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 | |||
1. | the April 1, 2019 transfer of the assets and liabilities aligned with EID’s material science businesses including EID’s ethylene and ethylene copolymers business, excluding its ethylene acrylic elastomers business, (“EID ECP”) to DowDuPont, which were ultimately conveyed by DowDuPont to Dow; |
2. | the May 1, 2019 distribution of EID legal entities containing the assets and liabilities of EID’s specialty products business (the “EID Specialty Products Entities”) to DowDuPont; |
3. | the May 2, 2019 conveyance of Historical Dow's agriculture business ("Dow Ag Entities") to EID; and |
4. | the May 31, 2019 contribution of EID to Corteva, Inc. Refer to the company’s Annual Report on Form 10-K for the year ended December 31, 2019 for further information. |
Item 1. | CONSOLIDATED FINANCIAL STATEMENTS |
(In millions, except per share amounts) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
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 | ||||||||||||
Loss on early extinguishment of debt | ||||||||||||
Interest expense | ||||||||||||
Income from continuing operations before income taxes | ||||||||||||
Provision for income taxes on continuing operations | ||||||||||||
Income from continuing operations after income taxes | ||||||||||||
(Loss) income from discontinued operations after income taxes | ( | ) | ( | ) | ||||||||
Net income (loss) | ( | ) | ( | ) | ||||||||
Net income attributable to noncontrolling interests | ||||||||||||
Net income (loss) attributable to Corteva | $ | $ | ( | ) | $ | $ | ( | ) | ||||
Basic earnings (loss) per share of common stock: | ||||||||||||
Basic earnings per share of common stock from continuing operations | $ | $ | $ | $ | ||||||||
Basic loss per share of common stock from discontinued operations | ( | ) | ( | ) | ||||||||
Basic earnings (loss) per share of common stock | $ | $ | ( | ) | $ | $ | ( | ) | ||||
Diluted earnings (loss) per share of common stock: | ||||||||||||
Diluted earnings per share of common stock from continuing operations | $ | $ | $ | $ | ||||||||
Diluted loss per share of common stock from discontinued operations | ( | ) | ( | ) | ||||||||
Diluted earnings (loss) per share of common stock | $ | $ | ( | ) | $ | $ | ( | ) | ||||
(In millions) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
Net income (loss) | $ | $ | ( | ) | $ | $ | ( | ) | ||||
Other comprehensive income (loss) - net of tax: | ||||||||||||
Cumulative translation adjustments | ( | ) | ( | ) | ( | ) | ||||||
Adjustments to pension benefit plans | ( | ) | ( | ) | ||||||||
Adjustments to other benefit plans | ( | ) | ( | ) | ( | ) | ||||||
Derivative instruments | ( | ) | ||||||||||
Total other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | ||||||
Comprehensive income (loss) | ( | ) | ( | ) | ||||||||
Comprehensive income attributable to noncontrolling interests - net of tax | ||||||||||||
Comprehensive income (loss) attributable to Corteva | $ | $ | ( | ) | $ | $ | ( | ) | ||||
(In millions, except share amounts) | June 30, 2020 | December 31, 2019 | June 30, 2019 | ||||||
Assets | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ | $ | $ | ||||||
Marketable securities | |||||||||
Accounts and notes receivable - net | |||||||||
Inventories | |||||||||
Other current assets | |||||||||
Total current assets | |||||||||
Investment in nonconsolidated affiliates | |||||||||
Property, plant and equipment - net of accumulated depreciation (June 30, 2020 - $3,565; December 31, 2019 - $3,326; June 30, 2019 - $3,207) | |||||||||
Goodwill | |||||||||
Other intangible assets | |||||||||
Deferred income taxes | |||||||||
Other assets | |||||||||
Total Assets | $ | $ | $ | ||||||
Liabilities and Equity | |||||||||
Current liabilities | |||||||||
Short-term borrowings and finance lease obligations | $ | $ | $ | ||||||
Accounts payable | |||||||||
Income taxes payable | |||||||||
Accrued and other current liabilities | |||||||||
Total current liabilities | |||||||||
Long-Term Debt | |||||||||
Other Noncurrent Liabilities | |||||||||
Deferred income tax liabilities | |||||||||
Pension and other post employment benefits - noncurrent | |||||||||
Other noncurrent obligations | |||||||||
Total noncurrent liabilities | |||||||||
Commitments and contingent liabilities | |||||||||
Stockholders’ equity | |||||||||
Common stock, $0.01 par value; 1,666,667,000 shares authorized; issued at June 30, 2020 - 748,485,000; December 31, 2019 - 748,577,000; and June 30, 2019 - 748,815,000 | |||||||||
Additional paid-in capital | |||||||||
Retained earnings / (accumulated deficit) | ( | ) | |||||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ( | ) | |||
Total Corteva stockholders’ equity | |||||||||
Noncontrolling interests | |||||||||
Total equity | |||||||||
Total Liabilities and Equity | $ | $ | $ | ||||||
(In millions) | Six Months Ended June 30, | |||||
2020 | 20191 | |||||
Operating activities | ||||||
Net income (loss) | $ | $ | ( | ) | ||
Adjustments to reconcile net income (loss) to cash used for operating activities: | ||||||
Depreciation and amortization | ||||||
Benefit from deferred income tax | ( | ) | ( | ) | ||
Net periodic pension benefit | ( | ) | ( | ) | ||
Pension contributions | ( | ) | ( | ) | ||
Net loss (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 | ( | ) | ||||
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 | ||||||
Net change in borrowings (less than 90 days) | ||||||
Proceeds from debt | ||||||
Payments on debt | ( | ) | ( | ) | ||
Repurchase of common stock | ( | ) | ||||
Proceeds from exercise of stock options | ||||||
Dividends paid to stockholders | ( | ) | ||||
Payment for acquisition of subsidiary's interest from the non-controlling interest | ( | ) | ||||
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 | ( | ) | ( | ) | ||
Increase (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 period2 | $ | $ | ||||
(In millions) | Common Stock | Additional Paid-in Capital | Divisional Equity | Retained Earnings (Accumulated deficit) | Accumulated Other Comp (Loss) Income | Non-controlling Interests | Total Equity | ||||||||||||||
2019 | |||||||||||||||||||||
Balance at January 1, 2019 | $ | $ | $ | $ | $ | ( | ) | $ | $ | ||||||||||||
Net income | |||||||||||||||||||||
Other comprehensive loss | ( | ) | ( | ) | |||||||||||||||||
Distributions to DowDuPont | ( | ) | ( | ) | |||||||||||||||||
Issuance of DowDuPont stock | |||||||||||||||||||||
Share-based compensation | |||||||||||||||||||||
Contributions from Dow | |||||||||||||||||||||
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 | ( | ) | ( | ) | ( | ) | |||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | $ | ( | ) | $ | $ | ||||||||||||
(In millions) | Common Stock | Additional Paid-in Capital | Divisional Equity | (Accumulated deficit) Retained Earnings | Accumulated Other Comp (Loss) Income | Non-controlling Interests | Total Equity | ||||||||||||
2020 | |||||||||||||||||||
Balance at January 1, 2020 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||
Net income | |||||||||||||||||||
Other comprehensive loss | ( | ) | ( | ) | |||||||||||||||
Common dividends ($0.13 per share) | ( | ) | ( | ) | |||||||||||||||
Issuance of Corteva stock | |||||||||||||||||||
Share-based compensation | |||||||||||||||||||
Common Stock Repurchase | ( | ) | ( | ) | |||||||||||||||
Other - net | ( | ) | ( | ) | |||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||
Net income | |||||||||||||||||||
Other comprehensive income | |||||||||||||||||||
Common dividends ($0.13 per share) | ( | ) | ( | ) | |||||||||||||||
Issuance of Corteva stock | |||||||||||||||||||
Share-based compensation | |||||||||||||||||||
Acquisition of a noncontrolling interest in consolidated subsidiaries | ( | ) | ( | ) | ( | ) | |||||||||||||
Other - net | ( | ) | ( | ) | |||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | ( | ) | $ | $ | |||||||||||
Corteva, Inc. | ||
Notes to the Consolidated Financial Statements (Unaudited) | ||
Note | Page | |
(In millions) | Six Months Ended June 30, 2019 | ||
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 | $ | ||
(In millions) | Six Months Ended June 30, 2019 | ||
Depreciation | $ | ||
Amortization of intangibles | $ | ||
Capital expenditures | $ | ||
(In millions) | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | ||||
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 (expense) income - net | ( | ) | ||||
Loss from discontinued operations before income taxes | ( | ) | ( | ) | ||
Provision for income taxes on discontinued operations | ||||||
Loss from discontinued operations after income taxes | $ | ( | ) | $ | ( | ) |
(In millions) | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | ||||
Depreciation | $ | $ | ||||
Amortization of intangibles | $ | $ | ||||
Capital expenditures | $ | $ | ||||
Contract Balances | June 30, 2020 | December 31, 2019 | June 30, 2019 | ||||||
(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 June 30, | Six Months Ended June 30, | |||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | ||||||||
Corn | $ | $ | $ | $ | ||||||||
Soybean | ||||||||||||
Other oilseeds | ||||||||||||
Other | ||||||||||||
Seed | ||||||||||||
Herbicides1 | ||||||||||||
Insecticides1 | ||||||||||||
Fungicides1 | ||||||||||||
Other1 | ||||||||||||
Crop Protection | ||||||||||||
Total | $ | $ | $ | $ | ||||||||
1. | Prior periods have been reclassified to conform to current period presentation. |
Seed | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | ||||||||
North America1 | $ | $ | $ | $ | ||||||||
EMEA2 | ||||||||||||
Latin America | ||||||||||||
Asia Pacific | ||||||||||||
Total | $ | $ | $ | $ | ||||||||
Crop Protection | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | ||||||||
North America1 | $ | $ | $ | $ | ||||||||
EMEA2 | ||||||||||||
Latin America | ||||||||||||
Asia Pacific | ||||||||||||
Total | $ | $ | $ | $ | ||||||||
1. | Represents U.S. & Canada. |
2. | Europe, Middle East, and Africa ("EMEA"). |
Three Months Ended June 30, | Six Months Ended June 30, | |||||
(In millions) | 2020 | 2020 | ||||
Seed | $ | $ | ||||
Crop Protection | ||||||
Corporate expenses | ||||||
Total | $ | $ | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||
(In millions) | 2020 | 2020 | ||||
Severance and related benefit costs | $ | $ | ||||
Asset related charges | ||||||
Total restructuring and asset related charges - net | $ | $ | ||||
(In millions) | Severance and Related Benefit Costs | Asset Related | Total | ||||||
Balance at December 31, 2019 | $ | $ | $ | ||||||
Charges to income from continuing operations for the six months ended June 30, 2020 | |||||||||
Payments | ( | ) | ( | ) | ( | ) | |||
Asset write-offs | ( | ) | ( | ) | |||||
Balance at June 30, 2020 | $ | $ | $ | ||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | ||||||||
Seed | $ | ( | ) | $ | $ | ( | ) | $ | ||||
Crop Protection | ||||||||||||
Corporate expenses | ||||||||||||
Total | $ | $ | $ | ( | ) | $ | ||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
(In millions) | 2019 | 2020 | 2019 | ||||||
Severance and related benefit costs | $ | $ | $ | ||||||
Contract termination charges | |||||||||
Asset related (benefits) charges | ( | ) | |||||||
Total restructuring and asset related charges (benefits) - net | $ | $ | ( | ) | $ | ||||
(In millions) | Severance and Related Benefit Costs | Costs Associated with Exit and Disposal Activities1 | Total | ||||||
Balance at December 31, 2019 | $ | $ | $ | ||||||
Payments | ( | ) | ( | ) | ( | ) | |||
Balance at June 30, 2020 | $ | $ | $ | ||||||
1. | Relates primarily to contract terminations charges. |
Other Income - Net | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | ||||||||
Interest income | $ | $ | $ | $ | ||||||||
Equity in losses of affiliates - net | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Net gain (loss) on sales of businesses and other assets1 | ( | ) | ( | ) | ||||||||
Net exchange gains (losses) | ( | ) | ( | ) | ( | ) | ||||||
Non-operating pension and other post employment benefit credit2 | ||||||||||||
Miscellaneous expenses - net3 | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Other income - net | $ | $ | $ | $ | ||||||||
1. | The six months ended June 30, 2020 includes a loss of $( |
2. | 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 settlement (loss) gain). |
3. | Miscellaneous expenses - net, includes losses related to loss on sale of receivables, bank charges and other items. |
(In millions) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
Subsidiary Monetary Position (Losses) Gains | ||||||||||||
Pre-tax exchange (losses) gains | $ | ( | ) | $ | $ | ( | ) | $ | ||||
Local tax benefits (expenses) | ( | ) | ||||||||||
Net after-tax impact from subsidiary exchange (losses) gains | $ | ( | ) | $ | $ | ( | ) | $ | ||||
Hedging Program Gains (Losses) | ||||||||||||
Pre-tax exchange gains (losses) | $ | $ | ( | ) | $ | $ | ( | ) | ||||
Tax (expenses) benefits | ( | ) | ( | ) | ||||||||
Net after-tax impact from hedging program exchange gains (losses) | $ | $ | ( | ) | $ | $ | ( | ) | ||||
Total Exchange Gains (Losses) | ||||||||||||
Pre-tax exchange gains (losses) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||
Tax benefits (expenses) | ( | ) | ||||||||||
Net after-tax exchange gains (losses) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||
(In millions) | June 30, 2020 | December 31, 2019 | June 30, 2019 | ||||||
Cash and cash equivalents | $ | $ | $ | ||||||
Restricted cash | |||||||||
Total cash, cash equivalents and restricted cash | $ | $ | $ | ||||||
Net Income (Loss) for Earnings Per Share Calculations - Basic and Diluted | Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | ||||||||
Income from continuing operations after income taxes | $ | $ | $ | $ | ||||||||
Net income attributable to continuing operations noncontrolling interests | ||||||||||||
Income from continuing operations available to Corteva common stockholders | ||||||||||||
(Loss) income from discontinued operations, net of tax | ( | ) | ( | ) | ||||||||
Net income attributable to discontinued operations noncontrolling interests | ||||||||||||
(Loss) income from discontinued operations available to Corteva common stockholders | ( | ) | ( | ) | ||||||||
Net income (loss) available to common stockholders | $ | $ | ( | ) | $ | $ | ( | ) | ||||
Earnings (Loss) Per Share Calculations - Basic | Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||
(Dollars per share) | 2020 | 2019 | 2020 | 2019 | ||||||||
Earnings per share of common stock from continuing operations | $ | $ | $ | $ | ||||||||
Loss per share of common stock from discontinued operations | ( | ) | ( | ) | ||||||||
Earnings (loss) per share of common stock | $ | $ | ( | ) | $ | $ | ( | ) | ||||
Earnings (Loss) Per Share Calculations - Diluted | Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||
(Dollars per share) | 2020 | 2019 | 2020 | 2019 | ||||||||
Earnings per share of common stock from continuing operations | $ | $ | $ | $ | ||||||||
Loss per share of common stock from discontinued operations | ( | ) | ( | ) | ||||||||
Earnings (loss) per share of common stock | $ | $ | ( | ) | $ | $ | ( | ) | ||||
Share Count Information | Three Months Ended June 30 | Six Months Ended June 30 | ||||||
(Shares in millions) | 2020 | 2019 | 2020 | 2019 | ||||
Weighted-average common shares - basic1 | ||||||||
Plus dilutive effect of equity compensation plans2 | ||||||||
Weighted-average common shares - diluted | ||||||||
Potential shares of common stock excluded from EPS calculations3 | ||||||||
1. | Share amounts for all periods prior to the Corteva Distribution 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 potential shares of common stock relating to stock options, restricted stock units and performance-based restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been anti-dilutive. |
(In millions) | June 30, 2020 | December 31, 2019 | June 30, 2019 | ||||||
Accounts receivable – trade1 | $ | $ | $ | ||||||
Notes receivable – trade1,2 | |||||||||
Other3 | |||||||||
Total accounts and notes receivable - net | $ | $ | $ | ||||||
1. | Accounts receivable – trade and notes receivable - trade are 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 June 30, 2020, December 31, 2019, and June 30, 2019 there were no 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) | |||
Balance at December 31, 2019 | $ | ||
Additions charged to expenses | |||
Write-offs charged against allowance | ( | ) | |
Recoveries collected | ( | ) | |
Other | ( | ) | |
Balance at June 30, 2020 | $ | ||
(In millions) | June 30, 2020 | December 31, 2019 | June 30, 2019 | ||||||
Finished products | $ | $ | $ | ||||||
Semi-finished products | |||||||||
Raw materials and supplies | |||||||||
Total inventories | $ | $ | $ | ||||||
(In millions) | June 30, 2020 | December 31, 2019 | June 30, 2019 | ||||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
Intangible assets subject to amortization (Definite-lived): | |||||||||||||||||||||||||||
Germplasm1 | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||||||||||
Customer-related | ( | ) | ( | ) | $ | $ | ( | ) | $ | ||||||||||||||||||
Developed technology | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Trademarks/trade names | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Favorable supply contracts | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Other2 | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Total other intangible assets with finite lives | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Intangible assets not subject to amortization (Indefinite-lived): | |||||||||||||||||||||||||||
IPR&D | — | — | — | ||||||||||||||||||||||||
Germplasm1 | — | ||||||||||||||||||||||||||
Tradename | — | — | — | ||||||||||||||||||||||||
Total other intangible assets | — | — | — | ||||||||||||||||||||||||
Total | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||
1. | Beginning on October 1, 2019, the company changed its indefinite life assertion of the germplasm assets to definite lived with a useful life of 25 years. This change is the result of a more focused development effort of new seed products coupled with an intent to out license select germplasm on a non-exclusive basis. Prior to changing the useful life of the germplasm assets, the company tested the assets for impairment under ASC 350 - Intangibles, Goodwill and Other, concluding the assets were not impaired. |
2. | Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. |
Short-term borrowings and finance lease obligations | |||||||||
(In millions) | June 30, 2020 | December 31, 2019 | June 30, 2019 | ||||||
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 | |||||||||||||||
(In millions) | June 30, 2020 | December 31, 2019 | June 30, 2019 | ||||||||||||
Amount | Weighted Average Rate | Amount | Weighted Average Rate | Amount | Weighted Average Rate | ||||||||||
Promissory notes and debentures: | |||||||||||||||
Maturing in 2025 | $ | % | $ | % | $ | % | |||||||||
Maturing in 2030 | % | ||||||||||||||
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 | $ | $ | $ | ||||||||||||
As of June 30, 2020 | |||||||||
(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 DuPont2 | |||||||||
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 January 1, 2020 | ||
Issued | ||
Repurchased and retired | ( | ) |
Balance June 30, 2020 | ||
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 | ||||||||||
2019 | |||||||||||||||
Balance January 1, 2019 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||
Other comprehensive (loss) income before reclassifications | ( | ) | ( | ) | ( | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ) | |||||||||||||
Net other comprehensive (loss) income | ( | ) | ( | ) | ( | ) | |||||||||
Impact of Internal Reorganizations | |||||||||||||||
Balance June 30, 2019 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
2020 | |||||||||||||||
Balance January 1, 2020 | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||
Other comprehensive (loss) income before reclassifications | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||
Net other comprehensive (loss) income | ( | ) | ( | ) | ( | ) | |||||||||
Balance June 30, 2020 | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||
1. |
(In millions) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
Derivative instruments | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||
Pension benefit plans - net | ( | ) | ||||||||||
Other benefit plans - net | ||||||||||||
(Provision for) benefit from income taxes related to other comprehensive (loss) income items | $ | ( | ) | $ | $ | ( | ) | $ | ||||
(In millions) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
Derivative Instruments1: | $ | $ | $ | $ | ||||||||
Tax benefit2 | ( | ) | ( | ) | ( | ) | ( | ) | ||||
After-tax | $ | $ | $ | $ | ||||||||
Amortization of pension benefit plans: | ||||||||||||
Prior service benefit3 | $ | ( | ) | $ | $ | ( | ) | $ | ||||
Actuarial losses3 | ||||||||||||
Settlement loss3 | ||||||||||||
Total before tax | ||||||||||||
Tax benefit2 | ( | ) | ||||||||||
After-tax | $ | $ | $ | $ | ||||||||
Amortization of other benefit plans: | ||||||||||||
Actuarial gains3 | $ | $ | ( | ) | $ | $ | ( | ) | ||||
Total before tax | ( | ) | ( | ) | ||||||||
Tax benefit | ||||||||||||
After-tax | $ | $ | ( | ) | $ | $ | ( | ) | ||||
Total reclassifications for the period, after-tax | $ | $ | $ | $ | ||||||||
1. | Reflected in cost of goods sold. |
2. | Reflected in provision for (benefit from) income taxes from continuing operations. |
3. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | ||||||||
Defined Benefit Pension Plans: | ||||||||||||
Service cost | $ | $ | $ | $ | ||||||||
Interest cost | ||||||||||||
Expected return on plan assets | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Amortization of unrecognized loss | ||||||||||||
Amortization of prior service benefit | ( | ) | ( | ) | ||||||||
Settlement/curtailment 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. |
Notional Amounts (In millions) | June 30, 2020 | December 31, 2019 | June 30, 2019 | ||||||
Derivatives designated as hedging instruments: | |||||||||
Foreign currency contracts | $ | $ | $ | ||||||
Commodity contracts | $ | $ | $ | ||||||
Derivatives not designated as hedging instruments: | |||||||||
Foreign currency contracts | $ | $ | $ | ||||||
Commodity contracts | $ | $ | $ | ||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | ||||||||
Beginning balance | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||
Additions and revaluations of derivatives designated as cash flow hedges | ( | ) | ( | ) | ||||||||
Clearance of hedge results to earnings | ||||||||||||
Ending balance | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||
(In millions) | 2020 | 2020 | ||||
Beginning balance | $ | $ | ||||
Additions and revaluations of derivatives designated as cash flow hedges | ||||||
Ending balance | $ | $ | ||||
June 30, 2020 | ||||||||||
(In millions) | Balance Sheet Location | Gross | Counterparty and Cash Collateral Netting1 | Net Amounts Included in the Condensed Consolidated Balance Sheet | ||||||
Asset derivatives: | ||||||||||
Derivatives designated as hedging instruments: | ||||||||||
Foreign currency contracts | Other current assets | $ | $ | $ | ||||||
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 | $ | $ | ( | ) | $ | |||||
December 31, 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 | $ | $ | ( | ) | $ | |||||
June 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. |
Amount of (Loss) Gain Recognized in OCI1 - Pre-Tax | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | ||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Net Investment Hedges: | ||||||||||||
Foreign currency contracts | $ | ( | ) | $ | $ | $ | ||||||
Cash flow hedges: | ||||||||||||
Foreign currency contracts | ||||||||||||
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 June 30, | Six Months Ended June 30, | ||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
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 | ( | ) | ( | ) | ||||||||
Foreign currency contracts2 | ||||||||||||
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 7 - Supplementary Information, for additional information. |
June 30, 2020 | 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: | |||
Derivatives relating to:2 | |||
Foreign currency | |||
Total liabilities at fair value | $ | ||
December 31, 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: | |||
Derivatives relating to:2 | |||
Foreign currency | |||
Total liabilities at fair value | $ | ||
June 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: | |||
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. |
As of and for the Three Months Ended June 30, (In millions) | Seed | Crop Protection | Total | ||||||
2020 | |||||||||
Net sales | $ | $ | $ | ||||||
Segment operating EBITDA | $ | $ | $ | ||||||
Segment assets1 | $ | $ | $ | ||||||
2019 | |||||||||
Net sales | $ | $ | $ | ||||||
Segment operating EBITDA | $ | $ | $ | ||||||
