EX-99.2 3 cortevaq22024enrschedules.htm EX-99.2 Document

A-1
Corteva, Inc.
Consolidated Statements of Operations
(Dollars in millions, except per share amounts)


Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Net sales$6,112 $6,045 $10,604 $10,929 
Cost of goods sold2,918 3,137 5,468 5,908 
Research and development expense357 329 689 645 
Selling, general and administrative expenses1,054 1,045 1,790 1,771 
Amortization of intangibles174 174 351 334 
Restructuring and asset related charges - net92 60 167 93 
Other income (expense) - net(113)(134)(212)(205)
Interest expense66 82 107 113 
Income (loss) from continuing operations before income taxes1,338 1,084 1,820 1,860 
Provision for (benefit from) income taxes on continuing operations282 204 388 373 
Income (loss) from continuing operations after income taxes1,056 880 1,432 1,487 
Income (loss) from discontinued operations after income taxes— (163)47 (171)
Net income (loss)1,056 717 1,479 1,316 
Net income (loss) attributable to noncontrolling interests3 3 7 7 
Net income (loss) attributable to Corteva$1,053 $714 $1,472 $1,309 
Basic earnings (loss) per share of common stock:
Basic earnings (loss) per share of common stock from continuing operations$1.51 $1.23 $2.04 $2.08 
Basic earnings (loss) per share of common stock from discontinued operations— (0.23)0.07 (0.24)
Basic earnings (loss) per share of common stock$1.51 $1.00 $2.11 $1.84 
Diluted earnings (loss) per share of common stock:
Diluted earnings (loss) per share of common stock from continuing operations$1.51 $1.23 $2.03 $2.07 
Diluted earnings (loss) per share of common stock from discontinued operations— (0.23)0.07 (0.24)
Diluted earnings (loss) per share of common stock$1.51 $1.00 $2.10 $1.83 
Average number of shares outstanding used in earnings (loss) per share (EPS) calculation (in millions)
Basic695.9710.8698.1711.8
Diluted698.1713.7700.4714.8





A-2
Corteva, Inc.
Consolidated Balance Sheets
(Dollars in millions, except share amounts)
June 30, 2024December 31, 2023June 30, 2023
Assets
Current assets
Cash and cash equivalents$1,839 $2,644 $2,563 
Marketable securities120 98 53 
Accounts and notes receivable, net
7,615 5,488 7,955 
Inventories4,893 6,899 5,628 
Other current assets892 1,131 1,008 
Total current assets15,359 16,260 17,207 
Investment in nonconsolidated affiliates113 115 83 
Property, plant and equipment9,088 8,956 8,797 
Less: Accumulated depreciation4,933 4,669 4,491 
Net property, plant and equipment4,155 4,287 4,306 
Goodwill10,490 10,605 10,539 
Other intangible assets9,238 9,626 9,985 
Deferred income taxes538 584 524 
Other assets1,571 1,519 1,545 
Total Assets$41,464 $42,996 $44,189 
Liabilities and Equity
Current liabilities
Short-term borrowings and finance lease obligations$2,253 $198 $3,023 
Accounts payable3,300 4,280 3,379 
Income taxes payable488 174 396 
Deferred revenue413 3,406 656 
Accrued and other current liabilities2,499 2,351 2,892 
Total current liabilities8,953 10,409 10,346 
Long-term debt2,471 2,291 2,290 
Other noncurrent liabilities
Deferred income tax liabilities607 899 1,134 
Pension and other post employment benefits - noncurrent2,452 2,467 2,236 
Other noncurrent obligations1,560 1,651 1,722 
Total noncurrent liabilities7,090 7,308 7,382 
Commitments and contingent liabilities
Stockholders' equity
Common stock, $0.01 par value; 1,666,667,000 shares authorized; issued at June 30, 2024 - 693,617,000; December 31, 2023 - 701,260,000; and June 30, 2023 - 709,516,0007 7 7 
Additional paid-in capital27,504 27,748 27,877 
Retained earnings (accumulated deficit)992 (41)1,013 
Accumulated other comprehensive income (loss)(3,324)(2,677)(2,677)
Total Corteva stockholders' equity25,179 25,037 26,220 
Noncontrolling interests242 242 241 
Total equity25,421 25,279 26,461 
Total Liabilities and Equity$41,464 $42,996 $44,189 

