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Pension Plans and Other Post Employment Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Defined Benefit Plan, Assumptions [Table Text Block]

The weighted-average assumptions used to determine benefit obligations for OPEB plans are summarized in the table below:
Weighted-Average Assumptions used to Determine Benefit Obligations
December 31, 2019
December 31, 2018
Discount rate
3.07
%
4.23
%

The weighted-average assumptions used to determine net periodic benefit costs for the OPEB plans are summarized in the two tables below:
Weighted-Average Assumptions used to Determine Net Periodic Benefit Cost
Successor
Predecessor
For the Year Ended December 31, 2019
For the Year Ended December 31, 2018
For the Period September 1 through December 31, 2017
For the Period January 1 through August 31, 2017
Discount rate
3.93
%
3.56
%
3.62
%
4.03
%

Assumed Health Care Cost Trend Rates
December 31, 2019
December 31, 2018
Health care cost trend rate assumed for next year
7.20
%
7.50
%
Rate to which the cost trend rate is assumed to decline (the ultimate health care trend rate)
5.00
%
5.00
%
Year that the rate reached the ultimate health care cost trend rate
2028

2028


The weighted-average assumptions used to determine pension plan obligations for all pension plans are summarized in the table below:
Weighted-Average Assumptions used to Determine Benefit Obligations
December 31, 2019
December 31, 2018
Discount rate
3.20
%
3.94
%
Rate of increase in future compensation levels
2.60
%
2.90
%


The weighted-average assumptions used to determine net periodic benefit costs for all pension plans are summarized in the table below:
Weighted-Average Assumptions used to Determine Net Periodic Benefit Cost
Successor
Predecessor
For the Year Ended December 31, 2019
For the Year Ended December 31, 2018
For the Period September 1 through December 31, 2017
For the Period January 1 through August 31, 2017
Discount rate
4.19
%
3.38
%
3.42
%
3.80
%
Rate of increase in future compensation levels
2.84
%
4.04
%
3.80
%
3.80
%
Expected long-term rate of return on plan assets
6.24
%
6.19
%
6.24
%
7.66
%

The weighted-average assumptions used to determine net periodic benefit costs for U.S. plans are summarized in the table below:
Weighted- Average Assumptions used to Determine Net Periodic Benefit Cost
Successor
Predecessor
For the Year Ended December 31, 2019
For the Year Ended December 31, 2018
For the Period September 1 through December 31, 2017
For the Period January 1 through August 31, 2017
Discount rate
4.32
%
3.65
%
3.73
%
4.16
%
Rate of increase in future compensation levels
—
%
4.25
%
3.95
%
3.95
%
Expected long-term rate of return on plan assets
6.25
%
6.25
%
6.25
%
8.00
%
Schedule of Pension Plans and Other Postemployment Benefits [Table Text Block]

Summarized information on the company's pension and other post employment benefit plans is as follows:
Change in Projected Benefit Obligations, Plan Assets and Funded Status
 
Defined Benefit Pension Plans
 
Other Post Employment Benefits
(In millions)
For the Year Ended December 31, 2019
For the Year Ended December 31, 2018
 
For the Year Ended December 31, 2019
For the Year Ended December 31, 2018
Change in benefit obligations:
 
 
 
 
 
Benefit obligation at beginning of the period
$
23,532

$
25,683

 
$
2,514

$
2,810

Service cost
41

136

 
4

9

Interest cost
769

755

 
84

85

Plan participants' contributions
2

10

 
37

38

Actuarial (gain) loss
2,469

(1,078
)
 
211

(172
)
Benefits paid
(1,635
)
(1,763
)
 
(239
)
(254
)
Plan amendments
(76
)
17

 
—

—

Net effects of acquisitions / divestitures / other
(1
)
(12
)
 
—

—

Effect of foreign exchange rates
(60
)
(216
)
 
—

(2
)
Impact of internal reorganizations
(4,037
)
—

 
(20
)
—

Benefit obligations at end of the period
$
21,004

$
23,532

 
$
2,591

$
2,514

 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
Fair value of plan assets at beginning of the period
$
18,951

$
20,329

 
$
—

$
—

Actual return on plan assets
2,552

(781
)
 