Segment assets1 | $ | $ | $ | ||||||
1. | Segment assets at December 31, 2019 were $ |
For the Six Months Ended June 30, (In millions) | Seed | Crop Protection | Total | ||||||
2020 | |||||||||
Net sales | $ | $ | $ | ||||||
Segment operating EBITDA | $ | $ | $ | ||||||
2019 | |||||||||
Net sales | $ | $ | $ | ||||||
Pro forma segment operating EBITDA | $ | $ | $ | ||||||
Income from continuing operations after income taxes to segment operating EBITDA (In millions) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2020 | 2019 | 2020 | 2019 1 | |||||||||
Income from continuing operations after income taxes | $ | $ | $ | $ | ||||||||
Provision for income taxes on continuing operations | ||||||||||||
Income from continuing operations before income taxes | ||||||||||||
Depreciation and amortization | ||||||||||||
Interest income | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Interest expense | ||||||||||||
Exchange (gains) losses - net | ( | ) | ||||||||||
Non-operating benefits - net | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Significant items | ||||||||||||
Pro forma adjustments | ||||||||||||
Corporate expenses | ||||||||||||
Segment operating EBITDA | $ | $ | $ | $ | ||||||||
1. | Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. |
Segment assets to total assets (in millions) | June 30, 2020 | December 31, 2019 | June 30, 2019 | ||||||
Total segment assets | $ | $ | $ | ||||||
Corporate assets | |||||||||
Total assets | $ | $ | $ | ||||||
(In millions) | Seed | Crop Protection | Corporate | Total | ||||||||
For the Three Months Ended June 30, 2020 | ||||||||||||
Restructuring and Asset Related Charges - Net 1 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Total | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
(In millions) | Seed | Crop Protection | Corporate | Total | ||||||||
For the Three Months Ended June 30, 2019 | ||||||||||||
Restructuring and Asset Related Charges - Net 1 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Integration and Separation Costs 2 | — | — | ( | ) | ( | ) | ||||||
Amortization of inventory step up3 | ( | ) | — | — | ( | ) | ||||||
Loss on early extinguishment of debt4 | — | — | ( | ) | ( | ) | ||||||
Total | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
(In millions) | Seed | Crop Protection | Corporate | Total | ||||||||
For the Six Months Ended June 30, 2020 | ||||||||||||
Restructuring and Asset Related Charges - Net 1 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Loss on Divestiture5 | — | ( | ) | — | ( | ) | ||||||
Total | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
(In millions) | Seed | Crop Protection | Corporate | Total | ||||||||
For the Six Months Ended June 30, 20197 | ||||||||||||
Restructuring and Asset Related Charges - Net 1 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Integration and Separation Costs 2 | — | — | ( | ) | ( | ) | ||||||
Amortization of inventory step up3 | ( | ) | — | — | ( | ) | ||||||
Loss on early extinguishment of debt4 | — | — | ( | ) | ( | ) | ||||||
Loss on Divestiture6 | ( | ) | — | — | ( | ) | ||||||
Total | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
1. |
2. | Integration and separation costs include costs incurred to prepare for and close the Merger, post-Merger integration expenses, and costs incurred to prepare for the Business Separations. |
3. | Includes a charge related to the amortization of the inventory that was stepped up to fair value in connection with the Merger. |
4. | Includes a loss on early extinguishment of debt related to the difference between the redemption price and the par value of the Make Whole Notes and Term Loan Facility, partially offset by the write-off of unamortized step-up related to the fair value step-up of EID's debt. |
5. | Includes a loss recorded in other income - net related to the expected sale of the La Porte site. |
6. | Includes a loss recorded in other income - net related to DAS’s sale of a joint venture related to synergy actions. |
7. | Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. |
Item 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
• | The company reported net sales of $5,191 million, down 7 percent versus the same quarter last year, reflecting a 4 percent decrease in volume, a 3 percent decline in currency, and 1 percent impact in portfolio, partially offset by a 1 percent increase in price. |
• | Cost of goods sold ("COGS") totaled $2,829 million in the second quarter of 2020, down from $3,047 million in the second quarter of 2019, primarily driven by currency benefits, lower volumes, $52 million of amortization of inventory step-up included in the three months ended June 30, 2019 and ongoing cost synergies and productivity efforts. |
• | Restructuring and asset related charges - net were $179 million in the second quarter of 2020, an increase from $60 million in the second quarter 2019. The three months ended June 30, 2020 included $138 million of non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. |
• | There were no integration and separation costs in the second quarter of 2020, as compared to $330 million in the second quarter of 2019. |
• | The provision for income taxes for the three months ended June 30, 2020 includes a tax benefit of $51 million to provision for income taxes on continuing operations related to a return to accrual adjustment associated with an elective change in accounting method for the 2019 tax year impact of the 2017 Tax Cuts and Jobs Act 's (“The Act”) foreign tax provisions. |
• | Income from continuing operations after income taxes was $766 million, as compared to income of $483 million in the same quarter last year. |
• | Operating EBITDA was $1,236 million, down from $1,452 million for the three months ended June 30, 2019. Volume declines, higher selling, general and administrative expense ("SG&A") and the unfavorable impact of currency more than offset the positive impact of price increases and ongoing cost synergies and productivity efforts. Refer to page 59 for further discussion of the company's Non-GAAP financial measures. |
• | The company reported net sales of $9,147 million, up 2 percent versus the same period last year, reflecting a 4 percent increase in volume and a 1 percent increase in local price, partially offset by a 3 percent decline in currency. |
• | COGS totaled $5,098 million in the six months ended 2020, down from $5,258 million in the six months ended 2019, primarily driven by the $257 million of amortization of inventory step-up included in the six months ended June 30, 2019, currency benefits and ongoing cost synergies and productivity efforts. |
• | Restructuring and asset related charges - net were $249 million in the six months ended 2020, an increase from $121 million in the six months ended 2019. The six months ended June 30, 2020 included $148 million of non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. |
• | There were no integration and separation costs in the six months ended 2020, as compared to $542 million in the six months ended 2019. |
• | The provision for income taxes for the six months ended June 30, 2020 includes a tax benefit of $51 million to provision for income taxes on continuing operations related to a return to accrual adjustment associated with an elective change in accounting method for the 2019 tax year impact of the 2017 Tax Cuts and Jobs Act 's (“The Act”) foreign tax provisions. |
• | Income from continuing operations after income taxes was $1,047 million, as compared to income of $299 million in the same period last year. |
• | Operating EBITDA was $2,030 million, up from $1,970 million for the six months ended June 30, 2019. Price and volume gains in seed and ongoing cost synergies and productivity efforts more than offset the unfavorable impacts of currency and geographic and product mix in crop protection. Refer to page 59 for further discussion of the company's Non-GAAP financial measures. |
• | The company realized cost synergies and productivity savings of approximately $130 million for the six months ended June 30, 2020. |
In millions, except per share amounts | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
Net sales | $ | 5,191 | $ | 5,556 | $ | 9,147 | $ | 8,952 | ||||
Cost of goods sold | $ | 2,829 | $ | 3,047 | $ | 5,098 | $ | 5,258 | ||||
Percent of net sales | 54 | % | 55 | % | 56 | % | 59 | % | ||||
Research and development expense | $ | 273 | $ | 269 | $ | 553 | $ | 568 | ||||
Percent of net sales | 5 | % | 5 | % | 6 | % | 6 | % | ||||
Selling, general and administrative expenses | $ | 965 | $ | 937 | $ | 1,722 | $ | 1,672 | ||||
Percent of net sales | 19 | % | 17 | % | 19 | % | 19 | % | ||||
Effective tax rate on continuing operations | 9.2 | % | 35.9 | % | 16.4 | % | 40.4 | % | ||||
Income from continuing operations after income taxes | $ | 766 | $ | 483 | $ | 1,047 | $ | 299 | ||||
Income from continuing operations available to Corteva common stockholders | $ | 760 | $ | 470 | $ | 1,031 | $ | 278 | ||||
Basic earnings per share of common stock from continuing operations | $ | 1.01 | $ | 0.63 | $ | 1.37 | $ | 0.37 | ||||
Diluted earnings per share of common stock from continuing operations | $ | 1.01 | $ | 0.63 | $ | 1.37 | $ | 0.37 | ||||
Three Months Ended June 30, | ||||||||||
2020 | 2019 | |||||||||
Net Sales ($ Millions) | % | Net Sales ($ Millions) | % | |||||||
Worldwide | $ | 5,191 | 100 | % | $ | 5,556 | 100 | % | ||
North America1 | 3,566 | 69 | % | 3,785 | 68 | % | ||||
EMEA2 | 643 | 12 | % | 667 | 12 | % | ||||
Latin America | 515 | 10 | % | 653 | 12 | % | ||||
Asia Pacific | 467 | 9 | % | 451 | 8 | % | ||||
Q2 2020 vs. Q2 2019 | Percent Change Due To: | ||||||||||||
Net Sales Change | Local Price & | Portfolio / | |||||||||||
$ In millions | $ | % | Product Mix | Volume | Currency | Other | |||||||
North America1 | $ | (219 | ) | (6 | )% | — | % | (5 | )% | (1 | )% | — | % |
EMEA2 | (24 | ) | (4 | )% | 3 | % | — | % | (7 | )% | — | % | |
Latin America | (138 | ) | (21 | )% | 4 | % | (11 | )% | (14 | )% | — | % | |
Asia Pacific | 16 | 4 | % | 2 | % | 8 | % | (5 | )% | (1 | )% | ||
Total | $ | (365 | ) | (7 | )% | 1 | % | (4 | )% | (3 | )% | (1 | )% |
1. | Represents U.S. & Canada. |
2. | Europe, Middle East, and Africa ("EMEA"). |
Six Months Ended June 30, | ||||||||||
2020 | 2019 | |||||||||
Net Sales ($ Millions) | % | Net Sales ($ Millions) | % | |||||||
Worldwide | $ | 9,147 | 100 | % | $ | 8,952 | 100 | % | ||
North America1 | 5,331 | 58 | % | 5,177 | 58 | % | ||||
EMEA2 | 2,110 | 23 | % | 2,031 | 23 | % | ||||
Latin America | 949 | 11 | % | 1,018 | 11 | % | ||||
Asia Pacific | 757 | 8 | % | 726 | 8 | % | ||||
First Half 2020 vs. First Half 2019 | Percent Change Due To: | ||||||||||||
Net Sales Change | Local Price & | Portfolio / | |||||||||||
$ In millions | $ | % | Product Mix | Volume | Currency | Other | |||||||
North America1 | $ | 154 | 3 | % | — | % | 3 | % | — | % | — | % | |
EMEA2 | 79 | 4 | % | 2 | % | 6 | % | (4 | )% | — | % | ||
Latin America | (69 | ) | (7 | )% | 7 | % | — | % | (14 | )% | — | % | |
Asia Pacific | 31 | 4 | % | 2 | % | 8 | % | (5 | )% | (1 | )% | ||
Total | $ | 195 | 2 | % | 1 | % | 4 | % | (3 | )% | — | % | |
1. | Represents U.S. & Canada. |
2. | Europe, Middle East, and Africa ("EMEA"). |
Unaudited Pro Forma Statement of Operations | Six Months Ended June 30, 2019 | ||||||||||||||
(In millions, except per share amounts) | Corteva | Merger 1 | Debt Retirement 2 | Separations Related 3 | Pro Forma | ||||||||||
Net sales | $ | 8,952 | $ | — | $ | — | $ | — | $ | 8,952 | |||||
Cost of goods sold | 5,258 | (205 | ) | — | 16 | 5,069 | |||||||||
Research and development expense | 568 | — | — | — | 568 | ||||||||||
Selling, general and administrative expenses | 1,672 | — | — | 3 | 1,675 | ||||||||||
Amortization of intangibles | 214 | — | — | — | 214 | ||||||||||
Restructuring and asset related charges - net | 121 | — | — | — | 121 | ||||||||||
Integration and separation costs | 542 | — | — | (112 | ) | 430 | |||||||||
Other income - net | 31 | — | — | — | 31 | ||||||||||
Loss on early extinguishment of debt | 13 | — | — | 13 | |||||||||||
Interest expense | 93 | — | (45 | ) | — | 48 | |||||||||
Income from continuing operations before income taxes | 502 | 205 | 45 | 93 | 845 | ||||||||||
Provision for income taxes on continuing operations | 203 | 36 | 10 | 1 | 250 | ||||||||||
Income from continuing operations after income taxes | 299 | 169 | 35 | 92 | 595 | ||||||||||
Net income from continuing operations attributable to noncontrolling interests | 21 | — | — | — | 21 | ||||||||||
Net income from continuing operations attributable to Corteva | $ | 278 | $ | 169 | $ | 35 | $ | 92 | $ | 574 | |||||
Per share common data | |||||||||||||||
Earnings per share of common stock from continuing operations - basic | $ | 0.77 | |||||||||||||
Earnings per share of common stock from continuing operations - diluted | $ | 0.77 | |||||||||||||
Weighted-average common shares outstanding - basic | 749.4 | ||||||||||||||
Weighted-average common shares outstanding - diluted | 749.7 | ||||||||||||||
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 June 30, | Six Months Ended June 30, | ||||||||||
In millions | 2020 | 2019 | 2020 | 2019 | ||||||||
Net sales | $ | 3,538 | $ | 3,699 | $ | 5,993 | $ | 5,666 | ||||
Segment operating EBITDA 1 | $ | 956 | $ | 1,036 | $ | 1,537 | $ | 1,361 | ||||
1. | The six months ended June 30, 2019 is presented on a Pro Forma Basis, prepared in accordance with Article 11 of Regulation S-X. |
Seed | Q2 2020 vs. Q2 2019 | Percent Change Due To: | |||||||||||
Net Sales Change | Local Price & | Portfolio / | |||||||||||
$ In millions | $ | % | Product Mix | Volume | Currency | Other | |||||||
North America | $ | (196 | ) | (6 | )% | — | % | (6 | )% | — | % | — | % |
EMEA | (10 | ) | (4 | )% | 5 | % | — | % | (9 | )% | — | % | |
Latin America | 19 | 10 | % | 2 | % | 25 | % | (17 | )% | — | % | ||
Asia Pacific | 26 | 19 | % | 9 | % | 18 | % | (8 | )% | — | % | ||
Total | $ | (161 | ) | (4 | )% | 1 | % | (3 | )% | (2 | )% | — | % |
Seed | First Half 2020 vs. First Half 2019 | Percent Change Due To: | |||||||||||
Net Sales Change | Local Price & | Portfolio / | |||||||||||
$ In millions | $ | % | Product Mix | Volume | Currency | Other | |||||||
North America | $ | 181 | 5 | % | 1 | % | 4 | % | — | % | — | % | |
EMEA | 67 | 6 | % | 4 | % | 7 | % | (5 | )% | — | % | ||
Latin America | 57 | 16 | % | 9 | % | 20 | % | (13 | )% | — | % | ||
Asia Pacific | 22 | 10 | % | 8 | % | 9 | % | (7 | )% | — | % | ||
Total | $ | 327 | 6 | % | 2 | % | 6 | % | (2 | )% | — | % | |
Crop Protection | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
In millions | 2020 | 2019 | 2020 | 2019 | ||||||||
Net sales | $ | 1,653 | $ | 1,857 | $ | 3,154 | $ | 3,286 | ||||
Segment Operating EBITDA 1 | $ | 309 | $ | 450 | $ | 547 | $ | 670 | ||||
1. | The six months ended June 30, 2019 is presented on a Pro Forma Basis, prepared in accordance with Article 11 of Regulation S-X. |
Crop Protection | Q2 2020 vs. Q2 2019 | Percent Change Due To: | |||||||||||
Net Sales Change | Local Price & | Portfolio / | |||||||||||
$ In millions | $ | % | Product Mix | Volume | Currency | Other | |||||||
North America | $ | (23 | ) | (3 | )% | 1 | % | (3 | )% | — | % | (1 | )% |
EMEA | (14 | ) | (4 | )% | 1 | % | — | % | (4 | )% | (1 | )% | |
Latin America | (157 | ) | (34 | )% | 5 | % | (25 | )% | (14 | )% | — | % | |
Asia Pacific | (10 | ) | (3 | )% | (1 | )% | 4 | % | (5 | )% | (1 | )% | |
Total | $ | (204 | ) | (11 | )% | 2 | % | (7 | )% | (5 | )% | (1 | )% |
Crop Protection | First Half 2020 vs. First Half 2019 | Percent Change Due To: | |||||||||||
Net Sales Change | Local Price & | Portfolio / | |||||||||||
$ In millions | $ | % | Product Mix | Volume | Currency | Other | |||||||
North America | $ | (27 | ) | (2 | )% | (1 | )% | — | % | — | % | (1 | )% |
EMEA | 12 | 1 | % | 1 | % | 5 | % | (4 | )% | (1 | )% | ||
Latin America | (126 | ) | (19 | )% | 5 | % | (11 | )% | (13 | )% | — | % | |
Asia Pacific | 9 | 2 | % | — | % | 8 | % | (4 | )% | (2 | )% | ||
Total | $ | (132 | ) | (4 | )% | 1 | % | — | % | (4 | )% | (1 | )% |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
(In millions) | As Reported | As Reported | As Reported | Pro Forma | ||||||||
Income from continuing operations after income taxes | $ | 766 | $ | 483 | $ | 1,047 | $ | 595 | ||||
Provision for income taxes on continuing operations | 78 | 270 | 205 | 250 | ||||||||
Income from continuing operations before income taxes | 844 | 753 | 1,252 | 845 | ||||||||
Depreciation and amortization | 300 | 227 | 583 | 485 | ||||||||
Interest income | (9 | ) | (17 | ) | (27 | ) | (33 | ) | ||||
Interest expense | 14 | 34 | 24 | 48 | ||||||||
Exchange (gains) losses - net | (1 | ) | 32 | 60 | 59 | |||||||
Non-operating benefits - net | (91 | ) | (32 | ) | (164 | ) | (74 | ) | ||||
Significant items charge | 179 | 455 | 302 | 640 | ||||||||
Operating EBITDA (Non-GAAP) | $ | 1,236 | $ | 1,452 | $ | 2,030 | $ | 1,970 | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
(In millions) | As Reported | As Reported | As Reported | Pro Forma | ||||||||
Integration and separation costs | $ | — | $ | (330 | ) | $ | — | $ | (430 | ) | ||
Restructuring and asset related charges - net | (179 | ) | (60 | ) | (249 | ) | (121 | ) | ||||
Loss on divestiture | — | — | (53 | ) | (24 | ) | ||||||
Amortization of inventory step-up | — | (52 | ) | — | (52 | ) | ||||||
Loss on early extinguishment of debt | — | (13 | ) | — | (13 | ) | ||||||
Total pretax significant items charge | (179 | ) | (455 | ) | (302 | ) | (640 | ) | ||||
Total tax benefit (provision) impact of significant items1 | 36 | (80 | ) | 59 | 12 | |||||||
Tax only significant item benefit2 | 29 | — | 10 | — | ||||||||
Total significant items charge, after tax | $ | (114 | ) | $ | (535 | ) | $ | (233 | ) | $ | (628 | ) |
1. | The tax benefit impact of significant items for the three months ended June 30, 2019 includes a net tax charge of $(114) million related to U.S. state blended tax rate changes associated with the Business Separations and a net tax charge of $(96) million related to application of the The Act's foreign tax provisions. In addition to the items noted above, the tax benefit impact of significant items for the six months ended June 30, 2019 includes a net tax charge of $(32) million related to U.S. state blended tax rate changes associated with the Internal Reorganizations and a tax benefit of $102 million related to an internal legal entity restructuring associated with the Internal Reorganizations. Unless specifically addressed above, the income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. |
2. | The tax only significant item benefits are primarily related to a benefit due to an elective change in accounting method that alters the 2019 impact of the business separation on The Act's foreign tax provisions and a state tax valuation allowance in the U.S. based on a change in judgment about the realizability of a deferred tax asset. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
(In millions) | As Reported | As Reported | As Reported | Pro Forma | ||||||||
Income from continuing operations attributable to Corteva | $ | 760 | $ | 470 | $ | 1,031 | $ | 574 | ||||
Less: Non-operating benefits - net, after tax | 67 | 30 | 124 | 61 | ||||||||
Less: Amortization of intangibles (existing as of Separation), after tax | (137 | ) | (89 | ) | (251 | ) | (170 | ) | ||||
Less: Significant items charge, after tax | (114 | ) | (535 | ) | (233 | ) | (628 | ) | ||||
Operating Earnings (Non-GAAP) | $ | 944 | $ | 1,064 | $ | 1,391 | $ | 1,311 | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
As Reported | As Reported | As Reported | Pro Forma | |||||||||
Earnings per share of common stock from continuing operations - diluted | $ | 1.01 | $ | 0.63 | $ | 1.37 | $ | 0.77 | ||||
Less: Non-operating benefits - net, after tax | 0.09 | 0.04 | 0.16 | 0.08 | ||||||||
Less: Amortization of intangibles (existing as of Separation), after tax | (0.19 | ) | (0.12 | ) | (0.33 | ) | (0.22 | ) | ||||
Less: Significant items charge, after tax | (0.15 | ) | (0.71 | ) | (0.31 | ) | (0.84 | ) | ||||
Operating Earnings Per Share (Non-GAAP) | $ | 1.26 | $ | 1.42 | $ | 1.85 | $ | 1.75 | ||||
Diluted Shares Outstanding (in millions) | 751.6 | 750.0 | 752.0 | 749.7 | ||||||||
(Dollars in millions) | June 30, 2020 | December 31, 2019 | June 30, 2019 | ||||||
Cash, cash equivalents and marketable securities | $ | 2,869 | $ | 1,769 | $ | 2,083 | |||
Total debt | $ | 2,631 | $ | 122 | $ | 2,175 | |||
Payments Due In | |||||||||||||||
(Dollars in millions) | Total at June 30, 2020 | Remainder 2020 | 2021 - 2022 | 2023 - 2024 | 2025 and beyond | ||||||||||
Long-Term debt1 | $ | 1,110 | $ | — | $ | 1 | $ | — | $ | 1,109 | |||||
Item 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Item 1. | LEGAL PROCEEDINGS |
• | Current and future COVID-19 outbreaks and resulting illness, travel restrictions and workforce disruptions could impact Corteva's global supply chain, its operations and its routes to market or those of its suppliers, co-manufacturers, or customers/distributors. These disruptions or the company's failure to effectively respond to them could increase product or distribution costs, alter the timing of recognizing manufacturing costs, or impact the delivery of products to customers. |
• | Government or regulatory responses to pandemics could negatively impact the company's business. Mandatory lockdowns or other restrictions on operations in certain countries have temporarily disrupted the company's ability to operate or distribute its products in these markets. Continuation or expansion of these disruptions could materially adversely impact the company's operations and results. |
• | Reductions to the company’s forecasted profitability and continued global economic decline could trigger potential impairment of the carrying value of goodwill or other indefinite and definite-lived intangible assets. |
• | The instability or unavailability of a farm workforce to harvest agricultural products could impact the company's customers’ ability to monetize their crop and potentially impact the collection of the company's customer receivables. |
• | Continued commodity cost volatility is expected and the company's commodity hedging activities may not sufficiently offset this volatility. Depressed commodity prices may increase the insolvency risk of Corteva's customers in the longer-term, along with reducing the demand for Corteva's products. |
• | Disruptions or uncertainties related to the COVID-19 outbreak for a sustained period of time could result in delays or modifications to the company's strategic plans and productivity initiatives. |
• | Increased volatility and pricing in the capital and commercial paper markets may reoccur and impact the company's access to preferred sources of liquidity resulting in higher borrowing costs. The company cannot assure investors that additional liquidity will be readily available or available on favorable terms. |
• | Increased market volatility may bring unprecedented market conditions making it difficult for the company to adequately forecast customer demand. |
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 (Commission file number 001-38710), filed on June 3, 2019. | ||
Amended and Restated Bylaws of Corteva, Inc. (incorporated by reference to Exhibit No. 3.1 to Corteva’s Current Report on Form 8-K (Commission file number 001-38710), filed on October 10, 2019. | ||
Amended and Restated Certificate of Incorporation of E.I. du Pont de Nemours and Company (incorporated by reference to Exhibit 3.1 to E.I. du Pont de Nemours and Company’s Current Report on Form 8-K (Commission file number 1-815) dated September 1, 2017). | ||
Amended and Restated Bylaws of E.I. du Pont de Nemours and Company (incorporated by reference to Exhibit 3.2 to E.I. du Pont de Nemours and Company's Current Report on Form 8-K (Commission file number 1-815) dated September 1, 2017). | ||
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: | August 6, 2020 | |
By: | /s/ Brian Titus | |
Brian Titus | ||
Vice President, Controller | ||
(Principal Accounting Officer) | ||
E. I. du Pont de Nemours and Company | ||
(Registrant) | ||
Date: | August 6, 2020 | |
By: | /s/ Brian Titus | |
Brian Titus | ||
Vice President, Controller | ||
(Principal Accounting Officer) | ||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
(In millions, except per share amounts) | 2020 | 2019 | 2020 | 2019 | ||||||||
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 | ||||||||||||
Loss on early extinguishment of debt | ||||||||||||
Interest expense | ||||||||||||
Income from continuing operations before income taxes | ||||||||||||
Provision for income taxes on continuing operations | ||||||||||||
Income from continuing operations after income taxes | ||||||||||||
(Loss) income from discontinued operations after income taxes | ( | ) | ( | ) | ||||||||
Net income (loss) | ( | ) | ( | ) | ||||||||
Net income attributable to noncontrolling interests | ||||||||||||
