QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||||||||
(Address of Principal Executive Offices) (Zip Code) | (Registrant’s Telephone Number, including area code) |
(State or other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||||||||
(Address of Principal Executive Offices) (Zip Code) | (Registrant’s Telephone Number, including area code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Corteva, Inc. | x | No | o | |||||||||||
E. I. du Pont de Nemours and Company | x | No | o |
Corteva, Inc. | x | No | o | |||||||||||
E. I. du Pont de Nemours and Company | x | No | o |
Corteva, Inc. | x | Accelerated Filer o | Non-Accelerated Filer | o | Smaller reporting company o | Emerging growth company o | |||||||||||||||||
E. I. du Pont de Nemours and Company | Large Accelerated Filer | o | Accelerated Filer o | x | Smaller reporting company o | Emerging growth company o |
Corteva, Inc. | o | ||||
E. I. du Pont de Nemours and Company | o |
Corteva, Inc. | Yes | o | x | |||||||||||
E. I. du Pont de Nemours and Company | Yes | o | x |
Page | |||||||||||
(In millions, except per share amounts) | Three Months Ended March 31, | |||||||
2022 | 2021 | |||||||
Net sales | $ | $ | ||||||
Cost of goods sold | ||||||||
Research and development expense | ||||||||
Selling, general and administrative expenses | ||||||||
Amortization of intangibles | ||||||||
Restructuring and asset related charges - net | ||||||||
Other income - net | ||||||||
Interest expense | ||||||||
Income (loss) from continuing operations before income taxes | ||||||||
Provision for (benefit from) income taxes on continuing operations | ||||||||
Income (loss) from continuing operations after income taxes | ||||||||
(Loss) income from discontinued operations after income taxes | ( | ( | ||||||
Net income (loss) | ||||||||
Net income (loss) attributable to noncontrolling interests | ||||||||
Net income (loss) attributable to Corteva | $ | $ | ||||||
Basic earnings (loss) per share of common stock: | ||||||||
Basic earnings (loss) per share of common stock from continuing operations | $ | $ | ||||||
Basic earnings (loss) per share of common stock from discontinued operations | ( | ( | ||||||
Basic earnings (loss) per share of common stock | $ | $ | ||||||
Diluted earnings (loss) per share of common stock: | ||||||||
Diluted earnings (loss) per share of common stock from continuing operations | $ | $ | ||||||
Diluted earnings (loss) per share of common stock from discontinued operations | ( | ( | ||||||
Diluted earnings (loss) per share of common stock | $ | $ |
(In millions) | Three Months Ended March 31, | |||||||
2022 | 2021 | |||||||
Net income (loss) | $ | $ | ||||||
Other comprehensive income (loss) - net of tax: | ||||||||
Cumulative translation adjustments | ( | |||||||
Adjustments to pension benefit plans | ||||||||
Adjustments to other benefit plans | ( | |||||||
Unrealized gain (loss) on investments | ||||||||
Derivative instruments | ( | |||||||
Total other comprehensive income (loss) | ( | |||||||
Comprehensive income (loss) | ||||||||
Comprehensive income (loss) attributable to noncontrolling interests - net of tax | ||||||||
Comprehensive income (loss) attributable to Corteva | $ | $ |
(In millions, except share amounts) | March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | $ | ||||||||
Marketable securities | |||||||||||
Accounts and notes receivable - net | |||||||||||
Inventories | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Investment in nonconsolidated affiliates | |||||||||||
Property, plant and equipment | |||||||||||
Less: Accumulated depreciation | |||||||||||
Net property, plant and equipment | |||||||||||
Goodwill | |||||||||||
Other intangible assets | |||||||||||
Deferred income taxes | |||||||||||
Other assets | |||||||||||
Total Assets | $ | $ | $ | ||||||||
Liabilities and Equity | |||||||||||
Current liabilities | |||||||||||
Short-term borrowings and finance lease obligations | $ | $ | $ | ||||||||
Accounts payable | |||||||||||
Income taxes payable | |||||||||||
Deferred revenue | |||||||||||
Accrued and other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Other noncurrent liabilities | |||||||||||
Deferred income tax liabilities | |||||||||||
Pension and other post employment benefits - noncurrent | |||||||||||
Other noncurrent obligations | |||||||||||
Total noncurrent liabilities | |||||||||||
Commitments and contingent liabilities | |||||||||||
Stockholders’ equity | |||||||||||
Common stock, $0.01 par value; 1,666,667,000 shares authorized; issued at March 31, 2022 - 725,320,000; December 31, 2021 - 726,527,000; and March 31, 2021 - 738,321,000 | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income (loss) | ( | ( | ( | ||||||||
Total Corteva stockholders’ equity | |||||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total Liabilities and Equity | $ | $ | $ |
(In millions) | Three Months Ended March 31, | |||||||
2022 | 2021 | |||||||
Operating activities | ||||||||
Net income (loss) | $ | $ | ||||||
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities: | ||||||||
Depreciation and amortization | ||||||||
Provision for (benefit from) deferred income tax | ( | |||||||
Net periodic pension and OPEB benefit, net | ( | ( | ||||||
Pension and OPEB contributions | ( | ( | ||||||
Net (gain) loss on sales of property, businesses, consolidated companies and investments | ||||||||
Restructuring and asset related charges - net | ||||||||
Other net loss | ||||||||
Changes in assets and liabilities, net | ||||||||
Accounts and notes receivable | ( | ( | ||||||
Inventories | ||||||||
Accounts payable | ( | ( | ||||||
Deferred revenue | ( | ( | ||||||
Other assets and liabilities | ( | ( | ||||||
Cash provided by (used for) operating activities | ( | ( | ||||||
Investing activities | ||||||||
Capital expenditures | ( | ( | ||||||
Proceeds from sales of property, businesses and consolidated companies - net of cash divested | ||||||||
Investments in and loans to nonconsolidated affiliates | ( | |||||||
Purchases of investments | ( | ( | ||||||
Proceeds from sales and maturities of investments | ||||||||
Other investing activities, net | ( | |||||||
Cash provided by (used for) investing activities | ( | |||||||
Financing activities | ||||||||
Net change in borrowings (less than 90 days) | ||||||||
Proceeds from debt | ||||||||
Repurchase of common stock | ( | ( | ||||||
Proceeds from exercise of stock options | ||||||||
Dividends paid to stockholders | ( | ( | ||||||
Other financing activities, net | ( | ( | ||||||
Cash provided by (used for) financing activities | ||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents | ( | ( | ||||||
Increase (decrease) in cash, cash equivalents and restricted cash equivalents | ( | ( | ||||||
Cash, cash equivalents and restricted cash equivalents at beginning of period | ||||||||
Cash, cash equivalents and restricted cash equivalents at end of period1 | $ | $ |
(In millions, except per share amounts) | Common Stock | Additional Paid-in Capital "APIC" | Retained Earnings | Accumulated Other Comp Income (Loss) | Non-controlling Interests | Total Equity | ||||||||||||||
2021 | ||||||||||||||||||||
Balance at January 1, 2021 | $ | $ | $ | $ | ( | $ | $ | |||||||||||||
Net income (loss) | ||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ||||||||||||||||||
Common dividends ($0.13 per share) | ( | ( | ||||||||||||||||||
Issuance of Corteva stock | ||||||||||||||||||||
Share-based compensation | ||||||||||||||||||||
Repurchase of common stock | ( | ( | ( | |||||||||||||||||
Other - net | ( | ( | ||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | ( | $ | $ | |||||||||||||
(In millions, except per share amounts) | Common Stock | Additional Paid-in Capital "APIC" | Retained Earnings | Accumulated Other Comp Income (Loss) | Non-controlling Interests | Total Equity | ||||||||||||||
2022 | ||||||||||||||||||||
Balance at January 1, 2022 | $ | $ | $ | $ | ( | $ | $ | |||||||||||||
Net income (loss) | ||||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||
Common dividends ($0.14 per share) | ( | ( | ||||||||||||||||||
Issuance of Corteva stock | ||||||||||||||||||||
Share-based compensation | ( | ( | ||||||||||||||||||
Repurchase of common stock | ( | ( | ||||||||||||||||||
Other - net | ( | ( | ( | |||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | ( | $ | $ | |||||||||||||
Corteva, Inc. | ||||||||
Notes to the Interim Consolidated Financial Statements (Unaudited) |
Note | Page | |||||||
Contract Balances | March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||
(In millions) | |||||||||||
Accounts and notes receivable - trade1 | $ | $ | $ | ||||||||
Contract assets - current2 | $ | $ | $ | ||||||||
Contract assets - noncurrent3 | $ | $ | $ | ||||||||
Deferred revenue - current | $ | $ | $ | ||||||||
Deferred revenue - noncurrent4 | $ | $ | $ |
Three Months Ended March 31, | ||||||||
(In millions) | 2022 | 2021 | ||||||
Corn | $ | $ | ||||||
Soybean | ||||||||
Other oilseeds | ||||||||
Other | ||||||||
Seed | ||||||||
Herbicides | ||||||||
Insecticides | ||||||||
Fungicides | ||||||||
Other | ||||||||
Crop Protection | ||||||||
Total | $ | $ |
Seed | Three Months Ended March 31, | |||||||
(In millions) | 2022 | 2021 | ||||||
North America1 | $ | $ | ||||||
EMEA2 | ||||||||
Latin America | ||||||||
Asia Pacific | ||||||||
Total | $ | $ |
Crop Protection | Three Months Ended March 31, | |||||||
(In millions) | 2022 | 2021 | ||||||
North America1 | $ | $ | ||||||
EMEA2 | ||||||||
Latin America | ||||||||
Asia Pacific | ||||||||
Total | $ | $ |
Three Months Ended March 31, | ||||||||
(In millions) | 2022 | 2021 | ||||||
Seed | $ | ( | $ | |||||
Crop Protection | ( | |||||||
Corporate expenses | ||||||||
Total | $ | ( | $ |
Three Months Ended March 31, | ||||||||
(In millions) | 2022 | 2021 | ||||||
Severance and related benefit costs | $ | $ | ||||||
Asset related charges | ( | |||||||
Contract termination charges | ( | |||||||
Total restructuring and asset related charges - net | $ | ( | $ |
(In millions) | Severance and Related Benefit Costs | Asset Related1 | Contract Termination2 | Total | ||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | ||||||||||
Charges to income (loss) from continuing operations | ( | ( | ( | |||||||||||
Payments | ( | ( | ( | |||||||||||
Asset write-offs | ||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ |
Other Income - Net | Three Months Ended March 31, | |||||||
(In millions) | 2022 | 2021 | ||||||
Interest income | $ | $ | ||||||
Equity in earnings (losses) of affiliates - net | ||||||||
Net gain (loss) on sales of businesses and other assets | ( | |||||||
Net exchange gains (losses)1 | ( | ( | ||||||
Non-operating pension and other post employment benefit credit (costs)2 | ||||||||
Miscellaneous income (expenses) - net3 | ( | |||||||
Other income - net | $ | $ |
(In millions) | Three Months Ended March 31, | |||||||
2022 | 2021 | |||||||
Subsidiary Monetary Position Gain (Loss) | ||||||||
Pre-tax exchange gain (loss) | $ | $ | ( | |||||
Local tax (expenses) benefits | ( | ( | ||||||
Net after-tax impact from subsidiary exchange gain (loss) | $ | $ | ( | |||||
Hedging Program Gain (Loss) | ||||||||
Pre-tax exchange gain (loss) | $ | ( | $ | |||||
Tax (expenses) benefits | ( | |||||||
Net after-tax impact from hedging program exchange gain (loss) | $ | ( | $ | |||||
Total Exchange Gain (Loss) | ||||||||
Pre-tax exchange gain (loss) | $ | ( | $ | ( | ||||
Tax (expenses) benefits | ( | |||||||
Net after-tax exchange gain (loss) | $ | ( | $ | ( |
(In millions) | March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||
Cash and cash equivalents | $ | $ | $ | ||||||||
Restricted cash equivalents | |||||||||||
Total cash, cash equivalents and restricted cash equivalents | $ | $ | $ |
Net Income (Loss) for Earnings (Loss) Per Share Calculations - Basic and Diluted | Three Months Ended March 31, | |||||||
(In millions) | 2022 | 2021 | ||||||
Income (loss) from continuing operations after income taxes | $ | $ | ||||||
Net income (loss) attributable to continuing operations noncontrolling interests | ||||||||
Income (loss) from continuing operations available to Corteva common stockholders | ||||||||
(Loss) income from discontinued operations available to Corteva common stockholders | ( | ( | ||||||
Net income (loss) available to common stockholders | $ | $ |
Earnings (Loss) Per Share Calculations - Basic | Three Months Ended March 31, | |||||||
(Dollars per share) | 2022 | 2021 | ||||||
Earnings (loss) per share of common stock from continuing operations | $ | $ | ||||||
(Loss) earnings per share of common stock from discontinued operations | ( | ( | ||||||
Earnings (loss) per share of common stock | $ | $ |
Earnings (Loss) Per Share Calculations - Diluted | Three Months Ended March 31, | |||||||
(Dollars per share) | 2022 | 2021 | ||||||
Earnings (loss) per share of common stock from continuing operations | $ | $ | ||||||
(Loss) earnings per share of common stock from discontinued operations | ( | ( | ||||||
Earnings (loss) per share of common stock | $ | $ |
Share Count Information | Three Months Ended March 31, | |||||||
(Shares in millions) | 2022 | 2021 | ||||||
Weighted-average common shares - basic | ||||||||
Plus dilutive effect of equity compensation plans1 | ||||||||
Weighted-average common shares - diluted | ||||||||
Potential shares of common stock excluded from EPS calculations2 |
(In millions) | March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||
Accounts receivable – trade1 | $ | $ | $ | ||||||||
Notes receivable – trade1,2 | |||||||||||
Other3 | |||||||||||
Total accounts and notes receivable - net | $ | $ | $ |
(In millions) | |||||
2021 | |||||
Balance at December 31, 2020 | $ | ||||
Net benefit for credit losses | ( | ||||
Balance at March 31, 2021 | $ | ||||
2022 | |||||
Balance at December 31, 2021 | $ | ||||
Net provision for credit losses | |||||
Write-offs charged against allowance / other | |||||
Balance at March 31, 2022 | $ |
(In millions) | March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||
Finished products | $ | $ | $ | ||||||||
Semi-finished products | |||||||||||
Raw materials and supplies | |||||||||||
Total inventories | $ | $ | $ |
(In millions) | March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||||
Intangible assets subject to amortization (Definite-lived): | |||||||||||||||||||||||||||||
Germplasm | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||
Customer-related | ( | ( | ( | ||||||||||||||||||||||||||
Developed technology | ( | ( | ( | ||||||||||||||||||||||||||
Trademarks/trade names | ( | ( | ( | ||||||||||||||||||||||||||
Favorable supply contracts | ( | ( | ( | ||||||||||||||||||||||||||
Other1 | ( | ( | ( | ||||||||||||||||||||||||||
Total other intangible assets with finite lives | ( | ( | ( | ||||||||||||||||||||||||||
Intangible assets not subject to amortization (Indefinite-lived): | |||||||||||||||||||||||||||||
IPR&D | — | — | — | ||||||||||||||||||||||||||
Total other intangible assets | — | — | — | ||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( | $ |
Short-term borrowings and finance lease obligations | |||||||||||
(In millions) | March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||
Commercial paper | $ | $ | $ | ||||||||
Repurchase facility | |||||||||||
Other loans - various currencies | |||||||||||
Long-term debt payable within one year | |||||||||||
Finance lease obligations payable within one year | |||||||||||
Total short-term borrowings and finance lease obligations | $ | $ | $ |
Long-term debt | ||||||||||||||||||||
(in millions) | March 31, 2022 | December 31, 2021 | March 31, 2021 | |||||||||||||||||
Amount | Weighted Average Rate | Amount | Weighted Average Rate | Amount | Weighted Average Rate | |||||||||||||||
Promissory notes and debentures: | ||||||||||||||||||||
Maturing in 2025 | $ | % | $ | % | $ | % | ||||||||||||||
Maturing in 2030 | % | % | % | |||||||||||||||||
Other loans: | ||||||||||||||||||||
Foreign currency loans, various rates and maturities | % | % | % | |||||||||||||||||
Medium-term notes, varying maturities through 2041 | % | % | % | |||||||||||||||||
Finance lease obligations | ||||||||||||||||||||
Less: Unamortized debt discount and issuance costs | ||||||||||||||||||||
Less: Long-term debt due within one year | ||||||||||||||||||||
Total long-term debt | $ | $ | $ |
As of March 31, 2022 | |||||||||||
(In millions) | Indemnification Asset | Accrual balance3 | Potential exposure above amount accrued3 | ||||||||
Environmental Remediation Stray Liabilities | |||||||||||
Chemours related obligations - subject to indemnity1,2 | $ | $ | $ | ||||||||
Other discontinued or divested businesses obligations1 | |||||||||||
Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont2 | |||||||||||
Environmental remediation liabilities not subject to indemnity | |||||||||||
Indemnification liabilities related to the MOU4 | |||||||||||
Total | $ | $ | $ |
Shares in thousands | Number of Shares | ||||
Authorized | |||||
$4.50 Series, callable at $120 | |||||
$3.50 Series, callable at $102 |
(In millions) | Cumulative Translation Adjustment1 | Derivative Instruments | Pension Benefit Plans | Other Benefit Plans | Unrealized Gain (Loss) on Investments | Total | ||||||||||||||
2021 | ||||||||||||||||||||
Balance January 1, 2021 | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( | |||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | $ | ( | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ( | ( | $ | ( | ||||||||||||||||
Net other comprehensive income (loss) | ( | ( | $ | ( | ||||||||||||||||
Balance March 31, 2021 | $ | ( | $ | ( | $ | ( | $ | $ | $ | ( | ||||||||||
2022 | ||||||||||||||||||||
Balance January 1, 2022 | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | ||||||||||
Other comprehensive income (loss) before reclassifications | ( | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ( | ( | ||||||||||||||||||
Net other comprehensive income (loss) | ( | |||||||||||||||||||
Balance March 31, 2022 | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( |
(In millions) | Three Months Ended March 31, | |||||||
2022 | 2021 | |||||||
Derivative instruments | $ | ( | $ | ( | ||||
Pension benefit plans - net | ( | ( | ||||||
Other benefit plans - net | ||||||||
(Provision for) benefit from income taxes related to other comprehensive income (loss) items | $ | $ |
(In millions) | Three Months Ended March 31, | |||||||
2022 | 2021 | |||||||
Derivative Instruments1: | $ | ( | $ | ( | ||||
Tax (benefit) expense2 | ( | |||||||
After-tax | $ | ( | $ | ( | ||||
Amortization of pension benefit plans: | ||||||||
Prior service (benefit) cost3,4 | $ | ( | $ | |||||
Actuarial (gains) losses3,4 | ||||||||
Settlement (gain) loss3,4 | ||||||||
Total before tax | $ | $ | ||||||
Tax (benefit) expense2 | ( | |||||||
After-tax | $ | $ | ||||||
Amortization of other benefit plans: | ||||||||
Prior service (benefit) cost3,4 | $ | $ | ( | |||||
Actuarial (gains) loss3,4 | ||||||||
Total before tax | $ | $ | ( | |||||
Tax (benefit) expense2 | ||||||||
After-tax | $ | $ | ( | |||||
Unrealized Loss on Investments4 | $ | $ | ||||||
Tax (benefit) expense2 | ||||||||
After-tax | $ | $ | ||||||
Total reclassifications for the period, after-tax | $ | ( | $ | ( |
Three Months Ended March 31, | ||||||||
(In millions) | 2022 | 2021 | ||||||
Defined Benefit Pension Plans: | ||||||||
Service cost | $ | $ | ||||||
Interest cost | ||||||||
Expected return on plan assets | ( | ( | ||||||
Amortization of unrecognized (gain) loss | ||||||||
Amortization of prior service (benefit) cost | ( | |||||||
Settlement loss | ||||||||
Net periodic benefit (credit) cost | $ | ( | $ | ( | ||||
Other Post Employment Benefits: | ||||||||
Interest cost | ||||||||
Amortization of unrecognized (gain) loss | ||||||||
Amortization of prior service (benefit) cost | ( | |||||||
Net periodic benefit (credit) cost | $ | $ | ( |
Notional Amounts (In millions) | March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||
Derivatives designated as hedging instruments: | |||||||||||
Foreign currency contracts | $ | $ | $ | ||||||||
Commodity contracts | $ | $ | $ | ||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Foreign currency contracts | $ | $ | $ | ||||||||
Commodity contracts | $ | $ | $ |
Three Months Ended March 31, | ||||||||
(In millions) | 2022 | 2021 | ||||||
Beginning balance | $ | $ | ( | |||||
Additions and revaluations of derivatives designated as cash flow hedges | ||||||||
Clearance of hedge results to earnings | ( | ( | ||||||
Ending balance | $ | $ |
Three Months Ended March 31, | ||||||||
(In millions) | 2022 | 2021 | ||||||
Beginning balance | $ | $ | ( | |||||
Additions and revaluations of derivatives designated as cash flow hedges | ( | |||||||
Clearance of hedge results to earnings | ( | |||||||
Ending balance | $ | ( | $ |
March 31, 2022 | ||||||||||||||
(In millions) | Balance Sheet Location | Gross | Counterparty and Cash Collateral Netting1 | Net Amounts Included in the interim Consolidated Balance Sheet | ||||||||||
Asset derivatives: | ||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other current assets | $ | $ | $ | ||||||||||
Commodity contracts | Other current assets | |||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other current assets | ( | ( | |||||||||||
Commodity contracts | Other current assets | |||||||||||||
Total asset derivatives | $ | $ | ( | $ | ||||||||||
