors authorized an initial $4,000 million share repurchase program to buy back shares of DowDuPont common stock. The $4,000 million share repurchase program was completed in the third quarter of 2018. In February, May, August and November 2018, the DowDuPont Board declared first, second, third and fourth quarter dividends per share of DowDupont common stock payable on March 15, 2018, June 15, 2018, September 15, 2018 and December 14, 2018, respectively. For the year ended December 31, 2018, EID declared and paid distributions in cash to DowDuPont of about $2,806 million primarily to fund a portion of DowDuPont's share repurchases and dividend payments for these periods. In addition, in 2019 and 2018, DowDuPont contributed cash to Corteva to fund portions of the company's debt redemption/repayment transactions. See Note 17 - Long-Term Debt and Available Credit Facilities, to the Consolidated Financial Statements, for additional information. |
Supplementary Information
Supplementary Information | 12 Months Ended |
Dec. 31, 2020 | |
Supplementary Information [Abstract] | |
Additional Financial Information Disclosure [Text Block] | SUPPLEMENTARY INFORMATION Other Income - Net For the Year Ended December 31, (In millions) 2020 2019 2018 Interest income $ 56 $ 59 $ 86 Equity in losses of affiliates - net — (9) (1) Net (loss) gain on sales of businesses and other assets 1 (2) 64 62 Net exchange losses 2,3 (174) (99) (127) Non-operating pension and other post employment benefit credit 4 368 191 275 Miscellaneous (expenses) income - net 5 (36) 9 (46) Other income - net $ 212 $ 215 $ 249 1 The year ended December 31, 2020 includes a loss of $(53) million and a gain of $27 million relating to the expected sale of the La Porte site, for which the company signed an agreement in 2020, and the sale of a business in Asia Pacific in the crop protection segment, respectively. 2 Includes net pre-tax exchange losses of $(82) million, $(51) million and $(68) million associated with the devaluation of the Argentine peso for the years ended December 31, 2020, 2019 and 2018, respectively. 3 Includes a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, which is included within significant items. 4 Includes 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 (loss) gain). 5 Miscellaneous (expenses) income - net, includes losses from sale of receivables, tax indemnification adjustments related to changes in indemnification balances as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont, and other items. In addition, the year ended December 31, 2018 includes a $(53) million loss related to the deconsolidation of a subsidiary (refer to Note 25 - Segment Information). Refer to Note 12 - Accounts and Notes Receivable - Net, for additional information on losses on the sale of receivables. The following table summarizes the impacts of the company's foreign currency hedging program on the company's results of operations. The company routinely uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities. The objective of this program is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes on net monetary asset positions. The hedging program gains (losses) are largely taxable (tax deductible) in the United States (U.S.), whereas the offsetting exchange gains (losses) on the remeasurement of the net monetary asset positions are often not taxable (tax deductible) in their local jurisdictions. The net pre-tax exchange gains (losses) are recorded in other income (expense) - net and the related tax impact is recorded in provision for (benefit from) income taxes on continuing operations in the Consolidated Statements of Operations. For the Year Ended December 31, (In millions) 2020 2019 2018 Subsidiary Monetary Position (Loss) Gain Pre-tax exchange (loss) gain $ (263) $ (41) $ (221) Local tax benefits (expenses) 34 2 (31) Net after-tax impact from subsidiary exchange loss $ (229) $ (39) $ (252) Hedging Program (Loss) Gain Pre-tax exchange gain (loss) $ 89 $ (58) $ 94 Tax (expenses) benefits (21) 13 (21) Net after-tax impact from hedging program exchange gain (loss) $ 68 $ (45) $ 73 Total Exchange (Loss) Gain Pre-tax exchange loss $ (174) $ (99) $ (127) Tax benefits (expenses) 13 15 (52) Net after-tax exchange loss $ (161) $ (84) $ (179) Cash, cash equivalents and restricted cash The following table provides a reconciliation of cash and cash equivalents and restricted cash (included in other current assets) presented in the Consolidated Balance Sheets to the total cash, cash equivalents and restricted cash presented in the Consolidated Statements of Cash Flows. (In millions) December 31, 2020 December 31, 2019 Cash and cash equivalents $ 3,526 $ 1,764 Restricted cash 347 409 Total cash, cash equivalents and restricted cash 3,873 2,173 EID entered into a trust agreement in 2013 (as amended and restated in 2017), establishing and requiring EID to fund a trust (the "Trust") for cash obligations under certain non-qualified benefit and deferred compensation plans upon a change in control event as defined in the Trust agreement. Under the Trust agreement, the consummation of the Merger was a change in control event. Restricted cash at December 31, 2020 and December 31, 2019 is related to the Trust. Accrued and other current liabilities Accrued and other current liabilities were $4,807 million at December 31, 2020 and $4,434 million at December 31, 2019. Refer to Note 6 - Revenue, for discussion of deferred revenue, which is a component of accrued and other current liabilities. No other components of accrued and other current liabilities were more than 5 percent of total current liabilities. Accounts payable Accounts payable was $3,615 million at December 31, 2020 and $3,702 million at December 31, 2019. Accounts payable - trade, which is a component of accounts payable, was $2,557 million at December 31, 2020 and $2,577 million at December 31, 2019. Accounts payable - other, which is a component of accounts payable, was $1,058 million at December 31, 2020 and $927 million at December 31, 2019. No other components of accounts payable were more than 5 percent of total current liabilities. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES On December 22, 2017, the Tax Cuts and Jobs Act (“The Act”) was enacted. The Act reduced the U.S. federal corporate income tax rate from 35 percent to 21 percent, required companies to pay a one-time transition tax (“transition tax”) on earnings of certain foreign subsidiaries that were previously tax deferred, created new provisions related to foreign sourced earnings, eliminated the domestic manufacturing deduction and moved to a territorial system. At December 31, 2017, the Company had not completed its accounting for the tax effects of The Act; however, as described below, the company made a reasonable estimate of the effects on its existing deferred tax balances and the one-time transition tax. In accordance with Staff Accounting Bulletin 118 ("SAB 118"), income tax effects of The Act were refined upon obtaining, preparing, or analyzing additional information during the measurement period. At December 31, 2018, the company had completed its accounting for the tax effects of The Act. • As a result of The Act, the company remeasured its U.S. federal deferred income tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21 percent. The company recorded a cumulative benefit of $(2,847) million (which includes a $(34) million benefit in the year ended December 31, 2018) to benefit from income taxes on continuing operations with respect to the remeasurement of the company's deferred tax balances. Of the $(34) million benefit, $(114) million relates to the company's discretionary pension contribution in 2018, which was deducted on a 2017 tax return. The remaining charges relate to purchase accounting adjustments made throughout 2018. • The Act requires a mandatory deemed repatriation of post-1986 undistributed foreign earnings and profits (“E&P”), which results in a one-time transition tax. The company recorded a cumulative charge of $928 million (which includes a $182 million charge in the year ended December 31, 2018) to benefit from income taxes on continuing operations with respect to the one-time transition tax. • In the year ended December 31, 2018, the company recorded a $16 million charge to benefit from income taxes on continuing operations associated with an indirect impact of The Act related to prepaid tax on the intercompany sale of inventory. For tax years beginning after December 31, 2017, The Act introduces new provisions for U.S. taxation of certain global intangible low-taxed income (“GILTI”). The company has made the policy election to record any liability associated with GILTI in the period in which it is incurred. Geographic Allocation of Income (Loss) and Provision for (Benefit from) Income Taxes For the Year Ended December 31, (In millions) 2020 2019 2018 Income (loss) from continuing operations before income taxes Domestic $ (83) $ (1,352) $ (5,040) Foreign 758 1,036 (1,766) Income (loss) from continuing operations before income taxes $ 675 $ (316) $ (6,806) Current tax expense (benefit) Federal $ 28 $ (11) $ (112) State and local 9 1 (32) Foreign 222 317 446 Total current tax expense $ 259 $ 307 $ 302 Deferred tax (benefit) expense Federal $ (116) $ (392) $ (124) State and local 27 156 (39) Foreign (251) (117) (170) Total deferred tax benefit $ (340) $ (353) $ (333) Benefit from income taxes on continuing operations (81) (46) (31) Net income (loss) from continuing operations after taxes $ 756 $ (270) $ (6,775) Reconciliation to U.S. Statutory Rate For the Year Ended December 31, 2020 2019 2018 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Effective tax rates on international operations - net 1 (13.9) (18.4) 0.4 Acquisitions, divestitures and ownership restructuring activities 2, 3, 4 (0.3) (10.7) (2.3) U.S. research and development credit (2.9) 7.0 0.1 Exchange gains/losses 5 3.5 (1.8) (1.3) SAB 118 Impact of Enactment of U.S. Tax Reform 6 — — (3.0) State and local incomes taxes - net 4.0 3.2 0.5 Impact of Swiss Tax Reform 7 (27.0) 11.9 — Excess tax benefits/deficiencies from stock compensation 1.0 (0.6) 0.1 Tax settlements and expiration of statute of limitations 0.4 3.9 (0.1) Goodwill impairment 8 — — (15.2) Other - net 2.2 (0.9) 0.3 Effective tax rate on income from continuing operations (12.0) % 14.6 % 0.5 % 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 $(51) million for the year ended December 31, 2020, related to a return to accrual adjustment associated with an elective change in accounting method for the 2019 tax year impact of The Act's foreign tax provisions. 2. See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information. 3. Includes a net tax charge of $50 million related to repatriation activities to facilitate the Business Separations for the year ended December 31, 2018. 4. Includes a net tax charge of $25 million for the year ended December 31, 2018 related to an internal legal entity restructuring associated with the Business Separations. 5. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, under the heading Foreign Currency Risk. 6. Reflects a net tax charge of $164 million associated with the company's completion of the accounting for the tax effects of The Act for the year ended December 31, 2018. 7. Reflects tax benefits of $(182) million primarily driven by the recognition of an elective cantonal component of the recent enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform") for the year ended December 31, 2020. Reflects tax benefits of $(38) million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"), for the year ended December 31, 2019. 8. Reflects the impact of the non-tax-deductible, non-cash impairment charge for the agriculture reporting unit and corresponding $75 million tax charge associated with a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil for the year ended December 31, 2018. Deferred Tax Balances at December 31 2020 2019 (In millions) Assets Liabilities Assets Liabilities Property $ — $ 170 $ — $ 369 Tax loss and credit carryforwards 1 497 — 761 — Accrued employee benefits 1,415 — 1,717 — Other accruals and reserves 238 — 135 — Intangibles — 2,418 — 2,738 Inventory 127 — 25 — Research and development capitalization 186 — 131 — Investments 56 — 53 — Unrealized exchange gains/losses 2 — — 39 Other – net 91 — 148 — Subtotal $ 2,612 $ 2,588 $ 2,970 $ 3,146 Valuation allowances 2 (453) — (457) — Total $ 2,159 $ 2,588 $ 2,513 $ 3,146 Net Deferred Tax Liability $ (429) $ (633) 1. Primarily related to the realization of recorded tax benefits on tax loss and credit carryforwards from operations in the United States, Brazil, and Spain. 2. During the year ended December 31, 2020, the company established a $19 million state tax valuation allowance in the U.S. based on a change in judgement about the realizability of a deferred tax asset. During the year ended December 31, 2019, the company released a valuation allowance against the net deferred tax asset position of a legal entity in Switzerland in connection with an internal merger, resulting in a tax benefit of $(34) million. During the year ended December 31, 2018, the company established a full valuation allowance against the net deferred tax asset position of a legal entity in Brazil due to revised financial projections, resulting in tax expense of $75 million. See Note 15 - Goodwill and Other Intangible Assets, to the Consolidated Financial Statements, for additional information. However, it is reasonably possible that sufficient positive evidence required to release all, or a portion, of certain valuation allowance in certain jurisdictions will exist within the next 12 months. Operating Loss and Tax Credit Carryforwards Deferred Tax Asset (In millions) 2020 2019 Operating loss carryforwards Expire within 5 years $ 99 $ 131 Expire after 5 years or indefinite expiration 343 400 Total operating loss carryforwards $ 442 $ 531 Tax credit carryforwards Expire within 5 years $ 14 $ 30 Expire after 5 years or indefinite expiration 41 200 Total tax credit carryforwards $ 55 $ 230 Total Operating Loss and Tax Credit Carryforwards $ 497 $ 761 Total Gross Unrecognized Tax Benefits For the Year Ended December 31, (In millions) 2020 2019 2018 Total unrecognized tax benefits as of beginning of period $ 426 $ 749 $ 741 Decreases related to positions taken on items from prior years (14) (167) (44) Increases related to positions taken on items from prior years 5 77 74 Increases related to positions taken in the current year 6 54 9 Settlement of uncertain tax positions with tax authorities (18) (9) (13) Impact of Internal Reorganizations — (278) — Decreases due to expiration of statutes of limitations (7) — (5) Exchange loss (gain) (3) — (13) Total unrecognized tax benefits as of end of period $ 395 $ 426 $ 749 Total unrecognized tax benefits that, if recognized, would impact the effective tax rate $ 156 $ 188 $ 45 Total amount of interest and penalties (benefits) recognized in provision for (benefit from) income taxes on continuing operations $ (2) $ (4) $ 11 Total accrual for interest and penalties associated with unrecognized tax benefits at end of period $ 18 $ 24 $ 45 Each year the company files hundreds of tax returns in the various national, state and local income taxing jurisdictions in which it operates. These tax returns are subject to examination and possible challenge by the tax authorities. Positions challenged by the tax authorities may be settled or appealed by the company. As a result, there is an uncertainty in income taxes recognized in the company's financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. It is reasonably possible that changes to the company’s global unrecognized tax benefits could be significant; however, due to the uncertainty regarding the timing of completion of audits and possible outcomes, a current estimate of the range of increases or decreases that may occur within the next twelve months cannot be made. Tax years that remain subject to examination for the company’s major tax jurisdictions are shown below: Tax Years Subject to Examination by Major Tax Jurisdiction at December 31, Earliest Open Year Jurisdiction Argentina 2014 Brazil 2014 Canada 2012 China 2008 France 2017 India 2007 Italy 2015 Switzerland 2015 United States: Federal income tax 2012 State and local income tax 2001 Undistributed earnings of foreign subsidiaries and related companies that are deemed to be indefinitely invested amounted to $4,130 million at December 31, 2020. As a result of the Act, distributions of profits from non-U.S. subsidiaries are not expected to cause a significant incremental U.S. tax impact in the future; however, those distributions may still be subject to certain taxes upon repatriation, primarily where foreign withholding taxes apply. 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 Effectiveness Time and the Corteva Distribution, Corteva and its subsidiaries were included in DowDuPont's consolidated federal income tax group and consolidated tax return. Generally, the consolidated tax liability of the DowDuPont U.S. tax group for each year was apportioned among the members of the consolidated group based on each member’s separate taxable income. Corteva, DuPont and Dow intend that to the extent Federal and/or State corporate income tax liabilities are reduced through the utilization of tax attributes of the other, settlement of any receivable and payable generated from the use of the other party’s sub-group attributes will be in accordance with a tax sharing agreement and/or tax matters agreement. See Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements for further information related to indemnifications between Corteva, Dow and DuPont. |
Earnings Per Share of Common St
Earnings Per Share of Common Stock (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS PER SHARE OF COMMON STOCK On June 1, 2019, the date of the Corteva Distribution, 748,815,000 shares of the company’s common stock were distributed to DowDuPont shareholders of record as of May 24, 2019. The following tables provide earnings per share calculations for the periods indicated below: Net Income (Loss) for Earnings Per Share Calculations - Basic and Diluted For the Year Ended December 31, (In millions) 2020 2019 2018 Income (loss) from continuing operations after income taxes $ 756 $ (270) $ (6,775) Net income attributable to continuing operations noncontrolling interests 20 13 29 Income (loss) from continuing operations attributable to Corteva common stockholders 736 (283) (6,804) (Loss) income from discontinued operations, net of tax (55) (671) 1,748 Net income attributable to discontinued operations noncontrolling interests — 5 9 (Loss) income from discontinued operations attributable to Corteva common stockholders (55) (676) 1,739 Net income (loss) attributable to common stockholders $ 681 $ (959) $ (5,065) Earnings (Loss) Per Share Calculations - Basic For the Year Ended December 31, (Dollars per share) 2020 2019 2018 Earnings (loss) per share of common stock from continuing operations $ 0.98 $ (0.38) $ (9.08) (Loss) earnings per share of common stock from discontinued operations (0.07) (0.90) 2.32 Earnings (loss) per share of common stock $ 0.91 $ (1.28) $ (6.76) Earnings (Loss) Per Share Calculations - Diluted For the Year Ended December 31, (Dollars per share) 2020 2019 2018 Earnings (loss) per share of common stock from continuing operations $ 0.98 $ (0.38) $ (9.08) (Loss) earnings per share of common stock from discontinued operations (0.07) (0.90) 2.32 Earnings (loss) per share of common stock $ 0.91 $ (1.28) $ (6.76) Share Count Information For the Year Ended December 31, (Shares in millions) 2020 2019 2018 Weighted-average common shares - basic 1 748.7 749.5 749.4 Plus dilutive effect of equity compensation plans 2 2.5 — — Weighted-average common shares - diluted 751.2 749.5 749.4 Potential shares of common stock excluded from EPS calculations 3 9.4 14.4 — 1. Share amounts for all periods prior to the Corteva Distribution were based on 748.8 million shares of Corteva, Inc. common stock distributed to holders of DowDuPont's common stock on June 1, 2019, plus 0.6 million of additional shares in which accelerated vesting conditions have been met. 2. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. 3. These outstanding potential shares of common stock relating to stock options, restricted stock units and performance-based restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been anti-dilutive. |
Accounts and Notes Receivable,
Accounts and Notes Receivable, Net | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Accounts and Notes Receivables, Net | ACCOUNTS AND NOTES RECEIVABLE - NET (In millions) December 31, 2020 December 31, 2019 Accounts receivable – trade 1 $ 3,754 $ 4,225 Notes receivable – trade 1,2 163 171 Other 3 1,009 1,132 Total accounts and notes receivable - net $ 4,926 $ 5,528 1. Accounts receivable – trade and notes receivable - trade are net of allowances of $208 million at December 31, 2020 and $174 million at December 31, 2019. Allowances are equal to the estimated uncollectible amounts. The allowance at December 31, 2020 is equal to the expected credit losses and was developed using a loss-rate method. The allowance at December 31, 2019 is equal to the estimated uncollectible amounts and is based on historical collection experience, current economic and market conditions, and review of the current status of customers' accounts. 2. Notes receivable – trade primarily consists of receivables for deferred payment loan programs for the sale of seed products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid pre-approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of December 31, 2020 and 2019, 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 10 percent of total receivables. In addition, Other includes amounts due from nonconsolidated affiliates of $106 million and $119 million as of December 31, 2020 and 2019, respectively. Accounts and notes receivable are carried at the expected amount to be collected, which approximates fair value. The following table summarizes changes in the allowance for doubtful receivables for the twelve months ended December 31, 2020: (In millions) Balance at December 31, 2019 $ 174 Additions charged to expense 154 Write-offs charged against allowance (8) Recoveries collected (101) Other (11) Balance at December 31, 2020 $ 208 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 $255 million, $328 million, and $133 million for the years ended December 31, 2020, 2019 and 2018, respectively. The trade receivables sold that remained outstanding under these agreements which include an element of recourse as of December 31, 2020 and December 31, 2019 were $157 million and $171 million, respectively. The net proceeds received were included in cash provided by operating activities in the Consolidated Statements of Cash Flows. The difference between the carrying amount of the trade receivables sold and the sum of the cash received is recorded as a loss on sale of receivables in other income (expense) - net in the Consolidated Statements of Operations. The loss on sale of receivables were $55 million, $44 million, and $25 million for the years ended December 31, 2020, 2019 and 2018, respectively. The guarantee obligations recorded as of December 31, 2020 and December 31, 2019 in the Consolidated Balance Sheets were not material. See Note 18 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements, for additional information on the company’s guarantees. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES (In millions) December 31, 2020 December 31, 2019 Finished products $ 2,584 $ 2,684 Semi-finished products 1,813 1,850 Raw materials and supplies 485 498 Total inventories $ 4,882 $ 5,032 As a result of the Merger, a fair value step-up of $2,297 million was recorded for inventories. This fair value step-up was fully amortized, as of December 31, 2019. During the years ended December 31, 2019 and 2018, the company recognized $272 million and $1,554 million in cost of goods sold in the Consolidated Statements of Operations, respectively, related to the amortization of the step-up. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | PROPERTY, PLANT AND EQUIPMENT (In millions) December 31, 2020 December 31, 2019 Land and land improvements $ 451 $ 459 Buildings 1,525 1,508 Machinery and equipment 5,556 5,323 Construction in progress 721 582 Total property, plant and equipment 8,253 7,872 Accumulated depreciation (3,857) (3,326) Total property, plant and equipment - net $ 4,396 $ 4,546 Buildings, machinery and equipment and land improvements are depreciated over useful lives on a straight-line basis ranging from 1 year to 25 years. Capitalizable costs associated with computer software for internal use are amortized on a straight-line basis over 1 year to 8 years. For the Year Ended December 31, (In millions) 2020 2019 2018 Depreciation expense $ 495 $ 525 $ 518 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019, respectively. (In millions) Agriculture Crop Protection Seed Total Balance as of December 31, 2018 $ 10,193 $ — $ — $ 10,193 Currency translation adjustment (28) — — (28) Other goodwill adjustments and acquisitions 1 14 — — 14 Realignment of segments (10,179) 4,726 5,453 — Balance as of June 1, 2019 $ — $ 4,726 $ 5,453 $ 10,179 Currency translation adjustment — 28 32 60 Other goodwill adjustments and acquisitions 2 — (11) 1 (10) Balance as of December 31, 2019 — 4,743 5,486 10,229 Currency translation adjustment — 31 38 69 Other goodwill adjustments and acquisitions 2 — (29) — (29) Balance as of December 31, 2020 $ — $ 4,745 $ 5,524 $ 10,269 1. Primarily consists of the acquisition of a distributor in Greece. 2. Primarily consists of the goodwill included in the sale of businesses in the crop protection segment. The company tests goodwill for impairment annually (during the fourth quarter), or more frequently when events or changes in circumstances indicate it is more likely than not that the fair value of a reporting unit has declined below its carrying value. As mentioned in Note 2 - Summary of Significant Accounting Policies, as a result of the Internal Reorganizations and Business Realignments, the company changed its reportable segments to seed and crop protection to reflect the manner in which the company's chief operating decision maker assesses performance and allocates resources. The change in reportable segments resulted in changes to the company's reporting units for goodwill impairment testing to align with the level at which discrete financial information is available for review by management. The company’s reporting units include seed, crop protection and digital. In connection with the change in reportable segments and reporting units in the second quarter of 2019, goodwill was reassigned from the former agriculture reporting unit to the seed, crop protection and digital reporting units using a relative fair value allocation approach. As a result, the company performed a goodwill impairment assessment for the former agriculture reporting unit immediately prior to the realignment and the newly created reporting units immediately after the realignment. Additionally, during the second quarter of 2020, the company determined a triggering event had occurred as a result of changes in the company's long-term projections driven largely by the impacts of the COVID-19 pandemic on the mid-term forecasted cash flows of the business, including, but not limited to currency fluctuations, expectations of future planted area (as influenced by consumer demand, ethanol markets and government policies and regulations) and relative commodity prices, which required an interim impairment assessment for its seed and crop protection reporting units and trade name indefinite lived intangible asset. Based on the impairment analysis performed over the company’s trade name indefinite lived intangible asset it was determined that the fair value approximated the carrying value, and no impairment charge was necessary. The company performed quantitative testing on all of its reporting units and determined that no goodwill impairments existed in 2019 and 2020. During the third quarter of 2018, and in connection with strategic business reviews, the company assembled updated financial projections. The revised financial projections of the agriculture reporting unit assessed and quantified the impacts of developing market conditions, events and circumstances that have evolved throughout 2018, resulting in a reduction in the forecasts of sales and profitability as compared to prior forecasts. The reduction in financial projections was principally driven by lower growth in sales and margins in North America and Latin America and unfavorable currency impacts related to the Brazilian Real. The lower growth expectation was driven by reduced planted area, an expected unfavorable shift to soybeans from corn in Latin America, and delays in expected product registrations. In addition, decreases in commodity prices and higher than anticipated industry grain inventories were expected to impact farmers’ income and buying choices resulting in shifts to lower technologies and pricing pressure. The company considered the combination of these factors and the resulting reduction in its forecasted projections for the agriculture reporting unit and determined it was more likely than not that the fair value of the agriculture reporting unit was less than the carrying value, thus requiring the performance of an updated goodwill and intangible asset impairment analysis for the agriculture reporting unit as of September 30, 2018. For the year ended December 31, 2018, the company performed an interim impairment analysis for the agriculture reporting unit using a discounted cash flow model (a form of the income approach), utilizing Level 3 unobservable inputs. The company’s significant estimates in this analysis included, but were not limited to, future cash flow projections, Merger-related cost and growth synergies, the weighted average cost of capital, the terminal growth rate, and the tax rate. The company believed the current assumptions and estimates utilized were both reasonable and appropriate. The key assumption driving the change in fair value was the lower financial projections discussed above. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from the company’s estimates. If the company’s ongoing estimates of future cash flows are not met, the company may have to record additional impairment charges in future periods. The company’s estimates of future cash flows are based on current regulatory and economic climates, recent operating results, and planned business strategy. These estimates could be negatively affected by changes in federal, state, or local regulations or economic downturns. Based on the analysis performed, the company determined that the carrying amount of the agriculture reporting unit exceeded its fair value resulting in a pre-tax, non-cash goodwill impairment charge of $4,503 million, reflected in goodwill impairment charge in the company’s Consolidated Statement of Operations for the year ended December 31, 2018. None of the charge was tax-deductible. Other Intangible Assets The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: (In millions) December 31, 2020 December 31, 2019 Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization (Definite-lived): Germplasm 1 $ 6,265 $ (317) $ 5,948 $ 6,265 $ (63) $ 6,202 Customer-related 1,984 (380) 1,604 1,977 (268) 1,709 Developed technology 1,451 (525) 926 1,463 (370) 1,093 Trademarks/trade names 2 2,019 (99) 1,920 166 (86) 80 Favorable supply contracts 475 (302) 173 475 (207) 268 Other 3 405 (239) 166 404 (213) 191 Total other intangible assets with finite lives 12,599 (1,862) 10,737 10,750 (1,207) 9,543 Intangible assets not subject to amortization (Indefinite-lived): IPR&D 10 — 10 10 — 10 Trade name 2 1,871 — 1,871 Total other intangible assets 10 — 10 1,881 — 1,881 Total $ 12,609 $ (1,862) $ 10,747 $ 12,631 $ (1,207) $ 11,424 1. Beginning on October, 1, 2019, the company changed its indefinite life assertion of germplasm assets to definite lived with a useful life of 25 years. The change is a result of a more focused development effort of new seed products coupled with an intent to out license select germplasm on a nonexclusive basis. Prior to changing the useful life of the germplasm assets, the company tested the assets for impairment under ASC 350 - Intangibles, Goodwill and Other, concluding the assets were not impaired. The increase in accumulated amortization for the year ended December 31, 2020 when compared to the year ended December 31, 2019 is due to 2020 including a full year of amortization of germplasm assets. 2. Beginning on October 1, 2020, the company changed its indefinite life assertion of its trade name asset to definite lived with a useful life of 25 years. This change is the result of the launch of Brevant TM seed in the retail channel in the U.S. Prior to changing the useful life of the trade name asset, the company tested the asset for impairment under ASC 350 - Intangibles, Goodwill and Other, concluding the asset was not impaired. 3. Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. During the third quarter of 2019, and in connection with strategic product and portfolio reviews, the company determined that the fair value of certain intangible assets classified as developed technology, other intangible assets and IPR&D within the seed segment that primarily relate to heritage DAS intangibles previously acquired from Cooperativa Central de Pesquisa Agrícola's ("Coodetec") was less than the carrying value due to the company’s focus on advancing more competitive products and eliminating redundancy and complexity across the breeding programs. For IPR&D and developed technology, the company concluded these projects were abandoned. For other intangible assets, the company performed an impairment assessment using the relief from royalty method (a form of the income approach) using Level 3 inputs within the fair value hierarchy. The significant assumptions used in the calculation included projected revenue, royalty rates and discount rates. These significant assumptions involve management judgment and estimates relating to future operating performance and economic conditions that may differ from actual cash flows. As a result, the company recorded a pre-tax, non-cash intangible asset impairment charge of $54 million ($41 million after-tax), which is reflected in restructuring and asset related charges - net, in the company's Consolidated Statements of Operations for the year ended December 31, 2019. There were no indicators of impairment for the company’s other intangible assets that would suggest that the fair value is less than its carrying value at December 31, 2019, except for IPR&D. As a result of the company’s decision, during the fourth quarter of 2019, to accelerate the ramp up of the Enlist E3 TM trait platform in the company’s soybean portfolio mix across all brands over the subsequent five years with minimal use of the Roundup Ready 2 Yield ® and Roundup Ready 2 Xtend ® traits thereafter for the remainder of the Roundup Ready 2 License Agreement, the company determined that certain IPR&D projects associated with Roundup Ready 2 Xtend ® were not recoverable and were impaired. These IPR&D projects were either abandoned or tested for impairment using the relief from royalty method (a form of the income approach) using Level 3 inputs within the fair value hierarchy. The key assumptions used in the relief from royalty method calculation included projected revenue, royalty rates and discount rates. These key assumptions involve management judgment and estimates relating to future operating performance and economic conditions that may differ from actual cash flows. As a result, the company recorded a pre-tax, non-cash intangible asset charge of $90 million ($69 million after-tax), which is reflected in restructuring and asset related charges - net, in the company's Consolidated Statements of Operations for the year ended December 31, 2019. During 2018, in reviewing the indefinite-lived intangible assets, the company also determined that the fair value of certain IPR&D assets had declined as a result of delays in timing of commercialization and increases to expected research and development costs. The company performed an analysis of the fair value using the relief from royalty method (a form of the income approach) using Level 3 inputs within the fair value hierarchy. The key assumptions used in the calculation included projected revenue, royalty rates and discount rates. These key assumptions involve management judgment and estimates relating to future operating performance and economic conditions that may differ from actual cash flows. As a result, the company recorded a pre-tax, non-cash intangible asset impairment charge of $85 million ($66 million after tax), which is reflected in restructuring and asset related charges - net, in the company's Consolidated Statement of Operations for the year ended December 31, 2018. The aggregate pre-tax amortization expense from continuing operations for definite-lived intangible assets was $682 million, $475 million, and $391 million, for the year ended December 31, 2020, the year ended December 31, 2019, and the year ended December 31, 2018, respectively. Amortization expense for the year ended December 31, 2020 related to the trade name asset was $19 million (see discussion above for change in the indefinite life assertion). The estimated annual future amortization expense related to the trade name asset is approximately $75 million per year. Total estimated amortization expense for the next five fiscal years is as follows: (In millions) 2021 $ 720 2022 $ 698 2023 $ 619 2024 $ 605 2025 $ 569 |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | LEASESThe company has operating and finance leases for real estate, transportation, certain machinery and equipment, and information technology assets. The company’s leases have remaining lease terms of 1 year to 51 years. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend the lease when it is reasonably certain that the company will exercise that option. Some leasing arrangements require variable payments that are dependent on usage, output, or may vary for other reasons, such as insurance and tax payments. The variable lease payments are not presented as part of the initial ROU asset or lease liability. Certain of the company's leases include residual value guarantees. These residual value guarantees are based on a percentage of the lessor's asset acquisition price and the amount of such guarantee declines over the course of the lease term. The portion of residual value guarantees that are probable of payment are included in the related lease liability. At December 31, 2020, the company has future maximum payments for residual value guarantees in operating leases of $248 million with final expirations through 2028. The company's lease agreements do not contain any material restrictive covenants. The components of lease cost were as follows: For the Year Ended December 31, (In millions) 2020 2019 Operating lease cost $ 197 $ 166 Finance lease cost Amortization of right-of-use assets 2 10 Interest on lease liabilities — 1 Total finance lease cost 2 11 Short-term lease cost 14 17 Variable lease cost 7 7 Total lease cost $ 220 $ 201 New leases entered into during the years ended December 31, 2020 and December 31, 2019 were not material, on an individual basis . Supplemental cash flow information related to leases was as follows: For the Year Ended December 31, (In millions) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 202 $ 174 Operating cash outflows from finance leases $ — $ 1 Financing cash outflows from finance leases $ 1 $ 9 Supplemental balance sheet information related to leases was as follows: (In millions) December 31, 2020 December 31, 2019 Operating Leases Operating lease right-of-use assets 1 $ 521 $ 555 Current operating lease liabilities 2 138 140 Noncurrent operating lease liabilities 3 391 426 Total operating lease liabilities $ 529 $ 566 Finance Leases Property, plant, and equipment, gross $ 15 $ 15 Accumulated depreciation (10) (8) Property, plant, and equipment, net 5 7 Short-term borrowings and finance lease obligations 1 4 Long-Term Debt 4 5 Total finance lease liabilities $ 5 $ 9 1. Included in other assets in the Consolidated Balance Sheet. 2. Included in accrued and other current liabilities in the Consolidated Balance Sheet. 3. Included in other noncurrent obligations in the Consolidated Balance Sheet. The company utilizes the incremental borrowing rate in determining the present value of lease payments unless the implicit rate is readily determinable. Lease Term and Discount Rate December 31, 2020 December 31, 2019 Weighted-average remaining lease term (years) Operating leases 7.71 10.80 Financing leases 4.26 5.10 Weighted average discount rate Operating leases 3.06 % 3.96 % Financing leases 3.28 % 3.26 % Maturities of lease liabilities were as follows: Maturity of Lease Liabilities at December 31, 2020 Operating Leases Financing Leases (In millions) 2021 $ 152 $ 1 2022 114 1 2023 83 1 2024 61 1 2025 51 1 2026 and thereafter 137 — Total lease payments 598 5 Less: Interest 69 — Present value of lease liabilities $ 529 $ 5 Maturity of Lease Liabilities at December 31, 2019 Operating Leases Financing Leases (In millions) 2020 $ 154 $ 4 2021 120 2 2022 93 1 2023 67 1 2024 47 1 2025 and thereafter 167 1 Total lease payments 648 10 Less: Interest 82 1 Present value of lease liabilities $ 566 $ 9 Net rental expense for operating leases accounted for under ASC 840, "Leases," was $225 million for the year ended December 31, 2018. |
Long-Term Debt and Available Cr
Long-Term Debt and Available Credit Facilities | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Long-Term Debt December 31, 2020 December 31, 2019 (In millions) Amount Weighted Average Rate Amount Weighted Average Rate Promissory notes and debentures: Maturing in 2025 500 1.70 % — — % Maturing in 2030 500 2.30 % — — % Other loans: Foreign currency loans, various rates and maturities 1 2 Medium-term notes, varying maturities through 2041 109 — % 109 1.61 % Finance lease obligations 4 5 Less: Unamortized debt discount and issuance costs 11 — Less: Long-term debt due within one year 1 1 Total $ 1,102 $ 115 Principal payments of long-term debt are $500 million for long-term debt maturing in 2025. The estimated fair value of the company's long-term borrowings, was determined using Level 2 inputs within the fair value hierarchy, as described in Note 2 - Summary of Significant Accounting Policies. Based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities, the fair value of the company's long-term borrowings, not including long-term debt due within one year, was $1,166 million and $114 million at December 31, 2020 and 2019, respectively. Debt Offering In May 2020, EID issued $500 million of 1.70 percent Senior Notes due 2025 and $500 million of 2.30 percent Senior Notes due 2030 (the May 2020 Debt Offering). The proceeds of this offering are intended to be used for general corporate purposes, which may include discretionary contributions to the company’s U.S. principal pension plan and repayment of other indebtedness. Available Committed Credit Facilities The following table summarizes the company's credit facilities: Committed and Available Credit Facilities at December 31, 2020 (In millions) Effective Date Committed Credit Credit Available Maturity Date Interest Revolving Credit Facility May 2019 $ 3,000 $ 3,000 May 2024 Floating Rate Revolving Credit Facility May 2019 3,000 3,000 May 2022 Floating Rate Total Committed and Available Credit Facilities $ 6,000 $ 6,000 Revolving Credit Facilities In November 2018, EID entered into a $3.0 billion, 5 year revolving credit facility and a $3.0 billion, 3-year revolving credit facility (the “2018 Revolving Credit Facilities”). The 2018 Revolving Credit Facilities became effective May 2019 in connection with the termination of the EID $4.5 billion Term Loan Facility and the $3 billion Revolving Credit Facility dated May 2014 (discussed below). Corteva, Inc. became a party at the time of the Corteva Distribution. The 2018 Revolving Credit Facilities contain customary representations and warranties, affirmative and negative covenants and events of default that are typical for companies with similar credit ratings. Additionally, the 2018 Revolving Credit Facilities contain a financial covenant requiring that the ratio of total indebtedness to total capitalization for Corteva and its consolidated subsidiaries not exceed 0.60. In March 2020, the company drew down $500 million under the $3.0 billion 3-year revolving credit facility as a result of the volatility and increased borrowing costs of commercial paper resulting from the unstable market conditions caused by the COVID-19 pandemic and repaid that borrowing in full in June 2020. There were no additional borrowings and the unused commitments under the 3-year revolving credit facility were $3.0 billion as of December 31, 2020. Debt Redemptions/Repayments In July 2018, EID fully repaid $1,250 million of 6 percent coupon bonds at maturity. On November 13, 2018, EID launched a tender offer (the “Tender Offer”) to purchase $6.2 billion aggregate principal amount of its outstanding debt securities (the “Tender Notes”). The Tender Offer expired on December 11, 2018 (the “Expiration Date”). At the Expiration Date, $4,409 million aggregate principal amount of the Tender Notes had been validly tendered and was accepted for payment. In exchange for such validly tendered Tender Notes, EID paid a total of $4,849 million, which included breakage fees and all applicable accrued and unpaid interest on such Tender Notes. DowDuPont contributed cash (generated from its notes offering) to EID to fund the settlement of the Tender Offer and payment of associated fees. EID recorded a loss from early extinguishment of debt of $81 million, for the year ended December 31, 2018, primarily related to the difference between the redemption price and the par value of the notes, mostly offset by the write-off of unamortized step-up related to the fair value step-up of EID’s debt. On March 22, 2019, EID issued notices of redemption in full of all of its outstanding notes (the “Make Whole Notes”) listed in the table below: (in millions) Amount 4.625% Notes due 2020 $ 474 3.625% Notes due 2021 296 4.250% Notes due 2021 163 2.800% Notes due 2023 381 6.500% Debentures due 2028 57 5.600% Senior Notes due 2036 42 4.900% Notes due 2041 48 4.150% Notes due 2043 69 Total $ 1,530 The Make Whole Notes were redeemed on April 22, 2019 at the make-whole redemption prices set forth in the respective Make Whole Notes. On and after the date of redemption, the Make Whole Notes were no longer deemed outstanding, interest on the Make Whole Notes ceased to accrue and all rights of the holders of the Make Whole Notes were terminated. In March 2016, EID entered into a credit agreement that provided for a 3-year, senior unsecured term loan facility in the aggregate principal amount of $4.5 billion (as amended, from time to time, the "Term Loan Facility") under which EID could make up to seven term loan borrowings and amounts repaid or prepaid were not available for subsequent borrowings. On May 2, 2019, EID terminated its Term Loan Facility and repaid the aggregate outstanding principal amount of $3 billion plus accrued and unpaid interest through and including May 1, 2019. In connection with the repayment of the Make Whole Notes and the Term Loan Facility, EID paid a total of $4.6 billion in the second quarter 2019, which included breakage fees and accrued and unpaid interest on the Make Whole Notes and Term Loan Facility. The repayment of the Make Whole Notes and Term Loan Facility was funded with cash from operations and a contribution from DowDuPont. On May 7, 2019, DowDuPont publicly announced the record date in connection with the Corteva Distribution. In connection with such announcement, EID was required to redeem $1.25 billion aggregate principal amount of 2.20% Notes due 2020 and $750 million aggregate principal amount of Floating Rate Notes due 2020 (collectively, the Special Mandatory Redemption, or “SMR Notes”) setting forth the date of redemption of the SMR Notes. On May 17, 2019 EID redeemed and paid a total of $2 billion, which included accrued and unpaid interest on the SMR Notes. EID funded the payment with a contribution from DowDuPont. Following the redemption, the SMR Notes are no longer outstanding and no longer bear interest, and all rights of the holders of the SMR Notes have terminated. EID recorded a loss on the early extinguishment of debt of $13 million for the year ended December 31, 2019, related to the difference between the redemption price and the par value of the Make Whole Notes, the Term Loan Facility, and the SMR Notes, partially offset by the write-off of unamortized step-up related to the fair value step-up of EID’s debt. Uncommitted Credit Facilities and Outstanding Letters of Credit Unused bank credit lines on uncommitted credit facilities were $418 million at December 31, 2020. These lines are available to support short-term liquidity needs and general corporate purposes, including letters of credit. Outstanding letters of credit were $175 million at December 31, 2020. These letters of credit support commitments made in the ordinary course of business. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENT LIABILITIES Guarantees Indemnifications In connection with acquisitions and divestitures as of December 31, 2020, the company has indemnified respective parties against certain liabilities that may arise in connection with these transactions and business activities prior to the completion of the transactions. The term of these indemnifications, which typically pertain to environmental, tax and product liabilities, is generally indefinite. In addition, the company indemnifies its duly elected or appointed directors and officers to the fullest extent permitted by Delaware law, against liabilities incurred as a result of their activities for the company, such as adverse judgments relating to litigation matters. If the indemnified party were to incur a liability or have a liability increase as a result of a successful claim, pursuant to the terms of the indemnification, the company would be required to reimburse the indemnified party. The maximum amount of potential future payments is generally unlimited. See pages F-26 and F-23 for additional information relating to the indemnification obligations under the Chemours Separation Agreement and the Corteva Separation Agreement. Obligations for Customers and Other Third Parties The company has directly guaranteed various debt obligations under agreements with third parties related to customers and other third parties. At December 31, 2020 and December 31, 2019, the company had directly guaranteed $94 million and $97 million, respectively, of such obligations. These amounts represent the maximum potential amount of future (undiscounted) payments that the company could be required to make under the guarantees in the event of default by the guaranteed party. Of the total maximum future payments at December 31, 2020, less than $1 million had terms greater than a year. The maximum future payments include $17 million and $16 million of guarantees related to the various factoring agreements that the company enters into with third-party financial institutions to sell its trade receivables at December 31, 2020 and December 31, 2019, respectively. See Note 12 - Accounts and Notes Receivable - Net, to the Consolidated Financial Statements, for additional information. The maximum future payments also include agreements with lenders to establish programs that provide financing for select customers. The terms of the guarantees are equivalent to the terms of the customer loans that are primarily made to finance customer invoices. The total amounts owed from customers to the lenders relating to these agreements was $16 million and $27 million at December 31, 2020 and December 31, 2019, respectively. The company assesses the payment/performance risk by assigning default rates based on the duration of the guarantees. These default rates are assigned based on the external credit rating of the counterparty or through internal credit analysis and historical default history for counterparties that do not have published credit ratings. For counterparties without an external rating or available credit history, a cumulative average default rate is used. Litigation The company is subject to various legal proceedings, including, but not limited to, product liability, intellectual property, antitrust, commercial, property damage, personal injury, environmental and regulatory matters arising out of the normal course of its current businesses or legacy EID businesses unrelated to Corteva’s current businesses but allocated to Corteva as part of the separation of Corteva from DuPont. It is not possible to predict the outcome of these various proceedings, as considerable uncertainty exists. However, the ultimate liabilities could be material to results of operations and the cash flows in the period recognized. Indemnifications under Separation Agreements The company has entered into various agreements where the company is indemnified for certain liabilities. In connection with the recognition of liabilities related to these matters, the company records an indemnification asset when recovery is deemed probable. See Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information related to indemnifications. Chemours/Performance Chemicals Refer to Note 5 - Divestitures and Other Transactions, for additional discussion of the Chemours Separation Agreement. In 2017, EID and Chemours amended the Chemours Separation Agreement to provide for a limited sharing of potential future liabilities related to alleged historical releases of perfluorooctanoic acids and its ammonium salts (“PFOA”) for a five-year period that began on July 6, 2017. In addition, in 2017, Chemours and EID each paid $335 million to settle multi-district litigation in the U.S. District Court for the Southern District of Ohio (“Ohio MDL”), thereby resolving claims of about 3,550 plaintiffs alleging injury from exposure to PFOA in drinking water as a result of the historical manufacture or use of PFOA at the Washington Works plant outside Parkersburg, West Virginia. This plant was previously owned and/or operated by the performance chemicals segment of EID and is now owned and/or operated by Chemours. The 2017 settlement did not resolve claims of certain class members who did not have claims in the Ohio MDL or whose claims are based on diseases first diagnosed after February 11, 2017. About 96 claims alleging personal injury were filed in the Ohio MDL since the 2017 settlement and a number of additional pre-suit claims for personal injury were asserted. On May 13, 2019, Chemours filed suit in the Delaware Court of Chancery against DuPont, EID, and Corteva, seeking, among other things, to limit its responsibility for the litigation and environmental liabilities allocated to and assumed by Chemours under the Chemours Separation Agreement (the “Delaware Litigation”). On March 30, 2020, the Court of Chancery granted a motion to dismiss. On December 15, 2020, the Delaware Supreme Court affirmed the judgment of the Court of Chancery. Meanwhile, a confidential arbitration process regarding the same and other claims has proceeded (the “Pending Arbitration”). For additional information regarding environmental indemnification, see discussion on page F-50. On January 22, 2021, Chemours, DuPont, Corteva and EID entered into a binding memorandum of understanding containing a settlement to resolve legal disputes originating from the Delaware Litigation and Pending Arbitration, and to establish a cost sharing arrangement and escrow account to be used to support and manage potential future legacy per- and polyfluoroalkyl substances (“PFAS”) liabilities arising out of pre-July 1, 2015 conduct (the “MOU”). The MOU replaces the 2017 amendment to the Chemours Separation Agreement. According to the terms of the cost sharing arrangement within the MOU, Corteva and DuPont together, on one hand, and Chemours, on the other hand, agreed to a 50-50 split of certain qualified expenses related to PFAS liabilities incurred over a term not to exceed twenty years or $4 billion of qualified spend and escrow account contributions (see below for discussion of escrow account) in the aggregate. DuPont’s and Corteva’s 50% share under the MOU will be limited to $2 billion, including qualified expenses and escrow contributions. These expenses and escrow account contributions will be subject to the existing Letter Agreement, under which DuPont and Corteva will each bear 50% of the first $300 million (up to $150 million each), and thereafter DuPont bears 71% and Corteva bears the remaining 29%. In order to support and manage any potential future PFAS liabilities, the parties have also agreed to establish an escrow account. The MOU provides that (1) no later than each of September 30, 2021 and September 30, 2022, Chemours shall deposit $100 million into an escrow account and DuPont and Corteva shall together deposit $100 million in the aggregate into an escrow account and (2) no later than September 30 of each subsequent year through and including 2028, Chemours shall deposit $50 million into an escrow account and DuPont and Corteva shall together deposit $50 million in the aggregate into an escrow account. Subject to the terms and conditions set forth in the MOU, each party may be permitted to defer funding in any year (excluding 2021). Over this period, Chemours will deposit a total of $500 million in the account and DuPont and Corteva will deposit an additional $500 million pursuant to the terms of the Letter Agreement. Additionally, if on December 31, 2028, the balance of the escrow account (including interest) is less than $700 million, Chemours will make 50% of the deposits and DuPont and Corteva together will make 50% of the deposits necessary to restore the balance of the escrow account to $700 million. Such payments will be made in a series of consecutive annual equal installments commencing on September 30, 2029 pursuant to the escrow account replenishment terms as set forth in the MOU. After the term of this arrangement, Chemours’ indemnification obligations under the original 2015 Chemours Separation Agreement, would continue unchanged, subject in each case to certain exceptions set out in the MOU. Under the MOU, Chemours waived specified claims regarding the construct of its 2015 spin-off transaction, and the parties will dismiss the pending arbitration regarding those claims (as discussed below). Additionally, the parties have agreed to resolve the Ohio MDL PFOA personal injury litigation (as discussed below). The parties are expected to cooperate in good faith to enter into additional agreements reflecting the terms set forth in the MOU on or prior to February 28, 2021. Corteva Separation Agreement On April 1, 2019, in connection with the Dow Distribution, Corteva, DuPont and Dow entered into the Corteva Separation Agreement, the Tax Matters Agreement, the Employee Matters Agreement, and certain other agreements (collectively, the “Corteva Separation Agreements”). The Corteva Separation Agreements allocate among Corteva, DuPont and Dow certain liabilities and obligations among the parties and provides for indemnification obligation among the parties. Under the Corteva Separation Agreements, DuPont will indemnify Corteva against