XML 87 R67.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Quaterly Financial Data (Tables)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information
 
For the quarter ended
In millions, except per share amounts
March 31,
June 30,
September 30,
December 31,
2019
 
 
 
 
 
 
 
 
Net sales
$
3,396

 
$
5,556

 
$
1,911

 
$
2,983

 
Cost of goods sold1
2,211

 
3,047

 
1,349

 
1,968

 
Restructuring and asset related charges - net2
61

 
60

 
46

 
55

 
Integration and separation costs2
212

 
330

 
152

 
50

 
(Loss) income from continuing operations after income taxes
(184
)
4 
483

5 
(527
)
6,7 
(42
)
8 
Net income (loss) attributable to Corteva2
164

 
(608
)
 
(494
)
 
(21
)
 
(Loss) earnings per common share, continuing operations - basic3
(0.26
)
 
0.63

 
(0.69
)
 
(0.06
)
 
(Loss) earnings per common share, continuing operations - diluted3
(0.26
)
 
0.63

 
(0.69
)
 
(0.06
)
 
2018
 
 
 
 
 
 
 
 
Net sales
$
3,794

 
$
5,731

 
$
1,947

 
$
2,815

 
Cost of goods sold1
2,752

 
3,687

 
1,485

 
2,024

 
Restructuring and asset related charges - net2
130

 
101

 
235

 
228

 
Integration and separation costs2
195

 
249

 
253

 
295

 
Goodwill impairment charge2
—

 
—

 
4,503

 
—

 
(Loss) income from continuing operations after income taxes9
(438
)
10 
375

11 
(5,642
)
12 
(1,070
)
4,5 
Net (loss) income attributable to Corteva2
(107
)
 
694

 
(5,121
)
 
(531
)
 
(Loss) earnings per common share, continuing operations - basic3
(0.60
)
 
0.49

 
(7.54
)
 
(1.43
)
 
(Loss) earnings per common share, continuing operations - diluted3
(0.60
)
 
0.49

 
(7.54
)
 
(1.43
)
 
1.
Includes charges of $(639) million, $(676) million, $(109) million, and $(130) million for the first quarter 2018, second quarter 2018, third quarter 2018, and fourth quarter 2018, respectively, and $(205) million, $(52) million, and $(15) million for the first quarter 2019, second quarter 2019, and third quarter 2019, respectively, related to the amortization of inventory step-up as a result of the Merger.
2.
See Note 2 - Summary of Significant Accounting Polices, Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, for additional information related to integration and separation costs, restructuring and asset related charges - net, discontinued operations, and goodwill impairment charge, respectively.
3.
Earnings per share for the year may not equal the sum of quarterly earnings per share due to rounding and the changes in average share calculations.
4.
First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. Fourth quarter 2018 includes a $(53) million loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary.
5.
Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 and $(81) million in the fourth quarter 2018 related to the retirement of some of the company's debt. See Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, for additional information.
6.
Third quarter 2019 includes a $(33) million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. 
7.
Third quarter 2019 includes a tax benefit of $38 million related to Swiss Tax Reform. See Note 10 - Income Taxes, for additional information.
8.
Fourth quarter 2019 includes a tax benefit of $34 million related to the impact of the release of a tax valuation allowance recorded against the net deferred tax asset position of a Switzerland legal entity. See Note 10 - Income Taxes, for additional information.
9.
Includes tax (charges) benefits of $(64) million, $(7) million, $16 million, and $(274) million in the first quarter 2018, second quarter 2018, third quarter 2018, and fourth quarter 2018, respectively, related to The Act. See Note 10 - Income Taxes, for additional information.
10.
First quarter 2018 includes a $(50) million foreign exchange loss related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform.
11.
Second quarter 2018 includes a $24 million gain recorded in other income (expense) - net related to an asset sale.
12.
Includes a tax charge of $(75) million in the third quarter 2018 related to the establishment of a full valuation allowance against the net deferred tax asset position of a legal entity in Brazil, a tax charge of $(25) million related to an internal legal entity restructuring associated with the Business Separations, and a tax benefit of $114 million related to the company's discretionary pension contribution in 2018 which was deducted on a 2017 tax return. See Note 10 - Income Taxes, for additional information.


For the Quarter Ended March 31, 2019
(In millions)
Historical EID
Discontinued Operations and Other Adjustments1
DAS
Corteva
Net sales
$
6,288

$
(4,341
)
$
1,449

$
3,396

Cost of goods sold
$
4,235

$
(2,963
)
$
939

$
2,211

Restructuring and asset related charges - net
$
55

$
(43
)
$
49

$
61

Integration and separation costs
$
405

$
(193
)
$
—

$
212

Income (loss) from continuing operations after income taxes
$
89

$
(369
)
$
96

$
(184
)
Net income attributable to Corteva
$
85

$
(11
)
$
90

$
164

For the Quarter Ended December 31, 2018
(In millions)
Historical EID
Discontinued Operations and Other Adjustments1
DAS
Corteva
Net sales
$
5,741

$
(4,350
)
$
1,424

$
2,815

Cost of goods sold
$
3,980

$
(3,026
)
$
1,070

$
2,024

Restructuring and asset related charges - net
$
115

$
(9
)
$
122

$
228

Integration and separation costs
$
449

$
(154
)
$
—

$
295

Loss from continuing operations after income taxes
$
(351
)
$
(573
)
$
(146
)
$
(1,070
)
Net loss attributable to Corteva
$
(354
)
$
(28
)
$
(149
)
$
(531
)
For the Quarter Ended March 31, 2018
(In millions)
Historical EID
Discontinued Operations and Other Adjustments1
DAS
Corteva
Net sales
$
6,699

$
(4,388
)
$
1,483

$
3,794

Cost of goods sold
$
4,847

$
(3,003
)
$
908

$
2,752

Restructuring and asset related charges - net
$
97

$
(38
)
$
71

$
130

Integration and separation costs
$
255

$
(60
)
$
—

$
195

Loss from continuing operations after income taxes
$
(216
)
$
(355
)
$
133

$
(438
)
Net loss attributable to Corteva
$
(228
)
$
(1
)
$
122

$
(107
)
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.