Liability derivatives: | ||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Accrued and other current liabilities | $ | $ | $ | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Accrued and other current liabilities | ( | ||||||||||||
Commodity contracts | Accrued and other current liabilities | |||||||||||||
Total liability derivatives | $ | $ | ( | $ |
December 31, 2021 | ||||||||||||||
(In millions) | Balance Sheet Location | Gross | Counterparty and Cash Collateral Netting1 | Net Amounts Included in the Consolidated Balance Sheet | ||||||||||
Asset derivatives: | ||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other current assets | $ | $ | $ | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other current assets | ( | ||||||||||||
Commodity contracts | Other current assets | |||||||||||||
Total asset derivatives | $ | $ | ( | $ | ||||||||||
Liability derivatives: | ||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Accrued and other current liabilities | $ | $ | $ | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Accrued and other current liabilities | ( | ||||||||||||
Commodity contracts | Accrued and other current liabilities | |||||||||||||
Total liability derivatives | $ | $ | ( | $ |
March 31, 2021 | ||||||||||||||
(In millions) | Balance Sheet Location | Gross | Counterparty and Cash Collateral Netting1 | Net Amounts Included in the interim Consolidated Balance Sheet | ||||||||||
Asset derivatives: | ||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other current assets | $ | $ | $ | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other current assets | ( | ||||||||||||
Total asset derivatives | $ | $ | ( | $ | ||||||||||
Liability derivatives: | ||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Accrued and other current liabilities | $ | $ | — | $ | |||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Accrued and other current liabilities | ( | ||||||||||||
Total liability derivatives | $ | $ | ( | $ |
Amount of Gain (Loss) Recognized in OCI - Pre-Tax1 | ||||||||
Three Months Ended March 31, | ||||||||
(In millions) | 2022 | 2021 | ||||||
Derivatives designated as hedging instruments: | ||||||||
Net investment hedges: | ||||||||
Foreign currency contracts | $ | $ | ||||||
Cash flow hedges: | ||||||||
Foreign currency contracts | ( | |||||||
Commodity contracts | ||||||||
Total derivatives designated as hedging instruments | $ | ( | $ | |||||
Amount of Gain (Loss) Recognized in Income - Pre-Tax1 | ||||||||
Three Months Ended March 31, | ||||||||
(In millions) | 2022 | 2021 | ||||||
Derivatives designated as hedging instruments: | ||||||||
Cash flow hedges: | ||||||||
Foreign currency contracts2 | $ | ( | $ | |||||
Commodity contracts2 | ||||||||
Total derivatives designated as hedging instruments | $ | $ | ||||||
Derivatives not designated as hedging instruments: | ||||||||
Foreign currency contracts3 | $ | ( | $ | |||||
Foreign currency contracts2 | ( | |||||||
Commodity contracts2 | ( | ( | ||||||
Total derivatives not designated as hedging instruments | ( | |||||||
Total derivatives | $ | ( | $ |
Investing Results | Three Months Ended March 31, | |||||||||||||
(In millions) | 2021 | |||||||||||||
Proceeds from sales of available-for-sale securities | $ | |||||||||||||
Gross realized losses | $ | ( |
Contractual Maturities of Debt Securitites1 | ||||||||
(In millions) | Amortized Cost | Fair Value | ||||||
Within one year | $ | $ | ||||||
One to five years | $ | $ |
March 31, 2022 | Significant Other Observable Inputs | |||||||
(In millions) | Level 1 | Level 2 | ||||||
Assets at fair value: | ||||||||
Marketable securities | $ | — | $ | |||||
Derivatives relating to:1 | ||||||||
Foreign currency | — | |||||||
Commodity contracts | — | |||||||
Equity securities2 | — | |||||||
Total assets at fair value | $ | $ | ||||||
Liabilities at fair value: | ||||||||
Derivatives relating to:1 | ||||||||
Foreign currency | — | |||||||
Commodity contracts | — | |||||||
Total liabilities at fair value | $ | — | $ |
December 31, 2021 | Significant Other Observable Inputs | |||||||
(In millions) | Level 1 | Level 2 | ||||||
Assets at fair value: | ||||||||
Marketable securities | $ | — | $ | |||||
Derivatives relating to:1 | ||||||||
Foreign currency | — | |||||||
Equity securities2 | — | |||||||
Total assets at fair value | $ | $ | ||||||
Liabilities at fair value: | ||||||||
Derivatives relating to:1 | ||||||||
Foreign currency | — | |||||||
Total liabilities at fair value | $ | — | $ |
March 31, 2021 | Significant Other Observable Inputs | |||||||
(In millions) | Level 1 | Level 2 | ||||||
Assets at fair value: | ||||||||
Marketable securities | $ | — | $ | |||||
Debt Securities: | ||||||||
U.S. treasuries3 | — | |||||||
Derivatives relating to:1 | ||||||||
Foreign currency | — | |||||||
Total assets at fair value | $ | $ | ||||||
Liabilities at fair value: | ||||||||
Derivatives relating to:1 | ||||||||
Foreign currency | — | |||||||
Total liabilities at fair value | $ | — | $ |
As of and for the Three Months Ended March 31, (In millions) | Seed | Crop Protection | Total | ||||||||
2022 | |||||||||||
Net sales | $ | $ | $ | ||||||||
Segment operating EBITDA | $ | $ | $ | ||||||||
Segment assets1 | $ | $ | $ | ||||||||
2021 | |||||||||||
Net sales | $ | $ | $ | ||||||||
Segment operating EBITDA | $ | $ | $ | ||||||||
Segment assets1 | $ | $ | $ |
Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) | Three Months Ended March 31, | |||||||
2022 | 2021 | |||||||
Income (loss) from continuing operations after income taxes | $ | $ | ||||||
Provision for (benefit from) income taxes on continuing operations | ||||||||
Income (loss) from continuing operations before income taxes | ||||||||
Depreciation and amortization | ||||||||
Interest income | ( | ( | ||||||
Interest expense | ||||||||
Exchange (gains) losses | ||||||||
Non-operating (benefits) costs | ( | ( | ||||||
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges | ( | |||||||
Significant items (benefit) charge | ||||||||
Corporate expenses | ||||||||
Segment operating EBITDA | $ | $ |
Segment assets to total assets (in millions) | March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||
Total segment assets | $ | $ | $ | ||||||||
Corporate assets | |||||||||||
Total assets | $ | $ | $ |
(In millions) | Seed | Crop Protection | Corporate | Total | ||||||||||
For the Three Months Ended March 31, 2022 | ||||||||||||||
Restructuring and Asset Related Charges - Net 1 | $ | ( | $ | $ | ( | $ | ( | |||||||
Estimated settlement expense2 | — | ( | — | ( | ||||||||||
Total | $ | ( | $ | ( | $ | ( | $ | ( |
(In millions) | Seed | Crop Protection | Corporate | Total | ||||||||||
For the Three Months Ended March 31, 2021 | ||||||||||||||
Restructuring and Asset Related Charges - Net 1 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Total | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Net Sales ($ Millions) | % | Net Sales ($ Millions) | % | |||||||||||
Worldwide | $ | 4,601 | 100 | % | $ | 4,178 | 100 | % | ||||||
North America1 | 2,005 | 44 | % | 1,743 | 42 | % | ||||||||
EMEA2 | 1,582 | 34 | % | 1,602 | 38 | % | ||||||||
Latin America | 650 | 14 | % | 518 | 12 | % | ||||||||
Asia Pacific | 364 | 8 | % | 315 | 8 | % |
Q1 2022 vs. Q1 2021 | Percent Change Due To: | |||||||||||||||||||
Net Sales Change | Price & | Portfolio / | ||||||||||||||||||
$ In millions | $ | % | Product Mix | Volume | Currency | Other | ||||||||||||||
North America1 | $ | 262 | 15 | % | 8 | % | 7 | % | — | % | — | % | ||||||||
EMEA2 | (20) | (1) | % | 9 | % | 3 | % | (13) | % | — | % | |||||||||
Latin America | 132 | 25 | % | 12 | % | 14 | % | (1) | % | — | % | |||||||||
Asia Pacific | 49 | 16 | % | 5 | % | 17 | % | (3) | % | (3) | % | |||||||||
Total | $ | 423 | 10 | % | 9 | % | 7 | % | (6) | % | — | % |
Seed | Three Months Ended March 31, | |||||||
In millions | 2022 | 2021 | ||||||
Net sales | $ | 2,524 | $ | 2,492 | ||||
Segment operating EBITDA | $ | 569 | $ | 617 |
Seed | Q1 2022 vs. Q1 2021 | Percent Change Due To: | ||||||||||||||||||
Net Sales Change | Price & | Portfolio / | ||||||||||||||||||
$ In millions | $ | % | Product Mix | Volume | Currency | Other | ||||||||||||||
North America | $ | (26) | (2) | % | 5 | % | (7) | % | — | % | — | % | ||||||||
EMEA | (21) | (2) | % | 11 | % | — | % | (13) | % | — | % | |||||||||
Latin America | 49 | 18 | % | 9 | % | 11 | % | (2) | % | — | % | |||||||||
Asia Pacific | 30 | 49 | % | 9 | % | 49 | % | (9) | % | — | % | |||||||||
Total | $ | 32 | 1 | % | 8 | % | (1) | % | (6) | % | — | % |
Seed | Q1 2022 vs. Q1 2021 | Percent Change Due To: | ||||||||||||||||||
Net Sales Change | Price & | Portfolio / | ||||||||||||||||||
$ In millions | $ | % | Product Mix | Volume | Currency | Other | ||||||||||||||
Corn | $ | 42 | 2 | % | 8 | % | (1) | % | (5) | % | — | % | ||||||||
Soybeans | (5) | (3) | % | 6 | % | (8) | % | (1) | % | — | % | |||||||||
Other oilseeds | (19) | (6) | % | 8 | % | (2) | % | (13) | % | — | % | |||||||||
Other | 14 | 11 | % | 5 | % | 8 | % | (2) | % | — | % | |||||||||
Total | $ | 32 | 1 | % | 8 | % | (1) | % | (6) | % | — | % |
Crop Protection | Three Months Ended March 31, | |||||||
In millions | 2022 | 2021 | ||||||
Net sales | $ | 2,077 | $ | 1,686 | ||||
Segment Operating EBITDA | $ | 491 | $ | 321 |
Crop Protection | Q1 2022 vs. Q1 2021 | Percent Change Due To: | ||||||||||||||||||
Net Sales Change | Price & | Portfolio / | ||||||||||||||||||
$ In millions | $ | % | Product Mix | Volume | Currency | Other | ||||||||||||||
North America | $ | 288 | 54 | % | 17 | % | 37 | % | — | % | — | % | ||||||||
EMEA | 1 | — | % | 7 | % | 6 | % | (13) | % | — | % | |||||||||
Latin America | 83 | 34 | % | 17 | % | 16 | % | 1 | % | — | % | |||||||||
Asia Pacific | 19 | 7 | % | 4 | % | 9 | % | (2) | % | (4) | % | |||||||||
Total | $ | 391 | 23 | % | 11 | % | 18 | % | (5) | % | (1) | % | ||||||||
Crop Protection | Q1 2022 vs. Q1 2021 | Percent Change Due To: | ||||||||||||||||||
Net Sales Change | Price & | Portfolio / | ||||||||||||||||||
$ In millions | $ | % | Product Mix | Volume | Currency | Other | ||||||||||||||
Herbicides | $ | 219 | 22 | % | 12 | % | 14 | % | (4) | % | — | % | ||||||||
Insecticides | 33 | 9 | % | 9 | % | 7 | % | (7) | % | — | % | |||||||||
Fungicides | 43 | 16 | % | 6 | % | 20 | % | (6) | % | (4) | % | |||||||||
Other | 96 | 178 | % | 33 | % | 148 | % | (3) | % | — | % | |||||||||
Total | $ | 391 | 23 | % | 11 | % | 18 | % | (5) | % | (1) | % |
Three Months Ended March 31, | ||||||||
(In millions) | 2022 | 2021 | ||||||
Income (loss) from continuing operations after income taxes (GAAP) | $ | 577 | $ | 613 | ||||
Provision for (benefit from) income taxes on continuing operations | 121 | 178 | ||||||
Income (loss) from continuing operations before income taxes (GAAP) | 698 | 791 | ||||||
Depreciation and amortization | 307 | 304 | ||||||
Interest income | (15) | (21) | ||||||
Interest expense | 9 | 7 | ||||||
Exchange (gains) losses | 47 | 35 | ||||||
Non-operating (benefits) costs | (65) | (311) | ||||||
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges | 36 | (1) | ||||||
Significant items (benefit) charge | 22 | 100 | ||||||
Operating EBITDA (Non-GAAP) | $ | 1,039 | $ | 904 |
Three Months Ended March 31, | ||||||||
(In millions) | 2022 | 2021 | ||||||
Restructuring and asset related charges - net | $ | (5) | $ | (100) | ||||
Estimated settlement expense1 | (17) | — | ||||||
Total pretax significant items benefit (charge) | (22) | (100) | ||||||
Total tax (provision) benefit impact of significant items2 | 6 | 23 | ||||||
Total significant items benefit (charge), after tax | $ | (16) | $ | (77) |
Three Months Ended March 31, | ||||||||
(In millions) | 2022 | 2021 | ||||||
Income (loss) from continuing operations attributable to Corteva (GAAP) | $ | 574 | $ | 610 | ||||
Less: Non-operating benefits - net, after tax | 49 | 237 | ||||||
Less: Amortization of intangibles (existing as of Separation), after tax | (139) | (143) | ||||||
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax | (28) | 1 | ||||||
Less: Significant items benefit (charge), after tax | (16) | (77) | ||||||
Operating Earnings (Loss) (Non-GAAP) | $ | 708 | $ | 592 |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Earnings (loss) per share of common stock from continuing operations - diluted (GAAP) | $ | 0.79 | $ | 0.81 | ||||
Less: Non-operating benefits - net, after tax | 0.07 | 0.31 | ||||||
Less: Amortization of intangibles (existing as of Separation), after tax | (0.19) | (0.19) | ||||||
Less: Mark-to-market gains on certain foreign currency contracts not designated as hedges, after tax | (0.04) | — | ||||||
Less: Significant items benefit (charge), after tax | (0.02) | (0.10) | ||||||
Operating Earnings (Loss) Per Share (Non-GAAP) | $ | 0.97 | $ | 0.79 | ||||
Diluted Shares Outstanding (in millions) | 730.9 | 749.6 |
(In millions) | March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||
Cash, cash equivalents and marketable securities | $ | 2,321 | $ | 4,545 | $ | 2,518 | |||||
Total debt | $ | 2,172 | $ | 1,117 | $ | 2,352 |
Month | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of the Company's Publicly Announced Share Buyback Program1 | Approximate Value of Shares that May Yet Be Purchased Under the Program(1) (Dollars in millions) | ||||||||||
January 2022 | 1,311,419 | $ | 47.31 | 1,311,419 | $ | 1,188 | ||||||||
February 2022 | 1,269,140 | 49.94 | 1,269,140 | 1,125 | ||||||||||
March 2022 | 2,004,820 | 54.83 | 2,004,820 | 1,015 | ||||||||||
Total | 4,585,379 | $ | 51.32 | 4,585,379 | $ | 1,015 |
Exhibit Number | Description | |||||||
Separation and Distribution Agreement by and among DuPont Inc., Dow Inc. and Corteva, Inc. (incorporated by reference to Exhibit No. 2.1 to Amendment 3 to Corteva’s Registration Statement on Form 10 (Commission file number 001-38710), filed on April 16, 2019). | ||||||||
Amended and Restated Certificate of Incorporation of Corteva, Inc. (incorporated by reference to Exhibit No. 3.1 to Corteva’s Current Report on Form 8-K (Commission file number 001-38710), filed on June 3, 2019). | ||||||||
Amended and Restated Bylaws of Corteva, Inc. (incorporated by reference to Exhibit No. 3.1 to Corteva’s Current Report on Form 8-K (Commission file number 001-38710), filed on October 10, 2019). | ||||||||
Amended and Restated Certificate of Incorporation of E.I. du Pont de Nemours and Company (incorporated by reference to Exhibit 3.1 to E.I. du Pont de Nemours and Company’s Current Report on Form 8-K (Commission file number 1-815) dated September 1, 2017). | ||||||||
Amended and Restated Bylaws of E.I. du Pont de Nemours and Company (incorporated by reference to Exhibit 3.2 to E.I. du Pont de Nemours and Company's Current Report on Form 8-K (Commission file number 1-815) dated September 1, 2017). | ||||||||
4 | Corteva agrees to provide the Commission, on request, copies of instruments defining the rights of holders of long-term debt of Corteva and its subsidiaries. | |||||||
Form of Time-Vested Restricted Stock Unit Award Terms under 2019 Corteva, Inc. Omnibus Incentive Plan | ||||||||
Form of Option Award Terms under 2019 Corteva, Inc. Omnibus Incentive Plan | ||||||||
Form of Performance Stock Unit Award Terms under 2019 Corteva, Inc. Omnibus Incentive Plan | ||||||||
Rule 13a-14(a)/15d-14(a) Certification of the company’s and EID’s Principal Executive Officer. | ||||||||
Rule 13a-14(a)/15d-14(a) Certification of the company’s and EID’s Principal Financial Officer. | ||||||||
Section 1350 Certification of the company’s and EID’s Principal Executive Officer. The information contained in this Exhibit shall not be deemed filed with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the registrant under the Securities Act of 1933, as amended. | ||||||||
Section 1350 Certification of the company’s and EID’s Principal Financial Officer. The information contained in this Exhibit shall not be deemed filed with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the registrant under the Securities Act of 1933, as amended. | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File – The Cover Page XBRL tags are embedded within the Inline XBRL document (included in Exhibit 101.INS) |
CORTEVA, INC. | ||||||||
(Registrant) | ||||||||
Date: | May 5, 2022 | |||||||
By: | /s/ Brian Titus | |||||||
Brian Titus | ||||||||
Vice President, Controller | ||||||||
(Principal Accounting Officer) |
E. I. du Pont de Nemours and Company | ||||||||
(Registrant) | ||||||||
Date: | May 5, 2022 | |||||||
By: | /s/ Brian Titus | |||||||
Brian Titus | ||||||||
Vice President, Controller | ||||||||
(Principal Accounting Officer) |
Three Months Ended March 31, | ||||||||
(In millions, except per share amounts) | 2022 | 2021 | ||||||
Net sales | $ | $ | ||||||
Cost of goods sold | ||||||||
Research and development expense | ||||||||
Selling, general and administrative expenses | ||||||||
Amortization of intangibles | ||||||||
Restructuring and asset related charges - net | ||||||||
Other income - net | ||||||||
Interest expense | ||||||||
Income (loss) from continuing operations before income taxes | ||||||||
Provision for (benefit from) income taxes on continuing operations | ||||||||
Income (loss) from continuing operations after income taxes | ||||||||
(Loss) income from discontinued operations after income taxes | ( | ( | ||||||
Net income (loss) | ||||||||
Net income (loss) attributable to noncontrolling interests | ||||||||
Net income (loss) attributable to E. I. du Pont de Nemours and Company | $ | $ |
Three Months Ended March 31, | ||||||||
(In millions) | 2022 | 2021 | ||||||
Net income (loss) | $ | $ | ||||||
Other comprehensive income (loss) - net of tax: | ||||||||
Cumulative translation adjustments | ( | |||||||
Adjustments to pension benefit plans | ||||||||
Adjustments to other benefit plans | ( | |||||||
Unrealized gain (loss) on investments | ||||||||
Derivative instruments | ( | |||||||
Total other comprehensive income (loss) | ( | |||||||
Comprehensive income (loss) | ||||||||
Comprehensive income (loss) attributable to noncontrolling interests - net of tax | ||||||||
Comprehensive income (loss) attributable to E. I. du Pont de Nemours and Company | $ | $ |
(In millions, except share amounts) | March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | $ | ||||||||
Marketable securities | |||||||||||
Accounts and notes receivable - net | |||||||||||
Inventories | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Investment in nonconsolidated affiliates | |||||||||||
Property, plant and equipment | |||||||||||
Less: Accumulated depreciation | |||||||||||
Net property, plant and equipment | |||||||||||
Goodwill | |||||||||||
Other intangible assets | |||||||||||
Deferred income taxes | |||||||||||
Other assets | |||||||||||
Total Assets | $ | $ | $ | ||||||||
Liabilities and Equity | |||||||||||
Current liabilities | |||||||||||
Short-term borrowings and finance lease obligations | $ | $ | $ | ||||||||
Accounts payable | |||||||||||
Income taxes payable | |||||||||||
Deferred revenue | |||||||||||
Accrued and other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Long-term debt - related party | |||||||||||
Other noncurrent liabilities | |||||||||||
Deferred income tax liabilities | |||||||||||
Pension and other post employment benefits - noncurrent | |||||||||||
Other noncurrent obligations | |||||||||||
Total noncurrent liabilities | |||||||||||
Commitments and contingent liabilities | |||||||||||
Stockholders’ equity | |||||||||||
Preferred stock, without par value – cumulative; 23,000,000 shares authorized; issued at March 31, 2022, December 31, 2021, and March 31, 2021: | |||||||||||
$4.50 Series – 1,673,000 shares (callable at $120) | |||||||||||
$3.50 Series – 700,000 shares (callable at $102) | |||||||||||
Common stock, $0.30 par value; 1,800,000,000 shares authorized; 200 issued at March 31, 2022, December 31, 2021, and March 31, 2021 | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income (loss) | ( | ( | ( | ||||||||
Total E. I. du Pont de Nemours and Company stockholders’ equity | |||||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total Liabilities and Equity | $ | $ | $ |
Three Months Ended March 31, | ||||||||
(In millions) | 2022 | 2021 | ||||||
Operating activities | ||||||||
Net income (loss) | $ | $ | ||||||
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities: | ||||||||
Depreciation and amortization | ||||||||
Provision for (benefit from) deferred income tax | ( | |||||||
Net periodic pension and OPEB benefit, net | ( | ( | ||||||
Pension and OPEB contributions | ( | ( | ||||||
Net (gain) loss on sales of property, businesses, consolidated companies, and investments | ||||||||
Restructuring and asset related charges - net | ||||||||
Other net loss | ||||||||
Changes in assets and liabilities, net | ||||||||
Accounts and notes receivable | ( | ( | ||||||
Inventories | ||||||||
Accounts payable | ( | ( | ||||||
Deferred revenue | ( | ( | ||||||
Other assets and liabilities | ( | ( | ||||||
Cash provided by (used for) operating activities | ( | ( | ||||||
Investing activities | ||||||||
Capital expenditures | ( | ( | ||||||
Proceeds from sales of property, businesses, and consolidated companies - net of cash divested | ||||||||
Investments in and loans to nonconsolidated affiliates | ( | |||||||
Purchases of investments | ( | ( | ||||||
Proceeds from sales and maturities of investments | ||||||||
