DEI Document
DEI Document - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Feb. 03, 2022 | Jun. 30, 2021 | Dec. 31, 2020 | |
Document Information [Line Items] | ||||
Document Annual Report | true | |||
Document Type | 10-K | |||
Amendment Flag | false | |||
Document Period End Date | Dec. 31, 2021 | |||
Entity Registrant Name | Corteva, Inc. | |||
Entity Incorporation, State or Country Code | DE | |||
Entity Central Index Key | 0001755672 | |||
Current Fiscal Year End Date | --12-31 | |||
Document Fiscal Year Focus | 2021 | |||
Document Fiscal Period Focus | FY | |||
Entity Well-known Seasoned Issuer | Yes | |||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Entity Filer Category | Large Accelerated Filer | |||
Entity Emerging Growth Company | false | |||
Entity Public Float | $ 20,000,000,000 | |||
Entity Common Stock, Shares Outstanding | 727,021,000 | |||
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | |
Entity Small Business | false | |||
Entity Shell Company | false | |||
Document Transition Report | false | |||
Entity File Number | 001-38710 | |||
Entity Tax Identification Number | 82-4979096 | |||
Entity Address, Address Line One | 9330 Zionsville Road, | |||
Entity Address, City or Town | Indianapolis, | |||
Entity Address, State or Province | IN | |||
Entity Address, Postal Zip Code | 46268 | |||
City Area Code | (833) | |||
Local Phone Number | 267-8382 | |||
Documents Incorporated by Reference [Text Block] | Information pertaining to certain Items in Part III of this report is incorporated herein by reference to portions of Corteva, Inc.'s definitive 2022 Annual Meeting Proxy Statement to be filed within 120 days after the end of the year covered by this Annual Report on Form 10-K, pursuant to Regulation 14A (the Proxy). | |||
Common Stock [Member] | ||||
Document Information [Line Items] | ||||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |||
Trading Symbol | CTVA | |||
Security Exchange Name | NYSE | |||
EID [Member] | ||||
Document Information [Line Items] | ||||
Document Type | 10-K | |||
Amendment Flag | false | |||
Document Period End Date | Dec. 31, 2021 | |||
Entity Registrant Name | E. I. du Pont de Nemours and Company | |||
Entity Incorporation, State or Country Code | DE | |||
Entity Central Index Key | 0000030554 | |||
Current Fiscal Year End Date | --12-31 | |||
Document Fiscal Year Focus | 2021 | |||
Document Fiscal Period Focus | FY | |||
Entity Well-known Seasoned Issuer | Yes | |||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Entity Filer Category | Non-accelerated Filer | |||
Entity Emerging Growth Company | false | |||
Entity Common Stock, Shares Outstanding | 200 | |||
Common Stock, Par Value | $ 0.30 | $ 0.30 | $ 0.30 | |
Entity Small Business | false | |||
Entity Shell Company | false | |||
Entity File Number | 1-815 | |||
Entity Tax Identification Number | 51-0014090 | |||
Entity Address, Address Line One | 9330 Zionsville Road, | |||
Entity Address, City or Town | Indianapolis, | |||
Entity Address, State or Province | IN | |||
Entity Address, Postal Zip Code | 46268 | |||
City Area Code | (833) | |||
Local Phone Number | 267-8382 | |||
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 | $4.50 Series Preferred Stock | |||
Trading Symbol | CTAPrB | |||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Philadelphia, Pennsylvania |
Auditor Firm ID | 238 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Net Sales | $ 15,655 | $ 14,217 | $ 13,846 | |
Cost of Goods Sold | 9,220 | 8,507 | 8,575 | |
Research and Development Expense | 1,187 | 1,142 | 1,147 | |
Selling, General and Administrative Expense | 3,209 | 3,043 | 3,065 | |
Amortization of Intangibles | 722 | 682 | 475 | |
Restructuring and asset related charges- net | 289 | 335 | 222 | |
Integration and Separation Costs | 0 | 0 | 744 | |
Other income (expense) - net | 1,348 | 212 | 215 | |
Loss on early Extinguishment of Debt | 0 | 0 | 13 | [1] |
Interest Expense | 30 | 45 | 136 | |
Income (loss) from continuing operations before income taxes | 2,346 | 675 | (316) | |
Provision for (benefit from) income taxes on continuing operations | 524 | (81) | (46) | |
Income (loss) from continuing operations after income taxes | 1,822 | 756 | (270) | |
(Loss) income from discontinued operations after income taxes | (53) | (55) | (671) | |
Net income (loss) | 1,769 | 701 | (941) | [1] |
Net income (loss) attributable to noncontrolling interests | 10 | 20 | 18 | |
Net income (loss) attributable to Corteva | $ 1,759 | $ 681 | $ (959) | |
Basic earnings (loss) per share of common stock from continuing operations | $ 2.46 | $ 0.98 | $ (0.38) | |
Basic earnings (loss) per share of common stock from discontinued operations | (0.07) | (0.07) | (0.90) | |
Basic earnings (loss) per share of common stock | 2.39 | 0.91 | (1.28) | |
Diluted earnings (loss) per share of common stock from continuing operations | 2.44 | 0.98 | (0.38) | |
Diluted earnings (loss) per share of common stock from discontinued operations | (0.07) | (0.07) | (0.90) | |
Diluted earnings (loss) per share of common stock | $ 2.37 | $ 0.91 | $ (1.28) | |
EID [Member] | ||||
Net Sales | $ 15,655 | $ 14,217 | $ 13,846 | |
Cost of Goods Sold | 9,220 | 8,507 | 8,575 | |
Research and Development Expense | 1,187 | 1,142 | 1,147 | |
Selling, General and Administrative Expense | 3,209 | 3,043 | 3,065 | |
Amortization of Intangibles | 722 | 682 | 475 | |
Restructuring and asset related charges- net | 289 | 335 | 222 | |
Integration and Separation Costs | 0 | 0 | 744 | |
Other income (expense) - net | 1,348 | 212 | 215 | |
Loss on early Extinguishment of Debt | 0 | 0 | 13 | [2] |
Interest Expense | 80 | 145 | 242 | |
Income (loss) from continuing operations before income taxes | 2,296 | 575 | (422) | |
Provision for (benefit from) income taxes on continuing operations | 512 | (105) | (71) | |
Income (loss) from continuing operations after income taxes | 1,784 | 680 | (351) | |
(Loss) income from discontinued operations after income taxes | (53) | (55) | (671) | |
Net income (loss) | 1,731 | 625 | (1,022) | [2] |
Net income (loss) attributable to noncontrolling interests | 0 | 10 | 8 | |
Net income (loss) attributable to Corteva | $ 1,731 | $ 615 | $ (1,030) | |
[1] | The cash flows for the year ended December 31, 2019 includes cash flows of EID's ECP and Specialty Products Entities. | |||
[2] | The cash flows for the year ended December 31, 2019 includes cash flows of EID's ECP and Specialty Products Entities |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Net income (loss) | $ 1,769 | $ 701 | $ (941) | [1] |
Cumulative Translation Adjustments | (573) | (26) | (274) | |
Unrealized Gain (Loss) on Investments | 10 | (10) | 0 | |
Derivatives Instruments | 139 | (69) | 28 | |
Total other comprehensive income (loss) | (8) | 380 | (1,124) | |
Comprehensive Income (Loss) | 1,761 | 1,081 | (2,065) | |
Comprehensive Income Attributable to Noncontrolling Interest- net of tax | 10 | 20 | 18 | |
Comprehensive Income (Loss) Attributable to Corteva | 1,751 | 1,061 | (2,083) | |
Pension Plan | ||||
Adjustments to other benefit plans | 1,037 | (186) | (718) | |
Other Benefit Plans | ||||
Adjustments to other benefit plans | (621) | 671 | (160) | |
EID [Member] | ||||
Net income (loss) | 1,731 | 625 | (1,022) | [2] |
Cumulative Translation Adjustments | (573) | (26) | (274) | |
Unrealized Gain (Loss) on Investments | 10 | (10) | 0 | |
Derivatives Instruments | 139 | (69) | 28 | |
Total other comprehensive income (loss) | (8) | 380 | (1,124) | |
Comprehensive Income (Loss) | 1,723 | 1,005 | (2,146) | |
Comprehensive Income Attributable to Noncontrolling Interest- net of tax | 0 | 10 | 8 | |
Comprehensive Income (Loss) Attributable to Corteva | 1,723 | 995 | (2,154) | |
EID [Member] | Pension Plan | ||||
Adjustments to other benefit plans | 1,037 | (186) | (718) | |
EID [Member] | Other Benefit Plans | ||||
Adjustments to other benefit plans | $ (621) | $ 671 | $ (160) | |
[1] | The cash flows for the year ended December 31, 2019 includes cash flows of EID's ECP and Specialty Products Entities. | |||
[2] | The cash flows for the year ended December 31, 2019 includes cash flows of EID's ECP and Specialty Products Entities |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents | $ 4,459 | $ 3,526 |
Marketable Securities | 86 | 269 |
Accounts and notes receivable - net | 4,811 | 4,926 |
Inventories | 5,180 | 4,882 |
Other current assets | 1,010 | 1,165 |
Total current assets | 15,546 | 14,768 |
Investments in nonconsolidated affiliates | 76 | 66 |
Property, Plant and Equipment | 8,364 | 8,253 |
Accumulated Depreciation | 4,035 | 3,857 |
Net Property, Plant and Equipment | 4,329 | 4,396 |
Goodwill | 10,107 | 10,269 |
Other intangible assets | 10,044 | 10,747 |
Deferred Income Taxes | 438 | 464 |
Other Assets | 1,804 | 1,939 |
Total Assets | 42,344 | 42,649 |
Short-term borrowings and finance lease obligations | 17 | 3 |
Accounts Payable | 4,126 | 3,615 |
Income Taxes Payable | 146 | 123 |
Deferred Revenue | 3,201 | 2,662 |
Accrued and other current liabilities | 2,068 | 2,145 |
Total current liabilities | 9,558 | 8,548 |
Long-term Debt | 1,100 | 1,102 |
Deferred Income Tax Liabilities | 1,220 | 893 |
Pension and other post employment benefits - noncurrent | 3,124 | 5,176 |
Other noncurrent obligations | 1,719 | 1,867 |
Liabilities, Noncurrent | 7,163 | 9,038 |
Common stock | 7 | 7 |
Additional Paid in Capital | 27,751 | 27,707 |
Retained earnings (accumulated deficit) | 524 | 0 |
Accumulated other comprehensive income (loss) | (2,898) | (2,890) |
Total Company Stockholders' Equity | 25,384 | 24,824 |
Noncontrolling Interests | 239 | 239 |
Total Stockholders' Equity | 25,623 | 25,063 |
Total Liabilities and Equity | 42,344 | 42,649 |
EID [Member] | ||
Cash and Cash Equivalents | 4,459 | 3,526 |
Marketable Securities | 86 | 269 |
Accounts and notes receivable - net | 4,811 | 4,926 |
Inventories | 5,180 | 4,882 |
Other current assets | 1,010 | 1,165 |
Total current assets | 15,546 | 14,768 |
Investments in nonconsolidated affiliates | 76 | 66 |
Property, Plant and Equipment | 8,364 | 8,253 |
Accumulated Depreciation | 4,035 | 3,857 |
Net Property, Plant and Equipment | 4,329 | 4,396 |
Goodwill | 10,107 | 10,269 |
Other intangible assets | 10,044 | 10,747 |
Deferred Income Taxes | 438 | 464 |
Other Assets | 1,804 | 1,939 |
Total Assets | 42,344 | 42,649 |
Short-term borrowings and finance lease obligations | 17 | 3 |
Accounts Payable | 4,126 | 3,615 |
Income Taxes Payable | 146 | 123 |
Deferred Revenue | 3,201 | 2,662 |
Accrued and other current liabilities | 2,070 | 2,148 |
Total current liabilities | 9,560 | 8,551 |
Long-term Debt | 1,100 | 1,102 |
Long-Term Debt - Related Party | 2,162 | 3,459 |
Deferred Income Tax Liabilities | 1,220 | 893 |
Pension and other post employment benefits - noncurrent | 3,124 | 5,176 |
Other noncurrent obligations | 1,719 | 1,867 |
Liabilities, Noncurrent | 9,325 | 12,497 |
Common stock | 0 | 0 |
Additional Paid in Capital | 24,196 | 24,049 |
Retained earnings (accumulated deficit) | 1,922 | 203 |
Accumulated other comprehensive income (loss) | (2,898) | (2,890) |
Total Company Stockholders' Equity | 23,459 | 21,601 |
Noncontrolling Interests | 0 | 0 |
Total Stockholders' Equity | 23,459 | 21,601 |
Total Liabilities and Equity | 42,344 | 42,649 |
EID [Member] | $4.50 Series Preferred Stock [Member] | ||
Preferred stock, without par value – cumulative; 23,000,000 shares authorized; issued at December 31, 2020 and December 31, 2019 | 169 | 169 |
EID [Member] | $3.50 Series Preferred Stock [Member] | ||
Preferred stock, without par value – cumulative; 23,000,000 shares authorized; issued at December 31, 2020 and December 31, 2019 | $ 70 | $ 70 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,666,667,000 | 1,666,667,000 |
Common Stock, Shares, Outstanding | 726,527,000 | 743,458,000 |
EID [Member] | ||
Common Stock, Par Value | $ 0.30 | $ 0.30 |
Common Stock, Shares Authorized | 1,800,000,000 | 1,800,000,000 |
Common Stock, Shares, Outstanding | 200 | 200 |
EID [Member] | $4.50 Series Preferred Stock [Member] | ||
Preferred Stock, Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 1,673,000 | 1,673,000 |
Preferred Stock, Redemption Amount | $ 120 | $ 120 |
EID [Member] | $3.50 Series Preferred Stock [Member] | ||
Preferred Stock, Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 700,000 | 700,000 |
Preferred Stock, Redemption Amount | $ 102 | $ 102 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||||
Net income (loss) | $ 1,769 | $ 701 | $ (941) | [1] | |||
Depreciation and Amortization | 1,599 | ||||||
Provision for (Benefit from) Deferred Income Tax | 174 | (330) | (477) | [1] | |||
Net periodic pension and OPEB benefit, net | (1,292) | (340) | (177) | [1] | |||
Pension and OPEB contributions | 247 | 269 | 323 | [1] | |||
Net gain on sales of property, businesses, consolidated companies, and investments | (21) | 3 | (142) | [1] | |||
Restructuring and asset related charges- net | 289 | 335 | 222 | ||||
Amortization of inventory step-up | 0 | 0 | 272 | [1] | |||
Loss on early Extinguishment of Debt | 0 | 0 | 13 | [1] | |||
Other net loss | 156 | 290 | 246 | [1] | |||
Accounts and Notes Receivable | (113) | 187 | (361) | [1] | |||
Inventories | (422) | 104 | 74 | [1] | |||
Accounts Payable | 524 | (118) | 149 | [1] | |||
Deferred Revenue | 574 | 71 | 632 | [1] | |||
Other Assets and Liabilities, Net | 93 | 253 | (935) | [1] | |||
Cash provided by (used for) operating activities | 2,727 | 2,064 | 1,070 | [1] | |||
Capital expenditures | (573) | (475) | (1,163) | [1] | |||
Proceeds from the sale of property, businesses, and consolidated companies, net of cash divested | 75 | 83 | 249 | [1] | |||
Acquisitions of businesses - Net of Cash Acquired | 0 | 0 | (10) | [1] | |||
Investments in and loans to nonconsolidated affiliates | (4) | (1) | (10) | [1] | |||
Proceeds from sale of ownership interest in nonconsolidated affiliates | 0 | 0 | 21 | [1] | |||
Purchases of investments | (204) | (995) | (138) | [1] | |||
Proceeds from Sale and Maturities of Investments | 345 | 721 | 160 | [1] | |||
Other investing activities - net | (1) | (7) | (13) | [1] | |||
Cash provided by (used for) investing activities | (362) | (674) | (904) | [1] | |||
Net Change in borrowings (less than 90 days) | 13 | 0 | (1,868) | [1] | |||
Proceeds from Debt | 419 | 2,439 | 1,001 | [1] | |||
Payments on Debt | (421) | (1,441) | (6,804) | [1] | |||
Repurchase of Common Stock | (950) | (275) | (25) | [1] | |||
Proceeds from Exercise of Stock Options | 100 | 56 | 47 | [1] | |||
Dividends Paid to stockholders | (397) | (388) | (194) | [1] | |||
Payment for acquisition of subsidiary's interest from the non-controlling interest | 0 | (60) | 0 | [1] | |||
Distributions to Dow and DowDuPont | 0 | 0 | (317) | [1] | |||
Cash Transferred to DowDuPont at Internal Reorganizations | 0 | 0 | (2,053) | [1] | |||
Contributions from Dow and DowDuPont | 0 | 0 | 7,396 | [1] | |||
Debt Extinguishment Costs | 0 | 0 | (79) | [1] | |||
Other financing activities | (30) | (28) | (33) | [1] | |||
Cash provided by (used for) financing activities | (1,266) | 303 | (2,929) | [1] | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents | (136) | 7 | (88) | [1] | |||
Increase (decrease) on cash, cash equivalents and restricted cash | 963 | 1,700 | (2,851) | [1] | |||
Cash, cash equivalents and restricted cash equivalents at beginning of period | 3,873 | [2] | 2,173 | [1],[2] | 5,024 | [1] | |
Cash, cash equivalents and restricted cash equivalents at end of period | [2] | 4,836 | 3,873 | 2,173 | [1] | ||
Interest, net of amounts capitalized | 30 | 36 | 263 | [1] | |||
Income Taxes | 341 | 229 | 234 | [1] | |||
EID [Member] | |||||||
Net income (loss) | 1,731 | 625 | (1,022) | [3] | |||
Depreciation and Amortization | 1,243 | 1,177 | 1,000 | ||||
Provision for (Benefit from) Deferred Income Tax | 174 | (330) | (477) | [3] | |||
Net periodic pension and OPEB benefit, net | (1,292) | (340) | (177) | [3] | |||
Pension and OPEB contributions | 247 | 269 | 323 | [3] | |||
Net gain on sales of property, businesses, consolidated companies, and investments | (21) | 3 | (142) | [3] | |||
Restructuring and asset related charges- net | 289 | 335 | 222 | ||||
Amortization of inventory step-up | 0 | 0 | 272 | [3] | |||
Loss on early Extinguishment of Debt | 0 | 0 | 13 | [3] | |||
Other net loss | 156 | 290 | 246 | [3] | |||
Accounts and Notes Receivable | (113) | 187 | (361) | [3] | |||
Inventories | (422) | 104 | 74 | [3] | |||
Accounts Payable | 524 | (118) | 149 | [3] | |||
Deferred Revenue | 574 | 71 | 632 | ||||
Other Assets and Liabilities, Net | 93 | 251 | (928) | [3] | |||
Cash provided by (used for) operating activities | 2,689 | 1,986 | 996 | [3] | |||
Capital expenditures | (573) | (475) | (1,163) | [3] | |||
Proceeds from the sale of property, businesses, and consolidated companies, net of cash divested | 75 | 83 | 249 | [3] | |||
Acquisitions of businesses - Net of Cash Acquired | 0 | 0 | (10) | [3] | |||
Investments in and loans to nonconsolidated affiliates | (4) | (1) | (10) | [3] | |||
Proceeds from sale of ownership interest in nonconsolidated affiliates | 0 | 0 | 21 | [3] | |||
Purchases of investments | (204) | (995) | (138) | [3] | |||
Proceeds from Sale and Maturities of Investments | 345 | 721 | 160 | [3] | |||
Other investing activities - net | (1) | (7) | (13) | [3] | |||
Cash provided by (used for) investing activities | (362) | (674) | (904) | [3] | |||
Net Change in borrowings (less than 90 days) | 13 | 0 | (1,868) | [3] | |||
Proceeds from Related Party Debt | 52 | 103 | 4,240 | [3] | |||
Repayments of Related Party Debt | (1,349) | (665) | (219) | [3] | |||
Proceeds from Debt | 419 | 2,439 | 1,001 | [3] | |||
Payments on Debt | (421) | (1,441) | (6,804) | [3] | |||
Proceeds from Exercise of Stock Options | 100 | 56 | 47 | [3] | |||
Payment for acquisition of subsidiary's interest from the non-controlling interest | 0 | (60) | 0 | [3] | |||
Distributions to Dow and DowDuPont | 0 | 0 | (317) | [3] | |||
Cash Transferred to DowDuPont at Internal Reorganizations | 0 | 0 | (2,053) | [3] | |||
Contributions from Dow and DowDuPont | 0 | 0 | 3,255 | [3] | |||
Debt Extinguishment Costs | 0 | 0 | (79) | [3] | |||
Other financing activities | (42) | (51) | (58) | [3] | |||
Cash provided by (used for) financing activities | (1,228) | 381 | (2,855) | [3] | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents | (136) | 7 | (88) | [3] | |||
Increase (decrease) on cash, cash equivalents and restricted cash | 963 | 1,700 | (2,851) | [3] | |||
Cash, cash equivalents and restricted cash equivalents at beginning of period | 3,873 | 2,173 | [3] | 5,024 | [3] | ||
Cash, cash equivalents and restricted cash equivalents at end of period | 4,836 | 3,873 | 2,173 | [3] | |||
Interest, net of amounts capitalized | [4] | 30 | 36 | 263 | [3] | ||
Income Taxes | 341 | 229 | 234 | [3] | |||
Total company [Member] | |||||||
Depreciation and Amortization | 1,243 | 1,177 | 1,599 | [1] | |||
Restructuring and asset related charges- net | 289 | 335 | 339 | [1] | |||
Goodwill Impairment Charge | 0 | 0 | 1,102 | [1] | |||
Total company [Member] | EID [Member] | |||||||
Depreciation and Amortization | 1,243 | 1,177 | 1,599 | [3] | |||
Restructuring and asset related charges- net | 289 | 335 | 339 | [3] | |||
Goodwill Impairment Charge | $ 0 | $ 0 | $ 1,102 | [3] | |||
[1] | The cash flows for the year ended December 31, 2019 includes cash flows of EID's ECP and Specialty Products Entities. | ||||||
[2] | See page F-30 for reconciliation of cash and cash equivalents and restricted cash equivalents presented in the Consolidated Balance Sheets to total cash, cash equivalents and restricted cash equivalents presented in the Consolidated Statements of Cash Flows. | ||||||
[3] | The cash flows for the year ended December 31, 2019 includes cash flows of EID's ECP and Specialty Products Entities | ||||||
[4] | Reflects interest, net of amounts capitalized, paid to external parties. For information associated with interest paid on related party debt refer to EID's Note 2 - Related Party Transactions, of the EID Consolidated Financial Statements. |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Divisional Equity [Member] | Retained Earnings [Member] | Accumulated Other Comp Loss | Noncontrolling Interest [Member] | EID [Member] | EID [Member]Preferred Stock [Member] | EID [Member]Common Stock [Member] | EID [Member]Additional Paid-in Capital [Member] | EID [Member]Divisional Equity [Member] | EID [Member]Retained Earnings [Member] | EID [Member]Accumulated Other Comp Loss | EID [Member]Noncontrolling Interest [Member] | DowDuPont [Member] | DowDuPont [Member]Divisional Equity [Member] | DowDuPont [Member]EID [Member] | DowDuPont [Member]EID [Member]Divisional Equity [Member] | ||
Beginning Balance at Dec. 31, 2018 | $ 75,153 | $ 0 | $ 0 | $ 78,020 | $ 0 | $ (3,360) | $ 493 | $ 75,153 | $ 0 | $ 0 | $ 0 | $ 78,259 | $ 0 | $ (3,360) | $ 254 | ||||||
Net income (loss) | (941) | [1] | (641) | (318) | 18 | (1,022) | [2] | (640) | (390) | 8 | |||||||||||
Net other comprehensive income (loss) | (1,124) | (1,124) | (1,124) | (1,124) | |||||||||||||||||
Dividends, Common Stock | (194) | (97) | (97) | ||||||||||||||||||
Dividends, Preferred Stock | (10) | (2) | (2) | (6) | |||||||||||||||||
Distributions to Dow and DowDuPont | (317) | [1] | (317) | (317) | [2] | (317) | $ 317 | ||||||||||||||
Issuance of stock | 8 | 8 | 8 | 8 | $ 39 | $ 39 | $ 39 | $ 39 | |||||||||||||
Share-based compensation | 103 | 41 | 62 | 103 | 41 | 62 | |||||||||||||||
Common Stock Repurchase | (25) | (25) | |||||||||||||||||||
Contributions from Dow and DowDuPont | 7,396 | [1] | 7,396 | 3,255 | [2] | 3,255 | |||||||||||||||
Impact of Internal Reorganizations | (55,496) | (56,479) | 1,214 | (231) | (55,496) | (56,479) | 1,214 | (231) | |||||||||||||
Reclassification of Divisional Equity to Additional Paid in Capital | 7 | 28,070 | (28,077) | 0 | 239 | 23,936 | (24,175) | ||||||||||||||
Stockholders' Equity, Other | (47) | (3) | (10) | (34) | (61) | (25) | $ (2) | (10) | (24) | ||||||||||||
Ending Balance at Dec. 31, 2019 | 24,555 | 7 | 27,997 | $ 0 | (425) | (3,270) | 246 | 20,528 | 239 | 0 | 23,958 | (406) | (3,270) | 7 | |||||||
Net income (loss) | 701 | 681 | 20 | 625 | 615 | 10 | |||||||||||||||
Net other comprehensive income (loss) | 380 | 380 | 380 | 380 | |||||||||||||||||
Dividends, Common Stock | (388) | (194) | (194) | ||||||||||||||||||
Dividends, Preferred Stock | (10) | (5) | (5) | ||||||||||||||||||
Distributions to Dow and DowDuPont | 0 | 0 | |||||||||||||||||||
Issuance of stock | 56 | 56 | 56 | 56 | |||||||||||||||||
Share-based compensation | 59 | 60 | 59 | 60 | |||||||||||||||||
Retained Earnings, Share-based Compensation | (1) | (1) | |||||||||||||||||||
Common Stock Repurchase | (275) | (216) | (59) | ||||||||||||||||||
Contributions from Dow and DowDuPont | 0 | 0 | |||||||||||||||||||
Acquisition of a noncontrolling interest in consolidated subsidiaries | (52) | (37) | (15) | (52) | (37) | (15) | |||||||||||||||
Stockholders' Equity, Other | 27 | 41 | (2) | (12) | 15 | 17 | (2) | ||||||||||||||
Ending Balance at Dec. 31, 2020 | 25,063 | 7 | 27,707 | 0 | (2,890) | 239 | 21,601 | 239 | 0 | 24,049 | 203 | (2,890) | 0 | ||||||||
Net income (loss) | 1,769 | 1,759 | 10 | 1,731 | 1,731 | ||||||||||||||||
Net other comprehensive income (loss) | (8) | (8) | (8) | (8) | |||||||||||||||||
Dividends, Common Stock | (397) | (97) | (300) | ||||||||||||||||||
Dividends, Preferred Stock | (10) | (10) | |||||||||||||||||||
Distributions to Dow and DowDuPont | 0 | 0 | |||||||||||||||||||
Issuance of stock | 100 | 100 | 100 | 100 | |||||||||||||||||
Share-based compensation | 56 | 59 | 56 | 59 | |||||||||||||||||
Retained Earnings, Share-based Compensation | (3) | (3) | |||||||||||||||||||
Common Stock Repurchase | (950) | (18) | (932) | ||||||||||||||||||
Contributions from Dow and DowDuPont | 0 | 0 | |||||||||||||||||||
Stockholders' Equity, Other | (10) | (10) | (11) | (12) | 1 | ||||||||||||||||
Ending Balance at Dec. 31, 2021 | $ 25,623 | $ 7 | $ 27,751 | $ 524 | $ (2,898) | $ 239 | $ 23,459 | $ 239 | $ 0 | $ 24,196 | $ 1,922 | $ (2,898) | $ 0 | ||||||||
[1] | The cash flows for the year ended December 31, 2019 includes cash flows of EID's ECP and Specialty Products Entities. | ||||||||||||||||||||
[2] | The cash flows for the year ended December 31, 2019 includes cash flows of EID's ECP and Specialty Products Entities |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Common Stock Dividends | $ 0.54 | $ 0.52 | $ 0.26 |
$3.50 Series Preferred Stock [Member] | EID [Member] | |||
Preferred Stock, Dividends Per Share | 3.50 | 3.50 | 3.50 |
$4.50 Series Preferred Stock [Member] | EID [Member] | |||
Preferred Stock, Dividends Per Share | $ 4.50 | $ 4.50 | $ 4.50 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II—Valuation and Qualifying Accounts (EID and Corteva, Inc.) (Dollars in millions) For the Year Ended December 31, 2021 2020 2019 Accounts Receivable—Allowance for Doubtful Receivables Balance at beginning of period $ 208 $ 174 $ 127 Additions charged to expenses 1 6 52 69 Deductions from reserves 1,2 (4) (18) (22) Balance at end of period $ 210 $ 208 $ 174 Deferred Tax Assets—Valuation Allowance Balance at beginning of period $ 453 $ 457 $ 669 Additions charged to expenses 97 56 20 Deductions from reserves 3 (184) (60) (232) Balance at end of period $ 366 $ 453 $ 457 1. Classifications in the changes in the allowance for doubtful receivables for the period ended December 31, 2020 have been adjusted from their previous presentation. Adjustments did not impact the amount of the provision or the allowance for doubtful receivables recorded in the Consolidated Statements of Operations or the Consolidated Balance Sheets. 2. Deductions include write-offs, recoveries collected and currency translation adjustments. 3. Deductions include currency translation adjustments. |
Background and Basis of Present
Background and Basis of Presentation (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Intended Business Separations [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | BACKGROUND AND BASIS OF PRESENTATION Corteva, Inc. is a leading global provider of seed and crop protection solutions focused on the agriculture industry. The company intends to leverage its rich heritage of scientific achievement to advance its robust innovation pipeline and continue to shape the future of responsible agriculture. The company's broad portfolio of agriculture solutions fuels farmer productivity around the globe. Corteva has two reportable segments: seed and crop protection. See Note 25 - Segment Information, to the Consolidated Financial Statements, for additional information on the company's reportable segments. Throughout these financial statements, except as otherwise noted by the context, the terms "Corteva" or "company" used herein mean Corteva, Inc. and its consolidated subsidiaries (including EID) and the term “EID” used herein means E. I. du Pont de Nemours and Company and its consolidated subsidiaries or E. I. du Pont de Nemours and Company excluding its consolidated subsidiaries, as the context may indicate. Additionally, on June 1, 2019, DowDuPont Inc. changed its registered name to DuPont de Nemours, Inc. (“DuPont”), for certain events prior to, or on, June 1, 2019, DuPont may be referred to as DowDuPont. Principles of Consolidation and Basis of Presentation On June 1, 2019, Corteva, Inc. became an independent, publicly traded company through the completed separation (the “Separation”) of the agriculture business of DuPont de Nemours, Inc. (formerly known as DowDuPont Inc.) (“DowDuPont” or “DuPont”). The separation was effectuated through a pro rata distribution (the “Corteva Distribution”) of all of the then-issued and outstanding shares of common stock, par value $0.01 per share, of Corteva, Inc., which was then a wholly-owned subsidiary of DowDuPont, to holders of record of DowDuPont common stock as of the close of business on May 24, 2019. Previously, DowDuPont was formed on December 9, 2015, to effect an all-stock merger of equals strategic combination between The Dow Chemical Company ("Historical Dow") and EID. On August 31, 2017 at 11:59 pm ET (the “Merger Effectiveness Time”) pursuant to the Agreement and Plan of Merger, dated as of December 11, 2015, as amended March 31, 2017 (the "Merger Agreement"), Historical Dow and EID each merged with wholly-owned subsidiaries of DowDuPont and became subsidiaries of DowDuPont (the “Merger”). Prior to the Merger, DowDuPont did not conduct any business activities other than those required for its formation and matters contemplated by the Merger Agreement. Subsequent to the Merger, Historical Dow and EID engaged in a series of internal reorganization and realignment steps to realign their businesses into three subgroups: agriculture, materials science and specialty products through a series of tax-efficient transactions (collectively, the "Business Separations”). Effective as of 5:00 pm ET on April 1, 2019, DowDuPont completed the separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. (“Dow”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock, par value $0.01 per share, to holders of DowDuPont's common stock, as of the close of business on March 21, 2019 (the “Dow Distribution” and together with the Corteva Distribution, the “Distributions”). Prior to the Dow Distribution, Historical Dow conveyed or transferred the assets and liabilities aligned with Historical Dow’s agriculture business to separate legal entities (“Dow Ag Entities”) and the assets and liabilities associated with its specialty products business to separate legal entities (the “Dow SP Entities”). On April 1, 2019, Dow Ag Entities and the Dow SP Entities were transferred and conveyed to DowDuPont. In furtherance of the Business Separations, EID engaged in a series of internal reorganization and realignment steps (the “Internal Reorganization” and the "Business Realignment," respectively) to realign its businesses into three subgroups: agriculture, materials science and specialty products. As part of the Internal Reorganization: • the assets and liabilities aligned with EID’s materials science business (“EID ECP”) were transferred or conveyed to separate legal entities that were ultimately conveyed by DowDuPont to Dow on April 1, 2019; • the assets and liabilities aligned with EID’s specialty products business were transferred or conveyed to separate legal entities (“EID Specialty Products Entities”) that were ultimately distributed to DowDuPont on May 1, 2019; • on May 2, 2019, DowDuPont conveyed Dow Ag Entities to EID and in connection with the foregoing, EID issued additional shares of its Common Stock to DowDuPont; and • on May 31, 2019, DowDuPont contributed EID to Corteva, Inc. On May 6, 2019, the Board of Directors of DowDuPont approved the distribution of all the then issued and outstanding shares of common stock of Corteva, Inc., then a wholly-owned subsidiary of DowDuPont, to DowDuPont stockholders. On June 1, 2019, DowDuPont completed the Separation. Each DowDuPont stockholder received one share of Corteva common stock for every three shares of DowDuPont common stock held at the close of business on May 24, 2019, the record date of distribution. Corteva, Inc.'s common stock began trading the "regular way" under the ticker symbol "CTVA" on June 3, 2019, the first business day after June 1, 2019. Upon becoming an independent company, the capital structure of Corteva consisted of 748,815,000 authorized shares of common stock (par value of $0.01 per share), which represents the number of common shares issued on June 3, 2019. Information related to the Corteva Distribution and its effect on the company's financial statements is discussed throughout these Notes to the Consolidated Financial Statements. As a result of the Business Realignment and the Internal Reorganization discussed above, Corteva owns 100% of the outstanding common stock of EID. EID is a subsidiary of Corteva, Inc. and continues to be a reporting company, subject to the requirements of the Securities Exchange Act of 1934, as amended. DAS Common Control Business Combination The transfer or conveyance of DAS to Corteva was treated as a transfer of entities under common control. As such, the company recorded the assets, liabilities, and equity of DAS on its balance sheet at their historical basis. Transfers of businesses between entities under common control requires the financial statements to be presented as if the transaction had occurred at the point at which common control first existed (the Merger Effectiveness Time). As a result, the accompanying Consolidated Financial Statements and Notes thereto include the results of DAS as of the Merger Effectiveness Time. See Note 4 - Common Control Business Combination, to the Consolidated Financial Statements, for additional information. For periods prior to the Corteva Distribution, the combined results of operations and assets and liabilities of EID and DAS were derived from the Consolidated Financial Statements and accounting records of EID as well as the carve-out financial statements of DAS. The DAS carve-out financial statements reflect the historical results of operations, financial position, and cash flows of Historical Dow's Agricultural Sciences Business and include allocations of certain expenses for services from Historical Dow, including, but not limited to, general corporate expenses related to finance, legal, information technology, human resources, ethics and compliance, shared services, employee benefits and incentives, insurance, and stock-based compensation. These expenses were allocated on the basis of direct usage when identifiable, with the remainder allocated under the basis of headcount or other measures. The company's Consolidated Balance Sheets for all periods presented consist of Corteva, Inc. and its consolidated subsidiaries. The company's Consolidated Statements of Operations (the "Consolidated Statements of Operations") for all periods prior to the Corteva Distribution consist of the combined results of operations for Historical EID and DAS. The Consolidated Statements of Operations for all periods after the Corteva Distribution represent the consolidated balances of the company. Intercompany balances and transactions with Historical EID and DAS have been eliminated. During the first quarter 2020, the company recorded an increase of $40 million to APIC relating to net assets recorded as transferred as part of the 2019 Internal Reorganizations that were retained. Divestiture of EID ECP and EID Specialty Products Entities The transfer of EID ECP and EID Specialty Products Entities meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. The comprehensive income (loss), stockholder's equity and cash flows related to EID ECP and EID Specialty Products Entities have not been segregated and are included in the Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Equity and Consolidated Statements of Cash Flows, respectively, for 2019. Amounts related to EID ECP and EID Specialty Products Entities are consistently included or excluded from the Notes to the Consolidated Financial Statements based on the respective financial statement line item. See Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information. Certain reclassifications of prior year's data have been made to conform to current year's presentation. Since 2018, Argentina has been considered a hyper-inflationary economy under U.S. GAAP and therefore the U.S. Dollar (“USD”) is the functional currency for our related subsidiaries. Argentina contributes approximately 5 percent to both the company's annual Sales and EBITDA. We remeasure net monetary assets and translate our financial statements utilizing the official Argentine Peso (“Peso”) to USD exchange rate. The ability to draw down Peso cash balances is limited at this time due to government restrictions and market availability of U.S. Dollars. The devaluation of the Peso relative to the USD over the last several years has resulted in the recognition of exchange losses (refer to Note 9 – Supplementary Information, to the Consolidated Financial Statements). As of December 31, 2021, a further 10 percent deterioration in the official Peso to USD |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Consolidated Financial Statements include the accounts of the company and subsidiaries in which a controlling interest is maintained. For those consolidated subsidiaries in which the company's ownership is less than 100 percent, the outside stockholders' interests are shown as noncontrolling interests. Investments in affiliates over which the company has the ability to exercise significant influence but does not have a controlling interest are accounted for under the equity method. The company is also involved with certain joint ventures accounted for under the equity method of accounting that are variable interest entities ("VIEs"). The company is not the primary beneficiary, as the nature of the company's involvement with the VIEs does not provide it the power to direct the VIEs significant activities. Future events may require these VIEs to be consolidated if the company becomes the primary beneficiary. At December 31, 2021 and 2020, the maximum exposure to loss related to the nonconsolidated VIEs is not considered material to the Consolidated Financial Statements. Use of Estimates in Financial Statement Preparation The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The company’s consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. Cash and Cash Equivalents Cash equivalents represent investments with maturities of three months or less from time of purchase. They are carried at cost plus accrued interest. Restricted Cash Equivalents Restricted cash equivalents primarily consist of trust assets and contributions to the MOU Escrow Account of $377 million and $347 million as of December 31, 2021 and 2020, respectively. The trust assets are classified as current and the contributions to the MOU Escrow Account are classified as noncurrent and included within other current assets and other assets, respectively, in the Consolidated Balance Sheets. See Note 9 - Supplementary Information, to the Consolidated Financial Statements, for further information. Marketable Securities Marketable securities represent investments in fixed and floating rate financial instruments with maturities greater than three months and up to twelve months at time of purchase. Investments classified as held-to-maturity are recorded at amortized cost. The carrying value approximates fair value due to the short-term nature of the investments. Investments classified as debt securities that are available-for-sale are carried at estimated fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss) or current period earnings if an allowance for credit losses has been established. The cost of investments sold is determined by specific identification. Fair Value Measurements Under the accounting guidance for fair value measurements and disclosures, a fair value hierarchy was established that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The company uses the following valuation techniques to measure fair value for its assets and liabilities: Level 1 – Quoted market prices in active markets for identical assets or liabilities; Level 2 – Significant other observable inputs (e.g. quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs); Level 3 – Unobservable inputs for the asset or liability, which are valued based on management's estimates of assumptions that market participants would use in pricing the asset or liability. Foreign Currency Translation The company's worldwide operations utilize the U.S. dollar ("USD") or a related foreign currency as the functional currency, where applicable. The company identifies its separate and distinct foreign entities and groups the foreign entities into two categories: 1) extension of the parent or foreign subsidiaries operating in a hyper-inflationary environment (USD functional currency) and 2) self-contained (related foreign functional currency). If a foreign entity does not align with either category, factors are evaluated and a judgment is made to determine the functional currency. For foreign entities where the USD is the functional currency, all foreign currency-denominated asset and liability amounts are re-measured into USD at end-of-period exchange rates, except for inventories, prepaid expenses, property, plant and equipment, goodwill and other intangible assets, which are re-measured at historical rates. Foreign currency income and expenses are re-measured at average exchange rates in effect during each month, except for expenses related to balance sheet amounts re-measured at historical exchange rates. Exchange gains and losses arising from re-measurement of foreign currency-denominated monetary assets and liabilities are included in income in the period in which they occur. For foreign entities where a related foreign currency is the functional currency, assets and liabilities denominated in the related foreign currencies are translated into USD at end-of-period exchange rates and the resultant translation adjustments are reported, net of their related tax effects, as a component of accumulated other comprehensive income (loss) in equity. Assets and liabilities denominated in other than the functional currency are re-measured into the functional currency prior to translation into USD and the resultant exchange gains or losses are included in income in the period in which they occur. Income and expenses are translated into USD at average exchange rates in effect during each month. The company changes the functional currency of its separate and distinct foreign entities only when significant changes in economic facts and circumstances indicate clearly that the functional currency has changed. Inventories The company's inventories are valued at the lower of cost or net realizable value. Elements of cost in inventories include raw materials, direct labor and manufacturing overhead. Stores and supplies are valued at cost or net realizable value, whichever is lower; cost is generally determined by the average cost method. As of December 31, 2021 and December 31, 2020, approximately 60% and 40% of the company's inventories were accounted for under the first-in, first-out ("FIFO") and average cost methods, respectively. Inventories accounted for under the FIFO method are primarily comprised of products with shorter shelf lives such as seeds. See Note 13 - Inventories, to the Consolidated Financial Statements, for further information. The company establishes an obsolescence reserve for inventory based upon quality considerations and assumptions about future demand and market conditions. Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation. In connection with the Merger, the fair value of property, plant and equipment was determined using a market approach and a replacement cost approach. Depreciation is based on the estimated service lives of depreciable assets and is calculated using the straight-line method. Fully depreciated assets are retained in property and accumulated depreciation accounts until they are removed from service. When assets are surrendered, retired, sold, or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the Consolidated Balance Sheets and included in determining gain or loss on such disposals. Goodwill and Other Intangible Assets The company records goodwill when the purchase price of a business acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired. Goodwill is tested for impairment at the reporting unit level at least annually, or more frequently when events or changes in circumstances indicate that the fair value of a reporting unit has more likely than not declined below its carrying value. The company performs an annual goodwill impairment test in the fourth quarter. When testing goodwill for impairment, the company has the option to first perform qualitative testing to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the company chooses not to complete a qualitative assessment for a given reporting unit or if the initial assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, additional quantitative testing is required. If additional quantitative testing is required, the reporting unit's fair value is compared with its carrying amount, and an impairment charge, if any, is recognized for the amount by which the carrying amount exceeds the reporting unit's fair value, limited to the amount of goodwill associated with the reporting unit. The company determines fair values for each of the reporting units using a discounted cash flow model (a form of the income approach) or the market approach. Under the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The company's significant assumptions in this analysis included future cash flow projections, weighted average cost of capital, the terminal growth rate, and the tax rate. Under the market approach, the company uses metrics of publicly traded companies or historically completed transactions for comparable companies. See Note 15 - Goodwill and Other Intangible Assets, to the Consolidated Financial Statements, for further information on goodwill. Indefinite-lived intangible assets are tested for impairment at least annually; however, these tests are performed more frequently when events or changes in circumstances indicate that the asset may be impaired. Impairment exists when carrying value exceeds fair value. The company performs an impairment assessment using the relief from royalty method (a form of the income approach) using Level 3 inputs within the fair value hierarchy. The significant assumptions used in the calculation included projected revenue, the royalty rate, the discount rate, and the terminal growth rate. These significant assumptions involve management judgment and estimates relating to future operating performance and economic conditions that may differ from actual cash flows. Definite-lived intangible assets are amortized over their estimated useful lives, generally on a straight-line basis for periods ranging primarily from 2 years to 25 years. The company continually evaluates the reasonableness of the useful lives of these assets. Once these assets are fully amortized, they are removed from the Consolidated Balance Sheets. Leases The company determines whether an arrangement is a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset and the company has the right to control the asset. Operating lease right-of-use ("ROU") assets are included in other assets on the company’s Consolidated Balance Sheets. Operating lease liabilities are included in accrued and other current liabilities and other noncurrent obligations on the company’s Consolidated Balance Sheets. Finance lease assets are included in property, plant and equipment on the company’s Consolidated Balance Sheets. Finance lease liabilities are included in short-term borrowings and finance lease obligations and long-term debt on the company’s Consolidated Balance Sheets. Operating lease ROU assets represent the company’s right to use an underlying asset for the lease term and lease liabilities represent the company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the company’s leases do not provide the lessor's implicit rate, the company uses its incremental borrowing rate at the commencement date in determining the present value of lease payments. Lease terms include options to extend the lease when it is reasonably certain those options will be exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The company recognizes lease expense for these leases on a straight-line basis over the lease term. The company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all asset classes. In the Consolidated Statements of Operations, lease expense for operating leases is recognized on a straight-line basis over the lease term. For finance leases, interest expense is recognized on the lease liability and the ROU asset is amortized over the lease term. See Note 16 - Leases, to the Consolidated Financial Statements, for further information. Impairment of Long-Lived Assets The company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from the assets are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The company's fair value methodology is an estimate of fair market value which is made based on prices of similar assets or other valuation methodologies including present value techniques. Long-lived assets to be disposed of by sale, if material, are classified as held for sale and reported at the lower of carrying amount or fair value less cost to sell, and depreciation is ceased. Long-lived assets to be disposed of other than by sale are classified as held and used until they are disposed of and reported at the lower of carrying amount or fair value. Depreciation is recognized over the remaining useful life of the assets. Derivative Instruments Derivative instruments are reported in the Consolidated Balance Sheets at their fair values. The company utilizes derivatives to manage exposures to foreign currency exchange rates and commodity prices. Changes in the fair values of derivative instruments that are not designated as hedges are recorded in current period earnings. For derivative instruments designated as cash flow hedges, the gain (loss) is reported in accumulated other comprehensive income (loss) until it is cleared to earnings during the same period in which the hedged item affects earnings. For derivative instruments designated as net investment hedges, the gain (loss) is reported within accumulated other comprehensive income (loss) until the subsidiary is divested. In the event that a derivative designated as a hedge of a firm commitment or an anticipated transaction is terminated prior to the maturation of the hedged transaction, the net gain or loss in accumulated other comprehensive income (loss) generally remains in accumulated other comprehensive income (loss) until the item that was hedged affects earnings. If a hedged transaction matures, or is sold, extinguished, or terminated prior to the maturity of a derivative designated as a hedge of such transaction, gains or losses associated with the derivative through the date the transaction matured are included in the measurement of the hedged transaction and the derivative is reclassified as for trading purposes. Derivatives designated as hedges of anticipated transactions are reclassified as for trading purposes if the anticipated transaction is no longer probable. The company included foreign currency exchange contract settlements within cash flows from operating activities, regardless of hedge accounting qualification. See Note 22 - Financial Instruments, to the Consolidated Financial Statements, for additional discussion regarding the company's objectives and strategies for derivative instruments. Environmental Matters Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. These accruals are adjusted periodically as assessment and remediation efforts progress or as additional technical or legal information becomes available. Accruals for environmental liabilities are included in the Consolidated Balance Sheets in accrued and other current liabilities and other noncurrent obligations at undiscounted amounts. Accruals for related insurance or other third-party recoveries for environmental liabilities are recorded when it is probable that a recovery will be realized and are included in the Consolidated Balance Sheets as accounts and notes receivable - net. Environmental costs are capitalized if the costs extend the life of the property, increase its capacity, and/or mitigate or prevent contamination from future operations. Environmental costs are also capitalized in recognition of legal asset retirement obligations resulting from the acquisition, construction and/or normal operation of a long-lived asset. Costs related to environmental contamination treatment and cleanup are charged to expense. Estimated future incremental operations, maintenance and management costs directly related to remediation are accrued when such costs are probable and reasonably estimable. Revenue Recognition The company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the company expects to receive in exchange for those goods or services. To determine revenue recognition for the arrangements that the company determines are within the scope of FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), the company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. See Note 6 - Revenue, to the Consolidated Financial Statements, for additional information on revenue recognition. Prepaid Royalties The company currently has certain third-party biotechnology trait license agreements, which require up-front and variable payments subject to the licensor meeting certain conditions. These payments are reflected as other current assets and other assets and are amortized to cost of goods sold as seeds containing the respective trait technology are utilized over the life of the license. The rate of royalty amortization expense recognized is based on the company’s strategic plans which include various assumptions and estimates including product portfolio, market dynamics, farmer preferences, growth rates and projected planted acres. Changes in factors and assumptions included in the strategic plans, including potential changes to the product portfolio in favor of internally developed biotechnology, could impact the rate of recognition of the relevant prepaid royalty. At December 31, 2021, the balance of prepaid royalties reflected in other current assets and other assets was $303 million and $256 million, respectively. The majority of the balance of prepaid royalties relates to the company’s wholly owned subsidiary, Pioneer Hi-Bred International, Inc.’s (“Pioneer”) non-exclusive license in the United States and Canada for the Monsanto Company's Genuity ® Roundup Ready 2 Yield ® glyphosate tolerance trait and Roundup Ready 2 Xtend ® glyphosate and dicamba tolerance trait for soybeans (“Roundup Ready 2 License Agreement”). Each of these licensed technologies are now trademarks of the Bayer Group, which acquired the Monsanto Company in 2018. The prepaid royalty asset relates to a series of up-front, fixed and variable royalty payments to utilize the traits in Pioneer’s soybean product mix.The company’s historical expectation has been that the technology licensed under the Roundup Ready 2 License Agreement would be used as the primary herbicide tolerance trait platform in the Pioneer ® brand soybean through the term of the agreement. DAS and MS Technologies, L.L.C. jointly developed and own the Enlist E3 TM herbicide tolerance trait for soybeans which provides tolerance to 2, 4-D choline in Enlist Duo ® and Enlist One ® herbicides, as well as glyphosate and glufosinate herbicides. In connection with the validation of breeding plans and large-scale product development timelines, during the fourth quarter of 2019, the company accelerated the ramp up of the Enlist E3 TM trait platform in the company’s soybean portfolio mix across all brands, including Pioneer ® brands, over the subsequent five years. During the ramp-up period, the company is expected to significantly reduce the volume of products with the Roundup Ready 2 Yield ® and Roundup Ready 2 Xtend ® herbicide tolerance traits beginning in 2021, with expected minimal use of the trait platform thereafter for the remainder of the Roundup Ready 2 License Agreement (the “Transition Plan”). The rate of royalty expense has therefore increased significantly through higher amortization of the prepaid royalty as fewer seeds containing the respective trait are expected to be utilized. In connection with the departure from these traits, beginning January 1, 2020 the company presents and discloses the non-cash accelerated prepaid royalty amortization expense as a component of restructuring and asset related charges - net, in the Consolidated Statement of Operations. The accelerated prepaid royalty amortization expense represents the difference between the rate of amortization based on the revised number of units expected to contain the Roundup Ready 2 Yield ® and Roundup Ready 2 Xtend ® trait technology and the variable cash rate per the Roundup Ready 2 License Agreement. Further changes in factors and assumptions associated with usage of the trait platform licensed under the Roundup Ready 2 License Agreement, including the Transition Plan, could further impact the rate of recognition of the prepaid royalty and Consolidated Statement of Operations presentation of the accelerated prepaid royalty amortization expense. Cost of Goods Sold Cost of goods sold primarily includes the cost of manufacture and delivery, ingredients or raw materials, direct salaries, wages and benefits and overhead, non-capitalizable costs associated with capital projects, royalties and other operational expenses. No amortization of intangibles is included within cost of goods sold. Research and Development Research and development costs are expensed as incurred. Research and development expense includes costs (primarily consisting of employee costs, materials, contract services, research agreements, and other external spend) relating to the discovery and development of new products. Selling, General and Administrative Expenses Selling, general and administrative expenses primarily include selling and marketing expenses, commissions, functional costs, and business management expenses. Integration and Separation Costs Integration and separation costs includes costs incurred to prepare for and close the Merger, post-Merger integration expenses, and costs incurred to prepare for the Business Separations. These costs primarily consist of financial advisory, information technology, legal, accounting, consulting and other professional advisory fees associated with preparation and execution of these activities. Litigation and Other Contingencies Accruals for legal matters and other contingencies are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Legal costs, such as outside counsel fees and expenses, are charged to expense in the period incurred. Severance Costs Severance benefits are provided to employees under the company's ongoing benefit arrangements. Severance costs are accrued when management commits to a plan of termination and it becomes probable that employees will be entitled to benefits at amounts that can be reasonably estimated. Insurance/Self-Insurance The company self-insures certain risks where permitted by law or regulation, including workers' compensation, vehicle liability and employee related benefits. Liabilities associated with these risks are estimated in part by considering historical claims experience, demographic factors and other actuarial assumptions. For other risks, the company uses a combination of insurance and self-insurance, reflecting comprehensive reviews of relevant risks. A receivable for an insurance recovery is generally recognized when the loss has occurred and collection is considered probable. Income Taxes The company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities using enacted tax rates. The effect of a change in tax rates on deferred tax assets or liabilities is recognized in income in the period that includes the enactment date. The company recognizes the financial statement effects of an uncertain income tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The current portion of uncertain income tax positions is included in income taxes payable or income tax receivable, and the long-term portion is included in other noncurrent obligations or other noncurrent assets in the Consolidated Balance Sheets. Income tax related penalties are included in the provision for (benefit from) income taxes in the Consolidated Statements of Operations. Interest accrued related to unrecognized tax benefits is included within the provision for (benefit from) income taxes from continuing operations in the Consolidated Statements of Operations. Earnings per Common Share The calculation of earnings per common share is based on the weighted-average number of the company’s common shares outstanding for the applicable period. The calculation of diluted earnings per common share reflects the effect of all potential common shares that were outstanding during the respective periods, unless the effect of doing so is antidilutive. |
