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 | 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 | |
Page | |||
Item 1. | CONSOLIDATED FINANCIAL STATEMENTS |
(In millions, except per share amounts) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
Net sales | $ | $ | $ | $ | ||||||||
Cost of goods sold | ||||||||||||
Research and development expense | ||||||||||||
Selling, general and administrative expenses | ||||||||||||
Amortization of intangibles | ||||||||||||
Restructuring and asset related charges - net | ||||||||||||
Integration and separation costs | ||||||||||||
Goodwill impairment charge | ||||||||||||
Other income - net | ||||||||||||
Loss on early extinguishment of debt | ||||||||||||
Interest expense | ||||||||||||
Loss from continuing operations before income taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||
(Benefit from) provision for income taxes on continuing operations | ( | ) | ( | ) | ( | ) | ||||||
Loss from continuing operations after income taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Income (loss) from discontinued operations after income taxes | ( | ) | ||||||||||
Net loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Net (loss) income attributable to noncontrolling interests | ( | ) | ||||||||||
Net loss attributable to Corteva | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Basic loss per share of common stock: | ||||||||||||
Basic loss per share of common stock from continuing operations | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Basic earnings (loss) per share of common stock from discontinued operations | ( | ) | ||||||||||
Basic loss per share of common stock | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Diluted loss per share of common stock: | ||||||||||||
Diluted loss per share of common stock from continuing operations | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Diluted earnings (loss) per share of common stock from discontinued operations | ( | ) | ||||||||||
Diluted loss per share of common stock | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
(In millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
Net loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Other comprehensive loss - net of tax: | ||||||||||||
Cumulative translation adjustments | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Adjustments to pension benefit plans | ||||||||||||
Adjustments to other benefit plans | ( | ) | ||||||||||
Derivative instruments | ( | ) | ( | ) | ||||||||
Total other comprehensive loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Comprehensive loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Comprehensive (loss) income attributable to noncontrolling interests - net of tax | ( | ) | ||||||||||
Comprehensive loss attributable to Corteva | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
(In millions, except share amounts) | September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||
Assets | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ | $ | $ | ||||||
Marketable securities | |||||||||
Accounts and notes receivable - net | |||||||||
Inventories | |||||||||
Other current assets | |||||||||
Assets of discontinued operations - current | |||||||||
Total current assets | |||||||||
Investment in nonconsolidated affiliates | |||||||||
Property, plant and equipment - net of accumulated depreciation (September 30, 2019 - $3,186; December 31, 2018 - $2,796; September 30, 2018 - $2,694) | |||||||||
Goodwill | |||||||||
Other intangible assets | |||||||||
Deferred income taxes | |||||||||
Other assets | |||||||||
Assets of discontinued operations - non-current | |||||||||
Total Assets | $ | $ | $ | ||||||
Liabilities and Equity | |||||||||
Current liabilities | |||||||||
Short-term borrowings and finance lease obligations | $ | $ | $ | ||||||
Accounts payable | |||||||||
Income taxes payable | |||||||||
Accrued and other current liabilities | |||||||||
Liabilities of discontinued operations - current | |||||||||
Total current liabilities | |||||||||
Long-Term Debt | |||||||||
Other Noncurrent Liabilities | |||||||||
Deferred income tax liabilities | |||||||||
Pension and other post employment benefits - noncurrent | |||||||||
Other noncurrent obligations | |||||||||
Liabilities of discontinued operations - non-current | |||||||||
Total noncurrent liabilities | |||||||||
Commitments and contingent liabilities | |||||||||
Stockholders’ equity | |||||||||
Common stock, $0.01 par value; 1,666,666,667 shares authorized; issued at September 30, 2019 - 748,390,000 | |||||||||
Additional paid-in capital | |||||||||
Divisional equity | |||||||||
Accumulated deficit | ( | ) | |||||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ( | ) | |||
Total Corteva stockholders’ equity | |||||||||
Noncontrolling interests | |||||||||
Total equity | |||||||||
Total Liabilities and Equity | $ | $ | $ | ||||||
(In millions) | Nine Months Ended September 30, | |||||
2019 | 2018 | |||||
Operating activities | ||||||
Net loss | $ | ( | ) | $ | ( | ) |
Adjustments to reconcile net loss to cash used for operating activities: | ||||||
Depreciation and amortization | ||||||
(Benefit from) provision for deferred income tax | ( | ) | ||||
Net periodic pension benefit | ( | ) | ( | ) | ||
Pension contributions | ( | ) | ( | ) | ||
Net gain on sales of property, businesses, consolidated companies and investments | ( | ) | ( | ) | ||
Restructuring and asset related charges - net | ||||||
Amortization of inventory step-up | ||||||
Goodwill impairment charge | ||||||
Loss on early extinguishment of debt | ||||||
Other net loss | ||||||
Changes in operating assets and liabilities - net | ( | ) | ( | ) | ||
Cash used for operating activities | ( | ) | ( | ) | ||
Investing activities | ||||||
Capital expenditures | ( | ) | ( | ) | ||
Proceeds from sales of property, businesses and consolidated companies - net of cash divested | ||||||
Acquisitions of businesses - net of cash acquired | ( | ) | ||||
Investments in and loans to nonconsolidated affiliates | ( | ) | ||||
Proceeds from sales of ownership interests in nonconsolidated affiliates | ||||||
Purchases of investments | ( | ) | ( | ) | ||
Proceeds from sales and maturities of investments | ||||||
Other investing activities - net | ( | ) | ( | ) | ||
Cash used for investing activities | ( | ) | ( | ) | ||
Financing activities | ||||||
Change in short-term (less than 90 days) borrowings | ||||||
Proceeds from issuance of long-term debt | ||||||
Payments on long-term debt | ( | ) | ( | ) | ||
Repurchase of common stock | ( | ) | ||||
Proceeds from exercise of stock options | ||||||
Dividends paid to stockholders | ( | ) | ||||
Distributions to DowDuPont | ( | ) | ( | ) | ||
Cash transferred to DowDuPont at Internal Reorganizations | ( | ) | ||||
Contributions from Dow and DowDuPont | ||||||
Debt extinguishment costs | ( | ) | ||||
Other financing activities | ( | ) | ( | ) | ||
Cash provided by (used for) financing activities | ( | ) | ||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | ) | ( | ) | ||
Decrease in cash, cash equivalents and restricted cash | ( | ) | ( | ) | ||
Cash, cash equivalents and restricted cash at beginning of period | ||||||
Cash, cash equivalents and restricted cash at end of period1 | $ | $ | ||||
(In millions) | Common Stock | Additional Paid-in Capital | Divisional Equity | Retained Earnings (Accumulated deficit) | Accumulated Other Comp (Loss) Income | Treasury Stock | Non-controlling Interests | Total Equity | ||||||||||||||||
2018 | ||||||||||||||||||||||||
Balance at January 1, 2018 | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||
Net (loss) income | ( | ) | ( | ) | ||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||
Distributions to Dow and DowDuPont | ( | ) | ( | ) | ||||||||||||||||||||
Issuance of DowDuPont stock | ||||||||||||||||||||||||
Share-based compensation | ||||||||||||||||||||||||
Other - net | ||||||||||||||||||||||||
Balance at March 31, 2018 | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||
Net income | ||||||||||||||||||||||||
Other comprehensive loss | ( | ) | ( | ) | ||||||||||||||||||||
Distributions to Dow and DowDuPont | ( | ) | ( | ) | ||||||||||||||||||||
Issuance of DowDuPont stock | ||||||||||||||||||||||||
Share-based compensation | ||||||||||||||||||||||||
Other - net | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Balance at June 30, 2018 | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||
Net (loss) income | ( | ) | ( | ) | ||||||||||||||||||||
Other comprehensive loss | ( | ) | ( | ) | ||||||||||||||||||||
Distributions to Dow and DowDuPont | ( | ) | ( | ) | ||||||||||||||||||||
Issuance of DowDuPont stock | ||||||||||||||||||||||||
Share-based compensation | ||||||||||||||||||||||||
Other - net | ||||||||||||||||||||||||
Balance at September 30, 2018 | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||
(In millions) | Common Stock | Additional Paid-in Capital | Divisional Equity | Retained Earnings (Accumulated deficit) | Accumulated Other Comp (Loss) Income | Treasury Stock | Non-controlling Interests | Total Equity | ||||||||||||||||
2019 | ||||||||||||||||||||||||
Balance at January 1, 2019 | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||
Net income | ||||||||||||||||||||||||
Other comprehensive loss | ( | ) | ( | ) | ||||||||||||||||||||
Distributions to Dow and DowDuPont | ( | ) | ( | ) | ||||||||||||||||||||
Issuance of DowDuPont stock | ||||||||||||||||||||||||
Share-based compensation | ||||||||||||||||||||||||
Contributions from Dow and DowDuPont | ||||||||||||||||||||||||
Other - net | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Balance at March 31, 2019 | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||
Net (loss) income | ( | ) | ( | ) | ||||||||||||||||||||
Other comprehensive loss | ( | ) | ( | ) | ||||||||||||||||||||
Common dividends ($0.13 per share) | ( | ) | ( | ) | ||||||||||||||||||||
Contributions from DowDuPont | ||||||||||||||||||||||||
Issuance of DowDuPont stock | ||||||||||||||||||||||||
Share-based compensation | ||||||||||||||||||||||||
Impact of Internal Reorganizations | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Reclassification of Divisional Equity to APIC | ( | ) | ||||||||||||||||||||||
Other - net | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||
Net loss | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Other comprehensive loss | ( | ) | ( | ) | ||||||||||||||||||||
Issuance of Corteva common stock | ||||||||||||||||||||||||
Share-based compensation | ||||||||||||||||||||||||
Common Stock Repurchase | ( | ) | ( | ) | ||||||||||||||||||||
Balance at September 30, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||
Corteva, Inc. | ||
Notes to the Consolidated Financial Statements (Unaudited) | ||
Note | Page | |
• | the assets and liabilities aligned with EID’s materials science business, including EID’s ethylene and ethylene copolymers business, excluding its ethylene acrylic elastomers business, (“EID ECP”) were transferred or conveyed to separate legal entities (the “Materials Science Entities”) that were ultimately conveyed by DowDuPont to Dow; |
• | the assets and liabilities aligned with the EID’s specialty products business were transferred or conveyed to separate legal entities (“EID Specialty Products Entities”); |
• | on April 1, 2019, EID transferred and conveyed its Materials Science Entities to Dow; |
• | on May 1, 2019, EID distributed its Specialty Products Entities to DowDuPont; |
• | on May 2, 2019, DowDuPont conveyed Dow Ag Entities to EID and in connection with the foregoing, EID issued additional shares of its Common Stock to DowDuPont; and |
• | on May 31, 2019, DowDuPont contributed EID to Corteva, Inc. |
(In millions) | As Reported December 31, 20181 | Effect of Adoption of ASU 2016-02 | Updated January 1, 2019 | ||||||
Assets | |||||||||
Property, plant and equipment - net | $ | $ | $ | ||||||
Other assets | $ | $ | $ | ||||||
Assets of discontinued operations - non-current | $ | $ | $ | ||||||
Liabilities and Equity | |||||||||
Current liabilities | |||||||||
Short-term borrowings and finance lease obligations | $ | $ | $ | ||||||
Accrued and other current liabilities | $ | $ | $ | ||||||
Liabilities of discontinued operations - current | $ | $ | $ | ||||||
Long-Term Debt | $ | $ | $ | ||||||
Other noncurrent obligations | $ | $ | $ | ||||||
Liabilities of discontinued operations - non-current | $ | $ | $ | ||||||
1. | Includes adjustments for discontinued operations and common control business combination. |
(In millions) | September 1, 2017 | ||
Cash and cash equivalents | $ | ||
Accounts and notes receivable - net | |||
Inventories | |||
Other current assets | |||
Investments in nonconsolidated affiliates | |||
Property, plant and equipment - net | |||
Goodwill | |||
Other intangible assets | |||
Deferred income taxes | |||
Other assets | |||
Short-term borrowings and finance lease obligations | |||
Accounts payable | |||
Income taxes payable | |||
Accrued and other current liabilities | |||
Long-term debt | |||
Deferred income tax liabilities | |||
Pension and other post employment benefits - noncurrent | |||
Other noncurrent obligations | |||
Three Months Ended September 30, 2018 | ||||||||||||
(In millions) | Historical EID | Discontinued Operations and Other Adjustments1 | DAS | Corteva | ||||||||
Net sales | $ | $ | ( | ) | $ | $ | ||||||
Loss from continuing operations before income taxes | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Loss from continuing operations after income taxes | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Nine Months Ended September 30, 2018 | ||||||||||||
(In millions) | Historical EID | Discontinued Operations and Other Adjustments1 | DAS | Corteva | ||||||||
Net sales | $ | $ | ( | ) | $ | $ | ||||||
(Loss) income from continuing operations before income taxes | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||
(Loss) income from continuing operations after income taxes | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||
Three Months Ended March 31, 2019 | ||||||||||||
(In millions) | Historical EID | Discontinued Operations and Other Adjustments1 | DAS | Corteva | ||||||||
Net sales | $ | $ | ( | ) | $ | $ | ||||||
Income (loss) from continuing operations before income taxes | $ | $ | ( | ) | $ | $ | ( | ) | ||||
Income (loss) from continuing operations after income taxes | $ | $ | ( | ) | $ | $ | ( | ) | ||||
1. | Reflects discontinued operations of EID's ECP and Specialty Products businesses and adjustments primarily related to the elimination of intercompany transactions between Historical EID and Dow AgroSciences for periods subsequent to the Merger, as if they were combined affiliates. |
• | Separation and Distribution Agreement - Effective April 1, 2019, the Parties entered into an agreement that sets forth, among other things, the agreements among the Parties regarding the principal transactions necessary to effect the Distributions. It also sets forth other agreements that govern certain aspects of the Parties’ ongoing relationships after the completion of the Distributions (the "Corteva Separation Agreement"). |
• | Tax Matters Agreement - The Parties entered into an agreement effective as of April 1, 2019 as amended on June 1, 2019 that governs their respective rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes. |
• | Employee Matters Agreement - The Parties entered into an agreement that identifies employees and employee-related liabilities (and attributable assets) to be allocated (either retained, transferred and accepted, or assigned and assumed, as applicable) to the Parties as part of the Distributions and describes when and how the relevant transfers and assignments will occur. |
• | Intellectual Property Cross-License Agreement - Effective as of April 1, 2019 between Corteva and Dow, and effective June 1, 2019 between Corteva and DuPont entered into Intellectual Property Cross-License Agreements. The Intellectual Property Cross-License Agreements set forth the terms and conditions under which the applicable Parties may use in their respective businesses, following each of the Distributions, certain know-how (including trade secrets), copyrights, and software, and certain patents and standards, allocated to another Party pursuant to the Corteva Separation Agreement. |
• | Letter Agreement - DuPont and Corteva entered into a Letter Agreement. The Letter Agreement sets forth certain additional terms and conditions related to the Separation, including certain limitations on each party’s ability to transfer certain businesses and assets to third parties without assigning certain of such party’s indemnification obligations under the Corteva Separation Agreement to the other party to the transferee of such businesses and assets or meeting certain other alternative conditions. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
(In millions) | 2018 | 2019 | 2018 | ||||||
Net sales | $ | $ | $ | ||||||
Cost of goods sold | |||||||||
Research and development expense | |||||||||
Selling, general and administrative expenses | |||||||||
Amortization of intangibles | |||||||||
Restructuring and asset related charges - net | |||||||||
Integration and separation costs | |||||||||
Other income - net | |||||||||
Income from discontinued operations before income taxes | |||||||||
Provision for income taxes on discontinued operations | |||||||||
Income from discontinued operations after income taxes | $ | $ | $ | ||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
(In millions) | 2018 | 2019 | 2018 | ||||||
Depreciation | $ | $ | $ | ||||||
Capital expenditures | $ | $ | $ | ||||||
(In millions) | December 31, 2018 | September 30, 2018 | ||||
Cash and cash equivalents | $ | $ | ||||
Accounts and notes receivable - net | ||||||
Inventories | ||||||
Other current assets | ||||||
Total current assets of discontinued operations | ||||||
Investment in nonconsolidated affiliates | ||||||
Property, plant and equipment - net | ||||||
Goodwill | ||||||
Other intangible assets | ||||||
Deferred income taxes | ||||||
Other assets | ||||||
Non-current assets of discontinued operations | ||||||
Total assets of discontinued operations | $ | $ | ||||
Short-term borrowings and finance lease obligations | ||||||
Accounts payable | ||||||
Accrued and other current liabilities | ||||||
Total current liabilities of discontinued operations | ||||||
Long-term Debt | ||||||
Deferred income tax liabilities | ||||||
Pension and other post employment benefits - noncurrent | ||||||
Other noncurrent obligations | ||||||
Non-current liabilities of discontinued operations | ||||||
Total liabilities of discontinued operations | $ | $ | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
(In millions) | 2018 | 2019 | 2018 | ||||||
Net sales | $ | $ | $ | ||||||
Cost of goods sold | |||||||||
Research and development expense | |||||||||
Selling, general and administrative expenses | |||||||||
Amortization of intangibles | |||||||||
Restructuring and asset related charges - net | |||||||||
Integration and separation costs | |||||||||
Goodwill impairment | |||||||||
Other income - net | |||||||||
Income (loss) from discontinued operations before income taxes | ( | ) | |||||||
Provision for income taxes on discontinued operations | |||||||||
Income (loss) from discontinued operations after income taxes | $ | $ | ( | ) | $ | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
(In millions) | 2018 | 2019 | 2018 | ||||||
Depreciation | $ | $ | $ | ||||||
Capital expenditures | $ | $ | $ | ||||||
(In millions) | December 31, 2018 | September 30, 2018 | ||||
Cash and cash equivalents | $ | $ | ||||
Marketable securities | ||||||
Accounts and notes receivable - net | ||||||
Inventories | ||||||
Other current assets | ||||||
Total current assets of discontinued operations | ||||||
Investment in nonconsolidated affiliates | ||||||
Property, plant and equipment - net | ||||||
Goodwill | ||||||
Other intangible assets | ||||||
Deferred income taxes | ||||||
Other assets | ||||||
Non-current assets of discontinued operations | ||||||
Total assets of discontinued operations | $ | $ | ||||
Short-term borrowings and finance lease obligations | ||||||
Accounts payable | ||||||
Income taxes payable | ||||||
Accrued and other current liabilities | ||||||
Total current liabilities of discontinued operations | ||||||
Long-term Debt | ||||||
Deferred income tax liabilities | ||||||
Pension and other post employment benefits - noncurrent | ||||||
Other noncurrent obligations | ||||||
Non-current liabilities of discontinued operations | ||||||
Total liabilities of discontinued operations | $ | $ | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Integration and separation costs | $ | $ | $ | $ | ||||||||
Contract Balances | September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||
(In millions) | |||||||||
Accounts and notes receivable - trade1 | $ | $ | $ | ||||||
Contract assets - current2 | $ | $ | $ | ||||||
Contract assets - noncurrent3 | $ | $ | $ | ||||||
Deferred revenue - current4 | $ | $ | $ | ||||||
Deferred revenue - noncurrent5 | $ | $ | $ | ||||||
1. | Included in accounts and notes receivable - net in the interim Condensed Consolidated Balance Sheets. |
2. | Included in other current assets in the interim Condensed Consolidated Balance Sheets. |
3. | Included in other assets in the interim Condensed Consolidated Balance Sheets. |
4. |
5. | Included in other noncurrent obligations in the interim Condensed Consolidated Balance Sheets. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Corn | $ | $ | $ | $ | ||||||||
Soybean | ||||||||||||
Other oilseeds | ||||||||||||
Other | ||||||||||||
Seed | ||||||||||||
Herbicides | ||||||||||||
Insecticides | ||||||||||||
Fungicides | ||||||||||||
Other | ||||||||||||
Crop Protection | ||||||||||||
Total | $ | $ | $ | $ | ||||||||
Seed | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
North America1 | $ | $ | $ | $ | ||||||||
EMEA2 | ||||||||||||
Asia Pacific | ||||||||||||
Latin America | ||||||||||||
Total | $ | $ | $ | $ | ||||||||
1. | Represents U.S. & Canada. |
2. | Europe, Middle East, and Africa ("EMEA"). |
Crop Protection | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
North America | $ | $ | $ | $ | ||||||||
EMEA | ||||||||||||
Asia Pacific | ||||||||||||
Latin America | ||||||||||||
Total | $ | $ | $ | $ | ||||||||
(In millions) | Severance and Related Benefit Costs | Asset Related Charges | Total | ||||||
Balance at December 31, 2018 | $ | $ | $ | ||||||
(Benefits) charges to loss from continuing operations for the nine months ended September 30, 2019 | ( | ) | ( | ) | |||||
Payments | ( | ) | ( | ) | |||||
Asset write-offs | ( | ) | ( | ) | |||||
Separation adjustment1 | ( | ) | ( | ) | |||||
Balance at September 30, 2019 | $ | $ | $ | ||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Seed | $ | ( | ) | $ | $ | $ | ||||||
Crop Protection | ( | ) | ||||||||||
Corporate expenses | ||||||||||||
Total | $ | ( | ) | $ | $ | $ | ||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Severance and related benefit costs | $ | $ | $ | $ | ||||||||
Contract termination charges | ||||||||||||
Asset related (benefits) charges | ( | ) | ||||||||||
Total restructuring and asset related (benefits) charges - net | $ | ( | ) | $ | $ | $ | ||||||
(In millions) | Severance and Related Benefit Costs | Costs Associated with Exit and Disposal Activities1 | Asset Related Charges | Total | ||||||||
Balance at December 31, 2018 | $ | $ | $ | $ | ||||||||
Charges to loss from continuing operations for the nine months ended September 30, 2019 | ||||||||||||
Payments | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Asset write-offs | ( | ) | ( | ) | ||||||||
Balance at September 30, 2019 | $ | $ | $ | $ | ||||||||
1. | Relates primarily to contract terminations charges. |
Other Income - Net | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Interest income | $ | $ | $ | $ | ||||||||
Equity in losses of affiliates - net | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Net gain (loss) on sales of businesses and other assets | ( | ) | ||||||||||
Net exchange losses1,2 | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Non-operating pension and other post employment benefit credit3 | ||||||||||||
Miscellaneous income (expenses) - net4 | ( | ) | ||||||||||
Other income - net | $ | $ | $ | $ | ||||||||
1. | Includes net pre-tax exchange losses of $( |
2. | Includes a $( |
3. | 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 curtailment/settlement loss). |
4. | Miscellaneous income (expenses) - net, includes losses from sale of receivables, 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. Refer to Note 12 - Accounts and Notes Receivable - Net, for additional information on losses on the sale of receivables. |
(In millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
Subsidiary Monetary Position Losses | ||||||||||||
Pre-tax exchange losses1 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Local tax benefits (expenses) | ( | ) | ||||||||||
Net after-tax impact from subsidiary exchange losses | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Hedging Program Gains (Losses) | ||||||||||||
Pre-tax exchange gains (losses)2 | $ | $ | $ | ( | ) | $ | ||||||
Tax (expenses) benefits | ( | ) | ( | ) | ( | ) | ||||||
Net after-tax impact from hedging program exchange gains (losses) | $ | $ | $ | ( | ) | $ | ||||||
Total Exchange Losses | ||||||||||||
Pre-tax exchange losses1,2 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Tax (expenses) benefits | ( | ) | ||||||||||
Net after-tax exchange losses | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
1. | Includes net pre-tax exchange losses of $( |
2. | Includes a $( |
(In millions) | September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||
Cash and cash equivalents | $ | $ | $ | ||||||
Restricted cash | |||||||||
Total cash, cash equivalents and restricted cash | |||||||||
Cash and cash equivalents of discontinued operations1 | |||||||||
Restricted cash of discontinued operations2 | |||||||||
Total cash, cash equivalents and restricted cash | $ | $ | $ | ||||||
1. | Refer to Note 5 - Divestitures and Other Transactions, for additional information. |
2. | Amount included in other current assets within assets of discontinued operations - current. Refer to Note 5 - Divestitures and Other Transactions, for additional information. |
• | As a result of The Act, the company remeasured its U.S. federal deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21 percent. In the three and nine months ended September 30, 2018, the company recognized benefits of $ |
• | In the nine months ended September 30, 2018, the company recognized a charge of $ |
Net (Loss) Income for Earnings Per Share Calculations - Basic and Diluted | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Loss from continuing operations after income taxes | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Net (loss) income attributable to continuing operations noncontrolling interests | ( | ) | ||||||||||
Loss from continuing operations available to Corteva common stockholders | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Income (loss) from discontinued operations, net of tax | ( | ) | ||||||||||
Net income attributable to discontinued operations noncontrolling interests | ||||||||||||
Income (loss) from discontinued operations available to Corteva common stockholders | ( | ) | ||||||||||
Net loss available to common stockholders | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
(Loss) Earnings Per Share Calculations - Basic | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
(Dollars per share) | 2019 | 2018 | 2019 | 2018 | ||||||||
Loss from continuing operations attributable to common stockholders | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Income (loss) from discontinued operations, net of tax | ( | ) | ||||||||||
Net loss attributable to common stockholders | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
(Loss) Earnings Per Share Calculations - Diluted | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
(Dollars per share) | 2019 | 2018 | 2019 | 2018 | ||||||||
Loss from continuing operations attributable to common stockholders | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Income (loss) from discontinued operations, net of tax | ( | ) | ||||||||||
Net loss attributable to common stockholders | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Share Count Information | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
(Shares in millions) | 2019 | 2018 | 2019 | 2018 | ||||
Weighted-average common shares - basic1 | ||||||||
Plus dilutive effect of equity compensation plans2 | ||||||||
Weighted-average common shares - diluted | ||||||||
Stock options and restricted stock units excluded from EPS calculations3 | ||||||||
1. | Share amounts for the three and nine months ended September 30, 2018, were based on |
2. | Diluted earnings 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. |
3. | These outstanding options to purchase shares of common stock were excluded from the calculation of diluted earnings per share because the effect of including them would have been anti-dilutive. |
(In millions) | September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||
Accounts receivable – trade1 | $ | $ | $ | ||||||
Notes receivable – trade2 | |||||||||
Other3 | |||||||||
Total accounts and notes receivable - net | $ | $ | $ | ||||||
1. | Accounts receivable – trade is net of allowances of $ |
2. | Notes receivable – trade primarily consists of receivables for deferred payment loan programs for the sale of seed products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid pre-approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of September 30, 2019, December 31, 2018, and September 30, 2018 there were no significant past due notes receivable which required a reserve, nor were there any 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 $ |
(In millions) | September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||
Finished products | $ | $ | $ | ||||||
Semi-finished products | |||||||||
Raw materials and supplies | |||||||||
Total inventories | $ | $ | $ | ||||||
(In millions) | September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||
Land and land improvements | $ | $ | $ | ||||||
Buildings | |||||||||
Machinery and equipment | |||||||||
Construction in progress | |||||||||
Total property, plant and equipment | |||||||||
Accumulated depreciation | ( | ) | ( | ) | ( | ) | |||
Total property, plant and equipment - net | $ | $ | $ | ||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Depreciation expense | $ | $ | $ | $ | ||||||||
(In millions) | Agriculture | Crop Protection | Seed | Total | ||||||||
Balance as of December 31, 20181 | $ | $ | $ | $ | ||||||||
Currency translation adjustment | ( | ) | ( | ) | ||||||||
Other goodwill adjustments and acquisitions2 | ||||||||||||
Realignment of segments | ( | ) | ||||||||||
Balance as of June 1, 2019 | ||||||||||||
Currency translation adjustment | ( | ) | ( | ) | ( | ) | ||||||
Balance as of September 30, 2019 | $ | $ | $ | $ | ||||||||
1. | Net of accumulated impairment losses of $ |
2. | Primarily consists of the acquisition of a distributor in Greece. |
(In millions) | September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
Intangible assets subject to amortization (Definite-lived): | |||||||||||||||||||||||||||
Customer-related | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||
Developed technology1,2 | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Trademarks/trade names | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Favorable supply contracts | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Other2,3 | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Total other intangible assets with finite lives | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Intangible assets not subject to amortization (Indefinite-lived): | |||||||||||||||||||||||||||
IPR&D1,2 | — | — | — | ||||||||||||||||||||||||
Germplasm4 | — | — | — | ||||||||||||||||||||||||
Trademarks / trade names | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | ||||||||||||||||||||||||
Total other intangible assets | — | — | — | ||||||||||||||||||||||||
Total | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||
1. | During the first quarter of 2019, the company announced an expanded launch of its Qrome® corn hybrids following the receipt of regulatory approval from China. As a result, the company reclassified the amounts from indefinite-lived IPR&D to developed technology. |
2. | Refer to discussion of interim impairment analysis completed below. |
3. | Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. |
4. | Germplasm is the pool of genetic source material and body of knowledge gained from the development and delivery stage of plant breeding. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual, or other factors which limit its useful life. |
(In millions) | Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||
Operating lease cost | $ | $ | ||||
Finance lease cost | ||||||
Amortization of right-of-use assets | ||||||
Total finance lease cost | ||||||
Short-term lease cost | ||||||
Variable lease cost | ||||||
Total lease cost | $ | $ | ||||
(In millions) | Nine Months Ended September 30, 2019 | ||
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash outflows from operating leases | $ | ||
Operating cash outflows from finance leases | $ | ||
Financing cash outflows from finance leases | $ | ||
(In millions) | September 30, 2019 | ||
Operating Leases | |||
Operating lease right-of-use assets1 | $ | ||
Current operating lease liabilities2 | |||
Noncurrent operating lease liabilities3 | |||
Total operating lease liabilities | $ | ||
Finance Leases | |||
Property, plant, and equipment - gross | $ | ||
Accumulated depreciation | ( | ) | |
Property, plant, and equipment - net | |||
Short-term borrowings and finance lease obligations | |||
Long-Term Debt | |||
Total finance lease liabilities | $ | ||
1. | Included in other assets in the interim Condensed Consolidated Balance Sheet. |
2. | Included in accrued and other current liabilities in the interim Condensed Consolidated Balance Sheet. |
3. | Included in other noncurrent obligations in the interim Condensed Consolidated Balance Sheet. |
Lease Term and Discount Rate | September 30, 2019 | |
Weighted-average remaining lease term (years) | ||
Operating leases | ||
Financing leases | ||
Weighted average discount rate | ||
Operating leases | % | |
Financing leases | % | |
Maturity of Lease Liabilities at September 30, 2019 | Operating Leases | Financing Leases | ||||
(In millions) | ||||||
Remainder of 2019 | $ | $ | ||||
2020 | ||||||
2021 | ||||||
2022 | ||||||
2023 | ||||||
2024 and thereafter | ||||||
Total lease payments | ||||||
Less: Interest | ||||||
Present value of lease liabilities | $ | $ | ||||
Minimum Lease Commitments at December 31, 2018 | December 31, 20181 | ||
(In millions) | |||
2019 | $ | ||
2020 | |||
2021 | |||
2022 | |||
2023 | |||
2024 and thereafter | |||
Total | $ | ||
Short-term borrowings and finance lease obligations | |||||||||
(In millions) | September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||
