DEI Document
DEI Document - $ / shares | 3 Months Ended | |||
Mar. 31, 2021 | Apr. 30, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Document Information [Line Items] | ||||
Document Type | 10-Q | |||
Document Quarterly Report | true | |||
Document Period End Date | Mar. 31, 2021 | |||
Amendment Flag | false | |||
Document Transition Report | false | |||
Entity File Number | 001-38710 | |||
Entity Registrant Name | Corteva, Inc. | |||
Entity Incorporation, State or Country Code | DE | |||
Entity Tax Identification Number | 82-4979096 | |||
Entity Address, Address Line One | 974 Centre Road, | |||
Entity Address, City or Town | Wilmington, | |||
Entity Address, State or Province | DE | |||
Entity Address, Postal Zip Code | 19805 | |||
City Area Code | (302) | |||
Local Phone Number | 485-3000 | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Entity Filer Category | Large Accelerated Filer | |||
Entity Emerging Growth Company | false | |||
Entity Shell Company | false | |||
Entity Common Stock, Shares Outstanding | 737,101,000 | |||
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Entity Central Index Key | 0001755672 | |||
Current Fiscal Year End Date | --12-31 | |||
Document Fiscal Year Focus | 2021 | |||
Document Fiscal Period Focus | Q1 | |||
Entity Small Business | false | |||
Common Stock [Member] | ||||
Document Information [Line Items] | ||||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |||
Trading Symbol | CTVA | |||
Security Exchange Name | NYSE | |||
EID [Member] | ||||
Document Information [Line Items] | ||||
Document Type | 10-Q | |||
Document Quarterly Report | true | |||
Document Period End Date | Mar. 31, 2021 | |||
Amendment Flag | false | |||
Document Transition Report | false | |||
Entity File Number | 1-815 | |||
Entity Registrant Name | E. I. du Pont de Nemours and Company | |||
Entity Incorporation, State or Country Code | DE | |||
Entity Tax Identification Number | 51-0014090 | |||
Entity Address, Address Line One | 974 Centre Road, | |||
Entity Address, City or Town | Wilmington, | |||
Entity Address, State or Province | DE | |||
Entity Address, Postal Zip Code | 19805 | |||
City Area Code | (302) | |||
Local Phone Number | 485-3000 | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Entity Filer Category | Non-accelerated Filer | |||
Entity Emerging Growth Company | false | |||
Entity Shell Company | false | |||
Entity Common Stock, Shares Outstanding | 200 | |||
Common Stock, Par Value | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 |
Entity Central Index Key | 0000030554 | |||
Current Fiscal Year End Date | --12-31 | |||
Document Fiscal Year Focus | 2021 | |||
Document Fiscal Period Focus | Q1 | |||
Entity Small Business | false | |||
EID [Member] | $3.50 Series Preferred Stock [Member] | ||||
Document Information [Line Items] | ||||
Title of 12(b) Security | $3.50 Series Preferred Stock | |||
Trading Symbol | CTAPrA | |||
Security Exchange Name | NYSE | |||
EID [Member] | $4.50 Series Preferred Stock [Member] | ||||
Document Information [Line Items] | ||||
Title of 12(b) Security | $4.50 Series Preferred Stock | |||
Trading Symbol | CTAPrB | |||
Security Exchange Name | NYSE |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net Sales | $ 4,178 | $ 3,956 |
Cost of Goods Sold | 2,420 | 2,269 |
Research and Development Expense | 281 | 280 |
Selling, General and Administrative Expenses | 733 | 757 |
Amortization of Intangibles | 183 | 163 |
Restructuring and Asset related charges, net | 100 | 70 |
Other income - net | 337 | 1 |
Interest Expense | 7 | 10 |
Income from continuing operations before income taxes | 791 | 408 |
Provision for income taxes on continuing operations | 178 | 127 |
Income from continuing operations after income taxes | 613 | 281 |
Income (loss) from discontinued operations after income taxes | (10) | 1 |
Net income | 603 | 282 |
Net income attributable to noncontrolling interests | 3 | 10 |
Net income attributable to Corteva | $ 600 | $ 272 |
Basic earnings per share of common stock from continuing operations | $ 0.82 | $ 0.36 |
Basic loss per share of common stock from discontinued operations | (0.01) | 0 |
Basic earnings per share of common stock | 0.81 | 0.36 |
Diluted earnings per share of common stock from continuing operations | 0.81 | 0.36 |
Diluted loss per share of common stock from discontinued operations | (0.01) | 0 |
Diluted earnings per share of common stock | $ 0.80 | $ 0.36 |
EID [Member] | ||
Net Sales | $ 4,178 | $ 3,956 |
Cost of Goods Sold | 2,420 | 2,269 |
Research and Development Expense | 281 | 280 |
Selling, General and Administrative Expenses | 733 | 757 |
Amortization of Intangibles | 183 | 163 |
Restructuring and Asset related charges, net | 100 | 70 |
Other income - net | 337 | 1 |
Interest Expense | 22 | 42 |
Income from continuing operations before income taxes | 776 | 376 |
Provision for income taxes on continuing operations | 174 | 119 |
Income from Continuing Operations After Taxes | 602 | 257 |
Income (loss) from discontinued operations after income taxes | (10) | 1 |
Net income | 592 | 258 |
Net income attributable to noncontrolling interests | 1 | 8 |
Net income attributable to Corteva | $ 591 | $ 250 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 603 | $ 282 |
Cumulative Translation Adjustments | (403) | (672) |
Unrealized Gain (Loss) on Investments | 10 | 0 |
Derivatives Instruments | 65 | 6 |
Total other comprehensive loss | (477) | (663) |
Comprehensive income (loss) | 126 | (381) |
Comprehensive Income Attributable to Noncontrolling Interest - Net of Tax | 3 | 10 |
Comprehensive Income (Loss) Attributable to Corteva | 123 | (391) |
Pension Plan | ||
Adjustments to benefit plans | 8 | 0 |
Other Benefit Plans | ||
Adjustments to benefit plans | (157) | 3 |
EID [Member] | ||
Net income | 592 | 258 |
Cumulative Translation Adjustments | (403) | (672) |
Unrealized Gain (Loss) on Investments | 10 | 0 |
Derivatives Instruments | 65 | 6 |
Total other comprehensive loss | (477) | (663) |
Comprehensive income (loss) | 115 | (405) |
Comprehensive Income Attributable to Noncontrolling Interest - Net of Tax | 1 | 8 |
Comprehensive Income (Loss) Attributable to Corteva | 114 | (413) |
EID [Member] | Pension Plan | ||
Adjustments to benefit plans | 8 | 0 |
EID [Member] | Other Benefit Plans | ||
Adjustments to benefit plans | $ (157) | $ 3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Cash and cash equivalents | $ 2,404 | $ 3,526 | $ 1,963 |
Marketable Securities | 114 | 269 | 10 |
Accounts and notes receivable - net | 6,792 | 4,926 | 6,775 |
Inventories | 4,321 | 4,882 | 4,401 |
Other current assets | 1,405 | 1,165 | 1,530 |
Total current assets | 15,036 | 14,768 | 14,679 |
Investments in nonconsolidated affiliates | 64 | 66 | 64 |
Property, plant and equipment - net of accumulated depreciation (March 31, 2021 - $3,874; December 31, 2020 - $3,857; March 31, 2020 - $3,406) | 4,299 | 4,396 | 4,358 |
Goodwill | 10,146 | 10,269 | 10,027 |
Other intangible assets | 10,584 | 10,747 | 11,241 |
Deferred Income Taxes | 433 | 464 | 273 |
Other assets | 1,987 | 1,939 | 2,336 |
Total Assets | 42,549 | 42,649 | 42,978 |
Short-term borrowings and finance lease obligations | 1,250 | 3 | 1,996 |
Accounts payable | 3,098 | 3,615 | 3,021 |
Income Taxes Payable | 165 | 123 | 143 |
Deferred Revenue | 2,247 | 2,662 | 1,996 |
Accrued and other current liabilities | 2,239 | 2,145 | 2,043 |
Total current liabilities | 8,999 | 8,548 | 9,199 |
Long-term Debt | 1,102 | 1,102 | 614 |
Deferred income tax liabilities | 902 | 893 | 911 |
Pension and other post employment benefits - noncurrent | 4,954 | 5,176 | 6,186 |
Other noncurrent obligations | 1,814 | 1,867 | 1,989 |
Total noncurrent liabilities | 8,772 | 9,038 | 9,700 |
Common stock | 7 | 7 | 7 |
Additional Paid in Capital | 27,630 | 27,707 | 27,906 |
Retained earnings / (accumulated deficit) | 268 | 0 | (155) |
Accumulated other comprehensive loss | (3,367) | (2,890) | (3,933) |
Total stockholders' equity attributable to the company | 24,538 | 24,824 | 23,825 |
Noncontrolling Interests | 240 | 239 | 254 |
Total Equity | 24,778 | 25,063 | 24,079 |
Liabilities and Equity | 42,549 | 42,649 | 42,978 |
EID [Member] | |||
Cash and cash equivalents | 2,404 | 3,526 | 1,963 |
Marketable Securities | 114 | 269 | 10 |
Accounts and notes receivable - net | 6,792 | 4,926 | 6,775 |
Inventories | 4,321 | 4,882 | 4,401 |
Other current assets | 1,405 | 1,165 | 1,530 |
Total current assets | 15,036 | 14,768 | 14,679 |
Investments in nonconsolidated affiliates | 64 | 66 | 64 |
Property, plant and equipment - net of accumulated depreciation (March 31, 2021 - $3,874; December 31, 2020 - $3,857; March 31, 2020 - $3,406) | 4,299 | 4,396 | 4,358 |
Goodwill | 10,146 | 10,269 | 10,027 |
Other intangible assets | 10,584 | 10,747 | 11,241 |
Deferred Income Taxes | 433 | 464 | 273 |
Other assets | 1,987 | 1,939 | 2,336 |
Total Assets | 42,549 | 42,649 | 42,978 |
Short-term borrowings and finance lease obligations | 1,250 | 3 | 1,996 |
Accounts payable | 3,098 | 3,615 | 3,021 |
Income Taxes Payable | 165 | 123 | 143 |
Deferred Revenue | 2,247 | 2,662 | 1,996 |
Accrued and other current liabilities | 2,257 | 2,148 | 2,083 |
Total current liabilities | 9,017 | 8,551 | 9,239 |
Long-term Debt | 1,102 | 1,102 | 614 |
Long Term Debt - Related Party | 3,012 | 3,459 | 3,872 |
Deferred income tax liabilities | 902 | 893 | 911 |
Pension and other post employment benefits - noncurrent | 4,954 | 5,176 | 6,186 |
Other noncurrent obligations | 1,814 | 1,867 | 1,989 |
Total noncurrent liabilities | 11,784 | 12,497 | 13,572 |
Common stock | 0 | 0 | 0 |
Additional Paid in Capital | 24,083 | 24,049 | 24,004 |
Retained earnings / (accumulated deficit) | 792 | 203 | (158) |
Accumulated other comprehensive loss | (3,367) | (2,890) | (3,933) |
Total stockholders' equity attributable to the company | 21,747 | 21,601 | 20,152 |
Noncontrolling Interests | 1 | 0 | 15 |
Total Equity | 21,748 | 21,601 | 20,167 |
Liabilities and Equity | 42,549 | 42,649 | 42,978 |
EID [Member] | $4.50 Series Preferred Stock [Member] | |||
Preferred Stock | 169 | 169 | 169 |
EID [Member] | $3.50 Series Preferred Stock [Member] | |||
Preferred Stock | $ 70 | $ 70 | $ 70 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,666,667,000 | 1,666,667,000 | 1,666,667,000 |
Common Stock, Shares, Outstanding | 738,321,000 | 743,458,000 | 748,369,000 |
Accumulated Depreciation | $ (3,874,000,000) | $ (3,857,000,000) | $ (3,406,000,000) |
EID [Member] | |||
Common Stock, Par Value | $ 0.30 | $ 0.30 | $ 0.30 |
Common Stock, Shares Authorized | 1,800,000,000 | 1,800,000,000 | 1,800,000,000 |
Common Stock, Shares, Outstanding | 200 | 200 | 200 |
Accumulated Depreciation | $ (3,874,000,000) | $ (3,857,000,000) | $ (3,406,000,000) |
EID [Member] | $4.50 Series Preferred Stock [Member] | |||
Preferred Stock, Par Value | $ 0 | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 1,673,000 | 1,673,000 | 1,673,000 |
Preferred Stock, Redemption Amount | $ 120 | $ 120 | $ 120 |
EID [Member] | $3.50 Series Preferred Stock [Member] | |||
Preferred Stock, Par Value | $ 0 | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 700,000 | 700,000 | 700,000 |
Preferred Stock, Redemption Amount | $ 102 | $ 102 | $ 102 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Cash used for operating activities | |||
Net income | $ 603 | $ 282 | |
Provision for Deferred Income Tax | 47 | 26 | |
Net Periodic Pension and OPEB benefit, net | (318) | (85) | |
Pension and OPEB Contributions | (84) | (95) | |
Net loss (gain) on sales of property, businesses, consolidated companies, and investments | 0 | 46 | |
Restructuring and Asset related charges, net | 100 | 70 | |
Other net loss | 54 | 138 | |
Accounts and notes receivable | (2,012) | (1,685) | |
Inventories | 467 | 398 | |
Accounts Payable | (448) | (557) | |
Deferred Revenue | (401) | (575) | |
Other Assets and Liabilities | (262) | (176) | |
Cash used for operating activities | (1,950) | (1,930) | |
Cash provided by (used for) investing activities | |||
Capital expenditures | (137) | (128) | |
Proceeds from the sale of property, businesses, and consolidated companies, net of cash divested | 20 | 11 | |
Purchases of investments | (40) | (67) | |
Proceeds from Sale and Maturities of Investments | 194 | 58 | |
Other investing activities - net | (1) | (4) | |
Cash provided by (used for) investing activities | 36 | (130) | |
Cash provided by financing activities | |||
Net change in borrowings (less than 90 days) | 828 | 1,619 | |
Proceeds from debt | 419 | 875 | |
Payments on Debt | 0 | (1) | |
Repurchase of Common Stock | (350) | (50) | |
Proceeds from Exercise of Stock Options | 38 | 14 | |
Dividends paid to stockholders | (97) | (97) | |
Other financing activities | (17) | (16) | |
Cash provided by financing activities | 821 | 2,344 | |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (50) | (117) | |
Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash | (1,143) | 167 | |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 3,873 | 2,173 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | [1] | 2,730 | 2,340 |
EID [Member] | |||
Cash used for operating activities | |||
Net income | 592 | 258 | |
Depreciation and Amortization | 304 | 283 | |
Provision for Deferred Income Tax | 47 | 26 | |
Net Periodic Pension and OPEB benefit, net | (318) | (85) | |
Pension and OPEB Contributions | (84) | (95) | |
Net loss (gain) on sales of property, businesses, consolidated companies, and investments | 0 | 46 | |
Restructuring and Asset related charges, net | 100 | 70 | |
Other net loss | 54 | 138 | |
Accounts and notes receivable | (2,012) | (1,685) | |
Inventories | 467 | 398 | |
Accounts Payable | (448) | (557) | |
Deferred Revenue | (401) | (575) | |
Other Assets and Liabilities | (247) | (144) | |
Cash used for operating activities | (1,946) | (1,922) | |
Cash provided by (used for) investing activities | |||
Capital expenditures | (137) | (128) | |
Proceeds from the sale of property, businesses, and consolidated companies, net of cash divested | 20 | 11 | |
Purchases of investments | (40) | (67) | |
Proceeds from Sale and Maturities of Investments | 194 | 58 | |
Other investing activities - net | (1) | (4) | |
Cash provided by (used for) investing activities | 36 | (130) | |
Cash provided by financing activities | |||
Net change in borrowings (less than 90 days) | 828 | 1,619 | |
Repayments of Related Party Debt | (447) | (148) | |
Proceeds from debt | 419 | 875 | |
Payments on Debt | 0 | (1) | |
Proceeds from Exercise of Stock Options | 38 | 14 | |
Other financing activities | (21) | (23) | |
Cash provided by financing activities | 817 | 2,336 | |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (50) | (117) | |
Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash | (1,143) | 167 | |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 3,873 | 2,173 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | 2,730 | 2,340 | |
Total company [Member] | |||
Cash used for operating activities | |||
Depreciation and Amortization | 304 | 283 | |
Restructuring and Asset related charges, net | 100 | 70 | |
Total company [Member] | EID [Member] | |||
Cash used for operating activities | |||
Depreciation and Amortization | 304 | 283 | |
Restructuring and Asset related charges, net | $ 100 | $ 70 | |
[1] | See page 15 for reconciliation of cash and cash equivalents and restricted cash presented in interim Condensed Consolidated Balance Sheets to total cash, cash equivalents and restricted cash presented in the interim Consolidated Statements of Cash Flows. |
Statement of Stockholders Equit
Statement of Stockholders Equity Statement - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comp (Loss) Income | Noncontrolling Interest [Member] | EID [Member] | EID [Member]Preferred Stock [Member] | EID [Member]Common Stock [Member] | EID [Member]Additional Paid-in Capital [Member] | EID [Member]Retained Earnings [Member] | EID [Member]Accumulated Other Comp (Loss) Income | EID [Member]Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2019 | $ 24,555 | $ 7 | $ 27,997 | $ (425) | $ (3,270) | $ 246 | $ 20,528 | $ 239 | $ 0 | $ 23,958 | $ (406) | $ (3,270) | $ 7 |
Net income (loss) | 282 | 272 | 10 | 258 | 250 | 8 | |||||||
Other comprehensive (loss) income | (663) | (663) | (663) | (663) | |||||||||
Common Dividends ($.13 per share) | (97) | (97) | |||||||||||
Issuance of Corteva Stock | 14 | 14 | 14 | 14 | |||||||||
Dividends, Preferred Stock | (2) | (2) | |||||||||||
Share-based compensation | 2 | 2 | 2 | 2 | |||||||||
Repurchase of common stock | (50) | (50) | |||||||||||
Other-net | 36 | 40 | (2) | (2) | 30 | 32 | (2) | ||||||
Ending Balance at Mar. 31, 2020 | 24,079 | 7 | 27,906 | (155) | (3,933) | 254 | 20,167 | 239 | 0 | 24,004 | (158) | (3,933) | 15 |
Beginning Balance at Dec. 31, 2020 | 25,063 | 7 | 27,707 | 0 | (2,890) | 239 | 21,601 | 239 | 0 | 24,049 | 203 | (2,890) | 0 |
Net income (loss) | 603 | 600 | 3 | 592 | 591 | 1 | |||||||
Other comprehensive (loss) income | (477) | (477) | (477) | (477) | |||||||||
Common Dividends ($.13 per share) | (97) | (97) | |||||||||||
Issuance of Corteva Stock | 38 | 38 | 38 | 38 | |||||||||
Dividends, Preferred Stock | (2) | (2) | |||||||||||
Repurchase of common stock | (350) | (18) | (332) | ||||||||||
Other-net | (2) | (2) | (4) | (4) | |||||||||
Ending Balance at Mar. 31, 2021 | $ 24,778 | $ 7 | $ 27,630 | $ 268 | $ (3,367) | $ 240 | $ 21,748 | $ 239 | $ 0 | $ 24,083 | $ 792 | $ (3,367) | $ 1 |
Statement of Stockholders' Equi
Statement of Stockholders' Equity Parentheticals (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Common Stock, Dividends, Per Share, Declared | $ 0.13 | $ 0.13 |
EID [Member] | $4.50 Series Preferred Stock [Member] | ||
Preferred Stock, Dividends Per Share, Declared | 1.125 | 1.125 |
EID [Member] | $3.50 Series Preferred Stock [Member] | ||
Preferred Stock, Dividends Per Share, Declared | $ 0.875 | $ 0.875 |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. Results for interim periods should not be considered indicative of results for a full year. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in the company’s Annual Report on Form 10-K for the year ended December 31, 2020, collectively referred to as the “2020 Annual Report.” The interim Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained. Certain reclassifications of prior year's data have been made to conform to current year's presentation. 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. Since 2018, Argentina has been considered a hyper-inflationary economy under U.S. GAAP and therefore the U.S. Dollar (“USD”) is the functional currency for our related subsidiaries. We remeasure the net monetary assets utilizing the official Argentine Peso (“Peso”) to USD exchange rate. The devaluation of the Peso relative to the USD over the last several years has resulted in the recognition of exchange losses (refer to Note 6 of these financial statements and Note 9 of the 2020 financial statements included in the Company's Annual Report on Form 10-K). As of March 31, 2021, a further 10% deterioration in the official Peso to USD exchange rate would reduce the USD value of our net monetary assets and negatively impact pre-tax earnings by approximately $20 million. |
Recent Accounting Guidance
Recent Accounting Guidance | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Guidance | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which was part of the FASB’s Simplification Initiative to identify, evaluate, and improve areas of U.S. GAAP for which cost and complexity can be reduced, while maintaining or improving the usefulness of the information provided to users of financial statements. This ASU amends ASC 740, Income Taxes, by removing certain exceptions to the general principles, and clarifying and amending current guidance. The new standard is effective for fiscal years, and periods within those fiscal years, beginning after December 15, 2020. The company adopted this guidance on January 1, 2021 and it did not have a material impact on the company’s financial position, results of operation or cash flows. |
