EX-99.2 3 a123123enrschedules.htm EX-99.2 Document
A-1
Corteva, Inc.
Consolidated Statements of Operations
(Dollars in millions, except per share amounts)
Three Months Ended December 31,Twelve Months Ended
December 31,
2023202220232022
Net sales$3,707 $3,825 $17,226 $17,455 
Cost of goods sold2,366 2,510 9,920 10,436 
Research and development expense357 340 1,337 1,216 
Selling, general and administrative expenses735 764 3,176 3,173 
Amortization of intangibles175 166 683 702 
Restructuring and asset related charges - net241 63 336 363 
Other income (expense) - net(94)(149)(448)(60)
Interest expense62 36 233 79 
Income (loss) from continuing operations before income taxes(323)(203)1,093 1,426 
Provision for (benefit from) from income taxes on continuing operations(92)(162)152 210 
Income (loss) from continuing operations after income taxes(231)(41)941 1,216 
(Loss) income from discontinued operations after income taxes(20)(12)(194)(58)
Net income (loss)(251)(53)747 1,158 
Net income (loss) attributable to noncontrolling interests2 2 12 11 
Net income (loss) attributable to Corteva$(253)$(55)$735 $1,147 
Basic earnings (loss) per share of common stock:
Basic earnings (loss) per share of common stock from continuing operations$(0.33)$(0.06)$1.31 $1.67 
Basic earnings (loss) per share of common stock from discontinued operations(0.03)(0.02)(0.27)(0.08)
Basic earnings (loss) per share of common stock$(0.36)$(0.08)$1.04 $1.59 
Diluted earnings (loss) per share of common stock:
Diluted earnings (loss) per share of common stock from continuing operations$(0.33)$(0.06)$1.30 $1.66 
Diluted earnings (loss) per share of common stock from discontinued operations(0.03)(0.02)(0.27)(0.08)
Diluted earnings (loss) per share of common stock$(0.36)$(0.08)$1.03 $1.58 
Average number of shares outstanding used in earnings (loss) per share (EPS) calculation (in millions)
  Basic704.0714.7709.0720.8
  Diluted704.0714.7711.9724.5




A-2
Corteva, Inc.
Consolidated Balance Sheets
(Dollars in millions, except share amounts)
December 31,
2023		December 31,
2022
Assets
Current assets
Cash and cash equivalents$2,644 $3,191 
Marketable securities98 124 
Accounts and notes receivable, net5,488 5,701 
Inventories6,899 6,811 
Other current assets1,131 968 
Total current assets16,260 16,795 
Investment in nonconsolidated affiliates115 102 
Property, plant and equipment8,956 8,551 
Less: Accumulated depreciation4,669 4,297 
Net property, plant and equipment4,287 4,254 
Goodwill10,605 9,962 
Other intangible assets9,626 9,339 
Deferred income taxes584 479 
Other assets1,519 1,687 
Total Assets$42,996 $42,618 
Liabilities and Equity
Current liabilities
Short-term borrowings and finance lease obligations$198 $24 
Accounts payable4,280 4,895 
Income taxes payable174 183 
Deferred revenue3,406 3,388 
Accrued and other current liabilities2,351 2,254 
Total current liabilities10,409 10,744 
Long-term debt2,291 1,283 
Other noncurrent liabilities
Deferred income tax liabilities899 1,119 
Pension and other post employment benefits - noncurrent2,467 2,255 
Other noncurrent obligations1,651 1,676 
Total noncurrent liabilities$7,308 $6,333 
Commitments and contingent liabilities
Stockholders' equity
Common stock, $0.01 par value; 1,666,667,000 shares authorized;
issued at December 31, 2023 - 701,260,000 and December 31, 2022 - 713,419,000		7 7 
Additional paid-in capital27,748 27,851 
Retained earnings (accumulated deficit)(41)250 
Accumulated other comprehensive income (loss)(2,677)(2,806)
Total Corteva stockholders' equity25,037 25,302 
Noncontrolling interests242 239 
Total equity25,279 25,541 
Total Liabilities and Equity$42,996 $42,618 

