Accounts and Notes Receivable (Tables)

3 Months Ended

Mar. 31, 2022

Accounts and Notes Receivable [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

(In millions)	March 31, 2022		December 31, 2021		March 31, 2021
Accounts receivable – trade1	$	5,603	$	3,441	$	5,231
Notes receivable – trade1,2	426		120		533
Other3	1,246		1,250		1,028
Total accounts and notes receivable - net	$	7,275	$	4,811	$	6,792

1.Accounts receivable – trade and notes receivable - trade are net of allowances of $232 million, $210 million, and $203 million at March 31, 2022, December 31, 2021, and March 31, 2021, respectively. Allowances are equal to the estimated uncollectible amounts and are based on the expected credit losses and were developed using a loss-rate method.

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 March 31, 2022, December 31, 2021, and March 31, 2021 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 $124 million, $104 million, and $115 million as of March 31, 2022, December 31, 2021, and March 31, 2021, respectively.

Accounts Receivable, Allowance for Credit Loss [Table Text Block]

(In millions)
2021
Balance at December 31, 2020	$	208
Net benefit for credit losses	(5)
Balance at March 31, 2021	$	203
2022
Balance at December 31, 2021	$	210
Net provision for credit losses	5
Write-offs charged against allowance / other	17
Balance at March 31, 2022	$	232