Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

STOCKHOLDERS' EQUITY

Common Stock

Set forth below is a reconciliation of common stock share activity for the years ended December 31, 2023, 2022, and 2021:

Shares of common stock	Issued
Balance December 31, 2020	743,458,000
Issued	4,019,000
Repurchased and retired	(20,950,000)
Balance December 31, 2021	726,527,000
Issued	4,317,000
Repurchased and retired	(17,425,000)
Balance December 31, 2022	713,419,000
Issued	1,965,000
Repurchased and retired	(14,124,000)
Balance December 31, 2023	701,260,000

Share Buyback Plan

On September 13, 2022, Corteva, Inc. announced that its Board of Directors authorized a $2 billion share repurchase program to purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date ("2022 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 2022 Share Buyback Plan, the company repurchased and retired 10,026,000 shares in the open market for a cost (excluding excise taxes) of $500 million during the year ended December 31, 2023.

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 company completed the 2021 Share Buyback Plan during the first quarter of 2023 and repurchased and retired 4,098,000, 17,425,000 and 5,572,000 shares in the open market for a total cost of $250 million, $1 billion, and $250 million during the years ended December 31, 2023, 2022 and 2021, 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"). The company completed the 2019 Share Buyback Plan during the third quarter of 2021 and repurchased and retired 24,705,000 shares between the years ended December 31, 2019 and 2021 in the open market.

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 EIDP. However, EIDP has preferred stock outstanding to third parties which is accounted for as a non-controlling interest in Corteva's Consolidated Balance Sheets. Each share of EIDP Preferred Stock - $4.50 Series and EIDP Preferred Stock - $3.50 Series issued and outstanding at the effective date of the Corteva Distribution remains issued and outstanding as to EIDP and was unaffected by the Corteva Distribution.

Below is a summary of the EIDP Preferred Stock at December 31, 2023 and 2022 which is classified as noncontrolling interests in the Corteva Consolidated Balance Sheets.

(Shares in thousands)	Number of Shares
Authorized	23,000
$4.50 Series, callable at $120	1,673
$3.50 Series, callable at $102	700

Other Comprehensive Income (Loss)

The changes and after-tax balances of components comprising accumulated other comprehensive income (loss) are summarized below:

(In millions)	Cumulative Translation Adjustment1		Derivative Instruments		Pension Benefit Plans		Other Benefit Plans		Unrealized Gain (Loss) on Investments		Total
2021
Balance January 1, 2021	$	(1,970)	$	(67)	$	(1,433)	$	590	$	(10)	$	(2,890)
Other comprehensive income (loss) before reclassifications	(573)		143		996		25		3		594
Amounts reclassified from accumulated other comprehensive income (loss)	—		(4)		41		(646)		7		(602)
Net other comprehensive income (loss)	(573)		139		1,037		(621)		10		(8)
Balance December 31, 2021	$	(2,543)	$	72	$	(396)	$	(31)	$	—	$	(2,898)
2022
Other comprehensive income (loss) before reclassifications	(340)		63		213		190		—		126
Amounts reclassified from accumulated other comprehensive income (loss)	—		(55)		20		1		—		(34)
Net other comprehensive income (loss)	(340)		8		233		191		—		92
Balance December 31, 2022	$	(2,883)	$	80	$	(163)	$	160	$	—	$	(2,806)
2023
Other comprehensive income (loss) before reclassifications	425		(123)		(188)		38		—		152
Amounts reclassified from accumulated other comprehensive income (loss)	—		(12)		(2)		(9)		—		(23)
Net other comprehensive income (loss)	425		(135)		(190)		29		—		129
Balance December 31, 2023	$	(2,458)	$	(55)	$	(353)	$	189	$	—	$	(2,677)

1.The cumulative translation adjustment gains for the year ended December 31, 2023 was primarily driven by the weakening of the U.S. Dollar (“USD”) against the Swiss Franc ("CHF"), Brazilian Real ("BRL") and European Euro ("EUR"). The cumulative translation adjustment losses for the year ended December 31, 2022 was primarily driven by the strengthening of the U.S. Dollar (“USD”) against the European Euro ("EUR"), Indian Rupee (“INR”), South African Rand (“ZAR”) and Philippine Peso (“PHP”). The cumulative translation adjustment losses for the year ended December 31, 2021 was primarily driven by the strengthening of the U.S. Dollar ("USD") against the European Euro ("EUR"), Swiss franc ("CHF") and Turkish Lira (“TRY”).

The tax (expense) benefit on the net activity related to each component of other comprehensive income (loss) was as follows:

	For the Year Ended December 31,
(In millions)	2023		2022		2021
Derivative instruments	$	50	$	3	$	(41)
Pension benefit plans - net	60		(68)		(319)
Other benefit plans - net	(9)		(56)		188
(Provision for) benefit from income taxes related to other comprehensive income (loss) items	$	101	$	(121)	$	(172)

A summary of the reclassifications out of accumulated other comprehensive income (loss) is provided as follows:

(In millions)	For the Year Ended December 31,
	2023		2022		2021
Derivative Instruments1:	$	(8)	$	(63)	$	(13)
Tax (benefit) expense2	(4)		8		9
After-tax	$	(12)	$	(55)	$	(4)
Amortization of pension benefit plans:
Prior service (benefit) cost3,4	$	(3)	$	(3)	$	(2)
Actuarial (gains) losses3,4	—		3		55
Settlement (gain) loss3,4	—		25		1
Total before tax	(3)		25		54
Tax (benefit) expense2	1		(5)		(13)
After-tax	$	(2)	$	20	$	41
Amortization of other benefit plans:
Prior service (benefit) cost3,4	$	(2)	$	(1)	$	(922)
Actuarial (gains) losses3,4	(10)		2		81
Curtailment (gain) loss	—		—		(1)
Total before tax	(12)		1		(842)
Tax (benefit) expense2	3		—		196
After-tax	$	(9)	$	1	$	(646)
Unrealized (Gain) Loss on Investments4	$	—	$	—	$	7
Tax (benefit) expense2	—		—		—
After-tax	$	—	$	—	$	7
Total reclassifications for the period, after-tax	$	(23)	$	(34)	$	(602)

1.Reflected in cost of goods sold in the Consolidated Statements of Operations.

2.Reflected in provision for (benefit from) income taxes from continuing operations in the Consolidated Statements of Operations.

3.These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit (credit) cost of the company's pension and other benefit plans. See Note 18 - Pension Plans and Other Post-Employment Benefits, to the Consolidated Financial Statements, for additional information.

4.Reflected in other income (expense) - net in the Consolidated Statements of Operations.