Accounts and Notes Receivable (Tables)

6 Months Ended

Jun. 30, 2022

Accounts and Notes Receivable [Abstract]

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

(In millions)	June 30, 2022		December 31, 2021		June 30, 2021
Accounts receivable – trade1	$	4,457	$	3,441	$	4,318
Notes receivable – trade1,2	1,305		120		1,445
Other3	1,185		1,250		1,029
Total accounts and notes receivable - net	$	6,947	$	4,811	$	6,792

1.Accounts receivable – trade and notes receivable - trade are net of allowances of $233 million, $210 million, and $216 million at June 30, 2022, December 31, 2021, and June 30, 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 and chemical products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of June 30, 2022, December 31, 2021, and June 30, 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 $131 million, $104 million, and $92 million as of June 30, 2022, December 31, 2021, and June 30, 2021, respectively.

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

(In millions)
2021
Balance at December 31, 2020	$	208
Net benefit for credit losses1	(3)
Write-offs charged against allowance / other1	11
Balance at June 30, 2021	$	216
2022
Balance at December 31, 2021	$	210
Net provision for credit losses	12
Write-offs charged against allowance / other	11
Balance at June 30, 2022	$	233

1.Prior year classifications in the changes in the allowance for doubtful receivables have been adjusted from their previous presentation. Adjustments did not impact the amount of the provision or the allowance for doubtful receivables recorded in the interim Consolidated Statements of Operations or the interim Consolidated Balance Sheets.