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 June 30, | Six Months Ended June 30, | ||||||||||||
2022 | 2021 | 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 June 30, | Six Months Ended June 30, | ||||||||||||
2022 | 2021 | 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) | June 30, 2022 | December 31, 2021 | June 30, 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 June 30, 2022 - 719,320,000; December 31, 2021 - 726,527,000; and June 30, 2021 - 734,421,000 | |||||||||||
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) | Six Months Ended June 30, | |||||||
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 | ||||||||
Payments on 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 | ||||||||||||||||||||
Repurchase of common stock | ( | ( | ( | |||||||||||||||||
Other - net | ( | ( | ||||||||||||||||||
Balance at March 31, 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 June 30, 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 | $ | $ | $ | $ | ( | $ | $ | |||||||||||||
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 June 30, 2022 | $ | $ | $ | $ | ( | $ | $ | |||||||||||||
Corteva, Inc. | ||||||||
Notes to the Interim Consolidated Financial Statements (Unaudited) |
Note | Page | |||||||
Contract Balances | June 30, 2022 | December 31, 2021 | June 30, 2021 | ||||||||
(In millions) | |||||||||||
Accounts and notes receivable - trade1 | $ | $ | $ | ||||||||
Contract assets - current2 | $ | $ | $ | ||||||||
Contract assets - noncurrent3 | $ | $ | $ | ||||||||
Deferred revenue - current | $ | $ | $ | ||||||||
Deferred revenue - noncurrent4 | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Corn | $ | $ | $ | $ | ||||||||||
Soybean | ||||||||||||||
Other oilseeds | ||||||||||||||
Other | ||||||||||||||
Seed | ||||||||||||||
Herbicides | ||||||||||||||
Insecticides | ||||||||||||||
Fungicides | ||||||||||||||
Other | ||||||||||||||
Crop Protection | ||||||||||||||
Total | $ | $ | $ | $ |
Seed | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||
North America1 | $ | $ | $ | $ | ||||||||||
EMEA2 | ||||||||||||||
Latin America | ||||||||||||||
Asia Pacific | ||||||||||||||
Total | $ | $ | $ | $ |
Crop Protection | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||
North America1 | $ | $ | $ | $ | ||||||||||
EMEA2 | ||||||||||||||
Latin America | ||||||||||||||
Asia Pacific | ||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
(In millions) | 2022 | 2022 | ||||||
Seed | $ | $ | ||||||
Crop Protection | ||||||||
Corporate expenses | ||||||||
Total1 | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
(In millions) | 2022 | 2022 | ||||||
Severance and related benefit costs | $ | $ | ||||||
Asset related charges | ||||||||
Contract termination charges1 | ||||||||
Total restructuring and asset related charges - net2 | $ | $ |
(in millions) | Severance and Related Benefit Costs | Asset Related | Contract Termination1 | Total | ||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | ||||||||||
Charges to income (loss) from continuing operations | ||||||||||||||
Payments | ( | ( | ||||||||||||
Asset write-offs | ( | ( | ||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Seed | $ | $ | $ | ( | $ | |||||||||
Crop Protection | ( | |||||||||||||
Corporate expenses | ||||||||||||||
Total | $ | $ | $ | ( | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
(In millions) | 2022 | 2021 | 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 June 30, 2022 | $ | $ | $ | $ |
Other Income - Net | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
(In millions) | 2022 | 2021 | 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 June 30, | Six Months Ended June 30, | ||||||||||||
2022 | 2021 | 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) | June 30, 2022 | December 31, 2021 | June 30, 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 June 30, | Six Months Ended June 30, | ||||||||||||
(In millions) | 2022 | 2021 | 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 June 30, | Six Months Ended June 30, | ||||||||||||
(Dollars per share) | 2022 | 2021 | 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 June 30, | Six Months Ended June 30, | ||||||||||||
(Dollars per share) | 2022 | 2021 | 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 June 30, | Six Months Ended June 30, | ||||||||||||
(Shares in millions) | 2022 | 2021 | 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) | June 30, 2022 | December 31, 2021 | June 30, 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 losses1 | ( | ||||
Write-offs charged against allowance / other1 | |||||
Balance at June 30, 2021 | $ | ||||
2022 | |||||
Balance at December 31, 2021 | $ | ||||
Net provision for credit losses | |||||
Write-offs charged against allowance / other | |||||
Balance at June 30, 2022 | $ |
(In millions) | June 30, 2022 | December 31, 2021 | June 30, 2021 | ||||||||
Finished products | $ | $ | $ | ||||||||
Semi-finished products | |||||||||||
Raw materials and supplies | |||||||||||
Total inventories | $ | $ | $ |
(In millions) | June 30, 2022 | December 31, 2021 | June 30, 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) | June 30, 2022 | December 31, 2021 | June 30, 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) | June 30, 2022 | December 31, 2021 | June 30, 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 | $ | $ | $ |
Committed and Available Credit Facilities at June 30, 2022 | |||||||||||||||||
(in millions) | Effective Date | Committed Credit | Credit Available | Maturity Date | Interest | ||||||||||||
Revolving Credit Facility | May 2022 | $ | $ | May 2027 | Floating Rate | ||||||||||||
Revolving Credit Facility | May 2022 | May 2025 | Floating Rate | ||||||||||||||
364-day Revolving Credit Facility | May 2022 | May 2023 | Floating Rate | ||||||||||||||
Total Committed and Available Credit Facilities | $ | $ |
As of June 30, 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 June 30, 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 June 30, 2022 | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( |
(In millions) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2022 | 2021 | 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 June 30, | Six Months Ended June 30, | ||||||||||||
2022 | 2021 | 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 | ||||||||||||||
Curtailment (gain) loss | ( | ( | ||||||||||||
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 June 30, | Six Months Ended June 30, | |||||||||||||
(In millions) | 2022 | 2021 | 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: | ||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||
Interest cost | ||||||||||||||
Amortization of unrecognized (gain) loss | ||||||||||||||
Amortization of prior service (benefit) cost | ( | ( | ( | ( | ||||||||||
Curtailment (gain) loss | ( | ( | ||||||||||||
Net periodic benefit (credit) cost | $ | $ | ( | $ | $ | ( |
Notional Amounts (In millions) | June 30, 2022 | December 31, 2021 | June 30, 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 June 30, | Six Months Ended June 30, | |||||||||||||
(In millions) | 2022 | 2021 | 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 June 30, | Six Months Ended June 30, | |||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Beginning balance | $ | ( | $ | $ | $ | ( | ||||||||
Additions and revaluations of derivatives designated as cash flow hedges | ( | ( | ( | |||||||||||
Clearance of hedge results to earnings | ||||||||||||||
Ending balance | $ | ( | $ | ( | $ | ( | $ | ( |
June 30, 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 | ( | ||||||||||||
Total asset derivatives | $ | $ | ( | $ | ||||||||||
Liability derivatives: | ||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Accrued and other current liabilities | $ | $ | $ | ||||||||||
Commodity contracts | Accrued and other current liabilities | |||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency 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 | $ | $ | ( | $ |
June 30, 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 June 30, | Six Months Ended June 30, | |||||||||||||
(In millions) | 2022 | 2021 | 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 June 30, | Six Months Ended June 30, | |||||||||||||
(In millions) | 2022 | 2021 | 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 June 30, | Six months Ended June 30, | |||||||||||||||
(In millions) | 2021 | 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 | $ | $ |
June 30, 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 | ||||||||
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 | $ | $ |
June 30, 2021 | Significant Other Observable Inputs | |||||||
(In millions) | Level 1 | Level 2 | ||||||
Assets at fair value: | ||||||||
Marketable securities | $ | $ | ||||||
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 June 30, (In millions) | Seed | Crop Protection | Total | ||||||||
2022 | |||||||||||
Net sales | $ | $ | $ | ||||||||
Segment operating EBITDA | $ | $ | $ | ||||||||
Segment assets1 | $ | $ | $ | ||||||||
2021 | |||||||||||
Net sales | $ | $ | $ | ||||||||
Segment operating EBITDA | $ | $ | $ | ||||||||
Segment assets1 | $ | $ | $ |
For the Six Months Ended June 30, (In millions) | Seed | Crop Protection | Total | ||||||||
2022 | |||||||||||
Net Sales | $ | $ | $ | ||||||||
Segment operating EBITDA | $ | $ | $ | ||||||||
2021 | |||||||||||
Net sales | $ | $ | $ | ||||||||
Segment operating EBITDA | $ | $ | $ |
Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2022 | 2021 | 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) | June 30, 2022 | December 31, 2021 | June 30, 2021 | ||||||||
Total segment assets | $ | $ | $ | ||||||||
Corporate assets | |||||||||||
Total assets | $ | $ | $ |
(In millions) | Seed | Crop Protection | Corporate | Total | ||||||||||
For the Three Months Ended June 30, 2022 | ||||||||||||||
Restructuring and Asset Related Charges - Net 1 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Inventory write-offs3 | ( | — | — | ( | ||||||||||
Loss on exit of non-strategic asset3 | ( | — | — | ( | ||||||||||
Settlement costs associated with Russia Exit3 | ( | — | — | ( | ||||||||||
Total | $ | ( | $ | ( | $ | ( | $ | ( |
(In millions) | Seed | Crop Protection | Corporate | Total | ||||||||||
For the Three Months Ended June 30, 2021 | ||||||||||||||
Restructuring and Asset Related Charges - Net 1 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Total | $ | ( | $ | ( | $ | ( | $ | ( |
(In millions) | Seed | Crop Protection | Corporate | Total | ||||||||||
For the Six Months Ended June 30, 2022 | ||||||||||||||
Restructuring and Asset Related Charges - Net 1 | $ | ( | $ | $ | ( | $ | ( | |||||||
Estimated settlement expense2 | — | ( | — | ( | ||||||||||
Inventory write-offs3 | ( | — | — | ( | ||||||||||
Loss on exit of non-strategic asset3 | ( | — | — | ( | ||||||||||
Settlement costs associated with Russia Exit3 | ( | — | — | ( | ||||||||||
Total | $ | ( | $ | ( | $ | ( | $ | ( |
(In millions) | Seed | Crop Protection | Corporate | Total | ||||||||||
For the Six Months Ended June 30, 2021 | ||||||||||||||
Restructuring and Asset Related Charges - Net 1 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Total | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Net Sales ($ Millions) | % | Net Sales ($ Millions) | % | |||||||||||
Worldwide | $ | 6,252 | 100 | % | $ | 5,627 | 100 | % | ||||||
North America1 | 4,078 | 65 | % | 3,842 | 68 | % | ||||||||
EMEA2 | 858 | 14 | % | 710 | 13 | % | ||||||||
Latin America | 833 | 13 | % | 588 | 10 | % | ||||||||
Asia Pacific | 483 | 8 | % | 487 | 9 | % |
Q2 2022 vs. Q2 2021 | Percent Change Due To: | |||||||||||||||||||
Net Sales Change | Price & | Portfolio / | ||||||||||||||||||
$ In millions | $ | % | Product Mix | Volume | Currency | Other | ||||||||||||||
North America1 | $ | 236 | 6 | % | 8 | % | (2) | % | — | % | — | % | ||||||||
EMEA2 | 148 | 21 | % | 9 | % | 25 | % | (13) | % | — | % | |||||||||
Latin America | 245 | 42 | % | 13 | % | 22 | % | 7 | % | — | % | |||||||||
Asia Pacific | (4) | (1) | % | 7 | % | — | % | (5) | % | (3) | % | |||||||||
Total | $ | 625 | 11 | % | 9 | % | 4 | % | (2) | % | — | % |
Six Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Net Sales ($ Millions) | % | Net Sales ($ Millions) | % | |||||||||||
Worldwide | $ | 10,853 | 100 | % | $ | 9,805 | 100 | % | ||||||
North America1 | 6,083 | 56 | % | 5,585 | 57 | % | ||||||||
EMEA2 | 2,440 | 22 | % | 2,312 | 24 | % | ||||||||
Latin America | 1,483 | 14 | % | 1,106 | 11 | % | ||||||||
Asia Pacific | 847 | 8 | % | 802 | 8 | % |
First Half 2022 vs. First Half 2021 | Percent Change Due To: | |||||||||||||||||||
Net Sales Change | Price & | Portfolio / | ||||||||||||||||||
$ In millions | $ | % | Product Mix | Volume | Currency | Other | ||||||||||||||
North America1 | $ | 498 | 9 | % | 8 | % | 1 | % | — | % | — | % | ||||||||
EMEA2 | 128 | 6 | % | 9 | % | 10 | % | (13) | % | — | % | |||||||||
Latin America | 377 | 34 | % | 13 | % | 18 | % | 3 | % | — | % | |||||||||
Asia Pacific | 45 | 6 | % | 6 | % | 7 | % | (4) | % | (3) | % | |||||||||
Total | $ | 1,048 | 11 | % | 9 | % | 5 | % | (3) | % | — | % |
Seed | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions | 2022 | 2021 | 2022 | 2021 | ||||||||||
Net sales | $ | 3,947 | $ | 3,780 | $ | 6,471 | $ | 6,272 | ||||||
Segment operating EBITDA | $ | 1,240 | $ | 1,123 | $ | 1,809 | $ | 1,740 |
Seed | Q2 2022 vs. Q2 2021 | Percent Change Due To: | ||||||||||||||||||
Net Sales Change | Price & | Portfolio / | ||||||||||||||||||
$ In millions | $ | % | Product Mix | Volume | Currency | Other | ||||||||||||||
North America | $ | 131 | 4 | % | 6 | % | (2) | % | — | % | — | % | ||||||||
EMEA | 61 | 20 | % | 15 | % | 19 | % | (14) | % | — | % | |||||||||
Latin America | (28) | (12) | % | — | % | (13) | % | 1 | % | — | % | |||||||||
Asia Pacific | 3 | 2 | % | 12 | % | (3) | % | (7) | % | — | % | |||||||||
Total | $ | 167 | 4 | % | 7 | % | (1) | % | (2) | % | — | % |
Seed | Q2 2022 vs. Q2 2021 | Percent Change Due To: | ||||||||||||||||||