Net income (loss) attributable to E. I. du Pont de Nemours and Company | $ | $ | ( | ) | $ | $ | ( | ) | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | ||||||||
Net income (loss) | $ | $ | ( | ) | $ | $ | ( | ) | ||||
Other comprehensive income (loss) - net of tax: | ||||||||||||
Cumulative translation adjustments | ( | ) | ( | ) | ( | ) | ||||||
Adjustments to pension benefit plans | ( | ) | ( | ) | ||||||||
Adjustments to other benefit plans | ( | ) | ( | ) | ( | ) | ||||||
Derivative instruments | ( | ) | ||||||||||
Total other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | ||||||
Comprehensive income (loss) | ( | ) | ( | ) | ||||||||
Comprehensive income attributable to noncontrolling interests - net of tax | ||||||||||||
Comprehensive income (loss) attributable to E. I. du Pont de Nemours and Company | $ | $ | ( | ) | $ | $ | ( | ) | ||||
(In millions, except share amounts) | June 30, 2020 | December 31, 2019 | June 30, 2019 | ||||||
Assets | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ | $ | $ | ||||||
Marketable securities | |||||||||
Accounts and notes receivable - net | |||||||||
Inventories | |||||||||
Other current assets | |||||||||
Total current assets | |||||||||
Investment in nonconsolidated affiliates | |||||||||
Property, plant and equipment - net of accumulated depreciation (June 30, 2020 - $3,565; December 31, 2019 - $3,326; June 30, 2019 - $3,207) | |||||||||
Goodwill | |||||||||
Other intangible assets | |||||||||
Deferred income taxes | |||||||||
Other assets | |||||||||
Total Assets | $ | $ | $ | ||||||
Liabilities and Equity | |||||||||
Current liabilities | |||||||||
Short-term borrowings and finance lease obligations | $ | $ | $ | ||||||
Accounts payable | |||||||||
Income taxes payable | |||||||||
Accrued and other current liabilities | |||||||||
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 | |||||||||
Total noncurrent liabilities | |||||||||
Commitments and contingent liabilities | |||||||||
Stockholders’ equity | |||||||||
Preferred stock, without par value – cumulative; 23,000,000 shares authorized; issued at June 30, 2020, December 31, 2019, and June 30, 2019: | |||||||||
$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 June 30, 2020 - 200, December 31, 2019 - 200, and June 30, 2019 - 200 | |||||||||
Additional paid-in capital | |||||||||
Retained earnings / (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 | $ | $ | $ | ||||||
Six Months Ended June 30, | ||||||
(In millions) | 2020 | 20191 | ||||
Operating activities | ||||||
Net income (loss) | $ | $ | ( | ) | ||
Adjustments to reconcile net income (loss) to cash used for operating activities: | ||||||
Depreciation and amortization | ||||||
Benefit from deferred income tax | ( | ) | ( | ) | ||
Net periodic pension benefit | ( | ) | ( | ) | ||
Pension contributions | ( | ) | ( | ) | ||
Net loss (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 | ( | ) | ||||
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 | ||||||
Net change in borrowings (less than 90 days) | ||||||
Proceeds from related party debt | ||||||
Payments on related party debt | ( | ) | ||||
Proceeds from debt | ||||||
Payments on debt | ( | ) | ( | ) | ||
Proceeds from exercise of stock options | ||||||
Payment for acquisition of subsidiary's interest from the non-controlling interest | ( | ) | ||||
Distributions to DowDuPont | ( | ) | ||||
Cash transferred to DowDuPont at Internal Reorganization | ( | ) | ||||
Contributions from Dow and DowDuPont | ||||||
Debt extinguishment costs | ( | ) | ||||
Other financing activities | ( | ) | ( | ) | ||
Cash provided by financing activities | ( | ) | ||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | ) | ( | ) | ||
Increase (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 | 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 DowDuPont | ( | ) | ( | ) | ||||||||||||||||||||
Issuance of DowDuPont stock | ||||||||||||||||||||||||
Share-based compensation | ||||||||||||||||||||||||
Contributions from Dow | ||||||||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | ( | ) | $ | $ | ||||||||||||||
(In millions) | Preferred Stock | Common Stock | Add. Paid-in Capital | Divisional Equity | (Accumulated deficit) Retained Earnings | Accum. Other Comp Loss | Non-controlling Interests | Total Equity | ||||||||||||||
2020 | ||||||||||||||||||||||
Balance at January 1, 2020 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||
Net income | ||||||||||||||||||||||
Other comprehensive loss | ( | ) | ( | ) | ||||||||||||||||||
Preferred dividends ($4.50 Series - $1.125 per share, $3.50 Series - $0.875 per share) | ( | ) | ( | ) | ||||||||||||||||||
Issuance of Corteva stock | ||||||||||||||||||||||
Share-based compensation | ||||||||||||||||||||||
Other - net | ( | ) | ||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||
Net income | ||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||
Preferred dividends ($4.50 Series - $1.125 per share, $3.50 Series - $0.875 per share) | ( | ) | ( | ) | ||||||||||||||||||
Issuance of Corteva stock | ||||||||||||||||||||||
Share-based compensation | ||||||||||||||||||||||
Acquisition of a noncontrolling interest in consolidated subsidiaries | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Other - net | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | $ | ( | ) | $ | $ | |||||||||||||
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 June 30, 2020, Corteva, Inc.'s capital structure consists of |
• | Note 1 - Summary of Significant Accounting Policies - refer to page 9 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 2 - Recent Accounting Guidance - refer to page 10 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 3 - Divestitures and Other Transactions - refer to page 11 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 4 - Revenue - refer to page 14 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 5 - Restructuring and Asset Related Charges - Net - refer to page 16 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 6 - Related Parties - Differences exist between Corteva, Inc. and EID; refer to EID Note 2 - Related Party Transactions, below |
• | Note 7 - Supplementary Information - refer to page 18 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 8 - Income Taxes - refer to page 20 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 9 - Earnings Per Share of Common Stock - Not applicable for EID |
• | Note 10 - Accounts and Notes Receivable - Net - refer to page 22 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 11 - Inventories - refer to page 23 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 12 - Other Intangible Assets - refer to page 23 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 13 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities - refer to page 24 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 14 - Commitments and Contingent Liabilities - refer to page 26 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 15 - Stockholders' Equity - refer to page 31 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 16 - Pension Plans and Other Post Employment Benefits - refer to page 34 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 17 - Financial Instruments - refer to page 35 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 18 - Fair Value Measurements - refer to page 40 of the Corteva, Inc. interim Consolidated Financial Statements |
• | Note 19 - Segment Information - Differences exist between Corteva, Inc. and EID; refer to EID Note 3 - Segment Information, below |
Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2020 | 2019 | 2020 | 2019 1 | |||||||||
Income from continuing operations after income taxes | $ | $ | $ | $ | ||||||||
Provision for income taxes on continuing operations | ||||||||||||
Income from continuing operations before income taxes | ||||||||||||
Depreciation and amortization | ||||||||||||
Interest income | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Interest expense | ||||||||||||
Exchange (gains) losses - net | ( | ) | ||||||||||
Non-operating benefits - net | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Significant items | ||||||||||||
Pro forma adjustments | ||||||||||||
Corporate expenses | ||||||||||||
Segment operating EBITDA | $ | $ | $ | $ | ||||||||
1. | Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. |
Segment assets to total assets (in millions) | June 30, 2020 | December 31, 2019 | June 30, 2019 | ||||||
Total segment assets | $ | $ | $ | ||||||
Corporate assets | |||||||||
Total assets | $ | $ | $ | ||||||
1. | I have reviewed this report on Form 10-Q for the period ended June 30, 2020 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: | August 6, 2020 | |||
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 June 30, 2020 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: | August 6, 2020 | |||
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 June 30, 2020 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: | August 6, 2020 | |||
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 June 30, 2020 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: | August 6, 2020 | |||
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 |
August 6, 2020 |
(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 |
August 6, 2020 |
(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 |
August 6, 2020 |
(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 |
August 6, 2020 |
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
||||
| Net income (loss) | $ 766 | $ (594) | $ 1,048 | $ (418) | [1] | ||
| Cumulative Translation Adjustments | 97 | (102) | (575) | (174) | |||
| Derivatives Instruments | (2) | 22 | 4 | 23 | |||
| Total other comprehensive income (loss) | 88 | (155) | (575) | (229) | |||
| Comprehensive income (loss) | 854 | (749) | 473 | (647) | |||
| Comprehensive Income Attributable to Noncontrolling Interest - Net of Tax | 6 | 14 | 16 | 26 | |||
| Comprehensive Income (Loss) Attributable to Company | 848 | (763) | 457 | (673) | |||
| Pension Plan | |||||||
| Adjustments to benefit plans | (6) | 11 | (6) | 8 | |||
| Other Benefit Plans | |||||||
| Adjustments to benefit plans | (1) | (86) | 2 | (86) | |||
| EID [Member] | |||||||
| Net income (loss) | 742 | (617) | 1,000 | (441) | |||
| Cumulative Translation Adjustments | 97 | (102) | (575) | (174) | |||
| Derivatives Instruments | (2) | 22 | 4 | 23 | |||
| Total other comprehensive income (loss) | 88 | (155) | (575) | (229) | |||
| Comprehensive income (loss) | 830 | (772) | 425 | (670) | |||
| Comprehensive Income Attributable to Noncontrolling Interest - Net of Tax | 3 | 9 | 11 | 19 | |||
| Comprehensive Income (Loss) Attributable to Company | 827 | (781) | 414 | (689) | |||
| EID [Member] | Pension Plan | |||||||
| Adjustments to benefit plans | (6) | 11 | (6) | 8 | |||
| EID [Member] | Other Benefit Plans | |||||||
| Adjustments to benefit plans | $ (1) | $ (86) | $ 2 | $ (86) | |||
| |||||||
Consolidated Balance Sheets - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
|---|---|---|---|
| Cash and cash equivalents | $ 2,809 | $ 1,764 | $ 2,077 |
| Marketable Securities | 60 | 5 | 6 |
| Accounts and notes receivable - net | 6,772 | 5,528 | 7,434 |
| Inventories | 3,589 | 5,032 | 3,918 |
| Other current assets | 1,192 | 1,190 | 1,010 |
| Total current assets | 14,422 | 13,519 | 14,445 |
| Investments in nonconsolidated affiliates | 62 | 66 | 64 |
| Property, plant and equipment - net of accumulated depreciation (June 30, 2020 - $3,565; December 31, 2019 - $3,326; June 30, 2019 - $3,207) | 4,293 | 4,546 | 4,543 |
| Goodwill | 10,069 | 10,229 | 10,249 |
| Other intangible assets | 11,070 | 11,424 | 11,832 |
| Deferred Income Taxes | 290 | 287 | 325 |
| Other assets | 1,974 | 2,326 | 2,464 |
| Total Assets | 42,180 | 42,397 | 43,922 |
| Short-term borrowings and finance lease obligations | 1,529 | 7 | 2,058 |
| Accounts payable | 2,891 | 3,702 | 3,139 |
| Income Taxes Payable | 369 | 95 | 282 |
| Accrued and other current liabilities | 2,740 | 4,434 | 3,135 |
| Total current liabilities | 7,529 | 8,238 | 8,614 |
| Long-term Debt | 1,102 | 115 | 117 |
| Deferred income tax liabilities | 752 | 920 | 1,430 |
| Pension and other post employment benefits - noncurrent | 6,039 | 6,377 | 5,538 |
| Other noncurrent obligations | 1,957 | 2,192 | 2,156 |
| Total noncurrent liabilities | 9,850 | 9,604 | 9,241 |
| Common stock | 7 | 7 | 7 |
| Additional Paid in Capital | 27,891 | 27,997 | 28,081 |
| Retained earnings / (accumulated deficit) | 508 | (425) | 97 |
| Accumulated other comprehensive loss | (3,845) | (3,270) | (2,375) |
| Total stockholders' equity attributable to the company | 24,561 | 24,309 | 25,810 |
| Noncontrolling Interests | 240 | 246 | 257 |
| Total Equity | 24,801 | 24,555 | 26,067 |
| Liabilities and Equity | 42,180 | 42,397 | 43,922 |
| EID [Member] | |||
| Cash and cash equivalents | 2,809 | 1,764 | 2,077 |
| Marketable Securities | 60 | 5 | 6 |
| Accounts and notes receivable - net | 6,772 | 5,528 | 7,441 |
| Inventories | 3,589 | 5,032 | 3,918 |
| Other current assets | 1,192 | 1,190 | 1,010 |
| Total current assets | 14,422 | 13,519 | 14,452 |
| Investments in nonconsolidated affiliates | 62 | 66 | 64 |
| Property, plant and equipment - net of accumulated depreciation (June 30, 2020 - $3,565; December 31, 2019 - $3,326; June 30, 2019 - $3,207) | 4,293 | 4,546 | 4,543 |
| Goodwill | 10,069 | 10,229 | 10,249 |
| Other intangible assets | 11,070 | 11,424 | 11,832 |
| Deferred Income Taxes | 290 | 287 | 325 |
| Other assets | 1,974 | 2,326 | 2,464 |
| Total Assets | 42,180 | 42,397 | 43,929 |
| Short-term borrowings and finance lease obligations | 1,529 | 7 | 2,058 |
| Accounts payable | 2,891 | 3,702 | 3,139 |
| Income Taxes Payable | 369 | 95 | 282 |
| Accrued and other current liabilities | 2,743 | 4,440 | 3,048 |
| Total current liabilities | 7,532 | 8,244 | 8,527 |
| Long-term Debt | 1,102 | 115 | 117 |
| Deferred income tax liabilities | 752 | 920 | 1,430 |
| Pension and other post employment benefits - noncurrent | 6,039 | 6,377 | 5,538 |
| Other noncurrent obligations | 1,957 | 2,192 | 2,156 |
| Total noncurrent liabilities | 13,692 | 13,625 | 13,401 |
| Common stock | 0 | 0 | 0 |
| Additional Paid in Capital | 23,981 | 23,958 | 23,947 |
| Retained earnings / (accumulated deficit) | 580 | (406) | 172 |
| Accumulated other comprehensive loss | (3,845) | (3,270) | (2,375) |
| Total stockholders' equity attributable to the company | 20,955 | 20,521 | 21,983 |
| Noncontrolling Interests | 1 | 7 | 18 |
| Total Equity | 20,956 | 20,528 | 22,001 |
| Liabilities and Equity | 42,180 | 42,397 | 43,929 |
| EID [Member] | $4.50 Series Preferred Stock [Member] | |||
| Preferred Stock | 169 | 169 | 169 |
| EID [Member] | $3.50 Series Preferred Stock [Member] | |||
| Preferred Stock | 70 | 70 | 70 |
| Corteva [Member] | EID [Member] | |||
| Long Term Debt - Related Party | $ 3,842 | $ 4,021 | $ 4,160 |
Consolidated Balance Sheets (Parentheticals) - USD ($) |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
|---|---|---|---|
| Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 |
| Common Stock, Shares Authorized | 1,666,667,000 | 1,666,667,000 | 1,666,667,000 |
| Common Stock, Shares, Outstanding | 748,485,000 | 748,577,000 | 748,815,000 |
| Accumulated Depreciation | $ (3,565,000,000) | $ (3,326,000,000) | $ (3,207,000,000) |
| EID [Member] | |||
| Common Stock, Par Value | $ 0.30 | $ 0.30 | $ 0.30 |
| Common Stock, Shares Authorized | 1,800,000,000 | 1,800,000,000 | 1,800,000,000 |
| Common Stock, Shares, Outstanding | 200 | 200 | 100 |
| Accumulated Depreciation | $ (3,565,000,000) | $ (3,326,000,000) | $ (3,207,000,000) |
| EID [Member] | $4.50 Series Preferred Stock [Member] | |||
| Preferred Stock, Par Value | $ 0 | $ 0 | $ 0 |
| 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 |
| Preferred Stock, Redemption Amount | $ 120 | $ 120 | $ 120 |
| EID [Member] | $3.50 Series Preferred Stock [Member] | |||
| Preferred Stock, Par Value | $ 0.00 | $ 0.00 | $ 0.00 |
| Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 | 23,000,000 |
| Preferred Stock, Shares Issued | 700,000 | 700,000 | 700,000 |
| Preferred Stock, Redemption Amount | $ 102 | $ 102 | $ 102 |
Consolidated Statements of Cash Flows - USD ($) $ in Millions |
6 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
||||||||||
| Cash used for operating activities | |||||||||||
| Net income (loss) | $ 1,048 | $ (418) | [1] | ||||||||
| Depreciation and Amortization | 583 | 485 | [2] | ||||||||
| Benefit from Deferred Income Tax | (136) | (473) | [1] | ||||||||
| Net Periodic Pension Benefit | (202) | (146) | [1] | ||||||||
| Pension Contributions | (39) | (92) | [1] | ||||||||
| Net loss (gain) on sales of property, businesses, consolidated companies, and investments | 30 | (67) | [1] | ||||||||
| Restructuring and Asset Related Charges - Net | 249 | 121 | |||||||||
| Amortization of inventory step-up | 0 | 257 | [1] | ||||||||
| Goodwill, Impairment Loss | 0 | 1,102 | [1] | ||||||||
| Loss on Extinguishment of Debt | 0 | 13 | [1] | ||||||||
| Other net loss | 185 | 172 | [1] | ||||||||
| Changes in operating assets and liabilities - net | (2,587) | (2,758) | [1] | ||||||||
| Cash used for operating activities | (869) | (1,088) | [1] | ||||||||
| Cash used for investing activities | |||||||||||
| Capital expenditures | (202) | (834) | [1] | ||||||||
| Proceeds from the sale of property, businesses, and consolidated companies, net of cash divested | 18 | 125 | [1] | ||||||||
| Acquisitions of Businesses, Net of Cash Acquired | 0 | (9) | [1] | ||||||||
| Proceeds from sales of ownership interests in nonconsolidated affiliates | 0 | 21 | [1] | ||||||||
| Purchases of investments | (361) | (13) | [1] | ||||||||
| Proceeds from Sale and Maturities of Investments | 298 | 37 | [1] | ||||||||
| Other investing activities - net | (5) | (1) | [1] | ||||||||
| Cash used for investing activities | (252) | (674) | [1] | ||||||||
| Cash provided by (used for) financing activities | |||||||||||
| Net change in borrowings (less than 90 days) | 966 | 173 | [1] | ||||||||
| Proceeds from debt | 2,434 | 1,001 | [1] | ||||||||
| Payments on Debt | (879) | (6,803) | [1] | ||||||||
| Payments for Repurchase of Common Stock | (50) | 0 | [1] | ||||||||
| Proceeds from Stock Options Exercised | 17 | 39 | [1] | ||||||||
| Payments of Dividends | (194) | 0 | [1] | ||||||||
| Payments to Noncontrolling Interests | (60) | 0 | [1] | ||||||||
| Distributions to DowDuPont | 0 | (317) | [1] | ||||||||
| Cash transferred at Internal Reorganization | 0 | (2,053) | [1] | ||||||||
| Contributions from Dow and DowDuPont | 0 | 7,396 | [1] | ||||||||
| Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | (79) | [1] | ||||||||
| Other financing activities | (20) | (42) | [1] | ||||||||
| Cash provided by (used for) financing activities | 2,214 | (685) | [1] | ||||||||
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (95) | (64) | [1] | ||||||||
| Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash | 998 | (2,511) | [1] | ||||||||
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total Company, Beginning of Period | 2,173 | 5,024 | [1] | ||||||||
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total Company, End of Period | [3] | 3,171 | 2,513 | [1] | |||||||
| EID [Member] | |||||||||||
| Cash used for operating activities | |||||||||||
| Net income (loss) | 1,000 | (441) | |||||||||
| Depreciation and Amortization | 583 | 485 | [4] | ||||||||
| Benefit from Deferred Income Tax | (136) | (473) | |||||||||
| Net Periodic Pension Benefit | (202) | (146) | |||||||||
| Pension Contributions | (39) | (92) | |||||||||
| Net loss (gain) on sales of property, businesses, consolidated companies, and investments | 30 | (67) | |||||||||
| Restructuring and Asset Related Charges - Net | 249 | 121 | |||||||||
| Amortization of inventory step-up | 0 | 257 | |||||||||
| Goodwill, Impairment Loss | 0 | 1,102 | |||||||||
| Loss on Extinguishment of Debt | 0 | 13 | |||||||||
| Other net loss | 185 | 172 | |||||||||
| Changes in operating assets and liabilities - net | (2,590) | (2,754) | |||||||||
| Cash used for operating activities | (920) | (1,107) | |||||||||
| Cash used for investing activities | |||||||||||
| Capital expenditures | (202) | (834) | |||||||||
| Proceeds from the sale of property, businesses, and consolidated companies, net of cash divested | 18 | 125 | |||||||||
| Acquisitions of Businesses, Net of Cash Acquired | 0 | (9) | |||||||||
| Proceeds from sales of ownership interests in nonconsolidated affiliates | 0 | 21 | |||||||||
| Purchases of investments | (361) | (13) | |||||||||
| Proceeds from Sale and Maturities of Investments | 298 | 37 | |||||||||
| Other investing activities - net | (5) | (1) | |||||||||
| Cash used for investing activities | (252) | (674) | |||||||||
| Cash provided by (used for) financing activities | |||||||||||
| Net change in borrowings (less than 90 days) | 966 | 173 | |||||||||
| Proceeds from Related Party Debt | 67 | 4,160 | |||||||||
| Repayments of Related Party Debt | (246) | 0 | |||||||||
| Proceeds from debt | 2,434 | 1,001 | |||||||||
| Payments on Debt | (879) | (6,803) | |||||||||
| Proceeds from Stock Options Exercised | 17 | 39 | |||||||||
| Payments to Noncontrolling Interests | (60) | 0 | |||||||||
| Distributions to DowDuPont | 0 | (317) | |||||||||
| Cash transferred at Internal Reorganization | 0 | (2,053) | |||||||||
| Contributions from Dow and DowDuPont | 0 | 3,255 | |||||||||
| Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | (79) | |||||||||
| Other financing activities | (34) | (42) | |||||||||
| Cash provided by (used for) financing activities | 2,265 | (666) | |||||||||
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (95) | (64) | |||||||||
| Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash | 998 | (2,511) | |||||||||
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total Company, Beginning of Period | 2,173 | 5,024 | |||||||||
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total Company, End of Period | 3,171 | 2,513 | |||||||||
| Total company [Member] | |||||||||||
| Cash used for operating activities | |||||||||||
| Depreciation and Amortization | 583 | 1,084 | [1] | ||||||||
| Restructuring and Asset Related Charges - Net | 249 | 238 | [1] | ||||||||
| Total company [Member] | EID [Member] | |||||||||||
| Cash used for operating activities | |||||||||||
| Depreciation and Amortization | 583 | 1,084 | |||||||||
| Restructuring and Asset Related Charges - Net | $ 249 | $ 238 | |||||||||
| |||||||||||
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 |
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]
Noncontrolling Interest [Member]
|
DowDuPont [Member] |
DowDuPont [Member]
Divisional Equity [Member]
|
DowDuPont [Member]
EID [Member]
|
DowDuPont [Member]
EID [Member]
Divisional Equity [Member]
|
Corteva [Member] |
Corteva [Member]
Additional Paid-in Capital [Member]
|
Corteva [Member]
EID [Member]
|
Corteva [Member]
EID [Member]
Additional Paid-in Capital [Member]
|
|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Beginning Balance at Dec. 31, 2018 | $ 75,153 | $ 0 | $ 0 | $ 78,020 | $ 0 | $ (3,360) | $ 493 | $ 75,153 | $ 0 | $ 0 | $ 0 | $ 78,259 | $ 0 | $ (3,360) | $ 254 | |||||||||||
| Net income (loss) | 176 | 164 | 12 | 176 | 166 | 10 | ||||||||||||||||||||
| Other comprehensive (loss) income | (74) | (74) | (74) | (74) | ||||||||||||||||||||||
| Distributions | (317) | (317) | $ (317) | $ (317) | ||||||||||||||||||||||
| Issuance of Stock | 35 | 35 | $ 35 | $ 35 | ||||||||||||||||||||||
| Share-based compensation | 18 | 18 | 18 | 18 | ||||||||||||||||||||||
| Contributions | 88 | 88 | 88 | 88 | ||||||||||||||||||||||
| Dividends, Preferred Stock | (2) | (2) | ||||||||||||||||||||||||
| Other | (5) | (3) | (2) | (3) | (3) | |||||||||||||||||||||
| Ending Balance at Mar. 31, 2019 | 75,074 | 0 | 0 | 78,005 | 0 | (3,434) | 503 | 75,074 | 0 | 0 | 0 | 78,244 | 0 | (3,434) | 264 | |||||||||||
| Beginning Balance at Dec. 31, 2018 | 75,153 | 0 | 0 | 78,020 | 0 | (3,360) | 493 | 75,153 | 0 | 0 | 0 | 78,259 | 0 | (3,360) | 254 | |||||||||||
| Net income (loss) | (418) | [1] | (441) | |||||||||||||||||||||||
| Other comprehensive (loss) income | (229) | (229) | (229) | |||||||||||||||||||||||
| Distributions | (317) | [1] | (317) | |||||||||||||||||||||||
| Contributions | 7,396 | [1] | 3,255 | |||||||||||||||||||||||
| Ending Balance at Jun. 30, 2019 | 26,067 | 7 | 28,081 | 0 | 97 | (2,375) | 257 | 22,001 | 239 | 0 | 23,947 | 0 | 172 | (2,375) | 18 | |||||||||||
| Beginning Balance at Mar. 31, 2019 | 75,074 | 0 | 0 | 78,005 | 0 | (3,434) | 503 | 75,074 | 0 | 0 | 0 | 78,244 | 0 | (3,434) | 264 | |||||||||||
| Net income (loss) | (594) | (805) | 197 | 14 | (617) | (806) | 180 | 9 | ||||||||||||||||||
| Other comprehensive (loss) income | (155) | (155) | (155) | (155) | ||||||||||||||||||||||
| Issuance of Stock | 4 | 4 | 4 | $ 4 | ||||||||||||||||||||||
| Share-based compensation | 55 | 11 | 44 | 55 | 11 | 44 | ||||||||||||||||||||
