Supplementary Information

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Additional Financial Information Disclosure [Text Block]

SUPPLEMENTARY INFORMATION

Other Income - Net	Three Months Ended March 31,
(In millions)	2021		2020
Interest income	$	21	$	18
Equity in earnings / (losses) of affiliates - net	3		(1)
Net loss on sales of businesses and other assets1	—		(46)
Net exchange losses2	(35)		(61)
Non-operating pension and other post employment benefit credit3	325		91
Miscellaneous income - net4	23		—
Other income - net	$	337	$	1

1.The three months ended March 31, 2020 includes a loss of $(53) million relating to the sale of the La Porte site, for which the company signed an agreement in 2020, and closed during the first quarter of 2021.

2.Includes net pre-tax exchange losses of $(23) million and $(9) million associated with the devaluation of the Argentine peso for the three months ended March 31, 2021 and 2020, respectively.

3.Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, amortization of unrecognized gain (loss), amortization of prior service benefit and settlement loss).

4.Miscellaneous income - net, includes a gain from a remeasurement of an equity investment, losses on sale of available-for-sale securities, tax indemnification adjustments related to changes in indemnification balances as a result of the application of the terms of the Tax Matters Agreement between Corteva and Dow and/or DuPont, losses on sale of receivables, and other items.

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 provision for (benefit from) income taxes on continuing operations in the interim Consolidated Statement of Operations.

(In millions)	Three Months Ended March 31,
	2021		2020
Subsidiary Monetary Position (Losses) Gains
Pre-tax exchange losses	$	(51)	$	(226)
Local tax (expenses) / benefits	(1)		23
Net after-tax impact from subsidiary exchange losses	$	(52)	$	(203)
Hedging Program Gains
Pre-tax exchange gains	$	16	$	165
Tax expenses	(4)		(40)
Net after-tax impact from hedging program exchange gains	$	12	$	125
Total Exchange Losses
Pre-tax exchange losses	$	(35)	$	(61)
Tax expenses	(5)		(17)
Net after-tax exchange losses	$	(40)	$	(78)

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 interim Condensed Consolidated Balance Sheets to the total cash, cash equivalents and restricted cash presented in the interim Consolidated Statements of Cash Flows.

(In millions)	March 31, 2021		December 31, 2020		March 31, 2020
Cash and cash equivalents	$	2,404	$	3,526	$	1,963
Restricted cash	326		347		377
Total cash, cash equivalents and restricted cash	$	2,730	$	3,873	$	2,340

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 March 31, 2021, December 31, 2020, and March 31, 2020 is related to the Trust.