EX-99.2 3 a123122enrschedules.htm EX-99.2
A-1
Corteva, Inc.
Consolidated Statements of Operations
(Dollars in millions, except per share amounts)

| Three Months Ended December 31, |  | Twelve Months Ended December 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
Net sales | $ | 3,825 |  |  | $ | 3,479 |  |  | $ | 17,455 |  |  | $ | 15,655 |
Cost of goods sold | 2,510 |  |  | 2,232 |  |  | 10,436 |  |  | 9,220 |
Research and development expense | 340 |  |  | 316 |  |  | 1,216 |  |  | 1,187 |
Selling, general and administrative expenses | 764 |  |  | 806 |  |  | 3,173 |  |  | 3,209 |
Amortization of intangibles | 166 |  |  | 179 |  |  | 702 |  |  | 722 |
Restructuring and asset related charges - net | 63 |  |  | 28 |  |  | 363 |  |  | 289 |
Other income (expense) - net | (149) |  |  | 335 |  |  | (60) |  |  | 1,348 |
Interest expense | 36 |  |  | 8 |  |  | 79 |  |  | 30 |
Income (loss) from continuing operations before income taxes | (203) |  |  | 245 |  |  | 1,426 |  |  | 2,346 |
Provision for (benefit from) from income taxes on continuing operations | (162) |  |  | 90 |  |  | 210 |  |  | 524 |
Income (loss) from continuing operations after income taxes | (41) |  |  | 155 |  |  | 1,216 |  |  | 1,822 |
(Loss) income from discontinued operations after income taxes | (12) |  |  | 6 |  |  | (58) |  |  | (53) |
Net income (loss) | (53) |  |  | 161 |  |  | 1,158 |  |  | 1,769 |
Net income (loss) attributable to noncontrolling interests | 2 |  |  | 2 |  |  | 11 |  |  | 10 |
Net income (loss) attributable to Corteva | $ | (55) |  |  | $ | 159 |  |  | $ | 1,147 |  |  | $ | 1,759 |
Basic earnings (loss) per share of common stock: |  |  |  |  |  |  |
Basic earnings (loss) per share of common stock from continuing operations | $ | (0.06) |  |  | $ | 0.21 |  |  | $ | 1.67 |  |  | $ | 2.46 |
Basic earnings (loss) per share of common stock from discontinued operations | (0.02) |  |  | 0.01 |  |  | (0.08) |  |  | (0.07) |
Basic earnings (loss) per share of common stock | $ | (0.08) |  |  | $ | 0.22 |  |  | $ | 1.59 |  |  | $ | 2.39 |
Diluted earnings (loss) per share of common stock: |  |  |  |  |  |  |
Diluted earnings (loss) per share of common stock from continuing operations | $ | (0.06) |  |  | $ | 0.21 |  |  | $ | 1.66 |  |  | $ | 2.44 |
Diluted earnings (loss) per share of common stock from discontinued operations | (0.02) |  |  | 0.01 |  |  | (0.08) |  |  | (0.07) |
Diluted earnings (loss) per share of common stock | $ | (0.08) |  |  | $ | 0.22 |  |  | $ | 1.58 |  |  | $ | 2.37 |
Average number of shares outstanding used in earnings (loss) per share (EPS) calculation (in millions) |  |  |  |  |  |  |
Basic | 714.7 |  | 729.2 |  | 720.8 |  | 735.9
Diluted | 714.7 |  | 735.1 |  | 724.5 |  | 741.6