A-3
Corteva, Inc.
Consolidated Statements of Cash Flows
(Dollars in millions, except per share amounts)

Twelve Months Ended
December 31,
20232022
Operating activities
Net income (loss)$747 $1,158 
(Income) loss from discontinued operation after income taxes194 58
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities
Depreciation and amortization1,211 1,223 
Provision for (benefit from) deferred income tax(438)(288)
Net periodic pension and OPEB (credits) costs138 (142)
Pension and OPEB contributions(149)(182)
Net (gain) loss on sales of property, businesses, consolidated companies, and investments(22)(18)
Restructuring and asset related charges - net336 363 
Other net loss578 305 
Changes in operating assets and liabilities, net
         Accounts and notes receivable358 (993)
         Inventories57 (1,715)
         Accounts payable(663)807 
         Deferred revenue(11)194 
         Other assets and liabilities(527)142 
Cash provided by (used for) operating activities - continuing operations1,809 912 
Cash provided by (used for) operating activities - discontinued operations(40)(40)
Cash provided by (used for) operating activities$1,769 $872 
Investing activities
Capital expenditures(595)(605)
Proceeds from sales of property, businesses, and consolidated companies - net of cash divested57 73 
Acquisitions of businesses - net of cash acquired(1,456)— 
Escrow funding associated with acquisitions— (36)
Investments in and loans to nonconsolidated affiliates(32)(12)
Purchases of investments(148)(344)
Proceeds from sales and maturities of investments147 295 
Proceeds from settlement of net investment hedge42 — 
Other investing activities, net(2)(3)
Cash provided by (used for) investing activities(1,987)(632)
Financing activities
Net change in borrowings (less than 90 days)(6)(13)
Proceeds from debt3,429 1,358 
Payments on debt(2,309)(1,140)
Repurchase of common stock(756)(1,000)
Proceeds from exercise of stock options31 88 
Dividends paid to stockholders(439)(418)
Other financing activities, net(49)(55)
Cash provided by (used for) financing activities(99)(1,180)
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents(143)(278)
Increase (decrease) in cash, cash equivalents and restricted cash equivalents(460)(1,218)
Cash, cash equivalents and restricted cash equivalents at beginning of period3,618 4,836 
Cash, cash equivalents and restricted cash equivalents at end of period$3,158 $3,618 

A-4
Corteva, Inc.
Consolidated Segment Information
(Dollars in millions, except per share amounts)

Three Months Ended
December 31,		Twelve Months Ended
December 31,
SEGMENT NET SALES - SEED2023202220232022
    Corn$1,308 $1,334 $6,447 $5,955 
    Soybean145 125 1,858 1,810 
    Other oilseeds71 67 708 714 
    Other111 120 459 500 
Seed$1,635 $1,646 $9,472 $8,979 
Three Months Ended
December 31,		Twelve Months Ended
December 31,
SEGMENT NET SALES - CROP PROTECTION2023202220232022
    Herbicides$991 $1,119 $4,034 $4,591 
    Insecticides442 556 1,598 1,831 
    Fungicides275 277 1,112 1,450 
    Other364 227 1,010 604 
Crop Protection$2,072 $2,179 $7,754 $8,476 
Three Months Ended
December 31,		Twelve Months Ended
December 31,
GEOGRAPHIC NET SALES - SEED2023202220232022
North America 1
$576 $541 $5,768 $5,178 
EMEA 2
181 167 1,622 1,609 
Latin America790 846 1,637 1,758 
Asia Pacific88 92 445 434 
Rest of World 3
1,059 1,105 3,704 3,801 
Net Sales$1,635 $1,646 $9,472 $8,979 
Three Months Ended
December 31,		Twelve Months Ended
December 31,
GEOGRAPHIC NET SALES - CROP PROTECTION2023202220232022
North America 1
$921 $931 $2,822 $3,116 
EMEA 2
190 195 1,745 1,647 
Latin America732 835 2,269 2,687 
Asia Pacific229 218 918 1,026 
Rest of World 3
1,151 1,248 4,932 5,360 
Net Sales$2,072 $2,179 $7,754 $8,476 
1. Reflects U.S. & Canada
2. Reflects Europe, Middle East, and Africa
3. Reflects EMEA, Latin America, and Asia Pacific