| Contributions | 7,308 | 7,308 | 3,168 | 3,168 | ||||||||||||||||||||||
| Dividends, Common Stock | (97) | (97) | ||||||||||||||||||||||||
| Dividends, Preferred Stock | (5) | (5) | ||||||||||||||||||||||||
| Stockholders' Equity Note, Spinoff Transaction | (55,496) | (56,479) | 1,214 | (231) | (55,496) | (56,479) | 1,214 | (231) | ||||||||||||||||||
| Adjustments to Additional Paid in Capital, Other | 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) | 257 | 22,001 | 239 | 0 | 23,947 | 0 | 172 | (2,375) | 18 | |||||||||||
| Beginning Balance at Dec. 31, 2019 | 24,555 | 7 | 27,997 | (425) | (3,270) | 246 | 20,528 | 239 | 0 | 23,958 | (406) | (3,270) | 7 | |||||||||||||
| Net income (loss) | 282 | 272 | 10 | 258 | 250 | 8 | ||||||||||||||||||||
| Other comprehensive (loss) income | (663) | (663) | (663) | (663) | ||||||||||||||||||||||
| Issuance of Stock | $ 14 | $ 14 | $ 14 | $ 14 | ||||||||||||||||||||||
| Share-based compensation | 2 | 2 | 2 | 2 | ||||||||||||||||||||||
| Dividends, Common Stock | (97) | (97) | ||||||||||||||||||||||||
| Dividends, Preferred Stock | (2) | (2) | ||||||||||||||||||||||||
| Common stock repurchase | (50) | (50) | ||||||||||||||||||||||||
| Other | 36 | 40 | (2) | (2) | 30 | 32 | (2) | |||||||||||||||||||
| Ending Balance at Mar. 31, 2020 | 24,079 | 7 | 27,906 | (155) | (3,933) | 254 | 20,167 | 239 | 0 | 24,004 | (158) | (3,933) | 15 | |||||||||||||
| Beginning Balance at Dec. 31, 2019 | 24,555 | 7 | 27,997 | (425) | (3,270) | 246 | 20,528 | 239 | 0 | 23,958 | (406) | (3,270) | 7 | |||||||||||||
| Net income (loss) | 1,048 | 1,000 | ||||||||||||||||||||||||
| Other comprehensive (loss) income | (575) | (575) | (575) | |||||||||||||||||||||||
| Distributions | 0 | 0 | ||||||||||||||||||||||||
| Contributions | 0 | 0 | ||||||||||||||||||||||||
| Ending Balance at Jun. 30, 2020 | 24,801 | 7 | 27,891 | 508 | (3,845) | 240 | 20,956 | 239 | 0 | 23,981 | 580 | (3,845) | 1 | |||||||||||||
| Beginning Balance at Mar. 31, 2020 | 24,079 | 7 | 27,906 | (155) | (3,933) | 254 | 20,167 | 239 | 0 | 24,004 | (158) | (3,933) | 15 | |||||||||||||
| Net income (loss) | 766 | 760 | 6 | 742 | 739 | 3 | ||||||||||||||||||||
| Other comprehensive (loss) income | 88 | 88 | 88 | 88 | ||||||||||||||||||||||
| Issuance of Stock | $ 3 | $ 3 | $ 3 | $ 3 | ||||||||||||||||||||||
| Share-based compensation | 19 | 19 | 19 | 19 | ||||||||||||||||||||||
| Dividends, Common Stock | (97) | (97) | ||||||||||||||||||||||||
| Dividends, Preferred Stock | (3) | (3) | ||||||||||||||||||||||||
| Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (52) | (37) | (15) | (52) | (37) | (15) | ||||||||||||||||||||
| Other | (5) | (5) | (8) | (8) | 2 | (2) | ||||||||||||||||||||
| Ending Balance at Jun. 30, 2020 | $ 24,801 | $ 7 | $ 27,891 | $ 508 | $ (3,845) | $ 240 | $ 20,956 | $ 239 | $ 0 | $ 23,981 | $ 580 | $ (3,845) | $ 1 | |||||||||||||
| ||||||||||||||||||||||||||
Statement of Stockholders' Equity Parentheticals (Parentheticals) - $ / shares |
3 Months Ended | |||
|---|---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2019 |
Mar. 31, 2019 |
|
| Common Stock, Dividends, Per Share, Declared | $ 0.13 | $ 0.13 | $ 0.13 | |
| EID [Member] | $4.50 Series Preferred Stock [Member] | ||||
| Preferred Stock, Dividends Per Share, Declared | 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 |
Summary of Significant Accounting Policies (Notes) |
6 Months Ended |
|---|---|
Jun. 30, 2020 | |
| Accounting Policies [Abstract] | |
| Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in the company’s Annual Report on Form 10-K for the year ended December 31, 2019, collectively referred to as the “2019 Annual Report.” The interim Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained. Basis of Presentation On April 1, 2019, EID completed the transfer of 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”) to separate legal entities (the “Materials Science Entities”) that were ultimately conveyed by DowDuPont to Dow. On May 1, 2019, EID completed the transfer of the assets and liabilities aligned with the EID’s specialty products business to separate legal entities (“EID Specialty Products Entities”), which were then distributed to DowDuPont. In accordance with GAAP, the financial position and results of operations of EID ECP and the EID Specialty Products Entities are presented as discontinued operations and, as such, have been excluded from continuing operations and segment results for all periods presented. The cash flows, comprehensive (loss) income, and equity related to EID ECP and the EID Specialty Products Entities have not been segregated and are included in the interim Condensed Consolidated Statements of Cash Flows, Consolidated Statements of Comprehensive Income (Loss), and Consolidated Statements of Equity, respectively, for all periods presented. Amounts related to EID ECP and 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 3 - Divestitures and Other Transactions, for additional information. Prior to the Corteva Distribution, the 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. Beginning in the second quarter 2019, the financial statements are presented on a consolidated basis. The company's Condensed Consolidated Balance Sheets for all periods presented consist of Corteva, Inc. and its consolidated subsidiaries. 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 1, 2019 represent the consolidated balances of the company. Intercompany balances and transactions with Historical EID and DAS have been eliminated. During the third quarter 2019, the company 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. During the first quarter 2020, the company recorded an increase of $40 million to Additional Paid-in Capital relating to net assets recorded as transferred as part of the 2019 Internal Reorganizations that were retained. Goodwill and indefinite lived intangibles impairment testing As a result of changes in the company's long-term projections driven largely by the impacts of the COVID-19 pandemic on the mid-term forecasted cash flows of the business, including, but not limited to currency fluctuations, expectations of future planted area (as influenced by consumer demand, ethanol markets and government policies and regulations) and relative commodity prices, the company determined a triggering event had occurred during the second quarter of 2020 that required an interim impairment assessment for its seed and crop protection reporting units and its tradename indefinite lived intangible asset. Based on the impairment analysis performed over the company’s tradename indefinite lived intangible asset it was determined fair value approximates carrying value, and no impairment charge was necessary. However, this intangible asset is at higher risk to have impairment charges in future periods, if significant assumptions were to deteriorate. Estimates based on the significant assumptions used to determine fair values may differ significantly from actual results and it is reasonably possible that changes to these estimates could occur. Changes in factors, circumstances and assumptions used in assessing potential impairments can have a significant impact on the existence, magnitude and timing of impairments, if any, as well as the time in which such impairments are recognized.
|
Recent Accounting Guidance |
6 Months Ended |
|---|---|
Jun. 30, 2020 | |
| Accounting Changes and Error Corrections [Abstract] | |
| Recent Accounting Guidance | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance 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 company adopted the guidance in the first quarter of 2020. The primary impact of adoption related to the credit losses on accounts and notes receivable, which is applied using a cumulative-effect adjustment in the period of adoption, and prior periods are not restated. The adoption of ASU 2016-13 did not have a material impact on the company’s financial position, results of operations or cash flows. See Note 10 - Accounts and Notes Receivable - Net for additional information. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606, which provides guidance on whether certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a customer in the context of a unit of account. Accordingly, this amendment added unit of account guidance in Topic 606 when an entity is assessing whether the collaborative arrangement, or a part of the arrangement, is within the scope of Topic 606. In addition, the amendment provides certain guidance on presenting the collaborative arrangement transaction together with Topic 606. ASU 2018-18 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years and early adoption is permitted. This ASU is to be applied retrospectively to the date of initial application of Topic 606. The company adopted this guidance on January 1, 2020 and it did not have a material impact on the company’s financial position, results of operations or cash flows. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848), which provides companies with optional financial reporting alternatives to reduce the cost and complexity associated with the accounting for contracts and hedging relationships affected by reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. The adoption of ASU 2020-04 did not have a material impact on the company's financial position, results of operations or cash flows, and will apply to future changes. Accounting Guidance Issued But Not Adopted as of June 30, 2020 In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which was part of the FASB’s Simplification Initiative to identify, evaluate, and improve areas of U.S. GAAP for which cost and complexity can be reduced, while maintaining or improving the usefulness of the information provided to users of financial statements. This ASU amends ASC 740, Income Taxes, by removing certain exceptions to the general principles, and clarifying and amending current guidance. The new standard is effective for fiscal years, and periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted, however all amended guidance must be adopted in the same period and should be reflected as of the beginning of the annual period if initially adopted and applied during an interim period. The company is currently evaluating the impact of adopting this guidance.
|
Divestitures and Other Transactions |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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"). For further details on the Separation Agreements, refer to the 2019 Annual Report. For additional information see Note 14 - Commitments and Contingent Liabilities. 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 June 30, 2020, the indemnification assets are $28 million within accounts and notes receivable - net and $51 million within other assets in the interim Condensed Consolidated Balance Sheet. At June 30, 2020, the indemnification liabilities are $8 million within accrued and other current liabilities and $69 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 June 30, 2020, the indemnification assets are $26 million within accounts and notes receivable - net in the interim Condensed Consolidated Balance Sheet. At June 30, 2020, the indemnification liabilities are $111 million within accrued and other current liabilities and $13 million within other noncurrent obligations in the interim Condensed Consolidated Balance Sheet. EID ECP Divestiture As discussed in Note 1 - Summary of Significant Accounting Policies, 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, amortization of intangibles, and capital expenditures of the discontinued operations related to EID ECP:
EID Specialty Products Divestiture As discussed in Note 1 - Summary of Significant Accounting Policies, on May 1, 2019, the company completed the transfer of the entities and related assets and liabilities of EID Specialty Products Entities to DowDuPont. As a result, the financial results of the EID Specialty Products Entities are reflected as discontinued operations, as summarized below:
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 businesses 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. Revised financial projections reflect 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 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’s estimates of future cash flows are 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 is 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 current assumptions and estimates utilized are both reasonable and appropriate. In addition, the company performed an impairment analysis related to the equity method investments held by the EID specialty products businesses, 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 businesses. 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 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 three and six months ended June 30, 2019, within the table above. The following table presents the depreciation, amortization of intangibles, and capital expenditures of the discontinued operations related to the EID Specialty Products Entities:
Merger Remedy - Divested EID Ag Business For the three and six months ended June 2019, the company recorded income from discontinued operations after incomes taxes of $80 million, respectively, related to changes in accruals for certain prior year tax positions. Other Discontinued Operations Activity For the three and six months ended June 2019, the company recorded income from discontinued operations after income taxes of $86 million, respectively, related to the adjustment of certain unrecognized tax benefits for positions taken on items from prior years from previously divested businesses.
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Revenue (Notes) |
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| 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 June 30, 2020, the company had remaining performance obligations related to material rights granted to customers for contract renewal options of $110 million ($108 million and $104 million at December 31, 2019 and June 30, 2019, 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.
Revenue recognized during the six months ended June 30, 2020 from amounts included in deferred revenue at the beginning of the period was $2,271 million ($1,895 million in the six months ended June 30, 2019). 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:
2. Europe, Middle East, and Africa ("EMEA").
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Restructuring and Asset Related Charges |
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| Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING AND ASSET RELATED CHARGES - NET Execute to Win Productivity Program During the first quarter of 2020, Corteva approved restructuring actions designed to improve productivity through optimizing certain operational and organizational structures primarily related to the Execute to Win Productivity Program. As a result of these actions, the company expects to record total pre-tax restructuring charges of approximately $185 million, comprised of approximately $125 million of asset related charges (of which $30 million relates to asset retirement obligations), and $60 million of severance and related benefit costs. Of the $185 million, approximately $110 million relates to crop protection, $15 million relates to seed, and $60 million relates to corporate expenses. Future cash payments related to this charge are anticipated to be $86 million, primarily related to the payment of severance and related benefits and asset retirement obligations. The Execute to Win Productivity Program charges related to the segments, as well as corporate expenses, were as follows:
The below is a summary of charges incurred related to the Execute to Win Productivity Program for the three and six months ended June 30, 2020:
A reconciliation of the December 31, 2019 to the June 30, 2020 liability balances related to the Execute to Win Productivity Program is summarized below:
In addition to the above, the company has recorded asset retirement obligations of $30 million as of June 30, 2020. The asset retirement obligations relate to the company’s required demolition and removal for buildings and equipment at third party leased sites and will be recognized as asset related charges over the remaining useful lives of the related assets. The company’s leases require these assets be removed from leased land within 12-24 months of operations being ceased. The company expects operations will cease in 2020 and the assets will be removed within the contractual timeframe. 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 Distributions. The company recorded pre-tax restructuring charges of $842 million inception-to-date under the Synergy Program, consisting of severance and related benefit costs of $319 million, contract termination costs of $193 million, and asset write-downs and write-offs of $330 million. The company does not anticipate any additional material charges under the Synergy Program. Actions associated with the Synergy Program, including employee separations, were substantially complete by the end of 2019. The Synergy Program charges (benefits) related to the segments, as well as corporate expenses, were as follows:
The below is a summary of charges (benefits) incurred related to the Synergy Program for the six months ended June 30, 2020 and three and six months ended 2019:
A reconciliation of the December 31, 2019 to the June 30, 2020 liability balances related to the Synergy Program is summarized below:
Other Asset Related Charges During the three and six months ended June 30, 2020, the company recognized $138 million and $148 million, respectively, in restructuring and asset related charges, net in the interim consolidated statement of operations, from non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits.
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Related Party Transactions (Notes) |
6 Months Ended |
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Jun. 30, 2020 | |
| Related Party Transactions [Abstract] | |
| 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. Purchases from Historical Dow and its affiliates were $42 million for the six months ended June 30, 2019. Transactions with DowDuPont Following the Merger and prior to the Corteva Distribution, Corteva reports transactions with DowDuPont as related party transactions. 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 six months ended June 30, 2019, primarily to fund a portion of DowDuPont's dividend payment.
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Supplementary Information |
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| 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 June 30, 2020, December 31, 2019, and June 30, 2019 is related to the Trust.
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Income Taxes |
6 Months Ended |
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Jun. 30, 2020 | |
| 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 3 - Divestitures and Other Transactions, for further information related to indemnifications between Corteva, Dow and DuPont. 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 six months ended June 30, 2020, the company recognized a tax benefit of $51 million to provision for income taxes on continuing operations related to a return to accrual adjustment associated with an elective change in accounting method for the 2019 tax year impact of the 2017 Tax Cuts and Jobs Act 's (“The Act”) foreign tax provisions. During the three and six months ended June 30, 2020 the company recognized a tax benefit of $14 million to provision for income taxes on continuing operations related to a return to accrual adjustment to reflect a change in estimate on the impact of a tax law enactment in a foreign jurisdiction. During the three and six months ended June 30, 2019, the company recognized net tax charges of $114 million and $146 million, respectively, to provision for income taxes on continuing operations related to U.S. state blended tax rate changes associated with the Internal Reorganizations. During the six months ended June 30, 2019, the company recognized a tax benefit of $102 million to provision for income taxes on continuing operations, related to an internal legal entity restructuring associated with the Internal Reorganizations. During the three and six months ended June 30, 2019, the company recognized a tax charge of $96 million to provision for income taxes on continuing operations, respectively, related to application of the Act's foreign tax provisions. During the three and six months ended June 30, 2019, the company recognized an aggregate tax benefit of $21 million to provision for income taxes on continuing operations, respectively, 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. 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 the program, which resides in the U.S., 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, which can drive material impacts on the company's effective tax rate. For further discussion of pre-tax and after-tax impacts of the company's foreign currency hedging program and net monetary asset programs, refer to Note 7 - Supplementary Information.
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Earnings Per Share (Notes) |
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| 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 potential shares of common stock relating to stock options, restricted stock units and performance-based restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been anti-dilutive.
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Accounts and Notes Receivable (Notes) |
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| Accounts and Notes Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ACCOUNTS AND NOTES RECEIVABLE - NET
Accounts and notes receivable are carried at the expected amount to be collected, which approximates fair value. The company establishes the allowance for doubtful receivables using a loss-rate method where the loss rate is developed using past events, historical experience, current conditions and forecasts that affect the collectability of the financial assets. The following table summarizes changes in the allowance for doubtful receivables for the six months ended June 30, 2020:
The company enters into various factoring agreements with third-party financial institutions to sell its trade receivables under both recourse and non-recourse agreements in exchange for cash proceeds. These financing arrangements result in a transfer of the company's receivables and risks to the third-party. As these transfers qualify as true sales under the applicable accounting guidance, the receivables are derecognized from the Consolidated Balance Sheets upon transfer, and the company receives a payment for the receivables from the third-party within a mutually agreed upon time period. For arrangements involving an element of recourse, which is typically provided through a guarantee of accounts in the event of customer default, the guarantee obligation is measured using market data from similar transactions and reported as a current liability in the Consolidated Balance Sheets. Trade receivables sold under these agreements were $161 million and $176 million for the three and six months ended June 30, 2020, respectively, and $81 million and $84 million for the three and six months ended June 30, 2019, respectively. The trade receivables sold that remained outstanding under these agreements which include an element of recourse as of June 30, 2020, December 31, 2019, and June 30, 2019 were $146 million, $171 million, and $87 million, respectively. The net proceeds received are included in cash provided by operating activities in the Consolidated Statements of Cash Flows. The difference between the carrying amount of the trade receivables sold and the sum of the cash received is recorded as a loss on sale of receivables in other income - net in the Consolidated Statements of Operations. The loss on sale of receivables was $36 million and $38 million for the three and six months ended June 30, 2020 and $36 million and $37 million for the three and six months ended June 30, 2019, respectively. The guarantee obligations recorded as of June 30, 2020, December 31, 2019, and June 30, 2019 in the interim Condensed Consolidated Balance Sheets were not material. See Note 14 - Commitments and Contingent Liabilities for additional information on the company’s guarantees.
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Inventories |
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Text Block] | INVENTORIES
As a result of the Merger, a fair value step-up of $2,297 million was recorded for inventories. During the three and six months ended June 30, 2019, the company recognized $52 million and $257 million of these costs in cost of goods sold within income from continuing operations before income taxes.