Net Sales Change | Price & | Portfolio / | ||||||||||||||||||
$ In millions | $ | % | Product Mix | Volume | Currency | Other | ||||||||||||||
Corn | $ | 42 | 2 | % | 6 | % | (3) | % | (1) | % | — | % | ||||||||
Soybeans | 148 | 13 | % | 8 | % | 5 | % | — | % | — | % | |||||||||
Other oilseeds | (25) | (9) | % | 5 | % | (9) | % | (5) | % | — | % | |||||||||
Other | 2 | 1 | % | 3 | % | 2 | % | (4) | % | — | % | |||||||||
Total | $ | 167 | 4 | % | 7 | % | (1) | % | (2) | % | — | % |
Seed | First Half 2022 vs. First Half 2021 | Percent Change Due To: | ||||||||||||||||||
Net Sales Change | Price & | Portfolio / | ||||||||||||||||||
$ In millions | $ | % | Product Mix | Volume | Currency | Other | ||||||||||||||
North America | $ | 105 | 2 | % | 6 | % | (3) | % | (1) | % | — | % | ||||||||
EMEA | 40 | 3 | % | 12 | % | 5 | % | (14) | % | — | % | |||||||||
Latin America | 21 | 4 | % | 5 | % | — | % | (1) | % | — | % | |||||||||
Asia Pacific | 33 | 16 | % | 11 | % | 13 | % | (8) | % | — | % | |||||||||
Total | $ | 199 | 3 | % | 7 | % | (1) | % | (3) | % | — | % |
Seed | First Half 2022 vs. First Half 2021 | Percent Change Due To: | ||||||||||||||||||
Net Sales Change | Price & | Portfolio / | ||||||||||||||||||
$ In millions | $ | % | Product Mix | Volume | Currency | Other | ||||||||||||||
Corn | $ | 84 | 2 | % | 7 | % | (2) | % | (3) | % | — | % | ||||||||
Soybeans | 143 | 11 | % | 7 | % | 4 | % | — | % | — | % | |||||||||
Other oilseeds | (44) | (8) | % | 7 | % | (6) | % | (9) | % | — | % | |||||||||
Other | 16 | 5 | % | 4 | % | 5 | % | (4) | % | — | % | |||||||||
Total | $ | 199 | 3 | % | 7 | % | (1) | % | (3) | % | — | % |
Crop Protection | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions | 2022 | 2021 | 2022 | 2021 | ||||||||||
Net sales | $ | 2,305 | $ | 1,847 | $ | 4,382 | $ | 3,533 | ||||||
Segment Operating EBITDA | $ | 509 | $ | 370 | $ | 1,000 | $ | 691 |
Crop Protection | Q2 2022 vs. Q2 2021 | Percent Change Due To: | ||||||||||||||||||
Net Sales Change | Price & | Portfolio / | ||||||||||||||||||
$ In millions | $ | % | Product Mix | Volume | Currency | Other | ||||||||||||||
North America | $ | 105 | 14 | % | 20 | % | (5) | % | (1) | % | — | % | ||||||||
EMEA | 87 | 21 | % | 5 | % | 29 | % | (13) | % | — | % | |||||||||
Latin America | 273 | 77 | % | 21 | % | 46 | % | 10 | % | — | % | |||||||||
Asia Pacific | (7) | (2) | % | 4 | % | 2 | % | (4) | % | (4) | % | |||||||||
Total | $ | 458 | 25 | % | 14 | % | 14 | % | (2) | % | (1) | % | ||||||||
Crop Protection | Q2 2022 vs. Q2 2021 | Percent Change Due To: | ||||||||||||||||||
Net Sales Change | Price & | Portfolio / | ||||||||||||||||||
$ In millions | $ | % | Product Mix | Volume | Currency | Other | ||||||||||||||
Herbicides | $ | 255 | 26 | % | 21 | % | 7 | % | (2) | % | — | % | ||||||||
Insecticides | 34 | 7 | % | 6 | % | 5 | % | (4) | % | — | % | |||||||||
Fungicides | 137 | 44 | % | 6 | % | 44 | % | (2) | % | (4) | % | |||||||||
Other | 32 | 30 | % | 2 | % | 30 | % | (2) | % | — | % | |||||||||
Total | $ | 458 | 25 | % | 14 | % | 14 | % | (2) | % | (1) | % |
Crop Protection | First Half 2022 vs. First Half 2021 | Percent Change Due To: | ||||||||||||||||||
Net Sales Change | Price & | Portfolio / | ||||||||||||||||||
$ In millions | $ | % | Product Mix | Volume | Currency | Other | ||||||||||||||
North America | $ | 393 | 31 | % | 18 | % | 13 | % | — | % | — | % | ||||||||
EMEA | 88 | 8 | % | 6 | % | 15 | % | (13) | % | — | % | |||||||||
Latin America | 356 | 60 | % | 19 | % | 34 | % | 7 | % | — | % | |||||||||
Asia Pacific | 12 | 2 | % | 4 | % | 5 | % | (3) | % | (4) | % | |||||||||
Total | $ | 849 | 24 | % | 12 | % | 16 | % | (3) | % | (1) | % | ||||||||
Crop Protection | First Half 2022 vs. First Half 2021 | Percent Change Due To: | ||||||||||||||||||
Net Sales Change | Price & | Portfolio / | ||||||||||||||||||
$ In millions | $ | % | Product Mix | Volume | Currency | Other | ||||||||||||||
Herbicides | $ | 474 | 24 | % | 17 | % | 10 | % | (3) | % | — | % | ||||||||
Insecticides | 67 | 8 | % | 7 | % | 6 | % | (5) | % | — | % | |||||||||
Fungicides | 180 | 31 | % | 6 | % | 33 | % | (4) | % | (4) | % | |||||||||
Other | 128 | 80 | % | 12 | % | 70 | % | (2) | % | — | % | |||||||||
Total | $ | 849 | 24 | % | 12 | % | 16 | % | (3) | % | (1) | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Income (loss) from continuing operations after income taxes (GAAP) | $ | 1,002 | $ | 1,018 | $ | 1,579 | $ | 1,631 | ||||||
Provision for (benefit from) income taxes on continuing operations | 325 | 284 | 446 | 462 | ||||||||||
Income (loss) from continuing operations before income taxes (GAAP) | 1,327 | 1,302 | 2,025 | 2,093 | ||||||||||
Depreciation and amortization | 302 | 313 | 609 | 617 | ||||||||||
Interest income | (24) | (18) | (39) | (39) | ||||||||||
Interest expense | 16 | 7 | 25 | 14 | ||||||||||
Exchange (gains) losses | 36 | 14 | 83 | 49 | ||||||||||
Non-operating (benefits) costs | (60) | (315) | (125) | (626) | ||||||||||
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges | (33) | 23 | 3 | 22 | ||||||||||
Significant items (benefit) charge | 155 | 135 | 177 | 235 | ||||||||||
Operating EBITDA (Non-GAAP) | $ | 1,719 | $ | 1,461 | $ | 2,758 | $ | 2,365 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Restructuring and asset related charges - net | $ | (143) | $ | (135) | $ | (148) | $ | (235) | ||||||
Estimated settlement expense1 | — | — | (17) | — | ||||||||||
Inventory write-offs | (1) | — | (1) | — | ||||||||||
Loss on exit of non-strategic asset | (5) | — | (5) | — | ||||||||||
Settlement costs associated with the Russia Exit | (6) | — | (6) | — | ||||||||||
Total pretax significant items benefit (charge) | (155) | (135) | (177) | (235) | ||||||||||
Total tax (provision) benefit impact of significant items2 | 28 | 28 | 34 | 51 | ||||||||||
Total significant items benefit (charge), after tax | $ | (127) | $ | (107) | $ | (143) | $ | (184) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Income (loss) from continuing operations attributable to Corteva (GAAP) | $ | 999 | $ | 1,015 | $ | 1,573 | $ | 1,625 | ||||||
Less: Non-operating benefits - net, after tax | 43 | 237 | 92 | 474 | ||||||||||
Less: Amortization of intangibles (existing as of Separation), after tax | (138) | (140) | (277) | (283) | ||||||||||
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax | 26 | (18) | (2) | (17) | ||||||||||
Less: Significant items benefit (charge), after tax | (127) | (107) | (143) | (184) | ||||||||||
Operating Earnings (Loss) (Non-GAAP) | $ | 1,195 | $ | 1,043 | $ | 1,903 | $ | 1,635 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||
Earnings (loss) per share of common stock from continuing operations - diluted (GAAP) | $ | 1.37 | $ | 1.37 | $ | 2.16 | $ | 2.18 | ||||||
Less: Non-operating benefits - net, after tax | 0.06 | 0.32 | 0.13 | 0.64 | ||||||||||
Less: Amortization of intangibles (existing as of Separation), after tax | (0.19) | (0.19) | (0.38) | (0.38) | ||||||||||
Less: Mark-to-market gains on certain foreign currency contracts not designated as hedges, after tax | 0.04 | (0.02) | — | (0.02) | ||||||||||
Less: Significant items benefit (charge), after tax | (0.18) | (0.14) | (0.20) | (0.25) | ||||||||||
Operating Earnings (Loss) Per Share (Non-GAAP) | $ | 1.64 | $ | 1.40 | $ | 2.61 | $ | 2.19 | ||||||
Diluted Shares Outstanding (in millions) | 726.7 | 743.3 | 728.6 | 746.4 |
(In millions) | June 30, 2022 | December 31, 2021 | June 30, 2021 | ||||||||
Cash, cash equivalents and marketable securities | $ | 2,655 | $ | 4,545 | $ | 2,900 | |||||
Total debt | $ | 1,995 | $ | 1,117 | $ | 1,778 |
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) | ||||||||||
April 2022 | 1,852,599 | $ | 59.28 | 1,852,599 | $ | 905 | ||||||||
May 2022 | 2,235,595 | 57.32 | 2,235,595 | 777 | ||||||||||
June 2022 | 2,196,245 | 57.69 | 2,196,245 | 650 | ||||||||||
Total | 6,284,439 | $ | 58.03 | 6,284,439 | $ | 650 |
Exhibit Number | Description | |||||||
Separation and Distribution Agreement by and among DowDuPont 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. | |||||||
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: | August 5, 2022 | |||||||
By: | /s/ Brian Titus | |||||||
Brian Titus | ||||||||
Vice President, Controller | ||||||||
(Principal Accounting Officer) |
E. I. du Pont de Nemours and Company | ||||||||
(Registrant) | ||||||||
Date: | August 5, 2022 | |||||||
By: | /s/ Brian Titus | |||||||
Brian Titus | ||||||||
Vice President, Controller | ||||||||
(Principal Accounting Officer) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
(In millions, except per share amounts) | 2022 | 2021 | 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 June 30, | Six Months Ended June 30, | |||||||||||||
(In millions) | 2022 | 2021 | 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) | June 30, 2022 | December 31, 2021 | June 30, 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 June 30, 2022, December 31, 2021, and June 30, 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 June 30, 2022, December 31, 2021, and June 30, 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 | $ | $ | $ |
Six Months Ended June 30, | ||||||||
(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) | ||||||||
Proceeds from related party debt | ||||||||
Payments on related party debt | ( | ( | ||||||
Proceeds from debt | ||||||||
Payments on 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) | ( | ( | |||||||||||||||||||||
Issuance of Corteva stock | |||||||||||||||||||||||
Other - net | ( | ( | |||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||
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 June 30, 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 | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||
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 June 30, 2022 | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||
E. I. du Pont de Nemours and Company | ||||||||
Notes to the Interim Consolidated Financial Statements (Unaudited) |
Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2022 | 2021 | 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 | $ | $ | $ | $ |
Date: | August 5, 2022 | |||||||||||||
By: | /s/ Charles V. Magro | |||||||||||||
Charles V. Magro | ||||||||||||||
Chief Executive Officer |
Date: | August 5, 2022 | |||||||||||||
By: | /s/ Charles V. Magro | |||||||||||||
Charles V. Magro | ||||||||||||||
Chief Executive Officer |
Date: | August 5, 2022 | |||||||||||||
By: | /s/ David J. Anderson | |||||||||||||
David J. Anderson | ||||||||||||||
Executive Vice President and Chief Financial Officer |
Date: | August 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 | ||
August 5, 2022 |
/s/ Charles V. Magro | ||
Charles V. Magro | ||
Chief Executive Officer | ||
August 5, 2022 |
/s/ David J. Anderson | ||
David J. Anderson | ||
Chief Financial Officer | ||
August 5, 2022 |
/s/ David J. Anderson | ||
David J. Anderson | ||
Chief Financial Officer | ||
August 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) | (2) | |||||||||||
Issuance of Corteva Stock | 38 | 38 | 38 | 38 | |||||||||
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, 2020 | 25,063 | 7 | 27,707 | 0 | (2,890) | 239 | 21,601 | 239 | 0 | 24,049 | 203 | (2,890) | 0 |
Net income (loss) | 1,576 | 1,555 | |||||||||||
Other comprehensive (loss) income | (355) | (355) | (355) | ||||||||||
Ending Balance at Jun. 30, 2021 | 25,625 | 7 | 27,682 | 941 | (3,245) | 240 | 22,878 | 239 | 0 | 24,131 | 1,752 | (3,245) | 1 |
Beginning Balance at Mar. 31, 2021 | 24,778 | 7 | 27,630 | 268 | (3,367) | 240 | 21,748 | 239 | 0 | 24,083 | 792 | (3,367) | 1 |
Net income (loss) | 973 | 970 | 3 | 963 | 963 | ||||||||
Other comprehensive (loss) income | 122 | 122 | 122 | 122 | |||||||||
Common Dividends | (95) | (95) | |||||||||||
Dividends, Preferred Stock | (3) | (3) | |||||||||||
Issuance of Corteva Stock | 28 | 28 | 28 | 28 | |||||||||
Share-based compensation | 22 | 23 | (1) | 22 | 23 | (1) | |||||||
Repurchase of common stock | (200) | (200) | |||||||||||
Other-net | (3) | 1 | (1) | (3) | (2) | (3) | 1 | ||||||
Ending Balance at Jun. 30, 2021 | 25,625 | 7 | 27,682 | 941 | (3,245) | 240 | 22,878 | 239 | 0 | 24,131 | 1,752 | (3,245) | 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) | (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 |
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) | 1,539 | 1,525 | |||||||||||
Other comprehensive (loss) income | (325) | (325) | (325) | ||||||||||
Ending Balance at Jun. 30, 2022 | 26,071 | 7 | 27,795 | 1,252 | (3,223) | 240 | 24,691 | 239 | 0 | 24,235 | 3,439 | (3,223) | 1 |
Beginning 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 |
Net income (loss) | 972 | 969 | 3 | 965 | 965 | ||||||||
Other comprehensive (loss) income | (402) | (402) | (402) | (402) | |||||||||
Common Dividends | (101) | (101) | |||||||||||
Dividends, Preferred Stock | (3) | (3) | |||||||||||
Issuance of Corteva Stock | 22 | 22 | 22 | 22 | |||||||||
Share-based compensation | 12 | 13 | (1) | 12 | 13 | (1) | |||||||
Repurchase of common stock | (365) | (365) | |||||||||||
Other-net | (3) | (3) | (2) | (2) | |||||||||
Ending Balance at Jun. 30, 2022 | $ 26,071 | $ 7 | $ 27,795 | $ 1,252 | $ (3,223) | $ 240 | $ 24,691 | $ 239 | $ 0 | $ 24,235 | $ 3,439 | $ (3,223) | $ 1 |
Statement of Stockholders' Equity Parentheticals (Parentheticals) - $ / shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 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) |
6 Months Ended |
---|---|