Other investing activities, net | ( | |||||||
Cash provided by (used for) investing activities | ( | |||||||
Financing activities | ||||||||
Net change in borrowings (less than 90 days) | ||||||||
Payments on related party debt | ( | ( | ||||||
Proceeds from debt | ||||||||
Proceeds from exercise of stock options | ||||||||
Other financing activities, net | ( | ( | ||||||
Cash provided by (used for) financing activities | ||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents | ( | ( | ||||||
Increase (decrease) in cash, cash equivalents and restricted cash equivalents | ( | ( | ||||||
Cash, cash equivalents and restricted cash equivalents at beginning of period | ||||||||
Cash, cash equivalents and restricted cash equivalents at end of period | $ | $ |
(In millions) | Preferred Stock | Common Stock | Additional Paid-in Capital "APIC" | Retained Earnings | Accum. Other Comp Income (Loss) | Non-controlling Interests | Total Equity | ||||||||||||||||
2021 | |||||||||||||||||||||||
Balance at January 1, 2021 | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||
Net income (loss) | |||||||||||||||||||||||
Other comprehensive Income (loss) | ( | ( | |||||||||||||||||||||
Preferred dividends ($4.50 Series - $1.125 per share, $3.50 Series - $0.875 per share) | (2) | ( | |||||||||||||||||||||
Issuance of Corteva stock | |||||||||||||||||||||||
Other - net | ( | ( | |||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||
(In millions) | Preferred Stock | Common Stock | Additional Paid-in Capital "APIC" | Retained Earnings | Accum. Other Comp Income (Loss) | Non-controlling Interests | Total Equity | ||||||||||||||||
2022 | |||||||||||||||||||||||
Balance at January 1, 2022 | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||
Net income (loss) | |||||||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Preferred dividends ($4.50 Series - $1.125 per share, $3.50 Series - $0.875 per share) | ( | ( | |||||||||||||||||||||
Issuance of Corteva stock | |||||||||||||||||||||||
Share-based compensation | ( | ( | |||||||||||||||||||||
Other - net | ( | ( | ( | ||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||
E. I. du Pont de Nemours and Company | ||||||||
Notes to the Consolidated Financial Statements (Unaudited) |
Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) | Three Months Ended March 31, | |||||||
2022 | 2021 | |||||||
Income (loss) from continuing operations after income taxes | $ | $ | ||||||
Provision for (benefit from) income taxes on continuing operations | ||||||||
Income (loss) from continuing operations before income taxes | ||||||||
Depreciation and amortization | ||||||||
Interest income | ( | ( | ||||||
Interest expense | ||||||||
Exchange (gains) losses | ||||||||
Non-operating (benefits) costs | ( | ( | ||||||
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges | ( | |||||||
Significant items (benefit) charge | ||||||||
Corporate expenses | ||||||||
Segment operating EBITDA | $ | $ |
CORTEVA, INC. 2019 OMNIBUS INCENTIVE PLAN FOR GRANTEES LOCATED IN THE U.S. (OUTSIDE OF CALIFORNIA) |
Introduction/ Grant of Award | You have been granted time-vested Restricted Stock Units under the Corteva, Inc. 2019 Omnibus Incentive Plan (“Plan”), subject to the following Award Terms. This grant is also subject to the terms of the Plan, which is hereby incorporated by reference. However, to the extent that an Award Term conflicts with the Plan, the Plan shall govern. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in these Award Terms, including any appendices to these Award Terms (hereinafter, collectively referred to as the “Agreement”). A copy of the Plan, and other Plan-related materials, such as the Plan prospectus, are available at: www.benefits.ml.com |
Grant Award Acceptance | You must expressly accept the terms and conditions of your Award as set forth in this Agreement. To accept, log on to Merrill Lynch Benefits OnLine at www.benefits.ml.com, select Equity Plan > Grant Information > Pending Acceptance. IF YOU DO NOT ACCEPT YOUR RESTRICTED STOCK UNITS IN THE MANNER INSTRUCTED BY THE COMPANY, YOUR RESTRICTED STOCK UNITS WILL BE SUBJECT TO CANCELLATION. |
Under 55/10 Rule | If you terminate employment after attainment of age 55 with at least 10 years of service and you are an active employee for six months following the Date of Grant, the Restricted Stock Units will remain subject to the Restricted Period set forth above for one year from the termination date of employment. When one year from the termination date of employment is reached, all other remaining unvested units will be forfeited. | ||||
Due to Disability, or Death | The Restricted Period on all units will lapse. | ||||
Due to Involuntary Termination Giving Rise to Severance Benefits or Divestiture to Entity Less Than 50% Owned by Corteva, Inc. | The Restricted Stock Units will remain subject to the Restricted Period set forth above for one year from the termination date of employment. When one year from the termination date of employment is reached, all other remaining unvested units will be forfeited. | ||||
Due to Any Other Reason (such as voluntary termination, involuntary termination without severance benefits, or for Cause) | Restricted Stock Units that are subject to a Restricted Period will be forfeited. |
CORTEVA, INC. 2019 OMNIBUS INCENTIVE PLAN FOR GRANTEES LOCATED IN THE U.S. (OUTSIDE OF CALIFORNIA) |
Introduction / Grant of Award | You have been granted stock options under the Corteva, Inc. 2019 Omnibus Incentive Plan (“Plan”), subject to the following Award Terms. This grant is also subject to the terms of the Plan, which is hereby incorporated by reference. However, to the extent that an Award Term conflicts with the Plan, the Plan shall govern. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in these Award Terms, including any appendices to these Award Terms (hereinafter, collectively referred to as the “Agreement”). A copy of the Plan, and other Plan-related materials, such as the Plan prospectus, are available at: www.benefits.ml.com | ||||
Grant Award Acceptance | You must expressly accept the terms and conditions of your Award as set forth in this Agreement. To accept, log on to Merrill Lynch Benefits OnLine at www.benefits.ml.com, select Equity Plan > Grant Information > Pending Acceptance. IF YOU DO NOT ACCEPT YOUR AWARD IN THE MANNER INSTRUCTED BY THE COMPANY, YOUR AWARD WILL BE SUBJECT TO CANCELLATION. | ||||
Date of Grant | [DATE] (“Date of Grant”) | ||||
Type of Options | Non-qualified stock options (“Options”) | ||||
Exercise Price | [INSERT] | ||||
Expiration Date | The Options will expire on [ten years from date of Grant] (“Expiration Date”), unless the Options expire or otherwise terminate at an earlier date pursuant to this Agreement. | ||||
Vesting Schedule | Except as otherwise provided in this Agreement, the Options will vest and become exercisable as follows: One-third (1/3) of the Options (rounded to a whole number of shares) will vest and become exercisable on [one year from Date of Grant]. One-third (1/3) of the Options (rounded to a whole number of shares) will vest and become exercisable on [two years from Date of Grant]. The remaining Options will vest and become exercisable on [three years from Date of Grant]. |
Under 55/10 Rule | If you terminate employment after attainment of age 55 with at least 10 years of service and you are an active employee for six months following the Date of Grant, any unvested Options as of the date of termination will continue to vest in accordance with the Vesting Schedule set forth above for one year after the date of your termination of employment and all other remaining unvested Options will be forfeited. Vested Options will be exercisable through the date that is one year after the date of your termination of employment, or, if earlier, the Expiration Date. After that date, all unexercised Options, whether or not vested, will expire. | ||||
Due to Involuntary Termination Giving Rise to Severance Benefits, Divestiture to Entity Less Than 50% Owned by Corteva, Inc. or Voluntary Termination with Good Reason | Any unvested Options as of the date of termination will continue to vest in accordance with the Vesting Schedule set forth above for one year after the date of your termination of employment. When one year from the termination date of employment is reached, all other remaining unvested Options will be forfeited. Vested Options will be exercisable through the date that is one year after the date of your termination of employment, or, if earlier, the Expiration Date. After that date, all unexercised Options, whether or not vested, will expire. | ||||
Due to Death or Disability | Any unvested Options as of the date of termination will be automatically vested. Vested Options will be exercisable through the date that is two years after the date of your termination of employment, or, if earlier, the Expiration Date. After that date, all unexercised Options will expire. | ||||
Due to Any Other Reason (such as Cause; voluntary termination; involuntary termination without cause) | Vested Options must be exercised by the date on which you terminate employment. After that date, all Options, whether or not vested, will expire. | ||||
For purposes of this Agreement, transfer of employment among the Company and any of its Affiliates is not a termination of employment. |
CORTEVA, INC. 2019 OMNIBUS INCENTIVE PLAN FOR GRANTEES LOCATED IN THE U.S. (OUTSIDE OF CALIFORNIA) |
Grant Award Acceptance | You must expressly accept the terms and conditions of your Award as set forth in this Agreement. To accept, log on to Merrill Lynch Benefits OnLine at www.benefits.ml.com, select Equity Plan > Grant Information > Pending Acceptance. If you do not accept your Units in the manner instructed by the Company, your Units will be subject to cancellation. |
RONA Payout % x Target Award x 50% | + | Operating EPS Growth Payout % x Target Award x 50% | = | Final Award |
Performance | RONA Average (%) | RONA Payout % | ||||||
Below Threshold | 0% | |||||||
Threshold | 50% | |||||||
Target | 100% | |||||||
Maximum | 200% |
Performance | Operating EPS Growth Average | Operating EPS Growth Payout % | ||||||
Below Threshold | 0% | |||||||
Threshold | 50% | |||||||
Target | 100% | |||||||
Maximum | 200% |
Performance Adjustment | The Committee, in its sole and absolute discretion, may make appropriate and equitable adjustments to the performance goal measurement or the method applied to calculate such measurement or determine the underlying performance metric, in the event of or in connection with, among other items: (i) tax adjustments, (ii) a merger or acquisition or any similar event affecting the Shares or other securities of the Company, (iii) debt incurred relative to pension funding (whether required or driven by de-risking strategies), (iv) the impact of any new accounting standards, and (v) items associated with discontinued operations. |
Section 409A of the Code | The Units are intended to be exempt from or compliant with Section 409A of the Code and the U.S. Treasury Regulations relating thereto so as not to subject you to the payment of additional taxes and interest under Section 409A of the Code or other adverse tax consequences. In furtherance of this intent, the provisions of this Agreement will be interpreted, operated, and administered in a manner consistent with these intentions. The Committee may modify the terms of this Agreement, the Plan or both, without your consent, in the manner that the Committee may determine to be necessary or advisable in order to comply with Section 409A of the Code or to mitigate any additional tax, interest and/or penalties or other adverse tax consequences that may apply under Section 409A of the Code if compliance is not practical. This section does not create an obligation on the part of the Company to modify the terms of this Agreement or the Plan and does not guarantee that the Units or the delivery of Shares upon vesting/settlement of the Units will not be subject to taxes, interest and penalties or any other adverse tax consequences under Section 409A of the Code. In no event whatsoever shall the Company be liable to any party for any additional tax, interest or penalties that may be imposed on you by Section 409A of the Code or any damages for failing to comply with Section 409A of the Code. |
Under 55/10 Rule, Due to Disability or Death, Divestiture to Entity Less Than 50% Owned by the Company, or Involuntary Termination Giving Rise to Severance Benefits | If you are an active employee for six months following the Date of Grant and terminate employment (i) after attainment of age 55 with at least 10 years of service; or due to (ii) disability; (iii) death; (iv) liquidation, dissolution or divestiture to an entity less than 50% owned by the Company; or (v) an involuntary termination by the Company or, if different, the Subsidiary or Affiliate that employs you (the “Employer”) which gives rise to the payment of severance benefits under a plan maintained by the Company, the Units will remain subject to the Vesting Terms and will be paid in accordance with the Payment terms above. However, the number of Units will be prorated based on the number of months you were employed from the Date of Grant through the end of the Performance Period. | ||||
Due to Any Other Reason (including for Cause; Voluntary Termination; or Involuntary Termination Without Severance Benefits) | Units will be forfeited as of the date on which you terminate employment. |
Repayment/ Forfeiture | Any benefits you may receive hereunder shall be subject to repayment or forfeiture as may be required to comply with the requirements of the U.S. Securities and Exchange Commission or any applicable law, including the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or any securities exchange on which the Shares are traded, as may be in effect from time to time. |
Insider Trading/ Market Abuse Laws | You may be subject to insider trading restrictions and/or market abuse laws based on the exchange on which the Shares are listed and in applicable jurisdictions including the United States and your country or your broker's country, if different, which may affect your ability to accept, acquire, sell or otherwise dispose of Shares, rights to Shares (e.g., Units) or rights linked to the value of Shares under the Plan during such times as you are considered to have "inside information" regarding the Company (as defined by Applicable Laws). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders you placed before you possessed inside information. Furthermore, you could be prohibited from (a) disclosing the inside information to any third party and (b) "tipping" third parties or causing them otherwise to buy or sell securities. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under the Corteva, Inc Insider Trading Policy. You acknowledge that it is your responsibility to comply with any applicable restrictions, and you should speak to your personal advisor on this matter. |
Imposition of Other Requirements | The Company reserves the right to impose other requirements on your participation in this Agreement, on the Units and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. |
Date: | May 5, 2022 | |||||||||||||
By: | /s/ Charles V. Magro | |||||||||||||
Charles V. Magro | ||||||||||||||
Chief Executive Officer |
Date: | May 5, 2022 | |||||||||||||
By: | /s/ Charles V. Magro | |||||||||||||
Charles V. Magro | ||||||||||||||
Chief Executive Officer |
Date: | May 5, 2022 | |||||||||||||
By: | /s/ David J. Anderson | |||||||||||||
David J. Anderson | ||||||||||||||
Executive Vice President and Chief Financial Officer |
Date: | May 5, 2022 | |||||||||||||
By: | /s/ David J. Anderson | |||||||||||||
David J. Anderson | ||||||||||||||
Executive Vice President and Chief Financial Officer |
/s/ Charles V. Magro | ||
Charles V. Magro | ||
Chief Executive Officer | ||
May 5, 2022 |
/s/ Charles V. Magro | ||
Charles V. Magro | ||
Chief Executive Officer | ||
May 5, 2022 |
/s/ David J. Anderson | ||
David J. Anderson | ||
Chief Financial Officer | ||
May 5, 2022 |
/s/ David J. Anderson | ||
David J. Anderson | ||
Chief Financial Officer | ||
May 5, 2022 |
Statement of Stockholders Equity Statement - USD ($) $ in Millions |
Total |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Accumulated Other Comp (Loss) Income |
Noncontrolling Interest [Member] |
EID [Member] |
EID [Member]
Preferred Stock [Member]
|
EID [Member]
Common Stock [Member]
|
EID [Member]
Additional Paid-in Capital [Member]
|
EID [Member]
Retained Earnings [Member]
|
EID [Member]
Accumulated Other Comp (Loss) Income
|
EID [Member]
Noncontrolling Interest [Member]
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2020 | $ 25,063 | $ 7 | $ 27,707 | $ 0 | $ (2,890) | $ 239 | $ 21,601 | $ 239 | $ 0 | $ 24,049 | $ 203 | $ (2,890) | $ 0 |
Net income (loss) | 603 | 600 | 3 | 592 | 591 | 1 | |||||||
Other comprehensive (loss) income | (477) | (477) | (477) | (477) | |||||||||
Common Dividends | (97) | (97) | |||||||||||
Dividends, Preferred Stock | (2) | ||||||||||||
Issuance of Corteva Stock | 38 | 38 | 38 | 38 | |||||||||
Share-based compensation | 0 | ||||||||||||
Repurchase of common stock | (350) | (18) | (332) | ||||||||||
Other-net | (2) | (2) | (4) | (4) | |||||||||
Ending Balance at Mar. 31, 2021 | 24,778 | 7 | 27,630 | 268 | (3,367) | 240 | 21,748 | 239 | 0 | 24,083 | 792 | (3,367) | 1 |
Beginning 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 |
Net income (loss) | 567 | 564 | 3 | 560 | 559 | 1 | |||||||
Other comprehensive (loss) income | 77 | 77 | 77 | 77 | |||||||||
Common Dividends | (102) | (102) | |||||||||||
Dividends, Preferred Stock | (2) | (2) | |||||||||||
Issuance of Corteva Stock | 40 | 40 | 40 | 40 | |||||||||
Share-based compensation | (31) | (31) | |||||||||||
Repurchase of common stock | (235) | (235) | |||||||||||
Other-net | (3) | (1) | (2) | (4) | (3) | (1) | |||||||
Ending Balance at Mar. 31, 2022 | $ 25,936 | $ 7 | $ 27,760 | $ 750 | $ (2,821) | $ 240 | $ 24,099 | $ 239 | $ 0 | $ 24,202 | $ 2,478 | $ (2,821) | $ 1 |
Statement of Stockholders' Equity Parentheticals (Parentheticals) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Common Stock, Dividends, Per Share, Declared | $ 0.14 | $ 0.13 |
EID [Member] | $4.50 Series Preferred Stock [Member] | ||
Preferred Stock, Dividends Per Share, Declared | 1.125 | 1.125 |
EID [Member] | $3.50 Series Preferred Stock [Member] | ||
Preferred Stock, Dividends Per Share, Declared | $ 0.875 | $ 0.875 |
Summary of Significant Accounting Policies (Notes) |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. Results for interim periods should not be considered indicative of results for a full year. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in the company’s Annual Report on Form 10-K for the year ended December 31, 2021, collectively referred to as the “2021 Annual Report.” The interim Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained. Certain reclassifications of prior year's data have been made to conform to current year's presentation. 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 5 – Supplementary Information, to the interim Consolidated Financial Statements, and Note 9 – Supplemental Information, to the company's 2021 Annual Report). As of March 31, 2022, 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.
|
Recent Accounting Guidance |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Guidance | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance 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 adopted this guidance on January 1, 2022 and it did not have a material impact on the company’s disclosures.
|
Revenue (Notes) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer | REVENUE Revenue Recognition Products Substantially all of Corteva's revenue is derived from product sales. Product sales consist of sales of Corteva's products to farmers, distributors, and manufacturers. Corteva considers purchase orders, which in some cases are governed by master supply agreements, to be a contract with a customer. Contracts with customers are considered to be short-term when the time between order confirmation and satisfaction of the performance obligations is equal to or less than one year. However, the company has some long-term contracts which can span multiple years. Revenue from product sales is recognized when the customer obtains control of the company's product, which occurs at a point in time according to shipping terms. Payment terms are generally less than one year from invoicing. The company elected the practical expedient and does not adjust the promised amount of consideration for the effects of a significant financing component when the company expects it will be one year or less between when a customer obtains control of the company's product and when payment is due. 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 the remaining performance obligations for only those contracts with an original duration of more than one year. 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 $120 million, $123 million and $113 million at March 31, 2022, December 31, 2021 and March 31, 2021, respectively. The company expects revenue to be recognized for the remaining performance obligations evenly over the period of one year to six 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.