A-2
Corteva, Inc.
Consolidated Balance Sheets
(Dollars in millions, except share amounts)

|  | December 31, 2022 |  | December 31, 2021
Assets |  |  |  |
Current assets |  |  |  |
Cash and cash equivalents |  | $ | 3,191 |  |  | $ | 4,459 |
Marketable securities |  | 124 |  |  | 86 |
Accounts and notes receivable, net |  | 5,701 |  |  | 4,811 |
Inventories |  | 6,811 |  |  | 5,180 |
Other current assets |  | 968 |  |  | 1,010 |
Total current assets |  | 16,795 |  |  | 15,546 |
Investment in nonconsolidated affiliates |  | 102 |  |  | 76 |
Property, plant and equipment |  | 8,551 |  |  | 8,364 |
Less: Accumulated depreciation |  | 4,297 |  |  | 4,035 |
Net property, plant and equipment |  | 4,254 |  |  | 4,329 |
Goodwill |  | 9,962 |  |  | 10,107 |
Other intangible assets |  | 9,339 |  |  | 10,044 |
Deferred income taxes |  | 479 |  |  | 438 |
Other assets |  | 1,687 |  |  | 1,804 |
Total Assets |  | $ | 42,618 |  |  | $ | 42,344 |
Liabilities and Equity |  |  |  |
Current liabilities |  |  |  |
Short-term borrowings and finance lease obligations |  | $ | 24 |  |  | $ | 17 |
Accounts payable |  | 4,895 |  |  | 4,126 |
Income taxes payable |  | 183 |  |  | 146 |
Deferred revenue |  | 3,388 |  |  | 3,201 |
Accrued and other current liabilities |  | 2,254 |  |  | 2,068 |
Total current liabilities |  | 10,744 |  |  | 9,558 |
Long-term debt |  | 1,283 |  |  | 1,100 |
Other noncurrent liabilities |  |  |  |
Deferred income tax liabilities |  | 1,119 |  |  | 1,220 |
Pension and other post employment benefits - noncurrent |  | 2,255 |  |  | 3,124 |
Other noncurrent obligations |  | 1,676 |  |  | 1,719 |
Total noncurrent liabilities |  | $ | 6,333 |  |  | $ | 7,163 |
Commitments and contingent liabilities |  |  |  |
Stockholders' equity |  |  |  |
Common stock, $0.01 par value; 1,666,667,000 shares authorized; issued at December 31, 2022 - 713,419,000 and December 31, 2021 - 726,527,000 |  | 7 |  |  | 7 |
Additional paid-in capital |  | 27,851 |  |  | 27,751 |
Retained earnings (accumulated deficit) |  | 250 |  |  | 524 |
Accumulated other comprehensive income (loss) |  | (2,806) |  |  | (2,898) |
Total Corteva stockholders' equity |  | 25,302 |  |  | 25,384 |
Noncontrolling interests |  | 239 |  |  | 239 |
Total equity |  | 25,541 |  |  | 25,623 |
Total Liabilities and Equity |  | $ | 42,618 |  |  | $ | 42,344 |

A-3
Corteva, Inc.
Consolidated Statements of Cash Flows
(Dollars in millions, except per share amounts)

| Twelve Months Ended December 31,
| 2022 |  | 2021
Operating activities |  |  |
Net income (loss) | $ | 1,158 |  |  | $ | 1,769 |
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities |  |  |
Depreciation and amortization | 1,223 |  |  | 1,243 |
Provision for (benefit from) deferred income tax | (286) |  |  | 174 |
Net periodic pension and OPEB benefit, net | (142) |  |  | (1,292) |
Pension and OPEB contributions | (182) |  |  | (247) |
Net (gain) loss on sales of property, businesses, consolidated companies, and investments | (18) |  |  | (21) |
Restructuring and asset related charges - net | 363 |  |  | 289 |
Other net loss | 305 |  |  | 156 |
Changes in operating assets and liabilities, net |  |  |
Accounts and notes receivable | (997) |  |  | (113) |
Inventories | (1,715) |  |  | (422) |
Accounts payable | 807 |  |  | 524 |
Deferred revenue | 194 |  |  | 574 |
Other assets and liabilities | 162 |  |  | 93 |
Cash provided by (used for) operating activities | 872 |  |  | 2,727 |
Investing activities |  |  |
Capital expenditures | (605) |  |  | (573) |
Proceeds from sales of property, businesses, and consolidated companies - net of cash divested | 73 |  |  | 75 |
Escrow funding associated with acquisitions | (36) |  |  | — |
Investments in and loans to nonconsolidated affiliates | (12) |  |  | (4) |
Purchases of investments | (344) |  |  | (204) |
Proceeds from sales and maturities of investments | 295 |  |  | 345 |
Other investing activities, net | (3) |  |  | (1) |
Cash provided by (used for) investing activities | (632) |  |  | (362) |
Financing activities |  |  |
Net change in borrowings (less than 90 days) | (13) |  |  | 13 |
Proceeds from debt | 1,358 |  |  | 419 |
Payments on debt | (1,140) |  |  | (421) |
Repurchase of common stock | (1,000) |  |  | (950) |
Proceeds from exercise of stock options | 88 |  |  | 100 |
Dividends paid to stockholders | (418) |  |  | (397) |
Other financing activities, net | (55) |  |  | (30) |
Cash provided by (used for) financing activities | (1,180) |  |  | (1,266) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents | (278) |  |  | (136) |
Increase (decrease) in cash, cash equivalents and restricted cash equivalents | (1,218) |  |  | 963 |
Cash, cash equivalents and restricted cash equivalents at beginning of period | 4,836 |  |  | 3,873 |
Cash, cash equivalents and restricted cash equivalents at end of period | $ | 3,618 |  |  | $ | 4,836 |

