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Accounts and Notes Receivable (Notes)
 3 Months Ended
Mar. 31, 2024
Accounts and Notes Receivable [Abstract]  
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] ACCOUNTS AND NOTES RECEIVABLE - NET
(In millions)March 31, 2024December 31, 2023March 31, 2023
Accounts receivable – trade1
$6,320 $4,210 $6,883 
Notes receivable – trade1,2
440 119 451 
Other3
1,146 1,159 1,344 
Total accounts and notes receivable - net$7,906 $5,488 $8,678 
1.Accounts and notes receivable - trade are net of allowances of $188 million, $205 million and $207 million at March 31, 2024, December 31, 2023 and March 31, 2023, respectively.
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 March 31, 2024, December 31, 2023 and March 31, 2023 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 5 percent of total current assets. In addition, Other includes amounts due from nonconsolidated affiliates of $125 million, $131 million and $137 million as of March 31, 2024, December 31, 2023 and March 31, 2023, respectively.

Accounts and notes receivable are carried at the expected amount to be collected, which approximates fair value. The company establishes the allowance for doubtful receivables using a loss-rate method where the loss rate is developed using past events, historical experience, current conditions and forecasts that affect the collectability of the financial assets.

The following table summarizes changes in the allowance for doubtful receivables for the three months ended March 31, 2024 and 2023:
(In millions)
2023
Balance at December 31, 2022$194 
Net provision for credit losses
10 
Other - net of write-offs charged against allowance
3 
Balance at March 31, 2023
$207 
2024
Balance at December 31, 2023$205 
Net provision for credit losses13 
Other - net of write-offs charged against allowance
(30)
Balance at March 31, 2024
$188 

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 $18 million and $8 million for the three months ended March 31, 2024 and 2023, respectively. The trade receivables sold that remained outstanding under these agreements which include an element of recourse as of March 31, 2024, December 31, 2023 and March 31, 2023 were $4 million, $2 million and $19 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 (expense) - net, in the interim Consolidated Statements of Operations. The loss on sale of receivables for the three months ended March 31, 2024 and 2023 was not material. See Note 13 - Commitments and Contingent Liabilities for additional information on the company’s guarantees.