1.Included in accounts and notes receivable - net in the interim Consolidated Balance Sheets. 2.Included in other current assets in the interim Consolidated Balance Sheets. 3.Included in other assets in the interim Consolidated Balance Sheets. 4.Included in other noncurrent obligations in the interim Consolidated Balance Sheets. Revenue recognized during the three months ended March 31, 2022 and 2021 from amounts included in deferred revenue at the beginning of the period was $1,339 million and $924 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:
Sales are attributed to geographic regions based on customer location. Net sales by geographic region and segment are included below:
1.Represents U.S. & Canada. 2.Europe, Middle East, and Africa ("EMEA").
|
Restructuring and Asset Related Charges |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. Through the first quarter of 2022, the company recorded net pre-tax restructuring charges of $165 million inception-to-date under the 2021 Restructuring Actions, consisting of $76 million of severance and related benefit costs, $44 million of asset related charges, $6 million of asset retirement obligations and $39 million of costs related to contract terminations (contract terminations includes early lease terminations). The company does not anticipate any additional material charges from the 2021 Restructuring Actions as actions associated with this charge were substantially complete by the end of 2021. The charges related to the 2021 Restructuring Actions related to the segments, as well as corporate expenses, were as follows:
The following table is a summary of charges incurred related to 2021 Restructuring Actions for the three months ended March 31, 2022 and 2021:
A reconciliation of the December 31, 2021 to the March 31, 2022 liability balances related to the 2021 Restructuring Actions is summarized below:
1.In addition, the company has a liability recorded for asset retirement obligations of $6 million as of March 31, 2022. 2.The liability for contract terminations includes lease obligations. The cash impact of these obligations will be substantially complete by the end of 2022. Other Asset Related Charges During the three months ended March 31, 2022 and 2021, the company recognized $6 million and $7 million, respectively, in restructuring and asset related charges - net in the interim 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.
|
Supplementary Information |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Financial Information Disclosure [Text Block] | SUPPLEMENTARY INFORMATION
1.Includes net pre-tax exchange gains (losses) of $(15) million and $(23) million associated with the devaluation of the Argentine peso for the three months ended March 31, 2022 and 2021, respectively. 2.Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, amortization of unrecognized gain (loss), amortization of prior service benefit and settlement gain (loss)). 3.Miscellaneous income (expenses) - net for the three months ended March 31, 2022 and 2021 includes changes from remeasurement of an equity investment, tax indemnification adjustments related to changes in indemnification balances as a result of the application of the terms of the Tax Matters Agreement between Corteva and Dow and/or DuPont, losses on sale of receivables and other items. Additionally, the three months ended March 31, 2022 includes estimated settlement reserves and the three months ended March 31, 2021 includes losses on sale of available-for-sale securities. The following table summarizes the impacts of the company's foreign currency hedging program on the company's results of operations. The company routinely uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities. The objective of this program is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes on net monetary asset positions. The hedging program gains (losses) are largely taxable (tax deductible) in the U.S., whereas the offsetting exchange gains (losses) on the remeasurement of the net monetary asset positions are often not taxable (tax deductible) in their local jurisdictions. The net pre-tax exchange gains (losses) are recorded in other income - net and the related tax impact is recorded in provision for (benefit from) income taxes on continuing operations in the interim Consolidated Statements of Operations.
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 interim Consolidated Balance Sheets to the total cash, cash equivalents and restricted cash equivalents presented in the interim 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 interim Consolidated Balance Sheets.
|
Income Taxes |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES For periods between the Merger and the Corteva Distribution, Corteva and its subsidiaries were included in DowDuPont's consolidated federal income tax group and consolidated tax return. Generally, the consolidated tax liability of the DowDuPont U.S. tax group for each year was apportioned among the members of the consolidated group based on each member’s separate taxable income. Corteva, DuPont and Dow intend that to the extent Federal and/or State corporate income tax liabilities are reduced through the utilization of tax attributes of the other, settlement of any receivable and payable generated from the use of the other party’s sub-group attributes will be in accordance with a tax matters agreement. See Note 12 - Commitments and Contingent Liabilities, for further information related to indemnifications between Corteva, DuPont and Dow. Each year the company files hundreds of tax returns in the various national, state and local income taxing jurisdictions in which it operates. These tax returns are subject to examination and possible challenge by the tax authorities. Positions challenged by the tax authorities may be settled or appealed by the company. As a result, there is an uncertainty in income taxes recognized in the company's financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. The ultimate resolution of such uncertainties is not expected to have a material impact on the company's results of operations. During the three months ended March 31, 2022, the company recognized $35 million of net tax benefits to provision for income taxes on continuing operations associated with changes in deferred taxes for certain prior year tax positions as well as from stock-based compensation. The company routinely uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities. The objective of the program, which resides in the U.S., is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes on net monetary asset positions, which can drive material impacts on the company's effective tax rate. For further discussion of pre-tax and after-tax impacts of the company's foreign currency hedging program and net monetary asset programs, refer to Note 5 - Supplementary Information.
|
Earnings Per Share (Notes) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | EARNINGS PER SHARE OF COMMON STOCK The following tables provide earnings per share calculations for the periods indicated below:
1.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. 2.These outstanding potential shares of common stock relating to stock options, restricted stock units and performance-based restricted stock units were excluded from the calculation of diluted earnings (loss) per share because (i) the effect of including them 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 (Notes) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts and Notes Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ACCOUNTS AND NOTES RECEIVABLE - NET
1.Accounts receivable – trade and notes receivable - trade are net of allowances of $232 million, $210 million, and $203 million at March 31, 2022, December 31, 2021, and March 31, 2021, 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 March 31, 2022, December 31, 2021, and March 31, 2021 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 $124 million, $104 million, and $115 million as of March 31, 2022, December 31, 2021, and March 31, 2021, respectively. Accounts and notes receivable are carried at the expected amount to be collected, which approximates fair value. The company establishes the allowance for doubtful receivables using a loss-rate method where the loss rate is developed using past events, historical experience, current conditions and forecasts that affect the collectability of the financial assets. The following table summarizes changes in the allowance for doubtful receivables for the three months ended March 31, 2022 and 2021:
The company enters into various factoring agreements with third-party financial institutions to sell its trade receivables under both recourse and non-recourse agreements in exchange for cash proceeds. These financing arrangements result in a transfer of the company's receivables and risks to the third-party. As these transfers qualify as true sales under the applicable accounting guidance, the receivables are derecognized from the interim Consolidated Balance Sheets upon transfer, and the company receives a payment for the receivables from the third-party within a mutually agreed upon time period. For arrangements involving an element of recourse, which is typically provided through a guarantee of accounts in the event of customer default, the guarantee obligation is measured using market data from similar transactions and reported as a current liability in the interim Consolidated Balance Sheets. Trade receivables sold under these agreements were $17 million and $11 million for the three months ended March 31, 2022 and 2021, respectively. The trade receivables sold that remained outstanding under these agreements which include an element of recourse as of March 31, 2022, December 31, 2021, and March 31, 2021 were $130 million, $166 million, and $128 million, respectively. The net proceeds received are included in cash provided by (used for) operating activities in the interim Consolidated Statements of Cash Flows. The difference between the carrying amount of the trade receivables sold and the sum of the cash received is recorded as a loss on sale of receivables in other income - net in the interim Consolidated Statements of Operations. The loss on sale of receivables for the three months ended March 31, 2022 and 2021, respectively, was not material. See Note 12 - Commitments and Contingent Liabilities for additional information on the company’s guarantees.
|
Inventories |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Text Block] | INVENTORIES
|
Other Intangible Assets |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets Disclosure [Text Block] | OTHER INTANGIBLE ASSETS The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows:
1.Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. The aggregate pre-tax amortization expense from continuing operations for definite-lived intangible assets was $179 million and $183 million for the three months ended March 31, 2022 and 2021, respectively. The current estimated aggregate pre-tax amortization expense from continuing operations for the remainder of 2022 and each of the next five years is approximately $522 million, $620 million, $606 million, $569 million, $558 million and $498 million, respectively.
|
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Text Block] | SHORT-TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES The following tables summarize Corteva's short-term borrowings and finance lease obligations and long-term debt:
The estimated fair value of the company's short-term and long-term borrowings, including interest rate financial instruments, was determined using Level 2 inputs within the fair value hierarchy. Based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities, the fair value of the company's short-term borrowings and finance lease obligations was approximately carrying value. The fair value of the company’s long-term borrowings, including debt due within one year, was $1,107 million, $1,121 million, and $1,121 million as of March 31, 2022, December 31, 2021, and March 31, 2021, respectively. Repurchase Facility 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 have an interest rate equal to the Adjusted Term Secured Overnight Financing Rate ("SOFR") plus a margin of 0.75 percent. As of March 31, 2022, there were no outstanding borrowings under the 2022 Repurchase Facility. Foreign Currency Loans The company enters into short-term and long-term foreign currency loans from time-to-time by accessing uncommitted revolving credit lines to fund working capital needs of foreign subsidiaries in the normal course of business (“Foreign Currency Loans”). Interest rates are variable and determined at the time of borrowing. Total unused bank credit lines on the Foreign Currency Loans at March 31, 2022 was approximately $255 million. The company’s long-term Foreign Currency Loans have varying maturities through 2024. Revolving Credit Facilities In November 2018, EID entered into a $3 billion, 5-year revolving credit facility and a $3 billion, 3-year revolving credit facility (the “Revolving Credit Facilities”). The Revolving Credit Facilities became effective in 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. During May 2022, the Credit Facilities were refinanced for purposes of extending the maturity dates to 2027 and 2025 for the 5-year and 3-year revolving credit facilities, respectively, lowering the facility amount of the 3-year revolving credit facility to $2 billion and transitioning the interest rate to a floating rate utilizing Adjusted Term SOFR plus a margin of 0.10 percent. 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.
|
Commitments and Contingent Liabilities |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENT LIABILITIES Guarantees Indemnifications In connection with acquisitions and divestitures, the company has indemnified respective parties against certain liabilities that may arise in connection with these transactions and business activities prior to the completion of the transactions. The term of these indemnifications, which typically pertain to environmental, tax and product liabilities, is generally indefinite. In addition, the company indemnifies its duly elected or appointed directors and officers to the fullest extent permitted by Delaware law, against liabilities incurred as a result of their activities for the company, such as adverse judgments relating to litigation matters. If the indemnified party were to incur a liability or have a liability increase as a result of a successful claim, pursuant to the terms of the indemnification, the company would be required to reimburse the indemnified party. The maximum amount of potential future payments is generally unlimited. See below for additional information relating to the indemnification obligations under the Chemours Separation Agreement and the Corteva Separation Agreement. Obligations for Customers and Other Third Parties The company has directly guaranteed various debt obligations under agreements with third parties related to customers and other third parties. At March 31, 2022, December 31, 2021 and March 31, 2021, the company had directly guaranteed $105 million, $105 million, and $108 million, respectively, of such obligations. These amounts represent the maximum potential amount of future (undiscounted) payments that the company could be required to make under the guarantees in the event of default by the guaranteed party. All of the maximum future payments at March 31, 2022 had terms less than one year. The maximum future payments include $21 million, $21 million and $23 million at March 31, 2022, December 31, 2021 and March 31, 2021, respectively, of guarantees related to the various factoring agreements that the company enters into with third-party financial institutions to sell its trade receivables. See Note 8 - Accounts and Notes Receivable - Net, to the Consolidated Financial Statements, for additional information. The maximum future payments also include agreements with lenders to establish programs that provide financing for select customers. The terms of the guarantees are equivalent to the terms of the customer loans that are primarily made to finance customer invoices. The total amounts owed from customers to the lenders relating to these agreements was $180 million, $15 million and $178 million at March 31, 2022, December 31, 2021 and March 31, 2021, respectively. The company assesses the payment/performance risk by assigning default rates based on the duration of the guarantees. These default rates are assigned based on the external credit rating of the counterparty or through internal credit analysis and historical default history for counterparties that do not have published credit ratings. For counterparties without an external rating or available credit history, a cumulative average default rate is used. Indemnifications under Separation Agreements The company has entered into various agreements where the company is indemnified for certain liabilities. The term of this indemnification is generally indefinite, with exceptions, and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. In connection with the recognition of liabilities related to these matters, the company records an indemnification asset when recovery is deemed probable. Chemours/Performance Chemicals Pursuant to the Chemours Separation Agreement resulting from the 2015 spin-off of the Performance Chemicals segment from Historical DuPont, Chemours indemnifies the company against certain litigation, environmental, workers' compensation and other liabilities that arose prior to the distribution. In 2017, the Chemours Separation Agreement was amended to provide for a limited sharing of potential future liabilities related to alleged historical releases of perfluorooctanoic acids and its ammonium salts (“PFOA”) for a five-year period that began on July 6, 2017. In addition, in 2017, Chemours and EID settled multi-district litigation in the U.S. District Court for the Southern District of Ohio (“Ohio MDL”), resolving claims of about 3,550 plaintiffs alleging injury from exposure to PFOA in drinking water as a result of the historical manufacture or use of PFOA at the Washington Works plant outside Parkersburg, West Virginia. This plant was previously owned and/or operated by the performance chemicals segment of EID and is now owned and/or operated by Chemours. On May 13, 2019, Chemours filed suit in the Delaware Court of Chancery against DuPont, EID, and Corteva, seeking, among other things, to limit its responsibility for the litigation and environmental liabilities allocated to and assumed by Chemours under the Chemours Separation Agreement (the “Delaware Litigation”). On March 30, 2020, the Court of Chancery granted a motion to dismiss. On December 15, 2020, the Delaware Supreme Court affirmed the judgment of the Court of Chancery. Meanwhile, a confidential arbitration process regarding the same and other claims has proceeded (the “Pending Arbitration”). On January 22, 2021, Chemours, DuPont, Corteva and EID entered into a binding memorandum of understanding containing a settlement to resolve legal disputes originating from the Delaware Litigation and Pending Arbitration, and to establish a cost sharing arrangement and escrow account to be used to support and manage potential future legacy per- and polyfluoroalkyl substances ("PFAS") liabilities arising out of pre-July 1, 2015 conduct (the “MOU”). The MOU replaces the 2017 amendment to the Chemours Separation Agreement. According to the terms of the cost sharing arrangement within the MOU, Corteva and DuPont together, on one hand, and Chemours, on the other hand, agreed to a 50-50 split of certain qualified expenses related to PFAS liabilities incurred over a term not to exceed twenty years or $4 billion of qualified spend and escrow account contributions (see below for discussion of escrow account) in the aggregate. DuPont’s and Corteva’s 50% share under the MOU will be limited to $2 billion, including qualified expenses and escrow contributions. These expenses and escrow account contributions will be subject to the existing Letter Agreement, under which DuPont and Corteva will each bear 50% of the first $300 million (up to $150 million each), and thereafter DuPont bears 71% and Corteva bears the remaining 29%. In order to support and manage any potential future PFAS liabilities, the parties have also agreed to establish an escrow account ("MOU Escrow Account"). The MOU provides that (1) no later than each of September 30, 2021 and September 30, 2022, Chemours shall deposit $100 million into an escrow account and DuPont and Corteva shall together deposit $100 million in the aggregate into an escrow account and (2) no later than September 30 of each subsequent year through and including 2028, Chemours shall deposit $50 million into an escrow account and DuPont and Corteva shall together deposit $50 million in the aggregate into an escrow account. Subject to the terms and conditions set forth in the MOU, each party may be permitted to defer funding in any year (excluding 2021). Over this period, Chemours will deposit a total of $500 million in the account and DuPont and Corteva will deposit an additional $500 million pursuant to the terms of the Letter Agreement. Additionally, if on December 31, 2028, the balance of the escrow account (including interest) is less than $700 million, Chemours will make 50% of the deposits and DuPont and Corteva together will make 50% of the deposits necessary to restore the balance of the escrow account to $700 million. Such payments will be made in a series of consecutive annual equal installments commencing on September 30, 2029 pursuant to the escrow account replenishment terms as set forth in the MOU. The MOU provides that no withdrawals from the MOU Escrow Account can be made before year six, except to fund mutually agreed upon third-party settlements in excess of $125 million. Starting with year six, withdrawals can only be made to fund qualified spend if the parties’ aggregate qualified spend in that particular year is greater than $200 million. Beginning with year 11, the amounts in the MOU Escrow Account can be used to fund any qualified spend. During 2021, the company contributed its initial deposit into the MOU Escrow Account, which is classified as noncurrent restricted cash equivalents and is included in other assets in the interim Consolidated Balance Sheets. After the term of this arrangement, Chemours’ indemnification obligations under the original 2015 Chemours Separation Agreement, would continue unchanged, subject in each case to certain exceptions set out in the MOU. Under the MOU, Chemours waived specified claims regarding the construct of its 2015 spin-off transaction, and the parties will dismiss the Pending Arbitration regarding those claims. Additionally, the parties have agreed to resolve the Ohio MDL PFOA personal injury litigation (as discussed below). The parties are expected to cooperate in good faith to enter into additional agreements reflecting the terms set forth in the MOU. During the three months ended March 31, 2022, the company recorded charges of $4 million to (loss) income from discontinued operations after income taxes in the interim Consolidated Statement of Operations, related to the MOU. Corteva Separation Agreement On April 1, 2019, in connection with the Dow Distribution, Corteva, DuPont and Dow entered into the Corteva Separation Agreement, the Tax Matters Agreement, the Employee Matters Agreement, and certain other agreements (collectively, the “Corteva Separation Agreements”). The Corteva Separation Agreements allocate among Corteva, DuPont and Dow assets, employees, certain liabilities and obligations (including its investments, property and employee benefits and tax-related assets and liabilities) among the parties and provides for indemnification obligation among the parties. Under the Corteva Separation Agreements, DuPont will indemnify Corteva against certain litigation, environmental, tax, workers' compensation and other liabilities that arose prior to the Corteva Distribution and Dow indemnifies Corteva against certain litigation, environmental, tax, workers' compensation and other liabilities that relate to the Historical Dow business, and Corteva indemnifies DuPont and Dow for certain liabilities. Under the Corteva Separation Agreement, certain legacy EID liabilities from discontinued and/or divested operations and businesses of EID (including Performance Chemicals) (a “stray liability”) were allocated to Corteva or DuPont. For those stray liabilities allocated to Corteva (which may include a specified amount of liability associated with that liability), Corteva is responsible for liabilities in an amount up to that specified amount plus an additional $200 million and, for those stray liabilities allocated to DuPont (which may include a specified amount of liability associated with that liability), DuPont is responsible for liabilities up to a specified amount plus an additional $200 million. Once each company has met the $200 million threshold, Corteva and DuPont will share future liabilities proportionally on the basis of 29% and 71%, respectively; provided, however, that for PFAS, DuPont will manage such liabilities with Corteva and DuPont sharing the costs on a 50% - 50% basis starting from $1 and up to $300 million (with such amount, up to $150 million, to be credited to each company’s $200 million threshold) and once the $300 million threshold is met, then the companies will share proportionally on the basis of 29% and 71% respectively, subject to a $1 million de minimis requirement. During the second quarter of 2021, the aggregate amount of the company’s cash spent and liabilities accrued exceeded the stray liability thresholds, including PFAS, noted above. Therefore, liabilities recognized subsequent to the second quarter of 2021 will be shared at the reduced rates noted above. At March 31, 2022, December 31, 2021, and March 31, 2021, the indemnification assets were $31 million, $25 million, and $28 million, respectively, within accounts and notes receivable - net and $80 million, $75 million, and $51 million, respectively, within other assets in the interim Consolidated Balance Sheets. At March 31, 2022, December 31, 2021, and March 31, 2021, the indemnification liabilities were $32 million, $20 million, and $52 million, respectively, within accrued and other current liabilities and $116 million, $117 million, and $91 million, respectively, within other noncurrent obligations in the interim Consolidated Balance Sheets. Litigation The company is subject to various legal proceedings, including, but not limited to, product liability, intellectual property, antitrust, commercial, property damage, personal injury, environmental and regulatory matters arising out of the normal course of its current businesses or legacy EID businesses unrelated to Corteva’s current businesses but allocated to Corteva as part of the separation of Corteva from DuPont. It is not possible to predict the outcome of these various proceedings, as considerable uncertainty exists. The company records accruals for legal matters when the information available indicates that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Accruals may reflect the impact and status of negotiations, settlements, rulings, advice from counsel and other information and events that may pertain to a particular matter. For the litigation matters discussed below, management believes that it is reasonably possible that the company could incur liabilities in excess of amounts accrued, the ultimate liability for which could be material to the