A-4
Corteva, Inc.
Consolidated Segment Information
(Dollars in millions, except per share amounts)

|  | Three Months Ended December 31, |  | Twelve Months Ended December 31,
SEGMENT NET SALES - SEED |  | 2022 |  | 2021 |  | 2022 |  | 2021
Corn |  | $ | 1,334 |  |  | $ | 1,113 |  |  | $ | 5,955 |  |  | $ | 5,618 |
Soybean |  | 125 |  |  | 74 |  |  | 1,810 |  |  | 1,568 |
Other oilseeds |  | 67 |  |  | 91 |  |  | 714 |  |  | 752 |
Other |  | 120 |  |  | 114 |  |  | 500 |  |  | 464 |
Seed |  | $ | 1,646 |  |  | $ | 1,392 |  |  | $ | 8,979 |  |  | $ | 8,402 |
|  | Three Months Ended December 31, |  | Twelve Months Ended December 31,
SEGMENT NET SALES - CROP PROTECTION |  | 2022 |  | 2021 |  | 2022 |  | 2021
Herbicides |  | $ | 1,119 |  |  | $ | 1,078 |  |  | $ | 4,591 |  |  | $ | 3,815 |
Insecticides |  | 556 |  |  | 469 |  |  | 1,831 |  |  | 1,730 |
Fungicides |  | 277 |  |  | 399 |  |  | 1,450 |  |  | 1,310 |
Other |  | 227 |  |  | 141 |  |  | 604 |  |  | 398 |
Crop Protection |  | $ | 2,179 |  |  | $ | 2,087 |  |  | $ | 8,476 |  |  | $ | 7,253 |
|  | Three Months Ended December 31, |  | Twelve Months Ended December 31,
GEOGRAPHIC NET SALES - SEED |  | 2022 |  | 2021 |  | 2022 |  | 2021
North America 1 |  | $ | 541 |  |  | $ | 522 |  |  | $ | 5,178 |  |  | $ | 5,004 |
EMEA 2 |  | 167 |  |  | 201 |  |  | 1,609 |  |  | 1,599 |
Latin America |  | 846 |  |  | 578 |  |  | 1,758 |  |  | 1,420 |
Asia Pacific |  | 92 |  |  | 91 |  |  | 434 |  |  | 379 |
Rest of World 3 |  | 1,105 |  |  | 870 |  |  | 3,801 |  |  | 3,398 |
Net Sales |  | $ | 1,646 |  |  | $ | 1,392 |  |  | $ | 8,979 |  |  | $ | 8,402 |
|  | Three Months Ended December 31, |  | Twelve Months Ended December 31,
GEOGRAPHIC NET SALES - CROP PROTECTION |  | 2022 |  | 2021 |  | 2022 |  | 2021
North America 1 |  | $ | 931 |  |  | $ | 839 |  |  | $ | 3,116 |  |  | $ | 2,532 |
EMEA 2 |  | 195 |  |  | 220 |  |  | 1,647 |  |  | 1,524 |
Latin America |  | 835 |  |  | 764 |  |  | 2,687 |  |  | 2,125 |
Asia Pacific |  | 218 |  |  | 264 |  |  | 1,026 |  |  | 1,072 |
Rest of World 3 |  | 1,248 |  |  | 1,248 |  |  | 5,360 |  |  | 4,721 |
Net Sales |  | $ | 2,179 |  |  | $ | 2,087 |  |  | $ | 8,476 |  |  | $ | 7,253 |
1. Reflects U.S. & Canada |  |  |  |  |  |  |  |
2. Reflects Europe, Middle East, and Africa |  |  |  |  |  |  |  |
3. Reflects EMEA, Latin America, and Asia Pacific |  |  |  |  |  |  |  |