certain litigation, environmental, workers' compensation and other liabilities that arose prior to the Corteva Distribution and (ii) Dow indemnifies Corteva against certain litigation and other liabilities that relate to the Historical Dow business, but were transferred over as part of the common control combination with DAS, and Corteva indemnifies DuPont and Dow for certain liabilities. The term of this indemnification is generally indefinite with exceptions, and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. See Note 1 - Background and Basis of Presentation, and Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information relating to the Separation. DuPont Under the Corteva Separation Agreement, certain legacy EID liabilities from discontinued and/or divested operations and businesses of EID (including Performance Chemicals) (a “stray liability”) were allocated to Corteva or DuPont. For those stray liabilities allocated to Corteva (which may include a specified amount of liability associated with that liability), Corteva is responsible for liabilities in an amount up to that specified amount plus an additional $200 million and, for those stray liabilities allocated to DuPont (which may include a specified amount of liability associated with that liability), DuPont is responsible for liabilities up to a specified amount plus an additional $200 million. Once each company has met the $200 million threshold, Corteva and DuPont will share future liabilities proportionally on the basis of 29% and 71%, respectively; provided, however, that for PFAS, DuPont will manage such liabilities with Corteva and DuPont sharing the costs on a 50% - 50% basis starting from $1 and up to $300 million (with such amount, up to $150 million, to be credited to each company’s $200 million threshold) and once the $300 million threshold is met, then the companies will share proportionally on the basis of 29% and 71% respectively, subject to a $1 million de minimis requirement. Litigation related to legacy EID businesses unrelated to Corteva’s current businesses PFAS, PFOA, PFOS and Other Related Liabilities For purposes of this report, the term PFOA means collectively perfluorooctanoic acid and its salts, including the ammonium salt and does not distinguish between the two forms, and PFAS, which means per- and polyfluoroalkyl substances, including PFOA, PFOS (perfluorooctanesulfonic acid), GenX and other perfluorinated chemicals and compounds ("PFCs"). EID is a party to various legal proceedings relating to the use of PFOA by its former Performance Chemicals segment for which potential liabilities would be subject to the cost sharing arrangement under the MOU as long as it remains effective. Management believes that it is reasonably possible that EID could incur liabilities related to PFOA in excess of amounts accrued. However, any such losses are not estimable at this time due to various reasons, including, among others, that the underlying matters are in their early stages and have significant factual issues to be resolved. The company has recorded a liability of $21 million and an indemnification asset of $17 million at December 31, 2020, related to testing drinking water in and around certain former EID sites and offering treatment or an alternative supply of drinking water if tests indicate the presence of PFOA in drinking water at or greater than the national health advisory level established from time to time by the EPA. Leach Settlement and Ohio MDL Settlement EID has residual liabilities under its 2004 settlement of a West Virginia state court class action, Leach v. EID, which alleged that PFOA from EID’s former Washington Works facility had contaminated area drinking water supplies and affected the health of area residents. The settlement class has about 80,000 members. In addition to relief that was provided to class members years ago, the settlement requires EID to continue providing PFOA water treatment to six area water districts and private well users and to fund, through an escrow account, up to $235 million for a medical monitoring program for eligible class members. As of December 31, 2020, approximately $2 million had been disbursed from the account since its establishment in 2012 and the remaining balance is approximately $1 million. The Leach settlement permits class members to pursue personal injury claims for six health conditions (and no others) that an expert panel appointed under the settlement reported in 2012 had a “probable link” (as defined in the settlement) with PFOA: pregnancy-induced hypertension, including preeclampsia; kidney cancer; testicular cancer; thyroid disease; ulcerative colitis; and diagnosed high cholesterol. After the panel reported its findings, approximately 3,550 personal injury lawsuits were filed in federal and state courts in Ohio and West Virginia and consolidated in multi-district litigation in the U.S. District Court for the Southern District of Ohio (“Ohio MDL”). Ohio MDL was settled in early 2017 for $670.7 million in cash, with Chemours and EID (without indemnification from Chemours) each paying half. Post-MDL Settlement PFOA Personal Injury Claims The 2017 Ohio MDL settlement did not resolve claims of plaintiffs who did not have claims in the Ohio MDL or whose claims are based on diseases first diagnosed after February 11, 2017. The first trial for these claims, a kidney cancer case, resulted in a hung jury, while the second, Travis and Julie Abbot v. E.I du Pont de Nemours and Company (the “Abbot Case”), a testicular cancer case, resulted in a jury verdict of $40 million in compensatory damages and $10 million for loss of consortium. Following entry of the judgment by the court, EID filed post-trial motions to reduce the verdict, and to appeal the verdict on the basis of procedural and substantive legal errors made by the trial court. The company believes the merits of the appeal will be successful in reducing the jury verdict or eliminating its liability, in whole or part. In January 2021, Chemours, DuPont and Corteva agreed to settle the remaining approximately 95 matters, as well as unfiled matters, remaining in the Ohio MDL, with the exception of the Abbot case, for $83 million, with Chemours contributing $29 million to the settlement, and DuPont and Corteva contributing $27 million each. The company has recorded a liability for its share of the settlement, with a charge to (loss) income from discontinued operations after income taxes, during the year ended December 31, 2020. Other PFOA Matters EID is a party to other PFOA lawsuits that do not involve claims for personal injury. Defense costs and any future liabilities that may arise out of these lawsuits are subject to the MOU and the cost sharing arrangement disclosed above. Under the MOU, fraudulent conveyance claims associated with these matters are not qualified expenses, unless Corteva, Inc. and EID would prevail on the merits of these claims. New York . EID is a defendant in about 50 lawsuits, including a putative class action, brought by persons who live in and around Hoosick Falls, New York. These lawsuits assert claims for medical monitoring and property damage based on alleged PFOA releases from manufacturing facilities owned and operated by co-defendants in Hoosick Falls and allege that EID and 3M supplied some of the materials used at these facilities. EID is also one of more than ten defendants in a lawsuit brought by the Town of East Hampton, New York alleging PFOA and PFOS contamination of the town’s well water. Additionally, EID, along with 3M, Chemours and Dyneon, have been named defendants in complaints filed by eight water districts in Nassau County, New York alleging that the drinking water they provide to customers is contaminated with PFAS and seeking reimbursement for clean-up costs. The water district complaints also include allegations of fraudulent transfer. New Jersey . At December 31, 2020, two lawsuits were pending, one brought by a local water utility and the second a putative class action, against EID alleging that PFOA from EID’s former Chambers Works facility contaminated drinking water sources. The putative class action was voluntarily dismissed without prejudice by the plaintiff. In late March of 2019, the New Jersey State Attorney General filed four lawsuits against EID, Chemours, 3M and others alleging that operations at and discharges from former EID sites in New Jersey (Chambers Works, Pompton Lakes, Parlin and Repauno) damaged the State’s natural resources. Two of these lawsuits (those involving the Chambers Works and Parlin sites) allege contamination from PFAS. The Ridgewood Water District in New Jersey filed suit in the first quarter 2019 against EID, 3M, Chemours, and Dyneon alleging losses related to the investigation, remediation and monitoring of polyfluorinated surfactants, including PFOA, in water supplies. DuPont and Corteva were subsequently added as defendants to these lawsuits. Alabama / Others . EID is one of more than thirty defendants in a lawsuit by the Alabama water utility alleging contamination from PFCs, including PFOA, used by co-defendant carpet manufacturers to make their products more stain and grease resistant. In addition, the states of Michigan, Mississippi, New Hampshire, South Dakota, and Vermont recently filed lawsuits against EID, Chemours, 3M and others, claiming, among other things, PFC (including PFOA) contamination of groundwater and drinking water. The complaints seek reimbursement for past and future costs to investigate and remediate the alleged contamination and compensation for the loss of value and use of the state’s natural resources. Ohio . EID is a defendant in three lawsuits: an action by the State of Ohio based on alleged damage to natural resources, a putative nationwide class action brought on behalf of anyone who has detectable levels of PFAS in their blood serum, and an action by the City of Dayton claiming losses related to the investigation, remediation and monitoring of PFAS in water supplies. Aqueous Firefighting Foams. Approximately 900 cases have been filed against 3M and other defendants, including EID and Chemours, and more recently also including Corteva and DuPont, alleging PFOS or PFOA contamination of soil and groundwater from the use of aqueous firefighting foams. Most of those cases claim some form of property damage and seek to recover the costs of responding to this contamination and damages for the loss of use and enjoyment of property and diminution in value. Most of these cases have been transferred to a multidistrict litigation proceeding in federal district court in South Carolina. Approximately 725 of these cases were filed on behalf of firefighters who allege personal injuries (primarily kidney and testicular cancer) as a result of aqueous firefighting foams. Most of these recent cases assert claims that the EID and Chemours separation constituted a fraudulent conveyance. A schedule of initial trials is expected to be established in 2021. EID did not make firefighting foams, PFOS, or PFOS products. While EID made surfactants and intermediaries that some manufacturers used in making foams, which may have contained PFOA as an unintended byproduct or an impurity, EID’s products were not formulated with PFOA, nor was PFOA an ingredient of these products. EID has never made or sold PFOA as a commercial product. Fayetteville Works Facility, North Carolina Prior to the separation of Chemours, EID introduced GenX as a polymerization processing aid and a replacement for PFOA at the Fayetteville Works facility in Bladen County, North Carolina. The facility is now owned and operated by Chemours, which continues to manufacture and use GenX. At December 31, 2020, several actions are pending in federal court against Chemours and EID relating to PFC discharges from the Fayetteville Works facility. One of these is a consolidated putative class action that asserts claims for medical monitoring and property damage on behalf of putative classes of property owners and residents in areas near or who draw drinking water from the Cape Fear River. Another action is a consolidated action brought by various North Carolina water authorities, including the Cape Fear Public Utility Authority and Brunswick County, that seek actual and punitive damages as well as injunctive relief. In another action over approximately 100 property owners near the Fayetteville Works facility filed a complaint against Chemours and EID in May 2020. The plaintiffs seek compensatory and punitive damages for their claims of private nuisance, trespass, and negligence allegedly caused by release of PFAS. In addition to the federal court actions, there is an action on behalf of about 100 plaintiffs who own wells and property near the Fayatteville Works facility. The plaintiffs seek damages for nuisance allegedly caused by releases of certain PFCs from the site. The plaintiffs’ claims for medical monitoring, punitive damages, public nuisance, trespass, unjust enrichment, failure to warn, and negligent manufacture were dismissed. Generally, site-related expenses related GenX claims are subject to the cost sharing arrangements as defined in the MOU. Environmental Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current law and existing technologies. At December 31, 2020, the company had accrued obligations of $329 million for probable environmental remediation and restoration costs, including $52 million for the remediation of Superfund sites. These obligations are included in accrued and other current liabilities and other noncurrent obligations in the Consolidated Balance Sheets. This is management’s best estimate of the costs for remediation and restoration with respect to environmental matters for which the company has accrued liabilities, although it is reasonably possible that the ultimate cost with respect to these particular matters could range up to $620 million above the amount accrued at December 31, 2020. Consequently, it is reasonably possible that environmental remediation and restoration costs in excess of amounts accrued could have a material impact on the company’s results of operations, financial condition and cash flows. Inherent uncertainties exist in these estimates primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies for handling site remediation and restoration. At December 31, 2019, the company had accrued obligations of $336 million for probable environmental remediation and restoration costs, including $51 million for the remediation of Superfund sites. For a discussion of the allocation of environmental liabilities under the Chemours Separation Agreement and the Corteva Separation Agreement, see the previous discussion on page F-50. The above noted $329 million accrued obligations includes the following: As of December 31, 2020 (In millions) Indemnification Asset Accrual balance 3,4 Potential exposure above amount accrued 3 Environmental Remediation Stray Liabilities Chemours related obligations - subject to indemnity 1,2 $ 153 $ 154 $ 282 Other discontinued or divested businesses obligations 1 — 74 222 Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont 2 37 36 61 Environmental remediation liabilities not subject to indemnity — 65 55 Total $ 190 $ 329 $ 620 1. Represents liabilities that are subject the $200 million thresholds and sharing arrangements as discussed on page F-51, under Corteva Separation Agreement. 2. The company has recorded an indemnification asset related to these accruals, including $30 million related to the Superfund sites. 3. Accrual balance represents management’s best estimate of the costs of remediation and restoration, although it is reasonably possible that the potential exposure, as indicated, could range above the amounts accrued, as there are inherent uncertainties in these estimates. 4. Accrual balance excludes indemnification liabilities of $39 million to Chemours, related to the cost sharing arrangement under the MOU (see page F-27). |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS' EQUITY Common Stock As discussed in Note 1 - Background and Basis of Presentation, on June 1, 2019, Corteva, Inc.'s common stock was distributed to DowDuPont stockholders by way of a pro rata distribution . Each DowDuPont stockholder received one share of Corteva, Inc. common stock for every three shares of DowDuPont common stock held at the close of business on May 24, 2019, the record date of distribution. Corteva, Inc.'s common stock began trading the "regular way" under the ticker symbol "CTVA" on June 3, 2019, the first business day after June 1, 2019. The number of Corteva, Inc. common shares issued on June 1, 2019 was 748,815,000 (par value of $0.01 per share). Information related to the Corteva Distribution and its effect on the company's financial statements are discussed throughout these Notes to the Consolidated Financial Statements. Set forth below is a reconciliation of common stock share activity for the years ended December 31, 2020 and 2019: Shares of common stock Issued Balance June 1, 2019 748,815,000 Issued 586,000 Repurchased and retired (824,000) Balance December 31, 2019 748,577,000 Issued 3,384,000 Repurchased and retired (8,503,000) Balance December 31, 2020 743,458,000 Share Buyback Plan On June 26, 2019, Corteva, Inc. announced that its Board of Directors authorized a $1 billion share repurchase program to purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date. The timing, price and volume of purchases will be based on market conditions, relevant securities laws and other factors. During the year ended December 31, 2020, the company purchased and retired 8,503,000 shares in the open market for a total cost of $275 million. During the year ended December 31, 2019, the company purchased and retired 824,000 shares in the open market for a total cost of $25 million. Shares repurchased pursuant to Corteva's share buyback plan are immediately retired upon purchase. Repurchased common stock is reflected as a reduction of stockholders' equity. The company's accounting policy related to its share repurchases is to reduce its common stock based on the par value of the shares and to reduce its retained earnings for the excess of the repurchase price over the par value. When Corteva has an accumulated deficit balance, the excess over the par value is applied to additional paid-in capital. When Corteva has retained earnings, the excess is charged entirely to retained earnings. Noncontrolling Interest In June 2020, the company completed the acquisition of the remaining 46.5 percent interest in the Phytogen Seed Company, LLC joint venture from J. G. Boswell Company. As the purchase of the remaining interest did not result in a change of control, the difference between the carrying value of the noncontrolling interest and the consideration paid, net of taxes was recorded within equity. Corteva, Inc. owns 100% of the outstanding common shares of EID. However, EID has preferred stock outstanding to third parties which is accounted for as a noncontrolling interest in Corteva's Consolidated Balance Sheets. Each share of EID Preferred Stock - $4.50 Series and EID Preferred Stock - $3.50 Series issued and outstanding at the effective date of the Corteva Distribution remains issued and outstanding as to EID and was unaffected by the Corteva Distribution. Below is a summary of the EID Preferred Stock at December 31, 2020 and December 31, 2019 which is classified as noncontrolling interests in the Corteva Consolidated Balance Sheets. (Shares in thousands) Number of Shares Authorized 23,000 $4.50 Series, callable at $120 1,673 $3.50 Series, callable at $102 700 Other Comprehensive (Loss) Income The changes and after-tax balances of components comprising accumulated other comprehensive (loss) income are summarized below: (In millions) Cumulative Translation Adjustment 1 Derivative Instruments Pension Benefit Plans Other Benefit Plans Unrealized Gain (Loss) on Investments 2 Total 2018 Balance January 1, 2018 $ (1,217) $ (2) $ 95 $ (53) $ — $ (1,177) Other comprehensive (loss) income before reclassifications (1,576) (19) (724) 132 — (2,187) Amounts reclassified from accumulated other comprehensive income — (5) 9 — — 4 Net other comprehensive (loss) income (1,576) (24) (715) 132 — (2,183) Balance December 31, 2018 $ (2,793) $ (26) $ (620) $ 79 $ — $ (3,360) 2019 Other comprehensive (loss) income before reclassifications $ (274) $ 16 $ (723) $ (159) $ — $ (1,140) Amounts reclassified from accumulated other comprehensive loss — 12 5 (1) — 16 Net other comprehensive (loss) income (274) 28 (718) (160) — (1,124) Impact of Internal Reorganizations 1,123 — 91 — — 1,214 Balance December 31, 2019 $ (1,944) $ 2 $ (1,247) $ (81) $ — $ (3,270) 2020 Other comprehensive (loss) income before reclassifications $ (26) $ (81) $ (191) $ 670 $ (10) $ 362 Amounts reclassified from accumulated other comprehensive loss — 12 5 1 — 18 Net other comprehensive (loss) income (26) (69) (186) 671 (10) 380 Balance December 31, 2020 $ (1,970) $ (67) $ (1,433) $ 590 $ (10) $ (2,890) 1. The cumulative translation adjustment losses for the year ended December 31, 2020 was primarily driven by the strengthening of the U.S. Dollar ("USD") against the Brazilian Real ("BRL"), partially offset by the weakening of the U.S. Dollar against the Swiss franc ("CHF") and European Euro ("EUR"). The cumulative translation adjustment losses for the years ended December 31, 2019 and 2018 were primarily driven by the strengthening of the U.S. Dollar against the Brazilian Real and European Euro. 2. The unrealized loss on securities during the year ended December 31, 2020 is due to the remeasurement of USD denominated marketable securities held by certain foreign entities at December 31, 2020 with a corresponding offset to cumulative translation adjustment. The tax benefit (expense) on the net activity related to each component of other comprehensive (loss) income was as follows: For the Year Ended December 31, (In millions) 2020 2019 2018 Derivative instruments $ 24 $ (8) $ 6 Pension benefit plans - net 54 231 199 Other benefit plans - net (211) 52 (40) Benefit from (provision for) income taxes related to other comprehensive income (loss) items $ (133) $ 275 $ 165 A summary of the reclassifications out of accumulated other comprehensive loss is provided as follows: (In millions) For the Year Ended December 31, 2020 2019 2018 Derivative Instruments 1 : $ 18 $ 13 $ (6) Tax (benefit) expense 2 (6) (1) 1 After-tax $ 12 $ 12 $ (5) Amortization of pension benefit plans: Prior service benefit 3,4 (1) (1) — Actuarial losses (gains) 3,4,5 $ 4 $ 2 $ 6 Curtailment loss 3,4,5 — — 7 Settlement loss (gain) 3,4,5 3 4 (2) Total before tax 6 5 11 Tax (benefit) expense 2 (1) — (2) After-tax $ 5 $ 5 $ 9 Amortization of other benefit plans: Prior service benefit 3,4 $ — $ — $ — Actuarial (gains) losses 3,4 1 (1) — Total before tax 1 (1) — Tax benefit 2 — — — After-tax $ 1 $ (1) $ — Total reclassifications for the period, after-tax $ 18 $ 16 $ 4 1. Reflected in cost of goods sold. 2. Reflected in benefit from income taxes from continuing operations. 3. These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit (credit) cost of the company's pension and other benefit plans. See Note 20 - Pension Plans and Other Post Employment Benefits, to the Consolidated Financial Statements, for additional information. 4. Reflected in other income (expense) - net. 5. A portion reflected in (Loss) income from discontinued operations after income taxes for the years ended December 31, 2019 and 2018. |
Pension Plans and Other Post Em
Pension Plans and Other Post Employment Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | PENSION PLANS AND OTHER POST EMPLOYMENT BENEFITS The company offers various long-term benefits to its employees. Where permitted by applicable law, the company reserves the right to change, modify or discontinue the plans. As a result of the Merger, the company re-measured its pension and OPEB plans. The remeasurement of the company’s pension and OPEB plans is included in the fair value measurement of EID’s assets and liabilities as a result of the application of purchase accounting in connection with the Merger. In addition, net losses and prior service benefits recognized in accumulated other comprehensive income (loss) were eliminated. Historical Dow and EID did not merge their pension plans and OPEB plans as a result of the Merger. In connection with the Corteva Distribution and Internal Reorganization, the company retained the benefit obligations relating to EID's principal U.S. pension plan, several other U.S. and non-U.S. pension plans and OPEB. Corteva entered into an employee matters agreement with DuPont which provides that employees of DuPont no longer participate in the benefits sponsored or maintained by the company as of the date of the Corteva Distribution and transferred certain of EID's pension and OPEB obligations and associated assets to DuPont. As a result of the transfer at Separation, about $5.8 billion unfunded obligations of the pension and OPEB plans remained with Corteva, of which $319 million was supported by funding under the Trust agreement. Defined Benefit Pension Plans The company has both funded and unfunded noncontributory defined benefit pension plans covering a majority of the U.S. employees and employees in a number of other countries. The principal U.S. pension plan is the largest pension plan held by Corteva. Most employees hired on or after January 1, 2007 are not eligible to participate in the U.S. defined benefit pension plans. The benefits under these plans are based primarily on years of service and employees' pay near retirement. In November 2016, EID announced that it will freeze the pay and service amounts used to calculate pension benefits for active employees who participate in the U.S. pension plans on November 30, 2018. Therefore, as of November 30, 2018, employees participating in the U.S. pension plans no longer accrue additional benefits for future service and eligible compensation received. The company's funding policy is consistent with the funding requirements of federal laws and regulations. Pension coverage for employees of the company's non-U.S. consolidated subsidiaries is provided, to the extent deemed appropriate, through separate plans. Obligations under such plans are funded by depositing funds with trustees, covered by insurance contracts, or remain unfunded. The company made a discretionary contribution of $1,100 million in the third quarter of 2018 to its principal U.S. pension plan. The company made total contributions of $62 million, $121 million, and $214 million to its pension plans other than the principal U.S. pension plan for the years ended December 31, 2020, 2019 and 2018, respectively. Corteva expects to contribute approximately $47 million to its pension plans other than the principal U.S. pension plan in 2021. The company is evaluating potential discretionary contributions in 2021 to the principal U.S. pension plan, that could reduce a portion of the underfunded benefit obligation. Any discretionary contributions depend on various factors including market conditions and tax deductible limits. The weighted-average assumptions used to determine pension plan obligations for all pension plans are summarized in the table below: Weighted-Average Assumptions used to Determine Benefit Obligations December 31, 2020 December 31, 2019 Discount rate 2.44 % 3.20 % Rate of increase in future compensation levels 2.54 % 2.60 % 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, 2020 2019 2018 Discount rate 3.19 % 4.19 % 3.38 % Rate of increase in future compensation levels 2.60 % 2.84 % 4.04 % Expected long-term rate of return on plan assets 6.25 % 6.24 % 6.19 % After November 30, 2018 the rate of compensation increase in the above tables excludes U.S. pension plans since the employees who participate in the U.S. pension plans no longer accrue additional benefits for future service and eligible compensation as of that date. Other Post Employment Benefits The company 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-retirement medical, dental and life insurance plans. The associated plans for retiree benefits are unfunded and the cost of premiums or approved claims is paid from company funds. Substantially all of the cost and liabilities for these retiree benefit plans are attributable to the U.S. benefit plans. The non-Medicare eligible retiree medical plan is contributory with 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. Effective January 1, 2022, the company will no longer provide retiree dental and life insurance benefits. In addition, Corteva’s portion of the cost of non-Medicare retiree medical coverage will no longer be adjusted for cost increases, resulting in Corteva’s cost to be capped at the level in effect as of December 31, 2021. As a result of these changes, the company recorded a $(939) million decrease in 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. The company also provides disability benefits to employees. Employee disability benefit plans are insured in many countries. However, primarily in the U.S., such plans are generally self-insured. Obligations and expenses for self-insured plans are reflected in the change in projected benefit obligations table on page F-61. 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 $207 million, $202 million, and $216 million for the years ended December 31, 2020, 2019 and 2018, respectively. Changes in cash requirements reflect the net impact of higher per capita health care costs, demographic changes, plan amendments and changes in participant premiums, co-pays and deductibles. In 2021, the company expects to contribute approximately $217 million for its OPEB plans. Beginning in 2022, expected future benefit payments are anticipated to decrease to approximately $140 million as a result of the OPEB plan amendment. 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, 2020 December 31, 2019 Discount rate 2.09 % 3.07 % The weighted-average assumptions used to determine net periodic benefit costs for the OPEB plans are summarized in the two tables below: Weighted-Average Assumptions used to Determine Net Periodic Benefit Cost For the Year Ended December 31, 2020 2019 2018 Discount rate 3.07 % 3.93 % 3.56 % Assumed Health Care Cost Trend Rates December 31, 2020 December 31, 2019 Health care cost trend rate assumed for next year 7.00 % 7.20 % Rate to which the cost trend rate is assumed to decline (the ultimate health care trend rate)¹ N/A 5.00 % Year that the rate reached the ultimate health care cost trend rate¹ N/A 2028 1. Due to December 2020 plan changes, health care cost trend rates are no longer applicable to the Corteva portion of the cost, effective January 1, 2022. Assumptions Within the U.S., the company determines the expected long-term rate of return on plan assets by performing a detailed analysis of key economic and market factors driving historical returns for each asset class and formulating a projected return based on factors in the current environment. Factors considered include, but are not limited to, inflation, real economic growth, interest rate yield, interest rate spreads, and other valuation measures and market metrics. The expected long-term rate of return for each asset class is then weighted based on the strategic asset allocation approved by the governing body for the plan. The company's historical experience with the pension fund asset performance is also considered. For non-U.S. plans, assumptions reflect economic assumptions applicable to each country. In the U.S., Corteva calculates service costs and interest costs by applying individual spot rates from a yield curve (based on high-quality corporate bond yields) to the separate expected cash flows components of service cost and interest cost. Service cost and interest cost for all other plans are determined on the basis of the single equivalent discount rates derived in determining those plan obligations. The discount rates utilized to measure the pension and other post employment obligations are based on the yield on high-quality corporate fixed income investments at the measurement date. Future expected actuarially determined cash flows are individually discounted at the spot rates under the Aon AA_Above Median yield curve (based on high-quality corporate bond yields) to arrive at the plan’s obligations as of the measurement date. For non-U.S. benefit plans, historically the company utilized prevailing long-term high quality corporate bond indices to determine the discount rate, applicable to each country, at the measurement date. The company adopts the most recently published mortality tables and mortality improvement scale released by the Society of Actuaries in measuring its U.S. pension and other post employment benefit obligations. The effect of these adoptions is amortized into net periodic benefit cost for the years following the adoption. Summarized information on the company's pension and other post employment benefit plans is as follows: Change in Projected Benefit Obligations, Plan Assets and Funded Status Defined Benefit Pension Plans Other Post Employment Benefits (In millions) For the Year Ended December 31, 2020 For the Year Ended December 31, 2019 For the Year Ended December 31, 2020 For the Year Ended December 31, 2019 Change in benefit obligations: Benefit obligation at beginning of the period $ 21,004 $ 23,532 $ 2,591 $ 2,514 Service cost 26 41 2 4 Interest cost 559 769 66 84 Plan participants' contributions 2 2 34 37 Actuarial (gain) loss 1,659 2,469 59 211 Benefits paid (1,538) (1,635) (241) (239) Plan amendments (3) (76) (939) — Net effects of acquisitions / divestitures / other — (1) — — Effect of foreign exchange rates (27) (60) (1) — Impact of internal reorganizations — (4,037) — (20) Benefit obligations at end of the period $ 21,682 $ 21,004 $ 1,571 $ 2,591 Change in plan assets: Fair value of plan assets at beginning of the period $ 16,941 $ 18,951 $ — $ — Actual return on plan assets 2,404 2,552 — — Employer contributions 62 121 207 202 Plan participants' contributions 2 2 34 37 Benefits paid (1,538) (1,635) (241) (239) Net effects of acquisitions / divestitures / other — (6) — — Effect of foreign exchange rates (36) (38) — — Impact of internal reorganizations — (3,006) — — Fair value of plan assets at end of the period $ 17,835 $ 16,941 $ — $ — Funded status U.S. plan with plan assets $ (3,301) $ (3,535) $ — $ — Non-U.S. plans with plan assets (98) (90) — — All other plans 1, 2 (448) (438) (1,571) (2,591) Funded status at end of the period $ (3,847) $ (4,063) $ (1,571) $ (2,591) 1. As of December 31, 2020, and December 31, 2019, $249 million and $294 million, respectively, of the benefit obligations are supported by funding under the Trust agreement, defined in the "Trust Assets" section below. 2. Includes pension plans maintained around the world where funding is not customary. Defined Benefit Pension Plans Other Post Employment Benefits (In millions) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Amounts recognized in the Consolidated Balance Sheets: Other Assets $ 7 $ 10 $ — $ — Accrued and other current liabilities (32) (50) (217) (237) Pension and other post employment benefits - noncurrent (3,822) (4,023) (1,354) (2,354) Net amount recognized $ (3,847) $ (4,063) $ (1,571) $ (2,591) Pretax amounts recognized in accumulated other comprehensive loss (income): Net loss (gain) $ 1,886 $ 1,641 $ 163 $ 108 Prior service (benefit) cost (14) (10) (939) — Pretax balance in accumulated other comprehensive loss (income) at end of year $ 1,872 $ 1,631 $ (776) $ 108 The significant loss related to the change in pension plan benefit obligations for the period ended December 31, 2020 is mainly due to a decrease in discount rates. The substantially lower OPEB benefit obligations for the period ended December 31, 2020 is due to the December 2020 OPEB plan amendment. The accumulated benefit obligation for all pensions plans was $21.6 billion and $21.0 billion at December 31, 2020 and 2019, respectively. Pension Plans with Projected Benefit Obligations in Excess of Plan Assets December 31, 2020 December 31, 2019 (In millions) Projected benefit obligations $ 21,513 $ 20,788 Fair value of plan assets 17,659 16,716 Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets December 31, 2020 December 31, 2019 (In millions) Accumulated benefit obligations $ 21,369 $ 20,654 Fair value of plan assets 17,550 16,620 (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 loss 2020 2019 2018 2020 2019 2018 Net Periodic Benefit Cost: Service cost $ 26 $ 41 $ 136 $ 2 $ 4 $ 9 Interest cost 559 769 755 66 84 85 Expected return on plan assets (1,000) (1,078) (1,216) — — — Amortization of unrecognized loss (gain) 4 3 10 1 (1) — Amortization of prior service (benefit) cost (1) (1) — — — — Curtailment gain — (2) (11) — — — Settlement loss 3 4 5 — — — Net periodic benefit (credit) cost - Total $ (409) $ (264) $ (321) $ 69 $ 87 $ 94 Less: Discontinued operations 1 — (14) (42) — — 1 Net periodic benefit (credit) cost - Continuing operations $ (409) $ (250) $ (279) $ 69 $ 87 $ 93 Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: Net loss (gain) $ 247 $ 970 $ 908 $ 59 $ 211 $ (172) Amortization of unrecognized (loss) gain (4) (2) (10) (1) 1 — Prior service (benefit) cost (3) (11) 17 (939) — — Amortization of prior service benefit 1 1 — — — — Settlement loss (3) (4) (2) — — — Effect of foreign exchange rates 2 (5) 1 (1) — — Total loss (benefit) recognized in other comprehensive loss, attributable to Corteva $ 240 $ 949 $ 914 $ (882) $ 212 $ (172) Total recognized in net periodic benefit cost and other comprehensive loss (income) $ (169) $ 685 $ 593 $ (813) $ 299 $ (78) 1. Includes non-service related components of net periodic benefit credit of $(31) million, and $(97) million for the years ended December 31, 2019 and 2018, respectively. Estimated Future Benefit Payments The estimated future benefit payments, reflecting expected future service, as appropriate, are presented in the following table: Estimated Future Benefit Payments at December 31, 2020 Defined Benefit Pension Plans Other Post Employment Benefits (In millions) 2021 $ 1,495 $ 217 2022 1,456 140 2023 1,424 132 2024 1,390 124 2025 1,353 116 Years 2026-2030 6,159 425 Total $ 13,277 $ 1,154 Plan Assets All pension plan assets in the U.S. are invested through a single master trust fund. The strategic asset allocation for this trust fund is approved by the Pension Investment Committee. The general principles guiding U.S. pension asset investment policies are those embodied in the Employee Retirement Income Security Act of 1974 ("ERISA"). These principles include discharging Corteva's investment responsibilities for the exclusive benefit of plan participants and in accordance with the "prudent expert" standard and other ERISA rules and regulations. Corteva establishes strategic asset allocation percentage targets and appropriate benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. Strategic asset allocations in other countries are selected in accordance with the laws and practices of those countries. Where appropriate, asset liability studies are utilized in this process. U.S. plan assets are managed by investment professionals employed by Corteva. The remaining assets are managed by professional investment firms unrelated to the company. Corteva's pension investment professionals have discretion to manage the assets within established asset allocation ranges approved by 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, 2020 December 31, 2019 Asset Category U.S. equity securities 20 % 20 % Non-U.S. equity securities 16 16 Fixed income securities 51 50 Hedge funds 2 3 Private market securities 6 6 Real estate 4 3 Cash and cash equivalents 1 2 Total 100 % 100 % U.S. equity investments are primarily large-cap companies. Global equity securities include varying market capitalization levels. Global fixed income investments include corporate-issued, government-issued and asset-backed securities. Corporate debt investments include a range of credit risk and industry diversification. U.S. fixed income investments are weighted heavier than non-U.S. fixed income securities. Other investments include cash and cash equivalents, hedge funds, real estate and private market securities such as interests in private equity and venture capital partnerships. Fair value calculations may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. For pension plan assets classified as Level 1 measurements (measured using quoted prices in active markets), total fair value is either the price of the most recent trade at the time of the market close or the official close price, as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. For pension plan assets classified as Level 2 measurements, where the security is frequently traded in less active markets, fair value is based on the closing price at the end of the period; where the security is less frequently traded, fair value is based on the price a dealer would pay for the security or similar securities, adjusted for any terms specific to that asset or liability. Market inputs are obtained from well-established and recognized vendors of market data and subjected to tolerance and quality checks. For derivative assets and liabilities, standard industry models are used to calculate the fair value of the various financial instruments based on significant observable market inputs, such as foreign exchange rates, commodity prices, swap rates, interest rates and implied volatilities obtained from various market sources. For pension plan assets classified as Level 3 measurements, total fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity for the investment. Investment managers, fund managers, or investment contract issuers provide valuations of the investment on a monthly or quarterly basis. These valuations are reviewed for reasonableness based on applicable sector, benchmark and company performance. Adjustments to valuations are made where appropriate. Where available, audited financial statements are obtained and reviewed for the investments as support for the manager’s investment valuation. The tables below present the fair values of the company's pension assets by level within the fair value hierarchy, as described in Note 2 - Summary of Significant Accounting Policies: Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 For the year ended December 31, 2020 (In millions) Cash and cash equivalents $ 2,616 $ 2,616 $ — $ — U.S. equity securities 1 3,905 3,898 2 5 Non-U.S. equity securities 2,194 2,189 2 3 Debt – government-issued 3,569 — 3,569 — Debt – corporate-issued 2,579 — 2,576 3 Debt – asset-backed 616 — 616 — Private market securities 3 — — 3 Real estate 28 — — 28 Derivatives – asset position — — — — Derivatives – liability position — — — — Other 76 — 3 73 Subtotal $ 15,586 $ 8,703 $ 6,768 $ 115 Investments measured at net asset value Debt - government issued 36 Debt - corporate issued 7 U.S. equity securities 32 Non-U.S. equity securities 32 Hedge funds 391 Private market securities 1,381 Real estate funds 590 Total investments measured at net asset value $ 2,469 Other items to reconcile to fair value of plan assets Pension trust receivables 2 214 Pension trust payables 3 (434) Total $ 17,835 1. The Corteva pension plans directly held $165 million (approximately 1 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2020. 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, 2019 (In millions) Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,343 $ 1,343 $ — $ — U.S. equity securities 1 3,665 3,652 4 9 Non-U.S. equity securities 2,053 2,043 6 4 Debt – government-issued 3,693 — 3,693 — Debt – corporate-issued 2,956 — 2,952 4 Debt – asset-backed 663 — 663 — Private market securities 2 — — 2 Real estate 33 — — 33 Derivatives – asset position 2 — 2 — Derivatives – liability position (19) — (19) — Other 19 — 19 — Subtotal $ 14,410 $ 7,038 $ 7,320 $ 52 Investments measured at net asset value Debt - government issued 37 U.S. equity securities 20 Non-U.S. equity securities 39 Hedge funds 431 Private market securities 1,371 Real estate funds 516 Total investments measured at net asset value $ 2,414 Other items to reconcile to fair value of plan assets Pension trust receivables 2 763 Pension trust payables 3 (646) Total $ 16,941 1. The Corteva pension plans directly held $126 million (approximately 1 percent of total plan assets) of Corteva, Inc. at December 31, 2019. 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, 2020 and 2019: Fair Value Measurement of Level 3 Pension Plan Assets U.S. equity securities Non-U.S. equity securities Debt – corporate-issued Private market securities Real estate Other Total (In millions) Balance at January 1, 2019 $ 14 $ 2 $ 14 $ 1 $ 93 $ 206 $ 330 Actual return on assets: Relating to assets sold during the year ended December 31, 2019 (2) 1 9 — (29) — (21) Relating to assets held at December 31, 2019 (5) — (8) 4 25 — 16 Purchases, sales and settlements, net 2 2 (12) (3) (3) — (14) Transfers in or out of Level 3, net — (1) 1 — — — — Assets transferred at Separation — — — — (53) (206) (259) Balance at December 31, 2019 $ 9 $ 4 $ 4 $ 2 $ 33 $ — $ 52 Actual return on assets: Relating to assets sold during the year ended December 31, 2020 (25) (6) (7) — — — (38) Relating to assets held at December 31, 2020 21 5 5 1 (5) 7 34 Purchases, sales and settlements, net — — — — — 5 5 Transfers in or out of Level 3, net — — 1 — — 61 62 Balance at December 31, 2020 $ 5 $ 3 $ 3 $ 3 $ 28 $ 73 $ 115 Trust Assets EID entered into a trust agreement in 2013 (as amended and restated in 2017) that established and requires EID to fund the Trust for cash obligations under certain non-qualified benefit and deferred compensation plans upon a change in control event as defined in the Trust agreement. Under the Trust agreement, the consummation of the Merger was a change in control event. As a result, in November 2017, EID contributed $571 million to the Trust. At the Separation, Corteva transferred $39 million to DuPont. During the year ended December 31, 2019, $62 million was distributed to EID according to the Trust agreement and at December 31, 2019, the balance in the Trust was $409 million. During the year ended December 31, 2020, $65 million was distributed to EID according to the Trust agreement and at December 31, 2020, the balance in the Trust was $347 million. Defined Contribution Plans Corteva provides defined contribution benefits to its employees. The most significant is the U.S. Retirement Savings Plan ("the Plan"), which covers 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. Corteva's contributions to the Plan were $94 million, $142 million, and $183 million for the years ended December 31, 2020, 2019 and 2018, respectively. Corteva's matching contributions vest immediately upon contribution. The 3 percent nonmatching company contribution vests after employees complete three years of service. In addition, Corteva made contributions to other defined contribution plans of $33 million, $46 million, and $82 million for the years ended December 31, 2020, 2019 and 2018, respectively. Included in Corteva's contributions are amounts related to discontinued operations of $73 million and $148 million, for the years ended December 31, 2019 and 2018, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
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 5 - Divestitures and Other Transactions, on April 1, 2019 the company entered into an employee matters agreement (the "EMA") with DuPont and Dow that identifies employees and employee-related liabilities (and attributable assets) to be allocated (either retained, transferred and accepted, or assigned and assumed, as applicable) to the Parties as part of the Distributions and describes when and how the relevant transfers and assignments will occur. With some exceptions, the EMA provides for the equitable adjustment of existing equity incentive compensation awards denominated in the common stock of DowDuPont to reflect the occurrence of the Distributions. In connection with the Separation on June 1, 2019, outstanding DowDuPont-denominated stock options, SARs, RSU and PSU awards were converted into Corteva-denominated awards under the “Employer Method,” or into both DuPont-denominated awards and Corteva-denominated awards under the “Shareholder Method,” using a formula designed to preserve the intrinsic value of the awards immediately prior to and subsequent to the Corteva Separation. The awards have the same terms and conditions under the applicable plans and award agreements prior to the Separation transactions. The conversions of equity awards did not have a material impact to the company’s consolidated financial statements. On June 1, 2019 (“Adoption Date”), in connection with the Separation, the Omnibus Incentive Plan (the "OIP") became effective. Under the OIP, the company may grant incentive awards, including stock options (both “incentive stock options” and nonqualified stock options), share appreciation rights, restricted shares, restricted stock units, other share-based awards and cash awards, to its and its subsidiaries’ eligible employees, non-employee directors, independent contractors and consultants following the Separation until the tenth anniversary of the Adoption Date, subject to an aggregate limit and annual individual limits. Under the OIP, the maximum number of shares reserved for the grant or settlement of awards is 20 million shares, excluding shares underlying certain exempt awards, such as the awards converted to Corteva-denominated awards pursuant to the Separation. At December 31, 2020, approximately 14 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 $73 million, $84 million, and $83 million for the years ended December 31, 2020, 2019 and 2018, respectively. The income tax benefits related to stock-based compensation arrangements were $(15) million, $(17) million, and $(17) million for the years ended December 31, 2020, 2019 and 2018, respectively. Stock Options The exercise price of shares subject to option is equal to the market price of the company's stock on the date of grant. All options vest serially over a period of three years. Stock option awards granted under the OIP between June 2019 and 2020 expire 10 years after the grant date. Stock option awards granted under the EIP (previous plan) between 2014 and 2015 expire seven years after the grant date and options granted between 2016 and May 2019 expire 10 years after the grant date. Stock option awards granted under the Historical Dow plans subsequent to 2010 expire 10 years after the grant date. 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. Under the OIP, the weighted-average grant-date fair value of options granted for the year ended December 31, 2020 was $6.06. Under the EIP, the weighted-average grant-date fair value of options granted for the years ended December 31, 2019 and 2018 was $7.29 and $15.46, respectively. Weighted-Average Assumptions OIP EIP For the year ended December 31, 2020 For the year ended December 31, 2019 For the year ended December 31, 2018 Dividend yield 1.67 % 1.55 % 2.1 % Expected volatility 23.14 % 19.80 % 23.30 % Risk-free interest rate 1.3 % 2.4 % 2.8 % Expected life of stock options granted during period (years) 6.0 6.1 6.2 Under the OIP, 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 year ended December 31, 2020, 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 as referenced under ASC 718 – Share based Payments. Under the EIP, the company determined the dividend yield by dividing the annualized dividend on DowDuPont'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 year ended December 31, 2019, the measurement of volatility is based on weighted average of the individual peer volatilities of DuPont and Corteva based on the size of each business respectively. DuPont and Corteva peer volatility are based on a 50/50 blend of historical volatility and implied volatility. Both volatility measures are based on the average of five peer companies for DuPont and eight peer companies for Corteva. For the year ended December 31, 2018, the measurement of volatility used DowDuPont stock information after the Merger date, and a weighted average of Historical Dow and Historical DuPont stock information prior to Merger date. The risk-free interest rate is determined by reference to the yield on an outstanding U.S. Treasury note with a term equal to the expected life of the option granted. Expected life is determined by reference to the company's historical experience. The following table summarizes stock option activity for year ended December 31, 2020 under the OIP: Stock Options For the Year Ended December 31, 2020 Number of Shares Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at January 1, 2020 10,045 $ 32.47 4.73 $ 20,186 Granted 1,459 31.16 Exercised (2,349) 24.96 Forfeited/Expired (157) 34.24 Outstanding at December 31, 2020 8,998 $ 34.21 5.27 $ 50,077 Exercisable at December 31, 2020 6,695 $ 33.96 4.27 $ 38,799 The aggregate intrinsic values in the table above represent the total pre-tax intrinsic value (the difference between the closing stock price on the last trading day of the December 31, 2020 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. Under the OIP, the total intrinsic value of options exercised for the years ended December 31, 2020 and 2019 were $21 million, and $3 million, respectively. The company recognized tax benefits from options exercised for the years ended December 31, 2020 and 2019 of $(4) million and $(1) million, respectively. Under the EIP, the total intrinsic value of options exercised for the years ended December 31, 2019 and 2018 were $16 million and $50 million, respectively. The company recognized tax benefits from options exercised for the year ended December 31, 2019 of $(3) million. As of December 31, 2020, $3 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 0.56 years. Restricted Stock Units and Performance Share Units RSUs granted under the EIP serially vest over 3 years. RSUs granted under the Historical Dow plans vest after a designated period, generally 1 year to 3 years. RSUs granted under the OIP serially vest over 3 years. Upon vesting, these RSUs convert one-for-one to Corteva Common Stock. A retirement-eligible employee retains any granted awards upon retirement provided the employee has rendered at least six months of service following the grant date. Additional RSUs are also granted periodically to key senior management employees. These RSUs generally vest over periods ranging from 3 years to 5 years. The fair value of all stock-settled RSUs is based upon the market price of the underlying common stock as of the grant date. The company grants PSUs to senior leadership. In 2020, there were 444,816 PSUs granted. Vesting for PSUs granted in 2020 is partially based on the realization of the Company’s improvement of its Return on Invested Capital (“ROIC”) and Operating Earnings Per Share (EPS) during the Performance Period. Vesting for PSUs granted in 2019 is partially based on the realization of the Company’s improvement of its Return on Invested Capital (“ROIC”) and Operating EBITDA during the Performance Period. Performance and payouts are determined independently for each metric. The actual award, delivered in Corteva Common Stock, can range from zero percent to 200 percent of the original grant. The weighted-average grant date fair value of the PSUs granted in 2020 of $31.17 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, 2020 Number of Shares Weighted Average Grant Date Fair Value Nonvested at January 1, 2020 5,438 $ 32.49 Granted 1,970 $ 31.15 Vested (1,400) $ 34.69 Forfeited (125) $ 31.16 Nonvested at December 31, 2020 5,883 $ 31.54 The total fair value of stock units vested under the OIP for the years ended December 31, 2020 and 2019 was $49 million and $19 million, respectively. The weighted-average grant-date fair value of stock units granted under the OIP for the years ended December 31, 2020 and 2019 was $31.15 and $28.88. The total fair value of stock units vested under the EIP during the years ended December 31, 2019 and 2018 was $79 million and $128 million, respectively. The weighted-average grant-date fair value of stock units granted under the EIP for the years ended December 31, 2019 and 2018 was $52.19 and $70.37, respectively. As of December 31, 2020, $56 million of total unrecognized pre-tax compensation expense related to RSUs and PSUs is expected to be recognized over a weighted average period of 0.67 years. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments Disclosure [Text Block] | FINANCIAL INSTRUMENTS At December 31, 2020, the company had $2,511 million ($1,293 million at December 31, 2019) of held-to-maturity securities (primarily time deposits and money market funds) classified as cash equivalents, as these securities had maturities of three months or less at the time of purchase; and $43 million ($5 million at December 31, 2019) of held-to-maturity securities (primarily time deposits) classified as marketable securities as these securities had maturities of more than three months to less than one year at the time of purchase. The company’s investments in held-to-maturity securities are held at amortized cost, which approximates fair value. Additionally, at December 31, 2020, the company had $226 million of available-for-sale securities (see below "Debt Securities" for further discussion). The above noted securities are included in cash and cash equivalents, marketable securities, and other current assets in the Consolidated Balance Sheets. Derivative Instruments Objectives and Strategies for Holding Derivative Instruments In the ordinary course of business, the company enters into contractual arrangements (derivatives) to reduce its exposure to foreign currency and commodity price risks. The company has established a variety of derivative programs to be utilized for financial risk management. These programs reflect varying levels of exposure coverage and time horizons based on an assessment of risk. Derivative programs have procedures and controls and are approved by the Corporate Financial Risk Management Committee, consistent with the company's financial risk management policies and guidelines. Derivative instruments used are forwards, options, futures and swaps. The company has not designated any non-derivatives as hedging instruments. The company's financial risk management procedures also address counterparty credit approval, limits and routine exposure monitoring and reporting. The counterparties to these contractual arrangements are major financial institutions and major commodity exchanges, and multinational grain exporters. The company is exposed to credit loss in the event of nonperformance by these counterparties. The company utilizes collateral support annex agreements with certain counterparties to limit its exposure to credit losses. The company anticipates performance by counterparties to these contracts and therefore no material loss is expected. Market and counterparty credit risks associated with these instruments are regularly reported to management. The notional amounts of the company's derivative instruments were as follows: Notional Amounts (In millions) December 31, 2020 December 31, 2019 Derivatives designated as hedging instruments: Foreign currency contracts $ 1,164 $ — Commodity contracts $ 383 $ 570 Derivatives not designated as hedging instruments: Foreign currency contracts $ 647 $ 582 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 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 not probable of occurring. The following table summarizes the after-tax effect of commodity contract cash flow hedges on accumulated other comprehensive loss: For the Year Ended December 31, (In millions) 2020 2019 2018 Beginning balance $ 2 $ (26) $ (2) Additions and revaluations of derivatives designated as cash flow hedges (44) 16 (19) Clearance of hedge results to earnings 26 12 (5) Ending balance $ (16) $ 2 $ (26) At December 31, 2020, an after-tax net loss of $14 million is expected to be reclassified from accumulated other comprehensive loss into earnings over the next twelve months. Foreign Currency Contracts The company enters into forward contracts to hedge the foreign currency risk associated with forecasted transactions within certain foreign subsidiaries. While each risk management program has a different time maturity period, most programs currently do not extend beyond the next two years. Cash flow hedge results are reclassified into earnings during the same period in which the related exposure impacts earnings. Reclassifications are made sooner if it appears that a forecasted transaction is not probable of occurring. The following table summarizes the after-tax effect of foreign currency cash flow hedges on accumulated other comprehensive loss: (In millions) For the Year Ended December 31, 2020 Beginning balance $ — Additions and revaluations of derivatives designated as cash flow hedges (3) Clearance of hedges results to earnings (14) Ending balance $ (17) At December 31, 2020, an after-tax net loss of $17 million is expected to be reclassified from accumulated other comprehensive loss into earnings over the next twelve months. Derivatives Designated as Net Investment Hedges Foreign Currency Contracts The company has designated €450 million of forward contracts to exchange EUR as net investment hedges. The purpose of these forward contracts is to mitigate FX exposure related to a portion of the company’s Euro net investments in certain foreign subsidiaries against changes in Euro/USD exchange rates. These hedges will expire and be settled in 2023, unless terminated early at the discretion of the company. The company elected to apply the spot method in testing for effectiveness of the hedging relationship. Derivatives not Designated in Hedging Relationships Foreign Currency Contracts The company uses foreign exchange contracts to reduce its net exposure, by currency, related to foreign currency-denominated monetary assets and liabilities of its operations so that exchange gains and losses resulting from exchange rate changes are minimized. The netting of such exposures precludes the use of hedge accounting; however, the required revaluation of the forward contracts and the associated foreign currency-denominated monetary assets and liabilities intends to achieve a minimal earnings impact, after taxes. The company also uses foreign currency exchange contracts to offset a portion of the company’s exposure to the translation of certain foreign currency-denominated earnings so that gains and losses on the contracts offset changes in the USD value of the related foreign currency-denominated earnings over the relevant aggregate period. Commodity Contracts The company utilizes options, futures and swaps that are not designated as hedging instruments to reduce exposure to commodity price fluctuations on purchases of inventory such as corn and soybeans. The company uses forward agreements, with durations less than one year, to buy and sell USD priced commodities in order to reduce its exposure to currency devaluation for a portion of its local currency cash balances. Counterparties to the forward sales agreements are multinational grain exporters and subject to the company’s financial risk management procedures. Fair Value of Derivative Instruments Asset and liability derivatives subject to an enforceable master netting arrangement with the same counterparty are presented on a net basis in the Consolidated Balance Sheets. The presentation of the company's derivative assets and liabilities is as follows: December 31, 2020 (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 $ 15 $ — $ 15 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 40 (40) — Total asset derivatives $ 55 $ (40) $ 15 Liability derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 38 $ — $ 38 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities 97 $ (40) 57 Total liability derivatives $ 135 $ (40) $ 95 December 31, 2019 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 25 $ (18) $ 7 Total asset derivatives $ 25 $ (18) $ 7 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 43 $ (16) $ 27 Total liability derivatives $ 43 $ (16) $ 27 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. Effect of Derivative Instruments Amount of Gain (Loss) Recognized in OCI 1 - Pre-Tax For the Year Ended December 31, (In millions) 2020 2019 2018 Derivatives designated as hedging instruments: Net investment hedges: Foreign currency contracts $ (45) $ — $ — Cash flow hedges: Foreign currency contracts (4) — — Commodity contracts (62) 23 (24) Total derivatives designated as hedging instruments $ (111) $ 23 $ (24) 1. OCI is defined as other comprehensive income (loss). (in millions) Amount of (Loss) Gain Recognized in Income - Pre-Tax 1 For the Year Ended December 31, 2020 2019 2018 Derivatives designated as hedging instruments: Cash flow hedges: Foreign currency contracts 2 $ 17 $ — $ — Commodity contracts 2 (35) (13) 6 Total derivatives designated as hedging instruments (18) (13) 6 Derivatives not designated as hedging instruments: Foreign currency contracts 3 89 (58) 94 Foreign currency contracts 2 14 — — Commodity contracts 2 9 9 5 Total derivatives not designated as hedging instruments 112 (49) 99 Total derivatives $ 94 $ (62) $ 105 1. For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income during the period. 2. Recorded in cost of goods sold. 3. Gain recognized in other income (expense) - net was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 9 - Supplementary Information, to the Consolidated Financial Statements for additional information. Debt Securities The company's investment in debt securities are classified as available-for-sale. The following table summarizes the contractual maturities of the company's investments in debt securities: Contractual Maturities of Debt Securities at December 31, 2020 Amortized Cost Fair Value (In millions) Within one year $ 67 $ 67 One to five years 159 159 Total $ 226 $ 226 The estimated fair value of the available-for-sale securities as of December 31, 2020 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 as of December 31, 2020 are held by certain foreign subsidiaries in which the USD is not the functional currency. The fluctuations in foreign exchange are recorded in accumulated other comprehensive loss within the Consolidated Statements of Equity. These fluctuations are subsequently reclassified from accumulated other comprehensive loss to earnings in the period in which the marketable securities are sold and the gains and losses on these securities offset a portion of the foreign exchange fluctuations in earnings for the company. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS The following tables summarize the basis used to measure certain assets and liabilities at fair value on a recurring basis: December 31, 2020 Significant Other Observable Inputs (In millions) Level 1 Level 2 Assets at fair value: Marketable securities $ — $ 43 Debt securities: U.S. treasuries 1 226 — Derivatives relating to: 2 Foreign currency — 55 Total assets at fair value $ 226 $ 98 Liabilities at fair value: Derivatives relating to: 2 Foreign currency — 135 Total liabilities at fair value $ — $ 135 December 31, 2019 Significant Other Observable Inputs (Level 2) (In millions) Assets at fair value: Marketable securities $ 5 Derivatives relating to: 2 Foreign currency 25 Total assets at fair value $ 30 Liabilities at fair value: Derivatives relating to: 2 Foreign currency $ 43 Total liabilities at fair value $ 43 1. The company's investments in debt securities, which are primarily available-for-sale, are included in "marketable securities" in the Consolidated Balance sheets. 2. See Note 22 - 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 22 - 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, 2020 and 2019. For assets classified as Level 3 measurements, the fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity. The fair value of the company’s interests held in trade receivable conduits is determined by calculating the expected amount of cash to be received using the key input of anticipated credit losses in the portfolio of receivables sold that have not yet been collected. Given the short-term nature of the underlying receivables, discount rate and prepayments are not factors in determining the fair value of the interests. Fair Value Measurements on a Nonrecurring Basis The following table summarizes the basis used to measure certain assets at fair value on a nonrecurring basis: Basis of Fair Value Measurements on a Nonrecurring Basis Significant Other Unobservable Inputs Total Losses (In millions) 2019 Assets at fair value: Developed technology $ — $ (1) Other intangible assets $ — $ (6) IPR&D $ — $ (137) 2018 Assets at fair value: Investment in nonconsolidated affiliates $ 51 $ (41) IPR&D $ 450 $ (85) During the third and fourth quarter of 2019, the company recorded impairment charges to developed technology, other intangible assets, and IPR&D. During the third quarter of 2018, the company recorded a goodwill impairment charge related to its agriculture reporting unit and impairment charges to other intangible assets and investment in nonconsolidated affiliates. See Note 7 - Restructuring and Asset Related Charges - Net, and Note 15 - Goodwill and Other Intangible Assets, to the Consolidated Financial Statements, for further discussion of these fair value measurements. |
Geographic Information
Geographic Information | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 2019 2018 United States $ 6,510 $ 6,255 $ 6,725 Canada 658 674 687 EMEA 2,842 2,740 2,765 Latin America 1 2,805 2,889 2,817 Asia Pacific 1,402 1,288 1,293 Total $ 14,217 $ 13,846 $ 14,287 1. Net sales for Brazil for the years ended December 31, 2020, 2019 and 2018 were $1,724 million , $1,794 million and $1,732 million, respectively. Net Property (In millions) 2020 2019 2018 United States $ 3,014 $ 3,069 $ 3,161 Canada 122 125 88 EMEA 601 566 546 Latin America 510 608 568 Asia Pacific 149 178 181 Total $ 4,396 $ 4,546 $ 4,544 |
Segment Reporting (Notes)
Segment Reporting (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
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 (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, corporate expenses, non-operating (benefits) costs - net and foreign exchange gains (losses), net, excluding the impact of significant items. Non-operating (benefits) costs - net consists of non-operating pension and other post-employment benefit (OPEB) costs, tax indemnification adjustments and environmental remediation and legal costs associated with legacy EID businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense. For the years ended December 31, 2019 and 2018, segment operating EBITDA is calculated on a pro forma basis, as this is the manner in which the CODM assesses performance and allocates resources or expense. Pro forma adjustments used in the calculation of pro forma segment operating EBITDA for the years ended December 31, 2019 and 2018 were determined in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. These adjustments give effect to the Merger, the debt retirement transactions related to paying off or retiring portions of EID’s existing debt liabilities (as discussed in Note 17 - Long-Term Debt and Available Credit Facilities, to the Consolidated Financial Statements), and the separation and distribution to DowDuPont stockholders of all the outstanding shares of Corteva common stock as if they had been consummated on January 1, 2016. Corporate Profile The company conducts its global operations through the following reportable segments: Seed The company’s seed segment is a global leader in developing and supplying advanced germplasm and traits that produce optimum yield for farms around the world. The segment is a leader in many of the company’s key seed markets, including North America corn and soybeans, Europe corn and sunflower, as well as Brazil, India, South Africa and Argentina corn. The segment offers trait technologies that improve resistance to weather, disease, insects and herbicides used to control weeds, and trait technologies that enhance food and nutritional characteristics. In addition, the segment provides digital solutions that assist farmer decision-making with a view to optimize product selection and, ultimately, 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 is a leader in global herbicides, insecticides, nitrogen stabilizers and pasture and range management herbicides. (In millions) Seed Crop Protection Total As of and for the Year Ended December 31, 2020 Net sales $ 7,756 $ 6,461 $ 14,217 Segment operating EBITDA $ 1,208 $ 1,004 $ 2,212 Depreciation and amortization $ 798 $ 379 $ 1,177 Segment assets $ 23,751 $ 13,099 $ 36,850 Investments in nonconsolidated affiliates $ 22 $ 44 $ 66 Purchases of property, plant and equipment $ 225 $ 250 $ 475 As of and for the Year Ended December 31, 2019 Net sales $ 7,590 $ 6,256 $ 13,846 Pro forma segment operating EBITDA $ 1,040 $ 1,066 $ 2,106 Depreciation and amortization $ 628 $ 372 $ 1,000 Segment assets 1 $ 25,387 $ 13,492 $ 38,879 Investments in nonconsolidated affiliates $ 27 $ 39 $ 66 Purchases of property, plant and equipment $ 373 $ 293 $ 666 As of and for the Year Ended December 31, 2018 Net sales $ 7,842 $ 6,445 $ 14,287 Pro forma segment operating EBITDA $ 1,139 $ 1,074 $ 2,213 Depreciation and amortization $ 534 $ 375 $ 909 Segment assets $ 29,286 $ 9,346 $ 38,632 Investments in nonconsolidated affiliates $ 102 $ 36 $ 138 Purchase of property, plant and equipment $ 263 $ 250 $ 513 1. On June 1, 2019, as a result of changes in reportable segments, $3,382 million of goodwill was reallocated from the seed reportable segment to the crop protection reportable segment. This change was not reflected in segment assets prior to June 1, 2019. Reconciliation to Consolidated Financial Statements Income (loss) from continuing operations after income taxes to segment operating EBITDA For the Year Ended December 31, (In millions) 2020 2019 2018 Income (loss) from continuing operations after income taxes $ 756 $ (270) $ (6,775) Benefit from income taxes on continuing operations (81) (46) (31) Income (loss) from continuing operations before income taxes 675 (316) (6,806) Depreciation and amortization 1,177 1,000 909 Interest income (56) (59) (86) Interest expense 45 136 337 Exchange losses - net 1 174 66 77 Non-operating benefits - net (316) (129) (211) Goodwill impairment charge — — 4,503 Significant items 388 991 1,346 Pro forma adjustments 298 2,003 Corporate expenses 125 119 141 Segment operating EBITDA 2 $ 2,212 $ 2,106 $ 2,213 1. Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as they are included within significant items. See Note 9 - Supplementary Information, to the Consolidated Financial Statements, for additional information. 2. The years ended December 31, 2019 and December 31, 2018 are presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. Segment assets to total assets (in millions) December 31, 2020 December 31, 2019 December 31, 2018 Total segment assets $ 36,850 $ 38,879 $ 38,632 Corporate assets 5,799 3,518 4,417 Assets related to discontinued operations 1 — — 65,634 Total assets $ 42,649 $ 42,397 $ 108,683 1. See Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information on discontinued operations. Other Items (in millions) Segment Totals Adjustments 1 Consolidated Totals As of and For the Year Ended December 31, 2019 Depreciation and amortization $ 1,000 $ 599 $ 1,599 Purchase of property, plant and equipment $ 666 $ 497 $ 1,163 As of and For the Year Ended December 31, 2018 Depreciation and amortization $ 909 $ 1,881 $ 2,790 Purchase of property, plant and equipment $ 513 $ 988 $ 1,501 1. See Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information. Significant Pre-tax (Charges) Benefits Not Included in Segment Operating EBITDA The years ended December 31, 2020, 2019 and 2018, 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, 2020 Restructuring and Asset Related Charges - Net 1 $ (165) $ (109) $ (61) $ (335) Loss on Divestiture 2 — (53) — (53) Total $ (165) $ (162) $ (61) $ (388) (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2019 3 Restructuring and Asset Related Charges - Net 1 $ (213) $ (23) $ 14 $ (222) Integration and Separation Costs 4 — — (632) (632) Loss on Divestiture 5 (24) — — (24) Amortization of Inventory Step Up 6 (67) — — (67) Loss on Early Extinguishment of Debt 7 — — (13) (13) Argentina Currency Devaluation 8 — — (33) (33) Total $ (304) $ (23) $ (664) $ (991) (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2018 3 Restructuring and Asset Related Charges - Net 1 $ (368) $ (58) $ (268) $ (694) Integration Costs 4 — — (571) (571) Gain on Sale 9 24 — — 24 Loss on Deconsolidation of Subsidiary 10 (53) — — (53) Loss on Divestiture 11 (2) — — (2) Income Tax Items 12 — — (50) (50) Total $ (399) $ (58) $ (889) $ (1,346) 1. Includes Board approved restructuring plans and asset related charges as well as accelerated prepaid amortization. See Note 7 - Restructuring and Asset Related Charges - Net, to the Consolidated Financial Statements, for additional information. 2. Includes a loss recorded in other income - net related to the expected sale of the La Porte site. 3. The years ended December 31, 2019 and December 31, 2018 are presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. 4. Integration and separation costs include costs incurred to prepare for and close the Merger, post-Merger integration expenses, and costs incurred to prepare for the Internal Reorganizations. Beginning in the second quarter of 2019, this includes both integration and separation costs. 5. Includes a loss recorded in other income - net related to DAS's sale of a joint venture related to synergy actions. 6. Includes a charge related to the amortization of the inventory that was stepped up to fair value in connection with the Merger. 7. Includes a loss on early extinguishment of debt related to the difference between the redemption price and the par value of the Make Whole Notes and Term Loan Facility, partially offset by the write-off of unamortized step-up related to the fair value step-up of EID's debt. 8. Includes a charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. Throughout the three months ended September 30, 2019, the Argentine Peso dropped approximately a third of its value against the US dollar and in September of 2019, the country’s central bank announced new restrictions on foreign currency transactions. 9. Includes a gain recorded in other income (expense) - net related to an asset sale. 10. Includes a loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary. 11. Includes a loss recorded in other income (expense) - net related to an asset sale. 12. Includes a foreign exchange loss recorded in other income (expense) - net related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
Quaterly Financial Data
Quaterly Financial Data | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | QUARTERLY FINANCIAL DATA (UNAUDITED) For the Quarter Ended In millions, except per share amounts March 31, June 30, September 30, December 31, 2020 Net sales $ 3,956 $ 5,191 $ 1,863 $ 3,207 Cost of goods sold 2,269 2,829 1,297 2,112 Restructuring and asset related charges - net 1 70 179 49 37 Income (loss) from continuing operations after income taxes 281 3,4 766 5 (390) 99 6 Net income (loss) attributable to Corteva 1 272 760 (392) 41 Earnings (loss) per common share, continuing operations - basic 2 0.36 1.01 (0.52) 0.13 Earnings (loss) per common share, continuing operations - diluted 2 0.36 1.01 (0.52) 0.13 2019 Net sales $ 3,396 $ 5,556 $ 1,911 $ 2,983 Cost of goods sold 7 2,211 3,047 1,349 1,968 Restructuring and asset related charges - net 1 61 60 46 55 Integration and separation costs 1 212 330 152 50 (Loss) income from continuing operations after income taxes (184) 8 483 9 (527) 10, 11 (42) 12 Net income (loss) attributable to Corteva 1 164 (608) (494) (21) (Loss) earnings per common share, continuing operations - basic 2 (0.26) 0.63 (0.69) (0.06) (Loss) earnings per common share, continuing operations - diluted 2 (0.26) 0.63 (0.69) (0.06) 1. See Note 2 - Summary of Significant Accounting Polices, Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, to the Consolidated Financial Statements for additional information related to integration and separation costs, restructuring and asset related charges - net, and discontinued operations, respectively. 2. Earnings per share for the year may not equal the sum of quarterly earnings per share due to rounding and the changes in average share calculations. 3. First quarter 2020 includes a loss of $(53) million recorded in other income - net related to the expected sale of the La Porte site, for which the company signed an agreement during the first quarter 2020. 4. First quarter 2020 includes a $19 million after tax charge related to the impact of a state tax valuation allowance in the U.S. based on a change in judgment about the realizability of a deferred tax asset. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. 5. Second quarter 2020 includes an after-tax benefit of $(29) million due to an elective change in accounting method that alters the 2019 impact of the business separation on the 2017 Tax Cuts and Jobs Act's foreign tax provision. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. 6. Fourth quarter 2020 includes an after-tax benefit of $(182) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. 7. Includes charges of $205 million, $52 million, and $15 million for the first quarter 2019, second quarter 2019, and third quarter 2019, respectively, related to the amortization of inventory step-up as a result of the Merger. 8. First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. 9. Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 related to the retirement of some of the company's debt. See Note 17 - Long-Term Debt and Available Credit Facilities, to the Consolidated Financial Statements for additional information. 10. Third quarter 2019 includes a $33 million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. 11. Third quarter 2019 includes a tax benefit of $(38) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS On January 22, 2021, Chemours, DuPont, Corteva and EID entered into a binding memorandum of understanding containing a settlement to resolve legal disputes originating from the Delaware Litigation and Pending Arbitration, and to establish a cost sharing arrangement and escrow account to be used to support and manage potential future legacy per- and polyfluoroalkyl substances (“PFAS”) liabilities arising out of pre-July 1, 2015 conduct (the “MOU”). The MOU replaces the 2017 amendment to the Chemours Separation Agreement. In addition, in January 2021 Chemours, DuPont and Corteva agreed to settle approximately 95 matters, as well as unfiled matters remaining in the Ohio MDL. For further discussion, see Note 18 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements. On February 1, 2021, Corteva approved restructuring actions designed to right-size and optimize footprint and organizational structure according to the business needs in each region with the focus on driving continued cost improvement and productivity. Corteva expects to record total pre-tax restructuring and asset-related charges of approximately $130 million to $170 million, comprised of approximately $40 million to $50 million of severance and related benefit costs, $40 million to $60 million of asset related charges, $10 million to $15 million of asset retirement obligations and $40 million to $45 million of costs related to contract terminations. Future cash payments related to this charge are anticipated to be approximately $90 million to $110 million, primarily related to the payment of severance and related benefits, asset retirement obligations, and costs related to contract terminations. The restructuring actions associated with this charge are expected to be substantially complete in 2021. In February 2021, the company entered into a new committed receivable repurchase facility of up to $1 billion (the "2021 Repurchase Facility") which expires in December 2021. Under the 2021 Repurchase Facility, Corteva may sell a portfolio of available and eligible outstanding customer notes receivables to participating institutions and simultaneously agree to repurchase at a future date. The 2021 Repurchase Facility is considered a secured borrowing with the customer notes receivables inclusive of those that are sold and repurchased, equal to 105 percent of the outstanding amounts borrowed utilized as collateral. Borrowings under the 2021 Repurchase Facility will have an interest rate of LIBOR+0.85 percent. |
EID Basis of Presentation (Note
EID Basis of Presentation (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
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 in approximately 140 countries. Corteva has two reportable segments: seed and crop protection. See Note 25 - Segment Information, to the Consolidated Financial Statements, for additional information on the company's reportable segments. Throughout this Annual Report on Form 10-K, except as otherwise noted by the context, the terms "Corteva" or "company" used herein mean Corteva, Inc. and its consolidated subsidiaries (including EID) and the term “EID” used herein means E. I. du Pont de Nemours and Company and its consolidated subsidiaries or E. I. du Pont de Nemours and Company excluding its consolidated subsidiaries, as the context may indicate. Additionally, on June 1, 2019, DowDuPont Inc. changed its registered name to DuPont de Nemours, Inc. (“DuPont”), for certain events prior to, or on, June 1, 2019, DuPont may be referred to as DowDuPont. Principles of Consolidation and Basis of Presentation On June 1, 2019, Corteva, Inc. became an independent, publicly traded company through the previously announced separation (the “Separation”) of the agriculture business of DuPont de Nemours, Inc. (formerly known as DowDuPont Inc.) (“DowDuPont” or “DuPont”). The separation was effectuated through a pro rata distribution (the “Corteva Distribution”) of all of the then-issued and outstanding shares of common stock, par value $0.01 per share, of Corteva, Inc., which was then a wholly-owned subsidiary of DowDuPont, to holders of record of DowDuPont common stock as of the close of business on May 24, 2019. Previously, DowDuPont was formed on December 9, 2015, to effect an all-stock merger of equals strategic combination between The Dow Chemical Company ("Historical Dow") and EID. On August 31, 2017 at 11:59 pm ET (the “Merger Effectiveness Time”) pursuant to the Agreement and Plan of Merger, dated as of December 11, 2015, as amended March 31, 2017 (the "Merger Agreement"), Historical Dow and EID each merged with wholly-owned subsidiaries of DowDuPont and became subsidiaries of DowDuPont (the “Merger”). Prior to the Merger, DowDuPont did not conduct any business activities other than those required for its formation and matters contemplated by the Merger Agreement. Subsequent to the Merger, Historical Dow and EID engaged in a series of internal reorganization and realignment steps to realign their businesses into three subgroups: agriculture, materials science and specialty products through a series of tax-efficient transactions (collectively, the "Business Separations”). Effective as of 5:00 pm ET on April 1, 2019, DowDuPont completed the previously announced separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. (“Dow”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock, par value $0.01 per share, to holders of DowDuPont's common stock, as of the close of business on March 21, 2019 (the “Dow Distribution” and together with the Corteva Distribution, the “Distributions”). Prior to the Dow Distribution, Historical Dow conveyed or transferred the assets and liabilities aligned with Historical Dow’s agriculture business to separate legal entities (“Dow Ag Entities”) and the assets and liabilities associated with its specialty products business to separate legal entities (the “Dow SP Entities”). On April 1, 2019, Dow Ag Entities and the Dow SP Entities were transferred and conveyed to DowDuPont. In furtherance of the Business Separations, EID engaged in a series of internal reorganization and realignment steps (the “Internal Reorganization” and the "Business Realignment," respectively) to realign its businesses into three subgroups: agriculture, materials science and specialty products. As part of the Internal Reorganization: • the assets and liabilities aligned with EID’s materials science business, including EID’s ethylene and ethylene copolymers business, excluding its ethylene acrylic elastomers business, (“EID ECP”) were transferred or conveyed to separate legal entities (the “Materials Science Entities”) that were ultimately conveyed by DowDuPont to Dow; • the assets and liabilities aligned with the EID’s specialty products business were transferred or conveyed to separate legal entities (“EID Specialty Products Entities”); • on April 1, 2019, EID transferred and conveyed its Materials Science Entities to DowDuPont; • on May 1, 2019, EID distributed its Specialty Products Entities to DowDuPont; • on May 2, 2019, DowDuPont conveyed Dow Ag Entities to EID and in connection with the foregoing, EID issued additional shares of its Common Stock to DowDuPont; and • on May 31, 2019, DowDuPont contributed EID to Corteva, Inc. On May 6, 2019, the Board of Directors of DowDuPont approved the distribution of all the then issued and outstanding shares of common stock of Corteva, Inc., a wholly-owned subsidiary of DowDuPont, to DowDuPont stockholders. On June 1, 2019, DowDuPont completed the Separation. Each DowDuPont stockholder received one share of Corteva common stock for every three shares of DowDuPont common stock held at the close of business on May 24, 2019, the record date of distribution. Corteva, Inc.'s common stock began trading the "regular way" under the ticker symbol "CTVA" on June 3, 2019, the first business day after June 1, 2019. Upon becoming an independent company, the capital structure of Corteva consisted of 748,815,000 authorized shares of common stock (par value of $0.01 per share), which represents the number of common shares issued on June 3, 2019. Information related to the Corteva Distribution and its effect on the company's financial statements is discussed throughout these Notes to the Consolidated Financial Statements. As a result of the Business Realignment and the Internal Reorganization discussed above, Corteva owns 100% of the outstanding common stock of EID, and EID owns 100% of DAS. EID is a subsidiary of Corteva, Inc. and continues to be a reporting company, subject to the requirements of the Securities Exchange Act of 1934, as amended. DAS Common Control Business Combination The transfer or conveyance of DAS to Corteva was treated as a transfer of entities under common control. As such, the company recorded the assets, liabilities, and equity of DAS on its balance sheet at their historical basis. Transfers of businesses between entities under common control requires the financial statements to be presented as if the transaction had occurred at the point at which common control first existed (the Merger Effectiveness Time). As a result, the accompanying Consolidated Financial Statements and Notes thereto include the results of DAS as of the Merger Effectiveness Time. See Note 4 - Common Control Business Combination, to the Consolidated Financial Statements, for additional information. For periods prior to the Corteva Distribution, the combined results of operations and assets and liabilities of EID and DAS were derived from the Consolidated Financial Statements and accounting records of EID as well as the carve-out financial statements of DAS. The DAS carve-out financial statements reflect the historical results of operations, financial position, and cash flows of Historical Dow's Agricultural Sciences Business and include allocations of certain expenses for services from Historical Dow, including, but not limited to, general corporate expenses related to finance, legal, information technology, human resources, ethics and compliance, shared services, employee benefits and incentives, insurance, and stock-based compensation. These expenses were allocated on the basis of direct usage when identifiable, with the remainder allocated under the basis of headcount or other measures. The company's Consolidated Balance Sheets for all periods presented consist of Corteva, Inc. and its consolidated subsidiaries. The company's Consolidated Statements of Operations (the "Consolidated Statements of Operations") for all periods prior to the Corteva Distribution consist of the combined results of operations for Historical EID and DAS. The Consolidated Statements of Operations for all periods after the Corteva Distribution represent the consolidated balances of the company. Intercompany balances and transactions with Historical EID and DAS have been eliminated. During the first quarter 2020, the company recorded an increase of $40 million to APIC relating to net assets recorded as transferred as part of the 2019 Internal Reorganizations that were retained. Divestiture of EID ECP The transfer of EID ECP meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. The comprehensive income (loss), stockholder's equity and cash flows related to EID ECP have not been segregated and are included in the Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Equity and Consolidated Statements of Cash Flows, respectively, for 2019 and all prior periods. Amounts related to EID ECP are consistently included or excluded from the Notes to the Consolidated Financial Statements based on the respective financial statement line item. See Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information. Divestiture of EID Specialty Products Entities The transfer of the EID Specialty Products Entities meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. The comprehensive income (loss), stockholder's equity and cash flows related to the EID Specialty Products Entities |
EID [Member] | |
Entity Information [Line Items] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | BASIS OF PRESENTATION As a result of the Business Realignment and the Internal Reorganization, Corteva, Inc. owns 100% of the outstanding common stock of EID. EID is a subsidiary of Corteva, Inc. and continues to be a reporting company, subject to the requirements of the Exchange Act. The primary differences between Corteva, Inc. and EID are outlined below: • Preferred Stock - EID has preferred stock outstanding to third parties which is accounted for as a noncontrolling interest at the Corteva, Inc. level. Each share of EID Preferred Stock - $4.50 Series and EID Preferred Stock - $3.50 Series issued and outstanding at the effective date of the Corteva Distribution remains issued and outstanding as to EID and was unaffected by the Corteva Distribution. • Related Party Loan - EID engaged in a series of debt redemptions during the second quarter of 2019 that were partially funded through an intercompany loan from Corteva, Inc. This was eliminated in consolidation at the Corteva, Inc. level but remains on EID's financial statements at the standalone level (including the associated interest). • Capital Structure - At December 31, 2020, Corteva, Inc.'s capital structure consists of 743,458,000 issued shares of common stock, par value $0.01 per share. The accompanying footnotes relate to EID only, and not to Corteva, Inc., and are presented to show differences between EID and Corteva, Inc. For the footnotes listed below, refer to the footnotes from the Corteva 10-K: • Note 1 - Background and Basis of Presentation - refer to page F-14 of the Corteva, Inc. Consolidated Financial Statements • Note 2 - Summary of Significant Accounting Policies - refer to page F-16 of the Corteva, Inc. Consolidated Financial Statements • Note 3 - Recent Accounting Guidance - refer to page F-21 of the Corteva, Inc. Consolidated Financial Statements • Note 4 - Common Control Business Combination - refer to page F-22 of the Corteva, Inc. Consolidated Financial Statements • Note 5 - Divestitures and Other Transactions - refer to page F-23 of the Corteva, Inc. Consolidated Financial Statements • Note 6 - Revenue - refer to page F-27 of the Corteva, Inc. Consolidated Financial Statements • Note 7 - Restructuring and Asset Related Charges - Net - refer to page F-30 of the Corteva, Inc. Consolidated Financial Statements • Note 8 - Related Party Transactions - Differences exist between Corteva, Inc. and EID; refer to EID Note 2 - Related Party Transactions, of the EID Consolidated Financial Statements, below • Note 9 - Supplementary Information - refer to page F-33 of the Corteva, Inc. Consolidated Financial Statements • Note 10 - Income Taxes - Differences exist between Corteva, Inc. and EID; refer to EID Note 3 - Income Taxes, of the EID Consolidated Financial Statements, below • Note 11 - Earnings Per Share of Common Stock - Not applicable for EID • Note 12 - Accounts and Notes Receivable - Net - refer to page F-40 of the Corteva, Inc. Consolidated Financial Statements • Note 13 - Inventories - refer to page F-41 of the Corteva, Inc. Consolidated Financial Statements • Note 14 - Property, Plant and Equipment - refer to page F-41 of the Corteva, Inc. Consolidated Financial Statements • Note 15 - Goodwill and Other Intangible Assets - refer to page F-42 of the Corteva, Inc. Consolidated Financial Statements • Note 16 - Leases - refer to page F-44 of the Corteva, Inc. Consolidated Financial Statements • Note 17 - Long-Term Debt and Available Credit Facilities - refer to page F-47 of the Corteva, Inc. Consolidated Financial Statements. In addition, EID has a related party loan payable to Corteva, Inc.; refer to EID Note 2 - Related Party Transactions, of the EID Consolidated Financial Statements, below • Note 18 - Commitments and Contingent Liabilities - refer to page F-49 of the Corteva, Inc. Consolidated Financial Statements • Note 19 - Stockholders' Equity - refer to page F-54 of the Corteva, Inc. Consolidated Financial Statements • Note 20 - Pension Plans and Other Post Employment Benefits - refer to page F-58 of the Corteva, Inc. Consolidated Financial Statements • Note 21 - Stock-Based Compensation - refer to page F-68 of the Corteva, Inc. Consolidated Financial Statements • Note 22 - Financial Instruments - refer to page F-70 of the Corteva, Inc. Consolidated Financial Statements • Note 23 - Fair Value Measurements - refer to page F-75 of the Corteva, Inc. Consolidated Financial Statements • Note 24 - Geographic Information - refer to page F-77 of the Corteva, Inc. Consolidated Financial Statements • Note 25 - Segment Information - Differences exist between Corteva, Inc. and EID; refer to EID Note 4 - Segment Information, of the EID Consolidated Financial Statements, below • Note 26 - Quarterly Information - Differences exist between Corteva, Inc. and EID; refer to EID Note 5 - Quarterly Information, of the EID Consolidated Financial Statements, below • Note 27 - Subsequent Events - Refers to page F-83 of the Corteva, Inc. Consolidated Financial Statements |
EID Related Party (Notes)
EID Related Party (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS Services Provided by and to Historical Dow and its affiliates Following the Merger and prior to the Dow Distribution, Corteva reported transactions with Historical Dow and its affiliates as related party transactions. Purchases from Historical Dow and its affiliates were $42 million, and $149 million for the years ended December 31, 2019 and 2018, respectively. Transactions with DowDuPont In November 2017, DowDuPont's Board of Directors authorized an initial $4,000 million share repurchase program to buy back shares of DowDuPont common stock. The $4,000 million share repurchase program was completed in the third quarter of 2018. In February, May, August and November 2018, the DowDuPont Board declared first, second, third and fourth quarter dividends per share of DowDupont common stock payable on March 15, 2018, June 15, 2018, September 15, 2018 and December 14, 2018, respectively. For the year ended December 31, 2018, EID declared and paid distributions in cash to DowDuPont of about $2,806 million primarily to fund a portion of DowDuPont's share repurchases and dividend payments for these periods. In addition, in 2019 and 2018, DowDuPont contributed cash to Corteva to fund portions of the company's debt redemption/repayment transactions. See Note 17 - Long-Term Debt and Available Credit Facilities, to the Consolidated Financial Statements, for additional information. |
EID [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS Refer to page F-32 of the Corteva, Inc. Consolidated Financial Statements for discussion of related party transactions with Historical Dow and DowDuPont. Transactions with Corteva In the second quarter of 2019, EID entered into a related party revolving loan from Corteva, Inc., with a maturity date in 2024. As of December 31, 2020 and December 31, 2019, the outstanding related party loan balance was $3,459 million and $4,021 million respectively (which approximates fair value), with interest rates of 1.62% and 3.27%, respectively, and is reflected as long-term debt - related party on EID's Consolidated Balance Sheet. Additionally, EID has incurred tax deductible interest expense of $100 million and $106 million and paid interest of $105 million and $100 million for the years ended December 31, 2020 and 2019, respectively, associated with the related party loan to Corteva, Inc. As of December 31, 2020, EID had payables to Corteva, Inc. of $92 million included in both accrued and other current liabilities and other noncurrent obligations, respectively, and $119 million and $154 million at December 31, 2019 included in accrued and other current liabilities and other noncurrent obligations, respectively, in the Consolidated Balance Sheet, related to Corteva's indemnification liabilities to Dow and DuPont per the Separation Agreements (refer to page F-23 of the Corteva, Inc. Consolidated Financial Statements for further details of the Separation Agreements). |
EID Income Taxes (Notes)
EID Income Taxes (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Text Block] | INCOME TAXES On December 22, 2017, the Tax Cuts and Jobs Act (“The Act”) was enacted. The Act reduced the U.S. federal corporate income tax rate from 35 percent to 21 percent, required companies to pay a one-time transition tax (“transition tax”) on earnings of certain foreign subsidiaries that were previously tax deferred, created new provisions related to foreign sourced earnings, eliminated the domestic manufacturing deduction and moved to a territorial system. At December 31, 2017, the Company had not completed its accounting for the tax effects of The Act; however, as described below, the company made a reasonable estimate of the effects on its existing deferred tax balances and the one-time transition tax. In accordance with Staff Accounting Bulletin 118 ("SAB 118"), income tax effects of The Act were refined upon obtaining, preparing, or analyzing additional information during the measurement period. At December 31, 2018, the company had completed its accounting for the tax effects of The Act. • As a result of The Act, the company remeasured its U.S. federal deferred income tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21 percent. The company recorded a cumulative benefit of $(2,847) million (which includes a $(34) million benefit in the year ended December 31, 2018) to benefit from income taxes on continuing operations with respect to the remeasurement of the company's deferred tax balances. Of the $(34) million benefit, $(114) million relates to the company's discretionary pension contribution in 2018, which was deducted on a 2017 tax return. The remaining charges relate to purchase accounting adjustments made throughout 2018. • The Act requires a mandatory deemed repatriation of post-1986 undistributed foreign earnings and profits (“E&P”), which results in a one-time transition tax. The company recorded a cumulative charge of $928 million (which includes a $182 million charge in the year ended December 31, 2018) to benefit from income taxes on continuing operations with respect to the one-time transition tax. • In the year ended December 31, 2018, the company recorded a $16 million charge to benefit from income taxes on continuing operations associated with an indirect impact of The Act related to prepaid tax on the intercompany sale of inventory. For tax years beginning after December 31, 2017, The Act introduces new provisions for U.S. taxation of certain global intangible low-taxed income (“GILTI”). The company has made the policy election to record any liability associated with GILTI in the period in which it is incurred. Geographic Allocation of Income (Loss) and Provision for (Benefit from) Income Taxes For the Year Ended December 31, (In millions) 2020 2019 2018 Income (loss) from continuing operations before income taxes Domestic $ (83) $ (1,352) $ (5,040) Foreign 758 1,036 (1,766) Income (loss) from continuing operations before income taxes $ 675 $ (316) $ (6,806) Current tax expense (benefit) Federal $ 28 $ (11) $ (112) State and local 9 1 (32) Foreign 222 317 446 Total current tax expense $ 259 $ 307 $ 302 Deferred tax (benefit) expense Federal $ (116) $ (392) $ (124) State and local 27 156 (39) Foreign (251) (117) (170) Total deferred tax benefit $ (340) $ (353) $ (333) Benefit from income taxes on continuing operations (81) (46) (31) Net income (loss) from continuing operations after taxes $ 756 $ (270) $ (6,775) Reconciliation to U.S. Statutory Rate For the Year Ended December 31, 2020 2019 2018 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Effective tax rates on international operations - net 1 (13.9) (18.4) 0.4 Acquisitions, divestitures and ownership restructuring activities 2, 3, 4 (0.3) (10.7) (2.3) U.S. research and development credit (2.9) 7.0 0.1 Exchange gains/losses 5 3.5 (1.8) (1.3) SAB 118 Impact of Enactment of U.S. Tax Reform 6 — — (3.0) State and local incomes taxes - net 4.0 3.2 0.5 Impact of Swiss Tax Reform 7 (27.0) 11.9 — Excess tax benefits/deficiencies from stock compensation 1.0 (0.6) 0.1 Tax settlements and expiration of statute of limitations 0.4 3.9 (0.1) Goodwill impairment 8 — — (15.2) Other - net 2.2 (0.9) 0.3 Effective tax rate on income from continuing operations (12.0) % 14.6 % 0.5 % 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 $(51) million for the year ended December 31, 2020, related to a return to accrual adjustment associated with an elective change in accounting method for the 2019 tax year impact of The Act's foreign tax provisions. 2. See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information. 3. Includes a net tax charge of $50 million related to repatriation activities to facilitate the Business Separations for the year ended December 31, 2018. 4. Includes a net tax charge of $25 million for the year ended December 31, 2018 related to an internal legal entity restructuring associated with the Business Separations. 5. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, under the heading Foreign Currency Risk. 6. Reflects a net tax charge of $164 million associated with the company's completion of the accounting for the tax effects of The Act for the year ended December 31, 2018. 7. Reflects tax benefits of $(182) million primarily driven by the recognition of an elective cantonal component of the recent enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform") for the year ended December 31, 2020. Reflects tax benefits of $(38) million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"), for the year ended December 31, 2019. 8. Reflects the impact of the non-tax-deductible, non-cash impairment charge for the agriculture reporting unit and corresponding $75 million tax charge associated with a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil for the year ended December 31, 2018. Deferred Tax Balances at December 31 2020 2019 (In millions) Assets Liabilities Assets Liabilities Property $ — $ 170 $ — $ 369 Tax loss and credit carryforwards 1 497 — 761 — Accrued employee benefits 1,415 — 1,717 — Other accruals and reserves 238 — 135 — Intangibles — 2,418 — 2,738 Inventory 127 — 25 — Research and development capitalization 186 — 131 — Investments 56 — 53 — Unrealized exchange gains/losses 2 — — 39 Other – net 91 — 148 — Subtotal $ 2,612 $ 2,588 $ 2,970 $ 3,146 Valuation allowances 2 (453) — (457) — Total $ 2,159 $ 2,588 $ 2,513 $ 3,146 Net Deferred Tax Liability $ (429) $ (633) 1. Primarily related to the realization of recorded tax benefits on tax loss and credit carryforwards from operations in the United States, Brazil, and Spain. 2. During the year ended December 31, 2020, the company established a $19 million state tax valuation allowance in the U.S. based on a change in judgement about the realizability of a deferred tax asset. During the year ended December 31, 2019, the company released a valuation allowance against the net deferred tax asset position of a legal entity in Switzerland in connection with an internal merger, resulting in a tax benefit of $(34) million. During the year ended December 31, 2018, the company established a full valuation allowance against the net deferred tax asset position of a legal entity in Brazil due to revised financial projections, resulting in tax expense of $75 million. See Note 15 - Goodwill and Other Intangible Assets, to the Consolidated Financial Statements, for additional information. However, it is reasonably possible that sufficient positive evidence required to release all, or a portion, of certain valuation allowance in certain jurisdictions will exist within the next 12 months. Operating Loss and Tax Credit Carryforwards Deferred Tax Asset (In millions) 2020 2019 Operating loss carryforwards Expire within 5 years $ 99 $ 131 Expire after 5 years or indefinite expiration 343 400 Total operating loss carryforwards $ 442 $ 531 Tax credit carryforwards Expire within 5 years $ 14 $ 30 Expire after 5 years or indefinite expiration 41 200 Total tax credit carryforwards $ 55 $ 230 Total Operating Loss and Tax Credit Carryforwards $ 497 $ 761 Total Gross Unrecognized Tax Benefits For the Year Ended December 31, (In millions) 2020 2019 2018 Total unrecognized tax benefits as of beginning of period $ 426 $ 749 $ 741 Decreases related to positions taken on items from prior years (14) (167) (44) Increases related to positions taken on items from prior years 5 77 74 Increases related to positions taken in the current year 6 54 9 Settlement of uncertain tax positions with tax authorities (18) (9) (13) Impact of Internal Reorganizations — (278) — Decreases due to expiration of statutes of limitations (7) — (5) Exchange loss (gain) (3) — (13) Total unrecognized tax benefits as of end of period $ 395 $ 426 $ 749 Total unrecognized tax benefits that, if recognized, would impact the effective tax rate $ 156 $ 188 $ 45 Total amount of interest and penalties (benefits) recognized in provision for (benefit from) income taxes on continuing operations $ (2) $ (4) $ 11 Total accrual for interest and penalties associated with unrecognized tax benefits at end of period $ 18 $ 24 $ 45 Each year the company files hundreds of tax returns in the various national, state and local income taxing jurisdictions in which it operates. These tax returns are subject to examination and possible challenge by the tax authorities. Positions challenged by the tax authorities may be settled or appealed by the company. As a result, there is an uncertainty in income taxes recognized in the company's financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. It is reasonably possible that changes to the company’s global unrecognized tax benefits could be significant; however, due to the uncertainty regarding the timing of completion of audits and possible outcomes, a current estimate of the range of increases or decreases that may occur within the next twelve months cannot be made. Tax years that remain subject to examination for the company’s major tax jurisdictions are shown below: Tax Years Subject to Examination by Major Tax Jurisdiction at December 31, Earliest Open Year Jurisdiction Argentina 2014 Brazil 2014 Canada 2012 China 2008 France 2017 India 2007 Italy 2015 Switzerland 2015 United States: Federal income tax 2012 State and local income tax 2001 Undistributed earnings of foreign subsidiaries and related companies that are deemed to be indefinitely invested amounted to $4,130 million at December 31, 2020. As a result of the Act, distributions of profits from non-U.S. subsidiaries are not expected to cause a significant incremental U.S. tax impact in the future; however, those distributions may still be subject to certain taxes upon repatriation, primarily where foreign withholding taxes apply. 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 Effectiveness Time and the Corteva Distribution, Corteva and its subsidiaries were included in DowDuPont's consolidated federal income tax group and consolidated tax return. Generally, the consolidated tax liability of the DowDuPont U.S. tax group for each year was apportioned among the members of the consolidated group based on each member’s separate taxable income. Corteva, DuPont and Dow intend that to the extent Federal and/or State corporate income tax liabilities are reduced through the utilization of tax attributes of the other, settlement of any receivable and payable generated from the use of the other party’s sub-group attributes will be in accordance with a tax sharing agreement and/or tax matters agreement. See Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements for further information related to indemnifications between Corteva, Dow and DuPont. |
EID [Member] | |
Income Tax Disclosure [Text Block] | Refer to page F-35 of the Corteva, Inc. Consolidated Financial Statements for discussion of tax items that do not differ between Corteva, Inc. and EID. Geographic Allocation of Income (Loss) and Provision for (Benefit from) Income Taxes For the Year Ended December 31, (In millions) 2020 2019 2018 Income (loss) from continuing operations before income taxes Domestic $ (183) $ (1,458) $ (5,040) Foreign 758 1,036 (1,766) Income (loss) from continuing operations before income taxes $ 575 $ (422) $ (6,806) Current tax expense (benefit) Federal $ 8 $ (11) $ (112) State and local 5 1 (32) Foreign 222 317 446 Total current tax expense $ 235 $ 307 $ 302 Deferred tax (benefit) expense Federal $ (116) $ (417) $ (124) State and local 27 156 (39) Foreign (251) (117) (170) Total deferred tax benefit $ (340) $ (378) $ (333) Benefit from income taxes on continuing operations (105) (71) (31) Net income (loss) from continuing operations $ 680 $ (351) $ (6,775) Reconciliation to U.S. Statutory Rate For the Year Ended December 31, 2020 2019 2018 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Effective tax rates on international operations - net 1 (16.4) (13.8) 0.4 Acquisitions, divestitures and ownership restructuring activities 2, 3, 4 (0.3) (8.0) (2.3) U.S. research and development credit (3.4) 5.2 0.1 Exchange gains/losses 5 4.1 (1.3) (1.3) State and local income taxes - net 4.2 3.0 0.5 SAB 118 Impact of Enactment of U.S. Tax Reform 6 — — (3.0) Impact of Swiss Tax Reform 7 (31.7) 8.9 — Excess tax benefits/deficiencies from stock compensation 1.2 (0.5) 0.1 Tax settlements and expiration of statute of limitations 0.4 2.9 (0.1) Goodwill impairment 8 — — (15.2) Other - net 2.6 (0.6) 0.3 Effective tax rate (18.3) % 16.8 % 0.5 % 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 $(51) million for the year ended December 31, 2020, related to a return to accrual adjustment associated with an elective change in accounting method that alters the 2019 impact of The Act's foreign tax provisions. 2. See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, of the Corteva, Inc. Consolidated Financial Statements for additional information. 3. Includes a net tax charge of $50 million related to repatriation activities to facilitate the Business Separations for the year ended December 31, 2018. 4. Includes a net tax charge of $25 million for the year ended December 31, 2018 related to an internal legal entity restructuring associated with the Business Separations. 5. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, of the Corteva, Inc. Consolidated Financial Statements under the heading Foreign Currency Risk. 6. Reflects a net tax charge of $232 million associated with the company's completion of the accounting for the tax effects of The Act for the year ended December 31, 2018. 7. Reflects tax benefits of $(182) million primarily driven by the recognition of an elective cantonal component of the recent enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform") for the year ended December 31, 2020. Reflects tax benefits of $(38) million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"), for the year ended December 31, 2019. 8. Reflects the impact of the non-tax-deductible, non-cash impairment charge for the agriculture reporting unit and corresponding $75 million tax charge associated with a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil for the year ended December 31, 2018. |
EID Segment FN (Notes)
EID Segment FN (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
