Accounts and Notes Receivable (Tables)

9 Months Ended

Sep. 30, 2022

Accounts and Notes Receivable [Abstract]

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

(In millions)	September 30, 2022		December 31, 2021		September 30, 2021
Accounts receivable – trade1	$	3,642	$	3,441	$	3,336
Notes receivable – trade1,2	1,233		120		1,408
Other3	1,398		1,250		1,074
Total accounts and notes receivable - net	$	6,273	$	4,811	$	5,818

1.Accounts receivable – trade and notes receivable - trade are net of allowances of $213 million at September 30, 2022, and $210 million at December 31, 2021, and September 30, 2021. 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 September 30, 2022, December 31, 2021, and September 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 $132 million, $104 million, and $84 million as of September 30, 2022, December 31, 2021, and September 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 losses	(7)
Write-offs charged against allowance / other	9
Balance at September 30, 2021	$	210
2022
Balance at December 31, 2021	$	210
Net provision for credit losses	4
Write-offs charged against allowance / other	(1)
Balance at September 30, 2022	$	213