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 | |||||||||||||||
September 30, 2019 | December 31, 2018 | September 30, 2018 | |||||||||||||
(In millions) | Amount | Weighted Average Rate | Amount | Weighted Average Rate | Amount | Weighted Average Rate | |||||||||
Promissory notes and debentures1: | |||||||||||||||
Final maturity 2019 | $ | % | $ | % | $ | % | |||||||||
Final maturity 2020 | % | % | % | ||||||||||||
Final maturity 2021 | % | % | % | ||||||||||||
Final maturity 2023 | % | % | % | ||||||||||||
Final maturity 2024 and thereafter | % | % | % | ||||||||||||
Other facilities: | |||||||||||||||
Term loan due 20202 | % | % | % | ||||||||||||
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 | $ | $ | $ | ||||||||||||
1. | See discussion of debt redemptions/repayments that follows. |
2. | The Term Loan Facility was amended in 2018 to extend the maturity date to June 2020 and, subsequently, the facility was repaid and terminated in May 2019. |
Committed and Available Credit Facilities at September 30, 2019 | |||||||||
(In millions) | Effective Date | Committed Credit | Credit Available | Maturity Date | Interest | ||||
Revolving Credit Facility | May 2019 | $ | $ | May 2024 | Floating Rate | ||||
Revolving Credit Facility | May 2019 | May 2022 | Floating Rate | ||||||
2019 Repurchase Facility | February 2019 | December 2019 | Floating Rate | ||||||
Total Committed and Available Credit Facilities | $ | $ | |||||||
(in millions) | Amount | ||
4.625% Notes due 2020 | $ | ||
3.625% Notes due 2021 | |||
4.250% Notes due 2021 | |||
2.800% Notes due 2023 | |||
6.500% Debentures due 2028 | |||
5.600% Senior Notes due 2036 | |||
4.900% Notes due 2041 | |||
4.150% Notes due 2043 | |||
Total | $ | ||
As of September 30, 2019 | |||||||||
(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 DuPont | |||||||||
Environmental remediation liabilities not subject to indemnity | |||||||||
Total | $ | $ | $ | ||||||
1. | Represents liabilities that are subject the $ |
2. | The company has recorded an indemnification asset related to these accruals, including $ |
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. |
Shares of common stock | Issued | |
Balance June 1, 2019 | ||
Issued | ||
Repurchased and retired | ( | ) |
Balance September 30, 2019 | ||
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 | Total | ||||||||||
2018 | |||||||||||||||
Balance January 1, 2018 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | ||
Other comprehensive (loss) income before reclassifications | ( | ) | ( | ) | ( | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ) | ( | ) | ( | ) | |||||||||
Net other comprehensive (loss) income | ( | ) | ( | ) | ( | ) | |||||||||
Balance September 30, 2018 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | ||
2019 | |||||||||||||||
Balance January 1, 2019 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||
Other comprehensive (loss) income before reclassifications | ( | ) | ( | ) | ( | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ( | ) | |||||||||||||
Net other comprehensive (loss) income | ( | ) | ( | ) | ( | ) | |||||||||
Impact of Internal Reorganizations | |||||||||||||||
Balance September 30, 2019 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
1. | The cumulative translation adjustment loss for the nine months ended September 30, 2018 was primarily driven by the strengthening of the U.S. Dollar ("USD") against the Euro ("EUR") and the Brazilian real ("BRL"). The cumulative translation adjustment loss for the nine months ended September 30, 2019 was primarily driven by strengthening of the USD against the BRL, EUR, and the South African Rand (“ZAR”). |
(In millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
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 September 30, | Nine Months Ended September 30, | Income Classification | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||
Derivative Instruments: | $ | $ | $ | $ | ( | ) | (1) | ||||||
Tax (benefit) expense | ( | ) | ( | ) | (2) | ||||||||
After-tax | $ | $ | $ | $ | ( | ) | |||||||
Amortization of pension benefit plans: | |||||||||||||
Actuarial losses | $ | $ | (3) | ||||||||||
Settlement loss (gain) | ( | ) | ( | ) | (3) | ||||||||
Total before tax | ( | ) | |||||||||||
Tax benefit | ( | ) | ( | ) | (2) | ||||||||
After-tax | $ | $ | $ | $ | ( | ) | |||||||
Amortization of other benefit plans: | |||||||||||||
Actuarial gain | ( | ) | (3) | ||||||||||
Total before tax | ( | ) | |||||||||||
Tax benefit | (2) | ||||||||||||
After-tax | $ | $ | $ | ( | ) | $ | |||||||
Total reclassifications for the period, after-tax | $ | $ | $ | $ | ( | ) | |||||||
1. | Cost of goods sold. |
2. | (Benefit from) provision for income taxes from continuing operations. |
3. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Defined Benefit Pension Plans: | ||||||||||||
Service cost | $ | $ | $ | $ | ||||||||
Interest cost | ||||||||||||
Expected return on plan assets | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Amortization of unrecognized (gain) loss | ( | ) | ( | ) | ||||||||
Curtailment/settlement loss (gain) | ( | ) | ||||||||||
Net periodic benefit credit - Total | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Less: Discontinued operations1 | ( | ) | ( | ) | ( | ) | ||||||
Net periodic benefit credit - Continuing operations | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Other Post Employment Benefits: | ||||||||||||
Service cost | $ | $ | $ | $ | ||||||||
Interest cost | ||||||||||||
Amortization of unrecognized gain | ( | ) | ||||||||||
Net periodic benefit cost - Continuing operations | $ | $ | $ | $ | ||||||||
1. | Includes non-service related components of net periodic benefit credit of $( |
Stock Options | For the period June 1 - September 30, 2019 | ||||||||
Number of Shares (in thousands) | Weighted Average Exercise Price (per share) | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) | ||||||
Outstanding at June 1, 2019 | $ | ||||||||
Exercised | ( | ) | |||||||
Forfeited/Expired | ( | ) | |||||||
Outstanding at September 30, 2019 | $ | $ | |||||||
Exercisable at September 30, 2019 | $ | $ | |||||||
For the period June 1 - September 30, 2019 | |||||
Number of Shares (in thousands) | Weighted Average Grant Date Fair Value (per share) | ||||
Nonvested at June 1, 2019 | $ | ||||
Granted | |||||
Vested | ( | ) | |||
Forfeited | ( | ) | |||
Nonvested at September 30, 2019 | $ | ||||
Notional Amounts (In millions) | September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||
Derivatives designated as hedging instruments: | |||||||||
Commodity contracts | $ | $ | $ | ||||||
Derivatives not designated as hedging instruments: | |||||||||
Foreign currency contracts | $ | $ | $ | ||||||
Commodity contracts | $ | $ | $ | ||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Beginning balance | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Additions and revaluations of derivatives designated as cash flow hedges | ( | ) | ( | ) | ( | ) | ||||||
Clearance of hedge results to earnings | ( | ) | ||||||||||
Ending balance | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
September 30, 2019 | ||||||||||
(In millions) | Balance Sheet Location | Gross | Counterparty and Cash Collateral Netting1 | Net Amounts Included in the Condensed Consolidated Balance Sheet | ||||||
Asset derivatives: | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||
Foreign currency contracts | Other current assets | $ | $ | ( | ) | $ | ||||
Total asset derivatives | $ | $ | ( | ) | $ | |||||
Liability derivatives: | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||
Foreign currency contracts | Accrued and other current liabilities | $ | $ | $ | ||||||
Total liability derivatives | $ | $ | $ | |||||||
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. |
December 31, 2018 | ||||||||||
(In millions) | Balance Sheet Location | Gross | Counterparty and Cash Collateral Netting1 | Net Amounts Included in the Condensed Consolidated Balance Sheet | ||||||
Asset derivatives: | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||
Foreign currency contracts | Other current assets | $ | $ | ( | ) | $ | ||||
Total asset derivatives | $ | $ | ( | ) | $ | |||||
Liability derivatives: | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||
Foreign currency contracts | Accrued and other current liabilities | $ | $ | ( | ) | $ | ||||
Total liability derivatives | $ | $ | ( | ) | $ | |||||
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. |
September 30, 2018 | ||||||||||
(In millions) | Balance Sheet Location | Gross | Counterparty and Cash Collateral Netting1 | Net Amounts Included in the Condensed Consolidated Balance Sheet | ||||||
Asset derivatives: | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||
Foreign currency contracts | Other current assets | $ | $ | ( | ) | $ | ||||
Total asset derivatives | $ | $ | ( | ) | $ | |||||
Liability derivatives: | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||
Foreign currency contracts | Accrued and other current liabilities | $ | $ | ( | ) | $ | ||||
Total liability derivatives | $ | $ | ( | ) | $ | |||||
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. |
Amount of (Loss) Gain Recognized in OCI1 - Pre-Tax | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Cash flow hedges: | ||||||||||||
Commodity contracts | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||
Total derivatives designated as hedging instruments | ( | ) | ( | ) | ( | ) | ||||||
Total derivatives | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||
1. | OCI is defined as other comprehensive income (loss). |
Amount of Gain (Loss) Recognized in Income - Pre-Tax1 | ||||||||||||
(In millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Cash flow hedges: | ||||||||||||
Commodity contracts2 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ||
Total derivatives designated as hedging instruments | ( | ) | ( | ) | ( | ) | ||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Foreign currency contracts3 | ( | ) | ||||||||||
Commodity contracts2 | ||||||||||||
Total derivatives not designated as hedging instruments | ( | ) | ||||||||||
Total derivatives | $ | $ | $ | ( | ) | $ | ||||||
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. |
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 9 - Supplementary Information, for additional information. |
September 30, 2019 | Significant Other Observable Inputs (Level 2) | ||
(In millions) | |||
Assets at fair value: | |||
Cash equivalents and restricted cash equivalents1 | $ | ||
Marketable securities | |||
Derivatives relating to:2 | |||
Foreign currency | |||
Total assets at fair value | $ | ||
Liabilities at fair value: | |||
Long-term debt including debt due within one year3 | $ | ||
Derivatives relating to:2 | |||
Foreign currency | |||
Total liabilities at fair value | $ | ||
December 31, 2018 | Significant Other Observable Inputs (Level 2) | ||
(In millions) | |||
Assets at fair value: | |||
Cash equivalents and restricted cash equivalents1 | $ | ||
Marketable securities | |||
Derivatives relating to:2 | |||
Foreign currency | |||
Total assets at fair value | $ | ||
Liabilities at fair value: | |||
Long-term debt including debt due within one year3 | $ | ||
Derivatives relating to:2 | |||
Foreign currency | |||
Total liabilities at fair value | $ | ||
September 30, 2018 | Significant Other Observable Inputs (Level 2) | ||
(In millions) | |||
Assets at fair value: | |||
Cash equivalents and restricted cash equivalents1 | $ | ||
Marketable securities | |||
Derivatives relating to:2 | |||
Foreign currency | |||
Total assets at fair value | $ | ||
Liabilities at fair value: | |||
Long-term debt including debt due within one year3 | $ | ||
Derivatives relating to:2 | |||
Foreign currency | |||
Total liabilities at fair value | $ | ||
1. | Time deposits included in cash and cash equivalents and money market funds included in other current assets in the interim Condensed Consolidated Balance Sheets are held at amortized cost, which approximates fair value. |
Basis of Fair Value Measurements on a Nonrecurring Basis at September 30 | Significant Other Unobservable Inputs (Level 3) | Total Losses | ||||
(In millions) | ||||||
2019 | ||||||
Assets at fair value: | ||||||
Developed technology | $ | $ | ( | ) | ||
Other intangible assets | $ | $ | ( | ) | ||
IPR&D | $ | $ | ( | ) | ||
2018 | ||||||
Assets at fair value: | ||||||
Investment in nonconsolidated affiliates | $ | $ | ( | ) | ||
Other intangible assets | $ | $ | ( | ) | ||
As of and for the Three Months Ended September 30, (In millions) | Seed | Crop Protection | Total | ||||||
2019 | |||||||||
Net sales | $ | $ | $ | ||||||
Segment operating EBITDA | $ | ( | ) | $ | $ | ( | ) | ||
Segment assets1,2 | $ | $ | $ | ||||||
2018 | |||||||||
Net sales | $ | $ | $ | ||||||
Pro forma segment operating EBITDA | $ | ( | ) | $ | $ | ( | ) | ||
Segment assets1 | $ | $ | $ | ||||||
1. | Segment assets at December 31, 2018 were $ |
Nine Months Ended September 30, (In millions) | Seed | Crop Protection | Total | ||||||
2019 | |||||||||
Net sales | $ | $ | $ | ||||||
Pro forma segment operating EBITDA | $ | $ | $ | ||||||
2018 | |||||||||
Net sales | $ | $ | $ | ||||||
Pro forma segment operating EBITDA | $ | $ | $ | ||||||
Loss from continuing operations after income taxes to segment operating EBITDA (In millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2019 | 2018 1 | 2019 1 | 2018 1 | |||||||||
Loss from continuing operations after income taxes | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
(Benefit from) provision for income taxes on continuing operations | ( | ) | ( | ) | ( | ) | ||||||
Loss from continuing operations before income taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Depreciation and amortization | ||||||||||||
Interest income | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Interest expense | ||||||||||||
Exchange (gains) losses - net 2 | ( | ) | ||||||||||
Non-operating benefits - net | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Goodwill impairment charge | ||||||||||||
Significant items | ||||||||||||
Pro forma adjustments3 | ||||||||||||
Corporate expenses | ||||||||||||
Segment operating EBITDA | $ | ( | ) | $ | ( | ) | $ | $ | ||||
1. | Periods prior to March 31, 2019 are on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. |
2. | Excludes a $( |
3. | Refer to page 69 for further details of pro forma adjustments. |
Segment assets to total assets (in millions) | September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||
Total segment assets | $ | $ | $ | ||||||
Corporate assets | |||||||||
Assets related to discontinued operations1 | |||||||||
Total assets | $ | $ | $ | ||||||
1. | See Note 5 - Divestitures and Other Transactions for additional information on discontinued operations. |
(In millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
As Reported | Pro Forma | Pro Forma | Pro Forma | |||||||||
Seed 1,2,3,4 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Crop Protection 5 | ( | ) | ( | ) | ( | ) | ||||||
Corporate 6,7,8,9,10 | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Total | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
1. | Includes restructuring and asset related charges of $( |
2. | Includes a $( |
3. | Includes charges of $( |
4. | Includes a $ |
5. | Includes restructuring and asset related benefits (charges) of $ |
6. | Includes restructuring and asset related charges of $( |
7. | Includes integration and separation costs of $( |
8. | Includes a $( |
9. | Includes a $( |
10. |
Item 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
• | the assets and liabilities aligned with EID’s materials science business, including EID’s ethylene and ethylene copolymers business, excluding its ethylene acrylic elastomers business, (“EID ECP”) were transferred or conveyed to separate legal entities (the “Materials Science Entities”) that were ultimately conveyed by DowDuPont to Dow; |
• | the assets and liabilities aligned with the EID’s specialty products business were transferred or conveyed to separate legal entities (“EID Specialty Products Entities”); |
• | on April 1, 2019, EID transferred and conveyed its Materials Science Entities to Dow; |
• | on May 1, 2019, EID distributed its Specialty Products Entities to DowDuPont; |
• | on May 2, 2019, DowDuPont conveyed Dow Ag Entities to EID and in connection with the foregoing, EID issued additional shares of its Common Stock to DowDuPont; and |
• | on May 31, 2019, DowDuPont contributed EID to Corteva, Inc. |
• | Separation and Distribution Agreement - Effective April 1, 2019, the Parties entered into an agreement that sets forth, among other things, the agreements among the Parties regarding the principal transactions necessary to effect the Distributions. It also sets forth other agreements that govern certain aspects of the Parties’ ongoing relationships after the completion of the Distributions (the "Corteva Separation Agreement"). |
• | Tax Matters Agreement - The Parties entered into an agreement effective as of April 1, 2019 as amended on June 1, 2019 that governs their respective rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes. |
• | Employee Matters Agreement - The Parties entered into an agreement that identifies employees and employee-related liabilities (and attributable assets) to be allocated (either retained, transferred and accepted, or assigned and assumed, as applicable) to the Parties as part of the Distributions and describes when and how the relevant transfers and assignments will occur. |
• | Intellectual Property Cross-License Agreement - Effective as of April 1, 2019 between Corteva and Dow, and effective June 1, 2019 between Corteva and DuPont entered into Intellectual Property Cross-License Agreements. The Intellectual Property Cross-License Agreements set forth the terms and conditions under which the applicable Parties may use in their respective businesses, following each of the Distributions, certain know-how (including trade secrets), copyrights, and software, and certain patents and standards, allocated to another Party pursuant to the Corteva Separation Agreement. |
• | Letter Agreement - DuPont and Corteva entered into a Letter Agreement. The Letter Agreement sets forth certain additional terms and conditions related to the Separation, including certain limitations on each party’s ability to transfer certain businesses and assets to third parties without assigning certain of such party’s indemnification obligations under the Corteva Separation Agreement to the other party to the transferee of such businesses and assets or meeting certain other alternative conditions. |
(in millions) | Amount | ||
4.625% Notes due 2020 | $ | 474 | |
3.625% Notes due 2021 | 296 | ||
4.250% Notes due 2021 | 163 | ||
2.800% Notes due 2023 | 381 | ||
6.500% Debentures due 2028 | 57 | ||
5.600% Senior Notes due 2036 | 42 | ||
4.900% Notes due 2041 | 48 | ||
4.150% Notes due 2043 | 69 | ||
Total | $ | 1,530 | |
• | The company reported net sales of $1,911 million, down 2 percent versus the same quarter last year, reflecting a 3 percent increase in volume which was more than offset by a 3 percent decline in local price and a 2 percent decline in currency. |
• | Cost of goods sold ("COGS") totaled $1,349 million in the third quarter of 2019, down from $1,485 million in the third quarter of 2018, primarily driven by lower amortization of inventory step-up. As of September 30, 2019, all inventory step-up has been amortized. |
• | Restructuring and asset related charges - net were $46 million in the third quarter of 2019, primarily reflecting non-cash intangible asset impairment charges, primarily related to DAS intangibles previously acquired from Cooperativa Central de Pesquisa Agrícola's ("Coodetec"), a decrease from $235 million from the third quarter 2018. |
• | Integration and separation costs were $152 million in the third quarter of 2019, down from $253 million in the third quarter of 2018, reflecting post-Merger integration and Business Separation activities. |
• | Loss from continuing operations after income taxes was $(527) million, as compared to a loss of $(5,642) million in the same quarter last year. |
• | The company realized cost synergies of approximately $100 million for the three months ended 2019. |
• | The company reported net sales of $10,863 million, down 5 percent versus the same period last year, reflecting a 3 percent decline in currency and a 2 percent decline in volume |
• | COGS totaled $6,607 million in the nine months ended 2019, down from $7,924 million in the nine months ended 2018, primarily driven by lower amortization of inventory step-up. |
• | Restructuring and asset related charges - net were $167 million in the nine months ended 2019, reflecting non-cash intangible asset impairment charges, primarily related to DAS intangibles previously acquired from Coodetec, and restructuring actions under the DowDuPont Cost Synergy Program, a decrease from $466 million in the nine months ended 2018. |
• | Loss from continuing operations after income taxes was $(228) million, as compared to a loss of $(5,705) million in the same period last year. |
• | The company realized cost synergies of approximately $300 million for the nine months ended 2019. |
• | The company repurchased $25 million of shares as part of the $1 billion share repurchase program announced in the second quarter. |
• | The company's Board of Directors authorized a common stock dividend of $0.13 per share, payable on December 18, 2019, to shareholders of record on November 29, 2019. |
In millions, except per share amounts | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
Net sales | $ | 1,911 | $ | 1,947 | $ | 10,863 | $ | 11,472 | ||||
Cost of goods sold | $ | 1,349 | $ | 1,485 | $ | 6,607 | $ | 7,924 | ||||
Percent of net sales | 71 | % | 76 | % | 61 | % | 69 | % | ||||
Research and development expense | $ | 289 | $ | 325 | $ | 857 | $ | 1,010 | ||||
Percent of net sales | 15 | % | 17 | % | 8 | % | 9 | % | ||||
Selling, general and administrative expenses | $ | 646 | $ | 633 | $ | 2,318 | $ | 2,347 | ||||
Percent of net sales | 34 | % | 33 | % | 21 | % | 20 | % | ||||
Effective tax rate on continuing operations | 16.5 | % | 0.1 | % | (76.7 | )% | 3.2 | % | ||||
Loss from continuing operations after income taxes | $ | (527 | ) | $ | (5,642 | ) | $ | (228 | ) | $ | (5,705 | ) |
Loss from continuing operations available to Corteva common stockholders | $ | (516 | ) | $ | (5,647 | ) | $ | (238 | ) | $ | (5,728 | ) |
Basic loss per share of common stock from continuing operations | $ | (0.69 | ) | $ | (7.54 | ) | $ | (0.32 | ) | $ | (7.64 | ) |
Diluted loss per share of common stock from continuing operations | $ | (0.69 | ) | $ | (7.54 | ) | $ | (0.32 | ) | $ | (7.64 | ) |
Three Months Ended September 30, | ||||||||||
2019 | 2018 | |||||||||
Net Sales ($ Millions) | % | Net Sales ($ Millions) | % | |||||||
Worldwide | $ | 1,911 | 100 | % | $ | 1,947 | 100 | % | ||
North America | 623 | 33 | % | 537 | 28 | % | ||||
EMEA | 305 | 16 | % | 296 | 15 | % | ||||
Asia Pacific | 221 | 11 | % | 239 | 12 | % | ||||
Latin America | 762 | 40 | % | 875 | 45 | % | ||||
Q3 2019 vs. Q3 2018 | Percent Change Due To: | ||||||||||||
Net Sales Change | Local Price & | Portfolio / | |||||||||||
In millions | $ | % | Product Mix | Volume | Currency | Other | |||||||
North America | $ | 86 | 16 | % | (15 | )% | 31 | % | — | % | — | % | |
EMEA | 9 | 3 | % | 1 | % | 7 | % | (5 | )% | — | % | ||
Asia Pacific | (18 | ) | (8 | )% | (4 | )% | (2 | )% | (2 | )% | — | % | |
Latin America | (113 | ) | (13 | )% | 4 | % | (15 | )% | (2 | )% | — | % | |
Total | $ | (36 | ) | (2 | )% | (3 | )% | 3 | % | (2 | )% | — | % |
Nine Months Ended September 30, | ||||||||||
2019 | 2018 | |||||||||
Net Sales ($ Millions) | % | Net Sales ($ Millions) | % | |||||||
Worldwide | $ | 10,863 | 100 | % | $ | 11,472 | 100 | % | ||
North America | 5,800 | 53 | % | 6,434 | 56 | % | ||||
EMEA | 2,336 | 22 | % | 2,379 | 21 | % | ||||
Asia Pacific | 947 | 9 | % | 925 | 8 | % | ||||
Latin America | 1,780 | 16 | % | 1,734 | 15 | % | ||||
Nine Months 2019 vs. Nine Months 2018 | Percent Change Due To: | ||||||||||||
Net Sales Change | Local Price & | Portfolio / | |||||||||||
In millions | $ | % | Product Mix | Volume | Currency | Other | |||||||
North America | $ | (634 | ) | (10 | )% | (3 | )% | (7 | )% | — | % | — | % |
EMEA | (43 | ) | (2 | )% | 1 | % | 6 | % | (9 | )% | — | % | |
Asia Pacific | 22 | 2 | % | 4 | % | 3 | % | (5 | )% | — | % | ||
Latin America | 46 | 3 | % | 4 | % | 3 | % | (4 | )% | — | % | ||
Total | $ | (609 | ) | (5 | )% | — | % | (2 | )% | (3 | )% | — | % |
Unaudited Pro Forma Statement of Operations | Three Months Ended September 30, 2018 | ||||||||||||||
(In millions, except per share amounts) | Corteva | Merger 1 | Debt Retirement 2 | Separations Related 3 | Pro Forma | ||||||||||
Net sales | $ | 1,947 | $ | — | $ | — | $ | — | $ | 1,947 | |||||
Cost of goods sold | 1,485 | (109 | ) | — | 12 | 1,388 | |||||||||
Research and development expense | 325 | — | — | (1 | ) | 324 | |||||||||
Selling, general and administrative expenses | 633 | — | — | — | 633 | ||||||||||
Amortization of intangibles | 88 | — | — | — | 88 | ||||||||||
Restructuring and asset related charges - net | 235 | — | — | — | 235 | ||||||||||
Integration and separation costs | 253 | — | — | (119 | ) | 134 | |||||||||
Goodwill impairment charge | 4,503 | — | — | — | 4,503 | ||||||||||
Other income - net | 7 | — | — | — | 7 | ||||||||||
Loss on early extinguishment of debt | — | — | |||||||||||||
Interest expense | 82 | — | (69 | ) | — | 13 | |||||||||
(Loss) income from continuing operations before income taxes | (5,650 | ) | 109 | 69 | 108 | (5,364 | ) | ||||||||
(Benefit from) provision for income taxes on continuing operations | (8 | ) | 24 | 15 | (59 | ) | (28 | ) | |||||||
(Loss) income from continuing operations after income taxes | (5,642 | ) | 85 | 54 | 167 | (5,336 | ) | ||||||||
Net income from continuing operations attributable to noncontrolling interests | 5 | — | — | — | 5 | ||||||||||
Net loss attributable to Corteva | $ | (5,647 | ) | $ | 85 | $ | 54 | $ | 167 | $ | (5,341 | ) | |||
Per share common data | |||||||||||||||
Loss per share of common stock from continuing operations - basic | $ | (7.13 | ) | ||||||||||||
Loss per share of common stock from continuing operations - diluted | $ | (7.13 | ) | ||||||||||||
Weighted-average common shares outstanding - basic | 749.4 | ||||||||||||||
Weighted-average common shares outstanding - diluted | 749.4 | ||||||||||||||
1. | Represents the removal of amortization of EID’s agriculture business’ inventory step-up recognized in connection with the Merger, as the incremental amortization is directly attributable to the Merger and will not have a continuing impact. |
2. | Represents removal of interest expense related to the debt redemptions/repayments. |
3. | Adjustments directly attributable to the separations and distributions of Corteva, Inc. includes the following: removal of Telone® Soil Fumigant business (“Telone®”) results (as Telone® did not transfer to Corteva as part of the common control combination of DAS); impact from the distribution agreement entered into between Corteva and Dow that allows for Corteva to become the exclusive distributor of Telone® products for Dow; elimination of one-time transaction costs directly attributable to the Corteva Distribution; the impact of certain manufacturing, leasing and supply agreements entered into in connection with the Corteva Distribution; and the related tax impacts of these items. |
Unaudited Pro Forma Statement of Operations | Nine Months Ended September 30, 2019 | ||||||||||||||
(In millions, except per share amounts) | Corteva | Merger 1 | Debt Retirement 2 | Separations Related 3 | Pro Forma | ||||||||||
Net sales | $ | 10,863 | $ | — | $ | — | $ | — | $ | 10,863 | |||||
Cost of goods sold | 6,607 | (205 | ) | — | 16 | 6,418 | |||||||||
Research and development expense | 857 | — | — | — | 857 | ||||||||||
Selling, general and administrative expenses | 2,318 | — | — | 3 | 2,321 | ||||||||||
Amortization of intangibles | 314 | — | — | — | 314 | ||||||||||
Restructuring and asset related charges - net | 167 | — | — | — | 167 | ||||||||||
Integration and separation costs | 694 | — | — | (112 | ) | 582 | |||||||||
Goodwill impairment charge | — | — | — | — | — | ||||||||||
Other income - net | 90 | — | — | — | 90 | ||||||||||
Loss on early extinguishment of debt | 13 | — | — | — | 13 | ||||||||||
Interest expense | 112 | — | (45 | ) | — | 67 | |||||||||
(Loss) income from continuing operations before income taxes | (129 | ) | 205 | 45 | 93 | 214 | |||||||||
Provision for income taxes on continuing operations | 99 | 36 | 10 | 1 | 146 | ||||||||||
(Loss) income from continuing operations after income taxes | (228 | ) | 169 | 35 | 92 | 68 | |||||||||
Net income from continuing operations attributable to noncontrolling interests | 10 | — | — | — | 10 | ||||||||||
Net (loss) income attributable to Corteva | $ | (238 | ) | $ | 169 | $ | 35 | $ | 92 | $ | 58 | ||||
Per share common data | |||||||||||||||
Earnings per share of common stock from continuing operations - basic | $ | 0.08 | |||||||||||||
Earnings per share of common stock from continuing operations - diluted | $ | 0.08 | |||||||||||||
Weighted-average common shares outstanding - basic | 749.4 | ||||||||||||||
Weighted-average common shares outstanding - diluted | 749.4 | ||||||||||||||
1. | Represents the removal of amortization of EID’s agriculture business’ inventory step-up recognized in connection with the Merger, as the incremental amortization is directly attributable to the Merger and will not have a continuing impact. |
2. | Represents removal of interest expense related to the debt redemptions/repayments. |
3. | Adjustments directly attributable to the separations and distributions of Corteva, Inc. includes the following: removal of Telone®; impact from the distribution agreement entered into between Corteva and Dow that allows for Corteva to become the exclusive distributor of Telone® products for Dow; elimination of one-time transaction costs directly attributable to the Corteva Distribution; the impact of certain manufacturing, leasing and supply agreements entered into in connection with the Corteva Distribution; and the related tax impacts of these items. |
Unaudited Pro Forma Statement of Operations | Nine Months Ended September 30, 2018 | ||||||||||||||
(In millions, except per share amounts) | Corteva | Merger 1 | Debt Retirement 2 | Separations Related 3 | Pro Forma | ||||||||||
Net sales | $ | 11,472 | $ | — | $ | — | $ | — | $ | 11,472 | |||||
Cost of goods sold | 7,924 | (1,424 | ) | — | 43 | 6,543 | |||||||||
Research and development expense | 1,010 | — | — | (2 | ) | 1,008 | |||||||||
Selling, general and administrative expenses | 2,347 | — | — | 1 | 2,348 | ||||||||||
Amortization of intangibles | 284 | — | — | — | 284 | ||||||||||
Restructuring and asset related charges - net | 466 | — | — | — | 466 | ||||||||||
Integration and separation costs | 697 | — | — | (313 | ) | 384 | |||||||||
Goodwill impairment charge | 4,503 | — | — | — | 4,503 | ||||||||||
Other income - net | 118 | — | — | — | 118 | ||||||||||
Loss on early extinguishment of debt | — | — | — | — | — | ||||||||||
Interest expense | 251 | — | (200 | ) | — | 51 | |||||||||
Loss from continuing operations before income taxes | (5,892 | ) | 1,424 | 200 | 271 | (3,997 | ) | ||||||||
(Benefit from) provision for income taxes on continuing operations | (187 | ) | 264 | 46 | 71 | 194 | |||||||||
Loss from continuing operations after income taxes | (5,705 | ) | 1,160 | 154 | 200 | (4,191 | ) | ||||||||
Net income from continuing operations attributable to noncontrolling interests | 23 | — | — | — | 23 | ||||||||||
Net loss attributable to Corteva | $ | (5,728 | ) | $ | 1,160 | $ | 154 | $ | 200 | $ | (4,214 | ) | |||
Per share common data | |||||||||||||||
Loss per share of common stock from continuing operations - basic | $ | (5.62 | ) | ||||||||||||
Loss per share of common stock from continuing operations - diluted | $ | (5.62 | ) | ||||||||||||
Weighted-average common shares outstanding - basic | 749.4 | ||||||||||||||
Weighted-average common shares outstanding - diluted | 749.4 | ||||||||||||||
1. | Represents the removal of amortization of EID’s agriculture business’ inventory step-up recognized in connection with the Merger, as the incremental amortization is directly attributable to the Merger and will not have a continuing impact. |
2. | Represents removal of interest expense related to the debt redemptions/repayments. |
3. | Adjustments directly attributable to the separations and distributions of Corteva, Inc. includes the following: removal of Telone®; impact from the distribution agreement entered into between Corteva and Dow that allows for Corteva to become the exclusive distributor of Telone® products for Dow; elimination of one-time transaction costs directly attributable to the Corteva Distribution; the impact of certain manufacturing, leasing and supply agreements entered into in connection with the Corteva Distribution; and the related tax impacts of these items. |
Seed | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
In millions | 2019 | 2018 | 2019 | 2018 | ||||||||
Net sales | $ | 681 | $ | 551 | $ | 6,347 | $ | 6,716 | ||||
Pro forma segment operating EBITDA 1 | $ | (295 | ) | $ | (372 | ) | $ | 1,066 | $ | 1,226 | ||
1. | The three months ended September 30, 2019 are on an as reported basis. |
Seed | Q3 2019 vs. Q3 2018 | Percent Change Due To: | |||||||||||
Net Sales Change | Local Price & | Portfolio / | |||||||||||
In millions | $ | % | Product Mix | Volume | Currency | Other | |||||||
North America | $ | 114 | 102 | % | (63 | )% | 165 | % | — | % | — | % | |
EMEA | (11 | ) | (8 | )% | 2 | % | (5 | )% | (5 | )% | — | % | |
Asia Pacific | 10 | 19 | % | 5 | % | 18 | % | (4 | )% | — | % | ||
Latin America | 17 | 7 | % | 14 | % | (5 | )% | (2 | )% | — | % | ||
Total | $ | 130 | 24 | % | (5 | )% | 31 | % | (2 | )% | — | % | |
Seed | Nine Months 2019 vs. Nine Months 2018 | Percent Change Due To: | |||||||||||
In millions | Net Sales Change | Local Price & | Portfolio / | ||||||||||
$ | % | Product Mix | Volume | Currency | Other | ||||||||
North America | $ | (352 | ) | (8 | )% | (4 | )% | (4 | )% | — | % | — | % |
EMEA | (22 | ) | (2 | )% | 1 | % | 6 | % | (9 | )% | — | % | |
Asia Pacific | 1 | — | % | 2 | % | 4 | % | (6 | )% | — | % | ||
Latin America | 4 | 1 | % | 6 | % | (1 | )% | (4 | )% | — | % | ||
Total | $ | (369 | ) | (5 | )% | (1 | )% | (2 | )% | (2 | )% | — | % |
Crop Protection | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
In millions | 2019 | 2018 | 2019 | 2018 | ||||||||
Net sales | $ | 1,230 | $ | 1,396 | $ | 4,516 | $ | 4,756 | ||||
Pro forma Segment Operating EBITDA 1 | $ | 119 | $ | 159 | $ | 789 | $ | 905 | ||||
1. | The three months ended September 30, 2019 are on an as reported basis. |
Crop Protection | Q3 2019 vs. Q3 2018 | Percent Change Due To: | |||||||||||
In millions | Net Sales Change | Local Price & | Portfolio / | ||||||||||
$ | % | Product Mix | Volume | Currency | Other | ||||||||
North America | $ | (28 | ) | (7 | )% | (3 | )% | (4 | )% | — | % | — | % |