Divestitures and Other Transact
Divestitures and Other Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DIVESTITURES AND OTHER TRANSACTIONS Separation Agreements In connection with the Distributions, DuPont, Corteva, and Dow (together, the “Parties” and each a “Party”) have entered into certain agreements to effect the Separation, provide for the allocation of DowDuPont’s assets, employees, liabilities and obligations (including its investments, property and employee benefits and tax-related assets and liabilities) among the Parties, and provide a framework for Corteva's relationship with Dow and DuPont following the separations and Distributions (collectively, the "Separation Agreements"). For additional information see Note 13 - Commitments and Contingent Liabilities. 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 March 31, 2021, the indemnification assets are $28 million within accounts and notes receivable - net and $51 million within other assets in the interim Condensed Consolidated Balance Sheet. At March 31, 2021, the indemnification liabilities are $77 million within other noncurrent obligations in the interim Condensed Consolidated Balance Sheet. Dow Pursuant to the Separation Agreements, Dow and Corteva indemnifies the other against certain litigation, environmental, tax and other liabilities that arose prior to the Corteva Distribution. The term of this indemnification is generally indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. In connection with the recognition of liabilities related to these matters, the company records an indemnification asset when recovery is deemed probable. At March 31, 2021, the indemnification liabilities are $52 million within accrued and other current liabilities and $14 million within other noncurrent obligations in the interim Condensed Consolidated Balance Sheet. 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 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 ("2017 Amendment") 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 March 31, 2021, the indemnification assets are $63 million within accounts and notes receivable - net and $259 million within other assets (along with the corresponding liabilities within accrued and other current liabilities and other noncurrent obligations in the interim Condensed Consolidated Balance Sheet.) Additionally, at March 31, 2021 indemnification liabilities related to the MOU, primarily associated with environmental remediation related to PFAS, were $10 million within accrued and other current liabilities and $44 million within other noncurrent obligations in the interim Condensed Consolidated Balance Sheet. During the three months ended March 31, 2021, the company recorded a charge of $3 million to (loss) income from discontinued operations after income taxes, related to the MOU. See Note 13 - Commitments and Contingent Liabilities, to the interim Consolidated Financial Statements, for further discussion of the amendment to the Chemours Separation Agreement, MOU, and environmental matters indemnified by Chemours. |
Revenue (Notes)
Revenue (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | REVENUE Revenue Recognition Products Substantially all of Corteva's revenue is derived from product sales. Product sales consist of sales of Corteva's products to farmers, distributors, and manufacturers. Corteva considers purchase orders, which in some cases are governed by master supply agreements, to be a contract with a customer. Contracts with customers are considered to be short-term when the time between order confirmation and satisfaction of the performance obligations is equal to or less than one year. However, the company has some long-term contracts which can span multiple years. 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 the 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 $113 million at March 31, 2021 ($115 million and $106 million at December 31, 2020 and March 31, 2020, 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 March 31, 2021 December 31, 2020 March 31, 2020 (In millions) Accounts and notes receivable - trade 1 $ 5,764 $ 3,917 $ 5,779 Contract assets - current 2 $ 22 $ 22 $ 20 Contract assets - noncurrent 3 $ 53 $ 54 $ 49 Deferred revenue - current $ 2,247 $ 2,662 $ 1,996 Deferred revenue - noncurrent 4 $ 111 $ 116 $ 104 1. Included in accounts and notes receivable - net in the interim Condensed Consolidated Balance Sheets. 2. Included in other current assets in the interim Condensed Consolidated Balance Sheets. 3. Included in other assets in the interim Condensed Consolidated Balance Sheets. 4. Included in other noncurrent obligations in the interim Condensed Consolidated Balance Sheets. Revenue recognized during the three months ended March 31, 2021 from amounts included in deferred revenue at the beginning of the period was $924 million ($822 million in the three months ended March 31, 2020). Disaggregation of Revenue Corteva's operations are classified into two reportable segments: Seed and Crop Protection. The company disaggregates its revenue by major product line and geographic region, as the company believes it best depicts the nature, amount and timing of its revenue and cash flows. Net sales by major product line are included below: Three Months Ended (In millions) 2021 2020 Corn $ 1,888 $ 1,864 Soybean 177 181 Other oilseeds 296 248 Other 131 162 Seed 2,492 2,455 Herbicides 986 823 Insecticides 385 378 Fungicides 261 229 Other 54 71 Crop Protection 1,686 1,501 Total $ 4,178 $ 3,956 . Sales are attributed to geographic regions based on customer location. Net sales by geographic region and segment are included below: Seed Three Months Ended (In millions) 2021 2020 North America 1 $ 1,210 $ 1,290 EMEA 2 947 881 Latin America 274 216 Asia Pacific 61 68 Total $ 2,492 $ 2,455 Crop Protection Three Months Ended (In millions) 2021 2020 North America 1 $ 533 $ 475 EMEA 2 655 586 Latin America 244 218 Asia Pacific 254 222 Total $ 1,686 $ 1,501 1. Represents U.S. & Canada. 2. Europe, Middle East, and Africa ("EMEA"). |
Supplementary Information
Supplementary Information | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Additional Financial Information Disclosure [Text Block] | SUPPLEMENTARY INFORMATION Other Income - Net Three Months Ended (In millions) 2021 2020 Interest income $ 21 $ 18 Equity in earnings / (losses) of affiliates - net 3 (1) Net loss on sales of businesses and other assets 1 — (46) Net exchange losses 2 (35) (61) Non-operating pension and other post employment benefit credit 3 325 91 Miscellaneous income - net 4 23 — Other income - net $ 337 $ 1 1. The three months ended March 31, 2020 includes a loss of $(53) million relating to the sale of the La Porte site, for which the company signed an agreement in 2020, and closed during the first quarter of 2021. 2. Includes net pre-tax exchange losses of $(23) million and $(9) million associated with the devaluation of the Argentine peso for the three months ended March 31, 2021 and 2020, respectively. 3. Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, amortization of unrecognized gain (loss), amortization of prior service benefit and settlement loss). 4. Miscellaneous income - net, includes a gain from a remeasurement of an equity investment, losses on sale of available-for-sale securities, 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, losses on sale of receivables, and other items. The following table summarizes the impacts of the company's foreign currency hedging program on the company's results of operations. The company routinely uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities. The objective of this program is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes on net monetary asset positions. The hedging program gains (losses) are largely taxable (tax deductible) in the U.S., whereas the offsetting exchange gains (losses) on the remeasurement of the net monetary asset positions are often not taxable (tax deductible) in their local jurisdictions. The net pre-tax exchange gains (losses) are recorded in other income - net and the related tax impact is recorded in provision for (benefit from) income taxes on continuing operations in the interim Consolidated Statement of Operations. (In millions) Three Months Ended 2021 2020 Subsidiary Monetary Position (Losses) Gains Pre-tax exchange losses $ (51) $ (226) Local tax (expenses) / benefits (1) 23 Net after-tax impact from subsidiary exchange losses $ (52) $ (203) Hedging Program Gains Pre-tax exchange gains $ 16 $ 165 Tax expenses (4) (40) Net after-tax impact from hedging program exchange gains $ 12 $ 125 Total Exchange Losses Pre-tax exchange losses $ (35) $ (61) Tax expenses (5) (17) Net after-tax exchange losses $ (40) $ (78) Cash, cash equivalents and restricted cash The following table provides a reconciliation of cash and cash equivalents and restricted cash (included in other current assets) presented in the interim Condensed Consolidated Balance Sheets to the total cash, cash equivalents and restricted cash presented in the interim Consolidated Statements of Cash Flows. (In millions) March 31, 2021 December 31, 2020 March 31, 2020 Cash and cash equivalents $ 2,404 $ 3,526 $ 1,963 Restricted cash 326 347 377 Total cash, cash equivalents and restricted cash $ 2,730 $ 3,873 $ 2,340 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 March 31, 2021, December 31, 2020, and March 31, 2020 is related to the Trust. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES For periods between the Merger Effectiveness Time and the Corteva Distribution, Corteva and its subsidiaries were included in DowDuPont's consolidated federal income tax group and consolidated tax return. Generally, the consolidated tax liability of the DowDuPont U.S. tax group for each year was apportioned among the members of the consolidated group based on each member’s separate taxable income. Corteva, DuPont and Dow intend that to the extent Federal and/or State corporate income tax liabilities are reduced through the utilization of tax attributes of the other, settlement of any receivable and payable generated from the use of the other party’s sub-group attributes will be in accordance with a tax matters agreement. See Note 3 - Divestitures and Other Transactions, for further information related to indemnifications between Corteva, Dow and DuPont. Each year the company files hundreds of tax returns in the various national, state and local income taxing jurisdictions in which it operates. These tax returns are subject to examination and possible challenge by the tax authorities. Positions challenged by the tax authorities may be settled or appealed by the company. As a result, there is an uncertainty in income taxes recognized in the company's financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. The ultimate resolution of such uncertainties is not expected to have a material impact on the company's results of operations. The company routinely uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities. The objective of the program, which resides in the U.S., is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes on net monetary asset positions, which can drive material impacts on the company's effective tax rate. For further discussion of pre-tax and after-tax impacts of the company's foreign currency hedging program and net monetary asset programs, refer to Note 6 - Supplementary Information. |
Earnings Per Share (Notes)
Earnings Per Share (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS PER SHARE OF COMMON STOCK The following tables provide earnings per share calculations for the periods indicated below: Net Income for Earnings Per Share Calculations - Basic and Diluted Three Months Ended (In millions) 2021 2020 Income from continuing operations after income taxes $ 613 $ 281 Net income attributable to continuing operations noncontrolling interests 3 10 Income from continuing operations available to Corteva common stockholders 610 271 (Loss) income from discontinued operations available to Corteva common stockholders (10) 1 Net income available to common stockholders $ 600 $ 272 Earnings Per Share Calculations - Basic Three Months Ended (Dollars per share) 2021 2020 Earnings per share of common stock from continuing operations $ 0.82 $ 0.36 Loss per share of common stock from discontinued operations (0.01) — Earnings per share of common stock $ 0.81 $ 0.36 Earnings Per Share Calculations - Diluted Three Months Ended (Dollars per share) 2021 2020 Earnings per share of common stock from continuing operations $ 0.81 $ 0.36 Loss per share of common stock from discontinued operations (0.01) — Earnings per share of common stock $ 0.80 $ 0.36 Share Count Information Three Months Ended (Shares in millions) 2021 2020 Weighted-average common shares - basic 743.4 749.9 Plus dilutive effect of equity compensation plans 1 6.2 2.6 Weighted-average common shares - diluted 749.6 752.5 Potential shares of common stock excluded from EPS calculations 2 2.9 9.1 1. 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. 2. These outstanding potential shares of common stock relating to stock options, restricted stock units and performance-based restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been anti-dilutive. |
Accounts and Notes Receivable (
Accounts and Notes Receivable (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Accounts and Notes Receivable [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ACCOUNTS AND NOTES RECEIVABLE - NET (In millions) March 31, 2021 December 31, 2020 March 31, 2020 Accounts receivable – trade 1 $ 5,231 $ 3,754 $ 5,367 Notes receivable – trade 1,2 533 163 412 Other 3 1,028 1,009 996 Total accounts and notes receivable - net $ 6,792 $ 4,926 $ 6,775 1. Accounts receivable – trade and notes receivable - trade are net of allowances of $203 million at March 31, 2021, $208 million at December 31, 2020, and $203 million at March 31, 2020. Allowances are equal to the estimated uncollectible amounts and are based on the expected credit losses and were developed using a loss-rate method. 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 March 31, 2021, December 31, 2020, and March 31, 2020 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 $115 million, $106 million, and $140 million as of March 31, 2021, December 31, 2020, and March 31, 2020, respectively. Accounts and notes receivable are carried at the expected amount to be collected, which approximates fair value. The company establishes the allowance for doubtful receivables using a loss-rate method where the loss rate is developed using past events, historical experience, current conditions and forecasts that affect the collectability of the financial assets. The following table summarizes changes in the allowance for doubtful receivables for the three months ended March 31, 2021 and 2020: (In millions) 2020 Balance at December 31, 2019 $ 174 Net provision for credit losses 60 Write-offs charged against allowance (1) Recoveries collected (30) Balance at March 31, 2020 $ 203 2021 Balance at December 31, 2020 $ 208 Net benefit for credit losses (5) Balance at March 31, 2021 $ 203 The company enters into various factoring agreements with third-party financial institutions to sell its trade receivables under both recourse and non-recourse agreements in exchange for cash proceeds. These financing arrangements result in a transfer of the company's receivables and risks to the third-party. As these transfers qualify as true sales under the applicable accounting guidance, the receivables are derecognized from the interim Condensed Consolidated Balance Sheets upon transfer, and the company receives a payment for the receivables from the third-party within a mutually agreed upon time period. For arrangements involving an element of recourse, which is typically provided through a guarantee of accounts in the event of customer default, the guarantee obligation is measured using market data from similar transactions and reported as a current liability in the interim Condensed Consolidated Balance Sheets. Trade receivables sold under these agreements were $11 million and $15 million for the three months ended March 31, 2021 and March 31, 2020, respectively. The trade receivables sold that remained outstanding under these agreements which include an element of recourse as of March 31, 2021, December 31, 2020, and March 31, 2020 were $128 million, $157 million, and $43 million, respectively. The net proceeds received are included in cash provided by operating activities in the interim Consolidated Statements of Cash Flows. The difference between the carrying amount of the trade receivables sold and the sum of the cash received is recorded as a loss on sale of receivables in other income - net in the Consolidated Statements of Operations. Loss on sale of receivables for the three months ended March 31, 2021 and 2020 were not material. The guarantee obligations recorded as of March 31, 2021, December 31, 2020, and March 31, 2020 in the interim Condensed Consolidated Balance Sheets were not material. See Note 13 - Commitments and Contingent Liabilities for additional information on the company’s guarantees. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES (In millions) March 31, 2021 December 31, 2020 March 31, 2020 Finished products $ 2,508 $ 2,584 $ 2,721 Semi-finished products 1,386 1,813 1,260 Raw materials and supplies 427 485 420 Total inventories $ 4,321 $ 4,882 $ 4,401 |
Other Intangible Assets
Other Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | OTHER INTANGIBLE ASSETS The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: (In millions) March 31, 2021 December 31, 2020 March 31, 2020 Gross Accumulated Net Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization (Definite-lived): Germplasm $ 6,265 $ (380) $ 5,885 $ 6,265 $ (317) $ 5,948 $ 6,265 $ (126) $ 6,139 Customer-related 1,956 (404) 1,552 1,984 (380) 1,604 1,956 (293) 1,663 Developed technology 1,485 (565) 920 1,451 (525) 926 1,463 (409) 1,054 Trademarks/trade names 1 2,013 (112) 1,901 2,019 (99) 1,920 166 (88) 78 Favorable supply contracts 475 (326) 149 475 (302) 173 475 (231) 244 Other 2 405 (238) 167 405 (239) 166 400 (218) 182 Total other intangible assets with finite lives 12,599 (2,025) 10,574 12,599 (1,862) 10,737 10,725 (1,365) 9,360 Intangible assets not subject to amortization (Indefinite-lived): IPR&D 10 — 10 10 — 10 10 — 10 Trade name 1 1,871 — 1,871 Total other intangible assets 10 — 10 10 — 10 1,881 — 1,881 Total $ 12,609 $ (2,025) $ 10,584 $ 12,609 $ (1,862) $ 10,747 $ 12,606 $ (1,365) $ 11,241 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 the impairment under ASC 350- Intangibles, Goodwill and Other, concluding the asset was not impaired. 2. Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. The aggregate pre-tax amortization expense from continuing operations for definite-lived intangible assets was $183 million and $163 million for the three months ended March 31, 2021 and 2020, respectively. The current estimated aggregate pre-tax amortization expense from continuing operations for the remainder of 2021 and each of the next five years is approximately $537 million, $700 million, $620 million, $606 million, $569 million and $555 million, respectively. |
Short-Term Borrowings, Long-Ter