—

—

Employer contributions
121

1,314

 
202

216

Plan participants' contributions
2

10

 
37

38

Benefits paid
(1,635
)
(1,763
)
 
(239
)
(254
)
Net effects of acquisitions / divestitures / other
(6
)
(7
)
 
—

—

Effect of foreign exchange rates
(38
)
(151
)
 
—

—

Impact of internal reorganizations
(3,006
)
—

 
—

—

Fair value of plan assets at end of the period
$
16,941

$
18,951

 
$
—

$
—

Funded status
 
 
 
 
 
U.S. plan with plan assets
$
(3,535
)
$
(2,890
)
 
$
—

$
—

Non-U.S. plans with plan assets
(90
)
(32
)
 
—

—

All other plans 1, 2
(438
)
(511
)
 
(2,591
)
(2,490
)
Plans of discontinued operations
—

(1,148
)
 
—

(24
)
Funded status at end of the period3
$
(4,063
)
$
(4,581
)
 
$
(2,591
)
$
(2,514
)
1.
As of December 31, 2019, and December 31, 2018, $294 million and $349 million, respectively, of the benefit obligations are supported by funding under the Trust agreement, defined in the "Trust Assets" section below.
2.
Includes pension plans maintained around the world where funding is not customary.
3.
Excludes $(41) million as of December 31, 2018 of DAS pension and OPEB liabilities recognized within the Consolidated Balance Sheet that did not transfer to Corteva as part of the Internal Reorganizations.




 
Defined Benefit Pension Plans
Other Post Employment Benefits
(In millions)
December 31, 2019
December 31, 2018
December 31, 2019
December 31, 2018
Amounts recognized in the Consolidated Balance Sheets:
 
 
 
 
Assets of discontinued operations - current
$
—

$
10

$
—

$
—

Other Assets
10

—

—

—

Accrued and other current liabilities
(50
)
(45
)
(237
)
(242
)
Liabilities of discontinued operations - noncurrent
—

(1,158
)
—

(24
)
Pension and other post employment benefits - noncurrent 1
(4,023
)
(3,388
)
(2,354
)
(2,248
)
Net amount recognized
$
(4,063
)
$
(4,581
)
$
(2,591
)
$
(2,514
)
 
 
 
 
 
Pretax amounts recognized in accumulated other comprehensive loss (income):
 
 
 
 
Net loss (gain)
$
1,641

$
767

$
108

$
(104
)
Prior service (benefit) cost
(10
)
17

—

—

Pretax balance in accumulated other comprehensive loss (income) at end of year
$
1,631

$
784

$
108

$
(104
)
1. Excludes $(41) million as of December 31, 2018 of DAS pension and OPEB liabilities recognized within the Consolidated Balance Sheet that did not transfer to Corteva as part of the Internal Reorganizations.
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block]
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets
December 31, 2019
December 31, 2018
(In millions)
Projected benefit obligations1
$
20,788

$
23,261

Fair value of plan assets2
16,716

18,669

1. Includes $3.8 billion of discontinued operations for the period ended December 31, 2018.
2. Includes $2.6 billion of discontinued operations for the period ended December 31, 2018.
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block]
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
December 31, 2019
December 31, 2018
(In millions)
Accumulated benefit obligations1
$
20,654

$
22,291

Fair value of plan assets2
16,620

17,934

1. Includes $2.9 billion of discontinued operations for the period ended December 31, 2018.
2. Includes $2.0 billion of discontinued operations for the period ended December 31, 2018.
Schedule of Net Benefit Costs [Table Text Block]
 
 
Defined Benefit Pension Plans
 
Other Post Employment Benefits
(In millions)
Successor
Predecessor
 
Successor
Predecessor
Components of net periodic benefit (credit) cost and amounts recognized in other comprehensive loss
For the Year Ended December 31, 2019
For the Year Ended December 31, 2018
For the Period September 1 through December 31, 2017
For the Period January 1 through August 31, 2017
 
For the Year Ended December 31, 2019
For the Year Ended December 31, 2018
For the Period September 1 through December 31, 2017
For the Period January 1 through August 31, 2017
Net Periodic Benefit Cost:
 