results of operations and the cash flows in the period recognized. However, the company is unable to estimate the possible loss beyond amounts accrued due to various reasons, including, among others, that the underlying matters are either in early stages and/or have significant factual issues to be resolved. In addition, even when the company believes it has substantial defenses, the company may consider settlement of matters if it believes it is in the best interest of the company. Lorsban® Lawsuits As of March 31, 2022, there were pending personal injury lawsuits filed and additional asserted claims against the former Dow Agrosciences LLC, alleging injuries related to chlorpyrifos exposure, the active ingredient in Lorsban®, an insecticide used by commercial farms for field fruit, nut and vegetable crops. Corteva ended its production of Lorsban® in 2020. Chlorpyrifos products are restricted-use pesticides, which are not available for purchase or use by the general public, and may only be sold to, and used by, certified applicators or someone under the certified applicator's direct supervision. These lawsuits do not relate to Dursban®, a residential type chlorpyrifos product that was authorized for indoor purposes, which was discontinued over two decades ago prior to the Merger and Corteva’s formation and Separation. Claimants allege personal injury, including autism, developmental delays and/or decreased neurologic function, resulting from farm worker exposure and bystander drift and in utero exposure to chlorpyrifos. Certain claimants have also put forth remediation claims due to alleged property contamination from chlorpyrifos. Discovery is expected to continue through at least 2022. As of March 31, 2022, an accrual has been established for the estimated resolution of certain claims. Litigation related to legacy EID businesses unrelated to Corteva’s current businesses PFAS, PFOA, PFOS and Other Related Liabilities For purposes of this report, the term PFOA means collectively perfluorooctanoic acid and its salts, including the ammonium salt and does not distinguish between the two forms, and PFAS, including PFOA, PFOS (perfluorooctanesulfonic acid), GenX and other perfluorinated chemicals and compounds ("PFCs"). EID is a party to various legal proceedings relating to the use of PFOA by its former Performance Chemicals segment for which potential liabilities would be subject to the cost sharing arrangement under the MOU as long as it remains effective. Leach Settlement and Ohio MDL Settlement EID has residual liabilities under its 2004 settlement of a West Virginia state court class action, Leach v. EID, which alleged that PFOA from EID’s former Washington Works facility had contaminated area drinking water supplies and affected the health of area residents. The settlement class has about 80,000 members. In addition to relief that was provided to class members years ago, the settlement requires EID to continue providing PFOA water treatment to six area water districts and private well users and to fund, through an escrow account, up to $235 million for a medical monitoring program for eligible class members. As of March 31, 2022, approximately $2 million had been disbursed from the account since its establishment in 2012 and the remaining balance is approximately $1 million. The Leach settlement permits class members to pursue personal injury claims for six health conditions (and no others) that an expert panel appointed under the settlement reported in 2012 had a “probable link” (as defined in the settlement) with PFOA: pregnancy-induced hypertension, including preeclampsia; kidney cancer; testicular cancer; thyroid disease; ulcerative colitis; and diagnosed high cholesterol. After the panel reported its findings, approximately 3,550 personal injury lawsuits were filed in federal and state courts in Ohio and West Virginia and consolidated in multi-district litigation in the U.S. District Court for the Southern District of Ohio (“Ohio MDL”). The Ohio MDL was settled in early 2017 for $670.7 million in cash, with Chemours and EID (without indemnification from Chemours) each paying half. Post-MDL Settlement PFOA Personal Injury Claims The 2017 Ohio MDL settlement did not resolve claims of plaintiffs who did not have claims in the Ohio MDL or whose claims are based on diseases first diagnosed after February 11, 2017. The first was a consolidated trial of two cases; the first, a kidney cancer case, which resulted in a hung jury, while the second, Travis and Julie Abbot v. E.I du Pont de Nemours and Company (the “Abbot Case”), a testicular cancer case, resulted in a jury verdict of $40 million in compensatory damages and $10 million for loss of consortium. The loss of consortium award was subsequently reduced to $250,000 in accordance with state law limitations. Following entry of the judgment by the court, EID filed post-trial motions to reduce the verdict, and to appeal the verdict on the basis of procedural and substantive legal errors made by the trial court. The company believes the merits of the appeal will be successful in reducing the jury verdict or eliminating its liability, in whole or part. In January 2021, Chemours, DuPont and Corteva agreed to settle the remaining approximately 95 matters, as well as unfiled matters, remaining in the Ohio MDL, with the exception of the Abbot case, for $83 million, with Chemours contributing $29 million to the settlement, and DuPont and Corteva contributing $27 million each. The company paid $27 million during the year ended December 31, 2021. As agreed to in the settlement, the plaintiffs' counsel filed a motion to dissolve the MDL. Other PFOA Matters EID is a party to other PFOA lawsuits that do not involve claims for personal injury. Defense costs and any future liabilities that may arise out of these lawsuits are subject to the MOU and the cost sharing arrangement disclosed above. Under the MOU, fraudulent conveyance claims associated with these matters are not qualified expenses, unless Corteva, Inc. and EID would prevail on the merits of these claims. New York. EID is a defendant in about 50 lawsuits, including a putative class action, brought by persons who live in and around Hoosick Falls, New York. These lawsuits assert claims for medical monitoring and property damage based on alleged PFOA releases from manufacturing facilities owned and operated by co-defendants in Hoosick Falls and allege that EID and 3M supplied some of the materials used at these facilities. EID is also one of more than ten defendants in a lawsuit brought by the Town of East Hampton, New York alleging PFOA and PFOS contamination of the town’s well water. Additionally, EID, along with 3M, Chemours and Dyneon, have been named defendants in complaints filed by eleven water districts in Nassau County, New York alleging that the drinking water they provide to customers is contaminated with PFAS and seeking reimbursement for clean-up costs. The water district complaints also include allegations of fraudulent transfer. New Jersey. At March 31, 2022, two lawsuits were pending, one brought by a local water utility and the second a putative class action, against EID alleging that PFOA from EID’s former Chambers Works facility contaminated drinking water sources. The putative class action was voluntarily dismissed without prejudice by the plaintiff. In late March of 2019, the New Jersey State Attorney General filed four lawsuits against EID, Chemours, 3M and others alleging that operations at and discharges from former EID sites in New Jersey (Chambers Works, Pompton Lakes, Parlin and Repauno) damaged the State’s natural resources. Two of these lawsuits (those involving the Chambers Works and Parlin sites) allege contamination from PFAS. The Ridgewood Water District in New Jersey filed suit in the first quarter 2019 against EID, 3M, Chemours, and Dyneon alleging losses related to the investigation, remediation and monitoring of polyfluorinated surfactants, including PFOA, in water supplies. DuPont and Corteva were subsequently added as defendants to these lawsuits. These lawsuits include claims under the New Jersey Industrial Site Recovery Act ("ISRA") and for fraudulent conveyance. Alabama / Others. EID is one of more than thirty defendants in a lawsuit by the Alabama water utility alleging contamination from PFCs, including PFOA, used by co-defendant carpet manufacturers to make their products more stain and grease resistant. In addition, the states of Alaska, Michigan, Mississippi, New Hampshire, North Carolina, South Dakota, Vermont and Florida recently filed lawsuits against EID, Chemours, 3M and others, claiming, among other things, PFC (including PFOA) contamination of groundwater and drinking water. The complaints seek reimbursement for past and future costs to investigate and remediate the alleged contamination and compensation for the loss of value and use of the state’s natural resources. Motions to dismiss the Michigan, Vermont and New Hampshire cases have been denied. Ohio. EID is a defendant in three lawsuits, including an action by the State of Ohio based on alleged damage to natural resources, and an action by the City of Dayton claiming losses related to the investigation, remediation and monitoring of PFAS in water supplies. The trial with respect to the natural resources lawsuit is scheduled for April 2023. The third lawsuit, a putative nationwide class action brought on behalf of anyone who has detectable levels of PFAS in their blood serum seeks declaratory and injunctive relief, including the establishment of a “PFAS Science Panel.” In March 2022, the trial court certified a class covering anyone subject to Ohio laws having minimal levels of PFOA plus at least one other PFAS in their blood. The trial court requested further briefing on whether the class should be extended to include other states that recognize analogous claims for relief. EID, along with the other defendants, filed a petition to appeal the class certification decision, while continuing to defend the lawsuit at the trial court. Netherlands. In April 2021, four municipalities in the Netherlands filed complaints alleging contamination of land and groundwater resulting from the emission of PFOA and GenX by Corteva, DuPont and Chemours. The municipalities seek to recover costs incurred due to the alleged emissions, including damages for investigation costs, construction project delays, depreciation of land, soil remediation, liabilities to contractors, and attorneys’ fees. Delaware. On July 13, 2021, Chemours, DuPont, EID and Corteva entered into a settlement agreement with the State of Delaware reflecting the companies’ and the State’s agreement to settle and fully resolve claims alleged against the companies regarding their historical Delaware operations, manufacturing, use and disposal of all chemical compounds, including PFAS. Under the settlement, the companies will collectively pay $50 million to fund environmental projects, including sampling and community environmental justice and equity grants, which shall be utilized to fund the Natural Resources and Sustainability Trust (the “NRST Trust”). If the companies, individually or jointly, within 8 years of the settlement, enter into a proportionally similar agreement to settle or resolve claims of another state for PFAS-related natural resource damages, for an amount greater than $50 million, the companies shall make a supplemental payment directly to the NRST Trust (“Supplemental Payment”) in an amount equal to such other states’ recovery in excess of $50 million. Supplemental Payment(s), if any, will not exceed $25 million in the aggregate. All amounts paid by the companies under the settlement are subject to the MOU and the Corteva Separation Agreement with Chemours bearing responsibility for 50%, or $25 million, of the $50 million payment due to the NRST and DuPont and Corteva each bearing $12.5 million of the remaining amount, which Corteva paid in January 2022. Under the settlement, if the state sues other parties and those parties seek contribution from the companies, the companies will have protection from contribution up to the amounts previously paid under the settlement agreement. The companies will also receive a credit up to the amount of the payment if the state seeks natural resource damage claims against the companies outside the scope of the settlement’s release of claims. Aqueous Firefighting Foams. Approximately 2,350 cases have been filed against 3M and other defendants, including EID and Chemours, and more recently also including Corteva and DuPont, alleging PFOS or PFOA contamination of soil and groundwater from the use of aqueous firefighting foams. Most of those cases claim some form of property damage and seek to recover the costs of responding to this contamination and damages for the loss of use and enjoyment of property and diminution in value. Most of these cases have been transferred to a multi-district litigation proceeding in federal district court in South Carolina. Approximately 2,020 of these cases were filed on behalf of firefighters who allege personal injuries (primarily kidney and testicular cancer) as a result of aqueous firefighting foams. Approximately 190 of these cases were filed by water utility or municipal water districts. Most of these recent cases assert claims that the EID and Chemours separation constituted a fraudulent conveyance. Discovery for these cases is expected to continue through 2022, with a water district "bellwether" trial expected for early 2023. The court has encouraged all parties to discuss resolution of the water utility and water district category of cases. Consistent with the Court's instruction and under the mutual obligations of the MOU, Corteva, EID, DuPont and Chemours have engaged with the plaintiff's counsel on these cases. EID did not make firefighting foams, PFOS, or PFOS products. While EID made surfactants and intermediaries that some manufacturers used in making foams, which may have contained PFOA as an unintended byproduct or an impurity, EID’s products were not formulated with PFOA, nor was PFOA an ingredient of these products. EID has never made or sold PFOA as a commercial product. Fayetteville Works Facility, North Carolina Prior to the separation of Chemours, EID introduced GenX as a polymerization processing aid and a replacement for PFOA at the Fayetteville Works facility in Bladen County, North Carolina. The facility is now owned and operated by Chemours, which continues to manufacture and use GenX. At March 31, 2022, several actions are pending in federal court against Chemours and EID relating to PFC discharges from the Fayetteville Works facility. One of these is a consolidated putative class action that asserts claims for medical monitoring and property damage on behalf of putative classes of property owners and residents in areas near or who draw drinking water from the Cape Fear River. Another action is a consolidated action brought by various North Carolina water authorities, including the Cape Fear Public Utility Authority and Brunswick County, that seek actual and punitive damages as well as injunctive relief. In another action over approximately 100 property owners near the Fayetteville Works facility filed a complaint against Chemours and EID in May 2020. The plaintiffs seek compensatory and punitive damages for their claims of private nuisance, trespass, and negligence allegedly caused by release of PFAS. In addition to the federal court actions, there is an action on behalf of about 100 plaintiffs who own wells and property near the Fayetteville Works facility. The plaintiffs seek damages for nuisance allegedly caused by releases of certain PFCs from the site. Generally, site-related expenses related to GenX claims are subject to the cost sharing arrangements as defined in the MOU. Environmental Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current law and existing technologies. These obligations are included in accrued and other current liabilities and other noncurrent obligations in the interim Consolidated Balance Sheets. It is reasonably possible that environmental remediation and restoration costs in excess of amounts accrued could have a material impact on the company’s results of operations, financial condition and cash flows. Inherent uncertainties exist in these estimates primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies for handling site remediation and restoration. For a discussion of the allocation of environmental liabilities under the Chemours Separation Agreement and the Corteva Separation Agreement, see the previous discussion on page 20.
1.Represents liabilities that are subject to the $200 million threshold and sharing arrangements as discussed on page 21, under the header "Corteva Separation Agreement." 2.The company has recorded an indemnification asset related to these accruals, including $35 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 balances includes $63 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 20, under the header "Chemours / Performance Chemicals." Chambers Works, New Jersey On January 28, 2022, the State of New Jersey filed a request for a preliminary injunction against EID and Chemours seeking the establishment of a Remediation Funding Source ("RFS") in an amount exceeding $900 million for environmental remediation at EID's former Chambers Works facility in New Jersey. The RFS primarily relates to non-PFAS remediation, which is not subject to the MOU. Chemours has accepted indemnity and defense for these matters, while reserving rights and declining demand relating to the ISRA and fraudulent transfer matters as alleged under the existing New Jersey natural resource lawsuits discussed on page 23.
|
Stockholders' Equity |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS' EQUITY 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 repurchased and retired 4,585,000 shares during the three months ended March 31, 2022 in the open market for a total cost of $235 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 7,646,000 shares in the open market for a total cost of $350 million during the three months ended March 31, 2021. Repurchases under the 2019 Share Buyback Plan were completed during the third quarter of 2021. Shares repurchased pursuant to Corteva's share buyback plans 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 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 non-controlling interest in Corteva's interim Consolidated Balance Sheets. Each share of EID Preferred Stock - $4.50 Series and EID Preferred Stock - $3.50 Series issued and outstanding at the effective date of the Corteva Distribution remains issued and outstanding as to EID and was unaffected by the Corteva Distribution. Below is a summary of the EID Preferred Stock at March 31, 2022, December 31, 2021, and March 31, 2021, which is classified as noncontrolling interests in Corteva's interim Consolidated Balance Sheets.
Other Comprehensive Income (Loss) The changes and after-tax balances of components comprising accumulated other comprehensive income (loss) are summarized below:
1.The cumulative translation adjustment gain for the three months ended March 31, 2022 was primarily driven by weakening of the USD against the Brazilian Real ("BRL") partially offset by the strengthening of the USD against the European Euro ("EUR") and Swiss Franc ("CHF"). The cumulative translation adjustment loss for the three months ended March 31, 2021 was primarily driven by strengthening of the USD against the Swiss Franc ("CHF"), Brazilian Real ("BRL") and European Euro. The tax (expense) benefit on the net activity related to each component of other comprehensive income (loss) was as follows:
A summary of the reclassifications out of accumulated other comprehensive income (loss) is provided as follows:
1.Reflected in cost of goods sold in the interim Consolidated Statements of Operations. 2.Reflected in provision for (benefit from) income taxes from continuing operations in the interim Consolidated Statements of Operations. 3.These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit credit of the company's pension and other benefit plans. See Note 14 - Pension Plans and Other Post Employment Benefits, for additional information. 4.Reflected in other income - net in the interim Consolidated Statements of Operations.
|
Pension Plans and Other Post Employment Benefit Plans |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | PENSION PLANS AND OTHER POST EMPLOYMENT BENEFITS The following sets forth the components of the company's net periodic benefit (credit) cost for defined benefit pension plans and other post employment benefits:
|
Financial Instruments |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments Disclosure [Text Block] | FINANCIAL INSTRUMENTS At March 31, 2022, December 31, 2021 and March 31, 2021, the company had $1,414 million, $3,400 million and $1,602 million, respectively, of held-to-maturity securities (primarily time deposits and money market funds) classified as cash equivalents in the interim Consolidated Balance Sheets, as these securities had maturities of three months or less at the time of purchase; $290 million, $86 million and $49 million at March 31, 2022, December 31, 2021 and March 31, 2021, respectively, of held-to-maturity securities (primarily time deposits and foreign government bonds) classified as marketable securities in the interim Consolidated Balance Sheets, as these securities had maturities of more than three months to less than one year at the time of purchase; and $53 million at March 31, 2022 of held-to-maturity securities (primarily foreign government bonds) classified as marketable securities and included in other assets in the interim Consolidated Balance Sheets, as these securities had maturities more than one year at the time of purchase. The company’s investments in held-to-maturity securities are held at amortized cost, which approximates fair value. Additionally, at March 31, 2021, the company had $65 million of available-for-sale securities. The above noted securities are included in cash and cash equivalents, marketable securities, other current assets and other assets in the interim Consolidated Balance Sheets. The company’s held-to-maturity securities relating to investments in foreign government bonds at March 31, 2022 and available-for-sale securities at March 31, 2021 are discussed further in the “Debt Securities” section below. 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:
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, forwards, 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 income (loss):
At March 31, 2022, an after-tax net gain of $58 million is expected to be reclassified from accumulated other comprehensive income (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 probable of not occurring. The following table summarizes the after-tax effect of foreign currency cash flow hedges on accumulated other comprehensive income (loss):
At March 31, 2022, an after-tax net loss of $49 million is expected to be reclassified from accumulated other comprehensive income (loss) into earnings over the next twelve months. Derivatives Designated as Net Investment Hedges Foreign Currency Contracts The company has designated €450 million of forward contracts to exchange EUR as net investment hedges. The purpose of these forward contracts is to mitigate FX exposure related to a portion of the company’s Euro net investments in certain foreign subsidiaries against changes in Euro/USD exchange rates. These hedges will expire and be settled in 2023, unless terminated early at the discretion of the company. The company elected to apply the spot method in testing for effectiveness of the hedging relationship. Derivatives not Designated in Hedging Relationships Foreign Currency Contracts The company uses foreign exchange contracts to reduce its net exposure, by currency, related to foreign currency-denominated monetary assets and liabilities of its operations so that exchange gains and losses resulting from exchange rate changes are minimized. The netting of such exposures precludes the use of hedge accounting; however, the required revaluation of the forward contracts and the associated foreign currency-denominated monetary assets and liabilities intends to achieve a minimal earnings impact, after taxes. The company also uses foreign currency exchange contracts to offset a portion of the company’s exposure to the translation of certain foreign currency-denominated earnings so that gains and losses on the contracts offset changes in the USD value of the related foreign currency-denominated earnings over the relevant aggregate period. Commodity Contracts The company utilizes options, futures and swaps that are not designated as hedging instruments to reduce exposure to commodity price fluctuations on purchases of inventory such as corn and soybeans. The company uses forward agreements, with durations less than one year, to buy and sell USD priced commodities in order to reduce its exposure to currency devaluation for a portion of its local currency cash balances. Counterparties to the forward sales agreements are multinational grain exporters and subject to the company’s financial risk management procedures. Fair Value of Derivative Instruments Asset and liability derivatives subject to an enforceable master netting arrangement with the same counterparty are presented on a net basis in the interim Consolidated Balance Sheets. The presentation of the company's derivative assets and liabilities is as follows:
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
1.OCI is defined as other comprehensive income (loss).
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 in the interim Consolidated Statements of Operations. 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 5 - Supplementary Information, to the interim Consolidated Financial Statements, for additional information. Debt Securities The company’s debt securities include foreign government bonds classified as held-to-maturity securities at March 31, 2022 and U.S. treasuries classified as available-for-sale securities at March 31, 2021. The company’s investments in held-to-maturity securities are held at amortized cost, which approximates fair value, and are held by certain foreign subsidiaries in which the USD is the functional currency. The estimated fair value of the available-for-sale securities at March 31, 2021 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 March 31, 2021 were 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 income (loss) within the interim 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 three months ended March 31, 2021:
The following table summarizes the contractual maturities of the company's investments in debt securities at March 31, 2022:
|
Fair Value Measurements |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
1.See Note 15 - Financial Instruments for the classification of derivatives in the interim Consolidated Balance Sheets. 2.The company's equity securities are included in other assets in the interim Consolidated Balance Sheets. 3.The company's investments in debt securities, which are available-for-sale, are included in "marketable securities" in the interim Consolidated Balance Sheets.
|
Segment Reporting (Notes) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. Non-operating (benefits) costs consists of non-operating pension and other post-employment benefit (OPEB) costs, tax indemnification adjustments and environmental remediation and legal costs associated with legacy EID businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense. 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.