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | SHORT-TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES The following tables summarize Corteva's short-term borrowings and finance lease obligations: Short-term borrowings and finance lease obligations (In millions) March 31, 2021 December 31, 2020 March 31, 2020 Commercial paper $ 1,218 $ — $ 1,918 Repurchase facility 30 — 30 Other loans - various currencies — 1 45 Long-term debt payable within one year 1 1 1 Finance lease obligations payable within one year 1 1 2 Total short-term borrowings and finance lease obligations $ 1,250 $ 3 $ 1,996 The estimated fair value of the company's short-term borrowings, including interest rate financial instruments, was determined using Level 2 inputs within the fair value hierarchy. Based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities, the fair value of the company's short-term borrowings and finance lease obligations was approximately carrying value. The fair value of the company’s long-term borrowings, including debt due within one year, was $1,121 million, $1,168 million, and $612 million as of March 31, 2021, December 31, 2020, and March 31, 2020, respectively, and was determined using quoted market prices for the same or similar issues, or current rates offered to the company for debt of the same remaining maturities (Level 2 inputs). Repurchase Facility 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 have an interest rate of LIBOR+0.85 percent. As of March 31, 2021, $32 million of notes receivable, recorded in accounts and notes receivable - net, were pledged as collateral against outstanding borrowings under the 2021 Repurchase Facility of $30 million, recorded in short-term borrowings and finance lease obligations on the interim Condensed Consolidated Balance Sheet. 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 “Revolving Credit Facilities”). The Revolving Credit Facilities became effective May 2019. Corteva, Inc. became a party at the time of the Corteva Distribution. The Revolving Credit Facilities may serve as a substitute to the company's commercial paper program, and can be used, from time to time, for general corporate purposes including, but not limited to, the funding of seasonal working capital needs. The Revolving Credit Facilities contain customary representations and warranties, affirmative and negative covenants and events of default that are typical for companies with similar credit ratings. Additionally, the Revolving Credit Facilities contain a financial covenant requiring that the ratio of total indebtedness to total capitalization for Corteva and its consolidated subsidiaries not exceed 0.60. 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 March 31, 2021. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021, 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 9 and 22 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 March 31, 2021, December 31, 2020 and March 31, 2020, the company had directly guaranteed $108 million, $94 million, and $90 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. All of the maximum future payments at March 31, 2021 had terms less than one year. The maximum future payments include $23 million at March 31, 2021 and $17 million at December 31, 2020 and March 31, 2020, respectively, of guarantees related to the various factoring agreements that the company enters into with third-party financial institutions to sell its trade receivables. See Note 9 - Accounts and Notes Receivable, Net, 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 $178 million, $16 million and $125 million at March 31, 2021, December 31, 2020 and March 31, 2020, 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 3 - Divestitures and Other Transactions, to the interim Consolidated Financial Statements for additional information related to indemnifications. Chemours/Performance Chemicals Refer to Note 3 - Divestitures and Other Transactions, to the interim Consolidated Financial Statements 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 had proceeded (the “Pending Arbitration”). For additional information regarding environmental indemnification, see discussion on page 25. 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. 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 3 - Divestitures and Other Transactions, to the interim 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 $16 million at March 31, 2021, 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 March 31, 2021, approximately $2 million had been disbursed from the account since its establishment in 2012 and the remaining balance is approximately $1 million. The Leach settlement permits class members to pursue personal injury claims for six health conditions (and no others) that an expert panel appointed under the settlement reported in 2012 had a “probable link” (as defined in the settlement) with PFOA: pregnancy-induced hypertension, including preeclampsia; kidney cancer; testicular cancer; thyroid disease; ulcerative colitis; and diagnosed high cholesterol. After the panel reported its findings, approximately 3,550 personal injury lawsuits were filed in federal and state courts in Ohio and West Virginia and consolidated in multi-district litigation in the U.S. District Court for the Southern District of Ohio (“Ohio MDL”). The Ohio MDL was settled in early 2017 for $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 trial court recently granted EID’s motion to reduce the loss of consortium award to conform with state tort reform laws limiting these damages to $250,000. The company is continuing its other appeals to reduce the jury verdict or eliminate 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 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, and paid $16 million during the three months ended March 31, 2021. Following this settlement, the parties have agreed to petition the court for the dissolution of the MDL. 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 March 31, 2021, 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 Alaska, 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. Motions to dismiss the Michigan, Vermont and New Hampshire cases have been denied. Additionally, the State of Delaware has indicated it may file a similar natural resource claim related to alleged PFAS contamination and other contaminants. 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 Foam s. Approximately 985 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 910 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 the second quarter of 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 March 31, 2021, 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 Fayetteville Works facility. The plaintiffs seek damages for nuisance allegedly caused by releases of certain PFCs from the site. The plaintiffs’ claims for medical monitoring, punitive damages, public nuisance, trespass, unjust enrichment, failure to warn, and negligent manufacture 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 March 31, 2021, the company had accrued obligations of $333 million for probable environmental remediation and restoration costs, including $56 million for the remediation of Superfund sites. These obligations are included in accrued and other current liabilities and other noncurrent obligations in the interim Condensed Consolidated Balance Sheet. 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 $577 million above the amount accrued at March 31, 2021. Consequently, it is reasonably possible that environmental remediation and restoration costs in excess of amounts accrued could have a material impact on the company’s results of operations, financial condition and cash flows. Inherent uncertainties exist in these estimates primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies for handling site remediation and restoration. For a discussion of the allocation of environmental liabilities under the Chemours Separation Agreement and the Corteva Separation Agreement, see the previous discussion on page 22. The above noted $333 million accrued obligations includes the following: As of March 31, 2021 (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 $ 152 $ 152 $ 280 Other discontinued or divested businesses obligations 1 — 78 177 Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont 2 34 34 65 Environmental remediation liabilities not subject to indemnity — 69 55 Total $ 186 $ 333 $ 577 1. Represents liabilities that are subject to the $200 million thresholds and sharing arrangements as discussed on page 22, 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 $54 million to Chemours, related to the cost sharing arrangement under the MOU (see page 10). |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS' EQUITY Share Buyback Plan On June 26, 2019, Corteva, Inc. announced that the Board of Directors of Corteva, Inc. authorized a $1 billion share repurchase program to purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date. The timing, price and volume of purchases will be based on market conditions, relevant securities laws and other factors. During the three months ended March 31, 2021, the company purchased and retired 7,646,000 shares in the open market for a total cost of $350 million. During the three months ended March 31, 2020, the company purchased and retired 1,865,000 shares in the open market for a total cost of $50 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 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 non-controlling interest in Corteva's interim Condensed 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 March 31, 2021, December 31, 2020, and March 31, 2020, which is classified as noncontrolling interests in Corteva's interim Condensed 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 are summarized below: (In millions) Cumulative Translation Adjustment 1 Derivative Instruments Pension Benefit Plans Other Benefit Plans Unrealized Gain (Loss) on Investments Total 2020 Balance January 1, 2020 $ (1,944) $ 2 $ (1,247) $ (81) $ — $ (3,270) Other comprehensive (loss) income before reclassifications (672) 1 (2) 3 — (670) Amounts reclassified from accumulated other comprehensive loss — 5 2 — — 7 Net other comprehensive (loss) income (672) 6 — 3 — (663) Balance March 31, 2020 $ (2,616) $ 8 $ (1,247) $ (78) $ — $ (3,933) 2021 Balance January 1, 2021 $ (1,970) $ (67) $ (1,433) $ 590 $ (10) $ (2,890) Other comprehensive (loss) income before reclassifications (403) 71 (4) 1 4 (331) Amounts reclassified from accumulated other comprehensive loss — (6) 12 (158) 6 (146) Net other comprehensive (loss) income (403) 65 8 (157) 10 (477) Balance March 31, 2021 $ (2,373) $ (2) $ (1,425) $ 433 $ — $ (3,367) 1. The cumulative translation adjustment loss for the three months ended March 31, 2020 was primarily driven by the strengthening of the USD against the Brazilian Real (“BRL”) and the South African Rand ("ZAR"). The cumulative translation adjustment loss for the three months ended March 31, 2021 was primarily driven by strengthening of the USD against the Swiss Franc ("CHF"), Brazilian Real ("BRL") and European Euro. The tax benefit (expense) on the net activity related to each component of other comprehensive (loss) income was as follows: (In millions) Three Months Ended 2021 2020 Derivative instruments $ (18) $ 5 Pension benefit plans - net (2) (4) Other benefit plans - net 49 — Benefit from income taxes related to other comprehensive (loss) income items $ 29 $ 1 A summary of the reclassifications out of accumulated other comprehensive loss is provided as follows: (In millions) Three Months Ended 2021 2020 Derivative Instruments 1 : $ (5) $ 7 Tax benefit 2 (1) (2) After-tax $ (6) $ 5 Amortization of pension benefit plans: Actuarial losses 3,4 $ 14 $ 1 Settlement loss 3,4 1 2 Total before tax $ 15 $ 3 Tax benefit 2 (3) (1) After-tax $ 12 $ 2 Amortization of other benefit plans: Prior service benefit 3,4 $ (230) $ — Actuarial gains 3,4 23 — Total before tax $ (207) $ — Tax benefit 2 49 — After-tax $ (158) $ — Unrealized Loss on Investments 4 $ 6 $ — Tax benefit 2 — — After-tax $ 6 $ — Total reclassifications for the period, after-tax $ (146) $ 7 1. Reflected in cost of goods sold. 2. Reflected in provision for (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 of the company's pension and other benefit plans. See Note 15 - Pension Plans and Other Post Employment Benefits, for additional information. |
Pension Plans and Other Post Em
Pension Plans and Other Post Employment Benefit Plans | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | PENSION PLANS AND OTHER POST EMPLOYMENT BENEFITS The following sets forth the components of the company's net periodic benefit (credit) cost for defined benefit pension plans and other post employment benefits: Three Months Ended (In millions) 2021 2020 Defined Benefit Pension Plans: Service cost $ 7 $ 5 Interest cost 91 141 Expected return on plan assets (230) (251) Amortization of unrecognized loss 14 1 Settlement loss 1 2 Net periodic benefit credit $ (117) $ (102) Other Post Employment Benefits: Service cost $ — $ 1 Interest cost 6 16 Amortization of unrecognized loss 23 — Amortization of prior service benefit (230) — Net periodic benefit (credit) cost $ (201) $ 17 |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments Disclosure [Text Block] | FINANCIAL INSTRUMENTS At March 31, 2021, the company had $1,602 million ($2,511 million and $1,536 million at December 31, 2020 and March 31, 2020, respectively) of held-to-maturity securities (primarily time deposits and money market funds) classified as cash equivalents, as these securities had maturities of three months or less at the time of purchase; and $49 million ($43 million and $10 million at December 31, 2020 and March 31, 2020, respectively) of held-to-maturity securities (primarily time deposits) classified as marketable securities as these securities had maturities of more than three months to less than one year at the time of purchase. The company’s investments in held-to-maturity securities are held at amortized cost, which approximates fair value. Additionally, at March 31, 2021, the company had $65 million ($226 million at December 31, 2020) of available-for-sale securities. The above noted securities are included in cash and cash equivalents, marketable securities, and other current assets in the interim Condensed 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) March 31, 2021 December 31, 2020 March 31, 2020 Derivatives designated as hedging instruments: Foreign currency contracts $ 1,030 $ 1,164 $ 751 Commodity contracts $ 239 $ 383 $ 418 Derivatives not designated as hedging instruments: Foreign currency contracts $ 715 $ 647 $ 644 Commodity contracts $ 154 $ — $ 59 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: Three Months Ended (In millions) 2021 2020 Beginning balance $ (16) $ 2 Additions and revaluations of derivatives designated as cash flow hedges 30 (22) Clearance of hedge results to earnings (4) 5 Ending balance $ 10 $ (15) At March 31, 2021, an after-tax net loss of $8 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: Three Months Ended (In millions) 2021 2020 Beginning balance $ (17) $ — Additions and revaluations of derivatives designated as cash flow hedges 25 16 Clearance of hedge results to earnings (2) — Ending balance $ 6 $ 16 At March 31, 2021, an after-tax net gain of $6 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 interim Condensed Consolidated Balance Sheets. The presentation of the company's derivative assets and liabilities is as follows: March 31, 2021 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the interim Condensed Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 38 $ — $ 38 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 52 (32) 20 Total asset derivatives $ 90 $ (32) $ 58 Liability derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 16 $ — $ 16 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities 46 (30) 16 Total liability derivatives $ 62 $ (30) $ 32 December 31, 2020 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Condensed 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 March 31, 2020 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the interim Condensed Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 36 $ — $ 36 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 230 (110) 120 Total asset derivatives $ 266 $ (110) $ 156 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 108 $ (103) $ 5 Total liability derivatives $ 108 $ (103) $ 5 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 (Loss) Gain Recognized in OCI 1 - Pre-Tax Three Months Ended (In millions) 2021 2020 Derivatives designated as hedging instruments: Net investment hedges: Foreign currency contracts $ 21 $ 9 Cash flow hedges: Foreign currency contracts 31 19 Commodity contracts 36 (34) Total derivatives designated as hedging instruments $ 88 $ (6) 1. OCI is defined as other comprehensive income (loss). Amount of Gain (Loss) Recognized in Income - Pre-Tax 1 Three Months Ended (In millions) 2021 2020 Derivatives designated as hedging instruments: Cash flow hedges: Foreign currency contracts 2 $ 1 $ — Commodity contracts 2 4 (7) Total derivatives designated as hedging instruments $ 5 $ (7) Derivatives not designated as hedging instruments: Foreign currency contracts 3 $ 16 $ 165 Foreign currency contracts 2 2 — Commodity contracts 2 (12) 9 Total derivatives not designated as hedging instruments 6 174 Total derivatives $ 11 $ 167 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 6 - Supplementary Information, for additional information. Debt Securities The company's investment in debt securities are classified as available-for-sale. At March 31, 2021, the fair value and amortized cost of the company's investments in debt securities with contractual maturities within one to five years was $65 million. The estimated fair value of the available-for-sale securities as of March 31, 2021 and 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 March 31, 2021 and 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 interim 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. The following table provides the investing results from available-for-sale securities for the three months ended March 31, 2021: Investing Results Three Months Ended (In millions) 2021 Proceeds from sales of available-for-sale securities $ 161 Gross realized losses (6) Total $ 155 The following table provides the fair value and gross unrealized losses of the company's investments in debt securities at March 31, 2021, aggregated by investment category: March 31, 2021 12 months or more (In millions) Fair value Gross unrealized losses U.S. Treasuries $ 65 $ — |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
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: March 31, 2021 Significant Other Observable Inputs (In millions) Level 1 Level 2 Assets at fair value: Marketable securities $ — $ 49 Debt securities: U.S. treasuries 1 65 — Derivatives relating to: 2 Foreign currency — 90 Total assets at fair value $ 65 $ 139 Liabilities at fair value: Derivatives relating to: 2 Foreign currency — 62 Total liabilities at fair value $ — $ 62 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 March 31, 2020 Significant Other Observable Inputs (Level 2) (In millions) Assets at fair value: Marketable securities $ 10 Derivatives relating to: 2 Foreign currency 266 Total assets at fair value $ 276 Liabilities at fair value: Derivatives relating to: 2 Foreign currency 108 Total liabilities at fair value $ 108 1. The company's investments in debt securities, which are available-for-sale, are included in "marketable securities" in the interim Condensed Consolidated Balance Sheets. 2. See Note 16 - Financial Instruments for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. |
Segment Reporting (Notes)
Segment Reporting (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