A-5
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
20232023
Net Sales (GAAP)$3,707 $17,226 
Less: Impacts from Currency and Portfolio / Other4
(198)(240)
Organic Sales (Non-GAAP)$3,509 $16,986 
Three Months Ended
December 31,		Twelve Months Ended
December 31,
OPERATING EBITDA2023202220232022
Seed$145 $71 $2,117 $1,656 
Crop Protection267 332 1,374 1,684 
Corporate Expenses(26)(33)(110)(116)
Operating EBITDA (Non-GAAP)$386 $370 $3,381 $3,224 
RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS AFTER INCOME TAXES TO OPERATING EBITDAThree Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Income (loss) from continuing operations after income taxes (GAAP)$(231)$(41)$941 $1,216 
Provision for (benefit from) income taxes on continuing operations(92)(162)152 210 
Income (loss) from continuing operations before income taxes (GAAP)(323)(203)1,093 1,426 
Depreciation and amortization312 304 1,211 1,223 
Interest income(130)(49)(283)(124)
Interest expense62 36 233 79 
Exchange (gains) losses1
155 133 397 229 
Non-operating (benefits) costs2
36 23 151 (111)
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges(34)3 — $— 
Significant items (benefit) charge3
308 123 579 502 
Operating EBITDA (Non-GAAP)$386 $370 $3,381 $3,224 
1.Refer to page A-16 for pre-tax and after tax impacts of exchange losses (gains).
2.Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments, environmental remediation and legal costs associated with legacy businesses and sites of Historical DuPont. 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.
3.Refer to page A-10 for pre-tax and after tax impacts of significant items.
4.Other includes the revenue recognized relating to seed sales associated with the Russia Exit. Refer to schedule A-10 for further detail on significant items.

A-6
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
PRICE - VOLUME - CURRENCY ANALYSIS
REGION
Q4 2023 vs. Q4 2022Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$25 2 %$15 1 %(3)%4 %— %1 %
EMEA2
9 2 %11 3 %9 %(6)%— %(1)%
Latin America(159)(9)%(356)(21)%1 %(22)%5 %7 %
Asia Pacific7 2 %14 5 %8 %(3)%(1)%(2)%
Rest of World(143)(6)%(331)(14)%3 %(17)%3 %5 %
Total$(118)(3)%$(316)(8)%1 %(9)%2 %3 %
SEED
Q4 2023 vs. Q4 2022Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$35 6 %$34 6 %2 %4 %— %— %
EMEA2
14 8 %28 17 %14 %3 %(4)%(5)%
Latin America(56)(7)%(103)(12)%8 %(20)%5 %— %
Asia Pacific(4)(4)%(3)(3)%18 %(21)%(1)%— %
Rest of World(46)(4)%(78)(7)%10 %(17)%4 %(1)%
Total$(11)(1)%$(44)(3)%7 %(10)%3 %(1)%
CROP PROTECTION
Q4 2023 vs. Q4 2022Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$(10)(1)%$(19)(2)%(7)%5 %— %1 %
EMEA
(5)(3)%(17)(9)%4 %(13)%3 %3 %
Latin America(103)(12)%(253)(30)%(6)%(24)%4 %14 %
Asia Pacific11 5 %17 8 %4 %4 %(1)%(2)%
Rest of World(97)(8)%(253)(20)%(3)%(17)%3 %9 %
Total$(107)(5)%$(272)(12)%(4)%(8)%1 %6 %
