A-3
Corteva, Inc.
Consolidated Statement of Cash Flows
(Dollars in millions, except per share amounts)

Six Months Ended
June 30,
20242023
Operating activities
Net income (loss)$1,479 $1,316 
(Income) loss from discontinued operations after income taxes(47)171 
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:
Depreciation and amortization619 593 
Provision for (benefit from) deferred income tax(303)(129)
Net periodic pension and OPEB (credits) costs
82 71 
Pension and OPEB contributions(95)(91)
Net (gain) loss on sales of property, businesses, consolidated companies, and investments(17)(1)
Restructuring and asset related charges - net167 93 
Other net loss245 192 
Changes in operating assets and liabilities, net
Accounts and notes receivable(2,427)(1,892)
Inventories1,783 1,320 
Accounts payable(913)(1,560)
Deferred revenue(2,978)(2,758)
Other assets and liabilities406 195 
Cash provided by (used for) operating activities - continuing operations(1,999)(2,480)
Cash provided by (used for) operating activities - discontinued operations(159)(19)
Cash provided by (used for) operating activities(2,158)(2,499)
Investing activities
Capital expenditures(262)(250)
Proceeds from sales of property, businesses, and consolidated companies - net of cash divested20 34 
Acquisitions of businesses - net of cash acquired— (1,463)
Investments in and loans to nonconsolidated affiliates— (4)
Purchases of investments(136)(7)
Proceeds from sales and maturities of investments65 106 
Proceeds from settlement of net investment hedge15 42 
Other investing activities, net(7)(2)
Cash provided by (used for) investing activities(305)(1,544)
Financing activities
Net change in borrowings (less than 90 days) 628 885 
Proceeds from debt2,559 3,427 
Payments on debt(943)(372)
Repurchase of common stock(504)(332)
Proceeds from exercise of stock options28 26 
Dividends paid to stockholders(223)(213)
Other financing activities, net(27)(42)
Cash provided by (used for) financing activities1,518 3,379 
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents(72)9 
Increase (decrease) in cash, cash equivalents and restricted cash equivalents(1,017)(655)
Cash, cash equivalents and restricted cash equivalents at beginning of period3,158 3,618 
Cash, cash equivalents and restricted cash equivalents at end of period$2,141 $2,963 

A-4
Corteva, Inc.
Consolidated Segment Information
(Dollars in millions, except per share amounts)

Three Months Ended
June 30,		Six Months Ended
June 30,
SEGMENT NET SALES - SEED2024202320242023
    Corn$2,683 $2,673 $4,770 $4,652 
    Soybean1,317 1,255 1,609 1,524 
    Other oilseeds186 194 431 495 
    Other145 142 272 288 
Seed$4,331 $4,264 $7,082 $6,959 
Three Months Ended
June 30,		Six Months Ended
June 30,
SEGMENT NET SALES - CROP PROTECTION2024202320242023
    Herbicides$946 $986 $1,832 $2,228 
    Insecticides415 331 788 740 
    Fungicides250 252 545 611 
    Other170 212 357 391 
Crop Protection$1,781 $1,781 $3,522 $3,970 
Three Months Ended
June 30,		Six Months Ended
June 30,
GEOGRAPHIC NET SALES - SEED2024202320242023
North America 1
$3,753 $3,696 $5,224 $5,019 
EMEA 2
251 231 1,169 1,243 
Latin America
207 208 478 467 
Asia Pacific
120 129 211 230 
Rest of World 3
578 568 1,858 1,940 
Net Sales$4,331 $4,264 $7,082 $6,959 
Three Months Ended
June 30,		Six Months Ended
June 30,
GEOGRAPHIC NET SALES - CROP PROTECTION2024202320242023
North America 1
$647 $623 $1,263 $1,502 
EMEA 2
422 483 1,092 1,284 
Latin America
443 400 687 693 
Asia Pacific
269 275 480 491 
Rest of World 3
1,134 1,158 2,259 2,468 
Net Sales$1,781 $1,781 $3,522 $3,970 
1. Reflects U.S. & Canada
2. Reflects Europe, Middle East, and Africa
3. Reflects EMEA, Latin America, and Asia Pacific



