Accounts and Notes Receivable (Tables)

9 Months Ended

Sep. 30, 2020

Accounts and Notes Receivable [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

(In millions)	September 30, 2020		December 31, 2019		September 30, 2019
Accounts receivable – trade1	$	3,231	$	4,225	$	3,969
Notes receivable – trade1,2	1,407		171		1,403
Other3	989		1,132		1,202
Total accounts and notes receivable - net	$	5,627	$	5,528	$	6,574

1.Accounts receivable – trade and notes receivable - trade are net of allowances of $210 million at September 30, 2020, $174 million at December 31, 2019, and $170 million at September 30, 2019. The allowance at September 30, 2020 is equal to the expected credit losses and was developed using a loss-rate method. The allowance at December 31, 2019 and September 30, 2019 is equal to the estimated uncollectible amounts and is based on historical collection experience, current economic and market conditions, and review of the current status of customers' accounts.

2.Notes receivable – trade primarily consists of receivables for deferred payment loan programs for the sale of seed products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid pre-approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of September 30, 2020, December 31, 2019, and September 30, 2019 there were no significant impairments related to current loan agreements.

3.Other includes receivables in relation to indemnification assets, value added tax, general sales tax and other taxes. No individual group represents more than 10 percent of total receivables. In addition, Other includes amounts due from nonconsolidated affiliates of $92 million, $119 million, and $127 million as of September 30, 2020, December 31, 2019, and September 30, 2019, respectively.

Accounts Receivable, Allowance for Credit Loss [Table Text Block]

(In millions)
Balance at December 31, 2019	$	174
Additions charged to expenses	153
Write-offs charged against allowance	(6)
Recoveries collected	(99)
Other	(12)
Balance at September 30, 2020	$	210