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 (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, corporate expenses, non-operating (benefits) costs - net and foreign exchange gains (losses), net, excluding the impact of significant items. Non-operating (benefits) costs - net consists of non-operating pension and other post-employment benefit (OPEB) costs, tax indemnification adjustments and environmental remediation and legal costs associated with legacy EID businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense. For the years ended December 31, 2019 and 2018, segment operating EBITDA is calculated on a pro forma basis, as this is the manner in which the CODM assesses performance and allocates resources or expense. Pro forma adjustments used in the calculation of pro forma segment operating EBITDA for the years ended December 31, 2019 and 2018 were determined in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. These adjustments give effect to the Merger, the debt retirement transactions related to paying off or retiring portions of EID’s existing debt liabilities (as discussed in Note 17 - Long-Term Debt and Available Credit Facilities, to the Consolidated Financial Statements), and the separation and distribution to DowDuPont stockholders of all the outstanding shares of Corteva common stock as if they had been consummated on January 1, 2016. Corporate Profile The company conducts its global operations through the following reportable segments: Seed The company’s seed segment is a global leader in developing and supplying advanced germplasm and traits that produce optimum yield for farms around the world. The segment is a leader in many of the company’s key seed markets, including North America corn and soybeans, Europe corn and sunflower, as well as Brazil, India, South Africa and Argentina corn. The segment offers trait technologies that improve resistance to weather, disease, insects and herbicides used to control weeds, and trait technologies that enhance food and nutritional characteristics. In addition, the segment provides digital solutions that assist farmer decision-making with a view to optimize product selection and, ultimately, 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 is a leader in global herbicides, insecticides, nitrogen stabilizers and pasture and range management herbicides. (In millions) Seed Crop Protection Total As of and for the Year Ended December 31, 2020 Net sales $ 7,756 $ 6,461 $ 14,217 Segment operating EBITDA $ 1,208 $ 1,004 $ 2,212 Depreciation and amortization $ 798 $ 379 $ 1,177 Segment assets $ 23,751 $ 13,099 $ 36,850 Investments in nonconsolidated affiliates $ 22 $ 44 $ 66 Purchases of property, plant and equipment $ 225 $ 250 $ 475 As of and for the Year Ended December 31, 2019 Net sales $ 7,590 $ 6,256 $ 13,846 Pro forma segment operating EBITDA $ 1,040 $ 1,066 $ 2,106 Depreciation and amortization $ 628 $ 372 $ 1,000 Segment assets 1 $ 25,387 $ 13,492 $ 38,879 Investments in nonconsolidated affiliates $ 27 $ 39 $ 66 Purchases of property, plant and equipment $ 373 $ 293 $ 666 As of and for the Year Ended December 31, 2018 Net sales $ 7,842 $ 6,445 $ 14,287 Pro forma segment operating EBITDA $ 1,139 $ 1,074 $ 2,213 Depreciation and amortization $ 534 $ 375 $ 909 Segment assets $ 29,286 $ 9,346 $ 38,632 Investments in nonconsolidated affiliates $ 102 $ 36 $ 138 Purchase of property, plant and equipment $ 263 $ 250 $ 513 1. On June 1, 2019, as a result of changes in reportable segments, $3,382 million of goodwill was reallocated from the seed reportable segment to the crop protection reportable segment. This change was not reflected in segment assets prior to June 1, 2019. Reconciliation to Consolidated Financial Statements Income (loss) from continuing operations after income taxes to segment operating EBITDA For the Year Ended December 31, (In millions) 2020 2019 2018 Income (loss) from continuing operations after income taxes $ 756 $ (270) $ (6,775) Benefit from income taxes on continuing operations (81) (46) (31) Income (loss) from continuing operations before income taxes 675 (316) (6,806) Depreciation and amortization 1,177 1,000 909 Interest income (56) (59) (86) Interest expense 45 136 337 Exchange losses - net 1 174 66 77 Non-operating benefits - net (316) (129) (211) Goodwill impairment charge — — 4,503 Significant items 388 991 1,346 Pro forma adjustments 298 2,003 Corporate expenses 125 119 141 Segment operating EBITDA 2 $ 2,212 $ 2,106 $ 2,213 1. Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as they are included within significant items. See Note 9 - Supplementary Information, to the Consolidated Financial Statements, for additional information. 2. The years ended December 31, 2019 and December 31, 2018 are presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. Segment assets to total assets (in millions) December 31, 2020 December 31, 2019 December 31, 2018 Total segment assets $ 36,850 $ 38,879 $ 38,632 Corporate assets 5,799 3,518 4,417 Assets related to discontinued operations 1 — — 65,634 Total assets $ 42,649 $ 42,397 $ 108,683 1. See Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information on discontinued operations. Other Items (in millions) Segment Totals Adjustments 1 Consolidated Totals As of and For the Year Ended December 31, 2019 Depreciation and amortization $ 1,000 $ 599 $ 1,599 Purchase of property, plant and equipment $ 666 $ 497 $ 1,163 As of and For the Year Ended December 31, 2018 Depreciation and amortization $ 909 $ 1,881 $ 2,790 Purchase of property, plant and equipment $ 513 $ 988 $ 1,501 1. See Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information. Significant Pre-tax (Charges) Benefits Not Included in Segment Operating EBITDA The years ended December 31, 2020, 2019 and 2018, 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, 2020 Restructuring and Asset Related Charges - Net 1 $ (165) $ (109) $ (61) $ (335) Loss on Divestiture 2 — (53) — (53) Total $ (165) $ (162) $ (61) $ (388) (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2019 3 Restructuring and Asset Related Charges - Net 1 $ (213) $ (23) $ 14 $ (222) Integration and Separation Costs 4 — — (632) (632) Loss on Divestiture 5 (24) — — (24) Amortization of Inventory Step Up 6 (67) — — (67) Loss on Early Extinguishment of Debt 7 — — (13) (13) Argentina Currency Devaluation 8 — — (33) (33) Total $ (304) $ (23) $ (664) $ (991) (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2018 3 Restructuring and Asset Related Charges - Net 1 $ (368) $ (58) $ (268) $ (694) Integration Costs 4 — — (571) (571) Gain on Sale 9 24 — — 24 Loss on Deconsolidation of Subsidiary 10 (53) — — (53) Loss on Divestiture 11 (2) — — (2) Income Tax Items 12 — — (50) (50) Total $ (399) $ (58) $ (889) $ (1,346) 1. Includes Board approved restructuring plans and asset related charges as well as accelerated prepaid amortization. See Note 7 - Restructuring and Asset Related Charges - Net, to the Consolidated Financial Statements, for additional information. 2. Includes a loss recorded in other income - net related to the expected sale of the La Porte site. 3. The years ended December 31, 2019 and December 31, 2018 are presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. 4. Integration and separation costs include costs incurred to prepare for and close the Merger, post-Merger integration expenses, and costs incurred to prepare for the Internal Reorganizations. Beginning in the second quarter of 2019, this includes both integration and separation costs. 5. Includes a loss recorded in other income - net related to DAS's sale of a joint venture related to synergy actions. 6. Includes a charge related to the amortization of the inventory that was stepped up to fair value in connection with the Merger. 7. Includes a loss on early extinguishment of debt related to the difference between the redemption price and the par value of the Make Whole Notes and Term Loan Facility, partially offset by the write-off of unamortized step-up related to the fair value step-up of EID's debt. 8. Includes a charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. Throughout the three months ended September 30, 2019, the Argentine Peso dropped approximately a third of its value against the US dollar and in September of 2019, the country’s central bank announced new restrictions on foreign currency transactions. 9. Includes a gain recorded in other income (expense) - net related to an asset sale. 10. Includes a loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary. 11. Includes a loss recorded in other income (expense) - net related to an asset sale. 12. Includes a foreign exchange loss recorded in other income (expense) - net related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
EID [Member] | |
Segment Reporting Information [Line Items] | |
Segment Reporting Disclosure [Text Block] | SEGMENT INFORMATION There are no differences in reporting structure or segments between Corteva, Inc. and EID. In addition, there are no differences between Corteva, Inc. and EID segment net sales, segment operating EBITDA or pro forma segment operating EBITDA, segment assets, or significant items by segment; refer to page F-78 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 EID. 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, 2020 2019 2018 Income (loss) from continuing operations after income taxes $ 680 $ (351) $ (6,775) Benefit from income taxes on continuing operations (105) (71) (31) Income (loss) from continuing operations before income taxes 575 (422) (6,806) Depreciation and amortization 1,177 1,000 909 Interest income (56) (59) (86) Interest expense 145 242 337 Exchange losses - net 1 174 66 77 Non-operating benefits - net (316) (129) (211) Goodwill impairment charge — — 4,503 Significant items 388 991 1,346 Pro forma adjustments 298 2,003 Corporate expenses 125 119 141 Segment operating EBITDA 2 $ 2,212 $ 2,106 $ 2,213 1. Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as they are included within significant items. See Note 9 - Supplementary Information, of the Corteva, Inc. Consolidated Financial Statements for additional information. |
EID Quarterly FN (Notes)
EID Quarterly FN (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information [Text Block] | QUARTERLY FINANCIAL DATA (UNAUDITED) For the Quarter Ended In millions, except per share amounts March 31, June 30, September 30, December 31, 2020 Net sales $ 3,956 $ 5,191 $ 1,863 $ 3,207 Cost of goods sold 2,269 2,829 1,297 2,112 Restructuring and asset related charges - net 1 70 179 49 37 Income (loss) from continuing operations after income taxes 281 3,4 766 5 (390) 99 6 Net income (loss) attributable to Corteva 1 272 760 (392) 41 Earnings (loss) per common share, continuing operations - basic 2 0.36 1.01 (0.52) 0.13 Earnings (loss) per common share, continuing operations - diluted 2 0.36 1.01 (0.52) 0.13 2019 Net sales $ 3,396 $ 5,556 $ 1,911 $ 2,983 Cost of goods sold 7 2,211 3,047 1,349 1,968 Restructuring and asset related charges - net 1 61 60 46 55 Integration and separation costs 1 212 330 152 50 (Loss) income from continuing operations after income taxes (184) 8 483 9 (527) 10, 11 (42) 12 Net income (loss) attributable to Corteva 1 164 (608) (494) (21) (Loss) earnings per common share, continuing operations - basic 2 (0.26) 0.63 (0.69) (0.06) (Loss) earnings per common share, continuing operations - diluted 2 (0.26) 0.63 (0.69) (0.06) 1. See Note 2 - Summary of Significant Accounting Polices, Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, to the Consolidated Financial Statements for additional information related to integration and separation costs, restructuring and asset related charges - net, and discontinued operations, respectively. 2. Earnings per share for the year may not equal the sum of quarterly earnings per share due to rounding and the changes in average share calculations. 3. First quarter 2020 includes a loss of $(53) million recorded in other income - net related to the expected sale of the La Porte site, for which the company signed an agreement during the first quarter 2020. 4. First quarter 2020 includes a $19 million after tax charge related to the impact of a state tax valuation allowance in the U.S. based on a change in judgment about the realizability of a deferred tax asset. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. 5. Second quarter 2020 includes an after-tax benefit of $(29) million due to an elective change in accounting method that alters the 2019 impact of the business separation on the 2017 Tax Cuts and Jobs Act's foreign tax provision. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. 6. Fourth quarter 2020 includes an after-tax benefit of $(182) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. 7. Includes charges of $205 million, $52 million, and $15 million for the first quarter 2019, second quarter 2019, and third quarter 2019, respectively, related to the amortization of inventory step-up as a result of the Merger. 8. First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. 9. Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 related to the retirement of some of the company's debt. See Note 17 - Long-Term Debt and Available Credit Facilities, to the Consolidated Financial Statements for additional information. 10. Third quarter 2019 includes a $33 million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. 11. Third quarter 2019 includes a tax benefit of $(38) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. |
EID [Member] | |
Quarterly Financial Information [Text Block] | The only difference between Corteva, Inc. and EID for Q1 2019 and prior quarters is the treatment of the preferred shares, which are treated as noncontrolling interests at the Corteva, Inc. level. For quarters subsequent to Q1 2019, in addition to the treatment of the preferred shares, there are differences in interest expense, income (loss) income from continuing operations after income taxes and net (loss) income attributable to EID, as a result of the interest expense (and associated tax benefit) on the related party loan between Corteva, Inc. and EID. Refer to page F-83 of the Corteva, Inc. Consolidated Financial Statements for discussion of quarterly information that does not differ between Corteva, Inc. and EID. The tables below represent the quarterly information for EID for which there are differences from Corteva, Inc. Refer to page F-82 of the Corteva, Inc. Consolidated Financial Statements for discussion of significant items by quarter. For the Quarter Ended In millions (unaudited) March 31, June 30, September 30, December 31, 2020 Income (loss) from continuing operations after income taxes $ 257 $ 742 $ (404) $ 85 Net income (loss) attributable to EID $ 250 $ 739 $ (404) $ 30 2019 (Loss) income from continuing operations after income taxes $ (184) $ 460 $ (557) $ (70) Net income (loss) attributable to EID $ 166 $ (626) $ (524) $ (46) |
Background and Basis of Prese_2
Background and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Intended Business Separations [Policy Text Block] | Subsequent to the Merger, Historical Dow and EID engaged in a series of internal reorganization and realignment steps to realign their businesses into three subgroups: agriculture, materials science and specialty products through a series of tax-efficient transactions (collectively, the "Business Separations”). Effective as of 5:00 pm ET on April 1, 2019, DowDuPont completed the previously announced separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. (“Dow”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock, par value $0.01 per share, to holders of DowDuPont's common stock, as of the close of business on March 21, 2019 (the “Dow Distribution” and together with the Corteva Distribution, the “Distributions”). Prior to the Dow Distribution, Historical Dow conveyed or transferred the assets and liabilities aligned with Historical Dow’s agriculture business to separate legal entities (“Dow Ag Entities”) and the assets and liabilities associated with its specialty products business to separate legal entities (the “Dow SP Entities”). On April 1, 2019, Dow Ag Entities and the Dow SP Entities were transferred and conveyed to DowDuPont. In furtherance of the Business Separations, EID engaged in a series of internal reorganization and realignment steps (the “Internal Reorganization” and the "Business Realignment," respectively) to realign its businesses into three subgroups: agriculture, materials science and specialty products. As part of the Internal Reorganization: • the assets and liabilities aligned with EID’s materials science business, including EID’s ethylene and ethylene copolymers business, excluding its ethylene acrylic elastomers business, (“EID ECP”) were transferred or conveyed to separate legal entities (the “Materials Science Entities”) that were ultimately conveyed by DowDuPont to Dow; • the assets and liabilities aligned with the EID’s specialty products business were transferred or conveyed to separate legal entities (“EID Specialty Products Entities”); • on April 1, 2019, EID transferred and conveyed its Materials Science Entities to DowDuPont; • on May 1, 2019, EID distributed its Specialty Products Entities to DowDuPont; • on May 2, 2019, DowDuPont conveyed Dow Ag Entities to EID and in connection with the foregoing, EID issued additional shares of its Common Stock to DowDuPont; and • on May 31, 2019, DowDuPont contributed EID to Corteva, Inc. On May 6, 2019, the Board of Directors of DowDuPont approved the distribution of all the then issued and outstanding shares of common stock of Corteva, Inc., a wholly-owned subsidiary of DowDuPont, to DowDuPont stockholders. On June 1, 2019, DowDuPont completed the Separation. Each DowDuPont stockholder received one share of Corteva common stock for every three shares of DowDuPont common stock held at the close of business on May 24, 2019, the record date of distribution. Corteva, Inc.'s common stock began trading the "regular way" under the ticker symbol "CTVA" on June 3, 2019, the first business day after June 1, 2019. Upon becoming an independent company, the capital structure of Corteva consisted of 748,815,000 authorized shares of common stock (par value of $0.01 per share), which represents the number of common shares issued on June 3, 2019. Information related to the Corteva Distribution and its effect on the company's financial statements is discussed throughout these Notes to the Consolidated Financial Statements. As a result of the Business Realignment and the Internal Reorganization discussed above, Corteva owns 100% of the outstanding common stock of EID, and EID owns 100% of DAS. EID is a subsidiary of Corteva, Inc. and continues to be a reporting company, subject to the requirements of the Securities Exchange Act of 1934, as amended. |
Combination of Entities under Common Control, Policy [Policy Text Block] | DAS Common Control Business Combination The transfer or conveyance of DAS to Corteva was treated as a transfer of entities under common control. As such, the company recorded the assets, liabilities, and equity of DAS on its balance sheet at their historical basis. Transfers of businesses between entities under common control requires the financial statements to be presented as if the transaction had occurred at the point at which common control first existed (the Merger Effectiveness Time). As a result, the accompanying Consolidated Financial Statements and Notes thereto include the results of DAS as of the Merger Effectiveness Time. See Note 4 - Common Control Business Combination, to the Consolidated Financial Statements, for additional information. |
Basis of Accounting, Policy [Policy Text Block] | For periods prior to the Corteva Distribution, the combined results of operations and assets and liabilities of EID and DAS were derived from the Consolidated Financial Statements and accounting records of EID as well as the carve-out financial statements of DAS. The DAS carve-out financial statements reflect the historical results of operations, financial position, and cash flows of Historical Dow's Agricultural Sciences Business and include allocations of certain expenses for services from Historical Dow, including, but not limited to, general corporate expenses related to finance, legal, information technology, human resources, ethics and compliance, shared services, employee benefits and incentives, insurance, and stock-based compensation. These expenses were allocated on the basis of direct usage when identifiable, with the remainder allocated under the basis of headcount or other measures. The company's Consolidated Balance Sheets for all periods presented consist of Corteva, Inc. and its consolidated subsidiaries. The company's Consolidated Statements of Operations (the "Consolidated Statements of Operations") for all periods prior to the Corteva Distribution consist of the combined results of operations for Historical EID and DAS. The Consolidated Statements of Operations for all periods after the Corteva Distribution represent the consolidated balances of the company. Intercompany balances and transactions with Historical EID and DAS have been eliminated. During the first quarter 2020, the company recorded an increase of $40 million to APIC relating to net assets recorded as transferred as part of the 2019 Internal Reorganizations that were retained. |
ECP Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued Operations, Policy [Policy Text Block] | Divestiture of EID ECP The transfer of EID ECP meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. The comprehensive income (loss), stockholder's equity and cash flows related to EID ECP have not been segregated and are included in the Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Equity and Consolidated Statements of Cash Flows, respectively, for 2019 and all prior periods. Amounts related to EID ECP are consistently included or excluded from the Notes to the Consolidated Financial Statements based on the respective financial statement line item. See Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information. |
Specialty Products Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued Operations, Policy [Policy Text Block] | Divestiture of EID Specialty Products Entities The transfer of the EID Specialty Products Entities meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. The comprehensive income (loss), stockholder's equity and cash flows related to the EID Specialty Products Entities |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | The Consolidated Financial Statements include the accounts of the company and subsidiaries in which a controlling interest is maintained. For those consolidated subsidiaries in which the company's ownership is less than 100 percent, the outside stockholders' interests are shown as noncontrolling interests. Investments in affiliates over which the company has the ability to exercise significant influence but does not have a controlling interest are accounted for under the equity method. The company is also involved with certain joint ventures accounted for under the equity method of accounting that are variable interest entities ("VIEs"). The company is not the primary beneficiary, as the nature of the company's involvement with the VIEs does not provide it the power to direct the VIEs significant activities. Future events may require these VIEs to be consolidated if the company becomes the primary beneficiary. At December 31, 2020 and 2019, the maximum exposure to loss related to the nonconsolidated VIEs is not considered material to the Consolidated Financial Statements. |
Use of Estimates | Use of Estimates in Financial Statement PreparationThe 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 and Cash EquivalentsCash equivalents represent investments with maturities of three months or less from time of purchase. They are carried at cost plus accrued interest. |
Restricted Cash | Restricted Cash Restricted cash represents trust assets of $347 million and $409 million as of December 31, 2020 and 2019, respectively, and is included within other current assets on the Consolidated Balance Sheets. See Note 9 - 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 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. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The company uses the following valuation techniques to measure fair value for its assets and liabilities: Level 1 – Quoted market prices in active markets for identical assets or liabilities; Level 2 – Significant other observable inputs (e.g. quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs); Level 3 – Unobservable inputs for the asset or liability, which are valued based on management's estimates of assumptions that market participants would use in pricing the asset or liability. |
Foreign Currency Translation | Foreign Currency Translation The company's worldwide operations utilize the U.S. dollar ("USD") or 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 the year, except for expenses related to balance sheet amounts re-measured at historical exchange rates. Exchange gains and losses arising from re-measurement of foreign currency-denominated monetary assets and liabilities are included in income in the period in which they occur. For foreign entities where 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 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 the period. The company changes the functional currency of its separate and distinct foreign entities only when significant changes in economic facts and circumstances indicate clearly that the functional currency has changed. |
Inventories | Inventories The company's inventories are valued at the lower of cost or net realizable value. Elements of cost in inventories include raw materials, direct labor and manufacturing overhead. Stores and supplies are valued at cost or net realizable value, whichever is lower; cost is generally determined by the average cost method. As of December 31, 2020, approximately 62% and 38% of the company's inventories were accounted for under the first-in, first-out ("FIFO") and average cost methods, respectively. As of December 31, 2019, approximately 59% and 41% of the company's inventories were accounted for under the FIFO and average cost methods, respectively. Inventories accounted for under the FIFO method are primarily comprised of products with shorter shelf lives such as seeds. See Note 13 - Inventories, 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. In connection with the Merger, the fair value of property, plant and equipment was determined using a market approach and a replacement cost approach. Depreciation is based on the estimated service lives of depreciable assets and is calculated using the straight-line method. Fully depreciated assets are retained in property and accumulated depreciation accounts until they are removed from service. When assets are surrendered, retired, sold, or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the Consolidated Balance Sheets and included in determining gain or loss on such disposals. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The company records goodwill when the purchase price of a business acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired. Goodwill is tested for impairment at the reporting unit level 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. 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 included 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 15 - 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 relief from royalty method (a form of the income approach) using Level 3 inputs within the fair value hierarchy. The significant assumptions used in the calculation included projected revenue, the royalty rate, 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 fully amortized, they are removed from the Consolidated Balance Sheets. |
Leases | Leases The company adopted ASU 2016-02, Leases (Topic 842), and associated ASUs related to Topic 842, in the first quarter of 2019. Prior periods are not restated and continue to be reported under ASC 840. Under Topic 842, the company determines whether an arrangement is a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset and the company has the right to control the asset. Operating lease right-of-use ("ROU") assets are included in other assets on the company’s Consolidated Balance Sheets. Operating lease liabilities are included in accrued and other current liabilities and other noncurrent obligations on the company’s Consolidated Balance Sheets. Finance lease assets are included in property, plant and equipment on the company’s Consolidated Balance Sheets. Finance lease liabilities are included in short-term borrowings and finance lease obligations and long-term debt on the company’s Consolidated Balance Sheets. Operating lease ROU assets represent the company’s right to use an underlying asset for the lease term and lease liabilities represent the company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the company’s leases do not provide the lessor's implicit rate, the company uses its incremental borrowing rate at the commencement date in determining the present value of lease payments. Lease terms include options to extend the lease when it is reasonably certain those options will be exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The company recognizes lease expense for these leases on a straight-line basis over the lease term. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from the assets are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The company's fair value methodology is an estimate of fair market value which is made based on prices of similar assets or other valuation methodologies including present value techniques. Long-lived assets to be disposed of by sale, if material, are classified as held for sale and reported at the lower of carrying amount or fair value less cost to sell, and depreciation is ceased. |
Derivative Instruments | Derivative Instruments Derivative instruments are reported in the Consolidated Balance Sheets at their fair values. The company utilizes derivatives to manage exposures to foreign currency exchange rates and commodity prices. Changes in the fair values of derivative instruments that are not designated as hedges are recorded in current period earnings. For derivative instruments designated as cash flow hedges, the (loss) gain is reported in accumulated other comprehensive loss until it is cleared to earnings during the same period in which the hedged item affects earnings. For derivative instruments designated as net investment hedges, the (loss) gain is reported within accumulated other comprehensive 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 ("AOCI") generally remains in AOCI until the item that was hedged affects earnings. If a hedged transaction matures, or is sold, extinguished, or terminated prior to the maturity of a derivative designated as a hedge of such transaction, gains or losses associated with the derivative through the date the transaction matured are included in the measurement of the hedged transaction and the derivative is reclassified as for trading purposes. Derivatives designated as hedges of anticipated transactions are reclassified as for trading purposes if the anticipated transaction is no longer probable. The company included foreign currency exchange contract settlements within cash flows from operating activities, regardless of hedge accounting qualification. See Note 22 - 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 revenue recognition for the arrangements that the company determines are within the scope of FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), the company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. See Note 6 - Revenue, 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 and are amortized to cost of goods sold as seeds containing the respective trait technology are utilized over the life of the license. The rate of royalty amortization expense recognized is based on the company’s strategic plans which include various assumptions and estimates including product portfolio, market dynamics, farmer preferences, growth rates and projected planted acres. Changes in factors and assumptions included in the strategic plans, including potential changes to the product portfolio in favor of internally developed biotechnology, could impact the rate of recognition of the relevant prepaid royalty. At December 31, 2020, the balance of prepaid royalties reflected in other current assets and other assets was $426 million and $459 million, respectively. The majority of the balance of prepaid royalties relates to the company’s wholly owned subsidiary, Pioneer Hi-Bred International, Inc.’s (“Pioneer”) non-exclusive license in the United States and Canada for the Monsanto Company's Genuity ® Roundup Ready 2 Yield ® glyphosate tolerance trait and Roundup Ready 2 Xtend ® glyphosate and dicamba tolerance trait for soybeans (“Roundup Ready 2 License Agreement”). Each of these licensed technologies are now trademarks of the Bayer Group, which acquired the Monsanto Company in 2018. The prepaid royalty asset relates to a series of up-front, fixed and variable royalty payments to utilize the traits in Pioneer’s soybean product mix. The company’s historical expectation has been that the technology licensed under the Roundup Ready 2 License Agreement would be used as the primary herbicide tolerance trait platform in the Pioneer ® brand soybean through the term of the agreement. DAS and MS Technologies, L.L.C. jointly developed and own the Enlist E3 TM herbicide tolerance trait for soybeans which provides tolerance to 2, 4-D choline in Enlist Duo ® and Enlist One ® herbicides, as well as glyphosate and glufosinate herbicides. In connection with the validation of breeding plans and large-scale product development timelines, during the fourth quarter of 2019, the company accelerated the ramp up of the Enlist E3 TM trait platform in the company’s soybean portfolio mix across all brands, including Pioneer ® brands, over the subsequent five years. During the ramp-up period, the company is expected to significantly reduce the volume of products with the Roundup Ready 2 Yield ® and Roundup Ready 2 Xtend ® herbicide tolerance traits beginning in 2021, with expected minimal use of the trait platform thereafter for the remainder of the Roundup Ready 2 License Agreement (the “Transition Plan”). The rate of royalty expense 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 Cost of goods sold primarily includes the cost of manufacture and delivery, ingredients or raw materials, direct salaries, wages and benefits and overhead, non-capitalizable costs associated with capital projects, royalties and other operational expenses. No amortization of intangibles is included within costs of goods sold. |
Research and Development | Research and Development Research and development costs are expensed as incurred. Research and development expense includes costs (primarily consisting of employee costs, materials, contract services, research agreements, and other external spend) relating to the discovery and development of new products, enhancement of existing products, and regulatory approval of new and existing products. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative expenses primarily include selling and marketing expenses, commissions, functional costs, and business management expenses. |
Integration and Separation Costs | Integration and Separation Costs Integration and separation costs includes costs incurred to prepare for and close the Merger, post-Merger integration expenses, and costs incurred to prepare for the Business Separations. These costs primarily consist of financial advisory, information technology, legal, accounting, consulting and other professional advisory fees associated with preparation and execution of these activities. |
Litigation | Litigation and Other ContingenciesAccruals 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 CostsSeverance benefits are provided to employees under the company's ongoing benefit arrangements. Severance costs are accrued when management commits to a plan of termination and it becomes probable that employees will be entitled to benefits at amounts that can be reasonably estimated. |
Insurance and Self Insurance | Insurance/Self-Insurance The company self-insures certain risks where permitted by law or regulation, including workers' compensation, vehicle liability and employee related benefits. Liabilities associated with these risks are estimated in part by considering historical claims experience, demographic factors and other actuarial assumptions. For other risks, the company uses a combination of insurance and self-insurance, reflecting comprehensive reviews of relevant risks. A receivable for an insurance recovery is generally recognized when the loss has occurred and collection is considered probable. |
Income Taxes | Income Taxes The company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities using enacted tax rates. The effect of a change in tax rates on deferred tax assets or liabilities is recognized in income in the period that includes the enactment date (see Note 10 - Income Taxes, to the Consolidated Financial Statements, for further information relating to the enactment of the Tax Cuts and Job Act). The company recognizes the financial statement effects of an uncertain income tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The current portion of uncertain income tax positions is included in income taxes payable or income tax receivable, and the long-term portion is included in other noncurrent obligations and other noncurrent assets in the Consolidated Balance Sheets. Income tax related penalties are included in the provision for income taxes in the Consolidated Statements of Operations. Interest accrued related to unrecognized tax benefits is included within the (benefit from) provision for income taxes from continuing operations in the Consolidated Statements of Operations. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share The calculation of earnings per common share is based on the weighted-average number of the company’s common shares outstanding for the applicable period. The calculation of diluted earnings per common share reflects the effect of all potential common shares that were outstanding during the respective periods, unless the effect of doing so is antidilutive. |
Segment Reporting | SegmentsAs a result of the Corteva Distribution, the company changed its reportable segments to seed and crop protection to reflect the manner in which the company's chief operating decision maker assesses performance and allocates resources. The company also updated its reporting units to align with the level at which discrete financial information is available for review by management. |
Recent Accounting Guidance Rece
Recent Accounting Guidance Recent Accounting Guidance (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Recent Accounting Guidance | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In June 2016, the FASB issued ASU 2016-13, Financial Instruments (Topic 326): Credit Losses - Measurement of Credit Losses on Financial Statements, which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The amortized cost basis of financial assets should be reduced by expected credit losses to present the net carrying value in the financial statements at the amount expected to be collected. The measurement of expected credit losses is based on past events, historical experience, current conditions and forecasts that affect the collectability of the financial assets. Additionally, credit losses relating to available-for-sale debt securities should be recorded through an allowance for credit losses. The company adopted the guidance in the first quarter of 2020. The primary impact of adoption related to the credit losses on accounts and notes receivable, which is applied using a cumulative-effect adjustment in the period of adoption, and prior periods are not restated. The adoption of ASU 2016-13 did not have a material impact on the company's financial position, results of operations or cash flows. See Note 10 - Accounts and Notes Receivable - Net, to the Consolidated Financial Statements, for additional information. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606, which provides guidance on whether certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a customer in the context of a unit of account. Accordingly, this amendment added unit of account guidance in Topic 606 when an entity is assessing whether the collaborative arrangement, or a part of the arrangement, is within the scope of Topic 606. In addition, the amendment provides certain guidance on presenting the collaborative arrangement transaction together with Topic 606. This ASU is to be applied retrospectively to the date of initial application of Topic 606. The company adopted this guidance on January 1, 2020 and it did not have a material impact on the company's financial position, results of operations or cash flows. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848), which provides companies with optional financial reporting alternatives to reduce the cost and complexity associated with the accounting for contracts and hedging relationships affected by reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. The adoption of ASU 2020-04 did not have a material impact on the company's financial position, results of operations or cash flows, and will apply to future changes. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which provides certain optional expedients that allow derivative instruments impacted by changes in the interest rate used for margining, discounting or contract price alignment to qualify for certain optional relief. The amendments in this Update are effective immediately for all entities and may be applied retrospectively as of any date from the beginning of any interim period that includes March 12, 2020 or prospectively to new modifications subsequent to the issuance of this Update. The adoption of ASU 2021-01 did not have a material impact on the company’s financial position, results of operation or cash flows. Accounting Guidance Issued But Not Adopted as of December 31, 2020 |
Revenue from Contract with Cust
Revenue from Contract with Customer (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition, Sales of Goods | Products Substantially all of Corteva's revenue is derived from product sales. Product sales consist of sales of Corteva's products to farmers, distributors, and manufacturers. Corteva considers purchase orders, which in some cases are governed by master supply agreements, to be a contract with a customer. Contracts with customers are considered to be short-term when the time between order confirmation and satisfaction of the performance obligations is equal to or less than one year. However, the company has some long-term contracts which can span multiple years. Revenue 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. The company has elected to recognize shipping and handling activities when control has transferred to the customer as an expense in cost of goods sold. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. In addition, the company elected the practical expedient to expense any costs to obtain contracts as incurred, as the amortization period for these costs would have been one year or less. The transaction price includes estimates of variable consideration, such as rights of return, rebates, and discounts, that are reductions in revenue. All estimates are based on the company's historical experience, anticipated performance, and the company's best judgment at the time the estimate is made. Estimates of variable consideration included in the transaction price utilize either the expected value method or most likely amount depending on the nature of the variable consideration. These |
Revenue Recognition, Services, Licensing Fees | Licenses of Intellectual PropertyCorteva 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. |
Common Control Business Combi_2
Common Control Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Statement [Member] | |
Business Acquisition [Line Items] | |
Common Control Combination [Table Text Block] | For the Year Ended December 31, 2018 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS Corteva Net Sales $ 26,279 $ (17,638) $ 5,646 $ 14,287 (Loss) income from continuing operations before income taxes $ (4,793) $ (2,128) $ 115 $ (6,806) Loss from continuing operations after income taxes $ (5,013) $ (1,753) $ (9) $ (6,775) 1. Reflects discontinued operations of EID's ECP and Specialty Products Entities and adjustments primarily related to the elimination of intercompany transactions between EID and DAS for periods subsequent to the Merger, as if they were combined affiliates, and adjustments made to align historical financial statement presentation of DAS and Corteva. |
Divestitures and Other Transa_2
Divestitures and Other Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Statement [Member] | ECP Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | For the Year Ended December 31, (In millions) 2019 2018 Net sales $ 362 $ 1,564 Cost of goods sold 259 1,082 Research and development expense 4 23 Selling, general and administrative expenses 9 43 Amortization of intangibles 23 96 Restructuring and asset related charges - net 2 12 Integration and separation costs 44 135 Other income - net 2 13 Income from discontinued operations before income taxes 23 186 Provision for income taxes on discontinued operations 4 35 Income from discontinued operations after income taxes $ 19 $ 151 |
Income Statement [Member] | Specialty Products Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | For the Year Ended December 31, (In millions) 2019 2018 Net sales $ 5,030 $ 15,711 Cost of goods sold 3,352 10,533 Research and development expense 204 626 Selling, general and administrative expenses 573 1,599 Amortization of intangibles 267 815 Restructuring and asset related charges - net 115 97 Integration and separation costs 253 340 Goodwill impairment 1,102 — Other income - net 57 241 (Loss) income from discontinued operations before income taxes (779) 1,942 Provision for income taxes on discontinued operations 80 340 (Loss) income from discontinued operations after income taxes $ (859) $ 1,602 |
Cash Flow [Member] | ECP Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | For the Year Ended December 31, (In millions) 2019 2018 Depreciation $ 28 $ 133 Amortization of intangibles 23 96 Capital expenditures 16 77 |
Cash Flow [Member] | Specialty Products Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | For the Year Ended December 31, (In millions) 2019 2018 Depreciation $ 281 $ 837 Amortization of intangibles 267 815 Capital expenditures 481 911 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |
Contract Balances [Table Text Block] | Contract Balances December 31, 2020 December 31, 2019 (In millions) Accounts and notes receivable - trade 1 $ 3,917 $ 4,396 Contract assets - current 2 $ 22 $ 20 Contract assets - noncurrent 3 $ 54 $ 49 Deferred revenue - current 4 $ 2,662 $ 2,584 Deferred revenue - noncurrent 5 $ 116 $ 108 1. Included in accounts and notes receivable - net in the Consolidated Balance Sheets. 2. Included in other current assets in the Consolidated Balance Sheets. 3. Included in other assets in the Consolidated Balance Sheets. 4. Included in accrued and other current liabilities in the Consolidated Balance Sheets. |
Major Product Line [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | For the Year Ended December 31, (In millions) 2020 2019 1 2018 1 Corn $ 5,182 $ 5,126 $ 5,220 Soybean 1,445 1,387 1,497 Other oilseeds 619 593 645 Other 510 484 480 Seed 7,756 7,590 7,842 Herbicides 3,280 3,206 3,413 Insecticides 1,764 1,652 1,506 Fungicides 1,032 1,072 1,142 Other 385 326 384 Crop Protection 6,461 6,256 6,445 Total $ 14,217 $ 13,846 $ 14,287 1. Prior periods have been reclassified to conform to current period presentation. |
Geography [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | Seed For the Year Ended December 31, (In millions) 2020 2019 2018 North America 1 $ 4,795 $ 4,724 $ 4,974 EMEA 2 1,468 1,378 1,408 Latin America 1,117 1,130 1,102 Asia Pacific 376 358 358 Total $ 7,756 $ 7,590 $ 7,842 Crop Protection For the Year Ended December 31, (In millions) 2020 2019 2018 North America 1 $ 2,373 $ 2,205 $ 2,438 EMEA 2 1,374 1,362 1,357 Latin America 1,688 1,759 1,715 Asia Pacific 1,026 930 935 Total $ 6,461 $ 6,256 $ 6,445 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, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | A reconciliation of the December 31, 2019 to the December 31, 2020 liability balances related to the Execute to Win Productivity Program is summarized below: (In millions) Severance and Related Benefit (Credits) Costs Asset Related Charges Total Balance at December 31, 2019 $ — $ — $ — Charges to income from continuing operations for the year ended December 31, 2020 63 113 176 Payments (10) (5) (15) Asset write-offs — (105) (105) Balance at December 31, 2020 $ 53 $ 3 $ 56 | |
DowDuPont Agriculture Division Restructuring Program [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Severance and related benefit (credits) costs - net $ (17) $ 78 Asset related charges 3 6 Total $ (14) $ 84 | |
Schedule of Restructuring Reserve by Segment | (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Seed $ 3 $ 5 Crop Protection (4) 1 Corporate expenses (13) 78 Total $ (14) $ 84 | |
DowDuPont Cost Synergy Program [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | For the Year Ended December 31, (In millions) 2020 2019 2018 Seed $ (9) $ 66 $ 237 Crop Protection 11 27 57 Corporate expenses (2) (1) 190 Total $ — $ 92 $ 484 For the Year Ended December 31, (In millions) 2020 2019 2018 Severance and related benefit (credits) costs - net $ (2) $ (7) $ 191 Contract termination charges — 69 84 Asset related charges 2 30 209 Total restructuring and asset related charges - net $ — $ 92 $ 484 (In millions) Severance and Related Benefit (Credits) Costs Costs Associated with Exit and Disposal Activities 1 Asset Related Charges Total Balance at December 31, 2019 $ 29 $ 40 $ — $ 69 (Benefits) charges to income from continuing operations for the year ended December 31, 2020 (2) — 5 3 Payments (19) (10) 2 (27) Asset write-offs — — (7) (7) Balance at December 31, 2020 $ 8 $ 30 $ — $ 38 1. Relates primarily to contract terminations charges. | |
Execute to Win Productivity Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The below is a summary of charges incurred related to the Execute to Win Productivity Program for the year ended December 31, 2020: (In millions) For the Year Ended December 31, 2020 Severance and related benefit costs - net $ 63 Asset related charges 113 Total restructuring and asset related charges - net $ 176 | |
Schedule of Restructuring Reserve by Segment | The Execute to Win Productivity Program charges related to the segments, as well as corporate expenses, were as follows: (In millions) For the Year Ended December 31, 2020 Seed $ 15 Crop Protection 98 Corporate expenses 63 Total $ 176 |
Supplementary Information (Tabl
Supplementary Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Other Income - Net For the Year Ended December 31, (In millions) 2020 2019 2018 Interest income $ 56 $ 59 $ 86 Equity in losses of affiliates - net — (9) (1) Net (loss) gain on sales of businesses and other assets 1 (2) 64 62 Net exchange losses 2,3 (174) (99) (127) Non-operating pension and other post employment benefit credit 4 368 191 275 Miscellaneous (expenses) income - net 5 (36) 9 (46) Other income - net $ 212 $ 215 $ 249 1 The year ended December 31, 2020 includes a loss of $(53) million and a gain of $27 million relating to the expected sale of the La Porte site, for which the company signed an agreement in 2020, and the sale of a business in Asia Pacific in the crop protection segment, respectively. 2 Includes net pre-tax exchange losses of $(82) million, $(51) million and $(68) million associated with the devaluation of the Argentine peso for the years ended December 31, 2020, 2019 and 2018, respectively. 3 Includes a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, which is included within significant items. 4 Includes 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 (loss) gain). 5 Miscellaneous (expenses) income - net, includes losses from sale of receivables, tax indemnification adjustments related to changes in indemnification balances as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont, and other items. In addition, the year ended December 31, 2018 includes a $(53) million loss related to the deconsolidation of a subsidiary (refer to Note 25 - Segment Information). Refer to Note 12 - Accounts and Notes Receivable - Net, for additional information on losses on the sale of receivables. |
Foreign Currency Exchange Gain (Loss) | For the Year Ended December 31, (In millions) 2020 2019 2018 Subsidiary Monetary Position (Loss) Gain Pre-tax exchange (loss) gain $ (263) $ (41) $ (221) Local tax benefits (expenses) 34 2 (31) Net after-tax impact from subsidiary exchange loss $ (229) $ (39) $ (252) Hedging Program (Loss) Gain Pre-tax exchange gain (loss) $ 89 $ (58) $ 94 Tax (expenses) benefits (21) 13 (21) Net after-tax impact from hedging program exchange gain (loss) $ 68 $ (45) $ 73 Total Exchange (Loss) Gain Pre-tax exchange loss $ (174) $ (99) $ (127) Tax benefits (expenses) 13 15 (52) Net after-tax exchange loss $ (161) $ (84) $ (179) |
Restrictions on Cash and Cash Equivalents | (In millions) December 31, 2020 December 31, 2019 Cash and cash equivalents $ 3,526 $ 1,764 Restricted cash 347 409 Total cash, cash equivalents and restricted cash 3,873 2,173 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 2019 2018 Income (loss) from continuing operations before income taxes Domestic $ (83) $ (1,352) $ (5,040) Foreign 758 1,036 (1,766) Income (loss) from continuing operations before income taxes $ 675 $ (316) $ (6,806) Current tax expense (benefit) Federal $ 28 $ (11) $ (112) State and local 9 1 (32) Foreign 222 317 446 Total current tax expense $ 259 $ 307 $ 302 Deferred tax (benefit) expense Federal $ (116) $ (392) $ (124) State and local 27 156 (39) Foreign (251) (117) (170) Total deferred tax benefit $ (340) $ (353) $ (333) Benefit from income taxes on continuing operations (81) (46) (31) Net income (loss) from continuing operations after taxes $ 756 $ (270) $ (6,775) |
Reconciliation to US Statutory Rate | Reconciliation to U.S. Statutory Rate For the Year Ended December 31, 2020 2019 2018 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Effective tax rates on international operations - net 1 (13.9) (18.4) 0.4 Acquisitions, divestitures and ownership restructuring activities 2, 3, 4 (0.3) (10.7) (2.3) U.S. research and development credit (2.9) 7.0 0.1 Exchange gains/losses 5 3.5 (1.8) (1.3) SAB 118 Impact of Enactment of U.S. Tax Reform 6 — — (3.0) State and local incomes taxes - net 4.0 3.2 0.5 Impact of Swiss Tax Reform 7 (27.0) 11.9 — Excess tax benefits/deficiencies from stock compensation 1.0 (0.6) 0.1 Tax settlements and expiration of statute of limitations 0.4 3.9 (0.1) Goodwill impairment 8 — — (15.2) Other - net 2.2 (0.9) 0.3 Effective tax rate on income from continuing operations (12.0) % 14.6 % 0.5 % 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 $(51) million for the year ended December 31, 2020, related to a return to accrual adjustment associated with an elective change in accounting method for the 2019 tax year impact of The Act's foreign tax provisions. 2. See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information. 3. Includes a net tax charge of $50 million related to repatriation activities to facilitate the Business Separations for the year ended December 31, 2018. 4. Includes a net tax charge of $25 million for the year ended December 31, 2018 related to an internal legal entity restructuring associated with the Business Separations. 5. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, under the heading Foreign Currency Risk. 6. Reflects a net tax charge of $164 million associated with the company's completion of the accounting for the tax effects of The Act for the year ended December 31, 2018. 7. Reflects tax benefits of $(182) million primarily driven by the recognition of an elective cantonal component of the recent enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform") for the year ended December 31, 2020. Reflects tax benefits of $(38) million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"), for the year ended December 31, 2019. 8. Reflects the impact of the non-tax-deductible, non-cash impairment charge for the agriculture reporting unit and corresponding $75 million tax charge associated with a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil for the year ended December 31, 2018. |
Deferred Tax Balances | Deferred Tax Balances at December 31 2020 2019 (In millions) Assets Liabilities Assets Liabilities Property $ — $ 170 $ — $ 369 Tax loss and credit carryforwards 1 497 — 761 — Accrued employee benefits 1,415 — 1,717 — Other accruals and reserves 238 — 135 — Intangibles — 2,418 — 2,738 Inventory 127 — 25 — Research and development capitalization 186 — 131 — Investments 56 — 53 — Unrealized exchange gains/losses 2 — — 39 Other – net 91 — 148 — Subtotal $ 2,612 $ 2,588 $ 2,970 $ 3,146 Valuation allowances 2 (453) — (457) — Total $ 2,159 $ 2,588 $ 2,513 $ 3,146 Net Deferred Tax Liability $ (429) $ (633) 1. Primarily related to the realization of recorded tax benefits on tax loss and credit carryforwards from operations in the United States, Brazil, and Spain. 2. During the year ended December 31, 2020, the company established a $19 million state tax valuation allowance in the U.S. based on a change in judgement about the realizability of a deferred tax asset. During the year ended December 31, 2019, the company released a valuation allowance against the net deferred tax asset position of a legal entity in Switzerland in connection with an internal merger, resulting in a tax benefit of $(34) million. During the year ended December 31, 2018, the company established a full valuation allowance against the net deferred tax asset position of a legal entity in Brazil due to revised financial projections, resulting in tax expense of $75 million. See Note 15 - Goodwill and Other Intangible Assets, to the Consolidated Financial Statements, |
Operating Loss and Tax Credit Carryforwards | Operating Loss and Tax Credit Carryforwards Deferred Tax Asset (In millions) 2020 2019 Operating loss carryforwards Expire within 5 years $ 99 $ 131 Expire after 5 years or indefinite expiration 343 400 Total operating loss carryforwards $ 442 $ 531 Tax credit carryforwards Expire within 5 years $ 14 $ 30 Expire after 5 years or indefinite expiration 41 200 Total tax credit carryforwards $ 55 $ 230 Total Operating Loss and Tax Credit Carryforwards $ 497 $ 761 |
Total Gross Unrecognized Tax Benefits | Total Gross Unrecognized Tax Benefits For the Year Ended December 31, (In millions) 2020 2019 2018 Total unrecognized tax benefits as of beginning of period $ 426 $ 749 $ 741 Decreases related to positions taken on items from prior years (14) (167) (44) Increases related to positions taken on items from prior years 5 77 74 Increases related to positions taken in the current year 6 54 9 Settlement of uncertain tax positions with tax authorities (18) (9) (13) Impact of Internal Reorganizations — (278) — Decreases due to expiration of statutes of limitations (7) — (5) Exchange loss (gain) (3) — (13) Total unrecognized tax benefits as of end of period $ 395 $ 426 $ 749 Total unrecognized tax benefits that, if recognized, would impact the effective tax rate $ 156 $ 188 $ 45 Total amount of interest and penalties (benefits) recognized in provision for (benefit from) income taxes on continuing operations $ (2) $ (4) $ 11 Total accrual for interest and penalties associated with unrecognized tax benefits at end of period $ 18 $ 24 $ 45 |
Tax Year Subject to Examination | Tax Years Subject to Examination by Major Tax Jurisdiction at December 31, Earliest Open Year Jurisdiction Argentina 2014 Brazil 2014 Canada 2012 China 2008 France 2017 India 2007 Italy 2015 Switzerland 2015 United States: Federal income tax 2012 State and local income tax 2001 |
Earnings Per Share of Common _2
Earnings Per Share of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 2019 2018 Earnings (loss) per share of common stock from continuing operations $ 0.98 $ (0.38) $ (9.08) (Loss) earnings per share of common stock from discontinued operations (0.07) (0.90) 2.32 Earnings (loss) per share of common stock $ 0.91 $ (1.28) $ (6.76) |
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) 2020 2019 2018 Earnings (loss) per share of common stock from continuing operations $ 0.98 $ (0.38) $ (9.08) (Loss) earnings per share of common stock from discontinued operations (0.07) (0.90) 2.32 Earnings (loss) per share of common stock $ 0.91 $ (1.28) $ (6.76) |
Share Count Information [Table Text Block] | Share Count Information For the Year Ended December 31, (Shares in millions) 2020 2019 2018 Weighted-average common shares - basic 1 748.7 749.5 749.4 Plus dilutive effect of equity compensation plans 2 2.5 — — Weighted-average common shares - diluted 751.2 749.5 749.4 Potential shares of common stock excluded from EPS calculations 3 9.4 14.4 — 1. Share amounts for all periods prior to the Corteva Distribution were based on 748.8 million shares of Corteva, Inc. common stock distributed to holders of DowDuPont's common stock on June 1, 2019, plus 0.6 million of additional shares in which accelerated vesting conditions have been met. 2. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. |