A-5
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)

|  | Three Months Ended December 31, |  | Twelve Months Ended December 31,
|  | 2022 |  | 2022
Net Sales (GAAP) |  | $ | 3,825 |  |  | $ | 17,455 |
Less: Impacts from Currency and Portfolio / Other 4 |  | (38) |  |  | (481) |
Organic Sales (Non-GAAP) |  | $ | 3,863 |  |  | $ | 17,936 |
|  | Three Months Ended December 31, |  | Twelve Months Ended December 31,
OPERATING EBITDA |  | 2022 |  | 2021 |  | 2022 |  | 2021
Seed |  | $ | 71 |  |  | $ | (11) |  |  | $ | 1,656 |  |  | $ | 1,512 |
Crop Protection |  | 332 |  |  | 305 |  |  | 1,684 |  |  | 1,202 |
Corporate Expenses |  | (33) |  |  | (32) |  |  | (116) |  |  | (138) |
Operating EBITDA (Non-GAAP) |  | $ | 370 |  |  | $ | 262 |  |  | $ | 3,224 |  |  | $ | 2,576 |
RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS AFTER INCOME (LOSS) TAXES TO OPERATING EBITDA |  | Three Months Ended December 31, |  | Twelve Months Ended December 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
Income (loss) from continuing operations after income taxes (GAAP) |  | $ | (41) |  |  | $ | 155 |  |  | $ | 1,216 |  |  | $ | 1,822 |
Provision for (benefit from) income taxes on continuing operations |  | (162) |  |  | 90 |  |  | 210 |  |  | 524 |
Income (loss) from continuing operations before income taxes (GAAP) |  | (203) |  |  | 245 |  |  | 1,426 |  |  | 2,346 |
Depreciation and amortization |  | 304 |  |  | 317 |  |  | 1,223 |  |  | 1,243 |
Interest income |  | (49) |  |  | (19) |  |  | (124) |  |  | (77) |
Interest expense |  | 36 |  |  | 8 |  |  | 79 |  |  | 30 |
Exchange (gains) losses 1 |  | 133 |  |  | 7 |  |  | 229 |  |  | 54 |
Non-operating (benefits) costs 2 |  | 23 |  |  | (315) |  |  | (111) |  |  | (1,256) |
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges |  | 3 |  |  | (3) |  |  | — |  |  | — |
Significant items (benefits) charge 3 |  | 123 |  |  | 22 |  |  | 502 |  |  | 236 |
Operating EBITDA (Non-GAAP) |  | $ | 370 |  |  | $ | 262 |  |  | $ | 3,224 |  |  | $ | 2,576 |

1.Refer to page A-15 for pre-tax and after tax impacts of exchange losses (gains).
2.Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments, environmental remediation and legal costs associated with legacy businesses and sites of Historical DuPont, and the 2021 officer indemnification payment. Tax indemnification adjustments relate 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 that are recorded by the company as pre-tax income or expense.
3.Refer to page A-10 for pre-tax and after tax impacts of significant items.
4.Other includes the removal of revenue recognized relating to seed sales associated with the Russia Exit. Refer to schedule A-10 for further detail on significant items.