A-5
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
Three Months Ended
June 30,		Six Months Ended
June 30,
20242024
Net Sales (GAAP)$6,112 $10,604 
Add: Impacts from Currency and Portfolio60 144 
Organic Sales (Non-GAAP)$6,172 $10,748 
Three Months Ended
June 30,		Six Months Ended
June 30,
OPERATING EBITDA2024202320242023
Seed$1,698 $1,458 $2,446 $2,110 
Crop Protection255 320 565 923 
Corporate Expenses(36)(32)(60)(56)
Operating EBITDA (Non-GAAP)$1,917 $1,746 $2,951 $2,977 
RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS AFTER INCOME TAXES TO OPERATING EBITDAThree Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Income (loss) from continuing operations after income taxes (GAAP)$1,056 $880 $1,432 $1,487 
Provision for (benefit from) income taxes on continuing operations282 204 388 373 
Income (loss) from continuing operations before income taxes (GAAP)1,338 1,084 1,820 1,860 
Depreciation and amortization312 306 619 593 
Interest income(25)(54)(60)(94)
Interest expense66 82 107 113 
Exchange (gains) losses1
78 104 137 140 
Non-operating (benefits) costs2
30 44 82 87 
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges(19)63 (18)78 
Significant items (benefit) charge3
137 117 264 200 
Operating EBITDA (Non-GAAP)$1,917 $1,746 $2,951 $2,977 

1.Refer to page A-15 for pre-tax and after tax impacts of exchange (gains) losses.
2.Non-operating (benefits) costs consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments, and environmental remediation and legal costs associated with legacy businesses and sites of Historical DuPont. 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.
3.Refer to page A-10 for pre-tax and after tax impacts of significant items.

A-6
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
PRICE - VOLUME - CURRENCY ANALYSIS
REGION
Q2 2024 vs. Q2 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$81 2 %$83 2 %3 %(1)%— %— %
EMEA2
(41)(6)%7 1 %2 %(1)%(3)%(4)%
Latin America
42 7 %41 7 %(7)%14 %— %— %
Asia Pacific
(15)(4)%(4)(1)%1 %(2)%(3)%— %
Rest of World(14)(1)%44 3 %(1)%4 %(2)%(2)%
Total$67 1 %$127 2 %2 %— %— %(1)%
SEED
Q2 2024 vs. Q2 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$57 2 %$58 2 %5 %(3)%— %— %
EMEA2
20 9 %63 27 %8 %19 %(6)%(12)%
Latin America
(1)— %(3)(1)%(2)%1 %1 %— %
Asia Pacific
(9)(7)%(7)(5)%10 %(15)%(2)%— %
Rest of World10 2 %53 9 %5 %4 %(2)%(5)%
Total$67 2 %$111 3 %5 %(2)%— %(1)%
CROP PROTECTION
Q2 2024 vs. Q2 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$24 4 %$25 4 %(5)%9 %— %— %
EMEA
(61)(13)%(56)(12)%(1)%(11)%(1)%— %
Latin America
43 11 %44 11 %(10)%21 %— %— %
Asia Pacific
(6)(2)%3 1 %(4)%5 %(3)%— %
Rest of World(24)(2)%(9)(1)%(5)%4 %(1)%— %
Total$— — %$16 1 %(5)%6 %(1)%— %