A-7
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)

SEED PRODUCT LINE
Q4 2023 vs. Q4 2022Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Corn2
$(26)(2)%$(56)(4)%8 %(12)%3 %(1)%
Soybeans20 16 %17 14 %6 %8 %2 %— %
Other oilseeds2
4 6 %7 10 %19 %(9)%(1)%(3)%
Other(9)(8)%(12)(10)%(1)%(9)%2 %— %
Total $(11)(1)%$(44)(3)%7 %(10)%3 %(1)%
CROP PROTECTION PRODUCT LINE
Q4 2023 vs. Q4 2022Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Herbicides$(128)(11)%$(141)(13)%(6)%(7)%2 %— %
Insecticides(114)(21)%(113)(20)%(4)%(16)%1 %(2)%
Fungicides(2)(1)%(10)(4)%(4)%— %3 %— %
Other137 60 %(8)(4)%(3)%(1)%2 %62 %
Total$(107)(5)%$(272)(12)%(4)%(8)%1 %6 %

1.Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items.
2.Other includes the revenue recognized relating to seed sales associated with the Russia Exit. Refer to schedule A-10 for further detail on significant items.

A-8
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
PRICE - VOLUME - CURRENCY ANALYSIS
REGION
Twelve Months 2023 vs. Twelve Months 2022Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$296 4 %$314 4 %6 %(2)%— %— %
EMEA2
111 3 %257 8 %19 %(11)%(8)%3 %
Latin America(539)(12)%(1,017)(23)%2 %(25)%3 %8 %
Asia Pacific(97)(7)%(23)(2)%7 %(9)%(5)%— %
Rest of World(525)(6)%(783)(9)%8 %(17)%(2)%5 %
Total$(229)(1)%$(469)(3)%7 %(10)%(1)%3 %
SEED
Twelve Months 2023 vs. Twelve Months 2022Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$590 11 %$622 12 %9 %3 %(1)%— %
EMEA2
13 1 %120 7 %26 %(19)%(10)%4 %
Latin America(121)(7)%(199)(11)%11 %(22)%4 %— %
Asia Pacific11 3 %42 10 %14 %(4)%(7)%— %
Rest of World(97)(3)%(37)(1)%18 %(19)%(3)%1 %
Total$493 5 %$585 7 %13 %(6)%(2)%— %
CROP PROTECTION
Twelve Months 2023 vs. Twelve Months 2022Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$(294)(9)%$(308)(10)%— %(10)%— %1 %
EMEA
98 6 %137 8 %12 %(4)%(4)%2 %
Latin America(418)(16)%(818)(30)%(4)%(26)%2 %12 %
Asia Pacific(108)(11)%(65)(6)%4 %(10)%(5)%— %
Rest of World(428)(8)%(746)(14)%2 %(16)%(1)%7 %
Total$(722)(9)%$(1,054)(12)%2 %(14)%(1)%4 %


A-9
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
SEED PRODUCT LINE
Twelve Months 2023 vs. Twelve Months 2022Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Corn2
$492 8 %$567 10 %14 %(4)%(2)%— %
Soybeans48 3 %46 3 %7 %(4)%— %— %
Other oilseeds2
(6)(1)%12 2 %23 %(21)%(7)%4 %
Other(41)(8)%(40)(8)%7 %(15)%— %— %
Total $493 5 %$585 7 %13 %(6)%(2)%— %
CROP PROTECTION PRODUCT LINE
Twelve Months 2023 vs. Twelve Months 2022Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Herbicides$(557)(12)%$(519)(11)%1 %(12)%(1)%— %
Insecticides(233)(13)%(191)(10)%2 %(12)%(1)%(2)%
Fungicides(338)(23)%(321)(22)%3 %(25)%(1)%— %
Other406 67 %(23)(4)%1 %(5)%1 %70 %
Total$(722)(9)%$(1,054)(12)%2 %(14)%(1)%4 %

1.Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items.
2.Other includes the revenue recognized relating to seed sales associated with the Russia Exit. Refer to schedule A-10 for further detail on significant items.