Recent Accounting Guidance
Recent Accounting Guidance | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Guidance | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which provides certain optional expedients that allow derivative instruments impacted by changes in the interest rate used for margining, discounting or contract price alignment to qualify for certain optional relief. The amendments in this Update are effective immediately for all entities and may be applied retrospectively as of any date from the beginning of any interim period that includes March 12, 2020 or prospectively to new modifications subsequent to the issuance of this Update. The adoption of ASU 2021-01 did not have a material impact on the company’s financial position, results of operation or cash flows. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is 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 interim 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. Accounting Guidance Issued But Not Adopted as of December 31, 2021 In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which requires business entities to disclose transactions with a governmental entity for which a grant or contribution accounting model is used in recognizing and measuring such transactions. This standard is effective for fiscal years beginning after December 15, 2021, and early adoption is permitted. The company is currently evaluating the impact of adopting this guidance. |
Common Control Business Combina
Common Control Business Combinations | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | COMMON CONTROL BUSINESS COMBINATIONS DAS Common Control Combination Based on an evaluation of the provisions of ASC 805 (Business Combinations), Corteva and DAS represented entities under common control, as both shared DowDuPont as their parent company. As a result, the assets, liabilities and operations of Corteva and DAS were combined at their historical carrying amounts, and periods prior to the Internal Reorganizations are adjusted as if Corteva and DAS had been combined since the Merger Effectiveness Time, when the entities were first under common control. Accordingly, in 2019, the accompanying Consolidated Financial Statements and Notes thereto were retrospectively revised to include the transferred net assets and results of operations of DAS beginning on September 1, 2017. Refer to Note 1 - Background and Basis of Presentation, for additional information on the common control combination. Intercompany balances and transactions with Historical EID and DAS have been eliminated. |
Divestitures and Other Transact
Divestitures and Other Transactions | 12 Months Ended |
Dec. 31, 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”) 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"). Effective April 1, 2019, the Parties entered into the following agreements referred to herein as: the Separation and Distribution Agreement (the “Corteva Separation Agreement”); the Tax Matters Agreement; the Employee Matters Agreement; and the Intellectual Property Cross-License Agreement. Effective June 1, 2019, in connection with the Corteva Distribution, Corteva and DuPont entered into the following agreements: the Intellectual Property Cross-License Agreement (the “Corteva-DuPont IP Cross-License Agreement”); the Letter Agreement; and the Amended and Restated Tax Matters Agreement. DuPont Pursuant to the Separation Agreements, DuPont and Corteva indemnifies the other against certain litigation, environmental, tax, workers' compensation and other liabilities that arose prior to the Corteva Distribution. The term of this indemnification is generally indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. In connection with the recognition of liabilities related to these matters, the company records an indemnification asset when recovery is deemed probable. At December 31, 2021, the indemnification assets are $25 million within accounts and notes receivable - net and $75 million within other assets in the Consolidated Balance Sheet. At December 31, 2021, the indemnification liabilities are $75 million within other noncurrent obligations in the Consolidated Balance Sheet. Dow Pursuant to the Separation Agreements, Dow and Corteva indemnifies the other against certain litigation, environmental, tax and other liabilities that arose prior to the Corteva Distribution. The term of this indemnification is generally indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. In connection with the recognition of liabilities related to these matters, the company records an indemnification asset when recovery is deemed probable. At December 31, 2021, the indemnification liabilities are $20 million within accrued and other current liabilities and $42 million within other noncurrent obligations in the Consolidated Balance Sheet. EID ECP Divestiture As discussed in Note 1 - Background and Basis of Presentation, on April 1, 2019, EID completed the transfer of the entities and related assets and liabilities of EID ECP to DowDuPont. As a result, the financial results of EID ECP are reflected as discontinued operations, as summarized below: (In millions) For the Year Ended December 31, 2019 Net sales $ 362 Cost of goods sold 259 Research and development expense 4 Selling, general and administrative expenses 9 Amortization of intangibles 23 Restructuring and asset related charges - net 2 Integration and separation costs 44 Other income - net 2 (Loss) income from discontinued operations before income taxes 23 Provision for (benefit from) income taxes on discontinued operations 4 (Loss) income from discontinued operations after income taxes $ 19 The following table presents the depreciation, amortization of intangibles, and capital expenditures of the discontinued operations related to EID ECP: (In millions) For the Year Ended December 31, 2019 Depreciation $ 28 Amortization of intangibles 23 Capital expenditures 16 EID Specialty Products Divestiture As discussed in Note 1 - Background and Basis of Presentation, on May 1, 2019, the company completed the transfer of the entities and related assets and liabilities of the EID Specialty Products Entities to DowDuPont. As a result, the financial results of the EID Specialty Products Entities are reflected as discontinued operations, as summarized below: (In millions) For the Year Ended December 31, 2019 Net sales $ 5,030 Cost of goods sold 3,352 Research and development expense 204 Selling, general and administrative expenses 573 Amortization of intangibles 267 Restructuring and asset related charges - net 115 Integration and separation costs 253 Goodwill impairment 1,102 Other income - net 57 (Loss) income from discontinued operations before income taxes (779) Provision for (benefit from) income taxes on discontinued operations 80 (Loss) income from discontinued operations after income taxes $ (859) EID Specialty Products Impairment As a result of the Merger and related acquisition method of accounting, Historical DuPont's assets and liabilities were measured at fair value resulting in increases to the company’s goodwill and other intangible assets. The fair value valuation increased the risk that any declines in financial projections, including changes to key assumptions, could have a material, negative impact on the fair value of the company’s reporting units and assets, and therefore could result in an impairment. As a result of the Internal Reorganization, in the second quarter of 2019, EID assessed the recoverability of the goodwill within the electronics and communications, protection solutions, nutrition and health, transportation and advanced polymers, packaging and specialty plastics, industrial biosciences, and clean technologies reporting units, and the overall carrying value of the net assets in the disposal group that was distributed to DowDuPont on May 1, 2019. As a result of this analysis, the company determined that the fair value of certain reporting units related to the EID specialty products businesses were below carrying value resulting in pre-tax, non-cash goodwill impairment charges totaling $1,102 million reflected in (loss) income from discontinued operations after income taxes. Revised financial projections reflect unfavorable market conditions, driven by slowed demand in the biomaterials business unit, coupled with challenging conditions in U.S. bioethanol markets. These revised financial projections resulted in a reduction in the long-term forecasts of sales and profitability as compared to prior projections. The company’s analyses above using discounted cash flow models (a form of the income approach) utilized Level 3 unobservable inputs. The company’s significant assumptions in these analyses include, but are not limited to, future cash flow projections, the weighted average cost of capital, the terminal growth rate, and the tax rate. The company’s estimates of future cash flows are based on current regulatory and economic climates, recent operating results, and planned business strategies. These estimates could be negatively affected by changes in federal, state, or local regulations or economic downturns. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from the company’s estimates. The company also used a form of the market approach (utilizes Level 3 unobservable inputs), which is derived from metrics of publicly traded companies or historically completed transactions of comparable businesses. The selection of comparable businesses is based on the markets in which the reporting units operate giving consideration to risk profiles, size, geography, and diversity of products and services. As such, the company believes the current assumptions and estimates utilized are both reasonable and appropriate. In addition, the company performed an impairment analysis related to the equity method investments held by the EID specialty products businesses, as of May 1, 2019. The company applied the net asset value method under the cost approach to determine the fair value of the equity method investments in the EID specialty products businesses. Based on updated projections, the company determined the fair value of an equity method investment was below the carrying value and had no expectation the fair value would recover in the short-term due to the current economic environment. As a result, management concluded the impairment was other-than-temporary and recorded an impairment charge of $63 million, reflected in (loss) income from discontinued operations after income taxes. Additionally, this impairment is reflected within restructuring and asset related charges - net in the year ended December 31, 2019, within the table above. The following table presents the depreciation, amortization of intangibles, and capital expenditures of the discontinued operations related to the EID Specialty Products Entities: For the Year Ended December 31, (In millions) 2019 Depreciation $ 281 Amortization of intangibles 267 Capital expenditures 481 Merger Remedy - Divested Ag Business As a condition of the regulatory approval for the Merger, including by the European Commission, EID was required to divest (the “Divested Ag Business”) certain assets related to its crop protection business and research and development ("R&D") organization, specifically EID’s Cereal Broadleaf Herbicides and Chewing Insecticides portfolios, including Rynaxypyr®, Cyazypyr® and Indoxacarb as well as the crop protection R&D pipeline and organization, excluding seed treatment, nematicides, and late-stage R&D programs. On March 31, 2017, EID and FMC Corporation (“FMC”) entered into a definitive agreement (the "FMC Transaction Agreement"), and on November 1, 2017 FMC acquired the Divested Ag Business. As a result of the agreement, EID entered into favorable contracts with FMC of $495 million, which were recorded as intangible assets recognized at the fair value of off-market contracts. For the year ended December 31, 2019, the company recorded income from discontinued operations after income taxes related to the Divested Ag Business of $80 million related to changes in accruals for certain prior year tax positions. Other Discontinued Operations Activity |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Revenue Recognition Products Substantially all of Corteva's revenue is derived from product sales. Product sales consist of sales of Corteva's products to farmers, distributors, and manufacturers. Corteva considers purchase orders, which in some cases are governed by master supply agreements, to be a contract with a customer. Contracts with customers are considered to be short-term when the time between order confirmation and satisfaction of the performance obligations is equal to or less than one year. However, the company has some long-term contracts which can span multiple years. Revenue from product sales is recognized when the customer obtains control of the company's product, which occurs at a point in time according to shipping terms. Payment terms are generally less than one year from invoicing. The company elected the practical expedient and does not adjust the promised amount of consideration for the effects of a significant financing component when the company expects it will be one year or less between when a customer obtains control of the company's product and when payment is due. When the company performs shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to or at shipment), these are considered fulfillment activities, and accordingly, the costs are accrued when the related revenue is recognized. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. In addition, the company elected the practical expedient to expense any costs to obtain contracts as incurred, as the amortization period for these costs would have been one year or less. The transaction price includes estimates of variable consideration, such as rights of return, rebates, and discounts, that are reductions in revenue. All estimates are based on the company's historical experience, anticipated performance, and the company's best judgment at the time the estimate is made. Estimates of variable consideration included in the transaction price primarily utilize the expected value method based on historical experience. These estimates are reassessed each reporting period and are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur upon resolution of uncertainty associated with the variable consideration. The majority of contracts have a single performance obligation satisfied at a point in time and the transaction price is stated in the contract, usually as quantity times price per unit. For contracts with multiple performance obligations, the company allocates the transaction price to each performance obligation based on the relative standalone selling price. The standalone selling price is the observable price which depicts the price as if sold to a similar customer in similar circumstances. Licenses of Intellectual Property Corteva enters into licensing arrangements with customers under which it licenses its intellectual property. Revenue from the majority of intellectual property licenses is derived from sales-based royalties. Revenue for licensing agreements that contain sales-based royalties is recognized at the later of (i) when the subsequent sale occurs or (ii) when the performance obligation to which some or all of the royalty has been allocated is satisfied. Remaining Performance Obligations Remaining performance obligations represent the transaction price allocated to unsatisfied or partially unsatisfied performance obligations. The company applies the practical expedient to disclose the transaction price allocated to 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 $123 million and $115 million at December 31, 2021 and December 31, 2020, respectively. The company expects revenue to be recognized for the remaining performance obligations evenly over the period of 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 conditional rights to consideration for completed performance not yet invoiced. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract Balances December 31, 2021 December 31, 2020 (In millions) Accounts and notes receivable - trade 1 $ 3,561 $ 3,917 Contract assets - current 2 $ 24 $ 22 Contract assets - noncurrent 3 $ 58 $ 54 Deferred revenue - current $ 3,201 $ 2,662 Deferred revenue - noncurrent 4 $ 120 $ 116 1. Included in accounts and notes receivable - net in the Consolidated Balance Sheets. 2. Included in other current assets in the Consolidated Balance Sheets. 3. Included in other assets in the Consolidated Balance Sheets. 4. Included in other noncurrent obligations in the Consolidated Balance Sheets. Revenue recognized during the year ended December 31, 2021, December 31, 2020, and December 31, 2019 from amounts included in deferred revenue at the beginning of the period was $2,613 million, $2,540 million, and $2,146 million, respectively. Disaggregation of Revenue Corteva's operations are classified into two reportable segments: Seed and Crop Protection. The company disaggregates its revenue by major product line and geographic region, as the company believes it best depicts the nature, amount and timing of its revenue and cash flows. Net sales by major product line are included below: For the Year Ended December 31, (In millions) 2021 2020 2019 Corn $ 5,618 $ 5,182 $ 5,126 Soybean 1,568 1,445 1,387 Other oilseeds 752 619 593 Other 464 510 484 Seed 8,402 7,756 7,590 Herbicides 3,815 3,280 3,206 Insecticides 1,730 1,764 1,652 Fungicides 1,310 1,032 1,072 Other 398 385 326 Crop Protection 7,253 6,461 6,256 Total $ 15,655 $ 14,217 $ 13,846 Sales are attributed to geographic regions based on customer location. Net sales by geographic region and segment are included below: Seed For the Year Ended December 31, (In millions) 2021 2020 2019 North America 1 $ 5,004 $ 4,795 $ 4,724 EMEA 2 1,599 1,468 1,378 Latin America 1,420 1,117 1,130 Asia Pacific 379 376 358 Total $ 8,402 $ 7,756 $ 7,590 Crop Protection For the Year Ended December 31, (In millions) 2021 2020 2019 North America 1 $ 2,532 $ 2,373 $ 2,205 EMEA 2 1,524 1,374 1,362 Latin America 2,125 1,688 1,759 Asia Pacific 1,072 1,026 930 Total $ 7,253 $ 6,461 $ 6,256 1. Represents U.S. & Canada. 2. Europe, Middle East, and Africa ("EMEA"). |
Restructuring and Asset Related
Restructuring and Asset Related Charges | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING AND ASSET RELATED CHARGES - NET 2021 Restructuring Actions During the first quarter of 2021, Corteva approved restructuring actions designed to right-size and optimize its footprint and organizational structure according to the business needs in each region with the focus on driving continued cost improvement and productivity. The company recorded net pre-tax restructuring charges in 2021 under the 2021 Restructuring Actions, as disclosed in the tables below. The company does not anticipate any additional material charges from the 2021 Restructuring Actions as actions associated with this charge are substantially complete. The charges related to the 2021 Restructuring Actions related to the segments, as well as corporate expenses, were as follows: (In millions) For the Year Ended December 31, 2021 Seed $ 31 Crop Protection 55 Corporate expenses 81 Total $ 167 The following table is a summary of charges incurred related to 2021 Restructuring Actions for the year ended December 31, 2021: (In millions) For the Year Ended December 31, 2021 Severance and related benefit costs $ 74 Asset related charges 51 Contract termination charges 42 Total restructuring and asset charges - net $ 167 A reconciliation of the December 31, 2020 to the December 31, 2021 liability balances related to the 2021 Restructuring Actions is summarized below: (In millions) Severance and Related Benefit Costs Asset Related 1 Contract Termination 2 Total Balance at December 31, 2020 $ — $ — $ — $ — Charges to income from continuing operations 74 51 42 167 Payments (22) — (30) (52) Asset write-offs — (51) — (51) Balance at December 31, 2021 $ 52 $ — $ 12 $ 64 1. In addition, the company has a liability recorded for asset retirement obligations of $6 million as of December 31, 2021. 2. The liability for contract terminations includes lease obligations. The cash impact of these obligations will be substantially complete by the end of 2022. Execute to Win Productivity Program During the first quarter of 2020, Corteva approved restructuring actions designed to improve productivity through optimizing certain operational and organizational structures primarily related to the Execute to Win Productivity Program. The company recorded net pre-tax restructuring charges of $185 million inception-to-date under the Execute to Win Productivity Program, consisting of $124 million of asset related charges and $61 million of severance and related benefit costs. Actions associated with the Execute to Win Productivity Program were substantially complete by the end of 2020. The Execute to Win Productivity Program charges related to the segments, as well as corporate expenses, were as follows: For the Year Ended December 31, (In millions) 2021 2020 Seed $ — $ 15 Crop Protection 11 98 Corporate expenses (2) 63 Total $ 9 $ 176 The below is a summary of charges incurred related to the Execute to Win Productivity Program for the year ended December 31, 2020: For the Year Ended December 31, (In millions) 2021 2020 Severance and related benefit costs - net $ (2) $ 63 Asset related charges 11 113 Total restructuring and asset related charges - net $ 9 $ 176 A reconciliation of the December 31, 2020 to the December 31, 2021 liability balances related to the Execute to Win Productivity Program is summarized below: (In millions) Severance and Related Benefit (Credits) Costs Asset Related 1 Total Balance at December 31, 2020 $ 53 $ 3 $ 56 Charges to income from continuing operations for the year ended December 31, 2021 (2) 11 9 Payments (27) (3) (30) Asset write-offs — (11) (11) Balance at December 31, 2021 $ 24 $ — $ 24 1. In addition, the company has a liability recorded for asset retirement obligations of $13 million as of December 31, 2021. DowDuPont Cost Synergy Program In September and November 2017, DowDuPont and EID approved post-merger restructuring actions under the DowDuPont Cost Synergy Program (the “Synergy Program”), adopted at the time by the DowDuPont Board of Directors. The Synergy Program was designed to integrate and optimize the organization following the Merger and in preparation for the Business Separations. The company recorded net pre-tax restructuring charges of $833 million inception-to-date under the Synergy Program, consisting of severance and related benefit costs of $316 million, contract termination costs of $190 million, and asset related charges of $327 million. Actions associated with the Synergy Program, including employee separations, were substantially complete by the end of 2019. The Synergy Program net charges (benefits) related to the segments, as well as corporate expenses, were as follows: For the Year Ended December 31, (In millions) 2021 2020 2019 Seed $ (8) $ (9) $ 66 Crop Protection (3) 11 27 Corporate expenses (1) (2) (1) Total $ (12) $ — $ 92 The below is a summary of net charges (benefits) incurred related to the Synergy Program for the years ended December 31, 2021, 2020 and 2019: For the Year Ended December 31, (In millions) 2021 2020 2019 Severance and related benefit (credits) costs - net $ (1) $ (2) $ (7) Contract termination charges (3) — 69 Asset related charges (8) 2 30 Total restructuring and asset related charges - net $ (12) $ — $ 92 Other Asset Related Charges For the years ended December 31, 2021 and 2020, the company recognized $125 million and $159 million, respectively, in restructuring and asset related charges - net in the Consolidated Statements of Operations, from non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. Asset Impairment During the year ended December 31, 2019, the company recognized non-cash impairment charges of $144 million pre-tax ($110 million after-tax) in restructuring and asset related charges - net in the company's Consolidated Statements of Operations related to certain in-process research and development ("IPR&D") assets within the seed segment. Refer to Note 15 - Goodwill and Other Intangible Assets, and Note 23 - Fair Value Measurements, for further information. |
Related Parties (Notes)
Related Parties (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS Services Provided by and to Historical Dow and its affiliates Following the Merger and prior to the Dow Distribution, Corteva reported transactions with Historical Dow and its affiliates as related party transactions. Transactions with DowDuPont In 2019 DowDuPont contributed cash to Corteva to fund portions of the company's debt redemption/repayment transactions. See Note 17 - Long-Term Debt and Available Credit Facilities, to the Consolidated Financial Statements, for additional information. |
Supplementary Information
Supplementary Information | 12 Months Ended |
Dec. 31, 2021 | |
Supplementary Information [Abstract] | |
Additional Financial Information Disclosure [Text Block] | SUPPLEMENTARY INFORMATION Other Income - Net For the Year Ended December 31, (In millions) 2021 2020 2019 Interest income $ 77 $ 56 $ 59 Equity in earnings (losses) of affiliates - net 14 — (9) Net gain (loss) on sales of businesses and other assets 1 21 (2) 64 Net exchange gains (losses) 2 (54) (174) (99) Non-operating pension and other post employment benefit credit (costs) 3 1,318 368 191 Miscellaneous income (expenses) - net 4 (28) (36) 9 Other income - net $ 1,348 $ 212 $ 215 1. The year ended December 31, 2021 includes a gain of $19 million relating to the sale of a business in Asia Pacific in the crop protection segment. The year ended December 31, 2020 includes a loss of $(53) million and a gain of $27 million relating to the expected sale of the La Porte site, for which the company signed an agreement in 2020, and the sale of a business in Asia Pacific in the crop protection segment, respectively. 2. Includes net pre-tax exchange gains (losses) of $(67) million, $(82) million and $(51) million associated with the devaluation of the Argentine peso for the years ended December 31, 2021, 2020 and 2019, respectively. 3. Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected long-term rate of return on plan assets, amortization of unrecognized gain (loss), amortization of prior service benefit and settlement gain (loss)). 4. Miscellaneous income (expenses) - net, includes losses from sale of receivables, tax indemnification adjustments related to changes in indemnification balances as a result of the application of the terms of the Tax Matters Agreement between Corteva and Dow and/or DuPont, and other items. The year ended December 31, 2021 also includes the Employee Retention Credit of $60 million pursuant to the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act as enhanced by the Consolidated Appropriations Act (“CAA”) and American Rescue Plan Act (“ARPA”), a gain from the remeasurement of an equity investment of $47 million, a charge related to a contract termination with a third-party service provider of $(54) million and the 2021 officer indemnification payment. The following table summarizes the impacts of the company's foreign currency hedging program on the company's results of operations. The company routinely uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities. The objective of this program is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes on net monetary asset positions. The hedging program gains (losses) are largely taxable (tax deductible) in the United States (U.S.), whereas the offsetting exchange gains (losses) on the remeasurement of the net monetary asset positions are often not taxable (tax deductible) in their local jurisdictions. The net pre-tax exchange gains (losses) are recorded in other income - net and the related tax impact is recorded in provision for (benefit from) income taxes on continuing operations in the Consolidated Statements of Operations. For the Year Ended December 31, (In millions) 2021 2020 2019 Subsidiary Monetary Position Gain (Loss) Pre-tax exchange gain (loss) $ (72) $ (263) $ (41) Local tax (expenses) benefits (30) 34 2 Net after-tax impact from subsidiary exchange gain (loss) $ (102) $ (229) $ (39) Hedging Program Gain (Loss) Pre-tax exchange gain (loss) $ 18 $ 89 $ (58) Tax (expenses) benefits (4) (21) 13 Net after-tax impact from hedging program exchange gain (loss) $ 14 $ 68 $ (45) Total Exchange Gain (Loss) Pre-tax exchange gain (loss) $ (54) $ (174) $ (99) Tax (expenses) benefits (34) 13 15 Net after-tax exchange gain (loss) $ (88) $ (161) $ (84) Cash, cash equivalents and restricted cash equivalents The following table provides a reconciliation of cash and cash equivalents and restricted cash equivalents presented in the Consolidated Balance Sheets to the total cash, cash equivalents and restricted cash equivalents presented in the Consolidated Statements of Cash Flows. Corteva classifies restricted cash equivalents as current or noncurrent based on the nature of the restrictions, which are included in other current assets and other assets, respectively, in the Consolidated Balance Sheets. (In millions) December 31, 2021 December 31, 2020 Cash and cash equivalents $ 4,459 $ 3,526 Restricted cash equivalents 377 347 Total cash, cash equivalents and restricted cash equivalents $ 4,836 $ 3,873 Restricted cash equivalents primarily relates to (i) a trust funded by EID for cash obligations under certain non-qualified benefit and deferred compensation plans due to the Merger, which was a change in control event, and is classified as current; and (ii) contributions to the MOU Escrow Account as further described in Note 18 - Commitments and Contingent Liabilities, to the Consolidated Financial Statements, which is classified as noncurrent. Accounts payable |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES Domestic and foreign components of the income (loss) from continuing operations before income taxes and the provision for (benefit from) current and deferred tax expense (benefit) are shown below: Geographic Allocation of Income (Loss) and Provision for (Benefit from) Income Taxes For the Year Ended December 31, (In millions) 2021 2020 2019 Income (loss) from continuing operations before income taxes Domestic $ 941 $ (83) $ (1,352) Foreign 1,405 758 1,036 Income (loss) from continuing operations before income taxes $ 2,346 $ 675 $ (316) Current tax expense (benefit) Federal $ (13) $ 28 $ (11) State and local 6 9 1 Foreign 329 222 317 Total current tax expense (benefit) $ 322 $ 259 $ 307 Deferred tax expense (benefit) Federal $ 164 $ (116) $ (392) State and local 55 27 156 Foreign (17) (251) (117) Total deferred tax expense (benefit) $ 202 $ (340) $ (353) Provision for (benefit from) income taxes on continuing operations 524 (81) (46) Net income (loss) from continuing operations after taxes $ 1,822 $ 756 $ (270) The effective income tax rate applicable to income (loss) from continuing operations before income taxes was different from the statutory U.S. federal income tax rate due to the factors listed in the following table: Reconciliation to U.S. Statutory Rate For the Year Ended December 31, 2021 2020 2019 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Effective tax rates on international operations - net 1 (2.5) (13.9) (18.4) Acquisitions, divestitures and ownership restructuring activities 2 (0.1) (0.3) (10.7) U.S. research and development credit (2.4) (2.9) 7.0 Exchange gains/losses 3 1.9 3.5 (1.8) State and local incomes taxes - net 2.1 4.0 3.2 Impact of Swiss Tax Reform 4 0.2 (27.0) 11.9 Excess tax benefits/deficiencies from stock compensation (0.2) 1.0 (0.6) Tax settlements and expiration of statute of limitations — 0.4 3.9 Other - net 2.3 2.2 (0.9) Effective tax rate on income from continuing operations 22.3 % (12.0) % 14.6 % 1. Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. Includes a tax benefit of $(51) million for the year ended December 31, 2020, related to a return to accrual adjustment associated with an elective change in accounting method for the 2019 tax year impact of foreign tax provisions. 2. See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information. 3. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, under the heading Foreign Currency Risk. 4. Reflects tax benefits of $(182) million primarily driven by the recognition of an elective cantonal component of the recent enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform") for the year ended December 31, 2020. Reflects tax benefits of $(38) million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"), for the year ended December 31, 2019. Significant components of our net deferred tax asset (liability) were attributable to: Deferred Tax Balances at December 31, 2021 2020 (In millions) Assets Liabilities Assets Liabilities Property 1 $ — $ 341 $ — $ 297 Tax loss and credit carryforwards 2,3 464 — 497 — Accrued employee benefits 904 — 1,415 — Other accruals and reserves 1 309 — 365 — Intangibles — 2,260 — 2,418 Inventory 153 — 127 — Research and development capitalization 224 — 186 — Investments 36 — 56 — Unrealized exchange gains/losses — 10 2 — Other – net 105 — 91 — Subtotal $ 2,195 $ 2,611 $ 2,739 $ 2,715 Valuation allowances 3 (366) — (453) — Total $ 1,829 $ 2,611 $ 2,286 $ 2,715 Net Deferred Tax Asset (Liability) $ (782) $ (429) 1. Prior year classifications in property and other accruals and reserves have been adjusted from their previous presentation. Adjustments did not impact the amount of the net deferred tax asset (liability) recorded in the Consolidated Balance Sheets. 2. Primarily related to the realization of recorded tax benefits on tax loss and credit carryforwards from operations in the United States, Brazil, and Spain. 3. In connection with the company's 2021 internal legal entity restructuring, the company reduced various state net operating loss carryforwards and corresponding full valuation allowances by $61 million. There was no impact on the statement of operations. During the year ended December 31, 2020, the company established a $19 million state tax valuation allowance in the U.S. based on a change in judgement about the realizability of a deferred tax asset. Details of the company’s operating loss and tax credit carryforwards are shown in the following table: Operating Loss and Tax Credit Carryforwards Deferred Tax Asset (In millions) 2021 2020 Operating loss carryforwards Expire within 5 years $ 123 $ 99 Expire after 5 years or indefinite expiration 210 343 Total operating loss carryforwards $ 333 $ 442 Tax credit carryforwards Expire within 5 years $ 14 $ 14 Expire after 5 years or indefinite expiration 117 41 Total tax credit carryforwards $ 131 $ 55 Total Operating Loss and Tax Credit Carryforwards $ 464 $ 497 A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: Total Gross Unrecognized Tax Benefits For the Year Ended December 31, (In millions) 2021 2020 2019 Total unrecognized tax benefits as of beginning of period $ 395 $ 426 $ 749 Decreases related to positions taken on items from prior years (7) (14) (167) Increases related to positions taken on items from prior years 13 5 77 Increases related to positions taken in the current year 9 6 54 Settlement of uncertain tax positions with tax authorities (17) (18) (9) Impact of Internal Reorganizations — — (278) Decreases due to expiration of statutes of limitations (16) (7) — Exchange (gain) loss — (3) — Total unrecognized tax benefits as of end of period $ 377 $ 395 $ 426 Total unrecognized tax benefits that, if recognized, would impact the effective tax rate $ 157 $ 156 $ 188 Total amount of interest and penalties (benefits) recognized in provision for (benefit from) income taxes on continuing operations $ 1 $ (2) $ (4) Total accrual for interest and penalties associated with unrecognized tax benefits at end of period $ 11 $ 18 $ 24 Each year the company files hundreds of tax returns in the various national, state and local income taxing jurisdictions in which it operates. These tax returns are subject to examination and possible challenge by the tax authorities. Positions challenged by the tax authorities may be settled or appealed by the company. As a result, there is an uncertainty in income taxes recognized in the company's financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. It is reasonably possible that changes to the company’s global unrecognized tax benefits could be significant; however, due to the uncertainty regarding the timing of completion of audits and possible outcomes, a current estimate of the range of increases or decreases that may occur within the next twelve months cannot be made. As of December 31, 2021, the company has made advance deposits of approximately $102 million to a foreign taxing authority, partially as a prerequisite to petition the court related to an open tax examination. These payments are accounted for as a prepaid asset, included in other assets in the Consolidated Balance Sheets. Tax years that remain subject to examination for the company’s major tax jurisdictions are shown below: Tax Years Subject to Examination by Major Tax Jurisdiction at December 31, 2021 Earliest Open Year Jurisdiction Argentina 2015 Brazil 2014 Canada 2012 China 2014 France 2019 India 2015 Italy 2016 Switzerland 2016 United States: Federal income tax 2012 State and local income tax 2008 Undistributed earnings of foreign subsidiaries and related companies that are deemed to be indefinitely invested amounted to $3,681 million at December 31, 2021. Distributions of profits from non-U.S. subsidiaries are not expected to cause a significant incremental U.S. tax impact in the future; however, those distributions may still be subject to certain taxes upon repatriation, primarily where foreign withholding taxes apply. The company is asserting indefinite reinvestment related to certain investments in foreign subsidiaries. Determination of the amount of unrecognized deferred tax liability related to indefinitely reinvested profits is not feasible primarily due to our legal entity structure and the complexity of U.S. and local tax laws. For periods between the Merger Effectiveness Time and the Corteva Distribution, Corteva and its subsidiaries were included in DowDuPont's consolidated federal income tax group and consolidated tax return. Generally, the consolidated tax liability of the |
Earnings Per Share of Common St
Earnings Per Share of Common Stock (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS PER SHARE OF COMMON STOCK On June 1, 2019, the date of the Corteva Distribution, 748,815,000 shares of the company’s common stock were distributed to DowDuPont shareholders of record as of May 24, 2019. The following tables provide earnings per share calculations for the periods indicated below: Net Income (Loss) for Earnings Per Share Calculations - Basic and Diluted For the Year Ended December 31, (In millions) 2021 2020 2019 Income (loss) from continuing operations after income taxes $ 1,822 $ 756 $ (270) Net income (loss) attributable to continuing operations noncontrolling interests 10 20 13 Income (loss) from continuing operations attributable to Corteva common stockholders 1,812 736 (283) (Loss) income from discontinued operations, net of tax (53) (55) (671) Net income (loss) attributable to discontinued operations noncontrolling interests — — 5 (Loss) income from discontinued operations attributable to Corteva common stockholders (53) (55) (676) Net income (loss) attributable to common stockholders $ 1,759 $ 681 $ (959) Earnings (Loss) Per Share Calculations - Basic For the Year Ended December 31, (Dollars per share) 2021 2020 2019 Earnings (loss) per share of common stock from continuing operations $ 2.46 $ 0.98 $ (0.38) (Loss) earnings per share of common stock from discontinued operations (0.07) (0.07) (0.90) Earnings (loss) per share of common stock $ 2.39 $ 0.91 $ (1.28) Earnings (Loss) Per Share Calculations - Diluted For the Year Ended December 31, (Dollars per share) 2021 2020 2019 Earnings (loss) per share of common stock from continuing operations $ 2.44 $ 0.98 $ (0.38) (Loss) earnings per share of common stock from discontinued operations (0.07) (0.07) (0.90) Earnings (loss) per share of common stock $ 2.37 $ 0.91 $ (1.28) Share Count Information For the Year Ended December 31, (Shares in millions) 2021 2020 2019 Weighted-average common shares - basic 1 735.9 748.7 749.5 Plus dilutive effect of equity compensation plans 2 5.7 2.5 — Weighted-average common shares - diluted 741.6 751.2 749.5 Potential shares of common stock excluded from EPS calculations 3 2.8 9.4 14.4 1. Share amounts for all periods prior to the Corteva Distribution were based on 748.8 million shares of Corteva, Inc. common stock distributed to holders of DowDuPont's common stock on June 1, 2019, plus 0.6 million of additional shares in which accelerated vesting conditions have been met. 2. Diluted earnings (loss) per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. 3. These outstanding potential shares of common stock relating to stock options, restricted stock units and performance-based restricted stock units were excluded from the calculation of diluted earnings (loss) per share because (i) the effect of including stock options and restricted stock units would have been anti-dilutive; and (ii) the performance metrics have not yet been achieved for the outstanding potential shares relating to performance-based restricted stock units, which are deemed to be contingently issuable. |
Accounts and Notes Receivable,
Accounts and Notes Receivable, Net | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Accounts and Notes Receivables, Net | ACCOUNTS AND NOTES RECEIVABLE - NET (In millions) December 31, 2021 December 31, 2020 Accounts receivable – trade 1 $ 3,441 $ 3,754 Notes receivable – trade 1,2 120 163 Other 3 1,250 1,009 Total accounts and notes receivable - net $ 4,811 $ 4,926 1. Accounts receivable – trade and notes receivable – trade are net of allowances of $210 million and $208 million at December 31, 2021 and December 31, 2020, respectively. 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 December 31, 2021 and 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 $104 million and $106 million as of December 31, 2021 and 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 year ended December 31, 2021 and 2020, respectively: (In millions) 2020 Balance at December 31, 2019 $ 174 Net provision for credit losses 1 52 Write-offs charged against allowance / other 1 (18) Balance at December 31, 2020 $ 208 2021 Balance at December 31, 2020 $ 208 Net provision for credit losses 1 Write-offs charged against allowance / other 1 Balance at December 31, 2021 $ 210 1. Prior year classifications in the changes in the allowance for doubtful receivables have been adjusted from their previous presentation. Adjustments did not impact the amount of the provision or the allowance for doubtful receivables recorded in the Consolidated Statements of Operations or the Consolidated Balance Sheets. The company enters into various factoring agreements with third-party financial institutions to sell its trade receivables under both recourse and non-recourse agreements in exchange for cash proceeds. These financing arrangements result in a transfer of the company's receivables and risks to the third-party. As these transfers qualify as true sales under the applicable accounting guidance, the receivables are derecognized from the Consolidated Balance Sheets upon transfer, and the company receives a payment for the receivables from the third-party within a mutually agreed upon time period. For arrangements involving an element of recourse, which is typically provided through a guarantee of accounts in the event of customer default, the guarantee obligation is measured using market data from similar transactions and reported as a current liability in the Consolidated Balance Sheets. Trade receivables sold under these agreements were $272 million, $255 million, and $328 million for the years ended December 31, 2021, 2020 and 2019, respectively. The trade receivables sold that remained outstanding under these agreements which include an element of recourse as of December 31, 2021 and December 31, 2020 were $166 million and $157 million, respectively. The net proceeds received were included in cash provided by (used for) operating activities in the Consolidated |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES (In millions) December 31, 2021 December 31, 2020 Finished products $ 2,497 $ 2,584 Semi-finished products 2,076 1,813 Raw materials and supplies 607 485 Total inventories $ 5,180 $ 4,882 As a result of the Merger, a fair value step-up of $2,297 million was recorded for inventories. This fair value step-up was fully amortized, as of December 31, 2019. During the year ended December 31, 2019, the company recognized $272 million in cost of goods sold in the Consolidated Statements of Operations related to the amortization of the step-up. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | PROPERTY, PLANT AND EQUIPMENT (In millions) December 31, 2021 December 31, 2020 Land and land improvements $ 420 $ 451 Buildings 1,487 1,525 Machinery and equipment 5,729 5,556 Construction in progress 728 721 Total property, plant and equipment 8,364 8,253 Accumulated depreciation (4,035) (3,857) Total property, plant and equipment - net $ 4,329 $ 4,396 Buildings, machinery and equipment and land improvements are depreciated over useful lives on a straight-line basis ranging from 2 to 25 years. Capitalizable costs associated with computer software for internal use are amortized on a straight-line basis over 2 to 7 years. For the Year Ended December 31, (In millions) 2021 2020 2019 Depreciation expense $ 521 $ 495 $ 525 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The following table summarizes changes in the carrying amount of goodwill by segment for the years ended December 31, 2021 and 2020, respectively. (In millions) Crop Protection Seed Total Balance as of December 31, 2019 $ 4,743 $ 5,486 $ 10,229 Currency translation adjustment 31 38 69 Other goodwill adjustments and acquisitions 1 (29) — (29) Balance as of December 31, 2020 $ 4,745 $ 5,524 $ 10,269 Currency translation adjustment (73) (87) (160) Other goodwill adjustments and acquisitions 2 — (2) (2) Balance as of December 31, 2021 $ 4,672 $ 5,435 $ 10,107 1. Primarily consists of the goodwill included in the sale of businesses in the crop protection segment. 2. Consists of the goodwill included in the sale of a business in the seed segment. The company tests goodwill for impairment annually (during the fourth quarter), or more frequently when events or changes in circumstances indicate it is more likely than not that the fair value of a reporting unit has declined below its carrying value. As mentioned in Note 2 - Summary of Significant Accounting Policies, as a result of the Internal Reorganizations and Business Realignments, the company changed its reportable segments to seed and crop protection to reflect the manner in which the company's chief operating decision maker assesses performance and allocates resources. The change in reportable segments resulted in changes to the company's reporting units for goodwill impairment testing to align with the level at which discrete financial information is available for review by management. The company’s reporting units include seed, crop protection and digital. During the second quarter of 2020, the company determined a triggering event had occurred as a result of changes in the company's long-term projections driven largely by the impacts of the COVID-19 pandemic on the mid-term forecasted cash flows of the business, including, but not limited to currency fluctuations, expectations of future planted area (as influenced by consumer demand, ethanol markets and government policies and regulations) and relative commodity prices, which required an interim impairment assessment for its seed and crop protection reporting units and trade name indefinite lived intangible asset. Based on the impairment analysis performed over the company’s trade name indefinite lived intangible asset it was determined that the fair value approximated the carrying value, and no impairment charge was necessary. The company performed quantitative testing on all of its reporting units and determined that no goodwill impairments existed in 2021 and 2020. As of December 31, 2021, accumulated impairment losses on goodwill were $4,503 million. Other Intangible Assets The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: (In millions) December 31, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization (Definite-lived): Germplasm $ 6,265 $ (571) $ 5,694 $ 6,265 $ (317) $ 5,948 Customer-related 1,953 (487) 1,466 1,984 (380) 1,604 Developed technology 1,485 (679) 806 1,451 (525) 926 Trademarks/trade names 1 2,012 (172) 1,840 2,019 (99) 1,920 Favorable supply contracts 475 (396) 79 475 (302) 173 Other 2 405 (256) 149 405 (239) 166 Total other intangible assets with finite lives 12,595 (2,561) 10,034 12,599 (1,862) 10,737 Intangible assets not subject to amortization (Indefinite-lived): IPR&D 10 — 10 10 — 10 Total other intangible assets 10 — 10 10 — 10 Total $ 12,605 $ (2,561) $ 10,044 $ 12,609 $ (1,862) $ 10,747 1. Beginning on October 1, 2020, the company changed its indefinite life assertion of its trade name asset to definite lived with a useful life of 25 years. This change is the result of the launch of Brevant TM seed in the retail channel in the U.S. Prior to changing the useful life of the trade name asset, the company tested the asset for impairment under ASC 350 - Intangibles, Goodwill and Other, concluding the asset was not impaired. 2. Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. During the third quarter of 2019, and in connection with strategic product and portfolio reviews, the company determined that the fair value of certain intangible assets classified as developed technology, other intangible assets and IPR&D within the seed segment that primarily relate to heritage DAS intangibles previously acquired from Cooperativa Central de Pesquisa Agrícola's ("Coodetec") was less than the carrying value due to the company’s focus on advancing more competitive products and eliminating redundancy and complexity across the breeding programs. For IPR&D and developed technology, the company concluded these projects were abandoned. For other intangible assets, the company performed an impairment assessment using the relief from royalty method (a form of the income approach) using Level 3 inputs within the fair value hierarchy. The significant assumptions used in the calculation included projected revenue, royalty rates and discount rates. These significant assumptions involve management judgment and estimates relating to future operating performance and economic conditions that may differ from actual cash flows. As a result, the company recorded a pre-tax, non-cash intangible asset impairment charge of $54 million ($41 million after-tax), which is reflected in restructuring and asset related charges - net, in the company's Consolidated Statements of Operations for the year ended December 31, 2019. There were no indicators of impairment for the company’s other intangible assets that suggested that the fair value was less than its carrying value at December 31, 2019, except for IPR&D. As a result of the company’s decision, during the fourth quarter of 2019, to accelerate the ramp up of the Enlist E3 TM trait platform in the company’s soybean portfolio mix across all brands over the subsequent five years with minimal use of the Roundup Ready 2 Yield ® and Roundup Ready 2 Xtend ® traits thereafter for the remainder of the Roundup Ready 2 License Agreement, the company determined that certain IPR&D projects associated with Roundup Ready 2 Xtend ® were not recoverable and were impaired. These IPR&D projects were either abandoned or tested for impairment using the relief from royalty method (a form of the income approach) using Level 3 inputs within the fair value hierarchy. The key assumptions used in the relief from royalty method calculation included projected revenue, royalty rates and discount rates. These key assumptions involve management judgment and estimates relating to future operating performance and economic conditions that may differ from actual cash flows. As a result, the company recorded a pre-tax, non-cash intangible asset charge of $90 million ($69 million after-tax), which is reflected in restructuring and asset related charges - net, in the company's Consolidated Statements of Operations for the year ended December 31, 2019. The aggregate pre-tax amortization expense from continuing operations for definite-lived intangible assets was $722 million, $682 million, and $475 million, for the year ended December 31, 2021, December 31, 2020, and December 31, 2019, respectively. Total estimated amortization expense for the next five fiscal years is as follows: (In millions) 2022 $ 700 2023 $ 620 2024 $ 606 2025 $ 569 2026 $ 558 |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | LEASES The company has operating and finance leases for real estate, transportation, certain machinery and equipment, and information technology assets. The company’s leases have remaining lease terms of 1 to 50 years. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend the lease when it is reasonably certain that the company will exercise that option. Some leasing arrangements require variable payments that are dependent on usage, output, or may vary for other reasons, such as insurance and tax payments. The variable lease payments are not presented as part of the initial ROU asset or lease liability. Certain of the company's leases include residual value guarantees. These residual value guarantees are based on a percentage of the lessor's asset acquisition price and the amount of such guarantee declines over the course of the lease term. The portion of residual value guarantees that are probable of payment are included in the related lease liability. At December 31, 2021, the company has future maximum payments for residual value guarantees in operating leases of $193 million with final expirations through 2028. The company's lease agreements do not contain any material restrictive covenants. The components of lease cost are as follows: For the Year Ended December 31, (In millions) 2021 2020 Operating lease cost $ 158 $ 197 Finance lease cost Amortization of right-of-use assets 1 2 Interest on lease liabilities — — Total finance lease cost 1 2 Short-term lease cost 14 14 Variable lease cost 8 7 Total lease cost $ 181 $ 220 New leases entered into during the years ended December 31, 2021 and December 31, 2020 were not material, on an individual basis . Supplemental cash flow information related to leases is as follows: For the Year Ended December 31, (In millions) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 169 $ 202 Operating cash outflows from finance leases $ — $ — Financing cash outflows from finance leases $ 1 $ 1 Supplemental balance sheet information related to leases is as follows: (In millions) December 31, 2021 December 31, 2020 Operating Leases Operating lease right-of-use assets 1 $ 458 $ 521 Current operating lease liabilities 2 121 138 Noncurrent operating lease liabilities 3 338 391 Total operating lease liabilities $ 459 $ 529 Finance Leases Property, plant, and equipment, gross $ 15 $ 15 Accumulated depreciation (11) (10) Property, plant, and equipment, net 4 5 Short-term borrowings and finance lease obligations 1 1 Long-Term Debt 3 4 Total finance lease liabilities $ 4 $ 5 1. Included in other assets in the Consolidated Balance Sheet. 2. Included in accrued and other current liabilities in the Consolidated Balance Sheet. 3. Included in other noncurrent obligations in the Consolidated Balance Sheet. The company utilizes the incremental borrowing rate in determining the present value of lease payments unless the implicit rate is readily determinable. Lease Term and Discount Rate December 31, 2021 December 31, 2020 Weighted-average remaining lease term (years) Operating leases 7.41 7.71 Financing leases 3.36 4.26 Weighted average discount rate Operating leases 2.75 % 3.06 % Financing leases 3.29 % 3.28 % Maturities of lease liabilities are as follows: Maturity of Lease Liabilities at December 31, 2021 Operating Leases Financing Leases (In millions) 2022 $ 132 $ 1 2023 94 1 2024 71 1 2025 60 1 2026 49 — 2027 and thereafter 106 — Total lease payments 512 4 Less: Interest 53 — Present value of lease liabilities $ 459 $ 4 Maturity of Lease Liabilities at December 31, 2020 Operating Leases Financing Leases (In millions) 2021 $ 152 $ 1 2022 114 1 2023 83 1 2024 61 1 2025 51 1 2026 and thereafter 137 — Total lease payments 598 5 Less: Interest 69 — Present value of lease liabilities $ 529 $ 5 |
Long-Term Debt and Available Cr