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Other Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets Disclosure [Text Block] | OTHER INTANGIBLE ASSETS The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows:
The aggregate pre-tax amortization expense from continuing operations for definite-lived intangible assets was $176 million and $339 million for the three and six months ended June 30, 2020, respectively, and $113 million and $214 million for the three and six months ended June 30, 2019, respectively. The current estimated aggregate pre-tax amortization expense from continuing operations for the remainder of 2020 and each of the next five years is approximately $322 million, $644 million, $622 million, $543 million, $529 million and $492 million, respectively.
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Short-Term Borrowings, Long-Term Debt and Available Credit Facilities |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Text Block] | SHORT-TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES The following tables summarize Corteva's short-term borrowings and finance lease obligations and long-term debt:
The estimated fair value of the company's short-term borrowings, including interest rate financial instruments, was determined using Level 2 inputs within the fair value hierarchy. Based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities, the fair value of the company's short-term borrowings and finance lease obligations was approximately carrying value. The weighted-average interest rate on short-term borrowings outstanding at June 30, 2020, December 31, 2019, and June 30, 2019 was 1.0%, 6.7% and 3.1%, respectively. The decrease in the weighted-average interest rate was primarily due to lower Commercial Paper and Repurchase Facility interest.
The fair value of the company’s long-term borrowings, including debt due within one year, was $1,141 million, $119 million, and $119 million as of June 30, 2020, December 31, 2019, and June 30, 2019, respectively, and was determined using quoted market prices for the same or similar issues, or current rates offered to the company for debt of the same remaining maturities (Level 2 inputs). Debt Offering In May 2020, EID issued $500 million of 1.70 percent Senior Notes due 2025 and $500 million of 2.30 percent Senior Notes due 2030 (the May 2020 Debt Offering). The proceeds of this offering are intended to be used for general corporate purposes, which may include discretionary contributions to the company’s U.S. principal pension plan and repayment of other indebtedness. Repurchase Facility In February 2020, the company entered into a new committed receivable repurchase facility of up to $1.3 billion (the "2020 Repurchase Facility") which expires in December 2020. Under the 2020 Repurchase Facility, Corteva may sell a portfolio of available and eligible outstanding customer notes receivables to participating institutions and simultaneously agree to repurchase at a future date. The 2020 Repurchase Facility is considered a secured borrowing with the customer notes receivable inclusive of those that are sold and repurchased, equal to 105 percent of the outstanding amounts borrowed utilized as collateral. Borrowings under the 2020 Repurchase Facility have an interest rate of LIBOR + 0.75 percent. As of June 30, 2020, $841 million of notes receivable, recorded in accounts and notes receivable - net, were pledged as collateral against outstanding borrowings under the 2020 Repurchase Facility of $800 million, recorded in short-term borrowings and finance lease obligations on the interim Condensed Consolidated Balance Sheet. Revolving Credit Facilities In November 2018, EID entered into a $3.0 billion 5-year revolving credit facility and a $3.0 billion 3-year revolving credit facility (the “Revolving Credit Facilities”). The Revolving Credit Facilities became effective May 2019. Corteva, Inc. became a party at the time of the Corteva Distribution. The Revolving Credit Facilities may serve as a substitute to the company's commercial paper program, and can be used, from time to time, for general corporate purposes including, but not limited to, the funding of seasonal working capital needs. The Revolving Credit Facilities contain customary representations and warranties, affirmative and negative covenants and events of default that are typical for companies with similar credit ratings. Additionally, the Revolving Credit Facilities contain a financial covenant requiring that the ratio of total indebtedness to total capitalization for Corteva and its consolidated subsidiaries not exceed 0.60. |
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Commitments and Contingent Liabilities |
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| 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 June 30, 2020, 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 27 and 11 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 June 30, 2020, December 31, 2019 and June 30, 2019, the company had directly guaranteed $112 million, $97 million, and $164 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 June 30, 2020, less than $1 million had terms greater than a year. The maximum future payments include $20 million, $16 million, and $8 million of guarantees related to the various factoring agreements that the company enters into with its customer to sell its trade receivables at June 30, 2020, December 31, 2019 and June 30, 2019, respectively. See Note 10 - Accounts and Notes Receivable, Net, for additional information. The maximum future payments also 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 $622 million, $27 million and $542 million at June 30, 2020, December 31, 2019 and June 30, 2019, 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 3 - 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 June 30, 2020. On May 13, 2019, Chemours filed a complaint in the Delaware Court of Chancery ("Chancery Court") 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 March 30, 2020, the Chancery Court granted the motion to dismiss made by DuPont, Corteva, and EID. Chemours filed its appeal of the Chancery Court's decision with the Delaware Supreme Court on June 4, 2020. An arbitration of the indemnification matters is ongoing and proceeding in parallel with Chemours’ appeal of the Chancery Court decision. The arbitration is currently scheduled to begin June 2021. The company believes the probability of liability with respect to Chemours' suit continues to be remote. For additional information regarding environmental indemnification, see discussion on page 30. At June 30, 2020, the indemnification assets pursuant to the Chemours Separation Agreement are $62 million within accounts and notes receivable - net and $284 million within other assets along with the corresponding liabilities of $62 million within accrued and other current liabilities and $284 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 3 - 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 While it is reasonably possible that the company could incur liabilities related to the litigation related to legacy EID businesses, unrelated to Corteva's current business, as described below, any such liabilities are not expected to be material. 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 EID could incur liabilities related to PFOA in excess of amounts accrued, 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 $20 million and an indemnification asset of $20 million at June 30, 2020, 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 June 30, 2020, 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 June 30, 2020, approximately 58 lawsuits were pending alleging personal injury, mostly kidney or testicular cancer, from exposure to PFOA through air or water, with nearly all part of the MDL or were not filed on behalf of Leach class members. The first two trials concluded in February 2020. The first trial, a kidney cancer case, resulted in a hung jury, while the second, a testicular cancer case, resulted in a jury verdict of $40 million in compensatory damages and $10 million for loss of consortium. Following entry of the judgment by the court, EID intends to file post-trial motions to reduce the verdict, and to appeal the verdict on the basis of procedural and substantive legal errors made by the trial court. EID believes the merits of the appeal will be successful in reducing the jury verdict or eliminating its liability, in whole or part. Six additional cases are scheduled for trial before September 1, 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 generally 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. Chemours has refused to indemnify Corteva, Inc. and EID against any fraudulent conveyance claims associated with these matters. Corteva believes that Chemours is obligated to indemnify Corteva, Inc. under the Chemours Separation Agreement. New York. EID is a defendant in about 50 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. Additionally, EID was served with complaints filed by six water districts in Nassau County, New York alleging that the drinking water they provide to customers is contaminated with PFAS and seeking reimbursement for clean-up costs. New Jersey. At June 30, 2020, 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 was 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, 3M, Chemours, and Dyneon 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 Michigan, 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. Aqueous Firefighting Foams. Approximately 690 cases have been filed against 3M and other defendants, including EID and Chemours, and more recently also including Corteva and DuPont, 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. Approximately 630 of these cases were filed on behalf of firefighters who allege personal injuries (primarily, thyroid disease and kidney, testicular and other cancers) as a result of aqueous firefighting foams. Most of these recent cases assert claims that the EID and Chemours separation constituted a fraudulent conveyance. While Chemours is defending EID for all claims except those for fraudulent conveyance, it has declined defense and indemnity to Corteva on all claims. 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. 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. At June 30, 2020, several 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. In another action over 200 property owners near the Fayetteville Works facility filed a complaint against Chemours and EID in May 2020. The plaintiffs seek compensatory and punitive damages for their claims of private nuisance, trespass, and negligence allegedly caused by release of PFAS. In addition to the federal court actions, there is an action on behalf of about 100 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. The company has an indemnification claim against Chemours with respect to current and future inquiries and claims, including lawsuits, related to the foregoing. At June 30, 2020, 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 June 30, 2020, the company had accrued obligations of $350 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 Sheet. 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 $620 million above the amount accrued at June 30, 2020. 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 27. The above noted $350 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.
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Stockholders' Equity |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS' EQUITY Common Stock 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 six months ended June 30, 2020, the company purchased and retired 1,865,000 shares in the open market for a total cost of $50 million, with the last purchase completed on March 10, 2020. 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. When Corteva has an accumulated deficit balance, the excess over the par value is applied to additional paid-in capital. When Corteva has retained earnings, the excess is charged entirely to retained earnings. Noncontrolling Interest In June 2020, the company completed the acquisition of the remaining 46.5 percent interest in the Phytogen Seed Company, LLC joint venture from J. G. Boswell Company. As the purchase of the remaining interest did not result in a change of control, the difference between the carrying value of the noncontrolling interest and the consideration paid, net of taxes was recorded within equity. 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 in Corteva's interim Condensed Consolidated Balance Sheets. 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 June 30, 2020, December 31, 2019, and June 30, 2019, which is classified as noncontrolling interests in Corteva's interim Condensed Consolidated Balance Sheets.
Other Comprehensive (Loss) Income The changes and after-tax balances of components comprising accumulated other comprehensive loss are summarized below:
The tax benefit (expense) 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 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 16 - Pension Plans and Other Post Employment Benefits, for additional information.
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Pension Plans and Other Post Employment Benefit Plans |
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| Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension and Other Postretirement Benefits Disclosure [Text Block] | PENSION PLANS AND OTHER POST EMPLOYMENT BENEFITS In connection with the Corteva Distribution, the company retained the benefit obligations relating to EID's principal U.S. pension plan, several other U.S. and non-U.S. pension plans and other post employment benefit plans ("OPEB"). Corteva entered into an employee matters agreement with DuPont which provides that employees of DuPont no longer participate in the benefits sponsored or maintained by the company as of the date of the Corteva Distribution and transferred certain EID's pension and OPEB obligations and associated assets to DuPont. As a result of the transfer, about $5.8 billion unfunded obligations of the pension and OPEB plans remained with Corteva, of which $319 million is supported by funding under the Trust agreement. As a result of the Corteva Distribution, the company re-measured OPEB plans as of June 1, 2019. In connection with the re-measurement, the company updated the discount rate assumed at December 31, 2018 from 4.23% to 3.64%. The re-measurement resulted in an increase of $114 million to the company’s OPEB benefit obligations with a corresponding loss effect within other comprehensive income (loss) for the three and six months ended June 30, 2019. The following sets forth the components of the company's net periodic benefit (credit) cost for defined benefit pension plans and other post employment benefits:
1. Includes non-service related components of net periodic benefit credit of $(16) million and $(37) million for the three and six months ended June 30, 2019, respectively.
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Financial Instruments |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Instruments Disclosure [Text Block] | FINANCIAL INSTRUMENTS At June 30, 2020, the company had $2,073 million ($1,293 million and $1,389 million at December 31, 2019 and June 30, 2019, respectively) of held-to-maturity securities (primarily time deposits and money market funds) classified as cash equivalents and restricted cash equivalents, as these securities had maturities of three months or less at the time of purchase; and $60 million ($5 million and $6 million at December 31, 2019 and June 30, 2019, 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 Condensed 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 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 and to mitigate the exposure of certain investments in foreign subsidiaries against changes in the Euro/USD exchange rate. 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, investments and cash flows. The company uses foreign 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. The company also uses foreign currency exchange contracts to offset a portion of the company’s exposure to certain forecasted transactions as well as foreign currency-denominated earnings. 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 commodity contract cash flow hedges on accumulated other comprehensive loss:
At June 30, 2020, an after-tax net loss of $18 million is expected to be reclassified from accumulated other comprehensive loss into earnings over the next twelve months. Foreign Currency Contracts The company enters into forward contracts to hedge the foreign currency risk associated with forecasted transactions within certain foreign subsidiaries. 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 foreign currency cash flow hedges on accumulated other comprehensive loss:
At June 30, 2020, an after-tax net gain of $19 million is expected to be reclassified from accumulated other comprehensive loss into earnings over the next twelve months. Derivatives Designated as Net Investment Hedges Foreign Currency Contracts The company has designated €450 million of forward contracts to exchange EUR as net investment hedges. The purpose of these forward contracts is to mitigate FX exposure related to a portion of the company’s euro net investments in certain foreign subsidiaries against changes in Euro/USD exchange rates. These hedges will expire and be settled in 2023, unless terminated early at the discretion of the company. The company elected to apply the spot method in testing for effectiveness of the hedging relationship. Derivatives not Designated in Hedging Relationships Foreign Currency Contracts The company uses foreign 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. The company also uses foreign currency exchange contracts to offset a portion of the company’s exposure to certain foreign currency-denominated earnings so that gains and losses on the contracts offset changes in the USD value of the related foreign currency-denominated earnings over the relevant aggregate period. 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 7 - Supplementary Information, for additional information.
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Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS The following tables summarize the basis used to measure certain assets and liabilities at fair value on a recurring basis:
2. See Note 17 - Financial Instruments for the classification of derivatives in the interim Condensed Consolidated Balance Sheets.
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Segment Reporting (Notes) |
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| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Disclosure [Text Block] | Segment operating EBITDA is the primary measure of segment profitability used by Corteva’s chief operating decision maker ("CODM"). 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 (benefits) costs - net and foreign exchange gains (losses), excluding the impact of significant items. Non-operating (benefits) costs - net consists of non-operating pension and other post-employment benefit (OPEB) costs, tax indemnification adjustments and 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. For purposes of the six months ended June 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. Pro forma adjustments used in the calculation of pro forma segment operating EBITDA for the six months ended June 30, 2019 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 (refer to the company’s Annual Report on Form 10-K for the year ended December 31, 2019 for further information), 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.
Reconciliation to interim Consolidated Financial Statements
Significant Pre-tax Charges Not Included in Segment Operating EBITDA The three and six months ended June 30, 2020 and 2019, respectively, included the following significant pre-tax charges which are excluded from segment operating EBITDA:
7. Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X.
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EID - Basis of Presentation (Notes) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 19 - Segment Information - Differences exist between Corteva, Inc. and EID; refer to EID Note 3 - Segment Information, below
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EID - Related Party Transactions (Notes) |
6 Months Ended |
|---|---|
Jun. 30, 2020 | |
| 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. Purchases from Historical Dow and its affiliates were $42 million for the six months ended June 30, 2019. Transactions with DowDuPont Following the Merger and prior to the Corteva Distribution, Corteva reports transactions with DowDuPont as related party transactions. 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 six months ended June 30, 2019, primarily to fund a portion of DowDuPont's dividend payment.
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| EID [Member] | |
| Related Party Transaction [Line Items] | |
| Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS Refer to page 18 of the Corteva, Inc. interim Consolidated Financial Statements for discussion of related party transactions with Historical Dow, DowDuPont, and DuPont. 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 June 30, 2020, December 31, 2019, and June 30, 2019, the outstanding related party loan balance was $3,842 million, $4,021 million, and $4,160 million respectively (which approximates fair value), with interest rates of 1.80%, 3.27%, and 4.12%, respectively, and is reflected as long-term debt - related party in EID's interim Condensed Consolidated Balance Sheets. Additionally, EID has incurred tax deductible interest expense of $31 million and $63 million for the three and six months ended June 30, 2020, respectively, and $30 million for the three and six months ended June 30, 2019 associated with the related party loan from Corteva, Inc. As of June 30, 2020, EID had payables to Corteva, Inc., the parent company, of $119 million and $82 million ($119 million and $154 million at December 31, 2019 and $88 million and $180 million at June 30, 2019, respectively) included in accrued and other current liabilities and other noncurrent obligations, respectively, in the interim Condensed Consolidated Balance Sheets related to Corteva's indemnification liabilities to Dow and DuPont per the Separation Agreements (refer to page 11 of the Corteva, Inc. interim Consolidated Financial Statements for further details of the Separation Agreements).
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EID Segment FN (Notes) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Disclosure [Text Block] | Segment operating EBITDA is the primary measure of segment profitability used by Corteva’s chief operating decision maker ("CODM"). 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 (benefits) costs - net and foreign exchange gains (losses), excluding the impact of significant items. Non-operating (benefits) costs - net consists of non-operating pension and other post-employment benefit (OPEB) costs, tax indemnification adjustments and 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. For purposes of the six months ended June 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. Pro forma adjustments used in the calculation of pro forma segment operating EBITDA for the six months ended June 30, 2019 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 (refer to the company’s Annual Report on Form 10-K for the year ended December 31, 2019 for further information), 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.
Reconciliation to interim Consolidated Financial Statements
Significant Pre-tax Charges Not Included in Segment Operating EBITDA The three and six months ended June 30, 2020 and 2019, respectively, included the following significant pre-tax charges which are excluded from segment operating EBITDA:
7. Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X.
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| EID [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Disclosure [Text Block] | SEGMENT INFORMATION There are no differences in reporting structure or segments between Corteva, Inc. and EID. In addition, there are no differences between Corteva, Inc. and EID segment net sales, segment operating EBITDA or pro forma segment operating EBITDA, segment assets, or significant items by segment; refer to page 41 of the Corteva, Inc. interim Consolidated Financial Statements for background information on the segments as well as further details regarding segment metrics. The tables below reconcile segment pro forma operating EBITDA to loss from continuing operations after income taxes, as differences exist between Corteva, Inc. and EID. Reconciliation to interim Consolidated Financial Statements
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Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
|---|---|
Jun. 30, 2020 | |
| Accounting Policies [Abstract] | |
| Basis of Accounting, Policy [Policy Text Block] | 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 interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in the company’s Annual Report on Form 10-K for the year ended December 31, 2019, collectively referred to as the “2019 Annual Report.” The interim Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained. Basis of Presentation On April 1, 2019, EID completed the transfer of 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”) to separate legal entities (the “Materials Science Entities”) that were ultimately conveyed by DowDuPont to Dow. On May 1, 2019, EID completed the transfer of the assets and liabilities aligned with the EID’s specialty products business to separate legal entities (“EID Specialty Products Entities”), which were then distributed to DowDuPont. In accordance with GAAP, the financial position and results of operations of EID ECP and the EID Specialty Products Entities are presented as discontinued operations and, as such, have been excluded from continuing operations and segment results for all periods presented. The cash flows, comprehensive (loss) income, and equity related to EID ECP and the EID Specialty Products Entities have not been segregated and are included in the interim Condensed Consolidated Statements of Cash Flows, Consolidated Statements of Comprehensive Income (Loss), and Consolidated Statements of Equity, respectively, for all periods presented. Amounts related to EID ECP and 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 3 - Divestitures and Other Transactions, for additional information. Prior to the Corteva Distribution, the 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. Beginning in the second quarter 2019, the financial statements are presented on a consolidated basis. The company's Condensed Consolidated Balance Sheets for all periods presented consist of Corteva, Inc. and its consolidated subsidiaries. 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 1, 2019 represent the consolidated balances of the company. Intercompany balances and transactions with Historical EID and DAS have been eliminated. During the third quarter 2019, the company 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. During the first quarter 2020, the company recorded an increase of $40 million to Additional Paid-in Capital relating to net assets recorded as transferred as part of the 2019 Internal Reorganizations that were retained. Goodwill and indefinite lived intangibles impairment testing As a result of changes in the company's long-term projections driven largely by the impacts of the COVID-19 pandemic on the mid-term forecasted cash flows of the business, including, but not limited to currency fluctuations, expectations of future planted area (as influenced by consumer demand, ethanol markets and government policies and regulations) and relative commodity prices, the company determined a triggering event had occurred during the second quarter of 2020 that required an interim impairment assessment for its seed and crop protection reporting units and its tradename indefinite lived intangible asset. Based on the impairment analysis performed over the company’s tradename indefinite lived intangible asset it was determined fair value approximates carrying value, and no impairment charge was necessary. However, this intangible asset is at higher risk to have impairment charges in future periods, if significant assumptions were to deteriorate. Estimates based on the significant assumptions used to determine fair values may differ significantly from actual results and it is reasonably possible that changes to these estimates could occur. Changes in factors, circumstances and assumptions used in assessing potential impairments can have a significant impact on the existence, magnitude and timing of impairments, if any, as well as the time in which such impairments are recognized.
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Recent Accounting Guidance Recent Accounting Guidance (Policies) |
6 Months Ended |
|---|---|
Jun. 30, 2020 | |
| Accounting Policies [Abstract] | |
| Recent Accounting Guidance | Recently Adopted Accounting Guidance 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 company adopted the guidance in the first quarter of 2020. The primary impact of adoption related to the credit losses on accounts and notes receivable, which is applied using a cumulative-effect adjustment in the period of adoption, and prior periods are not restated. The adoption of ASU 2016-13 did not have a material impact on the company’s financial position, results of operations or cash flows. See Note 10 - Accounts and Notes Receivable - Net for additional information. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606, which provides guidance on whether certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a customer in the context of a unit of account. Accordingly, this amendment added unit of account guidance in Topic 606 when an entity is assessing whether the collaborative arrangement, or a part of the arrangement, is within the scope of Topic 606. In addition, the amendment provides certain guidance on presenting the collaborative arrangement transaction together with Topic 606. ASU 2018-18 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years and early adoption is permitted. This ASU is to be applied retrospectively to the date of initial application of Topic 606. The company adopted this guidance on January 1, 2020 and it did not have a material impact on the company’s financial position, results of operations or cash flows. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848), which provides companies with optional financial reporting alternatives to reduce the cost and complexity associated with the accounting for contracts and hedging relationships affected by reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. The adoption of ASU 2020-04 did not have a material impact on the company's financial position, results of operations or cash flows, and will apply to future changes. Accounting Guidance Issued But Not Adopted as of June 30, 2020 In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which was part of the FASB’s Simplification Initiative to identify, evaluate, and improve areas of U.S. GAAP for which cost and complexity can be reduced, while maintaining or improving the usefulness of the information provided to users of financial statements. This ASU amends ASC 740, Income Taxes, by removing certain exceptions to the general principles, and clarifying and amending current guidance. The new standard is effective for fiscal years, and periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted, however all amended guidance must be adopted in the same period and should be reflected as of the beginning of the annual period if initially adopted and applied during an interim period. The company is currently evaluating the impact of adopting this guidance.
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Revenue Revenue Recognition (Policies) |
6 Months Ended |
|---|---|
Jun. 30, 2020 | |
| Revenue from Contract with Customer [Abstract] | |
| Revenue Recognition, Sales of Goods | 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. |
| Revenue Recognition, Licenses of Intellectual Property | 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. |
Divestitures and Other Transactions (Tables) |
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue (Tables) |
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| Contract Balances |
5. Included in other noncurrent obligations in the interim Condensed Consolidated Balance Sheets.
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| Disaggregation of Revenue |
1. Prior periods have been reclassified to conform to current period presentation.
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| Disaggregation of Revenue |
2. Europe, Middle East, and Africa ("EMEA").
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Restructuring and Asset Related Charges (Tables) |
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| Schedule of Restructuring Reserve by Type of Cost [Table Text Block] |
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| DowDuPont Cost Synergy Program [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Restructuring Reserve by Type of Cost [Table Text Block] |
1. Relates primarily to contract terminations charges.
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Supplementary Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Nonoperating Income (Expense) |
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| Foreign Currency Exchange Gain (Loss) |
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| Restrictions on Cash and Cash Equivalents |
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Earnings Per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
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| Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block] |
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| Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block] |
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| Share Count Information |
3. These outstanding potential shares of common stock relating to stock options, restricted stock units and performance-based restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been anti-dilutive.
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Accounts and Notes Receivable (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 $114 million, $119 million, and $126 million as of June 30, 2020, December 31, 2019, and June 30, 2019, respectively.
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| Accounts Receivable, Allowance for Credit Loss [Table Text Block] |
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Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Inventory, Current [Table Text Block] |
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Other Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Intangible Assets |
2. Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements.
