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Short-Term Borrowings, Long-Term Debt and Available Credit Facilities
 9 Months Ended
Sep. 30, 2022
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:
Short-term borrowings and finance lease obligations
(In millions)September 30, 2022December 31, 2021September 30, 2021
Commercial paper$1,369 $— $802 
Repurchase facility200 — 550 
Other loans - various currencies6 15 18 
Long-term debt payable within one year— 1 1 
Finance lease obligations payable within one year1 1 1 
Total short-term borrowings and finance lease obligations$1,576 $17 $1,372 

Long-term debt
(in millions)September 30, 2022December 31, 2021September 30, 2021
AmountWeighted Average RateAmountWeighted Average RateAmountWeighted Average Rate
Promissory notes and debentures:
Maturing in 2025$500 1.70 %$500 1.70 %$500 1.70 %
Maturing in 2030500 2.30 %5002.30 %5002.30 %
Other loans:
Foreign currency loans, various rates and maturities17614.80 %16.82 %1 6.38 %
Medium-term notes, varying maturities through 2041107 2.87 %107— %108 — %
Finance lease obligations2 33 
Less: Unamortized debt discount and issuance costs8 1010 
Less: Long-term debt due within one year— 11 
Total long-term debt$1,277 $1,100 $1,101 

The estimated fair value of the company's short-term and long-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 fair value of the company’s long-term borrowings, including debt due within one year, was $1,154 million, $1,121 million, and $1,134 million as of September 30, 2022, December 31, 2021, and September 30, 2021, respectively.

Repurchase Facility
In February 2022, the company entered into a new committed receivable repurchase facility of up to $500 million (the "2022 Repurchase Facility") which expires in December 2022. Under the 2022 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 2022 Repurchase Facility is considered a secured borrowing with the customer notes receivables inclusive of those that are sold and repurchased, equal to 105 percent of the outstanding amounts borrowed utilized as collateral. Borrowings under the 2022 Repurchase Facility have an interest rate equal to the Adjusted Term Secured Overnight Financing Rate ("SOFR"), which is Term SOFR plus 0.10 percent, plus the margin.

As of September 30, 2022, $210 million of notes receivable, recorded in accounts and notes receivable - net in the interim Consolidated Balance Sheets, were pledged as collateral against outstanding borrowings under the 2022 Repurchase Facility of $200 million, recorded in short-term borrowings and finance lease obligations in the interim Consolidated Balance Sheets.
Foreign Currency Loans
The company enters into short-term and long-term foreign currency loans from time-to-time by accessing uncommitted revolving credit lines to fund working capital needs of foreign subsidiaries in the normal course of business (“Foreign Currency Loans”). Interest rates are variable and determined at the time of borrowing. Total unused bank credit lines on the Foreign Currency Loans at September 30, 2022 was approximately $85 million. The company’s long-term Foreign Currency Loans have varying maturities through 2024.

Available Committed Credit Facilities
The following table summarizes the company's credit facilities:

Committed and Available Credit Facilities at September 30, 2022
(in millions)Effective DateCommitted CreditCredit AvailableMaturity DateInterest
Revolving Credit FacilityMay 2022$3,000 $3,000 May 2027Floating Rate
Revolving Credit FacilityMay 20222,000 2,000May 2025Floating Rate
364-day Revolving Credit FacilityMay 2022500 500May 2023Floating Rate
Total Committed and Available Credit Facilities$5,500 $5,500 

Revolving Credit Facilities
In November 2018, EID entered into a $3 billion, 5-year revolving credit facility and a $3 billion, 3-year revolving credit facility (the “Revolving Credit Facilities”). The Revolving Credit Facilities became effective in May 2019. Corteva, Inc. became a party at the time of the Corteva Distribution. In May 2021, the company entered into an amendment that extended the maturity date of the 3-year revolving credit facility from May 2022 to May 2023. Other than the change in maturity date, there were no material modifications to the terms of the credit facility. During May 2022, the Credit Facilities were refinanced for purposes of extending the maturity dates to 2027 and 2025 for the 5-year and 3-year revolving credit facilities, respectively, lowering the facility amount of the 3-year revolving credit facility to $2 billion and transitioning the interest rate to Adjusted Term SOFR, which is Term SOFR plus 0.10 percent, plus the applicable margin. 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. At September 30, 2022, the company was in compliance with these covenants.

364-day Revolving Credit Facilities
In May 2022, the company entered into a $500 million, 364-day revolving credit agreement (the “364-day Revolving Credit Facility”) expiring in May 2023. Borrowings under the 364-day Revolving Credit Facility will have an interest rate equal to Adjusted Term SOFR, which is Term SOFR plus 0.10 percent, plus the applicable margin. The 364-day Revolving Credit Facility includes a provision under which the company may convert any advances outstanding prior to the maturity date into term loans having a maturity date up to one year later. The 364-day Revolving Credit Facility will be used for general corporate purposes including, but not limited to, the funding of seasonal working capital needs. The 364-day Revolving Credit Facility contains customary representations and warranties, affirmative and negative covenants and events of default that are typical for companies with similar credit ratings. Additionally, the 364-day Revolving Credit Facility contains a financial covenant requiring that the ratio of total indebtedness to total capitalization for Corteva and its consolidated subsidiaries not exceed 0.60. At September 30, 2022, the company was in compliance with these covenants.