A-10
Corteva, Inc.
Significant Items
(Dollars in millions, except per share amounts)
SIGNIFICANT ITEMS BY SEGMENT (PRE-TAX)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Seed$(22)$(61)$(81)$(298)
Crop Protection(274)(47)(476)(106)
Corporate(12)(15)(22)(98)
Total significant items before income taxes$(308)$(123)$(579)$(502)

A-11
Corteva, Inc.
Significant Items
(Dollars in millions, except per share amounts)
SIGNIFICANT ITEMS - PRE-TAX, AFTER TAX, AND EPS IMPACTS
Pre-tax
After tax10
($ Per Share)
202320222023202220232022
1st Quarter
Restructuring and asset related charges, net 1
$(33)$(5)$(25)$(3)$(0.03)$— 
Estimated settlement expense 2
(49)(17)(37)(13)(0.05)(0.02)
   Inventory write-offs 3
(4)— (4)— (0.01)— 
   Gain (loss) on sale of assets and equity investments 3
3 — 1 — — — 
   Seed sale associated with Russia Exit 3
19 — 14 — 0.02 — 
   Acquisition-related costs 5
(19)— (17)— (0.02)— 
1st Quarter – Total
$(83)$(22)$(68)$(16)$(0.09)$(0.02)
2nd Quarter
Restructuring and asset related charges, net 1
$(60)$(143)$(45)$(116)$(0.06)$(0.16)
Estimated settlement expense 2
(41)— (31)— (0.04)— 
Inventory write-offs 3
(3)(1)(3)(1)— — 
Loss on sale of equity investments 3
— (5)— (4)— (0.01)
Seed sale associated with Russia Exit 3
(1)— (1)— (0.01)— 
Settlement costs associated with Russia Exit 3
— (6)— (6)— (0.01)
Acquisition-related costs 5
(15)— (12)— (0.02)— 
Employee Retention Credit 6
3 — 2 — — — 
Income tax items 7
— — 29 — 0.04 — 
2nd Quarter – Total
$(117)$(155)$(61)$(127)$(0.09)$(0.18)
3rd Quarter
Restructuring and asset related charges, net 1
$(2)$(152)$(4)$(126)$(0.01)$(0.18)
Estimated settlement expense 2
(66)(40)(50)(30)(0.07)(0.04)
Inventory write-offs 3
— (32)— (24)— (0.03)
Settlement costs associated with Russia Exit 3
— (2)— (2)— — 
Gain on sale of business 3
4 15 3 10 0.01 0.01 
Acquisition-related costs 5
(7)— (6)— (0.01)— 
Employee Retention Credit 6
— 9 — 7 — 0.01 
Income tax items 7
— — — 55 — 0.08 
3rd Quarter – Total
$(71)$(202)$(57)$(110)$(0.08)$(0.15)
4th Quarter
Restructuring and asset related charges, net 1
$(241)$(63)$(183)$(46)$(0.26)$(0.06)
Estimated settlement expense 2
(48)(30)(36)(23)(0.05)(0.03)
Spare parts write-off 4
(12)— (9)— (0.01)— 
AltEn facility remediation charge 8
(10)(33)(7)(25)(0.01)(0.04)
Seed sale associated with Russia Exit 3
— 3 — 2 — — 
Gain (loss) on sale of assets 3
7 — 5 — — — 
Acquisition-related costs 5
(4)— (3)— — — 
Income tax items 7
— — 16 78 0.02 0.11 
4th Quarter – Total
$(308)$(123)$(217)$(14)$(0.31)$(0.02)
Annual Total 9
$(579)$(502)$(403)$(267)$(0.57)$(0.37)

1.Fourth, third, second and first quarter 2023 includes restructuring and asset related benefits (charges) of $(241), $(2), $(60) and $(33), respectively. The charges primarily relate to a $(217) charge for the fourth quarter related to the Crop Protection Operations Strategy Restructuring Program, a $(6), $2, $(52) and $(16) benefit (charge) for the fourth, third, second and first quarter, respectively, related to non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits and a $(23), $(1), $(7) and $(11) charge for the fourth, third, second and first quarter, respectively, associated with the 2022 Restructuring Actions.