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Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Debt (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-term Debt Instruments [Table Text Block] |
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| Schedule of Short-term Debt [Table Text Block] |
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Commitments and Contingent Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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.
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Stockholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Stock by Class [Table Text Block] |
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| Schedule of Noncontrolling Interests Represented by Preferred Stock [Table Text Block] |
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| Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
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| Tax (Expense) Benefit of Other Comprehensive (Loss) Income |
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| Reclassification out of Accumulated Other Comprehensive (Loss) Income [Table Text Block] |
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 16 - Pension Plans and Other Post Employment Benefits, for additional information.
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Pension Plans and Other Post Employment Benefit Plans (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Benefit Costs [Table Text Block] |
1. Includes non-service related components of net periodic benefit credit of $(16) million and $(37) million for the three and six months ended June 30, 2019, respectively.
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Financial Instruments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] |
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| Fair Value of Derivatives Instruments |
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| Effect of Derivatives |
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 7 - Supplementary Information, for additional information.
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| Commodity Contract [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) |
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| Foreign Currency Contract [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) |
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Fair Value Measurements (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Assets and Liabilities Measured on Recurring Basis |
2. See Note 17 - Financial Instruments for the classification of derivatives in the interim Condensed Consolidated Balance Sheets.
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Segment Reporting (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] |
1. Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X.
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| Schedule of Segment Reporting Information, by Segment [Table Text Block] |
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| Schedule of Additional Segment Details [Table Text Block] |
7. Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X.
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| Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
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EID Segment FN (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] |
1. Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X.
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| Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
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| EID [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] |
1. Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X.
|
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| Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies Summary of Accounting Policies (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Adjustments to Additional Paid in Capital, Other | $ 0 | |
| Internal Reorganization [Member] | ||
| Adjustments to Additional Paid in Capital, Other | $ 40 | $ 76 |
Divestitures and Other Transactions Separation Agreements (Details) $ in Millions |
Jun. 30, 2020
USD ($)
|
|---|---|
| Accounts and Notes Receivable [Member] | DuPont de Nemours [Member] | |
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
| Indemnification Assets | $ 28 |
| Accounts and Notes Receivable [Member] | Dow [Member] | |
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
| Indemnification Assets | 26 |
| Other Assets [Member] | DuPont de Nemours [Member] | |
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
| Indemnification Assets | 51 |
| Accrued and Other Current Liabilities [Member] | DuPont de Nemours [Member] | |
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
| Indemnified Liabilities | 8 |
| Accrued and Other Current Liabilities [Member] | Dow [Member] | |
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
| Indemnified Liabilities | 111 |
| Other noncurrent obligations | DuPont de Nemours [Member] | |
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
| Indemnified Liabilities | 69 |
| Other noncurrent obligations | Dow [Member] | |
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
| Indemnified Liabilities | $ 13 |
Divestitures and Other Transactions Divestitures and Other Transactions - ECP Divestiture (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
| Income (loss) from discontinued operations after income taxes | $ 0 | $ (1,077) | $ 1 | $ (717) |
| ECP Disposal [Member] | ||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
| Net sales | 362 | |||
| Cost of goods sold | 259 | |||
| Research and development expense | 4 | |||
| Selling, general and administrative expenses | 9 | |||
| Amortization of intangibles | 23 | |||
| Restructuring and asset related charges - net | 2 | |||
| Integration and separation costs | 44 | |||
| Other income - net | 2 | |||
| Income (loss) from discontinued operations before income taxes | 23 | |||
| Provision for income taxes on discontinued operations | 4 | |||
| Income (loss) from discontinued operations after income taxes | 19 | |||
| Depreciation | 28 | |||
| Capital expenditures | $ 16 | |||
Divestitures and Other Transactions Divestitures and Other Transactions - SP Divestiture (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
| Goodwill, Impairment Loss | $ 0 | $ 1,102 | [1] | ||||
| Income (loss) from discontinued operations after income taxes | $ 0 | $ (1,077) | $ 1 | (717) | |||
| Specialty Products Disposal [Member] | |||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
| Net sales | 1,214 | 5,030 | |||||
| Cost of goods sold | 817 | 3,352 | |||||
| Research and development expense | 51 | 204 | |||||
| Selling, general and administrative expenses | 172 | 573 | |||||
| Amortization of intangibles | 66 | 267 | |||||
| Restructuring and asset related charges - net | 72 | 115 | |||||
| Integration and separation costs | 89 | 253 | |||||
| Goodwill, Impairment Loss | 1,102 | 1,102 | |||||
| Other income - net | (82) | 38 | |||||
| Income (loss) from discontinued operations before income taxes | (1,237) | (798) | |||||
| Provision for income taxes on discontinued operations | 6 | 104 | |||||
| Income (loss) from discontinued operations after income taxes | (1,243) | (902) | |||||
| Depreciation | 65 | 281 | |||||
| Capital expenditures | $ 58 | 481 | |||||
| Equity Method Investment, Other than Temporary Impairment | $ 63 | ||||||
| |||||||
Divestitures and Other Transactions Divested Ag Business (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
| Income (loss) from discontinued operations after income taxes | $ 0 | $ (1,077) | $ 1 | $ (717) |
| Specialty Products Disposal [Member] | ||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
| Income (loss) from discontinued operations after income taxes | $ (1,243) | (902) | ||
| Divested Ag Business [Member] | ||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
| Income (loss) from discontinued operations after income taxes | $ 80 | |||
Divestitures and Other Transactions Other Discontinued Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
| Income (loss) from discontinued operations after income taxes | $ 0 | $ (1,077) | $ 1 | $ (717) |
| Divested Ag Business [Member] | ||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
| Income (loss) from discontinued operations after income taxes | 80 | |||
| 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 | |||
Revenue Narrative (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
|---|---|---|---|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
| Revenue, Remaining Performance Obligation, Amount | $ 110 | $ 108 | $ 104 |
| 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 |
Revenue Contract Balances (Details) - USD ($) $ in Millions |
6 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||||
| Accounts and notes receivable - trade | [1] | $ 5,787 | $ 6,102 | $ 4,396 | |||||||||
| Contract assets - current | [2] | 21 | 19 | 20 | |||||||||
| Contract assets - noncurrent | [3] | 51 | 48 | 49 | |||||||||
| Deferred revenue recognized during the period | 2,271 | 1,895 | |||||||||||
| Accrued and Other Current Liabilities [Member] | |||||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||||
| Deferred Revenue | [4] | 431 | 583 | 2,584 | |||||||||
| Other noncurrent obligations | |||||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||||
| Deferred Revenue | [5] | $ 109 | $ 118 | $ 108 | |||||||||
| |||||||||||||
Revenue Disaggregation of Revenue - Principal Product Groups (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|||
| Disaggregation of Revenue [Line Items] | ||||||
| Net Sales | $ 5,191 | $ 5,556 | $ 9,147 | $ 8,952 | ||
| Seed [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Net Sales | 3,538 | 3,699 | 5,993 | 5,666 | ||
| Seed [Member] | Corn [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Net Sales | 2,057 | 2,309 | 3,921 | 3,777 | ||
| Seed [Member] | Soybean [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Net Sales | 1,085 | 998 | 1,266 | 1,129 | ||
| Seed [Member] | Other oilseeds [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Net Sales | 219 | 200 | 467 | 425 | ||
| Seed [Member] | Other [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Net Sales | 177 | 192 | 339 | 335 | ||
| Crop Protection [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Net Sales | 1,653 | 1,857 | 3,154 | 3,286 | ||
| Crop Protection [Member] | Other [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Net Sales | [1] | 75 | 100 | 146 | 172 | |
| Crop Protection [Member] | Herbicides [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Net Sales | [1] | 909 | 1,003 | 1,732 | 1,764 | |
| Crop Protection [Member] | Insecticides [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Net Sales | [1] | 445 | 452 | 823 | 828 | |
| Crop Protection [Member] | Fungicides [Member] | ||||||
| Disaggregation of Revenue [Line Items] | ||||||
| Net Sales | [1] | $ 224 | $ 302 | $ 453 | $ 522 | |
| ||||||
Revenue Disaggregation of Revenue - Geography (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|||||
| Disaggregation of Revenue [Line Items] | ||||||||
| Net Sales | $ 5,191 | $ 5,556 | $ 9,147 | $ 8,952 | ||||
| Seed [Member] | ||||||||
| Disaggregation of Revenue [Line Items] | ||||||||
| Net Sales | 3,538 | 3,699 | 5,993 | 5,666 | ||||
| Seed [Member] | North America | ||||||||
| Disaggregation of Revenue [Line Items] | ||||||||
| Net Sales | [1] | 2,903 | 3,099 | 4,193 | 4,012 | |||
| Seed [Member] | EMEA | ||||||||
| Disaggregation of Revenue [Line Items] | ||||||||
| Net Sales | [2] | 264 | 274 | 1,145 | 1,078 | |||
| Seed [Member] | Latin America | ||||||||
| Disaggregation of Revenue [Line Items] | ||||||||
| Net Sales | 206 | 187 | 422 | 365 | ||||
| Seed [Member] | Asia Pacific | ||||||||
| Disaggregation of Revenue [Line Items] | ||||||||
| Net Sales | 165 | 139 | 233 | 211 | ||||
| Crop Protection [Member] | ||||||||
| Disaggregation of Revenue [Line Items] | ||||||||
| Net Sales | 1,653 | 1,857 | 3,154 | 3,286 | ||||
| Crop Protection [Member] | North America | ||||||||
| Disaggregation of Revenue [Line Items] | ||||||||
| Net Sales | [1] | 663 | 686 | 1,138 | 1,165 | |||
| Crop Protection [Member] | EMEA | ||||||||
| Disaggregation of Revenue [Line Items] | ||||||||
| Net Sales | [2] | 379 | 393 | 965 | 953 | |||
| Crop Protection [Member] | Latin America | ||||||||
| Disaggregation of Revenue [Line Items] | ||||||||
| Net Sales | 309 | 466 | 527 | 653 | ||||
| Crop Protection [Member] | Asia Pacific | ||||||||
| Disaggregation of Revenue [Line Items] | ||||||||
| Net Sales | $ 302 | $ 312 | $ 524 | $ 515 | ||||
| ||||||||
Restructuring and Asset Related Charges Execute to Win Productivity Program (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Asset Related Charges - Net | $ 179 | $ 60 | $ 249 | $ 121 |
| Execute to Win Productivity Program [Domain] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Related Cost, Expected Cost | 185 | 185 | ||
| Restructuring Reserve, Beginning Balance | 0 | |||
| Restructuring and Asset Related Charges - Net | 41 | 104 | ||
| Payments for Restructuring | (4) | |||
| Asset write-offs and adjustments | (52) | |||
| Asset Retirement Obligation | 30 | 30 | ||
| Restructuring Reserve, Ending Balance | 48 | 48 | ||
| Execute to Win Productivity Program [Domain] | Severance and Related Benefit Costs | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Related Cost, Expected Cost | 60 | 60 | ||
| Future Cash Payments | 86 | 86 | ||
| Restructuring Reserve, Beginning Balance | 0 | |||
| Restructuring and Asset Related Charges - Net | 4 | 46 | ||
| Payments for Restructuring | (2) | |||
| Asset write-offs and adjustments | 0 | |||
| Restructuring Reserve, Ending Balance | 44 | 44 | ||
| Execute to Win Productivity Program [Domain] | Asset Related Charges [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Related Cost, Expected Cost | 125 | 125 | ||
| Restructuring Reserve, Beginning Balance | 0 | |||
| Restructuring and Asset Related Charges - Net | 37 | 58 | ||
| Payments for Restructuring | (2) | |||
| Asset write-offs and adjustments | (52) | |||
| Restructuring Reserve, Ending Balance | 4 | 4 | ||
| Execute to Win Productivity Program [Domain] | Asset Retirement Obligation Costs [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Related Cost, Expected Cost | 30 | 30 | ||
| Execute to Win Productivity Program [Domain] | Seed [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Related Cost, Expected Cost | 15 | 15 | ||
| Restructuring and Asset Related Charges - Net | 0 | 3 | ||
| Execute to Win Productivity Program [Domain] | Crop Protection [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Related Cost, Expected Cost | 110 | 110 | ||
| Restructuring and Asset Related Charges - Net | 37 | 55 | ||
| Execute to Win Productivity Program [Domain] | Corporate | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Related Cost, Expected Cost | 60 | 60 | ||
| Restructuring and Asset Related Charges - Net | $ 4 | $ 46 | ||
| Minimum [Member] | Execute to Win Productivity Program [Domain] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Ceased Operations | 12 months | |||
| Maximum [Member] | Execute to Win Productivity Program [Domain] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Ceased Operations | 24 months | |||
Restructuring and Asset Related Charges DowDuPont Cost Synergy Program (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 34 Months Ended | ||||
|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
|||
| Restructuring Cost and Reserve [Line Items] | |||||||
| Restructuring and Asset Related Charges - Net | $ 179 | $ 60 | $ 249 | $ 121 | |||
| DowDuPont Cost Synergy Program [Member] | |||||||
| Restructuring Cost and Reserve [Line Items] | |||||||
| Restructuring Reserve, Beginning Balance | 69 | ||||||
| Restructuring and Asset Related Charges - Net | 0 | 60 | (3) | 122 | $ 842 | ||
| Payments for Restructuring | (14) | ||||||
| Restructuring Reserve, Ending Balance | 55 | 55 | 55 | ||||
| DowDuPont Cost Synergy Program [Member] | Severance and Related Benefit Costs | |||||||
| Restructuring Cost and Reserve [Line Items] | |||||||
| Restructuring Reserve, Beginning Balance | 29 | ||||||
| Restructuring and Asset Related Charges - Net | 0 | 0 | 0 | 14 | 319 | ||
| Payments for Restructuring | (13) | ||||||
| Restructuring Reserve, Ending Balance | 16 | 16 | 16 | ||||
| DowDuPont Cost Synergy Program [Member] | Costs Associated with Exit and Disposal Activities | |||||||
| Restructuring Cost and Reserve [Line Items] | |||||||
| Restructuring Reserve, Beginning Balance | [1] | 40 | |||||
| Restructuring and Asset Related Charges - Net | 0 | 49 | 0 | 69 | 193 | ||
| Payments for Restructuring | [1] | (1) | |||||
| Restructuring Reserve, Ending Balance | [1] | 39 | 39 | 39 | |||
| DowDuPont Cost Synergy Program [Member] | Asset Related Charges [Member] | |||||||
| Restructuring Cost and Reserve [Line Items] | |||||||
| Restructuring and Asset Related Charges - Net | 0 | 11 | (3) | 39 | $ 330 | ||
| DowDuPont Cost Synergy Program [Member] | Seed [Member] | |||||||
| Restructuring Cost and Reserve [Line Items] | |||||||
| Restructuring and Asset Related Charges - Net | (3) | 49 | (6) | 73 | |||
| DowDuPont Cost Synergy Program [Member] | Crop Protection [Member] | |||||||
| Restructuring Cost and Reserve [Line Items] | |||||||
| Restructuring and Asset Related Charges - Net | 3 | 2 | 3 | 29 | |||
| DowDuPont Cost Synergy Program [Member] | Corporate | |||||||
| Restructuring Cost and Reserve [Line Items] | |||||||
| Restructuring and Asset Related Charges - Net | $ 0 | $ 9 | $ 0 | $ 20 | |||
| |||||||
Restructuring and Asset Related Charges Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Asset Related Charges - Net | $ 179 | $ 60 | $ 249 | $ 121 |
| Reduced Employee Expenses [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Accelerated Prepaid Royalty Amortization Expense | $ 138 | $ 148 | ||
Related Party Transactions Dow Intercompany Transactions (Details) $ in Millions |
6 Months Ended |
|---|---|
|
Jun. 30, 2019
USD ($)
| |
| Dow [Member] | |
| Related Party Transaction [Line Items] | |
| Purchases from Historical Dow and affiliates | $ 42 |
Related Party Transactions Transactions with DowDuPont (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
||||
| Related Party Transaction [Line Items] | ||||||
| Distributions to DowDuPont | $ 317 | $ 0 | $ 317 | [1] | ||
| DowDuPont [Member] | ||||||
| Related Party Transaction [Line Items] | ||||||
| Distributions to DowDuPont | $ 317 | |||||
| ||||||
Supplementary Information Other Income (Expense) - Net (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
||||||||||||||||
| Interest income | $ 9 | $ 17 | $ 27 | $ 33 | |||||||||||||||
| Equity in losses of affiliates - net | (2) | (5) | (3) | (5) | |||||||||||||||
| Net gain (loss) on sales of businesses and other assets | [1] | 16 | 2 | (30) | (11) | ||||||||||||||
| Net exchange gains (losses) | 1 | (32) | (60) | (59) | |||||||||||||||
| Non-operating pension and other post employment benefit credit | [2] | 91 | 46 | 182 | 97 | ||||||||||||||
| Miscellaneous expenses - net | [3] | (26) | (28) | (26) | (24) | ||||||||||||||
| Other income - net | 89 | 0 | 90 | 31 | |||||||||||||||
| Segment Reconciling Items [Member] | |||||||||||||||||||
| Interest income | (9) | (17) | (27) | (33) | [4] | ||||||||||||||
| Net exchange gains (losses) | $ (1) | $ 32 | 60 | 59 | [4] | ||||||||||||||
| Gain (Loss) on Disposition of Assets | [5] | (24) | |||||||||||||||||
| Segment Reconciling Items [Member] | Crop Protection [Member] | |||||||||||||||||||
| Gain (Loss) on Disposition of Assets | [6] | $ (53) | |||||||||||||||||
| Sale of JV [Member] | Segment Reconciling Items [Member] | Seed [Member] | |||||||||||||||||||
| Gain (Loss) on Disposition of Assets | [5],[7] | $ (24) | |||||||||||||||||
| |||||||||||||||||||
Supplementary Information Foreign Currency Exchange Gain (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Foreign Currency Exchange Gain (Loss) [Line Items] | ||||
| Pre-tax exchange (losses) gains - net | $ 1 | $ (32) | $ (60) | $ (59) |
| Foreign Currency Transaction (Loss) Gain Tax (Expense) Benefit | 2 | 18 | (15) | 12 |
| Foreign Currency Transaction (Loss) Gain After Tax | 3 | (14) | (75) | (47) |
| Subsidiary Monetary Position | ||||
| Foreign Currency Exchange Gain (Loss) [Line Items] | ||||
| Pre-tax exchange (losses) gains - net | (13) | 17 | (239) | 7 |
| Foreign Currency Transaction (Loss) Gain Tax (Expense) Benefit | 5 | 7 | 28 | (3) |
| Foreign Currency Transaction (Loss) Gain After Tax | (8) | 24 | (211) | 4 |
| Hedging Program [Member] | ||||
| Foreign Currency Exchange Gain (Loss) [Line Items] | ||||
| Pre-tax exchange (losses) gains - net | 14 | (49) | 179 | (66) |
| Foreign Currency Transaction (Loss) Gain Tax (Expense) Benefit | (3) | 11 | (43) | 15 |
| Foreign Currency Transaction (Loss) Gain After Tax | $ 11 | $ (38) | $ 136 | $ (51) |
Supplementary Information Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
Jun. 01, 2019 |
Dec. 31, 2018 |
[2] | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Cash and Cash Equivalents Items [Line Items] | ||||||||||||
| Cash and cash equivalents | $ 2,809 | $ 1,764 | $ 2,077 | |||||||||
| Restricted Cash | $ 319 | |||||||||||
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total Company | 3,171 | [1] | 2,173 | 2,513 | [1],[2] | $ 5,024 | ||||||
| Other Current Assets [Member] | ||||||||||||
| Restricted Cash and Cash Equivalents Items [Line Items] | ||||||||||||
| Restricted Cash | $ 362 | $ 409 | $ 436 | |||||||||
| ||||||||||||
Income Taxes Income Tax Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Income Tax Disclosure [Abstract] | ||||
| Tax charge related to U.S. state blended tax rate changes associated with the Internal Reorganizations | $ 114 | $ 146 | ||
| Tax benefit related to an internal legal entity restructuring associated with the Internal Reorganizations | 102 | |||
| Tax benefit related to the impact of recent tax law enactment in foreign jurisdictions | $ 14 | $ 14 | ||
| Tax charge related to application of the Act's foreign tax provisions | 96 | 96 | ||
| Tax benefit related to an elective change in accounting method for the impact of the Act's foreign tax provisions | $ 51 | $ 51 | ||
| Other Tax Benefit | $ 21 | $ 21 | ||
Earnings Per Share Narrative (Details) |
Jun. 01, 2019
shares
|
|---|---|
| Corteva [Member] | |
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
| Common Stock, Shares, Issued | 748,815,000 |
Earnings Per Share Net Income for Earnings Per Share Calculations - Basic and Diluted (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
||||
| Earnings Per Share [Abstract] | |||||||
| Income from continuing operations after income taxes | $ 766 | $ 483 | $ 1,047 | $ 299 | [1] | ||
| Net income Attributable to Noncontrolling Interest, Continuing Operations | 6 | 13 | 16 | 21 | |||
| Net income from Continuing Operations Available to Common Shareholders | 760 | 470 | 1,031 | 278 | |||
| Income (loss) from discontinued operations after income taxes | 0 | (1,077) | 1 | (717) | |||
| Income from Discontinued Operations, Attributable to Noncontrolling Interest | 0 | 1 | 0 | 5 | |||
| Net (Loss) Income from Discontinued Operations Available to Common Shareholders | 0 | (1,078) | 1 | (722) | |||
| Net income (loss) Available to Common Stockholders | $ 760 | $ (608) | $ 1,032 | $ (444) | |||
| |||||||
Earnings Per Share Earnings Per Share Calculations - Basic (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Earnings Per Share [Abstract] | ||||
| Basic earnings per share of common stock from continuing operations | $ 1.01 | $ 0.63 | $ 1.37 | $ 0.37 |
| Basic loss per share of common stock from discontinued operations | $ 0 | $ (1.44) | $ 0 | $ (0.96) |