Jun. 30, 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 June 30, 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. In April 2022, the company implemented a global business unit organization model (“BU Reorganization”). While the new organization model had no impact on our determination of operating segments, it did result in the company’s digital reporting unit being merged into the seed and crop protection reporting units with the goodwill relating to the former digital reporting unit being reassigned to the seed and crop protection reporting units using a relative fair value allocation approach. The impact of the BU Reorganization did not have a material impact to the company’s historical reportable segments’ financial measures. An interim goodwill impairment assessment immediately prior to the BU Reorganization and for the seed and crop protection reporting units immediately after the BU Reorganization resulted in no goodwill impairment charges. Qualitative impairment assessments were performed for the seed and crop protection reporting units. The qualitative assessments included an evaluation of relevant factors including GDP growth rates, long-term commodity prices, equity and credit market activity, discount rates, changes in the industry and market structure, competitive environments, cost factors such as raw material prices, and overall financial performance. Based on the qualitative assessments performed, it was more likely than not that the fair value of each reporting unit exceeded the carrying value and therefore a quantitative test was not performed. A quantitative impairment assessment was performed for the former digital reporting unit using a combination of the discounted cash flow model (a form of the income approach) and the market approach. Under the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The company's significant assumptions in this analysis included future cash flow projections, weighted average cost of capital, the terminal growth rate and the tax rate. The company’s estimate of future cash flows is based on current regulatory and economic climates, recent operating results, and assumed business strategy from a market participant perspective and includes an estimate of a long-term future growth rate based on such strategy. Actual results may differ from those assumed in the company’s forecast. The company derives its discount rate using a capital asset pricing model and analyzes published rates for industries relevant to its reporting unit to estimate the cost of equity financing. The company uses a discount rate that is commensurate with the risks and uncertainty inherent in the reporting unit and in its internally developed forecast. Under the market approach, the company uses historically completed transactions for comparable companies.
|
Recent Accounting Guidance |
6 Months Ended |
---|---|
Jun. 30, 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) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 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 $126 million, $123 million and $118 million at June 30, 2022, December 31, 2021 and June 30, 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 six months ended June 30, 2022 and 2021 from amounts included in deferred revenue at the beginning of the period was $2,992 million and $2,464 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 |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING AND ASSET RELATED CHARGES - NET 2022 Restructuring Actions In connection with the company’s shift to a global business unit model, the company has assessed its business priorities and operational structure to maximize the customer experience and deliver on growth and earnings potential. As a result of this assessment, the company has committed to restructuring actions that, combined with the impact of the company’s separate announcement to withdraw from Russia (“Russia Exit”) (collectively the “2022 Restructuring Actions”), has resulted in total pre-tax restructuring and other charges during the three and six months ended June 30, 2022 of $56 million recognized in restructuring and asset related charges - net in the interim Consolidated Statement of Operations. Refer to the tables below for further details relating to these charges. The company also recorded pre-tax charges to other income - net in the interim Consolidated Statement of Operations, relating to the exit of a non-strategic asset of $5 million. The total pre-tax restructuring and other charges included $38 million associated with the Russia Exit, consisting of $7 million of severance and related benefit costs, $3 million of asset related charges, and $28 million of costs related to contract terminations (contract terminations includes early lease terminations). The company also recorded other pre-tax charges associated with the Russia Exit to cost of goods sold and other income – net in the interim Consolidated Statement of Operations, relating to inventory write-offs of $1 million and settlement costs of $6 million, respectively. Additional pre-tax charges up to $30 million associated with the Russia Exit are possible, primarily associated with government receivables and inventory. Excluding the Russia Exit, additional pre-tax restructuring and other charges relating to the 2022 Restructuring Actions are expected through June 2023 totaling $295 million to $350 million, comprised of $85 million to $95 million of severance and related benefit costs, $150 million to $165 million of asset related charges, $40 million to $55 million of costs related to contract terminations (contract terminations includes early lease terminations) and $20 million to $35 million of other charges. Future cash payments related to these charges are anticipated to be $180 million to $210 million, primarily related to the payment of severance and related benefits, contract terminations and other charges. The restructuring actions associated with these charges are expected to be substantially complete in 2023. The charges related to the 2022 Restructuring Actions related to the segments, as well as corporate expenses, for the three and six months ended June 30, 2022 were as follows:
1.This amount excludes the pre-tax charges impacting Seed recorded to cost of goods sold and other income - net in the company's interim Consolidated Statement of Operations, relating to inventory write-offs and settlement costs associated with the Russia Exit, and charges associated with the exit of a non-strategic asset. The following table is a summary of charges incurred related to 2022 Restructuring Actions for the three and six months ended June 30, 2022:
1.Contract terminations includes early lease terminations. 2.This amount excludes the pre-tax charges recorded to the cost of goods sold and other income - net in the interim Consolidated Statement of Operations, relating to inventory write-offs and settlement costs associated with the Russia Exit and charges associated with the exit of a non-strategic asset. A reconciliation of the December 31, 2021 to the June 30, 2022 liability balances related to the 2022 Restructuring Actions is summarized below:
1.The liability for contract terminations includes lease obligations. The cash impact of these obligations will be substantially complete by the end of 2022. 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 second quarter of 2022, the company recorded net pre-tax restructuring charges of $166 million inception-to-date under the 2021 Restructuring Actions, consisting of $77 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 and six months ended June 30, 2022 and 2021:
A reconciliation of the December 31, 2021 to the June 30, 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 $5 million as of June 30, 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 The company recognized $93 million and $99 million for the three and six months ended June 30, 2022, respectively, and $112 million and $119 million for the three and six months ended June 30, 2021, respectively, in restructuring and asset related charges - net in the interim Consolidated Statement 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 |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 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 $(18) million and $(33) million associated with the devaluation of the Argentine peso for the three and six months ended June 30, 2022, respectively, and $(14) million and $(37) million for the three and six months ended June 30, 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 and six months ended June 30, 2022 and 2021 includes losses on sale of receivables, 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, and other items. Additionally, the three and six months ended June 30, 2022 includes charges associated with the exit of a non-strategic asset and settlement costs associated with the Russia Exit, the six months ended June 30, 2022 includes estimated settlement reserves, and the three and six months ended June 30, 2021 includes realized 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 |
6 Months Ended |
---|---|
Jun. 30, 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 and six months ended June 30, 2022, the company recognized $13 million and $48 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. During the three and six months ended June 30, 2021, the company recognized $18 million and $25 million, respectively, of net tax benefits associated with changes in accruals for certain prior year tax positions in various jurisdictions. 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) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 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) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 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 $233 million, $210 million, and $216 million at June 30, 2022, December 31, 2021, and June 30, 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 and chemical products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of June 30, 2022, December 31, 2021, and June 30, 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 $131 million, $104 million, and $92 million as of June 30, 2022, December 31, 2021, and June 30, 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 June 30, 2022 and 2021:
1.Prior year classifications in the changes in the allowance for doubtful receivables have been adjusted from their previous presentation. Adjustments did not impact the amount of the provision or the allowance for doubtful receivables recorded in the interim Consolidated Statements of Operations or the interim Consolidated Balance Sheets. The company enters into various factoring agreements with third-party financial institutions to sell its trade receivables under both recourse and non-recourse agreements in exchange for cash proceeds. These financing arrangements result in a transfer of the company's receivables and risks to the third-party. As these transfers qualify as true sales under the applicable accounting guidance, the receivables are derecognized from the 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 $78 million and $95 million for the three and six months ended June 30, 2022 and $177 million and $188 million for the three and six months ended June 30, 2021, respectively. The trade receivables sold that remained outstanding under these agreements which include an element of recourse as of June 30, 2022, December 31, 2021, and June 30, 2021 were $52 million, $166 million, and $135 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 and six months ended June 30, 2022 was $13 million, and $41 million and $43 million for the three and six months ended June 30, 2021, respectively. See Note 12 - Commitments and Contingent Liabilities for additional information on the company’s guarantees.
|
Inventories |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Text Block] | INVENTORIES
|
Other Intangible Assets |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 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 $358 million for the three and six months ended June 30, 2022, respectively and $180 million and $363 million for the three and six months ended June 30, 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 $342 million, $619 million, $605 million, $568 million, $557 million and $497 million, respectively.
|
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 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 $1,188 million, $1,121 million, and $1,139 million as of June 30, 2022, December 31, 2021, and June 30, 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"), which is Term SOFR plus 0.10 percent, plus the margin. As of June 30, 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 June 30, 2022 was approximately $110 million. The company’s long-term Foreign Currency Loans have varying maturities through 2024. Available Committed Credit Facilities The following table summarizes the company's credit facilities:
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 Adjusted Term SOFR, which is Term SOFR plus 0.10 percent, plus the applicable margin. 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. At June 30, 2022, the company was in compliance with these covenants. 364-day Revolving Credit Facilities In May 2022, the company entered into a $500 million, 364-day revolving credit agreement (the “364-day Revolving Credit Facility”) expiring in May 2023. Borrowings under the 364-day Revolving Credit Facility will have an interest rate equal to Adjusted Term SOFR, which is Term SOFR plus 0.10 percent, plus the applicable margin. The 364-day Revolving Credit Facility includes a provision under which the company may convert any advances outstanding prior to the maturity date into term loans having a maturity date up to one year later. The 364-day Revolving Credit Facility will be used for general corporate purposes including, but not limited to, the funding of seasonal working capital needs. The 364-day Revolving Credit Facility contains customary representations and warranties, affirmative and negative covenants and events of default that are typical for companies with similar credit ratings. Additionally, the 364-day Revolving Credit Facility contains a financial covenant requiring that the ratio of total indebtedness to total capitalization for Corteva and its consolidated subsidiaries not exceed 0.60. At June 30, 2022, the company was in compliance with these covenants.