Long-Term Debt and Available Credit Facilities | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Long-Term Debt December 31, 2021 December 31, 2020 (In millions) Amount Weighted Average Rate Amount Weighted Average Rate Promissory notes and debentures: Maturing in 2025 500 1.70 % 500 1.70 % Maturing in 2030 500 2.30 % 500 2.30 % Other loans: Foreign currency loans, various rates and maturities 1 1 Medium-term notes, varying maturities through 2041 107 — % 109 — % Finance lease obligations 3 4 Less: Unamortized debt discount and issuance costs 10 11 Less: Long-term debt due within one year 1 1 Total $ 1,100 $ 1,102 Principal payments of long-term debt are $500 million for long-term debt maturing in 2025. The estimated fair value of the company's long-term borrowings, was determined using Level 2 inputs within the fair value hierarchy, as described in Note 2 - Summary of Significant Accounting Policies. Based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities, the fair value of the company's long-term borrowings, not including long-term debt due within one year, was $1,120 million and $1,166 million at December 31, 2021 and 2020, respectively. Debt Offering In May 2020, EID issued $500 million of 1.70 percent Senior Notes due 2025 and $500 million of 2.30 percent Senior Notes due 2030 (the May 2020 Debt Offering). The proceeds of this offering are intended to be used for general corporate purposes. Available Committed Credit Facilities The following table summarizes the company's credit facilities: Committed and Available Credit Facilities at December 31, 2021 (In millions) Effective Date Committed Credit Credit Available Maturity Date Interest Revolving Credit Facility May 2019 $ 3,000 $ 3,000 May 2024 Floating Rate Revolving Credit Facility May 2019 3,000 3,000 May 2023 Floating Rate Total Committed and Available Credit Facilities $ 6,000 $ 6,000 Revolving Credit Facilities In November 2018, EID entered into a $3.0 billion, 5 year revolving credit facility and a $3.0 billion, 3-year revolving credit facility (the "Revolving Credit Facilities”). The Revolving Credit Facilities became effective May 2019. Corteva, Inc. became a party at the time of the Corteva Distribution. In May 2021, the company entered into an amendment that extended the maturity date of the 3-year revolving credit facility from May 2022 to May 2023. Other than the change in maturity date, there were no material modifications to the terms of the credit facility. 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 December 31, 2021. Debt Redemptions/Repayments On March 22, 2019, EID issued notices of redemption in full of all of its outstanding notes (the “Make Whole Notes”) listed in the table below: (in millions) Amount 4.625% Notes due 2020 $ 474 3.625% Notes due 2021 296 4.250% Notes due 2021 163 2.800% Notes due 2023 381 6.500% Debentures due 2028 57 5.600% Senior Notes due 2036 42 4.900% Notes due 2041 48 4.150% Notes due 2043 69 Total $ 1,530 The Make Whole Notes were redeemed on April 22, 2019 at the make-whole redemption prices set forth in the respective Make Whole Notes. On and after the date of redemption, the Make Whole Notes were no longer deemed outstanding, interest on the Make Whole Notes ceased to accrue and all rights of the holders of the Make Whole Notes were terminated. In March 2016, EID entered into a credit agreement that provided for a 3-year, senior unsecured term loan facility in the aggregate principal amount of $4.5 billion (as amended, from time to time, the "Term Loan Facility") under which EID could make up to seven term loan borrowings and amounts repaid or prepaid were not available for subsequent borrowings. On May 2, 2019, EID terminated its Term Loan Facility and repaid the aggregate outstanding principal amount of $3 billion plus accrued and unpaid interest through and including May 1, 2019. In connection with the repayment of the Make Whole Notes and the Term Loan Facility, EID paid a total of $4.6 billion in the second quarter 2019, which included breakage fees and accrued and unpaid interest on the Make Whole Notes and Term Loan Facility. The repayment of the Make Whole Notes and Term Loan Facility was funded with cash from operations and a contribution from DowDuPont. On May 7, 2019, DowDuPont publicly announced the record date in connection with the Corteva Distribution. In connection with such announcement, EID was required to redeem $1.25 billion aggregate principal amount of 2.20% Notes due 2020 and $750 million aggregate principal amount of Floating Rate Notes due 2020 (collectively, the Special Mandatory Redemption, or “SMR Notes”) setting forth the date of redemption of the SMR Notes. On May 17, 2019 EID redeemed and paid a total of $2 billion, which included accrued and unpaid interest on the SMR Notes. EID funded the payment with a contribution from DowDuPont. Following the redemption, the SMR Notes are no longer outstanding and no longer bear interest, and all rights of the holders of the SMR Notes have terminated. EID recorded a loss on the early extinguishment of debt of $13 million for the year ended December 31, 2019, related to the difference between the redemption price and the par value of the Make Whole Notes, the Term Loan Facility, and the SMR Notes, partially offset by the write-off of unamortized step-up related to the fair value step-up of EID’s debt. Uncommitted Credit Facilities and Outstanding Letters of Credit Unused bank credit lines on uncommitted credit facilities were $389 million at December 31, 2021. These lines are available to support short-term liquidity needs and general corporate purposes, including letters of credit. Outstanding letters of credit were $127 million at December 31, 2021. These letters of credit support commitments made in the ordinary course of business. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS' EQUITY Common Stock As discussed in Note 1 - Background and Basis of Presentation, on June 1, 2019, Corteva, Inc.'s common stock was distributed to DowDuPont stockholders by way of a pro rata distribution . Each DowDuPont stockholder received one share of Corteva, Inc. common stock for every three shares of DowDuPont common stock held at the close of business on May 24, 2019, the record date of distribution. Corteva, Inc.'s common stock began trading the "regular way" under the ticker symbol "CTVA" on June 3, 2019, the first business day after June 1, 2019. The number of Corteva, Inc. common shares issued on June 1, 2019 was 748,815,000 (par value of $0.01 per share). Information related to the Corteva Distribution and its effect on the company's financial statements are discussed throughout these Notes to the Consolidated Financial Statements. Set forth below is a reconciliation of common stock share activity for the years ended December 31, 2021, 2020, and 2019: Shares of common stock Issued Balance June 1, 2019 748,815,000 Issued 586,000 Repurchased and retired (824,000) Balance December 31, 2019 748,577,000 Issued 3,384,000 Repurchased and retired (8,503,000) Balance December 31, 2020 743,458,000 Issued 4,019,000 Repurchased and retired (20,950,000) Balance December 31, 2021 726,527,000 Share Buyback Plan On August 5, 2021, Corteva, Inc. announced that its Board of Directors authorized a $1.5 billion share repurchase program to purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date ("2021 Share Buyback Plan"). The timing, price and volume of purchases will be based on market conditions, relevant securities laws and other factors. In connection with the 2021 Share Buyback Plan, the company purchased and retired 5,572,000 shares during the year ended December 31, 2021 in the open market for a total cost of $250 million. On June 26, 2019, Corteva, Inc. announced that its Board of Directors authorized a $1 billion share repurchase program to purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date ("2019 Share Buyback Plan"). In connection with the 2019 Share Buyback Plan, the company repurchased and retired 15,378,000 shares, 8,503,000 shares, and 824,000 shares in the open market for a total cost of $700 million, $275 million, and $25 million during the years ended December 31, 2021, 2020, and 2019, respectively. Repurchases under the 2019 Share Buyback Plan were completed during the third quarter of 2021. Shares repurchased pursuant to Corteva's share buyback plan are immediately retired upon repurchase. Repurchased common stock is reflected as a reduction of stockholders' equity. The company's accounting policy related to its share repurchases is to reduce its common stock based on the par value of the shares and to reduce its retained earnings for the excess of the repurchase price over the par value. When Corteva has an accumulated deficit balance, the excess over the par value is applied to APIC. When Corteva has retained earnings, the excess is charged entirely to retained earnings. Noncontrolling Interest In June 2020, the company completed the acquisition of the remaining 46.5 percent interest in the Phytogen Seed Company, LLC joint venture from J. G. Boswell Company. As the purchase of the remaining interest did not result in a change of control, the difference between the carrying value of the noncontrolling interest and the consideration paid, net of taxes was recorded within equity. Corteva, Inc. owns 100 percent of the outstanding common shares of EID. However, EID has preferred stock outstanding to third parties which is accounted for as a noncontrolling interest in Corteva's Consolidated Balance Sheets. Each share of EID Preferred Stock - $4.50 Series and EID Preferred Stock - $3.50 Series issued and outstanding at the effective date of the Corteva Distribution remains issued and outstanding as to EID and was unaffected by the Corteva Distribution. Below is a summary of the EID Preferred Stock at December 31, 2021 and December 31, 2020 which is classified as noncontrolling interests in the Corteva Consolidated Balance Sheets. (Shares in thousands) Number of Shares Authorized 23,000 $4.50 Series, callable at $120 1,673 $3.50 Series, callable at $102 700 Other Comprehensive Income (Loss) The changes and after-tax balances of components comprising accumulated other comprehensive income (loss) are summarized below: (In millions) Cumulative Translation Adjustment 1 Derivative Instruments Pension Benefit Plans Other Benefit Plans Unrealized Gain (Loss) on Investments Total 2019 Balance January 1, 2019 $ (2,793) $ (26) $ (620) $ 79 $ — $ (3,360) Other comprehensive income (loss) before reclassifications (274) 16 (723) (159) — (1,140) Amounts reclassified from accumulated other comprehensive income (loss) — 12 5 (1) — 16 Net other comprehensive income (loss) (274) 28 (718) (160) — (1,124) Impact of Internal Reorganizations 1,123 — 91 — — 1,214 Balance December 31, 2019 $ (1,944) $ 2 $ (1,247) $ (81) $ — $ (3,270) 2020 Other comprehensive income (loss) before reclassifications $ (26) $ (81) $ (191) $ 670 $ (10) $ 362 Amounts reclassified from accumulated other comprehensive income (loss) — 12 5 1 — 18 Net other comprehensive income (loss) (26) (69) (186) 671 (10) 380 Balance December 31, 2020 $ (1,970) $ (67) $ (1,433) $ 590 $ (10) $ (2,890) 2021 Other comprehensive income (loss) before reclassifications $ (573) $ 143 $ 996 $ 25 $ 3 $ 594 Amounts reclassified from accumulated other comprehensive income (loss) — (4) 41 (646) 7 (602) Net other comprehensive income (loss) (573) 139 1,037 (621) 10 (8) Balance December 31, 2021 $ (2,543) $ 72 $ (396) $ (31) $ — $ (2,898) 1. The cumulative translation adjustment losses for the year ended December 31, 2021 was primarily driven by the strengthening of the U.S. Dollar ("USD") against the European Euro ("EUR"), Swiss franc ("CHF") and Turkish Lira (“TRY”). The cumulative translation adjustment losses for the year ended December 31, 2020 was primarily driven by the strengthening of the U.S. Dollar ("USD") against the Brazilian Real ("BRL"), partially offset by the weakening of the U.S. Dollar against the Swiss franc ("CHF") and European Euro ("EUR"). The tax (expense) benefit on the net activity related to each component of other comprehensive income (loss) was as follows: For the Year Ended December 31, (In millions) 2021 2020 2019 Derivative instruments $ (41) $ 24 $ (8) Pension benefit plans - net (319) 54 231 Other benefit plans - net 188 (211) 52 (Provision for) benefit from income taxes related to other comprehensive income (loss) items $ (172) $ (133) $ 275 A summary of the reclassifications out of accumulated other comprehensive loss is provided as follows: (In millions) For the Year Ended December 31, 2021 2020 2019 Derivative Instruments 1 : $ (13) $ 18 $ 13 Tax (benefit) expense 2 9 (6) (1) After-tax $ (4) $ 12 $ 12 Amortization of pension benefit plans: Prior service (benefit) cost 3,4 $ (2) $ (1) $ (1) Actuarial (gains) losses 3,4,5 55 4 2 Settlement (gain) loss 3,4,5 1 3 4 Total before tax 54 6 5 Tax (benefit) expense 2 (13) (1) — After-tax $ 41 $ 5 $ 5 Amortization of other benefit plans: Prior service (benefit) cost 3,4 $ (922) $ — $ — Actuarial (gains) losses 3,4 81 1 (1) Curtailment (gain) loss (1) — — Total before tax (842) 1 (1) Tax (benefit) expense 2 196 — — After-tax $ (646) $ 1 $ (1) Unrealized (Gain) Loss on Investments 4 $ 7 $ — $ — Tax (benefit) expense 2 — — — After-tax $ 7 $ — $ — Total reclassifications for the period, after-tax $ (602) $ 18 $ 16 1. Reflected in cost of goods sold in the Consolidated Statements of Operations. 2. Reflected in provision for (benefit from) income taxes from continuing operations in the Consolidated Statements of Operations. 3. These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit (credit) cost of the company's pension and other benefit plans. See Note 20 - Pension Plans and Other Post Employment Benefits, to the Consolidated Financial Statements, for additional information. 4. Reflected in other income - net in the Consolidated Statements of Operations. 5. A portion reflected in (loss) income from discontinued operations after income taxes for the year ended December 31, 2019. |
Pension Plans and Other Post Em
Pension Plans and Other Post Employment Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | PENSION PLANS AND OTHER POST EMPLOYMENT BENEFITS The company offers various long-term benefits to its employees. Where permitted by applicable law, the company reserves the right to change, modify or discontinue the plans. Defined Benefit Pension Plans The company has both funded and unfunded noncontributory defined benefit pension plans covering a majority of the U.S. employees and employees in a number of other countries. The principal U.S. pension plan is the largest pension plan held by Corteva. Effective January 1, 2007, a majority of new hires are not eligible to participate in the U.S. defined benefit pension plans. The company froze the pay and service amounts used to calculate the pension benefits for active employees who participate in these plans on November 30, 2018, resulting in the participants no longer accruing additional benefits. The company's funding policy is consistent with the funding requirements of federal laws and regulations. Pension coverage for employees of the company's non-U.S. consolidated subsidiaries is provided, to the extent deemed appropriate, through separate plans. Obligations under such plans are funded by depositing funds with trustees, covered by insurance contracts, or remain unfunded. The company made total contributions of $49 million, $62 million, and $121 million to its pension plans other than the principal U.S. pension plan for the years ended December 31, 2021, 2020 and 2019, respectively. Corteva expects to contribute approximately $60 million to its pension plans other than the principal U.S. pension plan in 2022. The company does not anticipate making contributions to its principal U.S pension plan in 2022. The weighted-average assumptions used to determine pension plan obligations for all pension plans are summarized in the table below: Weighted-Average Assumptions used to Determine Benefit Obligations December 31, 2021 December 31, 2020 Discount rate 2.82 % 2.44 % Rate of increase in future compensation levels 1 2.55 % 2.54 % 1. The rate of compensation increase excludes U.S. pension plans since the employees who participate in the U.S. pension plans no longer accrue additional benefits for future service and eligible compensation. The weighted-average assumptions used to determine net periodic benefit costs for all pension plans are summarized in the table below: Weighted-Average Assumptions used to Determine Net Periodic Benefit Cost For the Year Ended December 31, 2021 2020 2019 Discount rate 2.44 % 3.19 % 4.19 % Rate of increase in future compensation levels 1 2.54 % 2.60 % 2.84 % Expected long-term rate of return on plan assets 5.73 % 6.25 % 6.24 % 1. The rate of compensation increase excludes U.S. pension plans since the employees who participate in the U.S. pension plans no longer accrue additional benefits for future service and eligible compensation. Other Post Employment Benefits The company has historically provided medical, dental and life insurance benefits to certain pensioners and survivors. The majority of U.S. employees hired on or after January 1, 2007, and eligible employees under the age of 50 as of November 30, 2018, are not eligible to participate in the post-employment medical, dental and life insurance plans. Substantially all of the cost and liabilities for these retiree benefit plans are attributable to the U.S. benefit plans. The non-Medicare eligible retiree medical plan is contributory with costs shared between the company and pensioners and survivors. For Medicare eligible pensioners and survivors, Corteva provides a company-funded Health Reimbursement Arrangement ("HRA"). In December 2020, the company amended its retiree medical, dental and life insurance plans resulting in the company no longer providing retiree dental and life insurance benefits effective January 1, 2022 and Corteva’s portion of the cost of non-Medicare retiree medical coverage no longer being adjusted for cost increases, which capped the Corteva cost at the level in effect as of December 31, 2021 ("2020 OPEB Plan Amendments"). As a result of these changes, the company recorded a $(939) million decrease in OPEB benefit obligations as of December 31, 2020 with a corresponding prior service benefit within other comprehensive income for the year ended December 31, 2020. During 2021, a substantial amount of the prior service benefit within other comprehensive income (loss) in 2020 was recognized in other income - net in the Consolidated Statement of Operations. The company also provides disability benefits to employees. Employee disability benefit plans are insured in many countries. However, primarily in the U.S., such plans are generally self-insured. Obligations and expenses for self-insured plans are reflected in the change in projected benefit obligations table on page F-56. The company's OPEB plans are unfunded and the cost of the approved claims is paid from operating cash flows. Pre-tax cash requirements to cover actual net claims costs and related administrative expenses were $198 million, $207 million, and $202 million for the years ended December 31, 2021, 2020 and 2019, respectively. Changes in cash requirements reflect the net impact of per capita health care costs, demographic changes, plan amendments and changes in participant premiums, co-pays and deductibles. In 2022, the company expects to contribute approximately $140 million for its OPEB plans. The weighted-average assumptions used to determine benefit obligations for OPEB plans are summarized in the table below: Weighted-Average Assumptions used to Determine Benefit Obligations December 31, 2021 December 31, 2020 Discount rate 2.59 % 2.09 % The weighted-average assumptions used to determine net periodic benefit costs for the OPEB plans are summarized in the two tables below: Weighted-Average Assumptions used to Determine Net Periodic Benefit Cost For the Year Ended December 31, 2021 2020 2019 Discount rate 2.09 % 3.07 % 3.93 % As of December 31, 2021, health care cost trend rates do not impact the benefit obligations for the OPEB plans because of the 2020 OPEB Plan Amendments. For the year ended December 31, 2020 and 2019, the health care cost trend rate was assumed to be 7.0 percent and 7.2 percent for next year, respectively. Assumptions Within the U.S., the company determines the expected long-term rate of return on plan assets by performing a detailed analysis of key economic and market factors driving historical returns for each asset class and formulating a projected return based on factors in the current environment. Factors considered include, but are not limited to, inflation, real economic growth, interest rate yield, interest rate spreads, and other valuation measures and market metrics. The expected long-term rate of return for each asset class is then weighted based on the strategic asset allocation approved by the governing body for the plan. The company's historical experience with the pension fund asset performance is also considered. For non-U.S. plans, assumptions reflect economic assumptions applicable to each country. In the U.S., Corteva calculates service costs and interest costs by applying individual spot rates from a yield curve (based on high-quality corporate bond yields) to the separate expected cash flows components of service cost and interest cost. Service cost and interest cost for all other plans are determined on the basis of the single equivalent discount rates derived in determining those plan obligations. The discount rates utilized to measure the pension and other post employment benefit obligations are based on the yield on high-quality corporate fixed income investments at the measurement date. Future expected actuarially determined cash flows are individually discounted at the spot rates under the Aon AA_Above Median yield curve (based on high-quality corporate bond yields) to arrive at the plan’s obligations as of the measurement date. For non-U.S. benefit plans, historically the company utilized prevailing long-term high quality corporate bond indices to determine the discount rate, applicable to each country, at the measurement date. The company adopts the most recently published mortality tables and mortality improvement scale released by the Society of Actuaries in measuring its U.S. pension and other post employment benefit obligations. The effect of these adoptions is amortized into net periodic benefit cost for the years following the adoption. Summarized information on the company's pension and other post employment benefit plans is as follows: Change in Projected Benefit Obligations, Plan Assets and Funded Status Defined Benefit Pension Plans Other Post Employment Benefits (In millions) For the Year Ended December 31, 2021 For the Year Ended December 31, 2020 For the Year Ended December 31, 2021 For the Year Ended December 31, 2020 Change in benefit obligations: Benefit obligation at beginning of the period $ 21,682 $ 21,004 $ 1,571 $ 2,591 Service cost 25 26 1 2 Interest cost 364 559 21 66 Plan participants' contributions 3 2 35 34 Actuarial (gain) loss (524) 1,659 (33) 59 Benefits paid (1,490) (1,538) (233) (241) Plan amendments (15) (3) — (939) Other 1 (240) — — — Effect of foreign exchange rates (30) (27) — (1) Benefit obligations at end of the period $ 19,775 $ 21,682 $ 1,362 $ 1,571 Change in plan assets: Fair value of plan assets at beginning of the period $ 17,835 $ 16,941 $ — $ — Actual return on plan assets 1,685 2,404 — — Employer contributions 49 62 198 207 Plan participants' contributions 3 2 35 34 Benefits paid (1,490) (1,538) (233) (241) Other 1 (240) — — — Effect of foreign exchange rates (15) (36) — — Fair value of plan assets at end of the period $ 17,827 $ 17,835 $ — $ — Funded status U.S. plan with plan assets $ (1,471) $ (3,301) $ — $ — Non-U.S. plans with plan assets (62) (98) — — All other plans 2,3 (415) (448) (1,362) (1,571) Funded status at end of the period $ (1,948) $ (3,847) $ (1,362) $ (1,571) 1. Relates to the transfer of certain benefit obligations and related assets associated with the principal U.S. pension plan to an insurance company through the purchase of nonparticipating group annuity contracts. 2. As of December 31, 2021 and December 31, 2020, $219 million and $249 million, respectively, of the benefit obligations are supported by funding under the Trust agreement, defined in the "Trust Assets" section below. 3. Includes pension plans maintained around the world where funding is not customary. Defined Benefit Pension Plans Other Post Employment Benefits (In millions) December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Amounts recognized in the Consolidated Balance Sheets: Other Assets $ 4 $ 7 $ — $ — Accrued and other current liabilities (46) (32) (144) (217) Pension and other post employment benefits - noncurrent (1,906) (3,822) (1,218) (1,354) Net amount recognized $ (1,948) $ (3,847) $ (1,362) $ (1,571) Pretax amounts recognized in accumulated other comprehensive income (loss): Net gain (loss) $ (543) $ (1,886) $ (50) $ (163) Prior service benefit (cost) 27 14 17 939 Pretax balance in accumulated other comprehensive income (loss) at end of year $ (516) $ (1,872) $ (33) $ 776 The gain related to the change in pension and OPEB plan benefit obligations for the period ended December 31, 2021 is mainly due to an increase in discount rates. The accumulated benefit obligation for all pensions plans was $19.7 billion and $21.6 billion at December 31, 2021 and 2020, respectively. Pension Plans with Projected Benefit Obligations in Excess of Plan Assets December 31, 2021 December 31, 2020 (In millions) Projected benefit obligations $ 19,519 $ 21,513 Fair value of plan assets 17,567 17,659 Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets December 31, 2021 December 31, 2020 (In millions) Accumulated benefit obligations $ 19,501 $ 21,369 Fair value of plan assets 17,567 17,550 (In millions) Defined Benefit Pension Plans Other Post Employment Benefits For the Year Ended December 31, For the Year Ended December 31, Components of net periodic benefit (credit) cost and amounts recognized in other comprehensive income (loss) 2021 2020 2019 2021 2020 2019 Net Periodic Benefit (Credit) Cost: Service cost $ 25 $ 26 $ 41 $ 1 $ 2 $ 4 Interest cost 364 559 769 21 66 84 Expected return on plan assets (915) (1,000) (1,078) — — — Amortization of unrecognized loss (gain) 55 4 3 81 1 (1) Amortization of prior service (benefit) cost (2) (1) (1) (922) — — Curtailment loss (gain) — — (2) (1) — — Settlement loss 1 3 4 — — — Net periodic benefit (credit) cost - Total $ (472) $ (409) $ (264) $ (820) $ 69 $ 87 Less: Discontinued operations 1 — — (14) — — — Net periodic benefit (credit) cost - continuing operations $ (472) $ (409) $ (250) $ (820) $ 69 $ 87 Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net gain (loss) $ 1,284 $ (247) $ (970) $ 33 $ (59) $ (211) Amortization of unrecognized (gain) loss 55 4 2 81 1 (1) Prior service benefit (cost) 15 3 11 — 939 — Amortization of prior service (benefit) cost (2) (1) (1) (922) — — Curtailment (gain) loss — — — (1) — — Settlement loss 1 3 4 — — — Effect of foreign exchange rates 3 (2) 5 — 1 — Total benefit (loss) recognized in other comprehensive income (loss), attributable to Corteva $ 1,356 $ (240) $ (949) $ (809) $ 882 $ (212) Total recognized in net periodic benefit (credit) cost and other comprehensive income (loss) $ 1,828 $ 169 $ (685) $ 11 $ 813 $ (299) 1. Includes non-service related components of net periodic benefit credit of $(31) million for the year ended December 31, 2019. Estimated Future Benefit Payments The estimated future benefit payments, reflecting expected future service, as appropriate, are presented in the following table: Estimated Future Benefit Payments at December 31, 2021 Defined Benefit Pension Plans Other Post Employment Benefits (In millions) 2022 $ 1,459 $ 144 2023 1,409 134 2024 1,378 126 2025 1,341 118 2026 1,305 112 Years 2027-2031 5,913 399 Total $ 12,805 $ 1,033 Plan Assets All pension plan assets in the U.S. are invested through a single master trust fund. The strategic asset allocation for this trust fund is approved by the Pension Investment Committee. The general principles guiding U.S. pension asset investment policies are those embodied in the Employee Retirement Income Security Act of 1974 ("ERISA"). These principles include discharging Corteva's investment responsibilities for the exclusive benefit of plan participants and in accordance with the "prudent expert" standard and other ERISA rules and regulations. Corteva establishes strategic asset allocation percentage targets and appropriate benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. Strategic asset allocations in other countries are selected in accordance with the laws and practices of those countries. Where appropriate, asset liability studies are utilized in this process. U.S. plan assets are managed by investment professionals employed by Corteva. The remaining assets are managed by professional investment firms unrelated to the company. Corteva's pension investment professionals have discretion to manage the assets within established asset allocation ranges approved by the Pension Investment Committee. Additionally, pension trust funds are permitted to enter into certain contractual arrangements generally described as "derivatives." Derivatives are primarily used to reduce specific market risks, hedge currency and adjust portfolio duration and asset allocation in a cost-effective manner. The weighted-average target allocation for plan assets of the company's pension plans is summarized as follows: Target Allocation for Plan Assets December 31, 2021 December 31, 2020 Asset Category U.S. equity securities 11 % 20 % Non-U.S. equity securities 11 16 Fixed income securities 58 51 Hedge funds 2 2 Private market securities 8 6 Real estate 5 4 Cash and cash equivalents 5 1 Total 100 % 100 % U.S. equity investments are primarily large-cap companies. Global equity securities include varying market capitalization levels. Global fixed income investments include corporate-issued, government-issued and asset-backed securities. Corporate debt investments include a range of credit risk and industry diversification. U.S. fixed income investments are weighted heavier than non-U.S. fixed income securities. Other investments include cash and cash equivalents, hedge funds, real estate and private market securities such as interests in private equity and venture capital partnerships. Fair value calculations may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. For pension plan assets classified as Level 1 measurements (measured using quoted prices in active markets), total fair value is either the price of the most recent trade at the time of the market close or the official close price, as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. For pension plan assets classified as Level 2 measurements, where the security is frequently traded in less active markets, fair value is based on the closing price at the end of the period; where the security is less frequently traded, fair value is based on the price a dealer would pay for the security or similar securities, adjusted for any terms specific to that asset or liability. Market inputs are obtained from well-established and recognized vendors of market data and subjected to tolerance and quality checks. For derivative assets and liabilities, standard industry models are used to calculate the fair value of the various financial instruments based on significant observable market inputs, such as foreign exchange rates, commodity prices, swap rates, interest rates and implied volatilities obtained from various market sources. For pension plan assets classified as Level 3 measurements, total fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity for the investment. Investment managers, fund managers, or investment contract issuers provide valuations of the investment on a monthly or quarterly basis. These valuations are reviewed for reasonableness based on applicable sector, benchmark and company performance. Adjustments to valuations are made where appropriate. Where available, audited financial statements are obtained and reviewed for the investments as support for the manager’s investment valuation. The tables below present the fair values of the company's pension assets by level within the fair value hierarchy, as described in Note 2 - Summary of Significant Accounting Policies: Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 For the year ended December 31, 2021 (In millions) Cash and cash equivalents $ 2,543 $ 2,543 $ — $ — U.S. equity securities 1 2,400 2,394 2 4 Non-U.S. equity securities 1,523 1,523 — — Debt – government-issued 3,271 — 3,271 — Debt – corporate-issued 4,591 — 4,589 2 Debt – asset-backed 682 — 682 — Private market securities 3 — — 3 Real estate 26 — — 26 Other 78 — 3 75 Subtotal $ 15,117 $ 6,460 $ 8,547 $ 110 Investments measured at net asset value Debt - government issued 37 Debt - corporate issued 7 U.S. equity securities 33 Non-U.S. equity securities 34 Hedge funds 394 Private market securities 1,822 Real estate funds 759 Total investments measured at net asset value $ 3,086 Other items to reconcile to fair value of plan assets Pension trust receivables 2 655 Pension trust payables 3 (1,031) Total $ 17,827 1. The Corteva pension plans directly held $201 million (approximately 1 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2021. 2. Primarily receivables for investments securities sold. 3. Primarily payables for investment securities purchased. Basis of Fair Value Measurements For the year ended December 31, 2020 (In millions) Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 2,616 $ 2,616 $ — $ — U.S. equity securities 1 3,905 3,898 2 5 Non-U.S. equity securities 2,194 2,189 2 3 Debt – government-issued 3,569 — 3,569 — Debt – corporate-issued 2,579 — 2,576 3 Debt – asset-backed 616 — 616 — Private market securities 3 — — 3 Real estate 28 — — 28 Other 76 — 3 73 Subtotal $ 15,586 $ 8,703 $ 6,768 $ 115 Investments measured at net asset value Debt - government issued 36 Debt - corporate issued 7 U.S. equity securities 32 Non-U.S. equity securities 32 Hedge funds 391 Private market securities 1,381 Real estate funds 590 Total investments measured at net asset value $ 2,469 Other items to reconcile to fair value of plan assets Pension trust receivables 2 214 Pension trust payables 3 (434) Total $ 17,835 1. The Corteva pension plans directly held $165 million (approximately 1 percent of total plan assets) of Corteva, Inc. at December 31, 2020. 2. Primarily receivables for investments securities sold. 3. Primarily payables for investment securities purchased. The following table summarizes the changes in fair value of Level 3 pension plan assets for the years ended December 31, 2020 and 2019: Fair Value Measurement of Level 3 Pension Plan Assets U.S. equity securities Non-U.S. equity securities Debt – corporate-issued Private market securities Real estate Other Total (In millions) Balance at January 1, 2020 $ 9 $ 4 $ 4 $ 2 $ 33 $ — $ 52 Actual return on assets: Relating to assets sold during the year ended December 31, 2020 (25) (6) (7) — — — (38) Relating to assets held at December 31, 2020 21 5 5 1 (5) 7 34 Purchases, sales and settlements, net — — — — — 5 5 Transfers in or out of Level 3, net — — 1 — — 61 62 Balance at December 31, 2020 $ 5 $ 3 $ 3 $ 3 $ 28 $ 73 $ 115 Actual return on assets: Relating to assets sold during the year ended December 31, 2021 1 (1) (5) — — — (5) Relating to assets held at December 31, 2021 (3) (1) 6 — (2) (2) (2) Purchases, sales and settlements, net 1 (1) (2) — — 4 2 Balance at December 31, 2021 $ 4 $ — $ 2 $ 3 $ 26 $ 75 $ 110 Trust Assets EID entered into a trust agreement in 2013 (as amended and restated in 2017) that established and requires EID to fund the Trust for cash obligations under certain non-qualified benefit and deferred compensation plans upon a change in control event as defined in the Trust agreement. Under the Trust agreement, the consummation of the Merger was a change in control event. As a result, in November 2017, EID contributed $571 million to the Trust. At the Separation, Corteva transferred $39 million to DuPont. During the years ended December 31, 2021 and 2020, $43 million and $65 million, respectively, was distributed to EID according to the Trust agreement, and at December 31, 2021 and 2020, the balance in the Trust was $304 million and $347 million, respectively. The Trust Assets are classified as current restricted cash equivalents and included within other current assets in the Consolidated Balance Sheets. See Note 9 - Supplementary Information, to the Consolidated Financial Statements, for further information. Defined Contribution Plans Corteva provides defined contribution benefits to its employees. The most significant is the U.S. Retirement Savings Plan ("the Plan"), which covers almost all of the U.S. full-service employees. This Plan includes a non-leveraged Employee Stock Ownership Plan ("ESOP"). Employees are not required to participate in the ESOP and those who do are free to diversify out of the ESOP. The purpose of the Plan is to provide retirement savings benefits for employees and to provide employees an opportunity to become stockholders of the company. The Plan is a tax qualified contributory profit sharing plan, with cash or deferred arrangement and any eligible employee of Corteva may participate. Currently, Corteva contributes 100 percent of the first 6 percent of the employee's contribution election and also contributes 3 percent of each eligible employee's eligible compensation regardless of the employee's contribution. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [Text Block] | STOCK-BASED COMPENSATION Prior to the Corteva Distribution, Corteva employees held equity awards, including stock options, share appreciation rights (“SARs”), restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”), which were denominated in DowDuPont common stock and, in some cases, in Dow Inc. common stock, and which had originally been issued under the DuPont Equity and Incentive Plan ("EIP"), the Dow Chemical Company 2012 Stock Incentive Plan or the Dow Chemical Company 1988 Award and Option Plan. As discussed in Note 18 - Commitment and Contingent Liabilities, on April 1, 2019 the company entered into an employee matters agreement (the "EMA") with DuPont and Dow that identifies employees and employee-related liabilities (and attributable assets) to be allocated (either retained, transferred and accepted, or assigned and assumed, as applicable) to the Parties as part of the Distributions and describes when and how the relevant transfers and assignments will occur. With some exceptions, the EMA provides for the equitable adjustment of existing equity incentive compensation awards denominated in the common stock of DowDuPont to reflect the occurrence of the Distributions. In connection with the Separation on June 1, 2019, outstanding DowDuPont-denominated stock options, SARs, RSU and PSU awards were converted into Corteva-denominated awards under the “Employer Method,” or into both DuPont-denominated awards and Corteva-denominated awards under the “Shareholder Method,” using a formula designed to preserve the intrinsic value of the awards immediately prior to and subsequent to the Corteva Separation. The awards have the same terms and conditions under the applicable plans and award agreements prior to the Separation transactions. The conversions of equity awards did not have a material impact to the company’s consolidated financial statements. On June 1, 2019 (“Adoption Date”), in connection with the Separation, the Omnibus Incentive Plan (the "OIP") became effective. Under the OIP, the company may grant incentive awards, including stock options (both “incentive stock options” and nonqualified stock options), share appreciation rights, restricted shares, restricted stock units, other share-based awards and cash awards, to its and its subsidiaries’ eligible employees, non-employee directors, independent contractors and consultants following the Separation until the tenth anniversary of the Adoption Date, subject to an aggregate limit and annual individual limits. Under the OIP, the maximum number of shares reserved for the grant or settlement of awards is 20 million shares, excluding shares underlying certain exempt awards, such as the awards converted to Corteva-denominated awards pursuant to the Separation. At December 31, 2021, approximately 12 million shares were authorized for future grants under the OIP. The company generally satisfies stock option exercises and the vesting of RSUs and PSUs with newly issued shares of Corteva common stock, although RSU awards granted under Historical Dow plans in certain countries are settled in cash. The compensation committee determines the long-term incentive mix, including stock options, RSUs and PSUs and may authorize new grants annually. The company estimates expected forfeitures. The total stock-based compensation cost included in income (loss) from continuing operations before income taxes within the Consolidated Statement of Operations was $79 million, $73 million, and $84 million for the years ended December 31, 2021, 2020 and 2019, respectively. The income tax benefits related to stock-based compensation arrangements were $(15) million, $(15) million, and $(17) million for the years ended December 31, 2021, 2020 and 2019, respectively. Stock Options The exercise price of shares subject to option is equal to the market price of the company's stock on the date of grant. All options vest serially over a period of three years. Stock option awards granted under the OIP between June 2019 and 2020 expire 10 years after the grant date. Stock option awards granted under the EIP (previous plan) between 2014 and 2015 expire seven years after the grant date and options granted between 2016 and May 2019 expire 10 years after the grant date. Stock option awards granted under the Historical Dow plans subsequent to 2010 expire 10 years after the grant date. To measure the fair value of the awards on the date of grant, the company used the Black-Scholes option pricing model and the assumptions set forth in the below table. Under the OIP, the weighted-average grant-date fair value of options granted for the years ended December 31, 2021 and 2020 was $11.77 and $6.06, respectively. Under the EIP, the weighted-average grant-date fair value of options granted for the years ended December 31, 2019 was $7.29. Weighted-Average Assumptions OIP EIP For the year ended December 31, 2021 For the year ended December 31, 2020 For the year ended December 31, 2019 Dividend yield 1.14 % 1.67 % 1.55 % Expected volatility 29.44 % 23.14 % 19.80 % Risk-free interest rate 1.0 % 1.3 % 2.4 % Expected life of stock options granted during period (years) 6.0 6.0 6.1 Under the OIP, the company determined the dividend yield by dividing the annualized dividend on Corteva’ s Common Stock by the option exercise price. A historical daily measurement of volatility is determined based on the expected life of the option granted. For the years ended December 31, 2021 and 2020, the measurement of volatility is based on the average volatility of eight of Corteva's peer companies. Corteva's peer volatility is based on the historical volatility of each business respectively. The risk-free interest rate is determined by reference to the yield on an outstanding U.S. Treasury note with a term equal to the expected life of the option granted. Expected life is determined by utilizing the simplified method for estimating expected term as referenced under ASC 718 – Share based Payments. Under the EIP, the company determined the dividend yield by dividing the annualized dividend on DowDuPont's Common Stock by the option exercise price. A historical daily measurement of volatility is determined based on the expected life of the option granted. For the year ended December 31, 2019, the measurement of volatility is based on weighted average of the individual peer volatilities of DuPont and Corteva based on the size of each business respectively. DuPont and Corteva peer volatility are based on a 50/50 blend of historical volatility and implied volatility. Both volatility measures are based on the average of five peer companies for DuPont and eight peer companies for Corteva. The risk-free interest rate is determined by reference to the yield on an outstanding U.S. Treasury note with a term equal to the expected life of the option granted. Expected life is determined by reference to the company's historical experience. The following table summarizes stock option activity for year ended December 31, 2021 under the OIP: Stock Options For the Year Ended December 31, 2021 Number of Shares Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at January 1, 2021 8,998 $ 34.21 5.27 $ 50,077 Granted 849 45.37 Exercised (3,206) 32.44 Forfeited/Expired (218) 33.39 Outstanding at December 31, 2021 6,423 $ 36.65 5.69 $ 68,219 Exercisable at December 31, 2021 4,739 $ 36.15 4.76 $ 52,726 The aggregate intrinsic values in the table above represent the total pre-tax intrinsic value (the difference between the closing stock price on the last trading day of the December 31, 2021 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their in-the-money options at period end. Under the OIP, the total intrinsic value of options exercised for the years ended December 31, 2021 and 2020 were $43 million, and $21 million, respectively. The company recognized tax benefits from options exercised for the years ended December 31, 2021 and 2020 of $(8) million and $(4) million, respectively. Under the EIP, the total intrinsic value of options exercised for the year ended December 31, 2019 was $16 million. The company recognized tax benefits from options exercised for the year ended December 31, 2019 of $(3) million. As of December 31, 2021, $4 million of total unrecognized pre-tax compensation expense related to nonvested stock options is expected to be recognized over a weighted-average period of about 1.20 years. Restricted Stock Units and Performance Share Units RSUs granted under the EIP serially vest over 3 years. RSUs granted under the Historical Dow plans vest after a designated period, generally 1 year to 3 years. RSUs granted under the OIP serially vest over 3 years. Upon vesting, these RSUs convert one-for-one to Corteva Common Stock. A retirement-eligible employee retains any granted awards upon retirement provided the employee has rendered at least six months of service following the grant date. Additional RSUs are also granted periodically to key senior management employees. These RSUs generally vest over periods ranging from 3 years to 5 years. The fair value of all stock-settled RSUs is based upon the market price of the underlying common stock as of the grant date. The company grants PSUs to senior leadership. In 2021, there were 343,632 PSUs granted. Vesting for PSUs granted in 2021 and 2020 is partially based on the realization of the Company’s improvement of its Return on Invested Capital (“ROIC”) and Operating Earnings Per Share (EPS) during the Performance Period. Vesting for PSUs granted in 2019 is partially based on the realization of the Company’s improvement of its Return on Invested Capital (“ROIC”) and Operating EBITDA during the Performance Period. Performance and payouts are determined independently for each metric. The actual award, delivered in Corteva Common Stock, can range from zero percent to 200 percent of the original grant. The weighted-average grant date fair value of the PSUs granted in 2021 of $45.37 was based upon the market price of the underlying common stock as of the grant date. Nonvested awards of RSUs and PSUs are shown below. RSUs & PSUs For the Year Ended December 31, 2021 Number of Shares Weighted Average Grant Date Fair Value Nonvested at January 1, 2021 5,883 $ 31.54 Granted 1,536 $ 45.30 Vested (1,583) $ 35.59 Forfeited (234) $ 32.99 Nonvested at December 31, 2021 5,602 $ 34.11 The total fair value of stock units vested under the OIP for the years ended December 31, 2021 and 2020 was $56 million and $49 million, respectively. The weighted-average grant-date fair value of stock units granted under the OIP for the years ended December 31, 2021 and 2020 was $45.30 and $31.15, respectively. The total fair value of stock units vested under the EIP during the years ended December 31, 2019 was $79 million. The weighted-average grant-date fair value of stock units granted under the EIP for the year ended December 31, 2019 was $52.19. As of December 31, 2021, $45 million of total unrecognized pre-tax compensation expense related to RSUs and PSUs is expected to be recognized over a weighted average period of 1.13 years. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments Disclosure [Text Block] | FINANCIAL INSTRUMENTS At December 31, 2021 and 2020, the company had $3,400 million and $2,511 million, 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 $86 million and $43 million at December 31, 2021 and 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 December 31, 2020, the company had $226 million of available-for-sale securities (see below "Debt Securities" for further discussion). The above noted securities are included in cash and cash equivalents, marketable securities, and other current assets in the Consolidated Balance Sheets. Derivative Instruments Objectives and Strategies for Holding Derivative Instruments In the ordinary course of business, the company enters into contractual arrangements (derivatives) to reduce its exposure to foreign currency and commodity price risks. The company has established a variety of derivative programs to be utilized for financial risk management. These programs reflect varying levels of exposure coverage and time horizons based on an assessment of risk. Derivative programs have procedures and controls and are approved by the Corporate Financial Risk Management Committee, consistent with the company's financial risk management policies and guidelines. Derivative instruments used are forwards, options, futures and swaps. The company has not designated any non-derivatives as hedging instruments. The company's financial risk management procedures also address counterparty credit approval, limits and routine exposure monitoring and reporting. The counterparties to these contractual arrangements are major financial institutions and major commodity exchanges, and multinational grain exporters. The company is exposed to credit loss in the event of nonperformance by these counterparties. The company utilizes collateral support annex agreements with certain counterparties to limit its exposure to credit losses. The company anticipates performance by counterparties to these contracts and therefore no material loss is expected. Market and counterparty credit risks associated with these instruments are regularly reported to management. The notional amounts of the company's derivative instruments were as follows: Notional Amounts (In millions) December 31, 2021 December 31, 2020 Derivatives designated as hedging instruments: Foreign currency contracts $ 1,252 $ 1,164 Commodity contracts $ 845 $ 383 Derivatives not designated as hedging instruments: Foreign currency contracts $ 103 $ 647 Commodity contracts $ 4 $ — 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 probable of not occurring. The following table summarizes the after-tax effect of commodity contract cash flow hedges on accumulated other comprehensive loss: For the Year Ended December 31, (In millions) 2021 2020 2019 Beginning balance $ (16) $ 2 $ (26) Additions and revaluations of derivatives designated as cash flow hedges 92 (44) 16 Clearance of hedge results to earnings (29) 26 12 Ending balance $ 47 $ (16) $ 2 At December 31, 2021, an after-tax net gain of $36 million is expected to be reclassified from accumulated other comprehensive loss into earnings over the next twelve months. Foreign Currency Contracts The company enters into forward contracts to hedge the foreign currency risk associated with forecasted transactions within certain foreign subsidiaries. While each risk management program has a different time maturity period, most programs currently do not extend beyond the next two years. Cash flow hedge results are reclassified into earnings during the same period in which the related exposure impacts earnings. Reclassifications are made sooner if it appears that a forecasted transaction is not probable of occurring. The following table summarizes the after-tax effect of foreign currency cash flow hedges on accumulated other comprehensive loss: (In millions) For the Year Ended December 31, 2021 For the Year Ended December 31, 2020 Beginning balance $ (17) $ — Additions and revaluations of derivatives designated as cash flow hedges 24 (3) Clearance of hedges results to earnings 25 (14) Ending balance $ 32 $ (17) At December 31, 2021, an after-tax net gain of $32 million is expected to be reclassified from accumulated other comprehensive loss into earnings over the next twelve months. Derivatives Designated as Net Investment Hedges Foreign Currency Contracts The company has designated €450 million of forward contracts to exchange EUR as net investment hedges. The purpose of these forward contracts is to mitigate FX exposure related to a portion of the company’s Euro net investments in certain foreign subsidiaries against changes in Euro/USD exchange rates. These hedges will expire and be settled in 2023, unless terminated early at the discretion of the company. The company elected to apply the spot method in testing for effectiveness of the hedging relationship. Derivatives not Designated in Hedging Relationships Foreign Currency Contracts The company uses foreign exchange contracts to reduce its net exposure, by currency, related to foreign currency-denominated monetary assets and liabilities of its operations so that exchange gains and losses resulting from exchange rate changes are minimized. The netting of such exposures precludes the use of hedge accounting; however, the required revaluation of the forward contracts and the associated foreign currency-denominated monetary assets and liabilities intends to achieve a minimal earnings impact, after taxes. The company also uses foreign currency exchange contracts to offset a portion of the company’s exposure to the translation of certain foreign currency-denominated earnings so that gains and losses on the contracts offset changes in the USD value of the related foreign currency-denominated earnings over the relevant aggregate period. Commodity Contracts The company utilizes options, futures and swaps that are not designated as hedging instruments to reduce exposure to commodity price fluctuations on purchases of inventory such as corn and soybeans. The company uses forward agreements, with durations less than one year, to buy and sell USD priced commodities in order to reduce its exposure to currency devaluation for a portion of its local currency cash balances. Counterparties to the forward sales agreements are multinational grain exporters and subject to the company’s financial risk management procedures. Fair Value of Derivative Instruments Asset and liability derivatives subject to an enforceable master netting arrangement with the same counterparty are presented on a net basis in the Consolidated Balance Sheets. The presentation of the company's derivative assets and liabilities is as follows: December 31, 2021 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 37 $ — $ 37 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 31 (20) 11 Commodity contracts Other current assets 3 — 3 Total asset derivatives $ 71 $ (20) $ 51 Liability derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 1 $ — $ 1 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities 23 $ (20) 3 Commodity contracts Accrued and other current liabilities 2 — 2 Total liability derivatives $ 26 $ (20) $ 6 December 31, 2020 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 15 $ — $ 15 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 40 (40) — Total asset derivatives $ 55 $ (40) $ 15 Liability derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 38 $ — $ 38 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities 97 (40) 57 Total liability derivatives $ 135 $ (40) $ 95 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. Effect of Derivative Instruments Amount of Gain (Loss) Recognized in OCI 1 - Pre-Tax For the Year Ended December 31, (In millions) 2021 2020 2019 Derivatives designated as hedging instruments: Net investment hedges: Foreign currency contracts $ 37 $ (45) $ — Cash flow hedges: Foreign currency contracts 27 (4) — Commodity contracts 129 (62) 23 Total derivatives designated as hedging instruments $ 193 $ (111) $ 23 1. OCI is defined as other comprehensive income (loss). (in millions) Amount of (Loss) Gain Recognized in Income - Pre-Tax 1 For the Year Ended December 31, 2021 2020 2019 Derivatives designated as hedging instruments: Cash flow hedges: Foreign currency contracts 2 $ (29) $ 17 $ — Commodity contracts 2 42 (35) (13) Total derivatives designated as hedging instruments 13 (18) (13) Derivatives not designated as hedging instruments: Foreign currency contracts 3 18 89 (58) Foreign currency contracts 2 (14) 14 — Commodity contracts 2 (18) 9 9 Total derivatives not designated as hedging instruments (14) 112 (49) Total derivatives $ (1) $ 94 $ (62) 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 - net was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 9 - Supplementary Information, to the Consolidated Financial Statements for additional information. Debt Securities The estimated fair value of the available-for-sale securities as of December 31, 2020 was determined using Level 1 inputs within the fair value hierarchy. Level 1 measurements were based on quoted market prices in active markets for identical assets and liabilities. The available-for-sale securities at of December 31, 2020 are held by certain foreign subsidiaries in which the USD is not the functional currency. The fluctuations in foreign exchange are recorded in accumulated other comprehensive loss within the Consolidated Statements of Equity. These fluctuations are subsequently reclassified from accumulated other comprehensive income (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 year ended December 31,2021: Investing Results For the Year Ended December 31, (In millions) 2021 Proceeds from sales of available-for-sale securities $ 226 Gross realized losses $ (7) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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: December 31, 2021 Significant Other Observable Inputs (In millions) Level 1 Level 2 Assets at fair value: Marketable securities $ — $ 86 Derivatives relating to: 1 Foreign currency — 68 Equity securities 2 48 — Total assets at fair value $ 48 $ 154 Liabilities at fair value: Derivatives relating to: 1 Foreign currency — 24 Total liabilities at fair value $ — $ 24 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 3 226 — Derivatives relating to: 1 Foreign currency — 55 Total assets at fair value $ 226 $ 98 Liabilities at fair value: Derivatives relating to: 1 Foreign currency $ — $ 135 Total liabilities at fair value $ — $ 135 1. See Note 22 - Financial Instruments, to the Consolidated Financial Statements, for the classification of derivatives in the Consolidated Balance Sheets. 2. The company's equity securities are included in "other assets" in the Consolidated Balance Sheets. 3. The company's investments in U.S. treasuries, which are primarily available-for-sale, are included in "marketable securities" in the Consolidated Balance Sheets. For assets and liabilities classified as Level 1 measurements (measured using quoted prices in active markets), total fair value is either the price of the most recent trade at the time of the market close or the official close price, as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. For assets and liabilities classified as Level 2 measurements, where the security is frequently traded in less active markets, fair value is based on the closing price at the end of the period; where the security is less frequently traded, fair value is based on the price a dealer would pay for the security or similar securities, adjusted for any terms specific to that asset or liability, or by using observable market data points of similar, more liquid securities to imply the price. For time deposits classified as held-to-maturity investments and reported at amortized cost, fair value is based on an observable interest rate for similar securities. Market inputs are obtained from well-established and recognized vendors of market data and subjected to tolerance and quality checks. For derivative assets and liabilities, standard industry models are used to calculate the fair value of the various financial instruments based on significant observable market inputs, such as foreign exchange rates, commodity prices, swap rates and implied volatilities obtained from various market sources. Market inputs are obtained from well-established and recognized vendors of market data and subjected to tolerance/quality checks. For all other assets and liabilities for which observable inputs are used, fair value is derived through the use of fair value models, such as a discounted cash flow model or other standard pricing models. See Note 22 - Financial Instruments, to the Consolidated Financial Statements, for further information on the types of instruments used by the company for risk management. There were no transfers between Levels 1 and 2 during the years ended December 31, 2021 and 2020. For assets classified as Level 3 measurements, the fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity. The fair value of the company’s interests held in trade receivable conduits is determined by calculating the expected amount of cash to be received using the key input of anticipated credit losses in the portfolio of receivables sold that have not yet been collected. Given the short-term nature of the underlying receivables, discount rate and prepayments are not factors in determining the fair value of the interests. Fair Value Measurements on a Nonrecurring Basis The following table summarizes the basis used to measure certain assets at fair value on a nonrecurring basis: Basis of Fair Value Measurements on a Nonrecurring Basis Significant Other Unobservable Inputs Total Losses (In millions) 2019 Assets at fair value: Developed technology $ — $ (1) Other intangible assets $ — $ (6) IPR&D $ — $ (137) During the third and fourth quarter of 2019, the company recorded impairment charges to developed technology, other intangible assets, and IPR&D. See Note 7 - Restructuring and Asset Related Charges - Net, and Note 15 - Goodwill and Other Intangible Assets, to the Consolidated Financial Statements, for further discussion of these fair value measurements. |