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) 2020 2019 2018 Income (loss) from continuing operations after income taxes $ 756 $ (270) $ (6,775) Net income attributable to continuing operations noncontrolling interests 20 13 29 Income (loss) from continuing operations attributable to Corteva common stockholders 736 (283) (6,804) (Loss) income from discontinued operations, net of tax (55) (671) 1,748 Net income attributable to discontinued operations noncontrolling interests — 5 9 (Loss) income from discontinued operations attributable to Corteva common stockholders (55) (676) 1,739 Net income (loss) attributable to common stockholders $ 681 $ (959) $ (5,065) |
Accounts and Notes Receivable_2
Accounts and Notes Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Accounts and Notes Receivable | (In millions) December 31, 2020 December 31, 2019 Accounts receivable – trade 1 $ 3,754 $ 4,225 Notes receivable – trade 1,2 163 171 Other 3 1,009 1,132 Total accounts and notes receivable - net $ 4,926 $ 5,528 1. Accounts receivable – trade and notes receivable - trade are net of allowances of $208 million at December 31, 2020 and $174 million at December 31, 2019. Allowances are equal to the estimated uncollectible amounts. The allowance at December 31, 2020 is equal to the expected credit losses and was developed using a loss-rate method. The allowance at December 31, 2019 is equal to the estimated uncollectible amounts and is based on historical collection experience, current economic and market conditions, and review of the current status of customers' accounts. 2. Notes receivable – trade primarily consists of receivables for deferred payment loan programs for the sale of seed products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid pre-approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of December 31, 2020 and 2019, there were no significant impairments related to current loan agreements. |
Accounts Receivable, Allowance for Credit Loss | (In millions) Balance at December 31, 2019 $ 174 Additions charged to expense 154 Write-offs charged against allowance (8) Recoveries collected (101) Other (11) Balance at December 31, 2020 $ 208 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory, Net [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | (In millions) December 31, 2020 December 31, 2019 Finished products $ 2,584 $ 2,684 Semi-finished products 1,813 1,850 Raw materials and supplies 485 498 Total inventories $ 4,882 $ 5,032 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | (In millions) December 31, 2020 December 31, 2019 Land and land improvements $ 451 $ 459 Buildings 1,525 1,508 Machinery and equipment 5,556 5,323 Construction in progress 721 582 Total property, plant and equipment 8,253 7,872 Accumulated depreciation (3,857) (3,326) Total property, plant and equipment - net $ 4,396 $ 4,546 |
Property, Plant and Equipment - Depreciation Expense [Table Text Block] | For the Year Ended December 31, (In millions) 2020 2019 2018 Depreciation expense $ 495 $ 525 $ 518 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Asset Disclosure [Abstract] | |
Schedule of Goodwill | (In millions) Agriculture Crop Protection Seed Total Balance as of December 31, 2018 $ 10,193 $ — $ — $ 10,193 Currency translation adjustment (28) — — (28) Other goodwill adjustments and acquisitions 1 14 — — 14 Realignment of segments (10,179) 4,726 5,453 — Balance as of June 1, 2019 $ — $ 4,726 $ 5,453 $ 10,179 Currency translation adjustment — 28 32 60 Other goodwill adjustments and acquisitions 2 — (11) 1 (10) Balance as of December 31, 2019 — 4,743 5,486 10,229 Currency translation adjustment — 31 38 69 Other goodwill adjustments and acquisitions 2 — (29) — (29) Balance as of December 31, 2020 $ — $ 4,745 $ 5,524 $ 10,269 1. Primarily consists of the acquisition of a distributor in Greece. 2. Primarily consists of the goodwill included in the sale of businesses in the crop protection segment. |
Other Intangible Assets | (In millions) December 31, 2020 December 31, 2019 Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization (Definite-lived): Germplasm 1 $ 6,265 $ (317) $ 5,948 $ 6,265 $ (63) $ 6,202 Customer-related 1,984 (380) 1,604 1,977 (268) 1,709 Developed technology 1,451 (525) 926 1,463 (370) 1,093 Trademarks/trade names 2 2,019 (99) 1,920 166 (86) 80 Favorable supply contracts 475 (302) 173 475 (207) 268 Other 3 405 (239) 166 404 (213) 191 Total other intangible assets with finite lives 12,599 (1,862) 10,737 10,750 (1,207) 9,543 Intangible assets not subject to amortization (Indefinite-lived): IPR&D 10 — 10 10 — 10 Trade name 2 1,871 — 1,871 Total other intangible assets 10 — 10 1,881 — 1,881 Total $ 12,609 $ (1,862) $ 10,747 $ 12,631 $ (1,207) $ 11,424 1. Beginning on October, 1, 2019, the company changed its indefinite life assertion of germplasm assets to definite lived with a useful life of 25 years. The change is a result of a more focused development effort of new seed products coupled with an intent to out license select germplasm on a nonexclusive basis. Prior to changing the useful life of the germplasm assets, the company tested the assets for impairment under ASC 350 - Intangibles, Goodwill and Other, concluding the assets were not impaired. The increase in accumulated amortization for the year ended December 31, 2020 when compared to the year ended December 31, 2019 is due to 2020 including a full year of amortization of germplasm assets. 2. Beginning on October 1, 2020, the company changed its indefinite life assertion of its trade name asset to definite lived with a useful life of 25 years. This change is the result of the launch of Brevant TM seed in the retail channel in the U.S. Prior to changing the useful life of the trade name asset, the company tested the asset for impairment under ASC 350 - Intangibles, Goodwill and Other, concluding the asset was not impaired. 3. Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | (In millions) 2021 $ 720 2022 $ 698 2023 $ 619 2024 $ 605 2025 $ 569 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | For the Year Ended December 31, (In millions) 2020 2019 Operating lease cost $ 197 $ 166 Finance lease cost Amortization of right-of-use assets 2 10 Interest on lease liabilities — 1 Total finance lease cost 2 11 Short-term lease cost 14 17 Variable lease cost 7 7 Total lease cost $ 220 $ 201 |
Schedule of Supplemental Cash Flow Information Related to Leases [Table Text Block] | For the Year Ended December 31, (In millions) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 202 $ 174 Operating cash outflows from finance leases $ — $ 1 Financing cash outflows from finance leases $ 1 $ 9 |
Schedule of Lease Assets and Liabilities [Table Text Block] | (In millions) December 31, 2020 December 31, 2019 Operating Leases Operating lease right-of-use assets 1 $ 521 $ 555 Current operating lease liabilities 2 138 140 Noncurrent operating lease liabilities 3 391 426 Total operating lease liabilities $ 529 $ 566 Finance Leases Property, plant, and equipment, gross $ 15 $ 15 Accumulated depreciation (10) (8) Property, plant, and equipment, net 5 7 Short-term borrowings and finance lease obligations 1 4 Long-Term Debt 4 5 Total finance lease liabilities $ 5 $ 9 1. Included in other assets in the Consolidated Balance Sheet. 2. Included in accrued and other current liabilities in the Consolidated Balance Sheet. 3. Included in other noncurrent obligations in the Consolidated Balance Sheet. |
Lease Term and Discount Rate [Table Text Block] | Lease Term and Discount Rate December 31, 2020 December 31, 2019 Weighted-average remaining lease term (years) Operating leases 7.71 10.80 Financing leases 4.26 5.10 Weighted average discount rate Operating leases 3.06 % 3.96 % Financing leases 3.28 % 3.26 % |
Maturities of Lease Liabilities [Table Text Block] | Maturity of Lease Liabilities at December 31, 2020 Operating Leases Financing Leases (In millions) 2021 $ 152 $ 1 2022 114 1 2023 83 1 2024 61 1 2025 51 1 2026 and thereafter 137 — Total lease payments 598 5 Less: Interest 69 — Present value of lease liabilities $ 529 $ 5 Maturity of Lease Liabilities at December 31, 2019 Operating Leases Financing Leases (In millions) 2020 $ 154 $ 4 2021 120 2 2022 93 1 2023 67 1 2024 47 1 2025 and thereafter 167 1 Total lease payments 648 10 Less: Interest 82 1 Present value of lease liabilities $ 566 $ 9 |
Long-Term Debt and Available _2
Long-Term Debt and Available Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt December 31, 2020 December 31, 2019 (In millions) Amount Weighted Average Rate Amount Weighted Average Rate Promissory notes and debentures: Maturing in 2025 500 1.70 % — — % Maturing in 2030 500 2.30 % — — % Other loans: Foreign currency loans, various rates and maturities 1 2 Medium-term notes, varying maturities through 2041 109 — % 109 1.61 % Finance lease obligations 4 5 Less: Unamortized debt discount and issuance costs 11 — Less: Long-term debt due within one year 1 1 Total $ 1,102 $ 115 (in millions) Amount 4.625% Notes due 2020 $ 474 3.625% Notes due 2021 296 4.250% Notes due 2021 163 2.800% Notes due 2023 381 6.500% Debentures due 2028 57 5.600% Senior Notes due 2036 42 4.900% Notes due 2041 48 4.150% Notes due 2043 69 Total $ 1,530 |
Committed and Available Credit Facilities | Committed and Available Credit Facilities at December 31, 2020 (In millions) Effective Date Committed Credit Credit Available Maturity Date Interest Revolving Credit Facility May 2019 $ 3,000 $ 3,000 May 2024 Floating Rate Revolving Credit Facility May 2019 3,000 3,000 May 2022 Floating Rate Total Committed and Available Credit Facilities $ 6,000 $ 6,000 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Environmental Loss Contingencies | As of December 31, 2020 (In millions) Indemnification Asset Accrual balance 3,4 Potential exposure above amount accrued 3 Environmental Remediation Stray Liabilities Chemours related obligations - subject to indemnity 1,2 $ 153 $ 154 $ 282 Other discontinued or divested businesses obligations 1 — 74 222 Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont 2 37 36 61 Environmental remediation liabilities not subject to indemnity — 65 55 Total $ 190 $ 329 $ 620 1. Represents liabilities that are subject the $200 million thresholds and sharing arrangements as discussed on page F-51, under Corteva Separation Agreement. 2. The company has recorded an indemnification asset related to these accruals, including $30 million related to the Superfund sites. 3. Accrual balance represents management’s best estimate of the costs of remediation and restoration, although it is reasonably possible that the potential exposure, as indicated, could range above the amounts accrued, as there are inherent uncertainties in these estimates. 4. Accrual balance excludes indemnification liabilities of $39 million to Chemours, related to the cost sharing arrangement under the MOU (see page F-27). |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Reconciliation of Common Stock Share Activity | Shares of common stock Issued Balance June 1, 2019 748,815,000 Issued 586,000 Repurchased and retired (824,000) Balance December 31, 2019 748,577,000 Issued 3,384,000 Repurchased and retired (8,503,000) Balance December 31, 2020 743,458,000 |
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 2 Total 2018 Balance January 1, 2018 $ (1,217) $ (2) $ 95 $ (53) $ — $ (1,177) Other comprehensive (loss) income before reclassifications (1,576) (19) (724) 132 — (2,187) Amounts reclassified from accumulated other comprehensive income — (5) 9 — — 4 Net other comprehensive (loss) income (1,576) (24) (715) 132 — (2,183) Balance December 31, 2018 $ (2,793) $ (26) $ (620) $ 79 $ — $ (3,360) 2019 Other comprehensive (loss) income before reclassifications $ (274) $ 16 $ (723) $ (159) $ — $ (1,140) Amounts reclassified from accumulated other comprehensive loss — 12 5 (1) — 16 Net other comprehensive (loss) income (274) 28 (718) (160) — (1,124) Impact of Internal Reorganizations 1,123 — 91 — — 1,214 Balance December 31, 2019 $ (1,944) $ 2 $ (1,247) $ (81) $ — $ (3,270) 2020 Other comprehensive (loss) income before reclassifications $ (26) $ (81) $ (191) $ 670 $ (10) $ 362 Amounts reclassified from accumulated other comprehensive loss — 12 5 1 — 18 Net other comprehensive (loss) income (26) (69) (186) 671 (10) 380 Balance December 31, 2020 $ (1,970) $ (67) $ (1,433) $ 590 $ (10) $ (2,890) 1. The cumulative translation adjustment losses for the year ended December 31, 2020 was primarily driven by the strengthening of the U.S. Dollar ("USD") against the Brazilian Real ("BRL"), partially offset by the weakening of the U.S. Dollar against the Swiss franc ("CHF") and European Euro ("EUR"). The cumulative translation adjustment losses for the years ended December 31, 2019 and 2018 were primarily driven by the strengthening of the U.S. Dollar against the Brazilian Real and European Euro. |
Other Comprehensive Income (Loss) | For the Year Ended December 31, (In millions) 2020 2019 2018 Derivative instruments $ 24 $ (8) $ 6 Pension benefit plans - net 54 231 199 Other benefit plans - net (211) 52 (40) Benefit from (provision for) income taxes related to other comprehensive income (loss) items $ (133) $ 275 $ 165 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | (In millions) For the Year Ended December 31, 2020 2019 2018 Derivative Instruments 1 : $ 18 $ 13 $ (6) Tax (benefit) expense 2 (6) (1) 1 After-tax $ 12 $ 12 $ (5) Amortization of pension benefit plans: Prior service benefit 3,4 (1) (1) — Actuarial losses (gains) 3,4,5 $ 4 $ 2 $ 6 Curtailment loss 3,4,5 — — 7 Settlement loss (gain) 3,4,5 3 4 (2) Total before tax 6 5 11 Tax (benefit) expense 2 (1) — (2) After-tax $ 5 $ 5 $ 9 Amortization of other benefit plans: Prior service benefit 3,4 $ — $ — $ — Actuarial (gains) losses 3,4 1 (1) — Total before tax 1 (1) — Tax benefit 2 — — — After-tax $ 1 $ (1) $ — Total reclassifications for the period, after-tax $ 18 $ 16 $ 4 1. Reflected in cost of goods sold. 2. Reflected in benefit from income taxes from continuing operations. 3. These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit (credit) cost of the company's pension and other benefit plans. See Note 20 - Pension Plans and Other Post Employment Benefits, to the Consolidated Financial Statements, for additional information. 4. Reflected in other income (expense) - net. 5. A portion reflected in (Loss) income from discontinued operations after income taxes for the years ended December 31, 2019 and 2018. |
Pension Plans and Other Post _2
Pension Plans and Other Post Employment Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 December 31, 2019 Discount rate 2.44 % 3.20 % Rate of increase in future compensation levels 2.54 % 2.60 % 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, 2020 2019 2018 Discount rate 3.19 % 4.19 % 3.38 % Rate of increase in future compensation levels 2.60 % 2.84 % 4.04 % Expected long-term rate of return on plan assets 6.25 % 6.24 % 6.19 % 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, 2020 December 31, 2019 Discount rate 2.09 % 3.07 % The weighted-average assumptions used to determine net periodic benefit costs for the OPEB plans are summarized in the two tables below: Weighted-Average Assumptions used to Determine Net Periodic Benefit Cost For the Year Ended December 31, 2020 2019 2018 Discount rate 3.07 % 3.93 % 3.56 % Assumed Health Care Cost Trend Rates December 31, 2020 December 31, 2019 Health care cost trend rate assumed for next year 7.00 % 7.20 % Rate to which the cost trend rate is assumed to decline (the ultimate health care trend rate)¹ N/A 5.00 % Year that the rate reached the ultimate health care cost trend rate¹ N/A 2028 1. Due to December 2020 plan changes, health care cost trend rates are no longer applicable to the Corteva portion of the cost, effective January 1, 2022. |
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, 2020 For the Year Ended December 31, 2019 For the Year Ended December 31, 2020 For the Year Ended December 31, 2019 Change in benefit obligations: Benefit obligation at beginning of the period $ 21,004 $ 23,532 $ 2,591 $ 2,514 Service cost 26 41 2 4 Interest cost 559 769 66 84 Plan participants' contributions 2 2 34 37 Actuarial (gain) loss 1,659 2,469 59 211 Benefits paid (1,538) (1,635) (241) (239) Plan amendments (3) (76) (939) — Net effects of acquisitions / divestitures / other — (1) — — Effect of foreign exchange rates (27) (60) (1) — Impact of internal reorganizations — (4,037) — (20) Benefit obligations at end of the period $ 21,682 $ 21,004 $ 1,571 $ 2,591 Change in plan assets: Fair value of plan assets at beginning of the period $ 16,941 $ 18,951 $ — $ — Actual return on plan assets 2,404 2,552 — — Employer contributions 62 121 207 202 Plan participants' contributions 2 2 34 37 Benefits paid (1,538) (1,635) (241) (239) Net effects of acquisitions / divestitures / other — (6) — — Effect of foreign exchange rates (36) (38) — — Impact of internal reorganizations — (3,006) — — Fair value of plan assets at end of the period $ 17,835 $ 16,941 $ — $ — Funded status U.S. plan with plan assets $ (3,301) $ (3,535) $ — $ — Non-U.S. plans with plan assets (98) (90) — — All other plans 1, 2 (448) (438) (1,571) (2,591) Funded status at end of the period $ (3,847) $ (4,063) $ (1,571) $ (2,591) 1. As of December 31, 2020, and December 31, 2019, $249 million and $294 million, respectively, of the benefit obligations are supported by funding under the Trust agreement, defined in the "Trust Assets" section below. 2. Includes pension plans maintained around the world where funding is not customary. Defined Benefit Pension Plans Other Post Employment Benefits (In millions) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Amounts recognized in the Consolidated Balance Sheets: Other Assets $ 7 $ 10 $ — $ — Accrued and other current liabilities (32) (50) (217) (237) Pension and other post employment benefits - noncurrent (3,822) (4,023) (1,354) (2,354) Net amount recognized $ (3,847) $ (4,063) $ (1,571) $ (2,591) Pretax amounts recognized in accumulated other comprehensive loss (income): Net loss (gain) $ 1,886 $ 1,641 $ 163 $ 108 Prior service (benefit) cost (14) (10) (939) — Pretax balance in accumulated other comprehensive loss (income) at end of year $ 1,872 $ 1,631 $ (776) $ 108 |
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, 2020 December 31, 2019 (In millions) Projected benefit obligations $ 21,513 $ 20,788 Fair value of plan assets 17,659 16,716 |
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, 2020 December 31, 2019 (In millions) Accumulated benefit obligations $ 21,369 $ 20,654 Fair value of plan assets 17,550 16,620 |
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 loss 2020 2019 2018 2020 2019 2018 Net Periodic Benefit Cost: Service cost $ 26 $ 41 $ 136 $ 2 $ 4 $ 9 Interest cost 559 769 755 66 84 85 Expected return on plan assets (1,000) (1,078) (1,216) — — — Amortization of unrecognized loss (gain) 4 3 10 1 (1) — Amortization of prior service (benefit) cost (1) (1) — — — — Curtailment gain — (2) (11) — — — Settlement loss 3 4 5 — — — Net periodic benefit (credit) cost - Total $ (409) $ (264) $ (321) $ 69 $ 87 $ 94 Less: Discontinued operations 1 — (14) (42) — — 1 Net periodic benefit (credit) cost - Continuing operations $ (409) $ (250) $ (279) $ 69 $ 87 $ 93 Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: Net loss (gain) $ 247 $ 970 $ 908 $ 59 $ 211 $ (172) Amortization of unrecognized (loss) gain (4) (2) (10) (1) 1 — Prior service (benefit) cost (3) (11) 17 (939) — — Amortization of prior service benefit 1 1 — — — — Settlement loss (3) (4) (2) — — — Effect of foreign exchange rates 2 (5) 1 (1) — — Total loss (benefit) recognized in other comprehensive loss, attributable to Corteva $ 240 $ 949 $ 914 $ (882) $ 212 $ (172) Total recognized in net periodic benefit cost and other comprehensive loss (income) $ (169) $ 685 $ 593 $ (813) $ 299 $ (78) 1. Includes non-service related components of net periodic benefit credit of $(31) million, and $(97) million for the years ended December 31, 2019 and 2018, respectively. |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated Future Benefit Payments at December 31, 2020 Defined Benefit Pension Plans Other Post Employment Benefits (In millions) 2021 $ 1,495 $ 217 2022 1,456 140 2023 1,424 132 2024 1,390 124 2025 1,353 116 Years 2026-2030 6,159 425 Total $ 13,277 $ 1,154 |
Schedule of Allocation of Plan Assets [Table Text Block] | Target Allocation for Plan Assets December 31, 2020 December 31, 2019 Asset Category U.S. equity securities 20 % 20 % Non-U.S. equity securities 16 16 Fixed income securities 51 50 Hedge funds 2 3 Private market securities 6 6 Real estate 4 3 Cash and cash equivalents 1 2 Total 100 % 100 % Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 For the year ended December 31, 2020 (In millions) Cash and cash equivalents $ 2,616 $ 2,616 $ — $ — U.S. equity securities 1 3,905 3,898 2 5 Non-U.S. equity securities 2,194 2,189 2 3 Debt – government-issued 3,569 — 3,569 — Debt – corporate-issued 2,579 — 2,576 3 Debt – asset-backed 616 — 616 — Private market securities 3 — — 3 Real estate 28 — — 28 Derivatives – asset position — — — — Derivatives – liability position — — — — Other 76 — 3 73 Subtotal $ 15,586 $ 8,703 $ 6,768 $ 115 Investments measured at net asset value Debt - government issued 36 Debt - corporate issued 7 U.S. equity securities 32 Non-U.S. equity securities 32 Hedge funds 391 Private market securities 1,381 Real estate funds 590 Total investments measured at net asset value $ 2,469 Other items to reconcile to fair value of plan assets Pension trust receivables 2 214 Pension trust payables 3 (434) Total $ 17,835 1. The Corteva pension plans directly held $165 million (approximately 1 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2020. 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, 2019 (In millions) Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,343 $ 1,343 $ — $ — U.S. equity securities 1 3,665 3,652 4 9 Non-U.S. equity securities 2,053 2,043 6 4 Debt – government-issued 3,693 — 3,693 — Debt – corporate-issued 2,956 — 2,952 4 Debt – asset-backed 663 — 663 — Private market securities 2 — — 2 Real estate 33 — — 33 Derivatives – asset position 2 — 2 — Derivatives – liability position (19) — (19) — Other 19 — 19 — Subtotal $ 14,410 $ 7,038 $ 7,320 $ 52 Investments measured at net asset value Debt - government issued 37 U.S. equity securities 20 Non-U.S. equity securities 39 Hedge funds 431 Private market securities 1,371 Real estate funds 516 Total investments measured at net asset value $ 2,414 Other items to reconcile to fair value of plan assets Pension trust receivables 2 763 Pension trust payables 3 (646) Total $ 16,941 1. The Corteva pension plans directly held $126 million (approximately 1 percent of total plan assets) of Corteva, Inc. at December 31, 2019. 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 Level 3 Pension Plan Assets U.S. equity securities Non-U.S. equity securities Debt – corporate-issued Private market securities Real estate Other Total (In millions) Balance at January 1, 2019 $ 14 $ 2 $ 14 $ 1 $ 93 $ 206 $ 330 Actual return on assets: Relating to assets sold during the year ended December 31, 2019 (2) 1 9 — (29) — (21) Relating to assets held at December 31, 2019 (5) — (8) 4 25 — 16 Purchases, sales and settlements, net 2 2 (12) (3) (3) — (14) Transfers in or out of Level 3, net — (1) 1 — — — — Assets transferred at Separation — — — — (53) (206) (259) Balance at December 31, 2019 $ 9 $ 4 $ 4 $ 2 $ 33 $ — $ 52 Actual return on assets: Relating to assets sold during the year ended December 31, 2020 (25) (6) (7) — — — (38) Relating to assets held at December 31, 2020 21 5 5 1 (5) 7 34 Purchases, sales and settlements, net — — — — — 5 5 Transfers in or out of Level 3, net — — 1 — — 61 62 Balance at December 31, 2020 $ 5 $ 3 $ 3 $ 3 $ 28 $ 73 $ 115 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Average Assumptions - Stock Option Awards | Weighted-Average Assumptions OIP EIP For the year ended December 31, 2020 For the year ended December 31, 2019 For the year ended December 31, 2018 Dividend yield 1.67 % 1.55 % 2.1 % Expected volatility 23.14 % 19.80 % 23.30 % Risk-free interest rate 1.3 % 2.4 % 2.8 % Expected life of stock options granted during period (years) 6.0 6.1 6.2 |
OIP [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Option Activity | Stock Options For the Year Ended December 31, 2020 Number of Shares Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at January 1, 2020 10,045 $ 32.47 4.73 $ 20,186 Granted 1,459 31.16 Exercised (2,349) 24.96 Forfeited/Expired (157) 34.24 Outstanding at December 31, 2020 8,998 $ 34.21 5.27 $ 50,077 Exercisable at December 31, 2020 6,695 $ 33.96 4.27 $ 38,799 |
RSU and PSU Activity | RSUs & PSUs For the Year Ended December 31, 2020 Number of Shares Weighted Average Grant Date Fair Value Nonvested at January 1, 2020 5,438 $ 32.49 Granted 1,970 $ 31.15 Vested (1,400) $ 34.69 Forfeited (125) $ 31.16 Nonvested at December 31, 2020 5,883 $ 31.54 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative [Line items] | |
Notional Amounts of Derivatives | Notional Amounts (In millions) December 31, 2020 December 31, 2019 Derivatives designated as hedging instruments: Foreign currency contracts $ 1,164 $ — Commodity contracts $ 383 $ 570 Derivatives not designated as hedging instruments: Foreign currency contracts $ 647 $ 582 |
Fair Value of Derivatives Instruments | December 31, 2020 (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 $ 15 $ — $ 15 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 40 (40) — Total asset derivatives $ 55 $ (40) $ 15 Liability derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 38 $ — $ 38 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities 97 $ (40) 57 Total liability derivatives $ 135 $ (40) $ 95 December 31, 2019 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 25 $ (18) $ 7 Total asset derivatives $ 25 $ (18) $ 7 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 43 $ (16) $ 27 Total liability derivatives $ 43 $ (16) $ 27 |
Effect of Derivative Instruments | Amount of Gain (Loss) Recognized in OCI 1 - Pre-Tax For the Year Ended December 31, (In millions) 2020 2019 2018 Derivatives designated as hedging instruments: Net investment hedges: Foreign currency contracts $ (45) $ — $ — Cash flow hedges: Foreign currency contracts (4) — — Commodity contracts (62) 23 (24) Total derivatives designated as hedging instruments $ (111) $ 23 $ (24) 1. OCI is defined as other comprehensive income (loss). (in millions) Amount of (Loss) Gain Recognized in Income - Pre-Tax 1 For the Year Ended December 31, 2020 2019 2018 Derivatives designated as hedging instruments: Cash flow hedges: Foreign currency contracts 2 $ 17 $ — $ — Commodity contracts 2 (35) (13) 6 Total derivatives designated as hedging instruments (18) (13) 6 Derivatives not designated as hedging instruments: Foreign currency contracts 3 89 (58) 94 Foreign currency contracts 2 14 — — Commodity contracts 2 9 9 5 Total derivatives not designated as hedging instruments 112 (49) 99 Total derivatives $ 94 $ (62) $ 105 1. For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income during the period. 2. Recorded in cost of goods sold. 3. Gain recognized in other income (expense) - net was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 9 - Supplementary Information, to the Consolidated Financial Statements for additional information. |
Schedule of Available-for-sale Securities Reconciliation | Contractual Maturities of Debt Securities at December 31, 2020 Amortized Cost Fair Value (In millions) Within one year $ 67 $ 67 One to five years 159 159 Total $ 226 $ 226 |
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) 2020 2019 2018 Beginning balance $ 2 $ (26) $ (2) Additions and revaluations of derivatives designated as cash flow hedges (44) 16 (19) Clearance of hedge results to earnings 26 12 (5) Ending balance $ (16) $ 2 $ (26) |
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, 2020 Beginning balance $ — Additions and revaluations of derivatives designated as cash flow hedges (3) Clearance of hedges results to earnings (14) Ending balance $ (17) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | ||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2020 Significant Other Observable Inputs (In millions) Level 1 Level 2 Assets at fair value: Marketable securities $ — $ 43 Debt securities: U.S. treasuries 1 226 — Derivatives relating to: 2 Foreign currency — 55 Total assets at fair value $ 226 $ 98 Liabilities at fair value: Derivatives relating to: 2 Foreign currency — 135 Total liabilities at fair value $ — $ 135 December 31, 2019 Significant Other Observable Inputs (Level 2) (In millions) Assets at fair value: Marketable securities $ 5 Derivatives relating to: 2 Foreign currency 25 Total assets at fair value $ 30 Liabilities at fair value: Derivatives relating to: 2 Foreign currency $ 43 Total liabilities at fair value $ 43 1. The company's investments in debt securities, which are primarily available-for-sale, are included in "marketable securities" in the Consolidated Balance sheets. 2. See Note 22 - Financial Instruments, to the Consolidated Financial Statements, for the classification of derivatives in the Consolidated Balance Sheets. | |
Fair Value, Assets Measured on Nonrecurring Basis [Table Text Block] | Basis of Fair Value Measurements on a Nonrecurring Basis Significant Other Unobservable Inputs Total Losses (In millions) 2019 Assets at fair value: Developed technology $ — $ (1) Other intangible assets $ — $ (6) IPR&D $ — $ (137) 2018 Assets at fair value: Investment in nonconsolidated affiliates $ 51 $ (41) IPR&D $ 450 $ (85) |
Geographic Information (Tables)
Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Geographic Area, Revenues from External Customers [Abstract] | |
Net Sales by Geographic Area | Net Sales For the Year Ended December 31, (In millions) 2020 2019 2018 United States $ 6,510 $ 6,255 $ 6,725 Canada 658 674 687 EMEA 2,842 2,740 2,765 Latin America 1 2,805 2,889 2,817 Asia Pacific 1,402 1,288 1,293 Total $ 14,217 $ 13,846 $ 14,287 1. Net sales for Brazil for the years ended December 31, 2020, 2019 and 2018 were $1,724 million , |
Net Property By Geographic Area | Net Property (In millions) 2020 2019 2018 United States $ 3,014 $ 3,069 $ 3,161 Canada 122 125 88 EMEA 601 566 546 Latin America 510 608 568 Asia Pacific 149 178 181 Total $ 4,396 $ 4,546 $ 4,544 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 Net sales $ 7,756 $ 6,461 $ 14,217 Segment operating EBITDA $ 1,208 $ 1,004 $ 2,212 Depreciation and amortization $ 798 $ 379 $ 1,177 Segment assets $ 23,751 $ 13,099 $ 36,850 Investments in nonconsolidated affiliates $ 22 $ 44 $ 66 Purchases of property, plant and equipment $ 225 $ 250 $ 475 As of and for the Year Ended December 31, 2019 Net sales $ 7,590 $ 6,256 $ 13,846 Pro forma segment operating EBITDA $ 1,040 $ 1,066 $ 2,106 Depreciation and amortization $ 628 $ 372 $ 1,000 Segment assets 1 $ 25,387 $ 13,492 $ 38,879 Investments in nonconsolidated affiliates $ 27 $ 39 $ 66 Purchases of property, plant and equipment $ 373 $ 293 $ 666 As of and for the Year Ended December 31, 2018 Net sales $ 7,842 $ 6,445 $ 14,287 Pro forma segment operating EBITDA $ 1,139 $ 1,074 $ 2,213 Depreciation and amortization $ 534 $ 375 $ 909 Segment assets $ 29,286 $ 9,346 $ 38,632 Investments in nonconsolidated affiliates $ 102 $ 36 $ 138 Purchase of property, plant and equipment $ 263 $ 250 $ 513 |
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) 2020 2019 2018 Income (loss) from continuing operations after income taxes $ 756 $ (270) $ (6,775) Benefit from income taxes on continuing operations (81) (46) (31) Income (loss) from continuing operations before income taxes 675 (316) (6,806) Depreciation and amortization 1,177 1,000 909 Interest income (56) (59) (86) Interest expense 45 136 337 Exchange losses - net 1 174 66 77 Non-operating benefits - net (316) (129) (211) Goodwill impairment charge — — 4,503 Significant items 388 991 1,346 Pro forma adjustments 298 2,003 Corporate expenses 125 119 141 Segment operating EBITDA 2 $ 2,212 $ 2,106 $ 2,213 1. Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as they are included within significant items. See Note 9 - Supplementary Information, to the Consolidated Financial Statements, for additional information. 2. The years ended December 31, 2019 and December 31, 2018 are presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Segment assets to total assets (in millions) December 31, 2020 December 31, 2019 December 31, 2018 Total segment assets $ 36,850 $ 38,879 $ 38,632 Corporate assets 5,799 3,518 4,417 Assets related to discontinued operations 1 — — 65,634 Total assets $ 42,649 $ 42,397 $ 108,683 1. See Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information on discontinued operations. |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | Other Items (in millions) Segment Totals Adjustments 1 Consolidated Totals As of and For the Year Ended December 31, 2019 Depreciation and amortization $ 1,000 $ 599 $ 1,599 Purchase of property, plant and equipment $ 666 $ 497 $ 1,163 As of and For the Year Ended December 31, 2018 Depreciation and amortization $ 909 $ 1,881 $ 2,790 Purchase of property, plant and equipment $ 513 $ 988 $ 1,501 |
Schedule of Additional Segment Details [Table Text Block] | (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2020 Restructuring and Asset Related Charges - Net 1 $ (165) $ (109) $ (61) $ (335) Loss on Divestiture 2 — (53) — (53) Total $ (165) $ (162) $ (61) $ (388) (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2019 3 Restructuring and Asset Related Charges - Net 1 $ (213) $ (23) $ 14 $ (222) Integration and Separation Costs 4 — — (632) (632) Loss on Divestiture 5 (24) — — (24) Amortization of Inventory Step Up 6 (67) — — (67) Loss on Early Extinguishment of Debt 7 — — (13) (13) Argentina Currency Devaluation 8 — — (33) (33) Total $ (304) $ (23) $ (664) $ (991) (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2018 3 Restructuring and Asset Related Charges - Net 1 $ (368) $ (58) $ (268) $ (694) Integration Costs 4 — — (571) (571) Gain on Sale 9 24 — — 24 Loss on Deconsolidation of Subsidiary 10 (53) — — (53) Loss on Divestiture 11 (2) — — (2) Income Tax Items 12 — — (50) (50) Total $ (399) $ (58) $ (889) $ (1,346) 1. Includes Board approved restructuring plans and asset related charges as well as accelerated prepaid amortization. See Note 7 - Restructuring and Asset Related Charges - Net, to the Consolidated Financial Statements, for additional information. 2. Includes a loss recorded in other income - net related to the expected sale of the La Porte site. 3. The years ended December 31, 2019 and December 31, 2018 are presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. 4. Integration and separation costs include costs incurred to prepare for and close the Merger, post-Merger integration expenses, and costs incurred to prepare for the Internal Reorganizations. Beginning in the second quarter of 2019, this includes both integration and separation costs. 5. Includes a loss recorded in other income - net related to DAS's sale of a joint venture related to synergy actions. 6. Includes a charge related to the amortization of the inventory that was stepped up to fair value in connection with the Merger. 7. Includes a loss on early extinguishment of debt related to the difference between the redemption price and the par value of the Make Whole Notes and Term Loan Facility, partially offset by the write-off of unamortized step-up related to the fair value step-up of EID's debt. 8. Includes a charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. Throughout the three months ended September 30, 2019, the Argentine Peso dropped approximately a third of its value against the US dollar and in September of 2019, the country’s central bank announced new restrictions on foreign currency transactions. 9. Includes a gain recorded in other income (expense) - net related to an asset sale. 10. Includes a loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary. 11. Includes a loss recorded in other income (expense) - net related to an asset sale. 12. Includes a foreign exchange loss recorded in other income (expense) - net related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
Quaterly Financial Data (Tables
Quaterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information | For the Quarter Ended In millions, except per share amounts March 31, June 30, September 30, December 31, 2020 Net sales $ 3,956 $ 5,191 $ 1,863 $ 3,207 Cost of goods sold 2,269 2,829 1,297 2,112 Restructuring and asset related charges - net 1 70 179 49 37 Income (loss) from continuing operations after income taxes 281 3,4 766 5 (390) 99 6 Net income (loss) attributable to Corteva 1 272 760 (392) 41 Earnings (loss) per common share, continuing operations - basic 2 0.36 1.01 (0.52) 0.13 Earnings (loss) per common share, continuing operations - diluted 2 0.36 1.01 (0.52) 0.13 2019 Net sales $ 3,396 $ 5,556 $ 1,911 $ 2,983 Cost of goods sold 7 2,211 3,047 1,349 1,968 Restructuring and asset related charges - net 1 61 60 46 55 Integration and separation costs 1 212 330 152 50 (Loss) income from continuing operations after income taxes (184) 8 483 9 (527) 10, 11 (42) 12 Net income (loss) attributable to Corteva 1 164 (608) (494) (21) (Loss) earnings per common share, continuing operations - basic 2 (0.26) 0.63 (0.69) (0.06) (Loss) earnings per common share, continuing operations - diluted 2 (0.26) 0.63 (0.69) (0.06) 1. See Note 2 - Summary of Significant Accounting Polices, Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, to the Consolidated Financial Statements for additional information related to integration and separation costs, restructuring and asset related charges - net, and discontinued operations, respectively. 2. Earnings per share for the year may not equal the sum of quarterly earnings per share due to rounding and the changes in average share calculations. 3. First quarter 2020 includes a loss of $(53) million recorded in other income - net related to the expected sale of the La Porte site, for which the company signed an agreement during the first quarter 2020. 4. First quarter 2020 includes a $19 million after tax charge related to the impact of a state tax valuation allowance in the U.S. based on a change in judgment about the realizability of a deferred tax asset. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. 5. Second quarter 2020 includes an after-tax benefit of $(29) million due to an elective change in accounting method that alters the 2019 impact of the business separation on the 2017 Tax Cuts and Jobs Act's foreign tax provision. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. 6. Fourth quarter 2020 includes an after-tax benefit of $(182) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. 7. Includes charges of $205 million, $52 million, and $15 million for the first quarter 2019, second quarter 2019, and third quarter 2019, respectively, related to the amortization of inventory step-up as a result of the Merger. 8. First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. 9. Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 related to the retirement of some of the company's debt. See Note 17 - Long-Term Debt and Available Credit Facilities, to the Consolidated Financial Statements for additional information. 10. Third quarter 2019 includes a $33 million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. 11. Third quarter 2019 includes a tax benefit of $(38) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. |
EID Income Taxes (Tables)
EID Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 2019 2018 Income (loss) from continuing operations before income taxes Domestic $ (83) $ (1,352) $ (5,040) Foreign 758 1,036 (1,766) Income (loss) from continuing operations before income taxes $ 675 $ (316) $ (6,806) Current tax expense (benefit) Federal $ 28 $ (11) $ (112) State and local 9 1 (32) Foreign 222 317 446 Total current tax expense $ 259 $ 307 $ 302 Deferred tax (benefit) expense Federal $ (116) $ (392) $ (124) State and local 27 156 (39) Foreign (251) (117) (170) Total deferred tax benefit $ (340) $ (353) $ (333) Benefit from income taxes on continuing operations (81) (46) (31) Net income (loss) from continuing operations after taxes $ 756 $ (270) $ (6,775) |
Reconciliation to US Statutory Rate | Reconciliation to U.S. Statutory Rate For the Year Ended December 31, 2020 2019 2018 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Effective tax rates on international operations - net 1 (13.9) (18.4) 0.4 Acquisitions, divestitures and ownership restructuring activities 2, 3, 4 (0.3) (10.7) (2.3) U.S. research and development credit (2.9) 7.0 0.1 Exchange gains/losses 5 3.5 (1.8) (1.3) SAB 118 Impact of Enactment of U.S. Tax Reform 6 — — (3.0) State and local incomes taxes - net 4.0 3.2 0.5 Impact of Swiss Tax Reform 7 (27.0) 11.9 — Excess tax benefits/deficiencies from stock compensation 1.0 (0.6) 0.1 Tax settlements and expiration of statute of limitations 0.4 3.9 (0.1) Goodwill impairment 8 — — (15.2) Other - net 2.2 (0.9) 0.3 Effective tax rate on income from continuing operations (12.0) % 14.6 % 0.5 % 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 $(51) million for the year ended December 31, 2020, related to a return to accrual adjustment associated with an elective change in accounting method for the 2019 tax year impact of The Act's foreign tax provisions. 2. See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information. 3. Includes a net tax charge of $50 million related to repatriation activities to facilitate the Business Separations for the year ended December 31, 2018. 4. Includes a net tax charge of $25 million for the year ended December 31, 2018 related to an internal legal entity restructuring associated with the Business Separations. 5. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, under the heading Foreign Currency Risk. 6. Reflects a net tax charge of $164 million associated with the company's completion of the accounting for the tax effects of The Act for the year ended December 31, 2018. 7. Reflects tax benefits of $(182) million primarily driven by the recognition of an elective cantonal component of the recent enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform") for the year ended December 31, 2020. Reflects tax benefits of $(38) million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"), for the year ended December 31, 2019. 8. Reflects the impact of the non-tax-deductible, non-cash impairment charge for the agriculture reporting unit and corresponding $75 million tax charge associated with a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil for the year ended December 31, 2018. |
EID [Member] | |
Geographic Allocation of Income and Provision for Income Taxes | Geographic Allocation of Income (Loss) and Provision for (Benefit from) Income Taxes For the Year Ended December 31, (In millions) 2020 2019 2018 Income (loss) from continuing operations before income taxes Domestic $ (183) $ (1,458) $ (5,040) Foreign 758 1,036 (1,766) Income (loss) from continuing operations before income taxes $ 575 $ (422) $ (6,806) Current tax expense (benefit) Federal $ 8 $ (11) $ (112) State and local 5 1 (32) Foreign 222 317 446 Total current tax expense $ 235 $ 307 $ 302 Deferred tax (benefit) expense Federal $ (116) $ (417) $ (124) State and local 27 156 (39) Foreign (251) (117) (170) Total deferred tax benefit $ (340) $ (378) $ (333) Benefit from income taxes on continuing operations (105) (71) (31) Net income (loss) from continuing operations $ 680 $ (351) $ (6,775) |
Reconciliation to US Statutory Rate | Reconciliation to U.S. Statutory Rate For the Year Ended December 31, 2020 2019 2018 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Effective tax rates on international operations - net 1 (16.4) (13.8) 0.4 Acquisitions, divestitures and ownership restructuring activities 2, 3, 4 (0.3) (8.0) (2.3) U.S. research and development credit (3.4) 5.2 0.1 Exchange gains/losses 5 4.1 (1.3) (1.3) State and local income taxes - net 4.2 3.0 0.5 SAB 118 Impact of Enactment of U.S. Tax Reform 6 — — (3.0) Impact of Swiss Tax Reform 7 (31.7) 8.9 — Excess tax benefits/deficiencies from stock compensation 1.2 (0.5) 0.1 Tax settlements and expiration of statute of limitations 0.4 2.9 (0.1) Goodwill impairment 8 — — (15.2) Other - net 2.6 (0.6) 0.3 Effective tax rate (18.3) % 16.8 % 0.5 % 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 $(51) million for the year ended December 31, 2020, related to a return to accrual adjustment associated with an elective change in accounting method that alters the 2019 impact of The Act's foreign tax provisions. 2. See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, of the Corteva, Inc. Consolidated Financial Statements for additional information. 3. Includes a net tax charge of $50 million related to repatriation activities to facilitate the Business Separations for the year ended December 31, 2018. 4. Includes a net tax charge of $25 million for the year ended December 31, 2018 related to an internal legal entity restructuring associated with the Business Separations. 5. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, of the Corteva, Inc. Consolidated Financial Statements under the heading Foreign Currency Risk. 6. Reflects a net tax charge of $232 million associated with the company's completion of the accounting for the tax effects of The Act for the year ended December 31, 2018. 7. Reflects tax benefits of $(182) million primarily driven by the recognition of an elective cantonal component of the recent enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform") for the year ended December 31, 2020. Reflects tax benefits of $(38) million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"), for the year ended December 31, 2019. 8. Reflects the impact of the non-tax-deductible, non-cash impairment charge for the agriculture reporting unit and corresponding $75 million tax charge associated with a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil for the year ended December 31, 2018. |
EID Segment FN (Tables)
EID Segment FN (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 2019 2018 Income (loss) from continuing operations after income taxes $ 756 $ (270) $ (6,775) Benefit from income taxes on continuing operations (81) (46) (31) Income (loss) from continuing operations before income taxes 675 (316) (6,806) Depreciation and amortization 1,177 1,000 909 Interest income (56) (59) (86) Interest expense 45 136 337 Exchange losses - net 1 174 66 77 Non-operating benefits - net (316) (129) (211) Goodwill impairment charge — — 4,503 Significant items 388 991 1,346 Pro forma adjustments 298 2,003 Corporate expenses 125 119 141 Segment operating EBITDA 2 $ 2,212 $ 2,106 $ 2,213 1. Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as they are included within significant items. See Note 9 - Supplementary Information, to the Consolidated Financial Statements, for additional information. 2. The years ended December 31, 2019 and December 31, 2018 are presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Segment assets to total assets (in millions) December 31, 2020 December 31, 2019 December 31, 2018 Total segment assets $ 36,850 $ 38,879 $ 38,632 Corporate assets 5,799 3,518 4,417 Assets related to discontinued operations 1 — — 65,634 Total assets $ 42,649 $ 42,397 $ 108,683 1. See Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information on discontinued operations. |
EID [Member] | |
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, 2020 2019 2018 Income (loss) from continuing operations after income taxes $ 680 $ (351) $ (6,775) Benefit from income taxes on continuing operations (105) (71) (31) Income (loss) from continuing operations before income taxes 575 (422) (6,806) Depreciation and amortization 1,177 1,000 909 Interest income (56) (59) (86) Interest expense 145 242 337 Exchange losses - net 1 174 66 77 Non-operating benefits - net (316) (129) (211) Goodwill impairment charge — — 4,503 Significant items 388 991 1,346 Pro forma adjustments 298 2,003 Corporate expenses 125 119 141 Segment operating EBITDA 2 $ 2,212 $ 2,106 $ 2,213 1. Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as they are included within significant items. See Note 9 - Supplementary Information, of the Corteva, Inc. Consolidated Financial Statements for additional information. |
EID Quarterly FN (Tables)
EID Quarterly FN (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information | For the Quarter Ended In millions, except per share amounts March 31, June 30, September 30, December 31, 2020 Net sales $ 3,956 $ 5,191 $ 1,863 $ 3,207 Cost of goods sold 2,269 2,829 1,297 2,112 Restructuring and asset related charges - net 1 70 179 49 37 Income (loss) from continuing operations after income taxes 281 3,4 766 5 (390) 99 6 Net income (loss) attributable to Corteva 1 272 760 (392) 41 Earnings (loss) per common share, continuing operations - basic 2 0.36 1.01 (0.52) 0.13 Earnings (loss) per common share, continuing operations - diluted 2 0.36 1.01 (0.52) 0.13 2019 Net sales $ 3,396 $ 5,556 $ 1,911 $ 2,983 Cost of goods sold 7 2,211 3,047 1,349 1,968 Restructuring and asset related charges - net 1 61 60 46 55 Integration and separation costs 1 212 330 152 50 (Loss) income from continuing operations after income taxes (184) 8 483 9 (527) 10, 11 (42) 12 Net income (loss) attributable to Corteva 1 164 (608) (494) (21) (Loss) earnings per common share, continuing operations - basic 2 (0.26) 0.63 (0.69) (0.06) (Loss) earnings per common share, continuing operations - diluted 2 (0.26) 0.63 (0.69) (0.06) 1. See Note 2 - Summary of Significant Accounting Polices, Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, to the Consolidated Financial Statements for additional information related to integration and separation costs, restructuring and asset related charges - net, and discontinued operations, respectively. 2. Earnings per share for the year may not equal the sum of quarterly earnings per share due to rounding and the changes in average share calculations. 3. First quarter 2020 includes a loss of $(53) million recorded in other income - net related to the expected sale of the La Porte site, for which the company signed an agreement during the first quarter 2020. 4. First quarter 2020 includes a $19 million after tax charge related to the impact of a state tax valuation allowance in the U.S. based on a change in judgment about the realizability of a deferred tax asset. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. 5. Second quarter 2020 includes an after-tax benefit of $(29) million due to an elective change in accounting method that alters the 2019 impact of the business separation on the 2017 Tax Cuts and Jobs Act's foreign tax provision. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. 6. Fourth quarter 2020 includes an after-tax benefit of $(182) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. 7. Includes charges of $205 million, $52 million, and $15 million for the first quarter 2019, second quarter 2019, and third quarter 2019, respectively, related to the amortization of inventory step-up as a result of the Merger. 8. First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. 9. Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 related to the retirement of some of the company's debt. See Note 17 - Long-Term Debt and Available Credit Facilities, to the Consolidated Financial Statements for additional information. 10. Third quarter 2019 includes a $33 million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. 11. Third quarter 2019 includes a tax benefit of $(38) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. |
EID [Member] | |
Quarterly Financial Information | For the Quarter Ended In millions (unaudited) March 31, June 30, September 30, December 31, 2020 Income (loss) from continuing operations after income taxes $ 257 $ 742 $ (404) $ 85 Net income (loss) attributable to EID $ 250 $ 739 $ (404) $ 30 2019 (Loss) income from continuing operations after income taxes $ (184) $ 460 $ (557) $ (70) Net income (loss) attributable to EID $ 166 $ (626) $ (524) $ (46) |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | $ 174 | $ 127 | $ 64 | |
Additions charges to expenses | 154 | 69 | 80 | |
Deductions from reserves | [1] | (120) | (22) | (17) |
Balance at end of period | 174 | 127 | ||
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 | 457 | 669 | 559 | |
Additions charges to expenses | 56 | 20 | 451 | |
Deductions from reserves | [2] | (60) | (232) | (341) |
Balance at end of period | $ 453 | $ 457 | $ 669 | |
[1] | Deductions include write-offs, recoveries collected and currency translation adjustments. | |||
[2] | Deductions include currency translation adjustments. |
Background and Basis of Prese_3
Background and Basis of Presentation (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2020USD ($) | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Feb. 04, 2021$ / shares | Jun. 26, 2019$ / shares | Jun. 03, 2019$ / sharesshares | Jun. 01, 2019 | Apr. 01, 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 | ||||||
Reclassification of Divisional Equity to Additional Paid in Capital | $ | $ 0 | |||||||
Internal Reorganization [Member] | ||||||||
Reclassification of Divisional Equity to Additional Paid in Capital | $ | $ 40 | |||||||
EID [Member] | ||||||||
Common Stock, Par Value | $ 0.30 | $ 0.30 | $ 0.30 | |||||
Common Stock, Shares Authorized | shares | 1,800,000,000 | 1,800,000,000 | ||||||
Reclassification of Divisional Equity to Additional Paid in Capital | $ | $ 0 | |||||||
EID [Member] | Corteva [Member] | ||||||||
Ownership interest in an entity | 100.00% | |||||||
DAS [Member] | EID [Member] | ||||||||
Ownership interest in an entity | 100.00% | |||||||
Dow [Member] | ||||||||
Common Stock, Par Value | $ 0.01 | |||||||
Corteva [Member] | ||||||||
Number of Reportable Segments | 2 | |||||||
Common Stock, Par Value | $ 0.01 | $ 0.01 | ||||||
Common Stock, Shares Authorized | shares | 748,815,000 | |||||||
Number of Countries in which Entity Operates | 140 | |||||||
Shares of DowDuPont Common Stock Held [Member] | Corteva [Member] | ||||||||
Exchange Ratio | 3 | |||||||
Shares of Corteva Stock [Member] | Corteva [Member] | ||||||||
Exchange Ratio | 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | [1] | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 01, 2019 | ||
Integration and Separation Costs | $ 50 | [1] | $ 152 | $ 330 | $ 212 | $ 0 | $ 744 | $ 992 | ||||
Restricted Cash | $ 319 | |||||||||||
Percentage of FIFO Inventory | 59.00% | 62.00% | 59.00% | |||||||||
Percentage of Weighted Average Cost Inventory | 41.00% | 38.00% | 41.00% | |||||||||
Minimum [Member] | ||||||||||||
Definite-Lived Intangible Asset, Useful Life | 2 years | |||||||||||
Maximum [Member] | ||||||||||||
Definite-Lived Intangible Asset, Useful Life | 25 years | |||||||||||
Other Current Assets [Member] | ||||||||||||
Prepaid Royalties | $ 426 | |||||||||||
Restricted Cash | $ 409 | 347 | $ 409 | |||||||||
Other Assets [Member] | ||||||||||||
Prepaid Royalties - Long-Term | $ 459 | |||||||||||
[1] | See Note 2 - Summary of Significant Accounting Polices, Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, to the Consolidated Financial Statements for additional information related to integration and separation costs, restructuring and asset related charges - net, and discontinued operations, respectively. |
Business Combinations DAS Commo
Business Combinations DAS Common Control Transfer Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Net Sales | $ 3,207 | $ 1,863 | $ 5,191 | $ 3,956 | $ 2,983 | $ 1,911 | $ 5,556 | $ 3,396 | $ 14,217 | $ 13,846 | $ 14,287 | ||||||||
Income (loss) from continuing operations before income taxes | 675 | (316) | (6,806) | ||||||||||||||||
(Loss) income from continuing operations after income taxes | $ 99 | [1] | $ (390) | $ 766 | [2] | $ 281 | [3],[4] | $ (42) | [5] | $ (527) | [6],[7] | $ 483 | [8] | $ (184) | [9] | $ 756 | $ (270) | (6,775) | |
Historical EID [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Net Sales | 26,279 | ||||||||||||||||||
Income (loss) from continuing operations before income taxes | (4,793) | ||||||||||||||||||
(Loss) income from continuing operations after income taxes | (5,013) | ||||||||||||||||||
Discontinued Operations and Other Adjustments [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Net Sales | [10] | (17,638) | |||||||||||||||||
Income (loss) from continuing operations before income taxes | [10] | (2,128) | |||||||||||||||||
(Loss) income from continuing operations after income taxes | [10] | (1,753) | |||||||||||||||||
DAS [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Net Sales | 5,646 | ||||||||||||||||||
Income (loss) from continuing operations before income taxes | 115 | ||||||||||||||||||
(Loss) income from continuing operations after income taxes | $ (9) | ||||||||||||||||||
[1] | Fourth quarter 2020 includes an after-tax benefit of $(182) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. | ||||||||||||||||||
[2] | Second quarter 2020 includes an after-tax benefit of $(29) million due to an elective change in accounting method that alters the 2019 impact of the business separation on the 2017 Tax Cuts and Jobs Act's foreign tax provision. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||
[3] | First quarter 2020 includes a $19 million after tax charge related to the impact of a state tax valuation allowance in the U.S. based on a change in judgment about the realizability of a deferred tax asset. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. | ||||||||||||||||||
[4] | First quarter 2020 includes a loss of $(53) million recorded in other income - net related to the expected sale of the La Porte site, for which the company signed an agreement during the first quarter 2020. | ||||||||||||||||||
[5] | Fourth quarter 2019 includes a tax benefit of $(34) million related to the impact of the release of a tax valuation allowance recorded against the net deferred tax asset position of a Switzerland legal entity. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||
[6] | Third quarter 2019 includes a $33 million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. | ||||||||||||||||||
[7] | Third quarter 2019 includes a tax benefit of $(38) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||
[8] | Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 related to the retirement of some of the company's debt. See Note 17 - Long-Term Debt and Available Credit Facilities, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||
[9] | First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. | ||||||||||||||||||
[10] | Reflects discontinued operations of EID's ECP and Specialty Products Entities and adjustments primarily related to the elimination of intercompany transactions between EID and DAS for periods subsequent to the Merger, as if they were combined affiliates, and adjustments made to align historical financial statement presentation of DAS and Corteva. |
Divestitures and Other Transa_3
Divestitures and Other Transactions Divestitures and Other Transactions - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Goodwill Impairment Charge | $ 0 | $ 0 | $ 4,503 | |
Equity Method Investment, Other than Temporary Impairment | $ 41 | |||
Income (loss) from discontinued operations after income taxes | (55) | (671) | 1,748 | |
Specialty Products Disposal [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Goodwill Impairment Charge | 1,102 | 0 | ||
Equity Method Investment, Other than Temporary Impairment | 63 | |||
Income (loss) from discontinued operations after income taxes | (859) | 1,602 | ||