|
Stockholders' Equity |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 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 6,285,000 shares and 10,870,000 shares in the open market for a total cost of $365 million and $600 million during the three and six months ended June 30, 2022, respectively. 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 4,324,000 shares and 11,970,000 shares in the open market for a total cost of $200 million and $550 million during the three and six months ended June 30, 2021, respectively. 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 June 30, 2022, December 31, 2021, and June 30, 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 six months ended June 30, 2022 was primarily driven by the strengthening of the USD against the European Euro ("EUR"), Swiss Franc ("CHF") and Indian Rupee ("INR"), partially offset by the weakening of the USD against the Brazilian Real ("BRL"). The cumulative translation adjustment loss for the six months ended June 30, 2021 was primarily driven by the weakening of the Swiss Franc ("CHF") and European Euro ("EUR") against the USD. 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 |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 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 |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments Disclosure [Text Block] | FINANCIAL INSTRUMENTS At June 30, 2022, December 31, 2021 and June 30, 2021, the company had $1,488 million, $3,400 million and $1,923 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; and $254 million, $86 million and $39 million at June 30, 2022, December 31, 2021 and June 30, 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. The company’s investments in held-to-maturity securities are held at amortized cost, which approximates fair value. The company’s held-to-maturity securities relating to investments in foreign government bonds at June 30, 2022 and available-for-sale securities sold during the three and six months ended June 30, 2021 are discussed further in the “Debt Securities” section. 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 currency 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 June 30, 2022, an after-tax net gain of $73 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 June 30, 2022, an after-tax net loss of $31 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 June 30, 2022. During the three and six months ended June 30, 2021, the company sold its U.S. treasuries classified as available-for-sale securities. 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 that were sold during the three and six months ended June 30, 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 that were sold during the three and six months ended June 30, 2021 were held by certain foreign subsidiaries in which the USD is not the functional currency. The fluctuations in foreign exchange were initially recorded in accumulated other comprehensive income (loss) within the interim Consolidated Statements of Equity and subsequently reclassified to earnings when sold. 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 and six months ended June 30, 2021:
The following table summarizes the contractual maturities of the company's investments in debt securities at June 30, 2022:
|
Fair Value Measurements |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 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..
|
Segment Reporting (Notes) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 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) benefits (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 and six months ended June 30, 2022, 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 3.Incremental losses associated with activities related to the 2022 Restructuring Actions.
|
EID - Basis of Presentation (Notes) |
6 Months Ended |
---|---|
Jun. 30, 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 June 30, 2022, Corteva, Inc.'s capital structure consists of 719,320,000 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 10 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 14 of the Corteva, Inc. interim Consolidated Financial Statements •Note 6 - Income Taxes - refer to page 16 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 18 of the Corteva, Inc. interim Consolidated Financial Statements •Note 9 - Inventories - refer to page 19 of the Corteva, Inc. interim Consolidated Financial Statements •Note 10 - Other Intangible Assets - refer to page 19 of the Corteva, Inc. interim Consolidated Financial Statements •Note 11 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities - refer to page 20 of the Corteva, Inc. interim Consolidated Financial Statements. In addition, EID has a related party loan payable to Corteva, Inc.; refer to EID Note 2 - Related Party Transactions, below •Note 12 - Commitments and Contingent Liabilities - refer to page 22 of the Corteva, Inc. interim Consolidated Financial Statements •Note 13 - Stockholders' Equity - refer to page 29 of the Corteva, Inc. interim Consolidated Financial Statements •Note 14 - Pension Plans and Other Post Employment Benefits - refer to page 32 of the Corteva, Inc. interim Consolidated Financial Statements •Note 15 - Financial Instruments - refer to page 32 of the Corteva, Inc. interim Consolidated Financial Statements •Note 16 - Fair Value Measurements - refer to page 38 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
|
EID - Related Party Transactions (Notes) |
6 Months Ended |
---|---|
Jun. 30, 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 June 30, 2022, December 31, 2021, and June 30, 2021, the outstanding related party loan balance was $1,377 million, $2,162 million, and $2,745 million, respectively (which approximates fair value), with interest rates of 4.12%, 1.67%, and 1.52%, 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 $10 million and $19 million for the three and six months ended June 30, 2022, respectively, and $13 million and $28 million for the three and six months ended June 30, 2021, respectively, associated with the related party loan from Corteva, Inc. As of June 30, 2022, December 31, 2021, and June 30, 2021, EID had payables to Corteva, Inc., of $30 million, $27 million and $57 million included in accrued and other current liabilities, respectively, and $119 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 23 of the Corteva, Inc. interim Consolidated Financial Statements for further details of the Separation Agreements).
|
EID Segment FN (Notes) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 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) benefits (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 and six months ended June 30, 2022, 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 3.Incremental losses associated with activities related to the 2022 Restructuring Actions.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 39 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 |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS << to be updated>> |
Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
---|---|
Jun. 30, 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 June 30, 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. In April 2022, the company implemented a global business unit organization model (“BU Reorganization”). While the new organization model had no impact on our determination of operating segments, it did result in the company’s digital reporting unit being merged into the seed and crop protection reporting units with the goodwill relating to the former digital reporting unit being reassigned to the seed and crop protection reporting units using a relative fair value allocation approach. The impact of the BU Reorganization did not have a material impact to the company’s historical reportable segments’ financial measures. An interim goodwill impairment assessment immediately prior to the BU Reorganization and for the seed and crop protection reporting units immediately after the BU Reorganization resulted in no goodwill impairment charges. Qualitative impairment assessments were performed for the seed and crop protection reporting units. The qualitative assessments included an evaluation of relevant factors including GDP growth rates, long-term commodity prices, equity and credit market activity, discount rates, changes in the industry and market structure, competitive environments, cost factors such as raw material prices, and overall financial performance. Based on the qualitative assessments performed, it was more likely than not that the fair value of each reporting unit exceeded the carrying value and therefore a quantitative test was not performed. A quantitative impairment assessment was performed for the former digital reporting unit using a combination of the discounted cash flow model (a form of the income approach) and the market approach. Under the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The company's significant assumptions in this analysis included future cash flow projections, weighted average cost of capital, the terminal growth rate and the tax rate. The company’s estimate of future cash flows is based on current regulatory and economic climates, recent operating results, and assumed business strategy from a market participant perspective and includes an estimate of a long-term future growth rate based on such strategy. Actual results may differ from those assumed in the company’s forecast. The company derives its discount rate using a capital asset pricing model and analyzes published rates for industries relevant to its reporting unit to estimate the cost of equity financing. The company uses a discount rate that is commensurate with the risks and uncertainty inherent in the reporting unit and in its internally developed forecast. Under the market approach, the company uses historically completed transactions for comparable companies.
|
Recent Accounting Guidance Recent Accounting Guidance (Policies) |
6 Months Ended |
---|---|
Jun. 30, 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) |
6 Months Ended |
---|---|
Jun. 30, 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) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 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) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 Restructuring Actions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] |
1.This amount excludes the pre-tax charges impacting Seed recorded to cost of goods sold and other income - net in the company's interim Consolidated Statement of Operations, relating to inventory write-offs and settlement costs associated with the Russia Exit, and charges associated with the exit of a non-strategic asset. The following table is a summary of charges incurred related to 2022 Restructuring Actions for the three and six months ended June 30, 2022:
1.Contract terminations includes early lease terminations. 2.This amount excludes the pre-tax charges recorded to the cost of goods sold and other income - net in the interim Consolidated Statement of Operations, relating to inventory write-offs and settlement costs associated with the Russia Exit and charges associated with the exit of a non-strategic asset. A reconciliation of the December 31, 2021 to the June 30, 2022 liability balances related to the 2022 Restructuring Actions is summarized below:
1.The liability for contract terminations includes lease obligations. The cash impact of these obligations will be substantially complete by the end of 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 and six months ended June 30, 2022 and 2021:
A reconciliation of the December 31, 2021 to the June 30, 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 $5 million as of June 30, 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) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Nonoperating Income (Expense) |
1.Includes net pre-tax exchange gains (losses) of $(18) million and $(33) million associated with the devaluation of the Argentine peso for the three and six months ended June 30, 2022, respectively, and $(14) million and $(37) million for the three and six months ended June 30, 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 and six months ended June 30, 2022 and 2021 includes losses on sale of receivables, 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, and other items. Additionally, the three and six months ended June 30, 2022 includes charges associated with the exit of a non-strategic asset and settlement costs associated with the Russia Exit, the six months ended June 30, 2022 includes estimated settlement reserves, and the three and six months ended June 30, 2021 includes realized losses on sale of available-for-sale securities.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Exchange Gain (Loss) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restrictions on Cash and Cash Equivalents |
|
Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 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) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 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 $233 million, $210 million, and $216 million at June 30, 2022, December 31, 2021, and June 30, 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 and chemical products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of June 30, 2022, December 31, 2021, and June 30, 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 $131 million, $104 million, and $92 million as of June 30, 2022, December 31, 2021, and June 30, 2021, respectively.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss [Table Text Block] |
1.Prior year classifications in the changes in the allowance for doubtful receivables have been adjusted from their previous presentation. Adjustments did not impact the amount of the provision or the allowance for doubtful receivables recorded in the interim Consolidated Statements of Operations or the interim Consolidated Balance Sheets.
|
Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current [Table Text Block] |
|
Other Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 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) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 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] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Line of Credit Facilities |
|
Commitments and Contingent Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 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 23, under the header "Corteva Separation Agreement." 2.The company has recorded an indemnification asset related to these accruals, including $36 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 $64 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), except as disclosed on page 27 relating to Chemours' remediation activities at the Fayetteville Works Facility pursuant to the Consent Order with the NC DEQ. 4.Represents liabilities that are subject to the $150 million threshold and sharing agreements as discussed on page 22, under the header "Chemours / Performance Chemicals."
|
Stockholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Noncontrolling Interests Represented by Preferred Stock [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
1.The cumulative translation adjustment gain for the six months ended June 30, 2022 was primarily driven by the strengthening of the USD against the European Euro ("EUR"), Swiss Franc ("CHF") and Indian Rupee ("INR"), partially offset by the weakening of the USD against the Brazilian Real ("BRL"). The cumulative translation adjustment loss for the six months ended June 30, 2021 was primarily driven by the weakening of the Swiss Franc ("CHF") and European Euro ("EUR") against the USD.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] |
|
Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 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) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 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..
|
Segment Reporting (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 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 3.Incremental losses associated with activities related to the 2022 Restructuring Actions.