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, foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items. Effective January 1, 2021, on a prospective basis, the company excludes from segment operating EBITDA net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. 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. As of and for the Three Months Ended March 31, (In millions) Seed Crop Protection Total 2021 Net sales $ 2,492 $ 1,686 $ 4,178 Segment operating EBITDA $ 617 $ 321 $ 938 Segment assets 1 $ 24,799 $ 13,349 $ 38,148 2020 Net sales $ 2,455 $ 1,501 $ 3,956 Segment operating EBITDA $ 581 $ 238 $ 819 Segment assets 1 $ 25,857 $ 13,251 $ 39,108 1. Segment assets at December 31, 2020 were $23,751 million and $13,099 million for Seed and Crop Protection, respectively. Reconciliation to interim Consolidated Financial Statements Income from continuing operations after income taxes to segment operating EBITDA (In millions) Three Months Ended 2021 2020 Income from continuing operations after income taxes $ 613 $ 281 Provision for income taxes on continuing operations 178 127 Income from continuing operations before income taxes 791 408 Depreciation and amortization 304 283 Interest income (21) (18) Interest expense 7 10 Exchange losses - net 35 61 Non-operating benefits - net (311) (73) Mark-to-market gains on certain foreign currency contracts not designated as hedges 1 (1) Significant items 100 123 Corporate expenses 34 25 Segment operating EBITDA $ 938 $ 819 1. Effective January 1, 2021, on a prospective basis, the company excludes net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. There was no activity in the three months ended March 31, 2020. Refer to page 48 for further discussion of the company’s Non-GAAP financial measures. Segment assets to total assets (in millions) March 31, 2021 December 31, 2020 March 31, 2020 Total segment assets $ 38,148 $ 36,850 $ 39,108 Corporate assets 4,401 5,799 3,870 Total assets $ 42,549 $ 42,649 $ 42,978 Significant Pre-tax (Charges) Benefits Not Included in Segment Operating EBITDA The three months ended March 31, 2021 and 2020, respectively, included the following significant pre-tax (charges) benefits which are excluded from segment operating EBITDA: (In millions) Seed Crop Protection Corporate Total For the Three Months Ended March 31, 2021 Restructuring and Asset Related Charges - Net 1 $ (21) $ (32) $ (47) $ (100) Total $ (21) $ (32) $ (47) $ (100) (In millions) Seed Crop Protection Corporate Total For the Three Months Ended March 31, 2020 Restructuring and Asset Related Charges - Net 1 $ (10) $ (18) $ (42) $ (70) Loss on Divestiture 2 — (53) — (53) Total $ (10) $ (71) $ (42) $ (123) 1. Includes Board approved restructuring plans and asset related charges as well as accelerated prepaid amortization expense. See Note 5 - Restructuring and Asset Related Charges - Net, to the interim Consolidated Financial Statements for additional information. 2. Includes a loss recorded in other income - net related to the sale of the La Porte site. . |
EID - Basis of Presentation (No
EID - Basis of Presentation (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
EID [Member] | |
Entity Information [Line Items] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | BASIS OF PRESENTATION As a result of the Business Realignment and the Internal Reorganization, Corteva, Inc. owns 100% of the outstanding common stock of EID. EID is a subsidiary of Corteva, Inc. and continues to be a reporting company, subject to the requirements of the Exchange Act. The primary differences between Corteva, Inc. and EID are outlined below: • Preferred Stock - EID has preferred stock outstanding to third parties which is accounted for as a non-controlling interest at the Corteva, 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 March 31, 2021, Corteva, Inc.'s capital structure consists of 738,321,000 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 following Corteva, Inc. footnotes: • Note 1 - Summary of Significant Accounting Policies - refer to page 9 of the Corteva, Inc. interim Consolidated Financial Statements • Note 2 - Recent Accounting Guidance - refer to page 9 of the Corteva, Inc. interim Consolidated Financial Statements • Note 3 - Divestitures and Other Transactions - refer to page 9 of the Corteva, Inc. interim Consolidated Financial Statements • Note 4 - Revenue - refer to page 10 of the Corteva, Inc. interim Consolidated Financial Statements • Note 5 - Restructuring and Asset Related Charges - Net - refer to page 13 of the Corteva, Inc. interim Consolidated Financial Statements • Note 6 - Supplementary Information - refer to page 14 of the Corteva, Inc. interim Consolidated Financial Statements • Note 7 - Income Taxes - refer to page 16 of the Corteva, Inc. interim Consolidated Financial Statements • Note 8 - Earnings Per Share of Common Stock - Not applicable for EID • Note 9 - Accounts and Notes Receivable - Net - refer to page 18 of the Corteva, Inc. interim Consolidated Financial Statements • Note 10 - Inventories - refer to page 19 of the Corteva, Inc. interim Consolidated Financial Statements • Note 11 - Other Intangible Assets - refer to page 19 of the Corteva, Inc. interim Consolidated Financial Statements • Note 12 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities - refer to page 20 of the Corteva, Inc. interim Consolidated Financial Statements. In addition, EID has a related party loan payable to Corteva, Inc.; refer to EID Note 2 - Related Party Transactions, below • Note 13 - Commitments and Contingent Liabilities - refer to page 21 of the Corteva, Inc. interim Consolidated Financial Statements • Note 14 - Stockholders' Equity - refer to page 26 of the Corteva, Inc. interim Consolidated Financial Statements • Note 15 - Pension Plans and Other Post Employment Benefits - refer to page 29 of the Corteva, Inc. interim Consolidated Financial Statements • Note 16 - Financial Instruments - refer to page 29 of the Corteva, Inc. interim Consolidated Financial Statements • Note 17 - Fair Value Measurements - refer to page 35 of the Corteva, Inc. interim Consolidated Financial Statements • Note 18 - Segment Information - Differences exist between Corteva, Inc. and EID; refer to EID Note 3 - Segment Information, below |
EID - Related Party Transaction
EID - Related Party Transactions (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
EID [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS Transactions with Corteva In the second quarter of 2019, EID entered into a related party revolving loan from Corteva, Inc., with a maturity date in 2024. As of March 31, 2021, December 31, 2020, and March 31, 2020, the outstanding related party loan balance was $3,012 million, $3,459 million, and $3,872 million respectively (which approximates fair value), with interest rates of 1.62% at March 31, 2021 and December 31, 2020, respectively, and 3.27% at March 31, 2020, and is reflected as long-term debt - related party in EID's interim Condensed Consolidated Balance Sheets. Additionally, EID has incurred tax deductible interest expense of $15 million and $32 million for the three months ended March 31, 2021 and 2020, respectively, associated with the related party loan from Corteva, Inc. As of March 31, 2021, EID had payables to Corteva, Inc., of $55 million and $91 million included in accrued and other current liabilities and other noncurrent obligations, respectively, $92 million at December 31, 2020 included in both accrued and other current liabilities and other noncurrent obligations, respectively, and $166 million and $82 million at March 31, 2020, included in accrued and other current liabilities and other noncurrent obligations, respectively, in the interim Condensed Consolidated Balance Sheets related to Corteva's indemnification liabilities to Dow and DuPont per the Separation Agreements (refer to page 9 of the Corteva, Inc. interim Consolidated Financial Statements for further details of the Separation Agreements). |
EID Segment FN (Notes)
EID Segment FN (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
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, foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items. Effective January 1, 2021, on a prospective basis, the company excludes from segment operating EBITDA net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. 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. As of and for the Three Months Ended March 31, (In millions) Seed Crop Protection Total 2021 Net sales $ 2,492 $ 1,686 $ 4,178 Segment operating EBITDA $ 617 $ 321 $ 938 Segment assets 1 $ 24,799 $ 13,349 $ 38,148 2020 Net sales $ 2,455 $ 1,501 $ 3,956 Segment operating EBITDA $ 581 $ 238 $ 819 Segment assets 1 $ 25,857 $ 13,251 $ 39,108 1. Segment assets at December 31, 2020 were $23,751 million and $13,099 million for Seed and Crop Protection, respectively. Reconciliation to interim Consolidated Financial Statements Income from continuing operations after income taxes to segment operating EBITDA (In millions) Three Months Ended 2021 2020 Income from continuing operations after income taxes $ 613 $ 281 Provision for income taxes on continuing operations 178 127 Income from continuing operations before income taxes 791 408 Depreciation and amortization 304 283 Interest income (21) (18) Interest expense 7 10 Exchange losses - net 35 61 Non-operating benefits - net (311) (73) Mark-to-market gains on certain foreign currency contracts not designated as hedges 1 (1) Significant items 100 123 Corporate expenses 34 25 Segment operating EBITDA $ 938 $ 819 1. Effective January 1, 2021, on a prospective basis, the company excludes net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. There was no activity in the three months ended March 31, 2020. Refer to page 48 for further discussion of the company’s Non-GAAP financial measures. Segment assets to total assets (in millions) March 31, 2021 December 31, 2020 March 31, 2020 Total segment assets $ 38,148 $ 36,850 $ 39,108 Corporate assets 4,401 5,799 3,870 Total assets $ 42,549 $ 42,649 $ 42,978 Significant Pre-tax (Charges) Benefits Not Included in Segment Operating EBITDA The three months ended March 31, 2021 and 2020, respectively, included the following significant pre-tax (charges) benefits which are excluded from segment operating EBITDA: (In millions) Seed Crop Protection Corporate Total For the Three Months Ended March 31, 2021 Restructuring and Asset Related Charges - Net 1 $ (21) $ (32) $ (47) $ (100) Total $ (21) $ (32) $ (47) $ (100) (In millions) Seed Crop Protection Corporate Total For the Three Months Ended March 31, 2020 Restructuring and Asset Related Charges - Net 1 $ (10) $ (18) $ (42) $ (70) Loss on Divestiture 2 — (53) — (53) Total $ (10) $ (71) $ (42) $ (123) 1. Includes Board approved restructuring plans and asset related charges as well as accelerated prepaid amortization expense. See Note 5 - Restructuring and Asset Related Charges - Net, to the interim Consolidated Financial Statements for additional information. 2. Includes a loss recorded in other income - net related to the sale of the La Porte site. . |
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, segment assets, or significant items by segment; refer to page 36 of the Corteva, Inc. interim Consolidated Financial Statements for background information on the segments as well as further details regarding segment metrics. The tables below reconcile income from continuing operations after income taxes to segment operating EBITDA, as differences exist between Corteva, Inc. and EID. Reconciliation to interim Consolidated Financial Statements Income from continuing operations after income taxes to segment operating EBITDA (In millions) Three Months Ended 2021 2020 Income from continuing operations after income taxes $ 602 $ 257 Provision for income taxes on continuing operations 174 119 Income from continuing operations before income taxes 776 376 Depreciation and amortization 304 283 Interest income (21) (18) Interest expense 22 42 Exchange losses - net 35 61 Non-operating benefits - net (311) (73) Mark-to-market gains on certain foreign currency contracts not designated as hedges 1 (1) Significant items 100 123 Corporate expenses 34 25 Segment operating EBITDA $ 938 $ 819 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. Results for interim periods should not be considered indicative of results for a full year. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in the company’s Annual Report on Form 10-K for the year ended December 31, 2020, collectively referred to as the “2020 Annual Report.” The interim Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained. Certain reclassifications of prior year's data have been made to conform to current year's presentation. 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. Since 2018, Argentina has been considered a hyper-inflationary economy under U.S. GAAP and therefore the U.S. Dollar (“USD”) is the functional currency for our related subsidiaries. We remeasure the net monetary assets utilizing the official Argentine Peso (“Peso”) to USD exchange rate. The devaluation of the Peso relative to the USD over the last several years has resulted in the recognition of exchange losses (refer to Note 6 of these financial statements and Note 9 of the 2020 financial statements included in the Company's Annual Report on Form 10-K). As of March 31, 2021, a further 10% deterioration in the official Peso to USD exchange rate would reduce the USD value of our net monetary assets and negatively impact pre-tax earnings by approximately $20 million. |
Recent Accounting Guidance Rece
Recent Accounting Guidance Recent Accounting Guidance (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Recent Accounting Guidance | Recently Adopted Accounting Guidance In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which was part of the FASB’s Simplification Initiative to identify, evaluate, and improve areas of U.S. GAAP for which cost and complexity can be reduced, while maintaining or improving the usefulness of the information provided to users of financial statements. This ASU amends ASC 740, Income Taxes, by removing certain exceptions to the general principles, and clarifying and amending current guidance. The new standard is effective for fiscal years, and periods within those fiscal years, beginning after December 15, 2020. The company adopted this guidance on January 1, 2021 and it did not have a material impact on the company’s financial position, results of operation or cash flows. |
Revenue Revenue Recognition (Po
Revenue Revenue Recognition (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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 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. |
Revenue Recognition, Licenses of Intellectual Property | 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. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |
Contract Balances | Contract Balances March 31, 2021 December 31, 2020 March 31, 2020 (In millions) Accounts and notes receivable - trade 1 $ 5,764 $ 3,917 $ 5,779 Contract assets - current 2 $ 22 $ 22 $ 20 Contract assets - noncurrent 3 $ 53 $ 54 $ 49 Deferred revenue - current $ 2,247 $ 2,662 $ 1,996 Deferred revenue - noncurrent 4 $ 111 $ 116 $ 104 1. Included in accounts and notes receivable - net in the interim Condensed Consolidated Balance Sheets. 2. Included in other current assets in the interim Condensed Consolidated Balance Sheets. 3. Included in other assets in the interim Condensed Consolidated Balance Sheets. |
Major Product Line [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | Three Months Ended (In millions) 2021 2020 Corn $ 1,888 $ 1,864 Soybean 177 181 Other oilseeds 296 248 Other 131 162 Seed 2,492 2,455 Herbicides 986 823 Insecticides 385 378 Fungicides 261 229 Other 54 71 Crop Protection 1,686 1,501 Total $ 4,178 $ 3,956 . |
Geography [Domain] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | Seed Three Months Ended (In millions) 2021 2020 North America 1 $ 1,210 $ 1,290 EMEA 2 947 881 Latin America 274 216 Asia Pacific 61 68 Total $ 2,492 $ 2,455 Crop Protection Three Months Ended (In millions) 2021 2020 North America 1 $ 533 $ 475 EMEA 2 655 586 Latin America 244 218 Asia Pacific 254 222 Total $ 1,686 $ 1,501 1. Represents U.S. & Canada. 2. Europe, Middle East, and Africa ("EMEA"). |
Restructuring and Asset Related
Restructuring and Asset Related Charges (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Execute to Win Productivity Program [Domain] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Three Months Ended March 31, (In millions) 2021 2020 Seed $ — $ 3 Crop Protection 4 18 Corporate expenses — 42 Total $ 4 $ 63 Three Months Ended March 31, (In millions) 2021 2020 Severance and related benefit costs $ — $ 42 Asset related charges 4 21 Total restructuring and asset related charges - net $ 4 $ 63 (In millions) Severance and Related Benefit Costs Asset Related Total Balance at December 31, 2020 $ 53 $ 3 $ 56 Charges to income from continuing operations for the three months ended March 31, 2021 — 4 4 Payments (11) (3) (14) Asset write-offs — (4) (4) Balance at March 31, 2021 $ 42 $ — $ 42 |
Supplementary Information (Tabl
Supplementary Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Other Income - Net Three Months Ended (In millions) 2021 2020 Interest income $ 21 $ 18 Equity in earnings / (losses) of affiliates - net 3 (1) Net loss on sales of businesses and other assets 1 — (46) Net exchange losses 2 (35) (61) Non-operating pension and other post employment benefit credit 3 325 91 Miscellaneous income - net 4 23 — Other income - net $ 337 $ 1 1. The three months ended March 31, 2020 includes a loss of $(53) million relating to the sale of the La Porte site, for which the company signed an agreement in 2020, and closed during the first quarter of 2021. 2. Includes net pre-tax exchange losses of $(23) million and $(9) million associated with the devaluation of the Argentine peso for the three months ended March 31, 2021 and 2020, respectively. 3. Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, amortization of unrecognized gain (loss), amortization of prior service benefit and settlement loss). 4. Miscellaneous income - net, includes a gain from a remeasurement of an equity investment, losses on sale of available-for-sale securities, 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, losses on sale of receivables, and other items. |
Foreign Currency Exchange Gain (Loss) | (In millions) Three Months Ended 2021 2020 Subsidiary Monetary Position (Losses) Gains Pre-tax exchange losses $ (51) $ (226) Local tax (expenses) / benefits (1) 23 Net after-tax impact from subsidiary exchange losses $ (52) $ (203) Hedging Program Gains Pre-tax exchange gains $ 16 $ 165 Tax expenses (4) (40) Net after-tax impact from hedging program exchange gains $ 12 $ 125 Total Exchange Losses Pre-tax exchange losses $ (35) $ (61) Tax expenses (5) (17) Net after-tax exchange losses $ (40) $ (78) |
Restrictions on Cash and Cash Equivalents | (In millions) March 31, 2021 December 31, 2020 March 31, 2020 Cash and cash equivalents $ 2,404 $ 3,526 $ 1,963 Restricted cash 326 347 377 Total cash, cash equivalents and restricted cash $ 2,730 $ 3,873 $ 2,340 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net Income for Earnings Per Share Calculations - Basic and Diluted Three Months Ended (In millions) 2021 2020 Income from continuing operations after income taxes $ 613 $ 281 Net income attributable to continuing operations noncontrolling interests 3 10 Income from continuing operations available to Corteva common stockholders 610 271 (Loss) income from discontinued operations available to Corteva common stockholders (10) 1 Net income available to common stockholders $ 600 $ 272 |
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block] | Earnings Per Share Calculations - Basic Three Months Ended (Dollars per share) 2021 2020 Earnings per share of common stock from continuing operations $ 0.82 $ 0.36 Loss per share of common stock from discontinued operations (0.01) — Earnings per share of common stock $ 0.81 $ 0.36 |
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block] | Earnings Per Share Calculations - Diluted Three Months Ended (Dollars per share) 2021 2020 Earnings per share of common stock from continuing operations $ 0.81 $ 0.36 Loss per share of common stock from discontinued operations (0.01) — Earnings per share of common stock $ 0.80 $ 0.36 |