| Basic earnings (loss) per share of common stock | $ 1.01 | $ (0.81) | $ 1.37 | $ (0.59) |
Earnings Per Share Earnings Per Share Calculations - Diluted (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Earnings Per Share [Abstract] | ||||
| Diluted earnings per share of common stock from continuing operations | $ 1.01 | $ 0.63 | $ 1.37 | $ 0.37 |
| Diluted loss per share of common stock from discontinued operations | $ 0 | $ (1.44) | $ 0 | $ (0.96) |
| Diluted earnings (loss) per share of common stock | $ 1.01 | $ (0.81) | $ 1.37 | $ (0.59) |
Earnings Per Share Share Count Information (Details) - shares |
3 Months Ended | 6 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
Jun. 01, 2019 |
|||||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
| Weighted Average Number of Shares Outstanding, Basic | [1] | 749,200,000 | 749,400,000 | 749,600,000 | 749,400,000 | |||||||
| Dilutive effect of equity compensation plans | [2] | 2,400,000 | 600,000 | 2,400,000 | 300,000 | |||||||
| Weighted Average Number of Shares Outstanding, Diluted | 751,600,000 | 750,000,000.0 | 752,000,000.0 | 749,700,000 | ||||||||
| Stock options and restricted stock units excluded from EPS | [3] | 11,900,000 | 7,800,000 | 11,000,000.0 | 7,800,000 | |||||||
| Common Stock, Shares Authorized | 1,666,667,000 | 1,666,667,000 | 1,666,667,000 | 1,666,667,000 | 1,666,667,000 | |||||||
| Corteva [Member] | ||||||||||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
| Common Stock, Shares Authorized | 748,800,000 | |||||||||||
| Shares in which vesting conditions were met | 600,000 | |||||||||||
| ||||||||||||
Accounts and Notes Receivable (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|||||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
| Accounts Receivable - trade | [1] | $ 4,396 | $ 4,811 | $ 4,396 | $ 4,811 | $ 4,225 | |||||
| Notes receivable - trade | [1],[2] | 1,391 | 1,291 | 1,391 | 1,291 | 171 | |||||
| Other | [3] | 985 | 1,332 | 985 | 1,332 | 1,132 | |||||
| Accounts and notes receivable - net | 6,772 | 7,434 | 6,772 | 7,434 | 5,528 | ||||||
| Accounts Receivable, Allowance for Credit Loss, Current | 207 | 152 | 207 | 152 | 174 | ||||||
| Due from Affiliates | 114 | 126 | 114 | 126 | 119 | ||||||
| Factoring Agreement [Member] | |||||||||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
| Trade Receivables Sold | 161 | 81 | 176 | 84 | |||||||
| Trade receivables sold the remain outstanding with an element of recourse | 146 | 87 | 146 | 87 | $ 171 | ||||||
| Loss on Sale of Accounts Receivable | $ 36 | $ 36 | $ 38 | $ 37 | |||||||
| |||||||||||
Accounts and Notes Receivable Allowance Rollforward (Details) $ in Millions |
6 Months Ended |
|---|---|
|
Jun. 30, 2020
USD ($)
| |
| Receivables [Abstract] | |
| Accounts Receivable, Allowance for Credit Loss, Beginning Balance | $ 174 |
| Additions charged to expenses | 124 |
| Write-offs charged against allowance | (6) |
| Recoveries collected | (78) |
| Other deductions against allowance | (7) |
| Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 207 |
Inventories Schedule of Inventory (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Dec. 31, 2019 |
Sep. 01, 2017 |
|
| Inventory [Line Items] | |||||
| Finished Products | $ 2,103 | $ 2,103 | $ 1,831 | $ 2,684 | |
| Semi-finished Products | 1,373 | 1,373 | 1,364 | 1,850 | |
| Raw Materials and Supplies | 442 | 442 | 394 | 498 | |
| Total inventories | 3,918 | 3,918 | $ 3,589 | $ 5,032 | |
| 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 | $ 52 | $ 257 |
Property, Plant and Equipment Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
|---|---|---|---|
| Property, Plant and Equipment [Line Items] | |||
| Accumulated Depreciation | $ (3,565) | $ (3,326) | $ (3,207) |
Other Intangible Assets Other Intangible Assets (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
||||
|---|---|---|---|---|---|---|---|
| Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
| Finite-Lived Intangible Assets, Gross | $ 10,730 | $ 10,750 | $ 4,518 | ||||
| Finite-Lived Intangible Assets, Accumulated Amortization | (1,541) | (1,207) | (968) | ||||
| Finite-Lived Intangible Assets, Net | 9,189 | 9,543 | 3,550 | ||||
| Indefinite-lived Intangible Assets (Excluding Goodwill) | 1,881 | 1,881 | 8,282 | ||||
| Intangible Assets, Gross (Excluding Goodwill) | 12,611 | 12,631 | 12,800 | ||||
| Total other intangible assets | 11,070 | 11,424 | 11,832 | ||||
| Trade Names [Member] | |||||||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
| Indefinite-lived Intangible Assets (Excluding Goodwill) | 1,871 | 1,871 | 1,871 | ||||
| In Process Research and Development [Member] | |||||||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
| Indefinite-lived Intangible Assets (Excluding Goodwill) | 10 | 10 | 146 | ||||
| Germplasm [Member] | |||||||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
| Indefinite-lived Intangible Assets (Excluding Goodwill) | [1] | 6,265 | |||||
| Germplasm [Member] | |||||||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
| Finite-Lived Intangible Assets, Gross | [1] | 6,265 | 6,265 | ||||
| Finite-Lived Intangible Assets, Accumulated Amortization | [1] | (190) | (63) | ||||
| Finite-Lived Intangible Assets, Net | [1] | 6,075 | 6,202 | ||||
| Customer-Related Intangible Assets [Member] | |||||||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
| Finite-Lived Intangible Assets, Gross | 1,961 | 1,977 | 1,981 | ||||
| Finite-Lived Intangible Assets, Accumulated Amortization | (322) | (268) | (211) | ||||
| Finite-Lived Intangible Assets, Net | 1,639 | 1,709 | 1,770 | ||||
| Developed Technology Rights [Member] | |||||||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
| Finite-Lived Intangible Assets, Gross | 1,463 | 1,463 | 1,467 | ||||
| Finite-Lived Intangible Assets, Accumulated Amortization | (462) | (370) | (297) | ||||
| Finite-Lived Intangible Assets, Net | 1,001 | 1,093 | 1,170 | ||||
| Trademarks and Trade Names [Member] | |||||||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
| Finite-Lived Intangible Assets, Gross | 161 | 166 | 166 | ||||
| Finite-Lived Intangible Assets, Accumulated Amortization | (85) | (86) | (83) | ||||
| Finite-Lived Intangible Assets, Net | 76 | 80 | 83 | ||||
| Favorable Supply Contract [Member] | |||||||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
| Finite-Lived Intangible Assets, Gross | 475 | 475 | 475 | ||||
| Finite-Lived Intangible Assets, Accumulated Amortization | (255) | (207) | (159) | ||||
| Finite-Lived Intangible Assets, Net | 220 | 268 | 316 | ||||
| Other Intangible Assets [Member] | |||||||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
| Finite-Lived Intangible Assets, Gross | [2] | 405 | 404 | 429 | |||
| Finite-Lived Intangible Assets, Accumulated Amortization | [2] | (227) | (213) | (218) | |||
| Finite-Lived Intangible Assets, Net | [2] | $ 178 | $ 191 | $ 211 | |||
| |||||||
Other Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Finite-Lived Intangible Assets [Line Items] | ||||
| Amortization expense | $ 176 | $ 113 | $ 339 | $ 214 |
| Continuing Operations [Member] | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Pre-tax amortization expense, remainder of 2020 | 322 | 322 | ||
| Pre-tax amortization expense, 2021 | 644 | 644 | ||
| Pre-tax amortization expense, 2022 | 622 | 622 | ||
| Pre-tax amortization expense, 2023 | 543 | 543 | ||
| Pre-tax amortization expense, 2024 | 529 | 529 | ||
| Pre-tax amortization expense, 2025 | $ 492 | $ 492 | ||
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Short-term borrowings and finance lease obligations (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Feb. 29, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
|---|---|---|---|---|
| Short-term Debt [Line Items] | ||||
| Long-term Debt Payable within one year | $ 1 | $ 1 | $ 2 | |
| Finance Lease, Liability, Current | 2 | 4 | 18 | |
| Short-term borrowings and finance lease obligations | $ 1,529 | $ 7 | $ 2,058 | |
| Short-term Debt, Weighted Average Interest Rate, at Point in Time | 1.00% | 6.70% | 3.10% | |
| Commercial Paper [Member] | ||||
| Short-term Debt [Line Items] | ||||
| Short-term borrowings | $ 671 | $ 0 | $ 1,107 | |
| Other loans - various currencies [Member] | ||||
| Short-term Debt [Line Items] | ||||
| Short-term borrowings | 55 | 2 | 154 | |
| Repurchase Agreements [Member] | ||||
| Short-term Debt [Line Items] | ||||
| Short-term borrowings | $ 1,300 | |||
| Repurchase Agreements [Member] | Securities Sold under Agreements to Repurchase [Member] | ||||
| Short-term Debt [Line Items] | ||||
| Short-term borrowings | $ 800 | $ 0 | $ 777 |
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Long-term Debt (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
May 31, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
|---|---|---|---|---|
| Debt Instrument [Line Items] | ||||
| Finance Lease, Liability, Noncurrent | $ 5 | $ 5 | $ 6 | |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 12 | 0 | 0 | |
| Long-term Debt Payable within one year | 1 | 1 | 2 | |
| Long-term Debt and Lease Obligation | 1,102 | 115 | 117 | |
| Senior Notes Due 2025 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Long-term Debt, Gross | $ 500 | |||
| Debt Instrument, Interest Rate, Stated Percentage | 1.70% | |||
| Medium-term Notes [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Long-term Debt, Gross | $ 109 | $ 109 | $ 110 | |
| Long-term Debt, Weighted Average Interest Rate, at Point in Time | 0.20% | 1.61% | 2.17% | |
| Senior Notes Due 2030 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Long-term Debt, Gross | $ 500 | |||
| Debt Instrument, Interest Rate, Stated Percentage | 2.30% | |||
| Notes Maturing 2025 [Domain] | Loans Payable [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Long-term Debt, Gross | $ 500 | $ 0 | $ 0 | |
| Long-term Debt, Weighted Average Interest Rate, at Point in Time | 1.70% | 0.00% | 0.00% | |
| Notes Maturing 2030 [Domain] | Loans Payable [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Long-term Debt, Gross | $ 500 | |||
| Long-term Debt, Weighted Average Interest Rate, at Point in Time | 2.30% | |||
| Foreign Currency Loans [Member] | Loans Payable [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Long-term Debt, Gross | $ 1 | $ 2 | $ 3 | |
| Fair Value, Inputs, Level 2 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Long-term Debt, Fair Value | $ 1,141 | $ 119 | $ 119 |
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Repurchase Facility and Revolving Credit Facilities (Details) $ in Millions |
36 Months Ended | 60 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Nov. 13, 2021 |
Nov. 13, 2023 |
Jun. 30, 2020
USD ($)
|
Mar. 31, 2020
USD ($)
|
Feb. 29, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
Nov. 13, 2018
USD ($)
|
|
| Repurchase Agreements [Member] | ||||||||
| Line of Credit Facility [Line Items] | ||||||||
| Short-term borrowings | $ 1,300 | |||||||
| Revolving Credit Facilities due 2024 [Member] | ||||||||
| Line of Credit Facility [Line Items] | ||||||||
| Line of Credit Facility, Maximum 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 | |||||||
| Long-term Line of Credit | $ 500 | |||||||
| Line of Credit Facility, Remaining Borrowing Capacity | $ 3,000 | |||||||
| Securities Sold under Agreements to Repurchase [Member] | Repurchase Agreements [Member] | ||||||||
| Line of Credit Facility [Line Items] | ||||||||
| Short-term borrowings | 800 | $ 0 | $ 777 | |||||
| Percentage of outstanding amounts borrowed utilized as collateral | 105.00% | |||||||
| Interest rate in addition to LIBOR | 0.75% | |||||||
| Revolving Credit Facilities due 2022 [Member] | ||||||||
| Line of Credit Facility [Line Items] | ||||||||
| Ratio of Indebtedness to Net Capital | 0.60 | |||||||
| Accounts and Notes Receivable [Member] | Securities Sold under Agreements to Repurchase [Member] | Repurchase Agreements [Member] | ||||||||
| Line of Credit Facility [Line Items] | ||||||||
| Pledged Financial Instruments, Not Separately Reported, Loans Receivable Pledged as Collateral | $ 841 | |||||||
| Forecast [Member] | Revolving Credit Facilities due 2024 [Member] | ||||||||
| Line of Credit Facility [Line Items] | ||||||||
| Debt Instrument, Term | 5 years | |||||||
| Forecast [Member] | Revolving Credit Facilities due 2022 [Member] | ||||||||
| Line of Credit Facility [Line Items] | ||||||||
| Debt Instrument, Term | 3 years |
Commitments and Contingent Liabilities Guarantee Narrative (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
|---|---|---|---|
| Guarantor Obligations [Line Items] | |||
| Guarantee Obligations | $ 112 | $ 97 | $ 164 |
| Factoring Agreement [Member] | |||
| Guarantor Obligations [Line Items] | |||
| Guarantee Obligations | 20 | 16 | 8 |
| Agreements with lenders to provide financing for select customers [Member] | |||
| Guarantor Obligations [Line Items] | |||
| Accounts Receivable, after Allowance for Credit Loss | 622 | $ 27 | $ 542 |
| Current Portion [Member] | |||
| Guarantor Obligations [Line Items] | |||
| Guarantee Obligations | $ 1 |
Commitments and Contingent Liabilities Chemours (Details) - USD ($) $ in Millions |
60 Months Ended | ||
|---|---|---|---|
Jul. 01, 2015 |
Jul. 06, 2022 |
Jun. 30, 2020 |
|
| PFOA Matters: Multi-District Litigation [Member] | |||
| Loss Contingencies [Line Items] | |||
| Loss Contingency, Limited Sharing of Potential Future Liabilities, Period | 5 years | ||
| Additional annual PFOA liabilities for the next five years paid by Corteva | $ 25 | ||
| 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 | ||
| Chemours [Member] | Accounts and Notes Receivable [Member] | |||
| Loss Contingencies [Line Items] | |||
| Indemnification Assets | 62 | ||
| Chemours [Member] | Other Assets [Member] | |||
| Loss Contingencies [Line Items] | |||
| Indemnification Assets | 284 | ||
| Chemours [Member] | Accrued and Other Current Liabilities [Member] | |||
| Loss Contingencies [Line Items] | |||
| Indemnified Liabilities | 62 | ||
| Chemours [Member] | Other noncurrent obligations | |||
| Loss Contingencies [Line Items] | |||
| Indemnified Liabilities | $ 284 | ||
| Chemours [Member] | |||
| Loss Contingencies [Line Items] | |||
| Proceeds from Dividends Received | $ 3,910 |
Commitments and Contingent Liabilities DuPont (Details) |
Jun. 30, 2020
USD ($)
|
|---|---|
| PFAS [Member] | Minimum [Member] | |
| Loss Contingencies [Line Items] | |
| Stray liability threshold | $ 1 |
| PFAS [Member] | Minimum [Member] | Once $300 million threshold is met [Member] | |
| Loss Contingencies [Line Items] | |
| De minimis threshold | 1,000,000 |
| PFAS [Member] | Maximum [Member] | |
| Loss Contingencies [Line Items] | |
| Stray liability threshold | 300,000,000 |
| DuPont de Nemours [Member] | |
| Loss Contingencies [Line Items] | |
| Amount credited to each company's threshold | $ 150,000,000 |
| Corteva [Member] | |
| Loss Contingencies [Line Items] | |
| Stray liability sharing percentage | 29.00% |
| Corteva [Member] | PFAS [Member] | |
| Loss Contingencies [Line Items] | |
| Stray liability sharing percentage | 50.00% |
| Corteva [Member] | DuPont de Nemours [Member] | |
| Loss Contingencies [Line Items] | |
| Stray liability threshold | $ 200,000,000 |
| DuPont de Nemours [Member] | |
| Loss Contingencies [Line Items] | |
| Stray liability sharing percentage | 71.00% |
| DuPont de Nemours [Member] | PFAS [Member] | |
| Loss Contingencies [Line Items] | |
| Stray liability sharing percentage | 50.00% |
| DuPont de Nemours [Member] | DuPont de Nemours [Member] | |
| Loss Contingencies [Line Items] | |
| Stray liability threshold | $ 200,000,000 |
Commitments and Contingent Liabilities PFOA / Leach Settlement (Details) |
3 Months Ended | 6 Months Ended | 12 Months Ended | 102 Months Ended | |
|---|---|---|---|---|---|
|
Mar. 31, 2017
USD ($)
|
Jun. 30, 2020
USD ($)
lawsuits
|
Dec. 31, 2004
USD ($)
|
Jun. 30, 2020
USD ($)
lawsuits
|
Jan. 01, 2012 |
|
| 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 Balance | $ 1,000,000 | $ 1,000,000 | |||
| PFOA Matters: Drinking Water Actions [Member] | WEST VIRGINIA AND OHIO [Domain] | |||||
| Loss Contingencies [Line Items] | |||||
| Loss Contingency, Pending Claims, Number | 58 | 58 | |||
| PFOA Matters: Drinking Water Actions [Member] | WEST VIRGINIA AND OHIO [Domain] | Scheduled for trial [Member] | |||||
| Loss Contingencies [Line Items] | |||||
| Loss Contingency, Pending Claims, Number | 6 | 6 | |||
| PFOA Matters: Drinking Water Actions [Member] | WEST VIRGINIA AND OHIO [Domain] | Compensatory damages [Member] | |||||
| Loss Contingencies [Line Items] | |||||
| Litigation Settlement, Amount Awarded to Other Party | $ 40,000,000 | ||||
| PFOA Matters: Drinking Water Actions [Member] | WEST VIRGINIA AND OHIO [Domain] | Loss of consortium [Member] | |||||
| Loss Contingencies [Line Items] | |||||
| Litigation Settlement, Amount Awarded to Other Party | $ 10,000,000 | ||||
| PFOA Matters: Multi-District Litigation [Member] | |||||
| Loss Contingencies [Line Items] | |||||
| 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 | ||||
| Chemours [Member] | PFOA Matters [Member] | |||||
| Loss Contingencies [Line Items] | |||||
| Indemnified Liabilities | $ 20,000,000 | $ 20,000,000 | |||
| Indemnification Assets | $ 20,000,000 | $ 20,000,000 |
Commitments and Contingent Liabilities Other PFOA Matters / Fayetteville (Details) |
6 Months Ended |
|---|---|
Jun. 30, 2020 | |
| Firefighting Foam [Member] | |
| Loss Contingencies [Line Items] | |
| Loss Contingency, Pending Claims, Number | 690 |
| Personal injury cases [Member] | Firefighting Foam [Member] | |
| Loss Contingencies [Line Items] | |
| Loss Contingency, Pending Claims, Number | 630 |
| NEW YORK | PFOA Matters: Drinking Water Actions [Member] | |
| Loss Contingencies [Line Items] | |
| Loss Contingency, Pending Claims, Number | 50 |
| NEW JERSEY | PFOA Matters: Drinking Water Actions [Member] | |
| Loss Contingencies [Line Items] | |
| Loss Contingency, Pending Claims, Number | 2 |
| NEW JERSEY | Natural Resources Damages [Member] | |
| Loss Contingencies [Line Items] | |
| Loss Contingency, Pending Claims, Number | 4 |
| OHIO | PFOA Matters: Drinking Water Actions [Member] | |
| Loss Contingencies [Line Items] | |
| Loss Contingency, Pending Claims, Number | 3 |
| NORTH CAROLINA | PFOA Matters: Drinking Water Actions [Member] | |
| Loss Contingencies [Line Items] | |
| Loss Contingency, Number of Property Owners | 200 |
| Loss Contingency, Number of Additional Plaintiffs | 100 |
| Alabama Water Utility [Member] | Natural Resources Damages [Member] | |
| Loss Contingencies [Line Items] | |
| Loss Contingency, Pending Claims, Number | 1 |
Commitments and Contingent Liabilities Environmental (Details) $ in Millions |
Jun. 30, 2020
USD ($)
|
|||||||
|---|---|---|---|---|---|---|---|---|
| Loss Contingencies [Line Items] | ||||||||
| Indemnification Asset | $ 192 | |||||||
| Accrual for Environmental Loss Contingencies | 350 | [1] | ||||||
| Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 620 | [1] | ||||||
| Chemours related obligation subject to indemnification [Member] | ||||||||
| Loss Contingencies [Line Items] | ||||||||
| Indemnification Asset | 158 | |||||||
| Accrual for Environmental Loss Contingencies | 158 | [1],[2],[3] | ||||||
| Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 289 | [1] | ||||||
| Discontinued Operations [Member] | ||||||||
| Loss Contingencies [Line Items] | ||||||||
| Indemnification Asset | ||||||||
| Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 222 | [1] | ||||||
| Other discontinued or divested business obligations [Member] | ||||||||
| Loss Contingencies [Line Items] | ||||||||
| Accrual for Environmental Loss Contingencies | 88 | [1],[2] | ||||||
| Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont [Member] | ||||||||
| Loss Contingencies [Line Items] | ||||||||
| Indemnification Asset | 34 | |||||||
| Accrual for Environmental Loss Contingencies | 34 | [1],[3] | ||||||
| Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 62 | [1] | ||||||
| Not subject to indemnification [Member] | ||||||||
| Loss Contingencies [Line Items] | ||||||||
| Indemnification Asset | ||||||||
| Accrual for Environmental Loss Contingencies | 70 | [1] | ||||||
| Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 47 | [1] | ||||||
| DuPont de Nemours [Member] | DuPont de Nemours [Member] | ||||||||
| Loss Contingencies [Line Items] | ||||||||
| Stray liability threshold | 200 | |||||||
| Superfund Sites [Member] | ||||||||
| Loss Contingencies [Line Items] | ||||||||
| Accrual for Environmental Loss Contingencies | 51 | |||||||
| Superfund Sites [Member] | Chemours [Member] | Indemnification Agreement [Member] | ||||||||
| Loss Contingencies [Line Items] | ||||||||
| Indemnification Assets | $ 30 | |||||||
| ||||||||
Stockholders' Equity Common Stock (Details) $ / shares in Units, $ in Millions |
6 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2020
USD ($)
$ / shares
shares
|
Jun. 30, 2019
USD ($)
$ / shares
shares
|
Jul. 30, 2020
$ / shares
|
Dec. 31, 2019
$ / shares
|
Jun. 26, 2019
USD ($)
$ / shares
|
Jun. 01, 2019
shares
$ / shares
|
||||
| Class of Stock [Line Items] | |||||||||
| Common Stock, Par Value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||
| Common Stock, Shares, Outstanding, Beginning Balance | 748,577,000 | ||||||||
| Common Stock, Shares, Outstanding, Ending Balance | 748,485,000 | 748,815,000 | |||||||
| Stock Repurchase Program, Authorized Amount | $ | $ 1,000 | ||||||||
| Payments for Repurchase of Common Stock | $ | $ 50 | $ 0 | [1] | ||||||
| Corteva [Member] | |||||||||
| Class of Stock [Line Items] | |||||||||
| Common Stock, Shares, Issued | 748,815,000 | ||||||||
| Common Stock, Par Value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
| Common Stock, Shares, Outstanding, Beginning Balance | 748,577,000 | ||||||||
| Common Stock, Shares, Issued | 1,773,000 | ||||||||
| Stock Repurchased and Retired During Period, Shares | (1,865,000) | ||||||||
| Common Stock, Shares, Outstanding, Ending Balance | 748,485,000 | ||||||||
| Payments for Repurchase of Common Stock | $ | $ 50 | ||||||||
| 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 | ||||||||
| |||||||||
Stockholders' Equity Noncontrolling interests (Details) - USD ($) $ in Millions |
6 Months Ended | ||||
|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
[1] | |||
| Noncontrolling Interest [Line Items] | |||||
| Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 46.50% | ||||
| Payments to Noncontrolling Interests | $ 60 | $ 0 | |||
| |||||
Stockholders' Equity Preferred Stock (Details) - EID [Member] - USD ($) |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
|
| $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 |
| Preferred Stock, Redemption Amount | $ 120 | $ 120 | $ 120 |
| $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 |
| Preferred Stock, Redemption Amount | $ 102 | $ 102 | $ 102 |
| Corteva [Member] | |||
| Class of Stock [Line Items] | |||
| Ownership interest in an entity | 100.00% |
Stockholders' Equity Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
| Beginning Balance | $ 24,079 | $ 24,555 | $ 75,074 | $ 75,153 | $ 24,555 | $ 75,153 | ||
| Amounts Reclassified from Accumulated Other Comprehensive Loss | 22 | 6 | 29 | 12 | ||||
| Other comprehensive (loss) income | 88 | (663) | (155) | (74) | (575) | (229) | ||
| Ending Balance | 24,801 | 24,079 | 26,067 | 75,074 | 24,801 | 26,067 | ||
| Pension Plan | ||||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
| Beginning Balance | (1,247) | (620) | (1,247) | (620) | ||||
| Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | (9) | 6 | ||||||
| Amounts Reclassified from Accumulated Other Comprehensive Loss | 3 | 2 | ||||||
| Other comprehensive (loss) income | (6) | 8 | ||||||