EMEA | 20 | 12 | % | — | % | 16 | % | (4 | )% | — | % | ||
Asia Pacific | (28 | ) | (15 | )% | (6 | )% | (8 | )% | (1 | )% | — | % | |
Latin America | (130 | ) | (21 | )% | (1 | )% | (19 | )% | (1 | )% | — | % | |
Total | $ | (166 | ) | (12 | )% | (2 | )% | (9 | )% | (1 | )% | — | % |
Crop Protection | Nine Months 2019 vs. Nine Months 2018 | Percent Change Due To: | |||||||||||
In millions | Net Sales Change | Local Price & | Portfolio / | ||||||||||
$ | % | Product Mix | Volume | Currency | Other | ||||||||
North America | $ | (282 | ) | (15 | )% | (2 | )% | (13 | )% | — | % | — | % |
EMEA | (21 | ) | (2 | )% | 1 | % | 5 | % | (8 | )% | — | % | |
Asia Pacific | 21 | 3 | % | 4 | % | 3 | % | (4 | )% | — | % | ||
Latin America | 42 | 4 | % | 2 | % | 6 | % | (4 | )% | — | % | ||
Total | $ | (240 | ) | (5 | )% | 1 | % | (2 | )% | (4 | )% | — | % |
(Dollars in millions) | September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||
Cash, cash equivalents and marketable securities | $ | 2,097 | $ | 2,275 | $ | 1,799 | |||
Total debt | $ | 3,720 | $ | 7,938 | $ | 14,586 | |||
(in millions) | Amount | ||
4.625% Notes due 2020 | $ | 474 | |
3.625% Notes due 2021 | 296 | ||
4.250% Notes due 2021 | 163 | ||
2.800% Notes due 2023 | 381 | ||
6.500% Debentures due 2028 | 57 | ||
5.600% Senior Notes due 2036 | 42 | ||
4.900% Notes due 2041 | 48 | ||
4.150% Notes due 2043 | 69 | ||
Total | $ | 1,530 | |
Item 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Item 1. | LEGAL PROCEEDINGS |
• | difficulties in achieving anticipated cost savings, synergies, business opportunities and growth prospects; |
• | the possibility of faulty assumptions underlying expectations regarding the integration or separation process, including with respect to the intended tax efficient transactions; |
• | unanticipated issues in integrating, replicating or separating information technology, communications programs, financial procedures and operations, and other systems, procedures and policies; |
• | addressing differences in business culture and retaining key personnel; |
• | unanticipated changes in applicable laws and regulations; |
• | managing tax costs or inefficiencies associated with integrating the operations of the combined agriculture company and the intended tax efficient separation transactions; |
• | coordinating geographically separate organizations; |
• | failing to successfully optimize Corteva’s facilities footprint; |
• | failing to take advantage of Corteva’s global supply chain; |
• | failing to identify and eliminate duplicative programs; and |
• | failing to otherwise integrate EID’s or Historical Dow’s respective agriculture businesses, including their technology platforms. |
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 Programs(1) (Dollars in millions) | ||||
August 2019 | 823,749 | $30.33 | 823,749 | $ | 975 | |||
Total | 823,749 | $30.33 | 823,749 | $ | 975 | |||
1. | 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. The timing, price and volume of purchases will be based on market conditions, relevant securities laws and other factors. |
Item 6. | EXHIBITS |
Exhibit Number | Description | |
Separation and Distribution Agreement by and among DuPont Inc., Dow Inc. and Corteva, Inc. (incorporated by reference to Exhibit No. 2.1 to Amendment 3 to Corteva’s Registration Statement on Form 10, 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, filed on October 10, 2019. | ||
Amended and Restated Bylaws of Corteva, Inc. (incorporated by reference to Exhibit No. 3.2 to Corteva’s Current Report on Form 8-K, filed on June 3, 2019. | ||
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: | October 31, 2019 | |
By: | /s/ Gregory R. Friedman | |
Gregory R. Friedman | ||
Executive Vice President and | ||
Chief Financial Officer | ||
(As Duly Authorized Officer and | ||
Principal Financial Officer) | ||
E. I. du Pont de Nemours and Company | ||
(Registrant) | ||
Date: | October 31, 2019 | |
By: | /s/ Gregory R. Friedman | |
Gregory R. Friedman | ||
Executive Vice President and | ||
Chief Financial Officer | ||
(As Duly Authorized Officer and | ||
Principal Financial Officer) | ||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(In millions, except per share amounts) | 2019 | 2018 | 2019 | 2018 | ||||||||
Net sales | $ | $ | $ | $ | ||||||||
Cost of goods sold | ||||||||||||
Research and development expense | ||||||||||||
Selling, general and administrative expenses | ||||||||||||
Amortization of intangibles | ||||||||||||
Restructuring and asset related charges - net | ||||||||||||
Integration and separation costs | ||||||||||||
Goodwill impairment charge | ||||||||||||
Other income - net | ||||||||||||
Loss on early extinguishment of debt | ||||||||||||
Interest expense | ||||||||||||
Loss from continuing operations before income taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||
(Benefit from) provision for income taxes on continuing operations | ( | ) | ( | ) | ( | ) | ||||||
Loss from continuing operations after income taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Income (loss) from discontinued operations after income taxes | ( | ) | ||||||||||
Net loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Net (loss) income attributable to noncontrolling interests | ( | ) | ||||||||||
Net loss attributable to E. I. du Pont de Nemours and Company | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||
Net loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Other comprehensive loss - net of tax: | ||||||||||||
Cumulative translation adjustments | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Adjustments to pension benefit plans | ||||||||||||
Adjustments to other benefit plans | ( | ) | ||||||||||
Derivative instruments | ( | ) | ( | ) | ||||||||
Total other comprehensive loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Comprehensive loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Comprehensive (loss) income attributable to noncontrolling interests - net of tax | ( | ) | ||||||||||
Comprehensive loss attributable to E. I. du Pont de Nemours and Company | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
(In millions, except share amounts) | September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||
Assets | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ | $ | $ | ||||||
Marketable securities | |||||||||
Accounts and notes receivable - net | |||||||||
Inventories | |||||||||
Other current assets | |||||||||
Assets of discontinued operations - current | |||||||||
Total current assets | |||||||||
Investment in nonconsolidated affiliates | |||||||||
Property, plant and equipment - net of accumulated depreciation (September 30, 2019 - $3,186; December 31, 2018 - $2,796; September 30, 2018 - $2,694) | |||||||||
Goodwill | |||||||||
Other intangible assets | |||||||||
Deferred income taxes | |||||||||
Other assets | |||||||||
Assets of discontinued operations - non-current | |||||||||
Total Assets | $ | $ | $ | ||||||
Liabilities and Equity | |||||||||
Current liabilities | |||||||||
Short-term borrowings and finance lease obligations | $ | $ | $ | ||||||
Accounts payable | |||||||||
Income taxes payable | |||||||||
Accrued and other current liabilities | |||||||||
Liabilities of discontinued operations - current | |||||||||
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 | |||||||||
Liabilities of discontinued operations - non-current | |||||||||
Total noncurrent liabilities | |||||||||
Commitments and contingent liabilities | |||||||||
Stockholders’ equity | |||||||||
Preferred stock, without par value – cumulative; 23,000,000 shares authorized; issued at September 30, 2019, December 31, 2018, and September 30, 2018: | |||||||||
$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; issued at September 30, 2019 - 200, December 31, 2018 - 100, and September 30 2018 - 100 | |||||||||
Additional paid-in capital | |||||||||
Divisional equity | |||||||||
Accumulated deficit | ( | ) | |||||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ( | ) | |||
Total E. I. du Pont de Nemours and Company stockholders’ equity | |||||||||
Noncontrolling interests | |||||||||
Total equity | |||||||||
Total Liabilities and Equity | $ | $ | $ | ||||||
Nine Months Ended September 30, | ||||||
(In millions) | 2019 | 2018 | ||||
Operating activities | ||||||
Net loss | $ | ( | ) | $ | ( | ) |
Adjustments to reconcile net loss to cash used for operating activities: | ||||||
Depreciation and amortization | ||||||
(Benefit from) provision for deferred income tax | ( | ) | ||||
Net periodic pension benefit | ( | ) | ( | ) | ||
Pension contributions | ( | ) | ( | ) | ||
Net gain on sales of property, businesses, consolidated companies, and investments | ( | ) | ( | ) | ||
Restructuring and asset related charges - net | ||||||
Amortization of inventory step-up | ||||||
Goodwill impairment charge | ||||||
Loss on early extinguishment of debt | ||||||
Other net loss | ||||||
Changes in operating assets and liabilities - net | ( | ) | ( | ) | ||
Cash used for operating activities | ( | ) | ( | ) | ||
Investing activities | ||||||
Capital expenditures | ( | ) | ( | ) | ||
Proceeds from sales of property, businesses, and consolidated companies - net of cash divested | ||||||
Acquisitions of businesses - net of cash acquired | ( | ) | ||||
Investments in and loans to nonconsolidated affiliates | ( | ) | ||||
Proceeds from sales of ownership interests in nonconsolidated affiliates | ||||||
Purchases of investments | ( | ) | ( | ) | ||
Proceeds from sales and maturities of investments | ||||||
Other investing activities - net | ( | ) | ( | ) | ||
Cash used for investing activities | ( | ) | ( | ) | ||
Financing activities | ||||||
Change in short-term (less than 90 days) borrowings | ||||||
Proceeds from related party long term debt | ||||||
Payments on related party long term debt | ( | ) | ||||
Proceeds from issuance of long-term debt | ||||||
Payments on long-term debt | ( | ) | ( | ) | ||
Proceeds from exercise of stock options | ||||||
Distributions to DowDuPont | ( | ) | ( | ) | ||
Cash transferred to DowDuPont at Internal Reorganization | ( | ) | ||||
Contributions from Dow and DowDuPont | ||||||
Debt extinguishment costs | ( | ) | ||||
Other financing activities | ( | ) | ( | ) | ||
Cash provided by (used for) financing activities | ( | ) | ||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | ) | ( | ) | ||
Decrease in cash, cash equivalents and restricted cash | ( | ) | ( | ) | ||
Cash, cash equivalents and restricted cash at beginning of period | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | ||||
(In millions) | Preferred Stock | Common Stock | Add. Paid-in Capital | Divisional Equity | Retained Earnings (Accumulated deficit) | Accum. Other Comp Loss | Treasury Stock | Non-controlling Interests | Total Equity | ||||||||||||||||||
2018 | |||||||||||||||||||||||||||
Balance at January 1, 2018 | $ | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||||
Net (loss) income | ( | ) | ( | ) | |||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||
Preferred dividends ($4.50 Series - $1.125 per share, $3.50 Series - $0.875 per share) | ( | ) | ( | ) | |||||||||||||||||||||||
Distributions to Dow and DowDuPont | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Issuance of DowDuPont stock | |||||||||||||||||||||||||||
Share-based compensation | |||||||||||||||||||||||||||
Other - net | |||||||||||||||||||||||||||
Balance at March 31, 2018 | $ | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||||
Net income | |||||||||||||||||||||||||||
Other comprehensive loss | ( | ) | ( | ) | |||||||||||||||||||||||
Preferred dividends ($4.50 Series - $1.125 per share, $3.50 Series - $0.875 per share) | ( | ) | ( | ) | |||||||||||||||||||||||
Distributions to Dow and DowDuPont | ( | ) | ( | ) | |||||||||||||||||||||||
Issuance of DowDuPont stock | |||||||||||||||||||||||||||
Share-based compensation | |||||||||||||||||||||||||||
Other - net | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Balance at June 30, 2018 | $ | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||||
Net (loss) income | ( | ) | ( | ) | |||||||||||||||||||||||
Other comprehensive loss | ( | ) | ( | ) | |||||||||||||||||||||||
Preferred dividends ($4.50 Series - $1.125 per share, $3.50 Series - $0.875 per share) | ( | ) | ( | ) | |||||||||||||||||||||||
Distributions to Dow and DowDuPont | ( | ) | ( | ) | |||||||||||||||||||||||
Issuance of DowDuPont stock | |||||||||||||||||||||||||||
Share-based compensation | |||||||||||||||||||||||||||
Other - net | |||||||||||||||||||||||||||
Balance at September 30, 2018 | $ | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||||
(In millions) | Preferred Stock | Common Stock | Add. Paid-in Capital | Divisional Equity | Retained Earnings (Accumulated deficit) | Accum. Other Comp Loss | Treasury Stock | Non-controlling Interests | Total Equity | ||||||||||||||||||
2019 | |||||||||||||||||||||||||||
Balance at January 1, 2019 | $ | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||||
Net income | |||||||||||||||||||||||||||
Other comprehensive loss | ( | ) | ( | ) | |||||||||||||||||||||||
Preferred dividends ($4.50 Series - $1.125 per share, $3.50 Series - $0.875 per share) | ( | ) | ( | ) | |||||||||||||||||||||||
Distributions to Dow and DowDuPont | ( | ) | ( | ) | |||||||||||||||||||||||
Issuance of DowDuPont stock | |||||||||||||||||||||||||||
Share-based compensation | |||||||||||||||||||||||||||
Contributions from Dow and DowDuPont | |||||||||||||||||||||||||||
Other - net | ( | ) | ( | ) | |||||||||||||||||||||||
Balance at March 31, 2019 | $ | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||||
Net (loss) income | ( | ) | ( | ) | |||||||||||||||||||||||
Other comprehensive loss | ( | ) | ( | ) | |||||||||||||||||||||||
Preferred dividends ($4.50 Series - $1.125 per share, $3.50 Series - $0.875 per share) | ( | ) | ( | ) | |||||||||||||||||||||||
Contributions from DowDuPont | |||||||||||||||||||||||||||
Issuance of DowDuPont stock | |||||||||||||||||||||||||||
Share-based compensation | |||||||||||||||||||||||||||
Impact of Internal Reorganizations | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Reclassification of Divisional Equity to APIC | ( | ) | |||||||||||||||||||||||||
Other - net | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||||
Net loss | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Other comprehensive loss | ( | ) | ( | ) | |||||||||||||||||||||||
Preferred dividends ($4.50 Series - $1.125 per share, $3.50 Series - $0.875 per share) | |||||||||||||||||||||||||||
Share-based compensation | |||||||||||||||||||||||||||
Other - net | |||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||
E. I. du Pont de Nemours and Company | ||
Notes to the Consolidated Financial Statements (Unaudited) | ||
• | 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 financial statements at the standalone level (including the associated interest). |
• | Capital Structure - At September 30, 2019, Corteva, Inc.'s capital structure consists of |
• | Note 1 - Background and Basis of Presentation - refer to page 10 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 2 - Summary of Significant Accounting Policies - refer to page 12 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 3 - Recent Accounting Guidance - refer to page 13 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 4 - Common Control Combination Transaction - refer to page 15 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 5 - Divestitures and Other Transactions - refer to page 16 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 6 - Revenue - refer to page 21 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 7 - Restructuring and Asset Related Charges - Net - refer to page 23 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 8 - Related Parties - Differences exist between Corteva, Inc. and EID; refer to EID Note 2 - Related Party Transactions, below |
• | Note 9 - Supplementary Information - refer to page 26 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 10 - Income Taxes - refer to page 27 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 11 - Earnings Per Share - N/A for EID |
• | Note 12 - Accounts and Notes Receivable - refer to page 30 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 13 - Inventories - refer to page 30 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 14 - Property, Plant and Equipment - refer to page 31 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 15 - Goodwill and Other Intangible Assets - refer to page 31 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 16 - Leases - refer to page 34 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities - refer to page 36 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 18 - Commitments and Contingent Liabilities - refer to page 39 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 19 - Stockholders' Equity - refer to page 44 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 20 - Pension Plans and Other Post Employment Benefits - refer to page 46 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 21 - Stock-Based Compensation - refer to page 47 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 22 - Financial Instruments - refer to page 49 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 23 - Fair Value Measurements - refer to page 53 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 24 - Segment Information - Differences exist between Corteva, Inc. and EID; refer to EID Note 3 - Segment Information, below |
Loss from continuing operations after income taxes to segment operating EBITDA (In millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2019 | 2018 1 | 2019 1 | 2018 1 | |||||||||
Loss from continuing operations after income taxes | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
(Benefit from) provision for income taxes on continuing operations | ( | ) | ( | ) | ( | ) | ||||||
Loss from continuing operations before income taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Depreciation and amortization | ||||||||||||
Interest income | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Interest expense | ||||||||||||
Exchange (gains) losses - net 2 | ( | ) | ||||||||||
Non-operating benefits - net | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Goodwill impairment charge | ||||||||||||
Significant items | ||||||||||||
Pro forma adjustments3 | ||||||||||||
Corporate expenses | ||||||||||||
Segment operating EBITDA | $ | ( | ) | $ | ( | ) | $ | $ | ||||
1. | Periods prior to March 31, 2019 are on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. |
2. | Excludes a $( |
3. | Refer to page 69 for further details of pro forma adjustments. |
Segment assets to total assets (in millions) | September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||
Total segment assets | $ | $ | $ | ||||||
Corporate assets | |||||||||
Assets related to discontinued operations 1 | |||||||||
Total assets | $ | $ | $ | ||||||
1. | See Note 5 - Divestitures and Other Transactions of the Corteva, Inc. interim Consolidated Financial Statements for additional information on discontinued operations. |
1. | I have reviewed this report on Form 10-Q for the period ended September 30, 2019 of Corteva, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | October 31, 2019 | |||
By: | /s/ James C. Collins, Jr. | |||
James C. Collins, Jr. | ||||
Chief Executive Officer | ||||
1. | I have reviewed this report on Form 10-Q for the period ended September 30, 2019 of E. I. du Pont de Nemours and Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | October 31, 2019 | |||
By: | /s/ James C. Collins, Jr. | |||
James C. Collins, Jr. | ||||
Chief Executive Officer | ||||
1. | I have reviewed this report on Form 10-Q for the period ended September 30, 2019 of Corteva, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | October 31, 2019 | |||
By: | /s/ Gregory R. Friedman | |||
Gregory R. Friedman | ||||
Executive Vice President and Chief Financial Officer | ||||
1. | I have reviewed this report on Form 10-Q for the period ended September 30, 2019 of E. I. du Pont de Nemours and Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | October 31, 2019 | |||
By: | /s/ Gregory R. Friedman | |||
Gregory R. Friedman | ||||
Executive Vice President and Chief Financial Officer | ||||
(1) | The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ James C. Collins, Jr. |
James C. Collins, Jr. |
Chief Executive Officer |
October 31, 2019 |
(1) | The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of E. I. du Pont de Nemours and Company. |
/s/ James C. Collins, Jr. |
James C. Collins, Jr. |
Chief Executive Officer |
October 31, 2019 |
(1) | The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Gregory R. Friedman |
Gregory R. Friedman |
Chief Financial Officer |
October 31, 2019 |
(1) | The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of E. I. du Pont de Nemours and Company. |
/s/ Gregory R. Friedman |
Gregory R. Friedman |
Chief Financial Officer |
October 31, 2019 |
Revenue (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contract Balances |
5. Included in other noncurrent obligations in the interim Condensed 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 |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts and Notes Receivable (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts and Notes Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] |
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 $127 million, $101 million, and $87 million as of September 30, 2019, December 31, 2018, and September 30, 2018, respectively.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Divestitures and Other Transactions Divestitures and Other Transactions - Integration and Separation Costs (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Discontinued Operations and Disposal Groups [Abstract] | ||||
| Integration and Separation Costs | $ 152 | $ 253 | $ 694 | $ 697 |
Common Control Transfer DAS Common Control Transfer - Balance Sheet (Details) - USD ($) $ in Millions |
Sep. 30, 2019 |
Jun. 01, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Sep. 01, 2017 |
|||
|---|---|---|---|---|---|---|---|---|
| Business Acquisition [Line Items] | ||||||||
| Cash and cash equivalents | $ 1,980 | $ 2,270 | $ 1,657 | |||||
| Accounts and notes receivable - net | 6,574 | 5,260 | 6,547 | |||||
| Inventories | 4,403 | 5,310 | 4,898 | |||||
| Other current assets | 1,043 | 1,038 | 1,041 | |||||
| Property, plant and equipment - net | 4,503 | 4,544 | [1] | 4,384 | ||||
| Goodwill | 10,168 | $ 10,179 | 10,193 | 10,203 | ||||
| Other intangible assets | 11,667 | 12,055 | 12,138 | |||||
| Other assets | 2,440 | 1,932 | [1] | 1,888 | ||||
| Accounts payable | 3,014 | 3,798 | 3,642 | |||||
| Accrued and other current liabilities | 2,249 | 4,005 | [1] | 2,117 | ||||
| Deferred income tax liabilities | 1,328 | 1,480 | 1,594 | |||||
| Pension and other post employment benefits - noncurrent | 5,405 | 5,677 | 5,267 | |||||
| Other noncurrent obligations | $ 2,132 | $ 1,795 | [1] | $ 1,799 | ||||
| DAS Common Control Transfer [Member] | ||||||||
| Business Acquisition [Line Items] | ||||||||
| Cash and cash equivalents | $ 98 | |||||||
| Accounts and notes receivable - net | 1,377 | |||||||
| Inventories | 2,133 | |||||||
| Other current assets | 130 | |||||||
| Investments in nonconsolidated affiliates | 50 | |||||||
| Property, plant and equipment - net | 1,555 | |||||||
| Goodwill | 1,472 | |||||||
| Other intangible assets | 130 | |||||||
| Deferred income taxes | 230 | |||||||
| Other assets | 97 | |||||||
| Short-term borrowings and finance lease obligations | 6 | |||||||
| Accounts payable | 1,414 | |||||||
| Income taxes payable | 103 | |||||||
| Accrued and other current liabilities | 482 | |||||||
| Long-term Debt | 27 | |||||||
| Deferred income tax liabilities | 66 | |||||||
| Pension and other post employment benefits - noncurrent | 126 | |||||||
| Other noncurrent obligations | $ 170 | |||||||
| ||||||||
Goodwill and Other Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Finite-Lived Intangible Assets [Line Items] | ||||
| Amortization expense | $ 100 | $ 88 | $ 314 | $ 284 |
| Continuing Operations [Member] | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Pre-tax amortization expense, remainder of 2019 | 115 | 115 | ||
| Pre-tax amortization expense, 2020 | 402 | 402 | ||
| Pre-tax amortization expense, 2021 | 394 | 394 | ||
| Pre-tax amortization expense, 2022 | 373 | 373 | ||
| Pre-tax amortization expense, 2023 | 292 | 292 | ||
| Pre-tax amortization expense, 2024 | $ 277 | $ 277 | ||
Property, Plant and Equipment Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions |
9 Months Ended | |||||
|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
||||
| Property, Plant and Equipment [Line Items] | ||||||
| Property, Plant and Equipment, Gross | $ 7,689 | $ 7,340 | $ 7,078 | |||
| Accumulated Depreciation | (3,186) | (2,796) | (2,694) | |||
| Property, plant and equipment - net | 4,503 | 4,544 | [1] | 4,384 | ||
| Land and Land Improvements [Member] | ||||||
| Property, Plant and Equipment [Line Items] | ||||||
| Property, Plant and Equipment, Gross | 451 | 468 | 502 | |||
| Building [Member] | ||||||
| Property, Plant and Equipment [Line Items] | ||||||
| Property, Plant and Equipment, Gross | $ 1,411 | 1,430 | 1,424 | |||
| Building [Member] | Minimum [Member] | ||||||
| Property, Plant and Equipment [Line Items] | ||||||
| Property, Plant and Equipment, Useful Life | 1 year | |||||
| Building [Member] | Maximum [Member] | ||||||
| Property, Plant and Equipment [Line Items] | ||||||
| Property, Plant and Equipment, Useful Life | 25 years | |||||
| Machinery and Equipment [Member] | ||||||
| Property, Plant and Equipment [Line Items] | ||||||
| Property, Plant and Equipment, Gross | $ 5,152 | 4,863 | 4,776 | |||
| Machinery and Equipment [Member] | Minimum [Member] | ||||||
| Property, Plant and Equipment [Line Items] | ||||||
| Property, Plant and Equipment, Useful Life | 1 year | |||||
| Machinery and Equipment [Member] | Maximum [Member] | ||||||
| Property, Plant and Equipment [Line Items] | ||||||
| Property, Plant and Equipment, Useful Life | 25 years | |||||
| Construction in Progress [Member] | ||||||
| Property, Plant and Equipment [Line Items] | ||||||
| Property, Plant and Equipment, Gross | $ 675 | $ 579 | $ 376 | |||
| Land Improvements [Member] | Minimum [Member] | ||||||
| Property, Plant and Equipment [Line Items] | ||||||
| Property, Plant and Equipment, Useful Life | 1 year | |||||
| Land Improvements [Member] | Maximum [Member] | ||||||
| Property, Plant and Equipment [Line Items] | ||||||
| Property, Plant and Equipment, Useful Life | 25 years | |||||
| Computer Software, Intangible Asset [Member] | Minimum [Member] | ||||||
| Property, Plant and Equipment [Line Items] | ||||||
| Property, Plant and Equipment, Useful Life | 1 year | |||||
| Computer Software, Intangible Asset [Member] | Maximum [Member] | ||||||
| Property, Plant and Equipment [Line Items] | ||||||
| Property, Plant and Equipment, Useful Life | 8 years | |||||
| ||||||
EID Segment FN (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] |
3. Refer to page 69 for further details of pro forma adjustments.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
1. See Note 5 - Divestitures and Other Transactions for additional information on discontinued operations.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EID [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] |
3. Refer to page 69 for further details of pro forma adjustments.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
1. See Note 5 - Divestitures and Other Transactions of the Corteva, Inc. interim Consolidated Financial Statements for additional information on discontinued operations.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Segment Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Mar. 31, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Jun. 01, 2019 |
Dec. 31, 2018 |
|||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||
| Net Sales | $ 1,911 | $ 3,396 | $ 1,947 | $ 10,863 | $ 11,472 | ||||||||||||
| Segment operating EBITDA | (176) | (213) | [1] | 1,855 | [1] | 2,131 | [1] | ||||||||||
| Segment Assets | 39,352 | 39,388 | 39,352 | 39,388 | $ 38,632 | ||||||||||||
| Goodwill | 10,168 | 10,203 | 10,168 | 10,203 | $ 10,179 | 10,193 | |||||||||||
| Seed [Member] | |||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||
| Net Sales | 681 | 551 | 6,347 | 6,716 | |||||||||||||
| Segment operating EBITDA | (295) | (372) | 1,066 | 1,226 | |||||||||||||
| Segment Assets | 26,021 | [2],[3] | 30,300 | [2] | 26,021 | [2],[3] | 30,300 | [2] | 29,286 | ||||||||
| Goodwill | 5,447 | 5,447 | 5,453 | 0 | |||||||||||||
| Crop Protection [Member] | |||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||
| Net Sales | 1,230 | 1,396 | 4,516 | 4,756 | |||||||||||||
| Segment operating EBITDA | 119 | 159 | 789 | 905 | |||||||||||||
| Segment Assets | 13,331 | [2],[3] | $ 9,088 | [2] | 13,331 | [2],[3] | $ 9,088 | [2] | 9,346 | ||||||||
| Goodwill | $ 4,721 | $ 4,721 | 4,726 | $ 0 | |||||||||||||
| Reallocation of goodwill [Member] | |||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||
| Goodwill | $ 3,382 | ||||||||||||||||
| |||||||||||||||||
Financial Instruments Fair Value of Derivatives (Details) - USD ($) $ in Millions |
Sep. 30, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
|||
|---|---|---|---|---|---|---|
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||
| Derivative Asset, Gross | $ 74 | $ 72 | $ 55 | |||
| Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (6) | (35) | (39) | ||
| Derivative Asset, Net | 68 | 37 | 16 | |||
| Derivative Liability, Gross | 20 | 21 | 54 | |||
| Derivative Liability, Counterparty and Cash Collateral Netting | [1] | 7 | (15) | (18) | ||
| Derivative Liability, Net | 27 | 6 | 36 | |||
| Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | ||||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||
| Derivative Asset, Gross | 74 | 72 | 55 | |||
| Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (6) | (35) | (39) | ||
| Derivative Asset, Net | 68 | 37 | 16 | |||
| Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accrued and Other Current Liabilities [Member] | ||||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||
| Derivative Liability, Gross | 20 | 21 | 54 | |||
| Derivative Liability, Counterparty and Cash Collateral Netting | [1] | 7 | (15) | (18) | ||
| Derivative Liability, Net | $ 27 | $ 6 | $ 36 | |||
| ||||||