Share Count Information | Share Count Information Three Months Ended (Shares in millions) 2021 2020 Weighted-average common shares - basic 743.4 749.9 Plus dilutive effect of equity compensation plans 1 6.2 2.6 Weighted-average common shares - diluted 749.6 752.5 Potential shares of common stock excluded from EPS calculations 2 2.9 9.1 1. 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. 2. These outstanding potential shares of common stock relating to stock options, restricted stock units and performance-based restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been anti-dilutive. |
Accounts and Notes Receivable_2
Accounts and Notes Receivable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounts and Notes Receivable [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (In millions) March 31, 2021 December 31, 2020 March 31, 2020 Accounts receivable – trade 1 $ 5,231 $ 3,754 $ 5,367 Notes receivable – trade 1,2 533 163 412 Other 3 1,028 1,009 996 Total accounts and notes receivable - net $ 6,792 $ 4,926 $ 6,775 1. Accounts receivable – trade and notes receivable - trade are net of allowances of $203 million at March 31, 2021, $208 million at December 31, 2020, and $203 million at March 31, 2020. Allowances are equal to the estimated uncollectible amounts and are based on the expected credit losses and were developed using a loss-rate method. 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 March 31, 2021, December 31, 2020, and March 31, 2020 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 $115 million, $106 million, and $140 million as of March 31, 2021, December 31, 2020, and March 31, 2020, respectively. |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | (In millions) 2020 Balance at December 31, 2019 $ 174 Net provision for credit losses 60 Write-offs charged against allowance (1) Recoveries collected (30) Balance at March 31, 2020 $ 203 2021 Balance at December 31, 2020 $ 208 Net benefit for credit losses (5) Balance at March 31, 2021 $ 203 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | (In millions) March 31, 2021 December 31, 2020 March 31, 2020 Finished products $ 2,508 $ 2,584 $ 2,721 Semi-finished products 1,386 1,813 1,260 Raw materials and supplies 427 485 420 Total inventories $ 4,321 $ 4,882 $ 4,401 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | (In millions) March 31, 2021 December 31, 2020 March 31, 2020 Gross Accumulated Net Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization (Definite-lived): Germplasm $ 6,265 $ (380) $ 5,885 $ 6,265 $ (317) $ 5,948 $ 6,265 $ (126) $ 6,139 Customer-related 1,956 (404) 1,552 1,984 (380) 1,604 1,956 (293) 1,663 Developed technology 1,485 (565) 920 1,451 (525) 926 1,463 (409) 1,054 Trademarks/trade names 1 2,013 (112) 1,901 2,019 (99) 1,920 166 (88) 78 Favorable supply contracts 475 (326) 149 475 (302) 173 475 (231) 244 Other 2 405 (238) 167 405 (239) 166 400 (218) 182 Total other intangible assets with finite lives 12,599 (2,025) 10,574 12,599 (1,862) 10,737 10,725 (1,365) 9,360 Intangible assets not subject to amortization (Indefinite-lived): IPR&D 10 — 10 10 — 10 10 — 10 Trade name 1 1,871 — 1,871 Total other intangible assets 10 — 10 10 — 10 1,881 — 1,881 Total $ 12,609 $ (2,025) $ 10,584 $ 12,609 $ (1,862) $ 10,747 $ 12,606 $ (1,365) $ 11,241 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 the impairment under ASC 350- Intangibles, Goodwill and Other, concluding the asset was not impaired. 2. Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. |
Short-Term Borrowings, Long-T_2
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Instrument [Line Items] | |
Schedule of Short-term Debt [Table Text Block] | Short-term borrowings and finance lease obligations (In millions) March 31, 2021 December 31, 2020 March 31, 2020 Commercial paper $ 1,218 $ — $ 1,918 Repurchase facility 30 — 30 Other loans - various currencies — 1 45 Long-term debt payable within one year 1 1 1 Finance lease obligations payable within one year 1 1 2 Total short-term borrowings and finance lease obligations $ 1,250 $ 3 $ 1,996 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Environmental Loss Contingencies by Site [Table Text Block] | As of March 31, 2021 (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 $ 152 $ 152 $ 280 Other discontinued or divested businesses obligations 1 — 78 177 Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont 2 34 34 65 Environmental remediation liabilities not subject to indemnity — 69 55 Total $ 186 $ 333 $ 577 1. Represents liabilities that are subject to the $200 million thresholds and sharing arrangements as discussed on page 22, 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 $54 million to Chemours, related to the cost sharing arrangement under the MOU (see page 10). |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Noncontrolling Interests Represented by Preferred Stock [Table Text Block] | Shares in thousands Number of Shares Authorized 23,000 $4.50 Series, callable at $120 1,673 $3.50 Series, callable at $102 700 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (In millions) Cumulative Translation Adjustment 1 Derivative Instruments Pension Benefit Plans Other Benefit Plans Unrealized Gain (Loss) on Investments Total 2020 Balance January 1, 2020 $ (1,944) $ 2 $ (1,247) $ (81) $ — $ (3,270) Other comprehensive (loss) income before reclassifications (672) 1 (2) 3 — (670) Amounts reclassified from accumulated other comprehensive loss — 5 2 — — 7 Net other comprehensive (loss) income (672) 6 — 3 — (663) Balance March 31, 2020 $ (2,616) $ 8 $ (1,247) $ (78) $ — $ (3,933) 2021 Balance January 1, 2021 $ (1,970) $ (67) $ (1,433) $ 590 $ (10) $ (2,890) Other comprehensive (loss) income before reclassifications (403) 71 (4) 1 4 (331) Amounts reclassified from accumulated other comprehensive loss — (6) 12 (158) 6 (146) Net other comprehensive (loss) income (403) 65 8 (157) 10 (477) Balance March 31, 2021 $ (2,373) $ (2) $ (1,425) $ 433 $ — $ (3,367) 1. The cumulative translation adjustment loss for the three months ended March 31, 2020 was primarily driven by the strengthening of the USD against the Brazilian Real (“BRL”) and the South African Rand ("ZAR"). The cumulative translation adjustment loss for the three months ended March 31, 2021 was primarily driven by strengthening of the USD against the Swiss Franc ("CHF"), Brazilian Real ("BRL") and European Euro. |
Tax (Expense) Benefit of Other Comprehensive (Loss) Income | (In millions) Three Months Ended 2021 2020 Derivative instruments $ (18) $ 5 Pension benefit plans - net (2) (4) Other benefit plans - net 49 — Benefit from income taxes related to other comprehensive (loss) income items $ 29 $ 1 |
Reclassification out of Accumulated Other Comprehensive (Loss) Income [Table Text Block] | (In millions) Three Months Ended 2021 2020 Derivative Instruments 1 : $ (5) $ 7 Tax benefit 2 (1) (2) After-tax $ (6) $ 5 Amortization of pension benefit plans: Actuarial losses 3,4 $ 14 $ 1 Settlement loss 3,4 1 2 Total before tax $ 15 $ 3 Tax benefit 2 (3) (1) After-tax $ 12 $ 2 Amortization of other benefit plans: Prior service benefit 3,4 $ (230) $ — Actuarial gains 3,4 23 — Total before tax $ (207) $ — Tax benefit 2 49 — After-tax $ (158) $ — Unrealized Loss on Investments 4 $ 6 $ — Tax benefit 2 — — After-tax $ 6 $ — Total reclassifications for the period, after-tax $ (146) $ 7 1. Reflected in cost of goods sold. 2. Reflected in provision for (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 of the company's pension and other benefit plans. See Note 15 - Pension Plans and Other Post Employment Benefits, for additional information. |
Pension Plans and Other Post _2
Pension Plans and Other Post Employment Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended (In millions) 2021 2020 Defined Benefit Pension Plans: Service cost $ 7 $ 5 Interest cost 91 141 Expected return on plan assets (230) (251) Amortization of unrecognized loss 14 1 Settlement loss 1 2 Net periodic benefit credit $ (117) $ (102) Other Post Employment Benefits: Service cost $ — $ 1 Interest cost 6 16 Amortization of unrecognized loss 23 — Amortization of prior service benefit (230) — Net periodic benefit (credit) cost $ (201) $ 17 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Notional Amounts (In millions) March 31, 2021 December 31, 2020 March 31, 2020 Derivatives designated as hedging instruments: Foreign currency contracts $ 1,030 $ 1,164 $ 751 Commodity contracts $ 239 $ 383 $ 418 Derivatives not designated as hedging instruments: Foreign currency contracts $ 715 $ 647 $ 644 Commodity contracts $ 154 $ — $ 59 |
Fair Value of Derivatives Instruments | March 31, 2021 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the interim Condensed Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 38 $ — $ 38 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 52 (32) 20 Total asset derivatives $ 90 $ (32) $ 58 Liability derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 16 $ — $ 16 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities 46 (30) 16 Total liability derivatives $ 62 $ (30) $ 32 December 31, 2020 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Condensed 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 March 31, 2020 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the interim Condensed Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 36 $ — $ 36 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 230 (110) 120 Total asset derivatives $ 266 $ (110) $ 156 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 108 $ (103) $ 5 Total liability derivatives $ 108 $ (103) $ 5 |
Effect of Derivatives | Amount of (Loss) Gain Recognized in OCI 1 - Pre-Tax Three Months Ended (In millions) 2021 2020 Derivatives designated as hedging instruments: Net investment hedges: Foreign currency contracts $ 21 $ 9 Cash flow hedges: Foreign currency contracts 31 19 Commodity contracts 36 (34) Total derivatives designated as hedging instruments $ 88 $ (6) 1. OCI is defined as other comprehensive income (loss). Amount of Gain (Loss) Recognized in Income - Pre-Tax 1 Three Months Ended (In millions) 2021 2020 Derivatives designated as hedging instruments: Cash flow hedges: Foreign currency contracts 2 $ 1 $ — Commodity contracts 2 4 (7) Total derivatives designated as hedging instruments $ 5 $ (7) Derivatives not designated as hedging instruments: Foreign currency contracts 3 $ 16 $ 165 Foreign currency contracts 2 2 — Commodity contracts 2 (12) 9 Total derivatives not designated as hedging instruments 6 174 Total derivatives $ 11 $ 167 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. |
Schedule of Realized Gains (Losses) | Investing Results Three Months Ended (In millions) 2021 Proceeds from sales of available-for-sale securities $ 161 Gross realized losses (6) Total $ 155 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | March 31, 2021 12 months or more (In millions) Fair value Gross unrealized losses U.S. Treasuries $ 65 $ — |
Commodity Contract [Member] | |
Derivative [Line Items] | |
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | Three Months Ended (In millions) 2021 2020 Beginning balance $ (16) $ 2 Additions and revaluations of derivatives designated as cash flow hedges 30 (22) Clearance of hedge results to earnings (4) 5 Ending balance $ 10 $ (15) |
Foreign Currency Contract [Member] | |
Derivative [Line Items] | |
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | Three Months Ended (In millions) 2021 2020 Beginning balance $ (17) $ — Additions and revaluations of derivatives designated as cash flow hedges 25 16 Clearance of hedge results to earnings (2) — Ending balance $ 6 $ 16 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities Measured on Recurring Basis | March 31, 2021 Significant Other Observable Inputs (In millions) Level 1 Level 2 Assets at fair value: Marketable securities $ — $ 49 Debt securities: U.S. treasuries 1 65 — Derivatives relating to: 2 Foreign currency — 90 Total assets at fair value $ 65 $ 139 Liabilities at fair value: Derivatives relating to: 2 Foreign currency — 62 Total liabilities at fair value $ — $ 62 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 March 31, 2020 Significant Other Observable Inputs (Level 2) (In millions) Assets at fair value: Marketable securities $ 10 Derivatives relating to: 2 Foreign currency 266 Total assets at fair value $ 276 Liabilities at fair value: Derivatives relating to: 2 Foreign currency 108 Total liabilities at fair value $ 108 1. The company's investments in debt securities, which are available-for-sale, are included in "marketable securities" in the interim Condensed Consolidated Balance Sheets. 2. See Note 16 - Financial Instruments for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Reconciliation to interim Consolidated Financial Statements Income from continuing operations after income taxes to segment operating EBITDA (In millions) Three Months Ended 2021 2020 Income from continuing operations after income taxes $ 613 $ 281 Provision for income taxes on continuing operations 178 127 Income from continuing operations before income taxes 791 408 Depreciation and amortization 304 283 Interest income (21) (18) Interest expense 7 10 Exchange losses - net 35 61 Non-operating benefits - net (311) (73) Mark-to-market gains on certain foreign currency contracts not designated as hedges 1 (1) Significant items 100 123 Corporate expenses 34 25 Segment operating EBITDA $ 938 $ 819 1. Effective January 1, 2021, on a prospective basis, the company excludes net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. There was no activity in the three months ended March 31, 2020. Refer to page 48 for further discussion of the company’s Non-GAAP financial measures. |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of and for the Three Months Ended March 31, (In millions) Seed Crop Protection Total 2021 Net sales $ 2,492 $ 1,686 $ 4,178 Segment operating EBITDA $ 617 $ 321 $ 938 Segment assets 1 $ 24,799 $ 13,349 $ 38,148 2020 Net sales $ 2,455 $ 1,501 $ 3,956 Segment operating EBITDA $ 581 $ 238 $ 819 Segment assets 1 $ 25,857 $ 13,251 $ 39,108 1. Segment assets at December 31, 2020 were $23,751 million and $13,099 million for Seed and Crop Protection, respectively. |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Segment assets to total assets (in millions) March 31, 2021 December 31, 2020 March 31, 2020 Total segment assets $ 38,148 $ 36,850 $ 39,108 Corporate assets 4,401 5,799 3,870 Total assets $ 42,549 $ 42,649 $ 42,978 |
Schedule of Additional Segment Details [Table Text Block] | (In millions) Seed Crop Protection Corporate Total For the Three Months Ended March 31, 2021 Restructuring and Asset Related Charges - Net 1 $ (21) $ (32) $ (47) $ (100) Total $ (21) $ (32) $ (47) $ (100) (In millions) Seed Crop Protection Corporate Total For the Three Months Ended March 31, 2020 Restructuring and Asset Related Charges - Net 1 $ (10) $ (18) $ (42) $ (70) Loss on Divestiture 2 — (53) — (53) Total $ (10) $ (71) $ (42) $ (123) 1. Includes Board approved restructuring plans and asset related charges as well as accelerated prepaid amortization expense. See Note 5 - Restructuring and Asset Related Charges - Net, to the interim Consolidated Financial Statements for additional information. 2. Includes a loss recorded in other income - net related to the sale of the La Porte site. |
EID Segment FN (Tables)
EID Segment FN (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Reconciliation to interim Consolidated Financial Statements Income from continuing operations after income taxes to segment operating EBITDA (In millions) Three Months Ended 2021 2020 Income from continuing operations after income taxes $ 613 $ 281 Provision for income taxes on continuing operations 178 127 Income from continuing operations before income taxes 791 408 Depreciation and amortization 304 283 Interest income (21) (18) Interest expense 7 10 Exchange losses - net 35 61 Non-operating benefits - net (311) (73) Mark-to-market gains on certain foreign currency contracts not designated as hedges 1 (1) Significant items 100 123 Corporate expenses 34 25 Segment operating EBITDA $ 938 $ 819 1. Effective January 1, 2021, on a prospective basis, the company excludes net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. There was no activity in the three months ended March 31, 2020. Refer to page 48 for further discussion of the company’s Non-GAAP financial measures. |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Segment assets to total assets (in millions) March 31, 2021 December 31, 2020 March 31, 2020 Total segment assets $ 38,148 $ 36,850 $ 39,108 Corporate assets 4,401 5,799 3,870 Total assets $ 42,549 $ 42,649 $ 42,978 |
EID [Member] | |
Segment Reporting Information [Line Items] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Income from continuing operations after income taxes to segment operating EBITDA (In millions) Three Months Ended 2021 2020 Income from continuing operations after income taxes $ 602 $ 257 Provision for income taxes on continuing operations 174 119 Income from continuing operations before income taxes 776 376 Depreciation and amortization 304 283 Interest income (21) (18) Interest expense 22 42 Exchange losses - net 35 61 Non-operating benefits - net (311) (73) Mark-to-market gains on certain foreign currency contracts not designated as hedges 1 (1) Significant items 100 123 Corporate expenses 34 25 Segment operating EBITDA $ 938 $ 819 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Summary of Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Foreign Exchange Impact on Income (Loss) from Continuing Operations | $ 20 | |
Percentage deterioration of the official Peso to USD exchange rate | 10.00% | |
Internal Reorganization [Member] | ||
Reclassification of Divisional Equity to APIC | $ 40 |
Divestitures and Other Transa_2
Divestitures and Other Transactions Separation Agreements (Details) $ in Millions | Mar. 31, 2021USD ($) |
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 | $ 28 |
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] | Dow [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnified Liabilities | 52 |
Other noncurrent obligations | DuPont de Nemours [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnified Liabilities | 77 |
Other noncurrent obligations | Dow [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnified Liabilities | $ 14 |
Divestitures and Other Transa_3
Divestitures and Other Transactions Other Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income (loss) from discontinued operations after income taxes | $ (10) | $ 1 |
Divestitures and Other Transa_4
Divestitures and Other Transactions - PChem Results of Operations (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Performance Chemicals | Accounts and Notes Receivable [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnification Asset for liabilities indemnified by Chemours | $ 63 |
Performance Chemicals | Other Assets [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnification Asset for liabilities indemnified by Chemours | 259 |
Performance Chemicals | 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 | (10) |
Performance Chemicals | Other noncurrent obligations | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnified Liabilities for liabilities indemnified by Chemours | (44) |
Performance Chemicals | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Income (loss) from discontinued operations before income taxes | $ 3 |
Revenue Narrative (Details)
Revenue Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Amount | $ 113 | $ 115 | $ 106 |
Minimum [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Maximum [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 6 years |
Revenue Contract Balances (Deta
Revenue Contract Balances (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||
Disaggregation of Revenue [Line Items] | ||||
Accounts and notes receivable - trade | [1] | $ 5,764 | $ 5,779 | $ 3,917 |