| Ending Balance | (1,253) | (511) | (1,253) | (511) | ||||
| Other Benefit Plans | ||||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
| Beginning Balance | (81) | 79 | (81) | 79 | ||||
| Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | 2 | (85) | ||||||
| Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | (1) | ||||||
| Other comprehensive (loss) income | 2 | (86) | ||||||
| Ending Balance | (79) | (7) | (79) | (7) | ||||
| Cumulative Translation Adjustment | ||||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
| Beginning Balance | (1,944) | (2,793) | (1,944) | (2,793) | ||||
| Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | [1] | (575) | (174) | |||||
| Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | 0 | ||||||
| Other comprehensive (loss) income | (575) | (174) | ||||||
| Ending Balance | (2,519) | (1,854) | (2,519) | (1,854) | ||||
| Derivative Instruments | ||||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
| Beginning Balance | 2 | (26) | 2 | (26) | ||||
| Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | (22) | 12 | ||||||
| Amounts Reclassified from Accumulated Other Comprehensive Loss | 26 | 11 | ||||||
| Other comprehensive (loss) income | 4 | 23 | ||||||
| Ending Balance | 6 | (3) | 6 | (3) | ||||
| Total | ||||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
| Beginning Balance | (3,933) | (3,270) | (3,434) | (3,360) | (3,270) | (3,360) | ||
| Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | (604) | (241) | ||||||
| Amounts Reclassified from Accumulated Other Comprehensive Loss | 29 | 12 | ||||||
| Other comprehensive (loss) income | 88 | (663) | (155) | (74) | (575) | (229) | ||
| Ending Balance | $ (3,845) | $ (3,933) | $ (2,375) | $ (3,434) | $ (3,845) | (2,375) | ||
| Internal Reorganization [Member] | Pension Plan | ||||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
| Other comprehensive (loss) income | 101 | |||||||
| Internal Reorganization [Member] | Other Benefit Plans | ||||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
| Other comprehensive (loss) income | 0 | |||||||
| Internal Reorganization [Member] | Cumulative Translation Adjustment | ||||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
| Other comprehensive (loss) income | 1,113 | |||||||
| Internal Reorganization [Member] | Derivative Instruments | ||||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
| Other comprehensive (loss) income | 0 | |||||||
| Internal Reorganization [Member] | Total | ||||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
| Other comprehensive (loss) income | $ 1,214 | |||||||
| ||||||||
Stockholders' Equity Tax Benefit (Expense) on Net Activity (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Other Comprehensive Income (Loss), Tax Benefit (Expense) | $ (2) | $ 36 | $ (1) | $ 26 |
| Pension Plan | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Other Comprehensive Income (Loss), Tax Benefit (Expense) | 1 | 11 | (3) | 4 |
| Other Benefit Plans | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Other Comprehensive Income (Loss), Tax Benefit (Expense) | 0 | 29 | 0 | 29 |
| Derivative Instruments | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Other Comprehensive Income (Loss), Tax Benefit (Expense) | $ (3) | $ (4) | $ 2 | $ (7) |
Stockholders' Equity Reclassifications out of AOCI (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Cost of Goods Sold | $ 2,829 | $ 3,047 | $ 5,098 | $ 5,258 | |||||||||
| Income Tax Expense (Benefit) | 78 | 270 | 205 | 203 | [1] | ||||||||
| Income from continuing operations after income taxes | 766 | 483 | 1,047 | 299 | [1] | ||||||||
| Amounts Reclassified from Accumulated Other Comprehensive Loss | 22 | 6 | 29 | 12 | |||||||||
| Pension Plan | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Amounts Reclassified from Accumulated Other Comprehensive Loss | 3 | 2 | |||||||||||
| Other Benefit Plans | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | (1) | |||||||||||
| Derivative Instruments | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Cost of Goods Sold | [2] | 28 | 8 | 35 | 12 | ||||||||
| Income Tax Expense (Benefit) | [3] | (7) | (2) | (9) | (1) | ||||||||
| Income from continuing operations after income taxes | 21 | 6 | 26 | 11 | |||||||||
| Amounts Reclassified from Accumulated Other Comprehensive Loss | 26 | 11 | |||||||||||
| Prior Service Benefit | Pension Plan | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | [4] | (1) | 0 | (1) | 0 | ||||||||
| Actuarial (Gains) Losses | Pension Plan | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | [4] | 1 | 0 | 2 | 1 | ||||||||
| Actuarial (Gains) Losses | Other Benefit Plans | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | [4] | 0 | (1) | 0 | (1) | ||||||||
| Settlement Loss | Pension Plan | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | [4] | 1 | 1 | 3 | 1 | ||||||||
| Accumulated Defined Benefit Plans Adjustment Attributable to Parent | Pension Plan | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | 1 | 1 | 4 | 2 | |||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [3] | 0 | 0 | (1) | 0 | ||||||||
| Amounts Reclassified from Accumulated Other Comprehensive Loss | 1 | 1 | 3 | 2 | |||||||||
| Accumulated Defined Benefit Plans Adjustment Attributable to Parent | Other Benefit Plans | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | 0 | (1) | 0 | (1) | |||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [3] | 0 | 0 | 0 | 0 | ||||||||
| Amounts Reclassified from Accumulated Other Comprehensive Loss | $ 0 | $ (1) | $ 0 | $ (1) | |||||||||
| |||||||||||||
Pension Plans and Other Post Employment Benefit Plans Components of net periodic benefit cost (credit) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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, Funded (Unfunded) Status of Plan | $ 5,800 | ||||||||
| Restricted Cash | $ 319 | ||||||||
| Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.64% | 4.23% | |||||||
| Defined Benefit Plan Remeasurement Impact Underfunded Status | $ 114 | ||||||||
| Pension Plan | |||||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
| Service Cost | $ 8 | $ 12 | $ 13 | 32 | |||||
| Interest Cost | 140 | 199 | 281 | 407 | |||||
| Expected return on plan assets | (249) | (282) | (500) | (586) | |||||
| Amortization of unrecognized loss (gain) | 1 | 1 | 2 | 2 | |||||
| Amortization of Prior Service Benefit | (1) | 0 | (1) | 0 | |||||
| Settlement/Curtailment Loss (Gain) | 1 | (1) | 3 | (1) | |||||
| Defined Benefit Plan, Net Periodic Benefit (Credit) Cost | (100) | (71) | (202) | (146) | |||||
| Other Benefit Plans | |||||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
| Service Cost | 0 | 1 | 1 | 3 | |||||
| Interest Cost | 17 | 22 | 33 | 45 | |||||
| Amortization of unrecognized loss (gain) | 0 | (1) | 0 | (1) | |||||
| 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 | (9) | 0 | (17) | ||||
| Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | (16) | (37) | |||||||
| 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 | (100) | (62) | (202) | (129) | |||||
| 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 | $ 17 | $ 22 | $ 34 | $ 47 | |||||
| |||||||||
Financial Instruments Financial Instruments (Narrative) (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
|---|---|---|---|
| Cash Equivalents [Member] | |||
| Schedule of Held-to-maturity Securities [Line Items] | |||
| Debt Securities, Held-to-maturity | $ 2,073 | $ 1,293 | $ 1,389 |
| Marketable Securities [Member] | |||
| Schedule of Held-to-maturity Securities [Line Items] | |||
| Debt Securities, Held-to-maturity | $ 60 | $ 5 | $ 6 |
Financial Instruments Notional Amounts (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
|---|---|---|---|
| Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Derivative, Notional Amount | $ 721 | $ 0 | $ 0 |
| Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Derivative, Notional Amount | 165 | 570 | 76 |
| Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Derivative, Notional Amount | 770 | 582 | 1,558 |
| Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Derivative, Notional Amount | $ 19 | $ 0 | $ 38 |
Financial Instruments Cash Flow Hedges Included in AOCI (Details) € in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2020
EUR (€)
|
Dec. 31, 2019
USD ($)
|
|
| Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||
| Derivative, Remaining Maturity | 2 years | |||||
| Beginning Balance | $ (15) | $ (25) | $ 2 | $ (26) | ||
| Additions and revaluations of derivatives designated as cash flow hedges | (22) | 16 | (44) | 12 | ||
| Clearance of hedge results to earnings | 21 | 6 | 26 | 11 | ||
| Ending Balance | (16) | (3) | (16) | (3) | ||
| After-tax net (loss) gain to be reclassified from AOCL into earnings over the next twelve months | (18) | |||||
| Derivative, Notional Amount | 165 | 76 | $ 165 | 76 | $ 570 | |
| Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | ||||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||
| Derivative, Remaining Maturity | 2 years | |||||
| Beginning Balance | 16 | $ 0 | ||||
| Additions and revaluations of derivatives designated as cash flow hedges | 3 | 19 | ||||
| Ending Balance | 19 | 19 | ||||
| After-tax net (loss) gain to be reclassified from AOCL into earnings over the next twelve months | 19 | |||||
| Derivative, Notional Amount | $ 721 | $ 0 | $ 721 | $ 0 | $ 0 | |
| Net Investment Hedging [Member] | Foreign Currency Contract [Member] | ||||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||
| Derivative, Notional Amount | € | € 450 | |||||
Financial Instruments Fair Value of Derivatives (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
||
|---|---|---|---|---|---|
| Derivative Instruments, Gain (Loss) [Line Items] | |||||
| Derivative Asset, Gross | $ 120 | $ 25 | $ 36 | ||
| Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (57) | (18) | (33) | |
| Derivative Asset, Net | 63 | 7 | 3 | ||
| Derivative Liability, Gross | 65 | 43 | 48 | ||
| Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (56) | (16) | (27) | |
| Derivative Liability, Net | 9 | 27 | 21 | ||
| Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Other Current Assets [Member] | |||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||
| Derivative Asset, Gross | 19 | ||||
| Derivative Asset, Counterparty and Cash Collateral Netting | 0 | ||||
| Derivative Asset, Net | 19 | ||||
| Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Other Current Assets [Member] | |||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||
| Derivative Asset, Gross | 101 | 25 | 36 | ||
| Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (57) | (18) | (33) | |
| Derivative Asset, Net | 44 | 7 | 3 | ||
| Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Accrued and Other Current Liabilities [Member] | |||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||
| Derivative Liability, Gross | 65 | 43 | 48 | ||
| Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (56) | (16) | (27) | |
| Derivative Liability, Net | $ 9 | $ 27 | $ 21 | ||
| |||||
Financial Instruments Effect of Derivative Instruments (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
| Other Comprehensive Loss, Unrealized (Loss) Gain on Derivatives Arising During Period, before Tax | [1] | $ (27) | $ 18 | $ (33) | $ 19 | |||||||
| Gain (Loss) on Derivative Instruments, Net, Pretax | 4 | (55) | 171 | (70) | ||||||||
| Designated as Hedging Instrument [Member] | ||||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
| Other Comprehensive Loss, Unrealized (Loss) Gain on Derivatives Arising During Period, before Tax | [1] | (27) | 18 | (33) | 19 | |||||||
| Loss on Hedging Activity, Pre-tax | [2] | (28) | (8) | (35) | (12) | |||||||
| Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Currency Contract [Member] | ||||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
| Other Comprehensive Loss, Unrealized (Loss) Gain on Derivatives Arising During Period, before Tax | [1] | 4 | 0 | 23 | 0 | |||||||
| Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Commodity Contract [Member] | ||||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
| Other Comprehensive Loss, Unrealized (Loss) Gain on Derivatives Arising During Period, before Tax | [1] | (26) | 18 | (60) | 19 | |||||||
| Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Commodity Contract [Member] | Cost of Goods Sold | ||||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
| Loss on Hedging Activity, Pre-tax | [2],[3] | (28) | (8) | (35) | (12) | |||||||
| Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Foreign Currency Contract [Member] | ||||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
| Other Comprehensive Loss, Unrealized (Loss) Gain on Derivatives Arising During Period, before Tax | [1] | (5) | 0 | 4 | 0 | |||||||
| Not Designated as Hedging Instrument [Member] | ||||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
| Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Pre-tax | 32 | (47) | 206 | (58) | ||||||||
| Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Cost of Goods Sold | ||||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
| Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Pre-tax | [4] | 17 | 0 | 17 | 0 | |||||||
| Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Other Income - net | ||||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
| Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Pre-tax | [4] | 14 | (49) | 179 | (66) | |||||||
| Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Cost of Goods Sold | ||||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||
| Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Pre-tax | [3] | $ 1 | $ 2 | $ 10 | $ 8 | |||||||
| ||||||||||||
Fair Value Measurements Fair Value Tables of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
||||
|---|---|---|---|---|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Derivative Asset | $ 120 | $ 25 | $ 36 | ||||
| Derivative Liability | 65 | 43 | 48 | ||||
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Cash Equivalents and Restricted Cash Equivalents | [1] | 2,073 | 1,293 | 1,389 | |||
| Marketable Securities | 60 | 5 | 6 | ||||
| Assets at Fair Value | 2,253 | 1,323 | 1,431 | ||||
| Liabilities at Fair Value | 65 | 43 | 48 | ||||
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Currency Contract [Member] | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Derivative Asset | [2] | 120 | 25 | 36 | |||
| Derivative Liability | [2] | $ 65 | $ 43 | $ 48 | |||
| |||||||
Segment Reporting Segment Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|||||||||
| Segment Reporting Information [Line Items] | |||||||||||||
| Net Sales | $ 5,191 | $ 5,556 | $ 9,147 | $ 8,952 | |||||||||
| Segment operating EBITDA | 1,265 | 1,486 | 2,084 | 2,031 | [1] | ||||||||
| Segment Assets | 37,390 | 39,828 | 37,390 | 39,828 | $ 38,879 | ||||||||
| Seed [Member] | |||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||
| Net Sales | 3,538 | 3,699 | 5,993 | 5,666 | |||||||||
| Segment operating EBITDA | 956 | 1,036 | 1,537 | 1,361 | |||||||||
| Segment Assets | 24,356 | [2] | 26,623 | [2] | 24,356 | [2] | 26,623 | [2] | 25,387 | ||||
| Crop Protection [Member] | |||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||
| Net Sales | 1,653 | 1,857 | 3,154 | 3,286 | |||||||||
| Segment operating EBITDA | 309 | 450 | 547 | 670 | |||||||||
| Segment Assets | $ 13,034 | [2] | $ 13,205 | [2] | $ 13,034 | [2] | $ 13,205 | [2] | $ 13,492 | ||||
| |||||||||||||
Segment Reporting Segment Reconciliation (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
||||
| Segment Reporting Information [Line Items] | |||||||
| Income from continuing operations after income taxes | $ 766 | $ 483 | $ 1,047 | $ 299 | [1] | ||
| Provision for income taxes on continuing operations | 78 | 270 | 205 | 203 | [1] | ||
| Income from continuing operations before income taxes | 844 | 753 | 1,252 | 502 | [1] | ||
| Depreciation and Amortization | 300 | 227 | 583 | 485 | [1] | ||
| Interest income | 9 | 17 | 27 | 33 | |||
| Interest Expense | 14 | 34 | 24 | 93 | [1] | ||
| Exchange (gains) losses - net | 1 | (32) | (60) | (59) | |||
| Non-operating benefits - net | (91) | (32) | (164) | (74) | [1] | ||
| Significant Items | 179 | 455 | 302 | 640 | [1] | ||
| Pro forma adjustments | [1] | 298 | |||||
| Corporate Expenses | 29 | 34 | 54 | 61 | [1] | ||
| Segment operating EBITDA | 1,265 | 1,486 | 2,084 | 2,031 | [1] | ||
| Segment Reconciling Items [Member] | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Interest income | (9) | (17) | (27) | (33) | [1] | ||
| Exchange (gains) losses - net | (1) | 32 | 60 | 59 | [1] | ||
| Significant Items | $ (179) | $ (455) | $ (302) | $ (640) | |||
| |||||||
Segment Reporting Segment Asset Reconciliation (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
|---|---|---|---|
| Segment Reporting [Abstract] | |||
| Segment Assets | $ 37,390 | $ 38,879 | $ 39,828 |
| Corporate Assets | 4,790 | 3,518 | 4,094 |
| Total Assets | $ 42,180 | $ 42,397 | $ 43,922 |
Segment Reporting Significant Items (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||
| Restructuring and Asset Related Charges - Net | $ 179 | $ 60 | $ 249 | $ 121 | |||||||||||||||||
| Loss on Extinguishment of Debt | 0 | (13) | 0 | (13) | [1] | ||||||||||||||||
| Significant Items | 179 | 455 | 302 | 640 | [2] | ||||||||||||||||
| Segment Reconciling Items [Member] | |||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||
| Restructuring and Asset Related Charges - Net | [3] | (179) | (60) | (249) | (121) | ||||||||||||||||
| Integration and Separation Costs | [4] | (330) | (430) | ||||||||||||||||||
| Loss on Divestiture | [5] | (24) | |||||||||||||||||||
| Amortization of inventory step up included in COGS | [6] | (52) | (52) | ||||||||||||||||||
| Loss on Extinguishment of Debt | [7] | (13) | (13) | ||||||||||||||||||
| Significant Items | (179) | (455) | (302) | (640) | |||||||||||||||||
| Segment Reconciling Items [Member] | La Porte [Member] | |||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||
| Loss on Divestiture | [8] | (53) | |||||||||||||||||||
| Segment Reconciling Items [Member] | Seed [Member] | |||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||
| Restructuring and Asset Related Charges - Net | [3] | (135) | (49) | (145) | (76) | ||||||||||||||||
| Amortization of inventory step up included in COGS | [6] | (52) | (52) | ||||||||||||||||||
| Significant Items | (135) | (101) | (145) | (152) | |||||||||||||||||
| Segment Reconciling Items [Member] | Seed [Member] | Sale of JV [Member] | |||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||
| Loss on Divestiture | [5],[6] | (24) | |||||||||||||||||||
| Segment Reconciling Items [Member] | Crop Protection [Member] | |||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||
| Restructuring and Asset Related Charges - Net | [3] | (40) | (2) | (58) | (25) | ||||||||||||||||
| Loss on Divestiture | [8] | (53) | |||||||||||||||||||
| Significant Items | (40) | (2) | (111) | (25) | |||||||||||||||||
| Segment Reconciling Items [Member] | Crop Protection [Member] | La Porte [Member] | |||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||
| Loss on Divestiture | [8] | (53) | |||||||||||||||||||
| Segment Reconciling Items [Member] | Corporate | |||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||
| Restructuring and Asset Related Charges - Net | [3] | (4) | (9) | (46) | (20) | ||||||||||||||||
| Integration and Separation Costs | [4] | (330) | (430) | ||||||||||||||||||
| Loss on Extinguishment of Debt | [7] | (13) | (13) | ||||||||||||||||||
| Significant Items | $ (4) | $ (352) | $ (46) | $ (463) | |||||||||||||||||
| |||||||||||||||||||||
EID - Basis of Presentation Narrative (Details) - $ / shares |
6 Months Ended | |||||
|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jul. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
Jun. 26, 2019 |
Jun. 01, 2019 |
|
| Common Stock, Shares, Outstanding | 748,485,000 | 748,577,000 | 748,815,000 | |||
| Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
| EID [Member] | ||||||
| Common Stock, Shares, Outstanding | 200 | 200 | 100 | |||
| Common Stock, Par Value | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | ||
| Corteva [Member] | ||||||
| Common Stock, Shares, Outstanding | 748,485,000 | 748,577,000 | ||||
| Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | |||
| Corteva [Member] | EID [Member] | ||||||
| Ownership interest in an entity | 100.00% |
EID - Related Party Transactions (Details) - EID [Member] - Corteva [Member] - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
| Related Party Transaction [Line Items] | |||||
| Long Term Debt - Related Party | $ 3,842 | $ 4,160 | $ 3,842 | $ 4,160 | $ 4,021 |
| Debt, Weighted Average Interest Rate | 1.80% | 4.12% | 1.80% | 4.12% | 3.27% |
| Interest Expense, Related Party | $ 31 | $ 30 | $ 63 | $ 30 | |
| Accrued and Other Current Liabilities [Member] | |||||
| Related Party Transaction [Line Items] | |||||
| Indemnified Liabilities | 119 | 88 | 119 | 88 | $ 119 |
| Other noncurrent obligations | |||||
| Related Party Transaction [Line Items] | |||||
| Indemnified Liabilities | $ 82 | $ 180 | $ 82 | $ 180 | $ 154 |
EID Segment FN Segment reconciliation (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
||||||
| Segment Reporting Information [Line Items] | |||||||||
| Provision for income taxes on continuing operations | $ 78 | $ 270 | $ 205 | $ 203 | [1] | ||||
| Income from continuing operations before income taxes | 844 | 753 | 1,252 | 502 | [1] | ||||
| Depreciation and Amortization | 300 | 227 | 583 | 485 | [1] | ||||
| Interest income | 9 | 17 | 27 | 33 | |||||
| Interest Expense | 14 | 34 | 24 | 93 | [1] | ||||
| Exchange (gains) losses - net | 1 | (32) | (60) | (59) | |||||
| Non-operating benefits - net | (91) | (32) | (164) | (74) | [1] | ||||
| Significant Items | 179 | 455 | 302 | 640 | [1] | ||||
| Pro forma adjustments | [1] | 298 | |||||||
| Corporate Expenses | 29 | 34 | 54 | 61 | [1] | ||||
| Segment operating EBITDA | 1,265 | 1,486 | 2,084 | 2,031 | [1] | ||||
| Segment Reconciling Items [Member] | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Interest income | (9) | (17) | (27) | (33) | [1] | ||||
| Exchange (gains) losses - net | (1) | 32 | 60 | 59 | [1] | ||||
| Significant Items | (179) | (455) | (302) | (640) | |||||
| EID [Member] | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Income from Continuing Operations After Taxes | 742 | 460 | 999 | 276 | [2] | ||||
| Provision for income taxes on continuing operations | 71 | 263 | 190 | 196 | [2] | ||||
| Income from continuing operations before income taxes | 813 | 723 | 1,189 | 472 | [2] | ||||
| Depreciation and Amortization | 300 | 227 | 583 | 485 | [2] | ||||
| Interest Expense | 45 | 64 | 87 | 123 | [2] | ||||
| Non-operating benefits - net | (91) | (32) | (164) | (74) | [2] | ||||
| Significant Items | 179 | 455 | 302 | 640 | [2] | ||||
| Pro forma adjustments | [2] | 298 | |||||||
| Corporate Expenses | 29 | 34 | 54 | 61 | [2] | ||||
| Segment operating EBITDA | 1,265 | 1,486 | 2,084 | 2,031 | [2] | ||||
| EID [Member] | Segment Reconciling Items [Member] | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Interest income | (9) | (17) | (27) | (33) | [2] | ||||
| Exchange (gains) losses - net | $ (1) | $ 32 | $ 60 | $ 59 | [2] | ||||
| |||||||||
EID Segment FN Segment Asset Reconciliation (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
|---|---|---|---|
| Segment Reporting Information [Line Items] | |||
| Segment Assets | $ 37,390 | $ 38,879 | $ 39,828 |
| Corporate Assets | 4,790 | 3,518 | 4,094 |
| Total Assets | 42,180 | 42,397 | 43,922 |
| EID [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Corporate Assets | 4,101 | ||
| Total Assets | $ 42,180 | $ 42,397 | $ 43,929 |
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