Geographic Information
Geographic Information | 12 Months Ended |
Dec. 31, 2021 | |
Geographical Reporting [Abstract] | |
Geographic Information [Text Block] | GEOGRAPHIC INFORMATION Sales are attributed to geographic areas based on customer location; long-lived assets are attributed to geographic areas based on asset location. Net Sales For the Year Ended December 31, (In millions) 2021 2020 2019 United States $ 6,782 $ 6,510 $ 6,255 Canada 754 658 674 EMEA 3,123 2,842 2,740 Latin America 1 3,545 2,805 2,889 Asia Pacific 1,451 1,402 1,288 Total $ 15,655 $ 14,217 $ 13,846 1. Net sales for Brazil for the years ended December 31, 2021, 2020 and 2019 were $2,315 million , $1,724 million and $1,794 million, respectively. Net Property (In millions) 2021 2020 2019 United States $ 3,051 $ 3,014 $ 3,069 Canada 114 122 125 EMEA 566 601 566 Latin America 468 510 608 Asia Pacific 130 149 178 Total $ 4,329 $ 4,396 $ 4,546 |
Segment Reporting (Notes)
Segment Reporting (Notes) | 12 Months Ended |
Dec. 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 (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, corporate expenses, non-operating (benefits) costs, foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items. 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 consists of non-operating pension and other post-employment benefit (OPEB) costs, tax indemnification adjustments, environmental remediation and legal costs associated with legacy EID businesses and sites, and the 2021 officer indemnification payment. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense. Net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting represents the non-cash net gain (loss) from changes in fair value of certain undesignated foreign currency derivative contracts. Upon settlement, which is within the same calendar year of execution of the contract, the realized gain (loss) from the changes in fair value of the non-qualified foreign currency derivative contracts will be reported in the respective segment results to reflect the economic effects of the foreign currency derivative contracts without the resulting unrealized mark to fair value volatility. For the year ended December 31, 2019, segment operating EBITDA is calculated on a pro forma basis, as this is the manner in which the CODM assesses performance and allocates resources or expense. Pro forma adjustments used in the calculation of pro forma segment operating EBITDA for the year ended December 31, 2019 were determined in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. These adjustments give effect to the Merger, the debt retirement transactions related to paying off or retiring portions of EID’s existing debt liabilities (as discussed in Note 17 - Long-Term Debt and Available Credit Facilities, to the Consolidated Financial Statements), and the separation and distribution to DowDuPont stockholders of all the outstanding shares of Corteva common stock as if they had been consummated on January 1, 2016. Corporate Profile The company conducts its global operations through the following reportable segments: Seed The company’s seed segment is a global leader in developing and supplying advanced germplasm and traits that produce optimum yield for farms around the world. The segment is a leader in many of the company’s key seed markets, including North America corn and soybeans, Europe corn and sunflower, as well as Brazil, India, South Africa and Argentina corn. The segment offers trait technologies that improve resistance to weather, disease, insects and herbicides used to control weeds, and trait technologies that enhance food and nutritional characteristics. In addition, the segment provides digital solutions that assist farmer decision-making with a view to optimize product selection and, ultimately, help maximize yield and profitability. Crop Protection The crop protection segment serves the global agricultural input industry with products that protect against weeds, insects and other pests, and disease, and that improve overall crop health both above and below ground via nitrogen management and seed-applied technologies. The segment is a leader in global herbicides, insecticides, nitrogen stabilizers and pasture and range management herbicides. (In millions) Seed Crop Protection Total As of and for the Year Ended December 31, 2021 Net sales $ 8,402 $ 7,253 $ 15,655 Segment operating EBITDA $ 1,512 $ 1,202 $ 2,714 Depreciation and amortization $ 866 $ 377 $ 1,243 Segment assets $ 23,270 $ 12,428 $ 35,698 Investments in nonconsolidated affiliates $ 29 $ 47 $ 76 Purchases of property, plant and equipment $ 237 $ 336 $ 573 As of and for the Year Ended December 31, 2020 Net sales $ 7,756 $ 6,461 $ 14,217 Segment operating EBITDA $ 1,208 $ 1,004 $ 2,212 Depreciation and amortization $ 798 $ 379 $ 1,177 Segment assets $ 23,751 $ 13,099 $ 36,850 Investments in nonconsolidated affiliates $ 22 $ 44 $ 66 Purchases of property, plant and equipment $ 225 $ 250 $ 475 As of and for the Year Ended December 31, 2019 Net sales $ 7,590 $ 6,256 $ 13,846 Pro forma segment operating EBITDA $ 1,040 $ 1,066 $ 2,106 Depreciation and amortization $ 628 $ 372 $ 1,000 Segment assets 1 $ 25,387 $ 13,492 $ 38,879 Investments in nonconsolidated affiliates $ 27 $ 39 $ 66 Purchase of property, plant and equipment $ 373 $ 293 $ 666 1. On June 1, 2019, as a result of changes in reportable segments, $3,382 million of goodwill was reallocated from the seed reportable segment to the crop protection reportable segment. This change was not reflected in segment assets prior to June 1, 2019. Reconciliation to Consolidated Financial Statements Income (loss) from continuing operations after income taxes to segment operating EBITDA For the Year Ended December 31, (In millions) 2021 2020 2019 Income (loss) from continuing operations after income taxes $ 1,822 $ 756 $ (270) Provision for (benefit from) income taxes on continuing operations 524 (81) (46) Income (loss) from continuing operations before income taxes 2,346 675 (316) Depreciation and amortization 1,243 1,177 1,000 Interest income (77) (56) (59) Interest expense 30 45 136 Exchange (gains) losses - net 1 54 174 66 Non-operating (benefits) costs - net (1,256) (316) (129) Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges 2 — Significant items 236 388 991 Pro forma adjustments 298 Corporate expenses 138 125 119 Segment operating EBITDA 3 $ 2,714 $ 2,212 $ 2,106 1. Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso. See Note 9 - Supplementary Information, to the Consolidated Financial Statements, for additional information. 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 were no unrealized mark-to-market (gains) losses for the years ended December 31, 2020 and 2019. 3. The year ended December 31, 2019 is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. Segment assets to total assets (in millions) December 31, 2021 December 31, 2020 Total segment assets $ 35,698 $ 36,850 Corporate assets 6,646 5,799 Total assets $ 42,344 $ 42,649 Other Items (in millions) Segment Totals Adjustments 1 Consolidated Totals For the Year Ended December 31, 2019 Depreciation and amortization $ 1,000 $ 599 $ 1,599 Purchase of property, plant and equipment $ 666 $ 497 $ 1,163 1. See Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information. Significant Pre-tax (Charges) Benefits Not Included in Segment Operating EBITDA The years ended December 31, 2021, 2020 and 2019, respectively, included the following significant pre-tax (charges) benefits which are excluded from segment operating EBITDA: (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2021 Restructuring and Asset Related Charges - Net 1 $ (152) $ (59) $ (78) $ (289) Equity securities mark-to-market gain (loss) 47 — — 47 Employee Retention Credit 37 23 — 60 Contract termination (30) (24) — (54) Total $ (98) $ (60) $ (78) $ (236) (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2020 Restructuring and Asset Related Charges - Net 1 $ (165) $ (109) $ (61) $ (335) Loss on Divestiture 2 — (53) — (53) Total $ (165) $ (162) $ (61) $ (388) (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2019 3 Restructuring and Asset Related Charges - Net 1 $ (213) $ (23) $ 14 $ (222) Integration and Separation Costs 4 — — (632) (632) Loss on Divestiture 5 (24) — — (24) Amortization of Inventory Step Up 6 (67) — — (67) Loss on Early Extinguishment of Debt 7 — — (13) (13) Argentina Currency Devaluation 8 — — (33) (33) Total $ (304) $ (23) $ (664) $ (991) 1. Includes Board approved restructuring plans and asset related charges as well as accelerated prepaid amortization. See Note 7 - Restructuring and Asset Related Charges - Net, to the Consolidated Financial Statements, for additional information. 2. Includes a loss recorded in other income - net related to the sale of the La Porte site. 3. The year ended December 31, 2019 is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. 4. Integration and separation costs include costs incurred to prepare for and close the Merger, post-Merger integration expenses, and costs incurred to prepare for the Internal Reorganizations. Beginning in the second quarter of 2019, this includes both integration and separation costs. 5. Includes a loss recorded in other income - net related to DAS's sale of a joint venture related to synergy actions. 6. Includes a charge related to the amortization of the inventory that was stepped up to fair value in connection with the Merger. 7. Includes a loss on early extinguishment of debt related to the difference between the redemption price and the par value of the Make Whole Notes and Term Loan Facility, partially offset by the write-off of unamortized step-up related to the fair value step-up of EID's debt. 8. Includes a charge included in other income - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. Throughout the three months ended September 30, 2019, the Argentine Peso dropped approximately a third of its value against the US dollar and in September of 2019, the country’s central bank announced new restrictions on foreign currency transactions. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS In February 2022, the company entered into a new committed receivable repurchase facility of up to $500 million (the "2022 Repurchase Facility"), which expires in December 2022. Under the 2022 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 2022 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 2022 Repurchase Facility will have an interest rate equal to the Adjusted Term Secured Overnight Financing Rate ("SOFR") plus a margin of 0.75 percent. |
EID Basis of Presentation (Note
EID Basis of Presentation (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Entity Information [Line Items] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | BACKGROUND AND BASIS OF PRESENTATION Corteva, Inc. is a leading global provider of seed and crop protection solutions focused on the agriculture industry. The company intends to leverage its rich heritage of scientific achievement to advance its robust innovation pipeline and continue to shape the future of responsible agriculture. The company's broad portfolio of agriculture solutions fuels farmer productivity around the globe. Corteva has two reportable segments: seed and crop protection. See Note 25 - Segment Information, to the Consolidated Financial Statements, for additional information on the company's reportable segments. Throughout these financial statements, except as otherwise noted by the context, the terms "Corteva" or "company" used herein mean Corteva, Inc. and its consolidated subsidiaries (including EID) and the term “EID” used herein means E. I. du Pont de Nemours and Company and its consolidated subsidiaries or E. I. du Pont de Nemours and Company excluding its consolidated subsidiaries, as the context may indicate. Additionally, on June 1, 2019, DowDuPont Inc. changed its registered name to DuPont de Nemours, Inc. (“DuPont”), for certain events prior to, or on, June 1, 2019, DuPont may be referred to as DowDuPont. Principles of Consolidation and Basis of Presentation On June 1, 2019, Corteva, Inc. became an independent, publicly traded company through the completed separation (the “Separation”) of the agriculture business of DuPont de Nemours, Inc. (formerly known as DowDuPont Inc.) (“DowDuPont” or “DuPont”). The separation was effectuated through a pro rata distribution (the “Corteva Distribution”) of all of the then-issued and outstanding shares of common stock, par value $0.01 per share, of Corteva, Inc., which was then a wholly-owned subsidiary of DowDuPont, to holders of record of DowDuPont common stock as of the close of business on May 24, 2019. Previously, DowDuPont was formed on December 9, 2015, to effect an all-stock merger of equals strategic combination between The Dow Chemical Company ("Historical Dow") and EID. On August 31, 2017 at 11:59 pm ET (the “Merger Effectiveness Time”) pursuant to the Agreement and Plan of Merger, dated as of December 11, 2015, as amended March 31, 2017 (the "Merger Agreement"), Historical Dow and EID each merged with wholly-owned subsidiaries of DowDuPont and became subsidiaries of DowDuPont (the “Merger”). Prior to the Merger, DowDuPont did not conduct any business activities other than those required for its formation and matters contemplated by the Merger Agreement. Subsequent to the Merger, Historical Dow and EID engaged in a series of internal reorganization and realignment steps to realign their businesses into three subgroups: agriculture, materials science and specialty products through a series of tax-efficient transactions (collectively, the "Business Separations”). Effective as of 5:00 pm ET on April 1, 2019, DowDuPont completed the separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. (“Dow”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock, par value $0.01 per share, to holders of DowDuPont's common stock, as of the close of business on March 21, 2019 (the “Dow Distribution” and together with the Corteva Distribution, the “Distributions”). Prior to the Dow Distribution, Historical Dow conveyed or transferred the assets and liabilities aligned with Historical Dow’s agriculture business to separate legal entities (“Dow Ag Entities”) and the assets and liabilities associated with its specialty products business to separate legal entities (the “Dow SP Entities”). On April 1, 2019, Dow Ag Entities and the Dow SP Entities were transferred and conveyed to DowDuPont. In furtherance of the Business Separations, EID engaged in a series of internal reorganization and realignment steps (the “Internal Reorganization” and the "Business Realignment," respectively) to realign its businesses into three subgroups: agriculture, materials science and specialty products. As part of the Internal Reorganization: • the assets and liabilities aligned with EID’s materials science business (“EID ECP”) were transferred or conveyed to separate legal entities that were ultimately conveyed by DowDuPont to Dow on April 1, 2019; • the assets and liabilities aligned with EID’s specialty products business were transferred or conveyed to separate legal entities (“EID Specialty Products Entities”) that were ultimately distributed to DowDuPont on May 1, 2019; • on May 2, 2019, DowDuPont conveyed Dow Ag Entities to EID and in connection with the foregoing, EID issued additional shares of its Common Stock to DowDuPont; and • on May 31, 2019, DowDuPont contributed EID to Corteva, Inc. On May 6, 2019, the Board of Directors of DowDuPont approved the distribution of all the then issued and outstanding shares of common stock of Corteva, Inc., then a wholly-owned subsidiary of DowDuPont, to DowDuPont stockholders. On June 1, 2019, DowDuPont completed the Separation. Each DowDuPont stockholder received one share of Corteva common stock for every three shares of DowDuPont common stock held at the close of business on May 24, 2019, the record date of distribution. Corteva, Inc.'s common stock began trading the "regular way" under the ticker symbol "CTVA" on June 3, 2019, the first business day after June 1, 2019. Upon becoming an independent company, the capital structure of Corteva consisted of 748,815,000 authorized shares of common stock (par value of $0.01 per share), which represents the number of common shares issued on June 3, 2019. Information related to the Corteva Distribution and its effect on the company's financial statements is discussed throughout these Notes to the Consolidated Financial Statements. As a result of the Business Realignment and the Internal Reorganization discussed above, Corteva owns 100% of the outstanding common stock of EID. EID is a subsidiary of Corteva, Inc. and continues to be a reporting company, subject to the requirements of the Securities Exchange Act of 1934, as amended. DAS Common Control Business Combination The transfer or conveyance of DAS to Corteva was treated as a transfer of entities under common control. As such, the company recorded the assets, liabilities, and equity of DAS on its balance sheet at their historical basis. Transfers of businesses between entities under common control requires the financial statements to be presented as if the transaction had occurred at the point at which common control first existed (the Merger Effectiveness Time). As a result, the accompanying Consolidated Financial Statements and Notes thereto include the results of DAS as of the Merger Effectiveness Time. See Note 4 - Common Control Business Combination, to the Consolidated Financial Statements, for additional information. For periods prior to the Corteva Distribution, the combined results of operations and assets and liabilities of EID and DAS were derived from the Consolidated Financial Statements and accounting records of EID as well as the carve-out financial statements of DAS. The DAS carve-out financial statements reflect the historical results of operations, financial position, and cash flows of Historical Dow's Agricultural Sciences Business and include allocations of certain expenses for services from Historical Dow, including, but not limited to, general corporate expenses related to finance, legal, information technology, human resources, ethics and compliance, shared services, employee benefits and incentives, insurance, and stock-based compensation. These expenses were allocated on the basis of direct usage when identifiable, with the remainder allocated under the basis of headcount or other measures. The company's Consolidated Balance Sheets for all periods presented consist of Corteva, Inc. and its consolidated subsidiaries. The company's Consolidated Statements of Operations (the "Consolidated Statements of Operations") for all periods prior to the Corteva Distribution consist of the combined results of operations for Historical EID and DAS. The Consolidated Statements of Operations for all periods after the Corteva Distribution represent the consolidated balances of the company. Intercompany balances and transactions with Historical EID and DAS have been eliminated. During the first quarter 2020, the company recorded an increase of $40 million to APIC relating to net assets recorded as transferred as part of the 2019 Internal Reorganizations that were retained. Divestiture of EID ECP and EID Specialty Products Entities The transfer of EID ECP and EID Specialty Products Entities meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. The comprehensive income (loss), stockholder's equity and cash flows related to EID ECP and EID Specialty Products Entities have not been segregated and are included in the Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Equity and Consolidated Statements of Cash Flows, respectively, for 2019. Amounts related to EID ECP and EID Specialty Products Entities are consistently included or excluded from the Notes to the Consolidated Financial Statements based on the respective financial statement line item. See Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information. Certain reclassifications of prior year's data have been made to conform to current year's presentation. Since 2018, Argentina has been considered a hyper-inflationary economy under U.S. GAAP and therefore the U.S. Dollar (“USD”) is the functional currency for our related subsidiaries. Argentina contributes approximately 5 percent to both the company's annual Sales and EBITDA. We remeasure net monetary assets and translate our financial statements utilizing the official Argentine Peso (“Peso”) to USD exchange rate. The ability to draw down Peso cash balances is limited at this time due to government restrictions and market availability of U.S. Dollars. The devaluation of the Peso relative to the USD over the last several years has resulted in the recognition of exchange losses (refer to Note 9 – Supplementary Information, to the Consolidated Financial Statements). As of December 31, 2021, a further 10 percent deterioration in the official Peso to USD |
EID [Member] | |
Entity Information [Line Items] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | BASIS OF PRESENTATION As a result of the Business Realignment and the Internal Reorganization, Corteva, Inc. owns 100% of the outstanding common stock of EID. EID is a subsidiary of Corteva, Inc. and continues to be a reporting company, subject to the requirements of the Exchange Act. The primary differences between Corteva, Inc. and EID are outlined below: • Preferred Stock - EID has preferred stock outstanding to third parties which is accounted for as a noncontrolling interest at the Corteva, Inc. level. Each share of EID Preferred Stock - $4.50 Series and EID Preferred Stock - $3.50 Series issued and outstanding at the effective date of the Corteva Distribution remains issued and outstanding as to EID and was unaffected by the Corteva Distribution. • Related Party Loan - EID engaged in a series of debt redemptions during the second quarter of 2019 that were partially funded through an intercompany loan from Corteva, Inc. This was eliminated in consolidation at the Corteva, Inc. level but remains on EID's financial statements at the standalone level (including the associated interest). • Capital Structure - At December 31, 2021, Corteva, Inc.'s capital structure consists of 726,527,000 issued shares of common stock, par value $0.01 per share. The accompanying footnotes relate to EID only, and not to Corteva, Inc., and are presented to show differences between EID and Corteva, Inc. For the footnotes listed below, refer to the footnotes from the Corteva 10-K: • Note 1 - Background and Basis of Presentation - refer to page F-12 of the Corteva, Inc. Consolidated Financial Statements • Note 2 - Summary of Significant Accounting Policies - refer to page F-14 of the Corteva, Inc. Consolidated Financial Statements • Note 3 - Recent Accounting Guidance - refer to page F-19 of the Corteva, Inc. Consolidated Financial Statements • Note 4 - Common Control Business Combination - refer to page F-19 of the Corteva, Inc. Consolidated Financial Statements • Note 5 - Divestitures and Other Transactions - refer to page F-20 of the Corteva, Inc. Consolidated Financial Statements • Note 6 - Revenue - refer to page F-24 of the Corteva, Inc. Consolidated Financial Statements • Note 7 - Restructuring and Asset Related Charges - Net - refer to page F-26 of the Corteva, Inc. Consolidated Financial Statements • Note 8 - Related Party Transactions - Differences exist between Corteva, Inc. and EID; refer to EID Note 2 - Related Party Transactions, of the EID Consolidated Financial Statements, below • Note 9 - Supplementary Information - refer to page F-29 of the Corteva, Inc. Consolidated Financial Statements • Note 10 - Income Taxes - Differences exist between Corteva, Inc. and EID; refer to EID Note 3 - Income Taxes, of the EID Consolidated Financial Statements, below • Note 11 - Earnings Per Share of Common Stock - Not applicable for EID • Note 12 - Accounts and Notes Receivable - Net - refer to page F-36 of the Corteva, Inc. Consolidated Financial Statements • Note 13 - Inventories - refer to page F-37 of the Corteva, Inc. Consolidated Financial Statements • Note 14 - Property, Plant and Equipment - refer to page F-37 of the Corteva, Inc. Consolidated Financial Statements • Note 15 - Goodwill and Other Intangible Assets - refer to page F-38 of the Corteva, Inc. Consolidated Financial Statements • Note 16 - Leases - refer to page F-40 of the Corteva, Inc. Consolidated Financial Statements • Note 17 - Long-Term Debt and Available Credit Facilities - refer to page F-42 of the Corteva, Inc. Consolidated Financial Statements. In addition, EID has a related party loan payable to Corteva, Inc.; refer to EID Note 2 - Related Party Transactions, of the EID Consolidated Financial Statements, below • Note 18 - Commitments and Contingent Liabilities - refer to page F-44 of the Corteva, Inc. Consolidated Financial Statements • Note 19 - Stockholders' Equity - refer to page F-51 of the Corteva, Inc. Consolidated Financial Statements • Note 20 - Pension Plans and Other Post Employment Benefits - refer to page F-54 of the Corteva, Inc. Consolidated Financial Statements • Note 21 - Stock-Based Compensation - refer to page F-63 of the Corteva, Inc. Consolidated Financial Statements • Note 22 - Financial Instruments - refer to page F-65 of the Corteva, Inc. Consolidated Financial Statements • Note 23 - Fair Value Measurements - refer to page F-71 of the Corteva, Inc. Consolidated Financial Statements • Note 24 - Geographic Information - refer to page F-73 of the Corteva, Inc. Consolidated Financial Statements • Note 25 - Segment Information - Differences exist between Corteva, Inc. and EID; refer to EID Note 4 - Segment Information, of the EID Consolidated Financial Statements, below • Note 26 - Subsequent Events - Refers to page F-78 of the Corteva, Inc. Consolidated Financial Statements |
EID Related Party (Notes)
EID Related Party (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS Services Provided by and to Historical Dow and its affiliates Following the Merger and prior to the Dow Distribution, Corteva reported transactions with Historical Dow and its affiliates as related party transactions. Transactions with DowDuPont In 2019 DowDuPont contributed cash to Corteva to fund portions of the company's debt redemption/repayment transactions. See Note 17 - Long-Term Debt and Available Credit Facilities, to the Consolidated Financial Statements, for additional information. |
EID [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS Refer to page F-28 of the Corteva, Inc. Consolidated Financial Statements for discussion of related party transactions with Historical Dow and DowDuPont. Transactions with Corteva In the second quarter of 2019, EID entered into a related party revolving loan from Corteva, Inc., with a maturity date in 2024. As of December 31, 2021 and December 31, 2020, the outstanding related party loan balance was $2,162 million and $3,459 million respectively (which approximates fair value), with interest rates of 1.67% and 1.62%, respectively, and is reflected as long-term debt - related party on EID's Consolidated Balance Sheet. Additionally, EID has incurred tax deductible interest expense of $50 million and $100 million and paid interest of $51 million and $105 million for the years ended December 31, 2021 and 2020, respectively, associated with the related party loan to Corteva, Inc. As of December 31, 2021, EID had payables to Corteva, Inc. of $27 million and $117 million included in accrued and other current liabilities and other noncurrent obligations, respectively, and $92 million included in both accrued and other current liabilities and other noncurrent obligations, respectively, at December 31, 2020, in the Consolidated Balance Sheet, related to Corteva's indemnification liabilities to Dow and DuPont per the Separation Agreements (refer to page F-20 of the Corteva, Inc. Consolidated Financial Statements for further details of the Separation Agreements). |
EID Income Taxes (Notes)
EID Income Taxes (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Text Block] | INCOME TAXES Domestic and foreign components of the income (loss) from continuing operations before income taxes and the provision for (benefit from) current and deferred tax expense (benefit) are shown below: Geographic Allocation of Income (Loss) and Provision for (Benefit from) Income Taxes For the Year Ended December 31, (In millions) 2021 2020 2019 Income (loss) from continuing operations before income taxes Domestic $ 941 $ (83) $ (1,352) Foreign 1,405 758 1,036 Income (loss) from continuing operations before income taxes $ 2,346 $ 675 $ (316) Current tax expense (benefit) Federal $ (13) $ 28 $ (11) State and local 6 9 1 Foreign 329 222 317 Total current tax expense (benefit) $ 322 $ 259 $ 307 Deferred tax expense (benefit) Federal $ 164 $ (116) $ (392) State and local 55 27 156 Foreign (17) (251) (117) Total deferred tax expense (benefit) $ 202 $ (340) $ (353) Provision for (benefit from) income taxes on continuing operations 524 (81) (46) Net income (loss) from continuing operations after taxes $ 1,822 $ 756 $ (270) The effective income tax rate applicable to income (loss) from continuing operations before income taxes was different from the statutory U.S. federal income tax rate due to the factors listed in the following table: Reconciliation to U.S. Statutory Rate For the Year Ended December 31, 2021 2020 2019 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Effective tax rates on international operations - net 1 (2.5) (13.9) (18.4) Acquisitions, divestitures and ownership restructuring activities 2 (0.1) (0.3) (10.7) U.S. research and development credit (2.4) (2.9) 7.0 Exchange gains/losses 3 1.9 3.5 (1.8) State and local incomes taxes - net 2.1 4.0 3.2 Impact of Swiss Tax Reform 4 0.2 (27.0) 11.9 Excess tax benefits/deficiencies from stock compensation (0.2) 1.0 (0.6) Tax settlements and expiration of statute of limitations — 0.4 3.9 Other - net 2.3 2.2 (0.9) Effective tax rate on income from continuing operations 22.3 % (12.0) % 14.6 % 1. Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. Includes a tax benefit of $(51) million for the year ended December 31, 2020, related to a return to accrual adjustment associated with an elective change in accounting method for the 2019 tax year impact of foreign tax provisions. 2. See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information. 3. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, under the heading Foreign Currency Risk. 4. Reflects tax benefits of $(182) million primarily driven by the recognition of an elective cantonal component of the recent enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform") for the year ended December 31, 2020. Reflects tax benefits of $(38) million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"), for the year ended December 31, 2019. Significant components of our net deferred tax asset (liability) were attributable to: Deferred Tax Balances at December 31, 2021 2020 (In millions) Assets Liabilities Assets Liabilities Property 1 $ — $ 341 $ — $ 297 Tax loss and credit carryforwards 2,3 464 — 497 — Accrued employee benefits 904 — 1,415 — Other accruals and reserves 1 309 — 365 — Intangibles — 2,260 — 2,418 Inventory 153 — 127 — Research and development capitalization 224 — 186 — Investments 36 — 56 — Unrealized exchange gains/losses — 10 2 — Other – net 105 — 91 — Subtotal $ 2,195 $ 2,611 $ 2,739 $ 2,715 Valuation allowances 3 (366) — (453) — Total $ 1,829 $ 2,611 $ 2,286 $ 2,715 Net Deferred Tax Asset (Liability) $ (782) $ (429) 1. Prior year classifications in property and other accruals and reserves have been adjusted from their previous presentation. Adjustments did not impact the amount of the net deferred tax asset (liability) recorded in the Consolidated Balance Sheets. 2. Primarily related to the realization of recorded tax benefits on tax loss and credit carryforwards from operations in the United States, Brazil, and Spain. 3. In connection with the company's 2021 internal legal entity restructuring, the company reduced various state net operating loss carryforwards and corresponding full valuation allowances by $61 million. There was no impact on the statement of operations. During the year ended December 31, 2020, the company established a $19 million state tax valuation allowance in the U.S. based on a change in judgement about the realizability of a deferred tax asset. Details of the company’s operating loss and tax credit carryforwards are shown in the following table: Operating Loss and Tax Credit Carryforwards Deferred Tax Asset (In millions) 2021 2020 Operating loss carryforwards Expire within 5 years $ 123 $ 99 Expire after 5 years or indefinite expiration 210 343 Total operating loss carryforwards $ 333 $ 442 Tax credit carryforwards Expire within 5 years $ 14 $ 14 Expire after 5 years or indefinite expiration 117 41 Total tax credit carryforwards $ 131 $ 55 Total Operating Loss and Tax Credit Carryforwards $ 464 $ 497 A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: Total Gross Unrecognized Tax Benefits For the Year Ended December 31, (In millions) 2021 2020 2019 Total unrecognized tax benefits as of beginning of period $ 395 $ 426 $ 749 Decreases related to positions taken on items from prior years (7) (14) (167) Increases related to positions taken on items from prior years 13 5 77 Increases related to positions taken in the current year 9 6 54 Settlement of uncertain tax positions with tax authorities (17) (18) (9) Impact of Internal Reorganizations — — (278) Decreases due to expiration of statutes of limitations (16) (7) — Exchange (gain) loss — (3) — Total unrecognized tax benefits as of end of period $ 377 $ 395 $ 426 Total unrecognized tax benefits that, if recognized, would impact the effective tax rate $ 157 $ 156 $ 188 Total amount of interest and penalties (benefits) recognized in provision for (benefit from) income taxes on continuing operations $ 1 $ (2) $ (4) Total accrual for interest and penalties associated with unrecognized tax benefits at end of period $ 11 $ 18 $ 24 Each year the company files hundreds of tax returns in the various national, state and local income taxing jurisdictions in which it operates. These tax returns are subject to examination and possible challenge by the tax authorities. Positions challenged by the tax authorities may be settled or appealed by the company. As a result, there is an uncertainty in income taxes recognized in the company's financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. It is reasonably possible that changes to the company’s global unrecognized tax benefits could be significant; however, due to the uncertainty regarding the timing of completion of audits and possible outcomes, a current estimate of the range of increases or decreases that may occur within the next twelve months cannot be made. As of December 31, 2021, the company has made advance deposits of approximately $102 million to a foreign taxing authority, partially as a prerequisite to petition the court related to an open tax examination. These payments are accounted for as a prepaid asset, included in other assets in the Consolidated Balance Sheets. Tax years that remain subject to examination for the company’s major tax jurisdictions are shown below: Tax Years Subject to Examination by Major Tax Jurisdiction at December 31, 2021 Earliest Open Year Jurisdiction Argentina 2015 Brazil 2014 Canada 2012 China 2014 France 2019 India 2015 Italy 2016 Switzerland 2016 United States: Federal income tax 2012 State and local income tax 2008 Undistributed earnings of foreign subsidiaries and related companies that are deemed to be indefinitely invested amounted to $3,681 million at December 31, 2021. Distributions of profits from non-U.S. subsidiaries are not expected to cause a significant incremental U.S. tax impact in the future; however, those distributions may still be subject to certain taxes upon repatriation, primarily where foreign withholding taxes apply. The company is asserting indefinite reinvestment related to certain investments in foreign subsidiaries. Determination of the amount of unrecognized deferred tax liability related to indefinitely reinvested profits is not feasible primarily due to our legal entity structure and the complexity of U.S. and local tax laws. For periods between the Merger Effectiveness Time and the Corteva Distribution, Corteva and its subsidiaries were included in DowDuPont's consolidated federal income tax group and consolidated tax return. Generally, the consolidated tax liability of the |
EID [Member] | |
Income Tax Disclosure [Text Block] | Refer to page F-31 of the Corteva, Inc. Consolidated Financial Statements for discussion of tax items that do not differ between Corteva, Inc. and EID. Geographic Allocation of Income (Loss) and Provision for (Benefit from) Income Taxes For the Year Ended December 31, (In millions) 2021 2020 2019 Income (loss) from continuing operations before income taxes Domestic $ 892 $ (183) $ (1,458) Foreign 1,404 758 1,036 Income (loss) from continuing operations before income taxes $ 2,296 $ 575 $ (422) Current tax expense (benefit) Federal $ (23) $ 8 $ (11) State and local 4 5 1 Foreign 329 222 317 Total current tax expense (benefit) $ 310 $ 235 $ 307 Deferred tax (benefit) expense Federal $ 164 $ (116) $ (417) State and local 55 27 156 Foreign (17) (251) (117) Total deferred tax expense (benefit) $ 202 $ (340) $ (378) Provision for (benefit from) income taxes on continuing operations 512 (105) (71) Net income (loss) from continuing operations $ 1,784 $ 680 $ (351) Reconciliation to U.S. Statutory Rate For the Year Ended December 31, 2021 2020 2019 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Effective tax rates on international operations - net 1 (2.6) (16.4) (13.8) Acquisitions, divestitures and ownership restructuring activities 2 (0.1) (0.3) (8.0) U.S. research and development credit (2.5) (3.4) 5.2 Exchange gains/losses 3 1.9 4.1 (1.3) State and local income taxes - net 2.2 4.2 3.0 Impact of Swiss Tax Reform 4 0.2 (31.7) 8.9 Excess tax benefits/deficiencies from stock compensation (0.2) 1.2 (0.5) Tax settlements and expiration of statute of limitations — 0.4 2.9 Other - net 2.3 2.6 (0.6) Effective tax rate 22.2 % (18.3) % 16.8 % 1. Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. Includes a tax benefit of $(51) million for the year ended December 31, 2020, related to a return to accrual adjustment associated with an elective change in accounting method that alters the 2019 impact of foreign tax provisions. 2. See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, of the Corteva, Inc. Consolidated Financial Statements for additional information. 3. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, of the Corteva, Inc. Consolidated Financial Statements under the heading Foreign Currency Risk. 4. Reflects tax benefits of $(182) million primarily driven by the recognition of an elective cantonal component of the recent enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform") for the year ended December 31, 2020. Reflects tax benefits of $(38) million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"), for the year ended December 31, 2019. |
EID Segment FN (Notes)
EID Segment FN (Notes) | 12 Months Ended |
Dec. 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 (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, corporate expenses, non-operating (benefits) costs, foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items. 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 consists of non-operating pension and other post-employment benefit (OPEB) costs, tax indemnification adjustments, environmental remediation and legal costs associated with legacy EID businesses and sites, and the 2021 officer indemnification payment. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense. Net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting represents the non-cash net gain (loss) from changes in fair value of certain undesignated foreign currency derivative contracts. Upon settlement, which is within the same calendar year of execution of the contract, the realized gain (loss) from the changes in fair value of the non-qualified foreign currency derivative contracts will be reported in the respective segment results to reflect the economic effects of the foreign currency derivative contracts without the resulting unrealized mark to fair value volatility. For the year ended December 31, 2019, segment operating EBITDA is calculated on a pro forma basis, as this is the manner in which the CODM assesses performance and allocates resources or expense. Pro forma adjustments used in the calculation of pro forma segment operating EBITDA for the year ended December 31, 2019 were determined in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. These adjustments give effect to the Merger, the debt retirement transactions related to paying off or retiring portions of EID’s existing debt liabilities (as discussed in Note 17 - Long-Term Debt and Available Credit Facilities, to the Consolidated Financial Statements), and the separation and distribution to DowDuPont stockholders of all the outstanding shares of Corteva common stock as if they had been consummated on January 1, 2016. Corporate Profile The company conducts its global operations through the following reportable segments: Seed The company’s seed segment is a global leader in developing and supplying advanced germplasm and traits that produce optimum yield for farms around the world. The segment is a leader in many of the company’s key seed markets, including North America corn and soybeans, Europe corn and sunflower, as well as Brazil, India, South Africa and Argentina corn. The segment offers trait technologies that improve resistance to weather, disease, insects and herbicides used to control weeds, and trait technologies that enhance food and nutritional characteristics. In addition, the segment provides digital solutions that assist farmer decision-making with a view to optimize product selection and, ultimately, help maximize yield and profitability. Crop Protection The crop protection segment serves the global agricultural input industry with products that protect against weeds, insects and other pests, and disease, and that improve overall crop health both above and below ground via nitrogen management and seed-applied technologies. The segment is a leader in global herbicides, insecticides, nitrogen stabilizers and pasture and range management herbicides. (In millions) Seed Crop Protection Total As of and for the Year Ended December 31, 2021 Net sales $ 8,402 $ 7,253 $ 15,655 Segment operating EBITDA $ 1,512 $ 1,202 $ 2,714 Depreciation and amortization $ 866 $ 377 $ 1,243 Segment assets $ 23,270 $ 12,428 $ 35,698 Investments in nonconsolidated affiliates $ 29 $ 47 $ 76 Purchases of property, plant and equipment $ 237 $ 336 $ 573 As of and for the Year Ended December 31, 2020 Net sales $ 7,756 $ 6,461 $ 14,217 Segment operating EBITDA $ 1,208 $ 1,004 $ 2,212 Depreciation and amortization $ 798 $ 379 $ 1,177 Segment assets $ 23,751 $ 13,099 $ 36,850 Investments in nonconsolidated affiliates $ 22 $ 44 $ 66 Purchases of property, plant and equipment $ 225 $ 250 $ 475 As of and for the Year Ended December 31, 2019 Net sales $ 7,590 $ 6,256 $ 13,846 Pro forma segment operating EBITDA $ 1,040 $ 1,066 $ 2,106 Depreciation and amortization $ 628 $ 372 $ 1,000 Segment assets 1 $ 25,387 $ 13,492 $ 38,879 Investments in nonconsolidated affiliates $ 27 $ 39 $ 66 Purchase of property, plant and equipment $ 373 $ 293 $ 666 1. On June 1, 2019, as a result of changes in reportable segments, $3,382 million of goodwill was reallocated from the seed reportable segment to the crop protection reportable segment. This change was not reflected in segment assets prior to June 1, 2019. Reconciliation to Consolidated Financial Statements Income (loss) from continuing operations after income taxes to segment operating EBITDA For the Year Ended December 31, (In millions) 2021 2020 2019 Income (loss) from continuing operations after income taxes $ 1,822 $ 756 $ (270) Provision for (benefit from) income taxes on continuing operations 524 (81) (46) Income (loss) from continuing operations before income taxes 2,346 675 (316) Depreciation and amortization 1,243 1,177 1,000 Interest income (77) (56) (59) Interest expense 30 45 136 Exchange (gains) losses - net 1 54 174 66 Non-operating (benefits) costs - net (1,256) (316) (129) Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges 2 — Significant items 236 388 991 Pro forma adjustments 298 Corporate expenses 138 125 119 Segment operating EBITDA 3 $ 2,714 $ 2,212 $ 2,106 1. Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso. See Note 9 - Supplementary Information, to the Consolidated Financial Statements, for additional information. 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 were no unrealized mark-to-market (gains) losses for the years ended December 31, 2020 and 2019. 3. The year ended December 31, 2019 is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. Segment assets to total assets (in millions) December 31, 2021 December 31, 2020 Total segment assets $ 35,698 $ 36,850 Corporate assets 6,646 5,799 Total assets $ 42,344 $ 42,649 Other Items (in millions) Segment Totals Adjustments 1 Consolidated Totals For the Year Ended December 31, 2019 Depreciation and amortization $ 1,000 $ 599 $ 1,599 Purchase of property, plant and equipment $ 666 $ 497 $ 1,163 1. See Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information. Significant Pre-tax (Charges) Benefits Not Included in Segment Operating EBITDA The years ended December 31, 2021, 2020 and 2019, respectively, included the following significant pre-tax (charges) benefits which are excluded from segment operating EBITDA: (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2021 Restructuring and Asset Related Charges - Net 1 $ (152) $ (59) $ (78) $ (289) Equity securities mark-to-market gain (loss) 47 — — 47 Employee Retention Credit 37 23 — 60 Contract termination (30) (24) — (54) Total $ (98) $ (60) $ (78) $ (236) (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2020 Restructuring and Asset Related Charges - Net 1 $ (165) $ (109) $ (61) $ (335) Loss on Divestiture 2 — (53) — (53) Total $ (165) $ (162) $ (61) $ (388) (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2019 3 Restructuring and Asset Related Charges - Net 1 $ (213) $ (23) $ 14 $ (222) Integration and Separation Costs 4 — — (632) (632) Loss on Divestiture 5 (24) — — (24) Amortization of Inventory Step Up 6 (67) — — (67) Loss on Early Extinguishment of Debt 7 — — (13) (13) Argentina Currency Devaluation 8 — — (33) (33) Total $ (304) $ (23) $ (664) $ (991) 1. Includes Board approved restructuring plans and asset related charges as well as accelerated prepaid amortization. See Note 7 - Restructuring and Asset Related Charges - Net, to the Consolidated Financial Statements, for additional information. 2. Includes a loss recorded in other income - net related to the sale of the La Porte site. 3. The year ended December 31, 2019 is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. 4. Integration and separation costs include costs incurred to prepare for and close the Merger, post-Merger integration expenses, and costs incurred to prepare for the Internal Reorganizations. Beginning in the second quarter of 2019, this includes both integration and separation costs. 5. Includes a loss recorded in other income - net related to DAS's sale of a joint venture related to synergy actions. 6. Includes a charge related to the amortization of the inventory that was stepped up to fair value in connection with the Merger. 7. Includes a loss on early extinguishment of debt related to the difference between the redemption price and the par value of the Make Whole Notes and Term Loan Facility, partially offset by the write-off of unamortized step-up related to the fair value step-up of EID's debt. 8. Includes a charge included in other income - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. Throughout the three months ended September 30, 2019, the Argentine Peso dropped approximately a third of its value against the US dollar and in September of 2019, the country’s central bank announced new restrictions on foreign currency transactions. |
EID [Member] | |
Segment Reporting Information [Line Items] | |
Segment Reporting Disclosure [Text Block] | SEGMENT INFORMATION There are no differences in reporting structure or segments between Corteva, Inc. and EID. In addition, there are no differences between Corteva, Inc. and EID segment net sales, segment operating EBITDA or pro forma segment operating EBITDA, segment assets, or significant items by segment; refer to page F-74 of the Corteva, Inc. Consolidated Financial Statements for background information on the segments as well as further details regarding segment metrics. The tables below reconcile income (loss) from continuing operations after income taxes to segment operating EBITDA, as differences exist between Corteva, Inc. and EID. Reconciliation to Consolidated Financial Statements Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) For the Year Ended December 31, 2021 2020 2019 Income (loss) from continuing operations after income taxes $ 1,784 $ 680 $ (351) Provision for (benefit from) income taxes on continuing operations 512 (105) (71) Income (loss) from continuing operations before income taxes 2,296 575 (422) Depreciation and amortization 1,243 1,177 1,000 Interest income (77) (56) (59) Interest expense 80 145 242 Exchange losses - net 1 54 174 66 Non-operating (benefits) costs - net (1,256) (316) (129) Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges 2 — Significant items 236 388 991 Pro forma adjustments 298 Corporate expenses 138 125 119 Segment operating EBITDA 3 $ 2,714 $ 2,212 $ 2,106 1. Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso. See Note 9 - Supplementary Information, of the Corteva, Inc. Consolidated Financial Statements for additional information. 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 were no unrealized mark-to-market (gains) losses for the years ended December 31, 2020 and 2019. |
Background and Basis of Prese_2
Background and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Intended Business Separations [Policy Text Block] | Subsequent to the Merger, Historical Dow and EID engaged in a series of internal reorganization and realignment steps to realign their businesses into three subgroups: agriculture, materials science and specialty products through a series of tax-efficient transactions (collectively, the "Business Separations”). Effective as of 5:00 pm ET on April 1, 2019, DowDuPont completed the separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. (“Dow”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock, par value $0.01 per share, to holders of DowDuPont's common stock, as of the close of business on March 21, 2019 (the “Dow Distribution” and together with the Corteva Distribution, the “Distributions”). Prior to the Dow Distribution, Historical Dow conveyed or transferred the assets and liabilities aligned with Historical Dow’s agriculture business to separate legal entities (“Dow Ag Entities”) and the assets and liabilities associated with its specialty products business to separate legal entities (the “Dow SP Entities”). On April 1, 2019, Dow Ag Entities and the Dow SP Entities were transferred and conveyed to DowDuPont. In furtherance of the Business Separations, EID engaged in a series of internal reorganization and realignment steps (the “Internal Reorganization” and the "Business Realignment," respectively) to realign its businesses into three subgroups: agriculture, materials science and specialty products. As part of the Internal Reorganization: • the assets and liabilities aligned with EID’s materials science business (“EID ECP”) were transferred or conveyed to separate legal entities that were ultimately conveyed by DowDuPont to Dow on April 1, 2019; • the assets and liabilities aligned with EID’s specialty products business were transferred or conveyed to separate legal entities (“EID Specialty Products Entities”) that were ultimately distributed to DowDuPont on May 1, 2019; • on May 2, 2019, DowDuPont conveyed Dow Ag Entities to EID and in connection with the foregoing, EID issued additional shares of its Common Stock to DowDuPont; and • on May 31, 2019, DowDuPont contributed EID to Corteva, Inc. On May 6, 2019, the Board of Directors of DowDuPont approved the distribution of all the then issued and outstanding shares of common stock of Corteva, Inc., then a wholly-owned subsidiary of DowDuPont, to DowDuPont stockholders. On June 1, 2019, DowDuPont completed the Separation. Each DowDuPont stockholder received one share of Corteva common stock for every three shares of DowDuPont common stock held at the close of business on May 24, 2019, the record date of distribution. Corteva, Inc.'s common stock began trading the "regular way" under the ticker symbol "CTVA" on June 3, 2019, the first business day after June 1, 2019. Upon becoming an independent company, the capital structure of Corteva consisted of 748,815,000 authorized shares of common stock (par value of $0.01 per share), which represents the number of common shares issued on June 3, 2019. Information related to the Corteva Distribution and its effect on the company's financial statements is discussed throughout these Notes to the Consolidated Financial Statements. As a result of the Business Realignment and the Internal Reorganization discussed above, Corteva owns 100% of the outstanding common stock of EID. EID is a subsidiary of Corteva, Inc. and continues to be a reporting company, subject to the requirements of the Securities Exchange Act of 1934, as amended. |
Combination of Entities under Common Control, Policy [Policy Text Block] | DAS Common Control Business Combination The transfer or conveyance of DAS to Corteva was treated as a transfer of entities under common control. As such, the company recorded the assets, liabilities, and equity of DAS on its balance sheet at their historical basis. Transfers of businesses between entities under common control requires the financial statements to be presented as if the transaction had occurred at the point at which common control first existed (the Merger Effectiveness Time). As a result, the accompanying Consolidated Financial Statements and Notes thereto include the results of DAS as of the Merger Effectiveness Time. See Note 4 - Common Control Business Combination, to the Consolidated Financial Statements, for additional information. |