Contract assets - current | [2] | 22 | 20 | 22 |
Contract assets - noncurrent | [3] | 53 | 49 | 54 |
Deferred Revenue | 2,247 | 1,996 | 2,662 | |
Deferred revenue recognized during the period | 924 | 822 | ||
Accrued and Other Current Liabilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Deferred Revenue | 2,247 | 1,996 | 2,662 | |
Other noncurrent obligations | ||||
Disaggregation of Revenue [Line Items] | ||||
Deferred Revenue | [4] | $ 111 | $ 104 | $ 116 |
[1] | Included in accounts and notes receivable - net in the interim Condensed Consolidated Balance Sheets. | |||
[2] | Included in other current assets in the interim Condensed Consolidated Balance Sheets. | |||
[3] | Included in other assets in the interim Condensed Consolidated Balance Sheets. | |||
[4] | Included in other noncurrent obligations in the interim Condensed Consolidated Balance Sheets. |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue - Principal Product Groups (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Net Sales | $ 4,178 | $ 3,956 |
Seed [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 2,492 | 2,455 |
Seed [Member] | Corn [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 1,888 | 1,864 |
Seed [Member] | Soybean [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 177 | 181 |
Seed [Member] | Other oilseeds [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 296 | 248 |
Seed [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 131 | 162 |
Crop Protection [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 1,686 | 1,501 |
Crop Protection [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 54 | 71 |
Crop Protection [Member] | Herbicides [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 986 | 823 |
Crop Protection [Member] | Insecticides [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 385 | 378 |
Crop Protection [Member] | Fungicides [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | $ 261 | $ 229 |
Revenue Disaggregation of Rev_2
Revenue Disaggregation of Revenue - Geography (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Disaggregation of Revenue [Line Items] | |||
Net Sales | $ 4,178 | $ 3,956 | |
Seed [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 2,492 | 2,455 | |
Seed [Member] | North America | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | [1] | 1,210 | 1,290 |
Seed [Member] | EMEA | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | [2] | 947 | 881 |
Seed [Member] | Latin America | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 274 | 216 | |
Seed [Member] | Asia Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 61 | 68 | |
Crop Protection [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 1,686 | 1,501 | |
Crop Protection [Member] | North America | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | [1] | 533 | 475 |
Crop Protection [Member] | EMEA | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | [2] | 655 | 586 |
Crop Protection [Member] | Latin America | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 244 | 218 | |
Crop Protection [Member] | Asia Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | $ 254 | $ 222 | |
[1] | Represents U.S. & Canada. | ||
[2] | Europe, Middle East, and Africa ("EMEA"). |
Restructuring and Asset Relat_2
Restructuring and Asset Related Charges - 2021 Restructuring Activities (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Asset related charges, net | $ 100 | $ 70 | |
2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset Retirement Obligation | 6 | ||
Payments for Restructuring | (7) | ||
Asset write-offs and adjustments | (13) | ||
Restructuring Reserve | 69 | $ 0 | |
Restructuring and Asset related charges, net | 89 | ||
Minimum [Member] | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 130 | ||
Future Cash Payments | 80 | ||
Maximum [Member] | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 170 | ||
Future Cash Payments | 100 | ||
Severance and Related Benefit Costs | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Payments for Restructuring | (1) | ||
Asset write-offs and adjustments | 0 | ||
Restructuring Reserve | 38 | 0 | |
Restructuring and Asset related charges, net | 39 | ||
Severance and Related Benefit Costs | Minimum [Member] | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 40 | ||
Severance and Related Benefit Costs | Maximum [Member] | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 50 | ||
Asset Related Charges [Member] | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Payments for Restructuring | 0 | ||
Asset write-offs and adjustments | (13) | ||
Restructuring Reserve | 0 | 0 | |
Restructuring and Asset related charges, net | 13 | ||
Asset Related Charges [Member] | Minimum [Member] | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 40 | ||
Asset Related Charges [Member] | Maximum [Member] | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 60 | ||
Asset Retirement Obligation Costs [Member] | Minimum [Member] | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 10 | ||
Asset Retirement Obligation Costs [Member] | Maximum [Member] | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 15 | ||
Contract Termination | Minimum [Member] | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 40 | ||
Contract Termination | Maximum [Member] | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 45 | ||
Costs Associated with Exit and Disposal Activities | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Payments for Restructuring | (6) | ||
Asset write-offs and adjustments | 0 | ||
Restructuring Reserve | 31 | $ 0 | |
Restructuring and Asset related charges, net | 37 | ||
Seed [Member] | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Asset related charges, net | 14 | ||
Crop Protection [Member] | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Asset related charges, net | 28 | ||
Corporate Segment | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Asset related charges, net | $ 47 |
Restructuring and Asset Relat_3
Restructuring and Asset Related Charges Execute to Win Productivity Program (Details) - USD ($) $ in Millions | 3 Months Ended | 15 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Asset related charges, net | $ 100 | $ 70 | |
Execute to Win Productivity Program [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 56 | ||
Payments for Restructuring | (14) | ||
Asset write-offs and adjustments | (4) | ||
Asset Retirement Obligation | 20 | $ 20 | |
Restructuring Reserve, Ending Balance | 42 | 42 | |
Restructuring and Asset related charges, net | 4 | 63 | |
Restructuring and Asset Related Charges - Net | 180 | ||
2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 0 | ||
Payments for Restructuring | 7 | ||
Asset write-offs and adjustments | (13) | ||
Asset Retirement Obligation | 6 | 6 | |
Restructuring Reserve, Ending Balance | 69 | 69 | |
Restructuring and Asset related charges, net | 89 | ||
Severance and Related Benefit Costs | Execute to Win Productivity Program [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 53 | ||
Payments for Restructuring | (11) | ||
Asset write-offs and adjustments | 0 | ||
Restructuring Reserve, Ending Balance | 42 | 42 | |
Restructuring and Asset related charges, net | 0 | 42 | |
Restructuring and Asset Related Charges - Net | 63 | ||
Severance and Related Benefit Costs | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 0 | ||
Payments for Restructuring | 1 | ||
Asset write-offs and adjustments | 0 | ||
Restructuring Reserve, Ending Balance | 38 | 38 | |
Restructuring and Asset related charges, net | 39 | ||
Costs Associated with Exit and Disposal Activities | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 0 | ||
Payments for Restructuring | 6 | ||
Asset write-offs and adjustments | 0 | ||
Restructuring Reserve, Ending Balance | 31 | 31 | |
Restructuring and Asset related charges, net | 37 | ||
Asset Related Charges [Member] | Execute to Win Productivity Program [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 3 | ||
Payments for Restructuring | (3) | ||
Asset write-offs and adjustments | (4) | ||
Restructuring Reserve, Ending Balance | 0 | 0 | |
Restructuring and Asset related charges, net | 4 | 21 | |
Restructuring and Asset Related Charges - Net | 117 | ||
Asset Related Charges [Member] | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 0 | ||
Payments for Restructuring | 0 | ||
Asset write-offs and adjustments | (13) | ||
Restructuring Reserve, Ending Balance | 0 | 0 | |
Restructuring and Asset related charges, net | 13 | ||
Seed [Member] | Execute to Win Productivity Program [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Asset related charges, net | 0 | 3 | |
Seed [Member] | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Asset related charges, net | 14 | ||
Crop Protection [Member] | Execute to Win Productivity Program [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Asset related charges, net | 4 | 18 | |
Crop Protection [Member] | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Asset related charges, net | 28 | ||
Corporate | Execute to Win Productivity Program [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Asset related charges, net | $ 0 | $ 42 | |
Minimum [Member] | Execute to Win Productivity Program [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Ceased Operations | 12 months | ||
Minimum [Member] | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | $ 130 | 130 | |
Minimum [Member] | Severance and Related Benefit Costs | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 40 | 40 | |
Minimum [Member] | Asset Related Charges [Member] | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 40 | 40 | |
Minimum [Member] | Asset Retirement Obligation Costs [Member] | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | $ 10 | 10 | |
Maximum [Member] | Execute to Win Productivity Program [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Ceased Operations | 24 months | ||
Maximum [Member] | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | $ 170 | 170 | |
Maximum [Member] | Severance and Related Benefit Costs | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 50 | 50 | |
Maximum [Member] | Asset Related Charges [Member] | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 60 | 60 | |
Maximum [Member] | Asset Retirement Obligation Costs [Member] | 2021 Restructuring Actions [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | $ 15 | $ 15 |
Restructuring and Asset Relat_4
Restructuring and Asset Related Charges Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Asset Related [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Accelerated Prepaid Royalty Amortization Expense | $ 7 | $ 10 |
Related Party Transactions Dow
Related Party Transactions Dow Intercompany Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Corteva [Member] | EID [Member] | ||
Related Party Transaction [Line Items] | ||
Interest Expense, Related Party | $ 15 | $ 32 |
Supplementary Information Other
Supplementary Information Other Income (Expense) - Net (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Equity in earnings / (losses) of affiliates - net | $ 3 | $ (1) | |
Net gain (loss) on sales of businesses and other assets | [1] | 0 | (46) |
Net exchange gains (losses) | [2] | (35) | (61) |
Non-operating pension and other post employment benefit credit | [3] | 325 | 91 |
Miscellaneous expenses - net | [4] | 23 | 0 |
Other income - net | 337 | 1 | |
Interest income | 21 | 18 | |
Hedging Program [Member] | |||
Net exchange gains (losses) | 16 | 165 | |
Hedging Program [Member] | Argentine Peso Devaluation [Member] | |||
Net exchange gains (losses) | (23) | (9) | |
Subsidiary Monetary Position | |||
Net exchange gains (losses) | (51) | (226) | |
Segment Reconciling Items [Member] | |||
Net exchange gains (losses) | 35 | 61 | |
Non-operating pension and other post employment benefit credit | (311) | (73) | |
Interest income | (21) | $ (18) | |
Segment Reconciling Items [Member] | Crop Protection [Member] | |||
Gain (Loss) on Disposition of Assets | $ (53) | ||
[1] | The three months ended March 31, 2020 includes a loss of $(53) million relating to the sale of the La Porte site, for which the company signed an agreement in 2020, and closed during the first quarter of 2021. 2. Includes net pre-tax exchange losses of $(23) million and $(9) million associated with the devaluation of the Argentine peso for the three months ended March 31, 2021 and 2020, respectively. | ||
[2] | Includes net pre-tax exchange losses of $(23) million and $(9) million associated with the devaluation of the Argentine peso for the three months ended March 31, 2021 and 2020, respectively. | ||
[3] | Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, amortization of unrecognized gain (loss), amortization of prior service benefit and settlement loss). | ||
[4] | Miscellaneous income - net, includes a gain from a remeasurement of an equity investment, losses on sale of available-for-sale securities, tax indemnification adjustments related to changes in indemnification balances as a result of the application of the terms of the Tax Matters Agreement between Corteva and Dow and/or DuPont, losses on sale of receivables, and other items. |
Supplementary Information Forei
Supplementary Information Foreign Currency Exchange Gain (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Foreign Currency Exchange Gain (Loss) [Line Items] | |||
Pre-tax exchange (losses) gains - net | [1] | $ (35) | $ (61) |
Foreign Currency Transaction (Loss) Gain Tax (Expense) Benefit | (5) | (17) | |
Foreign Currency Transaction (Loss) Gain After Tax | (40) | (78) | |
Subsidiary Monetary Position | |||
Foreign Currency Exchange Gain (Loss) [Line Items] | |||
Pre-tax exchange (losses) gains - net | (51) | (226) | |
Foreign Currency Transaction (Loss) Gain Tax (Expense) Benefit | (1) | 23 | |
Foreign Currency Transaction (Loss) Gain After Tax | (52) | (203) | |
Hedging Program [Member] | |||
Foreign Currency Exchange Gain (Loss) [Line Items] | |||
Pre-tax exchange (losses) gains - net | 16 | 165 | |
Foreign Currency Transaction (Loss) Gain Tax (Expense) Benefit | (4) | (40) | |
Foreign Currency Transaction (Loss) Gain After Tax | $ 12 | $ 125 | |
[1] | Includes net pre-tax exchange losses of $(23) million and $(9) million associated with the devaluation of the Argentine peso for the three months ended March 31, 2021 and 2020, respectively. |
Supplementary Information Recon
Supplementary Information Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||
Cash and cash equivalents | $ 2,404 | $ 3,526 | $ 1,963 | |||
Cash, Cash Equivalents and Restricted Cash, Total Company | 2,730 | [1] | 3,873 | 2,340 | [1] | $ 2,173 |
Other Current Assets [Member] | ||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||
Restricted Cash | $ 326 | $ 347 | $ 377 | |||
[1] | See page 15 for reconciliation of cash and cash equivalents and restricted cash presented in interim Condensed Consolidated Balance Sheets to total cash, cash equivalents and restricted cash presented in the interim Consolidated Statements of Cash Flows. |
Income Taxes Income Tax Narrati
Income Taxes Income Tax Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Income Tax Disclosure [Abstract] | |
Tax benefit related to the enactment of the Swiss Tax Reform | $ 38 |
Tax benefit (charge) related to application of the Act's foreign tax provisions | $ (83) |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Income (loss) from continuing operations after income taxes | $ 613 | $ 281 |
Net income (loss) Attributable to Noncontrolling Interest, Continuing Operations | 3 | 10 |
Net income (loss) from Continuing Operations Available to Common Shareholders | 610 | 271 |
Income (loss) from discontinued operations after income taxes | (10) | 1 |
Net income (loss) Available to Common Stockholders | $ 600 | $ 272 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share Calculations - Basic (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Basic earnings (loss) per share of common stock from continuing operations | $ 0.82 | $ 0.36 |
Basic earnings (loss) per share of common stock from discontinued operations | $ (0.01) | $ 0 |
Basic earnings (loss) per share of common stock | $ 0.81 | $ 0.36 |
Earnings Per Share Earnings P_2
Earnings Per Share Earnings Per Share Calculations - Diluted (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Diluted earnings (loss) per share of common stock from continuing operations | $ 0.81 | $ 0.36 |
Diluted earnings (loss) per share of common stock from discontinued operations | $ (0.01) | $ 0 |
Diluted earnings (loss) per share of common stock | $ 0.80 | $ 0.36 |
Earnings Per Share Share Count
Earnings Per Share Share Count Information (Details) - shares | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||
Earnings Per Share [Line Items] | ||||
Weighted Average Common Shares - basic | 743,400,000 | 749,900,000 | ||
Dilutive effect of equity compensation plans | [1] | 6,200,000 | 2,600,000 | |
Weighted Average Common Shares - diluted | 749,600,000 | 752,500,000 | ||
Potential shares of common stock excluded from EPS calculations | [2] | 2,900,000 | 9,100,000 | |
Common Stock, Shares Authorized | 1,666,667,000 | 1,666,667,000 | 1,666,667,000 | |
[1] | 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. | |||
[2] | These outstanding potential shares of common stock relating to stock options, restricted stock units and performance-based restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been anti-dilutive. |
Accounts and Notes Receivable_3
Accounts and Notes Receivable (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts Receivable - trade | [1] | $ 5,231 | $ 5,367 | $ 3,754 | |
Notes receivable - trade | [1],[2] | 533 | 412 | 163 | |
Other | [3] | 1,028 | 996 | 1,009 | |
Accounts and notes receivable - net | 6,792 | 6,775 | 4,926 | ||
Accounts Receivable, Allowance for Credit Loss, Current | 203 | 203 | 208 | $ 174 | |
Due from Affiliates | 115 | 140 | 106 | ||
Factoring Agreement [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Trade Receivables Sold | 11 | 15 | |||
Trade receivables sold the remain outstanding with an element of recourse | $ 128 | $ 43 | $ 157 | ||
[1] | Accounts receivable – trade and notes receivable - trade are net of allowances of $203 million at March 31, 2021, $208 million at December 31, 2020, and $203 million at March 31, 2020. Allowances are equal to the estimated uncollectible amounts and are based on the expected credit losses and were developed using a loss-rate method. | ||||
[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 March 31, 2021, December 31, 2020, and March 31, 2020 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 $115 million, $106 million, and $140 million as of March 31, 2021, December 31, 2020, and March 31, 2020, respectively. |
Accounts and Notes Receivable A
Accounts and Notes Receivable Allowance Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Receivables [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Beginning Balance | $ 208 | $ 174 |
Net provision for credit losses | (5) | 60 |
Write-offs charged against allowance | (1) | |
Recoveries collected | (30) | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 203 | $ 203 |
Inventories Schedule of Invento
Inventories Schedule of Inventory (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Inventory [Line Items] | |||
Finished Products | $ 2,508 | $ 2,584 | $ 2,721 |
Semi-finished Products | 1,386 | 1,813 | 1,260 |
Raw Materials and Supplies | 427 | 485 | 420 |
Total inventories | $ 4,321 | $ 4,882 | $ 4,401 |
Property, Plant and Equipment S
Property, Plant and Equipment Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Property, Plant and Equipment [Line Items] | |||
Accumulated Depreciation | $ (3,874) | $ (3,857) | $ (3,406) |
Other Intangible Assets Other I
Other Intangible Assets Other Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | $ 10,725 | $ 12,599 | $ 12,599 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,365) | (2,025) | (1,862) | |