A-7
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
SEED PRODUCT LINE
Q2 2024 vs. Q2 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Corn2
$10 — %$41 2 %5 %(3)%(1)%(1)%
Soybeans62 5 %62 5 %4 %1 %— %— %
Other oilseeds2
(8)(4)%4 2 %2 %— %(1)%(5)%
Other3 2 %4 3 %12 %(9)%(1)%— %
Total $67 2 %$111 3 %5 %(2)%— %(1)%
CROP PROTECTION PRODUCT LINE
Q2 2024 vs. Q2 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Herbicides$(40)(4)%$(34)(3)%(5)%2 %(1)%— %
Insecticides84 25 %87 26 %(4)%30 %(1)%— %
Fungicides(2)(1)%1 — %(9)%9 %(1)%— %
Other(42)(20)%(38)(18)%— %(18)%(2)%— %
Total$— — %$16 1 %(5)%6 %(1)%— %
1.Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items.
2.Other during the three months ended June 30, 2023 includes the revenue recognized relating to seed sales associated with the Russia Exit. Refer to schedule A-10 for further detail on significant items.



A-8
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
PRICE - VOLUME - CURRENCY ANALYSIS
REGION
First Half 2024 vs. First Half 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$(34)(1)%$(36)(1)%2 %(3)%— %— %
EMEA2
(266)(11)%(96)(4)%6 %(10)%(4)%(3)%
Latin America
5 — %(40)(3)%(5)%2 %2 %1 %
Asia Pacific
(30)(4)%(9)(1)%1 %(2)%(3)%— %
Rest of World(291)(7)%(145)(3)%2 %(5)%(3)%(1)%
Total$(325)(3)%$(181)(2)%2 %(4)%(1)%— %
SEED
First Half 2024 vs. First Half 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$205 4 %$205 4 %4 %— %— %— %
EMEA2
(74)(6)%65 5 %10 %(5)%(5)%(6)%
Latin America
11 2 %(5)(1)%2 %(3)%3 %— %
Asia Pacific
(19)(8)%(12)(5)%9 %(14)%(3)%— %
Rest of World(82)(4)%48 3 %8 %(5)%(3)%(4)%
Total$123 2 %$253 4 %5 %(1)%(1)%(1)%
CROP PROTECTION
First Half 2024 vs. First Half 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$(239)(16)%$(241)(16)%(5)%(11)%— %— %
EMEA
(192)(15)%(161)(13)%2 %(15)%(3)%1 %
Latin America
(6)(1)%(35)(5)%(11)%6 %1 %3 %
Asia Pacific
(11)(2)%3 1 %(3)%4 %(3)%— %
Rest of World(209)(8)%(193)(7)%(2)%(5)%(2)%1 %
Total$(448)(11)%$(434)(11)%(4)%(7)%(1)%1 %


A-9
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
SEED PRODUCT LINE
First Half 2024 vs. First Half 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Corn2
$118 3 %$190 4 %6 %(2)%(1)%— %
Soybeans85 6 %85 6 %4 %2 %— %— %
Other oilseeds2
(64)(13)%(5)(1)%7 %(8)%(5)%(7)%
Other(16)(6)%(17)(6)%5 %(11)%— %— %
Total $123 2 %$253 4 %5 %(1)%(1)%(1)%
CROP PROTECTION PRODUCT LINE
First Half 2024 vs. First Half 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Herbicides$(396)(18)%$(389)(17)%(4)%(13)%(1)%— %
Insecticides48 6 %71 10 %(1)%11 %(4)%— %
Fungicides(66)(11)%(56)(9)%(4)%(5)%(2)%— %
Other(34)(9)%(60)(15)%(2)%(13)%(2)%8 %
Total$(448)(11)%$(434)(11)%(4)%(7)%(1)%1 %

1.Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items.
2.Other during the six months ended June 30, 2023 includes the revenue recognized relating to seed sales associated with the Russia Exit. Refer to schedule A-10 for further detail on significant items.