Basis of Accounting, Policy [Policy Text Block] | For periods prior to the Corteva Distribution, the combined results of operations and assets and liabilities of EID and DAS were derived from the Consolidated Financial Statements and accounting records of EID as well as the carve-out financial statements of DAS. The DAS carve-out financial statements reflect the historical results of operations, financial position, and cash flows of Historical Dow's Agricultural Sciences Business and include allocations of certain expenses for services from Historical Dow, including, but not limited to, general corporate expenses related to finance, legal, information technology, human resources, ethics and compliance, shared services, employee benefits and incentives, insurance, and stock-based compensation. These expenses were allocated on the basis of direct usage when identifiable, with the remainder allocated under the basis of headcount or other measures. The company's Consolidated Balance Sheets for all periods presented consist of Corteva, Inc. and its consolidated subsidiaries. The company's Consolidated Statements of Operations (the "Consolidated Statements of Operations") for all periods prior to the Corteva Distribution consist of the combined results of operations for Historical EID and DAS. The Consolidated Statements of Operations for all periods after the Corteva Distribution represent the consolidated balances of the company. Intercompany balances and transactions with Historical EID and DAS have been eliminated. During the first quarter 2020, the company recorded an increase of $40 million to APIC relating to net assets recorded as transferred as part of the 2019 Internal Reorganizations that were retained. |
ECP Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued Operations, Policy [Policy Text Block] | Divestiture of EID ECP and EID Specialty Products Entities The transfer of EID ECP and EID Specialty Products Entities meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. The comprehensive income (loss), stockholder's equity and cash flows related to EID ECP and EID Specialty Products Entities have not been segregated and are included in the Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Equity and Consolidated Statements of Cash Flows, respectively, for 2019. Amounts related to EID ECP and EID Specialty Products Entities are consistently included or excluded from the Notes to the Consolidated Financial Statements based on the respective financial statement line item. See Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information. |
Specialty Products Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued Operations, Policy [Policy Text Block] | Since 2018, Argentina has been considered a hyper-inflationary economy under U.S. GAAP and therefore the U.S. Dollar (“USD”) is the functional currency for our related subsidiaries. Argentina contributes approximately 5 percent to both the company's annual Sales and EBITDA. We remeasure net monetary assets and translate our financial statements utilizing the official Argentine Peso (“Peso”) to USD exchange rate. The ability to draw down Peso cash balances is limited at this time due to government restrictions and market availability of U.S. Dollars. The devaluation of the Peso relative to the USD over the last several years has resulted in the recognition of exchange losses (refer to Note 9 – Supplementary Information, to the Consolidated Financial Statements). As of December 31, 2021, a further 10 percent deterioration in the official Peso to USD exchange rate would reduce the USD value of our net monetary assets and negatively impact pre-tax earnings by approximately $15 million. We will continue to assess the implications to our operations and financial reporting. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | The Consolidated Financial Statements include the accounts of the company and subsidiaries in which a controlling interest is maintained. For those consolidated subsidiaries in which the company's ownership is less than 100 percent, the outside stockholders' interests are shown as noncontrolling interests. Investments in affiliates over which the company has the ability to exercise significant influence but does not have a controlling interest are accounted for under the equity method. The company is also involved with certain joint ventures accounted for under the equity method of accounting that are variable interest entities ("VIEs"). The company is not the primary beneficiary, as the nature of the company's involvement with the VIEs does not provide it the power to direct the VIEs significant activities. Future events may require these VIEs to be consolidated if the company becomes the primary beneficiary. At December 31, 2021 and 2020, the maximum exposure to loss related to the nonconsolidated VIEs is not considered material to the Consolidated Financial Statements. |
Use of Estimates | Use of Estimates in Financial Statement PreparationThe preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The company’s consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash EquivalentsCash equivalents represent investments with maturities of three months or less from time of purchase. They are carried at cost plus accrued interest. |
Restricted Cash | Restricted Cash Equivalents Restricted cash equivalents primarily consist of trust assets and contributions to the MOU Escrow Account of $377 million and $347 million as of December 31, 2021 and 2020, respectively. The trust assets are classified as current and the contributions to the MOU Escrow Account are classified as noncurrent and included within other current assets and other assets, respectively, in the Consolidated Balance Sheets. See Note 9 - Supplementary Information, to the Consolidated Financial Statements, for further information. |
Marketable Securities | Marketable Securities Marketable securities represent investments in fixed and floating rate financial instruments with maturities greater than three months and up to twelve months at time of purchase. Investments classified as held-to-maturity are recorded at amortized cost. The carrying value approximates fair value due to the short-term nature of the investments. Investments classified as debt securities that are available-for-sale are carried at estimated fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss) or current period earnings if an allowance for credit losses has been established. The cost of investments sold is determined by specific identification. |
Fair Value Measurements | Fair Value Measurements Under the accounting guidance for fair value measurements and disclosures, a fair value hierarchy was established that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The company uses the following valuation techniques to measure fair value for its assets and liabilities: Level 1 – Quoted market prices in active markets for identical assets or liabilities; Level 2 – Significant other observable inputs (e.g. quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs); Level 3 – Unobservable inputs for the asset or liability, which are valued based on management's estimates of assumptions that market participants would use in pricing the asset or liability. |
Foreign Currency Translation | Foreign Currency Translation The company's worldwide operations utilize the U.S. dollar ("USD") or a related foreign currency as the functional currency, where applicable. The company identifies its separate and distinct foreign entities and groups the foreign entities into two categories: 1) extension of the parent or foreign subsidiaries operating in a hyper-inflationary environment (USD functional currency) and 2) self-contained (related foreign functional currency). If a foreign entity does not align with either category, factors are evaluated and a judgment is made to determine the functional currency. For foreign entities where the USD is the functional currency, all foreign currency-denominated asset and liability amounts are re-measured into USD at end-of-period exchange rates, except for inventories, prepaid expenses, property, plant and equipment, goodwill and other intangible assets, which are re-measured at historical rates. Foreign currency income and expenses are re-measured at average exchange rates in effect during each month, except for expenses related to balance sheet amounts re-measured at historical exchange rates. Exchange gains and losses arising from re-measurement of foreign currency-denominated monetary assets and liabilities are included in income in the period in which they occur. For foreign entities where a related foreign currency is the functional currency, assets and liabilities denominated in the related foreign currencies are translated into USD at end-of-period exchange rates and the resultant translation adjustments are reported, net of their related tax effects, as a component of accumulated other comprehensive income (loss) in equity. Assets and liabilities denominated in other than the functional currency are re-measured into the functional currency prior to translation into USD and the resultant exchange gains or losses are included in income in the period in which they occur. Income and expenses are translated into USD at average exchange rates in effect during each month. The company changes the functional currency of its separate and distinct foreign entities only when significant changes in economic facts and circumstances indicate clearly that the functional currency has changed. |
Inventories | Inventories The company's inventories are valued at the lower of cost or net realizable value. Elements of cost in inventories include raw materials, direct labor and manufacturing overhead. Stores and supplies are valued at cost or net realizable value, whichever is lower; cost is generally determined by the average cost method. As of December 31, 2021 and December 31, 2020, approximately 60% and 40% of the company's inventories were accounted for under the first-in, first-out ("FIFO") and average cost methods, respectively. Inventories accounted for under the FIFO method are primarily comprised of products with shorter shelf lives such as seeds. See Note 13 - Inventories, to the Consolidated Financial Statements, for further information. The company establishes an obsolescence reserve for inventory based upon quality considerations and assumptions about future demand and market conditions. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation. In connection with the Merger, the fair value of property, plant and equipment was determined using a market approach and a replacement cost approach. Depreciation is based on the estimated service lives of depreciable assets and is calculated using the straight-line method. Fully depreciated assets are retained in property and accumulated depreciation accounts until they are removed from service. When assets are surrendered, retired, sold, or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the Consolidated Balance Sheets and included in determining gain or loss on such disposals. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The company records goodwill when the purchase price of a business acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired. Goodwill is tested for impairment at the reporting unit level at least annually, or more frequently when events or changes in circumstances indicate that the fair value of a reporting unit has more likely than not declined below its carrying value. The company performs an annual goodwill impairment test in the fourth quarter. When testing goodwill for impairment, the company has the option to first perform qualitative testing to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the company chooses not to complete a qualitative assessment for a given reporting unit or if the initial assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, additional quantitative testing is required. If additional quantitative testing is required, the reporting unit's fair value is compared with its carrying amount, and an impairment charge, if any, is recognized for the amount by which the carrying amount exceeds the reporting unit's fair value, limited to the amount of goodwill associated with the reporting unit. The company determines fair values for each of the reporting units using a discounted cash flow model (a form of the income approach) or the market approach. Under the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The company's significant assumptions in this analysis included future cash flow projections, weighted average cost of capital, the terminal growth rate, and the tax rate. Under the market approach, the company uses metrics of publicly traded companies or historically completed transactions for comparable companies. See Note 15 - Goodwill and Other Intangible Assets, to the Consolidated Financial Statements, for further information on goodwill. Indefinite-lived intangible assets are tested for impairment at least annually; however, these tests are performed more frequently when events or changes in circumstances indicate that the asset may be impaired. Impairment exists when carrying value exceeds fair value. The company performs an impairment assessment using the relief from royalty method (a form of the income approach) using Level 3 inputs within the fair value hierarchy. The significant assumptions used in the calculation included projected revenue, the royalty rate, the discount rate, and the terminal growth rate. These significant assumptions involve management judgment and estimates relating to future operating performance and economic conditions that may differ from actual cash flows. Definite-lived intangible assets are amortized over their estimated useful lives, generally on a straight-line basis for periods ranging primarily from 2 years to 25 years. The company continually evaluates the reasonableness of the useful lives of these assets. Once these assets are fully amortized, they are removed from the Consolidated Balance Sheets. |
Leases | Leases The company determines whether an arrangement is a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset and the company has the right to control the asset. Operating lease right-of-use ("ROU") assets are included in other assets on the company’s Consolidated Balance Sheets. Operating lease liabilities are included in accrued and other current liabilities and other noncurrent obligations on the company’s Consolidated Balance Sheets. Finance lease assets are included in property, plant and equipment on the company’s Consolidated Balance Sheets. Finance lease liabilities are included in short-term borrowings and finance lease obligations and long-term debt on the company’s Consolidated Balance Sheets. Operating lease ROU assets represent the company’s right to use an underlying asset for the lease term and lease liabilities represent the company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the company’s leases do not provide the lessor's implicit rate, the company uses its incremental borrowing rate at the commencement date in determining the present value of lease payments. Lease terms include options to extend the lease when it is reasonably certain those options will be exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The company recognizes lease expense for these leases on a straight-line basis over the lease term. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from the assets are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The |
Derivative Instruments | Derivative Instruments Derivative instruments are reported in the Consolidated Balance Sheets at their fair values. The company utilizes derivatives to manage exposures to foreign currency exchange rates and commodity prices. Changes in the fair values of derivative instruments that are not designated as hedges are recorded in current period earnings. For derivative instruments designated as cash flow hedges, the gain (loss) is reported in accumulated other comprehensive income (loss) until it is cleared to earnings during the same period in which the hedged item affects earnings. For derivative instruments designated as net investment hedges, the gain (loss) is reported within accumulated other comprehensive income (loss) until the subsidiary is divested. In the event that a derivative designated as a hedge of a firm commitment or an anticipated transaction is terminated prior to the maturation of the hedged transaction, the net gain or loss in accumulated other comprehensive income (loss) generally remains in accumulated other comprehensive income (loss) until the item that was hedged affects earnings. If a hedged transaction matures, or is sold, extinguished, or terminated prior to the maturity of a derivative designated as a hedge of such transaction, gains or losses associated with the derivative through the date the transaction matured are included in the measurement of the hedged transaction and the derivative is reclassified as for trading purposes. Derivatives designated as hedges of anticipated transactions are reclassified as for trading purposes if the anticipated transaction is no longer probable. The company included foreign currency exchange contract settlements within cash flows from operating activities, regardless of hedge accounting qualification. See Note 22 - Financial Instruments, to the Consolidated Financial Statements, for additional discussion regarding the company's objectives and strategies for derivative instruments. |
Environmental Matters | Environmental Matters Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. These accruals are adjusted periodically as assessment and remediation efforts progress or as additional technical or legal information becomes available. Accruals for environmental liabilities are included in the Consolidated Balance Sheets in accrued and other current liabilities and other noncurrent obligations at undiscounted amounts. Accruals for related insurance or other third-party recoveries for environmental liabilities are recorded when it is probable that a recovery will be realized and are included in the Consolidated Balance Sheets as accounts and notes receivable - net. Environmental costs are capitalized if the costs extend the life of the property, increase its capacity, and/or mitigate or prevent contamination from future operations. Environmental costs are also capitalized in recognition of legal asset retirement obligations resulting from the acquisition, construction and/or normal operation of a long-lived asset. Costs related to environmental contamination treatment and cleanup are charged to expense. Estimated future incremental operations, maintenance and management costs directly related to remediation are accrued when such costs are probable and reasonably estimable. |
Revenue Recognition | Revenue Recognition The company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the company expects to receive in exchange for those goods or services. To determine revenue recognition for the arrangements that the company determines are within the scope of FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), the company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. See Note 6 - Revenue, to the Consolidated Financial Statements, for additional information on revenue recognition. |
Royalty Expense | Prepaid Royalties The company currently has certain third-party biotechnology trait license agreements, which require up-front and variable payments subject to the licensor meeting certain conditions. These payments are reflected as other current assets and other assets and are amortized to cost of goods sold as seeds containing the respective trait technology are utilized over the life of the license. The rate of royalty amortization expense recognized is based on the company’s strategic plans which include various assumptions and estimates including product portfolio, market dynamics, farmer preferences, growth rates and projected planted acres. Changes in factors and assumptions included in the strategic plans, including potential changes to the product portfolio in favor of internally developed biotechnology, could impact the rate of recognition of the relevant prepaid royalty. At December 31, 2021, the balance of prepaid royalties reflected in other current assets and other assets was $303 million and $256 million, respectively. The majority of the balance of prepaid royalties relates to the company’s wholly owned subsidiary, Pioneer Hi-Bred International, Inc.’s (“Pioneer”) non-exclusive license in the United States and Canada for the Monsanto Company's Genuity ® Roundup Ready 2 Yield ® glyphosate tolerance trait and Roundup Ready 2 Xtend ® glyphosate and dicamba tolerance trait for soybeans (“Roundup Ready 2 License Agreement”). Each of these licensed technologies are now trademarks of the Bayer Group, which acquired the Monsanto Company in 2018. The prepaid royalty asset relates to a series of up-front, fixed and variable royalty payments to utilize the traits in Pioneer’s soybean product mix.The company’s historical expectation has been that the technology licensed under the Roundup Ready 2 License Agreement would be used as the primary herbicide tolerance trait platform in the Pioneer ® brand soybean through the term of the agreement. DAS and MS Technologies, L.L.C. jointly developed and own the Enlist E3 TM herbicide tolerance trait for soybeans which provides tolerance to 2, 4-D choline in Enlist Duo ® and Enlist One ® herbicides, as well as glyphosate and glufosinate herbicides. In connection with the validation of breeding plans and large-scale product development timelines, during the fourth quarter of 2019, the company accelerated the ramp up of the Enlist E3 TM trait platform in the company’s soybean portfolio mix across all brands, including Pioneer ® brands, over the subsequent five years. During the ramp-up period, the company is expected to significantly reduce the volume of products with the Roundup Ready 2 Yield ® and Roundup Ready 2 Xtend ® herbicide tolerance traits beginning in 2021, with expected minimal use of the trait platform thereafter for the remainder of the Roundup Ready 2 License Agreement (the “Transition Plan”). The rate of royalty expense has therefore increased significantly through higher amortization of the prepaid royalty as fewer seeds containing the respective trait are expected to be utilized. In connection with the departure from these traits, beginning January 1, 2020 the company presents and discloses the non-cash accelerated prepaid royalty amortization expense as a component of restructuring and asset related charges - net, in the Consolidated Statement of Operations. The accelerated prepaid royalty amortization expense represents the difference between the rate of amortization based on the revised number of units expected to contain the Roundup Ready 2 Yield ® and Roundup Ready 2 Xtend ® trait technology and the variable cash rate per the Roundup Ready 2 License Agreement. |
Cost of Goods Sold | Cost of Goods Sold Cost of goods sold primarily includes the cost of manufacture and delivery, ingredients or raw materials, direct salaries, wages and benefits and overhead, non-capitalizable costs associated with capital projects, royalties and other operational expenses. No amortization of intangibles is included within cost of goods sold. |
Research and Development | Research and Development Research and development costs are expensed as incurred. Research and development expense includes costs (primarily consisting of employee costs, materials, contract services, research agreements, and other external spend) relating to the discovery and development of new products. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative expenses primarily include selling and marketing expenses, commissions, functional costs, and business management expenses. |
Integration and Separation Costs | Integration and Separation Costs Integration and separation costs includes costs incurred to prepare for and close the Merger, post-Merger integration expenses, and costs incurred to prepare for the Business Separations. These costs primarily consist of financial advisory, information technology, legal, accounting, consulting and other professional advisory fees associated with preparation and execution of these activities. |
Litigation | Litigation and Other ContingenciesAccruals for legal matters and other contingencies are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Legal costs, such as outside counsel fees and expenses, are charged to expense in the period incurred. |
Severance Costs | Severance CostsSeverance benefits are provided to employees under the company's ongoing benefit arrangements. Severance costs are accrued when management commits to a plan of termination and it becomes probable that employees will be entitled to benefits at amounts that can be reasonably estimated. |
Insurance and Self Insurance | Insurance/Self-Insurance The company self-insures certain risks where permitted by law or regulation, including workers' compensation, vehicle liability and employee related benefits. Liabilities associated with these risks are estimated in part by considering historical claims experience, demographic factors and other actuarial assumptions. For other risks, the company uses a combination of insurance and self-insurance, reflecting comprehensive reviews of relevant risks. A receivable for an insurance recovery is generally recognized when the loss has occurred and collection is considered probable. |
Income Taxes | Income Taxes The company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities using enacted tax rates. The effect of a change in tax rates on deferred tax assets or liabilities is recognized in income in the period that includes the enactment date. The company recognizes the financial statement effects of an uncertain income tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The current portion of uncertain income tax positions is included in income taxes payable or income tax receivable, and the long-term portion is included in other noncurrent obligations or other noncurrent assets in the Consolidated Balance Sheets. Income tax related penalties are included in the provision for (benefit from) income taxes in the Consolidated Statements of Operations. Interest accrued related to unrecognized tax benefits is included within the provision for (benefit from) income taxes from continuing operations in the Consolidated Statements of Operations. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share The calculation of earnings per common share is based on the weighted-average number of the company’s common shares outstanding for the applicable period. The calculation of diluted earnings per common share reflects the effect of all potential common shares that were outstanding during the respective periods, unless the effect of doing so is antidilutive. |
Segment Reporting |
Recent Accounting Guidance Rece
Recent Accounting Guidance Recent Accounting Guidance (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Recent Accounting Guidance | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which provides certain optional expedients that allow derivative instruments impacted by changes in the interest rate used for margining, discounting or contract price alignment to qualify for certain optional relief. The amendments in this Update are effective immediately for all entities and may be applied retrospectively as of any date from the beginning of any interim period that includes March 12, 2020 or prospectively to new modifications subsequent to the issuance of this Update. The adoption of ASU 2021-01 did not have a material impact on the company’s financial position, results of operation or cash flows. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is 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 interim 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. Accounting Guidance Issued But Not Adopted as of December 31, 2021 In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which requires business entities to disclose transactions with a governmental entity for which a grant or contribution accounting model is used in recognizing and measuring such transactions. This standard is effective for fiscal years beginning after December 15, 2021, and early adoption is permitted. The company is currently evaluating the impact of adopting this guidance. |
Revenue from Contract with Cust
Revenue from Contract with Customer (Policies) | 12 Months Ended |
Dec. 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. When the company performs shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to or at shipment), these are considered fulfillment activities, and accordingly, the costs are accrued when the related revenue is recognized. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. In addition, the company elected the practical expedient to expense any costs to obtain contracts as incurred, as the amortization period for these costs would have been one year or less. The transaction price includes estimates of variable consideration, such as rights of return, rebates, and discounts, that are reductions in revenue. All estimates are based on the company's historical experience, anticipated performance, and the company's best judgment at the time the estimate is made. Estimates of variable consideration included in the transaction price primarily utilize the expected value method based on historical experience. These estimates are reassessed each reporting period and are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur upon resolution of uncertainty associated with the variable consideration. The majority of contracts have a single performance obligation satisfied at a point in time and the transaction price is stated in the contract, usually as quantity times price per unit. For contracts with multiple performance obligations, the company allocates the transaction price to each performance obligation based on the relative standalone selling price. The standalone selling price is the observable price which depicts the price as if sold to a similar customer in similar circumstances. |
Revenue Recognition, Services, Licensing Fees | Licenses of Intellectual PropertyCorteva enters into licensing arrangements with customers under which it licenses its intellectual property. Revenue from the majority of intellectual property licenses is derived from sales-based royalties. Revenue for licensing agreements that contain sales-based royalties is recognized at the later of (i) when the subsequent sale occurs or (ii) when the performance obligation to which some or all of the royalty has been allocated is satisfied. |
Divestitures and Other Transa_2
Divestitures and Other Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Statement [Member] | ECP Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | (In millions) For the Year Ended December 31, 2019 Net sales $ 362 Cost of goods sold 259 Research and development expense 4 Selling, general and administrative expenses 9 Amortization of intangibles 23 Restructuring and asset related charges - net 2 Integration and separation costs 44 Other income - net 2 (Loss) income from discontinued operations before income taxes 23 Provision for (benefit from) income taxes on discontinued operations 4 (Loss) income from discontinued operations after income taxes $ 19 |
Income Statement [Member] | Specialty Products Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | (In millions) For the Year Ended December 31, 2019 Net sales $ 5,030 Cost of goods sold 3,352 Research and development expense 204 Selling, general and administrative expenses 573 Amortization of intangibles 267 Restructuring and asset related charges - net 115 Integration and separation costs 253 Goodwill impairment 1,102 Other income - net 57 (Loss) income from discontinued operations before income taxes (779) Provision for (benefit from) income taxes on discontinued operations 80 (Loss) income from discontinued operations after income taxes $ (859) |
Cash Flow [Member] | ECP Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | (In millions) For the Year Ended December 31, 2019 Depreciation $ 28 Amortization of intangibles 23 Capital expenditures 16 |
Cash Flow [Member] | Specialty Products Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | For the Year Ended December 31, (In millions) 2019 Depreciation $ 281 Amortization of intangibles 267 Capital expenditures 481 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |
Contract Balances [Table Text Block] | Contract Balances December 31, 2021 December 31, 2020 (In millions) Accounts and notes receivable - trade 1 $ 3,561 $ 3,917 Contract assets - current 2 $ 24 $ 22 Contract assets - noncurrent 3 $ 58 $ 54 Deferred revenue - current $ 3,201 $ 2,662 Deferred revenue - noncurrent 4 $ 120 $ 116 1. Included in accounts and notes receivable - net in the Consolidated Balance Sheets. 2. Included in other current assets in the Consolidated Balance Sheets. 3. Included in other assets in the Consolidated Balance Sheets. |
Geography [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | Seed For the Year Ended December 31, (In millions) 2021 2020 2019 North America 1 $ 5,004 $ 4,795 $ 4,724 EMEA 2 1,599 1,468 1,378 Latin America 1,420 1,117 1,130 Asia Pacific 379 376 358 Total $ 8,402 $ 7,756 $ 7,590 Crop Protection For the Year Ended December 31, (In millions) 2021 2020 2019 North America 1 $ 2,532 $ 2,373 $ 2,205 EMEA 2 1,524 1,374 1,362 Latin America 2,125 1,688 1,759 Asia Pacific 1,072 1,026 930 Total $ 7,253 $ 6,461 $ 6,256 1. Represents U.S. & Canada. 2. Europe, Middle East, and Africa ("EMEA"). |
Restructuring and Asset Relat_2
Restructuring and Asset Related Charges (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | A reconciliation of the December 31, 2020 to the December 31, 2021 liability balances related to the Execute to Win Productivity Program is summarized below: (In millions) Severance and Related Benefit (Credits) Costs Asset Related 1 Total Balance at December 31, 2020 $ 53 $ 3 $ 56 Charges to income from continuing operations for the year ended December 31, 2021 (2) 11 9 Payments (27) (3) (30) Asset write-offs — (11) (11) Balance at December 31, 2021 $ 24 $ — $ 24 1. In addition, the company has a liability recorded for asset retirement obligations of $13 million as of December 31, 2021. |
DowDuPont Cost Synergy Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | For the Year Ended December 31, (In millions) 2021 2020 2019 Seed $ (8) $ (9) $ 66 Crop Protection (3) 11 27 Corporate expenses (1) (2) (1) Total $ (12) $ — $ 92 For the Year Ended December 31, (In millions) 2021 2020 2019 Severance and related benefit (credits) costs - net $ (1) $ (2) $ (7) Contract termination charges (3) — 69 Asset related charges (8) 2 30 Total restructuring and asset related charges - net $ (12) $ — $ 92 |
2021 Restructuring Actions [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Segment | The charges related to the 2021 Restructuring Actions related to the segments, as well as corporate expenses, were as follows: (In millions) For the Year Ended December 31, 2021 Seed $ 31 Crop Protection 55 Corporate expenses 81 Total $ 167 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table is a summary of charges incurred related to 2021 Restructuring Actions for the year ended December 31, 2021: (In millions) For the Year Ended December 31, 2021 Severance and related benefit costs $ 74 Asset related charges 51 Contract termination charges 42 Total restructuring and asset charges - net $ 167 A reconciliation of the December 31, 2020 to the December 31, 2021 liability balances related to the 2021 Restructuring Actions is summarized below: (In millions) Severance and Related Benefit Costs Asset Related 1 Contract Termination 2 Total Balance at December 31, 2020 $ — $ — $ — $ — Charges to income from continuing operations 74 51 42 167 Payments (22) — (30) (52) Asset write-offs — (51) — (51) Balance at December 31, 2021 $ 52 $ — $ 12 $ 64 1. In addition, the company has a liability recorded for asset retirement obligations of $6 million as of December 31, 2021. |
Execute to Win Productivity Program | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Segment | The Execute to Win Productivity Program charges related to the segments, as well as corporate expenses, were as follows: For the Year Ended December 31, (In millions) 2021 2020 Seed $ — $ 15 Crop Protection 11 98 Corporate expenses (2) 63 Total $ 9 $ 176 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The below is a summary of charges incurred related to the Execute to Win Productivity Program for the year ended December 31, 2020: For the Year Ended December 31, (In millions) 2021 2020 Severance and related benefit costs - net $ (2) $ 63 Asset related charges 11 113 Total restructuring and asset related charges - net $ 9 $ 176 |
Supplementary Information (Tabl
Supplementary Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Other Income - Net For the Year Ended December 31, (In millions) 2021 2020 2019 Interest income $ 77 $ 56 $ 59 Equity in earnings (losses) of affiliates - net 14 — (9) Net gain (loss) on sales of businesses and other assets 1 21 (2) 64 Net exchange gains (losses) 2 (54) (174) (99) Non-operating pension and other post employment benefit credit (costs) 3 1,318 368 191 Miscellaneous income (expenses) - net 4 (28) (36) 9 Other income - net $ 1,348 $ 212 $ 215 1. The year ended December 31, 2021 includes a gain of $19 million relating to the sale of a business in Asia Pacific in the crop protection segment. The year ended December 31, 2020 includes a loss of $(53) million and a gain of $27 million relating to the expected sale of the La Porte site, for which the company signed an agreement in 2020, and the sale of a business in Asia Pacific in the crop protection segment, respectively. 2. Includes net pre-tax exchange gains (losses) of $(67) million, $(82) million and $(51) million associated with the devaluation of the Argentine peso for the years ended December 31, 2021, 2020 and 2019, respectively. 3. Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected long-term rate of return on plan assets, amortization of unrecognized gain (loss), amortization of prior service benefit and settlement gain (loss)). |
Foreign Currency Exchange Gain (Loss) | For the Year Ended December 31, (In millions) 2021 2020 2019 Subsidiary Monetary Position Gain (Loss) Pre-tax exchange gain (loss) $ (72) $ (263) $ (41) Local tax (expenses) benefits (30) 34 2 Net after-tax impact from subsidiary exchange gain (loss) $ (102) $ (229) $ (39) Hedging Program Gain (Loss) Pre-tax exchange gain (loss) $ 18 $ 89 $ (58) Tax (expenses) benefits (4) (21) 13 Net after-tax impact from hedging program exchange gain (loss) $ 14 $ 68 $ (45) Total Exchange Gain (Loss) Pre-tax exchange gain (loss) $ (54) $ (174) $ (99) Tax (expenses) benefits (34) 13 15 Net after-tax exchange gain (loss) $ (88) $ (161) $ (84) |
Restrictions on Cash and Cash Equivalents | (In millions) December 31, 2021 December 31, 2020 Cash and cash equivalents $ 4,459 $ 3,526 Restricted cash equivalents 377 347 Total cash, cash equivalents and restricted cash equivalents $ 4,836 $ 3,873 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Geographic Allocation of Income and Provision for Income Taxes | Geographic Allocation of Income (Loss) and Provision for (Benefit from) Income Taxes For the Year Ended December 31, (In millions) 2021 2020 2019 Income (loss) from continuing operations before income taxes Domestic $ 941 $ (83) $ (1,352) Foreign 1,405 758 1,036 Income (loss) from continuing operations before income taxes $ 2,346 $ 675 $ (316) Current tax expense (benefit) Federal $ (13) $ 28 $ (11) State and local 6 9 1 Foreign 329 222 317 Total current tax expense (benefit) $ 322 $ 259 $ 307 Deferred tax expense (benefit) Federal $ 164 $ (116) $ (392) State and local 55 27 156 Foreign (17) (251) (117) Total deferred tax expense (benefit) $ 202 $ (340) $ (353) Provision for (benefit from) income taxes on continuing operations 524 (81) (46) Net income (loss) from continuing operations after taxes $ 1,822 $ 756 $ (270) |
Reconciliation to US Statutory Rate | Reconciliation to U.S. Statutory Rate For the Year Ended December 31, 2021 2020 2019 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Effective tax rates on international operations - net 1 (2.5) (13.9) (18.4) Acquisitions, divestitures and ownership restructuring activities 2 (0.1) (0.3) (10.7) U.S. research and development credit (2.4) (2.9) 7.0 Exchange gains/losses 3 1.9 3.5 (1.8) State and local incomes taxes - net 2.1 4.0 3.2 Impact of Swiss Tax Reform 4 0.2 (27.0) 11.9 Excess tax benefits/deficiencies from stock compensation (0.2) 1.0 (0.6) Tax settlements and expiration of statute of limitations — 0.4 3.9 Other - net 2.3 2.2 (0.9) Effective tax rate on income from continuing operations 22.3 % (12.0) % 14.6 % 1. Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. Includes a tax benefit of $(51) million for the year ended December 31, 2020, related to a return to accrual adjustment associated with an elective change in accounting method for the 2019 tax year impact of foreign tax provisions. 2. See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information. 3. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, under the heading Foreign Currency Risk. 4. Reflects tax benefits of $(182) million primarily driven by the recognition of an elective cantonal component of the recent enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform") for the year ended December 31, 2020. Reflects tax benefits of $(38) million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"), for the year ended December 31, 2019. |
Deferred Tax Balances | Deferred Tax Balances at December 31, 2021 2020 (In millions) Assets Liabilities Assets Liabilities Property 1 $ — $ 341 $ — $ 297 Tax loss and credit carryforwards 2,3 464 — 497 — Accrued employee benefits 904 — 1,415 — Other accruals and reserves 1 309 — 365 — Intangibles — 2,260 — 2,418 Inventory 153 — 127 — Research and development capitalization 224 — 186 — Investments 36 — 56 — Unrealized exchange gains/losses — 10 2 — Other – net 105 — 91 — Subtotal $ 2,195 $ 2,611 $ 2,739 $ 2,715 Valuation allowances 3 (366) — (453) — Total $ 1,829 $ 2,611 $ 2,286 $ 2,715 Net Deferred Tax Asset (Liability) $ (782) $ (429) 1. Prior year classifications in property and other accruals and reserves have been adjusted from their previous presentation. Adjustments did not impact the amount of the net deferred tax asset (liability) recorded in the Consolidated Balance Sheets. 2. Primarily related to the realization of recorded tax benefits on tax loss and credit carryforwards from operations in the United States, Brazil, and Spain. |
Operating Loss and Tax Credit Carryforwards | Operating Loss and Tax Credit Carryforwards Deferred Tax Asset (In millions) 2021 2020 Operating loss carryforwards Expire within 5 years $ 123 $ 99 Expire after 5 years or indefinite expiration 210 343 Total operating loss carryforwards $ 333 $ 442 Tax credit carryforwards Expire within 5 years $ 14 $ 14 Expire after 5 years or indefinite expiration 117 41 Total tax credit carryforwards $ 131 $ 55 Total Operating Loss and Tax Credit Carryforwards $ 464 $ 497 |
Total Gross Unrecognized Tax Benefits | Total Gross Unrecognized Tax Benefits For the Year Ended December 31, (In millions) 2021 2020 2019 Total unrecognized tax benefits as of beginning of period $ 395 $ 426 $ 749 Decreases related to positions taken on items from prior years (7) (14) (167) Increases related to positions taken on items from prior years 13 5 77 Increases related to positions taken in the current year 9 6 54 Settlement of uncertain tax positions with tax authorities (17) (18) (9) Impact of Internal Reorganizations — — (278) Decreases due to expiration of statutes of limitations (16) (7) — Exchange (gain) loss — (3) — Total unrecognized tax benefits as of end of period $ 377 $ 395 $ 426 Total unrecognized tax benefits that, if recognized, would impact the effective tax rate $ 157 $ 156 $ 188 Total amount of interest and penalties (benefits) recognized in provision for (benefit from) income taxes on continuing operations $ 1 $ (2) $ (4) Total accrual for interest and penalties associated with unrecognized tax benefits at end of period $ 11 $ 18 $ 24 |
Tax Year Subject to Examination | Tax Years Subject to Examination by Major Tax Jurisdiction at December 31, 2021 Earliest Open Year Jurisdiction Argentina 2015 Brazil 2014 Canada 2012 China 2014 France 2019 India 2015 Italy 2016 Switzerland 2016 United States: Federal income tax 2012 State and local income tax 2008 |
Earnings Per Share of Common _2
Earnings Per Share of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block] | Earnings (Loss) Per Share Calculations - Basic For the Year Ended December 31, (Dollars per share) 2021 2020 2019 Earnings (loss) per share of common stock from continuing operations $ 2.46 $ 0.98 $ (0.38) (Loss) earnings per share of common stock from discontinued operations (0.07) (0.07) (0.90) Earnings (loss) per share of common stock $ 2.39 $ 0.91 $ (1.28) |
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block] | Earnings (Loss) Per Share Calculations - Diluted For the Year Ended December 31, (Dollars per share) 2021 2020 2019 Earnings (loss) per share of common stock from continuing operations $ 2.44 $ 0.98 $ (0.38) (Loss) earnings per share of common stock from discontinued operations (0.07) (0.07) (0.90) Earnings (loss) per share of common stock $ 2.37 $ 0.91 $ (1.28) |
Share Count Information [Table Text Block] | Share Count Information For the Year Ended December 31, (Shares in millions) 2021 2020 2019 Weighted-average common shares - basic 1 735.9 748.7 749.5 Plus dilutive effect of equity compensation plans 2 5.7 2.5 — Weighted-average common shares - diluted 741.6 751.2 749.5 Potential shares of common stock excluded from EPS calculations 3 2.8 9.4 14.4 1. Share amounts for all periods prior to the Corteva Distribution were based on 748.8 million shares of Corteva, Inc. common stock distributed to holders of DowDuPont's common stock on June 1, 2019, plus 0.6 million of additional shares in which accelerated vesting conditions have been met. 2. Diluted earnings (loss) per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. 3. These outstanding potential shares of common stock relating to stock options, restricted stock units and performance-based restricted stock units were excluded from the calculation of diluted earnings (loss) per share because (i) the effect of including stock options and restricted stock units would have been anti-dilutive; and (ii) the performance metrics have not yet been achieved for the outstanding potential shares relating to performance-based restricted stock units, which are deemed to be contingently issuable. |
Earnings Per Share of Common Stock Reconciliation | Net Income (Loss) for Earnings Per Share Calculations - Basic and Diluted For the Year Ended December 31, (In millions) 2021 2020 2019 Income (loss) from continuing operations after income taxes $ 1,822 $ 756 $ (270) Net income (loss) attributable to continuing operations noncontrolling interests 10 20 13 Income (loss) from continuing operations attributable to Corteva common stockholders 1,812 736 (283) (Loss) income from discontinued operations, net of tax (53) (55) (671) Net income (loss) attributable to discontinued operations noncontrolling interests — — 5 (Loss) income from discontinued operations attributable to Corteva common stockholders (53) (55) (676) Net income (loss) attributable to common stockholders $ 1,759 $ 681 $ (959) |
Accounts and Notes Receivable_2
Accounts and Notes Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts and Notes Receivable | (In millions) December 31, 2021 December 31, 2020 Accounts receivable – trade 1 $ 3,441 $ 3,754 Notes receivable – trade 1,2 120 163 Other 3 1,250 1,009 Total accounts and notes receivable - net $ 4,811 $ 4,926 1. Accounts receivable – trade and notes receivable – trade are net of allowances of $210 million and $208 million at December 31, 2021 and December 31, 2020, respectively. 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 December 31, 2021 and 2020, there were no significant impairments related to current loan agreements. |
Accounts Receivable, Allowance for Credit Loss | (In millions) 2020 Balance at December 31, 2019 $ 174 Net provision for credit losses 1 52 Write-offs charged against allowance / other 1 (18) Balance at December 31, 2020 $ 208 2021 Balance at December 31, 2020 $ 208 Net provision for credit losses 1 Write-offs charged against allowance / other 1 Balance at December 31, 2021 $ 210 1. Prior year classifications in the changes in the allowance for doubtful receivables have been adjusted from their previous presentation. Adjustments did not impact the amount of the provision or the allowance for doubtful receivables recorded in the Consolidated Statements of Operations or the Consolidated Balance Sheets. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory, Net [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | (In millions) December 31, 2021 December 31, 2020 Finished products $ 2,497 $ 2,584 Semi-finished products 2,076 1,813 Raw materials and supplies 607 485 Total inventories $ 5,180 $ 4,882 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | (In millions) December 31, 2021 December 31, 2020 Land and land improvements $ 420 $ 451 Buildings 1,487 1,525 Machinery and equipment 5,729 5,556 Construction in progress 728 721 Total property, plant and equipment 8,364 8,253 Accumulated depreciation (4,035) (3,857) Total property, plant and equipment - net $ 4,329 $ 4,396 |
Property, Plant and Equipment - Depreciation Expense [Table Text Block] | For the Year Ended December 31, (In millions) 2021 2020 2019 Depreciation expense $ 521 $ 495 $ 525 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Asset Disclosure [Abstract] | |
Schedule of Goodwill | (In millions) Crop Protection Seed Total Balance as of December 31, 2019 $ 4,743 $ 5,486 $ 10,229 Currency translation adjustment 31 38 69 Other goodwill adjustments and acquisitions 1 (29) — (29) Balance as of December 31, 2020 $ 4,745 $ 5,524 $ 10,269 Currency translation adjustment (73) (87) (160) Other goodwill adjustments and acquisitions 2 — (2) (2) Balance as of December 31, 2021 $ 4,672 $ 5,435 $ 10,107 1. Primarily consists of the goodwill included in the sale of businesses in the crop protection segment. 2. Consists of the goodwill included in the sale of a business in the seed segment. |
Other Intangible Assets | (In millions) December 31, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization (Definite-lived): Germplasm $ 6,265 $ (571) $ 5,694 $ 6,265 $ (317) $ 5,948 Customer-related 1,953 (487) 1,466 1,984 (380) 1,604 Developed technology 1,485 (679) 806 1,451 (525) 926 Trademarks/trade names 1 2,012 (172) 1,840 2,019 (99) 1,920 Favorable supply contracts 475 (396) 79 475 (302) 173 Other 2 405 (256) 149 405 (239) 166 Total other intangible assets with finite lives 12,595 (2,561) 10,034 12,599 (1,862) 10,737 Intangible assets not subject to amortization (Indefinite-lived): IPR&D 10 — 10 10 — 10 Total other intangible assets 10 — 10 10 — 10 Total $ 12,605 $ (2,561) $ 10,044 $ 12,609 $ (1,862) $ 10,747 1. Beginning on October 1, 2020, the company changed its indefinite life assertion of its trade name asset to definite lived with a useful life of 25 years. This change is the result of the launch of Brevant TM seed in the retail channel in the U.S. Prior to changing the useful life of the trade name asset, the company tested the asset for impairment under ASC 350 - Intangibles, Goodwill and Other, concluding the asset was not impaired. 2. Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | (In millions) 2022 $ 700 2023 $ 620 2024 $ 606 2025 $ 569 2026 $ 558 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | For the Year Ended December 31, (In millions) 2021 2020 Operating lease cost $ 158 $ 197 Finance lease cost Amortization of right-of-use assets 1 2 Interest on lease liabilities — — Total finance lease cost 1 2 Short-term lease cost 14 14 Variable lease cost 8 7 Total lease cost $ 181 $ 220 |
Schedule of Supplemental Cash Flow Information Related to Leases [Table Text Block] | For the Year Ended December 31, (In millions) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 169 $ 202 Operating cash outflows from finance leases $ — $ — Financing cash outflows from finance leases $ 1 $ 1 |
Schedule of Lease Assets and Liabilities [Table Text Block] | (In millions) December 31, 2021 December 31, 2020 Operating Leases Operating lease right-of-use assets 1 $ 458 $ 521 Current operating lease liabilities 2 121 138 Noncurrent operating lease liabilities 3 338 391 Total operating lease liabilities $ 459 $ 529 Finance Leases Property, plant, and equipment, gross $ 15 $ 15 Accumulated depreciation (11) (10) Property, plant, and equipment, net 4 5 Short-term borrowings and finance lease obligations 1 1 Long-Term Debt 3 4 Total finance lease liabilities $ 4 $ 5 1. Included in other assets in the Consolidated Balance Sheet. 2. Included in accrued and other current liabilities in the Consolidated Balance Sheet. 3. Included in other noncurrent obligations in the Consolidated Balance Sheet. |
Lease Term and Discount Rate [Table Text Block] | Lease Term and Discount Rate December 31, 2021 December 31, 2020 Weighted-average remaining lease term (years) Operating leases 7.41 7.71 Financing leases 3.36 4.26 Weighted average discount rate Operating leases 2.75 % 3.06 % Financing leases 3.29 % 3.28 % |
Maturities of Lease Liabilities [Table Text Block] | Maturity of Lease Liabilities at December 31, 2021 Operating Leases Financing Leases (In millions) 2022 $ 132 $ 1 2023 94 1 2024 71 1 2025 60 1 2026 49 — 2027 and thereafter 106 — Total lease payments 512 4 Less: Interest 53 — Present value of lease liabilities $ 459 $ 4 Maturity of Lease Liabilities at December 31, 2020 Operating Leases Financing Leases (In millions) 2021 $ 152 $ 1 2022 114 1 2023 83 1 2024 61 1 2025 51 1 2026 and thereafter 137 — Total lease payments 598 5 Less: Interest 69 — Present value of lease liabilities $ 529 $ 5 |
Long-Term Debt and Available _2
Long-Term Debt and Available Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt December 31, 2021 December 31, 2020 (In millions) Amount Weighted Average Rate Amount Weighted Average Rate Promissory notes and debentures: Maturing in 2025 500 1.70 % 500 1.70 % Maturing in 2030 500 2.30 % 500 2.30 % Other loans: Foreign currency loans, various rates and maturities 1 1 Medium-term notes, varying maturities through 2041 107 — % 109 — % Finance lease obligations 3 4 Less: Unamortized debt discount and issuance costs 10 11 Less: Long-term debt due within one year 1 1 Total $ 1,100 $ 1,102 (in millions) Amount 4.625% Notes due 2020 $ 474 3.625% Notes due 2021 296 4.250% Notes due 2021 163 2.800% Notes due 2023 381 6.500% Debentures due 2028 57 5.600% Senior Notes due 2036 42 4.900% Notes due 2041 48 4.150% Notes due 2043 69 Total $ 1,530 |
Committed and Available Credit Facilities | Committed and Available Credit Facilities at December 31, 2021 (In millions) Effective Date Committed Credit Credit Available Maturity Date Interest Revolving Credit Facility May 2019 $ 3,000 $ 3,000 May 2024 Floating Rate Revolving Credit Facility May 2019 3,000 3,000 May 2023 Floating Rate Total Committed and Available Credit Facilities $ 6,000 $ 6,000 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Environmental Loss Contingencies | As of December 31, 2021 (In millions) Indemnification Asset Accrual balance 3 Potential exposure above amount accrued 3 Environmental Remediation Stray Liabilities Chemours related obligations - subject to indemnity 1,2 $ 159 $ 159 $ 262 Other discontinued or divested businesses obligations 1 15 75 187 Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont 2 37 37 66 Environmental remediation liabilities not subject to indemnity — 82 49 Indemnification liabilities related to the MOU 4 9 99 28 Total $ 220 $ 452 $ 592 1. Represents liabilities that are subject the $200 million threshold and sharing arrangements as discussed on page F-46, under Corteva Separation Agreement. 2. The company has recorded an indemnification asset related to these accruals, including $40 million related to the Superfund sites. 3. Accrual balance represents management’s best estimate of the costs of remediation and restoration, although it is reasonably possible that the potential exposure, as indicated, could range above the amounts accrued, as there are inherent uncertainties in these estimates. Accrual balance includes $68 million for remediation of Superfund sites. Amounts do not include possible impacts from the remediation elements of the EPAs October 2021 PFAS Strategic Roadmap (as applicable) or possible revisions to Chemours’ Consent Order with the North Carolina Department of Environmental Quality, as any possible impacts, to the extent such items would be reimbursable under the MOU, are not yet determinable. 4. Represents liabilities that are subject to the $150 million threshold and sharing agreements as discussed on page F-44, under the header "Chemours / Performance Chemicals. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Reconciliation of Common Stock Share Activity | Shares of common stock Issued Balance June 1, 2019 748,815,000 Issued 586,000 Repurchased and retired (824,000) Balance December 31, 2019 748,577,000 Issued 3,384,000 Repurchased and retired (8,503,000) Balance December 31, 2020 743,458,000 Issued 4,019,000 Repurchased and retired (20,950,000) Balance December 31, 2021 726,527,000 |
Schedule of Noncontrolling Interests Represented by Preferred Stock [Table Text Block] | (Shares in thousands) Number of Shares Authorized 23,000 $4.50 Series, callable at $120 1,673 $3.50 Series, callable at $102 700 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (In millions) Cumulative Translation Adjustment 1 Derivative Instruments Pension Benefit Plans Other Benefit Plans Unrealized Gain (Loss) on Investments Total 2019 Balance January 1, 2019 $ (2,793) $ (26) $ (620) $ 79 $ — $ (3,360) Other comprehensive income (loss) before reclassifications (274) 16 (723) (159) — (1,140) Amounts reclassified from accumulated other comprehensive income (loss) — 12 5 (1) — 16 Net other comprehensive income (loss) (274) 28 (718) (160) — (1,124) Impact of Internal Reorganizations 1,123 — 91 — — 1,214 Balance December 31, 2019 $ (1,944) $ 2 $ (1,247) $ (81) $ — $ (3,270) 2020 Other comprehensive income (loss) before reclassifications $ (26) $ (81) $ (191) $ 670 $ (10) $ 362 Amounts reclassified from accumulated other comprehensive income (loss) — 12 5 1 — 18 Net other comprehensive income (loss) (26) (69) (186) 671 (10) 380 Balance December 31, 2020 $ (1,970) $ (67) $ (1,433) $ 590 $ (10) $ (2,890) 2021 Other comprehensive income (loss) before reclassifications $ (573) $ 143 $ 996 $ 25 $ 3 $ 594 Amounts reclassified from accumulated other comprehensive income (loss) — (4) 41 (646) 7 (602) Net other comprehensive income (loss) (573) 139 1,037 (621) 10 (8) Balance December 31, 2021 $ (2,543) $ 72 $ (396) $ (31) $ — $ (2,898) |
