EID - Related Party Transactions (Notes)

3 Months Ended

Mar. 31, 2021

EID [Member]

Related Party Transaction [Line Items]

Related Party Transactions Disclosure [Text Block]

RELATED PARTY TRANSACTIONS

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 March 31, 2021, December 31, 2020, and March 31, 2020, the outstanding related party loan balance was $3,012 million, $3,459 million, and $3,872 million respectively (which approximates fair value), with interest rates of 1.62% at March 31, 2021 and December 31, 2020, respectively, and 3.27% at March 31, 2020, 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 $15 million and $32 million for the three months ended March 31, 2021 and 2020, respectively, associated with the related party loan from Corteva, Inc.

As of March 31, 2021, EID had payables to Corteva, Inc., of $55 million and $91 million included in accrued and other current liabilities and other noncurrent obligations, respectively, $92 million at December 31, 2020 included in both accrued and other current liabilities and other noncurrent obligations, respectively, and $166 million and $82 million at March 31, 2020, 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 9 of the Corteva, Inc. interim Consolidated Financial Statements for further details of the Separation Agreements).