Divested Ag Business [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) from discontinued operations after income taxes | 80 | $ (5) | ||
Other discontinued operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) from discontinued operations after income taxes | 10 | $ 89 | ||
Accounts and Notes Receivable [Member] | DuPont de Nemours [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnification Assets | 27 | |||
Accounts and Notes Receivable [Member] | Dow [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnification Assets | 5 | |||
Other Assets [Member] | DuPont de Nemours [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnification Assets | 51 | |||
Accrued and Other Current Liabilities [Member] | DuPont de Nemours [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnified Liabilities | 5 | |||
Accrued and Other Current Liabilities [Member] | Dow [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnified Liabilities | 87 | |||
Other Noncurrent Obligations [Member] | DuPont de Nemours [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnified Liabilities | 79 | |||
Other Noncurrent Obligations [Member] | Dow [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnified Liabilities | $ 13 |
Divestitures and Other Transa_4
Divestitures and Other Transactions ECP Divestiture (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income (loss) from discontinued operations after income taxes | $ (55) | $ (671) | $ 1,748 |
ECP Disposal [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Sales | 362 | 1,564 | |
Cost of Goods Sold | 259 | 1,082 | |
Research and Development Expense | 4 | 23 | |
Selling, General and Administrative | 9 | 43 | |
Amortization of Intangibles | 23 | 96 | |
Restructuring and Asset Related Charges - Net | 2 | 12 | |
Integration and Separation Costs | 44 | 135 | |
Other Income - net | 2 | 13 | |
Income (Loss) from Discontinued Operation, before Income Tax | 23 | 186 | |
Provision for (Benefit from) Income Taxes, Discontinued Operation | 4 | 35 | |
Income (loss) from discontinued operations after income taxes | 19 | 151 | |
Depreciation | 28 | 133 | |
Capital Expenditures | $ 16 | $ 77 |
Divestitures and Other Transa_5
Divestitures and Other Transactions SP Divestiture (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Goodwill Impairment Charge | $ 0 | $ 0 | $ 4,503 |
(Loss) income from discontinued operations after income taxes | $ (55) | (671) | 1,748 |
Specialty Products Disposal [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Sales | 5,030 | 15,711 | |
Cost of Goods Sold | 3,352 | 10,533 | |
Research and Development Expense | 204 | 626 | |
Selling, General and Administrative | 573 | 1,599 | |
Amortization of Intangibles | 267 | 815 | |
Restructuring and Asset Related Charges - Net | 115 | 97 | |
Integration and Separation Costs | 253 | 340 | |
Goodwill Impairment Charge | 1,102 | 0 | |
Other Income - net | 57 | 241 | |
(Loss) Income from Discontinued Operation, before Income Tax | (779) | 1,942 | |
Provision for Income Taxes, Discontinued Operation | 80 | 340 | |
(Loss) income from discontinued operations after income taxes | (859) | 1,602 | |
Depreciation | 281 | 837 | |
Capital Expenditures | $ 481 | $ 911 |
Divestitures and Other Transa_6
Divestitures and Other Transactions Divestitures and Other Transactions - Divested Ag Business Results of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 01, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | $ 12,599 | $ 10,750 | ||
Income (loss) from discontinued operations after income taxes | (55) | (671) | $ 1,748 | |
Divested Ag Business [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) from discontinued operations after income taxes | 80 | (5) | ||
Income (Loss) from Discontinued Operation, before Income Tax | $ (10) | |||
Favorable Supply Contract [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | $ 475 | $ 475 | ||
Favorable Supply Contract [Member] | Divested Ag Business [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | $ 495 |
Divestitures and Other Transa_7
Divestitures and Other Transactions Divestitures and Other Transactions - PChem Results of Operations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) from discontinued operations after income taxes | $ 55,000,000 | $ 671,000,000 | $ (1,748,000,000) | |
Chemours Contribution to MDL Settlement [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Litigation Settlement Amount | 29,000,000 | |||
MDL Settlement [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Litigation Settlement Amount | 83,000,000 | |||
PFOA Matters: Multi-District Litigation [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Litigation Settlement Amount | $ 670,700,000 | |||
Post-MDL Settlement PFOA Personal Injury Claims [Domain] | PFOA Matters: Drinking Water Actions [Member] | Compensatory Damages [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Litigation Settlement Amount | $ 40,000,000 | |||
Post-MDL Settlement PFOA Personal Injury Claims [Domain] | Settled Litigation [Member] | PFOA Matters: Drinking Water Actions [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss Contingency, Pending Claims, Number | 95 | |||
Performance Chemicals [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnified Liabilities for Liabilities Indemnified by Chemours | $ 39,000,000 | |||
Performance Chemicals [Member] | Accounts and Notes Receivable [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnification Assets for Liabilities Indemnified by Chemours | 66,000,000 | |||
Performance Chemicals [Member] | Other Assets [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnification Assets for Liabilities Indemnified by Chemours | 257,000,000 | |||
Performance Chemicals [Member] | Accrued and Other Current Liabilities [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnified Liabilities for Liabilities Indemnified by Chemours | 8,000,000 | |||
Performance Chemicals [Member] | Other Noncurrent Obligations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnified Liabilities for Liabilities Indemnified by Chemours | 31,000,000 | |||
DuPont de Nemours [Member] | PFOA Matters: Multi-District Litigation [Member] | Corteva [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Litigation Settlement Amount | $ 335,000,000 | |||
DuPont de Nemours [Member] | Accounts and Notes Receivable [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnification Assets | 27,000,000 | |||
DuPont de Nemours [Member] | Other Assets [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnification Assets | 51,000,000 | |||
DuPont de Nemours [Member] | Accrued and Other Current Liabilities [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnified Liabilities | 5,000,000 | |||
DuPont de Nemours [Member] | Other Noncurrent Obligations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnified Liabilities | $ 79,000,000 |
Revenue Narrative (Details)
Revenue Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining Performance Obligation | $ 115 | $ 108 |
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, 2020 | Dec. 31, 2019 | ||
Disaggregation of Revenue [Line Items] | |||
Accounts and notes receivable - trade | [1] | $ 3,917 | $ 4,396 |
Contract assets - current | [2] | 22 | 20 |
Contract assets - noncurrent | [3] | 54 | 49 |
Deferred Revenue Recognized During the Period | 2,540 | 2,146 | |
Accrued and Other Current Liabilities [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Deferred Revenue | [4] | 2,662 | 2,584 |
Other Noncurrent Obligations [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Deferred Revenue | [5] | $ 116 | $ 108 |
[1] | Included in accounts and notes receivable - net in the Consolidated Balance Sheets. | ||
[2] | Included in other current assets in the Consolidated Balance Sheets. | ||
[3] | Included in other assets in the Consolidated Balance Sheets. | ||
[4] | Included in accrued and other current liabilities in the Consolidated Balance Sheets. | ||
[5] | Included in other noncurrent obligations in the Consolidated Balance Sheets. |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue - Products (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | $ 3,207 | $ 1,863 | $ 5,191 | $ 3,956 | $ 2,983 | $ 1,911 | $ 5,556 | $ 3,396 | $ 14,217 | $ 13,846 | $ 14,287 | |
Seed [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | 7,756 | 7,590 | 7,842 | |||||||||
Seed [Member] | Corn [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | [1] | 5,182 | 5,126 | 5,220 | ||||||||
Seed [Member] | Soybean [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | [1] | 1,445 | 1,387 | 1,497 | ||||||||
Seed [Member] | Other oilseeds [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | [1] | 619 | 593 | 645 | ||||||||
Seed [Member] | Other [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | [1] | 510 | 484 | 480 | ||||||||
Crop Protection [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | 6,461 | 6,256 | 6,445 | |||||||||
Crop Protection [Member] | Other [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | [1] | 385 | 326 | 384 | ||||||||
Crop Protection [Member] | Herbicides [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | [1] | 3,280 | 3,206 | 3,413 | ||||||||
Crop Protection [Member] | Insecticides [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | [1] | 1,764 | 1,652 | 1,506 | ||||||||
Crop Protection [Member] | Fungicides [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | [1] | $ 1,032 | $ 1,072 | $ 1,142 | ||||||||
[1] | Prior periods have been reclassified to conform to current period presentation. |
Revenue Disaggregation of Rev_2
Revenue Disaggregation of Revenue - Geo (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | $ 3,207 | $ 1,863 | $ 5,191 | $ 3,956 | $ 2,983 | $ 1,911 | $ 5,556 | $ 3,396 | $ 14,217 | $ 13,846 | $ 14,287 | |
EMEA | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | 2,842 | 2,740 | 2,765 | |||||||||
Asia Pacific | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | 1,402 | 1,288 | 1,293 | |||||||||
Latin America | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | [1] | 2,805 | 2,889 | 2,817 | ||||||||
Seed [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | 7,756 | 7,590 | 7,842 | |||||||||
Seed [Member] | North America [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | [2] | 4,795 | 4,724 | 4,974 | ||||||||
Seed [Member] | EMEA | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | [3] | 1,468 | 1,378 | 1,408 | ||||||||
Seed [Member] | Asia Pacific | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | 376 | 358 | 358 | |||||||||
Seed [Member] | Latin America | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | 1,117 | 1,130 | 1,102 | |||||||||
Crop Protection [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | 6,461 | 6,256 | 6,445 | |||||||||
Crop Protection [Member] | North America [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | [2] | 2,373 | 2,205 | 2,438 | ||||||||
Crop Protection [Member] | EMEA | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | [3] | 1,374 | 1,362 | 1,357 | ||||||||
Crop Protection [Member] | Asia Pacific | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | 1,026 | 930 | 935 | |||||||||
Crop Protection [Member] | Latin America | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | $ 1,688 | $ 1,759 | $ 1,715 | |||||||||
[1] | Net sales for Brazil for the years ended December 31, 2020, 2019 and 2018 were $1,724 million , | |||||||||||
[2] | Represents U.S. & Canada. | |||||||||||
[3] | Europe, Middle East, and Africa ("EMEA") |
Restructuring and Asset Relat_3
Restructuring and Asset Related Charges Execute to Win Productivity Program (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | [1] | Jun. 30, 2020 | [1] | Mar. 31, 2020 | [1] | Dec. 31, 2019 | Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | [1] | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 01, 2021 | |||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and asset related charges- net | $ 37 | [1] | $ 49 | $ 179 | $ 70 | $ 55 | [1] | $ 46 | $ 60 | $ 61 | $ 335 | $ 222 | $ 694 | |||||||
Asset Related Charges [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and asset related charges- net | 176 | |||||||||||||||||||
Execute to Win Productivity Program | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring Reserve | 56 | 0 | 56 | 0 | ||||||||||||||||
Asset Retirement Obligation | 21 | 21 | ||||||||||||||||||
Restructuring and asset related charges- net | 176 | |||||||||||||||||||
Payments for Restructuring | (15) | |||||||||||||||||||
Asset write-offs | (105) | |||||||||||||||||||
Execute to Win Productivity Program | Employee Severance [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Future Cash Payments | 77 | 77 | ||||||||||||||||||
Restructuring Reserve | 53 | 0 | 53 | 0 | ||||||||||||||||
Restructuring and asset related charges- net | 63 | |||||||||||||||||||
Payments for Restructuring | (10) | |||||||||||||||||||
Asset write-offs | 0 | |||||||||||||||||||
Execute to Win Productivity Program | Asset Related Charges [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring Reserve | $ 3 | $ 0 | 3 | $ 0 | ||||||||||||||||
Restructuring and asset related charges- net | 113 | |||||||||||||||||||
Payments for Restructuring | (5) | |||||||||||||||||||
Asset write-offs | (105) | |||||||||||||||||||
Execute to Win Productivity Program | Crop Protection [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and asset related charges- net | 98 | |||||||||||||||||||
Execute to Win Productivity Program | Seed [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and asset related charges- net | 15 | |||||||||||||||||||
Execute to Win Productivity Program | Corporate, Non-Segment [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and asset related charges- net | $ 63 | |||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Cost, Expected Cost | $ 130 | |||||||||||||||||||
Future Cash Payments | 90 | |||||||||||||||||||
Minimum [Member] | Employee Severance [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Cost, Expected Cost | 40 | |||||||||||||||||||
Minimum [Member] | Asset Related Charges [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Cost, Expected Cost | 40 | |||||||||||||||||||
Minimum [Member] | Asset Retirement Obligation Costs [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Cost, Expected Cost | 10 | |||||||||||||||||||
Minimum [Member] | Execute to Win Productivity Program | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Required Time to Remove Assets | 12 months | |||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Cost, Expected Cost | 170 | |||||||||||||||||||
Future Cash Payments | 110 | |||||||||||||||||||
Maximum [Member] | Employee Severance [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Cost, Expected Cost | 50 | |||||||||||||||||||
Maximum [Member] | Asset Related Charges [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Cost, Expected Cost | 60 | |||||||||||||||||||
Maximum [Member] | Asset Retirement Obligation Costs [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Cost, Expected Cost | $ 15 | |||||||||||||||||||
Maximum [Member] | Execute to Win Productivity Program | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Required Time to Remove Assets | 24 months | |||||||||||||||||||
[1] | See Note 2 - Summary of Significant Accounting Polices, Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, to the Consolidated Financial Statements for additional information related to integration and separation costs, restructuring and asset related charges - net, and discontinued operations, respectively. |
Restructuring and Asset Relat_4
Restructuring and Asset Related Charges DowDuPont Cost Synergy Program (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 28 Months Ended | 40 Months Ended | ||||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | [1] | Jun. 30, 2020 | [1] | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | [1] | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2020 | |||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring and asset related charges- net | $ 37 | [1] | $ 49 | $ 179 | $ 70 | [1] | $ 55 | [1] | $ 46 | $ 60 | $ 61 | $ 335 | $ 222 | $ 694 | ||||||||
Asset Related Charges [Member] | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring and asset related charges- net | 176 | |||||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring and asset related charges- net | 3 | |||||||||||||||||||||
Restructuring Reserve, Beginning Balance | 69 | 69 | ||||||||||||||||||||
Payments for Restructuring | (27) | |||||||||||||||||||||
Asset write-offs | (7) | |||||||||||||||||||||
Restructuring Reserve, Ending Balance | 38 | 69 | 38 | 69 | $ 69 | $ 38 | ||||||||||||||||
Restructuring and Asset Related Charges - Net | 0 | 92 | 484 | 845 | ||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Employee Severance [Member] | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring and asset related charges- net | (2) | |||||||||||||||||||||
Restructuring Reserve, Beginning Balance | 29 | 29 | ||||||||||||||||||||
Payments for Restructuring | (19) | |||||||||||||||||||||
Asset write-offs | 0 | |||||||||||||||||||||
Restructuring Reserve, Ending Balance | 8 | 29 | 8 | 29 | 29 | 8 | ||||||||||||||||
Restructuring and Asset Related Charges - Net | (2) | (7) | 191 | 317 | ||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Costs Related To Contract Termination [Member] | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring and asset related charges- net | [2] | 0 | ||||||||||||||||||||
Restructuring Reserve, Beginning Balance | [2] | 40 | 40 | |||||||||||||||||||
Payments for Restructuring | [2] | (10) | ||||||||||||||||||||
Asset write-offs | [2] | 0 | ||||||||||||||||||||
Restructuring Reserve, Ending Balance | [2] | 30 | 40 | 30 | 40 | 40 | 30 | |||||||||||||||
Restructuring and Asset Related Charges - Net | 0 | 69 | 84 | 193 | ||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Asset Related Charges [Member] | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring and asset related charges- net | 5 | |||||||||||||||||||||
Restructuring Reserve, Beginning Balance | $ 0 | 0 | ||||||||||||||||||||
Payments for Restructuring | 2 | |||||||||||||||||||||
Asset write-offs | (7) | |||||||||||||||||||||
Restructuring Reserve, Ending Balance | $ 0 | $ 0 | 0 | 0 | 0 | $ 0 | ||||||||||||||||
Restructuring and Asset Related Charges - Net | 2 | 30 | 209 | $ 335 | ||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Seed [Member] | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring and Asset Related Charges - Net | (9) | 66 | 237 | |||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Crop Protection [Member] | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring and Asset Related Charges - Net | 11 | 27 | 57 | |||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Corporate Segment [Member] | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring and Asset Related Charges - Net | $ (2) | $ (1) | $ 190 | |||||||||||||||||||
[1] | See Note 2 - Summary of Significant Accounting Polices, Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, to the Consolidated Financial Statements for additional information related to integration and separation costs, restructuring and asset related charges - net, and discontinued operations, respectively. | |||||||||||||||||||||
[2] | Relates primarily to contract terminations charges. |
Restructuring and Asset Relat_5
Restructuring and Asset Related Charges DowDuPont Agriculture Division Restructuring Program (Details) - DowDuPont Agriculture Division Restructuring Program [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Asset Related Charges - Net | $ (14,000,000) | $ 84,000,000 |
Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Asset Related Charges - Net | (17,000,000) | 78,000,000 |
Asset Related Charges [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Asset Related Charges - Net | 3,000,000 | 6,000,000 |
Seed [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Asset Related Charges - Net | 3,000,000 | 5,000,000 |
Crop Protection [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Asset Related Charges - Net | (4,000,000) | 1,000,000 |
Corporate Segment [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Asset Related Charges - Net | $ (13,000,000) | $ 78,000,000 |
Restructuring and Asset Relat_6
Restructuring and Asset Related Charges Asset Impairments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Equity Method Investment, Other than Temporary Impairment | $ 41 | |||
Other Asset Related [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated Prepaid Royalty Amortization Expense | $ 159 | |||
IPR&D [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 90 | $ 54 | 85 | |
Impairment of Intangible Assets Indefinite lived Excluding Goodwill After Tax | $ 69 | $ 41 | $ 66 |
Related Parties Services Provid
Related Parties Services Provided by and to Dow (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Dow [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Purchases from Related Party | $ 42 | $ 149 |
Related Parties Transactions wi
Related Parties Transactions with DowDuPont (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 26, 2019 | Nov. 02, 2017 | |||
Related Party Transaction [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | $ 1,000 | $ 4,000 | |||||
Distributions to DowDuPont | $ 0 | $ (317) | [1] | $ (2,806) | [1] | ||
DowDuPont [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Distributions to DowDuPont | $ 317 | $ 2,806 | |||||
[1] | The cash flows for the years ended December 31, 2018 and 2019 includes cash flows of EID's ECP and Specialty Products Entities. |
Supplementary Information Other
Supplementary Information Other Income (Expense) - Net (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||
Interest income | $ 56 | $ 59 | $ 86 | |
Equity in losses of affiliates - net | 0 | (9) | (1) | |
Net gain on sales of businesses and other assets | [1] | (2) | 64 | 62 |
Net exchange losses | [2],[3] | (174) | (99) | (127) |
Non-operating pension and other post employment benefit credit (cost) | [4] | 368 | 191 | 275 |
Miscellaneous income (expenses) - net | [5] | (36) | 9 | (46) |
Other income (expense) - net | 212 | 215 | 249 | |
Segment Reconciling Items [Member] | ||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||
Interest income | (56) | (59) | (86) | |
Net exchange losses | [6] | 174 | 66 | 77 |
Non-operating pension and other post employment benefit credit (cost) | (316) | (129) | (211) | |
(Loss) Gain on sale or disposition of assets | [7],[8] | (24) | ||
Deconsolidation of a subsidiary [Member] | Segment Reconciling Items [Member] | ||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||
(Loss) Gain on sale or disposition of assets | [8],[9] | (53) | ||
La Porte | Segment Reconciling Items [Member] | ||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||
(Loss) Gain on sale or disposition of assets | [10] | (53) | ||
La Porte | Segment Reconciling Items [Member] | Crop Protection [Member] | ||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||
(Loss) Gain on sale or disposition of assets | [10] | (53) | ||
APAC Business [Member] | Segment Reconciling Items [Member] | Crop Protection [Member] | ||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||
(Loss) Gain on sale or disposition of assets | 27 | |||
Hedging Program [Member] | ||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||
Net exchange losses | 89 | (58) | 94 | |
Hedging Program [Member] | Argentine peso devaluation [Member] | ||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||
Net exchange losses | $ (82) | (51) | (68) | |
Hedging Program [Member] | Argentine peso devaluation [Member] | Segment Reconciling Items [Member] | ||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||
Net exchange losses | $ (33) | |||
Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | ||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||
Net exchange losses | (50) | |||
Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | Segment Reconciling Items [Member] | ||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||
Net exchange losses | [8],[11] | $ (50) | ||
[1] | The year ended December 31, 2020 includes a loss of $(53) million and a gain of $27 million relating to the expected sale of the La Porte site, for which the company signed an agreement in 2020, and the sale of a business in Asia Pacific in the crop protection segment, respectively. | |||
[2] | Includes a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, which is included within significant items. | |||
[3] | Includes net pre-tax exchange losses of $(82) million, $(51) million and $(68) million associated with the devaluation of the Argentine peso for the years ended December 31, 2020, 2019 and 2018, respectively. | |||
[4] | 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 (loss) gain). | |||
[5] | Miscellaneous (expenses) income - net, includes losses from sale of receivables, tax indemnification adjustments related to changes in indemnification balances as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont, and other items. In addition, the year ended December 31, 2018 includes a $(53) million loss related to the deconsolidation of a subsidiary (refer to Note 25 - Segment Information). Refer to Note 12 - Accounts and Notes Receivable - Net, for additional information on losses on the sale of receivables. | |||
[6] | Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as they are included within significant items. See Note 9 - Supplementary Information, to the Consolidated Financial Statements, for additional information. | |||
[7] | Includes a loss recorded in other income - net related to DAS's sale of a joint venture related to synergy actions. | |||
[8] | The years ended December 31, 2019 and December 31, 2018 are presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. | |||
[9] | Includes a loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary. | |||
[10] | Includes a loss recorded in other income - net related to the expected sale of the La Porte site. | |||
[11] | Includes a foreign exchange loss recorded in other income (expense) - net related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
Supplementary Information Forei
Supplementary Information Foreign Currency Exchange Gain (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||
Pre-tax exchange (loss) gain | [1],[2] | $ (174) | $ (99) | $ (127) |
Tax benefits (expenses) on exchange (loss) gain | 13 | 15 | (52) | |
Net after-tax exchange (loss) gain | (161) | (84) | (179) | |
Subsidiary Monetary Position | ||||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||
Pre-tax exchange (loss) gain | (263) | (41) | (221) | |
Tax benefits (expenses) on exchange (loss) gain | 34 | 2 | (31) | |
Net after-tax exchange (loss) gain | (229) | (39) | (252) | |
Hedging Program [Member] | ||||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||
Pre-tax exchange (loss) gain | 89 | (58) | 94 | |
Tax benefits (expenses) on exchange (loss) gain | (21) | 13 | (21) | |
Net after-tax exchange (loss) gain | 68 | (45) | 73 | |
Tax Reform Foreign Currency Exchange Impact [Member] | Hedging Program [Member] | ||||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||
Pre-tax exchange (loss) gain | (50) | |||
Argentine peso devaluation [Member] | Hedging Program [Member] | ||||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||
Pre-tax exchange (loss) gain | $ (82) | $ (51) | $ (68) | |
[1] | Includes a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, which is included within significant items. | |||
[2] | Includes net pre-tax exchange losses of $(82) million, $(51) million and $(68) million associated with the devaluation of the Argentine peso for the years ended December 31, 2020, 2019 and 2018, respectively. |
Supplementary Information Recon
Supplementary Information Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 01, 2019 | Dec. 31, 2018 | [1],[2] | Dec. 31, 2017 | [2] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||||||
Cash and Cash Equivalents | $ 3,526 | $ 1,764 | |||||||
Restricted Cash | $ 319 | ||||||||
Cash, Cash Equivalents, and Restricted Cash | 3,873 | 2,173 | |||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | 3,873 | [1] | 2,173 | [1],[2] | $ 5,024 | $ 7,914 | |||
Other Current Assets [Member] | |||||||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||||||
Restricted Cash | $ 347 | $ 409 | |||||||
[1] | See page F-35 for reconciliation of cash and cash equivalents and restricted cash presented in Consolidated Balance Sheets to total cash, cash equivalents and restricted cash presented in the Consolidated Statements of Cash Flows. | ||||||||
[2] | The cash flows for the years ended December 31, 2018 and 2019 includes cash flows of EID's ECP and Specialty Products Entities. |
Supplementary Information Suppl
Supplementary Information Supplementary Information (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued and other current liabilities | $ 4,807 | $ 4,434 |
Accounts Payable | 3,615 | 3,702 |
Accounts Payable, Trade, Current | 2,557 | 2,577 |
Accounts Payable, Other | $ 1,058 | $ 927 |
Income Taxes Income Taxes - Nar
Income Taxes Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | 16 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | |||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Transition Tax for Accumulated Foreign Earnings, Provisional Income Tax Expense | $ 182 | $ 928 | |
Tax Cuts and Jobs Act of 2017, Indirect Impact on Inventory, Income Tax Expense | 16 | ||
Undistributed Earnings of Foreign Subsidiaries | $ 4,130 | ||
Tax Cuts and Jobs Act, Incomplete Accounting, Change in Tax Rate, Provisional Income Tax Expense (Benefit) | (34) | $ (2,847) | |
Pension Resize [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax Cuts and Jobs Act, Incomplete Accounting, Change in Tax Rate, Provisional Income Tax Expense (Benefit) | $ (114) |
Income Taxes Income Taxes - Geo
Income Taxes Income Taxes - Geographic Allocation of Income and Provision for Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2020 | [1] | Sep. 30, 2020 | Jun. 30, 2020 | [2] | Mar. 31, 2020 | [3],[4] | Dec. 31, 2019 | [5] | Sep. 30, 2019 | [6],[7] | Jun. 30, 2019 | [8] | Mar. 31, 2019 | [9] | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loss from Continuing Operations before Income Taxes | $ 675 | $ (316) | $ (6,806) | |||||||||||||||
Benefit from income taxes on continuing operations | (81) | (46) | (31) | |||||||||||||||
(Loss) income from continuing operations after income taxes | $ 99 | $ (390) | $ 766 | $ 281 | $ (42) | $ (527) | $ 483 | $ (184) | 756 | (270) | (6,775) | |||||||
Continuing Operations [Member] | ||||||||||||||||||
Loss from Continuing Operations before Income Taxes, Domestic | (83) | (1,352) | (5,040) | |||||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 758 | 1,036 | (1,766) | |||||||||||||||
Loss from Continuing Operations before Income Taxes | 675 | (316) | (6,806) | |||||||||||||||
Current Federal Tax (Benefit) Expense | 28 | (11) | (112) | |||||||||||||||
Current State and Local Tax Expense (Benefit) | 9 | 1 | (32) | |||||||||||||||
Current Foreign Tax Expense | 222 | 317 | 446 | |||||||||||||||
Total current tax expense (benefit) | 259 | 307 | 302 | |||||||||||||||
Deferred Federal Income Tax (Benefit) Expense | (116) | (392) | (124) | |||||||||||||||
Deferred State and Local Income Tax Expense (Benefit) | 27 | 156 | (39) | |||||||||||||||
Deferred Foreign Income Tax Benefit | (251) | (117) | (170) | |||||||||||||||
Total deferred tax expense (benefit) | (340) | (353) | (333) | |||||||||||||||
Benefit from income taxes on continuing operations | (81) | (46) | (31) | |||||||||||||||
(Loss) income from continuing operations after income taxes | $ 756 | $ (270) | $ (6,775) | |||||||||||||||
[1] | Fourth quarter 2020 includes an after-tax benefit of $(182) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. | |||||||||||||||||
[2] | Second quarter 2020 includes an after-tax benefit of $(29) million due to an elective change in accounting method that alters the 2019 impact of the business separation on the 2017 Tax Cuts and Jobs Act's foreign tax provision. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | |||||||||||||||||
[3] | First quarter 2020 includes a $19 million after tax charge related to the impact of a state tax valuation allowance in the U.S. based on a change in judgment about the realizability of a deferred tax asset. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. | |||||||||||||||||
[4] | First quarter 2020 includes a loss of $(53) million recorded in other income - net related to the expected sale of the La Porte site, for which the company signed an agreement during the first quarter 2020. | |||||||||||||||||
[5] | Fourth quarter 2019 includes a tax benefit of $(34) million related to the impact of the release of a tax valuation allowance recorded against the net deferred tax asset position of a Switzerland legal entity. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | |||||||||||||||||
[6] | Third quarter 2019 includes a $33 million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. | |||||||||||||||||
[7] | Third quarter 2019 includes a tax benefit of $(38) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | |||||||||||||||||
[8] | Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 related to the retirement of some of the company's debt. See Note 17 - Long-Term Debt and Available Credit Facilities, to the Consolidated Financial Statements for additional information. | |||||||||||||||||
[9] | First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. |
Income Taxes Income Taxes - Rec
Income Taxes Income Taxes - Reconciliation to US Statutory Rate (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Brazil Valuation Allowance [Member] | |||||
Other Tax (Benefit) Expense | $ 75 | ||||
Change in accounting method [Member] | |||||
Other Tax (Benefit) Expense | $ (29) | ||||
Continuing Operations [Member] | |||||
Statutory U.S. federal income tax rate | 21.00% | 21.00% | 21.00% | ||
Effective tax rates on international operations - net | [1] | (13.90%) | (18.40%) | 0.40% | |
Acquisitions, divestitures, and ownership restructuring activities | [2],[3],[4] | (0.30%) | (10.70%) | (2.30%) | |
U.S. research and development credit | (2.90%) | 7.00% | 0.10% | ||
Exchange gains/losses | [5] | 3.50% | (1.80%) | (1.30%) | |
SAB 118 Impact of Enactment of U.S. Tax Reform | [6] | 0.00% | 0.00% | (3.00%) | |
State and Local Income Taxes | 4.00% | 3.20% | 0.50% | ||
Impact of Swiss Tax Reform | [7] | (27.00%) | 11.90% | 0.00% | |
Excess tax benefits (tax deficiency) from stock-compensation | 1.00% | (0.60%) | 0.10% | ||
Tax settlements and expiration of statue of limitations | 0.40% | 3.90% | (0.10%) | ||
Goodwill impairment | [8] | 0.00% | 0.00% | (15.20%) | |
Other, net | 2.20% | (0.90%) | 0.30% | ||
Effective Income Tax Rate | (12.00%) | 14.60% | 0.50% | ||
Tax benefit related to an internal legal entity restructuring associated with the Business Separations | $ 25 | ||||
Continuing Operations [Member] | Repatriation Accrual [Member] | |||||
Other Tax (Benefit) Expense | 50 | ||||
Continuing Operations [Member] | Tax benefit (charge) related to The Act [Member] | |||||
Other Tax (Benefit) Expense | 164 | ||||
Continuing Operations [Member] | Swiss Tax Reform [Member] | |||||
Other Tax (Benefit) Expense | $ (182) | $ (38) | |||
Continuing Operations [Member] | Brazil Valuation Allowance [Member] | |||||
Other Tax (Benefit) Expense | $ 75 | ||||
Continuing Operations [Member] | Change in accounting method [Member] | |||||
Other Tax (Benefit) Expense | $ (51) | ||||
[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 $(51) million for the year ended December 31, 2020, related to a return to accrual adjustment associated with an elective change in accounting method for the 2019 tax year impact of The Act's foreign tax provisions. | ||||
[2] | Includes a net tax charge of $25 million for the year ended December 31, 2018 related to an internal legal entity restructuring associated with the Business Separations. | ||||
[3] | Includes a net tax charge of $50 million related to repatriation activities to facilitate the Business Separations for the year ended December 31, 2018. | ||||
[4] | See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information. | ||||
[5] | Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, under the heading Foreign Currency Risk. | ||||
[6] | Reflects a net tax charge of $164 million associated with the company's completion of the accounting for the tax effects of The Act for the year ended December 31, 2018. | ||||
[7] | Reflects tax benefits of $(182) million primarily driven by the recognition of an elective cantonal component of the recent enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform") for the year ended December 31, 2020. Reflects tax benefits of $(38) million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"), for the year ended December 31, 2019. | ||||
[8] | Reflects the impact of the non-tax-deductible, non-cash impairment charge for the agriculture reporting unit and corresponding $75 million tax charge associated with a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil for the year ended December 31, 2018. |
Income Taxes Income Taxes - Def
Income Taxes Income Taxes - Deferred Tax Balances (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Assets | |||||
Deferred Tax Assets, Tax Loss And Tax Credit Carryforwards | [1] | $ 761 | $ 497 | $ 761 | |
Deferred Tax Assets, Accrued Employee Benefits | 1,717 | 1,415 | 1,717 | ||
Deferred Tax Assets, Other Accruals and Reversals | 135 | 238 | 135 | ||
Deferred Tax Assets, Inventory | 25 | 127 | 25 | ||
Deferred Tax Assets, Investments | 53 | 56 | 53 | ||
Unrealized Exchange Gains / Losses | 0 | 2 | 0 | ||
Deferred Tax Liabilities, Other | 0 | 0 | 0 | ||
Deferred Tax Assets, Other | 148 | 91 | 148 | ||
Deferred Tax Assets, Gross | 2,970 | 2,612 | 2,970 | ||
Deferred Tax Assets, Valuation Allowance | [2] | (457) | (453) | (457) | |
Deferred Tax Assets, Net of Valuation Allowance | 2,513 | 2,159 | 2,513 | ||
Liabilities | |||||
Deferred Tax Liabilities, Property | 369 | 170 | 369 | ||
Deferred Tax Liabilities, Intangible Assets | 2,738 | 2,418 | 2,738 | ||
Deferred Tax Liabilities, Unrealized Exchange Gains/Losses | 39 | 0 | 39 | ||
Deferred Tax Liabilities, Gross | 3,146 | 2,588 | 3,146 | ||
Net Deferred Tax Liability | (633) | (429) | (633) | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 19 | ||||
Deferred Tax Assets, Research and Development Capitalization | 131 | $ 186 | 131 | ||
Swiss VA [Member] | |||||
Liabilities | |||||
Other Tax (Benefit) Expense | $ (34) | $ (34) | |||
Brazil Valuation Allowance [Member] | |||||
Liabilities | |||||
Other Tax (Benefit) Expense | $ 75 | ||||
[1] | Primarily related to the realization of recorded tax benefits on tax loss and credit carryforwards from operations in the United States, Brazil, and Spain. | ||||
[2] | During the year ended December 31, 2020, the company established a $19 million state tax valuation allowance in the U.S. based on a change in judgement about the realizability of a deferred tax asset. During the year ended December 31, 2019, the company released a valuation allowance against the net deferred tax asset position of a legal entity in Switzerland in connection with an internal merger, resulting in a tax benefit of $(34) million. During the year ended December 31, 2018, the company established a full valuation allowance against the net deferred tax asset position of a legal entity in Brazil due to revised financial projections, resulting in tax expense of $75 million. See Note 15 - Goodwill and Other Intangible Assets, to the Consolidated Financial Statements, for additional information. However, it is reasonably possible that sufficient positive evidence required to release all, or a portion, of certain valuation allowance in certain jurisdictions will exist within the next 12 months. |
Income Taxes Income Taxes - Ope
Income Taxes Income Taxes - Operating Loss and Tax Credit Carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | $ 442 | $ 531 |
Tax Credit Carryforwards | 55 | 230 |
Total Operating Loss and Tax Credit Carryforwards | 497 | 761 |
Expiring within Five Years [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 99 | 131 |
Tax Credit Carryforwards | 14 | 30 |
Expiring After Five Years Or Having Indefinite Expiration [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 343 | 400 |
Tax Credit Carryforwards | $ 41 | $ 200 |
Income Taxes Income Taxes - Gro
Income Taxes Income Taxes - Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits, Beginning Balance | $ 426 | $ 749 | $ 741 |
Decreases related to positions taken on items from prior years | (14) | (167) | (44) |
Increases related to positions taken on items from prior years | 5 | 77 | 74 |
Increases related to positions taken in the current year | 6 | 54 | 9 |
Settlement of uncertain tax positions with tax authorities | (18) | (9) | (13) |
Unrecognized Tax Benefits, Impact of Internal Reorganizations | 0 | (278) | 0 |
Decreases due to expiration of statutes of limitations | (7) | 0 | (5) |
Exchange (gain) loss | (3) | 0 | (13) |
Unrecognized Tax Benefits, Ending Balance | 395 | 426 | 749 |
Total unrecognized tax benefits that, if recognized, would impact the effective tax rate | 156 | 188 | 45 |
Total amount of interest and penalties (benefit) recognized in Provision for income taxes on continuing operations | (2) | (4) | 11 |
Total accrual for interest and penalties associated with unrecognized tax benefits | $ 18 | $ 24 | $ 45 |
Earnings Per Share Narrative (D
Earnings Per Share Narrative (Details) | Jun. 01, 2019shares |
Corteva [Member] | |
Earnings Per Share [Line Items] | |
Common Stock, Shares, Issued | 748,815,000 |
Earnings Per Share Net Income f
Earnings Per Share Net Income for Earnings Per Share Calculations - Basic and Diluted (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2020 | [1] | Sep. 30, 2020 | Jun. 30, 2020 | [2] | Mar. 31, 2020 | [3],[4] | Dec. 31, 2019 | [5] | Sep. 30, 2019 | [6],[7] | Jun. 30, 2019 | [8] | Mar. 31, 2019 | [9] | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||||||||||||||||||
Income (Loss) from Continuing Operations After Taxes | $ 99 | $ (390) | $ 766 | $ 281 | $ (42) | $ (527) | $ 483 | $ (184) | $ 756 | $ (270) | $ (6,775) | |||||||
Income (loss) from continuing operations attributable to Corteva common stockholders | 736 | (283) | (6,804) | |||||||||||||||
(Loss) income from discontinued operations after income taxes | (55) | (671) | 1,748 | |||||||||||||||
Loss from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 5 | 9 | |||||||||||||||
(Loss) income from discontinued operations attributable to Corteva common stockholders | (55) | (676) | 1,739 | |||||||||||||||
Net (Loss) Income attributable to common stockholders | 681 | (959) | (5,065) | |||||||||||||||
Net Income attributable to continuing operations - Noncontrolling Interest | $ 20 | $ 13 | $ 29 | |||||||||||||||
[1] | Fourth quarter 2020 includes an after-tax benefit of $(182) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. | |||||||||||||||||
[2] | Second quarter 2020 includes an after-tax benefit of $(29) million due to an elective change in accounting method that alters the 2019 impact of the business separation on the 2017 Tax Cuts and Jobs Act's foreign tax provision. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | |||||||||||||||||
[3] | First quarter 2020 includes a $19 million after tax charge related to the impact of a state tax valuation allowance in the U.S. based on a change in judgment about the realizability of a deferred tax asset. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. | |||||||||||||||||
[4] | First quarter 2020 includes a loss of $(53) million recorded in other income - net related to the expected sale of the La Porte site, for which the company signed an agreement during the first quarter 2020. | |||||||||||||||||
[5] | Fourth quarter 2019 includes a tax benefit of $(34) million related to the impact of the release of a tax valuation allowance recorded against the net deferred tax asset position of a Switzerland legal entity. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | |||||||||||||||||
[6] | Third quarter 2019 includes a $33 million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. | |||||||||||||||||
[7] | Third quarter 2019 includes a tax benefit of $(38) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | |||||||||||||||||
[8] | Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 related to the retirement of some of the company's debt. See Note 17 - Long-Term Debt and Available Credit Facilities, to the Consolidated Financial Statements for additional information. | |||||||||||||||||
[9] | First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. |
Earnings Per Share of Common _3
Earnings Per Share of Common Stock EPS Calculation - Basic (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2020 | [1] | Sep. 30, 2020 | [1] | Jun. 30, 2020 | [1] | Mar. 31, 2020 | [1] | Dec. 31, 2019 | [1] | Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | [1] | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||||||||||||||||||
Basic earnings (loss) per share of common stock from continuing operations | $ 0.13 | $ (0.52) | $ 1.01 | $ 0.36 | $ (0.06) | $ (0.69) | $ 0.63 | $ (0.26) | $ 0.98 | $ (0.38) | $ (9.08) | ||||||||
Basic (loss) earnings per share of common stock from discontinued operations | $ (0.07) | $ (0.90) | $ 2.32 | ||||||||||||||||
Basic (loss) earnings per share of common stock | $ 0.91 | $ (1.28) | $ (6.76) | ||||||||||||||||
[1] | Earnings per share for the year may not equal the sum of quarterly earnings per share due to rounding and the changes in average share calculations. |
Earnings Per Share of Common _4
Earnings Per Share of Common Stock EPS Calculation - Diluted (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2020 | [1] | Sep. 30, 2020 | [1] | Jun. 30, 2020 | [1] | Mar. 31, 2020 | [1] | Dec. 31, 2019 | [1] | Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | [1] | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||||||||||||||||||
Diluted earnings (loss) per share of common stock from continuing operations | $ 0.13 | $ (0.52) | $ 1.01 | $ 0.36 | $ (0.06) | $ (0.69) | $ 0.63 | $ (0.26) | $ 0.98 | $ (0.38) | $ (9.08) | ||||||||
Diluted (loss) earnings per share of common stock from discontinued operations | $ (0.07) | $ (0.90) | $ 2.32 | ||||||||||||||||
Diluted (loss) earnings per share of common stock | $ 0.91 | $ (1.28) | $ (6.76) | ||||||||||||||||
[1] | Earnings per share for the year may not equal the sum of quarterly earnings per share due to rounding and the changes in average share calculations. |
Earnings Per Share Share Count
Earnings Per Share Share Count Information (Details) - shares | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 01, 2019 | ||
Earnings Per Share [Line Items] | |||||
Weighted Average Number of Shares Outstanding, Basic | [1] | 748,700,000 | 749,500,000 | 749,400,000 | |
Dilutive effect of equity compensation plans | [2] | 2,500,000 | 0 | 0 | |
Weighted Average Number of Shares Outstanding, Diluted | 751,200,000 | 749,500,000 | 749,400,000 | ||
Common Stock, Shares Authorized | 1,666,667,000 | 1,666,667,000 | |||
Stock options and restricted stock units excluded from EPS | [3] | 9,400,000 | 14,400,000 | 0 | |
Corteva [Member] | |||||
Earnings Per Share [Line Items] | |||||
Shares in which vesting conditions were met | 600,000 | ||||
Common Stock, Shares, Issued | 748,815,000 | ||||
Corteva [Member] | Rounded Amount [Member] | |||||
Earnings Per Share [Line Items] | |||||
Common Stock, Shares, Issued | 748,800,000 | ||||
[1] | Share amounts for all periods prior to the Corteva Distribution were based on 748.8 million shares of Corteva, Inc. common stock distributed to holders of DowDuPont's common stock on June 1, 2019, plus 0.6 million of additional shares in which accelerated vesting conditions have been met. | ||||
[2] | Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. | ||||
[3] | These outstanding potential shares of common stock relating to stock options, restricted stock units and performance-based restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been anti-dilutive. |
Accounts and Notes Receivable_3
Accounts and Notes Receivable, Net (Schedule of Accounts and Notes Receivable, Net) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Receivables [Abstract] | |||
Accounts receivable - trade | [1] | $ 3,754 | $ 4,225 |
Notes receivable - trade | [1],[2] | 163 | 171 |
Other | [3] | 1,009 | 1,132 |
Total accounts and notes receivable - net | 4,926 | 5,528 | |
A/R trade and notes receivable - trade, allowance | 208 | 174 | |
Due from Nonconsolidated Affiliates | $ 106 | $ 119 | |
[1] | Accounts receivable – trade and notes receivable - trade are net of allowances of $208 million at December 31, 2020 and $174 million at December 31, 2019. Allowances are equal to the estimated uncollectible amounts. The allowance at December 31, 2020 is equal to the expected credit losses and was developed using a loss-rate method. The allowance at December 31, 2019 is equal to the estimated uncollectible amounts and is based on historical collection experience, current economic and market conditions, and review of the current status of customers' accounts. | ||
[2] | Notes receivable – trade primarily consists of receivables for deferred payment loan programs for the sale of seed products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid pre-approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of December 31, 2020 and 2019, 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 10 percent of total receivables. In addition, Other includes amounts due from nonconsolidated affiliates of $106 million and $119 million as of December 31, 2020 and 2019, respectively. |
Accounts and Notes Receivable A
Accounts and Notes Receivable Allowance Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Receivables [Abstract] | ||
A/R trade and notes receivable - trade, allowance | $ 208 | $ 174 |
Additions charged to expense | 154 | |
Write-offs charged against allowance | (8) | |
Recoveries collected | (101) | |
Other deductions against allowance | $ (11) |
Accounts and Notes Receivable_4
Accounts and Notes Receivable, Net Customer Financing (Details) - Factoring Agreement [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Trade Receivables Sold | $ 255 | $ 328 | $ 133 |
Loss on Sale of Accounts Receivable | 55 | 44 | $ 25 |
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | $ 157 | $ 171 |
Inventories Schedule of Invento
Inventories Schedule of Inventory (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Sep. 01, 2017 | |
Inventory [Line Items] | |||||||
Finished products | $ 2,684 | $ 2,584 | |||||
Semi-finished products | 1,850 | 1,813 | |||||
Raw materials and supplies | 498 | 485 | |||||
Total inventories | 5,032 | $ 4,882 | |||||
Merger with Dow [Member] | |||||||
Inventory [Line Items] | |||||||
Fair Value Step-up | $ 2,297 | ||||||
Amortization of Fair Value Step-up | $ 15 | $ 52 | $ 205 | $ 272 | $ 1,554 |
Property, Plant and Equipment S
Property, Plant and Equipment Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 8,253 | $ 7,872 | |
Accumulated Depreciation | (3,857) | (3,326) | |
Property, Plant and Equipment, Net | 4,396 | 4,546 | $ 4,544 |
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 451 | 459 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 1,525 | 1,508 | |
Building [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 1 year | ||
Building [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 25 years | ||
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 5,556 | 5,323 | |
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 1 year | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 25 years | ||
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 721 | $ 582 | |
Computer Software, Intangible Asset [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 1 year | ||
Computer Software, Intangible Asset [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 8 years | ||
Land Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 1 year | ||
Land Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 25 years |
Property, Plant and Equipment_2
Property, Plant and Equipment Schedule of Depreciation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 495 | $ 525 | $ 518 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets Goodwill by Segment (Details) - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | |||||
Jun. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Goodwill [Line Items] | ||||||||
Goodwill Beginning Balance | $ 10,193 | $ 10,179 | $ 10,229 | $ 10,193 | ||||
Currency Translation Adjustment | (28) | 60 | 69 | |||||
Other goodwill adjustments and acquisitions | 14 | [1] | (10) | [2] | (29) | [2] | ||
Goodwill Impairment Charge | 0 | 0 | $ 4,503 | |||||
Realignment of segments | 0 | |||||||
Goodwill Ending Balance | 10,179 | 10,229 | 10,269 | 10,229 | 10,193 | |||
Agriculture [Member] | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill Beginning Balance | 10,193 | 0 | 0 | 10,193 | ||||
Currency Translation Adjustment | (28) | 0 | 0 | |||||
Other goodwill adjustments and acquisitions | 14 | [1] | 0 | [2] | 0 | [2] | ||
Goodwill Impairment Charge | 4,503 | |||||||
Realignment of segments | (10,179) | |||||||
Goodwill Ending Balance | 0 | 0 | 0 | 0 | 10,193 | |||
Crop Protection [Member] | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill Beginning Balance | 0 | 4,726 | 4,743 | 0 | ||||
Currency Translation Adjustment | 0 | 28 | 31 | |||||
Other goodwill adjustments and acquisitions | 0 | [1] | (11) | [2] | (29) | [2] | ||
Realignment of segments | 4,726 | |||||||
Goodwill Ending Balance | 4,726 | 4,743 | 4,745 | 4,743 | 0 | |||
Seed [Member] | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill Beginning Balance | 0 | 5,453 | 5,486 | 0 | ||||
Currency Translation Adjustment | 0 | 32 | 38 | |||||
Other goodwill adjustments and acquisitions | 0 | [1] | 1 | [2] | 0 | [2] | ||
Realignment of segments | 5,453 | |||||||
Goodwill Ending Balance | $ 5,453 | $ 5,486 | $ 5,524 | $ 5,486 | $ 0 | |||
[1] | Primarily consists of the acquisition of a distributor in Greece. | |||||||
[2] | Primarily consists of the goodwill included in the sale of businesses in the crop protection segment. |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets Other Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Dec. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2020 | ||
Intangible Assets [Line Items] | |||||
Definite-Lived Intangible Assets, Gross | $ 10,750 | $ 12,599 | |||
Accumulated Amortization | (1,207) | (1,862) | |||
Definite-Lived Intangible Assets, Net | 9,543 | 10,737 | |||
Indefinite-lived Intangible Assets | 1,881 | 10 | |||
Total Intangible Assets, Gross | 12,631 | 12,609 | |||
Total intangible assets - net | 11,424 | 10,747 | |||
IPR&D [Member] | |||||
Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets | 10 | 10 | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 90 | $ 54 | $ 85 | ||
Impairment of Intangible Assets Indefinite lived Excluding Goodwill After Tax | 69 | $ 41 | $ 66 | ||
Trademarks and Trade Names [Member] | |||||
Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets | [1] | 1,871 | |||
Germplasm [Member] | |||||
Intangible Assets [Line Items] | |||||
Definite-Lived Intangible Assets, Gross | [2] | 6,265 | 6,265 | ||
Accumulated Amortization | [2] | (63) | (317) | ||
Definite-Lived Intangible Assets, Net | [2] | 6,202 | 5,948 | ||
Customer-Related Intangible Assets [Member] | |||||
Intangible Assets [Line Items] | |||||
Definite-Lived Intangible Assets, Gross | 1,977 | 1,984 | |||
Accumulated Amortization | (268) | (380) | |||
Definite-Lived Intangible Assets, Net | 1,709 | 1,604 | |||
Developed Technology [Member] | |||||
Intangible Assets [Line Items] | |||||
Definite-Lived Intangible Assets, Gross | 1,463 | 1,451 | |||
Accumulated Amortization | (370) | (525) | |||
Definite-Lived Intangible Assets, Net | 1,093 | 926 | |||
Trademarks and Trade Names [Member] | |||||
Intangible Assets [Line Items] | |||||
Definite-Lived Intangible Assets, Gross | [1] | 166 | 2,019 | ||
Accumulated Amortization | [1] | (86) | (99) | ||
Definite-Lived Intangible Assets, Net | [1] | 80 | 1,920 | ||
Favorable Supply Contract [Member] | |||||
Intangible Assets [Line Items] | |||||
Definite-Lived Intangible Assets, Gross | 475 | 475 | |||
Accumulated Amortization | (207) | (302) | |||
Definite-Lived Intangible Assets, Net | 268 | 173 | |||
Other Intangible Assets [Member] | |||||
Intangible Assets [Line Items] | |||||
Definite-Lived Intangible Assets, Gross | [3] | 404 | 405 | ||
Accumulated Amortization | [3] | (213) | (239) | ||
Definite-Lived Intangible Assets, Net | [3] | $ 191 | $ 166 | ||
[1] | Beginning on October 1, 2020, the company changed its indefinite life assertion of its trade name asset to definite lived with a useful life of 25 years. This change is the result of the launch of Brevant TM seed in the retail channel in the U.S. Prior to changing the useful life of the trade name asset, the company tested the asset for impairment under ASC 350 - Intangibles, Goodwill and Other, concluding the asset was not impaired. | ||||
[2] | Beginning on October, 1, 2019, the company changed its indefinite life assertion of germplasm assets to definite lived with a useful life of 25 years. The change is a result of a more focused development effort of new seed products coupled with an intent to out license select germplasm on a nonexclusive basis. Prior to changing the useful life of the germplasm assets, the company tested the assets for impairment under ASC 350 - Intangibles, Goodwill and Other, concluding the assets were not impaired. The increase in accumulated amortization for the year ended December 31, 2020 when compared to the year ended December 31, 2019 is due to 2020 including a full year of amortization of germplasm assets | ||||
[3] | Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets Amortization Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 682 | $ 475 | $ 391 |
Continuing Operations [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2021 | 720 | ||
2022 | 698 | ||
2023 | 619 | ||
2024 | 605 | ||
2025 | 569 | ||
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | 19 | ||
Estimated future annual amortization expense | $ 75 |
Leases Narrative (Details)
Leases Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2019 | |
Operating Leases, Rent Expense, Net | $ 225 | ||
Guarantee Obligations | $ 94 | $ 97 | |
Residual Value Guarantee [Member] | |||
Guarantee Obligations | $ 248 | ||
Minimum [Member] | |||
Remaining Lease Term | 1 year | ||
Maximum [Member] | |||
Remaining Lease Term | 51 years |
Leases Lease Costs (Details)
Leases Lease Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating Lease, Cost | $ 197 | $ 166 |
Finance Lease, Right-of-Use Asset, Amortization | 2 | 10 |
Finance Lease, Interest Expense | 0 | 1 |
Finance Lease, Cost | 2 | 11 |
Short-term Lease, Cost | 14 | 17 |
Variable Lease, Cost | 7 | 7 |
Total Lease Cost | $ 220 | $ 201 |
Leases Supplemental Cash Flow I
Leases Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating cash outflows from operating leases | $ 202 | $ 174 |
Operating cash outflows from finance leases | 0 | 1 |
Financing cash outflows from finance leases | $ 1 | $ 9 |
Leases Supplemental Balance She
Leases Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Lease Assets and Liabilities [Line Items] | |||
Operating Lease, Right-of-Use Asset | [1] | $ 521 | $ 555 |
Current operating lease liabilities | [2] | 138 | 140 |
Noncurrent operating lease liabilities | [3] | 391 | 426 |
Total operating lease liabilities | 529 | 566 | |
Finance Lease, Right-of-Use Asset, Gross | 15 | 15 | |