|
EID Segment FN (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 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 |
6 Months Ended |
---|---|
Jun. 30, 2022
USD ($)
| |
Foreign Exchange Impact on Income (Loss) from Continuing Operations | $ 15 |
Percentage deterioration of the official Peso to USD exchange rate | 10.00% |
Argentina Percentage annual sales and EBITDA | 5.00% |
Divestitures and Other Transactions Separation Agreements (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
---|---|---|---|
Accounts and Notes Receivable [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Indemnification Assets | $ 28 | $ 25 | $ 31 |
Other Assets [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Indemnification Assets | 82 | 75 | 50 |
Accrued and Other Current Liabilities [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Indemnified Liabilities | 30 | 20 | 54 |
Other noncurrent obligations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Indemnified Liabilities | $ 119 | $ 117 | $ 91 |
Divestitures and Other Transactions Other Discontinued Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) from discontinued operations after income taxes | $ (30) | $ (45) | $ (40) | $ (55) |
Revenue Narrative (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
---|---|---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Amount | $ 126 | $ 123 | $ 118 |
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 |
6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Accounts and notes receivable - trade | [1] | $ 5,762 | $ 5,763 | $ 3,561 | |||||||
Contract assets - current | [2] | 24 | 23 | 24 | |||||||
Contract assets - noncurrent | [3] | 61 | 56 | 58 | |||||||
Deferred Revenue | 740 | 748 | 3,201 | ||||||||
Deferred revenue recognized during the period | 2,992 | 2,464 | |||||||||
Accrued and Other Current Liabilities [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Deferred Revenue | 740 | 748 | 3,201 | ||||||||
Other noncurrent obligations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Deferred Revenue | [4] | $ 108 | $ 111 | $ 120 | |||||||
|
Revenue Disaggregation of Revenue - Principal Product Groups (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 6,252 | $ 5,627 | $ 10,853 | $ 9,805 |
Seed [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 3,947 | 3,780 | 6,471 | 6,272 |
Seed [Member] | Corn [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 2,222 | 2,180 | 4,152 | 4,068 |
Seed [Member] | Soybean [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 1,308 | 1,160 | 1,480 | 1,337 |
Seed [Member] | Other oilseeds [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 246 | 271 | 523 | 567 |
Seed [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 171 | 169 | 316 | 300 |
Crop Protection [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 2,305 | 1,847 | 4,382 | 3,533 |
Crop Protection [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 139 | 107 | 289 | 161 |
Crop Protection [Member] | Herbicides [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 1,224 | 969 | 2,429 | 1,955 |
Crop Protection [Member] | Insecticides [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 494 | 460 | 912 | 845 |
Crop Protection [Member] | Fungicides [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 448 | $ 311 | $ 752 | $ 572 |
Revenue Disaggregation of Revenue - Geography (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Net Sales | $ 6,252 | $ 5,627 | $ 10,853 | $ 9,805 | ||||||
Seed [Member] | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Net Sales | 3,947 | 3,780 | 6,471 | 6,272 | ||||||
Seed [Member] | North America | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Net Sales | 3,235 | [1] | 3,104 | [1] | 4,419 | 4,314 | ||||
Seed [Member] | EMEA | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Net Sales | 359 | [2] | 298 | [2] | 1,285 | 1,245 | ||||
Seed [Member] | Latin America | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Net Sales | 206 | 234 | 529 | 508 | ||||||
Seed [Member] | Asia Pacific | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Net Sales | 147 | 144 | 238 | 205 | ||||||
Crop Protection [Member] | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Net Sales | 2,305 | 1,847 | 4,382 | 3,533 | ||||||
Crop Protection [Member] | North America | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Net Sales | 843 | [1] | 738 | [1] | 1,664 | 1,271 | ||||
Crop Protection [Member] | EMEA | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Net Sales | 499 | [2] | 412 | [2] | 1,155 | 1,067 | ||||
Crop Protection [Member] | Latin America | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Net Sales | 627 | 354 | 954 | 598 | ||||||
Crop Protection [Member] | Asia Pacific | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Net Sales | $ 336 | $ 343 | $ 609 | $ 597 | ||||||
|
Restructuring and Asset Related Charges - 2022 Restructuring Actions (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Asset related charges, net | $ 143 | $ 135 | $ 148 | $ 235 | |||||||||
2022 Restructuring Actions- Russia Exit | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Cost Incurred to Date | 38 | 38 | |||||||||||
2022 Restructuring Actions- Russia Exit | Maximum [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Expected Cost | 30 | 30 | |||||||||||
2022 Restructuring Actions | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Cost Incurred to Date | 56 | 56 | |||||||||||
Restructuring Reserve, Beginning Balance | 0 | ||||||||||||
Restructuring and Asset related charges, net | [1],[2] | 56 | 56 | ||||||||||
Payments for Restructuring | (4) | ||||||||||||
Asset write-offs and adjustments | (4) | ||||||||||||
Restructuring Reserve, Ending Balance | 48 | 48 | |||||||||||
2022 Restructuring Actions | Minimum [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Expected Cost | 295 | 295 | |||||||||||
Future Cash Payments | 180 | 180 | |||||||||||
2022 Restructuring Actions | Maximum [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Expected Cost | 350 | 350 | |||||||||||
Future Cash Payments | 210 | 210 | |||||||||||
Exit of non strategic asset | 2022 Restructuring Actions | Other Income | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Cost Incurred to Date | 5 | 5 | |||||||||||
Severance and Related Benefit Costs | 2022 Restructuring Actions- Russia Exit | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Cost Incurred to Date | 7 | 7 | |||||||||||
Severance and Related Benefit Costs | 2022 Restructuring Actions | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring Reserve, Beginning Balance | 0 | ||||||||||||
Restructuring and Asset related charges, net | 22 | 22 | |||||||||||
Payments for Restructuring | (4) | ||||||||||||
Asset write-offs and adjustments | 0 | ||||||||||||
Restructuring Reserve, Ending Balance | 18 | 18 | |||||||||||
Severance and Related Benefit Costs | 2022 Restructuring Actions | Minimum [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Expected Cost | 85 | 85 | |||||||||||
Severance and Related Benefit Costs | 2022 Restructuring Actions | Maximum [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Expected Cost | 95 | 95 | |||||||||||
Contract Termination | 2022 Restructuring Actions- Russia Exit | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Cost Incurred to Date | 28 | 28 | |||||||||||
Contract Termination | 2022 Restructuring Actions | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring Reserve, Beginning Balance | [3] | 0 | |||||||||||
Restructuring and Asset related charges, net | [4] | 30 | 30 | [3] | |||||||||
Payments for Restructuring | [3] | 0 | |||||||||||
Asset write-offs and adjustments | [3] | 0 | |||||||||||
Restructuring Reserve, Ending Balance | [3] | 30 | 30 | ||||||||||
Contract Termination | 2022 Restructuring Actions | Minimum [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Expected Cost | 40 | 40 | |||||||||||
Contract Termination | 2022 Restructuring Actions | Maximum [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Expected Cost | 55 | 55 | |||||||||||
Asset Related Charges [Member] | 2022 Restructuring Actions- Russia Exit | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Cost Incurred to Date | 3 | 3 | |||||||||||
Asset Related Charges [Member] | 2022 Restructuring Actions | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring Reserve, Beginning Balance | 0 | ||||||||||||
Restructuring and Asset related charges, net | 4 | 4 | |||||||||||
Payments for Restructuring | 0 | ||||||||||||
Asset write-offs and adjustments | (4) | ||||||||||||
Restructuring Reserve, Ending Balance | 0 | 0 | |||||||||||
Asset Related Charges [Member] | 2022 Restructuring Actions | Minimum [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Expected Cost | 150 | 150 | |||||||||||
Asset Related Charges [Member] | 2022 Restructuring Actions | Maximum [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Expected Cost | 165 | 165 | |||||||||||
inventory write-offs | 2022 Restructuring Actions- Russia Exit | Cost of Goods Sold | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Cost Incurred to Date | 1 | 1 | |||||||||||
Other [Member] | 2022 Restructuring Actions | Minimum [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Expected Cost | 20 | 20 | |||||||||||
Other [Member] | 2022 Restructuring Actions | Maximum [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Expected Cost | 35 | 35 | |||||||||||
Settlement Cost | 2022 Restructuring Actions- Russia Exit | Other Income | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Cost Incurred to Date | 6 | 6 | |||||||||||
Seed [Member] | 2022 Restructuring Actions | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Asset related charges, net | 33 | 33 | |||||||||||
Seed [Member] | Settlement Cost | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Related Cost, Cost Incurred to Date | (6) | (6) | |||||||||||
Crop Protection [Member] | 2022 Restructuring Actions | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Asset related charges, net | 1 | 1 | |||||||||||
Corporate Segment | 2022 Restructuring Actions | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring and Asset related charges, net | $ 22 | $ 22 | |||||||||||
|
Restructuring and Asset Related Charges - 2021 Restructuring Activities (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring and Asset related charges, net | $ 143 | $ 135 | $ 148 | $ 235 | |||||
2021 Restructuring Actions [Domain] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Asset Retirement Obligation | 5 | 5 | |||||||
Restructuring Reserve, Beginning Balance | 64 | ||||||||
Restructuring and Asset related charges, net | 1 | 21 | (1) | 110 | |||||
Payments for Restructuring | (34) | ||||||||
Asset write-offs and adjustments | 1 | ||||||||
Restructuring Reserve, Ending Balance | 30 | 30 | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 166 | 166 | |||||||
Severance and Related Benefit Costs | 2021 Restructuring Actions [Domain] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Reserve, Beginning Balance | 52 | ||||||||
Restructuring and Asset related charges, net | 1 | 10 | 3 | 49 | |||||
Payments for Restructuring | (28) | ||||||||
Asset write-offs and adjustments | 0 | ||||||||
Restructuring Reserve, Ending Balance | 27 | 27 | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 77 | 77 | |||||||
Asset Related Charges [Member] | 2021 Restructuring Actions [Domain] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Reserve, Beginning Balance | [1] | 0 | |||||||
Restructuring and Asset related charges, net | 0 | 9 | (1) | [1] | 22 | ||||
Payments for Restructuring | [1] | 0 | |||||||
Asset write-offs and adjustments | [1] | 1 | |||||||
Restructuring Reserve, Ending Balance | [1] | 0 | 0 | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 44 | 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 | 6 | |||||||
Contract Termination | 2021 Restructuring Actions [Domain] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Reserve, Beginning Balance | [2] | 12 | |||||||
Restructuring and Asset related charges, net | 0 | 2 | (3) | [2] | 39 | ||||
Payments for Restructuring | [2] | (6) | |||||||
Asset write-offs and adjustments | [2] | 0 | |||||||
Restructuring Reserve, Ending Balance | [2] | 3 | 3 | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 39 | 39 | |||||||
Seed [Member] | 2021 Restructuring Actions [Domain] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring and Asset related charges, net | 0 | 3 | (2) | 17 | |||||
Crop Protection [Member] | 2021 Restructuring Actions [Domain] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring and Asset related charges, net | 0 | 9 | (2) | 37 | |||||
Corporate Segment | 2021 Restructuring Actions [Domain] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring and Asset related charges, net | $ 1 | $ 9 | $ 3 | $ 56 | |||||
|
Restructuring and Asset Related Charges Execute to Win Productivity Program (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Asset related charges, net | $ 143 | $ 135 | $ 148 | $ 235 |
Restructuring and Asset Related Charges Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Other Asset Related [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated Prepaid Royalty Amortization Expense | $ 93 | $ 112 | $ 99 | $ 119 |
Related Party Transactions Dow Intercompany Transactions (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Corteva [Member] | EID [Member] | ||||
Related Party Transaction [Line Items] | ||||
Interest Expense, Related Party | $ 10 | $ 13 | $ 19 | $ 28 |
Supplementary Information Other Income (Expense) - Net (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|||||||||
Interest income | $ 24 | $ 18 | $ 39 | $ 39 | ||||||||
Equity in earnings (losses) of affiliates - net | 4 | 2 | 14 | 5 | ||||||||
Net gain (loss) on sales of businesses and other assets | 4 | 1 | 1 | 1 | ||||||||
Net exchange gains (losses) | [1] | (36) | (14) | (83) | (49) | |||||||
Non-operating pension and other post employment benefit credit | [2] | 73 | 328 | 148 | 653 | |||||||
Miscellaneous expenses - net | [3] | (20) | (37) | (53) | (14) | |||||||
Other income - net | 49 | 298 | 66 | 635 | ||||||||
Hedging Program [Member] | ||||||||||||
Net exchange gains (losses) | 10 | (50) | (43) | (34) | ||||||||
Hedging Program [Member] | Argentine Peso Devaluation [Member] | ||||||||||||
Net exchange gains (losses) | (18) | (14) | (33) | (37) | ||||||||
Subsidiary Monetary Position | ||||||||||||
Net exchange gains (losses) | (46) | 36 | (40) | (15) | ||||||||
Segment Reconciling Items [Member] | ||||||||||||
Interest income | (24) | (18) | (39) | (39) | ||||||||
Net exchange gains (losses) | 36 | 14 | 83 | 49 | ||||||||
Non-operating pension and other post employment benefit credit | (60) | $ (315) | (125) | $ (626) | ||||||||
Segment Reconciling Items [Member] | Seed [Member] | ||||||||||||
Gain (Loss) on Disposition of Assets | [4] | $ (5) | $ (5) | |||||||||
|
Supplementary Information Foreign Currency Exchange Gain (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||||
Pre-tax exchange (losses) gains - net | [1] | $ (36) | $ (14) | $ (83) | $ (49) | |
Foreign Currency Transaction (Loss) Gain Tax (Expense) Benefit | (20) | (1) | (11) | (6) | ||