Commitments and Contingent Liabilities |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENT LIABILITIES Guarantees Indemnifications In connection with acquisitions and divestitures as of September 30, 2019, the company has indemnified respective parties against certain liabilities that may arise in connection with these transactions and business activities prior to the completion of the transactions. The term of these indemnifications, which typically pertain to environmental, tax and product liabilities, is generally indefinite. In addition, the company indemnifies its duly elected or appointed directors and officers to the fullest extent permitted by Delaware law, against liabilities incurred as a result of their activities for the company, such as adverse judgments relating to litigation matters. If the indemnified party were to incur a liability or have a liability increase as a result of a successful claim, pursuant to the terms of the indemnification, the company would be required to reimburse the indemnified party. The maximum amount of potential future payments is generally unlimited. See pages 40 and 17 for additional information relating to the indemnification obligations under the Chemours Separation Agreement and the Corteva Separation Agreement. Obligations for Customers and Other Third Parties The company has directly guaranteed various debt obligations under agreements with third parties related to customers and other third parties. At September 30, 2019, December 31, 2018 and September 30, 2018, the company had directly guaranteed $80 million, $299 million, and $187 million, respectively, of such obligations. These amounts represent the maximum potential amount of future (undiscounted) payments that the company could be required to make under the guarantees in the event of default by the guaranteed party. Of the total maximum future payments at September 30, 2019, $79 million had terms less than a year. The maximum future payments also include $11 million, $3 million, and $5 million of guarantees related to the various factoring agreements that the company enters into with its customer to sell its trade receivables at September 30, 2019, December 31, 2018 and September 30, 2018, respectively. See Note 12 - Accounts and Notes Receivable, Net, for additional information. The maximum future payments include agreements with lenders to establish programs that provide financing for select customers. The terms of the guarantees are equivalent to the terms of the customer loans that are primarily made to finance customer invoices. The total accounts receivable balance outstanding on these agreements was $596 million, $14 million and $282 million at September 30, 2019, December 31, 2018 and September 30, 2018, respectively. The company assesses the payment/performance risk by assigning default rates based on the duration of the guarantees. These default rates are assigned based on the external credit rating of the counterparty or through internal credit analysis and historical default history for counterparties that do not have published credit ratings. For counterparties without an external rating or available credit history, a cumulative average default rate is used. Litigation The company is subject to various legal proceedings, including, but not limited to, product liability, intellectual property, antitrust, commercial, property damage, personal injury, environmental and regulatory matters arising out of the normal course of its current businesses or legacy EID businesses unrelated to Corteva’s current businesses but allocated to Corteva as part of the separation of Corteva from DuPont. It is not possible to predict the outcome of these various proceedings. Although considerable uncertainty exists, management does not anticipate that the ultimate disposition of these matters will have a material adverse effect on the company's results of operations, consolidated financial position or liquidity. However, the ultimate liabilities could be material to results of operations and the cash flows in the period recognized. Indemnifications under Separation Agreements The company has entered into various agreements where the company is indemnified for certain liabilities. In connection with the recognition of liabilities related to these matters, the company records an indemnification asset when recovery is deemed probable. See Note 5 - Divestitures and Other Transactions, for additional information related to indemnifications. Chemours/Performance Chemicals On July 1, 2015, EID completed the separation of its Performance Chemicals segment through the spin-off of all of the issued and outstanding stock of The Chemours Company (the "Chemours Separation"). In connection with the Chemours Separation, EID and The Chemours Company ("Chemours") entered into a Separation Agreement (the "Chemours Separation Agreement"). Pursuant to the Chemours Separation Agreement and the amendment to the Chemours Separation Agreement, Chemours indemnifies the company against certain litigation, environmental, workers' compensation and other liabilities that arose prior to the distribution. The term of this indemnification is generally indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. Concurrent with the MDL Settlement (as discussed below), EID and Chemours amended the Chemours Separation Agreement to provide for a limited sharing of potential future PFOA liabilities for five years, which began on July 6, 2017. During the five years, Chemours will annually pay the first $25 million of future PFOA liabilities and, if that amount is exceeded, EID will pay any excess amount up to the next $25 million, with Chemours annually bearing any excess liabilities above that amount. At the end of the five years, this limited sharing agreement will expire, and Chemours’ indemnification obligations under the Chemours Separation Agreement will continue unchanged. As part of this amendment, Chemours also agreed that it would not contest its liability for PFOA liabilities on the basis of certain ostensible defenses it had previously raised, including defenses relating to punitive damages, and would waive any such defenses with respect to PFOA liabilities. Chemours has, however, retained defenses as to whether any particular PFOA claim is within the scope of the indemnification provisions of the Chemours Separation Agreement. There have been no charges incurred by the company under this amendment through September 30, 2019. On May 13, 2019, Chemours filed a complaint in the Delaware Court of Chancery against DuPont, Corteva, and EID alleging, among other things, that the litigation and environmental liabilities allocated to Chemours under the Chemours Separation Agreement were underestimated and asking that the Court either limit the amount of Chemours’ indemnification obligations or, alternatively, order the return of the $3.91 billion dividend Chemours paid to EID prior to its separation. On June 3, 2019, the defendants moved to dismiss the complaint on the grounds that the Chemours Separation Agreement requires arbitration of all disputes relating to that agreement. On October 18, 2019, Chemours filed its brief objecting to the motion to dismiss on the grounds that the arbitration provisions of the Chemours Separation Agreement were unconscionable, and therefore are unenforceable. The company believes the probability of liability with respect to Chemours' suit to be remote, and the defendants continue to vigorously defend the company's rights, including full indemnity rights as set forth in the Chemours Separation Agreement. For additional information regarding environmental indemnification, see discussion below on page 44. At September 30, 2019, the indemnification assets pursuant to the Chemours Separation Agreement are $67 million within accounts and notes receivable - net and $290 million within other assets along with the corresponding liabilities of $67 million within accrued and other current liabilities and $290 million within other noncurrent obligations in the interim Condensed Consolidated Balance Sheet. Corteva Separation Agreement On April 1, 2019, in connection with the Dow Distribution, Corteva, DuPont and Dow entered into the Corteva Separation Agreement, the Tax Matters Agreement, the Employee Matters Agreement, and certain other agreements (collectively, the “Corteva Separation Agreements”). The Corteva Separation Agreements allocate among Corteva, DuPont and Dow certain liabilities and obligations among the parties and provides for indemnification obligation among the parties. Under the Corteva Separation Agreements, DuPont will indemnify Corteva against certain litigation, environmental, workers' compensation and other liabilities that arose prior to the Corteva Distribution and (ii) Dow indemnifies Corteva against certain litigation and other liabilities that relate to the Historical Dow business, but were transferred over as part of DAS, and Corteva indemnifies DuPont and Dow for certain liabilities. The term of this indemnification is generally indefinite with exceptions, and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. See Note 1 - Background and Basis of Presentation, and Note 5 - Divestitures and Other Transactions, for additional information relating to the Separation. DuPont Under the Corteva Separation Agreement, certain legacy EID liabilities from discontinued and/or divested operations and businesses of EID (including Performance Chemicals) (a “stray liability”) were allocated to Corteva or DuPont. For those stray liabilities allocated to Corteva (which may include a specified amount of liability associated with that liability), Corteva is responsible for liabilities in an amount up to that specified amount plus an additional $200 million and, for those stray liabilities allocated to DuPont (which may include a specified amount of liability associated with that liability), DuPont is responsible for liabilities up to a specified amount plus an additional $200 million. Once each company has met the $200 million threshold, Corteva and DuPont will share future liabilities proportionally on the basis of 29% and 71%, respectively; provided, however, that for PFAS, DuPont will manage such liabilities with Corteva and DuPont sharing the costs on a 50% - 50% basis starting from $1 and up to $300 million (with such amount, up to $150 million, to be credited to each company’s $200 million threshold) and once the $300 million threshold is met, then the companies will share proportionally on the basis of 29% and 71% respectively, subject to a $1 million de minimis requirement. Litigation related to legacy EID businesses unrelated to Corteva’s current businesses PFAS, PFOA, PFOS and Other Related Liabilities For purposes of this report, the term PFOA means collectively perfluorooctanoic acid and its salts, including the ammonium salt and does not distinguish between the two forms, and PFAS, which means per- and polyfluoroalkyl substances, including PFOA, PFOS (perfluorooctanesulfonic acid), GenX and other perfluorinated chemicals and compounds ("PFCs"). EID is a party to various legal proceedings relating to the use of PFOA by its former Performance Chemicals segment. While it is reasonably possible that the company could incur liabilities related to PFOA, any such liabilities are not expected to be material. As discussed, EID is indemnified by Chemours under the Chemours Separation Agreement, as amended. The company has recorded a liability of $22 million and an indemnification asset of $22 million at September 30, 2019, primarily related to testing drinking water in and around certain former EID sites and offering treatment or an alternative supply of drinking water if tests indicate the presence of PFOA in drinking water at or greater than the national health advisory level established from time to time by the EPA. Leach Settlement and MDL Settlement EID has residual liabilities under its 2004 settlement of a West Virginia state court class action, Leach v. EID, which alleged that PFOA from EID’s former Washington Works facility had contaminated area drinking water supplies and affected the health of area residents. The settlement class has about 80,000 members. In addition to relief that was provided to class members years ago, the settlement requires EID to continue providing PFOA water treatment to six area water districts and private well users and to fund, through an escrow account, up to $235 million for a medical monitoring program for eligible class members. As of September 30, 2019, approximately $2 million had been disbursed from the account since its establishment in 2012 and the remaining balance is approximately $1 million. The Leach settlement permits class members to pursue personal injury claims for six health conditions (and no others) that an expert panel appointed under the settlement reported in 2012 had a “probable link” (as defined in the settlement) with PFOA: pregnancy-induced hypertension, including preeclampsia; kidney cancer; testicular cancer; thyroid disease; ulcerative colitis; and diagnosed high cholesterol. After the panel reported its findings, approximately 3,550 personal injury lawsuits were filed in federal and state courts in Ohio and West Virginia and consolidated in multi-district litigation in the U.S. District Court for the Southern District of Ohio (“MDL”). The MDL was settled in early 2017 for $670.7 million in cash, with Chemours and EID (without indemnification from Chemours) each paying half. Post-MDL Settlement PFOA Personal Injury Claims The MDL settlement did not resolve claims of plaintiffs who did not have claims in the MDL or whose claims are based on diseases first diagnosed after February 11, 2017. At September 30, 2019, approximately 60 lawsuits were pending alleging personal injury, mostly kidney or testicular cancer, from exposure to PFOA through air or water, only 3 of which are not part of the MDL or were not filed on behalf of Leach class members. The first trial is scheduled to begin January 2020. Other PFOA Matters EID is a party to other PFOA lawsuits that do not involve claims for personal injury. Chemours, pursuant to the Chemours Separation Agreement, is defending and indemnifying, with reservation, EID but Chemours has refused the tender of Corteva, Inc.'s defense in the limited actions in which Corteva, Inc. has been named. Corteva believes that Chemours is obligated to indemnify Corteva, Inc. under the Chemours Separation Agreement. New York. EID is a defendant in 51 lawsuits, including a putative class action, brought by persons who live in and around Hoosick Falls, New York. These lawsuits assert claims for medical monitoring and property damage based on alleged PFOA releases from manufacturing facilities owned and operated by co-defendants in Hoosick Falls and allege that EID and 3M supplied some of the materials used at these facilities. EID is also one of more than ten defendants in a lawsuit brought by the Town of East Hampton, New York alleging PFOA and PFOS contamination of the town’s well water. New Jersey. At September 30, 2019, two lawsuits were pending, one brought by a local water utility and the second a putative class action, against EID alleging that PFOA from EID’s former Chambers Works facility contaminated drinking water sources. The putative class action has since been voluntarily dismissed without prejudice by the plaintiff. In late March of 2019, the New Jersey State Attorney General filed four lawsuits against EID, Chemours, 3M and others alleging that operations at and discharges from former EID sites in New Jersey (Chambers Works, Pompton Lakes, Parlin and Repauno) damaged the State’s natural resources. Two of these lawsuits (those involving the Chambers Works and Parlin sites) allege contamination from PFAS. The Ridgewood Water District in New Jersey filed suit in the first quarter 2019 against EID alleging losses related to the investigation, remediation and monitoring of polyfluorinated surfactants, including PFOA, in water supplies. Alabama / Others. EID is one of more than thirty defendants in a lawsuit by the Alabama water utility alleging contamination from PFCs, including PFOA, used by co-defendant carpet manufacturers to make their products more stain and grease resistant. In addition, the states of New Hampshire, South Dakota, and Vermont recently filed lawsuits against EID, Chemours, 3M and others, claiming, among other things, PFC (including PFOA) contamination of groundwater and drinking water. The complaints seek reimbursement for past and future costs to investigate and remediate the alleged contamination and compensation for the loss of value and use of the state’s natural resources. Ohio. EID is a defendant in three lawsuits: an action by the State of Ohio based on alleged damage to natural resources, a putative nationwide class action brought on behalf of anyone who has detectable levels of PFAS in their blood serum, and an action by the City of Dayton claiming losses related to the investigation, remediation and monitoring of PFAS in water supplies. Other. Approximately 150 cases have been filed against 3M and other defendants alleging PFOS or PFOA contamination of soil and groundwater from the use of aqueous firefighting foams. Most of those cases claim some form of property damage and seek to recover the costs of responding to this contamination and damages for the loss of use and enjoyment of property and diminution in value. Most of these cases have been transferred to a multidistrict litigation proceeding in federal district court in South Carolina. At September 30, 2019, EID was named in 32 of these cases. EID did not make firefighting foams, PFOS, or PFOS products. While EID made surfactants and intermediaries that some manufacturers used in making foams, which may have contained PFOA as an unintended byproduct or an impurity, EID’s products were not formulated with PFOA, nor was PFOA an ingredient of these products. EID has never made or sold PFOA as a commercial product. In addition, the company is aware of an inquiry by the Subcommittee on Environment of the House of Representatives to DuPont, Chemours and 3M regarding exposure to PFAS and has requested certain information related to PFAS. Fayetteville Works Facility, North Carolina Prior to the separation of Chemours, EID introduced GenX as a polymerization processing aid and a replacement for PFOA at the Fayetteville Works facility in Bladen County, North Carolina. The facility is now owned and operated by Chemours, which continues to manufacture and use GenX. In 2017, the facility became and continues to be the subject of inquiries and government investigations relating to the alleged discharge of GenX and certain similar compounds into the air and Cape Fear River. In August 2017, the U.S. Attorney’s Office for the Eastern District of North Carolina served EID with a grand jury subpoena for testimony and documents related to these discharges. EID was served with additional subpoenas relating to the same issue and in the second quarter 2018, received a subpoena expanding the scope to any PFCs discharged from the Fayetteville Works facility into the Cape Fear River. It is possible that these ongoing inquiries and investigations, including the grand jury subpoena, could result in penalties or sanctions, or that additional litigation will be instituted against Chemours, EID, or both. At September 30, 2019, three actions are pending in federal court against Chemours and EID relating to PFC discharges from the Fayetteville Works facility. One of these is a consolidated putative class action that asserts claims for medical monitoring and property damage on behalf of putative classes of property owners and residents in areas near or who draw drinking water from the Cape Fear River. Another action is a consolidated action brought by various North Carolina water authorities, including the Cape Fear Public Utility Authority and Brunswick County, that seek actual and punitive damages as well as injunctive relief. The other action is on behalf of about 200 plaintiffs who own wells and property near the Fayetteville Works facility. The plaintiffs seek damages for nuisance allegedly caused by releases of certain PFCs from the site. The plaintiffs’ claims for medical monitoring, punitive damages, public nuisance, trespass, unjust enrichment, failure to warn, and negligent manufacture have all been dismissed. While it is reasonably possible that the company could incur liabilities related to the actions described above, any such liabilities are not expected to be material. The company has an indemnification claim against Chemours with respect to current and future inquiries and claims, including lawsuits, related to the foregoing. At September 30, 2019, Chemours, with reservations, is defending and indemnifying EID in the pending civil actions. Environmental Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current law and existing technologies. At September 30, 2019, the company had accrued obligations of $349 million for probable environmental remediation and restoration costs, including $51 million for the remediation of Superfund sites. These obligations are included in accrued and other current liabilities and other noncurrent obligations in the interim Condensed Consolidated Balance Sheets. This is management’s best estimate of the costs for remediation and restoration with respect to environmental matters for which the company has accrued liabilities, although it is reasonably possible that the ultimate cost with respect to these particular matters could range up to $720 million above the amount accrued at September 30, 2019. Consequently, it is reasonably possible that environmental remediation and restoration costs in excess of amounts accrued could have a material impact on the company’s results of operations, financial condition and cash flows. Inherent uncertainties exist in these estimates primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies for handling site remediation and restoration. For a discussion of the allocation of environmental liabilities under the Chemours Separation Agreement and the Corteva Separation Agreement, see the previous discussion on page 41. The above noted $349 million accrued obligations includes the following:
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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment (Notes) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment Disclosure [Text Block] | PROPERTY, PLANT AND EQUIPMENT
Buildings, machinery and equipment and land improvements are depreciated over useful lives on a straight-line basis ranging from 1 year to 25 years. Capitalizable costs associated with computer software for internal use are amortized on a straight-line basis over 1 year to 8 years.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingent Liabilities Guarantee Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
|---|---|---|---|
| Guarantor Obligations [Line Items] | |||
| Guarantee Obligations | $ 80 | $ 299 | $ 187 |
| Factoring Agreement [Member] | |||
| Guarantor Obligations [Line Items] | |||
| Guarantee Obligations | 11 | 3 | 5 |
| Accounts Receivable, after Allowance for Credit Loss | 596 | $ 14 | $ 282 |
| Current Portion [Member] | |||
| Guarantor Obligations [Line Items] | |||
| Guarantee Obligations | $ 79 |
Leases Maturity of Lease Liabilities (Details) $ in Millions |
Sep. 30, 2019
USD ($)
|
|---|---|
| Maturities of Lease Liabilities [Abstract] | |
| Operating Lease, Remainder of Fiscal Year | $ 48 |
| Operating Lease, Year Two | 147 |
| Operating Lease, Year Three | 108 |
| Operating Lease, Year Four | 81 |
| Operating Lease, Year Five | 57 |
| Operating Lease, Year Six and Thereafter | 189 |
| Operating Lease, Total Lease Payments | 630 |
| Operating Lease, Interest | 74 |
| Operating Lease, Liability | 556 |
| Finance Lease, Remainder of Fiscal Year | 1 |
| Finance Lease, Year Two | 3 |
| Finance Lease, Year Three | 2 |
| Finance Lease, Year Four | 2 |
| Finance Lease, Year Five | 1 |
| Finance Lease, Year Six and Thereafter | 2 |
| Finance Lease, Total Lease Payments | 11 |
| Finance Lease, Interest | 1 |
| Finance Lease, Liability | $ 10 |
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Narrative (Details) $ in Millions |
36 Months Ended | 37 Months Ended | 60 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 13, 2021 |
Mar. 31, 2019 |
Nov. 13, 2023 |
Sep. 30, 2019
USD ($)
|
Feb. 13, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
Nov. 13, 2018
USD ($)
|
Sep. 30, 2018
USD ($)
|
Mar. 22, 2016
USD ($)
|
May 31, 2014
USD ($)
|
||||
| Short-term Debt [Line Items] | |||||||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 7,300 | ||||||||||||
| Revolving Credit Facilities due 2024 [Member] | |||||||||||||
| Short-term Debt [Line Items] | |||||||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | 3,000 | $ 3,000 | |||||||||||
| Revolving Credit Facilities due 2024 [Member] | Forecast [Member] | |||||||||||||
| Short-term Debt [Line Items] | |||||||||||||
| Debt Instrument, Term | 5 years | ||||||||||||
| Revolving Credit Facilities due 2022 [Member] | |||||||||||||
| Short-term Debt [Line Items] | |||||||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | 3,000 | $ 3,000 | |||||||||||
| Revolving Credit Facilities due 2022 [Member] | Forecast [Member] | |||||||||||||
| Short-term Debt [Line Items] | |||||||||||||
| Debt Instrument, Term | 3 years | ||||||||||||
| Revolving Credit Facilities due 2022 [Member] | |||||||||||||
| Short-term Debt [Line Items] | |||||||||||||
| Ratio of Indebtedness to Net Capital | 0.60 | ||||||||||||
| Securities Sold under Agreements to Repurchase [Member] | Repurchase Agreements [Member] | |||||||||||||
| Short-term Debt [Line Items] | |||||||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | 1,300 | ||||||||||||
| Percentage of outstanding amounts borrowed utilized as collateral | 105.00% | ||||||||||||
| Interest rate in addition to LIBOR | 0.75% | ||||||||||||
| Short-term borrowings and finance lease obligations | 1,129 | $ 1,300 | $ 0 | $ 1,300 | |||||||||
| Accounts and Notes Receivable [Member] | Securities Sold under Agreements to Repurchase [Member] | Repurchase Agreements [Member] | |||||||||||||
| Short-term Debt [Line Items] | |||||||||||||
| Line of Credit Facility, amount pledged as collateral | 1,186 | ||||||||||||
| Fair Value, Inputs, Level 2 [Member] | |||||||||||||
| Short-term Debt [Line Items] | |||||||||||||
| Long-term Debt, Fair Value | $ 115 | $ 5,775 | $ 9,883 | ||||||||||
| Term Loan Facility due 2020 [Member] | |||||||||||||
| Short-term Debt [Line Items] | |||||||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | [1] | $ 4,500 | |||||||||||
| Debt Instrument, Term | [1] | 3 years | |||||||||||
| EID [Member] | Revolving Credit Facilities due 2024 [Member] | |||||||||||||
| Short-term Debt [Line Items] | |||||||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | ||||||||||||
| EID [Member] | Term Loan Facility due 2020 [Member] | |||||||||||||
| Short-term Debt [Line Items] | |||||||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | [1] | $ 4,500 | |||||||||||
| |||||||||||||
Income Taxes |
9 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||
| Income Tax Disclosure [Abstract] | |||||||||
| Income Tax Disclosure [Text Block] | INCOME TAXES For periods between the Merger Effectiveness Time 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 5 - Divestitures and Other Transactions, for further information related to indemnifications between Corteva, Dow and DuPont. On December 22, 2017, the Tax Cuts and Jobs Act (“The Act”) was enacted. The Act reduced the U.S. federal corporate income tax rate from 35 percent to 21 percent, required companies to pay a one-time transition tax (“transition tax”) on earnings of foreign subsidiaries that were previously tax deferred, created new provisions related to foreign sourced earnings, eliminated the domestic manufacturing deduction and moved towards a territorial system. At December 31, 2018, the company had completed its accounting for the tax effects of The Act.
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 nine months ended September 30, 2019, the company recognized an aggregate net tax benefit of $38 million to benefit from income taxes on continuing operations related to the enactment of Switzerland’s Federal Act on Tax Reform and AHV Financing (TRAF) (i.e., “Swiss Tax Reform”). During the three and nine months ended September 30, 2019, the company recognized a net tax benefit of $13 million and a net tax charge of $83 million, respectively, to (benefit from) provision for income taxes on continuing operations related to application of The Act's foreign tax provisions. During the nine months ended September 30, 2019, the company recognized a net tax charge of $146 million and a tax benefit of $102 million to provision for income taxes on continuing operations, related to U.S. state blended tax rate changes associated with the Business Separations and an internal legal entity restructuring associated with the Business Separations, respectively. During the nine months ended September 30, 2019, the company recognized an aggregate tax benefit of $21 million to provision for income taxes on continuing operations associated with changes in accruals for certain prior year tax positions and reductions in the company's unrecognized tax benefits due to the closure of various tax statutes of limitations. During the three months ended September 30, 2018, it was determined that a full valuation allowance against the net deferred tax asset position of a legal entity in Brazil was required. This determination was based on a change in judgment about the realizability of the deferred tax asset due to revised cash flow projections reflecting declines in the forecasted sales and profitability of the Agriculture reporting unit in Latin America. The revised cash flow projections quantify the impacts of market conditions, events and circumstances that developed throughout 2018. See Note 15 - Goodwill and Other Intangible Assets, for additional information. As a result, the company recognized tax expense of $75 million in the three and nine months ended September 30, 2018. During 2018, the company repatriated certain funds from its foreign subsidiaries that were not needed to finance local operations or separation activities. During the three and nine months ended September 30, 2018, the company recorded tax expense of $61 million associated with these repatriation activities. During the three and nine months ended September 30, 2018, the company recognized tax expense of $27 million associated with the reduction of a tax benefit recorded in 2017 due to taxable income limitations triggered by the company's decision to deduct the third quarter 2018 principal U.S. pension plan contribution on its 2017 consolidated U.S. tax return. |
EID - Related Party Transactions (Details) - EID [Member] - Corteva [Member] $ in Millions |
3 Months Ended | 9 Months Ended |
|---|---|---|
|
Sep. 30, 2019
USD ($)
|
Sep. 30, 2019
USD ($)
|
|
| Related Party Transaction [Line Items] | ||
| Long Term Debt - Related Party | $ 4,037 | $ 4,037 |
| Debt, Weighted Average Interest Rate | 3.68% | 3.68% |
| Interest Expense, Related Party | $ 39 | $ 69 |
| Accrued and Other Current Liabilities [Member] | ||
| Related Party Transaction [Line Items] | ||
| Indemnified Liabilities | 102 | 102 |
| Other noncurrent obligations | ||
| Related Party Transaction [Line Items] | ||
| Indemnified Liabilities | $ 180 | $ 180 |
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Net loss | $ (505) | $ (5,116) | $ (923) | $ (4,505) |
| Cumulative Translation Adjustments | (297) | (88) | (471) | (1,099) |
| Derivatives Instruments | 0 | (3) | 23 | (8) |
| Total other comprehensive loss | (292) | (86) | (521) | (1,094) |
| Comprehensive loss | (797) | (5,202) | (1,444) | (5,599) |
| Comprehensive (Loss) Income Attributable to Noncontrolling Interest - Net of Tax | (11) | 5 | 15 | 29 |
| Comprehensive Loss Attributable to Company | (786) | (5,207) | (1,459) | (5,628) |
| Pension Plan | ||||
| Adjustments to benefit plans | 5 | 5 | 13 | 13 |
| Other Benefit Plans | ||||
| Adjustments to benefit plans | 0 | 0 | (86) | 0 |
| EID [Member] | ||||
| Net loss | (535) | (5,116) | (976) | (4,505) |
| Cumulative Translation Adjustments | (297) | (88) | (471) | (1,099) |
| Derivatives Instruments | 0 | (3) | 23 | (8) |
| Total other comprehensive loss | (292) | (86) | (521) | (1,094) |
| Comprehensive loss | (827) | (5,202) | (1,497) | (5,599) |
| Comprehensive (Loss) Income Attributable to Noncontrolling Interest - Net of Tax | (11) | 3 | 8 | 22 |
| Comprehensive Loss Attributable to Company | (816) | (5,205) | (1,505) | (5,621) |
| EID [Member] | Pension Plan | ||||
| Adjustments to benefit plans | 5 | 5 | 13 | 13 |
| EID [Member] | Other Benefit Plans | ||||
| Adjustments to benefit plans | $ 0 | $ 0 | $ (86) | $ 0 |
Statement of Stockholders Equity Statement - USD ($) $ in Millions |
Total |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Divisional Equity [Member] |
Retained Earnings [Member] |
Accumulated Other Comp (Loss) Income |
Treasury Stock [Member] |
Noncontrolling Interest [Member] |
EID [Member] |
EID [Member]
Preferred Stock [Member]
|
EID [Member]
Common Stock [Member]
|
EID [Member]
Additional Paid-in Capital [Member]
|
EID [Member]
Divisional Equity [Member]
|
EID [Member]
Retained Earnings [Member]
|
EID [Member]
Accumulated Other Comp (Loss) Income
|
EID [Member]
Treasury Stock [Member]
|
EID [Member]
Noncontrolling Interest [Member]
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Beginning Balance at Dec. 31, 2017 | $ 79,593 | $ 0 | $ 0 | $ 80,318 | $ 0 | $ (1,177) | $ 0 | $ 452 | $ 79,593 | $ 0 | $ 0 | $ 0 | $ 80,557 | $ 0 | $ (1,177) | $ 0 | $ 213 |
| Net (loss) income | (87) | (107) | 20 | (87) | (105) | 18 | |||||||||||
| Other comprehensive (loss) income | 1,007 | 1,007 | 1,007 | 1,007 | |||||||||||||
| Dividends, Preferred Stock | (2) | (2) | |||||||||||||||
| Distributions | (830) | (830) | (831) | (830) | (1) | ||||||||||||
| Issuance of stock | 45 | 45 | 45 | 45 | |||||||||||||
| Share-based compensation | 11 | 11 | 11 | 11 | |||||||||||||
| Other | 487 | 434 | 53 | 490 | 434 | 56 | |||||||||||
| Ending Balance at Mar. 31, 2018 | 80,226 | 0 | 0 | 79,871 | 0 | (170) | 0 | 525 | 80,226 | 0 | 0 | 0 | 80,110 | 0 | (170) | 0 | 286 |
| Beginning Balance at Dec. 31, 2017 | 79,593 | 0 | 0 | 80,318 | 0 | (1,177) | 0 | 452 | 79,593 | 0 | 0 | 0 | 80,557 | 0 | (1,177) | 0 | 213 |
| Net (loss) income | (4,505) | (4,505) | |||||||||||||||
| Other comprehensive (loss) income | (1,094) | (1,094) | (1,094) | ||||||||||||||
| Distributions | (2,481) | (2,481) | |||||||||||||||
| Contributions | 288 | 288 | |||||||||||||||
| Ending Balance at Sep. 30, 2018 | 71,999 | 0 | 0 | 73,767 | 0 | (2,271) | 0 | 503 | 71,999 | 0 | 0 | 0 | 74,006 | 0 | (2,271) | 0 | 264 |
| Beginning Balance at Mar. 31, 2018 | 80,226 | 0 | 0 | 79,871 | 0 | (170) | 0 | 525 | 80,226 | 0 | 0 | 0 | 80,110 | 0 | (170) | 0 | 286 |
| Net (loss) income | 698 | 694 | 4 | 698 | 697 | 1 | |||||||||||
| Other comprehensive (loss) income | (2,015) | (2,015) | (2,015) | (2,015) | |||||||||||||
| Dividends, Preferred Stock | (3) | (3) | |||||||||||||||
| Distributions | (828) | (828) | (828) | (828) | |||||||||||||
| Issuance of stock | 12 | 12 | 12 | 12 | |||||||||||||
| Share-based compensation | 50 | 50 | 50 | 50 | |||||||||||||
| Other | (440) | (409) | (31) | (437) | (409) | (28) | |||||||||||
| Ending Balance at Jun. 30, 2018 | 77,703 | 0 | 0 | 79,390 | 0 | (2,185) | 0 | 498 | 77,703 | 0 | 0 | 0 | 79,629 | 0 | (2,185) | 0 | 259 |
| Net (loss) income | (5,116) | (5,121) | 5 | (5,116) | (5,119) | 3 | |||||||||||
| Other comprehensive (loss) income | (86) | (86) | (86) | (86) | |||||||||||||
| Dividends, Preferred Stock | (2) | (2) | |||||||||||||||
| Distributions | (823) | (823) | (823) | (823) | |||||||||||||
| Issuance of stock | 24 | 24 | 24 | 24 | |||||||||||||
| Share-based compensation | 40 | 40 | 40 | 40 | |||||||||||||
| Other | 257 | 257 | 259 | 257 | 2 | ||||||||||||
| Ending Balance at Sep. 30, 2018 | 71,999 | 0 | 0 | 73,767 | 0 | (2,271) | 0 | 503 | 71,999 | 0 | 0 | 0 | 74,006 | 0 | (2,271) | 0 | 264 |
| Beginning Balance at Dec. 31, 2018 | 75,153 | 0 | 0 | 78,020 | 0 | (3,360) | 0 | 493 | 75,153 | 0 | 0 | 0 | 78,259 | 0 | (3,360) | 0 | 254 |
| Net (loss) income | 176 | 164 | 12 | 176 | 166 | 10 | |||||||||||
| Other comprehensive (loss) income | (74) | (74) | (74) | (74) | |||||||||||||
| Dividends, Preferred Stock | (2) | (2) | |||||||||||||||
| Distributions | (317) | (317) | (317) | (317) | |||||||||||||
| Contributions | 88 | 88 | 88 | 88 | |||||||||||||
| Issuance of stock | 35 | 35 | 35 | 35 | |||||||||||||
| Share-based compensation | 18 | 18 | 18 | 18 | |||||||||||||
| Other | (5) | (3) | (2) | (3) | (3) | ||||||||||||
| Ending Balance at Mar. 31, 2019 | 75,074 | 0 | 0 | 78,005 | 0 | (3,434) | 0 | 503 | 75,074 | 0 | 0 | 0 | 78,244 | 0 | (3,434) | 0 | 264 |
| Beginning Balance at Dec. 31, 2018 | 75,153 | 0 | 0 | 78,020 | 0 | (3,360) | 0 | 493 | 75,153 | 0 | 0 | 0 | 78,259 | 0 | (3,360) | 0 | 254 |
| Net (loss) income | (923) | (976) | |||||||||||||||
| Other comprehensive (loss) income | (521) | (521) | (521) | ||||||||||||||
| Distributions | (317) | (317) | |||||||||||||||
| Contributions | 7,396 | 3,255 | |||||||||||||||
| Ending Balance at Sep. 30, 2019 | 25,261 | 7 | 28,072 | 0 | (397) | (2,667) | 0 | 246 | 21,191 | 239 | 0 | 23,963 | 0 | (351) | (2,667) | 0 | 7 |
| Beginning Balance at Mar. 31, 2019 | 75,074 | 0 | 0 | 78,005 | 0 | (3,434) | 0 | 503 | 75,074 | 0 | 0 | 0 | 78,244 | 0 | (3,434) | 0 | 264 |
| Net (loss) income | (594) | (805) | 197 | 14 | (617) | (806) | 180 | 9 | |||||||||
| Other comprehensive (loss) income | (155) | (155) | (155) | (155) | |||||||||||||
| Dividends, Common Stock | (97) | (97) | |||||||||||||||
| Dividends, Preferred Stock | (5) | (5) | |||||||||||||||
| Contributions | 7,308 | 7,308 | 3,168 | 3,168 | |||||||||||||
| Issuance of stock | 4 | 4 | 4 | 4 | |||||||||||||
| Share-based compensation | 55 | 11 | 44 | 55 | 11 | 44 | |||||||||||
| Impact of Internal Reorganization | (55,496) | (56,479) | 1,214 | (231) | (55,496) | (56,479) | 1,214 | (231) | |||||||||
| Reclassification of Divisional Equity to APIC | 0 | 7 | 28,070 | (28,077) | 0 | 239 | 23,936 | (24,175) | |||||||||
| Other | (32) | (3) | (29) | (27) | (3) | (24) | |||||||||||
| Ending Balance at Jun. 30, 2019 | 26,067 | 7 | 28,081 | 0 | 97 | (2,375) | 0 | 257 | 22,001 | 239 | 0 | 23,947 | 0 | 172 | (2,375) | 0 | 18 |
| Net (loss) income | (505) | (494) | (11) | (535) | (524) | (11) | |||||||||||
| Other comprehensive (loss) income | (292) | (292) | (292) | (292) | |||||||||||||
| Dividends, Preferred Stock | 4 | 4 | |||||||||||||||
| Issuance of stock | 4 | 4 | |||||||||||||||
| Share-based compensation | 12 | 12 | 12 | 12 | |||||||||||||
| Common stock repurchase | (25) | (25) | |||||||||||||||
| Other | 1 | 1 | |||||||||||||||
| Ending Balance at Sep. 30, 2019 | $ 25,261 | $ 7 | $ 28,072 | $ 0 | $ (397) | $ (2,667) | $ 0 | $ 246 | $ 21,191 | $ 239 | $ 0 | $ 23,963 | $ 0 | $ (351) | $ (2,667) | $ 0 | $ 7 |
Revenue (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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. 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. At September 30, 2019, the company had remaining performance obligations related to material rights granted to customers for contract renewal options of $108 million ($102 million and $103 million at December 31, 2018 and September 30, 2018, respectively). The company expects revenue to be recognized for the remaining performance obligations over the next 1 year to 6 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 contractual rights to consideration for completed performance not yet invoiced. Accounts receivable are recorded when the right to consideration becomes unconditional.