1. Segment assets at December 31, 2021 were $23,270 million and $12,428 million for Seed and Crop Protection, respectively. Reconciliation to interim Consolidated Financial Statements
Significant Pre-tax (Charges) Benefits Not Included in Segment Operating EBITDA The three months ended March 31, 2022 and 2021, respectively, included the following significant pre-tax (charges) benefits which are excluded from segment operating EBITDA:
1.Includes Board approved restructuring plans and asset related charges as well as accelerated prepaid amortization expense. See Note 4 - Restructuring and Asset Related Charges - Net, to the interim Consolidated Financial Statements for additional information. 2.Consists of estimated Lorsban® related reserves.
|
EID - Basis of Presentation (Notes) |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
EID [Member] | |
Entity Information [Line Items] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | BASIS OF PRESENTATION Corteva, Inc. owns 100% of the outstanding common stock of EID. EID is a subsidiary of Corteva, Inc. and continues to be a reporting company, subject to the requirements of the Exchange Act. The primary differences between Corteva, Inc. and EID are outlined below: •Preferred Stock - EID has preferred stock outstanding to third parties which is accounted for as a non-controlling interest at the Corteva, Inc. level. Each share of EID Preferred Stock - $4.50 Series and EID Preferred Stock - $3.50 Series issued and outstanding at the effective date of the Corteva Distribution remains issued and outstanding as to EID and was unaffected by the Corteva Distribution. •Related Party Loan - EID engaged in a series of debt redemptions during the second quarter of 2019 that were partially funded through an intercompany loan from Corteva, Inc. This was eliminated in consolidation at the Corteva, Inc. level but remains on EID's consolidated financial statements at the standalone level (including the associated interest). •Capital Structure - At March 31, 2022, Corteva, Inc.'s capital structure consists of 725,320,000 issued shares of common stock, par value $0.01 per share. The accompanying footnotes relate to EID only, and not to Corteva, Inc., and are presented to show differences between EID and Corteva, Inc. For the footnotes listed below, refer to the following Corteva, Inc. footnotes: •Note 1 - Summary of Significant Accounting Policies - refer to page 9 of the Corteva, Inc. interim Consolidated Financial Statements •Note 2 - Recent Accounting Guidance - refer to page 9 of the Corteva, Inc. interim Consolidated Financial Statements •Note 3 - Revenue - refer to page 9 of the Corteva, Inc. interim Consolidated Financial Statements •Note 4 - Restructuring and Asset Related Charges - Net - refer to page 12 of the Corteva, Inc. interim Consolidated Financial Statements •Note 5 - Supplementary Information - refer to page 13 of the Corteva, Inc. interim Consolidated Financial Statements •Note 6 - Income Taxes - refer to page 14 of the Corteva, Inc. interim Consolidated Financial Statements •Note 7 - Earnings Per Share of Common Stock - Not applicable for EID •Note 8 - Accounts and Notes Receivable - Net - refer to page 16 of the Corteva, Inc. interim Consolidated Financial Statements •Note 9 - Inventories - refer to page 17 of the Corteva, Inc. interim Consolidated Financial Statements •Note 10 - Other Intangible Assets - refer to page 17 of the Corteva, Inc. interim Consolidated Financial Statements •Note 11 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities - refer to page 18 of the Corteva, Inc. interim Consolidated Financial Statements. In addition, EID has a related party loan payable to Corteva, Inc.; refer to EID Note 2 - Related Party Transactions, below •Note 12 - Commitments and Contingent Liabilities - refer to page 19 of the Corteva, Inc. interim Consolidated Financial Statements •Note 13 - Stockholders' Equity - refer to page 26 of the Corteva, Inc. interim Consolidated Financial Statements •Note 14 - Pension Plans and Other Post Employment Benefits - refer to page 29 of the Corteva, Inc. interim Consolidated Financial Statements •Note 15 - Financial Instruments - refer to page 29 of the Corteva, Inc. interim Consolidated Financial Statements •Note 16 - Fair Value Measurements - refer to page 35 of the Corteva, Inc. interim Consolidated Financial Statements •Note 17 - Segment Information - Differences exist between Corteva, Inc. and EID; refer to EID Note 3 - Segment Information, below •Note 18 - Subsequent Events - refer to page 37 of the Corteva, Inc. interim Consolidated Financial Statements
|
EID - Related Party Transactions (Notes) |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
EID [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS Transactions with Corteva In the second quarter of 2019, EID entered into a related party revolving loan from Corteva, Inc., with a maturity date in 2024. As of March 31, 2022, December 31, 2021, and March 31, 2021, the outstanding related party loan balance was $1,825 million, $2,162 million, and $3,012 million, respectively (which approximates fair value), with interest rates of 1.67%, 1.67%, and 1.62%, respectively, and is reflected as long-term debt - related party in EID's interim Consolidated Balance Sheets. Additionally, EID has incurred tax deductible interest expense of $9 million and $15 million for the three months ended March 31, 2022 and 2021, respectively, associated with the related party loan from Corteva, Inc. As of March 31, 2022, December 31, 2021, and March 31, 2021, EID had payables to Corteva, Inc., of $32 million, $27 million and $55 million included in accrued and other current liabilities, respectively, and $116 million, $117 million, and $91 million, included in other noncurrent obligations, respectively, in the interim Consolidated Balance Sheets related to Corteva's indemnification liabilities to Dow and DuPont per the Separation Agreements (refer to page 21 of the Corteva, Inc. interim Consolidated Financial Statements for further details of the Separation Agreements).
|
EID Segment FN (Notes) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. Non-operating (benefits) costs consists of non-operating pension and other post-employment benefit (OPEB) costs, tax indemnification adjustments and environmental remediation and legal costs associated with legacy EID businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense. 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.
1. Segment assets at December 31, 2021 were $23,270 million and $12,428 million for Seed and Crop Protection, respectively. Reconciliation to interim Consolidated Financial Statements
Significant Pre-tax (Charges) Benefits Not Included in Segment Operating EBITDA The three months ended March 31, 2022 and 2021, respectively, included the following significant pre-tax (charges) benefits which are excluded from segment operating EBITDA:
1.Includes Board approved restructuring plans and asset related charges as well as accelerated prepaid amortization expense. See Note 4 - Restructuring and Asset Related Charges - Net, to the interim Consolidated Financial Statements for additional information. 2.Consists of estimated Lorsban® related reserves.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EID [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | SEGMENT INFORMATION There are no differences in reporting structure or segments between Corteva, Inc. and EID. In addition, there are no differences between Corteva, Inc. and EID segment net sales, segment operating EBITDA, segment assets, or significant items by segment; refer to page 36 of the Corteva, Inc. interim Consolidated Financial Statements for background information on the segments as well as further details regarding segment metrics. The tables below reconcile income (loss) from continuing operations after income taxes to segment operating EBITDA, as differences exist between Corteva, Inc. and EID. Reconciliation to interim Consolidated Financial Statements
|
Subsequent Events |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS In response to Russia’s military conflict with Ukraine, in April 2022 the company announced its decision to withdraw from Russia and, having already paused new sales in the country, is initiating a plan to stop production and business activities. Russia contributes approximately 2 percent of the company's annual net sales. The company expects charges in the range of $25 million to $75 million in connection with the announcement |
Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. Results for interim periods should not be considered indicative of results for a full year. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in the company’s Annual Report on Form 10-K for the year ended December 31, 2021, collectively referred to as the “2021 Annual Report.” The interim Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained. Certain reclassifications of prior year's data have been made to conform to current year's presentation. 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 5 – Supplementary Information, to the interim Consolidated Financial Statements, and Note 9 – Supplemental Information, to the company's 2021 Annual Report). As of March 31, 2022, 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.
|
Recent Accounting Guidance Recent Accounting Guidance (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Recent Accounting Guidance | Recently Adopted Accounting Guidance 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 adopted this guidance on January 1, 2022 and it did not have a material impact on the company’s disclosures.
|
Revenue Revenue Recognition (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
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, Licenses of Intellectual Property | Licenses of Intellectual PropertyCorteva enters into licensing arrangements with customers under which it licenses its intellectual property. Revenue from the majority of intellectual property licenses is derived from sales-based royalties. Revenue for licensing agreements that contain sales-based royalties is recognized at the later of (i) when the subsequent sale occurs or (ii) when the performance obligation to which some or all of the royalty has been allocated is satisfied. |
Revenue (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract Balances |
1.Included in accounts and notes receivable - net in the interim Consolidated Balance Sheets. 2.Included in other current assets in the interim Consolidated Balance Sheets. 3.Included in other assets in the interim Consolidated Balance Sheets. 4.Included in other noncurrent obligations in the interim Consolidated Balance Sheets.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Major Product Line [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geography [Domain] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue |
1.Represents U.S. & Canada. 2.Europe, Middle East, and Africa ("EMEA").
|
Restructuring and Asset Related Charges (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 Restructuring Actions [Domain] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 three months ended March 31, 2022 and 2021:
A reconciliation of the December 31, 2021 to the March 31, 2022 liability balances related to the 2021 Restructuring Actions is summarized below:
1.In addition, the company has a liability recorded for asset retirement obligations of $6 million as of March 31, 2022. 2.The liability for contract terminations includes lease obligations. The cash impact of these obligations will be substantially complete by the end of 2022.
|
Supplementary Information (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Nonoperating Income (Expense) |
1.Includes net pre-tax exchange gains (losses) of $(15) million and $(23) million associated with the devaluation of the Argentine peso for the three months ended March 31, 2022 and 2021, respectively. 2.Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, amortization of unrecognized gain (loss), amortization of prior service benefit and settlement gain (loss)). 3.Miscellaneous income (expenses) - net for the three months ended March 31, 2022 and 2021 includes changes from remeasurement of an equity investment, tax indemnification adjustments related to changes in indemnification balances as a result of the application of the terms of the Tax Matters Agreement between Corteva and Dow and/or DuPont, losses on sale of receivables and other items. Additionally, the three months ended March 31, 2022 includes estimated settlement reserves and the three months ended March 31, 2021 includes losses on sale of available-for-sale securities.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Exchange Gain (Loss) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restrictions on Cash and Cash Equivalents |
|
Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Count Information |
1.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. 2.These outstanding potential shares of common stock relating to stock options, restricted stock units and performance-based restricted stock units were excluded from the calculation of diluted earnings (loss) per share because (i) the effect of including them 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 (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts and Notes Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] |
1.Accounts receivable – trade and notes receivable - trade are net of allowances of $232 million, $210 million, and $203 million at March 31, 2022, December 31, 2021, and March 31, 2021, 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 March 31, 2022, December 31, 2021, and March 31, 2021 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 $124 million, $104 million, and $115 million as of March 31, 2022, December 31, 2021, and March 31, 2021, respectively.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss [Table Text Block] |
|
Inventories (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current [Table Text Block] |
|
Other Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Intangible Assets |
1.Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements.
|
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Debt (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term Debt [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] |
|
Commitments and Contingent Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Environmental Loss Contingencies by Site [Table Text Block] |
1.Represents liabilities that are subject to the $200 million threshold and sharing arrangements as discussed on page 21, under the header "Corteva Separation Agreement." 2.The company has recorded an indemnification asset related to these accruals, including $35 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 balances includes $63 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 20, under the header "Chemours / Performance Chemicals."
|
Stockholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Noncontrolling Interests Represented by Preferred Stock [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax (Expense) Benefit of Other Comprehensive (Loss) Income |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive (Loss) Income [Table Text Block] |
1.Reflected in cost of goods sold in the interim Consolidated Statements of Operations. 2.Reflected in provision for (benefit from) income taxes from continuing operations in the interim Consolidated Statements of Operations. 3.These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit credit of the company's pension and other benefit plans. See Note 14 - Pension Plans and Other Post Employment Benefits, for additional information. 4.Reflected in other income - net in the interim Consolidated Statements of Operations.
|
Pension Plans and Other Post Employment Benefit Plans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] |
|
Financial Instruments (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Derivatives Instruments |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of Derivatives |
1.OCI is defined as other comprehensive income (loss).
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 in the interim Consolidated Statements of Operations. 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 5 - Supplementary Information, to the interim Consolidated Financial Statements, for additional information.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Realized Gains (Losses) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual Maturities of Debt Securities |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity Contract [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Contract [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) |
|
Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Assets and Liabilities Measured on Recurring Basis |
1.See Note 15 - Financial Instruments for the classification of derivatives in the interim Consolidated Balance Sheets. 2.The company's equity securities are included in other assets in the interim Consolidated Balance Sheets. 3.The company's investments in debt securities, which are available-for-sale, are included in "marketable securities" in the interim Consolidated Balance Sheets.
|
Segment Reporting (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Reconciliation to interim Consolidated Financial Statements
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
1. Segment assets at December 31, 2021 were $23,270 million and $12,428 million for Seed and Crop Protection, respectively. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Additional Segment Details [Table Text Block] |
1.Includes Board approved restructuring plans and asset related charges as well as accelerated prepaid amortization expense. See Note 4 - Restructuring and Asset Related Charges - Net, to the interim Consolidated Financial Statements for additional information. 2.Consists of estimated Lorsban® related reserves.
|
EID Segment FN (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Reconciliation to interim Consolidated Financial Statements
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EID [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] |
|
Summary of Significant Accounting Policies Summary of Accounting Policies (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
| |
Foreign Exchange Impact on Income (Loss) from Continuing Operations | $ 15 |
Percentage deterioration of the official Peso to USD exchange rate | 10.00% |
Percentage annual sales and EBITDA | 5.00% |
Divestitures and Other Transactions Separation Agreements (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
---|---|---|---|
Accounts and Notes Receivable [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Indemnification Assets | $ 31 | $ 25 | $ 28 |
Other Assets [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Indemnification Assets | 80 | 75 | 51 |
Accrued and Other Current Liabilities [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Indemnified Liabilities | 32 | 20 | 52 |
Other noncurrent obligations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Indemnified Liabilities | $ 116 | $ 117 | $ 91 |
Divestitures and Other Transactions Other Discontinued Operations (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income (loss) from discontinued operations after income taxes | $ (10) | $ (10) |
Revenue Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
---|---|---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Amount | $ 120 | $ 123 | $ 113 |
Minimum [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Maximum [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 6 years |
Revenue Contract Balances (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
|||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Accounts and notes receivable - trade | [1] | $ 6,029 | $ 5,764 | $ 3,561 | |||||||
Contract assets - current | [2] | 24 | 22 | 24 | |||||||
Contract assets - noncurrent | [3] | 58 | 53 | 58 | |||||||
Deferred Revenue | 2,435 | 2,247 | 3,201 | ||||||||
Deferred revenue recognized during the period | 1,339 | 924 | |||||||||
Accrued and Other Current Liabilities [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Deferred Revenue | 2,435 | 2,247 | 3,201 | ||||||||
Other noncurrent obligations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Deferred Revenue | [4] | $ 104 | $ 111 | $ 120 | |||||||
|
Revenue Disaggregation of Revenue - Principal Product Groups (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Disaggregation of Revenue [Line Items] | ||
Net Sales | $ 4,601 | $ 4,178 |
Seed [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 2,524 | 2,492 |
Seed [Member] | Corn [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 1,930 | 1,888 |
Seed [Member] | Soybean [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 172 | 177 |
Seed [Member] | Other oilseeds [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 277 | 296 |
Seed [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 145 | 131 |
Crop Protection [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 2,077 | 1,686 |
Crop Protection [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 150 | 54 |
Crop Protection [Member] | Herbicides [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 1,205 | 986 |
Crop Protection [Member] | Insecticides [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 418 | 385 |
Crop Protection [Member] | Fungicides [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | $ 304 | $ 261 |
Revenue Disaggregation of Revenue - Geography (Details) - USD ($) $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|||||
Disaggregation of Revenue [Line Items] | ||||||
Net Sales | $ 4,601 | $ 4,178 | ||||
Seed [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net Sales | 2,524 | 2,492 | ||||
Seed [Member] | North America | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net Sales | [1] | 1,184 | 1,210 | |||
Seed [Member] | EMEA | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net Sales | [2] | 926 | 947 | |||
Seed [Member] | Latin America | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net Sales | 323 | 274 | ||||
Seed [Member] | Asia Pacific | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net Sales | 91 | 61 | ||||
Crop Protection [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net Sales | 2,077 | 1,686 | ||||
Crop Protection [Member] | North America | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net Sales | [1] | 821 | 533 | |||
Crop Protection [Member] | EMEA | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net Sales | [2] | 656 | 655 | |||
Crop Protection [Member] | Latin America | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net Sales | 327 | 244 | ||||
Crop Protection [Member] | Asia Pacific | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net Sales | $ 273 | $ 254 | ||||
|
Restructuring and Asset Related Charges - 2021 Restructuring Activities (Details) - USD ($) $ in Millions |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Asset related charges, net | $ 5 | $ 100 | ||||||
2021 Restructuring Actions [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Asset Retirement Obligation | 6 | |||||||
Payments for Restructuring | (23) | |||||||
Asset write-offs and adjustments | 1 | |||||||
Restructuring Reserve | 40 | $ 64 | ||||||
Restructuring and Asset related charges, net | (2) | 89 | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 165 | |||||||
Severance and Related Benefit Costs | 2021 Restructuring Actions [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Payments for Restructuring | (19) | |||||||
Asset write-offs and adjustments | 0 | |||||||
Restructuring Reserve | 35 | 52 | ||||||
Restructuring and Asset related charges, net | 2 | 39 | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 76 | |||||||
Asset Related Charges [Member] | 2021 Restructuring Actions [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Payments for Restructuring | [1] | 0 | ||||||
Asset write-offs and adjustments | [1] | 1 | ||||||
Restructuring Reserve | [1] | 0 | 0 | |||||
Restructuring and Asset related charges, net | (1) | [1] | 13 | |||||
Restructuring and Related Cost, Cost Incurred to Date | 44 | |||||||
Asset Retirement Obligation Costs [Member] | 2021 Restructuring Actions [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Cost Incurred to Date | 6 | |||||||
Contract Termination | 2021 Restructuring Actions [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Payments for Restructuring | [2] | (4) | ||||||
Asset write-offs and adjustments | [2] | 0 | ||||||
Restructuring Reserve | [2] | 5 | $ 12 | |||||
Restructuring and Asset related charges, net | (3) | [2] | 37 | |||||
Restructuring and Related Cost, Cost Incurred to Date | 39 | |||||||
Seed [Member] | 2021 Restructuring Actions [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Asset related charges, net | (2) | 14 | ||||||
Crop Protection [Member] | 2021 Restructuring Actions [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Asset related charges, net | (2) | 28 | ||||||
Corporate Segment | 2021 Restructuring Actions [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Asset related charges, net | $ 2 | $ 47 | ||||||