Foreign Currency Transaction (Loss) Gain After Tax | (56) | (15) | (94) | (55) | ||
Subsidiary Monetary Position | ||||||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||||
Pre-tax exchange (losses) gains - net | (46) | 36 | (40) | (15) | ||
Foreign Currency Transaction (Loss) Gain Tax (Expense) Benefit | (17) | (13) | (21) | (14) | ||
Foreign Currency Transaction (Loss) Gain After Tax | (63) | 23 | (61) | (29) | ||
Hedging Program [Member] | ||||||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||||
Pre-tax exchange (losses) gains - net | 10 | (50) | (43) | (34) | ||
Foreign Currency Transaction (Loss) Gain Tax (Expense) Benefit | (3) | 12 | 10 | 8 | ||
Foreign Currency Transaction (Loss) Gain After Tax | $ 7 | $ (38) | $ (33) | $ (26) | ||
|
Supplementary Information Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
||||
---|---|---|---|---|---|---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||||
Cash and cash equivalents | $ 2,401 | $ 4,459 | $ 2,861 | |||||
Total Cash, Cash Equivalents and Restricted Cash Equivalents | 2,770 | [1] | 4,836 | 3,172 | [1] | $ 3,873 | ||
Other Current Assets [Member] | ||||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||||
Restricted Cash Equivalents | $ 369 | $ 377 | $ 311 | |||||
|
Income Taxes Income Tax Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Tax Benefit associated with U.S. Research and Development Tax Credits | $ 22 | |||
Net tax benefits | $ 13 | $ 18 | $ 48 | $ 25 |
Earnings Per Share Net Income for Earnings Per Share Calculations - Basic and Diluted (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Earnings Per Share [Abstract] | ||||
Income (loss) from continuing operations after income taxes | $ 1,002 | $ 1,018 | $ 1,579 | $ 1,631 |
Net income (loss) Attributable to Noncontrolling Interest, Continuing Operations | 3 | 3 | 6 | 6 |
Net income (loss) from Continuing Operations Available to Common Shareholders | 999 | 1,015 | 1,573 | 1,625 |
Income (loss) from discontinued operations after income taxes | (30) | (45) | (40) | (55) |
Net income (loss) Available to Common Stockholders | $ 969 | $ 970 | $ 1,533 | $ 1,570 |
Earnings Per Share Earnings Per Share Calculations - Basic (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Earnings Per Share [Abstract] | ||||
Basic earnings (loss) per share of common stock from continuing operations | $ 1.38 | $ 1.37 | $ 2.17 | $ 2.19 |
Basic earnings (loss) per share of common stock from discontinued operations | $ (0.04) | $ (0.06) | $ (0.06) | $ (0.07) |
Basic earnings (loss) per share of common stock | $ 1.34 | $ 1.31 | $ 2.11 | $ 2.12 |
Earnings Per Share Earnings Per Share Calculations - Diluted (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Earnings Per Share [Abstract] | ||||
Diluted earnings (loss) per share of common stock from continuing operations | $ 1.37 | $ 1.37 | $ 2.16 | $ 2.18 |
Diluted earnings (loss) per share of common stock from discontinued operations | $ (0.04) | $ (0.06) | $ (0.05) | $ (0.07) |
Diluted earnings (loss) per share of common stock | $ 1.33 | $ 1.31 | $ 2.11 | $ 2.11 |
Earnings Per Share Share Count Information (Details) - shares |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|||||
Earnings Per Share [Line Items] | |||||||||
Weighted Average Common Shares - basic | 723,000,000.0 | 737,300,000 | 724,900,000 | 740,300,000 | |||||
Dilutive effect of equity compensation plans | [1] | 3,700,000 | 6,000,000.0 | 3,700,000 | 6,100,000 | ||||
Weighted Average Common Shares - diluted | 726,700,000 | 743,300,000 | 728,600,000 | 746,400,000 | |||||
Potential shares of common stock excluded from EPS calculations | [2] | 1,800,000 | 2,100,000 | 2,400,000 | 2,100,000 | ||||
Common Stock, Shares Authorized | 1,666,667,000 | 1,666,667,000 | 1,666,667,000 | 1,666,667,000 | 1,666,667,000 | ||||
|
Accounts and Notes Receivable (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Accounts Receivable - trade | [1] | $ 4,457 | $ 4,318 | $ 4,457 | $ 4,318 | $ 3,441 | ||||||
Notes receivable - trade | [1],[2] | 1,305 | 1,445 | 1,305 | 1,445 | 120 | ||||||
Other | [3] | 1,185 | 1,029 | 1,185 | 1,029 | 1,250 | ||||||
Accounts and notes receivable - net | 6,947 | 6,792 | 6,947 | 6,792 | 4,811 | |||||||
Accounts Receivable, Allowance for Credit Loss, Current | 233 | 216 | 233 | 216 | 210 | $ 208 | ||||||
Due from Affiliates | 131 | 92 | 131 | 92 | 104 | |||||||
Factoring Agreement [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Trade Receivables Sold | 78 | 177 | 95 | 188 | ||||||||
Trade receivables sold the remain outstanding with an element of recourse | 52 | 135 | 52 | 135 | $ 166 | |||||||
Loss on Sale of Accounts Receivable | $ 13 | $ 41 | $ 13 | $ 43 | ||||||||
|
Accounts and Notes Receivable Allowance Rollforward (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Receivables [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Beginning Balance | $ 210 | $ 208 |
Net Benefit for Credit Losses | 12 | (3) |
Write-offs charged against allowance/ other | 11 | 11 |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 233 | $ 216 |
Inventories Schedule of Inventory (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
---|---|---|---|
Inventory [Line Items] | |||
Finished Products | $ 1,722 | $ 2,497 | $ 1,680 |
Semi-finished Products | 1,793 | 2,076 | 1,406 |
Raw Materials and Supplies | 669 | 607 | 455 |
Total inventories | $ 4,184 | $ 5,180 | $ 3,541 |
Property, Plant and Equipment Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
---|---|---|---|
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 8,532 | $ 8,364 | $ 8,343 |
Accumulated Depreciation | $ (4,232) | $ (4,035) | $ (4,002) |
Other Intangible Assets Other Intangible Assets (Details) - USD ($) $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2022 |
Dec. 31, 2021 |
|||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ 12,608 | $ 12,569 | $ 12,595 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (2,205) | (2,906) | (2,561) | ||
Finite-Lived Intangible Assets, Net | 10,403 | 9,663 | 10,034 | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 10 | 10 | 10 | ||
Intangible Assets, Gross (Excluding Goodwill) | 12,618 | 12,579 | 12,605 | ||
Total other intangible assets | 10,413 | 9,673 | 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 | (444) | (698) | (571) | ||
Finite-Lived Intangible Assets, Net | 5,821 | 5,567 | 5,694 | ||
Customer-Related Intangible Assets [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 1,966 | 1,936 | 1,953 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (434) | (538) | (487) | ||
Finite-Lived Intangible Assets, Net | 1,532 | 1,398 | 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 | (603) | (753) | (679) | ||
Finite-Lived Intangible Assets, Net | 882 | 732 | 806 | ||
Trademarks and Trade Names [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 2,013 | 2,009 | 2,012 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (132) | (211) | (172) | ||
Finite-Lived Intangible Assets, Net | 1,881 | 1,798 | 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 | (349) | (444) | (396) | ||
Finite-Lived Intangible Assets, Net | 126 | 31 | 79 | ||
Other Intangible Assets [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | [1] | 404 | 399 | 405 | |
Finite-Lived Intangible Assets, Accumulated Amortization | [1] | (243) | (262) | (256) | |
Finite-Lived Intangible Assets, Net | [1] | $ 161 | $ 137 | $ 149 | |
|
Other Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 179 | $ 180 | $ 358 | $ 363 |
Continuing Operations [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Pre-tax amortization expense, remainder of 2021 | 342 | 342 | ||
Pre-tax amortization expense, 2022 | 619 | 619 | ||
Pre-tax amortization expense, 2023 | 605 | 605 | ||
Pre-tax amortization expense, 2024 | 568 | 568 | ||
Pre-tax amortization expense, 2025 | 557 | 557 | ||
Pre-tax amortization expense, 2026 | $ 497 | $ 497 |
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Short-term borrowings and finance lease obligations (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Feb. 08, 2022 |
Dec. 31, 2021 |
Jun. 30, 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 | 712 | 17 | 677 | |
Commercial Paper [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings | 684 | 0 | 494 | |
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 | 27 | 15 | 31 | |
Repurchase Agreements [Member] | Securities Sold under Agreements to Repurchase [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings | $ 0 | $ 0 | $ 150 |
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Long-term Debt (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
May 01, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Long-term Debt Payable within one year | $ 0 | $ 1 | $ 1 | |
Long-term Debt and Lease Obligation | 1,283 | 1,100 | 1,101 | |
Finance Lease, Liability, Noncurrent | 2 | 3 | 3 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 8 | 10 | 10 | |
Line of Credit Facility, Maximum Borrowing Capacity | 5,500 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 5,500 | |||
Foreign Currency Loans | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 110 | |||
Revolving Credit Facilities due 2027 | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000 | $ 3,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 3,000 | |||
Revolving Credit Facilities due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000 | 2,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 2,000 | |||
364-day Revolving Credit Facilities due 2023 | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 500 | $ 500 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 500 | |||
Medium-term Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 107 | $ 107 | $ 108 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 1.39% | 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 | $ 182 | $ 1 | $ 1 | |
Foreign Currency Loans | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 14.80% | 6.82% | 6.11% | |
Fair Value, Inputs, Level 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Fair Value | $ 1,188 | $ 1,121 | $ 1,139 |
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Repurchase Facility and Revolving Credit Facilities (Details) $ in Millions |
6 Months Ended | 12 Months Ended | 37 Months Ended | 61 Months Ended | ||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2021
USD ($)
|
May 01, 2023 |
May 30, 2025 |
May 31, 2027 |
May 01, 2022
USD ($)
|
Feb. 08, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Line of Credit Facility [Line Items] | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 5,500 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 5,500 | |||||||
Proceeds from debt | 772 | $ 419 | ||||||
Repayments of Long-term Debt | 204 | 0 | ||||||
Foreign Currency Loans | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 110 | |||||||
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] | ||||||||
Debt Instrument, Term | 5 years | |||||||
Revolving Credit Facilities due 2025 [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 2,000 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000 | 2,000 | ||||||
Debt Instrument, Term | 3 years | |||||||
Revolving Credit Facilities due 2025 [Member] | 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] | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 3,000 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000 | $ 3,000 | ||||||
Debt Instrument, Term | 5 years | |||||||
Revolving Credit Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Ratio of Indebtedness to Net Capital | 0.60 | |||||||
364-day Revolving Credit Facilities due 2023 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 500 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 500 | $ 500 | ||||||
Debt Instrument, Term | 364 days | |||||||
Ratio of Indebtedness to Net Capital | 0.60 | |||||||
364-day Revolving Credit Facilities due 2023 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Adjusted Term SOFR | 0.10% | |||||||
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% | |||||||
Securities Sold under Agreements to Repurchase [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Adjusted Term SOFR | 0.10% | |||||||
Securities Sold under Agreements to Repurchase [Member] | Repurchase Agreements [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Short-term borrowings | $ 0 | $ 150 | $ 0 |
Commitments and Contingent Liabilities Guarantee Narrative (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
---|---|---|---|
Guarantor Obligations [Line Items] | |||
Guarantee Obligations | $ 94 | $ 105 | $ 115 |
Factoring Agreement [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee Obligations | 22 | 21 | 22 |
Agreements with lenders to provide financing for select customers [Member] | |||
Guarantor Obligations [Line Items] | |||
Accounts Receivable, after Allowance for Credit Loss | $ 632 | $ 15 | $ 648 |
Commitments and Contingent Liabilities Chemours (Details) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2021
USD ($)
|
Mar. 31, 2019
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2021
USD ($)
|
Dec. 31, 2029
USD ($)
|
Dec. 31, 2028
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2018
lawsuits
|
|
Performance Chemicals | |||||||||
Loss Contingencies [Line Items] | |||||||||
Income (loss) from discontinued operations before income taxes | $ 23.0 | $ 34.0 | $ 27.0 | $ 37.0 | |||||
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 | $ 4,000.0 | |||||||
Corteva and DuPont stray liability threshold for PFAS | 300.0 | 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 | $ 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% | 29.00% | |||||||
Corteva [Member] | PFAS [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Stray liability sharing percentage for PFAS | 50.00% | 50.00% | |||||||
Corteva [Member] | DuPont de Nemours [Member] | PFAS [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Stray liability sharing percentage for PFAS | 50.00% | 50.00% | |||||||
Annual Escrow Deposit | $ 100.0 | ||||||||
Annual Escrow Deposit, remainder of period | 50.0 | ||||||||
Escrow Account Deposit Percentage | 50.00% | 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 | $ 2,000.0 | |||||||
Total Escrow Deposit Amount | $ 500.0 | ||||||||
DuPont de Nemours [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Stray liability sharing percentage | 71.00% | 71.00% | |||||||
DuPont de Nemours [Member] | PFAS [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Stray liability sharing percentage for PFAS | 50.00% | 50.00% | |||||||
DuPont de Nemours [Member] | DuPont de Nemours [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Corteva and DuPont stray liability threshold for PFAS | $ 200.0 | $ 200.0 |
Commitments and Contingent Liabilities DuPont (Details) - USD ($) |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
---|---|---|---|
Accounts and Notes Receivable [Member] | |||
Loss Contingencies [Line Items] | |||
Indemnification Assets | $ 28,000,000 | $ 25,000,000 | $ 31,000,000 |
Other Assets [Member] | |||
Loss Contingencies [Line Items] | |||
Indemnification Assets | 82,000,000 | 75,000,000 | 50,000,000 |
Accrued and Other Current Liabilities [Member] | |||