A-10
Corteva, Inc.
Significant Items
(Dollars in millions, except per share amounts)
SIGNIFICANT ITEMS BY SEGMENT (PRE-TAX)
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Seed$(31)$(58)$(47)$(64)
Crop Protection(79)(58)(176)(129)
Corporate(27)(1)(41)(7)
Total significant items before income taxes$(137)$(117)$(264)$(200)
SIGNIFICANT ITEMS - PRE-TAX, AFTER TAX, AND EPS IMPACTS
Pre-tax
After tax8
($ Per Share)
202420232024202320242023
1st Quarter
Restructuring and asset related charges, net1
$(75)$(33)$(56)$(25)$(0.08)$(0.03)
Estimated settlement expense2
(54)(49)(41)(37)(0.06)(0.05)
Inventory write-offs3
— (4)— (4)— (0.01)
Gain (loss) on sale of assets and equity investments3
4 3 3 1 0.01 — 
Seed sale associated with Russia Exit3
— 19 — 14 — 0.02 
Acquisition-related costs4
(2)(19)(1)(17)— (0.02)
1st Quarter — Total
$(127)$(83)$(95)$(68)$(0.13)$(0.09)
2nd Quarter
Restructuring and asset related charges, net1
$(92)$(60)$(69)$(45)$(0.10)$(0.06)
Estimated settlement expense2
(47)(41)(36)(31)$(0.05)$(0.04)
Inventory write-offs3
2 (3)2 (3)— — 
Gain (loss) on sale of assets and equity investments3
3 — 2 — — — 
Seed sale associated with Russia Exit3
— (1)— (1)— (0.01)
Acquisition-related costs4
(3)(15)(2)(12)— (0.02)
Employee retention credit5
— 3 — 2 — — 
Income tax items6
— — — 29 — 0.04 
2nd Quarter — Total
$(137)$(117)$(103)$(61)$(0.15)$(0.09)
Year-to-date Total7
$(264)$(200)$(198)$(129)$(0.28)$(0.18)

1.Second and first quarter 2024 includes restructuring and asset related benefits (charges) of $(92) and $(75), respectively. The charges relate to a $(57) and $(55) charge for the second and first quarter, respectively, primarily associated with the Crop Protection Operations Strategy Restructuring Program and a $(35) and $(20) charge for the second and first quarter, respectively, related to non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits.

Second and first quarter 2023 includes restructuring and asset related benefits (charges) of $(60) and $(33), respectively. The charges primarily relate to a $(52) and $(16) charge for the second and first quarter, respectively, related to non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits and a $(7) and $(11) charge for the first and second quarter, respectively, associated with the 2022 Restructuring Actions.

2.Second and first quarter 2024 included estimated Lorsban® related charges of $(47) and $(54), respectively. Second and first quarter 2023 included estimated Lorsban® related charges of $(41) and $(49), respectively.

3.Second and first quarter 2024 includes a benefit of $3 and $4, respectively, related to the 2022 Restructuring Actions consisting of a gain on the sale of assets. Second quarter of 2024 also includes a $2 benefit associated with sales of inventory previously reserved for in association with the 2022 Restructuring Actions.


A-11
Corteva, Inc.
Significant Items
(Dollars in millions, except per share amounts)
Second and first quarter 2023 includes a benefit (charge) of $(1) and $19, respectively, relating to the sale of seeds already under production in Russia when the decision to exit the country was made and that the Company was contractually required to purchase, which consisted of $30 and $41 of net sales and $31 and $22 of cost of goods sold, respectively. Second quarter 2023 also includes a charge of $(3) associated with activities related to the 2022 Restructuring Actions consisting of inventory write offs. First quarter 2023 also includes a benefit (charge) of $(11) and $(4) associated with activities related to the 2022 Restructuring Actions consisting of a loss on the sale of the Company's interest in an equity investment and inventory write-offs.

4.Second and first quarter 2024 includes acquisition-related costs relating to third-party integration costs associated with the completed acquisitions of Stoller and Symborg.

Second and first quarter 2023 includes acquisition-related costs relating to transaction and third-party integration costs associated with the completed acquisitions of Stoller and Symborg and the recognition of the inventory fair value step-up.

5.Second quarter 2023 includes a benefit of $3 relating to an adjustment due to a change in estimate related to the Employee Retention Credit that the Company earned 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").

6.Second quarter 2023 includes a tax benefit of $29 related to the impact of changes to deferred taxes associated with a tax currency change for a legal entity and an adjustment due to a change in estimate related to a worthless stock deduction in the U.S.

7.Earnings per share for the year may not equal the sum of quarterly earnings per share due to the changes in average share calculations.