|
Restructuring and Asset Related Charges Execute to Win Productivity Program (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Asset related charges, net | $ 5 | $ 100 |
Restructuring and Asset Related Charges Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Other Asset Related [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Accelerated Prepaid Royalty Amortization Expense | $ 6 | $ 7 |
Related Party Transactions Dow Intercompany Transactions (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Corteva [Member] | EID [Member] | ||
Related Party Transaction [Line Items] | ||
Interest Expense, Related Party | $ 9 | $ 15 |
Supplementary Information Other Income (Expense) - Net (Details) - USD ($) $ in Millions |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|||||||
Equity in earnings (losses) of affiliates - net | $ 10 | $ 3 | ||||||
Net gain (loss) on sales of businesses and other assets | (3) | 0 | ||||||
Net exchange gains (losses) | [1] | (47) | (35) | |||||
Non-operating pension and other post employment benefit credit | [2] | 75 | 325 | |||||
Miscellaneous expenses - net | [3] | (33) | 23 | |||||
Other income - net | 17 | 337 | ||||||
Interest income | 15 | 21 | ||||||
Hedging Program [Member] | ||||||||
Net exchange gains (losses) | (53) | 16 | ||||||
Hedging Program [Member] | Argentine Peso Devaluation [Member] | ||||||||
Net exchange gains (losses) | (15) | (23) | ||||||
Subsidiary Monetary Position | ||||||||
Net exchange gains (losses) | 6 | (51) | ||||||
Segment Reconciling Items [Member] | ||||||||
Net exchange gains (losses) | 47 | 35 | ||||||
Non-operating pension and other post employment benefit credit | (65) | (311) | ||||||
Interest income | $ (15) | $ (21) | ||||||
|
Supplementary Information Foreign Currency Exchange Gain (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||
Pre-tax exchange (losses) gains - net | [1] | $ (47) | $ (35) | |
Foreign Currency Transaction (Loss) Gain Tax (Expense) Benefit | 9 | (5) | ||
Foreign Currency Transaction (Loss) Gain After Tax | (38) | (40) | ||
Subsidiary Monetary Position | ||||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||
Pre-tax exchange (losses) gains - net | 6 | (51) | ||
Foreign Currency Transaction (Loss) Gain Tax (Expense) Benefit | (4) | (1) | ||
Foreign Currency Transaction (Loss) Gain After Tax | 2 | (52) | ||
Hedging Program [Member] | ||||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||
Pre-tax exchange (losses) gains - net | (53) | 16 | ||
Foreign Currency Transaction (Loss) Gain Tax (Expense) Benefit | 13 | (4) | ||
Foreign Currency Transaction (Loss) Gain After Tax | $ (40) | $ 12 | ||
|
Supplementary Information Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
||||
---|---|---|---|---|---|---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||||
Cash and cash equivalents | $ 2,031 | $ 4,459 | $ 2,404 | |||||
Cash, Cash Equivalents and Restricted Cash, Total Company | 2,385 | [1] | 4,836 | 2,730 | [1] | $ 3,873 | ||
Other Current Assets [Member] | ||||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||||
Restricted Cash | $ 354 | $ 377 | $ 326 | |||||
|
Income Taxes Income Tax Narrative (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
| |
Income Tax Disclosure [Abstract] | |
Tax Benefit associated with U.S. Research and Development Tax Credits | $ 22 |
Net tax benefits | $ 35 |
Earnings Per Share Net Income for Earnings Per Share Calculations - Basic and Diluted (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Earnings Per Share [Abstract] | ||
Income (loss) from continuing operations after income taxes | $ 577 | $ 613 |
Net income (loss) Attributable to Noncontrolling Interest, Continuing Operations | 3 | 3 |
Net income (loss) from Continuing Operations Available to Common Shareholders | 574 | 610 |
Income (loss) from discontinued operations after income taxes | (10) | (10) |
Net income (loss) Available to Common Stockholders | $ 564 | $ 600 |
Earnings Per Share Earnings Per Share Calculations - Basic (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Earnings Per Share [Abstract] | ||
Basic earnings (loss) per share of common stock from continuing operations | $ 0.79 | $ 0.82 |
Basic earnings (loss) per share of common stock from discontinued operations | $ (0.01) | $ (0.01) |
Basic earnings (loss) per share of common stock | $ 0.78 | $ 0.81 |
Earnings Per Share Earnings Per Share Calculations - Diluted (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Earnings Per Share [Abstract] | ||
Diluted earnings (loss) per share of common stock from continuing operations | $ 0.79 | $ 0.81 |
Diluted earnings (loss) per share of common stock from discontinued operations | $ (0.01) | $ (0.01) |
Diluted earnings (loss) per share of common stock | $ 0.78 | $ 0.80 |
Earnings Per Share Share Count Information (Details) - shares |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
|||||
Earnings Per Share [Line Items] | |||||||
Weighted Average Common Shares - basic | 727,000,000.0 | 743,400,000 | |||||
Dilutive effect of equity compensation plans | [1] | 3,900,000 | 6,200,000 | ||||
Weighted Average Common Shares - diluted | 730,900,000 | 749,600,000 | |||||
Potential shares of common stock excluded from EPS calculations | [2] | 2,500,000 | 2,900,000 | ||||
Common Stock, Shares Authorized | 1,666,667,000 | 1,666,667,000 | 1,666,667,000 | ||||
|
Accounts and Notes Receivable (Details) - USD ($) $ in Millions |
3 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Accounts Receivable - trade | [1] | $ 5,603 | $ 5,231 | $ 3,441 | ||||||
Notes receivable - trade | [1],[2] | 426 | 533 | 120 | ||||||
Other | [3] | 1,246 | 1,028 | 1,250 | ||||||
Accounts and notes receivable - net | 7,275 | 6,792 | 4,811 | |||||||
Accounts Receivable, Allowance for Credit Loss, Current | 232 | 203 | 210 | $ 208 | ||||||
Due from Affiliates | 124 | 115 | 104 | |||||||
Factoring Agreement [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Trade Receivables Sold | 17 | 11 | ||||||||
Trade receivables sold the remain outstanding with an element of recourse | $ 130 | $ 128 | $ 166 | |||||||
|
Accounts and Notes Receivable Allowance Rollforward (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Receivables [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Beginning Balance | $ 210 | $ 208 |
Net benefit for credit losses | 5 | (5) |
Other deductions against allowance | 17 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 232 | $ 203 |
Inventories Schedule of Inventory (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
---|---|---|---|
Inventory [Line Items] | |||
Finished Products | $ 2,691 | $ 2,497 | $ 2,508 |
Semi-finished Products | 1,635 | 2,076 | 1,386 |
Raw Materials and Supplies | 660 | 607 | 427 |
Total inventories | $ 4,986 | $ 5,180 | $ 4,321 |
Property, Plant and Equipment Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
---|---|---|---|
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 8,483 | $ 8,364 | $ 8,173 |
Accumulated Depreciation | $ (4,150) | $ (4,035) | $ (3,874) |
Other Intangible Assets Other Intangible Assets (Details) - USD ($) $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2022 |
Dec. 31, 2021 |
|||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ 12,599 | $ 12,594 | $ 12,595 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (2,025) | (2,739) | (2,561) | ||
Finite-Lived Intangible Assets, Net | 10,574 | 9,855 | 10,034 | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 10 | 10 | 10 | ||
Intangible Assets, Gross (Excluding Goodwill) | 12,609 | 12,604 | 12,605 | ||
Total other intangible assets | 10,584 | 9,865 | 10,044 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 54 | ||||
Impairment of Intangible Assets Indefinite lived Excluding Goodwill After Tax | 41 | ||||
In Process Research and Development [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 10 | 10 | 10 | ||
Germplasm [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 6,265 | 6,265 | 6,265 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (380) | (634) | (571) | ||
Finite-Lived Intangible Assets, Net | 5,885 | 5,631 | 5,694 | ||
Customer-Related Intangible Assets [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 1,956 | 1,953 | 1,953 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (404) | (515) | (487) | ||
Finite-Lived Intangible Assets, Net | 1,552 | 1,438 | 1,466 | ||
Developed Technology Rights [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 1,485 | 1,485 | 1,485 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (565) | (716) | (679) | ||
Finite-Lived Intangible Assets, Net | 920 | 769 | 806 | ||
Trademarks and Trade Names [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 2,013 | 2,011 | 2,012 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (112) | (192) | (172) | ||
Finite-Lived Intangible Assets, Net | 1,901 | 1,819 | 1,840 | ||
Favorable Supply Contract [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 475 | 475 | 475 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (326) | (420) | (396) | ||
Finite-Lived Intangible Assets, Net | 149 | 55 | 79 | ||
Other Intangible Assets [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | [1] | 405 | 405 | 405 | |
Finite-Lived Intangible Assets, Accumulated Amortization | [1] | (238) | (262) | (256) | |
Finite-Lived Intangible Assets, Net | [1] | $ 167 | $ 143 | $ 149 | |
|
Other Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 179 | $ 183 |
Continuing Operations [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Pre-tax amortization expense, remainder of 2021 | 522 | |
Pre-tax amortization expense, 2022 | 620 | |
Pre-tax amortization expense, 2023 | 606 | |
Pre-tax amortization expense, 2024 | 569 | |
Pre-tax amortization expense, 2025 | 558 | |
Pre-tax amortization expense, 2026 | $ 498 |
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Short-term borrowings and finance lease obligations (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Feb. 08, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
---|---|---|---|---|
Short-term Debt [Line Items] | ||||
Long-term Debt Payable within one year | $ 0 | $ 1 | $ 1 | |
Finance Lease, Liability, Current | 1 | 1 | 1 | |
Short-term borrowings and finance lease obligations | 1,018 | 17 | 1,250 | |
Commercial Paper [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings | 984 | 0 | 1,218 | |
Securities Sold under Agreements to Repurchase [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings | $ 500 | |||
Other loans - various currencies [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings | 33 | 15 | 0 | |
Repurchase Agreements [Member] | Securities Sold under Agreements to Repurchase [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings | $ 0 | $ 0 | $ 30 |
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Long-term Debt (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Long-term Debt Payable within one year | $ 0 | $ 1 | $ 1 |
Long-term Debt and Lease Obligation | 1,154 | 1,100 | 1,102 |
Finance Lease, Liability, Noncurrent | 3 | 3 | 4 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 9 | 10 | 11 |
Medium-term Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 107 | $ 107 | $ 109 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 0.35% | 0.00% | 0.00% |
Loans Payable [Member] | Notes Maturing 2025 [Domain] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 500 | $ 500 | $ 500 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 1.70% | 1.70% | 1.70% |
Loans Payable [Member] | Notes Maturing 2030 [Domain] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 500 | $ 500 | $ 500 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 2.30% | 2.30% | 2.30% |
Loans Payable [Member] | Foreign Currency Loans | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 53 | $ 1 | $ 1 |
Foreign Currency Loans | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 15.00% | 6.82% | 5.89% |
Fair Value, Inputs, Level 2 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Fair Value | $ 1,107 | $ 1,121 | $ 1,121 |
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Repurchase Facility and Revolving Credit Facilities (Details) $ in Millions |
3 Months Ended | 11 Months Ended | 36 Months Ended | 37 Months Ended | 60 Months Ended | 61 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022
USD ($)
|
Mar. 31, 2021
USD ($)
|
Dec. 30, 2022 |
Nov. 13, 2021 |
May 30, 2025 |
Nov. 13, 2023 |
May 31, 2027 |
May 01, 2022
USD ($)
|
Feb. 08, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Nov. 13, 2018
USD ($)
|
|
Line of Credit Facility [Line Items] | |||||||||||
Proceeds from debt | $ 311 | $ 419 | |||||||||
Foreign Currency Loans | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 255 | ||||||||||
Revolving Credit Facilities due 2022 | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | ||||||||||
Debt Instrument, Term | 3 years | ||||||||||
Revolving Credit Facilities due 2024 [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | ||||||||||
Debt Instrument, Term | 5 years | ||||||||||
Revolving Credit Facilities due 2025 [Member] | Subsequent Event | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000 | ||||||||||
Debt Instrument, Term | 3 years | ||||||||||
Revolving Credit Facilities due 2025 [Member] | Subsequent Event | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Adjusted Term SOFR | 0.10% | ||||||||||
Revolving Credit Facilities due 2027 | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt Instrument, Term | 5 years | ||||||||||
Revolving Credit Facility | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Ratio of Indebtedness to Net Capital | 0.60 | ||||||||||
Securities Sold under Agreements to Repurchase [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Short-term borrowings | $ 500 | ||||||||||
Percentage of outstanding amounts borrowed utilized as collateral | 105.00% | ||||||||||
Adjusted Term SOFR | 0.75% | ||||||||||
Securities Sold under Agreements to Repurchase [Member] | Repurchase Agreements [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Short-term borrowings | $ 0 | $ 30 | $ 0 |
Commitments and Contingent Liabilities Guarantee Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
---|---|---|---|
Guarantor Obligations [Line Items] | |||
Guarantee Obligations | $ 105 | $ 105 | $ 108 |
Factoring Agreement [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee Obligations | 21 | 21 | 23 |
Agreements with lenders to provide financing for select customers [Member] | |||
Guarantor Obligations [Line Items] | |||
Accounts Receivable, after Allowance for Credit Loss | $ 180 | $ 15 | $ 178 |
Commitments and Contingent Liabilities Chemours (Details) $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2022
USD ($)
|
Dec. 31, 2018
USD ($)
lawsuits
|
Sep. 30, 2029
USD ($)
|
Dec. 31, 2028
USD ($)
|
Sep. 30, 2023
USD ($)
|
|
Performance Chemicals | |||||
Loss Contingencies [Line Items] | |||||
Income (loss) from discontinued operations before income taxes | $ 4.0 | ||||
PFAS [Member] | |||||
Loss Contingencies [Line Items] | |||||
Escrow Account Balance | $ 700.0 | ||||
PFAS [Member] | Maximum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Cost Sharing Arrangement Term | 20 years | ||||
Qualified Spend and Escrow Account Contribution Threshold | $ 4,000.0 | ||||
Corteva and DuPont stray liability threshold for PFAS | 300.0 | ||||
PFOA Matters: Multi-District Litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Litigation Settlement, Amount Awarded to Other Party | $ 670.7 | ||||
Lawsuits alleging personal injury filed | lawsuits | 3,550 | ||||
DuPont de Nemours [Member] | |||||
Loss Contingencies [Line Items] | |||||
Amount credited to each company's threshold | $ 150.0 | ||||
Chemours [Member] | PFAS [Member] | |||||
Loss Contingencies [Line Items] | |||||
Annual Escrow Deposit | $ 100.0 | ||||
Annual Escrow Deposit, remainder of period | $ 50.0 | ||||
Chemours [Member] | PFAS [Member] | Maximum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Total Escrow Deposit Amount | 500.0 | ||||
Corteva [Member] | |||||
Loss Contingencies [Line Items] | |||||
Stray liability sharing percentage | 29.00% | ||||
Corteva [Member] | PFAS [Member] | |||||
Loss Contingencies [Line Items] | |||||
Stray liability sharing percentage for PFAS | 50.00% | ||||
Corteva [Member] | DuPont de Nemours [Member] | PFAS [Member] | |||||
Loss Contingencies [Line Items] | |||||
Stray liability sharing percentage for PFAS | 50.00% | ||||
Annual Escrow Deposit | $ 100.0 | ||||
Annual Escrow Deposit, remainder of period | 50.0 | ||||
Escrow Account Deposit Percentage | 50.00% | ||||
Corteva [Member] | DuPont de Nemours [Member] | PFAS [Member] | Maximum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Qualified Spend and Escrow Account Contribution Threshold | $ 2,000.0 | ||||
Total Escrow Deposit Amount | $ 500.0 | ||||
DuPont de Nemours [Member] | |||||
Loss Contingencies [Line Items] | |||||
Stray liability sharing percentage | 71.00% | ||||
DuPont de Nemours [Member] | PFAS [Member] | |||||
Loss Contingencies [Line Items] | |||||
Stray liability sharing percentage for PFAS | 50.00% | ||||
DuPont de Nemours [Member] | DuPont de Nemours [Member] | |||||
Loss Contingencies [Line Items] | |||||
Corteva and DuPont stray liability threshold for PFAS | $ 200.0 |
Commitments and Contingent Liabilities DuPont (Details) - USD ($) |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
---|---|---|---|
Accounts and Notes Receivable [Member] | |||
Loss Contingencies [Line Items] | |||
Indemnification Assets | $ 31,000,000 | $ 25,000,000 | $ 28,000,000 |
Other Assets [Member] | |||
Loss Contingencies [Line Items] | |||
Indemnification Assets | 80,000,000 | 75,000,000 | 51,000,000 |
Accrued and Other Current Liabilities [Member] | |||
Loss Contingencies [Line Items] | |||
Indemnified Liabilities | 32,000,000 | 20,000,000 | 52,000,000 |
Other noncurrent obligations | |||
Loss Contingencies [Line Items] | |||
Indemnified Liabilities | 116,000,000 | $ 117,000,000 | $ 91,000,000 |
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 | ||
PFAS [Member] | Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Corteva and DuPont stray liability threshold for PFAS | 300,000,000 | ||
DuPont de Nemours [Member] | |||
Loss Contingencies [Line Items] | |||
Amount credited to each company's threshold | $ 150,000,000 | ||
Corteva [Member] | |||
Loss Contingencies [Line Items] | |||
Stray liability sharing percentage | 29.00% | ||
Corteva [Member] | PFAS [Member] | |||
Loss Contingencies [Line Items] | |||
Stray liability sharing percentage for PFAS | 50.00% | ||
Corteva [Member] | DuPont de Nemours [Member] | |||
Loss Contingencies [Line Items] | |||
Stray liability threshold | $ 200,000,000 | ||
Corteva [Member] | DuPont de Nemours [Member] | PFAS [Member] | |||
Loss Contingencies [Line Items] | |||
Stray liability sharing percentage for PFAS | 50.00% | ||
DuPont de Nemours [Member] | |||
Loss Contingencies [Line Items] | |||
Stray liability sharing percentage | 71.00% | ||
DuPont de Nemours [Member] | PFAS [Member] | |||
Loss Contingencies [Line Items] | |||
Stray liability sharing percentage for PFAS | 50.00% | ||
DuPont de Nemours [Member] | DuPont de Nemours [Member] | |||
Loss Contingencies [Line Items] | |||
Stray liability threshold | $ 200,000,000 | ||
Corteva and DuPont stray liability threshold for PFAS | $ 200,000,000 |
Commitments and Contingent Liabilities PFOA / Leach Settlement (Details) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2022
USD ($)
lawsuits
|
Dec. 31, 2018
USD ($)
lawsuits
|
Dec. 31, 2004
USD ($)
|
Jan. 01, 2012 |
|
MDL Settlement [Domain] | ||||
Loss Contingencies [Line Items] | ||||
Litigation Settlement, Amount Awarded to Other Party | $ 83,000,000 | |||
DuPont de Nemours and Corteva Contribution to MDL Settlement | ||||
Loss Contingencies [Line Items] | ||||
Litigation Settlement, Amount Awarded to Other Party | 27,000,000 | |||
Payments for Legal Settlements | 27,000,000 | |||
PFAS [Member] | Chemours [Member] | ||||
Loss Contingencies [Line Items] | ||||
Chemours Contribution to MDL Settlement | 0.50 | |||
PFOA Matters: Drinking Water Actions [Member] | ||||
Loss Contingencies [Line Items] | ||||
Binding Settlement Agreement Class Size | 80,000 | |||
Loss Contingency, Number Of Water Districts Receiving Water Treatment | 6 | |||
Litigation Settlement, Liability For Medical Monitoring Program, Threshold | $ 235,000,000 | |||
Litigation Settlement, Medical Monitoring Program, Escrow Account, Disbursements To Date | 2,000,000 | |||
Escrow Balance | $ 1,000,000 | |||
PFOA Matters: Drinking Water Actions [Member] | WEST VIRGINIA AND OHIO [Domain] | Settled Litigation | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Claims Settled, Number | lawsuits | 95,000,000 | |||
PFOA Matters: Drinking Water Actions [Member] | WEST VIRGINIA AND OHIO [Domain] | Compensatory damages [Member] | ||||
Loss Contingencies [Line Items] | ||||
Litigation Settlement, Amount Awarded to Other Party | $ 40,000,000 | |||
PFOA Matters: Drinking Water Actions [Member] | WEST VIRGINIA AND OHIO [Domain] | Loss of consortium [Member] | ||||
Loss Contingencies [Line Items] | ||||
Litigation Settlement, Amount Awarded to Other Party | $ 10,000,000 | |||
PFOA Matters: Multi-District Litigation [Member] | ||||
Loss Contingencies [Line Items] | ||||
Disease Categories for MDL | 6 | |||
Lawsuits alleging personal injury filed | lawsuits | 3,550 | |||
Litigation Settlement, Amount Awarded to Other Party | $ 670,700,000 |
Commitments and Contingent Liabilities Other PFOA Matters / Fayetteville (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
lawsuits
| |
Firefighting Foam [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | lawsuits | 2,350 |
Personal injury cases [Member] | Firefighting Foam [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 2,020 |
Municipal water districts | Firefighting Foam [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 190 |
Chemours Contribution to MDL Settlement | |
Loss Contingencies [Line Items] | |
Litigation Settlement, Amount Awarded to Other Party | $ 29.0 |
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 | lawsuits | 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 |
NORTH CAROLINA | PFOA Matters: Drinking Water Actions [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Number of Property Owners | 100 |
Loss Contingency, Number of Additional Plaintiffs | 100 |
DELAWARE | Natural Resources Damages [Member] | Corteva [Member] | DuPont de Nemours [Member] | |
Loss Contingencies [Line Items] | |
Threshold for payments to fund the NRST Trust | $ 50.0 |
Supplemental payment threshold | $ 25.0 |
Period for supplemental payment | 8 years |
Corteva and DuPont Share of NRST Trust Payment | $ 12.5 |
DELAWARE | Natural Resources Damages [Member] | Chemours [Member] | |
Loss Contingencies [Line Items] | |
Chemours share of payment to NRST Trust | $ 25.0 |
Chemours share of payment to NRST Trust, percentage | 50.00% |
NETHERLANDS | PFOA Matters: Drinking Water Actions [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | lawsuits | 4 |
Alabama Water Utility [Member] | Natural Resources Damages [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 1 |
Commitments and Contingent Liabilities Environmental (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Jan. 28, 2022 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Loss Contingencies [Line Items] | ||||||||||
Indemnification Asset | $ 234 | |||||||||
Accrual for Environmental Loss Contingencies | [1] | 459 | ||||||||
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1] | 582 | ||||||||
Non-PFAS | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Request for Remediation Funding Source ("RFS") | $ 900 | |||||||||
Chemours related obligation subject to indemnification [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Indemnification Asset | [2],[3] | 153 | ||||||||
Accrual for Environmental Loss Contingencies | [1],[2],[3] | 153 | ||||||||
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1],[2],[3] | 254 | ||||||||
Discontinued Operations [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Indemnification Asset | [2] | 18 | ||||||||
Other discontinued or divested business obligations [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Accrual for Environmental Loss Contingencies | [1],[2] | 74 | ||||||||
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1],[2] | 186 | ||||||||
Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Indemnification Asset | [3] | 42 | ||||||||
Accrual for Environmental Loss Contingencies | [1],[3] | 44 | ||||||||
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1],[3] | 65 | ||||||||
Not subject to indemnification [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Indemnification Asset | 0 | |||||||||
Accrual for Environmental Loss Contingencies | [1] | 80 | ||||||||
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1] | 54 | ||||||||
Indemnification liabilities related to the MOU | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Indemnification Asset | [4] | 21 | ||||||||
Accrual for Environmental Loss Contingencies | [1],[4] | 108 | ||||||||
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1],[2],[4] | 23 | ||||||||