Other Comprehensive Income (Loss) | For the Year Ended December 31, (In millions) 2021 2020 2019 Derivative instruments $ (41) $ 24 $ (8) Pension benefit plans - net (319) 54 231 Other benefit plans - net 188 (211) 52 (Provision for) benefit from income taxes related to other comprehensive income (loss) items $ (172) $ (133) $ 275 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | (In millions) For the Year Ended December 31, 2021 2020 2019 Derivative Instruments 1 : $ (13) $ 18 $ 13 Tax (benefit) expense 2 9 (6) (1) After-tax $ (4) $ 12 $ 12 Amortization of pension benefit plans: Prior service (benefit) cost 3,4 $ (2) $ (1) $ (1) Actuarial (gains) losses 3,4,5 55 4 2 Settlement (gain) loss 3,4,5 1 3 4 Total before tax 54 6 5 Tax (benefit) expense 2 (13) (1) — After-tax $ 41 $ 5 $ 5 Amortization of other benefit plans: Prior service (benefit) cost 3,4 $ (922) $ — $ — Actuarial (gains) losses 3,4 81 1 (1) Curtailment (gain) loss (1) — — Total before tax (842) 1 (1) Tax (benefit) expense 2 196 — — After-tax $ (646) $ 1 $ (1) Unrealized (Gain) Loss on Investments 4 $ 7 $ — $ — Tax (benefit) expense 2 — — — After-tax $ 7 $ — $ — Total reclassifications for the period, after-tax $ (602) $ 18 $ 16 1. Reflected in cost of goods sold in the Consolidated Statements of Operations. 2. Reflected in provision for (benefit from) income taxes from continuing operations in the Consolidated Statements of Operations. 3. These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit (credit) cost of the company's pension and other benefit plans. See Note 20 - Pension Plans and Other Post Employment Benefits, to the Consolidated Financial Statements, for additional information. 4. Reflected in other income - net in the Consolidated Statements of Operations. 5. A portion reflected in (loss) income from discontinued operations after income taxes for the year ended December 31, 2019. |
Pension Plans and Other Post _2
Pension Plans and Other Post Employment Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plan, Assumptions [Table Text Block] | The weighted-average assumptions used to determine pension plan obligations for all pension plans are summarized in the table below: Weighted-Average Assumptions used to Determine Benefit Obligations December 31, 2021 December 31, 2020 Discount rate 2.82 % 2.44 % Rate of increase in future compensation levels 1 2.55 % 2.54 % 1. The rate of compensation increase excludes U.S. pension plans since the employees who participate in the U.S. pension plans no longer accrue additional benefits for future service and eligible compensation. The weighted-average assumptions used to determine net periodic benefit costs for all pension plans are summarized in the table below: Weighted-Average Assumptions used to Determine Net Periodic Benefit Cost For the Year Ended December 31, 2021 2020 2019 Discount rate 2.44 % 3.19 % 4.19 % Rate of increase in future compensation levels 1 2.54 % 2.60 % 2.84 % Expected long-term rate of return on plan assets 5.73 % 6.25 % 6.24 % 1. The rate of compensation increase excludes U.S. pension plans since the employees who participate in the U.S. pension plans no longer accrue additional benefits for future service and eligible compensation. The weighted-average assumptions used to determine benefit obligations for OPEB plans are summarized in the table below: Weighted-Average Assumptions used to Determine Benefit Obligations December 31, 2021 December 31, 2020 Discount rate 2.59 % 2.09 % The weighted-average assumptions used to determine net periodic benefit costs for the OPEB plans are summarized in the two tables below: Weighted-Average Assumptions used to Determine Net Periodic Benefit Cost For the Year Ended December 31, 2021 2020 2019 Discount rate 2.09 % 3.07 % 3.93 % As of December 31, 2021, health care cost trend rates do not impact the benefit obligations for the OPEB plans because of the 2020 OPEB Plan Amendments. For the year ended December 31, 2020 and 2019, the health care cost trend rate was assumed to be 7.0 percent and 7.2 percent for next year, respectively. |
Schedule of Pension Plans and Other Postemployment Benefits [Table Text Block] | Summarized information on the company's pension and other post employment benefit plans is as follows: Change in Projected Benefit Obligations, Plan Assets and Funded Status Defined Benefit Pension Plans Other Post Employment Benefits (In millions) For the Year Ended December 31, 2021 For the Year Ended December 31, 2020 For the Year Ended December 31, 2021 For the Year Ended December 31, 2020 Change in benefit obligations: Benefit obligation at beginning of the period $ 21,682 $ 21,004 $ 1,571 $ 2,591 Service cost 25 26 1 2 Interest cost 364 559 21 66 Plan participants' contributions 3 2 35 34 Actuarial (gain) loss (524) 1,659 (33) 59 Benefits paid (1,490) (1,538) (233) (241) Plan amendments (15) (3) — (939) Other 1 (240) — — — Effect of foreign exchange rates (30) (27) — (1) Benefit obligations at end of the period $ 19,775 $ 21,682 $ 1,362 $ 1,571 Change in plan assets: Fair value of plan assets at beginning of the period $ 17,835 $ 16,941 $ — $ — Actual return on plan assets 1,685 2,404 — — Employer contributions 49 62 198 207 Plan participants' contributions 3 2 35 34 Benefits paid (1,490) (1,538) (233) (241) Other 1 (240) — — — Effect of foreign exchange rates (15) (36) — — Fair value of plan assets at end of the period $ 17,827 $ 17,835 $ — $ — Funded status U.S. plan with plan assets $ (1,471) $ (3,301) $ — $ — Non-U.S. plans with plan assets (62) (98) — — All other plans 2,3 (415) (448) (1,362) (1,571) Funded status at end of the period $ (1,948) $ (3,847) $ (1,362) $ (1,571) 1. Relates to the transfer of certain benefit obligations and related assets associated with the principal U.S. pension plan to an insurance company through the purchase of nonparticipating group annuity contracts. 2. As of December 31, 2021 and December 31, 2020, $219 million and $249 million, respectively, of the benefit obligations are supported by funding under the Trust agreement, defined in the "Trust Assets" section below. 3. Includes pension plans maintained around the world where funding is not customary. Defined Benefit Pension Plans Other Post Employment Benefits (In millions) December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Amounts recognized in the Consolidated Balance Sheets: Other Assets $ 4 $ 7 $ — $ — Accrued and other current liabilities (46) (32) (144) (217) Pension and other post employment benefits - noncurrent (1,906) (3,822) (1,218) (1,354) Net amount recognized $ (1,948) $ (3,847) $ (1,362) $ (1,571) Pretax amounts recognized in accumulated other comprehensive income (loss): Net gain (loss) $ (543) $ (1,886) $ (50) $ (163) Prior service benefit (cost) 27 14 17 939 Pretax balance in accumulated other comprehensive income (loss) at end of year $ (516) $ (1,872) $ (33) $ 776 |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] | Pension Plans with Projected Benefit Obligations in Excess of Plan Assets December 31, 2021 December 31, 2020 (In millions) Projected benefit obligations $ 19,519 $ 21,513 Fair value of plan assets 17,567 17,659 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets December 31, 2021 December 31, 2020 (In millions) Accumulated benefit obligations $ 19,501 $ 21,369 Fair value of plan assets 17,567 17,550 |
Schedule of Net Benefit Costs [Table Text Block] | (In millions) Defined Benefit Pension Plans Other Post Employment Benefits For the Year Ended December 31, For the Year Ended December 31, Components of net periodic benefit (credit) cost and amounts recognized in other comprehensive income (loss) 2021 2020 2019 2021 2020 2019 Net Periodic Benefit (Credit) Cost: Service cost $ 25 $ 26 $ 41 $ 1 $ 2 $ 4 Interest cost 364 559 769 21 66 84 Expected return on plan assets (915) (1,000) (1,078) — — — Amortization of unrecognized loss (gain) 55 4 3 81 1 (1) Amortization of prior service (benefit) cost (2) (1) (1) (922) — — Curtailment loss (gain) — — (2) (1) — — Settlement loss 1 3 4 — — — Net periodic benefit (credit) cost - Total $ (472) $ (409) $ (264) $ (820) $ 69 $ 87 Less: Discontinued operations 1 — — (14) — — — Net periodic benefit (credit) cost - continuing operations $ (472) $ (409) $ (250) $ (820) $ 69 $ 87 Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net gain (loss) $ 1,284 $ (247) $ (970) $ 33 $ (59) $ (211) Amortization of unrecognized (gain) loss 55 4 2 81 1 (1) Prior service benefit (cost) 15 3 11 — 939 — Amortization of prior service (benefit) cost (2) (1) (1) (922) — — Curtailment (gain) loss — — — (1) — — Settlement loss 1 3 4 — — — Effect of foreign exchange rates 3 (2) 5 — 1 — Total benefit (loss) recognized in other comprehensive income (loss), attributable to Corteva $ 1,356 $ (240) $ (949) $ (809) $ 882 $ (212) Total recognized in net periodic benefit (credit) cost and other comprehensive income (loss) $ 1,828 $ 169 $ (685) $ 11 $ 813 $ (299) 1. Includes non-service related components of net periodic benefit credit of $(31) million for the year ended December 31, 2019. |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated Future Benefit Payments at December 31, 2021 Defined Benefit Pension Plans Other Post Employment Benefits (In millions) 2022 $ 1,459 $ 144 2023 1,409 134 2024 1,378 126 2025 1,341 118 2026 1,305 112 Years 2027-2031 5,913 399 Total $ 12,805 $ 1,033 |
Schedule of Allocation of Plan Assets [Table Text Block] | Target Allocation for Plan Assets December 31, 2021 December 31, 2020 Asset Category U.S. equity securities 11 % 20 % Non-U.S. equity securities 11 16 Fixed income securities 58 51 Hedge funds 2 2 Private market securities 8 6 Real estate 5 4 Cash and cash equivalents 5 1 Total 100 % 100 % Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 For the year ended December 31, 2021 (In millions) Cash and cash equivalents $ 2,543 $ 2,543 $ — $ — U.S. equity securities 1 2,400 2,394 2 4 Non-U.S. equity securities 1,523 1,523 — — Debt – government-issued 3,271 — 3,271 — Debt – corporate-issued 4,591 — 4,589 2 Debt – asset-backed 682 — 682 — Private market securities 3 — — 3 Real estate 26 — — 26 Other 78 — 3 75 Subtotal $ 15,117 $ 6,460 $ 8,547 $ 110 Investments measured at net asset value Debt - government issued 37 Debt - corporate issued 7 U.S. equity securities 33 Non-U.S. equity securities 34 Hedge funds 394 Private market securities 1,822 Real estate funds 759 Total investments measured at net asset value $ 3,086 Other items to reconcile to fair value of plan assets Pension trust receivables 2 655 Pension trust payables 3 (1,031) Total $ 17,827 1. The Corteva pension plans directly held $201 million (approximately 1 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2021. 2. Primarily receivables for investments securities sold. 3. Primarily payables for investment securities purchased. Basis of Fair Value Measurements For the year ended December 31, 2020 (In millions) Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 2,616 $ 2,616 $ — $ — U.S. equity securities 1 3,905 3,898 2 5 Non-U.S. equity securities 2,194 2,189 2 3 Debt – government-issued 3,569 — 3,569 — Debt – corporate-issued 2,579 — 2,576 3 Debt – asset-backed 616 — 616 — Private market securities 3 — — 3 Real estate 28 — — 28 Other 76 — 3 73 Subtotal $ 15,586 $ 8,703 $ 6,768 $ 115 Investments measured at net asset value Debt - government issued 36 Debt - corporate issued 7 U.S. equity securities 32 Non-U.S. equity securities 32 Hedge funds 391 Private market securities 1,381 Real estate funds 590 Total investments measured at net asset value $ 2,469 Other items to reconcile to fair value of plan assets Pension trust receivables 2 214 Pension trust payables 3 (434) Total $ 17,835 1. The Corteva pension plans directly held $165 million (approximately 1 percent of total plan assets) of Corteva, Inc. at December 31, 2020. 2. Primarily receivables for investments securities sold. 3. Primarily payables for investment securities purchased. |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | Fair Value Measurement of Level 3 Pension Plan Assets U.S. equity securities Non-U.S. equity securities Debt – corporate-issued Private market securities Real estate Other Total (In millions) Balance at January 1, 2020 $ 9 $ 4 $ 4 $ 2 $ 33 $ — $ 52 Actual return on assets: Relating to assets sold during the year ended December 31, 2020 (25) (6) (7) — — — (38) Relating to assets held at December 31, 2020 21 5 5 1 (5) 7 34 Purchases, sales and settlements, net — — — — — 5 5 Transfers in or out of Level 3, net — — 1 — — 61 62 Balance at December 31, 2020 $ 5 $ 3 $ 3 $ 3 $ 28 $ 73 $ 115 Actual return on assets: Relating to assets sold during the year ended December 31, 2021 1 (1) (5) — — — (5) Relating to assets held at December 31, 2021 (3) (1) 6 — (2) (2) (2) Purchases, sales and settlements, net 1 (1) (2) — — 4 2 Balance at December 31, 2021 $ 4 $ — $ 2 $ 3 $ 26 $ 75 $ 110 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Average Assumptions - Stock Option Awards | Weighted-Average Assumptions OIP EIP For the year ended December 31, 2021 For the year ended December 31, 2020 For the year ended December 31, 2019 Dividend yield 1.14 % 1.67 % 1.55 % Expected volatility 29.44 % 23.14 % 19.80 % Risk-free interest rate 1.0 % 1.3 % 2.4 % Expected life of stock options granted during period (years) 6.0 6.0 6.1 |
OIP [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Option Activity | Stock Options For the Year Ended December 31, 2021 Number of Shares Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at January 1, 2021 8,998 $ 34.21 5.27 $ 50,077 Granted 849 45.37 Exercised (3,206) 32.44 Forfeited/Expired (218) 33.39 Outstanding at December 31, 2021 6,423 $ 36.65 5.69 $ 68,219 Exercisable at December 31, 2021 4,739 $ 36.15 4.76 $ 52,726 |
RSU and PSU Activity | RSUs & PSUs For the Year Ended December 31, 2021 Number of Shares Weighted Average Grant Date Fair Value Nonvested at January 1, 2021 5,883 $ 31.54 Granted 1,536 $ 45.30 Vested (1,583) $ 35.59 Forfeited (234) $ 32.99 Nonvested at December 31, 2021 5,602 $ 34.11 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative [Line items] | |
Notional Amounts of Derivatives | Notional Amounts (In millions) December 31, 2021 December 31, 2020 Derivatives designated as hedging instruments: Foreign currency contracts $ 1,252 $ 1,164 Commodity contracts $ 845 $ 383 Derivatives not designated as hedging instruments: Foreign currency contracts $ 103 $ 647 Commodity contracts $ 4 $ — |
Fair Value of Derivatives Instruments | December 31, 2021 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 37 $ — $ 37 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 31 (20) 11 Commodity contracts Other current assets 3 — 3 Total asset derivatives $ 71 $ (20) $ 51 Liability derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 1 $ — $ 1 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities 23 $ (20) 3 Commodity contracts Accrued and other current liabilities 2 — 2 Total liability derivatives $ 26 $ (20) $ 6 December 31, 2020 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 15 $ — $ 15 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 40 (40) — Total asset derivatives $ 55 $ (40) $ 15 Liability derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 38 $ — $ 38 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities 97 (40) 57 Total liability derivatives $ 135 $ (40) $ 95 |
Effect of Derivative Instruments | Amount of Gain (Loss) Recognized in OCI 1 - Pre-Tax For the Year Ended December 31, (In millions) 2021 2020 2019 Derivatives designated as hedging instruments: Net investment hedges: Foreign currency contracts $ 37 $ (45) $ — Cash flow hedges: Foreign currency contracts 27 (4) — Commodity contracts 129 (62) 23 Total derivatives designated as hedging instruments $ 193 $ (111) $ 23 1. OCI is defined as other comprehensive income (loss). (in millions) Amount of (Loss) Gain Recognized in Income - Pre-Tax 1 For the Year Ended December 31, 2021 2020 2019 Derivatives designated as hedging instruments: Cash flow hedges: Foreign currency contracts 2 $ (29) $ 17 $ — Commodity contracts 2 42 (35) (13) Total derivatives designated as hedging instruments 13 (18) (13) Derivatives not designated as hedging instruments: Foreign currency contracts 3 18 89 (58) Foreign currency contracts 2 (14) 14 — Commodity contracts 2 (18) 9 9 Total derivatives not designated as hedging instruments (14) 112 (49) Total derivatives $ (1) $ 94 $ (62) 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 - net was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 9 - Supplementary Information, to the Consolidated Financial Statements for additional information. |
Schedule of Available-for-sale Securities Reconciliation | Investing Results For the Year Ended December 31, (In millions) 2021 Proceeds from sales of available-for-sale securities $ 226 Gross realized losses $ (7) |
Commodity Contract [Member] | |
Derivative [Line items] | |
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | For the Year Ended December 31, (In millions) 2021 2020 2019 Beginning balance $ (16) $ 2 $ (26) Additions and revaluations of derivatives designated as cash flow hedges 92 (44) 16 Clearance of hedge results to earnings (29) 26 12 Ending balance $ 47 $ (16) $ 2 |
Foreign Exchange Contract [Member] | |
Derivative [Line items] | |
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | (In millions) For the Year Ended December 31, 2021 For the Year Ended December 31, 2020 Beginning balance $ (17) $ — Additions and revaluations of derivatives designated as cash flow hedges 24 (3) Clearance of hedges results to earnings 25 (14) Ending balance $ 32 $ (17) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2021 Significant Other Observable Inputs (In millions) Level 1 Level 2 Assets at fair value: Marketable securities $ — $ 86 Derivatives relating to: 1 Foreign currency — 68 Equity securities 2 48 — Total assets at fair value $ 48 $ 154 Liabilities at fair value: Derivatives relating to: 1 Foreign currency — 24 Total liabilities at fair value $ — $ 24 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 3 226 — Derivatives relating to: 1 Foreign currency — 55 Total assets at fair value $ 226 $ 98 Liabilities at fair value: Derivatives relating to: 1 Foreign currency $ — $ 135 Total liabilities at fair value $ — $ 135 1. See Note 22 - Financial Instruments, to the Consolidated Financial Statements, for the classification of derivatives in the Consolidated Balance Sheets. 2. The company's equity securities are included in "other assets" in the Consolidated Balance Sheets. |
Fair Value, Assets Measured on Nonrecurring Basis [Table Text Block] | Basis of Fair Value Measurements on a Nonrecurring Basis Significant Other Unobservable Inputs Total Losses (In millions) 2019 Assets at fair value: Developed technology $ — $ (1) Other intangible assets $ — $ (6) IPR&D $ — $ (137) |
Geographic Information (Tables)
Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Geographic Area, Revenues from External Customers [Abstract] | |
Net Sales by Geographic Area | Net Sales For the Year Ended December 31, (In millions) 2021 2020 2019 United States $ 6,782 $ 6,510 $ 6,255 Canada 754 658 674 EMEA 3,123 2,842 2,740 Latin America 1 3,545 2,805 2,889 Asia Pacific 1,451 1,402 1,288 Total $ 15,655 $ 14,217 $ 13,846 1. Net sales for Brazil for the years ended December 31, 2021, 2020 and 2019 were $2,315 million , |
Net Property By Geographic Area | Net Property (In millions) 2021 2020 2019 United States $ 3,051 $ 3,014 $ 3,069 Canada 114 122 125 EMEA 566 601 566 Latin America 468 510 608 Asia Pacific 130 149 178 Total $ 4,329 $ 4,396 $ 4,546 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (In millions) Seed Crop Protection Total As of and for the Year Ended December 31, 2021 Net sales $ 8,402 $ 7,253 $ 15,655 Segment operating EBITDA $ 1,512 $ 1,202 $ 2,714 Depreciation and amortization $ 866 $ 377 $ 1,243 Segment assets $ 23,270 $ 12,428 $ 35,698 Investments in nonconsolidated affiliates $ 29 $ 47 $ 76 Purchases of property, plant and equipment $ 237 $ 336 $ 573 As of and for the Year Ended December 31, 2020 Net sales $ 7,756 $ 6,461 $ 14,217 Segment operating EBITDA $ 1,208 $ 1,004 $ 2,212 Depreciation and amortization $ 798 $ 379 $ 1,177 Segment assets $ 23,751 $ 13,099 $ 36,850 Investments in nonconsolidated affiliates $ 22 $ 44 $ 66 Purchases of property, plant and equipment $ 225 $ 250 $ 475 As of and for the Year Ended December 31, 2019 Net sales $ 7,590 $ 6,256 $ 13,846 Pro forma segment operating EBITDA $ 1,040 $ 1,066 $ 2,106 Depreciation and amortization $ 628 $ 372 $ 1,000 Segment assets 1 $ 25,387 $ 13,492 $ 38,879 Investments in nonconsolidated affiliates $ 27 $ 39 $ 66 Purchase of property, plant and equipment $ 373 $ 293 $ 666 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Income (loss) from continuing operations after income taxes to segment operating EBITDA For the Year Ended December 31, (In millions) 2021 2020 2019 Income (loss) from continuing operations after income taxes $ 1,822 $ 756 $ (270) Provision for (benefit from) income taxes on continuing operations 524 (81) (46) Income (loss) from continuing operations before income taxes 2,346 675 (316) Depreciation and amortization 1,243 1,177 1,000 Interest income (77) (56) (59) Interest expense 30 45 136 Exchange (gains) losses - net 1 54 174 66 Non-operating (benefits) costs - net (1,256) (316) (129) Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges 2 — Significant items 236 388 991 Pro forma adjustments 298 Corporate expenses 138 125 119 Segment operating EBITDA 3 $ 2,714 $ 2,212 $ 2,106 1. Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso. See Note 9 - Supplementary Information, to the Consolidated Financial Statements, for additional information. 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 were no unrealized mark-to-market (gains) losses for the years ended December 31, 2020 and 2019. 3. The year ended December 31, 2019 is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Segment assets to total assets (in millions) December 31, 2021 December 31, 2020 Total segment assets $ 35,698 $ 36,850 Corporate assets 6,646 5,799 Total assets $ 42,344 $ 42,649 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | Other Items (in millions) Segment Totals Adjustments 1 Consolidated Totals For the Year Ended December 31, 2019 Depreciation and amortization $ 1,000 $ 599 $ 1,599 Purchase of property, plant and equipment $ 666 $ 497 $ 1,163 |
Schedule of Additional Segment Details [Table Text Block] | (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2021 Restructuring and Asset Related Charges - Net 1 $ (152) $ (59) $ (78) $ (289) Equity securities mark-to-market gain (loss) 47 — — 47 Employee Retention Credit 37 23 — 60 Contract termination (30) (24) — (54) Total $ (98) $ (60) $ (78) $ (236) (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2020 Restructuring and Asset Related Charges - Net 1 $ (165) $ (109) $ (61) $ (335) Loss on Divestiture 2 — (53) — (53) Total $ (165) $ (162) $ (61) $ (388) (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2019 3 Restructuring and Asset Related Charges - Net 1 $ (213) $ (23) $ 14 $ (222) Integration and Separation Costs 4 — — (632) (632) Loss on Divestiture 5 (24) — — (24) Amortization of Inventory Step Up 6 (67) — — (67) Loss on Early Extinguishment of Debt 7 — — (13) (13) Argentina Currency Devaluation 8 — — (33) (33) Total $ (304) $ (23) $ (664) $ (991) 1. Includes Board approved restructuring plans and asset related charges as well as accelerated prepaid amortization. See Note 7 - Restructuring and Asset Related Charges - Net, to the Consolidated Financial Statements, for additional information. 2. Includes a loss recorded in other income - net related to the sale of the La Porte site. 3. The year ended December 31, 2019 is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. 4. Integration and separation costs include costs incurred to prepare for and close the Merger, post-Merger integration expenses, and costs incurred to prepare for the Internal Reorganizations. Beginning in the second quarter of 2019, this includes both integration and separation costs. 5. Includes a loss recorded in other income - net related to DAS's sale of a joint venture related to synergy actions. 6. Includes a charge related to the amortization of the inventory that was stepped up to fair value in connection with the Merger. 7. Includes a loss on early extinguishment of debt related to the difference between the redemption price and the par value of the Make Whole Notes and Term Loan Facility, partially offset by the write-off of unamortized step-up related to the fair value step-up of EID's debt. 8. Includes a charge included in other income - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. Throughout the three months ended September 30, 2019, the Argentine Peso dropped approximately a third of its value against the US dollar and in September of 2019, the country’s central bank announced new restrictions on foreign currency transactions. |
EID Income Taxes (Tables)
EID Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Geographic Allocation of Income and Provision for Income Taxes | Geographic Allocation of Income (Loss) and Provision for (Benefit from) Income Taxes For the Year Ended December 31, (In millions) 2021 2020 2019 Income (loss) from continuing operations before income taxes Domestic $ 941 $ (83) $ (1,352) Foreign 1,405 758 1,036 Income (loss) from continuing operations before income taxes $ 2,346 $ 675 $ (316) Current tax expense (benefit) Federal $ (13) $ 28 $ (11) State and local 6 9 1 Foreign 329 222 317 Total current tax expense (benefit) $ 322 $ 259 $ 307 Deferred tax expense (benefit) Federal $ 164 $ (116) $ (392) State and local 55 27 156 Foreign (17) (251) (117) Total deferred tax expense (benefit) $ 202 $ (340) $ (353) Provision for (benefit from) income taxes on continuing operations 524 (81) (46) Net income (loss) from continuing operations after taxes $ 1,822 $ 756 $ (270) |
Reconciliation to US Statutory Rate | Reconciliation to U.S. Statutory Rate For the Year Ended December 31, 2021 2020 2019 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Effective tax rates on international operations - net 1 (2.5) (13.9) (18.4) Acquisitions, divestitures and ownership restructuring activities 2 (0.1) (0.3) (10.7) U.S. research and development credit (2.4) (2.9) 7.0 Exchange gains/losses 3 1.9 3.5 (1.8) State and local incomes taxes - net 2.1 4.0 3.2 Impact of Swiss Tax Reform 4 0.2 (27.0) 11.9 Excess tax benefits/deficiencies from stock compensation (0.2) 1.0 (0.6) Tax settlements and expiration of statute of limitations — 0.4 3.9 Other - net 2.3 2.2 (0.9) Effective tax rate on income from continuing operations 22.3 % (12.0) % 14.6 % 1. Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. Includes a tax benefit of $(51) million for the year ended December 31, 2020, related to a return to accrual adjustment associated with an elective change in accounting method for the 2019 tax year impact of foreign tax provisions. 2. See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information. 3. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, under the heading Foreign Currency Risk. 4. Reflects tax benefits of $(182) million primarily driven by the recognition of an elective cantonal component of the recent enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform") for the year ended December 31, 2020. Reflects tax benefits of $(38) million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"), for the year ended December 31, 2019. |
EID [Member] | |
Geographic Allocation of Income and Provision for Income Taxes | Geographic Allocation of Income (Loss) and Provision for (Benefit from) Income Taxes For the Year Ended December 31, (In millions) 2021 2020 2019 Income (loss) from continuing operations before income taxes Domestic $ 892 $ (183) $ (1,458) Foreign 1,404 758 1,036 Income (loss) from continuing operations before income taxes $ 2,296 $ 575 $ (422) Current tax expense (benefit) Federal $ (23) $ 8 $ (11) State and local 4 5 1 Foreign 329 222 317 Total current tax expense (benefit) $ 310 $ 235 $ 307 Deferred tax (benefit) expense Federal $ 164 $ (116) $ (417) State and local 55 27 156 Foreign (17) (251) (117) Total deferred tax expense (benefit) $ 202 $ (340) $ (378) Provision for (benefit from) income taxes on continuing operations 512 (105) (71) Net income (loss) from continuing operations $ 1,784 $ 680 $ (351) |
Reconciliation to US Statutory Rate | Reconciliation to U.S. Statutory Rate For the Year Ended December 31, 2021 2020 2019 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Effective tax rates on international operations - net 1 (2.6) (16.4) (13.8) Acquisitions, divestitures and ownership restructuring activities 2 (0.1) (0.3) (8.0) U.S. research and development credit (2.5) (3.4) 5.2 Exchange gains/losses 3 1.9 4.1 (1.3) State and local income taxes - net 2.2 4.2 3.0 Impact of Swiss Tax Reform 4 0.2 (31.7) 8.9 Excess tax benefits/deficiencies from stock compensation (0.2) 1.2 (0.5) Tax settlements and expiration of statute of limitations — 0.4 2.9 Other - net 2.3 2.6 (0.6) Effective tax rate 22.2 % (18.3) % 16.8 % 1. Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. Includes a tax benefit of $(51) million for the year ended December 31, 2020, related to a return to accrual adjustment associated with an elective change in accounting method that alters the 2019 impact of foreign tax provisions. 2. See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, of the Corteva, Inc. Consolidated Financial Statements for additional information. 3. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, of the Corteva, Inc. Consolidated Financial Statements under the heading Foreign Currency Risk. 4. Reflects tax benefits of $(182) million primarily driven by the recognition of an elective cantonal component of the recent enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform") for the year ended December 31, 2020. Reflects tax benefits of $(38) million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"), for the year ended December 31, 2019. |
EID Segment FN (Tables)
EID Segment FN (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting, Asset Reconciling Item [Line Items] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Income (loss) from continuing operations after income taxes to segment operating EBITDA For the Year Ended December 31, (In millions) 2021 2020 2019 Income (loss) from continuing operations after income taxes $ 1,822 $ 756 $ (270) Provision for (benefit from) income taxes on continuing operations 524 (81) (46) Income (loss) from continuing operations before income taxes 2,346 675 (316) Depreciation and amortization 1,243 1,177 1,000 Interest income (77) (56) (59) Interest expense 30 45 136 Exchange (gains) losses - net 1 54 174 66 Non-operating (benefits) costs - net (1,256) (316) (129) Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges 2 — Significant items 236 388 991 Pro forma adjustments 298 Corporate expenses 138 125 119 Segment operating EBITDA 3 $ 2,714 $ 2,212 $ 2,106 1. Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso. See Note 9 - Supplementary Information, to the Consolidated Financial Statements, for additional information. 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 were no unrealized mark-to-market (gains) losses for the years ended December 31, 2020 and 2019. 3. The year ended December 31, 2019 is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Segment assets to total assets (in millions) December 31, 2021 December 31, 2020 Total segment assets $ 35,698 $ 36,850 Corporate assets 6,646 5,799 Total assets $ 42,344 $ 42,649 |
EID [Member] | |
Segment Reporting, Asset Reconciling Item [Line Items] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) For the Year Ended December 31, 2021 2020 2019 Income (loss) from continuing operations after income taxes $ 1,784 $ 680 $ (351) Provision for (benefit from) income taxes on continuing operations 512 (105) (71) Income (loss) from continuing operations before income taxes 2,296 575 (422) Depreciation and amortization 1,243 1,177 1,000 Interest income (77) (56) (59) Interest expense 80 145 242 Exchange losses - net 1 54 174 66 Non-operating (benefits) costs - net (1,256) (316) (129) Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges 2 — Significant items 236 388 991 Pro forma adjustments 298 Corporate expenses 138 125 119 Segment operating EBITDA 3 $ 2,714 $ 2,212 $ 2,106 1. Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso. See Note 9 - Supplementary Information, of the Corteva, Inc. Consolidated Financial Statements for additional information. 2. Effective January 1, 2021, on a prospective basis, the company excludes net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. There were no unrealized mark-to-market (gains) losses for the years ended December 31, 2020 and 2019. |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | $ 208 | $ 174 | $ 127 | |
Additions charged to expenses | [1] | 6 | 52 | 69 |
Deductions from reserves | [1],[2] | (4) | (18) | (22) |
Balance at end of period | 210 | 208 | 174 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | 453 | 457 | 669 | |
Additions charged to expenses | 97 | 56 | 20 | |
Deductions from reserves | [3] | (184) | (60) | (232) |
Balance at end of period | $ 366 | $ 453 | $ 457 | |
[1] | Classifications in the changes in the allowance for doubtful receivables for the period ended December 31, 2020 have been adjusted from their previous presentation. Adjustments did not impact the amount of the provision or the allowance for doubtful receivables recorded in the Consolidated Statements of Operations or the Consolidated Balance Sheets. | |||
[2] | Deductions include write-offs, recoveries collected and currency translation adjustments. | |||
[3] | Deductions include currency translation adjustments. |
Background and Basis of Prese_3
Background and Basis of Presentation (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2020USD ($) | Dec. 31, 2021$ / sharesshares | Dec. 31, 2019USD ($) | Feb. 03, 2022$ / shares | Dec. 31, 2020$ / sharesshares | Jun. 26, 2019$ / shares | Jun. 03, 2019$ / sharesshares | Jun. 01, 2019 | Apr. 01, 2019$ / shares | |
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Common Stock, Shares Authorized | shares | 1,666,667,000 | 1,666,667,000 | |||||||
Internal Reorganization [Member] | |||||||||
Reclassification of Divisional Equity to Additional Paid in Capital | $ | $ 40 | ||||||||
EID [Member] | |||||||||
Common Stock, Par Value | $ 0.30 | $ 0.30 | $ 0.30 | ||||||
Common Stock, Shares Authorized | shares | 1,800,000,000 | 1,800,000,000 | |||||||
Reclassification of Divisional Equity to Additional Paid in Capital | $ | $ 0 | ||||||||
EID [Member] | Corteva [Member] | |||||||||
Ownership interest in an entity | 100.00% | ||||||||
Dow [Member] | |||||||||
Common Stock, Par Value | $ 0.01 | ||||||||
Corteva [Member] | |||||||||
Number of Reportable Segments | 2 | ||||||||
Common Stock, Par Value | $ 0.01 | $ 0.01 | |||||||
Common Stock, Shares Authorized | shares | 748,815,000 | ||||||||
Shares of DowDuPont Common Stock Held [Member] | Corteva [Member] | |||||||||
Exchange Ratio | 3 | ||||||||
Shares of Corteva Stock [Member] | Corteva [Member] | |||||||||
Exchange Ratio | 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Integration and Separation Costs | $ 0 | $ 0 | $ 744 |
Percentage of FIFO Inventory | 60.00% | ||
Percentage of Weighted Average Cost Inventory | 40.00% | ||
Minimum [Member] | |||
Definite-Lived Intangible Asset, Useful Life | 2 years | ||
Maximum [Member] | |||
Definite-Lived Intangible Asset, Useful Life | 25 years | ||
Other Current Assets [Member] | |||
Prepaid Royalties | $ 303 | ||
Restricted Cash | 377 | $ 347 | |
Other Assets [Member] | |||
Prepaid Royalties - Long-Term | $ 256 |
Business Combinations DAS Commo
Business Combinations DAS Common Control Transfer Income Statement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | |||
Net Sales | $ 15,655 | $ 14,217 | $ 13,846 |
Income (loss) from continuing operations before income taxes | 2,346 | 675 | (316) |
Income (loss) from continuing operations after income taxes | $ 1,822 | $ 756 | $ (270) |
Divestitures and Other Transa_3
Divestitures and Other Transactions Divestitures and Other Transactions - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income (loss) from discontinued operations after income taxes | $ (53) | $ (55) | $ (671) |
Specialty Products Disposal [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Goodwill Impairment Charge | 1,102 | ||
Equity Method Investment, Other than Temporary Impairment | 63 | ||
Income (loss) from discontinued operations after income taxes | (859) | ||
Divested Ag Business [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income (loss) from discontinued operations after income taxes | 80 | ||
Other discontinued operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income (loss) from discontinued operations after income taxes | 10 | $ 89 | |
Accounts and Notes Receivable [Member] | DuPont de Nemours [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Indemnification Assets | 25 | ||
Other Assets [Member] | DuPont de Nemours [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Indemnification Assets | 75 | ||
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 | 20 | ||
Other Noncurrent Obligations [Member] | DuPont de Nemours [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Indemnified Liabilities | 75 | ||
Other Noncurrent Obligations [Member] | Dow [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Indemnified Liabilities | $ 42 |
Divestitures and Other Transa_4
Divestitures and Other Transactions ECP Divestiture (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income (loss) from discontinued operations after income taxes | $ (53) | $ (55) | $ (671) |
ECP Disposal [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Sales | 362 | ||
Cost of Goods Sold | 259 | ||
Research and Development Expense | 4 | ||
Selling, General and Administrative | 9 | ||
Amortization of Intangibles | 23 | ||
Restructuring and Asset Related Charges - Net | 2 | ||
Integration and Separation Costs | 44 | ||
Other Income - net | 2 | ||
Income (Loss) from Discontinued Operation, before Income Tax | 23 | ||
Provision for (Benefit from) Income Taxes, Discontinued Operation | 4 | ||
Income (loss) from discontinued operations after income taxes | 19 | ||
Depreciation | 28 | ||
Capital Expenditures | $ 16 |
Divestitures and Other Transa_5
Divestitures and Other Transactions SP Divestiture (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
(Loss) income from discontinued operations after income taxes | $ (53) | $ (55) | $ (671) |
Specialty Products Disposal [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Sales | 5,030 | ||
Cost of Goods Sold | 3,352 | ||
Research and Development Expense | 204 | ||
Selling, General and Administrative | 573 | ||
Amortization of Intangibles | 267 | ||
Restructuring and Asset Related Charges - Net | 115 | ||
Integration and Separation Costs | 253 | ||
Goodwill Impairment Charge | 1,102 | ||
Other Income - net | 57 | ||
(Loss) Income from Discontinued Operation, before Income Tax | (779) | ||
Provision for Income Taxes, Discontinued Operation | 80 | ||
(Loss) income from discontinued operations after income taxes | (859) | ||
Depreciation | 281 | ||
Capital Expenditures | $ 481 |
Divestitures and Other Transa_6
Divestitures and Other Transactions Divestitures and Other Transactions - Divested Ag Business Results of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 01, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | $ 12,595 | $ 12,599 | ||
Income (loss) from discontinued operations after income taxes | (53) | (55) | $ (671) | |
Divested Ag Business [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) from discontinued operations after income taxes | 80 | |||
Favorable Supply Contract [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | $ 475 | $ 475 | ||
Favorable Supply Contract [Member] | Divested Ag Business [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | $ 495 |
Divestitures and Other Transa_7
Divestitures and Other Transactions Divestitures and Other Transactions - PChem Results of Operations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) from discontinued operations after income taxes | $ 53,000,000 | $ 55,000,000 | $ 671,000,000 | |
Chemours Contribution to MDL Settlement [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Litigation Settlement Amount | 29,000,000 | |||
MDL Settlement [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Litigation Settlement Amount | 83,000,000 | |||
PFOA Matters: Multi-District Litigation [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Litigation Settlement Amount | $ 670,700,000 | |||
Post-MDL Settlement PFOA Personal Injury Claims [Domain] | PFOA Matters: Drinking Water Actions [Member] | Compensatory Damages [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Litigation Settlement Amount | $ 40,000,000 | |||
Post-MDL Settlement PFOA Personal Injury Claims [Domain] | Settled Litigation [Member] | PFOA Matters: Drinking Water Actions [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss Contingency, Pending Claims, Number | 95 | |||
Performance Chemicals [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
(Loss) Income from Discontinued Operation, before Income Tax | $ 48,000,000 | $ 65,000,000 | ||
DuPont de Nemours [Member] | Accounts and Notes Receivable [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnification Assets | 25,000,000 | |||
DuPont de Nemours [Member] | Other Assets [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnification Assets | 75,000,000 | |||
DuPont de Nemours [Member] | Other Noncurrent Obligations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnified Liabilities | $ 75,000,000 |
Revenue Narrative (Details)
Revenue Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining Performance Obligation | $ 123 | $ 115 |
Minimum [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining Performance Obligation, Expected Timing of Satisfaction | 1 year | |
Maximum [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining Performance Obligation, Expected Timing of Satisfaction | 6 years |
Revenue Contract Balances (Deta
Revenue Contract Balances (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disaggregation of Revenue [Line Items] | ||||
Accounts and notes receivable - trade | [1] | $ 3,561 | $ 3,917 | |
Contract assets - current | [2] | 24 | 22 | |
Contract assets - noncurrent | [3] | 58 | 54 | |
Deferred Revenue | 3,201 | 2,662 | ||
Deferred Revenue Recognized During the Period | 2,613 | 2,540 | $ 2,146 | |
Other Noncurrent Obligations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Deferred Revenue | [4] | $ 120 | $ 116 | |
[1] | Included in accounts and notes receivable - net in the Consolidated Balance Sheets. | |||
[2] | Included in other current assets in the Consolidated Balance Sheets. | |||
[3] | Included in other assets in the Consolidated Balance Sheets. | |||
[4] | Included in other noncurrent obligations in the Consolidated Balance Sheets. |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue - Products (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Net Sales | $ 15,655 | $ 14,217 | $ 13,846 |
Seed [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 8,402 | 7,756 | 7,590 |
Seed [Member] | Corn [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 5,618 | 5,182 | 5,126 |
Seed [Member] | Soybean [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 1,568 | 1,445 | 1,387 |
Seed [Member] | Other oilseeds [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 752 | 619 | 593 |
Seed [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 464 | 510 | 484 |
Crop Protection [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 7,253 | 6,461 | 6,256 |
Crop Protection [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 398 | 385 | 326 |
Crop Protection [Member] | Herbicides [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 3,815 | 3,280 | 3,206 |
Crop Protection [Member] | Insecticides [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 1,730 | 1,764 | 1,652 |
Crop Protection [Member] | Fungicides [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | $ 1,310 | $ 1,032 | $ 1,072 |
Revenue Disaggregation of Rev_2
Revenue Disaggregation of Revenue - Geo (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 15,655 | $ 14,217 | $ 13,846 | |
EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 3,123 | 2,842 | 2,740 | |
Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 1,451 | 1,402 | 1,288 | |
Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | [1] | 3,545 | 2,805 | 2,889 |
Seed [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 8,402 | 7,756 | 7,590 | |
Seed [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | [2] | 5,004 | 4,795 | 4,724 |
Seed [Member] | EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | [3] | 1,599 | 1,468 | 1,378 |
Seed [Member] | Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 379 | 376 | 358 | |
Seed [Member] | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 1,420 | 1,117 | 1,130 | |
Crop Protection [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 7,253 | 6,461 | 6,256 | |
Crop Protection [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | [2] | 2,532 | 2,373 | 2,205 |
Crop Protection [Member] | EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | [3] | 1,524 | 1,374 | 1,362 |
Crop Protection [Member] | Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 1,072 | 1,026 | 930 | |
Crop Protection [Member] | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 2,125 | $ 1,688 | $ 1,759 | |
[1] | Net sales for Brazil for the years ended December 31, 2021, 2020 and 2019 were $2,315 million , | |||
[2] | Represents U.S. & Canada. | |||
[3] | Europe, Middle East, and Africa ("EMEA") |
Restructuring and Asset Relat_3
Restructuring and Asset Related Charges 2021 Restructuring Actions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges- net | $ 289 | $ 335 | $ 222 |
Asset Related Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges- net | 176 | ||
2021 Restructuring Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 0 | ||
Restructuring and asset related charges- net | 167 | 167 | |
Payments for Restructuring | (52) | ||
Asset write-offs | (51) | ||
Restructuring Reserve, Ending Balance | 64 | 0 | |
Asset Retirement Obligation | 6 | ||
2021 Restructuring Actions [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 0 | ||
Restructuring and asset related charges- net | 74 | 74 | |
Payments for Restructuring | (22) | ||
Asset write-offs | 0 | ||
Restructuring Reserve, Ending Balance | 52 | 0 | |
2021 Restructuring Actions [Member] | Asset Related Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 0 | ||
Restructuring and asset related charges- net | 51 | ||
Payments for Restructuring | 0 | ||
Asset write-offs | (51) | ||
Restructuring Reserve, Ending Balance | 0 | 0 | |
2021 Restructuring Actions [Member] | Contract Termination [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 0 | ||
Restructuring and asset related charges- net | 42 | ||
Payments for Restructuring | (30) | ||
Asset write-offs | 0 | ||
Restructuring Reserve, Ending Balance | $ 12 | 0 | |
Seed [Member] | 2021 Restructuring Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges- net | 31 | ||
Crop Protection [Member] | 2021 Restructuring Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges- net | 55 | ||
Corporate, Non-Segment [Member] | 2021 Restructuring Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges- net | $ 81 |
Restructuring and Asset Relat_4
Restructuring and Asset Related Charges Execute to Win Productivity Program (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges- net | $ 289 | $ 335 | $ 222 |
Asset Related Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges- net | 176 | ||
Execute to Win Productivity Program | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 185 | ||
Restructuring Reserve, Beginning Balance | 56 | ||
Restructuring and asset related charges- net | 9 | 176 | |
Payments for Restructuring | (30) | ||
Asset write-offs | (11) | ||
Restructuring Reserve, Ending Balance | 24 | 56 | |
Asset Retirement Obligation | 13 | ||
Execute to Win Productivity Program | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 61 | ||
Restructuring Reserve, Beginning Balance | 53 | ||
Restructuring and asset related charges- net | (2) | 63 | |
Payments for Restructuring | (27) | ||
Asset write-offs | 0 | ||
Restructuring Reserve, Ending Balance | 24 | 53 | |
Execute to Win Productivity Program | Asset Related Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 124 | ||
Restructuring Reserve, Beginning Balance | 3 | ||
Restructuring and asset related charges- net | 11 | 113 | |
Payments for Restructuring | (3) | ||
Asset write-offs | (11) | ||
Restructuring Reserve, Ending Balance | 0 | 3 | |
Execute to Win Productivity Program | Crop Protection [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges- net | 11 | 98 | |
Execute to Win Productivity Program | Seed [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges- net | 0 | 15 | |
Execute to Win Productivity Program | Corporate, Non-Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges- net | $ (2) | $ 63 |
Restructuring and Asset Relat_5
Restructuring and Asset Related Charges DowDuPont Cost Synergy Program (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges- net | $ 289 | $ 335 | $ 222 |
Asset Related Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges- net | 176 | ||
DowDuPont Cost Synergy Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 833 | ||
Restructuring and Asset Related Charges - Net | (12) | 0 | 92 |
DowDuPont Cost Synergy Program [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 316 | ||
Restructuring and Asset Related Charges - Net | (1) | (2) | (7) |
DowDuPont Cost Synergy Program [Member] | Costs Related To Contract Termination [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 190 | ||
Restructuring and Asset Related Charges - Net | (3) | 0 | 69 |
DowDuPont Cost Synergy Program [Member] | Asset Related Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 327 | ||
Restructuring and Asset Related Charges - Net | (8) | 2 | 30 |
DowDuPont Cost Synergy Program [Member] | Seed [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Asset Related Charges - Net | (8) | (9) | 66 |
DowDuPont Cost Synergy Program [Member] | Crop Protection [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Asset Related Charges - Net | (3) | 11 | 27 |
DowDuPont Cost Synergy Program [Member] | Corporate Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Asset Related Charges - Net | $ (1) | $ (2) | $ (1) |
Restructuring and Asset Relat_6
Restructuring and Asset Related Charges Asset Impairments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Asset Related [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Accelerated Prepaid Royalty Amortization Expense | $ 125 | $ 159 | |||
IPR&D [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 90 | $ 54 | $ 144 | ||
Impairment of Intangible Assets Indefinite lived Excluding Goodwill After Tax | $ 69 | $ 41 | $ 110 |
Related Parties Transactions wi
Related Parties Transactions with DowDuPont (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 26, 2019 | ||
Related Party Transaction [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 1,000 | ||||
Distributions to DowDuPont | $ 0 | $ 0 | $ (317) | [1] | |
DowDuPont [Member] | |||||
Related Party Transaction [Line Items] | |||||
Distributions to DowDuPont | $ 317 | ||||
[1] | The cash flows for the year ended December 31, 2019 includes cash flows of EID's ECP and Specialty Products Entities. |
Supplementary Information Other
Supplementary Information Other Income (Expense) - Net (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||
Interest income | $ 77 | $ 56 | $ 59 | |
Equity in earnings (losses) of affiliates - net | 14 | 0 | (9) | |
Net gain on sales of businesses and other assets | [1] | 21 | (2) | 64 |
Net exchange losses | [2] | (54) | (174) | (99) |
Non-operating pension and other post employment benefit credit (cost) | [3] | 1,318 | 368 | 191 |
Miscellaneous income (expenses) - net | [4] | (28) | (36) | 9 |
Other income (expense) - net | 1,348 | 212 | 215 | |
Segment Reconciling Items [Member] | ||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||
Interest income | (77) | (56) | (59) | |
Net exchange losses | [5] | 54 | 174 | 66 |
Non-operating pension and other post employment benefit credit (cost) | (1,256) | (316) | (129) | |
(Loss) Gain on sale or disposition of assets | [6],[7] | (388) | ||
Employee Retention Credit | 60 | |||
Contract Termination Cost | (54) | |||
Segment Reconciling Items [Member] | Crop Protection [Member] | ||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||
Employee Retention Credit | 23 | |||
Contract Termination Cost | (24) | |||
Deconsolidation of a subsidiary [Member] | Segment Reconciling Items [Member] | ||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||
(Loss) Gain on sale or disposition of assets | [7] | (67) | ||
La Porte | Segment Reconciling Items [Member] | Crop Protection [Member] | ||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||
(Loss) Gain on sale or disposition of assets | (53) | |||
APAC Business [Member] | Segment Reconciling Items [Member] | Crop Protection [Member] | ||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||
(Loss) Gain on sale or disposition of assets | 27 | |||
Hedging Program [Member] | ||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||
Net exchange losses | 18 | 89 | (58) | |
Hedging Program [Member] | Argentine peso devaluation [Member] | ||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||
Net exchange losses | $ (67) | (82) | (51) | |
Hedging Program [Member] | Argentine peso devaluation [Member] | Segment Reconciling Items [Member] | ||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||
Net exchange losses | $ (33) | |||
Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | Segment Reconciling Items [Member] | ||||
Schedule of Sundry Income (Expense) - Net [Line Items] | ||||
Net exchange losses | [7] | $ (33) | ||
[1] | The year ended December 31, 2020 includes a loss of $(53) million and a gain of $27 million relating to the expected sale of the La Porte site, for which the company signed an agreement in 2020, and the sale of a business in Asia Pacific in the crop protection segment, respectively. | |||
[2] | Includes net pre-tax exchange gains (losses) of $(67) million, $(82) million and $(51) million associated with the devaluation of the Argentine peso for the years ended December 31, 2021, 2020 and 2019, respectively. | |||
[3] | Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected long-term rate of return on plan assets, amortization of unrecognized gain (loss), amortization of prior service benefit and settlement gain (loss)). | |||
[4] | Miscellaneous income (expenses) - net, includes losses from sale of receivables, tax indemnification adjustments related to changes in indemnification balances as a result of the application of the terms of the Tax Matters Agreement between Corteva and Dow and/or DuPont, and other items. The year ended December 31, 2021 also includes the Employee Retention Credit of $60 million pursuant to the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act as enhanced by the Consolidated Appropriations Act (“CAA”) and American Rescue Plan Act (“ARPA”), a gain from the remeasurement of an equity investment of $47 million, a charge related to a contract termination with a third-party service provider of $(54) million and the 2021 officer indemnification payment. | |||
[5] | Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso. See Note 9 - Supplementary Information, to the Consolidated Financial Statements, for additional information. 2. Effective January 1, 2021, on a prospective basis, the company excludes net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. There were no unrealized mark-to-market (gains) losses for the years ended December 31, 2020 and 2019. | |||
[6] | Includes a loss recorded in other income - net related to DAS's sale of a joint venture related to synergy actions. | |||
[7] | The year ended December 31, 2019 is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. |
Supplementary Information Forei
Supplementary Information Foreign Currency Exchange Gain (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||
Pre-tax exchange (loss) gain | [1] | $ (54) | $ (174) | $ (99) |
Tax benefits (expenses) on exchange (loss) gain | (34) | 13 | 15 | |
Net after-tax exchange (loss) gain | (88) | (161) | (84) | |
Subsidiary Monetary Position | ||||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||
Pre-tax exchange (loss) gain | (72) | (263) | (41) | |
Tax benefits (expenses) on exchange (loss) gain | (30) | 34 | 2 | |
Net after-tax exchange (loss) gain | (102) | (229) | (39) | |
Hedging Program [Member] | ||||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||
Pre-tax exchange (loss) gain | 18 | 89 | (58) | |
Tax benefits (expenses) on exchange (loss) gain | (4) | (21) | 13 | |
Net after-tax exchange (loss) gain | 14 | 68 | (45) | |
Argentine peso devaluation [Member] | Hedging Program [Member] | ||||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||
Pre-tax exchange (loss) gain | $ (67) | $ (82) | $ (51) | |
[1] | Includes net pre-tax exchange gains (losses) of $(67) million, $(82) million and $(51) million associated with the devaluation of the Argentine peso for the years ended December 31, 2021, 2020 and 2019, respectively. |
Supplementary Information Recon
Supplementary Information Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | [1],[2] | Dec. 31, 2018 | [2] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||||
Cash and Cash Equivalents | $ 4,459 | $ 3,526 | ||||||
Cash, Cash Equivalents, and Restricted Cash | 4,836 | 3,873 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | 4,836 | [1] | 3,873 | [1] | $ 2,173 | $ 5,024 | ||
Other Current Assets [Member] | ||||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||||
Restricted Cash | $ 377 | $ 347 | ||||||
[1] | See page F-30 for reconciliation of cash and cash equivalents and restricted cash equivalents presented in the Consolidated Balance Sheets to total cash, cash equivalents and restricted cash equivalents presented in the Consolidated Statements of Cash Flows. | |||||||
[2] | The cash flows for the year ended December 31, 2019 includes cash flows of EID's ECP and Specialty Products Entities. |
Supplementary Information Suppl
Supplementary Information Supplementary Information (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued and other current liabilities | $ 2,068 | $ 2,145 |
Accounts Payable | 4,126 | 3,615 |
Accounts Payable, Trade, Current | 3,023 | 2,557 |