Finite-Lived Intangible Assets, Net | 9,360 | 10,574 | 10,737 | |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 1,881 | 10 | 10 | |
Intangible Assets, Gross (Excluding Goodwill) | 12,606 | 12,609 | 12,609 | |
Total other intangible assets | 11,241 | 10,584 | 10,747 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 54 | |||
Impairment of Intangible Assets Indefinite lived Excluding Goodwill After Tax | 41 | |||
Trade Names [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | [1] | 1,871 | ||
In Process Research and Development [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 10 | 10 | 10 | |
Germplasm [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 6,265 | 6,265 | 6,265 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (126) | (380) | (317) | |
Finite-Lived Intangible Assets, Net | 6,139 | 5,885 | 5,948 | |
Customer-Related Intangible Assets [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 1,956 | 1,956 | 1,984 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (293) | (404) | (380) | |
Finite-Lived Intangible Assets, Net | 1,663 | 1,552 | 1,604 | |
Developed Technology Rights [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 1,463 | 1,485 | 1,451 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (409) | (565) | (525) | |
Finite-Lived Intangible Assets, Net | 1,054 | 920 | 926 | |
Trademarks and Trade Names [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | [1] | 166 | 2,013 | 2,019 |
Finite-Lived Intangible Assets, Accumulated Amortization | [1] | (88) | (112) | (99) |
Finite-Lived Intangible Assets, Net | [1] | 78 | 1,901 | 1,920 |
Favorable Supply Contract [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 475 | 475 | 475 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (231) | (326) | (302) | |
Finite-Lived Intangible Assets, Net | 244 | 149 | 173 | |
Other Intangible Assets [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | [2] | 400 | 405 | 405 |
Finite-Lived Intangible Assets, Accumulated Amortization | [2] | (218) | (238) | (239) |
Finite-Lived Intangible Assets, Net | [2] | $ 182 | $ 167 | $ 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 the impairment under ASC 350- Intangibles, Goodwill and Other, concluding the asset was not impaired. | |||
[2] | Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. |
Other Intangible Assets Future
Other Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 183 | $ 163 |
Continuing Operations [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Pre-tax amortization expense, remainder of 2021 | 537 | |
Pre-tax amortization expense, 2022 | 700 | |
Pre-tax amortization expense, 2023 | 620 | |
Pre-tax amortization expense, 2024 | 606 | |
Pre-tax amortization expense, 2025 | 569 | |
Pre-tax amortization expense, 2026 | $ 555 |
Short-Term Borrowings, Long-T_3
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Short-term borrowings and finance lease obligations (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Feb. 09, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Short-term Debt [Line Items] | ||||
Long-term Debt Payable within one year | $ 1 | $ 1 | $ 1 | |
Finance Lease, Liability, Current | 1 | 1 | 2 | |
Short-term borrowings and finance lease obligations | 1,250 | 3 | 1,996 | |
Commercial Paper [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings | 1,218 | 0 | 1,918 | |
Securities Sold under Agreements to Repurchase [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings | $ 1,000 | |||
Other loans - various currencies [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings | 0 | 1 | 45 | |
Repurchase Agreements [Member] | Securities Sold under Agreements to Repurchase [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings | $ 30 | $ 0 | $ 30 |
Short-Term Borrowings, Long-T_4
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Long-term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Debt Instrument [Line Items] | |||
Long-term Debt Payable within one year | $ 1 | $ 1 | $ 1 |
Notes Maturing 2030 [Domain] | Loans Payable [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 2.30% | ||
Long-term Debt, Gross | $ 500 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Fair Value | $ 1,121 | $ 1,168 | $ 612 |
Short-Term Borrowings, Long-T_5
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Repurchase Facility and Revolving Credit Facilities (Details) $ in Millions | 3 Months Ended | 36 Months Ended | 60 Months Ended | ||||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Nov. 13, 2021 | Nov. 13, 2023 | Feb. 09, 2021USD ($) | Dec. 31, 2020USD ($) | Nov. 13, 2018USD ($) | |
Line of Credit Facility [Line Items] | |||||||
Proceeds from debt | $ 419 | $ 875 | |||||
Repayments of Long-term Debt | 0 | 1 | |||||
Revolving Credit Facilities due 2024 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | ||||||
Revolving Credit Facilities due 2022 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | ||||||
Long-term Line of Credit | 500 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 3,000 | ||||||
Securities Sold under Agreements to Repurchase [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Short-term borrowings | $ 1,000 | ||||||
Percentage of outstanding amounts borrowed utilized as collateral | 105.00% | ||||||
Interest rate in addition to LIBOR | 0.85% | ||||||
Securities Sold under Agreements to Repurchase [Member] | Repurchase Agreements [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Short-term borrowings | 30 | $ 30 | $ 0 | ||||
Revolving Credit Facilities due 2022 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Ratio of Indebtedness to Net Capital | 0.60 | ||||||
Accounts and Notes Receivable [Member] | Securities Sold under Agreements to Repurchase [Member] | Repurchase Agreements [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Pledged Financial Instruments, Not Separately Reported, Loans Receivable Pledged as Collateral | $ 32 | ||||||
Forecast [Member] | Revolving Credit Facilities due 2024 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Term | 5 years | ||||||
Forecast [Member] | Revolving Credit Facilities due 2022 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Term | 3 years |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities Guarantee Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Guarantor Obligations [Line Items] | |||
Guarantee Obligations | $ 108 | $ 94 | $ 90 |
Factoring Agreement [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee Obligations | 23 | 17 | 17 |
Agreements with lenders to provide financing for select customers [Member] | |||
Guarantor Obligations [Line Items] | |||
Accounts Receivable, after Allowance for Credit Loss | $ 178 | $ 16 | $ 125 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities Chemours (Details) $ in Millions | 3 Months Ended | |||||
Mar. 31, 2021USD ($)lawsuits | Dec. 31, 2017USD ($)lawsuits | Jun. 30, 2017USD ($) | Dec. 31, 2028USD ($) | Sep. 30, 2028USD ($) | Sep. 30, 2022USD ($) | |
PFAS [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Escrow Account Balance | $ 700 | |||||
PFAS [Member] | Maximum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Cost Sharing Arrangement Term | 20 years | |||||
Qualified Spend and Escrow Account Contribution Threshold | $ 4,000 | |||||
Corteva and DuPont stray liability threshold for PFAS | $ 300 | |||||
PFOA Matters: Multi-District Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement, Amount Awarded to Other Party | $ 670.7 | |||||
Lawsuits alleging personal injury filed | lawsuits | 3,550 | |||||
PFOA Matters: Drinking Water Actions [Member] | WEST VIRGINIA AND OHIO [Domain] | Scheduled for trial [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Pending Claims, Number | lawsuits | 96 | |||||
DuPont de Nemours [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Amount credited to each company's threshold | $ 150 | |||||
Chemours [Member] | PFAS [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Annual Escrow Deposit | $ 100 | |||||
Annual Escrow Deposit, remainder of period | $ 50 | |||||
Escrow Account Deposit Percentage | 50.00% | |||||
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] | PFAS [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Stray liability sharing percentage for PFAS | 50.00% | |||||
Corteva [Member] | DuPont de Nemours [Member] | PFAS [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Stray liability sharing percentage for PFAS | 50.00% | |||||
Annual Escrow Deposit | $ 100 | |||||
Annual Escrow Deposit, remainder of period | 50 | |||||
Escrow Account Deposit Percentage | 50.00% | |||||
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] | DuPont de Nemours [Member] | PFOA Matters: Multi-District Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement, Amount Awarded to Other Party | $ 335 | |||||
DuPont de Nemours [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Stray liability sharing percentage | 71.00% | |||||
DuPont de Nemours [Member] | PFAS [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Stray liability sharing percentage for PFAS | 50.00% | |||||
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 DuPont (Details) | Mar. 31, 2021USD ($) |
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] | PFAS [Member] | |
Loss Contingencies [Line Items] | |
Stray liability sharing percentage for PFAS | 50.00% |
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] | |
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] | PFAS [Member] | |
Loss Contingencies [Line Items] | |
Stray liability sharing percentage for PFAS | 50.00% |
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 PFOA / Leach Settlement (Details) | 3 Months Ended | 12 Months Ended | 105 Months Ended | ||
Mar. 31, 2021USD ($)lawsuits | Dec. 31, 2017USD ($)lawsuits | Dec. 31, 2004USD ($) | Sep. 30, 2020USD ($) | Jan. 01, 2012 | |
MDL Settlement [Domain] | |||||
Loss Contingencies [Line Items] | |||||
Litigation Settlement, Amount Awarded to Other Party | $ 83,000,000 | ||||
Chemours Contribution to MDL Settlement | |||||
Loss Contingencies [Line Items] | |||||
Litigation Settlement, Amount Awarded to Other Party | 29,000,000 | ||||
DuPont de Nemours and Corteva Contribution to MDL Settlement | |||||
Loss Contingencies [Line Items] | |||||
Litigation Settlement, Amount Awarded to Other Party | 27,000,000 | ||||
Payments for Legal Settlements | 16,000,000 | ||||
PFOA Matters: Drinking Water Actions [Member] | |||||
Loss Contingencies [Line Items] | |||||
Binding Settlement Agreement Class Size | 80,000 | ||||
Loss Contingency, Number Of Water Districts Receiving Water Treatment | 6 | ||||
Litigation Settlement, Liability For Medical Monitoring Program, Threshold | $ 235,000,000 | ||||
Litigation Settlement, Medical Monitoring Program, Escrow Account, Disbursements To Date | $ 2,000,000 | ||||
Escrow Balance | $ 1,000,000 | ||||
PFOA Matters: Drinking Water Actions [Member] | WEST VIRGINIA AND OHIO [Domain] | Scheduled for trial [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Pending Claims, Number | lawsuits | 96 | ||||
PFOA Matters: Drinking Water Actions [Member] | WEST VIRGINIA AND OHIO [Domain] | Settled Litigation | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Claims Settled, Number | lawsuits | 95,000,000 | ||||
PFOA Matters: Drinking Water Actions [Member] | WEST VIRGINIA AND OHIO [Domain] | Compensatory damages [Member] | |||||
Loss Contingencies [Line Items] | |||||
Litigation Settlement, Amount Awarded to Other Party | $ 40,000,000 | ||||
PFOA Matters: Drinking Water Actions [Member] | WEST VIRGINIA AND OHIO [Domain] | Loss of consortium [Member] | |||||
Loss Contingencies [Line Items] | |||||
Litigation Settlement, Amount Awarded to Other Party | $ 10,000,000 | ||||
PFOA Matters: Multi-District Litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Disease Categories for MDL | 6 | ||||
Lawsuits alleging personal injury filed | lawsuits | 3,550 | ||||
Litigation Settlement, Amount Awarded to Other Party | $ 670,700,000 | ||||
Chemours [Member] | PFOA Matters [Member] | |||||
Loss Contingencies [Line Items] | |||||
Indemnification Asset for liabilities indemnified by Chemours | $ 16,000,000 | ||||
Indemnified Liabilities for liabilities indemnified by Chemours | $ 21,000,000 |
Commitments and Contingent Li_7
Commitments and Contingent Liabilities Other PFOA Matters / Fayetteville (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021USD ($)lawsuits | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | |
Loss Contingencies [Line Items] | |||
Guarantee Obligations | $ | $ 108 | $ 94 | $ 90 |
Factoring Agreement [Member] | |||
Loss Contingencies [Line Items] | |||
Guarantee Obligations | $ | $ 23 | $ 17 | $ 17 |
Firefighting Foam [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Pending Claims, Number | 985 | ||
Personal injury cases [Member] | Firefighting Foam [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Pending Claims, Number | 910 | ||
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 | ||
NORTH CAROLINA | PFOA Matters: Drinking Water Actions [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Number of Property Owners | 100 | ||
Loss Contingency, Number of Additional Plaintiffs | 100 | ||
Alabama Water Utility [Member] | Natural Resources Damages [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Pending Claims, Number | 1 |
Commitments and Contingent Li_8
Commitments and Contingent Liabilities Environmental (Details) $ in Millions | Mar. 31, 2021USD ($) | |
Loss Contingencies [Line Items] | ||
Indemnification Asset | $ 186 | |
Accrual for Environmental Loss Contingencies | 333 | [1],[2] |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 577 | [2] |
Performance Chemicals | ||
Loss Contingencies [Line Items] | ||
Indemnified Liabilities for Liabilities Indemnified by Corteva | 54 | |
Chemours related obligation subject to indemnification [Member] | ||
Loss Contingencies [Line Items] | ||
Indemnification Asset | 152 | [3],[4] |
Accrual for Environmental Loss Contingencies | 152 | [1],[2],[3],[4] |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 280 | [2],[3],[4] |
Discontinued Operations [Member] | ||
Loss Contingencies [Line Items] | ||
Indemnification Asset | 0 | [3] |
Other discontinued or divested business obligations [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | 78 | [1],[2],[3] |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 177 | [2],[3] |
Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont [Member] | ||
Loss Contingencies [Line Items] | ||
Indemnification Asset | 34 | [4] |
Accrual for Environmental Loss Contingencies | 34 | [1],[2],[4] |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 65 | [2],[4] |
Not subject to indemnification [Member] | ||
Loss Contingencies [Line Items] | ||
Indemnification Asset | 0 | |
Accrual for Environmental Loss Contingencies | 69 | [1],[2] |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 55 | [2] |
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 | 56 | |
Superfund Sites [Member] | Chemours [Member] | Indemnification Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Indemnification Asset | $ 30 | |
[1] | Accrual balance excludes indemnification liabilities of $54 million to Chemours, related to the cost sharing arrangement under the MOU (see page 10). | |
[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 to the $200 million thresholds and sharing arrangements as discussed on page 22, under Corteva Separation Agreement. | |
[4] | The company has recorded an indemnification asset related to these accruals, including $30 million related to the Superfund sites. |
Stockholders' Equity Common Sto
Stockholders' Equity Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Apr. 30, 2021 | Dec. 31, 2020 | Jun. 26, 2019 | |
Class of Stock [Line Items] | |||||
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Stock Repurchase Program, Authorized Amount | $ 1,000 | ||||
Repurchase of Common Stock | $ 350 | $ 50 | |||
Corteva [Member] | |||||
Class of Stock [Line Items] | |||||
Common Stock, Par Value | $ 0.01 | $ 0.01 | |||
Stock Repurchased and Retired During Period, Shares | 7,646 | 1,865 |
Stockholders' Equity Preferred
Stockholders' Equity Preferred Stock (Details) - EID [Member] - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
$4.50 Series Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 1,673,000 | 1,673,000 | 1,673,000 |
Preferred Stock, Redemption Amount | $ 120 | $ 120 | $ 120 |
$3.50 Series Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 700,000 | 700,000 | 700,000 |
Preferred Stock, Redemption Amount | $ 102 | $ 102 | $ 102 |
Corteva [Member] | |||
Class of Stock [Line Items] | |||
Ownership interest in an entity | 100.00% |
Stockholders' Equity Other Comp
Stockholders' Equity Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | $ 25,063 | $ 24,555 | |||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (146) | 7 | |||
Other comprehensive (loss) income | (477) | (663) | |||
Ending Balance | 24,778 | 24,079 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (3,367) | (3,933) | $ (2,890) | ||
Pension Plan | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | (4) | (2) | |||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 12 | 2 | |||
Other comprehensive (loss) income | 8 | 0 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1,425) | (1,247) | (1,433) | $ (1,247) | |
Other Benefit Plans | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | 1 | 3 | |||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (158) | 0 | |||
Other comprehensive (loss) income | (157) | 3 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 433 | (78) | 590 | (81) | |
Cumulative Translation Adjustment | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | [1] | (403) | (672) | ||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | 0 | |||
Other comprehensive (loss) income | (403) | (672) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2,373) | (2,616) | (1,970) | (1,944) | |
Derivative Instruments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | 71 | 1 | |||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (6) | 5 | |||
Other comprehensive (loss) income | 65 | 6 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2) | 8 | (67) | 2 | |
Unrealized Gain (loss) on Investments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (10) | 0 | |||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | 4 | 0 | |||
Amounts Reclassified from Accumulated Other Comprehensive Loss | [2] | 6 | 0 | ||
Other comprehensive (loss) income | 10 | 0 | |||
Ending Balance | 0 | 0 | |||
Total | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (2,890) | (3,270) | |||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | (331) | (670) | |||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (146) | 7 | |||
Other comprehensive (loss) income | (477) | (663) | |||
Ending Balance | (3,367) | (3,933) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (3,367) | $ (3,933) | $ (2,890) | $ (3,270) | |
[1] | The cumulative translation adjustment loss for the three months ended March 31, 2020 was primarily driven by the strengthening of the USD against the Brazilian Real (“BRL”) and the South African Rand ("ZAR"). The cumulative translation adjustment loss for the three months ended March 31, 2021 was primarily driven by strengthening of the USD against the Swiss Franc ("CHF"), Brazilian Real ("BRL") and European Euro. | ||||
[2] | Reflected in other income - net. |
Stockholders' Equity Tax Benefi
Stockholders' Equity Tax Benefit (Expense) on Net Activity (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | $ 29 | $ 1 |
Pension Plan | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | (2) | (4) |
Other Benefit Plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | 49 | 0 |
Derivative Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | $ (18) | $ 5 |
Stockholders' Equity Reclassifi
Stockholders' Equity Reclassifications out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts Reclassified from Accumulated Other Comprehensive Loss | $ (146) | $ 7 | |