8.Unless specifically addressed in the notes above, the income tax effect on significant items was calculated based upon the enacted laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment.

A-12
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
Operating Earnings (Loss) Per Share (Non-GAAP)
Operating earnings (loss) per share is defined as earnings (loss) per share from continuing operations – diluted, excluding non-operating (benefits) costs, amortization of intangibles (existing as of Separation), net unrealized gain or loss from mark-to-market activity on certain foreign currency derivative instruments that do not qualify for hedge accounting, and significant items.
Three Months Ended June 30,
2024202320242023
$$EPS (diluted)EPS (diluted)
Net income (loss) from continuing operations attributable to Corteva (GAAP)$1,053 $877 $1.51 $1.23 
Less: Non-operating benefits (costs), after tax 1
(21)(35)(0.03)(0.04)
Less: Amortization of intangibles (existing as of Separation), after tax(118)(118)(0.16)(0.17)
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax15 (48)0.02 (0.07)
Less: Significant items benefit (charge), after tax(103)(61)(0.15)(0.09)
Operating Earnings (Loss) (Non-GAAP)2
$1,280 $1,139 $1.83 $1.60 

Six Months Ended June 30,
2024202320242023
$$EPS (diluted)EPS (diluted)
Net income (loss) from continuing operations attributable to Corteva (GAAP)$1,425 $1,480 $2.03 $2.07 
Less: Non-operating benefits (costs), after tax 1
(61)(68)(0.09)(0.10)
Less: Amortization of intangibles (existing as of Separation), after tax(235)(236)(0.34)(0.33)
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax14 (59)0.02 (0.08)
Less: Significant items benefit (charge), after tax(198)(129)(0.28)(0.18)
Operating Earnings (Loss) (Non-GAAP)2
$1,905 $1,972 $2.72 $2.76 

1.Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments, and environmental remediation and legal costs associated with legacy businesses and sites of Historical DuPont. 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.

2.Refer to page A-14 for the Non-GAAP reconciliation of operating EBITDA to operating earnings (loss) per share.



A-13
Corteva, Inc.
Operating EBITDA to Operating Earnings (Loss) Per Share
(Dollars in millions, except per share amounts)

Operating EBITDA to Operating Earnings (Loss) Per Share
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Operating EBITDA (Non-GAAP)1
$1,917 $1,746 $2,951 $2,977 
Depreciation(138)(132)(268)(259)
Amortization of intangibles (post Separation)(20)(19)(43)(25)
Interest Income25 54 60 94 
Interest Expense(66)(82)(107)(113)
(Provision for) benefit from income taxes on continuing operations before significant items, non-operating benefits (costs), amortization of intangibles (existing as of Separation), mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP)1
(387)(334)(581)(579)
Base income tax rate from continuing operations (Non-GAAP)1
22.5 %21.3 %22.4 %21.7 %
Exchange gains (losses), after tax2
(48)(91)(100)(116)
Net (income) loss attributable to non-controlling interests(3)(3)(7)(7)
Operating Earnings (Loss) (Non-GAAP)1
$1,280 $1,139 $1,905 $1,972 
Diluted Shares (in millions)698.1 713.7 700.4 714.8 
Operating Earnings (Loss) Per Share (Non-GAAP)1
$1.83 $1.60 $2.72 $2.76 

1.Refer to pages A-5 through A-9, A-12 and A-14 for Non-GAAP reconciliations.
2.Refer to page A-15 for pre-tax and after tax impacts of exchange gains (losses).