 
 
 
 
 
 
 
 
Service cost
$
41

$
136

$
50

$
92

 
$
4

$
9

$
3

$
6

Interest cost
769

755

247

524

 
84

85

26

60

Expected return on plan assets
(1,078
)
(1,216
)
(411
)
(824
)
 
—

—

—

—

Amortization of unrecognized loss (gain)
3

10

1

506

 
(1
)
—

—

61

Amortization of prior service benefit
(1
)
—

—

(3
)
 
—

—

—

(46
)
Curtailment gain
(2
)
(11
)
—

—

 
—

—

—

—

Settlement loss
4

5

—

—

 
—

—

—

—

Net periodic benefit (credit) cost - Total
$
(264
)
$
(321
)
$
(113
)
$
295

 
$
87

$
94

$
29

$
81

Less: Discontinued operations1
(14
)
(42
)
(13
)
27

 
—

1

—

—

Net periodic benefit (credit) cost - Continuing operations
$
(250
)
$
(279
)
$
(100
)
$
268

 
$
87

$
93

$
29

$
81

Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss:
 
 
 
 
 
 
 
 
 
Net loss (gain)
$
970

$
908

$
(163
)
$
(22
)
 
$
211

$
(172
)
$
68

$
—

Amortization of unrecognized (loss) gain
(2
)
(10
)
(1
)
(506
)
 
1

—

—

(61
)
Prior service (benefit) cost
(11
)
17

—

—

 
—

—

—

—

Amortization of prior service benefit
1

—

—

3

 
—

—

—

46

Settlement loss
(4
)
(2
)
—

—

 
—

—

—

—

Effect of foreign exchange rates
(5
)
1

3

133

 
—

—

—

—

Total loss (benefit) recognized in other comprehensive loss, attributable to Corteva
$
949

$
914

$
(161
)
$
(392
)
 
$
212

$
(172
)
$
68

$
(15
)
Total recognized in net periodic benefit cost and other comprehensive loss (income)
$
685

$
593

$
(274
)
$
(97
)
 
$
299

$
(78
)
$
97

$
66

1. 
Includes non-service related components of net periodic benefit credit of $(31) million, $(97) million, $(34) million, and $(18) million for the year ended December 31, 2019, the year ended December 31, 2018, the period September 1 through December 31, 2017, and the period January 1 through August 31, 2017, respectively.
Schedule of Expected Benefit Payments [Table Text Block]
Estimated Future Benefit Payments at December 31, 2019
Defined Benefit Pension Plans
Other Post Employment Benefits
(In millions)
2020
$
1,527

$
237

2021
1,474

228

2022
1,437

218

2023
1,403

209

2024
1,370

201

Years 2025-2029
6,314

808

Total
$
13,525

$
1,901
Schedule of Allocation of Plan Assets [Table Text Block]
Basis of Fair Value Measurements
Total
Level 1
Level 2
Level 3
For the year ended December 31, 2019
(In millions)
Cash and cash equivalents
$
1,343

$
1,343

$
—

$
—

U.S. equity securities 1
3,665

3,652

4

9

Non-U.S. equity securities
2,053

2,043

6

4

Debt – government-issued
3,693

—

3,693

—

Debt – corporate-issued
2,956

—

2,952

4

Debt – asset-backed
663

—

663

—

Private market securities
2

—

—

2

Real estate
33

—

—

33

Derivatives – asset position
2

—

2

—

Derivatives – liability position
(19
)
—

(19
)
—

Other
19

—

19

—

     Subtotal
$
14,410

$
7,038

$
7,320

$
52

Investments measured at net asset value
 
 
 
 
     Debt - government issued
37

 
 
 
     U.S. equity securities
20

 
 
 
     Non-U.S. equity securities
39

 
 
 
     Hedge funds
431

 
 
 
     Private market securities
1,371

 
 
 
     Real estate funds
516

 
 
 
Total investments measured at net asset value
$
2,414

 
 
 
Other items to reconcile to fair value of plan assets
 
 
 
 
     Pension trust receivables 2
763

 

 

 

     Pension trust payables 3
(646
)
 

 

 

Total
$
16,941

 

 

 

1.
The Corteva pension plans directly held $126 million (approximately 1 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2019.
2.
Primarily receivables for investments securities sold.
3.
Primarily payables for investment securities purchased.


