XML 40 R18.htm IDEA: XBRL DOCUMENT v3.25.0.1
Supplementary Information
 12 Months Ended
Dec. 31, 2024
Supplementary Information [Abstract]  
Additional Financial Information Disclosure [Text Block] SUPPLEMENTARY INFORMATION
Other Income (Expense) - NetFor the Year Ended December 31,
(In millions)202420232022
Interest income$132 $283 $124 
Equity in earnings (losses) of affiliates - net15 10 20 
Net gain (loss) on sales of businesses and other assets17 22 18 
Net exchange gains (losses)1
(284)(397)(229)
Non-operating pension and other post-employment benefit credits (costs)2
(144)(119)163 
Miscellaneous income (expenses) - net3
(36)(247)(156)
Other income (expense) - net$(300)$(448)$(60)
1.    Includes net pre-tax exchange gains (losses) of $(66) million, $(284) million, and $(110) million associated with impacts from the devaluation of the Argentine peso for the years ended December 31, 2024, 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.    Includes losses from sale of receivables, tax indemnification adjustments related to changes in indemnification balances as a result of the application of the terms of the Tax Matters Agreement between Corteva and Dow and/or DuPont, and other items. The year ended December 31, 2024 includes the receipt of insurance proceeds and an indemnification payment negotiated with the prior Stoller owners. The years ended December 31, 2024, 2023, and 2022 also include estimated settlement reserves and gains (losses) associated with the sale of businesses, assets and equity investments. The years ended December 31, 2023 and 2022 also include an Employee Retention Credit pursuant to the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act as enhanced by the Consolidated Appropriations Act (“CAA”) and American Rescue Plan Act (“ARPA”). The year ended December 31, 2022 also includes legal accruals and settlement cost associated with the Russia Exit. See Note 23 - Segment Information, to the Consolidated Financial Statements, for additional information on significant items.

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 United States (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 Consolidated Statements of Operations.
For the Year Ended December 31,
(In millions)202420232022
Subsidiary Monetary Position Gain (Loss)
Pre-tax exchange gain (loss) $(152)$(371)$(217)
Local tax (expenses) benefits 11 55 (10)
Net after-tax impact from subsidiary exchange gain (loss) $(141)$(316)$(227)
Hedging Program Gain (Loss)
Pre-tax exchange gain (loss)$(132)$(26)$(12)
Tax (expenses) benefits26 7 5 
Net after-tax impact from hedging program exchange gain (loss) $(106)$(19)$(7)
Total Exchange Gain (Loss)
Pre-tax exchange gain (loss) $(284)$(397)$(229)
Tax (expenses) benefits37 62 (5)
Net after-tax exchange gain (loss) $(247)$(335)$(234)
Noncontrolling interest adjustment1 — — 
Net after-tax exchange gain (loss) attributable to Corteva$(246)$(335)$(234)

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 Consolidated Balance Sheets to the total cash, cash equivalents and restricted cash equivalents presented in the 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 Consolidated Balance Sheets.

(In millions)December 31, 2024December 31, 2023
Cash and cash equivalents$3,106 $2,644 
Restricted cash equivalents316 514 
Total cash, cash equivalents and restricted cash equivalents$3,422 $3,158 

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 and the settlement of legacy PFAS matters and the associated qualified spend. All of the company's restricted cash equivalents are classified as current as of December 31, 2024 and 2023.

Accounts payable
Accounts payable was $4,039 million and $4,280 million at December 31, 2024 and 2023, respectively. Accounts payable - trade, which is a component of accounts payable, was $2,632 million and $2,952 million at December 31, 2024 and 2023, respectively. Included in accounts payable – trade was seed grower compensation of approximately $410 million and $560 million at December 31, 2024 and 2023, respectively, which is measured at fair value using level 2 inputs for each period presented. Accrued discounts and rebates, which is a component of accounts payable, was approximately $1,207 million and $1,170 million at December 31, 2024 and 2023, respectively. No other components of accounts payable were more than 5 percent of total current liabilities.