A-14
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)

Reconciliation of Base Income Tax Rate to Effective Income Tax Rate
Base income tax rate is defined as the effective income tax rate less the effect of exchange gains (losses), significant items, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and non-operating (benefits) costs.
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Income (loss) from continuing operations before income taxes (GAAP)
$1,338 $1,084 1,820 $1,860 
Add: Significant items (benefit) charge 1
137 117 264 200 
           Non-operating (benefits) costs30 44 82 87 
           Amortization of intangibles (existing as of Separation)154 155 308 309 
  Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges(19)63 (18)78 
Less: Exchange gains (losses)2
(78)(104)(137)(140)
Income (loss) from continuing operations before income taxes, significant items, non-operating (benefits) costs, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP)
$1,718 $1,567 $2,593 $2,674 
Provision for (benefit from) income taxes on continuing operations (GAAP)
$282 $204 $388 $373 
Add: Tax benefits on significant items (benefit) charge1
34 56 66 71 
          Tax expenses on non-operating (benefits) costs9 9 21 19 
          Tax benefits on amortization of intangibles (existing as of Separation)36 37 73 73 
 Tax benefits on mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges(4)15 (4)19 
          Tax benefits on exchange gains (losses)2
30 13 37 24 
Provision for (benefit from) income taxes on continuing operations before significant items, non-operating (benefits) costs, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP)
$387 $334 $581 $579 
Effective income tax rate (GAAP)
21.1 %18.8 %21.3 %20.1 %
Significant items, non-operating (benefits) costs, amortization of intangibles (existing as of Separation), and mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges effect0.7 %3.0 %0.9 %1.8 %
Tax rate from continuing operations before significant items, non-operating (benefits) costs, amortization of intangibles (existing as of Separation), and mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges21.8 %21.9 %22.2 %21.8 %
Exchange gains (losses), net effect2
0.7 %(0.5)%0.2 %(0.2)%
Base income tax rate from continuing operations (Non-GAAP)
22.5 %21.3 %22.4 %21.7 %
1. See page A-10 for further detail on the Significant Items.
2. See page A-15 for further details of exchange gains (losses).



A-15
Corteva, Inc.
(Dollars in millions, except per share amounts)
Exchange Gains (Losses)
The Company routinely uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities. The objective of this program is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes on net monetary asset positions. The hedging program gains (losses) are largely taxable (tax deductible) in the United States (U.S.), whereas the offsetting exchange gains (losses) on the remeasurement of the net monetary asset positions are often not taxable (tax deductible) in their local jurisdictions. The net pre-tax exchange gains (losses) are recorded in other income (expense) - net and the related tax impact is recorded in provision for (benefit from) income taxes on continuing operations in the Consolidated Statements of Operations.
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Subsidiary Monetary Position Gain (Loss)
Pre-tax exchange gain (loss)$(66)$(48)$(43)$(78)
Local tax (expenses) benefits28 (1)18 8 
Net after tax impact from subsidiary exchange gain (loss)$(38)$(49)$(25)$(70)
Hedging Program Gain (Loss)
Pre-tax exchange gain (loss)$(12)$(56)$(94)$(62)
Tax (expenses) benefits2 14 19 16 
Net after tax impact from hedging program exchange gain (loss) $(10)$(42)$(75)$(46)
Total Exchange Gain (Loss)
Pre-tax exchange gain (loss) $(78)$(104)$(137)$(140)
Tax (expenses) benefits30 13 37 24 
Net after tax exchange gain (loss)$(48)$(91)$(100)$(116)
Non-Controlling Interest Adjustment$— $— $1 $— 
Net after-tax exchange gain (loss) attributable to Corteva$(48)$(91)$(99)$(116)
As shown above, the "Total Exchange Gain (Loss)" is the sum of the "Subsidiary Monetary Position Gain (Loss)" and the "Hedging Program Gain (Loss)."


A-16
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)



Free Cash Flow (Non-GAAP)
Free Cash Flow is defined as cash provided by (used for) operating activities – continuing operations, less capital expenditures.
Twelve Months Ended
December 31, 2023
Cash provided by (used for) operating activities - continuing operations (GAAP)$1,809 
    Less: Capital expenditures(595)
Free Cash Flow (Non-GAAP)$1,214 

Twelve Months Ended
December 31, 20241
Low EndHigh End
Cash provided by (used for) operating activities - continuing operations (GAAP)$2,130 $2,630 
    Less: Capital expenditures(630)(630)
Free Cash Flow (Non-GAAP)$1,500 $2,000 

1.This represents the reconciliation of the Company's range provided for its forward-looking non-GAAP financial measure relating to Free Cash Flow.