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EID Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2019
Geographic Allocation of Income and Provision for Income Taxes
Geographic Allocation of (Loss) Income and Provision for (Benefit from) Income Taxes
Successor
Predecessor
(In millions)
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
(Loss) Income from continuing operations before income taxes
 
 
 
 
Domestic
$
(1,352
)
$
(5,040
)
$
(961
)
$
(519
)
Foreign
1,036

(1,766
)
500

482

Loss from continuing operations before income taxes
$
(316
)
$
(6,806
)
$
(461
)
$
(37
)
Current tax expense (benefit)
 
 
 
 
Federal
$
(11
)
$
(112
)
$
8

$
(581
)
State and local
1

(32
)
11

(117
)
Foreign
317

446

287

81

Total current tax expense (benefit)
$
307

$
302

$
306

$
(617
)
Deferred tax (benefit) expense
 
 
 
 
Federal
$
(392
)
$
(124
)
$
(2,373
)
$
188

State and local
156

(39
)
3

79

Foreign
(117
)
(170
)
(157
)
(45
)
Total deferred tax (benefit) expense
$
(353
)
$
(333
)
$
(2,527
)
$
222

Benefit from income taxes on continuing operations
(46
)
(31
)
(2,221
)
(395
)
Net (loss) income from continuing operations after taxes
$
(270
)
$
(6,775
)
$
1,760

$
358
Reconciliation to US Statutory Rate
Reconciliation to U.S. Statutory Rate
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
Statutory U.S. federal income tax rate
21.0
 %
21.0
 %
35.0
 %
35.0
 %
Equity earning effect
0.1

0.1

1.9

(2.7
)
Effective tax rates on international operations - net 1
(18.4
)
0.4

24.3

244.9

Acquisitions, divestitures and ownership restructuring activities 2, 3, 4
(10.7
)
(2.3
)
63.0

(64.7
)
U.S. research and development credit
7.0

0.1

1.4

24.4

Exchange gains/losses 5
(1.8
)
(1.3
)
(8.8
)
650.1

SAB 118 Impact of Enactment of U.S. Tax Reform6
—

(3.0
)
371.2

—

Impact of Swiss Tax Reform7
11.9

—

—

—

Excess tax benefits (tax deficiency) from stock compensation
(0.6
)
0.1

1.0

38.3

Tax settlements and expiration of statute of limitations8
3.9

(0.1
)
—

146.4

Goodwill impairment 9
—

(15.2
)
—

—

Other - net
2.2

0.7

(7.2
)
(4.1
)
Effective tax rate on income from continuing operations
14.6
 %
0.5
 %
481.8
 %
1,067.6
 %
1.
Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results.
2.
See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, for additional information.
3.
Includes a net tax charge of $50 million related to repatriation activities to facilitate the Business Separations for the year ended December 31, 2018.
4.
Includes a net tax charge of $25 million and a net tax benefit of $261 million for the year ended December 31, 2018 and the period September 1 through December 31, 2017, respectively, related to an internal legal entity restructuring associated with the Business Separations.
5.
Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, under the heading Foreign Currency Risk.
6.
Reflects a net tax benefit of $2,067 million and a net tax charge of $164 million associated with the company's completion of the accounting for the tax effects of The Act for the period September 1 through December 31, 2017 and the year ended December 31, 2018, respectively.
7.
Reflects tax benefits of $38 million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform").
8.
The period January 1 through August 31, 2017 includes a tax benefit of $46 million related to changes in accruals for certain prior year tax positions and the tax effect of the associated accrued interest reversals.
9.
Reflects the impact of the non-tax-deductible, non-cash impairment charge for the agriculture reporting unit and corresponding $75 million tax charge associated with a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil for the year ended December 31, 2018.
EID [Member]  
Geographic Allocation of Income and Provision for Income Taxes
Geographic Allocation of (Loss) Income and Provision for (Benefit from) Income Taxes
Successor
Predecessor
(In millions)
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
(Loss) Income from continuing operations before income taxes
 
 
 
 
Domestic
$
(1,458
)
$
(5,040
)
$
(961
)
$
(519
)
Foreign
1,036

(1,766
)
500

482

Loss from continuing operations before income taxes
$
(422
)
$
(6,806
)
$
(461
)
$
(37
)
Current tax expense (benefit)
 
 
 
 
Federal
$
(11
)
$
(112
)
$
8

$
(581
)
State and local
1

(32
)
11

(117
)
Foreign
317

446

287

81

Total current tax expense (benefit)
$
307

$
302

$
306

$
(617
)
Deferred tax (benefit) expense
 
 
 
 
Federal
$
(417
)
$
(124
)
$
(2,373
)
$
188

State and local
156

(39
)
3

79

Foreign
(117
)
(170
)
(157
)
(45
)
Total deferred tax (benefit) expense
$
(378
)
$
(333
)
$
(2,527
)
$
222

Benefit from income taxes on continuing operations
(71
)
(31
)
(2,221
)
(395
)
Net (loss) income from continuing operations
$
(351
)
$
(6,775
)
$
1,760

$
358
Reconciliation to US Statutory Rate
Reconciliation to U.S. Statutory Rate
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
Statutory U.S. federal income tax rate
21.0
 %
21.0
 %
35.0
 %
35.0
 %
Equity earning effect
0.1

0.1

1.9

(2.7
)
Effective tax rates on international operations - net 1
(13.8
)
0.4

24.3

244.9

Acquisitions, divestitures and ownership restructuring activities 2, 3, 4
(8.0
)
(2.3
)
63.0

(64.7
)
U.S. research and development credit
5.2

0.1

1.4

24.4

Exchange gains/losses 5
(1.3
)
(1.3
)
(8.8
)
650.1

SAB 118 Impact of Enactment of U.S. Tax Reform6
—

(3.0
)
371.2

—

Impact of Swiss Tax Reform7
8.9

—

—

—

Excess tax benefits (tax deficiency) from stock compensation
(0.5
)
0.1

1.0

38.3

Tax settlements and expiration of statute of limitations8
2.9

(0.1
)
—

146.4

Goodwill impairment 9
—

(15.2
)
—

—

Other - net
2.3

0.7

(7.2
)
(4.1
)
Effective tax rate
16.8
 %
0.5
 %
481.8
 %
1,067.6
 %
1.
Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results.
2.
See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, of the Corteva, Inc. Consolidated Financial Statements for additional information.
3.
Includes a net tax charge of $50 million related to repatriation activities to facilitate the Business Separations for the year ended December 31, 2018.
4.
Includes a net tax charge of $25 million and a net tax benefit of $261 million for the year ended December 31, 2018 and the period September 1 through December 31, 2017, respectively, related to an internal legal entity restructuring associated with the Business Separations.
5.
Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, of the Corteva, Inc. Consolidated Financial Statements under the heading Foreign Currency Risk.
6.
Reflects a net tax benefit of $2,067 million and a net tax charge of $164 million associated with the company's completion of the accounting for the tax effects of The Act for the period September 1 through December 31, 2017 and the year ended December 31, 2018, respectively.
7.
Reflects tax benefits of $38 million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform").
8.
The period January 1 through August 31, 2017 includes a tax benefit of $46 million related to changes in accruals for certain prior year tax positions and the tax effect of the associated accrued interest reversals.
9.
Reflects the impact of the non-tax-deductible, non-cash impairment charge for the agriculture reporting unit and corresponding $75 million tax charge associated with a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil for the year ended December 31, 2018.