Fourth, third, second and first quarter 2022 includes restructuring and asset related benefits (charges) of $(63), $(152), $(143) and $(5),

A-12
Corteva, Inc.
Significant Items
(Dollars in millions, except per share amounts)
respectively. The charges primarily relate to a $(70), $(146), and $(56) charge for the fourth, third and second quarter, respectively, associated with the 2022 Restructuring Actions and a $(5), $(5), $(93), and $(6) charge for the fourth, third, second and first quarter, respectively, related to non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. The charges for the fourth quarter 2022 also include a $12 benefit associated with previous restructuring programs.

2.Fourth, third, second and first quarter 2023 and fourth, third and first quarter 2022 included estimated Lorsban® related charges.

3.Fourth, third and first quarter 2023 includes benefits (charges) of $7, $4, and $(11), respectively, related to the 2022 Restructuring Actions consisting of gains (losses) on the sale of businesses, assets and the Company’s interest in an equity investment. Second and first quarter 2023 includes a benefit (charge) of $(1) and $19, respectively, relating to the sale of seeds already under production in Russia when the decision to exit the country was made and that the Company was contractually required to purchase, which consisted of $30 and $41 of net sales and $31 and $22 of cost of goods sold, respectively. Second and first quarter 2023 also includes a charge of $(3) and $(4) associated with activities related to the 2022 Restructuring Actions consisting of inventory write offs.

Fourth quarter 2022 includes a benefit of $3 relating to the sale of seeds already under production in Russia when the decision to exit the country was made and that the Company was contractually required to purchase, which consisted of $8 of net sales and $5 of cost of goods sold. Third quarter 2022 includes a benefit (charge) of $(32), $15 and $(2) associated with activities related to the 2022 Restructuring Actions consisting of inventory write-offs, gain on the sale of a business, and settlement costs associated with the Russia Exit, respectively. Second quarter 2022 includes a $(1), $(5) and $(6) charge associated with activities related to the 2022 Restructuring Actions consisting of inventory write-offs associated with the Russia Exit, loss on the sale of the Company’s interest in an equity investment and settlement costs associated with the Russia Exit, respectively.

4.Fourth quarter 2023 includes a charge associated with activities related to the Crop Protection Operations Strategy Restructuring Program.

5.Fourth, third, second and first quarter 2023 includes acquisition-related costs relating to transaction and third-party integration costs associated with the completed acquisitions of Stoller and Symborg and the recognition of the inventory fair value step-up.

6.Second quarter 2023 and third quarter 2022 includes a benefit relating to an adjustment due to a change in estimate related to the Employee Retention Credit that the Company earned pursuant to the Coronavirus Aid, Relief, and Economic Security ("CARES") Act as enhanced by the Consolidated Appropriations Act ("CAA") and American Rescue Plan Act ("ARPA").

7.Fourth quarter 2023 includes a tax benefit related to the impact of changes to deferred taxes for legal entities within Switzerland of $(62) million and adjustments due to intellectual property realignment of $46 million. Second quarter 2023 includes a tax benefit related to the impact of a tax currency change for a legal entity within Switzerland of $(24) million and an adjustment due to a change in estimate related to a worthless stock deduction in the U.S.

Fourth quarter 2022 included a tax benefit relating to a change in the valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil and a worthless stock deduction in the U.S. in the amount of $36 and $42, respectively. Third quarter 2022 included a tax benefit of $55 relating to the establishment of deferred taxes due to the impact of a change in a U.S. legal entity's tax characterization.