A-6
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)

PRICE - VOLUME - CURRENCY ANALYSIS
REGION |  |
| Q4 2022 vs. Q4 2021 | Percent Change Due To:
| Net Sales Change (GAAP) | Organic Change 1 (Non-GAAP) | Price & |  |  | Portfolio /
| $ | % | $ | % | Product Mix | Volume | Currency | Other
North America | $ | 111 |  | 8 | % | $ | 120 |  | 9 | % | 6 | % | 3 | % | (1) | % | — | %
EMEA 2 | (59) |  | (14) | % | (14) |  | (3) | % | 10 | % | (13) | % | (12) | % | 1 | %
Latin America | 339 |  | 25 | % | 287 |  | 21 | % | 19 | % | 2 | % | 4 | % | — | %
Asia Pacific | (45) |  | (13) | % | (9) |  | (3) | % | 8 | % | (11) | % | (9) | % | (1) | %
Rest of World | 235 |  | 11 | % | 264 |  | 12 | % | 15 | % | (3) | % | (1) | % | — | %
Total | $ | 346 |  | 10 | % | $ | 384 |  | 11 | % | 12 | % | (1) | % | (1) | % | — | %
SEED |  |  |  |  |  |  |  |
| Q4 2022 vs. Q4 2021 | Percent Change Due To:
| Net Sales Change (GAAP) | Organic Change 1 (Non-GAAP) | Price & |  |  | Portfolio /
| $ | % | $ | % | Product Mix | Volume | Currency | Other
North America | $ | 19 |  | 4 | % | $ | 23 |  | 4 | % | 8 | % | (4) | % | — | % | — | %
EMEA 2 | (34) |  | (17) | % | (20) |  | (10) | % | 12 | % | (22) | % | (11) | % | 4 | %
Latin America | 268 |  | 46 | % | 235 |  | 41 | % | 33 | % | 8 | % | 5 | % | — | %
Asia Pacific | 1 |  | 1 | % | 10 |  | 11 | % | 15 | % | (4) | % | (10) | % | — | %
Rest of World | 235 |  | 27 | % | 225 |  | 26 | % | 26 | % | — | % | — | % | 1 | %
Total | $ | 254 |  | 18 | % | $ | 248 |  | 18 | % | 19 | % | (1) | % | — | % | — | %
CROP PROTECTION |  |  |  |  |  |  |
| Q4 2022 vs. Q4 2021 | Percent Change Due To:
| Net Sales Change (GAAP) | Organic Change 1 (Non-GAAP) | Price & |  |  | Portfolio /
| $ | % | $ | % | Product Mix | Volume | Currency | Other
North America | $ | 92 |  | 11 | % | $ | 97 |  | 12 | % | 5 | % | 7 | % | (1) | % | — | %
EMEA | (25) |  | (11) | % | 6 |  | 3 | % | 9 | % | (6) | % | (14) | % | — | %
Latin America | 71 |  | 9 | % | 52 |  | 7 | % | 9 | % | (2) | % | 2 | % | — | %
Asia Pacific | (46) |  | (17) | % | (19) |  | (7) | % | 6 | % | (13) | % | (9) | % | (1) | %
Rest of World | — |  | — | % | 39 |  | 3 | % | 8 | % | (5) | % | (3) | % | — | %
Total | $ | 92 |  | 4 | % | $ | 136 |  | 7 | % | 7 | % | — | % | (2) | % | (1) | %

A-7
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)