Other Benefit Plans | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of Prior Service Benefit | [1],[2] | (230) | 0 |
Pension Plan | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 12 | 2 | |
Other Benefit Plans | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (158) | 0 | |
Derivative Instruments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | [3] | (5) | 7 |
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [4] | (1) | (2) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | (6) | 5 | |
Actuarial (Gains) Losses | Pension Plan | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | [1],[2] | 14 | 1 |
Actuarial (Gains) Losses | Other Benefit Plans | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | [1],[2] | 23 | 0 |
Settlement Loss | Pension Plan | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | [1],[2] | 1 | 2 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | Pension Plan | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | 15 | 3 | |
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [4] | (3) | (1) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 12 | 2 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | Other Benefit Plans | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | (207) | 0 | |
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [4] | 49 | 0 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | (158) | 0 | |
Unrealized loss on investments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [4] | 0 | 0 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | [1] | $ 6 | $ 0 |
[1] | Reflected in other income - net. | ||
[2] | These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit credit of the company's pension and other benefit plans. See Note 15 - Pension Plans and Other Post Employment Benefits, for additional information. | ||
[3] | Reflected in cost of goods sold. | ||
[4] | Reflected in provision for (benefit from) income taxes from continuing operations. |
Pension Plans and Other Post _3
Pension Plans and Other Post Employment Benefit Plans Components of net periodic benefit cost (credit) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service Cost | $ 7 | $ 5 |
Interest Cost | 91 | 141 |
Expected return on plan assets | (230) | (251) |
Amortization of unrecognized loss (gain) | 14 | 1 |
Settlement/Curtailment Loss (Gain) | 1 | 2 |
Defined Benefit Plan, Net Periodic Benefit (Credit) Cost | (117) | (102) |
Other Benefit Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service Cost | 0 | 1 |
Interest Cost | 6 | 16 |
Amortization of unrecognized loss (gain) | 23 | 0 |
Amortization of Prior Service Benefit | (230) | 0 |
Defined Benefit Plan, Net Periodic Benefit (Credit) Cost | $ (201) | $ 17 |
Financial Instruments Financial
Financial Instruments Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Cash Equivalents [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities | $ 1,602 | $ 2,511 | $ 1,536 |
Available - for- sale securities | 65 | 226 | |
Marketable Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities | $ 49 | $ 43 | $ 10 |
Financial Instruments Notional
Financial Instruments Notional Amounts (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 1,030 | $ 1,164 | $ 751 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 239 | 383 | 418 |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 715 | 647 | 644 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 154 | $ 0 | $ 59 |
Financial Instruments Cash Flow
Financial Instruments Cash Flow Hedges Included in AOCI (Details) € in Millions, $ in Millions | 3 Months Ended | |||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2021EUR (€) | Dec. 31, 2020USD ($) | |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Remaining Maturity | 2 years | |||
Beginning Balance | $ (16) | $ 2 | ||
Additions and revaluations of derivatives designated as cash flow hedges | 30 | (22) | ||
Clearance of hedge results to earnings | (4) | 5 | ||
Ending Balance | 10 | (15) | ||
After-tax net gain (loss) to be reclassified from AOCL into earnings over the next twelve months | (8) | |||
Derivative, Notional Amount | $ 239 | 418 | $ 383 | |
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Remaining Maturity | 2 years | |||
Beginning Balance | $ (17) | 0 | ||
Additions and revaluations of derivatives designated as cash flow hedges | 25 | 16 | ||
Clearance of hedge results to earnings | (2) | 0 | ||
Ending Balance | 6 | 16 | ||
After-tax net gain (loss) to be reclassified from AOCL into earnings over the next twelve months | 6 | |||
Derivative, Notional Amount | $ 1,030 | $ 751 | $ 1,164 | |
Net Investment Hedging [Member] | Foreign Currency Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Notional Amount | € | € 450 |
Financial Instruments Fair Valu
Financial Instruments Fair Value of Derivatives (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Asset, Gross | $ 90 | $ 55 | $ 266 | |
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (32) | (40) | (110) |
Derivative Asset, Net | 58 | 15 | 156 | |
Derivative Liability, Gross | 62 | 135 | 108 | |
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (30) | (40) | (103) |
Derivative Liability, Net | 32 | 95 | 5 | |
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Other Current Assets [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Asset, Gross | 38 | 15 | 36 | |
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | 0 | 0 | 0 |
Derivative Asset, Net | 38 | 15 | 36 | |
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Accrued and Other Current Liabilities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Liability, Gross | 16 | 38 | ||
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | 0 | 0 | |
Derivative Liability, Net | 16 | 38 | ||
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Other Current Assets [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Asset, Gross | 52 | 40 | 230 | |
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (32) | (40) | (110) |
Derivative Asset, Net | 20 | 0 | 120 | |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Accrued and Other Current Liabilities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Liability, Gross | 46 | 97 | 108 | |
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (30) | (40) | (103) |
Derivative Liability, Net | $ 16 | $ 57 | $ 5 | |
[1] | Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. |
Financial Instruments Effect of
Financial Instruments Effect of Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative Instruments, Net, Pretax | [1] | $ 11 | $ 167 |
Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (loss) gain recognized in OCI- Pre Tax | [2] | 88 | (6) |
Amount of gain (loss) recognized in Income - Pre-tax | [1] | 5 | (7) |
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Foreign Currency Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (loss) gain recognized in OCI- Pre Tax | [2] | 21 | 9 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Currency Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (loss) gain recognized in OCI- Pre Tax | [2] | 31 | 19 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Currency Contract [Member] | Cost of Goods Sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in Income - Pre-tax | [1],[3] | 1 | 0 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (loss) gain recognized in OCI- Pre Tax | [2] | 36 | (34) |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Commodity Contract [Member] | Cost of Goods Sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in Income - Pre-tax | [1],[3] | 4 | (7) |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in income - pre-tax | [1] | 6 | 174 |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Cost of Goods Sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in income - pre-tax | [1],[3] | 2 | 0 |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Other Income - net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in income - pre-tax | [1],[4] | 16 | 165 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Cost of Goods Sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in income - pre-tax | [1],[3] | $ (12) | $ 9 |
[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 6 - Supplementary Information, for additional information. |
Financial Instruments Contractu
Financial Instruments Contractual Maturities of Debt Securities (Details) $ in Millions | Mar. 31, 2021USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Available-for-Sale with contractual maturities within one to five years | $ 65 |
Financial Instruments- AFS Inve
Financial Instruments- AFS Investing Results (Details) - Available-for-sale Securities $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |
Proceeds from sales of available-for-sale securities | $ 161 |
Gross realized losses | (6) |
Total | $ 155 |
Financial Instruments- Debt Sec
Financial Instruments- Debt Securities- Gross Unrealized Losses Aggregated by Investment Category (Details) - US Treasury Securities $ in Millions | Mar. 31, 2021USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Fair Value, 12 Months or Longer | $ 65 |
Gross Unrealized Losses, 12 Months or Longer | $ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative Asset | $ 90 | $ 55 | $ 266 | |
Derivative Liability | 62 | 135 | 108 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Assets at Fair Value | 65 | 226 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 | US Treasury Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 65 | 226 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Assets at Fair Value | 139 | 98 | 276 | |
Liabilities at Fair Value | 62 | 135 | 108 | |
Marketable Securities | 49 | 43 | 10 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Currency Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative Asset | [2] | 90 | 55 | 266 |
Derivative Liability | [2] | $ 62 | $ 135 | $ 108 |
[1] | The company's investments in debt securities, which are available-for-sale, are included in "marketable securities" in the interim Condensed Consolidated Balance Sheets | |||
[2] | See Note 16 - Financial Instruments for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. |
Segment Reporting Segment Infor
Segment Reporting Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |||
Segment Reporting Information [Line Items] | |||||
Net Sales | $ 4,178 | $ 3,956 | |||
Segment operating EBITDA | 938 | 819 | |||
Segment Assets | 38,148 | 39,108 | $ 36,850 | ||
Seed [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 2,492 | 2,455 | |||
Segment operating EBITDA | 617 | 581 | |||
Segment Assets | 24,799 | [1] | 25,857 | [1] | 23,751 |
Crop Protection [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 1,686 | 1,501 | |||
Segment operating EBITDA | 321 | 238 | |||
Segment Assets | $ 13,349 | [1] | $ 13,251 | [1] | $ 13,099 |
[1] | Segment assets at December 31, 2020 were $23,751 million and $13,099 million for Seed and Crop Protection, respectively. |
Segment Reporting Segment Recon
Segment Reporting Segment Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Segment Reporting Information [Line Items] | |||
Income (loss) from continuing operations after income taxes | $ 613 | $ 281 | |
Provision for income taxes on continuing operations | 178 | 127 | |
Income from continuing operations before income taxes | 791 | 408 | |
Interest income | 21 | 18 | |
Interest Expense | 7 | 10 | |
Exchange (gains) losses - net | [1] | (35) | (61) |
Significant Items | 100 | 123 | |
Corporate Expenses | 34 | 25 | |
Segment operating EBITDA | 938 | 819 | |
Non-operating pension and other post employment benefit credit | [2] | 325 | 91 |
Segment Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 304 | 283 | |
Interest income | (21) | (18) | |
Exchange (gains) losses - net | 35 | 61 | |
Mark-to-market gain (loss) on certain foreign currency contracts not designated as hedges | [3] | (1) | |
Significant Items | (100) | (123) | |
Non-operating pension and other post employment benefit credit | $ (311) | $ (73) | |
[1] | Includes net pre-tax exchange losses of $(23) million and $(9) million associated with the devaluation of the Argentine peso for the three months ended March 31, 2021 and 2020, respectively. | ||
[2] | Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, amortization of unrecognized gain (loss), amortization of prior service benefit and settlement loss). | ||
[3] | Effective January 1, 2021, on a prospective basis, the company excludes net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. There was no activity in the three months ended March 31, 2020. Refer to page 48 for further discussion of the company’s Non-GAAP financial measures. |
Segment Reporting Segment Asset
Segment Reporting Segment Asset Reconciliation (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Segment Reporting [Abstract] | |||
Segment Assets | $ 38,148 | $ 36,850 | $ 39,108 |
Corporate Assets | 4,401 | 5,799 | 3,870 |
Total Assets | $ 42,549 | $ 42,649 | $ 42,978 |
Segment Reporting Significant I
Segment Reporting Significant Items (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Segment Reporting Information [Line Items] | |||
Restructuring and Asset related charges, net | $ 100 | $ 70 | |
Significant Items | 100 | 123 | |
Net exchange gains (losses) | [1] | (35) | (61) |
Hedging Program [Member] | |||
Segment Reporting Information [Line Items] | |||
Net exchange gains (losses) | 16 | 165 | |
Argentine Peso Devaluation [Member] | Hedging Program [Member] | |||
Segment Reporting Information [Line Items] | |||
Net exchange gains (losses) | (23) | (9) | |
Segment Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Restructuring and Asset related charges, net | [2] | (100) | (70) |
Significant Items | (100) | (123) | |
Net exchange gains (losses) | 35 | 61 | |
Segment Reconciling Items [Member] | La Porte [Member] | |||
Segment Reporting Information [Line Items] | |||
Loss on Divestiture | [3] | (53) | |
Segment Reconciling Items [Member] | Seed [Member] | |||
Segment Reporting Information [Line Items] | |||
Restructuring and Asset related charges, net | [2] | (21) | (10) |
Significant Items | (21) | (10) | |
Segment Reconciling Items [Member] | Crop Protection [Member] | |||
Segment Reporting Information [Line Items] | |||
Restructuring and Asset related charges, net | [2] | (32) | (18) |
Loss on Divestiture | (53) | ||
Significant Items | (32) | (71) | |
Segment Reconciling Items [Member] | Crop Protection [Member] | La Porte [Member] | |||
Segment Reporting Information [Line Items] | |||
Loss on Divestiture | [3] | (53) | |
Segment Reconciling Items [Member] | Corporate | |||
Segment Reporting Information [Line Items] | |||
Restructuring and Asset related charges, net | [2] | (47) | (42) |
Significant Items | $ (47) | $ (42) | |
[1] | Includes net pre-tax exchange losses of $(23) million and $(9) million associated with the devaluation of the Argentine peso for the three months ended March 31, 2021 and 2020, respectively. | ||
[2] | Includes Board approved restructuring plans and asset related charges as well as accelerated prepaid amortization expense. See Note 5 - Restructuring and Asset Related Charges - Net, to the interim Consolidated Financial Statements for additional information. | ||
[3] | Includes a loss recorded in other income - net related to the sale of the La Porte site. |
EID - Basis of Presentation Nar
EID - Basis of Presentation Narrative (Details) - $ / shares | 3 Months Ended | ||||
Mar. 31, 2021 | Apr. 30, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Jun. 26, 2019 | |
EID [Member] | |||||
Common Stock, Shares, Outstanding | 200 | 200 | 200 | ||
Common Stock, Par Value | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | |
Common Stock, Shares, Outstanding | 738,321,000 | 743,458,000 | 748,369,000 | ||
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Corteva [Member] | EID [Member] | |||||
Ownership interest in an entity | 100.00% | ||||
Corteva [Member] | |||||
Common Stock, Par Value | $ 0.01 | $ 0.01 |
EID - Related Party Transacti_2
EID - Related Party Transactions (Details) - EID [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Long Term Debt - Related Party | $ 3,012 | $ 3,872 | $ 3,459 |
Corteva [Member] | |||
Related Party Transaction [Line Items] | |||
Debt, Weighted Average Interest Rate | 1.62% | 3.27% | 1.62% |
Interest Expense, Related Party | $ 15 | $ 32 | |
Corteva [Member] | Accrued and Other Current Liabilities [Member] | |||
Related Party Transaction [Line Items] | |||
CTVA Related Party Liability | 55 | 166 | $ 92 |
Corteva [Member] | Other noncurrent obligations | |||
Related Party Transaction [Line Items] | |||
CTVA Related Party Liability | $ 91 | $ 82 | $ 92 |
EID Segment FN Segment reconcil
EID Segment FN Segment reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Segment Reporting Information [Line Items] | |||
Provision for income taxes on continuing operations | $ 178 | $ 127 | |
Income from continuing operations before income taxes | 791 | 408 | |
Interest income | 21 | 18 | |
Interest Expense | 7 | 10 | |
Exchange (gains) losses - net | [1] | (35) | (61) |
Significant Items | 100 | 123 | |
Corporate Expenses | 34 | 25 | |
Segment operating EBITDA | 938 | 819 | |
EID [Member] | |||
Segment Reporting Information [Line Items] | |||
Income from Continuing Operations After Taxes | 602 | 257 | |
Provision for income taxes on continuing operations | 174 | 119 | |
Income from continuing operations before income taxes | 776 | 376 | |
Depreciation and Amortization | 304 | 283 | |
Interest Expense | 22 | 42 | |
Non-operating benefits - net | (311) | (73) | |
Significant Items | 100 | 123 | |
Corporate Expenses | 34 | 25 | |
Segment operating EBITDA | 938 | 819 | |
Mark-to-market gain (loss) on certain foreign currency contracts not designated as hedges | [2] | (1) | |
Segment Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 304 | 283 | |
Interest income | (21) | (18) | |
Exchange (gains) losses - net | 35 | 61 | |
Significant Items | (100) | (123) | |
Mark-to-market gain (loss) on certain foreign currency contracts not designated as hedges | [3] | (1) | |
Segment Reconciling Items [Member] | EID [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | (21) | (18) | |
Exchange (gains) losses - net | 35 | 61 | |
Hedging Program [Member] | |||
Segment Reporting Information [Line Items] | |||
Exchange (gains) losses - net | 16 | 165 | |
Hedging Program [Member] | Argentine Peso Devaluation [Member] | |||
Segment Reporting Information [Line Items] | |||
Exchange (gains) losses - net | (23) | (9) | |
Corporate | Segment Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Significant Items | (47) | (42) | |
Crop Protection [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment operating EBITDA | 321 | 238 | |
Crop Protection [Member] | Segment Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Significant Items | $ (32) | $ (71) | |
[1] | Includes net pre-tax exchange losses of $(23) million and $(9) million associated with the devaluation of the Argentine peso for the three months ended March 31, 2021 and 2020, respectively. | ||
[2] | Effective January 1, 2021, on a prospective basis, the company excludes net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. There was no activity in the three months ended March 31, 2020. | ||
[3] | Effective January 1, 2021, on a prospective basis, the company excludes net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. There was no activity in the three months ended March 31, 2020. Refer to page 48 for further discussion of the company’s Non-GAAP financial measures. |
EID Segment FN Segment Asset Re
EID Segment FN Segment Asset Reconciliation (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
EID [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | $ 42,549 | $ 42,649 | $ 42,978 |
Segment Assets | 38,148 | 36,850 | 39,108 |
Corporate Assets | 4,401 | 5,799 | 3,870 |
Total Assets | $ 42,549 | $ 42,649 | $ 42,978 |