8.Fourth quarter 2023 and 2022 included a charge relating to the increase in the remediation accrual at the AltEn facility relating to Corteva's estimated voluntary contribution to the solid waste and wastewater remedial action plans.

9.Earnings per share for the year may not equal the sum of quarterly earnings per share due to the changes in average share calculations.

10.Unless specifically addressed in notes above, the income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment.



A-13
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
Operating Earnings (Loss) Per Share (Non-GAAP)
Operating earnings (loss) per share is defined as earnings (loss) per share from continuing operations – diluted, excluding non-operating (benefits) costs, amortization of intangibles (existing as of Separation), net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, and significant items.
Three Months Ended
December 31,
2023202220232022
$$EPS (diluted)EPS (diluted)
Net income (loss) from continuing operations attributable to Corteva (GAAP)$(233)$(43)$(0.33)$(0.06)
Less: Non-operating benefits (costs), after tax1
(27)(16)(0.04)(0.02)
Less: Amortization of intangibles (existing as of Separation), after tax(117)(128)(0.17)(0.18)
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax25 (2)0.04 — 
Less: Significant items benefit (charge), after tax(217)(14)(0.31)(0.02)
Operating Earnings (Loss) (Non-GAAP) 2
$103 $117 $0.15 $0.16 
Twelve Months Ended
December 31,
2023202220232022
$$EPS (diluted)EPS (diluted)
Net income (loss) from continuing operations attributable to Corteva (GAAP)$929 $1,205 $1.30 $1.66 
Less: Non-operating benefits (costs), after tax1
(111)80 (0.16)0.11 
Less: Amortization of intangibles (existing as of Separation), after tax(471)(542)(0.66)(0.75)
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax— — — — 
Less: Significant items benefit (charge), after tax(403)(267)(0.57)(0.37)
Operating Earnings (Loss) (Non-GAAP) 2
$1,914 $1,934 $2.69 $2.67 
1.Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments, environmental remediation and legal costs associated with legacy businesses and sites of Historical DuPont. 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.
2.Refer to page A-14 for the Non-GAAP reconciliation of operating EBITDA to operating earnings (loss) per share.

A-14
Corteva, Inc.
Operating EBITDA to Operating Earnings (Loss) Per Share
(Dollars in millions, except per share amounts)

Operating EBITDA to Operating Earnings (Loss) Per Share
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Operating EBITDA (Non-GAAP)1
$386 $370 $3,381 $3,224 
Depreciation(137)(138)(528)(521)
Amortization of intangibles (post Separation)(20)— (65)(3)
Interest Income130 49 283 124 
Interest Expense(62)(36)(233)(79)
(Provision for) benefit from income taxes on continuing operations before significant items, non-operating benefits (costs), amortization of intangibles (existing as of Separation), mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP)1
(60)(54)(577)(566)
Base income tax rate from continuing operations (Non-GAAP)1
20.2 %22.0 %20.3 %20.6 %
Exchange gains (losses), after tax2
(132)(72)(335)(234)
Net (income) loss attributable to non-controlling interests(2)(2)(12)(11)
Operating Earnings (Loss) (Non-GAAP)1
$103 $117 $1,914 $1,934 
Diluted Shares (in millions)704.0 714.7 711.9 724.5 
Operating Earnings (Loss) Per Share (Non-GAAP)1
$0.15 $0.16 $2.69 $2.67 
1.     Refer to pages A-5 through A-9, and A-13 and A-15 for Non-GAAP reconciliations.
2.     Refer to page A-16 for pre-tax and after tax impacts of exchange gains (losses).





