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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
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)202520242023
Income (loss) from continuing operations before income taxes
Domestic$325 $324 $(414)
Foreign1,363 951 1,507 
Income (loss) from continuing operations before income taxes$1,688 $1,275 $1,093 
Current tax expense (benefit)
Federal$87 $285 $143 
State and local26 45 40 
Foreign412 447 407 
Total current tax expense (benefit)$525 $777 $590 
Deferred tax expense (benefit)
Federal$(139)$(300)$(326)
State and local(24)(28)(50)
Foreign122 (37)(62)
Total deferred tax expense (benefit)$(41)$(365)$(438)
Provision for (benefit from) income taxes on continuing operations484 412 152 
Net income (loss) from continuing operations after taxes$1,204 $863 $941 
Reconciliation to US Statutory Rate
Reconciliation to U.S. Statutory RateFor the Year Ended December 31,
2025
($ In millions)$%
U.S. Federal statutory tax rate$354 21.0 %
State and local income tax, net of federal (national) income tax effect 1
5 0.3 %
Foreign tax effects
Argentina
Statutory tax rate differential(17)(1.0)%
Withholding tax18 1.1 %
Exchange gains/losses(31)(1.8)%
Changes in valuation allowances73 4.3 %
Other(3)(0.2)%
Brazil
Withholding tax37 2.2 %
Changes in valuation allowances 2
153 9.1 %
Other(4)(0.2)%
India
Statutory tax rate differential17 1.0 %
Agriculture exemption(41)(2.4)%
Withholding tax31 1.8 %
Other1 0.1 %
Switzerland
Statutory tax rate differential(91)(5.4)%
Cantonal income tax, net59 3.5 %
Other(1)(0.1)%
Other foreign jurisdictions49 2.9 %
Effect of cross-border tax laws (net of related foreign tax credits)
Global Intangible Low-Taxed Income (GILTI)24 1.4 %
Other12 0.7 %
Tax credits
U.S. research and development credit(47)(2.8)%
Other foreign tax credits(52)(3.1)%
Changes in valuation allowances 3
74 4.4 %
Nontaxable or nondeductible items31 1.8 %
Changes in unrecognized tax benefits(19)(1.1)%
Other
Capital loss 3
(77)(4.6)%
Legal entity tax characterization 4
(49)(2.9)%
Other(22)(1.3)%
Effective tax rate$484 28.7 %
1.State taxes in Minnesota made up the majority (greater than 50%) of the tax effect in this category.
2.For the year ended December 31, 2025, the company established a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil (Crop Protection business) in the amount of $132 million.
3.For the year ended December 31, 2025, a U.S. federal tax benefit of $(27) million, net of valuation allowance, was recorded to recognize a capital loss in a wholly owned foreign investment.
4.For the year ended December 31, 2025, a U.S. federal deferred tax benefit was recorded associated with a change in a legal entity's U.S. tax characterization in the amount of $(49) million.
As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:
Reconciliation to U.S. Statutory RateFor the Year Ended December 31,
20242023
Statutory U.S. federal income tax rate21.0 %21.0 %
Effective tax rates on international operations - net 1
4.8 (1.8)
Acquisitions, divestitures and ownership restructuring activities 2
(1.1)3.6 
U.S. research and development credit(4.7)(5.9)
Exchange gains/losses 3
1.7 2.0 
State and local incomes taxes - net1.3 0.9 
Impact of Swiss Tax Changes 4
— (7.9)
Excess tax benefits/deficiencies from stock compensation(0.2)(0.5)
Tax settlements and expiration of statute of limitations(1.7)(0.3)
Impact of Brazil valuation allowance 6
9.4 — 
Repatriation of foreign earnings 5
1.7 2.9 
Other – net0.1 (0.1)
Effective tax rate on income from continuing operations32.3 %13.9 %
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.
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 6 - Supplementary Information, and Note 19 - Financial Instruments, to the Consolidated Financial Statements, 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. 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).
Income Taxes Paid
Income Taxes Paid, NetFor the Year Ended December 31,
(In millions)2025
US Federal$195 
US State and Local49 
Brazil72 
India42 
Switzerland, Federal59 
Switzerland, Geneva46 
Other Foreign287 
Total$750 
Deferred Tax Balances
Deferred Tax BalancesDecember 31, 2025December 31, 2024
(In millions)AssetsLiabilitiesAssetsLiabilities
Property$— $347 $— $278 
Operating loss and tax credit carryforwards 1
631 — 552 — 
Accrued employee benefits678 — 671 — 
Other accruals and reserves767 — 590 — 
Intangibles— 1,828 — 1,950 
Inventory275 — 184 — 
Research and development capitalization689 — 761 — 
Investments53 — 69 — 
Unrealized exchange gains/losses— 4 — 50 
Other – net42 — 40 — 
Subtotal$3,135 $2,179 $2,867 $2,278 
Valuation allowances 2
(887)— (666)— 
Total$2,248 $2,179 $2,201 $2,278 
Net deferred tax asset (liability)$69 $(77)
1.    Primarily related to tax loss and credit carryforwards from operations in the United States, Argentina, Brazil, Switzerland, and Spain.
2.    During the year ended December 31, 2025, the company established a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil (Crop Protection business) in the amount of $132 million. During the year ended December 31, 2024, the company established a valuation allowance against the net deferred tax asset position of a legal entity in Brazil (Seed business) in the amount of $120 million.
Operating Loss and Tax Credit Carryforwards
Operating Loss and Tax Credit CarryforwardsDeferred Tax Asset
(In millions) December 31, 2025December 31, 2024
Operating loss carryforwards
Expire within 5 years$290 $222 
Expire after 5 years or indefinite expiration213 226 
Total operating loss carryforwards$503 $448 
Tax credit carryforwards
Expire within 5 years$25 $13 
Expire after 5 years or indefinite expiration103 91 
Total tax credit carryforwards$128 $104 
Total operating loss and tax credit carryforwards$631 $552 
Total Gross Unrecognized Tax Benefits
Total Gross Unrecognized Tax BenefitsFor the Year Ended December 31,
(In millions)202520242023
Total unrecognized tax benefits as of beginning of period$263 $390 $357 
Decreases related to positions taken on items from prior years(1)(4)— 
Increases related to positions taken on items from prior years94 13 23 
Increases related to positions taken in the current year9 12 16 
Settlement of uncertain tax positions with tax authorities(24)(140)(4)
Decreases due to expiration of statutes of limitations(5)(5)(2)
Exchange (gain) loss(1)(3)— 
Total unrecognized tax benefits as of end of period$335 $263 $390 
Total unrecognized tax benefits that, if recognized, would impact the effective tax rate$243 $176 $173 
Total amount of interest and penalties (benefits) recognized in provision for (benefit from) income taxes on continuing operations$(9)$(4)$1 
Total accrual (receivable) for interest and penalties associated with unrecognized tax benefits at end of period$(15)$(2)$11 
Tax Year Subject to Examination
Tax Years Subject to Examination by Major Tax Jurisdiction at December 31, 2025
Earliest Open Year
Jurisdiction
Argentina2018
Brazil2018
Canada2017
China2015
France2023
India2023
Italy2019
Spain2020
Switzerland2020
United States:
Federal income tax2012
State and local income tax2012