Accounts Payable, Other | $ 1,103 | $ 1,058 |
Income Taxes Income Taxes - Geo
Income Taxes Income Taxes - Geographic Allocation of Income and Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income (loss) from Continuing Operations before Income Taxes | $ 2,346 | $ 675 | $ (316) |
Provision for (benefit from) income taxes on continuing operations | 524 | (81) | (46) |
Income (loss) from continuing operations after income taxes | 1,822 | 756 | (270) |
Continuing Operations [Member] | |||
Income (loss) from Continuing Operations before Income Taxes, Domestic | 941 | (83) | (1,352) |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 1,405 | 758 | 1,036 |
Income (loss) from Continuing Operations before Income Taxes | 2,346 | 675 | (316) |
Current Federal Tax (Benefit) Expense | (13) | 28 | (11) |
Current State and Local Tax Expense (Benefit) | 6 | 9 | 1 |
Current Foreign Tax Expense (Benefit) | 329 | 222 | 317 |
Total current tax expense (benefit) | 322 | 259 | 307 |
Deferred Federal Income Tax Expense (Benefit) | 164 | (116) | (392) |
Deferred State and Local Income Tax Expense (Benefit) | 55 | 27 | 156 |
Deferred Foreign Income Tax Expense (Benefit) | (17) | (251) | (117) |
Total deferred tax expense (benefit) | 202 | (340) | (353) |
Provision for (benefit from) income taxes on continuing operations | 524 | (81) | (46) |
Income (loss) from continuing operations after income taxes | $ 1,822 | $ 756 | $ (270) |
Income Taxes Income Taxes - Rec
Income Taxes Income Taxes - Reconciliation to US Statutory Rate (Details) - Continuing Operations [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Statutory U.S. federal income tax rate | 21.00% | 21.00% | 21.00% | |
Effective tax rates on international operations - net | [1] | (2.50%) | (13.90%) | (18.40%) |
Acquisitions, divestitures, and ownership restructuring activities | [2] | (0.10%) | (0.30%) | (10.70%) |
U.S. research and development credit | (2.40%) | (2.90%) | 7.00% | |
Exchange gains/losses | [3] | 1.90% | 3.50% | (1.80%) |
State and Local Income Taxes | 2.10% | 4.00% | 3.20% | |
Impact of Swiss Tax Reform | [4] | 0.20% | (27.00%) | 11.90% |
Excess tax benefits (tax deficiency) from stock-compensation | (0.20%) | 1.00% | (0.60%) | |
Tax settlements and expiration of statue of limitations | 0.00% | 0.40% | 3.90% | |
Other, net | 2.30% | 2.20% | (0.90%) | |
Effective Income Tax Rate | 22.30% | (12.00%) | 14.60% | |
Swiss Tax Reform [Member] | ||||
Other Tax (Benefit) Expense | $ (182) | $ (38) | ||
Change in accounting method [Member] | ||||
Other Tax (Benefit) Expense | $ (51) | |||
[1] | Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. Includes a tax benefit of $(51) million for the year ended December 31, 2020, related to a return to accrual adjustment associated with an elective change in accounting method for the 2019 tax year impact of foreign tax provisions. | |||
[2] | See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information. | |||
[3] | Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, under the heading Foreign Currency Risk. | |||
[4] | Reflects tax benefits of $(182) million primarily driven by the recognition of an elective cantonal component of the recent enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform") for the year ended December 31, 2020. Reflects tax benefits of $(38) million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"), for the year ended December 31, 2019. |
Income Taxes Income Taxes - Def
Income Taxes Income Taxes - Deferred Tax Balances (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2021 | |||
Assets | ||||
Deferred Tax Assets, Tax Loss And Tax Credit Carryforwards | [1],[2] | $ 497 | $ 464 | |
Deferred Tax Assets, Accrued Employee Benefits | 1,415 | 904 | ||
Deferred Tax Assets, Other Accruals and Reversals | 365 | [3] | 309 | |
Deferred Tax Assets, Inventory | 127 | 153 | ||
Deferred Tax Assets, Research and Development Capitalization | 186 | 224 | ||
Deferred Tax Assets, Investments | 56 | 36 | ||
Unrealized Exchange Gains / Losses | 2 | 0 | ||
Deferred Tax Liabilities, Other | 0 | 0 | ||
Deferred Tax Assets, Other | 91 | 105 | ||
Deferred Tax Assets, Gross | 2,739 | 2,195 | ||
Deferred Tax Assets, Valuation Allowance | [1] | (453) | (366) | |
Deferred Tax Assets, Net of Valuation Allowance | 2,286 | 1,829 | ||
Liabilities | ||||
Deferred Tax Liabilities, Property | 297 | [3] | 341 | |
Deferred Tax Liabilities, Intangible Assets | 2,418 | 2,260 | ||
Deferred Tax Liabilities, Unrealized Exchange Gains/Losses | 0 | 10 | ||
Deferred Tax Liabilities, Gross | 2,715 | 2,611 | ||
Net Deferred Tax Liability | (429) | (782) | ||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 61 | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 19 | |||
[1] | In connection with the company's 2021 internal legal entity restructuring, the company reduced various state net operating loss carryforwards and corresponding full valuation allowances by $61 million. There was no impact on the statement of operations. During the year ended December 31, 2020, the company established a $19 million state tax valuation allowance in the U.S. based on a change in judgement about the realizability of a deferred tax asset. | |||
[2] | Primarily related to the realization of recorded tax benefits on tax loss and credit carryforwards from operations in the United States, Brazil, and Spain. | |||
[3] | Prior year classifications in property and other accruals and reserves have been adjusted from their previous presentation. Adjustments did not impact the amount of the net deferred tax asset (liability) recorded in the Consolidated Balance Sheets. |
Income Taxes Income Taxes - Ope
Income Taxes Income Taxes - Operating Loss and Tax Credit Carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | $ 333 | $ 442 |
Tax Credit Carryforwards | 131 | 55 |
Total Operating Loss and Tax Credit Carryforwards | 464 | 497 |
Expiring within Five Years [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 123 | 99 |
Tax Credit Carryforwards | 14 | 14 |
Expiring After Five Years Or Having Indefinite Expiration [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 210 | 343 |
Tax Credit Carryforwards | $ 117 | $ 41 |
Income Taxes Income Taxes - Gro
Income Taxes Income Taxes - Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits, Beginning Balance | $ 395 | $ 426 | $ 749 |
Decreases related to positions taken on items from prior years | (7) | (14) | (167) |
Increases related to positions taken on items from prior years | 13 | 5 | 77 |
Increases related to positions taken in the current year | 9 | 6 | 54 |
Settlement of uncertain tax positions with tax authorities | (17) | (18) | (9) |
Unrecognized Tax Benefits, Impact of Internal Reorganizations | 0 | 0 | (278) |
Decreases due to expiration of statutes of limitations | (16) | (7) | 0 |
Exchange (gain) loss | 0 | (3) | 0 |
Unrecognized Tax Benefits, Ending Balance | 377 | 395 | 426 |
Total unrecognized tax benefits that, if recognized, would impact the effective tax rate | 157 | 156 | 188 |
Total amount of interest and penalties (benefit) recognized in Provision for income taxes on continuing operations | 1 | (2) | (4) |
Total accrual for interest and penalties associated with unrecognized tax benefits | 11 | $ 18 | $ 24 |
Tax, Advance deposits made to foreign taxing authority | 102 | ||
Undistributed Earnings of Foreign Subsidiaries | $ 3,681 |
Earnings Per Share Narrative (D
Earnings Per Share Narrative (Details) | Jun. 01, 2019shares |
Corteva [Member] | |
Earnings Per Share [Line Items] | |
Common Stock, Shares, Issued | 748,815,000 |
Earnings Per Share Net Income f
Earnings Per Share Net Income for Earnings Per Share Calculations - Basic and Diluted (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Income (Loss) from Continuing Operations After Taxes | $ 1,822 | $ 756 | $ (270) |
Income (loss) from continuing operations attributable to Corteva common stockholders | 1,812 | 736 | (283) |
(Loss) income from discontinued operations after income taxes | (53) | (55) | (671) |
Loss from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 5 |
(Loss) income from discontinued operations attributable to Corteva common stockholders | (53) | (55) | (676) |
Net (Loss) Income attributable to common stockholders | 1,759 | 681 | (959) |
Net Income attributable to continuing operations - Noncontrolling Interest | $ 10 | $ 20 | $ 13 |
Earnings Per Share of Common _3
Earnings Per Share of Common Stock EPS Calculation - Basic (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Basic earnings (loss) per share of common stock from continuing operations | $ 2.46 | $ 0.98 | $ (0.38) |
Basic earnings (loss) per share of common stock from discontinued operations | $ (0.07) | $ (0.07) | $ (0.90) |
Basic (loss) earnings per share of common stock | $ 2.39 | $ 0.91 | $ (1.28) |
Earnings Per Share of Common _4
Earnings Per Share of Common Stock EPS Calculation - Diluted (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Diluted earnings (loss) per share of common stock from continuing operations | $ 2.44 | $ 0.98 | $ (0.38) |
Diluted earnings (loss) per share of common stock from discontinued operations | $ (0.07) | $ (0.07) | $ (0.90) |
Diluted (loss) earnings per share of common stock | $ 2.37 | $ 0.91 | $ (1.28) |
Earnings Per Share Share Count
Earnings Per Share Share Count Information (Details) - shares | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 01, 2019 | ||
Earnings Per Share [Line Items] | |||||
Weighted Average Number of Shares Outstanding, Basic | [1] | 735,900,000 | 748,700,000 | 749,500,000 | |
Dilutive effect of equity compensation plans | [2] | 5,700,000 | 2,500,000 | 0 | |
Weighted Average Number of Shares Outstanding, Diluted | 741,600,000 | 751,200,000 | 749,500,000 | ||
Common Stock, Shares Authorized | 1,666,667,000 | 1,666,667,000 | |||
Stock options and restricted stock units excluded from EPS | [3] | 2,800,000 | 9,400,000 | 14,400,000 | |
Corteva [Member] | |||||
Earnings Per Share [Line Items] | |||||
Shares in which vesting conditions were met | 600,000 | ||||
Common Stock, Shares, Issued | 748,815,000 | ||||
Corteva [Member] | Rounded Amount [Member] | |||||
Earnings Per Share [Line Items] | |||||
Common Stock, Shares, Issued | 748,800,000 | ||||
[1] | Share amounts for all periods prior to the Corteva Distribution were based on 748.8 million shares of Corteva, Inc. common stock distributed to holders of DowDuPont's common stock on June 1, 2019, plus 0.6 million of additional shares in which accelerated vesting conditions have been met. | ||||
[2] | Diluted earnings (loss) per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. | ||||
[3] | These outstanding potential shares of common stock relating to stock options, restricted stock units and performance-based restricted stock units were excluded from the calculation of diluted earnings (loss) per share because (i) the effect of including stock options and restricted stock units would have been anti-dilutive; and (ii) the performance metrics have not yet been achieved for the outstanding potential shares relating to performance-based restricted stock units, which are deemed to be contingently issuable. |
Accounts and Notes Receivable_3
Accounts and Notes Receivable, Net (Schedule of Accounts and Notes Receivable, Net) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Receivables [Abstract] | |||
Accounts receivable - trade | [1] | $ 3,441 | $ 3,754 |
Notes receivable - trade | [1],[2] | 120 | 163 |
Other | [3] | 1,250 | 1,009 |
Total accounts and notes receivable - net | 4,811 | 4,926 | |
A/R trade and notes receivable - trade, allowance | 210 | 208 | |
Due from Nonconsolidated Affiliates | $ 104 | $ 106 | |
[1] | Accounts receivable – trade and notes receivable – trade are net of allowances of $210 million and $208 million at December 31, 2021 and December 31, 2020, respectively. 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 December 31, 2021 and 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 $104 million and $106 million as of December 31, 2021 and 2020, respectively. |
Accounts and Notes Receivable A
Accounts and Notes Receivable Allowance Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Receivables [Abstract] | ||
A/R trade and notes receivable - trade, allowance | $ 210 | $ 208 |
Additions charged to expense | 1 | |
Write-offs charged against allowance | $ 1 |
Accounts and Notes Receivable_4
Accounts and Notes Receivable, Net Customer Financing (Details) - Factoring Agreement [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Trade Receivables Sold | $ 272 | $ 255 | $ 328 |
Loss on Sale of Accounts Receivable | 54 | 55 | $ 44 |
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | $ 166 | $ 157 |
Inventories Schedule of Invento
Inventories Schedule of Inventory (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 01, 2017 | |
Inventory [Line Items] | ||||
Finished products | $ 2,497 | $ 2,584 | ||
Semi-finished products | 2,076 | 1,813 | ||
Raw materials and supplies | 607 | 485 | ||
Total inventories | $ 5,180 | $ 4,882 | ||
Merger with Dow [Member] | ||||
Inventory [Line Items] | ||||
Fair Value Step-up | $ 2,297 | |||
Amortization of Fair Value Step-up | $ 272 |
Property, Plant and Equipment S
Property, Plant and Equipment Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment | $ 8,364 | $ 8,253 | |
Accumulated Depreciation | (4,035) | (3,857) | |
Property, Plant and Equipment, Net | 4,329 | 4,396 | $ 4,546 |
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment | 420 | 451 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment | $ 1,487 | 1,525 | |
Building [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Building [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 25 years | ||
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment | $ 5,729 | 5,556 | |
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 1 year | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 25 years | ||
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment | $ 728 | $ 721 | |
Computer Software, Intangible Asset [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Computer Software, Intangible Asset [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Land Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 1 year | ||
Land Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 25 years |
Property, Plant and Equipment_2
Property, Plant and Equipment Schedule of Depreciation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 521 | $ 495 | $ 525 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets Goodwill by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Goodwill [Line Items] | ||||
Goodwill Beginning Balance | $ 10,269 | $ 10,229 | ||
Currency Translation Adjustment | (160) | 69 | ||
Other goodwill adjustments and acquisitions | (2) | [1] | (29) | [2] |
Goodwill Ending Balance | 10,107 | 10,269 | ||
Accumulated impairment losses on goodwill | 4,503 | |||
Crop Protection [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill Beginning Balance | 4,745 | 4,743 | ||
Currency Translation Adjustment | (73) | 31 | ||
Other goodwill adjustments and acquisitions | 0 | (29) | [2] | |
Goodwill Ending Balance | 4,672 | 4,745 | ||
Seed [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill Beginning Balance | 5,524 | 5,486 | ||
Currency Translation Adjustment | (87) | 38 | ||
Other goodwill adjustments and acquisitions | (2) | [1] | 0 | |
Goodwill Ending Balance | $ 5,435 | $ 5,524 | ||
[1] | Consists of the goodwill included in the sale of a business in the seed segment. | |||
[2] | Primarily consists of the goodwill included in the sale of businesses in the crop protection segment. |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets Other Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Intangible Assets [Line Items] | ||||||
Definite-Lived Intangible Assets, Gross | $ 12,595 | $ 12,599 | ||||
Accumulated Amortization | (2,561) | (1,862) | ||||
Definite-Lived Intangible Assets, Net | 10,034 | 10,737 | ||||
Indefinite-lived Intangible Assets | 10 | 10 | ||||
Total Intangible Assets, Gross | 12,605 | 12,609 | ||||
Total intangible assets - net | 10,044 | 10,747 | ||||
IPR&D [Member] | ||||||
Intangible Assets [Line Items] | ||||||
Indefinite-lived Intangible Assets | 10 | 10 | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 90 | $ 54 | $ 144 | |||
Impairment of Intangible Assets Indefinite lived Excluding Goodwill After Tax | $ 69 | $ 41 | $ 110 | |||
Germplasm [Member] | ||||||
Intangible Assets [Line Items] | ||||||
Definite-Lived Intangible Assets, Gross | 6,265 | 6,265 | ||||
Accumulated Amortization | (571) | (317) | ||||
Definite-Lived Intangible Assets, Net | 5,694 | 5,948 | ||||
Customer-Related Intangible Assets [Member] | ||||||
Intangible Assets [Line Items] | ||||||
Definite-Lived Intangible Assets, Gross | 1,953 | 1,984 | ||||
Accumulated Amortization | (487) | (380) | ||||
Definite-Lived Intangible Assets, Net | 1,466 | 1,604 | ||||
Developed Technology [Member] | ||||||
Intangible Assets [Line Items] | ||||||
Definite-Lived Intangible Assets, Gross | 1,485 | 1,451 | ||||
Accumulated Amortization | (679) | (525) | ||||
Definite-Lived Intangible Assets, Net | 806 | 926 | ||||
Trademarks and Trade Names [Member] | ||||||
Intangible Assets [Line Items] | ||||||
Definite-Lived Intangible Assets, Gross | [1] | 2,012 | 2,019 | |||
Accumulated Amortization | [1] | (172) | (99) | |||
Definite-Lived Intangible Assets, Net | [1] | 1,840 | 1,920 | |||
Favorable Supply Contract [Member] | ||||||
Intangible Assets [Line Items] | ||||||
Definite-Lived Intangible Assets, Gross | 475 | 475 | ||||
Accumulated Amortization | (396) | (302) | ||||
Definite-Lived Intangible Assets, Net | 79 | 173 | ||||
Other Intangible Assets [Member] | ||||||
Intangible Assets [Line Items] | ||||||
Definite-Lived Intangible Assets, Gross | [2] | 405 | 405 | |||
Accumulated Amortization | [2] | (256) | (239) | |||
Definite-Lived Intangible Assets, Net | [2] | $ 149 | $ 166 | |||
[1] | Beginning on October 1, 2020, the company changed its indefinite life assertion of its trade name asset to definite lived with a useful life of 25 years. This change is the result of the launch of Brevant TM seed in the retail channel in the U.S. Prior to changing the useful life of the trade name asset, the company tested the asset for impairment under ASC 350 - Intangibles, Goodwill and Other, concluding the asset was not impaired. | |||||
[2] | Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets Amortization Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 722 | $ 682 | $ 475 |
Continuing Operations [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2022 | 700 | ||
2023 | 620 | ||
2024 | 606 | ||
2025 | 569 | ||
2026 | $ 558 |
Leases Narrative (Details)
Leases Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Guarantee Obligations | $ 105 | $ 94 |
Residual Value Guarantee [Member] | ||
Guarantee Obligations | $ 193 | |
Minimum [Member] | ||
Remaining Lease Term | 1 year | |
Maximum [Member] | ||
Remaining Lease Term | 50 years |
Leases Lease Costs (Details)
Leases Lease Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating Lease, Cost | $ 158 | $ 197 |
Finance Lease, Right-of-Use Asset, Amortization | 1 | 2 |
Finance Lease, Interest Expense | 0 | 0 |
Finance Lease, Cost | 1 | 2 |
Short-term Lease, Cost | 14 | 14 |
Variable Lease, Cost | 8 | 7 |
Total Lease Cost | $ 181 | $ 220 |
Leases Supplemental Cash Flow I
Leases Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating cash outflows from operating leases | $ 169 | $ 202 |
Operating cash outflows from finance leases | 0 | 0 |
Financing cash outflows from finance leases | $ 1 | $ 1 |
Leases Supplemental Balance She
Leases Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Lease Assets and Liabilities [Line Items] | |||
Operating Lease, Right-of-Use Asset | [1] | $ 458 | $ 521 |
Current operating lease liabilities | [2] | 121 | 138 |
Noncurrent operating lease liabilities | [3] | 338 | 391 |
Total operating lease liabilities | 459 | 529 | |
Finance Lease, Right-of-Use Asset, Gross | 15 | 15 | |
Finance Lease, Right-Of-Use Asset, Accumulated Depreciation | (11) | (10) | |
Finance Lease, Liability, Noncurrent | 3 | 4 | |
Finance Lease, Liability | 4 | 5 | |
Property, Plant and Equipment [Member] | |||
Schedule of Lease Assets and Liabilities [Line Items] | |||
Finance Lease, Right-of-Use Asset | 4 | 5 | |
Within One Year | |||
Schedule of Lease Assets and Liabilities [Line Items] | |||
Finance Lease, Liability, Current | 1 | 1 | |
Long-term Debt [Member] | |||
Schedule of Lease Assets and Liabilities [Line Items] | |||
Finance Lease, Liability, Noncurrent | $ 3 | $ 4 | |
[1] | Included in other assets in the Consolidated Balance Sheet. | ||
[2] | Included in accrued and other current liabilities in the Consolidated Balance Sheet. | ||
[3] | Included in other noncurrent obligations in the Consolidated Balance Sheet. |
Leases Lease Term and Discount
Leases Lease Term and Discount Rate (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 7 years 4 months 28 days | 7 years 8 months 15 days |
Finance Lease, Weighted Average Remaining Lease Term | 3 years 4 months 9 days | 4 years 3 months 3 days |
Operating Lease, Weighted Average Discount Rate, Percent | 2.75% | 3.06% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.29% | 3.28% |
Leases Maturity of Lease Liabil
Leases Maturity of Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating Lease, Year One | $ 132 | $ 152 |
Operating Lease, Year Two | 94 | 114 |
Operating Lease, Year Three | 71 | 83 |
Operating Lease, Year Four | 60 | 61 |
Operating Lease, Year Five | 49 | 51 |
Operating Lease, Due After Year Five | 106 | 137 |
Operating Lease, Total Payments | 512 | 598 |
Operating Lease, Interest | 53 | 69 |
Total operating lease liabilities | 459 | 529 |
Finance Lease, Year One | 1 | 1 |
Finance Lease, Year Two | 1 | 1 |
Finance Lease, Year Three | 1 | 1 |
Finance Lease, Year Four | 1 | 1 |
Finance Lease, Year Five | 0 | 1 |
Finance Lease, Due After Year Five | 0 | 0 |
Finance Lease, Total Payments | 4 | 5 |
Finance Lease, Interest | 0 | 0 |
Finance Lease, Liability | $ 4 | $ 5 |
Long-Term Debt and Available _3
Long-Term Debt and Available Credit Facilities Long Term Debt (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | May 31, 2020 | Mar. 22, 2019 | |
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 1,530,000,000 | |||
Finance Lease, Liability, Noncurrent | $ 3,000,000 | $ 4,000,000 | ||
Unamortized debt discount and issuance costs | 10,000,000 | 11,000,000 | ||
Long-term debt payable within one year | 1,000,000 | 1,000,000 | ||
Long-term Debt | 1,100,000,000 | 1,102,000,000 | ||
Loans Payable [Member] | Notes Maturing 2025 [Domain] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 500,000,000 | $ 500,000,000 | ||
Long-term Debt, Weighted Average Interest Rate | 1.70% | 1.70% | ||
Loans Payable [Member] | Notes Maturing 2030 [Domain] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 500,000,000 | $ 500,000,000 | ||
Long-term Debt, Weighted Average Interest Rate | 2.30% | 2.30% | ||
Loans Payable [Member] | Foreign Currency Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 1,000,000 | $ 1,000,000 | ||
Medium-term Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 107,000,000 | $ 109,000,000 | ||
Long-term Debt, Weighted Average Interest Rate | 0.00% | 0.00% | ||
Senior Notes Due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 500,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.70% | |||
Senior Notes Due 2030 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 500,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.30% | |||
Notes Maturing 2025 [Domain] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Periodic Payment, Principal | $ 500,000,000 | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Fair Value | $ 1,120,000,000 | $ 1,166,000,000 |
Long-Term Debt and Available _4
Long-Term Debt and Available Credit Facilities Available Committed Credit Facilities (Narrative) (Details) $ in Millions | 36 Months Ended | 37 Months Ended | 60 Months Ended | ||
Nov. 13, 2021 | Mar. 31, 2019 | Nov. 13, 2023 | Dec. 31, 2021USD ($) | Nov. 13, 2018USD ($) | |
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,000 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 6,000 | ||||
Revolving Credit Facilities due 2024 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000 | $ 3,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 3,000 | ||||
Debt Instrument, Term | 5 years | ||||
Revolving Credit Facilities due 2022 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000 | $ 3,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 3,000 | ||||
Debt Instrument, Term | 3 years | ||||
Term Loan Facility due 2020 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Term | 3 years | ||||
Revolving Credit Facilities due 2022 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Ratio of Indebtedness to Net Capital | 0.60 |
Long-Term Debt and Available _5
Long-Term Debt and Available Credit Facilities Debt Redemptions/Repayments (Details) - USD ($) $ in Millions | May 02, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | [1] | Nov. 13, 2021 | Mar. 31, 2019 | Mar. 31, 2021 | May 17, 2019 | Mar. 22, 2019 | Nov. 13, 2018 | Mar. 22, 2016 |
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt, Gross | $ 1,530 | |||||||||||
Repayments of Long-term Debt, including breakage fees and all applicable accrued and unpaid interest | $ 4,600 | |||||||||||
Loss on Extinguishment of Debt | $ 0 | $ 0 | $ (13) | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 6,000 | |||||||||||
Long-term Line of Credit | $ 3,000 | |||||||||||
Term Loan Facility due 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Term | 3 years | |||||||||||
4.625% Notes due 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt, Gross | $ 474 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | |||||||||||
3.625% Notes due 2021 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt, Gross | $ 296 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.625% | |||||||||||
4.250% Notes due 2021 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt, Gross | $ 163 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |||||||||||
2.800% Notes due 2023 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt, Gross | $ 381 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.80% | |||||||||||
6.500% Debentures due 2028 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt, Gross | $ 57 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |||||||||||
5.600% Senior Notes due 2036 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt, Gross | $ 42 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | |||||||||||
4.900% Notes due 2041 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt, Gross | $ 48 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.90% | |||||||||||
4.150% Notes due 2043 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt, Gross | $ 69 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | |||||||||||
Senior Note 2.20 Percent Due 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.20% | |||||||||||
Debt Instrument, Face Amount | $ 1,250 | |||||||||||
Senior Note Floating Rate Due 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Face Amount | 750 | |||||||||||
SMR notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Repurchase Amount | $ 2,000 | |||||||||||
Revolving Credit Facilities due 2022 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Term | 3 years | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | $ 3,000 | ||||||||||
Long-term Line of Credit | $ 500 | |||||||||||
EID [Member] | Term Loan Facility due 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,500 | |||||||||||
[1] | The cash flows for the year ended December 31, 2019 includes cash flows of EID's ECP and Specialty Products Entities. |
Long-Term Debt and Available _6
Long-Term Debt and Available Credit Facilities Uncommitted Credit Facilities and Outstanding Letters of Credit (Details) $ in Millions | Dec. 31, 2021USD ($) |
Debt Instrument [Line Items] | |
Line Of Credit Facility, Remaining Borrowing Capacity, Uncommitted Amount | $ 389 |
Letters of Credit Outstanding, Amount | $ 127 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities Guarantee Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Guarantor Obligations [Line Items] | ||
Guarantee Obligations | $ 105 | $ 94 |
Factoring Agreement [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee Obligations | 21 | 17 |
Agreements with lenders to provide financing for select customers [Member] | ||
Guarantor Obligations [Line Items] | ||
Accounts Receivable, after Allowance for Credit Loss | $ 15 | $ 16 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities Litigation - Chemours (Details) | 3 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2017USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2029USD ($) | Dec. 31, 2028USD ($) | Sep. 30, 2023USD ($) | Jan. 28, 2022USD ($) | Dec. 31, 2018lawsuits | |
Performance Chemicals [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
(Loss) Income from Discontinued Operation, before Income Tax | $ 48,000,000 | $ 65,000,000 | ||||||
PFAS [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Escrow Account Balance | $ 700,000,000 | |||||||
Withdrawal Amount after Year 6 | 200,000,000 | |||||||
MOU Terms for Withdrawals | 125,000,000 | |||||||
PFAS [Member] | Maximum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Qualified Spend and Escrow Account Contribution Threshold | $ 4,000,000,000 | |||||||
Cost Sharing Arrangement Term | 20 years | |||||||
Corteva and Dupont stray liability threshold for PFAS | $ 300,000,000 | |||||||
PFAS [Member] | Minimum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Corteva and Dupont stray liability threshold for PFAS | 1 | |||||||
PFAS [Member] | Minimum [Member] | Once $300 million threshold is met [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
De minimis threshold | 1,000,000 | |||||||
DuPont de Nemours [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Amount credited to each company's threshold | $ 150,000,000 | |||||||
PFOA Matters: Multi-District Litigation [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Litigation Settlement Amount | $ 670,700,000 | |||||||
Lawsuits alleging personal injury filed | lawsuits | 3,550 | |||||||
Non-PFAS | ||||||||
Loss Contingencies [Line Items] | ||||||||
Request for Remediation Funding Source ("RFS") | $ 900,000,000 | |||||||
Chemours [Member] | PFAS [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
MOU Escrow Account Deposit | $ 100,000,000 | |||||||
Escrow Account Deposit Percentage | 50.00% | |||||||
Annual escrow deposit, remainder of period | $ 50,000,000 | |||||||
Chemours [Member] | PFAS [Member] | Maximum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Total Escrow Deposit Amount | 500,000,000 | |||||||
Corteva [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Stray liability sharing percentage | 29.00% | |||||||
Corteva [Member] | PFAS [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Corteva and DuPont stray liability sharing percentage for PFAS | 5000.00% | |||||||
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] | ||||||||
MOU Escrow Account Deposit | $ 100,000,000 | |||||||
Escrow Account Deposit Percentage | 50.00% | |||||||
Corteva and DuPont stray liability sharing percentage for PFAS | 50.00% | |||||||
Annual escrow deposit, remainder of period | 50,000,000 | |||||||
Corteva [Member] | DuPont de Nemours [Member] | PFAS [Member] | Maximum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Qualified Spend and Escrow Account Contribution Threshold | $ 2,000,000,000 | |||||||
Total Escrow Deposit Amount | $ 500,000,000 | |||||||
DuPont de Nemours [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Stray liability sharing percentage | 71.00% | |||||||
DuPont de Nemours [Member] | PFAS [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Corteva and DuPont stray liability sharing percentage for PFAS | 5000.00% | |||||||
DuPont de Nemours [Member] | DuPont de Nemours [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Corteva and Dupont stray liability threshold for PFAS | $ 200,000,000 | |||||||
Stray liability threshold | $ 200,000,000 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities Litigation - DuPont (Details) | Dec. 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] | |
Corteva and DuPont stray liability sharing percentage for PFAS | 5000.00% |
Corteva [Member] | DuPont de Nemours [Member] | |
Loss Contingencies [Line Items] | |
Stray liability threshold | $ 200,000,000 |
Corteva [Member] | DuPont de Nemours [Member] | PFAS [Member] | |
Loss Contingencies [Line Items] | |
Corteva and DuPont stray liability sharing percentage for PFAS | 50.00% |
DuPont de Nemours [Member] | |
Loss Contingencies [Line Items] | |
Stray liability sharing percentage | 71.00% |
DuPont de Nemours [Member] | PFAS [Member] | |
Loss Contingencies [Line Items] | |
Corteva and DuPont stray liability sharing percentage for PFAS | 5000.00% |
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_5
Commitments and Contingent Liabilities Litigation - Leach and MDL Settlement (Details) | 3 Months Ended | 12 Months Ended | 108 Months Ended | |||
Jun. 30, 2017USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2004USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2018lawsuits | Jan. 01, 2012 | |
PFOA Matters: Drinking Water Actions [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Binding Settlement Agreement Class Size | 80,000 | |||||
Loss Contingency, Number Of Water Districts Receiving Water Treatment | 6 | |||||
Litigation Settlement, Liability For Medical Monitoring Program, Threshold | $ 235,000,000 | |||||
Litigation Settlement, Medical Monitoring Program, Escrow Account, Disbursements To Date | $ 2,000,000 | |||||
Escrow Balance | $ 1,000,000 | |||||
PFOA Matters: Multi-District Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Disease Categories for MDL | 6 | |||||
Lawsuits alleging personal injury filed | lawsuits | 3,550 | |||||
Litigation Settlement Amount | $ 670,700,000 | |||||
DuPont de Nemours and Corteva Contribution to MDL Settlement [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement Amount | $ 27,000,000 | |||||
Payments for Legal Settlements | 27,000,000 | |||||
MDL Settlement [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement Amount | 83,000,000 | |||||
Chemours Contribution to MDL Settlement [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement Amount | $ 29,000,000 | |||||
Post-MDL Settlement PFOA Personal Injury Claims [Domain] | PFOA Matters: Drinking Water Actions [Member] | Settled Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Pending Claims, Number | 95 | |||||
Post-MDL Settlement PFOA Personal Injury Claims [Domain] | Compensatory Damages [Member] | PFOA Matters: Drinking Water Actions [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement Amount | $ 40,000,000 | |||||
Post-MDL Settlement PFOA Personal Injury Claims [Domain] | Loss of Consortium [Member] | PFOA Matters: Drinking Water Actions [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement Amount | $ 10,000,000 |
Commitments and Contingent Li_6
Commitments and Contingent Liabilities Litigation - Other PFOA Matters / Fayatteville (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)lawsuits | |
Settlement Agreement | |
Loss Contingencies [Line Items] | |
(Loss) Income from Discontinued Operation, before Income Tax | $ 11 |
Firefighting Foam [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | lawsuits | 2,050 |
Firefighting Foam [Member] | Personal injury cases [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 1,860 |
NORTH CAROLINA | PFOA Matters: Drinking Water Actions [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Number of Additional Plaintiffs | lawsuits | 100 |
Loss Contingency, Number of Property Owners | 100 |
NEW YORK | PFOA Matters: Drinking Water Actions [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 50 |
NEW JERSEY | PFOA Matters: Drinking Water Actions [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 2 |
NEW JERSEY | Natural Resources Damages [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 4 |
OHIO | PFOA Matters: Drinking Water Actions [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | lawsuits | 3 |
DELAWARE | Natural Resources Damages [Member] | Corteva [Member] | |
Loss Contingencies [Line Items] | |
Collective Threshold for Payments to Fund the NRST Trust | $ 25 |
DELAWARE | Natural Resources Damages [Member] | Chemours [Member] | |
Loss Contingencies [Line Items] | |
Chemours share of payment to NRST Trust, percentage | 50.00% |
DELAWARE | Natural Resources Damages [Member] | DuPont de Nemours [Member] | Corteva [Member] | |
Loss Contingencies [Line Items] | |
Collective Threshold for Payments to Fund the NRST Trust | $ 50 |
Corteva and DuPont Share of NRST Trust Payment | 12.5 |
Supplemental Payment Threshold | $ 25 |
Commitments and Contingent Li_7
Commitments and Contingent Liabilities Environmental (Details) $ in Millions | Dec. 31, 2021USD ($) | |
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 452 | [1],[2] |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 592 | [1] |
Indemnification Asset | 220 | |
Chemours related obligation subject to indemnification [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | 159 | [1],[2],[3],[4] |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 262 | [1],[3],[4] |
Indemnification Asset | 159 | [3],[4] |
Discontinued Operations [Member] | ||
Loss Contingencies [Line Items] | ||
Indemnification Asset | 15 | [3] |
Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | 37 | [1],[2],[4] |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 66 | [1],[4] |
Indemnification Asset | 37 | [4] |
Not subject to indemnification [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | 99 | [1],[2] |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 28 | [1] |
Indemnification Asset | 9 | |
Other Discontinued or Divested Business Obligations | ||
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | 75 | [1],[2],[3] |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 187 | [1],[3] |
DuPont de Nemours [Member] | DuPont de Nemours [Member] | ||
Loss Contingencies [Line Items] | ||
Stray liability threshold | 200 | |
Superfund Sites [Member] | Chemours [Member] | Indemnification Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Indemnification Asset | $ 40 | |
[1] | Accrual balance represents management’s best estimate of the costs of remediation and restoration, although it is reasonably possible that the potential exposure, as indicated, could range above the amounts accrued, as there are inherent uncertainties in these estimates. Accrual balance includes $68 million for remediation of Superfund sites. Amounts do not include possible impacts from the remediation elements of the EPAs October 2021 PFAS Strategic Roadmap (as applicable) or possible revisions to Chemours’ Consent Order with the North Carolina Department of Environmental Quality, as any possible impacts, to the extent such items would be reimbursable under the MOU, are not yet determinable. | |
[2] | Represents liabilities that are subject to the $150 million threshold and sharing agreements as discussed on page F-44, under the header "Chemours / Performance Chemicals. | |
[3] | Represents liabilities that are subject the $200 million threshold and sharing arrangements as discussed on page F-46, under Corteva Separation Agreement. | |
[4] | The company has recorded an indemnification asset related to these accruals, including $40 million related to the Superfund sites. |
Stockholders' Equity Common Sto
Stockholders' Equity Common Stock (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Feb. 03, 2022$ / shares | Jun. 26, 2019USD ($)$ / shares | Jun. 03, 2019$ / sharesshares | Jun. 01, 2019shares | ||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Common Stock, Shares Authorized | 1,666,667,000 | 1,666,667,000 | ||||||
Common Stock, Par Value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Common Stock, Shares, Outstanding | 726,527,000 | 743,458,000 | 748,577,000 | 748,815,000 | ||||
Stock Issued During Period, Shares, New Issues | 4,019,000 | 3,384,000 | 586,000 | |||||
Stock Repurchased and Retired During Period, Shares | (20,950,000) | (8,503,000) | (824,000) | |||||
Stock Repurchase Program, Authorized Amount | $ | $ 1,000 | |||||||
Payments for Repurchase of Common Stock | $ | $ 950 | $ 275 | $ 25 | [1] | ||||
Payments for Repurchase of Common Stock | $ | 950 | 275 | $ 25 | [1] | ||||
2019 share repurchase plan | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Payments for Repurchase of Common Stock | $ | 700 | 275 | ||||||
Payments for Repurchase of Common Stock | $ | $ 700 | $ 275 | ||||||
Corteva [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Common Stock, Shares Authorized | 748,815,000 | |||||||
Common Stock, Par Value | $ / shares | $ 0.01 | $ 0.01 | ||||||
Common Stock, Shares, Issued | 748,815,000 | |||||||
Corteva [Member] | Shares of Corteva Stock [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Exchange Ratio | 1 | |||||||
Corteva [Member] | Shares of DowDuPont Common Stock Held [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Exchange Ratio | 3 | |||||||
Corteva [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Stock Repurchased and Retired During Period, Shares | 15,378,000 | 8,503,000 | ||||||
Common Stock, Shares, Issued | 748,815,000 | |||||||
[1] | The cash flows for the year ended December 31, 2019 includes cash flows of EID's ECP and Specialty Products Entities. |
Stockholders' Equity Noncontrol
Stockholders' Equity Noncontrolling Interest (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 46.50% | |||
Payment for acquisition of subsidiary's interest from the non-controlling interest | $ 0 | $ (60,000,000) | $ 0 | [1] |
Net Deferred Tax Liability | (782,000,000) | (429,000,000) | ||
EID [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Payment for acquisition of subsidiary's interest from the non-controlling interest | $ 0 | $ (60,000,000) | $ 0 | [2] |
$4.50 Series Preferred Stock [Member] | EID [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 | ||
Preferred Stock, Shares Issued | 1,673,000 | 1,673,000 | ||
Preferred Stock, Redemption Amount | $ 120 | $ 120 | ||
$3.50 Series Preferred Stock [Member] | EID [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 | ||
Preferred Stock, Shares Issued | 700,000 | 700,000 | ||
Preferred Stock, Redemption Amount | $ 102 | $ 102 | ||
Corteva [Member] | EID [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership interest in an entity | 100.00% | |||
[1] | The cash flows for the year ended December 31, 2019 includes cash flows of EID's ECP and Specialty Products Entities. | |||
[2] | The cash flows for the year ended December 31, 2019 includes cash flows of EID's ECP and Specialty Products Entities |
Stockholders' Equity Other Comp
Stockholders' Equity Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | $ 25,063 | $ 24,555 | $ 75,153 | ||
Net other comprehensive income (loss) | (8) | 380 | (1,124) | ||
Ending Balance | 25,623 | 25,063 | 24,555 | ||
Cumulative Translation Adjustment | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (1,970) | (1,944) | (2,793) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (573) | (26) | [1] | (274) | [1] |
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | 0 | 0 | 0 | ||
Net other comprehensive income (loss) | (573) | (26) | (274) | ||
Ending Balance | (2,543) | (1,970) | (1,944) | ||
Derivative Instruments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (67) | 2 | (26) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 143 | (81) | 16 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | (4) | 12 | 12 | ||
Net other comprehensive income (loss) | 139 | (69) | 28 | ||
Ending Balance | 72 | (67) | 2 | ||
Unrealized gain (loss) on investments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (10) | 0 | 0 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 3 | (10) | 0 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | 7 | 0 | 0 | ||
Net other comprehensive income (loss) | 10 | (10) | 0 | ||
Ending Balance | 0 | (10) | 0 | ||
Accumulated Other Comp Loss | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (2,890) | (3,270) | (3,360) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 594 | 362 | (1,140) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | (602) | 18 | 16 | ||
Net other comprehensive income (loss) | (8) | 380 | (1,124) | ||
Ending Balance | (2,898) | (2,890) | (3,270) | ||
Internal Reorganization [Member] | Cumulative Translation Adjustment | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income, Other, Net of Tax | 1,123 | ||||
Internal Reorganization [Member] | Derivative Instruments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income, Other, Net of Tax | 0 | ||||
Internal Reorganization [Member] | Unrealized gain (loss) on investments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income, Other, Net of Tax | 0 | ||||
Internal Reorganization [Member] | Accumulated Other Comp Loss | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income, Other, Net of Tax | 1,214 | ||||
Pension Plan | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (1,433) | (1,247) | (620) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 996 | (191) | (723) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | 41 | 5 | 5 | ||
Net other comprehensive income (loss) | 1,037 | (186) | (718) | ||
Ending Balance | (396) | (1,433) | (1,247) | ||
Pension Plan | Internal Reorganization [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income, Other, Net of Tax | 91 | ||||
Other Benefit Plans | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | 590 | (81) | 79 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 25 | 670 | (159) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | (646) | 1 | (1) | ||
Net other comprehensive income (loss) | (621) | 671 | (160) | ||
Ending Balance | $ (31) | $ 590 | (81) | ||
Other Benefit Plans | Internal Reorganization [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income, Other, Net of Tax | $ 0 | ||||
[1] | The cumulative translation adjustment losses for the year ended December 31, 2021 was primarily driven by the strengthening of the U.S. Dollar ("USD") against the European Euro ("EUR"), Swiss franc ("CHF") and Turkish Lira (“TRY”). The cumulative translation adjustment losses for the year ended December 31, 2020 was primarily driven by the strengthening of the U.S. Dollar ("USD") against the Brazilian Real ("BRL"), partially offset by the weakening of the U.S. Dollar against the Swiss franc ("CHF") and European Euro ("EUR"). |
Stockholders' Equity Tax Benefi
Stockholders' Equity Tax Benefit (Expense) on Net Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Tax | $ (172) | $ (133) | $ 275 |
Pension Plan | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Tax | (319) | 54 | 231 |
Other Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Tax | 188 | (211) | 52 |
Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Tax | $ (41) | $ 24 | $ (8) |
Stockholders' Equity Reclassifi
Stockholders' Equity Reclassifications out of AOCI (Details) - USD ($) $ in Millions | 4 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Income Tax Expense (Benefit) | $ 524 | $ (81) | $ (46) | ||
Income (loss) from continuing operations after income taxes | 1,822 | 756 | (270) | ||
Derivative Instruments | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Income Tax Expense (Benefit) | [1] | 9 | (6) | (1) | |
Income (loss) from continuing operations after income taxes | (4) | 12 | 12 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [2] | (13) | 18 | 13 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (4) | 12 | 12 | ||
Gain (Loss) on Investments [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [3] | $ 0 | 7 | 0 | |
Reclassification from AOCI, Current Period, Tax | [1] | $ 0 | 0 | 0 | |
AOCI Attributable to Parent | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (602) | 18 | 16 | ||
Pension Plan | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 41 | 5 | 5 | ||
Pension Plan | Prior Service Benefit | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [3],[4] | (2) | (1) | (1) | |
Pension Plan | Actuarial Losses | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [3],[4],[5] | 55 | 4 | 2 | |
Pension Plan | Accumulated Defined Benefit Plans Adjustment, Settlement Gain (Loss) [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [3],[4],[5] | 1 | 3 | 4 | |
Pension Plan | Accumulated Defined Benefit Plans Adjustment Attributable to Parent | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 54 | 6 | 5 | ||
Reclassification from AOCI, Current Period, Tax | [1] | (13) | (1) | 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 41 | 5 | 5 | ||
Other Benefit Plans | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (646) | 1 | (1) | ||
Other Benefit Plans | Prior Service Benefit | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [3],[4] | (922) | 0 | 0 | |
Other Benefit Plans | Actuarial Losses | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [3],[4] | 81 | 1 | (1) | |
Other Benefit Plans | Accumulated Defined Benefit Plans Adjustment Attributable to Parent | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (842) | 1 | (1) | ||
Reclassification from AOCI, Current Period, Tax | [1] | 196 | 0 | 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (646) | $ 1 | $ (1) | ||
[1] | Reflected in provision for (benefit from) income taxes from continuing operations in the Consolidated Statements of Operations. | ||||
[2] | Reflected in cost of goods sold in the Consolidated Statements of Operations. | ||||
[3] | Reflected in other income - net in the Consolidated Statements of Operations. | ||||
[4] | These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit (credit) cost of the company's pension and other benefit plans. See Note 20 - Pension Plans and Other Post Employment Benefits, to the Consolidated Financial Statements, for additional information. | ||||
[5] | A portion reflected in (loss) income from discontinued operations after income taxes for the year ended December 31, 2019. |
Pension Plans and Other Post _3
Pension Plans and Other Post Employment Benefit Plans Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 5 Months Ended | 12 Months Ended | |||
Nov. 30, 2017 | Jun. 01, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2022 | |
Defined Benefit and Contribution Disclosures [Line Items] | ||||||
Pre-tax cash requirements to cover actual net claims costs and related administrative expenses | $ 198 | $ 207 | $ 202 | |||
U.S. Retirement Savings Plan [Member] | ||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||
Employer Matching Contribution, Percent of Match | 100.00% | |||||
Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | |||||
Employer Discretionary Contribution Percent | 3.00% | |||||
Defined Contribution Plan, Employer Contribution | $ 63 | 94 | 142 | |||
Employers Discretionary Contribution, Vesting Period | 3 years | |||||
Corteva Other Contribution Plans [Member] | ||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||
Defined Contribution Plan, Employer Contribution | $ 29 | 33 | $ 46 | |||
Pension Plan | ||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||
Defined Benefit Plan, Unfunded Status of Plan | (1,948) | (3,847) | ||||
Employer contributions | $ 49 | $ 62 | ||||
Expected long-term rate of return on plan assets | 5.73% | 6.25% | 6.24% | |||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | ||||||
2021 | $ 1,409 | |||||
Other Post Employment Benefits Plan | ||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||
Defined Benefit Plan, Unfunded Status of Plan | (1,362) | $ (1,571) | ||||
Employer contributions | 198 | 207 | ||||
Expected Future Employer Contributions, Next Fiscal Year | $ 140 | |||||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | ||||||
2021 | 134 | |||||
Defined Benefit Plan, Accumulated Benefit Obligation, Increase (Decrease) for Plan Amendment | (939) | |||||
Other Pension Plan [Member] | ||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||
Employer contributions | 49 | 62 | $ 121 | |||
Expected Future Employer Contributions, Next Fiscal Year | $ 60 | |||||
Nonqualified Plan [Member] | Trust Agreement [Member] | ||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||
Contributions to Trust | $ 571 | |||||
Trust Asset Distribution | $ 39 | 43 | 65 | |||
Trust Asset | $ 304 | $ 347 | ||||
Discontinued Operations [Member] | Corteva Other Contribution Plans [Member] | ||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||
Defined Contribution Plan, Employer Contribution | $ 73 |
Pension Plans and Other Post _4
Pension Plans and Other Post Employment Benefit Plans Weighted Average Assumptions used to Determine Benefit Obligations - Pension (Details) - Pension Plan | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 2.82% | 2.44% |
Rate of increase in future compensation levels | 2.55% | 2.54% |
Pension Plans and Other Post _5
Pension Plans and Other Post Employment Benefit Plans Weighted Average Assumptions used to Determine Net Periodic Benefit Cost - Pension (Details) - Pension Plan | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net Periodic Benefit, Discount Rate | 2.44% | 3.19% | 4.19% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 2.54% | 2.60% | 2.84% |
Expected long-term rate of return on plan assets | 5.73% | 6.25% | 6.24% |
Pension Plans and Other Post _6
Pension Plans and Other Post Employment Benefit Plans Weighted Average Assumptions used to Determine Benefit Obligations and Periodic Benefit Cost - OPEB (Details) - Other Post Employment Benefits Plan | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount Rate | 2.59% | 2.09% | |
Net Periodic Benefit, Discount Rate | 2.09% | 3.07% | 3.93% |
Pension Plans and Other Post _7
Pension Plans and Other Post Employment Benefit Plans Change in Projected Benefit Obligations, Plan Assets and Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 19,700 | $ 21,600 | ||
Trust Agreement [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Benefit obligation at beginning of the period | 249 | |||
Benefit obligation at end of the period | 219 | 249 | ||
Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Benefit obligation at beginning of the period | 21,682 | 21,004 | ||
Service Cost | 25 | 26 | $ 41 | |
Interest Cost | 364 | 559 | 769 | |
Plan participants' contributions | 3 | 2 | ||
Actuarial (gain) loss | (524) | 1,659 | ||
Benefits Paid | (1,490) | (1,538) | ||
Plan amendments | (15) | (3) | ||
Net effects of acquisitions / divestitures / other | (240) | 0 | ||
Effect of foreign exchange rates | (30) | (27) | ||
Benefit obligation at end of the period | 19,775 | 21,682 | 21,004 | |
Fair value of plan assets at beginning of period | 17,835 | 16,941 | ||
Actual return on plan assets | 1,685 | 2,404 | ||
Employer contributions | 49 | 62 | ||
Plan participants' contributions | 3 | 2 | ||
Benefits paid | (1,490) | (1,538) | ||
Net effects of acquisitions / divestitures / other | (240) | 0 | ||
Effect of foreign exchange rates | (15) | (36) | ||
Fair value of plan assets at end of period | 17,827 | 17,835 | 16,941 | |
Funded (unfunded) status of plan | (1,948) | (3,847) | ||
Pension Plan | U.S. Plans with Plan Assets [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Funded (unfunded) status of plan | (1,471) | (3,301) | ||
Pension Plan | Non-U.S. plans with plan assets [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Funded (unfunded) status of plan | (62) | (98) | ||
Pension Plan | All other plans [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Funded (unfunded) status of plan | [1],[2] | (415) | (448) | |
Other Post Employment Benefits Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Benefit obligation at beginning of the period | 1,571 | 2,591 | ||
Service Cost | 1 | 2 | 4 | |
Interest Cost | 21 | 66 | 84 | |
Plan participants' contributions | 35 | 34 | ||
Actuarial (gain) loss | (33) | 59 | ||
Benefits Paid | (233) | (241) | ||
Plan amendments | 0 | (939) | ||
Net effects of acquisitions / divestitures / other | 0 | 0 | ||
Effect of foreign exchange rates | 0 | (1) | ||
Benefit obligation at end of the period | 1,362 | 1,571 | 2,591 | |
Fair value of plan assets at beginning of period | 0 | 0 | ||
Actual return on plan assets | 0 | 0 | ||
Employer contributions | 198 | 207 | ||
Plan participants' contributions | 35 | 34 | ||
Benefits paid | (233) | (241) | ||
Net effects of acquisitions / divestitures / other | 0 | 0 | ||
Effect of foreign exchange rates | 0 | 0 | ||
Fair value of plan assets at end of period | 0 | 0 | 0 | |
Funded (unfunded) status of plan | (1,362) | (1,571) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | (1) | 0 | $ 0 | |
Other Post Employment Benefits Plan | U.S. Plans with Plan Assets [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Funded (unfunded) status of plan | 0 | 0 | ||
Other Post Employment Benefits Plan | Non-U.S. plans with plan assets [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Funded (unfunded) status of plan | 0 | 0 | ||
Other Post Employment Benefits Plan | All other plans [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Funded (unfunded) status of plan | [1],[2] | $ (1,362) | $ (1,571) | |
[1] | As of December 31, 2021 and December 31, 2020, $219 million and $249 million, respectively, of the benefit obligations are supported by funding under the Trust agreement, defined in the "Trust Assets" section below. | |||
[2] | Includes pension plans maintained around the world where funding is not customary. |
Pension Plans and Other Post _8
Pension Plans and Other Post Employment Benefit Plans Amounts Recognized in Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 19,700 | $ 21,600 |
Noncurrent liabilities | (3,124) | (5,176) |
Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net amount recognized | (1,948) | (3,847) |
Net loss (gain) | (543) | (1,886) |
Prior service (benefit) cost | 27 | 14 |
Pretax balance in accumulated other comprehensive (income) loss at end of year | (516) | (1,872) |
Other Post Employment Benefits Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net amount recognized | (1,362) | (1,571) |
Net loss (gain) | (50) | (163) |
Prior service (benefit) cost | 17 | 939 |
Pretax balance in accumulated other comprehensive (income) loss at end of year | (33) | 776 |
Other Assets [Member] | Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Other Assets | 4 | 7 |
Other Assets [Member] | Other Post Employment Benefits Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Other Assets | 0 | 0 |
Accrued and Other Current Liabilities [Member] | Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Current liabilities | (46) | (32) |
Accrued and Other Current Liabilities [Member] | Other Post Employment Benefits Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Current liabilities | (144) | (217) |