The change in deferred revenue from December 31, 2018 to September 30, 2019 was substantially due to the timing of seed deliveries to customers for the North America growing season. Revenue recognized during the nine months ended September 30, 2019 from amounts included in deferred revenue at the beginning of the period was $2,013 million. The increase in accounts and notes receivable - trade from December 31, 2018 to September 30, 2019 was primarily due to the seasonality of the company's business. Historically, trade receivables are lowest at year-end and increase through the northern hemisphere selling season, reaching their peak at the end of the second quarter. 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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies (Notes) |
9 Months Ended |
|---|---|
Sep. 30, 2019 | |
| Accounting Policies [Abstract] | |
| Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies The below reflects significant accounting policies that have been updated since the issuance of the company's Form 10. See Note 1 - "Summary of Significant Accounting Policies," within Exhibit 99.2 of Amendment 2 to the Form 10 for more information on the company's other significant accounting policies. Inventories As of September 30, 2019, approximately 49 percent and 51 percent of the company's inventories were accounted for under the first-in, first-out ("FIFO") and average cost methods, respectively. As of December 31, 2018, approximately 57 percent and 43 percent of the company's inventories were accounted for under the FIFO and average cost methods, respectively. As of September 30, 2018, approximately 49 percent and 51 percent of the company's inventories were accounted for under the FIFO and average cost methods, respectively. Inventories accounted for under the FIFO method are primarily comprised of products with shorter shelf lives such as seeds. See Note 13 - Inventories, for further information. Leases The company determines whether an arrangement is a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset and the company has the right to control the asset. Operating lease right-of-use ("ROU") assets are included in other assets on the company’s Condensed Consolidated Balance Sheets. Operating lease liabilities are included in accrued and other current liabilities and other noncurrent obligations on the company’s Condensed Consolidated Balance Sheets. Finance lease assets are included in property, plant and equipment on the company’s Condensed Consolidated Balance Sheets. Finance lease liabilities are included in short-term borrowings and finance lease obligations and long-term debt on the company’s Condensed Consolidated Balance Sheets. Operating lease ROU assets represent the company’s right to use an underlying asset for the lease term and lease liabilities represent the company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the company’s leases do not provide the lessor's implicit rate, the company uses its incremental borrowing rate at the commencement date in determining the present value of lease payments. The company's incremental borrowing rate is based on its estimated rate of interest for a collateralized borrowing over a similar term as the lease payments. The same process is followed for any new leases at their commencement dates or modifications to existing leases that require remeasurement. Lease terms include options to extend the lease when it is reasonably certain those options will be exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The company recognizes lease expense for these leases on a straight-line basis over the lease term. The company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all asset classes. In the Consolidated Statements of Operations, lease expense for operating lease payments is recognized on a straight-line basis over the lease term. For finance leases, interest expense is recognized on the lease liability and the ROU asset is amortized over the lease term. See Note 16 - Leases, for further information. Segments As a result of the Internal Reorganizations and Business Realignments, the company changed its reportable segments to Seed and Crop Protection to reflect the manner in which the company's chief operating decision maker assesses performance and allocates resources. Effective with the Corteva Distribution, the company also updated its reporting units to align with the level at which discrete financial information is available for review by management. Prior year's segment information has been revised to conform to the current presentation. See Note 24 - Segment Information, for further information.
|
Stockholders' Equity Reclassifications out of AOCI (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Mar. 31, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
| Cost of Goods Sold | $ 1,349 | $ 1,485 | $ 6,607 | $ 7,924 | |||||||||||||
| Income Tax Expense (Benefit) | (104) | (8) | 99 | (187) | |||||||||||||
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (527) | $ (184) | (5,642) | [1] | (228) | [1] | (5,705) | [1] | |||||||||
| Amounts Reclassified from Accumulated Other Comprehensive Income (loss) | 3 | 0 | 15 | (7) | |||||||||||||
| Derivative Instruments | |||||||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
| Cost of Goods Sold | [2] | 1 | 1 | 13 | (6) | ||||||||||||
| Income Tax Expense (Benefit) | [3] | 0 | (1) | (1) | 1 | ||||||||||||
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 1 | 0 | 12 | (5) | |||||||||||||
| Amounts Reclassified from Accumulated Other Comprehensive Income (loss) | 12 | (5) | |||||||||||||||
| Pension Plan | |||||||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
| Amounts Reclassified from Accumulated Other Comprehensive Income (loss) | 4 | (2) | |||||||||||||||
| Pension Plan | Actuarial (Gains) Losses | |||||||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
| Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | [4] | 1 | 2 | 2 | 1 | ||||||||||||
| Pension Plan | Settlement Gain | |||||||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
| Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | [4] | 1 | (1) | 2 | (2) | ||||||||||||
| Pension Plan | Accumulated Defined Benefit Plans Adjustment Attributable to Parent | |||||||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
| Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | 2 | 1 | 4 | (1) | |||||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [3] | 0 | (1) | 0 | (1) | ||||||||||||
| Amounts Reclassified from Accumulated Other Comprehensive Income (loss) | 2 | 0 | 4 | (2) | |||||||||||||
| Other Benefit Plans | |||||||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
| Amounts Reclassified from Accumulated Other Comprehensive Income (loss) | (1) | 0 | |||||||||||||||
| Other Benefit Plans | Actuarial (Gains) Losses | |||||||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
| Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | [4] | 0 | 0 | (1) | 0 | ||||||||||||
| Other Benefit Plans | Accumulated Defined Benefit Plans Adjustment Attributable to Parent | |||||||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
| Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | 0 | 0 | (1) | 0 | |||||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [3] | 0 | 0 | 0 | 0 | ||||||||||||
| Amounts Reclassified from Accumulated Other Comprehensive Income (loss) | $ 0 | $ 0 | $ (1) | $ 0 | |||||||||||||
| |||||||||||||||||
Stockholders' Equity Common Stock (Details) $ / shares in Units, $ in Millions |
3 Months Ended | 4 Months Ended | 9 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|
|
Sep. 30, 2019
USD ($)
$ / shares
shares
|
Sep. 30, 2019
$ / shares
shares
|
Sep. 30, 2019
USD ($)
$ / shares
shares
|
Sep. 30, 2018
USD ($)
$ / shares
shares
|
Jun. 26, 2019
USD ($)
|
Jun. 01, 2019
shares
|
Dec. 31, 2018
$ / shares
shares
|
Nov. 02, 2017
USD ($)
|
|
| Class of Stock [Line Items] | ||||||||
| Common Stock, Shares, Outstanding | 748,390,000 | 748,390,000 | 748,390,000 | |||||
| Common Stock, Par Value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||
| Stock Repurchase Program, Authorized Amount | $ | $ 1,000 | $ 4,000 | ||||||
| Payments for Repurchase of Common Stock | $ | $ 25 | $ 25 | $ 0 | |||||
| Corteva [Member] | ||||||||
| Class of Stock [Line Items] | ||||||||
| Common Stock, Shares, Outstanding | 748,390,000 | 748,390,000 | 748,390,000 | 748,815,000 | ||||
| Common Stock, Par Value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||
| Common Stock, Shares, Issued | 399,000 | |||||||
| Stock Repurchased and Retired During Period, Shares | 824,000 | (824,000) | ||||||
| Corteva [Member] | Shares of Corteva Stock [Member] | ||||||||
| Class of Stock [Line Items] | ||||||||
| Exchange Ratio | 1 | |||||||
| Corteva [Member] | Shares of DowDuPont Common Stock Held [Member] | ||||||||
| Class of Stock [Line Items] | ||||||||
| Exchange Ratio | 3 | |||||||
| EID [Member] | ||||||||
| Class of Stock [Line Items] | ||||||||
| Common Stock, Shares, Outstanding | 200 | 200 | 200 | 100 | 100 | |||
| Common Stock, Par Value | $ / shares | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | |||
| EID [Member] | Corteva [Member] | ||||||||
| Class of Stock [Line Items] | ||||||||
| Ownership interest in an entity | 100.00% | |||||||
Stock-Based Compensation Restricted Stock Units and Performance Deferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions |
4 Months Ended | 9 Months Ended |
|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2019 |
|
| Restricted Stock Units (RSUs) [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Equity award conversion ratio | 1 | |
| Award Requisite Service Period | 6 months | |
| Performance Deferred Stock Units (PSUs) | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| RSUs and PSUs granted during the period | 2,200,000 | |
| Restricted Stock Units and Performance Deferred Stock Units [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Nonvested RSUs and PSUs at beginning of period | 3,757,000 | |
| RSUs and PSUs granted during the period | 2,228,000 | |
| RSUs and PSUs vested during the period | (374,000) | |
| RSUs and PSUs forfeited during the period | (35,000) | |
| Nonvested RSUs and PSUs at end of period | 5,576,000 | 5,576,000 |
| Weighted Average Grant Date Fair Value, Nonvested RSUs and PSUs beginning of period | $ 35.56 | |
| Weighted Average Grant Date Fair Value, RSUs and PSUs granted during the period | 28.88 | |
| Weighted average grant date fair value, nonvested RSUs and PSUs vested during the periods | 39.22 | |
| Weighted Average Grant Date Fair Value, RSUs and PSUs forfeited during the period | 36.10 | |
| Weighted Average Grant Date Fair Value, Nonvested RSUs and PSUs end of period | $ 32.66 | $ 32.66 |
| Unrecognized pre-tax compensation expense - RSUs and PSUs | $ 70 | $ 70 |
| Unrecognized pre-tax compensation expense, period for recognition | 1 year 6 months 25 days | |
| Minimum [Member] | Management [Member] | Restricted Stock Units (RSUs) [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Vesting period | 3 years | |
| Minimum [Member] | Management [Member] | Performance Deferred Stock Units (PSUs) | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Vesting period | 2 years 6 months | |
| Maximum [Member] | Management [Member] | Restricted Stock Units (RSUs) [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Vesting period | 5 years | |
| EIP [Member] | Restricted Stock Units (RSUs) [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Vesting period | 3 years | |
| Dow [Member] | Minimum [Member] | Restricted Stock Units (RSUs) [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Vesting period | 1 year | |
| Dow [Member] | Maximum [Member] | Restricted Stock Units (RSUs) [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Vesting period | 3 years |
EID - Basis of Presentation (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Entity Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | BACKGROUND AND BASIS OF PRESENTATION Corteva, Inc. combines the strengths of EID’s Pioneer and Crop Protection businesses, and Dow AgroSciences ("DAS") to create a leading global provider of seed and crop protection solutions focused on the agriculture industry. The company intends to leverage its rich heritage of over 275 years of scientific achievement to advance its robust innovation pipeline and continue to shape the future of responsible agriculture. The company's broad portfolio of agriculture solutions fuels farmer productivity in more than 140 countries. Corteva has two reportable segments: Seed and Crop Protection. See Note 24 - Segment Information, for additional information on the company's reportable segments. Throughout this Quarterly Report on Form 10-Q, except as otherwise noted by the context, the terms "Corteva" or "company" used herein means Corteva, Inc. and its consolidated subsidiaries (including EID) and the term “EID” used herein means E. I. du Pont de Nemours and Company and its consolidated subsidiaries or E. I. du Pont de Nemours and Company excluding its consolidated subsidiaries, as the context may indicate. Additionally, on June 1, 2019, DowDuPont Inc. changed its registered name to DuPont de Nemours, Inc. (“DuPont”), for certain events prior to, or on, June 1, 2019, DuPont may be referred to as DowDuPont. Principles of Consolidation and Basis of Presentation On June 1, 2019, Corteva, Inc. became an independent, publicly traded company through the previously announced separation (the “Separation”) of the agriculture business of DowDuPont Inc. ("DowDuPont"). The separation was effectuated through a pro rata distribution (the “Corteva Distribution”) of all of the then-issued and outstanding shares of common stock, par value $0.01 per share, of Corteva, Inc., which was then a wholly-owned subsidiary of DowDuPont, to holders of record of DowDuPont common stock as of the close of business on May 24, 2019. Previously, DowDuPont was formed on December 9, 2015, to effect an all-stock merger of equals strategic combination between The Dow Chemical Company ("Historical Dow") and EID. On August 31, 2017 at 11:59 pm ET (the “Merger Effectiveness Time”) pursuant to the Agreement and Plan of Merger, dated as of December 11, 2015, as amended March 31, 2017 (the "Merger Agreement"), Historical Dow and Historical EID each merged with wholly-owned subsidiaries of DowDuPont and became subsidiaries of DowDuPont (the “Merger”). Prior to the Merger, DowDuPont did not conduct any business activities other than those required for its formation and matters contemplated by the Merger Agreement. Subsequent to the Merger, Historical Dow and Historical EID engaged in a series of internal reorganization and realignment steps to realign their businesses into three subgroups: agriculture, materials science and specialty products through a series of tax-efficient transactions (collectively, the "Business Separations”). Effective as of 5:00 pm ET on April 1, 2019, DowDuPont completed the previously announced separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. (“Dow”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock, par value $0.01 per share, to holders of DowDuPont's common stock (the “DowDuPont Common Stock”), as of the close of business on March 21, 2019 (the “Dow Distribution” and together with the Corteva Distribution, the “Distributions”). Prior to the Dow Distribution, Historical Dow conveyed or transferred the assets and liabilities aligned with Historical Dow’s agriculture business to separate legal entities (“Dow Ag Entities”) and the assets and liabilities associated with its specialty products business to separate legal entities (the “Dow SP Entities”). On April 1, 2019, Dow Ag Entities and the Dow SP Entities were transferred and conveyed to DowDuPont. In furtherance of the Business Separations, EID engaged in a series of internal reorganization and realignment steps (the “Internal Reorganization” and the "Business Realignment," respectively) to realign its businesses into three subgroups: agriculture, materials science and specialty products. As part of the Internal Reorganization:
On May 6, 2019, the Board of Directors of DowDuPont approved the distribution of all the then-issued and outstanding shares of common stock of Corteva, Inc., a wholly-owned subsidiary of DowDuPont, to DowDuPont stockholders. On June 1, 2019, DowDuPont completed the Separation. Each DowDuPont stockholder received one share of Corteva common stock for every three shares of DowDuPont common stock held at the close of business on May 24, 2019, the record date of distribution. Corteva, Inc.'s common stock began trading the "regular way" under the ticker symbol "CTVA" on June 3, 2019, the first business day after June 1, 2019. Upon becoming an independent company, the capital structure of Corteva consisted of 748,815,000 authorized shares of common stock (par value of $0.01 per share), which represents the number of common shares issued on June 3, 2019. Information related to the Corteva Distribution and its effect on the company's financial statements is discussed throughout these Notes to the interim Consolidated Financial Statements. As a result of the Business Realignment and the Internal Reorganization discussed above, Corteva owns, directly or indirectly, 100% of the outstanding common stock of EID, and EID owns, directly or indirectly, 100% of DAS. EID is a subsidiary of Corteva, Inc. and continues to be a reporting company, subject to the requirements of the Securities Exchange Act of 1934, as amended. Certain reclassifications of prior year's data have been made to conform to current year's presentation. The company has revised the impact of the Internal Reorganizations (with a corresponding reduction to additional paid-in capital as of June 30, 2019), in the amount of $76 million, to reflect the removal of an asset related to the Separations. DAS Common Control Combination The transfer or conveyance of DAS to Corteva was treated as a transfer of entities under common control. As such, the company recorded the assets, liabilities, and equity of DAS on its balance sheet at their historical basis. Transfers of businesses between entities under common control requires the financial statements to be presented as if the transaction had occurred at the point at which common control first existed (the Merger Effectiveness Time). As a result, the accompanying interim Consolidated Financial Statements and Notes thereto include the results of DAS from the Merger Effectiveness Time. See Note 4 - Common Control Business Combination, for additional information. Divestiture of EID ECP The transfer of EID ECP meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. The comprehensive income, stockholder's equity and cash flows related to EID ECP have not been segregated and are included in the Consolidated Statements of Comprehensive Income, Consolidated Statements of Equity and Condensed Consolidated Statements of Cash Flows, respectively, for all periods presented. Amounts related to EID ECP are consistently included or excluded from the Notes to the interim Consolidated Financial Statements based on the respective financial statement line item. See Note 5 - Divestitures and Other Transactions, for additional information. Divestiture of EID Specialty Products Entities The transfer of the EID Specialty Products Entities meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. The comprehensive income, stockholder's equity and cash flows related to the EID Specialty Products Entities have not been segregated and are included in the Consolidated Statements of Comprehensive Income, Consolidated Statements of Equity and Condensed Consolidated Statements of Cash Flows, respectively, for all periods presented. Amounts related to the EID Specialty Products Entities are consistently included or excluded from the Notes to the interim Consolidated Financial Statements based on the respective financial statement line item. See Note 5 - Divestitures and Other Transactions, for additional information. Divested EID Ag Business As a condition of the regulatory approval for the Merger, including by the European Commission, EID was required to divest certain assets related to its crop protection business and research and development ("R&D") organization, specifically EID’s Cereal Broadleaf Herbicides and Chewing Insecticides portfolios, including Rynaxypyr®, Cyazypyr® and Indoxacarb as well as the crop protection R&D pipeline and organization, excluding seed treatment, nematicides, and late-stage R&D programs (the “Divested EID Ag Business”). On March 31, 2017, EID and FMC Corporation (“FMC”) entered into a definitive agreement (the "FMC Transaction Agreement"). On November 1, 2017, FMC acquired the Divested Ag Business and EID acquired certain assets relating to FMC’s Health and Nutrition segment, excluding its Omega-3 products (the "H&N Business") (collectively, the "FMC Transactions"). The H&N Business was transferred to DowDuPont as part of the EID Specialty Products Entities. The sale of the Divested EID Ag Business met the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. See Note 5 - Divestitures and Other Transactions, for additional information. Interim Financial Statements 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 unaudited interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in the company’s Information Statement included in its Registration Statement on Form 10, as amended, filed with the SEC on May 6, 2019 ("Form 10"). The interim Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained. Prior to the Corteva Distribution, these combined financial statements were derived from the consolidated financial statements and accounting records of EID as well as the carve-out financial statements of DAS. The DAS carve-out financial statements reflect the historical results of operations, financial position, and cash flows of Historical Dow's Agricultural Sciences Business and include allocations of certain expenses for services from Historical Dow, including, but not limited to, general corporate expenses related to finance, legal, information technology, human resources, ethics and compliance, shared services, employee benefits and incentives, insurance, and stock-based compensation. These expenses were allocated on the basis of direct usage when identifiable, with the remainder allocated under the basis of headcount or other measures. Subsequent to the Corteva Distribution, the financial statements are presented on a consolidated basis. The company's Condensed Consolidated Balance Sheet at September 30, 2019 consists of the consolidated balances subsequent to the Corteva Distribution. The balances reflect the assets and liabilities that were historically included in the EID statements, as well as assets and liabilities transferred to the company as part of the common control combination acquisition of DAS. The company's Condensed Consolidated Balance Sheets at December 31, 2018 and September 30, 2018 consist of the combined balances of Historical EID and DAS. The Balance Sheets will be referred to as the "Condensed Consolidated Balance Sheets" throughout this document. The company's Consolidated Statements of Operations (the "Consolidated Statements of Operations") for all periods prior to April 30, 2019 consist of the combined results of operations for Historical EID and DAS. The Consolidated Statements of Operations for all periods after May 2, 2019 represent the consolidated balances of the company. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EID [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Entity Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | BASIS OF PRESENTATION As a result of the Business Realignment and the Internal Reorganization, 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:
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 24 - Segment Information - Differences exist between Corteva, Inc. and EID; refer to EID Note 3 - Segment Information, below
|
Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2019 | |
| Accounting Policies [Abstract] | |
| Inventory, Policy [Policy Text Block] | Inventories As of September 30, 2019, approximately 49 percent and 51 percent of the company's inventories were accounted for under the first-in, first-out ("FIFO") and average cost methods, respectively. As of December 31, 2018, approximately 57 percent and 43 percent of the company's inventories were accounted for under the FIFO and average cost methods, respectively. As of September 30, 2018, approximately 49 percent and 51 percent of the company's inventories were accounted for under the FIFO and average cost methods, respectively. Inventories accounted for under the FIFO method are primarily comprised of products with shorter shelf lives such as seeds. See Note 13 - Inventories, for further information. |
| Lessee, Leases [Policy Text Block] | Leases The company determines whether an arrangement is a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset and the company has the right to control the asset. Operating lease right-of-use ("ROU") assets are included in other assets on the company’s Condensed Consolidated Balance Sheets. Operating lease liabilities are included in accrued and other current liabilities and other noncurrent obligations on the company’s Condensed Consolidated Balance Sheets. Finance lease assets are included in property, plant and equipment on the company’s Condensed Consolidated Balance Sheets. Finance lease liabilities are included in short-term borrowings and finance lease obligations and long-term debt on the company’s Condensed Consolidated Balance Sheets. Operating lease ROU assets represent the company’s right to use an underlying asset for the lease term and lease liabilities represent the company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the company’s leases do not provide the lessor's implicit rate, the company uses its incremental borrowing rate at the commencement date in determining the present value of lease payments. The company's incremental borrowing rate is based on its estimated rate of interest for a collateralized borrowing over a similar term as the lease payments. The same process is followed for any new leases at their commencement dates or modifications to existing leases that require remeasurement. Lease terms include options to extend the lease when it is reasonably certain those options will be exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The company recognizes lease expense for these leases on a straight-line basis over the lease term. The company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all asset classes. In the Consolidated Statements of Operations, lease expense for operating lease payments is recognized on a straight-line basis over the lease term. For finance leases, interest expense is recognized on the lease liability and the ROU asset is amortized over the lease term. See Note 16 - Leases, for further information. |
| Segment Reporting, Policy [Policy Text Block] | Segments As a result of the Internal Reorganizations and Business Realignments, the company changed its reportable segments to Seed and Crop Protection to reflect the manner in which the company's chief operating decision maker assesses performance and allocates resources. Effective with the Corteva Distribution, the company also updated its reporting units to align with the level at which discrete financial information is available for review by management. Prior year's segment information has been revised to conform to the current presentation. See Note 24 - Segment Information, for further information.
|
Stock-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Payment Arrangement, Option, Activity [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Short-term Debt [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-term Debt Instruments [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Line of Credit Facilities [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-term Debt Instruments [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Contract Balances (Details) - USD ($) $ in Millions |
9 Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Accounts and notes receivable - trade | [1] | $ 5,372 | $ 3,843 | $ 5,164 | ||||||||||
| Contract assets - current | [2] | 20 | 18 | 18 | ||||||||||
| Contract assets - noncurrent | [3] | 49 | 46 | 47 | ||||||||||
| Deferred revenue recognized during the period | 2,013 | |||||||||||||
| Accrued and Other Current Liabilities [Member] | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Deferred Revenue | [4] | 441 | 2,209 | 380 | ||||||||||
| Other noncurrent obligations | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Deferred Revenue | [5] | $ 117 | $ 150 | $ 120 | ||||||||||
| ||||||||||||||
Supplementary Information Foreign Currency Exchange Gain (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|||||||||||
| Foreign Currency Exchange Gain (Loss) [Line Items] | ||||||||||||||
| Exchange gains (losses) - net | [1] | $ (11) | $ (74) | $ (70) | $ (190) | [2] | ||||||||
| Foreign Currency Transaction Gain (Loss) Tax (Expense) Benefit | (12) | 0 | 0 | 26 | ||||||||||
| Foreign Currency Transaction Gain (Loss) After Tax | (23) | (74) | (70) | (164) | ||||||||||
| Subsidiary Monetary Position | ||||||||||||||
| Foreign Currency Exchange Gain (Loss) [Line Items] | ||||||||||||||
| Exchange gains (losses) - net | [3] | (66) | (105) | (59) | (217) | |||||||||
| Foreign Currency Transaction Gain (Loss) Tax (Expense) Benefit | 1 | 7 | (2) | 32 | ||||||||||
| Foreign Currency Transaction Gain (Loss) After Tax | (65) | (98) | (61) | (185) | ||||||||||
| Hedging Program [Member] | ||||||||||||||
| Foreign Currency Exchange Gain (Loss) [Line Items] | ||||||||||||||
| Exchange gains (losses) - net | 55 | 31 | (11) | 27 | [4] | |||||||||
| Foreign Currency Transaction Gain (Loss) Tax (Expense) Benefit | (13) | (7) | 2 | (6) | ||||||||||
| Foreign Currency Transaction Gain (Loss) After Tax | 42 | 24 | (9) | 21 | ||||||||||
| Argentine peso devaluation [Member] | Hedging Program [Member] | ||||||||||||||
| Foreign Currency Exchange Gain (Loss) [Line Items] | ||||||||||||||
| Exchange gains (losses) - net | $ (42) | $ (40) | $ (33) | (73) | ||||||||||
| Tax Reform Foreign Currency Exchange Impact [Member] | Hedging Program [Member] | ||||||||||||||
| Foreign Currency Exchange Gain (Loss) [Line Items] | ||||||||||||||
| Exchange gains (losses) - net | $ (50) | |||||||||||||
| ||||||||||||||
Earnings Per Share Earnings Per Share Calculations - Basic (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Earnings Per Share [Abstract] | ||||
| Basic loss per share of common stock from continuing operations | $ (0.69) | $ (7.54) | $ (0.32) | $ (7.64) |
| Basic earnings (loss) per share of common stock from discontinued operations | $ 0.03 | $ 0.71 | $ (0.93) | $ 1.59 |
| Net loss Available to Common Stockholders, Basic | $ (0.66) | $ (6.83) | $ (1.25) | $ (6.05) |
Restructuring and Asset Related Charges DowDuPont Cost Synergy Program (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 25 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
|||||
| Restructuring Cost and Reserve [Line Items] | |||||||||
| Restructuring and Asset Related Charges - Net | $ 46 | $ 235 | $ 167 | $ 466 | |||||
| DowDuPont Cost Synergy Program [Member] | |||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||
| Restructuring Reserve, Beginning Balance | 215 | ||||||||
| Restructuring and Asset Related Charges - Net | (8) | 109 | 114 | 340 | $ 866 | ||||
| Payments for Restructuring | (191) | ||||||||
| Asset write-offs and adjustments | (30) | ||||||||
| Restructuring Reserve, Ending Balance | 108 | 108 | 108 | ||||||
| Employee Severance [Member] | DowDuPont Cost Synergy Program [Member] | |||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||
| Restructuring Reserve, Beginning Balance | 154 | ||||||||
| Restructuring and Asset Related Charges - Net | 0 | 20 | 14 | 157 | 340 | ||||
| Payments for Restructuring | (101) | ||||||||
| Asset write-offs and adjustments | 0 | ||||||||
| Restructuring Reserve, Ending Balance | 67 | 67 | 67 | ||||||
| Contract Termination Charges | DowDuPont Cost Synergy Program [Member] | |||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||
| Restructuring Reserve, Beginning Balance | [1] | 61 | |||||||
| Restructuring and Asset Related Charges - Net | 0 | 9 | 69 | [1] | 46 | 193 | |||
| Payments for Restructuring | [1] | (89) | |||||||
| Asset write-offs and adjustments | [1] | 0 | |||||||
| Restructuring Reserve, Ending Balance | [1] | 41 | 41 | 41 | |||||
| Asset Related Charges [Member] | DowDuPont Cost Synergy Program [Member] | |||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||
| Restructuring Reserve, Beginning Balance | 0 | ||||||||
| Restructuring and Asset Related Charges - Net | (8) | 80 | 31 | 137 | 333 | ||||
| Payments for Restructuring | (1) | ||||||||
| Asset write-offs and adjustments | (30) | ||||||||
| Restructuring Reserve, Ending Balance | 0 | 0 | $ 0 | ||||||
| Seed [Member] | |||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||
| Restructuring and Asset Related Charges - Net | (47) | (190) | (123) | (273) | |||||
| Seed [Member] | DowDuPont Cost Synergy Program [Member] | |||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||
| Restructuring and Asset Related Charges - Net | (7) | 64 | 66 | 147 | |||||
| Crop Protection [Member] | |||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||
| Restructuring and Asset Related Charges - Net | 1 | (30) | (24) | (42) | |||||
| Crop Protection [Member] | DowDuPont Cost Synergy Program [Member] | |||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||
| Restructuring and Asset Related Charges - Net | (1) | 30 | 28 | 42 | |||||
| Corporate | |||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||
| Restructuring and Asset Related Charges - Net | (15) | (20) | (151) | ||||||
| Corporate | DowDuPont Cost Synergy Program [Member] | |||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||
| Restructuring and Asset Related Charges - Net | $ 0 | $ 15 | $ 20 | $ 151 | |||||
| |||||||||
Related Party Transactions Transactions with DowDuPont (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Jun. 26, 2019 |
Dec. 31, 2018 |
Nov. 02, 2017 |
|
| Related Party Transaction [Line Items] | |||||||||
| Stock Repurchase Program, Authorized Amount | $ 1,000 | $ 4,000 | |||||||
| Payments of Distributions to Affiliates | $ 317 | $ 823 | $ 828 | $ 830 | $ 317 | $ 2,481 | |||
| DowDuPont [Member] | |||||||||
| Related Party Transaction [Line Items] | |||||||||
| Payments of Distributions to Affiliates | $ 317 | 2,481 | |||||||
| Accounts Payable, Related Parties | $ 250 | $ 250 | $ 103 | ||||||
Inventories Schedule of Inventory (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2018 |
Sep. 01, 2017 |
|
| Inventory [Line Items] | ||||||
| Finished Products | $ 2,295 | $ 2,649 | $ 2,295 | $ 2,649 | $ 3,022 | |
| Semi-finished Products | 1,691 | 1,902 | 1,691 | 1,902 | 1,821 | |
| Inventory, Raw Materials and Supplies, Gross | 417 | 347 | 417 | 347 | 467 | |
| Total | 4,403 | 4,898 | 4,403 | 4,898 | $ 5,310 | |
| Merger with Dow [Member] | ||||||
| Inventory [Line Items] | ||||||
| Business Combination, Fair Value Step Up Of Acquired Inventory | $ 2,297 | |||||
| Amortization of inventory step up included in COGS | $ 15 | $ 109 | $ 272 | $ 1,424 | ||
Restructuring and Asset Related Charges |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING AND ASSET RELATED CHARGES - NET DowDuPont Agriculture Division Restructuring Program From inception-to-date, the company has recorded total pre-tax restructuring charges of $83 million, comprised of $74 million of severance and related benefit costs and $9 million of asset related charges. For the nine months ended September 30, 2019, the company recorded a pre-tax benefit of $(1) million, recognized in restructuring and asset related charges - net in the company's Consolidated Statement of Operations, and no additional charges for the three months ended September 30, 2019. The charge for the nine months ended September 30, 2019 was comprised of a favorable adjustment of $(4) million to severance and related benefit costs related to the Crop Protection segment and asset related charges of $3 million related to the Seed segment. The actions related to this program are substantially complete. Account balances and activity for the DowDuPont Agriculture Division Restructuring Program are summarized below:
1. Adjustment reflects severance liabilities associated with DAS employees who were terminated by Dow prior to separation and were included within the combined financial statements of Dow, but did not transfer to Corteva as part of the common control combination. DowDuPont Cost Synergy Program In September and November 2017, DowDuPont and EID approved post-merger restructuring actions under the DowDuPont Cost Synergy Program (the “Synergy Program”), adopted at the time by the DowDuPont Board of Directors. The Synergy Program was designed to integrate and optimize the organization following the Merger and in preparation for the Business Separations. The company recorded pre-tax restructuring charges of $866 million inception-to-date under the Synergy Program, consisting of severance and related benefit costs of $340 million, contract termination costs of $193 million, and asset write-downs and write-offs of $333 million. The company does not anticipate any additional material charges under the Synergy Program. Actions associated with the Synergy Program, including employee separations, are expected to be substantially complete by the end of 2019. The Synergy Program (benefits) charges related to the segments, as well as corporate expenses, were as follows:
The below is a summary of (benefits) charges incurred related to the Synergy Program for the three and nine months ended September 30, 2019 and 2018:
Account balances and activity for the Synergy Program are summarized below:
Asset Impairments During the three months ended September 30, 2019, and in connection with strategic product and portfolio reviews, the company determined that the fair value of certain intangible assets classified as developed technology, other intangible assets and in-process research and development ("IPR&D") within the Seed segment that primarily relate to heritage DAS intangibles previously acquired from Cooperativa Central de Pesquisa Agrícola's ("Coodetec"), was less than the carrying value. As a result, the company recorded a pre-tax, non-cash intangible asset impairment charge of $54 million ($41 million after-tax), which is reflected in restructuring and asset related charges - net, in the company's Consolidated Statements of Operations. Refer to Note 15 - Goodwill and Other Intangible Assets, and Note 23 - Fair Value Measurements, for further information. During the three and nine months ended September 30, 2018, the company recognized an $85 million pre-tax ($66 million after-tax) non-cash impairment charge in restructuring and asset related charges - net in the company's Consolidated Statements of Operations related to certain IPR&D within the Seed segment. Refer to Note 15 - Goodwill and Other Intangible Assets, and Note 23 - Fair Value Measurements, for further information. In addition, based on updated projections for the company’s investment in nonconsolidated affiliates in China related to the Seed segment, management determined the fair value of the investment in nonconsolidated affiliates was below the carrying value and has no expectation the fair value will recover due to the continuing unfavorable regulatory environment including lack of intellectual property protection, uncertain product registration timing, and limited freedom to operate. As a result, management concluded the impairment was other than temporary and recorded a non-cash impairment charge of $41 million in restructuring and asset related charges - net in the company's Consolidated Statements of Operations, none of which was tax-deductible, for the three and nine months ended September 30, 2018.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recent Accounting Guidance |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Recent Accounting Guidance | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), and associated ASUs related to Topic 842, which requires organizations that lease assets to recognize on their balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance requires that a lessee recognize assets and liabilities for leases, and recognition, presentation and measurement in the financial statements will depend on its classification as a finance or operating lease. In addition, the new guidance requires disclosures to help investors and other financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. Lessor accounting remains largely unchanged from previous U.S. GAAP but does contain some targeted improvements to align with the new revenue recognition guidance issued in 2014 (Topic 606). The company adopted this standard in the first quarter of 2019, which allows for a modified retrospective transition approach, applying the new standard to all leases existing at the date of initial adoption. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statement as its date of initial application. The company has elected to apply the transition requirements at the January 1, 2019 effective date rather than at the beginning of the earliest comparative period presented. This approach allows for a cumulative effect adjustment in the period of adoption, and prior periods are not restated and continue to be reported in accordance with historic accounting under ASC 840 (Leases). In addition, the company has elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, does not require reassessment of prior conclusions related to contracts containing a lease, lease classification, and initial direct lease costs. As an accounting policy election, the company chose to not apply the standard to certain existing land easements, excluded short-term leases (term of 12 months or less) from the balance sheet and will account for non-lease and lease components in a contract as a single component for all asset classes. See Note 16 - Leases, for additional information. The following table summarizes the impact of adoption to the company’s Condensed Consolidated Balance Sheet:
The adoption of the new guidance did not have a material impact on the company's Consolidated Statements of Operations and had no impact on the Condensed Consolidated Statement of Cash Flows. In July 2019, the FASB issued ASU 2019-07, “Codification Updates to SEC Sections - Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization and Miscellaneous Updates (SEC Update)” (“ASU 2019-07”). ASU 2019-07 aligns the guidance in various SEC sections of the Codification with the requirements of certain SEC final rules. ASU 2019-07 was effective immediately. The adoption of ASU 2019-07 did not have a material impact on the company's financial position, results of operations or cash flows. Accounting Guidance Issued But Not Adopted as of September 30, 2019 In June 2016, the FASB issued ASU 2016-13, Financial Instruments (Topic 326): Credit Losses - Measurement of Credit Losses on Financial Statements, which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The amortized cost basis of financial assets should be reduced by expected credit losses to present the net carrying value in the financial statements at the amount expected to be collected. The measurement of expected credit losses is based on past events, historical experience, current conditions and forecasts that affect the collectability of the financial assets. Additionally, credit losses relating to available-for-sale debt securities should be recorded through an allowance for credit losses. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for fiscal years beginning January 1, 2019. In April and May 2019, the FASB subsequently issued ASU 2019-04 and ASU 2019-05, respectively, which contained updates to ASU 2016-13. The company is currently evaluating the impact of adopting this guidance.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share (Notes) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Text Block] | EARNINGS PER SHARE OF COMMON STOCK On June 1, 2019, the date of the Corteva Distribution, 748,815,000 shares of the company’s common stock were distributed to DowDuPont shareholders of record as of May 24, 2019. The following tables provide earnings per share calculations for the periods indicated below:
3. These outstanding options to purchase shares of common stock were excluded from the calculation of diluted earnings per share because the effect of including them would have been anti-dilutive.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Operations - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
||||||||
| Net Sales | $ 1,911 | $ 1,947 | $ 10,863 | $ 11,472 | |||||||
| Cost of Goods Sold | 1,349 | 1,485 | 6,607 | 7,924 | |||||||
| Research and Development Expense | 289 | 325 | 857 | 1,010 | |||||||
| Selling, General and Administrative Expenses | 646 | 633 | 2,318 | 2,347 | |||||||
| Amortization of Intangible Assets | 100 | 88 | 314 | 284 | |||||||
| Restructuring and Asset Related Charges - Net | 46 | 235 | 167 | 466 | |||||||
| Integration and Separation Costs | 152 | 253 | 694 | 697 | |||||||
| Goodwill impairment charge | 0 | 4,503 | 0 | 4,503 | |||||||
| Other income - net | 59 | 7 | 90 | 118 | |||||||
| Loss on early extinguishment of debt | 0 | 0 | 13 | 0 | |||||||
| Interest Expense | 19 | 82 | 112 | 251 | |||||||
| Loss from continuing operations before income taxes | (631) | (5,650) | [1] | (129) | [1] | (5,892) | [1] | ||||
| (Benefit from) provision for income taxes on continuing operations | (104) | (8) | 99 | (187) | |||||||
| Loss from continuing operations after income taxes | (527) | (5,642) | [1] | (228) | [1] | (5,705) | [1] | ||||
| Income (loss) from discontinued operations after income taxes | 22 | 526 | (695) | 1,200 | |||||||
| Net loss | (505) | (5,116) | (923) | (4,505) | |||||||
| Net (loss) income attributable to noncontrolling interests | (11) | 5 | 15 | 29 | |||||||
| Net loss attributable to company | $ (494) | $ (5,121) | $ (938) | $ (4,534) | |||||||
| Basic loss per share of common stock from continuing operations | $ (0.69) | $ (7.54) | $ (0.32) | $ (7.64) | |||||||
| Basic earnings (loss) per share of common stock from discontinued operations | 0.03 | 0.71 | (0.93) | 1.59 | |||||||
| Basic loss per share of common stock | (0.66) | (6.83) | (1.25) | (6.05) | |||||||
| Diluted loss per share of common stock from continuing operations | (0.69) | (7.54) | (0.32) | (7.64) | |||||||
| Diluted earnings (loss) per share of common stock from discontinued operations | 0.03 | 0.71 | (0.93) | 1.59 | |||||||
| Diluted loss per share of common stock | $ (0.66) | $ (6.83) | $ (1.25) | $ (6.05) | |||||||
| EID [Member] | |||||||||||
| Net Sales | $ 1,911 | $ 1,947 | $ 10,863 | $ 11,472 | |||||||
| Cost of Goods Sold | 1,349 | 1,485 | 6,607 | 7,924 | |||||||
| Research and Development Expense | 289 | 325 | 857 | 1,010 | |||||||
| Selling, General and Administrative Expenses | 646 | 633 | 2,318 | 2,347 | |||||||
| Amortization of Intangible Assets | 100 | 88 | 314 | 284 | |||||||
| Restructuring and Asset Related Charges - Net | 46 | 235 | 167 | 466 | |||||||
| Integration and Separation Costs | 152 | 253 | 694 | 697 | |||||||
| Goodwill impairment charge | 0 | 4,503 | 0 | 4,503 | |||||||
| Other income - net | 59 | 7 | 90 | 118 | |||||||
| Loss on early extinguishment of debt | 0 | 0 | 13 | 0 | |||||||
| Interest Expense | 58 | 82 | 181 | 251 | |||||||
| Loss from continuing operations before income taxes | (670) | (5,650) | [2] | (198) | [2] | (5,892) | [2] | ||||
| (Benefit from) provision for income taxes on continuing operations | (113) | (8) | 83 | (187) | |||||||
| Loss from continuing operations after income taxes | (557) | (5,642) | (281) | (5,705) | |||||||
| Income (loss) from discontinued operations after income taxes | 22 | 526 | (695) | 1,200 | |||||||
| Net loss | (535) | (5,116) | (976) | (4,505) | |||||||
| Net (loss) income attributable to noncontrolling interests | (11) | 3 | 8 | 22 | |||||||
| Net loss attributable to company | $ (524) | $ (5,119) | $ (984) | $ (4,527) | |||||||
| |||||||||||
EID Segment FN Segment reconciliation (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Mar. 31, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2018 |
||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
| Loss from Continuing Operations After Taxes | $ (527) | $ (184) | $ (5,642) | [1] | $ (228) | [1] | $ (5,705) | [1] | |||||||||||||||||||||||||||||||||||
| (Benefit from) provision for income taxes on continuing operations | (104) | (8) | 99 | (187) | |||||||||||||||||||||||||||||||||||||||
| Loss from continuing operations before income taxes | (631) | $ (251) | (5,650) | [1] | (129) | [1] | (5,892) | [1] | |||||||||||||||||||||||||||||||||||
| Depreciation and Amortization | 226 | 215 | [1] | 711 | [1] | 667 | [1] | ||||||||||||||||||||||||||||||||||||
| Interest income | 13 | 12 | 46 | 63 | |||||||||||||||||||||||||||||||||||||||
| Interest Expense | 19 | 82 | 112 | 251 | |||||||||||||||||||||||||||||||||||||||
| Exchange (gains) losses - net | [2] | (11) | (74) | (70) | (190) | [3] | |||||||||||||||||||||||||||||||||||||
| Non-operating benefits - net | (32) | (49) | [1] | (106) | [1] | (155) | [1] | ||||||||||||||||||||||||||||||||||||
| Goodwill impairment charge | 0 | 4,503 | 0 | 4,503 | |||||||||||||||||||||||||||||||||||||||
| Significant Items | (246) | (369) | (886) | (876) | |||||||||||||||||||||||||||||||||||||||
| Pro forma adjustments | [4] | 0 | 217 | [1] | 298 | [1] | 1,695 | [1] | |||||||||||||||||||||||||||||||||||
| Corporate Expenses | 31 | 38 | [1] | 92 | [1] | 109 | [1] | ||||||||||||||||||||||||||||||||||||
| Segment operating EBITDA | (176) | (213) | [1] | 1,855 | [1] | 2,131 | [1] | ||||||||||||||||||||||||||||||||||||
| Segment Assets | 39,352 | 39,388 | 39,352 | 39,388 | $ 38,632 | ||||||||||||||||||||||||||||||||||||||
| Corporate Assets | 3,883 | 4,020 | 3,883 | 4,020 | 4,417 | ||||||||||||||||||||||||||||||||||||||
| Total assets of discontinued operations | [5] | 0 | 66,240 | 0 | 66,240 | 65,634 | |||||||||||||||||||||||||||||||||||||
| Total Assets | 43,235 | 109,648 | 43,235 | 109,648 | 108,683 | ||||||||||||||||||||||||||||||||||||||
| EID [Member] | |||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
| Loss from Continuing Operations After Taxes | (557) | (5,642) | (281) | (5,705) | |||||||||||||||||||||||||||||||||||||||
| (Benefit from) provision for income taxes on continuing operations | (113) | (8) | 83 | (187) | |||||||||||||||||||||||||||||||||||||||
| Loss from continuing operations before income taxes | (670) | (5,650) | [6] | (198) | [6] | (5,892) | [6] | ||||||||||||||||||||||||||||||||||||
| Depreciation and Amortization | 226 | 215 | [6] | 711 | [6] | 667 | [6] | ||||||||||||||||||||||||||||||||||||
| Interest Expense | 58 | 82 | 181 | 251 | |||||||||||||||||||||||||||||||||||||||
| Non-operating benefits - net | (32) | (49) | [6] | (106) | [6] | (155) | [6] | ||||||||||||||||||||||||||||||||||||
| Goodwill impairment charge | 0 | 4,503 | 0 | 4,503 | |||||||||||||||||||||||||||||||||||||||
| Pro forma adjustments | [7] | 0 | 217 | [6] | 298 | [6] | 1,695 | [6] | |||||||||||||||||||||||||||||||||||
| Corporate Expenses | 31 | 38 | [6] | 92 | [6] | 109 | [6] | ||||||||||||||||||||||||||||||||||||
| Segment operating EBITDA | (176) | (213) | [6] | 1,855 | [6] | 2,131 | [6] | ||||||||||||||||||||||||||||||||||||
| Segment Assets | 39,352 | 39,388 | 39,352 | 39,388 | 38,632 | ||||||||||||||||||||||||||||||||||||||
| Corporate Assets | 3,899 | 4,020 | 3,899 | 4,020 | 4,417 | ||||||||||||||||||||||||||||||||||||||
| Total assets of discontinued operations | [8] | 0 | 66,240 | 0 | 66,240 | 65,634 | |||||||||||||||||||||||||||||||||||||
| Total Assets | 43,251 | 109,648 | 43,251 | 109,648 | $ 108,683 | ||||||||||||||||||||||||||||||||||||||
| Segment Reconciling Items [Member] | |||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
| Interest income | (13) | (12) | [1] | (46) | [1] | (63) | [1] | ||||||||||||||||||||||||||||||||||||
| Exchange (gains) losses - net | (22) | [9] | 74 | [1] | 37 | [1],[9] | 140 | [1],[9] | |||||||||||||||||||||||||||||||||||
| Significant Items | 246 | 369 | [1] | 886 | [1] | 876 | [1] | ||||||||||||||||||||||||||||||||||||
| Segment Reconciling Items [Member] | EID [Member] | |||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
| Interest income | (13) | (12) | [6] | (46) | [6] | (63) | [6] | ||||||||||||||||||||||||||||||||||||
| Exchange (gains) losses - net | (22) | [10] | 74 | [6] | 37 | [6],[10] | 140 | [6],[10] | |||||||||||||||||||||||||||||||||||
| Significant Items | 246 | 369 | [6] | 886 | [6] | 876 | [6] | ||||||||||||||||||||||||||||||||||||
| Hedging Program [Member] | |||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
| Exchange (gains) losses - net | 55 | 31 | (11) | 27 | [11] | ||||||||||||||||||||||||||||||||||||||
| Hedging Program [Member] | Argentine peso devaluation [Member] | |||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
| Exchange (gains) losses - net | (42) | (40) | (33) | (73) | |||||||||||||||||||||||||||||||||||||||
| Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | |||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
| Exchange (gains) losses - net | (50) | ||||||||||||||||||||||||||||||||||||||||||
| Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | EID [Member] | |||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
| Exchange (gains) losses - net | (50) | ||||||||||||||||||||||||||||||||||||||||||
| Corporate | |||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
| Significant Items | [12] | (185) | [13] | $ (149) | [14] | (648) | [13],[14],[15] | (585) | [14],[16] | ||||||||||||||||||||||||||||||||||
| Corporate | Hedging Program [Member] | Argentine peso devaluation [Member] | |||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
| Exchange (gains) losses - net | (33) | (33) | |||||||||||||||||||||||||||||||||||||||||
| Corporate | Hedging Program [Member] | Argentine peso devaluation [Member] | EID [Member] | |||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
| Exchange (gains) losses - net | $ (33) | $ (33) | |||||||||||||||||||||||||||||||||||||||||
| Corporate | Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | |||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
| Exchange (gains) losses - net | $ (50) | ||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Cash Flows - USD ($) $ in Millions |
9 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
||||||||
| Cash used for operating activities | |||||||||
| Net loss | $ (923) | $ (4,505) | |||||||
| Depreciation and Amortization | [1] | 711 | 667 | ||||||
| (Benefit from) Provision for Deferred Income Tax | (427) | 112 | |||||||
| Net Periodic Pension Benefit | (208) | (242) | |||||||
| Pension Contributions | (109) | (1,266) | |||||||
| Net gain on sales of property, businesses, consolidated companies, and investments | (69) | (36) | |||||||
| Restructuring and Asset Related Charges - Net | 167 | 466 | |||||||
| Amortization of inventory step-up | 272 | 1,494 | |||||||
| Goodwill impairment charge | 0 | 4,503 | |||||||
| Loss on early extinguishment of debt | 13 | 0 | |||||||
| Other net loss | 184 | 284 | |||||||
| Changes in operating assets and liabilities - net | (3,732) | (5,781) | |||||||
| Cash used for operating activities | (2,303) | (2,780) | |||||||
| Cash used for investing activities | |||||||||
| Capital expenditures | (1,015) | (1,020) | |||||||
| Proceeds from the sale of property, businesses, and consolidated companies, net of cash divested | 142 | 101 | |||||||
| Payments to Acquire Businesses, Net of Cash Acquired | (9) | 0 | |||||||
| Investments in and loans to nonconsolidated affiliates | (10) | 0 | |||||||
| Proceeds from sales of ownership interests in nonconsolidated affiliates | 21 | 0 | |||||||
| Purchases of investments | (133) | (1,235) | |||||||
| Proceeds from Sale and Maturities of Investments | 42 | 1,930 | |||||||
| Other investing activities - net | (2) | (4) | |||||||
| Cash used for investing activities | (964) | (228) | |||||||
| Cash provided by (used for) financing activities | |||||||||
| Change in short-term (less than 90 days) borrowings | 1,729 | 2,381 | |||||||
| Proceeds from Issuance of Long-term Debt | 1,001 | 756 | |||||||
| Payments of Long-term Debt | (6,803) | (1,538) | |||||||
| Payments for Repurchase of Common Stock | (25) | 0 | |||||||
| Proceeds from Stock Options Exercised | 43 | 81 | |||||||
| Payments of Dividends | (97) | 0 | |||||||
| Distributions to DowDuPont | (317) | (2,481) | |||||||
| Cash transferred to DowDuPont at Internal Reorganizations | (2,053) | 0 | |||||||
| Contributions from Dow and DowDuPont | 7,396 | 288 | |||||||
| Debt extinguishment costs | (79) | 0 | |||||||
| Other financing activities | (34) | (78) | |||||||
| Cash provided by (used for) financing activities | 761 | (591) | |||||||
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (118) | (187) | |||||||
| Decrease in Cash, Cash Equivalents, Restricted Cash | (2,624) | (3,786) | |||||||
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total Company, Beginning of Period | 5,024 | 7,914 | |||||||
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total Company, End of Period | [2] | 2,400 | 4,128 | ||||||
| EID [Member] | |||||||||
| Cash used for operating activities | |||||||||
| Net loss | (976) | (4,505) | |||||||
| Depreciation and Amortization | [3] | 711 | 667 | ||||||
| (Benefit from) Provision for Deferred Income Tax | (427) | 112 | |||||||
| Net Periodic Pension Benefit | (208) | (242) | |||||||
| Pension Contributions | (109) | (1,266) | |||||||
| Net gain on sales of property, businesses, consolidated companies, and investments | (69) | (36) | |||||||
| Restructuring and Asset Related Charges - Net | 167 | 466 | |||||||
| Amortization of inventory step-up | 272 | 1,494 | |||||||
| Goodwill impairment charge | 0 | 4,503 | |||||||
| Loss on early extinguishment of debt | 13 | 0 | |||||||
| Other net loss | 184 | 284 | |||||||
| Changes in operating assets and liabilities - net | (3,697) | (5,781) | |||||||
| Cash used for operating activities | (2,321) | (2,780) | |||||||
| Cash used for investing activities | |||||||||
| Capital expenditures | (1,015) | (1,020) | |||||||
| Proceeds from the sale of property, businesses, and consolidated companies, net of cash divested | 142 | 101 | |||||||
| Payments to Acquire Businesses, Net of Cash Acquired | (9) | 0 | |||||||
| Investments in and loans to nonconsolidated affiliates | (10) | 0 | |||||||
| Proceeds from sales of ownership interests in nonconsolidated affiliates | 21 | 0 | |||||||
| Purchases of investments | (133) | (1,235) | |||||||
| Proceeds from Sale and Maturities of Investments | 42 | 1,930 | |||||||
| Other investing activities - net | (2) | (4) | |||||||
| Cash used for investing activities | (964) | (228) | |||||||
| Cash provided by (used for) financing activities | |||||||||
| Change in short-term (less than 90 days) borrowings | 1,729 | 2,381 | |||||||
| Proceeds from Related Party Debt | 4,160 | 0 | |||||||
| Proceeds from Issuance of Long-term Debt | 1,001 | 756 | |||||||
| Payments of Long-term Debt | (6,803) | (1,538) | |||||||
| Repayments of Related Party Debt | (123) | 0 | |||||||
| Proceeds from Stock Options Exercised | 43 | 81 | |||||||
| Distributions to DowDuPont | (317) | (2,481) | |||||||
| Cash transferred to DowDuPont at Internal Reorganizations | (2,053) | 0 | |||||||
| Contributions from Dow and DowDuPont | 3,255 | 288 | |||||||
| Debt extinguishment costs | (79) | 0 | |||||||
| Other financing activities | (34) | (78) | |||||||
| Cash provided by (used for) financing activities | 779 | (591) | |||||||
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (118) | (187) | |||||||
| Decrease in Cash, Cash Equivalents, Restricted Cash | (2,624) | (3,786) | |||||||
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total Company, Beginning of Period | 5,024 | 7,914 | |||||||
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total Company, End of Period | 2,400 | 4,128 | |||||||
| Total company [Member] | |||||||||
| Cash used for operating activities | |||||||||
| Depreciation and Amortization | 1,310 | 2,092 | |||||||
| Restructuring and Asset Related Charges - Net | 284 | 565 | |||||||
| Total company [Member] | EID [Member] | |||||||||
| Cash used for operating activities | |||||||||
| Depreciation and Amortization | 1,310 | 2,092 | |||||||
| Restructuring and Asset Related Charges - Net | 284 | $ 565 | |||||||
| Discontinued Operations [Member] | |||||||||
| Cash used for operating activities | |||||||||
| Goodwill impairment charge | 1,102 | ||||||||
| Discontinued Operations [Member] | EID [Member] | |||||||||
| Cash used for operating activities | |||||||||
| Goodwill impairment charge | $ 1,102 | ||||||||
| |||||||||
Stock-Based Compensation Stock Options (Details) - Equity Option [Member] $ / shares in Units, shares in Thousands, $ in Thousands |
4 Months Ended | 9 Months Ended | |
|---|---|---|---|
|
Sep. 30, 2019
USD ($)
$ / shares
shares
|
Sep. 30, 2019
USD ($)
$ / shares
shares
|
Sep. 30, 2019
USD ($)
$ / shares
shares
|
|
| Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
| Vesting period | 3 years | ||
| Stock options outstanding at beginning of period | shares | 10,468 | ||
| Stock options exercised during the period | shares | (178) | ||
| Stock options forfeited / expired | shares | (36) | ||
| Stock options outstanding at end of period | shares | 10,254 | 10,254 | 10,254 |
| Stock options exercisable at end of period | shares | 8,215 | 8,215 | 8,215 |
| Stock options outstanding, weighted average exercise price, beginning of period | $ / shares | $ 32.11 | ||
| Stock options exercised during the period, weighted average exercise price | $ / shares | 21.23 | ||
| Stock options forfeited / expired, weighted average exercise price | $ / shares | 38.26 | ||
| Stock options outstanding, weighted average exercise price, end of period | $ / shares | 32.28 | $ 32.28 | $ 32.28 |
| Stock options exercisable, Weighted Average Exercise Price | $ / shares | $ 30.32 | $ 30.32 | $ 30.32 |
| Stock options outstanding, weighted average remaining contractual term | 4 years 10 months 24 days | ||
| Stock options exercisable, Weighted Average Remaining Contractual Term | 4 years 1 month 13 days | ||
| Stock options outstanding, intrinsic value | $ | $ 15,855 | $ 15,855 | $ 15,855 |
| Stock options exercisable, Intrinsic Value | $ | 14,868 | 14,868 | 14,868 |
| Unrecognized pre-tax compensation expense | $ | $ 5,000 | $ 5,000 | $ 5,000 |
| Unrecognized pre-tax compensation expense, period for recognition | 1 year | ||
| EIP [Member] | Grants between 2013 and 2015 [Member] | |||
| Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
| Expiration period | 7 years | ||
| EIP [Member] | Grants between 2016 and 2018 [Member] | |||
| Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
| Expiration period | 10 years | ||
| Dow [Member] | |||
| Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
| Expiration period | 10 years | ||
Segment Reporting (Notes) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Disclosure [Text Block] | SEGMENT INFORMATION In connection with the Internal Reorganizations and the Corteva Distribution, the company realigned its reporting structure and changed the manner in which the chief operating decision maker (“CODM”) allocates resources and assesses performance. As a result, new operating segments were created, Seed and Crop Protection. The segment reporting changes were retrospectively applied to all periods presented. Segment operating EBITDA is the primary measure of segment profitability used by Corteva’s CODM. For purposes of the three and nine months ended September 30, 2018 and the nine months ended September 30, 2019, segment operating EBITDA is calculated on a pro forma basis, as this is the manner in which the CODM assesses performance and allocates resources. The company defines segment operating EBITDA as earnings (i.e., income from continuing operations before income taxes) before interest, depreciation, amortization, corporate expenses, non-operating costs-net and foreign exchange gains (losses), excluding the impact of significant items. Non-operating costs-net consists of non-operating pension and other post-employment benefit (OPEB) costs, tax indemnification adjustments, 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. Pro forma adjustments used in the calculation of pro forma segment operating EBITDA were determined in accordance with Article 11 of Regulation S-X. These adjustments give effect to the Merger, the debt retirement transactions related to paying off or retiring portions of EID’s existing debt liabilities (as discussed in Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, to the interim Consolidated Financial Statements), and the separation and distribution to DowDuPont stockholders of all the outstanding shares of Corteva common stock as if they had been consummated on January 1, 2016. Corporate Profile The company conducts its global operations through the following reportable segments: Seed The company’s seed segment is a global leader in developing and supplying advanced germplasm and traits that produce optimum yield for farms around the world. The segment is a leader in many of the company’s key seed markets, including North America corn and soybeans, Europe corn and sunflower, as well as Brazil, India, South Africa and Argentina corn. The segment offers trait technologies that improve resistance to weather, disease, insects and weeds, and trait technologies that enhance food and nutritional characteristics, and also provides digital solutions that assist farmer decision-making with a view to optimize product selection and, ultimately, maximize yield and profitability. The segment competes in a wide variety of agricultural markets. Crop Protection The crop protection segment serves the global agricultural input industry with products that protect against weeds, insects and other pests, and disease, and that improve overall crop health both above and below ground via nitrogen management and seed-applied technologies. The segment is a leader in global herbicides, insecticides, below-ground nitrogen stabilizers and pasture and range management herbicides.
2. On June 1, 2019, as a result of changes in reportable segments, $3,382 million of goodwill was reallocated from the Seed reportable segment to the Crop Protection reportable segment. This change was not reflected in segment assets prior to June 1, 2019.
Reconciliation to interim Consolidated Financial Statements
Significant Pre-tax (Charges) Benefits Not Included in Pro Forma Segment Operating EBITDA The three and nine months ended September 30, 2019 and 2018, respectively, included the following significant pre-tax (charges) benefits which are excluded from pro forma segment operating EBITDA:
10. Includes a $(33) million charge included in other income - net for the three and nine months ended September 30, 2019 associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. Throughout the three months ended September 30, 2019, the Argentine Peso dropped approximately a third of its value against the US dollar and in September of 2019, the country’s central bank announced new restrictions on foreign currency transactions.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Background and Basis of Presentation (Policies) |
9 Months Ended | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
| Intended Business Separations [Policy Text Block] | Subsequent to the Merger, Historical Dow and Historical EID engaged in a series of internal reorganization and realignment steps to realign their businesses into three subgroups: agriculture, materials science and specialty products through a series of tax-efficient transactions (collectively, the "Business Separations”). Effective as of 5:00 pm ET on April 1, 2019, DowDuPont completed the previously announced separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. (“Dow”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock, par value $0.01 per share, to holders of DowDuPont's common stock (the “DowDuPont Common Stock”), as of the close of business on March 21, 2019 (the “Dow Distribution” and together with the Corteva Distribution, the “Distributions”). Prior to the Dow Distribution, Historical Dow conveyed or transferred the assets and liabilities aligned with Historical Dow’s agriculture business to separate legal entities (“Dow Ag Entities”) and the assets and liabilities associated with its specialty products business to separate legal entities (the “Dow SP Entities”). On April 1, 2019, Dow Ag Entities and the Dow SP Entities were transferred and conveyed to DowDuPont. In furtherance of the Business Separations, EID engaged in a series of internal reorganization and realignment steps (the “Internal Reorganization” and the "Business Realignment," respectively) to realign its businesses into three subgroups: agriculture, materials science and specialty products. As part of the Internal Reorganization:
On May 6, 2019, the Board of Directors of DowDuPont approved the distribution of all the then-issued and outstanding shares of common stock of Corteva, Inc., a wholly-owned subsidiary of DowDuPont, to DowDuPont stockholders. On June 1, 2019, DowDuPont completed the Separation. Each DowDuPont stockholder received one share of Corteva common stock for every three shares of DowDuPont common stock held at the close of business on May 24, 2019, the record date of distribution. Corteva, Inc.'s common stock began trading the "regular way" under the ticker symbol "CTVA" on June 3, 2019, the first business day after June 1, 2019. Upon becoming an independent company, the capital structure of Corteva consisted of 748,815,000 authorized shares of common stock (par value of $0.01 per share), which represents the number of common shares issued on June 3, 2019. Information related to the Corteva Distribution and its effect on the company's financial statements is discussed throughout these Notes to the interim Consolidated Financial Statements. As a result of the Business Realignment and the Internal Reorganization discussed above, Corteva owns, directly or indirectly, 100% of the outstanding common stock of EID, and EID owns, directly or indirectly, 100% of DAS. EID is a subsidiary of Corteva, Inc. and continues to be a reporting company, subject to the requirements of the Securities Exchange Act of 1934, as amended. |
||||||||||||||||||||||||
| Combination of Entities under Common Control, Policy [Policy Text Block] | DAS Common Control Combination The transfer or conveyance of DAS to Corteva was treated as a transfer of entities under common control. As such, the company recorded the assets, liabilities, and equity of DAS on its balance sheet at their historical basis. Transfers of businesses between entities under common control requires the financial statements to be presented as if the transaction had occurred at the point at which common control first existed (the Merger Effectiveness Time). As a result, the accompanying interim Consolidated Financial Statements and Notes thereto include the results of DAS from the Merger Effectiveness Time. See Note 4 - Common Control Business Combination, for additional information. |
||||||||||||||||||||||||
| Principles of Consolidation and Basis of Presentation | Interim Financial Statements 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 unaudited interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in the company’s Information Statement included in its Registration Statement on Form 10, as amended, filed with the SEC on May 6, 2019 ("Form 10"). The interim Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained. Prior to the Corteva Distribution, these combined financial statements were derived from the consolidated financial statements and accounting records of EID as well as the carve-out financial statements of DAS. The DAS carve-out financial statements reflect the historical results of operations, financial position, and cash flows of Historical Dow's Agricultural Sciences Business and include allocations of certain expenses for services from Historical Dow, including, but not limited to, general corporate expenses related to finance, legal, information technology, human resources, ethics and compliance, shared services, employee benefits and incentives, insurance, and stock-based compensation. These expenses were allocated on the basis of direct usage when identifiable, with the remainder allocated under the basis of headcount or other measures. Subsequent to the Corteva Distribution, the financial statements are presented on a consolidated basis. The company's Condensed Consolidated Balance Sheet at September 30, 2019 consists of the consolidated balances subsequent to the Corteva Distribution. The balances reflect the assets and liabilities that were historically included in the EID statements, as well as assets and liabilities transferred to the company as part of the common control combination acquisition of DAS. The company's Condensed Consolidated Balance Sheets at December 31, 2018 and September 30, 2018 consist of the combined balances of Historical EID and DAS. The Balance Sheets will be referred to as the "Condensed Consolidated Balance Sheets" throughout this document. The company's Consolidated Statements of Operations (the "Consolidated Statements of Operations") for all periods prior to April 30, 2019 consist of the combined results of operations for Historical EID and DAS. The Consolidated Statements of Operations for all periods after May 2, 2019 represent the consolidated balances of the company. All intercompany transactions have been eliminated.
|
||||||||||||||||||||||||
| ECP Disposal [Member] | |||||||||||||||||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
| Discontinued Operations, Policy [Policy Text Block] | Divestiture of EID ECP The transfer of EID ECP meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. The comprehensive income, stockholder's equity and cash flows related to EID ECP have not been segregated and are included in the Consolidated Statements of Comprehensive Income, Consolidated Statements of Equity and Condensed Consolidated Statements of Cash Flows, respectively, for all periods presented. Amounts related to EID ECP are consistently included or excluded from the Notes to the interim Consolidated Financial Statements based on the respective financial statement line item. See Note 5 - Divestitures and Other Transactions, for additional information.