Finance Lease, Right-Of-Use Asset, Accumulated Depreciation | (10) | (8) | |
Finance Lease, Liability, Noncurrent | 4 | 5 | |
Finance Lease, Liability | 5 | 9 | |
Property, Plant and Equipment [Member] | |||
Schedule of Lease Assets and Liabilities [Line Items] | |||
Finance Lease, Right-of-Use Asset | 5 | 7 | |
Within One Year | |||
Schedule of Lease Assets and Liabilities [Line Items] | |||
Finance Lease, Liability, Current | 1 | 4 | |
Long-term Debt [Member] | |||
Schedule of Lease Assets and Liabilities [Line Items] | |||
Finance Lease, Liability, Noncurrent | $ 4 | $ 5 | |
[1] | Included in other assets in the Consolidated Balance Sheet. | ||
[2] | Included in accrued and other current liabilities in the Consolidated Balance Sheet. | ||
[3] | Included in other noncurrent obligations in the Consolidated Balance Sheet. |
Leases Lease Term and Discount
Leases Lease Term and Discount Rate (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 7 years 8 months 15 days | 10 years 9 months 18 days |
Finance Lease, Weighted Average Remaining Lease Term | 4 years 3 months 3 days | 5 years 1 month 6 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.06% | 3.96% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.28% | 3.26% |
Leases Maturity of Lease Liabil
Leases Maturity of Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating Lease, Year One | $ 152 | $ 154 |
Operating Lease, Year Two | 114 | 120 |
Operating Lease, Year Three | 83 | 93 |
Operating Lease, Year Four | 61 | 67 |
Operating Lease, Year Five | 51 | 47 |
Operating Lease, Due After Year Five | 137 | 167 |
Operating Lease, Total Payments | 598 | 648 |
Operating Lease, Interest | 69 | 82 |
Total operating lease liabilities | 529 | 566 |
Finance Lease, Year One | 1 | 4 |
Finance Lease, Year Two | 1 | 2 |
Finance Lease, Year Three | 1 | 1 |
Finance Lease, Year Four | 1 | 1 |
Finance Lease, Year Five | 1 | 1 |
Finance Lease, Due After Year Five | 0 | 1 |
Finance Lease, Total Payments | 5 | 10 |
Finance Lease, Interest | 0 | 1 |
Finance Lease, Liability | $ 5 | $ 9 |
Long-Term Debt and Available _3
Long-Term Debt and Available Credit Facilities Long Term Debt (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | May 31, 2020 | Dec. 31, 2019 | Mar. 22, 2019 | |
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 1,530,000,000 | |||
Finance Lease, Liability, Noncurrent | $ 4,000,000 | $ 5,000,000 | ||
Unamortized debt discount and issuance costs | 11,000,000 | 0 | ||
Long-term debt payable within one year | 1,000,000 | 1,000,000 | ||
Long-term Debt | 1,102,000,000 | 115,000,000 | ||
Loans Payable [Member] | Notes Maturing 2025 [Domain] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 500,000,000 | $ 0 | ||
Long-term Debt, Weighted Average Interest Rate | 1.70% | 0.00% | ||
Loans Payable [Member] | Notes Maturing 2030 [Domain] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 500,000,000 | $ 0 | ||
Long-term Debt, Weighted Average Interest Rate | 2.30% | 0.00% | ||
Loans Payable [Member] | Foreign Currency Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 1,000,000 | $ 2,000,000 | ||
Medium-term Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 109,000,000 | $ 109,000,000 | ||
Long-term Debt, Weighted Average Interest Rate | 0.00% | 1.61% | ||
Senior Notes Due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 500,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.70% | |||
Senior Notes Due 2030 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 500,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.30% | |||
Notes Maturing 2025 [Domain] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Periodic Payment, Principal | $ 500,000,000 | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Fair Value | $ 1,166,000,000 | $ 114,000,000 |
Long-Term Debt and Available _4
Long-Term Debt and Available Credit Facilities Available Committed Credit Facilities (Narrative) (Details) $ in Millions | 36 Months Ended | 37 Months Ended | 60 Months Ended | ||||
Nov. 13, 2021 | Mar. 31, 2019 | Nov. 13, 2023 | Dec. 31, 2020USD ($) | Nov. 13, 2018USD ($) | Mar. 22, 2016USD ($) | May 31, 2014USD ($) | |
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,000 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 6,000 | ||||||
Revolving Credit Facilities due 2024 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000 | $ 3,000 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 3,000 | ||||||
Debt Instrument, Term | 5 years | ||||||
Revolving Credit Facilities due 2022 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000 | $ 3,000 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 3,000 | ||||||
Debt Instrument, Term | 3 years | ||||||
Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | ||||||
Term Loan Facility due 2020 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,500 | ||||||
Debt Instrument, Term | 3 years | ||||||
Revolving Credit Facilities due 2022 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Ratio of Indebtedness to Net Capital | 0.60 |
Long-Term Debt and Available _5
Long-Term Debt and Available Credit Facilities Debt Redemptions/Repayments (Details) - USD ($) $ in Millions | May 02, 2019 | Dec. 11, 2018 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 | [1] | Nov. 13, 2021 | Mar. 31, 2019 | Mar. 31, 2020 | May 17, 2019 | Mar. 22, 2019 | Nov. 13, 2018 | Jul. 01, 2018 | Mar. 22, 2016 |
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt, Gross | $ 1,530 | |||||||||||||||
Repayments of Long-term Debt, including breakage fees and all applicable accrued and unpaid interest | $ 4,600 | |||||||||||||||
Loss on Extinguishment of Debt | $ (13) | $ 0 | $ (13) | $ (81) | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 6,000 | |||||||||||||||
Long-term Line of Credit | $ 3,000 | |||||||||||||||
Term Loan Facility due 2020 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Term | 3 years | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,500 | |||||||||||||||
Senior Subordinated Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Transition Bond | $ 1,250 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||||||
4.625% Notes due 2020 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt, Gross | $ 474 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | |||||||||||||||
3.625% Notes due 2021 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt, Gross | $ 296 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.625% | |||||||||||||||
4.250% Notes due 2021 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt, Gross | $ 163 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |||||||||||||||
2.800% Notes due 2023 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt, Gross | $ 381 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.80% | |||||||||||||||
6.500% Debentures due 2028 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt, Gross | $ 57 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |||||||||||||||
5.600% Senior Notes due 2036 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt, Gross | $ 42 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | |||||||||||||||
4.900% Notes due 2041 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt, Gross | $ 48 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.90% | |||||||||||||||
4.150% Notes due 2043 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt, Gross | $ 69 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | |||||||||||||||
Senior Note 2.20 Percent Due 2020 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.20% | |||||||||||||||
Debt Instrument, Face Amount | $ 1,250 | |||||||||||||||
Senior Note Floating Rate Due 2020 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | 750 | |||||||||||||||
SMR notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Repurchase Amount | $ 2,000 | |||||||||||||||
Tender Notes [Member] | Loans Payable [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Tender Offer for Debt Securities | $ 6,200 | |||||||||||||||
Extinguishment of Debt, Amount | $ 4,409 | |||||||||||||||
Repayments of Long-term Debt, including breakage fees and all applicable accrued and unpaid interest | 4,849 | |||||||||||||||
Loss on Extinguishment of Debt | $ 81 | |||||||||||||||
Revolving Credit Facilities due 2022 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Term | 3 years | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | $ 3,000 | ||||||||||||||
Long-term Line of Credit | $ 500 | |||||||||||||||
EID [Member] | Term Loan Facility due 2020 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,500 | |||||||||||||||
[1] | The cash flows for the years ended December 31, 2018 and 2019 includes cash flows of EID's ECP and Specialty Products Entities. |
Long-Term Debt and Available _6
Long-Term Debt and Available Credit Facilities Uncommitted Credit Facilities and Outstanding Letters of Credit (Details) $ in Millions | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |
Line Of Credit Facility, Remaining Borrowing Capacity, Uncommitted Amount | $ 418 |
Letters of Credit Outstanding, Amount | $ 175 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities Guarantee Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Guarantor Obligations [Line Items] | ||
Guarantee Obligations | $ 94 | $ 97 |
Factoring Agreement [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee Obligations | 17 | 16 |
Agreements with lenders to provide financing for select customers [Member] | ||
Guarantor Obligations [Line Items] | ||
Accounts Receivable, after Allowance for Credit Loss | 16 | $ 27 |
Current Portion [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee Obligations | $ 1 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities Litigation - Chemours (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2017USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2028USD ($) | Sep. 30, 2028USD ($) | Sep. 30, 2022USD ($) | Dec. 31, 2017lawsuits | |
PFAS [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Escrow Account Balance | $ 700 | |||||
PFAS [Member] | Maximum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Qualified Spend and Escrow Account Contribution Threshold | $ 4,000 | |||||
Cost Sharing Arrangement Term | 20 years | |||||
Corteva and Dupont stray liability threshold for PFAS | $ 300 | |||||
DuPont de Nemours [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Amount credited to each company's threshold | $ 150 | |||||
PFOA Matters: Multi-District Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement Amount | $ 670.7 | |||||
Lawsuits alleging personal injury filed | lawsuits | 3,550 | |||||
Chemours [Member] | PFAS [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
MOU Escrow Account Deposit | $ 100 | |||||
Escrow Account Deposit Percentage | 50.00% | |||||
Annual escrow deposit, remainder of period | $ 50 | |||||
Chemours [Member] | PFAS [Member] | Maximum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Total Escrow Deposit Amount | 500 | |||||
Corteva [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Stray liability sharing percentage | 29.00% | |||||
Corteva [Member] | DuPont de Nemours [Member] | PFAS [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
MOU Escrow Account Deposit | $ 100 | |||||
Escrow Account Deposit Percentage | 50.00% | |||||
Corteva and DuPont stray liability sharing percentage for PFAS | 50.00% | |||||
Annual escrow deposit, remainder of period | 50 | |||||
Corteva [Member] | DuPont de Nemours [Member] | PFAS [Member] | Maximum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Qualified Spend and Escrow Account Contribution Threshold | $ 2,000 | |||||
Total Escrow Deposit Amount | $ 500 | |||||
Corteva [Member] | PFOA Matters: Multi-District Litigation [Member] | DuPont de Nemours [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement Amount | $ 335 | |||||
DuPont de Nemours [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Stray liability sharing percentage | 71.00% | |||||
DuPont de Nemours [Member] | DuPont de Nemours [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Corteva and Dupont stray liability threshold for PFAS | $ 200 |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities Litigation - DuPont (Details) | Dec. 31, 2020USD ($) |
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] | |
Amount credited to each company's threshold | $ 150,000,000 |
Corteva [Member] | |
Loss Contingencies [Line Items] | |
Stray liability sharing percentage | 29.00% |
Corteva [Member] | DuPont de Nemours [Member] | |
Loss Contingencies [Line Items] | |
Stray liability threshold | $ 200,000,000 |
Corteva [Member] | DuPont de Nemours [Member] | PFAS [Member] | |
Loss Contingencies [Line Items] | |
Corteva and DuPont stray liability sharing percentage for PFAS | 50.00% |
DuPont de Nemours [Member] | |
Loss Contingencies [Line Items] | |
Stray liability sharing percentage | 71.00% |
DuPont de Nemours [Member] | DuPont de Nemours [Member] | |
Loss Contingencies [Line Items] | |
Stray liability threshold | $ 200,000,000 |
Corteva and Dupont stray liability threshold for PFAS | $ 200,000,000 |
Commitments and Contingent Li_6
Commitments and Contingent Liabilities Litigation - Leach and MDL Settlement (Details) | 3 Months Ended | 12 Months Ended | 108 Months Ended | |||
Jun. 30, 2017USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2004USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2017lawsuits | 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 | $ 1,000,000 | ||||
PFOA Matters: Multi-District Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Disease Categories for MDL | 6 | 6 | ||||
Lawsuits alleging personal injury filed | lawsuits | 3,550 | |||||
Litigation Settlement Amount | $ 670,700,000 | |||||
DuPont de Nemours and Corteva Contribution to MDL Settlement [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement Amount | $ 27,000,000 | |||||
MDL Settlement [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement Amount | 83,000,000 | |||||
Chemours Contribution to MDL Settlement [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement Amount | $ 29,000,000 | |||||
Post-MDL Settlement PFOA Personal Injury Claims [Domain] | PFOA Matters: Drinking Water Actions [Member] | Scheduled for Trial [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Pending Claims, Number | 96 | 96 | ||||
Post-MDL Settlement PFOA Personal Injury Claims [Domain] | PFOA Matters: Drinking Water Actions [Member] | Settled Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Pending Claims, Number | 95 | 95 | ||||
Post-MDL Settlement PFOA Personal Injury Claims [Domain] | Compensatory Damages [Member] | PFOA Matters: Drinking Water Actions [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement Amount | $ 40,000,000 | |||||
Post-MDL Settlement PFOA Personal Injury Claims [Domain] | Loss of Consortium [Member] | PFOA Matters: Drinking Water Actions [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement Amount | 10,000,000 | |||||
Chemours [Member] | PFOA Matters [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Indemnification Assets for Liabilities Indemnified by Chemours | 17,000,000 | $ 17,000,000 | ||||
Liability relating to testing drinking water in and around certain former EID sites and offering treatment or alternative supply of drinking water. | $ 21,000,000 | $ 21,000,000 | ||||
DuPont de Nemours [Member] | PFOA Matters: Multi-District Litigation [Member] | Corteva [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement Amount | $ 335,000,000 |
Commitments and Contingent Li_7
Commitments and Contingent Liabilities Litigation - Other PFOA Matters / Fayatteville (Details) | 12 Months Ended |
Dec. 31, 2020lawsuits | |
Firefighting Foam [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 900 |
Firefighting Foam [Member] | Personal injury cases [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 725 |
NORTH CAROLINA | PFOA Matters: Drinking Water Actions [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Number of Additional Plaintiffs | 100 |
Loss Contingency, Number of Property Owners | 100 |
NEW YORK | PFOA Matters: Drinking Water Actions [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 50 |
NEW JERSEY | PFOA Matters: Drinking Water Actions [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 2 |
NEW JERSEY | Natural Resources Damages [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 4 |
OHIO | PFOA Matters: Drinking Water Actions [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 3 |
Commitments and Contingent Li_8
Commitments and Contingent Liabilities Environmental (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | ||
Loss Contingencies [Line Items] | ||||
Accrual for Environmental Loss Contingencies | $ 329 | [1],[2] | $ 336 | |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [2] | 620 | ||
Indemnification Asset | 190 | |||
Performance Chemicals [Member] | ||||
Loss Contingencies [Line Items] | ||||
Indemnified Liabilities for Liabilities Indemnified by Chemours | 39 | |||
Chemours related obligation subject to indemnification [Member] | ||||
Loss Contingencies [Line Items] | ||||
Accrual for Environmental Loss Contingencies | [1],[2],[3],[4] | 154 | ||
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [2],[3],[4] | 282 | ||
Indemnification Asset | [3],[4] | 153 | ||
Discontinued Operations [Member] | ||||
Loss Contingencies [Line Items] | ||||
Indemnification Asset | [3] | 0 | ||
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] | 36 | ||
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [2],[4] | 61 | ||
Indemnification Asset | [4] | 37 | ||
Not subject to indemnification [Member] | ||||
Loss Contingencies [Line Items] | ||||
Accrual for Environmental Loss Contingencies | [1],[2] | 65 | ||
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [2] | 55 | ||
Indemnification Asset | 0 | |||
Other Discontinued or Divested Business Obligations | ||||
Loss Contingencies [Line Items] | ||||
Accrual for Environmental Loss Contingencies | [1],[2],[3] | 74 | ||
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [2],[3] | 222 | ||
DuPont de Nemours [Member] | DuPont de Nemours [Member] | ||||
Loss Contingencies [Line Items] | ||||
Stray liability threshold | 200 | |||
Superfund Sites [Member] | ||||
Loss Contingencies [Line Items] | ||||
Accrual for Environmental Loss Contingencies | 52 | $ 51 | ||
Superfund Sites [Member] | Chemours [Member] | Indemnification Agreement [Member] | ||||
Loss Contingencies [Line Items] | ||||
Indemnification Asset | $ 30 | |||
[1] | Accrual balance excludes indemnification liabilities of $39 million to Chemours, related to the cost sharing arrangement under the MOU (see page F-27). | |||
[2] | 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. | |||
[3] | Represents liabilities that are subject the $200 million thresholds and sharing arrangements as discussed on page F-51, under Corteva Separation Agreement. | |||
[4] | The company has recorded an indemnification asset related to these accruals, including $30 million related to the Superfund sites. |
Stockholders' Equity Common Sto
Stockholders' Equity Common Stock (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | [1] | Feb. 04, 2021$ / shares | Jun. 26, 2019USD ($)$ / shares | Jun. 03, 2019$ / sharesshares | Jun. 01, 2019shares | Nov. 02, 2017USD ($) | ||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Common Stock, Shares Authorized | 1,666,667,000 | 1,666,667,000 | ||||||||
Common Stock, Par Value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Common Stock, Shares, Outstanding | 743,458,000 | 748,577,000 | 748,815,000 | |||||||
Stock Issued During Period, Shares, New Issues | 3,384,000 | 586,000 | ||||||||
Stock Repurchased and Retired During Period, Shares | (8,503,000) | (824,000) | ||||||||
Stock Repurchase Program, Authorized Amount | $ | $ 1,000 | $ 4,000 | ||||||||
Payments for Repurchase of Common Stock | $ | $ 275 | $ 25 | [1] | $ 0 | ||||||
Payments for Repurchase of Common Stock | $ | $ 275 | $ 25 | [1] | $ 0 | ||||||
Corteva [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Common Stock, Shares Authorized | 748,815,000 | |||||||||
Common Stock, Par Value | $ / shares | $ 0.01 | $ 0.01 | ||||||||
Common Stock, Shares, Issued | 748,815,000 | |||||||||
Corteva [Member] | Shares of Corteva Stock [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Exchange Ratio | 1 | |||||||||
Corteva [Member] | Shares of DowDuPont Common Stock Held [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Exchange Ratio | 3 | |||||||||
Corteva [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Stock Repurchased and Retired During Period, Shares | 8,503,000 | 824,000 | ||||||||
Common Stock, Shares, Issued | 748,815,000 | |||||||||
[1] | The cash flows for the years ended December 31, 2018 and 2019 includes cash flows of EID's ECP and Specialty Products Entities. |
Stockholders' Equity Noncontrol
Stockholders' Equity Noncontrolling Interest (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 46.50% | ||||
Payment for acquisition of subsidiary's interest from the non-controlling interest | $ (60,000,000) | $ 0 | [1] | $ 0 | [1] |
Net Deferred Tax Liability | (429,000,000) | (633,000,000) | |||
EID [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Payment for acquisition of subsidiary's interest from the non-controlling interest | $ (60,000,000) | $ 0 | [2] | $ 0 | [2] |
$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 | 100.00% | ||||
[1] | The cash flows for the years ended December 31, 2018 and 2019 includes cash flows of EID's ECP and Specialty Products Entities. | ||||
[2] | The cash flows for the year ended December 31, 2018 and 2019 includes cash flows of EID's ECP and Specialty Products Entities |
Stockholders' Equity Other Comp
Stockholders' Equity Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | $ 24,555 | $ 75,153 | $ 79,593 | ||
Net other comprehensive income (loss) | 380 | (1,124) | (2,183) | ||
Ending Balance | 25,063 | 24,555 | 75,153 | ||
Cumulative Translation Adjustment | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (1,944) | (2,793) | (1,217) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (26) | (274) | [1] | (1,576) | [1] |
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | 0 | 0 | 0 | ||
Net other comprehensive income (loss) | (26) | (274) | (1,576) | ||
Ending Balance | (1,970) | (1,944) | (2,793) | ||
Derivative Instruments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | 2 | (26) | (2) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (81) | 16 | (19) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | 12 | 12 | (5) | ||
Net other comprehensive income (loss) | (69) | 28 | (24) | ||
Ending Balance | (67) | 2 | (26) | ||
Unrealized gain (loss) on investments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (10) | 0 | 0 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | 0 | 0 | 0 | ||
Net other comprehensive income (loss) | (10) | 0 | 0 | ||
Ending Balance | (10) | 0 | 0 | ||
Accumulated Other Comp Loss | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (3,270) | (3,360) | (1,177) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 362 | (1,140) | (2,187) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | 18 | 16 | 4 | ||
Net other comprehensive income (loss) | 380 | (1,124) | (2,183) | ||
Ending Balance | (2,890) | (3,270) | (3,360) | ||
Internal Reorganization [Member] | Cumulative Translation Adjustment | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income, Other, Net of Tax | 1,123 | ||||
Internal Reorganization [Member] | Derivative Instruments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income, Other, Net of Tax | 0 | ||||
Internal Reorganization [Member] | Unrealized gain (loss) on investments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income, Other, Net of Tax | 0 | ||||
Internal Reorganization [Member] | Accumulated Other Comp Loss | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income, Other, Net of Tax | 1,214 | ||||
Pension Plan | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (1,247) | (620) | 95 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (191) | (723) | (724) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | 5 | 5 | 9 | ||
Net other comprehensive income (loss) | (186) | (718) | (715) | ||
Ending Balance | (1,433) | (1,247) | (620) | ||
Pension Plan | Internal Reorganization [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income, Other, Net of Tax | 91 | ||||
Other Benefit Plans | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (81) | 79 | (53) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 670 | (159) | 132 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | 1 | (1) | 0 | ||
Net other comprehensive income (loss) | 671 | (160) | 132 | ||
Ending Balance | $ 590 | (81) | $ 79 | ||
Other Benefit Plans | Internal Reorganization [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income, Other, Net of Tax | $ 0 | ||||
[1] | The cumulative translation adjustment losses for the year ended December 31, 2020 was primarily driven by the strengthening of the U.S. Dollar ("USD") against the Brazilian Real ("BRL"), partially offset by the weakening of the U.S. Dollar against the Swiss franc ("CHF") and European Euro ("EUR"). The cumulative translation adjustment losses for the years ended December 31, 2019 and 2018 were primarily driven by the strengthening of the U.S. Dollar against the Brazilian Real and European Euro. 2. The unrealized loss on securities during the year ended December 31, 2020 is due to the remeasurement of USD denominated marketable securities held by certain foreign entities at December 31, 2020 with a corresponding offset to cumulative translation adjustment. |
Stockholders' Equity Tax Benefi
Stockholders' Equity Tax Benefit (Expense) on Net Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Tax | $ (133) | $ 275 | $ 165 |
Pension Plan | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Tax | 54 | 231 | 199 |
Other Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Tax | (211) | 52 | (40) |
Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Tax | $ 24 | $ (8) | $ 6 |
Stockholders' Equity Reclassifi
Stockholders' Equity Reclassifications out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2020 | [1] | Sep. 30, 2020 | Jun. 30, 2020 | [2] | Mar. 31, 2020 | [3],[4] | Dec. 31, 2019 | [5] | Sep. 30, 2019 | [6],[7] | Jun. 30, 2019 | [8] | Mar. 31, 2019 | [9] | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||
Income Tax Expense (Benefit) | $ (81) | $ (46) | $ (31) | ||||||||||||||||
Income (loss) from continuing operations after income taxes | $ 99 | $ (390) | $ 766 | $ 281 | $ (42) | $ (527) | $ 483 | $ (184) | 756 | (270) | (6,775) | ||||||||
Derivative Instruments | |||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||
Income Tax Expense (Benefit) | [10] | (6) | (1) | 1 | |||||||||||||||
Income (loss) from continuing operations after income taxes | 12 | 12 | (5) | ||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [11] | 18 | 13 | (6) | |||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 12 | 12 | (5) | ||||||||||||||||
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 | 18 | 16 | 4 | ||||||||||||||||
Pension Plan | |||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 5 | 5 | 9 | ||||||||||||||||
Pension Plan | Prior Service Benefit | |||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [12],[13] | (1) | (1) | 0 | |||||||||||||||
Pension Plan | Actuarial Losses | |||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [12],[13],[14] | 4 | 2 | 6 | |||||||||||||||
Pension Plan | Curtailment (loss) gain | |||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [12],[13],[14] | 0 | 0 | 7 | |||||||||||||||
Pension Plan | Accumulated Defined Benefit Plans Adjustment, Settlement Gain (Loss) [Member] | |||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [12],[13],[14] | 3 | 4 | (2) | |||||||||||||||
Pension Plan | Accumulated Defined Benefit Plans Adjustment Attributable to Parent | |||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 6 | 5 | 11 | ||||||||||||||||
Reclassification from AOCI, Current Period, Tax | [10] | (1) | 0 | (2) | |||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 5 | 5 | 9 | ||||||||||||||||
Other Benefit Plans | |||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1 | (1) | 0 | ||||||||||||||||
Other Benefit Plans | Prior Service Benefit | |||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [12],[13] | 0 | 0 | 0 | |||||||||||||||
Other Benefit Plans | Actuarial Losses | |||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [12],[13] | 1 | (1) | 0 | |||||||||||||||
Other Benefit Plans | Accumulated Defined Benefit Plans Adjustment Attributable to Parent | |||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 1 | (1) | 0 | ||||||||||||||||
Reclassification from AOCI, Current Period, Tax | [10] | 0 | 0 | 0 | |||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 1 | $ (1) | $ 0 | ||||||||||||||||
[1] | Fourth quarter 2020 includes an after-tax benefit of $(182) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. | ||||||||||||||||||
[2] | Second quarter 2020 includes an after-tax benefit of $(29) million due to an elective change in accounting method that alters the 2019 impact of the business separation on the 2017 Tax Cuts and Jobs Act's foreign tax provision. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||
[3] | First quarter 2020 includes a $19 million after tax charge related to the impact of a state tax valuation allowance in the U.S. based on a change in judgment about the realizability of a deferred tax asset. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. | ||||||||||||||||||
[4] | First quarter 2020 includes a loss of $(53) million recorded in other income - net related to the expected sale of the La Porte site, for which the company signed an agreement during the first quarter 2020. | ||||||||||||||||||
[5] | Fourth quarter 2019 includes a tax benefit of $(34) million related to the impact of the release of a tax valuation allowance recorded against the net deferred tax asset position of a Switzerland legal entity. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||
[6] | Third quarter 2019 includes a $33 million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. | ||||||||||||||||||
[7] | Third quarter 2019 includes a tax benefit of $(38) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||
[8] | Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 related to the retirement of some of the company's debt. See Note 17 - Long-Term Debt and Available Credit Facilities, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||
[9] | First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. | ||||||||||||||||||
[10] | Reflected in benefit from income taxes from continuing operations. | ||||||||||||||||||
[11] | Reflected in cost of goods sold. | ||||||||||||||||||
[12] | Reflected in other income (expense) - net. | ||||||||||||||||||
[13] | These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit (credit) cost of the company's pension and other benefit plans. See Note 20 - Pension Plans and Other Post Employment Benefits, to the Consolidated Financial Statements, for additional information. | ||||||||||||||||||
[14] | A portion reflected in (Loss) income from discontinued operations after income taxes for the years ended December 31, 2019 and 2018. |
Pension Plans and Other Post _3
Pension Plans and Other Post Employment Benefit Plans Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 5 Months Ended | 12 Months Ended | |||
Nov. 30, 2017 | Sep. 30, 2018 | Jun. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2021 | |
Defined Benefit and Contribution Disclosures [Line Items] | |||||||
Defined Benefit Plan, Unfunded Status of Plan | $ 5,800 | ||||||
Pre-tax cash requirements to cover actual net claims costs and related administrative expenses | $ 207 | $ 202 | $ 216 | ||||
Trust Asset | 319 | ||||||
U.S. Retirement Savings Plan [Member] | |||||||
Defined Benefit and Contribution Disclosures [Line Items] | |||||||
Employer Matching Contribution, Percent of Match | 100.00% | ||||||
Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ||||||
Employer Discretionary Contribution Percent | 3.00% | ||||||
Defined Contribution Plan, Employer Contribution | $ 94 | 142 | 183 | ||||
Employers Discretionary Contribution, Vesting Period | 3 years | ||||||
Corteva Other Contribution Plans [Member] | |||||||
Defined Benefit and Contribution Disclosures [Line Items] | |||||||
Defined Contribution Plan, Employer Contribution | $ 33 | 46 | $ 82 | ||||
Pension Plan | |||||||
Defined Benefit and Contribution Disclosures [Line Items] | |||||||
Defined Benefit Plan, Unfunded Status of Plan | (3,847) | (4,063) | |||||
Employer contributions | $ 62 | $ 121 | |||||
Expected long-term rate of return on plan assets | 6.25% | 6.24% | 6.19% | ||||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||||||
2021 | $ 1,456 | ||||||
Principal U.S. Pension Plan [Member] | |||||||
Defined Benefit and Contribution Disclosures [Line Items] | |||||||
Employer contributions | $ 1,100 | ||||||
Other Post Employment Benefits Plan | |||||||
Defined Benefit and Contribution Disclosures [Line Items] | |||||||
Defined Benefit Plan, Unfunded Status of Plan | (1,571) | $ (2,591) | |||||
Employer contributions | 207 | 202 | |||||
Expected Future Employer Contributions, Next Fiscal Year | $ 217 | ||||||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||||||
2021 | 140 | ||||||
Defined Benefit Plan, Accumulated Benefit Obligation, Increase (Decrease) for Plan Amendment | (939) | ||||||
Other Pension Plan [Member] | |||||||
Defined Benefit and Contribution Disclosures [Line Items] | |||||||
Employer contributions | 62 | 121 | $ 214 | ||||
Expected Future Employer Contributions, Next Fiscal Year | $ 47 | ||||||
Nonqualified Plan [Member] | Trust Agreement [Member] | |||||||
Defined Benefit and Contribution Disclosures [Line Items] | |||||||
Contributions to Trust | $ 571 | ||||||
Trust Asset Distribution | $ 39 | 65 | 62 | ||||
Trust Asset | $ 347 | 409 | |||||
Discontinued Operations [Member] | Corteva Other Contribution Plans [Member] | |||||||
Defined Benefit and Contribution Disclosures [Line Items] | |||||||
Defined Contribution Plan, Employer Contribution | $ 73 | $ 148 |
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, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 2.44% | 3.20% |
Rate of increase in future compensation levels | 2.54% | 2.60% |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net Periodic Benefit, Discount Rate | 3.19% | 4.19% | 3.38% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 2.60% | 2.84% | 4.04% |
Expected long-term rate of return on plan assets | 6.25% | 6.24% | 6.19% |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount Rate | 2.09% | 3.07% | |
Net Periodic Benefit, Discount Rate | 3.07% | 3.93% | 3.56% |
Pension Plans and Other Post _7
Pension Plans and Other Post Employment Benefit Plans Assumed Health Care Cost Trend Rates (Details) - Other Post Employment Benefits Plan | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Health care cost trend rate assumed for next year | 7.20% | 7.00% | |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | [1] | 5.00% | |
Year that the rate reached the ultimate health care cost trend rate | [1] | 2028 | |
[1] | Due to December 2020 plan changes, health care cost trend rates are no longer applicable to the Corteva portion of the cost, effective January 1, 2022. |
Pension Plans and Other Post _8
Pension Plans and Other Post Employment Benefit Plans Change in Projected Benefit Obligations, Plan Assets and Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 01, 2019 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Funded (unfunded) status of plan | $ 5,800 | ||||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 21,600 | $ 21,000 | |||
Trust Agreement [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Benefit obligation at beginning of the period | 294 | ||||
Benefit obligation at end of the period | 249 | 294 | |||
Pension Plan | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Benefit obligation at beginning of the period | 21,004 | 23,532 | |||
Service Cost | 26 | 41 | $ 136 | ||
Interest Cost | 559 | 769 | 755 | ||
Plan participants' contributions | 2 | 2 | |||
Actuarial (gain) loss | 1,659 | 2,469 | |||
Benefits Paid | (1,538) | (1,635) | |||
Plan amendments | (3) | (76) | |||
Net effects of acquisitions / divestitures / other | 0 | (1) | |||
Effect of foreign exchange rates | (27) | (60) | |||
Change in Benefit Obligation - Impact of Internal Reorganizations | 0 | (4,037) | |||
Benefit obligation at end of the period | 21,682 | 21,004 | 23,532 | ||
Fair value of plan assets at beginning of period | 16,941 | 18,951 | |||
Actual return on plan assets | 2,404 | 2,552 | |||
Employer contributions | 62 | 121 | |||
Plan participants' contributions | 2 | 2 | |||
Benefits paid | (1,538) | (1,635) | |||
Net effects of acquisitions / divestitures / other | 0 | (6) | |||
Effect of foreign exchange rates | (36) | (38) | |||
Change in Plan Assets - Impact of Internal Reorganizations | 0 | (3,006) | |||
Fair value of plan assets at end of period | 17,835 | 16,941 | 18,951 | ||
Funded (unfunded) status of plan | (3,847) | (4,063) | |||
Pension Plan | U.S. Plans with Plan Assets [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Funded (unfunded) status of plan | (3,301) | (3,535) | |||
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 | (98) | (90) | |||
Pension Plan | All other plans [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Funded (unfunded) status of plan | [1],[2] | (448) | (438) | ||
Other Post Employment Benefits Plan | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Benefit obligation at beginning of the period | 2,591 | 2,514 | |||
Service Cost | 2 | 4 | 9 | ||
Interest Cost | 66 | 84 | 85 | ||
Plan participants' contributions | 34 | 37 | |||
Actuarial (gain) loss | 59 | 211 | |||
Benefits Paid | (241) | (239) | |||
Plan amendments | (939) | 0 | |||
Net effects of acquisitions / divestitures / other | 0 | 0 | |||
Effect of foreign exchange rates | (1) | 0 | |||
Change in Benefit Obligation - Impact of Internal Reorganizations | 0 | (20) | |||
Benefit obligation at end of the period | 1,571 | 2,591 | 2,514 | ||
Fair value of plan assets at beginning of period | 0 | 0 | |||
Actual return on plan assets | 0 | 0 | |||
Employer contributions | 207 | 202 | |||
Plan participants' contributions | 34 | 37 | |||
Benefits paid | (241) | (239) | |||
Net effects of acquisitions / divestitures / other | 0 | 0 | |||
Effect of foreign exchange rates | 0 | 0 | |||
Change in Plan Assets - Impact of Internal Reorganizations | 0 | 0 | |||
Fair value of plan assets at end of period | 0 | 0 | $ 0 | ||
Funded (unfunded) status of plan | (1,571) | (2,591) | |||
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 | [1],[2] | $ (1,571) | $ (2,591) | ||
[1] | As of December 31, 2020, and December 31, 2019, $249 million and $294 million, respectively, of the benefit obligations are supported by funding under the Trust agreement, defined in the "Trust Assets" section below. | ||||
[2] | Includes pension plans maintained around the world where funding is not customary. |
Pension Plans and Other Post _9
Pension Plans and Other Post Employment Benefit Plans Amounts Recognized in Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 21,600 | $ 21,000 |
Noncurrent liabilities | (5,176) | (6,377) |
Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net amount recognized | (3,847) | (4,063) |
Net loss (gain) | 1,886 | 1,641 |
Prior service (benefit) cost | (14) | (10) |
Pretax balance in accumulated other comprehensive (income) loss at end of year | 1,872 | 1,631 |
Other Post Employment Benefits Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net amount recognized | (1,571) | (2,591) |
Net loss (gain) | 163 | 108 |
Prior service (benefit) cost | (939) | 0 |
Pretax balance in accumulated other comprehensive (income) loss at end of year | (776) | 108 |
Other Assets [Member] | Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Other Assets | 7 | 10 |
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 | (32) | (50) |
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 | (217) | (237) |
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 | (3,822) | (4,023) |
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 | $ (1,354) | $ (2,354) |
Pension Plans and Other Post_10
Pension Plans and Other Post Employment Benefit Plans Pension Plans with Projected Benefit Obligations in Excess of Plan Assets (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligations | $ 21,513 | $ 20,788 |
Fair Value of plan assets | $ 17,659 | $ 16,716 |
Pension Plans and Other Post_11
Pension Plans and Other Post Employment Benefit Plans Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated benefit obligations | $ 21,369 | $ 20,654 |
Fair value of plan assets | $ 17,550 | $ 16,620 |
Pension Plans and Other Post_12
Pension Plans and Other Post Employment Benefit Plans Components of net periodic benefit cost (credit) and amounts recognized in other comprehensive loss (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ (31) | $ (97) | ||
Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | $ 26 | 41 | 136 | |
Interest Cost | 559 | 769 | 755 | |
Expected return on plan assets | (1,000) | (1,078) | (1,216) | |
Amortization of unrecognized loss (gain) | 4 | 3 | 10 | |
Amortization of prior service benefit | (1) | (1) | 0 | |
Curtailment gain | 0 | (2) | (11) | |
Settlement loss | 3 | 4 | 5 | |
Net periodic benefit cost (credit) | (409) | (264) | (321) | |
Net loss (gain) | 247 | 970 | 908 | |
Amortization of unrecognized (loss) gain | (4) | (2) | (10) | |
Prior service cost (benefit) | (3) | (11) | 17 | |
Amortization of prior service benefit | 1 | 1 | 0 | |
Settlement loss | (3) | (4) | (2) | |
Effect of foreign exchange rates | 2 | (5) | 1 | |
Total (benefit) loss recognized in other comprehensive loss, attributable to Corteva | 240 | 949 | 914 | |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | (169) | 685 | 593 | |
Other Post Employment Benefits Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 2 | 4 | 9 | |
Interest Cost | 66 | 84 | 85 | |
Expected return on plan assets | 0 | 0 | 0 | |
Amortization of unrecognized loss (gain) | 1 | (1) | 0 | |
Amortization of prior service benefit | 0 | 0 | 0 | |
Curtailment gain | 0 | 0 | 0 | |
Settlement loss | 0 | 0 | 0 | |
Net periodic benefit cost (credit) | 69 | 87 | 94 | |
Net loss (gain) | 59 | 211 | (172) | |
Amortization of unrecognized (loss) gain | (1) | 1 | 0 | |
Prior service cost (benefit) | (939) | 0 | 0 | |
Amortization of prior service benefit | 0 | 0 | 0 | |
Settlement loss | 0 | 0 | 0 | |
Effect of foreign exchange rates | (1) | 0 | 0 | |
Total (benefit) loss recognized in other comprehensive loss, attributable to Corteva | (882) | 212 | (172) | |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | (813) | 299 | (78) | |
Discontinued Operations [Member] | Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net periodic benefit cost (credit) | [1] | 0 | (14) | (42) |
Discontinued Operations [Member] | Other Post Employment Benefits Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net periodic benefit cost (credit) | [1] | 0 | 0 | 1 |
Continuing Operations [Member] | Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net periodic benefit cost (credit) | (409) | (250) | (279) | |
Continuing Operations [Member] | Other Post Employment Benefits Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net periodic benefit cost (credit) | $ 69 | $ 87 | $ 93 | |
[1] | Includes non-service related components of net periodic benefit credit of $(31) million, and $(97) million for the years ended December 31, 2019 and 2018, respectively. |
Pension Plans and Other Post_13
Pension Plans and Other Post Employment Benefit Plans Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2020USD ($) |
Pension Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2020 | $ 1,495 |
2021 | 1,456 |
2022 | 1,424 |
2023 | 1,390 |
2024 | 1,353 |
2025-2029 | 6,159 |
Total | 13,277 |
Other Post Employment Benefits Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2020 | 217 |
2021 | 140 |
2022 | 132 |
2023 | 124 |
2024 | 116 |
2025-2029 | 425 |
Total | $ 1,154 |
Pension Plans and Other Post_14
Pension Plans and Other Post Employment Benefit Plans Target Allocation for Plan Assets (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 100.00% | 100.00% |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 51.00% | 50.00% |
Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 2.00% | 3.00% |
Private Market Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 6.00% | 6.00% |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 4.00% | 3.00% |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 1.00% | 2.00% |
UNITED STATES | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 20.00% | 20.00% |
Non-US [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 16.00% | 16.00% |
Pension Plans and Other Post_15
Pension Plans and Other Post Employment Benefit Plans Basis of Fair Value Measurement (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension Trust Receivables | $ 214 | [1] | $ 763 | [2] | |
Pension Trust Payables | (434) | [3] | (646) | [4] | |
Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 17,835 | 16,941 | $ 18,951 | ||
Investments Measured at Net Asset Value | 2,469 | 2,414 | |||
Fair Value of Plan Assets, Excluding Trust Receivables and payables and assets measured at NAV | 15,586 | 14,410 | |||
Pension Plan | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 8,703 | 7,038 | |||
Pension Plan | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 6,768 | 7,320 | |||
Pension Plan | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 115 | 52 | 330 | ||
Pension Plan | Cash and Cash Equivalents [Domain] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2,616 | 1,343 | |||
Pension Plan | Cash and Cash Equivalents [Domain] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2,616 | 1,343 | |||
Pension Plan | Cash and Cash Equivalents [Domain] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Cash and Cash Equivalents [Domain] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | US Treasury and Government [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3,569 | 3,693 | |||
Investments Measured at Net Asset Value | 36 | 37 | |||
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 | 3,569 | 3,693 | |||
Pension Plan | US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Corporate Debt Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2,579 | 2,956 | |||
Investments Measured at Net Asset Value | 7 | ||||
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 | 2,576 | 2,952 | |||
Pension Plan | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3 | 4 | 14 | ||
Pension Plan | Asset-backed Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 616 | 663 | |||
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 | 616 | 663 | |||
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 | Hedge Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Investments Measured at Net Asset Value | 391 | 431 | |||
Pension Plan | Private Market Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3 | 2 | |||
Investments Measured at Net Asset Value | 1,381 | 1,371 | |||
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 | 3 | 2 | 1 | ||
Pension Plan | Real Estate [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 28 | 33 | |||
Investments Measured at Net Asset Value | 590 | 516 | |||
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 | 28 | 33 | 93 | ||
Pension Plan | Derivative, Asset [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 2 | |||
Pension Plan | Derivative, Asset [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Derivative, Asset [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 2 | |||
Pension Plan | Derivative, Asset [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Derivative, Liability [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | (19) | |||
Pension Plan | Derivative, Liability [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Derivative, Liability [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | (19) | |||
Pension Plan | Derivative, Liability [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Other Investments [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 76 | 19 | |||
Pension Plan | Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3 | 19 | |||
Pension Plan | Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 73 | 0 | 206 | ||
Non-US [Member] | Pension Plan | Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2,194 | 2,053 | |||
Investments Measured at Net Asset Value | 32 | 39 | |||
Non-US [Member] | Pension Plan | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2,189 | 2,043 | |||
Non-US [Member] | Pension Plan | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2 | 6 | |||
Non-US [Member] | Pension Plan | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3 | 4 | 2 | ||
UNITED STATES | Pension Plan | Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3,905 | [5] | 3,665 | [6] | |
Investments Measured at Net Asset Value | 32 | 20 | |||
UNITED STATES | Pension Plan | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3,898 | [5] | 3,652 | [6] | |
UNITED STATES | Pension Plan | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2 | [5] | 4 | [6] | |
UNITED STATES | Pension Plan | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | $ 5 | [5] | 9 | [6] | $ 14 |
Common Stock [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amount of Employer and Related Party Securities Included in Plan Assets, Percent | 1.00% | ||||
Common Stock [Member] | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amount of Employer and Related Party Securities Included in Plan Assets | $ 165 | $ 126 | |||
Amount of Employer and Related Party Securities Included in Plan Assets, Percent | 1.00% | ||||
[1] | Primarily receivables for investments securities sold. | ||||
[2] | Primarily receivables for investments securities sold. | ||||
[3] | Primarily payables for investment securities purchased. | ||||
[4] | Primarily payables for investment securities purchased. | ||||
[5] | The Corteva pension plans directly held $165 million (approximately 1 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2020. | ||||
[6] | The Corteva pension plans directly held $126 million (approximately 1 percent of total plan assets) of Corteva, Inc. at December 31, 2019. |
Pension Plans and Other Post_16
Pension Plans and Other Post Employment Benefit Plans Summary of Fair Value Measurement of Level 3 Pension Plan Assets (Details) - Pension Plan - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | $ 17,835 | $ 16,941 | $ 18,951 | ||
Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 115 | 52 | 330 | ||
Actual Return (Loss) on Plan Assets Sold | (38) | (21) | |||
Actual Return (Loss) on Plan Assets Still Held | 34 | 16 | |||
Purchases, Sales, and Settlements | 5 | (14) | |||
Assets Transferred into (out of) Level 3 | 62 | 0 | |||
Plan assets transferred due to sale, liquidation, spin-off, or divestiture | (259) | ||||
Corporate Debt Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2,579 | 2,956 | |||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3 | 4 | 14 | ||
Actual Return (Loss) on Plan Assets Sold | (7) | 9 | |||
Actual Return (Loss) on Plan Assets Still Held | 5 | (8) | |||
Purchases, Sales, and Settlements | 0 | (12) | |||
Assets Transferred into (out of) Level 3 | 1 | 1 | |||
Plan assets transferred due to sale, liquidation, spin-off, or divestiture | 0 | ||||
Asset-backed Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 616 | 663 | |||
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Private Market Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3 | 2 | |||
Private Market Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3 | 2 | 1 | ||
Actual Return (Loss) on Plan Assets Sold | 0 | 0 | |||
Actual Return (Loss) on Plan Assets Still Held | 1 | 4 | |||
Purchases, Sales, and Settlements | 0 | (3) | |||
Assets Transferred into (out of) Level 3 | 0 | 0 | |||
Plan assets transferred due to sale, liquidation, spin-off, or divestiture | 0 | ||||
Real Estate [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 28 | 33 | |||
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 28 | 33 | 93 | ||
Actual Return (Loss) on Plan Assets Sold | 0 | (29) | |||
Actual Return (Loss) on Plan Assets Still Held | (5) | 25 | |||
Purchases, Sales, and Settlements | 0 | (3) | |||
Assets Transferred into (out of) Level 3 | 0 | 0 | |||
Plan assets transferred due to sale, liquidation, spin-off, or divestiture | (53) | ||||
Derivative, Asset [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 76 | 19 | |||
Derivative, Asset [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 73 | 0 | 206 | ||
Actual Return (Loss) on Plan Assets Sold | 0 | 0 | |||
Actual Return (Loss) on Plan Assets Still Held | 7 | 0 | |||
Purchases, Sales, and Settlements | 5 | 0 | |||
Assets Transferred into (out of) Level 3 | 61 | 0 | |||
Plan assets transferred due to sale, liquidation, spin-off, or divestiture | (206) | ||||
Non-US [Member] | Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2,194 | 2,053 | |||
Non-US [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3 | 4 | 2 | ||
Actual Return (Loss) on Plan Assets Sold | (6) | 1 | |||
Actual Return (Loss) on Plan Assets Still Held | 5 | 0 | |||
Purchases, Sales, and Settlements | 0 | 2 | |||
Assets Transferred into (out of) Level 3 | 0 | (1) | |||
Plan assets transferred due to sale, liquidation, spin-off, or divestiture | 0 | ||||
UNITED STATES | Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3,905 | [1] | 3,665 | [2] | |
UNITED STATES | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 5 | [1] | 9 | [2] | $ 14 |
Actual Return (Loss) on Plan Assets Sold | (25) | (2) | |||
Actual Return (Loss) on Plan Assets Still Held | 21 | (5) | |||
Purchases, Sales, and Settlements | 0 | 2 | |||
Assets Transferred into (out of) Level 3 | $ 0 | 0 | |||
Plan assets transferred due to sale, liquidation, spin-off, or divestiture | $ 0 | ||||
[1] | The Corteva pension plans directly held $165 million (approximately 1 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2020. | ||||
[2] | The Corteva pension plans directly held $126 million (approximately 1 percent of total plan assets) of Corteva, Inc. at December 31, 2019. |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Compensation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Remaining Weighted-Average Recognition Period | 6 months 21 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 | 14,000,000 | ||
Tax Benefit from Compensation Expense | $ (4) | $ (1) | |
Intrinsic value of stock options | 21 | 3 | |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 73 | 84 | $ 83 |
Tax Benefit from Compensation Expense | $ (15) | $ (17) | $ (17) |
Stock-Based Compensation Weight
Stock-Based Compensation Weighted Average Assumptions - Stock Options (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
EIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 1.55% | 2.10% | |
Expected Volatility | 19.80% | 23.30% | |
Risk Free Interest Rate | 2.40% | 2.80% | |
Expected life of stock options granted during period | 6 years 1 month 6 days | 6 years 2 months 12 days | |
OIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 1.67% | ||
Expected Volatility | 23.14% | ||
Risk Free Interest Rate | 1.30% | ||
Expected life of stock options granted during period | 6 years |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Option Award Vesting Period | 3 years | ||
Unrecognized Pretax Compensation Expense Related to Stock Options | $ 3,000 | ||
Remaining Weighted-Average Recognition Period | 6 months 21 days | ||
Dow [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Option, Expiration Period | 10 years | ||
EIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of stock options | $ 16,000 | $ 50,000 | |
Tax Benefit from Compensation Expense | (3,000) | ||
OIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of stock options | $ 21,000 | 3,000 | |
Tax Benefit from Compensation Expense | $ (4,000) | $ (1,000) | |
Employee Stock [Member] | OIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Grant Date Fair Value | $ 6.06 | ||
Employee Stock [Member] | EIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Grant Date Fair Value | $ 7.29 | $ 15.46 | |
Equity Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options outstanding at beginning of period | 10,045 | ||
Stock options granted during the period | 1,459 | ||
Stock options forfeited/expired during the period | (157) | ||
Stock options outstanding at end of period | 8,998 | 10,045 | |
Stock options exercisable at end of period | 6,695 | ||
Stock options outstanding, weighted average exercise price beginning of period | $ 32.47 | ||
Stock options granted, weighted average price | 31.16 | ||
Stock options exercised during the period, weighted average exercise price | $ 24.96 | ||
Stock options exercised during the period | (2,349) | ||
Stock options forfeited/expired, weighted average price | $ 34.24 | ||
Stock options outstanding, weighted average exercise price end of period | 34.21 | $ 32.47 | |
Stock options exercisable, weighted average exercise price | $ 33.96 | ||
Stock options outstanding, weighted average remaining contractual term | 5 years 3 months 7 days | 4 years 8 months 23 days | |
Stock options exercisable, weighted average remaining contractual term | 4 years 3 months 7 days | ||
Stock options outstanding, intrinsic value | $ 50,077 | $ 20,186 | |
Stock options exercisable, intrinsic value | $ 38,799 | ||
Grants between 2013 and 2015 [Member] | Equity Option [Member] | EIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Option, Expiration Period | 7 years | ||
Grants between 2016 and 2018 [Member] | Equity Option [Member] | 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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU and PSU Award Vesting Period | 3 years | |||
Remaining Weighted-Average Recognition Period | 6 months 21 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 | 0.00% | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation arrangement by share based payment award, equity instruments other than options, actual awards granted, percentage of performance target | 200.00% | |||
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 | $ 31.15 | $ 28.88 | ||
Fair Value of RSUs and PSUs vested during the period | $ 49 | $ 19 | ||
Unrecognized Pretax Compensation Expense Related to RSUs and PSUs | $ 56 | |||
Remaining Weighted-Average Recognition Period | 8 months 1 day | |||
RSUs and PSUs - EIP [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 | $ 52.19 | $ 70.37 | ||
Fair Value of RSUs and PSUs vested during the period | $ 79 | $ 128 | ||
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 | 5,438,000 | |||
RSUs and PSUs granted during the period | 1,970,000 | |||
RSUs and PSUs vested during the period | (1,400,000) | |||
RSUs and PSUs forfeited during the period | (125,000) | |||
Nonvested RSUs and PSUs at end of period | 5,883,000 | 5,438,000 | ||
Weighted average grant date fair value, nonvested RSUs and PSUs beginning of period | $ 32.49 | |||
Weighted Average Grant Date Fair Value, RSUs and PSUs granted during the period | 31.15 | |||
Weighted Average Grant Date Fair Value, vested RSUs and PSUs during the period | 34.69 | |||
Weighted Average Grant Date Fair Value, RSUs and PSUs forfeited during the period | 31.16 | |||
Weighted average grant date fair value, nonvested RSUs and PSUs end of period | $ 32.49 | $ 32.49 | $ 31.54 | |
Performance Share Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSUs and PSUs granted during the period | 444,816 | |||
Weighted Average Grant Date Fair Value, RSUs and PSUs granted during the period | $ 31.17 | |||