A-15
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions)

Reconciliation of Base Income Tax Rate to Effective Income Tax Rate
Base income tax rate is defined as the effective income tax rate less the effect of exchange gains (losses), significant items, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and non-operating (benefits) costs.
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Income (loss) from continuing operations before income taxes (GAAP)
$(323)$(203)$1,093 $1,426 
Add: Significant items (benefit) charge 1
308 123 579 502 
Non-operating (benefits) costs36 23 151 (111)
Amortization of intangibles (existing as of Separation)155 166 618 699 
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges(34)3 — — 
Less: Exchange gains (losses)2
(155)(133)(397)(229)
Income (loss) from continuing operations before income taxes, significant items, non-operating (benefits) costs, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP)
$297 $245 $2,838 $2,745 
Provision for (benefit from) income taxes on continuing operations (GAAP)
$(92)$(162)$152 $210 
Add: Tax benefits on significant items (benefit) charge1
91 109 176 235 
Tax expenses on non-operating (benefits) costs9 7 40 (31)
Tax benefits on amortization of intangibles (existing as of Separation)38 38 147 157 
 Tax benefits on mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges(9)1 — — 
 Tax benefits on exchange gains (losses)2
23 61 62 (5)
Provision for (benefit from) income taxes on continuing operations before significant items, non-operating (benefits) costs, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP)
$60 $54 $577 $566 
Effective income tax rate (GAAP)
28.5 %79.8 %13.9 %14.7 %
Significant items, non-operating (benefits) costs, amortization of intangibles (existing as of Separation), and mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges effect(2.2)%(87.1)%7.2 %8.0 %
Tax rate from continuing operations before significant items, non-operating (benefits) costs, amortization of intangibles (existing as of Separation), and mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges26.2 %(7.3)%21.1 %22.7 %
Exchange gains (losses), net effect2
(6.0)%29.4 %(0.8)%(2.1)%
Base income tax rate from continuing operations (Non-GAAP)
20.2 %22.0 %20.3 %20.6 %
1. See page A-11 for further detail on the Significant Items table.
2. See page A-16 for further details of exchange gains (losses).



A-16
Corteva, Inc.
(Dollars in millions, except per share amounts)

Exchange Gains/Losses
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 United States (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 (expense) - net and the related tax impact is recorded in provision for (benefit from) income taxes on continuing operations in the Consolidated Statements of Operations.
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Subsidiary Monetary Position Gain (Loss)
Pre-tax exchange gains (losses)$(189)$(97)$(371)$(217)
Local tax (expenses) benefits28 51 55 (10)
Net after tax impact from subsidiary exchange gains (losses)$(161)$(46)$(316)$(227)
Hedging Program Gain (Loss)
Pre-tax exchange (losses) gains$34 $(36)$(26)$(12)
Tax (expenses) benefits(5)10 7 5 
Net after tax impact from hedging program exchange (losses) gains$29 $(26)$(19)$(7)
Total Exchange Gain (Loss)
Pre-tax exchange gains (losses)$(155)$(133)$(397)$(229)
Tax (expenses) benefits23 61 62 (5)
Net after tax exchange gains (losses)$(132)$(72)$(335)$(234)
As shown above, the "Total Exchange Gain (Loss)" is the sum of the "Subsidiary Monetary Position Gain (Loss)" and the "Hedging Program (Loss) Gain."



A-17
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions)
Free Cash Flow (Non-GAAP)
Free Cash Flow is defined as cash provided by (used for) operating activities – continuing operations, less capital expenditures.
Twelve Months Ended
December 31,
20232022
Cash provided by (used for) operating activities - continuing operations (GAAP)$1,809 $912 
    Less: Capital expenditures(595)(605)
Free Cash Flow (Non-GAAP)$1,214 $307 
Twelve Months Ended
December 31, 20241
Low EndHigh End
Cash provided by (used for) operating activities - continuing operations (GAAP)$2,130 $2,630 
    Less: Capital expenditures(630)(630)
Free Cash Flow (Non-GAAP)$1,500 $2,000 
1.This represents the reconciliation of the Company's range provided for its forward-looking non-GAAP financial measure relating to Free Cash Flow.