Loss Contingencies [Line Items] | |||
Indemnified Liabilities | 30,000,000 | 20,000,000 | 54,000,000 |
Other noncurrent obligations | |||
Loss Contingencies [Line Items] | |||
Indemnified Liabilities | 119,000,000 | $ 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 | ||
Litigation Settlement [Abstract] | |||
Escrow Balance | $ 125,000,000 | ||
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 | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Mar. 31, 2019
USD ($)
|
Jun. 30, 2022
USD ($)
lawsuits
|
Dec. 31, 2004
USD ($)
|
Dec. 31, 2018
lawsuits
|
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 | 6 Months Ended |
---|---|---|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2022
USD ($)
lawsuits
|
|
Loss Contingencies [Line Items] | ||
Loss Contingency, Number of Defendants | lawsuits | 30 | |
DELAWARE | ||
Loss Contingencies [Line Items] | ||
Income (loss) from discontinued operations before income taxes | $ 11.0 | |
Firefighting Foam [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | lawsuits | 2,700 | |
Personal injury cases [Member] | Firefighting Foam [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | 2,400 | |
Municipal water districts | Firefighting Foam [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Pending Claims, Number | 200 | |
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 |
Jun. 30, 2022 |
Jan. 28, 2022 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Loss Contingencies [Line Items] | ||||||||||
Indemnification Asset | $ 239 | |||||||||
Accrual for Environmental Loss Contingencies | [1] | 482 | ||||||||
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1] | 600 | ||||||||
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] | 156 | ||||||||
Accrual for Environmental Loss Contingencies | [1],[2],[3] | 156 | ||||||||
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1],[2],[3] | 255 | ||||||||
Discontinued Operations [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Indemnification Asset | [2] | 21 | ||||||||
Other discontinued or divested business obligations [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Accrual for Environmental Loss Contingencies | [1],[2] | 75 | ||||||||
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1],[2] | 193 | ||||||||
Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Indemnification Asset | [3] | 41 | ||||||||
Accrual for Environmental Loss Contingencies | [1],[3] | 43 | ||||||||
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1],[3] | 66 | ||||||||
Not subject to indemnification [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Indemnification Asset | 0 | |||||||||
Accrual for Environmental Loss Contingencies | [1] | 79 | ||||||||
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1] | 58 | ||||||||
Indemnification liabilities related to the MOU | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Indemnification Asset | [4] | 21 | ||||||||
Accrual for Environmental Loss Contingencies | [1],[4] | 129 | ||||||||
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1],[2],[4] | 28 | ||||||||
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 | 64 | |||||||||
Superfund Sites [Member] | Chemours [Member] | Indemnification Agreement [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Indemnification Asset | $ 36 | |||||||||
|
Stockholders' Equity Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Jul. 29, 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 | $ 0.01 | $ 0.01 | ||
Repurchase of Common Stock | $ 600 | $ 550 | ||||||
2019 Share Buyback Plan | ||||||||
Class of Stock [Line Items] | ||||||||
Stock Repurchased and Retired During Period, Shares | 4,324 | 11,970 | ||||||
Stock Repurchase Program, Authorized Amount | $ 1,000 | |||||||
Repurchase of Common Stock | $ 200 | $ 550 | ||||||
2021 Stock Repurchase Program | ||||||||
Class of Stock [Line Items] | ||||||||
Stock Repurchased and Retired During Period, Shares | 6,285 | 10,870 | ||||||
Stock Repurchase Program, Authorized Amount | $ 1,500 | |||||||
Repurchase of Common Stock | $ 365 | $ 600 | ||||||
Corteva [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 |
Stockholders' Equity Preferred Stock (Details) - EID [Member] - USD ($) |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 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 | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Beginning Balance | $ (2,898) | $ (2,898) | ||||||||||
Beginning Balance | $ 25,936 | 25,623 | $ 24,778 | $ 25,063 | 25,623 | $ 25,063 | ||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (64) | (157) | (76) | (303) | ||||||||
Other comprehensive (loss) income | (402) | 77 | 122 | (477) | (325) | (355) | ||||||
Ending Balance | 26,071 | 25,936 | 25,625 | 24,778 | 26,071 | 25,625 | ||||||
Ending Balance | (3,223) | (3,245) | (3,223) | (3,245) | ||||||||
Pension Plan | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Beginning Balance | (396) | (1,433) | (396) | (1,433) | ||||||||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | 13 | (5) | ||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 2 | 21 | ||||||||||
Other comprehensive (loss) income | 15 | 16 | ||||||||||
Ending Balance | (381) | (1,417) | (381) | (1,417) | ||||||||
Other Benefit Plans | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Beginning Balance | (31) | 590 | (31) | 590 | ||||||||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | 3 | 1 | ||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | (318) | ||||||||||
Other comprehensive (loss) income | 3 | (317) | ||||||||||
Ending Balance | (28) | 273 | (28) | 273 | ||||||||
Cumulative Translation Adjustment | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Beginning Balance | (2,543) | (1,970) | (2,543) | (1,970) | ||||||||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | [1] | (335) | (160) | |||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | 0 | ||||||||||
Other comprehensive (loss) income | (335) | (160) | ||||||||||
Ending Balance | (2,878) | (2,130) | (2,878) | (2,130) | ||||||||
Derivative Instruments | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Beginning Balance | 72 | (67) | 72 | (67) | ||||||||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | 70 | 109 | ||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (66) | (7) | (78) | (13) | ||||||||
Other comprehensive (loss) income | (8) | 96 | ||||||||||
Ending Balance | 64 | 29 | 64 | 29 | ||||||||
Unrealized Gain (loss) on Investments | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Beginning Balance | 0 | (10) | 0 | (10) | ||||||||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | 0 | 3 | ||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | [2] | 1 | [2] | 0 | 7 | ||||||
Other comprehensive (loss) income | 0 | 10 | ||||||||||
Ending Balance | 0 | 0 | 0 | 0 | ||||||||
Total | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Beginning Balance | (2,898) | (2,890) | (2,898) | (2,890) | ||||||||
Beginning Balance | (2,821) | (2,898) | (3,367) | (2,890) | (2,898) | (2,890) | ||||||
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | (249) | (52) | ||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (76) | (303) | ||||||||||
Other comprehensive (loss) income | (402) | 77 | 122 | (477) | (325) | (355) | ||||||
Ending Balance | (3,223) | $ (2,821) | (3,245) | $ (3,367) | (3,223) | (3,245) | ||||||
Ending Balance | $ (3,223) | $ (3,245) | $ (3,223) | $ (3,245) | ||||||||
|
Stockholders' Equity Tax Benefit (Expense) on Net Activity (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | $ (2) | $ 38 | $ 67 | |
Pension Plan | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | (3) | (3) | $ (5) | (5) |
Other Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | 0 | 48 | 3 | 97 |
Derivative Instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | $ 1 | $ (7) | $ 0 | $ (25) |
Stockholders' Equity Reclassifications out of AOCI (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | $ (64) | $ (157) | $ (76) | $ (303) | ||||||||||
Other Benefit Plans | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Amortization of Prior Service Benefit | (1) | [1],[2] | (231) | [1],[2] | (1) | (461) | ||||||||
Pension Plan | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 2 | 21 | ||||||||||||
Other Benefit Plans | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | (318) | ||||||||||||
Derivative Instruments | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | (86) | [3] | (10) | [3] | (101) | (15) | ||||||||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | 20 | [4] | 3 | [4] | 23 | 2 | ||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (66) | (7) | (78) | (13) | ||||||||||
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 | [1],[2] | 13 | [1],[2] | 2 | 27 | ||||||||
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 | [1],[2] | 24 | [1],[2] | 1 | 47 | ||||||||
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 | 2 | [1],[2] | 0 | [1],[2] | 2 | 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 | 2 | 12 | 2 | 27 | ||||||||||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | 0 | [4] | (3) | [4] | 0 | (6) | ||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 2 | 9 | 2 | 21 | ||||||||||
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 | (208) | 0 | (415) | ||||||||||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | 0 | [4] | 48 | [4] | 0 | 97 | ||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | (160) | 0 | (318) | ||||||||||
Unrealized loss on investments | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | 0 | [4] | 0 | [4] | 0 | 0 | ||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | [1] | 1 | [1] | 0 | 7 | ||||||||
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) | (1) | (2) | (1) | ||||||||||
Accumulated Defined Benefit Plans Adjustment, Curtailment Gain (Loss) | 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 | $ (1) | $ 0 | $ (1) | ||||||||||
|
Pension Plans and Other Post Employment Benefit Plans Components of net periodic benefit cost (credit) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | $ 5 | $ 5 | $ 9 | $ 12 |
Interest Cost | 109 | 91 | 217 | 182 |
Expected return on plan assets | (190) | (228) | (380) | (458) |
Amortization of unrecognized loss (gain) | 1 | 13 | 2 | 27 |
Amortization of Prior Service Benefit | (1) | (1) | (2) | (1) |
Settlement Loss (Gain) | 2 | 0 | 2 | 1 |
Defined Benefit Plan, Net Periodic Benefit (Credit) Cost | (74) | (120) | (152) | (237) |
Other Benefit Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 1 | 0 | 1 | 0 |
Interest Cost | 6 | 5 | 13 | 11 |
Amortization of unrecognized loss (gain) | 1 | 24 | 1 | 47 |
Amortization of Prior Service Benefit | (1) | (231) | (1) | (461) |
Curtailment (gain) loss | 0 | (1) | 0 | (1) |
Defined Benefit Plan, Net Periodic Benefit (Credit) Cost | $ 7 | $ (203) | $ 14 | $ (404) |
Financial Instruments Financial Instruments (Narrative) (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
---|---|---|---|
Cash Equivalents [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities | $ 1,488 | $ 3,400 | $ 1,923 |
Marketable Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities | $ 254 | $ 86 | $ 39 |
Financial Instruments Notional Amounts (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
---|---|---|---|
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 751 | $ 1,252 | $ 767 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 361 | 845 | 143 |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 1,546 | 103 | 878 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 99 | $ 4 | $ 5 |
Financial Instruments Cash Flow Hedges Included in AOCI (Details) € in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 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 | $ 96 | $ 10 | $ 47 | $ (16) | ||
Additions and revaluations of derivatives designated as cash flow hedges | 53 | 73 | 116 | 103 | ||
Clearance of hedge results to earnings | (68) | (10) | (82) | (14) | ||
Ending Balance | 81 | 73 | 81 | 73 | ||
After-tax net gain (loss) to be reclassified from AOCL into earnings over the next twelve months | 73 | |||||
Derivative, Notional Amount | 361 | 143 | $ 361 | 143 | $ 845 | |
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative, Remaining Maturity | 2 years | |||||
Beginning Balance | (48) | 6 | $ 32 | (17) | ||
Additions and revaluations of derivatives designated as cash flow hedges | 15 | (30) | (67) | (5) | ||
Clearance of hedge results to earnings | 2 | 3 | 4 | 1 | ||
Ending Balance | (31) | (21) | (31) | (21) | ||
After-tax net gain (loss) to be reclassified from AOCL into earnings over the next twelve months | 31 | |||||
Derivative, Notional Amount | $ 751 | $ 767 | $ 751 | $ 767 | $ 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 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
||
---|---|---|---|---|---|
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Asset, Gross | $ 93 | $ 71 | $ 37 | ||
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (38) | (20) | (20) | |
Derivative Asset, Net | 55 | 51 | 17 | ||
Derivative Liability, Gross | 61 | 26 | 93 | ||
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (38) | (20) | (20) | |
Derivative Liability, Net | 23 | 6 | 73 | ||
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Other Current Assets [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Asset, Gross | 37 | 37 | 1 | ||
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | 0 | 0 | 0 | |
Derivative Asset, Net | 37 | 37 | 1 | ||
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Accrued and Other Current Liabilities [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | 0 | |||
Derivative Liability, Gross | 14 | 1 | 21 | ||
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | 0 | 0 | ||
Derivative Liability, Net | 14 | 1 | 21 | ||
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued and Other Current Liabilities [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Liability, Gross | 1 | ||||
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | 0 | |||
Derivative Liability, Net | 1 | ||||
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Other Current Assets [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Asset, Gross | 53 | 31 | 36 | ||
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (38) | (20) | (20) | |
Derivative Asset, Net | 15 | 11 | 16 | ||
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Accrued and Other Current Liabilities [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Liability, Gross | 46 | 23 | 72 | ||
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (38) | (20) | (20) | |
Derivative Liability, Net | 8 | 3 | $ 52 | ||
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Assets [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Asset, Gross | 3 | 3 | |||
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | 0 | 0 | ||
Derivative Asset, Net | $ 3 | 3 | |||
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued and Other Current Liabilities [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Liability, Gross | 2 | ||||
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | 0 | |||
Derivative Liability, Net | $ 2 | ||||
|