Basis of Fair Value Measurements
 
 
 
 
For the year ended December 31, 2018
 
 
 
 
(In millions)
Total
Level 14
Level 24
Level 34
Cash and cash equivalents
$
1,824

$
1,824

$
—

$
—

U.S. equity securities1
3,537

3,521

2

14

Non-U.S. equity securities
2,582

2,565

15

2

Debt – government-issued
3,659

211

3,448

—

Debt – corporate-issued
3,037

253

2,770

14

Debt – asset-backed
721

39

682

—

Hedge funds
162

162

—

—

Private market securities
1

—

—

1

Real estate
336

243

—

93

Derivatives – asset position
10

1

9

—

Derivatives – liability position
(18
)
—

(18
)
—

Other
233

9

18

206

     Subtotal
$
16,084

$
8,828

$
6,926

$
330

Investments measured at net asset value4
 
 
 
 
     Debt - government issued
208

 
 
 
     Hedge funds
678

 
 
 
     Private market securities
1,861

 
 
 
     Real estate funds
112

 
 
 
     Other
6

 
 
 
Total investments measured at net asset value
$
2,865

 
 
 
Other items to reconcile to fair value of plan assets
 
 
 
 
     Pension trust receivables2
210

 
 
 
     Pension trust payables3
(208
)
 

 

 

Total
$
18,951

 

 

 

1.
The Corteva pension plans directly held $684 million (approximately 4 percent of total plan assets) of DowDuPont common stock at December 31, 2018.
2.
Primarily receivables for investments securities sold.
3.
Primarily payables for investment securities purchased.
4.
Corteva's pension assets by fair value hierarchy at December 31, 2018 included approximately $1,657 million of Level 1 assets, $392 million of Level 2 assets, $259 million of Level 3 assets, and $606 million of investments measured at net asset value that were transferred to DuPont upon completion of the Separation.


Target Allocation for Plan Assets
December 31, 2019
December 31, 2018
Asset Category
U.S. equity securities
20
%
19
%
Non-U.S. equity securities
16

16

Fixed income securities
50

50

Hedge funds
3

2

Private market securities
6

8

Real estate
3

3

Cash and cash equivalents
2

2

Total
100
%
100
%
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]
Fair Value Measurement of Level 3 Pension Plan Assets
U.S. equity securities
Non-U.S. equity securities
Debt – corporate-issued
Debt-
asset-
backed
Hedge funds
Private market securities
Real estate
Other
Total
(In millions)
Balance at January 1, 2018
$
17

$
3

$
27

$
2

$
2

$
14

$
96

$
—

$
161

Actual return on assets:
 
 
 
 
 
 
 
 
 
Relating to assets sold during the year ended December 31, 2018
(1
)
(4
)
(80
)
—

—

—

2

—

(83
)
Relating to assets held at December 31, 2018
(4
)
3

87

—

—

(3
)
—

(11
)
72

Purchases, sales and settlements, net
3

—

(15
)
—

—

—

(3
)
217

202

Transfers out of Level 3, net
(1
)
—

(5
)
(2
)
(2
)
(10
)
(2
)
—

(22
)
Balance at December 31, 2018
$
14

$
2

$
14

$
—

$
—

$
1

$
93

$
206

$
330

Actual return on assets:
 
 
 
 
 
 
 
 
 
Relating to assets sold during the year ended December 31, 2019
(2
)
1

9

—

—

—

(29
)
—

(21
)
Relating to assets held at December 31, 2019
(5
)
—

(8
)
—

—

4

25

—

16

Purchases, sales and settlements, net
2

2

(12
)
—

—

(3
)
(3
)
—

(14
)
Transfers out of Level 3, net
—

(1
)
1

—

—

—

—

—

—

Assets transferred at Separation
—

—

—

—

—

—

(53
)
(206
)
(259
)
Balance at December 31, 2019
$
9

$
4

$
4

$
—

$
—

$
2

$
33

$
—

$
52