Minimum [Member] | Management [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU and PSU Award Vesting Period | 3 years | |||
Maximum [Member] | Management [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU and PSU Award Vesting Period | 5 years | |||
OIP [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU and PSU Award Vesting Period | 3 years | |||
EIP [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU and PSU Award Vesting Period | 3 years | |||
Dow [Member] | Minimum [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU and PSU Award Vesting Period | 1 year | |||
Dow [Member] | Maximum [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU and PSU Award Vesting Period | 3 years |
Financial Instruments Financial
Financial Instruments Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Cash Equivalents [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | $ 2,511 | $ 1,293 |
Available-for-sale securities | 226 | |
Marketable Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | $ 43 | $ 5 |
Financial Instruments Notional
Financial Instruments Notional Amounts (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 383 | $ 570 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | 1,164 | 0 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 647 | $ 582 |
Financial Instruments Cash Flow
Financial Instruments Cash Flow Hedges Included in AOCI (Details) € in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020EUR (€) | ||
Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Additions and revaluations of derivatives designated as cash flow hedges | [1] | $ (111) | $ 23 | $ (24) | |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Remaining Maturity | 2 years | ||||
Beginning Balance | $ 0 | ||||
Additions and revaluations of derivatives designated as cash flow hedges | (3) | ||||
Clearance of hedge results to earnings | (14) | ||||
Ending Balance | (17) | 0 | |||
After-tax net loss to be reclassified from AOCL into earnings over the next twelve months | 17 | ||||
Derivative, Notional Amount | $ 1,164 | 0 | |||
Foreign Exchange Contract [Member] | Net Investment Hedging | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | € | € 450 | ||||
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Remaining Maturity | 2 years | ||||
Beginning Balance | $ 2 | (26) | (2) | ||
Additions and revaluations of derivatives designated as cash flow hedges | (44) | 16 | (19) | ||
Clearance of hedge results to earnings | 26 | 12 | (5) | ||
Ending Balance | (16) | 2 | $ (26) | ||
After-tax net loss to be reclassified from AOCL into earnings over the next twelve months | 14 | ||||
Derivative, Notional Amount | $ 383 | $ 570 | |||
[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, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset, Gross | $ 55 | $ 25 | |
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (40) | (18) |
Derivative Asset, Net | 15 | 7 | |
Derivative Liability, Gross | 135 | 43 | |
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (40) | (16) |
Derivative Liability, Net | 95 | 27 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset, Gross | 40 | 25 | |
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (40) | (18) |
Derivative Asset, Net | 0 | 7 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accrued and Other Current Liabilities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liability, Gross | 97 | 43 | |
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (40) | (16) |
Derivative Liability, Net | 57 | $ 27 | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset, Gross | 15 | ||
Derivative Asset, Net | 15 | ||
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | 0 | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accrued and Other Current Liabilities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liability, Gross | 38 | ||
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | 0 | |
Derivative Liability, Net | $ 38 | ||
[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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Loss) Gain on Derivative Instruments, Net, Pretax | [1] | $ 94 | $ (62) | $ 105 |
Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss), Pre-Tax | [2] | (111) | 23 | (24) |
(Loss) Gain on Hedging Activity | [1] | (18) | (13) | 6 |
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, (Loss) Gain, Net | [1] | 112 | (49) | 99 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss), Pre-Tax | (3) | |||
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Net Investment Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss), Pre-Tax | [2] | (45) | 0 | 0 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss), Pre-Tax | [2] | (4) | 0 | 0 |
Foreign Exchange Contract [Member] | Cost of Goods Sold | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Loss) Gain on Hedging Activity | [1],[3] | 17 | 0 | 0 |
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] | 14 | 0 | 0 |
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] | 89 | (58) | 94 |
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss), Pre-Tax | (44) | 16 | (19) | |
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss), Pre-Tax | [2] | (62) | 23 | (24) |
Commodity Contract [Member] | Cost of Goods Sold | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Loss) Gain on Hedging Activity | [1],[3] | (35) | (13) | 6 |
Commodity Contract [Member] | Cost of Goods Sold | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, (Loss) Gain, Net | [1],[3] | $ 9 | $ 9 | $ 5 |
[1] | For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income during the period. | |||
[2] | OCI is defined as other comprehensive income (loss). | |||
[3] | Recorded in cost of goods sold. | |||
[4] | Gain recognized in other income (expense) - net was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 9 - Supplementary Information, to the Consolidated Financial Statements for additional information. |
Financial Instruments Debt Secu
Financial Instruments Debt Securities (Details) $ in Millions | Dec. 31, 2020USD ($) |
Amortized cost | |
Debt Securities, Available-for-sale [Line Items] | |
Within One Year, Amortized Cost | $ 67 |
One to Five Years, Amortized Cost | 159 |
Total Amortized Cost | 226 |
Fair Value | |
Debt Securities, Available-for-sale [Line Items] | |
Within One Year, Fair Value | 67 |
One to Five Years, Fair Value | 159 |
Available-for-sale securities | $ 226 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurement Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Derivative Asset, Foreign Currency | $ 55 | $ 25 | |
Derivative Liability, Foreign Currency | 135 | 43 | |
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 | 43 | 5 | |
Total assets at fair value | 98 | 30 | |
Total Liabilities at fair value | 135 | 43 | |
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, Foreign Currency | [1] | 55 | 25 |
Derivative Liability, Foreign Currency | [1] | 135 | $ 43 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Total assets at fair value | 226 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Derivative Asset, U.S Treasuries | [2] | $ 226 | |
[1] | See Note 22 - Financial Instruments, to the Consolidated Financial Statements, for the classification of derivatives in the Consolidated Balance Sheets. | ||
[2] | The company's investments in debt securities, which are primarily available-for-sale, are included in "marketable securities" in the Consolidated Balance sheets. |
Fair Value Measurements Fair _2
Fair Value Measurements Fair Value Measurement Nonrecurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment in non-consolidated affiliates | $ 41 | ||
Developed Technology | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at Fair Value | $ 0 | ||
Other Intangible Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at Fair Value | 0 | ||
IPR&D [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at Fair Value | 0 | $ 450 | |
Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment in non-consolidated affiliates | (41) | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in nonconsolidated affiliates | 51 | ||
Fair Value, Nonrecurring [Member] | Developed Technology | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset Impairment Charges | (1) | ||
Fair Value, Nonrecurring [Member] | Other Intangible Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset Impairment Charges | (6) | ||
Fair Value, Nonrecurring [Member] | IPR&D [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at Fair Value | $ (137) | $ (85) |
Geographic Information Revenue
Geographic Information Revenue by Country (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net Sales | $ 3,207 | $ 1,863 | $ 5,191 | $ 3,956 | $ 2,983 | $ 1,911 | $ 5,556 | $ 3,396 | $ 14,217 | $ 13,846 | $ 14,287 | |
UNITED STATES | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net Sales | 6,510 | 6,255 | 6,725 | |||||||||
CANADA | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net Sales | 658 | 674 | 687 | |||||||||
EMEA | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net Sales | 2,842 | 2,740 | 2,765 | |||||||||
Asia Pacific | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net Sales | 1,402 | 1,288 | 1,293 | |||||||||
Latin America | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net Sales | [1] | 2,805 | 2,889 | 2,817 | ||||||||
BRAZIL | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net Sales | $ 1,724 | $ 1,794 | $ 1,732 | |||||||||
[1] | Net sales for Brazil for the years ended December 31, 2020, 2019 and 2018 were $1,724 million , |
Geographic Information Net Prop
Geographic Information Net Property by Country (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property | $ 4,396 | $ 4,546 | $ 4,544 |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property | 3,014 | 3,069 | 3,161 |
CANADA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property | 122 | 125 | 88 |
EMEA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property | 601 | 566 | 546 |
Asia Pacific | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property | 510 | 608 | 568 |
Latin America | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property | $ 149 | $ 178 | $ 181 |
Segment Reporting Segment Infor
Segment Reporting Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 01, 2019 | ||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net Sales | $ 3,207 | $ 1,863 | $ 5,191 | $ 3,956 | $ 2,983 | $ 1,911 | $ 5,556 | $ 3,396 | $ 14,217 | $ 13,846 | $ 14,287 | ||||
Segment Operating EBITDA | [1] | 2,212 | 2,106 | 2,213 | |||||||||||
Depreciation and Amortization | 1,599 | 2,790 | |||||||||||||
Segment Assets | 36,850 | 38,879 | [2] | 36,850 | 38,879 | [2] | 38,632 | ||||||||
Investments in nonconsolidated affiliates | 66 | 66 | 66 | 66 | |||||||||||
Payments to Acquire Property, Plant, and Equipment | 1,163 | 1,501 | |||||||||||||
Goodwill | 10,269 | 10,229 | 10,269 | 10,229 | 10,193 | $ 10,179 | |||||||||
Reallocation of goodwill [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Goodwill | 3,382 | ||||||||||||||
Operating Segments [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Depreciation and Amortization | 1,177 | 1,000 | 909 | ||||||||||||
Investments in nonconsolidated affiliates | 66 | 66 | 66 | 66 | 138 | ||||||||||
Payments to Acquire Property, Plant, and Equipment | 475 | 666 | 513 | ||||||||||||
Seed [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net Sales | 7,756 | 7,590 | 7,842 | ||||||||||||
Segment Operating EBITDA | 1,208 | 1,040 | 1,139 | ||||||||||||
Depreciation and Amortization | 798 | 628 | 534 | ||||||||||||
Segment Assets | 23,751 | 25,387 | [2] | 23,751 | 25,387 | [2] | 29,286 | ||||||||
Investments in nonconsolidated affiliates | 22 | 27 | 22 | 27 | 102 | ||||||||||
Payments to Acquire Property, Plant, and Equipment | 225 | 373 | 263 | ||||||||||||
Goodwill | 5,524 | 5,486 | 5,524 | 5,486 | 0 | 5,453 | |||||||||
Crop Protection [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net Sales | 6,461 | 6,256 | 6,445 | ||||||||||||
Segment Operating EBITDA | 1,004 | 1,066 | 1,074 | ||||||||||||
Depreciation and Amortization | 379 | 372 | 375 | ||||||||||||
Segment Assets | 13,099 | 13,492 | [2] | 13,099 | 13,492 | [2] | 9,346 | ||||||||
Investments in nonconsolidated affiliates | 44 | 39 | 44 | 39 | 36 | ||||||||||
Payments to Acquire Property, Plant, and Equipment | 250 | 293 | 250 | ||||||||||||
Goodwill | $ 4,745 | $ 4,743 | $ 4,745 | $ 4,743 | $ 0 | $ 4,726 | |||||||||
[1] | The years ended December 31, 2019 and December 31, 2018 are presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. | ||||||||||||||
[2] | On June 1, 2019, as a result of changes in reportable segments, $3,382 million of goodwill was reallocated from the seed reportable segment to the crop protection reportable segment. This change was not reflected in segment assets prior to June 1, 2019. |
Segment Reporting Segment Recon
Segment Reporting Segment Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2020 | [1] | Sep. 30, 2020 | Jun. 30, 2020 | [2] | Mar. 31, 2020 | [3],[4] | Dec. 31, 2019 | [5] | Sep. 30, 2019 | [6],[7] | Jun. 30, 2019 | [8] | Mar. 31, 2019 | [9] | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Income (Loss) from Continuing Operations After Taxes | $ 99 | $ (390) | $ 766 | $ 281 | $ (42) | $ (527) | $ 483 | $ (184) | $ 756 | $ (270) | $ (6,775) | ||||||||||
Benefit from income taxes on continuing operations | (81) | (46) | (31) | ||||||||||||||||||
Loss from Continuing Operations before Income Taxes | 675 | (316) | (6,806) | ||||||||||||||||||
Depreciation and Amortization | 1,599 | 2,790 | |||||||||||||||||||
Interest income | 56 | 59 | 86 | ||||||||||||||||||
Interest Expense | 45 | 136 | 337 | ||||||||||||||||||
Net exchange losses | [10],[11] | (174) | (99) | (127) | |||||||||||||||||
Non-operating pension and other post employment benefit credit (cost) | [12] | 368 | 191 | 275 | |||||||||||||||||
Goodwill Impairment Charge | 0 | 0 | 4,503 | ||||||||||||||||||
Significant items | 388 | 991 | 1,346 | ||||||||||||||||||
Pro forma adjustments | 298 | 2,003 | |||||||||||||||||||
Corporate Expenses | 125 | 119 | 141 | ||||||||||||||||||
Segment Operating EBITDA | [13] | 2,212 | 2,106 | 2,213 | |||||||||||||||||
Segment Reconciling Items [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Interest income | (56) | (59) | (86) | ||||||||||||||||||
Net exchange losses | [14] | 174 | 66 | 77 | |||||||||||||||||
Non-operating pension and other post employment benefit credit (cost) | (316) | (129) | (211) | ||||||||||||||||||
Significant items | (388) | (991) | [15] | (1,346) | [15] | ||||||||||||||||
Hedging Program [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Net exchange losses | 89 | (58) | 94 | ||||||||||||||||||
Hedging Program [Member] | Argentine peso devaluation [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Net exchange losses | (82) | (51) | (68) | ||||||||||||||||||
Hedging Program [Member] | Argentine peso devaluation [Member] | Segment Reconciling Items [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Net exchange losses | (33) | ||||||||||||||||||||
Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Net exchange losses | (50) | ||||||||||||||||||||
Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | Segment Reconciling Items [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Net exchange losses | [15],[16] | (50) | |||||||||||||||||||
Operating Segments [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Depreciation and Amortization | $ 1,177 | $ 1,000 | $ 909 | ||||||||||||||||||
[1] | Fourth quarter 2020 includes an after-tax benefit of $(182) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. | ||||||||||||||||||||
[2] | Second quarter 2020 includes an after-tax benefit of $(29) million due to an elective change in accounting method that alters the 2019 impact of the business separation on the 2017 Tax Cuts and Jobs Act's foreign tax provision. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||||
[3] | First quarter 2020 includes a $19 million after tax charge related to the impact of a state tax valuation allowance in the U.S. based on a change in judgment about the realizability of a deferred tax asset. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. | ||||||||||||||||||||
[4] | First quarter 2020 includes a loss of $(53) million recorded in other income - net related to the expected sale of the La Porte site, for which the company signed an agreement during the first quarter 2020. | ||||||||||||||||||||
[5] | Fourth quarter 2019 includes a tax benefit of $(34) million related to the impact of the release of a tax valuation allowance recorded against the net deferred tax asset position of a Switzerland legal entity. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||||
[6] | Third quarter 2019 includes a $33 million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. | ||||||||||||||||||||
[7] | Third quarter 2019 includes a tax benefit of $(38) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||||
[8] | Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 related to the retirement of some of the company's debt. See Note 17 - Long-Term Debt and Available Credit Facilities, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||||
[9] | First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. | ||||||||||||||||||||
[10] | Includes a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, which is included within significant items. | ||||||||||||||||||||
[11] | Includes net pre-tax exchange losses of $(82) million, $(51) million and $(68) million associated with the devaluation of the Argentine peso for the years ended December 31, 2020, 2019 and 2018, respectively. | ||||||||||||||||||||
[12] | 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 (loss) gain). | ||||||||||||||||||||
[13] | The years ended December 31, 2019 and December 31, 2018 are presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. | ||||||||||||||||||||
[14] | Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as they are included within significant items. See Note 9 - Supplementary Information, to the Consolidated Financial Statements, for additional information. | ||||||||||||||||||||
[15] | The years ended December 31, 2019 and December 31, 2018 are presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. | ||||||||||||||||||||
[16] | Includes a foreign exchange loss recorded in other income (expense) - net related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
Segment Reporting Segment Asset
Segment Reporting Segment Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Segment Reporting Information [Line Items] | |||||
Segment Assets | $ 36,850 | $ 38,879 | [1] | $ 38,632 | |
Corporate Assets | 5,799 | 3,518 | 4,417 | ||
Assets | $ 42,649 | $ 42,397 | 108,683 | ||
Assets of discontinued operations - current [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | [2] | $ 65,634 | |||
[1] | On June 1, 2019, as a result of changes in reportable segments, $3,382 million of goodwill was reallocated from the seed reportable segment to the crop protection reportable segment. This change was not reflected in segment assets prior to June 1, 2019. | ||||
[2] | See Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information on discontinued operations. |
Segment Reporting Other Items (
Segment Reporting Other Items (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and Amortization | $ 1,599 | $ 2,790 | ||
Investments in nonconsolidated affiliates | $ 66 | 66 | ||
Payments to Acquire Property, Plant, and Equipment | 1,163 | 1,501 | ||
Operating Segments [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and Amortization | 1,177 | 1,000 | 909 | |
Investments in nonconsolidated affiliates | 66 | 66 | 138 | |
Payments to Acquire Property, Plant, and Equipment | $ 475 | 666 | 513 | |
Discontinued Operations [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and Amortization | [1] | 599 | 1,881 | |
Payments to Acquire Property, Plant, and Equipment | [1] | $ 497 | $ 988 | |
[1] | See Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information |
Segment Reporting Sig Items (De
Segment Reporting Sig Items (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2020 | [1] | Sep. 30, 2020 | [1] | Jun. 30, 2020 | [1] | Mar. 31, 2020 | [1] | Dec. 31, 2019 | [1] | Sep. 30, 2019 | [1] | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Integration and Separation Costs | $ 50 | $ 152 | $ 330 | [1] | $ 212 | [1] | $ 0 | $ 744 | $ 992 | |||||||||||||
Pre-tax exchange (loss) gain | [2],[3] | (174) | (99) | (127) | ||||||||||||||||||
Loss on Extinguishment of Debt | (13) | 0 | (13) | [4] | (81) | [4] | ||||||||||||||||
Significant items | 388 | 991 | 1,346 | |||||||||||||||||||
Restructuring and asset related charges- net | $ 37 | $ 49 | $ 179 | $ 70 | $ 55 | $ 46 | $ 60 | [1] | 61 | [1] | 335 | 222 | 694 | |||||||||
Sale of JV [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | $ (24) | |||||||||||||||||||||
Hedging Program [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Pre-tax exchange (loss) gain | 89 | (58) | 94 | |||||||||||||||||||
Hedging Program [Member] | Argentine peso devaluation [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Pre-tax exchange (loss) gain | (82) | (51) | (68) | |||||||||||||||||||
Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Pre-tax exchange (loss) gain | (50) | |||||||||||||||||||||
Segment Reconciling Items [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Integration and Separation Costs | [5],[6] | (632) | (571) | |||||||||||||||||||
Gain (Loss) on Disposition of Assets | [6],[7] | (24) | ||||||||||||||||||||
Pre-tax exchange (loss) gain | [8] | 174 | 66 | 77 | ||||||||||||||||||
Business Combination, Fair Value Step-Up Of Acquired Inventory, Amount recognized in Cost of Goods sold | [6],[9] | (67) | ||||||||||||||||||||
Loss on Extinguishment of Debt | [6],[10] | (13) | ||||||||||||||||||||
Argentine Peso Devaluation | [6],[11] | (33) | ||||||||||||||||||||
Significant items | (388) | (991) | [6] | (1,346) | [6] | |||||||||||||||||
Restructuring and asset related charges- net | [12] | (335) | (222) | [6] | (694) | [6] | ||||||||||||||||
Segment Reconciling Items [Member] | Seed [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Business Combination, Fair Value Step-Up Of Acquired Inventory, Amount recognized in Cost of Goods sold | [6],[9] | (67) | ||||||||||||||||||||
Significant items | (165) | (304) | [6] | (399) | [6] | |||||||||||||||||
Restructuring and asset related charges- net | [12] | (165) | (213) | [6] | (368) | [6] | ||||||||||||||||
Segment Reconciling Items [Member] | Crop Protection [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Significant items | (162) | (23) | [6] | (58) | [6] | |||||||||||||||||
Restructuring and asset related charges- net | [12] | (109) | (23) | [6] | (58) | [6] | ||||||||||||||||
Segment Reconciling Items [Member] | Corporate, Non-Segment [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Integration and Separation Costs | [5],[6] | (632) | (571) | |||||||||||||||||||
Loss on Extinguishment of Debt | [6],[10] | (13) | ||||||||||||||||||||
Argentine Peso Devaluation | [6],[11] | (33) | ||||||||||||||||||||
Significant items | (61) | (664) | [6] | (889) | [6] | |||||||||||||||||
Restructuring and asset related charges- net | [12] | (61) | 14 | [6] | (268) | [6] | ||||||||||||||||
Segment Reconciling Items [Member] | Sale of JV [Member] | Seed [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | [6],[7] | (24) | ||||||||||||||||||||
Segment Reconciling Items [Member] | Asset sale [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | [6],[13] | 24 | ||||||||||||||||||||
Segment Reconciling Items [Member] | Asset sale [Member] | Seed [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | [6],[13] | 24 | ||||||||||||||||||||
Segment Reconciling Items [Member] | Deconsolidation of a subsidiary [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | [6],[14] | (53) | ||||||||||||||||||||
Segment Reconciling Items [Member] | Deconsolidation of a subsidiary [Member] | Seed [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | [6],[14] | (53) | ||||||||||||||||||||
Segment Reconciling Items [Member] | Other loss on sale [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | [6],[15] | (2) | ||||||||||||||||||||
Segment Reconciling Items [Member] | Other loss on sale [Member] | Seed [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | [6],[15] | (2) | ||||||||||||||||||||
Segment Reconciling Items [Member] | La Porte | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | [16] | (53) | ||||||||||||||||||||
Segment Reconciling Items [Member] | La Porte | Crop Protection [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | [16] | $ (53) | ||||||||||||||||||||
Segment Reconciling Items [Member] | Hedging Program [Member] | Argentine peso devaluation [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Pre-tax exchange (loss) gain | $ (33) | |||||||||||||||||||||
Segment Reconciling Items [Member] | Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Pre-tax exchange (loss) gain | [6],[17] | (50) | ||||||||||||||||||||
Segment Reconciling Items [Member] | Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | Corporate, Non-Segment [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Pre-tax exchange (loss) gain | [6],[17] | $ (50) | ||||||||||||||||||||
[1] | See Note 2 - Summary of Significant Accounting Polices, Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, to the Consolidated Financial Statements for additional information related to integration and separation costs, restructuring and asset related charges - net, and discontinued operations, respectively. | |||||||||||||||||||||
[2] | Includes a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, which is included within significant items. | |||||||||||||||||||||
[3] | Includes net pre-tax exchange losses of $(82) million, $(51) million and $(68) million associated with the devaluation of the Argentine peso for the years ended December 31, 2020, 2019 and 2018, respectively. | |||||||||||||||||||||
[4] | The cash flows for the years ended December 31, 2018 and 2019 includes cash flows of EID's ECP and Specialty Products Entities. | |||||||||||||||||||||
[5] | Integration and separation costs include costs incurred to prepare for and close the Merger, post-Merger integration expenses, and costs incurred to prepare for the Internal Reorganizations. Beginning in the second quarter of 2019, this includes both integration and separation costs. | |||||||||||||||||||||
[6] | The years ended December 31, 2019 and December 31, 2018 are presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. | |||||||||||||||||||||
[7] | Includes a loss recorded in other income - net related to DAS's sale of a joint venture related to synergy actions. | |||||||||||||||||||||
[8] | Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as they are included within significant items. See Note 9 - Supplementary Information, to the Consolidated Financial Statements, for additional information. | |||||||||||||||||||||
[9] | Includes a charge related to the amortization of the inventory that was stepped up to fair value in connection with the Merger. | |||||||||||||||||||||
[10] | Includes a loss on early extinguishment of debt related to the difference between the redemption price and the par value of the Make Whole Notes and Term Loan Facility, partially offset by the write-off of unamortized step-up related to the fair value step-up of EID's debt. | |||||||||||||||||||||
[11] | Includes a charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. Throughout the three months ended September 30, 2019, the Argentine Peso dropped approximately a third of its value against the US dollar and in September of 2019, the country’s central bank announced new restrictions on foreign currency transactions. | |||||||||||||||||||||
[12] | Includes Board approved restructuring plans and asset related charges as well as accelerated prepaid amortization. See Note 7 - Restructuring and Asset Related Charges - Net, to the Consolidated Financial Statements, for additional information. | |||||||||||||||||||||
[13] | Includes a gain recorded in other income (expense) - net related to an asset sale. | |||||||||||||||||||||
[14] | Includes a loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary. | |||||||||||||||||||||
[15] | Includes a loss recorded in other income (expense) - net related to an asset sale. | |||||||||||||||||||||
[16] | Includes a loss recorded in other income - net related to the expected sale of the La Porte site. | |||||||||||||||||||||
[17] | Includes a foreign exchange loss recorded in other income (expense) - net related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
Quaterly Financial Data Quarter
Quaterly Financial Data Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||||
Net Sales | $ 3,207 | $ 1,863 | $ 5,191 | $ 3,956 | $ 2,983 | $ 1,911 | $ 5,556 | $ 3,396 | $ 14,217 | $ 13,846 | $ 14,287 | ||||||||
Cost of Goods Sold | 2,112 | 1,297 | 2,829 | 2,269 | 1,968 | [1] | 1,349 | [1] | 3,047 | [1] | 2,211 | [1] | 8,507 | 8,575 | 9,948 | ||||
Restructuring and asset related charges- net | 37 | [2] | 49 | [2] | 179 | [2] | 70 | [2] | 55 | [2] | 46 | [2] | 60 | [2] | 61 | [2] | 335 | 222 | 694 |
Integration and Separation Costs | 50 | [2] | 152 | [2] | 330 | [2] | 212 | [2] | 0 | 744 | 992 | ||||||||
Goodwill Impairment Charge | 0 | 0 | 4,503 | ||||||||||||||||
(Loss) income from continuing operations after income taxes | 99 | [3] | (390) | 766 | [4] | 281 | [5],[6] | (42) | [7] | (527) | [8],[9] | 483 | [10] | (184) | [11] | 756 | (270) | (6,775) | |
Net (loss) income attributable to Company | $ 41 | [2] | $ (392) | [2] | $ 760 | [2] | $ 272 | [2] | $ (21) | [2] | $ (494) | [2] | $ (608) | [2] | $ 164 | [2] | $ 681 | $ (959) | $ (5,065) |
(Loss) earnings per common share, continuing operations - basic | $ 0.13 | [12] | $ (0.52) | [12] | $ 1.01 | [12] | $ 0.36 | [12] | $ (0.06) | [12] | $ (0.69) | [12] | $ 0.63 | [12] | $ (0.26) | [12] | $ 0.98 | $ (0.38) | $ (9.08) |
(Loss) earnings per common share, continuing operations - diluted | $ 0.13 | [12] | $ (0.52) | [12] | $ 1.01 | [12] | $ 0.36 | [12] | $ (0.06) | [12] | $ (0.69) | [12] | $ 0.63 | [12] | $ (0.26) | [12] | $ 0.98 | $ (0.38) | $ (9.08) |
[1] | Includes charges of $205 million, $52 million, and $15 million for the first quarter 2019, second quarter 2019, and third quarter 2019, respectively, related to the amortization of inventory step-up as a result of the Merger. | ||||||||||||||||||
[2] | See Note 2 - Summary of Significant Accounting Polices, Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, to the Consolidated Financial Statements for additional information related to integration and separation costs, restructuring and asset related charges - net, and discontinued operations, respectively. | ||||||||||||||||||
[3] | Fourth quarter 2020 includes an after-tax benefit of $(182) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. | ||||||||||||||||||
[4] | Second quarter 2020 includes an after-tax benefit of $(29) million due to an elective change in accounting method that alters the 2019 impact of the business separation on the 2017 Tax Cuts and Jobs Act's foreign tax provision. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||
[5] | First quarter 2020 includes a $19 million after tax charge related to the impact of a state tax valuation allowance in the U.S. based on a change in judgment about the realizability of a deferred tax asset. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. | ||||||||||||||||||
[6] | First quarter 2020 includes a loss of $(53) million recorded in other income - net related to the expected sale of the La Porte site, for which the company signed an agreement during the first quarter 2020. | ||||||||||||||||||
[7] | Fourth quarter 2019 includes a tax benefit of $(34) million related to the impact of the release of a tax valuation allowance recorded against the net deferred tax asset position of a Switzerland legal entity. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||
[8] | Third quarter 2019 includes a $33 million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. | ||||||||||||||||||
[9] | Third quarter 2019 includes a tax benefit of $(38) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||
[10] | Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 related to the retirement of some of the company's debt. See Note 17 - Long-Term Debt and Available Credit Facilities, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||
[11] | First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. | ||||||||||||||||||
[12] | Earnings per share for the year may not equal the sum of quarterly earnings per share due to rounding and the changes in average share calculations. |
Quaterly Financial Data Quart_2
Quaterly Financial Data Quarterly Financial Data (Parentheticals) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Loss on Extinguishment of Debt | $ (13) | $ 0 | $ (13) | [1] | $ (81) | [1] | |||||||
Net after-tax exchange (loss) gain | (161) | (84) | (179) | ||||||||||
Hedging Program [Member] | |||||||||||||
Net after-tax exchange (loss) gain | $ 68 | (45) | 73 | ||||||||||
Hedging Program [Member] | Argentine peso devaluation [Member] | |||||||||||||
Other Tax (Benefit) Expense | $ 33 | ||||||||||||
Merger with Dow [Member] | |||||||||||||
Business Combination, Fair Value Step-Up Of Acquired Inventory, Amount recognized in Cost of Goods sold | 15 | $ 52 | $ 205 | 272 | $ 1,554 | ||||||||
Sale of JV [Member] | |||||||||||||
Gain (Loss) on Disposition of Assets | $ (24) | ||||||||||||
Swiss VA [Member] | |||||||||||||
Other Tax (Benefit) Expense | $ (34) | (34) | |||||||||||
Change in accounting method [Member] | |||||||||||||
Other Tax (Benefit) Expense | $ (29) | ||||||||||||
State Tax Valuation Allowance [Member] | |||||||||||||
Other Tax (Benefit) Expense | $ 19 | ||||||||||||
Segment Reconciling Items [Member] | |||||||||||||
Gain (Loss) on Disposition of Assets | [2],[3] | (24) | |||||||||||
Business Combination, Fair Value Step-Up Of Acquired Inventory, Amount recognized in Cost of Goods sold | [3],[4] | (67) | |||||||||||
Loss on Extinguishment of Debt | [3],[5] | $ (13) | |||||||||||
La Porte | |||||||||||||
Gain (Loss) on Disposition of Assets | $ (53) | ||||||||||||
Swiss Tax Reform [Member] | |||||||||||||
Other Tax (Benefit) Expense | $ (182) | $ (38) | |||||||||||
[1] | The cash flows for the years ended December 31, 2018 and 2019 includes cash flows of EID's ECP and Specialty Products Entities. | ||||||||||||
[2] | Includes a loss recorded in other income - net related to DAS's sale of a joint venture related to synergy actions. | ||||||||||||
[3] | The years ended December 31, 2019 and December 31, 2018 are presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. | ||||||||||||
[4] | Includes a charge related to the amortization of the inventory that was stepped up to fair value in connection with the Merger. | ||||||||||||
[5] | Includes a loss on early extinguishment of debt related to the difference between the redemption price and the par value of the Make Whole Notes and Term Loan Facility, partially offset by the write-off of unamortized step-up related to the fair value step-up of EID's debt. |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 09, 2021USD ($) | Feb. 01, 2021USD ($) | Dec. 31, 2020USD ($) |
Minimum [Member] | |||
Subsequent Event [Line Items] | |||
Restructuring and Related Cost, Expected Cost | $ 130,000,000 | ||
Future Cash Payments | 90,000,000 | ||
Maximum [Member] | |||
Subsequent Event [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 170,000,000 | ||
Future Cash Payments | 110,000,000 | ||
Employee Severance [Member] | Minimum [Member] | |||
Subsequent Event [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 40,000,000 | ||
Employee Severance [Member] | Maximum [Member] | |||
Subsequent Event [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 50,000,000 | ||
Asset Related Charges [Member] | Minimum [Member] | |||
Subsequent Event [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 40,000,000 | ||
Asset Related Charges [Member] | Maximum [Member] | |||
Subsequent Event [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 60,000,000 | ||
Asset Retirement Obligation Costs [Member] | Minimum [Member] | |||
Subsequent Event [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 10,000,000 | ||
Asset Retirement Obligation Costs [Member] | Maximum [Member] | |||
Subsequent Event [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 15,000,000 | ||
Contract Termination [Member] | Minimum [Member] | |||
Subsequent Event [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 40,000,000 | ||
Contract Termination [Member] | Maximum [Member] | |||
Subsequent Event [Line Items] | |||
Restructuring and Related Cost, Expected Cost | $ 45,000,000 | ||
Post-MDL Settlement PFOA Personal Injury Claims [Domain] | Settled Litigation [Member] | PFOA Matters: Drinking Water Actions [Member] | |||
Subsequent Event [Line Items] | |||
Loss Contingency, Pending Claims, Number | 95 | ||
Securities Sold under Agreements to Repurchase [Member] | |||
Subsequent Event [Line Items] | |||
Short-term Debt | $ 1,000,000,000 | ||
Percentage of outstanding amounts borrowed utilized as collateral | 105.00% | ||
Interest rate in addition to LIBOR | 0.85% |
EID Basis of Presentation (Deta
EID Basis of Presentation (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Feb. 04, 2021 | Dec. 31, 2019 | Jun. 01, 2019 | |
Common Stock, Shares, Outstanding | 743,458,000 | 748,577,000 | 748,815,000 | |
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 | $ 0.30 | |
Corteva [Member] | EID [Member] | ||||
Ownership interest in an entity | 100.00% |
EID Related Party (Details)
EID Related Party (Details) - EID [Member] - Corteva [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | ||
Long-Term Debt - Related Party | $ 3,459 | $ 4,021 |
Debt, Weighted Average Interest Rate | 1.62% | 3.27% |
Interest Expense, Related Party | $ 100 | $ 106 |
Interest Paid on Related Party Long-Term Debt | 105 | 100 |
Accrued and Other Current Liabilities [Member] | ||
Related Party Transaction [Line Items] | ||
CTVA Related Party Liability | 92 | 119 |
Other Noncurrent Obligations [Member] | ||
Related Party Transaction [Line Items] | ||
CTVA Related Party Liability | $ 92 | $ 154 |
EID Income Taxes Geographic All
EID Income Taxes Geographic Allocation (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Loss from Continuing Operations before Income Taxes | $ 675 | $ (316) | $ (6,806) | ||
Benefit from income taxes on continuing operations | (81) | (46) | (31) | ||
Net income (loss) from continuing operations after income taxes | 701 | (941) | [1] | (5,027) | [1] |
Continuing Operations [Member] | |||||
Loss from Continuing Operations before Income Taxes, Domestic | (83) | (1,352) | (5,040) | ||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 758 | 1,036 | (1,766) | ||
Loss from Continuing Operations before Income Taxes | 675 | (316) | (6,806) | ||
Current Federal Tax (Benefit) Expense | 28 | (11) | (112) | ||
Current State and Local Tax Expense (Benefit) | 9 | 1 | (32) | ||
Current Foreign Tax Expense | 222 | 317 | 446 | ||
Total current tax expense (benefit) | 259 | 307 | 302 | ||
Deferred Federal Income Tax (Benefit) Expense | (116) | (392) | (124) | ||
Deferred State and Local Income Tax Expense (Benefit) | 27 | 156 | (39) | ||
Deferred Foreign Income Tax Benefit | (251) | (117) | (170) | ||
Total deferred tax (benefit) expense | (340) | (353) | (333) | ||
Benefit from income taxes on continuing operations | (81) | (46) | (31) | ||
EID [Member] | |||||
Loss from Continuing Operations before Income Taxes | 575 | (422) | (6,806) | ||
Benefit from income taxes on continuing operations | (105) | (71) | (31) | ||
Net income (loss) from continuing operations after income taxes | 625 | (1,022) | [2] | (5,027) | [2] |
EID [Member] | Continuing Operations [Member] | |||||
Loss from Continuing Operations before Income Taxes, Domestic | (183) | (1,458) | (5,040) | ||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 758 | 1,036 | (1,766) | ||
Loss from Continuing Operations before Income Taxes | 575 | (422) | (6,806) | ||
Current Federal Tax (Benefit) Expense | 8 | (11) | (112) | ||
Current State and Local Tax Expense (Benefit) | 5 | 1 | (32) | ||
Current Foreign Tax Expense | 222 | 317 | 446 | ||
Total current tax expense (benefit) | 235 | 307 | 302 | ||
Deferred Federal Income Tax (Benefit) Expense | (116) | (417) | (124) | ||
Deferred State and Local Income Tax Expense (Benefit) | 27 | 156 | (39) | ||
Deferred Foreign Income Tax Benefit | (251) | (117) | (170) | ||
Total deferred tax (benefit) expense | (340) | (378) | (333) | ||
Benefit from income taxes on continuing operations | (105) | (71) | (31) | ||
Net income (loss) from continuing operations after income taxes | $ 680 | $ (351) | $ (6,775) | ||
[1] | The cash flows for the years ended December 31, 2018 and 2019 includes cash flows of EID's ECP and Specialty Products Entities. | ||||
[2] | The cash flows for the year ended December 31, 2018 and 2019 includes cash flows of EID's ECP and Specialty Products Entities |
EID Income Taxes Rate Reconcili
EID Income Taxes Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Brazil Valuation Allowance [Member] | |||||
Other Tax (Benefit) Expense | $ 75 | ||||
Continuing Operations [Member] | |||||
Statutory U.S. federal income tax rate | 21.00% | 21.00% | 21.00% | ||
Effective tax rates on international operations - net | [1] | (13.90%) | (18.40%) | 0.40% | |
Acquisitions, divestitures, and ownership restructuring activities | [2],[3],[4] | (0.30%) | (10.70%) | (2.30%) | |
U.S. research and development credit | (2.90%) | 7.00% | 0.10% | ||
Exchange gains/losses | [5] | 3.50% | (1.80%) | (1.30%) | |
State and Local Income Taxes | 4.00% | 3.20% | 0.50% | ||
SAB 118 Impact of Enactment of U.S. Tax Reform | [6] | 0.00% | 0.00% | (3.00%) | |
Impact of Swiss Tax Reform | [7] | (27.00%) | 11.90% | 0.00% | |
Excess tax benefits (tax deficiency) from stock-compensation | 1.00% | (0.60%) | 0.10% | ||
Tax settlements and expiration of statue of limitations | 0.40% | 3.90% | (0.10%) | ||
Goodwill impairment | [8] | 0.00% | 0.00% | (15.20%) | |
Other, net | 2.20% | (0.90%) | 0.30% | ||
Effective Income Tax Rate | (12.00%) | 14.60% | 0.50% | ||
Tax benefit related to an internal legal entity restructuring associated with the Business Separations | $ 25 | ||||
Continuing Operations [Member] | Repatriation Accrual [Member] | |||||
Other Tax (Benefit) Expense | 50 | ||||
Continuing Operations [Member] | Tax benefit (charge) related to The Act [Member] | |||||
Other Tax (Benefit) Expense | 164 | ||||
Continuing Operations [Member] | Swiss Tax Reform [Member] | |||||
Other Tax (Benefit) Expense | $ (182) | $ (38) | |||
Continuing Operations [Member] | Brazil Valuation Allowance [Member] | |||||
Other Tax (Benefit) Expense | $ 75 | ||||
EID [Member] | Continuing Operations [Member] | |||||
Statutory U.S. federal income tax rate | 21.00% | 21.00% | 21.00% | ||
Effective tax rates on international operations - net | [9] | (16.40%) | (13.80%) | 0.40% | |
Acquisitions, divestitures, and ownership restructuring activities | [10],[11],[12] | (0.30%) | (8.00%) | (2.30%) | |
U.S. research and development credit | (3.40%) | 5.20% | 0.10% | ||
Exchange gains/losses | [13] | 4.10% | (1.30%) | (1.30%) | |
State and Local Income Taxes | 4.20% | 3.00% | 0.50% | ||
SAB 118 Impact of Enactment of U.S. Tax Reform | [14] | 0.00% | 0.00% | (3.00%) | |
Impact of Swiss Tax Reform | [15] | (31.70%) | 8.90% | 0.00% | |
Excess tax benefits (tax deficiency) from stock-compensation | 1.20% | (0.50%) | 0.10% | ||
Tax settlements and expiration of statue of limitations | 0.40% | 2.90% | (0.10%) | ||
Goodwill impairment | 0.00% | 0.00% | (15.20%) | [16] | |
Other, net | 2.60% | (0.60%) | 0.30% | ||
Effective Income Tax Rate | (18.30%) | 16.80% | 0.50% | ||
EID [Member] | Continuing Operations [Member] | Repatriation Accrual [Member] | |||||
Other Tax (Benefit) Expense | $ 50 | ||||
EID [Member] | Continuing Operations [Member] | Tax benefit (charge) related to The Act [Member] | |||||
Other Tax (Benefit) Expense | $ (51) | 232 | |||
EID [Member] | Continuing Operations [Member] | Swiss Tax Reform [Member] | |||||
Other Tax (Benefit) Expense | $ (182) | $ (38) | |||
EID [Member] | Continuing Operations [Member] | Brazil Valuation Allowance [Member] | |||||
Other Tax (Benefit) Expense | 75 | ||||
EID [Member] | Continuing Operations [Member] | Internal Entity Restructuring [Member] | |||||
Other Tax (Benefit) Expense | $ 25 | ||||
[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 $(51) million for the year ended December 31, 2020, related to a return to accrual adjustment associated with an elective change in accounting method for the 2019 tax year impact of The Act's foreign tax provisions. | ||||
[2] | Includes a net tax charge of $25 million for the year ended December 31, 2018 related to an internal legal entity restructuring associated with the Business Separations. | ||||
[3] | Includes a net tax charge of $50 million related to repatriation activities to facilitate the Business Separations for the year ended December 31, 2018. | ||||
[4] | See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information. | ||||
[5] | Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, under the heading Foreign Currency Risk. | ||||
[6] | Reflects a net tax charge of $164 million associated with the company's completion of the accounting for the tax effects of The Act for the year ended December 31, 2018. | ||||
[7] | Reflects tax benefits of $(182) million primarily driven by the recognition of an elective cantonal component of the recent enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform") for the year ended December 31, 2020. Reflects tax benefits of $(38) million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"), for the year ended December 31, 2019. | ||||
[8] | Reflects the impact of the non-tax-deductible, non-cash impairment charge for the agriculture reporting unit and corresponding $75 million tax charge associated with a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil for the year ended December 31, 2018. | ||||
[9] | 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 $(51) million for the year ended December 31, 2020, related to a return to accrual adjustment associated with an elective change in accounting method that alters the 2019 impact of The Act's foreign tax provisions. | ||||
[10] | Includes a net tax charge of $25 million for the year ended December 31, 2018 related to an internal legal entity restructuring associated with the Business Separations. | ||||
[11] | Includes a net tax charge of $50 million related to repatriation activities to facilitate the Business Separations for the year ended December 31, 2018. | ||||
[12] | See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, of the Corteva, Inc. Consolidated Financial Statements for additional information. | ||||
[13] | Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, of the Corteva, Inc. Consolidated Financial Statements under the heading Foreign Currency Risk. | ||||
[14] | Reflects a net tax charge of $232 million associated with the company's completion of the accounting for the tax effects of The Act for the year ended December 31, 2018. | ||||
[15] | Reflects tax benefits of $(182) million primarily driven by the recognition of an elective cantonal component of the recent enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform") for the year ended December 31, 2020. Reflects tax benefits of $(38) million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"), for the year ended December 31, 2019. | ||||
[16] | Reflects the impact of the non-tax-deductible, non-cash impairment charge for the agriculture reporting unit and corresponding $75 million tax charge associated with a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil for the year ended December 31, 2018. |
EID Segment FN Segment Reconcil
EID Segment FN Segment Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||
Income (Loss) from Continuing Operations After Taxes | $ 99 | [1] | $ (390) | $ 766 | [2] | $ 281 | [3],[4] | $ (42) | [5] | $ (527) | [6],[7] | $ 483 | [8] | $ (184) | [9] | $ 756 | $ (270) | $ (6,775) | |||
Benefit from income taxes on continuing operations | (81) | (46) | (31) | ||||||||||||||||||
Loss from Continuing Operations before Income Taxes | 675 | (316) | (6,806) | ||||||||||||||||||
Depreciation and Amortization | 1,599 | 2,790 | |||||||||||||||||||
Interest income | 56 | 59 | 86 | ||||||||||||||||||
Interest Expense | 45 | 136 | 337 | ||||||||||||||||||
Net exchange losses | [10],[11] | (174) | (99) | (127) | |||||||||||||||||
Goodwill Impairment Charge | 0 | 0 | 4,503 | ||||||||||||||||||
Significant items | 388 | 991 | 1,346 | ||||||||||||||||||
Pro forma adjustments | 298 | 2,003 | |||||||||||||||||||
Corporate Expenses | 125 | 119 | 141 | ||||||||||||||||||
Segment Operating EBITDA | [12] | 2,212 | 2,106 | 2,213 | |||||||||||||||||
EID [Member] | |||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||
Income (Loss) from Continuing Operations After Taxes | $ 85 | $ (404) | $ 742 | $ 257 | $ (70) | $ (557) | $ 460 | $ (184) | 680 | (351) | (6,775) | ||||||||||
Benefit from income taxes on continuing operations | (105) | (71) | (31) | ||||||||||||||||||
Loss from Continuing Operations before Income Taxes | 575 | (422) | (6,806) | ||||||||||||||||||
Depreciation and Amortization | 1,177 | 1,000 | 909 | ||||||||||||||||||
Interest Expense | 145 | 242 | 337 | ||||||||||||||||||
Non-operating benefits - net | (316) | (129) | (211) | ||||||||||||||||||
Goodwill Impairment Charge | 0 | 0 | 4,503 | ||||||||||||||||||
Significant items | 388 | 991 | 1,346 | ||||||||||||||||||
Pro forma adjustments | 298 | 2,003 | |||||||||||||||||||
Corporate Expenses | 125 | 119 | 141 | ||||||||||||||||||
Segment Operating EBITDA | [13] | 2,212 | 2,106 | 2,213 | |||||||||||||||||
Segment Reconciling Items [Member] | |||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||
Interest income | (56) | (59) | (86) | ||||||||||||||||||
Net exchange losses | [14] | 174 | 66 | 77 | |||||||||||||||||
Significant items | (388) | (991) | [15] | (1,346) | [15] | ||||||||||||||||
Segment Reconciling Items [Member] | EID [Member] | |||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||
Interest income | (56) | (59) | (86) | ||||||||||||||||||
Net exchange losses | [16] | 174 | 66 | 77 | |||||||||||||||||
Hedging Program [Member] | |||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||
Net exchange losses | 89 | (58) | 94 | ||||||||||||||||||
Hedging Program [Member] | Argentine peso devaluation [Member] | |||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||
Net exchange losses | (82) | (51) | (68) | ||||||||||||||||||
Hedging Program [Member] | Argentine peso devaluation [Member] | EID [Member] | |||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||
Net exchange losses | (33) | ||||||||||||||||||||
Hedging Program [Member] | Argentine peso devaluation [Member] | Segment Reconciling Items [Member] | |||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||
Net exchange losses | (33) | ||||||||||||||||||||
Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | |||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||
Net exchange losses | (50) | ||||||||||||||||||||
Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | EID [Member] | |||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||
Net exchange losses | (50) | ||||||||||||||||||||
Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | Segment Reconciling Items [Member] | |||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||
Net exchange losses | [15],[17] | (50) | |||||||||||||||||||
Corporate, Non-Segment [Member] | Segment Reconciling Items [Member] | |||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||
Significant items | (61) | (664) | [15] | (889) | [15] | ||||||||||||||||
Corporate, Non-Segment [Member] | Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | Segment Reconciling Items [Member] | |||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||
Net exchange losses | [15],[17] | (50) | |||||||||||||||||||
Crop Protection [Member] | |||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||
Depreciation and Amortization | 379 | 372 | 375 | ||||||||||||||||||
Segment Operating EBITDA | 1,004 | 1,066 | 1,074 | ||||||||||||||||||
Crop Protection [Member] | Segment Reconciling Items [Member] | |||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||
Significant items | $ (162) | $ (23) | [15] | $ (58) | [15] | ||||||||||||||||
[1] | Fourth quarter 2020 includes an after-tax benefit of $(182) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. | ||||||||||||||||||||
[2] | Second quarter 2020 includes an after-tax benefit of $(29) million due to an elective change in accounting method that alters the 2019 impact of the business separation on the 2017 Tax Cuts and Jobs Act's foreign tax provision. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||||
[3] | First quarter 2020 includes a $19 million after tax charge related to the impact of a state tax valuation allowance in the U.S. based on a change in judgment about the realizability of a deferred tax asset. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. | ||||||||||||||||||||
[4] | First quarter 2020 includes a loss of $(53) million recorded in other income - net related to the expected sale of the La Porte site, for which the company signed an agreement during the first quarter 2020. | ||||||||||||||||||||
[5] | Fourth quarter 2019 includes a tax benefit of $(34) million related to the impact of the release of a tax valuation allowance recorded against the net deferred tax asset position of a Switzerland legal entity. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||||
[6] | Third quarter 2019 includes a $33 million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. | ||||||||||||||||||||
[7] | Third quarter 2019 includes a tax benefit of $(38) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||||
[8] | Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 related to the retirement of some of the company's debt. See Note 17 - Long-Term Debt and Available Credit Facilities, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||||
[9] | First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. | ||||||||||||||||||||
[10] | Includes a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, which is included within significant items. | ||||||||||||||||||||
[11] | Includes net pre-tax exchange losses of $(82) million, $(51) million and $(68) million associated with the devaluation of the Argentine peso for the years ended December 31, 2020, 2019 and 2018, respectively. | ||||||||||||||||||||
[12] | The years ended December 31, 2019 and December 31, 2018 are presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. | ||||||||||||||||||||
[13] | The years ended December 31, 2019 and December 31, 2018 are presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. | ||||||||||||||||||||
[14] | Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as they are included within significant items. See Note 9 - Supplementary Information, to the Consolidated Financial Statements, for additional information. | ||||||||||||||||||||
[15] | The years ended December 31, 2019 and December 31, 2018 are presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. | ||||||||||||||||||||
[16] | Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as they are included within significant items. See Note 9 - Supplementary Information, of the Corteva, Inc. Consolidated Financial Statements for additional information. | ||||||||||||||||||||
[17] | Includes a foreign exchange loss recorded in other income (expense) - net related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
EID Segment FN Segment Asset Re
EID Segment FN Segment Asset Reconciliation (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Segment Reporting Information [Line Items] | |||||
Segment Assets | $ 36,850 | $ 38,879 | [1] | $ 38,632 | |
Corporate Assets | 5,799 | 3,518 | 4,417 | ||
Assets | 42,649 | 42,397 | 108,683 | ||
Assets of discontinued operations - current [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | [2] | $ 65,634 | |||
EID [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | $ 42,649 | $ 42,397 | |||
[1] | On June 1, 2019, as a result of changes in reportable segments, $3,382 million of goodwill was reallocated from the seed reportable segment to the crop protection reportable segment. This change was not reflected in segment assets prior to June 1, 2019. | ||||
[2] | See Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information on discontinued operations. |
EID Quarterly FN (Details)
EID Quarterly FN (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||||||||||
(Loss) income from continuing operations after income taxes | $ 99 | [1] | $ (390) | $ 766 | [2] | $ 281 | [3],[4] | $ (42) | [5] | $ (527) | [6],[7] | $ 483 | [8] | $ (184) | [9] | $ 756 | $ (270) | $ (6,775) | |
Net (loss) income attributable to Company | 41 | [10] | (392) | [10] | 760 | [10] | 272 | [10] | (21) | [10] | (494) | [10] | (608) | [10] | 164 | [10] | 681 | (959) | (5,065) |
EID [Member] | |||||||||||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||||||||||
(Loss) income from continuing operations after income taxes | 85 | (404) | 742 | 257 | (70) | (557) | 460 | (184) | 680 | (351) | (6,775) | ||||||||
Net (loss) income attributable to Company | $ 30 | $ (404) | $ 739 | $ 250 | $ (46) | $ (524) | $ (626) | $ 166 | $ 615 | $ (1,030) | $ (5,055) | ||||||||
[1] | Fourth quarter 2020 includes an after-tax benefit of $(182) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. | ||||||||||||||||||
[2] | Second quarter 2020 includes an after-tax benefit of $(29) million due to an elective change in accounting method that alters the 2019 impact of the business separation on the 2017 Tax Cuts and Jobs Act's foreign tax provision. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||
[3] | First quarter 2020 includes a $19 million after tax charge related to the impact of a state tax valuation allowance in the U.S. based on a change in judgment about the realizability of a deferred tax asset. See Note 10 - Income Taxes, to the Consolidated Financial Statements, for additional information. | ||||||||||||||||||
[4] | First quarter 2020 includes a loss of $(53) million recorded in other income - net related to the expected sale of the La Porte site, for which the company signed an agreement during the first quarter 2020. | ||||||||||||||||||
[5] | Fourth quarter 2019 includes a tax benefit of $(34) million related to the impact of the release of a tax valuation allowance recorded against the net deferred tax asset position of a Switzerland legal entity. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||
[6] | Third quarter 2019 includes a $33 million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. | ||||||||||||||||||
[7] | Third quarter 2019 includes a tax benefit of $(38) million related to Swiss Tax Reform. See Note 10 - Income Taxes, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||
[8] | Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 related to the retirement of some of the company's debt. See Note 17 - Long-Term Debt and Available Credit Facilities, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||
[9] | First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. | ||||||||||||||||||
[10] | See Note 2 - Summary of Significant Accounting Polices, Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, to the Consolidated Financial Statements for additional information related to integration and separation costs, restructuring and asset related charges - net, and discontinued operations, respectively. |