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EIDP Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Geographic Allocation of Income and Provision for Income Taxes
Geographic Allocation of Income (Loss) and Provision for (Benefit from) Income Taxes For the Year Ended December 31,
(In millions)202420232022
Income (loss) from continuing operations before income taxes
Domestic$324 $(414)$(1)
Foreign951 1,507 1,427 
Income (loss) from continuing operations before income taxes$1,275 $1,093 $1,426 
Current tax expense (benefit)
Federal$285 $143 $65 
State and local45 40 21 
Foreign447 407 403 
Total current tax expense (benefit)$777 $590 $489 
Deferred tax expense (benefit)
Federal$(300)$(326)$(170)
State and local(28)(50)(39)
Foreign(37)(62)(70)
Total deferred tax expense (benefit)$(365)$(438)$(279)
Provision for (benefit from) income taxes on continuing operations412 152 210 
Net income (loss) from continuing operations after taxes$863 $941 $1,216 
Reconciliation to US Statutory Rate
Reconciliation to U.S. Statutory RateFor the Year Ended December 31,
202420232022
Statutory U.S. federal income tax rate21.0 %21.0 %21.0 %
Effective tax rates on international operations - net1,6
4.8 (1.8)(1.0)
Acquisitions, divestitures and ownership restructuring activities2
(1.1)3.6 (5.4)
U.S. research and development credit(4.7)(5.9)(2.2)
Exchange gains/losses3
1.7 2.0 3.7 
State and local incomes taxes - net1.3 0.9 0.3 
Impact of Swiss Tax Changes4
— (7.9)— 
Excess tax benefits/deficiencies from stock compensation(0.2)(0.5)(0.7)
Tax settlements and expiration of statute of limitations(1.7)(0.3)0.1 
Impact of Brazil valuation allowance6, 7
9.4 — (2.5)
Repatriation of foreign earnings5
1.7 2.9 1.7 
Other – net0.1 (0.1)(0.3)
Effective tax rate on income from continuing operations32.3 %13.9 %14.7 %
1.    Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results.
2.     Includes net tax charge of $46 million for the year ended December 31, 2023, associated with intellectual property realignment. Includes net tax benefits of $(55) million and $(42) million for the year ended December 31, 2022, related to deferred tax assets established upon change in a U.S. entity's tax characterization, and a worthless stock deduction on Company's investment in a subsidiary after a change in the entity's legal structure, respectively.
3.    Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 7 - Supplementary Information, and Note 20 - Financial Instruments, under the heading Foreign Currency Risk.
4. Includes net tax benefits of $(62) million and $(24) million for the year ended December 31, 2023, related to changes in deferred taxes and a tax currency change, respectively.
5. Includes the effect of withholding tax on distribution of foreign earnings to the U.S., net of U.S. foreign tax credits.
6. Classification in "Effective tax rates on international operations-net" and "Impact of Brazil valuation allowance" for the year ended December 31, 2022 have been adjusted from their previous presentation to conform to the current year's presentation.
7. For the year ended December 31, 2024, a charge of $120 million was recorded to establish a valuation allowance against the net deferred tax asset position of
a legal entity in Brazil (Seed business). For the year ended December 31, 2022, a benefit of $(36) million was recorded to release a valuation allowance against the net deferred tax asset position of a legal entity in Brazil (Crop Protection business).
EIDP  
Geographic Allocation of Income and Provision for Income Taxes
Geographic Allocation of Income (Loss) and Provision for (Benefit from) Income Taxes For the Year Ended December 31,
(In millions)202420232022
Income (loss) from continuing operations before income taxes
Domestic$363 $(434)$(46)
Foreign951 1,507 1,427 
Income (loss) from continuing operations before income taxes$1,314 $1,073 $1,381 
Current tax expense (benefit)
Federal$292 $138 $56 
State and local47 40 19 
Foreign447 407 403 
Total current tax expense (benefit)$786 $585 $478 
Deferred tax expense (benefit)
Federal$(300)$(326)$(170)
State and local(28)(50)(39)
Foreign(37)(62)(70)
Total deferred tax expense (benefit)$(365)$(438)$(279)
Provision for (benefit from) income taxes on continuing operations421 147 199 
Net income (loss) from continuing operations$893 $926 $1,182 
Reconciliation to US Statutory Rate
Reconciliation to U.S. Statutory RateFor the Year Ended December 31,
202420232022
Statutory U.S. federal income tax rate21.0 %21.0 %21.0 %
Effective tax rates on international operations - net1,6
4.6 (1.9)(1.0)
Acquisitions, divestitures and ownership restructuring activities2
(1.1)3.6 (5.5)
U.S. research and development credit(4.5)(6.0)(2.3)
Exchange gains/losses3
1.7 2.0 3.8 
State and local income taxes - net1.3 0.9 0.2 
Impact of Swiss Tax Changes4
— (8.0)— 
Excess tax benefits/deficiencies from stock compensation(0.2)(0.6)(0.7)
Tax settlements and expiration of statute of limitations(1.6)(0.4)0.1 
Impact of Brazil valuation allowance6, 7
9.1 — (2.6)
Repatriation of foreign earnings5
1.7 2.9 1.7 
Other – net— 0.2 (0.3)
Effective tax rate32.0 %13.7 %14.4 %
1.    Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results.
2.     Includes a tax charge of $46 million for the year ended December 31, 2023 associated with intellectual property realignment. Includes net tax benefits of $(55) million and $(42) million for the year ended December 31, 2022, related to deferred tax assets established upon change in a U.S. entity's tax characterization, and a worthless stock deduction on Company's investment in a subsidiary after a change in the entity's legal structure, respectively.
3.    Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 7 - Supplementary Information, and Note 20 - Financial Instruments, under the heading Foreign Currency Risk.
4. Includes net tax benefits of $(62) million and $(24) million for the year ended December 31, 2023, related to changes in deferred taxes and a tax currency change, respectively.
5.     Includes the effect of withholding tax on distribution of foreign earnings to the U.S., net of U.S. foreign tax credits.
6. Classification in "Effective tax rates on international operations-net" and "Impact of Brazil valuation allowance" for the year ended December 31, 2022 have been adjusted from their previous presentation to conform to the current year's presentation.
7. For the year ended December 31, 2024, a charge of $120 million was recorded to establish a valuation allowance against the net deferred tax asset position of
a legal entity in Brazil (Seed business). For the year ended December 31, 2022, a benefit of $(36) million was recorded to release a valuation allowance against the net deferred tax asset position of a legal entity in Brazil (Crop Protection business).