Pension and other post employment benefits - noncurrent [Member] | Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Noncurrent liabilities | (1,906) | (3,822) |
Pension and other post employment benefits - noncurrent [Member] | Other Post Employment Benefits Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Noncurrent liabilities | $ (1,218) | $ (1,354) |
Pension Plans and Other Post _9
Pension Plans and Other Post Employment Benefit Plans Pension Plans with Projected Benefit Obligations in Excess of Plan Assets (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligations | $ 19,519 | $ 21,513 |
Fair Value of plan assets | $ 17,567 | $ 17,659 |
Pension Plans and Other Post_10
Pension Plans and Other Post Employment Benefit Plans Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated benefit obligations | $ 19,501 | $ 21,369 |
Fair value of plan assets | $ 17,567 | $ 17,550 |
Pension Plans and Other Post_11
Pension Plans and Other Post Employment Benefit Plans Components of net periodic benefit cost (credit) and amounts recognized in other comprehensive loss (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ (31) | |||
Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | $ 25 | 26 | $ 41 | |
Interest Cost | 364 | 559 | 769 | |
Expected return on plan assets | (915) | (1,000) | (1,078) | |
Amortization of unrecognized loss (gain) | 55 | 4 | 3 | |
Amortization of prior service benefit | (2) | (1) | (1) | |
Curtailment gain | 0 | 0 | (2) | |
Settlement loss | 1 | 3 | 4 | |
Net periodic benefit cost (credit) | (472) | (409) | (264) | |
Net loss (gain) | 1,284 | (247) | (970) | |
Amortization of unrecognized (loss) gain | 55 | 4 | 2 | |
Prior service cost (benefit) | 15 | 3 | 11 | |
Amortization of prior service benefit | (2) | (1) | (1) | |
Settlement loss | 1 | 3 | 4 | |
Effect of foreign exchange rates | 3 | (2) | 5 | |
Total (benefit) loss recognized in other comprehensive loss, attributable to Corteva | 1,356 | (240) | (949) | |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | 1,828 | 169 | (685) | |
Other Post Employment Benefits Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 1 | 2 | 4 | |
Interest Cost | 21 | 66 | 84 | |
Expected return on plan assets | 0 | 0 | 0 | |
Amortization of unrecognized loss (gain) | 81 | 1 | (1) | |
Amortization of prior service benefit | (922) | 0 | 0 | |
Curtailment gain | (1) | 0 | 0 | |
Settlement loss | 0 | 0 | 0 | |
Net periodic benefit cost (credit) | (820) | 69 | 87 | |
Net loss (gain) | 33 | (59) | (211) | |
Amortization of unrecognized (loss) gain | 81 | 1 | (1) | |
Prior service cost (benefit) | 0 | 939 | 0 | |
Amortization of prior service benefit | (922) | 0 | 0 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | (1) | 0 | 0 | |
Settlement loss | 0 | 0 | 0 | |
Effect of foreign exchange rates | 0 | 1 | 0 | |
Total (benefit) loss recognized in other comprehensive loss, attributable to Corteva | (809) | 882 | (212) | |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | 11 | 813 | (299) | |
Discontinued Operations [Member] | Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net periodic benefit cost (credit) | [1] | 0 | 0 | (14) |
Discontinued Operations [Member] | Other Post Employment Benefits Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net periodic benefit cost (credit) | [1] | 0 | 0 | 0 |
Continuing Operations [Member] | Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net periodic benefit cost (credit) | (472) | (409) | (250) | |
Continuing Operations [Member] | Other Post Employment Benefits Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net periodic benefit cost (credit) | $ (820) | $ 69 | $ 87 | |
[1] | Includes non-service related components of net periodic benefit credit of $(31) million for the year ended December 31, 2019. |
Pension Plans and Other Post_12
Pension Plans and Other Post Employment Benefit Plans Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2021USD ($) |
Pension Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2020 | $ 1,459 |
2021 | 1,409 |
2022 | 1,378 |
2023 | 1,341 |
2024 | 1,305 |
2025-2029 | 5,913 |
Total | 12,805 |
Other Post Employment Benefits Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2020 | 144 |
2021 | 134 |
2022 | 126 |
2023 | 118 |
2024 | 112 |
2025-2029 | 399 |
Total | $ 1,033 |
Pension Plans and Other Post_13
Pension Plans and Other Post Employment Benefit Plans Target Allocation for Plan Assets (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 100.00% | 100.00% |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 58.00% | 51.00% |
Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 2.00% | 2.00% |
Private Market Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 8.00% | 6.00% |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 5.00% | 4.00% |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 5.00% | 1.00% |
UNITED STATES | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 11.00% | 20.00% |
Non-US [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 11.00% | 16.00% |
Pension Plans and Other Post_14
Pension Plans and Other Post Employment Benefit Plans Basis of Fair Value Measurement (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension Trust Receivables | $ 655 | [1] | $ 214 | [2] | |
Pension Trust Payables | (1,031) | [3] | (434) | [4] | |
Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 17,827 | 17,835 | $ 16,941 | ||
Investments Measured at Net Asset Value | 3,086 | 2,469 | |||
Fair Value of Plan Assets, Excluding Trust Receivables and payables and assets measured at NAV | 15,117 | 15,586 | |||
Pension Plan | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 6,460 | 8,703 | |||
Pension Plan | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 8,547 | 6,768 | |||
Pension Plan | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 110 | 115 | 52 | ||
Pension Plan | Cash and Cash Equivalents [Domain] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2,543 | 2,616 | |||
Pension Plan | Cash and Cash Equivalents [Domain] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2,543 | 2,616 | |||
Pension Plan | Cash and Cash Equivalents [Domain] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Cash and Cash Equivalents [Domain] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | US Treasury and Government [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3,271 | 3,569 | |||
Investments Measured at Net Asset Value | 37 | 36 | |||
Pension Plan | US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3,271 | 3,569 | |||
Pension Plan | US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Corporate Debt Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 4,591 | 2,579 | |||
Investments Measured at Net Asset Value | 7 | 7 | |||
Pension Plan | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 4,589 | 2,576 | |||
Pension Plan | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2 | 3 | 4 | ||
Pension Plan | Asset-backed Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 682 | 616 | |||
Pension Plan | Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 682 | 616 | |||
Pension Plan | Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Hedge Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Investments Measured at Net Asset Value | 394 | 391 | |||
Pension Plan | Private Market Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3 | 3 | |||
Investments Measured at Net Asset Value | 1,822 | 1,381 | |||
Pension Plan | Private Market Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Private Market Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Private Market Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3 | 3 | 2 | ||
Pension Plan | Real Estate [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 26 | 28 | |||
Investments Measured at Net Asset Value | 759 | 590 | |||
Pension Plan | Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 26 | 28 | 33 | ||
Pension Plan | Other Investments [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 78 | 76 | |||
Pension Plan | Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3 | 3 | |||
Pension Plan | Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 75 | 73 | 0 | ||
Non-US [Member] | Pension Plan | Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1,523 | 2,194 | |||
Investments Measured at Net Asset Value | 34 | 32 | |||
Non-US [Member] | Pension Plan | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1,523 | 2,189 | |||
Non-US [Member] | Pension Plan | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 2 | |||
Non-US [Member] | Pension Plan | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 3 | 4 | ||
UNITED STATES | Pension Plan | Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2,400 | [5] | 3,905 | [6] | |
Investments Measured at Net Asset Value | 33 | 32 | |||
UNITED STATES | Pension Plan | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2,394 | [5] | 3,898 | [6] | |
UNITED STATES | Pension Plan | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2 | [5] | 2 | [6] | |
UNITED STATES | Pension Plan | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | $ 4 | [5] | 5 | [6] | $ 9 |
Common Stock [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amount of Employer and Related Party Securities Included in Plan Assets, Percent | 1.00% | ||||
Common Stock [Member] | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amount of Employer and Related Party Securities Included in Plan Assets | $ 201 | $ 165 | |||
Amount of Employer and Related Party Securities Included in Plan Assets, Percent | 1.00% | ||||
[1] | Primarily receivables for investments securities sold. | ||||
[2] | Primarily receivables for investments securities sold. | ||||
[3] | Primarily payables for investment securities purchased. | ||||
[4] | Primarily payables for investment securities purchased. | ||||
[5] | The Corteva pension plans directly held $201 million (approximately 1 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2021. | ||||
[6] | The Corteva pension plans directly held $165 million (approximately 1 percent of total plan assets) of Corteva, Inc. at December 31, 2020. |
Pension Plans and Other Post_15
Pension Plans and Other Post Employment Benefit Plans Summary of Fair Value Measurement of Level 3 Pension Plan Assets (Details) - Pension Plan - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | $ 17,827 | $ 17,835 | $ 16,941 | ||
Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 110 | 115 | 52 | ||
Actual Return (Loss) on Plan Assets Sold | (5) | (38) | |||
Actual Return (Loss) on Plan Assets Still Held | (2) | 34 | |||
Purchases, Sales, and Settlements | 2 | 5 | |||
Assets Transferred into (out of) Level 3 | 62 | ||||
Corporate Debt Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 4,591 | 2,579 | |||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2 | 3 | 4 | ||
Actual Return (Loss) on Plan Assets Sold | (5) | (7) | |||
Actual Return (Loss) on Plan Assets Still Held | 6 | 5 | |||
Purchases, Sales, and Settlements | (2) | 0 | |||
Assets Transferred into (out of) Level 3 | 1 | ||||
Asset-backed Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 682 | 616 | |||
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Private Market Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3 | 3 | |||
Private Market Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3 | 3 | 2 | ||
Actual Return (Loss) on Plan Assets Sold | 0 | 0 | |||
Actual Return (Loss) on Plan Assets Still Held | 0 | 1 | |||
Purchases, Sales, and Settlements | 0 | 0 | |||
Assets Transferred into (out of) Level 3 | 0 | ||||
Real Estate [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 26 | 28 | |||
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 26 | 28 | 33 | ||
Actual Return (Loss) on Plan Assets Sold | 0 | 0 | |||
Actual Return (Loss) on Plan Assets Still Held | (2) | (5) | |||
Purchases, Sales, and Settlements | 0 | 0 | |||
Assets Transferred into (out of) Level 3 | 0 | ||||
Derivative, Asset [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 78 | 76 | |||
Derivative, Asset [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 75 | 73 | 0 | ||
Actual Return (Loss) on Plan Assets Sold | 0 | 0 | |||
Actual Return (Loss) on Plan Assets Still Held | (2) | 7 | |||
Purchases, Sales, and Settlements | 4 | 5 | |||
Assets Transferred into (out of) Level 3 | 61 | ||||
Non-US [Member] | Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1,523 | 2,194 | |||
Non-US [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 3 | 4 | ||
Actual Return (Loss) on Plan Assets Sold | (1) | (6) | |||
Actual Return (Loss) on Plan Assets Still Held | (1) | 5 | |||
Purchases, Sales, and Settlements | (1) | 0 | |||
Assets Transferred into (out of) Level 3 | 0 | ||||
UNITED STATES | Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2,400 | [1] | 3,905 | [2] | |
UNITED STATES | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 4 | [1] | 5 | [2] | $ 9 |
Actual Return (Loss) on Plan Assets Sold | 1 | (25) | |||
Actual Return (Loss) on Plan Assets Still Held | (3) | 21 | |||
Purchases, Sales, and Settlements | $ 1 | 0 | |||
Assets Transferred into (out of) Level 3 | $ 0 | ||||
[1] | The Corteva pension plans directly held $201 million (approximately 1 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2021. | ||||
[2] | The Corteva pension plans directly held $165 million (approximately 1 percent of total plan assets) of Corteva, Inc. at December 31, 2020. |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Compensation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Remaining Weighted-Average Recognition Period | 1 year 2 months 12 days | ||
OIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant | 20,000,000 | ||
Shares authorized for future grants | 12,000,000 | ||
Tax Benefit from Compensation Expense | $ (8) | $ (4) | |
Intrinsic value of stock options | 43 | 21 | |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 79 | 73 | $ 84 |
Tax Benefit from Compensation Expense | $ (15) | $ (15) | $ (17) |
Stock-Based Compensation Weight
Stock-Based Compensation Weighted Average Assumptions - Stock Options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options outstanding, weighted average remaining contractual term | 5 years 8 months 8 days | 5 years 3 months 7 days | |
EIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 1.55% | ||
Expected Volatility | 19.80% | ||
Risk Free Interest Rate | 2.40% | ||
Expected life of stock options granted during period | 6 years 1 month 6 days | ||
EIP [Member] | Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Grant Date Fair Value | $ 7.29 | ||
OIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 1.14% | 1.67% | |
Expected Volatility | 29.44% | 23.14% | |
Risk Free Interest Rate | 1.00% | 1.30% | |
Expected life of stock options granted during period | 6 years | 6 years | |
OIP [Member] | Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Grant Date Fair Value | $ 11.77 | $ 6.06 |
Stock-Based Compensation Stoc_2
Stock-Based Compensation Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Option Award Vesting Period | 3 years | ||
Unrecognized Pretax Compensation Expense Related to Stock Options | $ 4,000 | ||
Remaining Weighted-Average Recognition Period | 1 year 2 months 12 days | ||
Dow [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Option, Expiration Period | 10 years | ||
OIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 1.14% | 1.67% | |
EIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 1.55% | ||
EIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of stock options | $ 16,000 | ||
Tax Benefit from Compensation Expense | (3,000) | ||
OIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of stock options | $ 43,000 | 21,000 | |
Tax Benefit from Compensation Expense | $ (8,000) | $ (4,000) | |
Equity Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options outstanding at beginning of period | 8,998 | ||
Stock options granted during the period | 849 | ||
Stock options forfeited/expired during the period | (218) | ||
Stock options outstanding at end of period | 6,423 | 8,998 | |
Stock options exercisable at end of period | 4,739 | ||
Stock options outstanding, weighted average exercise price beginning of period | $ 34.21 | ||
Stock options granted, weighted average price | 45.37 | ||
Stock options exercised during the period, weighted average exercise price | $ 32.44 | ||
Stock options exercised during the period | (3,206) | ||
Stock options forfeited/expired, weighted average price | $ 33.39 | ||
Stock options outstanding, weighted average exercise price end of period | 36.65 | $ 34.21 | |
Stock options exercisable, weighted average exercise price | $ 36.15 | ||
Stock options outstanding, weighted average remaining contractual term | 5 years 8 months 8 days | 5 years 3 months 7 days | |
Stock options exercisable, weighted average remaining contractual term | 4 years 9 months 3 days | ||
Stock options outstanding, intrinsic value | $ 68,219 | $ 50,077 | |
Stock options exercisable, intrinsic value | $ 52,726 | ||
Employee Stock [Member] | OIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Grant Date Fair Value | $ 11.77 | $ 6.06 | |
Employee Stock [Member] | EIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Grant Date Fair Value | $ 7.29 | ||
Grants between 2013 and 2015 [Member] | Equity Option [Member] | EIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Option, Expiration Period | 7 years | ||
Grants between 2016 and 2018 [Member] | Equity Option [Member] | EIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Option, Expiration Period | 10 years | ||
Grants between June 2019 and 2020 [Member] | Equity Option [Member] | OIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Option, Expiration Period | 10 years |
Stock-Based Compensation Restri
Stock-Based Compensation Restricted Stock Units and Performance Deferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSU and PSU Award Vesting Period | 3 years | |
Remaining Weighted-Average Recognition Period | 1 year 2 months 12 days | |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation arrangement by share based payment award, equity instruments other than options, actual awards granted, percentage of performance target | 0.00% | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation arrangement by share based payment award, equity instruments other than options, actual awards granted, percentage of performance target | 200.00% | |
RSUs and PSUs - OIP [Domain] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted Average Grant Date Fair Value, RSUs and PSUs granted during the period | $ 45.30 | $ 31.15 |
Fair Value of RSUs and PSUs vested during the period | $ 56 | $ 49 |
Unrecognized Pretax Compensation Expense Related to RSUs and PSUs | $ 45 | |
Remaining Weighted-Average Recognition Period | 1 year 1 month 17 days | |
RSUs and PSUs - EIP [Domain] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted Average Grant Date Fair Value, RSUs and PSUs granted during the period | $ 52.19 | |
Fair Value of RSUs and PSUs vested during the period | $ 79 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity award conversion ratio | 1 | |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSU Requisite Service Period | 6 months | |
Restricted Stock Units and Performance Deferred Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Nonvested RSUs and PSUs at beginning of period | 5,883,000 | |
RSUs and PSUs granted during the period | 1,536,000 | |
RSUs and PSUs vested during the period | (1,583,000) | |
RSUs and PSUs forfeited during the period | (234,000) | |
Nonvested RSUs and PSUs at end of period | 5,602,000 | 5,883,000 |
Weighted average grant date fair value, nonvested RSUs and PSUs beginning of period | $ 31.54 | |
Weighted Average Grant Date Fair Value, RSUs and PSUs granted during the period | 45.30 | |
Weighted Average Grant Date Fair Value, vested RSUs and PSUs during the period | 35.59 | |
Weighted Average Grant Date Fair Value, RSUs and PSUs forfeited during the period | 32.99 | |
Weighted average grant date fair value, nonvested RSUs and PSUs end of period | $ 34.11 | $ 31.54 |
Performance Share Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSUs and PSUs granted during the period | 343,632 | |
Weighted Average Grant Date Fair Value, RSUs and PSUs granted during the period | $ 45.37 | |
Minimum [Member] | Management [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSU and PSU Award Vesting Period | 3 years | |
Maximum [Member] | Management [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSU and PSU Award Vesting Period | 5 years | |
OIP [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSU and PSU Award Vesting Period | 3 years | |
EIP [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSU and PSU Award Vesting Period | 3 years | |
Dow [Member] | Minimum [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSU and PSU Award Vesting Period | 1 year | |
Dow [Member] | Maximum [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
RSU and PSU Award Vesting Period | 3 years |
Financial Instruments Financial
Financial Instruments Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Cash Equivalents [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | $ 3,400 | $ 2,511 |
Available-for-sale securities | 226 | |
Marketable Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | $ 86 | $ 43 |
Financial Instruments Notional
Financial Instruments Notional Amounts (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 845 | $ 383 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | 1,252 | 1,164 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | 4 | 0 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 103 | $ 647 |
Financial Instruments Cash Flow
Financial Instruments Cash Flow Hedges Included in AOCI (Details) € in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021EUR (€) | ||
Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Additions and revaluations of derivatives designated as cash flow hedges | [1] | $ 193 | $ (111) | $ 23 | |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [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 | 24 | (3) | |||
Clearance of hedge results to earnings | 25 | (14) | |||
Ending Balance | 32 | (17) | 0 | ||
After-tax net gain to be reclassified from AOCL into earnings over the next twelve months | 32 | ||||
Derivative, Notional Amount | $ 1,252 | 1,164 | |||
Foreign Exchange Contract [Member] | Net Investment Hedging | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | € | € 450 | ||||
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Remaining Maturity | 2 years | ||||
Beginning Balance | $ (16) | 2 | (26) | ||
Additions and revaluations of derivatives designated as cash flow hedges | 92 | (44) | 16 | ||
Clearance of hedge results to earnings | (29) | 26 | 12 | ||
Ending Balance | 47 | (16) | $ 2 | ||
After-tax net gain to be reclassified from AOCL into earnings over the next twelve months | 36 | ||||
Derivative, Notional Amount | $ 845 | $ 383 | |||
[1] | OCI is defined as other comprehensive income (loss). |
Financial Instruments Fair Valu
Financial Instruments Fair Value of Derivatives (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Asset, Gross | $ 71 | $ 55 | ||
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (20) | (40) | |
Derivative Asset, Net | 51 | 15 | ||
Derivative Liability, Gross | 26 | 135 | ||
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (20) | (40) | |
Derivative Liability, Net | 6 | 95 | ||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Asset, Gross | 31 | 40 | ||
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (20) | (40) | |
Derivative Asset, Net | 11 | 0 | ||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accrued and Other Current Liabilities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Liability, Gross | 23 | 97 | ||
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (20) | (40) | |
Derivative Liability, Net | 3 | 57 | ||
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Assets [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Asset, Gross | 3 | |||
Derivative Asset, Counterparty and Cash Collateral Netting | 0 | |||
Derivative Asset, Net | 3 | |||
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued and Other Current Liabilities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Liability, Gross | 2 | |||
Derivative Liability, Counterparty and Cash Collateral Netting | 0 | |||
Derivative Liability, Net | 2 | |||
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Asset, Gross | 37 | 15 | ||
Derivative Asset, Net | 37 | 15 | ||
Derivative Liability, Counterparty and Cash Collateral Netting | 0 | [1] | 0 | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accrued and Other Current Liabilities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Liability, Gross | 1 | 38 | ||
Derivative Liability, Counterparty and Cash Collateral Netting | 0 | [1] | 0 | |
Derivative Liability, Net | $ 1 | $ 38 | ||
[1] | Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. |
Financial Instruments Effect of
Financial Instruments Effect of Derivative Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Loss) Gain on Derivative Instruments, Net, Pretax | [1] | $ (1) | $ 94 | $ (62) |
Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss), Pre-Tax | [2] | 193 | (111) | 23 |
(Loss) Gain on Hedging Activity | [1] | 13 | (18) | (13) |
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, (Loss) Gain, Net | [1] | (14) | 112 | (49) |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss), Pre-Tax | 24 | (3) | ||
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Net Investment Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss), Pre-Tax | [2] | 37 | (45) | 0 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss), Pre-Tax | [2] | 27 | (4) | 0 |
Foreign Exchange Contract [Member] | Cost of Goods Sold | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Loss) Gain on Hedging Activity | [1],[3] | (29) | 17 | 0 |
Foreign Exchange Contract [Member] | Cost of Goods Sold | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, (Loss) Gain, Net | [1],[3] | (14) | 14 | 0 |
Foreign Exchange Contract [Member] | Other Income (Expense) - net | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, (Loss) Gain, Net | [1],[4] | 18 | 89 | (58) |
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss), Pre-Tax | 92 | (44) | 16 | |
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss), Pre-Tax | [2] | 129 | (62) | 23 |
Commodity Contract [Member] | Cost of Goods Sold | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Loss) Gain on Hedging Activity | [1],[3] | 42 | (35) | (13) |
Commodity Contract [Member] | Cost of Goods Sold | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, (Loss) Gain, Net | [1],[3] | $ (18) | $ 9 | $ 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 - net was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 9 - Supplementary Information, to the Consolidated Financial Statements for additional information. |
Financial Instruments Debt Secu
Financial Instruments Debt Securities (Details) - Available-for-sale Securities $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |
Available-for-sale Securities, Gross Realized Gain (Loss) | $ (7) |
Proceeds from Sale of Debt Securities, Available-for-sale | $ 226 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurement Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Derivative Asset, Foreign Currency | $ 71 | $ 55 | |
Derivative Liability, Foreign Currency | 26 | 135 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Marketable securities | 86 | 43 | |
Total assets at fair value | 154 | 98 | |
Total Liabilities at fair value | 24 | 135 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member] | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Derivative Asset, Foreign Currency | [1] | 68 | 55 |
Derivative Liability, Foreign Currency | [1] | 24 | 135 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Equity Securities | [2] | 48 | |
Total assets at fair value | 48 | 226 | |
Total Liabilities at fair value | $ 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Available-for-sale securities | [3] | $ 226 | |
[1] | See Note 22 - Financial Instruments, to the Consolidated Financial Statements, for the classification of derivatives in the Consolidated Balance Sheets. | ||
[2] | The company's equity securities are included in "other assets" in the Consolidated Balance Sheets. | ||
[3] | The company's investments in U.S. treasuries, which are primarily available-for-sale, are included in "marketable securities" in the Consolidated Balance Sheets. |
Fair Value Measurements Fair _2
Fair Value Measurements Fair Value Measurement Nonrecurring Basis (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Developed Technology | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets at Fair Value | $ 0 |
Other Intangible Assets [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets at Fair Value | 0 |
IPR&D [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets at Fair Value | 0 |
Fair Value, Nonrecurring [Member] | Developed Technology | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Asset Impairment Charges | (1) |
Fair Value, Nonrecurring [Member] | Other Intangible Assets [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Asset Impairment Charges | (6) |
Fair Value, Nonrecurring [Member] | IPR&D [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets at Fair Value | $ (137) |
Geographic Information Revenue
Geographic Information Revenue by Country (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Sales | $ 15,655 | $ 14,217 | $ 13,846 | |
UNITED STATES | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Sales | 6,782 | 6,510 | 6,255 | |
CANADA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Sales | 754 | 658 | 674 | |
EMEA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Sales | 3,123 | 2,842 | 2,740 | |
Asia Pacific | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Sales | 1,451 | 1,402 | 1,288 | |
Latin America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Sales | [1] | 3,545 | 2,805 | 2,889 |
BRAZIL | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Sales | $ 2,315 | $ 1,724 | $ 1,794 | |
[1] | Net sales for Brazil for the years ended December 31, 2021, 2020 and 2019 were $2,315 million , |
Geographic Information Net Prop
Geographic Information Net Property by Country (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property | $ 4,329 | $ 4,396 | $ 4,546 |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property | 3,051 | 3,014 | 3,069 |
CANADA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property | 114 | 122 | 125 |
EMEA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property | 566 | 601 | 566 |
Asia Pacific | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property | 468 | 510 | 608 |
Latin America | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Property | $ 130 | $ 149 | $ 178 |
Segment Reporting Segment Infor
Segment Reporting Segment Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 01, 2019 | ||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | $ 15,655 | $ 14,217 | $ 13,846 | ||||
Segment Operating EBITDA | [1] | 2,714 | 2,212 | 2,106 | |||
Depreciation and Amortization | 1,599 | ||||||
Segment Assets | 35,698 | 36,850 | [2] | 38,879 | [2] | ||
Investments in nonconsolidated affiliates | 76 | 66 | |||||
Payments to Acquire Property, Plant, and Equipment | 1,163 | ||||||
Goodwill | 10,107 | 10,269 | 10,229 | ||||
Reallocation of goodwill [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Goodwill | $ 3,382 | ||||||
Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Depreciation and Amortization | 1,243 | 1,177 | 1,000 | ||||
Investments in nonconsolidated affiliates | 76 | 66 | 66 | ||||
Payments to Acquire Property, Plant, and Equipment | 573 | 475 | 666 | ||||
Seed [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 8,402 | 7,756 | 7,590 | ||||
Segment Operating EBITDA | 1,512 | 1,208 | 1,040 | ||||
Depreciation and Amortization | 866 | 798 | 628 | ||||
Segment Assets | 23,270 | 23,751 | [2] | 25,387 | |||
Investments in nonconsolidated affiliates | 29 | 22 | 27 | ||||
Payments to Acquire Property, Plant, and Equipment | 237 | 225 | 373 | ||||
Goodwill | 5,435 | 5,524 | 5,486 | ||||
Crop Protection [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 7,253 | 6,461 | 6,256 | ||||
Segment Operating EBITDA | 1,202 | 1,004 | 1,066 | ||||
Depreciation and Amortization | 377 | 379 | 372 | ||||
Segment Assets | 12,428 | 13,099 | [2] | 13,492 | |||
Investments in nonconsolidated affiliates | 47 | 44 | 39 | ||||
Payments to Acquire Property, Plant, and Equipment | 336 | 250 | 293 | ||||
Goodwill | $ 4,672 | $ 4,745 | $ 4,743 | ||||
[1] | The year ended December 31, 2019 is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. | ||||||
[2] | On June 1, 2019, as a result of changes in reportable segments, $3,382 million of goodwill was reallocated from the seed reportable segment to the crop protection reportable segment. This change was not reflected in segment assets prior to June 1, 2019. |
Segment Reporting Segment Recon
Segment Reporting Segment Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Segment Reporting Information [Line Items] | |||||
Income (Loss) from Continuing Operations After Taxes | $ 1,822 | $ 756 | $ (270) | ||
Provision for (benefit from) income taxes on continuing operations | 524 | (81) | (46) | ||
Income (loss) from Continuing Operations before Income Taxes | 2,346 | 675 | (316) | ||
Depreciation and Amortization | 1,599 | ||||
Interest income | 77 | 56 | 59 | ||
Interest Expense | 30 | 45 | 136 | ||
Net exchange losses | [1] | (54) | (174) | (99) | |
Non-operating pension and other post employment benefit credit (cost) | [2] | 1,318 | 368 | 191 | |
Significant items | 236 | 388 | 991 | ||
Pro forma adjustments | 298 | ||||
Corporate Expenses | 138 | 125 | 119 | ||
Segment Operating EBITDA | [3] | 2,714 | 2,212 | 2,106 | |
Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | (77) | (56) | (59) | ||
Net exchange losses | [4] | 54 | 174 | 66 | |
Non-operating pension and other post employment benefit credit (cost) | (1,256) | (316) | (129) | ||
Significant items | (236) | (991) | [5] | ||
Hedging Program [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net exchange losses | 18 | 89 | (58) | ||
Hedging Program [Member] | Argentine peso devaluation [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net exchange losses | (67) | (82) | (51) | ||
Hedging Program [Member] | Argentine peso devaluation [Member] | Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net exchange losses | (33) | ||||
Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net exchange losses | [5] | (33) | |||
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and Amortization | $ 1,243 | $ 1,177 | $ 1,000 | ||
[1] | Includes net pre-tax exchange gains (losses) of $(67) million, $(82) million and $(51) million associated with the devaluation of the Argentine peso for the years ended December 31, 2021, 2020 and 2019, respectively. | ||||
[2] | Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected long-term rate of return on plan assets, amortization of unrecognized gain (loss), amortization of prior service benefit and settlement gain (loss)). | ||||
[3] | The year ended December 31, 2019 is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. | ||||
[4] | Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso. See Note 9 - Supplementary Information, to the Consolidated Financial Statements, for additional information. 2. Effective January 1, 2021, on a prospective basis, the company excludes net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. There were no unrealized mark-to-market (gains) losses for the years ended December 31, 2020 and 2019. | ||||
[5] | The year ended December 31, 2019 is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. |
Segment Reporting Segment Asset
Segment Reporting Segment Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | [1] | |
Segment Reporting Information [Line Items] | |||||
Segment Assets | $ 35,698 | $ 36,850 | [1] | $ 38,879 | |
Corporate Assets | 6,646 | 5,799 | |||
Assets | $ 42,344 | $ 42,649 | |||
[1] | On June 1, 2019, as a result of changes in reportable segments, $3,382 million of goodwill was reallocated from the seed reportable segment to the crop protection reportable segment. This change was not reflected in segment assets prior to June 1, 2019. |
Segment Reporting Other Items (
Segment Reporting Other Items (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and Amortization | $ 1,599 | |||
Investments in nonconsolidated affiliates | $ 76 | $ 66 | ||
Payments to Acquire Property, Plant, and Equipment | 1,163 | |||
Operating Segments [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and Amortization | 1,243 | 1,177 | 1,000 | |
Investments in nonconsolidated affiliates | 76 | 66 | 66 | |
Payments to Acquire Property, Plant, and Equipment | $ 573 | $ 475 | 666 | |
Discontinued Operations [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and Amortization | [1] | 599 | ||
Payments to Acquire Property, Plant, and Equipment | [1] | $ 497 | ||
[1] | See Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information |
Segment Reporting Sig Items (De
Segment Reporting Sig Items (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Segment Reporting Information [Line Items] | ||||||
Integration and Separation Costs | $ 0 | $ 0 | $ 744 | |||
Pre-tax exchange (loss) gain | [1] | (54) | (174) | (99) | ||
Loss on Extinguishment of Debt | 0 | 0 | (13) | [2] | ||
Significant items | 236 | 388 | 991 | |||
Restructuring and asset related charges- net | 289 | 335 | 222 | |||
Hedging Program [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Pre-tax exchange (loss) gain | 18 | 89 | (58) | |||
Hedging Program [Member] | Argentine peso devaluation [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Pre-tax exchange (loss) gain | (67) | (82) | (51) | |||
Segment Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Integration and Separation Costs | [3],[4] | (53) | (632) | |||
Gain (Loss) on Disposition of Assets | [4],[5] | (388) | ||||
Pre-tax exchange (loss) gain | [6] | 54 | 174 | 66 | ||
Significant items | (236) | (991) | [4] | |||
Restructuring and asset related charges- net | [7] | 47 | (335) | [4] | (222) | [4] |
Employee Retention Credit | 60 | |||||
Contract Termination Cost | (54) | |||||
Segment Reconciling Items [Member] | Seed [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Significant items | (98) | (304) | [4] | |||
Restructuring and asset related charges- net | [7] | (152) | (165) | [4] | (213) | [4] |
Equity Securities Mark-to-Mark Gain | 47 | |||||
Employee Retention Credit | 37 | |||||
Contract Termination Cost | (30) | |||||
Segment Reconciling Items [Member] | Crop Protection [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Significant items | (60) | (23) | [4] | |||
Restructuring and asset related charges- net | [7] | (59) | (109) | [4] | (23) | [4] |
Employee Retention Credit | 23 | |||||
Contract Termination Cost | (24) | |||||
Segment Reconciling Items [Member] | Corporate, Non-Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Integration and Separation Costs | [3],[4] | 0 | (632) | |||
Loss on Extinguishment of Debt | (13) | |||||
Significant items | (78) | (664) | [4] | |||
Restructuring and asset related charges- net | [7] | (78) | (61) | [4] | 14 | [4] |
Segment Reconciling Items [Member] | Sale of JV [Member] | Crop Protection [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gain (Loss) on Disposition of Assets | (53) | |||||
Segment Reconciling Items [Member] | Asset sale [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gain (Loss) on Disposition of Assets | [4] | (24) | ||||
Segment Reconciling Items [Member] | Asset sale [Member] | Seed [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gain (Loss) on Disposition of Assets | [4] | (24) | ||||
Segment Reconciling Items [Member] | Deconsolidation of a subsidiary [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gain (Loss) on Disposition of Assets | [4] | (67) | ||||
Segment Reconciling Items [Member] | Deconsolidation of a subsidiary [Member] | Seed [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gain (Loss) on Disposition of Assets | [4] | (67) | ||||
Segment Reconciling Items [Member] | Other loss on sale [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gain (Loss) on Disposition of Assets | [4] | (13) | ||||
Segment Reconciling Items [Member] | Other loss on sale [Member] | Seed [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gain (Loss) on Disposition of Assets | [4] | 0 | ||||
Segment Reconciling Items [Member] | La Porte | Crop Protection [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Gain (Loss) on Disposition of Assets | $ (53) | |||||
Segment Reconciling Items [Member] | Hedging Program [Member] | Argentine peso devaluation [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Pre-tax exchange (loss) gain | $ (33) | |||||
Segment Reconciling Items [Member] | Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Pre-tax exchange (loss) gain | [4] | (33) | ||||
Segment Reconciling Items [Member] | Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | Corporate, Non-Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Pre-tax exchange (loss) gain | [4] | $ (33) | ||||
[1] | Includes net pre-tax exchange gains (losses) of $(67) million, $(82) million and $(51) million associated with the devaluation of the Argentine peso for the years ended December 31, 2021, 2020 and 2019, respectively. | |||||
[2] | The cash flows for the year ended December 31, 2019 includes cash flows of EID's ECP and Specialty Products Entities. | |||||
[3] | Integration and separation costs include costs incurred to prepare for and close the Merger, post-Merger integration expenses, and costs incurred to prepare for the Internal Reorganizations. Beginning in the second quarter of 2019, this includes both integration and separation costs. | |||||
[4] | The year ended December 31, 2019 is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. | |||||
[5] | Includes a loss recorded in other income - net related to DAS's sale of a joint venture related to synergy actions. | |||||
[6] | Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso. See Note 9 - Supplementary Information, to the Consolidated Financial Statements, for additional information. 2. Effective January 1, 2021, on a prospective basis, the company excludes net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. There were no unrealized mark-to-market (gains) losses for the years ended December 31, 2020 and 2019. | |||||
[7] | Includes Board approved restructuring plans and asset related charges as well as accelerated prepaid amortization. See Note 7 - Restructuring and Asset Related Charges - Net, to the Consolidated Financial Statements, for additional information. |
Quaterly Financial Data Quarter
Quaterly Financial Data Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |||
Net Sales | $ 15,655 | $ 14,217 | $ 13,846 |
Cost of Goods Sold | 9,220 | 8,507 | 8,575 |
Restructuring and asset related charges- net | 289 | 335 | 222 |
Integration and Separation Costs | 0 | 0 | 744 |
Income (loss) from continuing operations after income taxes | 1,822 | 756 | (270) |
Net (loss) income attributable to Company | $ 1,759 | $ 681 | $ (959) |
(Loss) earnings per common share, continuing operations - basic | $ 2.46 | $ 0.98 | $ (0.38) |
(Loss) earnings per common share, continuing operations - diluted | $ 2.44 | $ 0.98 | $ (0.38) |
Quaterly Financial Data Quart_2
Quaterly Financial Data Quarterly Financial Data (Parentheticals) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Loss on Extinguishment of Debt | $ 0 | $ 0 | $ (13) | [1] | ||
Net after-tax exchange (loss) gain | (88) | (161) | (84) | |||
Hedging Program [Member] | ||||||
Net after-tax exchange (loss) gain | $ 14 | 68 | (45) | |||
Hedging Program [Member] | Argentine peso devaluation [Member] | ||||||
Other Tax (Benefit) Expense | $ 33 | |||||
Merger with Dow [Member] | ||||||
Business Combination, Fair Value Step-Up Of Acquired Inventory, Amount recognized in Cost of Goods sold | $ 272 | |||||
Segment Reconciling Items [Member] | ||||||
Gain (Loss) on Disposition of Assets | [2],[3] | (388) | ||||
Crop Protection [Member] | Segment Reconciling Items [Member] | Sale of JV [Member] | ||||||
Gain (Loss) on Disposition of Assets | $ (53) | |||||
[1] | The cash flows for the year ended December 31, 2019 includes cash flows of EID's ECP and Specialty Products Entities. | |||||
[2] | Includes a loss recorded in other income - net related to DAS's sale of a joint venture related to synergy actions. | |||||
[3] | The year ended December 31, 2019 is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. |
Subsequent Events (Details)
Subsequent Events (Details) - Securities Sold under Agreements to Repurchase [Member] $ in Millions | Feb. 09, 2021USD ($) |
Subsequent Event [Line Items] | |
Short-term Debt | $ 500 |
Percentage of outstanding amounts borrowed utilized as collateral | 105.00% |
Interest rate in addition to SOFR | 0.75% |
EID Basis of Presentation (Deta
EID Basis of Presentation (Details) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2021 | Feb. 03, 2022 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 01, 2019 | |
Common Stock, Shares, Outstanding | 726,527,000 | 743,458,000 | 748,577,000 | 748,815,000 | |
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | ||
EID [Member] | |||||
Common Stock, Shares, Outstanding | 200 | 200 | |||
Common Stock, Par Value | $ 0.30 | $ 0.30 | $ 0.30 | ||
Corteva [Member] | EID [Member] | |||||
Ownership interest in an entity | 100.00% |
EID Related Party (Details)
EID Related Party (Details) - EID [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Long-Term Debt - Related Party | $ 2,162 | $ 3,459 |
Corteva [Member] | ||
Related Party Transaction [Line Items] | ||
Debt, Weighted Average Interest Rate | 1.67% | 1.62% |
Interest Expense, Related Party | $ 50 | $ 100 |
Interest Paid on Related Party Long-Term Debt | 51 | 105 |
Accrued and Other Current Liabilities [Member] | Corteva [Member] | ||
Related Party Transaction [Line Items] | ||
CTVA Related Party Liability | 92 | 27 |
Other Noncurrent Obligations [Member] | Corteva [Member] | ||
Related Party Transaction [Line Items] | ||
CTVA Related Party Liability | $ 92 | $ 117 |
EID Income Taxes Geographic All
EID Income Taxes Geographic Allocation (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Income (loss) from Continuing Operations before Income Taxes | $ 2,346 | $ 675 | $ (316) | |
Provision for (benefit from) income taxes on continuing operations | 524 | (81) | (46) | |
Net income (loss) from continuing operations after income taxes | 1,769 | 701 | (941) | [1] |
Continuing Operations [Member] | ||||
Income (loss) from Continuing Operations before Income Taxes, Domestic | 941 | (83) | (1,352) | |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 1,405 | 758 | 1,036 | |
Income (loss) from Continuing Operations before Income Taxes | 2,346 | 675 | (316) | |
Current Federal Tax (Benefit) Expense | (13) | 28 | (11) | |
Current State and Local Tax Expense (Benefit) | 6 | 9 | 1 | |
Current Foreign Tax Expense (Benefit) | 329 | 222 | 317 | |
Total current tax expense (benefit) | 322 | 259 | 307 | |
Deferred Federal Income Tax Expense (Benefit) | 164 | (116) | (392) | |
Deferred State and Local Income Tax Expense (Benefit) | 55 | 27 | 156 | |
Deferred Foreign Income Tax Expense (Benefit) | (17) | (251) | (117) | |
Total deferred tax expense (benefit) | 202 | (340) | (353) | |
Provision for (benefit from) income taxes on continuing operations | 524 | (81) | (46) | |
EID [Member] | ||||
Income (loss) from Continuing Operations before Income Taxes | 2,296 | 575 | (422) | |
Provision for (benefit from) income taxes on continuing operations | 512 | (105) | (71) | |
Net income (loss) from continuing operations after income taxes | 1,731 | 625 | (1,022) | [2] |
EID [Member] | Continuing Operations [Member] | ||||
Income (loss) from Continuing Operations before Income Taxes, Domestic | 892 | (183) | (1,458) | |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 1,404 | 758 | 1,036 | |
Income (loss) from Continuing Operations before Income Taxes | 2,296 | 575 | (422) | |
Current Federal Tax (Benefit) Expense | (23) | 8 | (11) | |
Current State and Local Tax Expense (Benefit) | 4 | 5 | 1 | |
Current Foreign Tax Expense (Benefit) | 329 | 222 | 317 | |
Total current tax expense (benefit) | 310 | 235 | 307 | |
Deferred Federal Income Tax Expense (Benefit) | 164 | (116) | (417) | |
Deferred State and Local Income Tax Expense (Benefit) | 55 | 27 | 156 | |
Deferred Foreign Income Tax Expense (Benefit) | (17) | (251) | (117) | |
Total deferred tax expense (benefit) | 202 | (340) | (378) | |
Provision for (benefit from) income taxes on continuing operations | 512 | (105) | (71) | |
Net income (loss) from continuing operations after income taxes | $ 1,784 | $ 680 | $ (351) | |
[1] | The cash flows for the year ended December 31, 2019 includes cash flows of EID's ECP and Specialty Products Entities. | |||
[2] | The cash flows for the year ended December 31, 2019 includes cash flows of EID's ECP and Specialty Products Entities |
EID Income Taxes Rate Reconcili
EID Income Taxes Rate Reconciliation (Details) - Continuing Operations [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Statutory U.S. federal income tax rate | 21.00% | 21.00% | 21.00% | |
Effective tax rates on international operations - net | [1] | (2.50%) | (13.90%) | (18.40%) |
Acquisitions, divestitures, and ownership restructuring activities | [2] | (0.10%) | (0.30%) | (10.70%) |
U.S. research and development credit | (2.40%) | (2.90%) | 7.00% | |
Exchange gains/losses | [3] | 1.90% | 3.50% | (1.80%) |
State and Local Income Taxes | 2.10% | 4.00% | 3.20% | |
Impact of Swiss Tax Reform | [4] | 0.20% | (27.00%) | 11.90% |
Excess tax benefits (tax deficiency) from stock-compensation | (0.20%) | 1.00% | (0.60%) | |
Tax settlements and expiration of statue of limitations | 0.00% | 0.40% | 3.90% | |
Other, net | 2.30% | 2.20% | (0.90%) | |
Effective Income Tax Rate | 22.30% | (12.00%) | 14.60% | |
Swiss Tax Reform [Member] | ||||
Other Tax (Benefit) Expense | $ (182) | $ (38) | ||
EID [Member] | ||||
Statutory U.S. federal income tax rate | 21.00% | 21.00% | 21.00% | |
Effective tax rates on international operations - net | [5] | (2.60%) | (16.40%) | (13.80%) |
Acquisitions, divestitures, and ownership restructuring activities | [6] | (0.10%) | (0.30%) | (8.00%) |
U.S. research and development credit | (2.50%) | (3.40%) | 5.20% | |
Exchange gains/losses | [7] | 1.90% | 4.10% | (1.30%) |
State and Local Income Taxes | 2.20% | 4.20% | 3.00% | |
Impact of Swiss Tax Reform | [8] | 0.20% | (31.70%) | 8.90% |
Excess tax benefits (tax deficiency) from stock-compensation | (0.20%) | 1.20% | (0.50%) | |
Tax settlements and expiration of statue of limitations | 0.00% | 0.40% | 2.90% | |
Other, net | 2.30% | 2.60% | (0.60%) | |
Effective Income Tax Rate | 22.20% | (18.30%) | 16.80% | |
EID [Member] | Tax benefit (charge) related to The Act [Member] | ||||
Other Tax (Benefit) Expense | $ (51) | |||
EID [Member] | Swiss Tax Reform [Member] | ||||
Other Tax (Benefit) Expense | $ (182) | $ (38) | ||
[1] | Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. Includes a tax benefit of $(51) million for the year ended December 31, 2020, related to a return to accrual adjustment associated with an elective change in accounting method for the 2019 tax year impact of foreign tax provisions. | |||
[2] | See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, to the Consolidated Financial Statements, for additional information. | |||
[3] | Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, under the heading Foreign Currency Risk. | |||
[4] | Reflects tax benefits of $(182) million primarily driven by the recognition of an elective cantonal component of the recent enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform") for the year ended December 31, 2020. Reflects tax benefits of $(38) million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"), for the year ended December 31, 2019. | |||
[5] | Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. Includes a tax benefit of $(51) million for the year ended December 31, 2020, related to a return to accrual adjustment associated with an elective change in accounting method that alters the 2019 impact of foreign tax provisions. | |||
[6] | See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, of the Corteva, Inc. Consolidated Financial Statements for additional information. | |||
[7] | Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, of the Corteva, Inc. Consolidated Financial Statements under the heading Foreign Currency Risk. | |||
[8] | Reflects tax benefits of $(182) million primarily driven by the recognition of an elective cantonal component of the recent enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform") for the year ended December 31, 2020. Reflects tax benefits of $(38) million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"), for the year ended December 31, 2019. |
EID Segment FN Segment Reconcil
EID Segment FN Segment Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Income (Loss) from Continuing Operations After Taxes | $ 1,822 | $ 756 | $ (270) | ||
Provision for (benefit from) income taxes on continuing operations | 524 | (81) | (46) | ||
Income (loss) from Continuing Operations before Income Taxes | 2,346 | 675 | (316) | ||
Depreciation and Amortization | 1,599 | ||||
Interest income | 77 | 56 | 59 | ||
Interest Expense | 30 | 45 | 136 | ||
Net exchange losses | [1] | (54) | (174) | (99) | |
Significant items | 236 | 388 | 991 | ||
Pro forma adjustments | 298 | ||||
Corporate Expenses | 138 | 125 | 119 | ||
Segment Operating EBITDA | [2] | 2,714 | 2,212 | 2,106 | |
EID [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Income (Loss) from Continuing Operations After Taxes | 1,784 | 680 | (351) | ||
Provision for (benefit from) income taxes on continuing operations | 512 | (105) | (71) | ||
Income (loss) from Continuing Operations before Income Taxes | 2,296 | 575 | (422) | ||
Depreciation and Amortization | 1,243 | 1,177 | 1,000 | ||
Interest Expense | 80 | 145 | 242 | ||
Non-operating benefits - net | (1,256) | (316) | (129) | ||
Significant items | 236 | 388 | 991 | ||
Pro forma adjustments | 298 | ||||
Corporate Expenses | 138 | 125 | 119 | ||
Segment Operating EBITDA | [3] | 2,714 | 2,212 | 2,106 | |
Segment Reconciling Items [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Interest income | (77) | (56) | (59) | ||
Net exchange losses | [4] | 54 | 174 | 66 | |
Significant items | (236) | (991) | [5] | ||
Segment Reconciling Items [Member] | EID [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Interest income | (77) | (56) | (59) | ||
Net exchange losses | [6] | 54 | 174 | 66 | |
Hedging Program [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Net exchange losses | 18 | 89 | (58) | ||
Hedging Program [Member] | Argentine peso devaluation [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Net exchange losses | (67) | (82) | (51) | ||
Hedging Program [Member] | Argentine peso devaluation [Member] | EID [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Net exchange losses | (33) | ||||
Hedging Program [Member] | Argentine peso devaluation [Member] | Segment Reconciling Items [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Net exchange losses | (33) | ||||
Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | Segment Reconciling Items [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Net exchange losses | [5] | (33) | |||
Corporate, Non-Segment [Member] | Segment Reconciling Items [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Significant items | (78) | (664) | [5] | ||
Corporate, Non-Segment [Member] | Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | Segment Reconciling Items [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Net exchange losses | [5] | (33) | |||
Crop Protection [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Depreciation and Amortization | 377 | 379 | 372 | ||
Segment Operating EBITDA | 1,202 | $ 1,004 | 1,066 | ||
Crop Protection [Member] | Segment Reconciling Items [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Significant items | $ (60) | $ (23) | [5] | ||
[1] | Includes net pre-tax exchange gains (losses) of $(67) million, $(82) million and $(51) million associated with the devaluation of the Argentine peso for the years ended December 31, 2021, 2020 and 2019, respectively. | ||||
[2] | The year ended December 31, 2019 is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. | ||||
[3] | The year ended December 31, 2019 is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. | ||||
[4] | Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso. See Note 9 - Supplementary Information, to the Consolidated Financial Statements, for additional information. 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 were no unrealized mark-to-market (gains) losses for the years ended December 31, 2020 and 2019. | ||||
[5] | The year ended December 31, 2019 is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X that was in effect prior to recent amendments. | ||||
[6] | Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso. See Note 9 - Supplementary Information, of the Corteva, Inc. Consolidated Financial Statements for additional information. 2. Effective January 1, 2021, on a prospective basis, the company excludes net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. There were no unrealized mark-to-market (gains) losses for the years ended December 31, 2020 and 2019. |
EID Segment FN Segment Asset Re
EID Segment FN Segment Asset Reconciliation (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | [1] | |
Segment Reporting Information [Line Items] | |||||
Segment Assets | $ 35,698 | $ 36,850 | [1] | $ 38,879 | |
Corporate Assets | 6,646 | 5,799 | |||
Assets | 42,344 | 42,649 | |||
EID [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | $ 42,344 | $ 42,649 | |||
[1] | On June 1, 2019, as a result of changes in reportable segments, $3,382 million of goodwill was reallocated from the seed reportable segment to the crop protection reportable segment. This change was not reflected in segment assets prior to June 1, 2019. |
EID Quarterly FN (Details)
EID Quarterly FN (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effect of Fourth Quarter Events [Line Items] | |||
Income (loss) from continuing operations after income taxes | $ 1,822 | $ 756 | $ (270) |
Net (loss) income attributable to Company | 1,759 | 681 | (959) |
EID [Member] | |||
Effect of Fourth Quarter Events [Line Items] | |||
Income (loss) from continuing operations after income taxes | 1,784 | 680 | (351) |
Net (loss) income attributable to Company | $ 1,731 | $ 615 | $ (1,030) |