DuPont de Nemours [Member] | DuPont de Nemours [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Stray liability threshold | 200 | |||||||||
Superfund Sites [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Accrual for Environmental Loss Contingencies | 63 | |||||||||
Superfund Sites [Member] | Chemours [Member] | Indemnification Agreement [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Indemnification Asset | $ 35 | |||||||||
|
Stockholders' Equity Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Apr. 28, 2022 |
Dec. 31, 2021 |
Aug. 05, 2021 |
Jun. 26, 2019 |
|
Class of Stock [Line Items] | ||||||
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Repurchase of Common Stock | $ 235 | $ 350 | ||||
2019 Share Buyback Plan | ||||||
Class of Stock [Line Items] | ||||||
Stock Repurchased and Retired During Period, Shares | 7,646 | |||||
Stock Repurchase Program, Authorized Amount | $ 1,000 | |||||
Repurchase of Common Stock | $ 350 | |||||
2021 Stock Repurchase Program | ||||||
Class of Stock [Line Items] | ||||||
Stock Repurchased and Retired During Period, Shares | 4,585 | |||||
Stock Repurchase Program, Authorized Amount | $ 1,500 | |||||
Repurchase of Common Stock | $ 235 | |||||
Corteva [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Stockholders' Equity Preferred Stock (Details) - EID [Member] - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
|
$4.50 Series Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 1,673,000 | 1,673,000 | 1,673,000 |
Preferred Stock, Redemption Amount | $ 120 | $ 120 | $ 120 |
$3.50 Series Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 700,000 | 700,000 | 700,000 |
Preferred Stock, Redemption Amount | $ 102 | $ 102 | $ 102 |
Corteva [Member] | |||
Class of Stock [Line Items] | |||
Ownership interest in an entity | 100.00% |
Stockholders' Equity Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning Balance | $ (2,898) | |||||
Beginning Balance | 25,623 | $ 25,063 | ||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (12) | (146) | ||||
Other comprehensive (loss) income | 77 | (477) | ||||
Ending Balance | 25,936 | 24,778 | ||||
Ending Balance | (2,821) | (3,367) | ||||
Pension Plan | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning Balance | (396) | (1,433) | ||||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | 8 | (4) | ||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | 12 | ||||
Other comprehensive (loss) income | 8 | 8 | ||||
Ending Balance | (388) | (1,425) | ||||
Other Benefit Plans | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning Balance | (31) | 590 | ||||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | 3 | 1 | ||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | (158) | ||||
Other comprehensive (loss) income | 3 | (157) | ||||
Ending Balance | (28) | 433 | ||||
Cumulative Translation Adjustment | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning Balance | (2,543) | (1,970) | ||||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | [1] | 91 | (403) | |||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | 0 | ||||
Other comprehensive (loss) income | 91 | (403) | ||||
Ending Balance | (2,452) | (2,373) | ||||
Derivative Instruments | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning Balance | 72 | (67) | ||||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | (13) | 71 | ||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (12) | (6) | ||||
Other comprehensive (loss) income | (25) | 65 | ||||
Ending Balance | 47 | (2) | ||||
Unrealized Gain (loss) on Investments | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning Balance | 0 | (10) | ||||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | 0 | 4 | ||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | [2] | 0 | 6 | |||
Other comprehensive (loss) income | 0 | 10 | ||||
Ending Balance | 0 | 0 | ||||
Total | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning Balance | (2,898) | (2,890) | ||||
Beginning Balance | (2,898) | (2,890) | ||||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | 89 | (331) | ||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (12) | (146) | ||||
Other comprehensive (loss) income | 77 | (477) | ||||
Ending Balance | (2,821) | (3,367) | ||||
Ending Balance | $ (2,821) | $ (3,367) | ||||
|
Stockholders' Equity Tax Benefit (Expense) on Net Activity (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | $ 0 | $ 29 |
Pension Plan | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | (2) | (2) |
Other Benefit Plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | 3 | 49 |
Derivative Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | $ (1) | $ (18) |
Stockholders' Equity Reclassifications out of AOCI (Details) - USD ($) $ in Millions |
3 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | $ (12) | $ (146) | ||||||||
Other Benefit Plans | ||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Amortization of Prior Service Benefit | [1],[2] | 0 | (230) | |||||||
Pension Plan | ||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | 12 | ||||||||
Other Benefit Plans | ||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | (158) | ||||||||
Derivative Instruments | ||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | [3] | (15) | (5) | |||||||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [4] | 3 | (1) | |||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (12) | (6) | ||||||||
Actuarial (Gains) Losses | Pension Plan | ||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | [1],[2] | 1 | 14 | |||||||
Actuarial (Gains) Losses | Other Benefit Plans | ||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | [1],[2] | 0 | 23 | |||||||
Settlement Loss | Pension Plan | ||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | [1],[2] | 0 | 1 | |||||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | Pension Plan | ||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | 0 | 15 | ||||||||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [4] | 0 | (3) | |||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | 12 | ||||||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | Other Benefit Plans | ||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | 0 | (207) | ||||||||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [4] | 0 | 49 | |||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | (158) | ||||||||
Unrealized loss on investments | ||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [4] | 0 | 0 | |||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | [1] | 0 | 6 | |||||||
Prior Service Benefit | Pension Plan | ||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | $ (1) | $ 0 | ||||||||
|
Pension Plans and Other Post Employment Benefit Plans Components of net periodic benefit cost (credit) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service Cost | $ 4 | $ 7 |
Interest Cost | 108 | 91 |
Expected return on plan assets | (190) | (230) |
Amortization of unrecognized loss (gain) | 1 | 14 |
Amortization of Prior Service Benefit | (1) | 0 |
Settlement/Curtailment Loss (Gain) | 0 | 1 |
Defined Benefit Plan, Net Periodic Benefit (Credit) Cost | (78) | (117) |
Other Benefit Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Interest Cost | 7 | 6 |
Amortization of unrecognized loss (gain) | 0 | 23 |
Amortization of Prior Service Benefit | 0 | (230) |
Defined Benefit Plan, Net Periodic Benefit (Credit) Cost | $ 7 | $ (201) |
Financial Instruments Financial Instruments (Narrative) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
---|---|---|---|
Cash Equivalents [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities | $ 1,414 | $ 3,400 | $ 1,602 |
Marketable Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities | 290 | $ 86 | 49 |
cash and cash equivalents, marketable securities, and other current assets | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Available - for- sale securities | $ 65 | ||
Other Assets [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities | $ 53 |
Financial Instruments Notional Amounts (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
---|---|---|---|
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 1,043 | $ 1,252 | $ 1,030 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 531 | 845 | 239 |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 1,106 | 103 | 715 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 81 | $ 4 | $ 154 |
Financial Instruments Cash Flow Hedges Included in AOCI (Details) € in Millions, $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2022
USD ($)
|
Mar. 31, 2021
USD ($)
|
Mar. 31, 2022
EUR (€)
|
Dec. 31, 2021
USD ($)
|
|
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Remaining Maturity | 2 years | |||
Beginning Balance | $ 47 | $ (16) | ||
Additions and revaluations of derivatives designated as cash flow hedges | 63 | 30 | ||
Clearance of hedge results to earnings | (14) | (4) | ||
Ending Balance | 96 | 10 | ||
After-tax net gain (loss) to be reclassified from AOCL into earnings over the next twelve months | (58) | |||
Derivative, Notional Amount | $ 531 | 239 | $ 845 | |
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Remaining Maturity | 2 years | |||
Beginning Balance | $ 31 | (17) | ||
Additions and revaluations of derivatives designated as cash flow hedges | (82) | 25 | ||
Clearance of hedge results to earnings | 2 | (2) | ||
Ending Balance | (49) | 6 | ||
After-tax net gain (loss) to be reclassified from AOCL into earnings over the next twelve months | 49 | |||
Derivative, Notional Amount | $ 1,043 | $ 1,030 | $ 1,252 | |
Net Investment Hedging [Member] | Foreign Currency Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Notional Amount | € | € 450 |
Financial Instruments Fair Value of Derivatives (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
||
---|---|---|---|---|---|
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Asset, Gross | $ 45 | $ 71 | $ 90 | ||
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (28) | (20) | (32) | |
Derivative Asset, Net | 17 | 51 | 58 | ||
Derivative Liability, Gross | 197 | 26 | 62 | ||
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (28) | (20) | (30) | |
Derivative Liability, Net | 169 | 6 | 32 | ||
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Other Current Assets [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Asset, Gross | 16 | 37 | 38 | ||
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | 0 | 0 | 0 | |
Derivative Asset, Net | 16 | 37 | 38 | ||
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Accrued and Other Current Liabilities [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Liability, Gross | 80 | 1 | 16 | ||
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | 0 | 0 | ||
Derivative Liability, Net | 80 | 1 | 16 | ||
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Other Current Assets [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Asset, Gross | 21 | 31 | 52 | ||
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (28) | (20) | (32) | |
Derivative Asset, Net | (7) | 11 | 20 | ||
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Accrued and Other Current Liabilities [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Liability, Gross | 114 | 23 | 46 | ||
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (28) | (20) | (30) | |
Derivative Liability, Net | 86 | 3 | $ 16 | ||
Not Designated as Hedging Instrument [Member] | Commodity | 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] | Other Current Assets [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Asset, Gross | 5 | 3 | |||
Derivative Asset, Counterparty and Cash Collateral Netting | 0 | 0 | |||
Derivative Asset, Net | 5 | 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 | 3 | 2 | |||
Derivative Liability, Counterparty and Cash Collateral Netting | 0 | 0 | |||
Derivative Liability, Net | $ 3 | $ 2 | |||
|
Financial Instruments Effect of Derivative Instruments (Details) - USD ($) $ in Millions |
3 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Gain (Loss) on Derivative Instruments, Net, Pretax | [1] | $ (96) | $ 11 | |||||||
Designated as Hedging Instrument [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Amount of (loss) gain recognized in OCI- Pre Tax | [2] | (9) | 88 | |||||||
Amount of gain (loss) recognized in Income - Pre-tax | [1] | 15 | 5 | |||||||
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Foreign Currency Contract [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Amount of (loss) gain recognized in OCI- Pre Tax | [2] | 7 | 21 | |||||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Currency Contract [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Amount of (loss) gain recognized in OCI- Pre Tax | [2] | (102) | 31 | |||||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Currency Contract [Member] | Cost of Goods Sold | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Amount of gain (loss) recognized in Income - Pre-tax | [1],[3] | (3) | 1 | |||||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Commodity Contract [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Amount of (loss) gain recognized in OCI- Pre Tax | [2] | 86 | 36 | |||||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Commodity Contract [Member] | Cost of Goods Sold | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Amount of gain (loss) recognized in Income - Pre-tax | [1],[3] | 18 | 4 | |||||||
Not Designated as Hedging Instrument [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Amount of gain (loss) recognized in income - pre-tax | [1] | (111) | 6 | |||||||
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Cost of Goods Sold | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Amount of gain (loss) recognized in income - pre-tax | [1],[3] | (36) | 2 | |||||||
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Other Income - net | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Amount of gain (loss) recognized in income - pre-tax | [1],[4] | (53) | 16 | |||||||
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Cost of Goods Sold | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Amount of gain (loss) recognized in income - pre-tax | [1],[3] | $ (22) | $ (12) | |||||||
|
Financial Instruments- AFS Investing Results (Details) - Available-for-sale Securities $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
| |
Debt Securities, Available-for-sale [Line Items] | |
Proceeds from sales of available-for-sale securities | $ 161 |
Gross realized losses | $ (6) |
Financial Instruments Contractual Maturities (Details) $ in Millions |
Mar. 31, 2022
USD ($)
|
[1] | ||
---|---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost, Within One Year | $ 60 | |||
Amortized Cost, One Through Five Years | 53 | |||
Fair Value, Within One Year | 60 | |||
Fair Value, one to five years | $ 53 | |||
|
Fair Value Measurements (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
||||||
---|---|---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Derivative Asset | $ 45 | $ 71 | $ 90 | ||||||
Derivative Liability | 197 | 26 | 62 | ||||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Equity Securities, | [1] | 29 | 48 | ||||||
Assets at Fair Value | 29 | 48 | 65 | ||||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 | US Treasuries | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Debt Securities, Available-for-sale, Noncurrent | [2] | 65 | |||||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Marketable Securities | 290 | 86 | 49 | ||||||
Assets at Fair Value | 335 | 154 | 139 | ||||||
Liabilities at Fair Value | 197 | 24 | 62 | ||||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Currency Contract [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Derivative Asset | [3] | 37 | 68 | 90 | |||||
Derivative Liability | [3] | 194 | $ 24 | $ 62 | |||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commodity Contract [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Derivative Asset | 8 | ||||||||
Derivative Liability | $ 3 | ||||||||
|
Segment Reporting Segment Information (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
|||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | $ 4,601 | $ 4,178 | |||||
Segment operating EBITDA | 1,060 | 938 | |||||
Segment Assets | 38,290 | 38,148 | $ 35,698 | ||||
Seed [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 2,524 | 2,492 | |||||
Segment operating EBITDA | 569 | 617 | |||||
Segment Assets | 24,146 | [1] | 24,799 | [1] | 23,270 | ||
Crop Protection [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Sales | 2,077 | 1,686 | |||||
Segment operating EBITDA | 491 | 321 | |||||
Segment Assets | $ 14,144 | [1] | $ 13,349 | [1] | $ 12,428 | ||
|
Segment Reporting Segment Reconciliation (Details) - USD ($) $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|||||
Segment Reporting Information [Line Items] | ||||||
Income (loss) from continuing operations after income taxes | $ 577 | $ 613 | ||||
Provision for (benefit from) income taxes on continuing operations | 121 | 178 | ||||
Income from continuing operations before income taxes | 698 | 791 | ||||
Interest income | 15 | 21 | ||||
Interest Expense | 9 | 7 | ||||
Exchange (gains) losses - net | [1] | (47) | (35) | |||
Mark-to-market gain (loss) on certain foreign currency contracts not designated as hedges | 27 | |||||
Significant Items | 22 | 100 | ||||
Corporate Expenses | 21 | 34 | ||||
Segment operating EBITDA | 1,060 | 938 | ||||
Non-operating pension and other post employment benefit credit | [2] | 75 | 325 | |||
EID [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Provision for (benefit from) income taxes on continuing operations | 119 | 174 | ||||
Income from continuing operations before income taxes | 689 | 776 | ||||
Depreciation and Amortization | 307 | 304 | ||||
Interest Expense | 18 | 22 | ||||
Mark-to-market gain (loss) on certain foreign currency contracts not designated as hedges | (36) | 1 | ||||
Significant Items | 22 | 100 | ||||
Corporate Expenses | 21 | 34 | ||||
Segment operating EBITDA | 1,060 | 938 | ||||
Segment Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Depreciation and Amortization | 307 | 304 | ||||
Interest income | (15) | (21) | ||||
Exchange (gains) losses - net | 47 | 35 | ||||
Mark-to-market gain (loss) on certain foreign currency contracts not designated as hedges | (36) | 1 | ||||
Significant Items | (22) | (100) | ||||
Non-operating pension and other post employment benefit credit | (65) | (311) | ||||
Segment Reconciling Items [Member] | EID [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest income | (15) | (21) | ||||
Exchange (gains) losses - net | $ 47 | $ 35 | ||||
|
Segment Reporting Segment Asset Reconciliation (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
---|---|---|---|
Segment Reporting [Abstract] | |||
Segment Assets | $ 38,290 | $ 35,698 | $ 38,148 |
Corporate Assets | 4,343 | 6,646 | 4,401 |
Total Assets | $ 42,633 | $ 42,344 | $ 42,549 |
Segment Reporting Significant Items (Details) - USD ($) $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|||||
Segment Reporting Information [Line Items] | ||||||
Restructuring and Asset related charges, net | $ 5 | $ 100 | ||||
Significant Items | 22 | 100 | ||||
Net exchange gains (losses) | [1] | (47) | (35) | |||
Hedging Program [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net exchange gains (losses) | (53) | 16 | ||||
Argentine Peso Devaluation [Member] | Hedging Program [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net exchange gains (losses) | (15) | (23) | ||||
Segment Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring and Asset related charges, net | [2] | (5) | (100) | |||
Litigation Settlement, Expense | (17) | |||||
Significant Items | (22) | (100) | ||||
Net exchange gains (losses) | 47 | 35 | ||||
Segment Reconciling Items [Member] | Seed [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring and Asset related charges, net | [2] | (5) | (21) | |||
Significant Items | (5) | (21) | ||||
Segment Reconciling Items [Member] | Crop Protection [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring and Asset related charges, net | [2] | 2 | (32) | |||
Litigation Settlement, Expense | (17) | |||||
Significant Items | (15) | (32) | ||||
Segment Reconciling Items [Member] | Corporate | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring and Asset related charges, net | [2] | (2) | (47) | |||
Significant Items | $ (2) | $ (47) | ||||
|
EID - Basis of Presentation Narrative (Details) - $ / shares |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2022 |
Apr. 28, 2022 |
Dec. 31, 2021 |
Aug. 05, 2021 |
Mar. 31, 2021 |
|
EID [Member] | |||||
Common Stock, Shares, Outstanding | 200 | 200 | 200 | ||
Common Stock, Par Value | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | |
Common Stock, Shares, Outstanding | 725,320,000 | 743,458,000 | 747,492,000 | ||
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Corteva [Member] | EID [Member] | |||||
Ownership interest in an entity | 100.00% | ||||
Corteva [Member] | |||||
Common Stock, Par Value | $ 0.01 | $ 0.01 |
EID - Related Party Transactions (Details) - EID [Member] - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
|
Related Party Transaction [Line Items] | |||
Long Term Debt - Related Party | $ 1,825 | $ 3,012 | $ 2,162 |
Corteva [Member] | |||
Related Party Transaction [Line Items] | |||
Debt, Weighted Average Interest Rate | 1.67% | 1.62% | 1.67% |
Interest Expense, Related Party | $ 9 | $ 15 | |
Accrued and Other Current Liabilities [Member] | Corteva [Member] | |||
Related Party Transaction [Line Items] | |||
CTVA Related Party Liability | 32 | 55 | $ 27 |
Other noncurrent obligations | Corteva [Member] | |||
Related Party Transaction [Line Items] | |||
CTVA Related Party Liability | $ 116 | $ 91 | $ 117 |
EID Segment FN Segment reconciliation (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|||
Segment Reporting Information [Line Items] | ||||
Provision for (benefit from) income taxes on continuing operations | $ 121 | $ 178 | ||
Income from continuing operations before income taxes | 698 | 791 | ||
Interest income | 15 | 21 | ||
Interest Expense | 9 | 7 | ||
Exchange (gains) losses - net | [1] | (47) | (35) | |
Significant Items | 22 | 100 | ||
Corporate Expenses | 21 | 34 | ||
Segment operating EBITDA | 1,060 | 938 | ||
Mark-to-market gain (loss) on certain foreign currency contracts not designated as hedges | 27 | |||
EID [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income from Continuing Operations After Taxes | 570 | 602 | ||
Provision for (benefit from) income taxes on continuing operations | 119 | 174 | ||
Income from continuing operations before income taxes | 689 | 776 | ||
Depreciation and Amortization | 307 | 304 | ||
Interest Expense | 18 | 22 | ||
Non-operating benefits - net | (65) | (311) | ||
Significant Items | 22 | 100 | ||
Corporate Expenses | 21 | 34 | ||
Segment operating EBITDA | 1,060 | 938 | ||
Mark-to-market gain (loss) on certain foreign currency contracts not designated as hedges | (36) | 1 | ||
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and Amortization | 307 | 304 | ||
Interest income | (15) | (21) | ||
Exchange (gains) losses - net | 47 | 35 | ||
Significant Items | (22) | (100) | ||
Mark-to-market gain (loss) on certain foreign currency contracts not designated as hedges | (36) | 1 | ||
Segment Reconciling Items [Member] | EID [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | (15) | (21) | ||
Exchange (gains) losses - net | 47 | 35 | ||
Corporate | Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Significant Items | (2) | (47) | ||
Crop Protection [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment operating EBITDA | 491 | 321 | ||
Crop Protection [Member] | Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Significant Items | $ (15) | $ (32) | ||
|
EID Segment FN Segment Asset Reconciliation (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
---|---|---|---|
EID [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | $ 42,633 | $ 42,344 | $ 42,549 |
Segment Assets | 38,290 | 35,698 | 38,148 |
Corporate Assets | 4,343 | 6,646 | 4,401 |
Total Assets | $ 42,633 | $ 42,344 | $ 42,549 |
Subsequent Events (Details) - Subsequent Event $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
| |
Subsequent Event [Line Items] | |
percentage of annual sales | 2.00% |
Minimum [Member] | |
Subsequent Event [Line Items] | |
Business Exit Costs | $ 25 |
Maximum [Member] | |
Subsequent Event [Line Items] | |
Business Exit Costs | $ 75 |
7$)B53<0(-+L"-[O>0\0(3'89(@9F8Q,Q LVWP,VWUX@8
M@4DRPUD$=A:2A!IUH1MU[R%BA"CDNB,%L;*)&*$&8>A_E(@1:J"%_9G:6T2,
M$-FN-'9;$2.KB!%JD(7N5.U&K.*GS?NA-VT^(K#BQN/'WC*Q12?-J]#-J_<0!T*34)$Y-DRCD4W;"#7&0C?&?KHX
M$&+RG-$VQ,@F#H0: %@M(+Y=Y"_L"E&
M*:*G0!NK>0I)ZUF]SD#SH0&7ZDB:IW]X2BS,* 93A7/*Q$]BI9(ELYRS2R 3FW.X_@)GUY>7UU $ZY *FG-?P 12;26WAEA0K
MF!F<0?IDA K\C$F0KZWEA"Y,;0$JGX+?4@ 1K ]*Z,S&-&"NGWW_7P'#[T,\8'W*+1%<%@'H;^M#?6[O8G/6^_Z$]Y^ ?AUYPXY
MJ#!GZ'#PYB0"V[IJNR!3!R?;&&)?#(\E?XC0^@ ^SXVA_<(GZ#]ML]]02P,$
M% @ ^H"E5!I5V[6."P %A\ !D !X;"]W;W)K
F"%]$D4Y,DK'0TSQ<##L6%()+M8 $%!Q6N8
MF'/N<:C)^5-SMM].O<".OQ2^G2AC,1/Q'N"M>(:IR)^B@58R1S]YAL[.?Y0,
M5**C?>.[9KMHB@U4ML02.9X]__+E<,SC"@4L"8
MN''+Y$N%HAUO;\#7@Q.!3Y&/01_4 =,_8;$)JD:!S4%2@30XWQ9X% SFDI0+
MZ,4