Financial Instruments Effect of Derivative Instruments (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Gain (Loss) on Derivative Instruments, Net, Pretax | [1] | $ 123 | $ (75) | $ 27 | $ (64) | |||||||
Designated as Hedging Instrument [Member] | ||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Amount of (loss) gain recognized in OCI- Pre Tax | [2] | 102 | 48 | 93 | 136 | |||||||
Amount of gain (loss) recognized in Income - Pre-tax | [1] | 86 | 10 | 101 | 15 | |||||||
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] | 20 | (7) | 27 | 14 | |||||||
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] | 21 | (37) | (81) | (6) | |||||||
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] | (2) | (2) | (5) | (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] | 61 | 92 | 147 | 128 | |||||||
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] | 88 | 12 | 106 | 16 | |||||||
Not Designated as Hedging Instrument [Member] | ||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
Amount of gain (loss) recognized in income - pre-tax | [1] | 37 | (85) | (74) | (79) | |||||||
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] | 31 | (30) | (5) | (28) | |||||||
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] | 10 | (50) | (43) | (34) | |||||||
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] | $ (4) | $ (5) | $ (26) | $ (17) | |||||||
|
Financial Instruments- AFS Investing Results (Details) - Available-for-sale Securities - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2021 |
|
Debt Securities, Available-for-sale [Line Items] | ||
Proceeds from sales of available-for-sale securities | $ 65 | $ 226 |
Gross realized losses | $ (1) | $ (7) |
Financial Instruments Contractual Maturities (Details) $ in Millions |
Jun. 30, 2022
USD ($)
|
[1] | ||
---|---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost, Within One Year | $ 65 | |||
Amortized Cost, One Through Five Years | 0 | |||
Fair Value, Within One Year | 65 | |||
Fair Value, one to five years | $ 0 | |||
|
Fair Value Measurements (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
||||
---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||
Derivative Asset | $ 93 | $ 71 | $ 37 | ||||
Derivative Liability | 61 | 26 | 93 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||
Marketable Securities | 0 | 0 | 0 | ||||
Equity Securities, | [1] | 48 | |||||
Assets at Fair Value | 0 | 48 | 0 | ||||
Liabilities at Fair Value | 0 | 0 | 0 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 | Foreign Currency Contract [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||
Derivative Asset | [2] | 0 | 0 | 0 | |||
Derivative Liability | [2] | 0 | 0 | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 | Commodity Contract [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||
Derivative Asset | [2] | 0 | |||||
Derivative Liability | [2] | 0 | |||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||
Marketable Securities | 254 | 86 | 39 | ||||
Equity Securities, | [1] | 0 | |||||
Assets at Fair Value | 347 | 154 | 76 | ||||
Liabilities at Fair Value | 61 | 24 | 93 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Currency Contract [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||
Derivative Asset | [2] | 90 | 68 | 37 | |||
Derivative Liability | [2] | 60 | $ 24 | $ 93 | |||
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 | [2] | 3 | |||||
Derivative Liability | [2] | $ 1 | |||||
|
Segment Reporting Segment Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net Sales | $ 6,252 | $ 5,627 | $ 10,853 | $ 9,805 | |||||||||
Segment operating EBITDA | 1,749 | 1,493 | 2,809 | 2,431 | |||||||||
Segment Assets | 36,289 | 36,800 | 36,289 | 36,800 | $ 35,698 | ||||||||
Net exchange gains (losses) | [1] | (36) | (14) | (83) | (49) | ||||||||
Income from continuing operations before income taxes | 1,327 | 1,302 | 2,025 | 2,093 | |||||||||
Interest Expense | 16 | 7 | 25 | 14 | |||||||||
Interest income | 24 | 18 | 39 | 39 | |||||||||
Mark-to-market gain (loss) on certain foreign currency contracts not designated as hedges | (27) | ||||||||||||
Significant Items | 155 | 135 | 177 | 235 | |||||||||
Corporate Expenses | 30 | 32 | 51 | 66 | |||||||||
EID [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net Sales | 6,252 | 5,627 | 10,853 | 9,805 | |||||||||
Segment operating EBITDA | 1,749 | 1,493 | 2,809 | 2,431 | |||||||||
Income from continuing operations before income taxes | 1,317 | 1,289 | 2,006 | 2,065 | |||||||||
Interest Expense | 26 | 20 | 44 | 42 | |||||||||
Depreciation and Amortization | 302 | 313 | 609 | 617 | |||||||||
Non-operating benefits - net | (60) | (315) | (125) | (626) | |||||||||
Mark-to-market gain (loss) on certain foreign currency contracts not designated as hedges | (33) | 23 | 3 | 22 | |||||||||
Significant Items | 155 | 135 | 177 | 235 | |||||||||
Corporate Expenses | 30 | 32 | 51 | 66 | |||||||||
Seed [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net Sales | 3,947 | 3,780 | 6,471 | 6,272 | |||||||||
Segment operating EBITDA | 1,240 | 1,123 | 1,809 | 1,740 | |||||||||
Segment Assets | 22,757 | [2] | 23,804 | [2] | 22,757 | [2] | 23,804 | [2] | 23,270 | ||||
Crop Protection [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net Sales | 2,305 | 1,847 | 4,382 | 3,533 | |||||||||
Segment operating EBITDA | 509 | 370 | 1,000 | 691 | |||||||||
Segment Assets | 13,532 | [2] | 12,996 | [2] | 13,532 | [2] | 12,996 | [2] | $ 12,428 | ||||
Segment Reconciling Items [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net exchange gains (losses) | 36 | 14 | 83 | 49 | |||||||||
Depreciation and Amortization | 302 | 313 | 609 | 617 | |||||||||
Interest income | (24) | (18) | (39) | (39) | |||||||||
Mark-to-market gain (loss) on certain foreign currency contracts not designated as hedges | (33) | 23 | 3 | 22 | |||||||||
Significant Items | (155) | (135) | (177) | (235) | |||||||||
Segment Reconciling Items [Member] | EID [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net exchange gains (losses) | 36 | 14 | 83 | 49 | |||||||||
Interest income | (24) | (18) | (39) | (39) | |||||||||
Segment Reconciling Items [Member] | Seed [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Significant Items | (138) | (115) | (143) | (136) | |||||||||
Segment Reconciling Items [Member] | Crop Protection [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Significant Items | $ (2) | $ (11) | $ (17) | $ (43) | |||||||||
|
Segment Reporting Segment Reconciliation (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|||||
Segment Reporting Information [Line Items] | ||||||||
Income (loss) from continuing operations after income taxes | $ 1,002 | $ 1,018 | $ 1,579 | $ 1,631 | ||||
Provision for (benefit from) income taxes on continuing operations | 325 | 284 | 446 | 462 | ||||
Income from continuing operations before income taxes | 1,327 | 1,302 | 2,025 | 2,093 | ||||
Interest income | 24 | 18 | 39 | 39 | ||||
Interest Expense | 16 | 7 | 25 | 14 | ||||
Exchange (gains) losses - net | [1] | (36) | (14) | (83) | (49) | |||
Mark-to-market gain (loss) on certain foreign currency contracts not designated as hedges | 27 | |||||||
Significant Items | 155 | 135 | 177 | 235 | ||||
Corporate Expenses | 30 | 32 | 51 | 66 | ||||
Segment operating EBITDA | 1,749 | 1,493 | 2,809 | 2,431 | ||||
Non-operating pension and other post employment benefit credit | [2] | 73 | 328 | 148 | 653 | |||
EID [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Provision for (benefit from) income taxes on continuing operations | 322 | 281 | 441 | 455 | ||||
Income from continuing operations before income taxes | 1,317 | 1,289 | 2,006 | 2,065 | ||||
Depreciation and Amortization | 302 | 313 | 609 | 617 | ||||
Interest Expense | 26 | 20 | 44 | 42 | ||||
Mark-to-market gain (loss) on certain foreign currency contracts not designated as hedges | 33 | (23) | (3) | (22) | ||||
Significant Items | 155 | 135 | 177 | 235 | ||||
Corporate Expenses | 30 | 32 | 51 | 66 | ||||
Segment operating EBITDA | 1,749 | 1,493 | 2,809 | 2,431 | ||||
Segment Reconciling Items [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Depreciation and Amortization | 302 | 313 | 609 | 617 | ||||
Interest income | (24) | (18) | (39) | (39) | ||||
Exchange (gains) losses - net | 36 | 14 | 83 | 49 | ||||
Mark-to-market gain (loss) on certain foreign currency contracts not designated as hedges | 33 | (23) | (3) | (22) | ||||
Significant Items | (155) | (135) | (177) | (235) | ||||
Non-operating pension and other post employment benefit credit | (60) | (315) | (125) | (626) | ||||
Segment Reconciling Items [Member] | EID [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Interest income | (24) | (18) | (39) | (39) | ||||
Exchange (gains) losses - net | $ 36 | $ 14 | $ 83 | $ 49 | ||||
|
Segment Reporting Segment Asset Reconciliation (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
---|---|---|---|
Segment Reporting [Abstract] | |||
Segment Assets | $ 36,289 | $ 35,698 | $ 36,800 |
Corporate Assets | 4,617 | 6,646 | 4,696 |
Total Assets | $ 40,906 | $ 42,344 | $ 41,496 |
Segment Reporting Significant Items (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring and Asset related charges, net | $ 143 | $ 135 | $ 148 | $ 235 | ||||||||
Significant Items | 155 | 135 | 177 | 235 | ||||||||
Net exchange gains (losses) | [1] | (36) | (14) | (83) | (49) | |||||||
2022 Restructuring Actions- Russia Exit | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring and Related Cost, Cost Incurred to Date | 38 | 38 | ||||||||||
Other Income | Settlement Cost | 2022 Restructuring Actions- Russia Exit | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring and Related Cost, Cost Incurred to Date | 6 | 6 | ||||||||||
Hedging Program [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net exchange gains (losses) | 10 | (50) | (43) | (34) | ||||||||
Argentine Peso Devaluation [Member] | Hedging Program [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net exchange gains (losses) | (18) | (14) | (33) | (37) | ||||||||
Seed [Member] | Settlement Cost | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring and Related Cost, Cost Incurred to Date | (6) | (6) | ||||||||||
Segment Reconciling Items [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring and Asset related charges, net | (143) | [2] | (135) | [2] | (148) | (235) | ||||||
Significant Items | (155) | (135) | (177) | (235) | ||||||||
Net exchange gains (losses) | 36 | 14 | 83 | 49 | ||||||||
Segment Reconciling Items [Member] | Seed [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring and Asset related charges, net | (126) | [2] | (115) | [2] | (131) | (136) | ||||||
Inventory Write-down | (1) | [3] | (1) | |||||||||
Loss on Divestiture | [3] | (5) | (5) | |||||||||
Significant Items | (138) | (115) | (143) | (136) | ||||||||
Segment Reconciling Items [Member] | Crop Protection [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring and Asset related charges, net | (2) | [2] | (11) | [2] | 0 | (43) | ||||||
Litigation Settlement, Expense | (17) | |||||||||||
Significant Items | (2) | (11) | (17) | (43) | ||||||||
Segment Reconciling Items [Member] | Corporate | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring and Asset related charges, net | (15) | [2] | (9) | [2] | (17) | (56) | ||||||
Significant Items | $ (15) | $ (9) | $ (17) | $ (56) | ||||||||
|
EID - Basis of Presentation Narrative (Details) - $ / shares |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jul. 29, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
Jun. 26, 2019 |
|
EID [Member] | |||||
Common Stock, Shares, Outstanding | 200 | 200 | 200 | ||
Common Stock, Par Value | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | |
Common Stock, Shares, Outstanding | 719,320,000 | 726,527,000 | 734,421,000 | ||
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 | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Related Party Transaction [Line Items] | |||||
Long Term Debt - Related Party | $ 1,377 | $ 2,745 | $ 1,377 | $ 2,745 | $ 2,162 |
Corteva [Member] | |||||
Related Party Transaction [Line Items] | |||||
Debt, Weighted Average Interest Rate | 4.12% | 1.52% | 4.12% | 1.52% | 1.67% |
Interest Expense, Related Party | $ 10 | $ 13 | $ 19 | $ 28 | |
Accrued and Other Current Liabilities [Member] | Corteva [Member] | |||||
Related Party Transaction [Line Items] | |||||
CTVA Related Party Liability | 30 | 57 | 30 | 57 | $ 27 |
Other noncurrent obligations | Corteva [Member] | |||||
Related Party Transaction [Line Items] | |||||
CTVA Related Party Liability | $ 119 | $ 91 | $ 119 | $ 91 | $ 117 |
EID Segment FN Segment reconciliation (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|||
Segment Reporting Information [Line Items] | ||||||
Provision for (benefit from) income taxes on continuing operations | $ 325 | $ 284 | $ 446 | $ 462 | ||
Income from continuing operations before income taxes | 1,327 | 1,302 | 2,025 | 2,093 | ||
Interest income | 24 | 18 | 39 | 39 | ||
Interest Expense | 16 | 7 | 25 | 14 | ||
Exchange (gains) losses - net | [1] | (36) | (14) | (83) | (49) | |
Significant Items | 155 | 135 | 177 | 235 | ||
Corporate Expenses | 30 | 32 | 51 | 66 | ||
Segment operating EBITDA | 1,749 | 1,493 | 2,809 | 2,431 | ||
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 | 995 | 1,008 | 1,565 | 1,610 | ||
Provision for (benefit from) income taxes on continuing operations | 322 | 281 | 441 | 455 | ||
Income from continuing operations before income taxes | 1,317 | 1,289 | 2,006 | 2,065 | ||
Depreciation and Amortization | 302 | 313 | 609 | 617 | ||
Interest Expense | 26 | 20 | 44 | 42 | ||
Non-operating benefits - net | (60) | (315) | (125) | (626) | ||
Significant Items | 155 | 135 | 177 | 235 | ||
Corporate Expenses | 30 | 32 | 51 | 66 | ||
Segment operating EBITDA | 1,749 | 1,493 | 2,809 | 2,431 | ||
Mark-to-market gain (loss) on certain foreign currency contracts not designated as hedges | 33 | (23) | (3) | (22) | ||
Segment Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Depreciation and Amortization | 302 | 313 | 609 | 617 | ||
Interest income | (24) | (18) | (39) | (39) | ||
Exchange (gains) losses - net | 36 | 14 | 83 | 49 | ||
Significant Items | (155) | (135) | (177) | (235) | ||
Mark-to-market gain (loss) on certain foreign currency contracts not designated as hedges | 33 | (23) | (3) | (22) | ||
Segment Reconciling Items [Member] | EID [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest income | (24) | (18) | (39) | (39) | ||
Exchange (gains) losses - net | 36 | 14 | 83 | 49 | ||
Corporate | Segment Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Significant Items | (15) | (9) | (17) | (56) | ||
Crop Protection [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Segment operating EBITDA | 509 | 370 | 1,000 | 691 | ||
Crop Protection [Member] | Segment Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Significant Items | $ (2) | $ (11) | $ (17) | $ (43) | ||
|
EID Segment FN Segment Asset Reconciliation (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
---|---|---|---|
EID [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | $ 40,906 | $ 42,344 | $ 41,496 |
Segment Assets | 36,289 | 35,698 | 36,800 |
Corporate Assets | 4,617 | 6,646 | 4,696 |
Total Assets | $ 40,906 | $ 42,344 | $ 41,496 |