|
||||||||||||||||||||||||
| Specialty Products Disposal [Member] | |||||||||||||||||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
| Discontinued Operations, Policy [Policy Text Block] | Divestiture of EID Specialty Products Entities The transfer of the EID Specialty Products Entities meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. The comprehensive income, stockholder's equity and cash flows related to the EID Specialty Products Entities have not been segregated and are included in the Consolidated Statements of Comprehensive Income, Consolidated Statements of Equity and Condensed Consolidated Statements of Cash Flows, respectively, for all periods presented. Amounts related to the EID Specialty Products Entities are consistently included or excluded from the Notes to the interim Consolidated Financial Statements based on the respective financial statement line item. See Note 5 - Divestitures and Other Transactions, for additional information. |
||||||||||||||||||||||||
| Divested Ag Business [Member] | |||||||||||||||||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
| Discontinued Operations, Policy [Policy Text Block] | Divested EID Ag Business As a condition of the regulatory approval for the Merger, including by the European Commission, EID was required to divest certain assets related to its crop protection business and research and development ("R&D") organization, specifically EID’s Cereal Broadleaf Herbicides and Chewing Insecticides portfolios, including Rynaxypyr®, Cyazypyr® and Indoxacarb as well as the crop protection R&D pipeline and organization, excluding seed treatment, nematicides, and late-stage R&D programs (the “Divested EID Ag Business”). On March 31, 2017, EID and FMC Corporation (“FMC”) entered into a definitive agreement (the "FMC Transaction Agreement"). On November 1, 2017, FMC acquired the Divested Ag Business and EID acquired certain assets relating to FMC’s Health and Nutrition segment, excluding its Omega-3 products (the "H&N Business") (collectively, the "FMC Transactions"). The H&N Business was transferred to DowDuPont as part of the EID Specialty Products Entities. The sale of the Divested EID Ag Business met the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. See Note 5 - Divestitures and Other Transactions, for additional information.
|
Stockholders' Equity Tax Benefit (Expense) on Net Activity (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Other Comprehensive Income (Loss), Tax Benefit (Expense) | $ 1 | $ (1) | $ 27 | $ (2) |
| Derivative Instruments | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Other Comprehensive Income (Loss), Tax Benefit (Expense) | 1 | 1 | (6) | 2 |
| Pension Plan | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Other Comprehensive Income (Loss), Tax Benefit (Expense) | 0 | (2) | 4 | (4) |
| Other Benefit Plans | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Other Comprehensive Income (Loss), Tax Benefit (Expense) | $ 0 | $ 0 | $ 29 | $ 0 |
Commitments and Contingent Liabilities Environmental (Details) $ in Millions |
Sep. 30, 2019
USD ($)
|
|||||||
|---|---|---|---|---|---|---|---|---|
| Loss Contingencies [Line Items] | ||||||||
| Accrual for Environmental Loss Contingencies | $ 349 | [1] | ||||||
| Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 720 | |||||||
| Indemnification Assets | 204 | |||||||
| Superfund Sites [Member] | ||||||||
| Loss Contingencies [Line Items] | ||||||||
| Accrual for Environmental Loss Contingencies | 51 | |||||||
| Chemours [Member] | Indemnification Agreement [Member] | Superfund Sites [Member] | ||||||||
| Loss Contingencies [Line Items] | ||||||||
| Indemnification Assets | 30 | |||||||
| Chemours related obligation subject to indemnification [Member] | ||||||||
| Loss Contingencies [Line Items] | ||||||||
| Accrual for Environmental Loss Contingencies | 170 | [2],[3] | ||||||
| Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 383 | |||||||
| Indemnification Assets | 170 | |||||||
| Discontinued Operations [Member] | ||||||||
| Loss Contingencies [Line Items] | ||||||||
| Accrual for Environmental Loss Contingencies | 102 | [1],[2] | ||||||
| Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 224 | |||||||
| Indemnification Assets | 0 | |||||||
| Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont [Member] | ||||||||
| Loss Contingencies [Line Items] | ||||||||
| Accrual for Environmental Loss Contingencies | 34 | [1] | ||||||
| Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 61 | |||||||
| Indemnification Assets | 34 | |||||||
| Not subject to indemnification [Member] | ||||||||
| Loss Contingencies [Line Items] | ||||||||
| Accrual for Environmental Loss Contingencies | 43 | [1] | ||||||
| Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 52 | |||||||
| Indemnification Assets | 0 | |||||||
| DuPont de Nemours [Member] | DuPont de Nemours [Member] | ||||||||
| Loss Contingencies [Line Items] | ||||||||
| Stray liability threshold | $ 200 | |||||||
| ||||||||
Financial Instruments (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments, Gain (Loss) [Table Text Block] |
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 9 - Supplementary Information, for additional information.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingent Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Environmental Loss Contingencies by Site [Table Text Block] |
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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions Dow Intercompany Transactions (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2019 |
Mar. 31, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Related Party Transaction [Line Items] | |||||
| Contributions from Dow and DowDuPont | $ 7,308 | $ 88 | $ 7,396 | $ 288 | |
| Dow [Member] | |||||
| Related Party Transaction [Line Items] | |||||
| Related Party Transaction, Purchases from Related Party | $ 41 | 42 | 112 | ||
| Contributions from Dow and DowDuPont | $ 265 | $ 88 | $ 288 | ||
Accounts and Notes Receivable (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2018 |
||||||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
| Accounts Receivable - trade | [1] | $ 3,969 | $ 3,559 | $ 3,969 | $ 3,559 | $ 3,649 | ||||||
| Notes receivable - trade | [2] | 1,403 | 1,605 | 1,403 | 1,605 | 194 | ||||||
| Other | [3] | 1,202 | 1,383 | 1,202 | 1,383 | 1,417 | ||||||
| Accounts and notes receivable - net | 6,574 | 6,547 | 6,574 | 6,547 | 5,260 | |||||||
| Accounts Receivable, Allowance for Credit Loss, Current | 170 | 105 | 170 | 105 | 127 | |||||||
| Due from Affiliates | 127 | 87 | 127 | 87 | 101 | |||||||
| Factoring Agreement [Member] | ||||||||||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
| Trade Receivables Sold | 13 | 42 | 97 | 90 | ||||||||
| Trade Receivables, Outstanding, Element of Recourse | 61 | 23 | $ 37 | |||||||||
| Loss on Sale of Accounts Receivable | $ 4 | $ 9 | $ 41 | $ 19 | ||||||||
| ||||||||||||
Revenue Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
|---|---|---|---|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
| Revenue, Remaining Performance Obligation, Amount | $ 108 | $ 102 | $ 103 |
| 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 |
Supplementary Information Other Income (Expense) - Net (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|||||||||||||
| Interest income | $ 13 | $ 12 | $ 46 | $ 63 | ||||||||||||
| Equity in losses of affiliates - net | (3) | (3) | (8) | (2) | ||||||||||||
| Net gain (loss) on sales of businesses and other assets | 2 | 1 | (9) | 35 | ||||||||||||
| Net exchange (losses) gains | [1] | (11) | (74) | (70) | (190) | [2] | ||||||||||
| Non-operating pension and other post employment benefit credit | [3] | 47 | 67 | 144 | 204 | |||||||||||
| Miscellaneous income (expenses) - net | [4] | 11 | 4 | (13) | 8 | |||||||||||
| Other income - net | 59 | 7 | 90 | 118 | ||||||||||||
| Hedging Program [Member] | ||||||||||||||||
| Net exchange (losses) gains | 55 | 31 | (11) | 27 | [5] | |||||||||||
| Argentine peso devaluation [Member] | Hedging Program [Member] | ||||||||||||||||
| Net exchange (losses) gains | $ (42) | $ (40) | $ (33) | (73) | ||||||||||||
| Tax Reform Foreign Currency Exchange Impact [Member] | Hedging Program [Member] | ||||||||||||||||
| Net exchange (losses) gains | $ (50) | |||||||||||||||
| ||||||||||||||||
Earnings Per Share Net Income for Earnings Per Share Calculations - Basic and Diluted (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Mar. 31, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
||||||
| Earnings Per Share [Abstract] | ||||||||||
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (527) | $ (184) | $ (5,642) | [1] | $ (228) | [1] | $ (5,705) | [1] | ||
| Net (loss) income Attributable to Noncontrolling Interest, Continuing Operations | (11) | 5 | 10 | 23 | ||||||
| Net loss from Continuing Operations Available to Common Shareholders | (516) | (5,647) | (238) | (5,728) | ||||||
| Income (loss) from discontinued operations after income taxes | 22 | 526 | (695) | 1,200 | ||||||
| Income from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 5 | 6 | ||||||
| Net Income (loss) from Discontinued Operations Available to Common Shareholders | 22 | 526 | (700) | 1,194 | ||||||
| Net loss Available to Common Stockholders | $ (494) | $ (5,121) | $ (938) | $ (4,534) | ||||||
| ||||||||||
Restructuring and Asset Related Charges DowDuPont Agriculture Division Restructuring Program (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 10 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
||||
| Restructuring Cost and Reserve [Line Items] | ||||||||
| Restructuring and Asset Related Charges - Net | $ 46 | $ 235 | $ 167 | $ 466 | ||||
| DowDuPont Agriculture Division Restructuring Program [Member] | ||||||||
| Restructuring Cost and Reserve [Line Items] | ||||||||
| Restructuring Reserve, Beginning Balance | 77 | |||||||
| Restructuring and Asset Related Charges - Net | (1) | $ 83 | ||||||
| Payments for Restructuring | (35) | |||||||
| Asset write-offs and adjustments | (3) | |||||||
| Separation Related Transaction Costs | [1] | (6) | ||||||
| Restructuring Reserve, Ending Balance | 32 | 32 | 32 | |||||
| Employee Severance [Member] | DowDuPont Agriculture Division Restructuring Program [Member] | ||||||||
| Restructuring Cost and Reserve [Line Items] | ||||||||
| Restructuring Reserve, Beginning Balance | 77 | |||||||
| Restructuring and Asset Related Charges - Net | (4) | 74 | ||||||
| Payments for Restructuring | (35) | |||||||
| Asset write-offs and adjustments | 0 | |||||||
| Separation Related Transaction Costs | [1] | (6) | ||||||
| Restructuring Reserve, Ending Balance | 32 | 32 | 32 | |||||
| Asset Related Charges [Member] | DowDuPont Agriculture Division Restructuring Program [Member] | ||||||||
| Restructuring Cost and Reserve [Line Items] | ||||||||
| Restructuring Reserve, Beginning Balance | 0 | |||||||
| Restructuring and Asset Related Charges - Net | 3 | 9 | ||||||
| Payments for Restructuring | 0 | |||||||
| Asset write-offs and adjustments | (3) | |||||||
| Separation Related Transaction Costs | [1] | 0 | ||||||
| Restructuring Reserve, Ending Balance | 0 | 0 | $ 0 | |||||
| Seed [Member] | ||||||||
| Restructuring Cost and Reserve [Line Items] | ||||||||
| Restructuring and Asset Related Charges - Net | (47) | (190) | (123) | (273) | ||||
| Seed [Member] | Asset Related Charges [Member] | DowDuPont Agriculture Division Restructuring Program [Member] | ||||||||
| Restructuring Cost and Reserve [Line Items] | ||||||||
| Restructuring and Asset Related Charges - Net | 3 | |||||||
| Crop Protection [Member] | ||||||||
| Restructuring Cost and Reserve [Line Items] | ||||||||
| Restructuring and Asset Related Charges - Net | $ 1 | (30) | (24) | (42) | ||||
| Crop Protection [Member] | Employee Severance [Member] | DowDuPont Agriculture Division Restructuring Program [Member] | ||||||||
| Restructuring Cost and Reserve [Line Items] | ||||||||
| Restructuring and Asset Related Charges - Net | (4) | |||||||
| Corporate | ||||||||
| Restructuring Cost and Reserve [Line Items] | ||||||||
| Restructuring and Asset Related Charges - Net | $ (15) | $ (20) | $ (151) | |||||
| ||||||||
Divestitures and Other Transactions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Integration and Separation Costs [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Statement [Member] | ECP Disposal [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Statement [Member] | Specialty Products Disposal [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Flow [Member] | ECP Disposal [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Flow [Member] | Specialty Products Disposal [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance Sheet [Member] | ECP Disposal [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance Sheet [Member] | Specialty Products Disposal [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 |
3. These outstanding options to purchase shares of common stock were excluded from the calculation of diluted earnings per share because the effect of including them would have been anti-dilutive.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Control Transfer DAS Common Control Income Statement (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Mar. 31, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|||||||||
| Business Acquisition [Line Items] | |||||||||||||
| Net Sales | $ 1,911 | $ 3,396 | $ 1,947 | $ 10,863 | $ 11,472 | ||||||||
| Income (loss) from continuing operations before income taxes | (631) | (251) | (5,650) | [1] | (129) | [1] | (5,892) | [1] | |||||
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (527) | (184) | (5,642) | [1] | $ (228) | [1] | (5,705) | [1] | |||||
| Historical EID [Member] | |||||||||||||
| Business Acquisition [Line Items] | |||||||||||||
| Net Sales | 6,288 | 5,294 | 20,538 | ||||||||||
| Income (loss) from continuing operations before income taxes | 49 | (4,948) | (4,482) | ||||||||||
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 89 | (4,960) | (4,662) | ||||||||||
| Discontinued Operations and Other Adjustments [Member] | |||||||||||||
| Business Acquisition [Line Items] | |||||||||||||
| Net Sales | [2] | (4,341) | (4,378) | (13,288) | |||||||||
| Income (loss) from continuing operations before income taxes | [2] | (476) | (535) | (1,668) | |||||||||
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | [2] | (369) | (515) | (1,180) | |||||||||
| DAS [Member] | |||||||||||||
| Business Acquisition [Line Items] | |||||||||||||
| Net Sales | 1,449 | 1,031 | 4,222 | ||||||||||
| Income (loss) from continuing operations before income taxes | 176 | (167) | 258 | ||||||||||
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 96 | $ (167) | $ 137 | ||||||||||
| |||||||||||||
Leases Narrative (Details) - USD ($) $ in Millions |
9 Months Ended | ||
|---|---|---|---|
Sep. 30, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
|
| Schedule of Lease Assets and Liabilities [Line Items] | |||
| Guarantee Obligations | $ 80 | $ 299 | $ 187 |
| Minimum [Member] | |||
| Schedule of Lease Assets and Liabilities [Line Items] | |||
| Lessee Operating and Finance Leases, Remaining Lease Term | 1 year | ||
| Maximum [Member] | |||
| Schedule of Lease Assets and Liabilities [Line Items] | |||
| Lessee Operating and Finance Leases, Remaining Lease Term | 49 years | ||
| Residual Value Guarantee [Member] | |||
| Schedule of Lease Assets and Liabilities [Line Items] | |||
| Guarantee Obligations | $ 247 |
Property, Plant and Equipment Depreciation (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Property, Plant and Equipment [Abstract] | ||||
| Depreciation expense | $ 126 | $ 127 | $ 397 | $ 383 |
Background and Basis of Presentation Background and Basis of Presentation (Details) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | |||||
|---|---|---|---|---|---|---|---|
|
Jun. 30, 2019
USD ($)
|
Sep. 30, 2019
yr
$ / shares
shares
|
Jun. 03, 2019
$ / shares
shares
|
Jun. 01, 2019
shares
$ / shares
|
Apr. 01, 2019
$ / shares
|
Dec. 31, 2018
$ / shares
shares
|
Sep. 30, 2018
$ / shares
shares
|
|
| Common Stock, Par Value | $ / shares | $ 0.01 | ||||||
| Common Stock, Shares Authorized | 1,666,666,667 | ||||||
| Reclassification of Divisional Equity to APIC | $ | $ 0 | ||||||
| Corteva [Member] | |||||||
| Years of Experience | yr | 275 | ||||||
| Number of Countries in which Entity Operates | 140 | ||||||
| Number of Reportable Segments | 2 | ||||||
| Common Stock, Par Value | $ / shares | $ 0.01 | ||||||
| Common Stock, Shares Authorized | 748,815,000 | ||||||
| Common Stock, Shares, Issued | 748,815,000 | ||||||
| DAS [Member] | EID [Member] | |||||||
| Ownership interest in an entity | 100.00% | ||||||
| Dow [Member] | |||||||
| Common Stock, Par Value | $ / shares | $ 0.01 | ||||||
| Corteva [Member] | |||||||
| Common Stock, Par Value | $ / shares | $ 0.01 | $ 0.01 | |||||
| EID [Member] | |||||||
| Common Stock, Par Value | $ / shares | $ 0.30 | $ 0.30 | $ 0.30 | ||||
| Common Stock, Shares Authorized | 1,800,000,000 | 1,800,000,000 | 1,800,000,000 | ||||
| Reclassification of Divisional Equity to APIC | $ | 0 | ||||||
| EID [Member] | Corteva [Member] | |||||||
| Ownership interest in an entity | 100.00% | ||||||
| Shares of DowDuPont Common Stock Held [Member] | Corteva [Member] | |||||||
| Exchange Ratio | 3 | ||||||
| Shares of Corteva Stock [Member] | Corteva [Member] | |||||||
| Exchange Ratio | 1 | ||||||
| Internal Reorganization [Member] | |||||||
| Reclassification of Divisional Equity to APIC | $ | $ 76 |
Leases Lease Term, Discount Rate, and Other Lease Information (Details) |
Sep. 30, 2019 |
|---|---|
| Lease Term, Discount Rate, and Other Lease Information [Abstract] | |
| Operating Lease, Weighted Average Remaining Lease Term | 9 years 18 days |
| Finance Lease, Weighted Average Remaining Lease Term | 5 years 4 months 2 days |
| Operating Lease, Weighted Average Discount Rate, Percent | 3.74% |
| Finance Lease, Weighted Average Discount Rate, Percent | 3.26% |
Divestitures and Other Transactions Divestitures and Other Transactions - Divested Ag Business Results of Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
| Income (loss) from discontinued operations after income taxes | $ 22 | $ 526 | $ (695) | $ 1,200 |
| Specialty Products Disposal [Member] | ||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
| Income (loss) from discontinued operations before income taxes | 519 | (798) | 1,521 | |
| Income (loss) from discontinued operations after income taxes | $ 22 | $ 511 | (880) | 1,070 |
| Divested Ag Business [Member] | ||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
| Income (loss) from discontinued operations before income taxes | (10) | |||
| Income (loss) from discontinued operations after income taxes | 80 | $ (5) | ||
| Other discontinued operations [Member] | ||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
| Income (loss) from discontinued operations after income taxes | $ 86 | |||
Fair Value Measurements Nonrecurring Fair Value (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2018 |
|||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Finite-Lived Intangible Assets, Gross | $ 4,117 | $ 4,474 | $ 4,117 | $ 4,152 | ||||
| Equity Method Investment, Other than Temporary Impairment | 41 | 41 | ||||||
| Technology-Based Intangible Assets [Member] | ||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Finite-Lived Intangible Assets, Gross | 0 | |||||||
| Other Intangible Assets [Member] | ||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Finite-Lived Intangible Assets, Gross | 0 | |||||||
| In Process Research and Development [Member] | ||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Asset Impairment Charges | (47) | (85) | ||||||
| Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 450 | 0 | 450 | |||||
| Fair Value, Inputs, Level 3 [Member] | ||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure | 51 | 51 | ||||||
| Fair Value, Nonrecurring [Member] | ||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Equity Method Investment, Other than Temporary Impairment | (41) | |||||||
| Technology-Based Intangible Assets [Member] | ||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Asset Impairment Charges | (1) | |||||||
| Other Intangible Assets [Member] | ||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Finite-Lived Intangible Assets, Gross | [1],[2] | $ 530 | 401 | $ 530 | $ 538 | |||
| Asset Impairment Charges | $ (6) | |||||||
| ||||||||
Financial Instruments Cash Flow Hedges Included in AOCI (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||
| Derivative, Remaining Maturity | 2 years | |||||
| Additions and revaluations of derivatives designated as cash flow hedges | [1] | $ (2) | $ (5) | $ 16 | $ (4) | |
| After-tax net loss to be reclassified from AOCL into earnings over the next twelve months | 4 | |||||
| Cash Flow Hedging [Member] | ||||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||
| Beginning Balance | (3) | (7) | (26) | (2) | ||
| Additions and revaluations of derivatives designated as cash flow hedges | (1) | (3) | 11 | (3) | ||
| Clearance of hedge results to earnings | 1 | 0 | 12 | (5) | ||
| Ending Balance | $ (3) | $ (10) | $ (3) | $ (10) | ||
| ||||||
Leases Lease Commitments (Details) $ in Millions |
Dec. 31, 2018
USD ($)
|
[1] | ||
|---|---|---|---|---|
| Leases [Abstract] | ||||
| Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 169 | |||
| Operating Leases, Future Minimum Payments, Due in Two Years | 99 | |||
| Operating Leases, Future Minimum Payments, Due in Three Years | 72 | |||
| Operating Leases, Future Minimum Payments, Due in Four Years | 56 | |||
| Operating Leases, Future Minimum Payments, Due in Five Years | 38 | |||
| Operating Leases, Future Minimum Payments, Due Thereafter | 78 | |||
| Operating Leases, Future Minimum Payments Due | $ 512 | |||
| ||||
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Available Credit Facilities (Details) - USD ($) $ in Millions |
Sep. 30, 2019 |
Nov. 13, 2018 |
|---|---|---|
| Line of Credit Facility [Line Items] | ||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 7,300 | |
| Line of Credit Facility, Remaining Borrowing Capacity | 6,142 | |
| Revolving Credit Facilities due 2024 [Member] | ||
| Line of Credit Facility [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 2022 [Member] | ||
| Line of Credit Facility [Line Items] | ||
| Line of Credit Facility, Maximum Borrowing Capacity | 3,000 | $ 3,000 |
| Line of Credit Facility, Remaining Borrowing Capacity | 2,971 | |
| Securities Sold under Agreements to Repurchase [Member] | Repurchase Agreements [Member] | ||
| Line of Credit Facility [Line Items] | ||
| Line of Credit Facility, Maximum Borrowing Capacity | 1,300 | |
| Line of Credit Facility, Remaining Borrowing Capacity | $ 171 |
Stockholders' Equity |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS' EQUITY Common Stock As discussed in Note 1 - Background and Basis of Presentation, on June 1, 2019, Corteva, Inc.'s common stock was distributed to DowDuPont stockholders by way of a pro rata distribution. Each DowDuPont stockholder received one share of Corteva, Inc. common stock for every three shares of DowDuPont common stock held at the close of business on May 24, 2019, the record date of distribution. Corteva, Inc.'s common stock began trading the "regular way" under the ticker symbol "CTVA" on June 3, 2019, the first business day after June 1, 2019. The number of Corteva, Inc. common shares issued on June 1, 2019 was 748,815,000 (par value of $0.01 per share). Information related to the Corteva Distribution and its effect on the company's financial statements are discussed throughout these Notes to the interim Consolidated Financial Statements. Set forth below is a reconciliation of common stock share activity:
Share Buyback Plan On June 26, 2019, Corteva, Inc. announced that the Board of Directors of Corteva, Inc. authorized a $1 billion share repurchase program to purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date. The timing, price and volume of purchases will be based on market conditions, relevant securities laws and other factors. During the three months ended September 30, 2019, the company purchased and retired 824,000 shares in the open market for a total cost of $25 million. Shares repurchased pursuant to Corteva's share buyback plan are immediately retired upon purchase. 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. Corteva currently has an accumulated deficit balance; therefore, the excess over the par value has been applied to additional paid-in capital. Once Corteva has retained earnings, the excess will be charged entirely to retained earnings. Noncontrolling Interest Corteva, Inc. owns 100% of the outstanding common shares of EID. However, EID does have preferred stock outstanding to third parties which is accounted for as a non-controlling interest. 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 September 30, 2019, December 31, 2018, and September 30, 2018, which is classified as noncontrolling interests in the Condensed Consolidated Balance Sheets.
Other Comprehensive (Loss) Income The changes and after-tax balances of components comprising accumulated other comprehensive (loss) income are summarized below:
The tax (expense) benefit on the net activity related to each component of other comprehensive (loss) income was as follows:
A summary of the reclassifications out of accumulated other comprehensive (loss) income is provided as follows:
3. These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit (credit) cost of the company's pension and other benefit plans. See Note 20 - Pension Plans and Other Post Employment Benefits, for additional information.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets Disclosure [Text Block] | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The following table summarizes changes in the carrying amount of goodwill by segment for the nine months ended September 30, 2019:
The company tests goodwill for impairment annually (during the fourth quarter), or more frequently when events or changes in circumstances indicate it is more likely than not that the fair value of a reporting unit has declined below its carrying value. As mentioned in Note 2 - Summary of Significant Accounting Policies, as a result of the Internal Reorganizations and Realignments, the company changed its reportable segments to Seed and Crop Protection to reflect the manner in which the company's chief operating decision maker assesses performance and allocates resources. The change in operating segments resulted in changes to the company's reporting units for goodwill impairment testing to align with the level at which discrete financial information is available for review by management. The company’s reporting units include Seed, Crop Protection and Digital. In connection with the change in reportable segments and reporting units, goodwill was reassigned from the former Agriculture reporting unit to the Seed, Crop Protection and Digital reporting units using a relative fair value allocation approach. As a result, the company performed a goodwill impairment analysis for the former Agriculture reporting unit immediately prior to the realignment and the newly created reporting units immediately after the realignment. The impairment analysis was performed using a discounted cash flow model (a form of the income approach), utilizing Level 3 unobservable inputs or a market approach. The company’s significant estimates in this analysis include, but are not limited to, future cash flow projections, the weighted average cost of capital, the terminal growth rate, and the tax rate. The company believes the current assumptions and estimates utilized are both reasonable and appropriate. Based on the goodwill impairment analysis performed both immediately prior to and immediately subsequent to the realignment, the company concluded the fair value of the former Agriculture reporting unit and the newly created reporting units exceeded their carrying value, and no goodwill impairment charge was necessary. During the three months ended September 30, 2018, and in connection with strategic business reviews, the company assembled updated financial projections. The revised financial projections of the Agriculture reporting unit assessed and quantified the impacts of developing market conditions, events and circumstances that had evolved throughout 2018, resulting in a reduction in the forecasts of sales and profitability as compared to prior forecasts. The reduction in financial projections was principally driven by lower growth in sales and margins in North America and Latin America and unfavorable currency impacts related to the Brazilian Real. The lower growth expectation was driven by reduced planted area, an expected unfavorable shift to soybeans from corn in Latin America, and delays in expected product registrations. In addition, decreases in commodity prices and higher than anticipated industry grain inventories were expected to impact farmers’ income and buying choices resulting in shifts to lower technologies and pricing pressure. The company considered the combination of these factors and the resulting reduction in its forecasted projections for the Agriculture reporting unit and determined it was more likely than not that the fair value of the Agriculture reporting unit was less than the carrying value, thus requiring the performance of an updated goodwill and intangible asset impairment analysis for the Agriculture reporting unit as of September 30, 2018. The company performed an interim impairment analysis for the Agriculture reporting unit using a discounted cash flow model (a form of the income approach), utilizing Level 3 unobservable inputs. The company’s significant estimates in this analysis included, but were not limited to, future cash flow projections, Merger-related cost and growth synergies, the weighted average cost of capital, the terminal growth rate, and the tax rate. The company believed the current assumptions and estimates utilized were both reasonable and appropriate. The key assumption driving the change in fair value was the lower financial projections discussed above. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from the company’s estimates. If the company’s ongoing estimates of future cash flows are not met, the company may have to record additional impairment charges in future periods. The company’s estimates of future cash flows are based on current regulatory and economic climates, recent operating results, and planned business strategy. These estimates could be negatively affected by changes in federal, state, or local regulations or economic downturns. Based on the analysis performed, the company determined that the carrying amount of the Agriculture reporting unit exceeded its fair value resulting in a pre-tax, non-cash goodwill impairment charge of $4,503 million, reflected in goodwill impairment charge in the company’s Consolidated Statements of Operations for the three and nine months ended September 30, 2018. None of the charge was tax-deductible. Other Intangible Assets The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows:
As discussed in Note 7 - Restructuring and Asset Related Charges - Net, during the three months ended September 30, 2019, and in connection with strategic product and portfolio reviews, the company determined that the fair value of certain intangible assets classified as developed technology, other intangible assets and IPR&D within the Seed segment that primarily relate to heritage DAS intangibles previously acquired from Coodetec was less than the carrying value due to the company’s focus on advancing more competitive products and eliminating redundancy and complexity across the breeding programs. For IPR&D and developed technology, the company concluded these projects were abandoned. For other intangible assets, the company performed an analysis of the fair value using the relief from royalty method (a form of the income approach) using Level 3 inputs within the fair value hierarchy. The key assumptions used in the calculation included projected revenue, royalty rates and discount rates. These key assumptions involve management judgment and estimates relating to future operating performance and economic conditions that may differ from actual cash flows. As a result, the company recorded a pre-tax, non-cash intangible asset impairment charge of $54 million ($41 million after-tax), which is reflected in restructuring and asset related charges - net, in the company's Consolidated Statements of Operations for the three and nine months ended September 30, 2019. There were no other indicators of impairment for the company’s other intangible assets that would suggest that the fair value is less than its carrying value at September 30, 2019. During 2018, in reviewing the indefinite-lived intangible assets, the company also determined that the fair value of certain IPR&D assets, within the Seed segment, had declined as a result of delays in timing of commercialization and increases to expected R&D costs. The company performed an analysis of the fair value using the relief from royalty method (a form of the income approach) using Level 3 inputs within the fair value hierarchy. The key assumptions used in the calculation included projected revenue, royalty rates and discount rates. These key assumptions involve management judgment and estimates relating to future operating performance and economic conditions that may differ from actual cash flows. As a result, the company recorded a pre-tax, non-cash intangible asset impairment charge of $85 million ($66 million after tax), which was reflected in restructuring and asset related charges - net, in the company's Consolidated Statements of Operations for the three and nine months ended September 30, 2018. The aggregate pre-tax amortization expense from continuing operations for definite-lived intangible assets was $100 million and $314 million for the three and nine months ended September 30, 2019, respectively, and $88 million and $284 million for the three and nine months ended September 30, 2018, respectively. The estimated aggregate pre-tax amortization expense from continuing operations for the remainder of 2019 and each of the next five years is approximately $115 million, $402 million, $394 million, $373 million, $292 million and $277 million, respectively.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingent Liabilities Litigation (Details) |
3 Months Ended | 9 Months Ended | 12 Months Ended | 60 Months Ended | 93 Months Ended | ||
|---|---|---|---|---|---|---|---|
|
Jul. 01, 2015
USD ($)
|
Mar. 31, 2017
USD ($)
|
Sep. 30, 2019
USD ($)
lawsuits
|
Dec. 31, 2004
USD ($)
|
Jul. 06, 2022 |
Sep. 30, 2019
USD ($)
lawsuits
|
Jan. 01, 2012 |
|
| Loss Contingencies [Line Items] | |||||||
| Indemnification Assets | $ 204,000,000 | $ 204,000,000 | |||||
| PFOA Matters | |||||||
| Loss Contingencies [Line Items] | |||||||
| Accrual balance | $ 22,000,000 | 22,000,000 | |||||
| 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 Deposit | $ 1,000,000 | ||||||
| Firefighting Foam [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Loss Contingency, Pending Claims, Number | 32 | 32 | |||||
| PFOA Matters: Multi-District Litigation [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Additional annual PFOA liabilities for the next five years paid by Corteva | $ 25,000,000 | $ 25,000,000 | |||||
| Disease Categories for MDL | 6 | 6 | |||||
| Lawsuits alleging personal injury filed | lawsuits | 3,550 | 3,550 | |||||
| Litigation Settlement, Amount Awarded to Other Party | $ 670,700,000 | ||||||
| Loss Contingency, Limited Sharing of Potential Future Liabilities, Period | 5 years | ||||||
| WEST VIRGINIA AND OHIO [Domain] | PFOA Matters: Drinking Water Actions [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Loss Contingency, Pending Claims, Number | 60 | 60 | |||||
| NEW YORK | PFOA Matters: Drinking Water Actions [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Loss Contingency, Pending Claims, Number | 51 | 51 | |||||
| NEW JERSEY | PFOA Matters: Drinking Water Actions [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Loss Contingency, Pending Claims, Number | 2 | 2 | |||||
| NEW JERSEY | Natural Resources Damages [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Loss Contingency, Pending Claims, Number | 4 | 4 | |||||
| OHIO | PFOA Matters: Drinking Water Actions [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Loss Contingency, Pending Claims, Number | 3 | 3 | |||||
| NORTH CAROLINA | PFOA Matters: Drinking Water Actions [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Loss Contingency, Pending Claims, Number | 3 | 3 | |||||
| Loss Contingency, Number of Additional Plaintiffs | 200 | ||||||
| DuPont de Nemours [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Amount credited to each company's threshold | $ 150,000,000 | $ 150,000,000 | |||||
| Chemours [Member] | PFOA Matters | |||||||
| Loss Contingencies [Line Items] | |||||||
| Indemnification Assets | 22,000,000 | 22,000,000 | |||||
| Chemours [Member] | PFOA Matters: Multi-District Litigation [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Additional annual PFOA liabilities for the next five years paid by Chemours | 25,000,000 | 25,000,000 | |||||
| Other noncurrent obligations | DuPont de Nemours [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Indemnified Liabilities | 71,000,000 | 71,000,000 | |||||
| Other noncurrent obligations | Chemours [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Indemnified Liabilities | 290,000,000 | 290,000,000 | |||||
| Accounts and Notes Receivable [Member] | DuPont de Nemours [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Indemnification Assets | 36,000,000 | 36,000,000 | |||||
| Accounts and Notes Receivable [Member] | Chemours [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Indemnification Assets | 67,000,000 | 67,000,000 | |||||
| Other Assets [Member] | DuPont de Nemours [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Indemnification Assets | 57,000,000 | 57,000,000 | |||||
| Other Assets [Member] | Chemours [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Indemnification Assets | 290,000,000 | 290,000,000 | |||||
| Accrued and Other Current Liabilities [Member] | DuPont de Nemours [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Indemnified Liabilities | 15,000,000 | 15,000,000 | |||||
| Accrued and Other Current Liabilities [Member] | Chemours [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Indemnified Liabilities | $ 67,000,000 | $ 67,000,000 | |||||
| Not part of MDL or filed on behalf of Leach class members [Member] | PFOA Matters: Drinking Water Actions [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Loss Contingency, Pending Claims, Number | 3 | 3 | |||||
| Corteva [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Stray liability sharing percentage | 29.00% | 29.00% | |||||
| Corteva [Member] | DuPont de Nemours [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Stray liability threshold | $ 200,000,000 | $ 200,000,000 | |||||
| Corteva [Member] | PFAS [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Stray liability sharing percentage | 50.00% | 50.00% | |||||
| DuPont de Nemours [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Stray liability sharing percentage | 71.00% | 71.00% | |||||
| DuPont de Nemours [Member] | DuPont de Nemours [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Stray liability threshold | $ 200,000,000 | $ 200,000,000 | |||||
| DuPont de Nemours [Member] | PFAS [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Stray liability sharing percentage | 50.00% | 50.00% | |||||
| Chemours [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Proceeds from Dividends Received | $ 3,910,000,000 | ||||||
| Minimum [Member] | PFAS [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Stray liability threshold | $ 1 | $ 1 | |||||
| Minimum [Member] | PFAS [Member] | Once $300 million threshold is met [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Stray liability threshold | 1,000,000 | 1,000,000 | |||||
| Maximum [Member] | PFAS [Member] | |||||||
| Loss Contingencies [Line Items] | |||||||
| Stray liability threshold | $ 300,000,000 | $ 300,000,000 |
Financial Instruments |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Instruments Disclosure [Text Block] | FINANCIAL INSTRUMENTS At September 30, 2019, the company had $1,568 million ($1,221 million and $759 million at December 31, 2018 and September 30, 2018, respectively) of held-to-maturity securities (primarily time deposits and money market funds) classified as cash equivalents, as these securities had maturities of three months or less at the time of purchase; and $117 million ($5 million and $142 million at December 31, 2018 and September 30, 2018, respectively) of held-to-maturity securities (primarily time deposits) classified as marketable securities 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. These securities are included in cash and cash equivalents, marketable securities, and other current assets in the Consolidated Balance Sheets. 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, interest rate 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. 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. 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 and cash flows. The company uses forward 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. 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, 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 not probable of occurring. The following table summarizes the after-tax effect of cash flow hedges on accumulated other comprehensive loss:
At September 30, 2019, an after-tax net loss of $4 million is expected to be reclassified from accumulated other comprehensive loss into earnings over the next twelve months. Derivatives not Designated in Hedging Relationships Foreign Currency Contracts The company uses forward 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. 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. 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 Condensed Consolidated Balance Sheets. The presentation of the company's derivative assets and liabilities is as follows:
Effect of Derivative Instruments
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 9 - Supplementary Information, for additional information.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EID - Related Party Transactions (Notes) |
9 Months Ended |
|---|---|
Sep. 30, 2019 | |
| Related Party Transaction [Line Items] | |
| Related Party Transactions Disclosure [Text Block] | RELATED PARTIES Services Provided by and to Historical Dow and its affiliates Following the Merger and prior to the Dow Distribution, Corteva reports transactions with Historical Dow and its affiliates as related party transactions. At September 30, 2018 and December 31, 2018 there was $68 million and $110 million, respectively, due to Historical Dow and its affiliates, reflected in liabilities from discontinued operations - current. Purchases from Historical Dow and its affiliates were $42 million for the nine months ended September 30, 2019, and $41 million and $112 million for the three and nine months ended September 30, 2018, respectively. For the three and nine months ended September 30, 2018, DAS net transfers from Dow were $265 million and $288 million, respectively, reflected in Other, net in the Consolidated Statements of Equity. For the nine months ended September 30, 2019, DAS net transfers from Dow were $88 million. Transactions with DowDuPont In November 2017, DowDuPont's Board of Directors authorized an initial $4,000 million share repurchase program to buy back shares of DowDuPont common stock. The $4,000 million share repurchase program was completed in the third quarter of 2018. In February, May and August 2018, the DowDuPont Board declared first, second and third quarter dividends per share of DowDuPont common stock payable on March 15, 2018, June 15, 2018 and September 15, 2018, respectively. For the nine months ended September 30, 2018, EID declared and paid distributions to DowDuPont of $2,481 million, primarily to fund a portion of DowDuPont's first, second and third quarter share repurchases and dividend payments. In February 2019, the DowDuPont Board declared first quarter dividends per share of DowDuPont common stock payable on March 15, 2019. EID declared and paid distributions to DowDuPont of $317 million for the nine months ended September 30, 2019, primarily to fund a portion of DowDuPont's dividend payment. In addition, at December 31, 2018, and September 30, 2018, EID had a payable to DowDuPont of $103 million and $250 million included in accounts payable in the interim Condensed Consolidated Balance Sheets related to its estimated tax liability for the period beginning with the Merger through the date of the Dow Distribution, during which time the parties filed a consolidated United States ("U.S.") tax return. See Note 10 - Income Taxes, for additional information.
