Supplementary Information

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Additional Financial Information Disclosure [Text Block]

SUPPLEMENTARY INFORMATION

Other Income (Expense) - Net	Three Months Ended March 31,
(In millions)	2023		2022
Interest income	$	40	$	15
Equity in earnings (losses) of affiliates - net	3		10
Net gain (loss) on sales of businesses and other assets	(1)		(3)
Net exchange gains (losses)1	(36)		(47)
Non-operating pension and other post employment benefit credit (costs)2	(31)		75
Miscellaneous income (expenses) - net3	(46)		(33)
Other income (expense) - net	$	(71)	$	17

1.Includes net pre-tax exchange gains (losses) of $(21) million and $(15) million associated with the devaluation of the Argentine peso for the three months ended March 31, 2023 and 2022, respectively.

2.Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, amortization of unrecognized gain (loss), amortization of prior service benefit and settlement gain (loss)).

3.Miscellaneous income (expenses) - net for the three months ended March 31, 2023 and 2022 includes estimated settlement reserves, gains on the sale of assets, a loss on the sale of the company’s interest in an equity investment, and other items. Additionally, the three months ended March 31, 2022 includes losses associated with a previously held equity investment.     

The following table summarizes the impacts of the company's foreign currency hedging program on the company's results of operations. The company routinely uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities. The objective of this program is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes on net monetary asset positions. The hedging program gains (losses) are largely taxable (tax deductible) in the U.S., whereas the offsetting exchange gains (losses) on the remeasurement of the net monetary asset positions are often not taxable (tax deductible) in their local jurisdictions. The net pre-tax exchange gains (losses) are recorded in other income (expense) - net and the related tax impact is recorded in provision for (benefit from) income taxes on continuing operations in the interim Consolidated Statements of Operations.

(In millions)	Three Months Ended March 31,
	2023		2022
Subsidiary Monetary Position Gain (Loss)
Pre-tax exchange gain (loss)	$	(30)	$	6
Local tax (expenses) benefits	9		(4)
Net after-tax impact from subsidiary exchange gain (loss)	$	(21)	$	2
Hedging Program Gain (Loss)
Pre-tax exchange gain (loss)	$	(6)	$	(53)
Tax (expenses) benefits	2		13
Net after-tax impact from hedging program exchange gain (loss)	$	(4)	$	(40)
Total Exchange Gain (Loss)
Pre-tax exchange gain (loss)	$	(36)	$	(47)
Tax (expenses) benefits	11		9
Net after-tax exchange gain (loss)	$	(25)	$	(38)

Cash, cash equivalents and restricted cash equivalents

The following table provides a reconciliation of cash and cash equivalents and restricted cash equivalents presented in the interim Consolidated Balance Sheets to the total cash, cash equivalents and restricted cash equivalents presented in the interim Consolidated Statements of Cash Flows. Corteva classifies restricted cash equivalents as current or noncurrent based on the nature of the restrictions, which are included in other current assets and other assets, respectively, in the interim Consolidated Balance Sheets.

(In millions)	March 31, 2023		December 31, 2022		March 31, 2022
Cash and cash equivalents	$	1,646	$	3,191	$	2,031
Restricted cash equivalents	422		427		354
Total cash, cash equivalents and restricted cash equivalents	$	2,068	$	3,618	$	2,385

Restricted cash equivalents primarily relates to a trust funded by EIDP for cash obligations under certain non-qualified benefit and deferred compensation plans due to the Merger, which was a change in control event, and contributions to escrow accounts established for the settlement of certain legal matters, which is classified as current, and the settlement of legacy PFAS matters and the associated qualified spend, which is classified as noncurrent.