|
| EID [Member] | |
| Related Party Transaction [Line Items] | |
| Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS Refer to page 25 of the Corteva, Inc. interim Consolidated Financial Statements for discussion of related party transactions with Historical Dow and DowDuPont. 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 September 30, 2019, the outstanding related party loan balance was $4,037 million (which approximates fair value) with an interest rate of 3.68%, and is reflected as long-term debt - related party on EID's interim Condensed Consolidated Balance Sheet. Additionally, EID has incurred tax deductible interest expense of $39 million and $69 million for the three and nine months ended September 30, 2019 associated with the related party loan from Corteva, Inc. As of September 30, 2019, EID had payables to Corteva, Inc., the parent company, of $102 million and $180 million included in accrued and other current liabilities and other noncurrent obligations, respectively, in the interim Condensed Consolidated Balance Sheet related to Corteva's indemnification liabilities to Dow and DuPont per the Separation Agreements (refer to page 16 of the Corteva, Inc. interim Consolidated Financial Statements for further details of the Separation Agreements).
|
Pension Plans and Other Post Employment Benefit Plans Components of net periodic benefit cost (credit) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Jun. 01, 2019 |
May 31, 2019 |
Dec. 31, 2018 |
|||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
| Defined Benefit Plan, Unfunded Status | $ 5,800 | ||||||||
| Restricted Cash | $ 319 | ||||||||
| Discount rate | 3.64% | 4.23% | |||||||
| Defined Benefit Plan Remeasurement Impact Underfunded Status | $ 114 | ||||||||
| Defined Benefit Plan, Employer Contribution Amount | $ 1,100 | ||||||||
| Pension Plan | |||||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
| Service Cost | 5 | 31 | 37 | $ 103 | |||||
| Interest Cost | 185 | 186 | 592 | 567 | |||||
| Expected return on plan assets | (253) | (300) | (839) | (907) | |||||
| Amortization of unrecognized (gain) loss | 0 | (1) | 2 | (5) | |||||
| Curtailment/settlement loss (gain) | 1 | 2 | 0 | (2) | |||||
| Defined Benefit Plan, Net Periodic Benefit (Credit) Cost | (62) | (82) | (208) | (244) | |||||
| Other Benefit Plans | |||||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
| Service Cost | 0 | 3 | 3 | 7 | |||||
| Interest Cost | 20 | 20 | 65 | 63 | |||||
| Amortization of unrecognized (gain) loss | 0 | 0 | (1) | 0 | |||||
| Discontinued Operations [Member] | Pension Plan | |||||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
| Defined Benefit Plan, Net Periodic Benefit (Credit) Cost | [1] | 0 | (13) | (17) | (38) | ||||
| Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | (26) | (37) | (80) | |||||
| Continuing Operations [Member] | Pension Plan | |||||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
| Defined Benefit Plan, Net Periodic Benefit (Credit) Cost | (62) | (69) | (191) | (206) | |||||
| Continuing Operations [Member] | Other Benefit Plans | |||||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
| Defined Benefit Plan, Net Periodic Benefit (Credit) Cost | $ 20 | $ 23 | $ 67 | $ 70 | |||||
| |||||||||
Stockholders' Equity Preferred Stock (Details) - EID [Member] - shares |
Sep. 30, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
|---|---|---|---|
| $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 |
| $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 |
Recent Accounting Guidance Recent Accounting Guidance (Policies) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Recent Accounting Guidance | Recently Adopted Accounting Guidance In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), and associated ASUs related to Topic 842, which requires organizations that lease assets to recognize on their balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance requires that a lessee recognize assets and liabilities for leases, and recognition, presentation and measurement in the financial statements will depend on its classification as a finance or operating lease. In addition, the new guidance requires disclosures to help investors and other financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. Lessor accounting remains largely unchanged from previous U.S. GAAP but does contain some targeted improvements to align with the new revenue recognition guidance issued in 2014 (Topic 606). The company adopted this standard in the first quarter of 2019, which allows for a modified retrospective transition approach, applying the new standard to all leases existing at the date of initial adoption. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statement as its date of initial application. The company has elected to apply the transition requirements at the January 1, 2019 effective date rather than at the beginning of the earliest comparative period presented. This approach allows for a cumulative effect adjustment in the period of adoption, and prior periods are not restated and continue to be reported in accordance with historic accounting under ASC 840 (Leases). In addition, the company has elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, does not require reassessment of prior conclusions related to contracts containing a lease, lease classification, and initial direct lease costs. As an accounting policy election, the company chose to not apply the standard to certain existing land easements, excluded short-term leases (term of 12 months or less) from the balance sheet and will account for non-lease and lease components in a contract as a single component for all asset classes. See Note 16 - Leases, for additional information. The following table summarizes the impact of adoption to the company’s Condensed Consolidated Balance Sheet:
The adoption of the new guidance did not have a material impact on the company's Consolidated Statements of Operations and had no impact on the Condensed Consolidated Statement of Cash Flows. In July 2019, the FASB issued ASU 2019-07, “Codification Updates to SEC Sections - Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization and Miscellaneous Updates (SEC Update)” (“ASU 2019-07”). ASU 2019-07 aligns the guidance in various SEC sections of the Codification with the requirements of certain SEC final rules. ASU 2019-07 was effective immediately. The adoption of ASU 2019-07 did not have a material impact on the company's financial position, results of operations or cash flows. Accounting Guidance Issued But Not Adopted as of September 30, 2019 In June 2016, the FASB issued ASU 2016-13, Financial Instruments (Topic 326): Credit Losses - Measurement of Credit Losses on Financial Statements, which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The amortized cost basis of financial assets should be reduced by expected credit losses to present the net carrying value in the financial statements at the amount expected to be collected. The measurement of expected credit losses is based on past events, historical experience, current conditions and forecasts that affect the collectability of the financial assets. Additionally, credit losses relating to available-for-sale debt securities should be recorded through an allowance for credit losses. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for fiscal years beginning January 1, 2019. In April and May 2019, the FASB subsequently issued ASU 2019-04 and ASU 2019-05, respectively, which contained updates to ASU 2016-13. The company is currently evaluating the impact of adopting this guidance.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary Information |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Additional Financial Information Disclosure [Text Block] | SUPPLEMENTARY INFORMATION
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 (benefit from) provision for income taxes on continuing operations in the Consolidated Statements of Operations.
Cash, cash equivalents and restricted cash The following table provides a reconciliation of cash and cash equivalents and restricted cash (included in other current assets) presented in the Condensed Consolidated Balance Sheets to the total cash, cash equivalents and restricted cash presented in the Condensed Consolidated Statements of Cash Flows.
EID entered into a trust agreement in 2013 (as amended and restated in 2017), establishing and requiring EID to fund a trust (the "Trust") for cash obligations under certain non-qualified benefit and deferred compensation plans upon a change in control event as defined in the Trust agreement. Under the Trust agreement, the consummation of the Merger was a change in control event. Restricted cash at September 30, 2019, December 31, 2018, and September 30, 2018 is related to the Trust.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Divestitures and Other Transactions |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DIVESTITURES AND OTHER TRANSACTIONS Separation Agreements In connection with the Distributions, DuPont, Corteva, and Dow (together, the “Parties” and each a “Party”) have entered into certain agreements to effect the Separation, provide for the allocation of DowDuPont’s assets, employees, liabilities and obligations (including its investments, property and employee benefits and tax-related assets and liabilities) among the Parties, and provide a framework for Corteva's relationship with Dow and DuPont following the separations and Distributions (collectively, the "Separation Agreements"). The Parties entered into, among other agreements, the following agreements:
DuPont Pursuant to the Separation Agreements, DuPont and Corteva indemnifies the other against certain litigation, environmental, tax, workers' compensation and other liabilities that arose prior to the Corteva Distribution. The term of this indemnification is generally indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. In connection with the recognition of liabilities related to these matters, the company records an indemnification asset when recovery is deemed probable. At September 30, 2019, the indemnification assets are $36 million within accounts and notes receivable - net and $57 million within other assets in the interim Condensed Consolidated Balance Sheet. At September 30, 2019, the indemnification liabilities are $15 million within accrued and other current liabilities and $71 million within other noncurrent obligations in the interim Condensed Consolidated Balance Sheet. Dow Pursuant to the Separation Agreements, Dow and Corteva indemnifies the other against certain litigation, environmental, tax and other liabilities that arose prior to the Corteva Distribution. The term of this indemnification is generally indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. In connection with the recognition of liabilities related to these matters, the company records an indemnification asset when recovery is deemed probable. At September 30, 2019, the indemnification assets are $43 million within accounts and notes receivable - net and $1 million within other assets in the interim Condensed Consolidated Balance Sheet. At September 30, 2019, the indemnification liabilities are $87 million within accrued and other current liabilities and $109 million within other noncurrent obligations in the interim Condensed Consolidated Balance Sheet. EID ECP Divestiture As discussed in Note 1 - Background and Basis of Presentation, on April 1, 2019, EID completed the transfer of the entities and related assets and liabilities of EID ECP to Dow. As a result, the financial results of EID ECP are reflected as discontinued operations, as summarized below:
The following table presents the depreciation and capital expenditures of the discontinued operations related to EID ECP:
The carrying amount of major classes of assets and liabilities classified as assets and liabilities of discontinued operations at December 31, 2018 and September 30, 2018 related to EID ECP consist of the following:
EID Specialty Products Divestiture As discussed in Note 1 - Background and Basis of Presentation, on May 1, 2019, the company completed the transfer of the entities and related assets and liabilities of EID Specialty Products Entities to DuPont. As a result, the financial results of the EID Specialty Products Entities are reflected as discontinued operations, as summarized below:
For the three months ended September 30, 2019, the company recorded income from discontinued operations after income taxes of $22 million related to the adjustment of certain prior year tax positions. EID Specialty Products Impairment As a result of the Merger and related acquisition method of accounting, Historical EID’s assets and liabilities were measured at fair value resulting in increases to the company’s goodwill and other intangible assets. The fair value valuation increased the risk that any declines in financial projections, including changes to key assumptions, could have a material, negative impact on the fair value of the company’s reporting units and assets, and therefore could result in an impairment. As a result of the Internal Reorganization, in the second quarter of 2019, EID assessed the recoverability of the goodwill within the electronics and communications, protection solutions, nutrition and health, transportation and advanced polymers, packaging and specialty plastics, industrial biosciences, and clean technologies reporting units, and the overall carrying value of the net assets in the disposal group that was distributed to DowDuPont on May 1, 2019. As a result of this analysis, the company determined that the fair value of certain reporting units related to the EID Specialty Products Entities were below carrying value resulting in pre-tax, non-cash goodwill impairment charges totaling $1,102 million reflected in loss from discontinued operations after income taxes in the nine months ended September 30, 2019. Revised financial projections reflected unfavorable market conditions, driven by slowed demand in the biomaterials business unit, coupled with challenging conditions in U.S. bioethanol markets. These revised financial projections resulted in a reduction in the long-term forecasts of sales and profitability as compared to prior projections. The company’s analyses above using discounted cash flow models (a form of the income approach) utilized Level 3 unobservable inputs. The company’s significant assumptions in these analyses included, but were not limited to, future cash flow projections, the weighted average cost of capital, the terminal growth rate, and the tax rate. The company’s estimates of future cash flows were based on current regulatory and economic climates, recent operating results, and planned business strategies. These estimates could be negatively affected by changes in federal, state, or local regulations or economic downturns. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from the company’s estimates. The company also used a form of the market approach (utilizes Level 3 unobservable inputs), which was derived from metrics of publicly traded companies or historically completed transactions of comparable businesses. The selection of comparable businesses is based on the markets in which the reporting units operate giving consideration to risk profiles, size, geography, and diversity of products and services. As such, the company believes the assumptions and estimates utilized were both reasonable and appropriate. In addition, the company performed an impairment analysis related to the equity method investments held by the EID Specialty Products Entities, as of May 1, 2019. The company applied the net asset value method under the cost approach to determine the fair value of the equity method investments in the EID Specialty Products Entities. Based on updated projections, the company determined the fair value of an equity method investment was below the carrying value and had no expectation the fair value would recover in the short-term due to the current economic environment. As a result, management concluded the impairment was other-than-temporary (utilizing Level 3 unobservable inputs) and recorded an impairment charge of $63 million, reflected in loss from discontinued operations after income taxes. Additionally, this impairment is reflected within restructuring and asset related charges - net in the nine months ended September 30, 2019, within the table above. The following table presents the depreciation and capital expenditures of the discontinued operations related to the EID Specialty Products Entities:
The carrying amount of major classes of assets and liabilities classified as assets and liabilities of discontinued operations at December 31, 2018 and September 30, 2018 related to the EID Specialty Products Entities consist of the following:
Integration and Separation Costs Integration and separation costs have primarily consisted of financial advisory, information technology, legal, accounting, consulting, and other professional advisory fees associated with the preparation and execution of activities related to the Business Separations and the integration of EID’s Pioneer and Crop Protection businesses with DAS. These costs are recorded within integration and separation costs in the Consolidated Statements of Operations.
Merger Remedy - Divested EID Ag Business A complete discussion of the Divested Ag Business is included in Note 4 - "Divestitures and Other Transactions," within Exhibit 99.2 of Amendment 2 to the Form 10. For the nine months ended September 30, 2018, the company recorded a loss from discontinued operations before income taxes related to the Divested Ag Business of $10 million ($5 million after tax). For the nine months ended September 30, 2019, the company recorded income from discontinued operations after income taxes of $80 million related to changes in accruals for certain prior year tax positions. Other Discontinued Operations Activity For the nine months ended September 30, 2019, the company recorded income from discontinued operations after income taxes of $86 million related to the adjustment of certain unrecognized tax benefits for positions taken on items from prior years from previously divested businesses.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of Stockholders' Equity Parentheticals (Parentheticals) - $ / shares |
3 Months Ended | |||||
|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
|
| Common Stock, Dividends, Per Share, Declared | $ 0.13 | |||||
| EID [Member] | $4.50 Series Preferred Stock [Member] | ||||||
| Preferred Stock, Dividends Per Share, Declared | $ 1.125 | 1.125 | $ 1.125 | $ 1.125 | $ 1.125 | $ 1.125 |
| EID [Member] | $3.50 Series Preferred Stock [Member] | ||||||
| Preferred Stock, Dividends Per Share, Declared | $ 0.875 | $ 0.875 | $ 0.875 | $ 0.875 | $ 0.875 | $ 0.875 |
EID - Basis of Presentation Narrative (Details) - $ / shares |
9 Months Ended | |||
|---|---|---|---|---|
Sep. 30, 2019 |
Jun. 01, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
|
| Common Stock, Shares, Outstanding | 748,390,000 | |||
| Common Stock, Par Value | $ 0.01 | |||
| EID [Member] | ||||
| Common Stock, Shares, Outstanding | 200 | 100 | 100 | |
| Common Stock, Par Value | $ 0.30 | $ 0.30 | $ 0.30 | |
| Corteva [Member] | ||||
| Common Stock, Shares, Outstanding | 748,390,000 | 748,815,000 | ||
| Common Stock, Par Value | $ 0.01 | |||
| Corteva [Member] | EID [Member] | ||||
| Ownership interest in an entity | 100.00% |
Consolidated Balance Sheets - USD ($) $ in Millions |
Sep. 30, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
|||
|---|---|---|---|---|---|---|
| Cash and cash equivalents | $ 1,980 | $ 2,270 | $ 1,657 | |||
| Marketable Securities | 117 | 5 | 142 | |||
| Accounts and notes receivable - net | 6,574 | 5,260 | 6,547 | |||
| Inventories | 4,403 | 5,310 | 4,898 | |||
| Other current assets | 1,043 | 1,038 | 1,041 | |||
| Assets of discontinued operations - current | 0 | 9,089 | [1] | 9,055 | ||
| Total current assets | 14,117 | 22,972 | 23,340 | |||
| Investments in nonconsolidated affiliates | 70 | 138 | 144 | |||
| Property, plant and equipment - net of accumulated depreciation (September 30, 2019 - $3,186; December 31, 2018 - $2,796; September 30, 2018 - $2,694) | 4,503 | 4,544 | [1] | 4,384 | ||
| Goodwill | 10,168 | 10,193 | 10,203 | |||
| Other intangible assets | 11,667 | 12,055 | 12,138 | |||
| Deferred Income Taxes | 270 | 304 | 366 | |||
| Other assets | 2,440 | 1,932 | [1] | 1,888 | ||
| Assets of discontinued operations - non-current | 0 | 56,545 | 57,185 | |||
| Total Assets | 43,235 | 108,683 | 109,648 | |||
| Short-term borrowings and finance lease obligations | 3,604 | 2,154 | [1] | 4,371 | ||
| Accounts payable | 3,014 | 3,798 | 3,642 | |||
| Income Taxes Payable | 126 | 186 | 224 | |||
| Accrued and other current liabilities | 2,249 | 4,005 | [1] | 2,117 | ||
| Liabilities of discontinued operations - current | 0 | 3,167 | [1] | 2,888 | ||
| Total current liabilities | 8,993 | 13,310 | 13,242 | |||
| Long-term Debt | 116 | 5,784 | [1] | 10,215 | ||
| Deferred income tax liabilities | 1,328 | 1,480 | 1,594 | |||
| Pension and other post employment benefits - noncurrent | 5,405 | 5,677 | 5,267 | |||
| Other noncurrent obligations | 2,132 | 1,795 | [1] | 1,799 | ||
| Liabilities of discontinued operations - non-current | 0 | 5,484 | 5,532 | |||
| Total noncurrent liabilities | 8,981 | 20,220 | 24,407 | |||
| Common stock | 7 | 0 | 0 | |||
| Additional Paid in Capital | 28,072 | 0 | 0 | |||
| Divisional Equity | 0 | 78,020 | 73,767 | |||
| Accumulated deficit | (397) | 0 | [1] | 0 | ||
| Accumulated other comprehensive loss | (2,667) | (3,360) | (2,271) | |||
| Total stockholders' equity attributable to the company | 25,015 | 74,660 | 71,496 | |||
| Noncontrolling Interests | 246 | 493 | 503 | |||
| Total Equity | 25,261 | 75,153 | 71,999 | |||
| Liabilities and Equity | 43,235 | 108,683 | 109,648 | |||
| EID [Member] | ||||||
| Cash and cash equivalents | 1,980 | 2,270 | 1,657 | |||
| Marketable Securities | 117 | 5 | 142 | |||
| Accounts and notes receivable - net | 6,590 | 5,260 | 6,547 | |||
| Inventories | 4,403 | 5,310 | 4,898 | |||
| Other current assets | 1,043 | 1,038 | 1,041 | |||
| Assets of discontinued operations - current | 0 | 9,089 | 9,055 | |||
| Total current assets | 14,133 | 22,972 | 23,340 | |||
| Investments in nonconsolidated affiliates | 70 | 138 | 144 | |||
| Property, plant and equipment - net of accumulated depreciation (September 30, 2019 - $3,186; December 31, 2018 - $2,796; September 30, 2018 - $2,694) | 4,503 | 4,544 | 4,384 | |||
| Goodwill | 10,168 | 10,193 | 10,203 | |||
| Other intangible assets | 11,667 | 12,055 | 12,138 | |||
| Deferred Income Taxes | 270 | 304 | 366 | |||
| Other assets | 2,440 | 1,932 | 1,888 | |||
| Assets of discontinued operations - non-current | 0 | 56,545 | 57,185 | |||
| Total Assets | 43,251 | 108,683 | 109,648 | |||
| Short-term borrowings and finance lease obligations | 3,604 | 2,154 | 4,371 | |||
| Accounts payable | 3,014 | 3,798 | 3,642 | |||
| Income Taxes Payable | 126 | 186 | 224 | |||
| Accrued and other current liabilities | 2,298 | 4,005 | 2,117 | |||
| Liabilities of discontinued operations - current | 0 | 3,167 | 2,888 | |||
| Total current liabilities | 9,042 | 13,310 | 13,242 | |||
| Long-term Debt | 116 | 5,784 | 10,215 | |||
| Deferred income tax liabilities | 1,328 | 1,480 | 1,594 | |||
| Pension and other post employment benefits - noncurrent | 5,405 | 5,677 | 5,267 | |||
| Other noncurrent obligations | 2,132 | 1,795 | 1,799 | |||
| Liabilities of discontinued operations - non-current | 0 | 5,484 | 5,532 | |||
| Total noncurrent liabilities | 13,018 | 20,220 | 24,407 | |||
| Common stock | 0 | 0 | 0 | |||
| Additional Paid in Capital | 23,963 | 0 | 0 | |||
| Divisional Equity | 0 | 78,259 | 74,006 | |||
| Accumulated deficit | (351) | 0 | 0 | |||
| Accumulated other comprehensive loss | (2,667) | (3,360) | (2,271) | |||
| Total stockholders' equity attributable to the company | 21,184 | 74,899 | 71,735 | |||
| Noncontrolling Interests | 7 | 254 | 264 | |||
| Total Equity | 21,191 | 75,153 | 71,999 | |||
| Liabilities and Equity | 43,251 | 108,683 | 109,648 | |||
| EID [Member] | $4.50 Series Preferred Stock [Member] | ||||||
| Preferred Stock, Value | 169 | 0 | 0 | |||
| EID [Member] | $3.50 Series Preferred Stock [Member] | ||||||
| Preferred Stock, Value | 70 | $ 0 | $ 0 | |||
| Corteva [Member] | EID [Member] | ||||||
| Long Term Debt - Related Party | $ 4,037 | |||||
| ||||||
Revenue Disaggregation of Revenue - Principal Product Groups (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Sep. 30, 2019 |
Mar. 31, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Disaggregation of Revenue [Line Items] | |||||
| Net Sales | $ 1,911 | $ 3,396 | $ 1,947 | $ 10,863 | $ 11,472 |
| Seed [Member] | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Net Sales | 681 | 551 | 6,347 | 6,716 | |
| Seed [Member] | Corn [Member] | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Net Sales | 372 | 344 | 4,149 | 4,289 | |
| Seed [Member] | Soybean [Member] | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Net Sales | 168 | 54 | 1,297 | 1,449 | |
| Seed [Member] | Other oilseeds [Member] | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Net Sales | 44 | 57 | 469 | 514 | |
| Seed [Member] | Other [Member] | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Net Sales | 97 | 96 | 432 | 464 | |
| Crop Protection [Member] | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Net Sales | 1,230 | 1,396 | 4,516 | 4,756 | |
| Crop Protection [Member] | Other [Member] | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Net Sales | 70 | 122 | 183 | 227 | |
| Crop Protection [Member] | Herbicides [Member] | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Net Sales | 584 | 648 | 2,399 | 2,579 | |
| Crop Protection [Member] | Insecticides [Member] | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Net Sales | 322 | 334 | 1,158 | 1,111 | |
| Crop Protection [Member] | Fungicides [Member] | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Net Sales | $ 254 | $ 292 | $ 776 | $ 839 | |
Supplementary Information Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions |
Sep. 30, 2019 |
Jun. 01, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Dec. 31, 2017 |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Cash and Cash Equivalents Items [Line Items] | |||||||||||||
| Cash and cash equivalents | $ 1,980 | $ 2,270 | $ 1,657 | ||||||||||
| Restricted Cash | $ 319 | ||||||||||||
| Cash and cash equivalents of discontinued operations | 0 | 2,254 | 1,965 | ||||||||||
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total Company | 2,400 | [1] | 5,024 | 4,128 | [1] | $ 7,914 | |||||||
| Other Current Assets [Member] | |||||||||||||
| Restricted Cash and Cash Equivalents Items [Line Items] | |||||||||||||
| Restricted Cash | 420 | 460 | 462 | ||||||||||
| Restricted cash of discontinued operations | [2],[3] | 0 | 40 | 44 | |||||||||
| Continuing Operations [Member] | |||||||||||||
| Restricted Cash and Cash Equivalents Items [Line Items] | |||||||||||||
| Cash, Cash Equivalents, and Restricted Cash, Continuing Operations | $ 2,400 | $ 2,730 | $ 2,119 | ||||||||||
| |||||||||||||
Earnings Per Share Earnings Per Share Calculations - Diluted (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Earnings Per Share [Abstract] | ||||
| Diluted loss per share of common stock from continuing operations | $ (0.69) | $ (7.54) | $ (0.32) | $ (7.64) |
| Diluted earnings (loss) per share of common stock from discontinued operations | $ 0.03 | $ 0.71 | $ (0.93) | $ 1.59 |
| Net loss Available to Common Stockholders, Diluted | $ (0.66) | $ (6.83) | $ (1.25) | $ (6.05) |
Restructuring and Asset Related Charges Asset Impairments (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Restructuring Cost and Reserve [Line Items] | ||||
| Equity Method Investment, Other than Temporary Impairment | $ 41 | $ 41 | ||
| In Process Research and Development [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 54 | 85 | $ 54 | 85 |
| Impairment of Intangible Assets Indefinite lived Excluding Goodwill After Tax | $ 41 | $ 66 | $ 41 | $ 66 |
Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information, by Segment [Table Text Block] |
2. On June 1, 2019, as a result of changes in reportable segments, $3,382 million of goodwill was reallocated from the Seed reportable segment to the Crop Protection reportable segment. This change was not reflected in segment assets prior to June 1, 2019.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] |
3. Refer to page 69 for further details of pro forma adjustments.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
1. See Note 5 - Divestitures and Other Transactions for additional information on discontinued operations.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Additional Segment Details [Table Text Block] |
10. Includes a $(33) million charge included in other income - net for the three and nine months ended September 30, 2019 associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. Throughout the three months ended September 30, 2019, the Argentine Peso dropped approximately a third of its value against the US dollar and in September of 2019, the country’s central bank announced new restrictions on foreign currency transactions.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans and Other Post Employment Benefit Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Benefit Costs [Table Text Block] |
1. Includes non-service related components of net periodic benefit credit of $(37) million for the nine months ended September 30, 2019, $(26) million for the three months ended September 30, 2018, and $(80) million for the nine months ended September 30, 2018, respectively (none for the three months ended September 30, 2019).
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||