SEED PRODUCT LINE |  |  |  |  |  |  |
| Q4 2022 vs. Q4 2021 | Percent Change Due To:
| Net Sales Change (GAAP) | Organic Change 1 (Non-GAAP) | Price & |  |  | Portfolio /
| $ | % | $ | % | Product Mix | Volume | Currency | Other
Corn 2 | $ | 221 |  | 20 | % | $ | 205 |  | 18 | % | 20 | % | (2) | % | 1 | % | 1 | %
Soybeans | 51 |  | 69 | % | 54 |  | 73 | % | 33 | % | 40 | % | (3) | % | (1) | %
Other oilseeds 2 | (24) |  | (26) | % | (18) |  | (20) | % | 15 | % | (35) | % | (9) | % | 3 | %
Other | 6 |  | 5 | % | 7 |  | 6 | % | 5 | % | 1 | % | (1) | % | — | %
Total | $ | 254 |  | 18 | % | $ | 248 |  | 18 | % | 19 | % | (1) | % | — | % | — | %
CROP PROTECTION PRODUCT LINE |  |  |  |  |  |
| Q4 2022 vs. Q4 2021 | Percent Change Due To:
| Net Sales Change (GAAP) | Organic Change 1 (Non-GAAP) | Price & |  |  | Portfolio /
| $ | % | $ | % | Product Mix | Volume | Currency | Other
Herbicides | $ | 41 |  | 4 | % | $ | 66 |  | 6 | % | 9 | % | (3) | % | (2) | % | — | %
Insecticides | 87 |  | 19 | % | 93 |  | 20 | % | 7 | % | 13 | % | (1) | % | — | %
Fungicides | (122) |  | (31) | % | (109) |  | (27) | % | 3 | % | (30) | % | (2) | % | (2) | %
Other | 86 |  | 61 | % | 86 |  | 61 | % | 3 | % | 58 | % | — | % | — | %
Total | $ | 92 |  | 4 | % | $ | 136 |  | 7 | % | 7 | % | — | % | (2) | % | (1) | %

A-8
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)

PRICE - VOLUME - CURRENCY ANALYSIS
REGION |  |
| Twelve Months 2022 vs. Twelve Months 2021 | Percent Change Due To:
| Net Sales Change (GAAP) | Organic Change 1 (Non-GAAP) | Price & |  |  | Portfolio /
| $ | % | $ | % | Product Mix | Volume | Currency | Other
North America | $ | 758 |  | 10 | % | $ | 783 |  | 10 | % | 8 | % | 2 | % | — | % | — | %
EMEA 2 | 133 |  | 4 | % | 548 |  | 18 | % | 10 | % | 8 | % | (14) | % | — | %
Latin America | 900 |  | 25 | % | 825 |  | 23 | % | 16 | % | 7 | % | 2 | % | — | %
Asia Pacific | 9 |  | 1 | % | 125 |  | 9 | % | 7 | % | 2 | % | (6) | % | (2) | %
Rest of World | 1,042 |  | 13 | % | 1,498 |  | 18 | % | 12 | % | 6 | % | (5) | % | — | %
Total | $ | 1,800 |  | 11 | % | $ | 2,281 |  | 15 | % | 10 | % | 5 | % | (3) | % | (1) | %
SEED |  |  |  |  |  |  |  |
| Twelve Months 2022 vs. Twelve Months 2021 | Percent Change Due To:
| Net Sales Change (GAAP) | Organic Change 1 (Non-GAAP) | Price & |  |  | Portfolio /
| $ | % | $ | % | Product Mix | Volume | Currency | Other
North America | $ | 174 |  | 3 | % | $ | 184 |  | 4 | % | 6 | % | (2) | % | (1) | % | — | %
EMEA 2 | 10 |  | 1 | % | 214 |  | 13 | % | 11 | % | 2 | % | (13) | % | 1 | %
Latin America | 338 |  | 24 | % | 311 |  | 22 | % | 18 | % | 4 | % | 2 | % | — | %
Asia Pacific | 55 |  | 15 | % | 87 |  | 23 | % | 12 | % | 11 | % | (8) | % | — | %
Rest of World | 403 |  | 12 | % | 612 |  | 18 | % | 14 | % | 4 | % | (6) | % | — | %
Total | $ | 577 |  | 7 | % | $ | 796 |  | 9 | % | 9 | % | — | % | (2) | % | — | %
CROP PROTECTION |  |  |  |  |  |  |
| Twelve Months 2022 vs. Twelve Months 2021 | Percent Change Due To:
| Net Sales Change (GAAP) | Organic Change 1 (Non-GAAP) | Price & |  |  | Portfolio /
| $ | % | $ | % | Product Mix | Volume | Currency | Other
North America | $ | 584 |  | 23 | % | $ | 599 |  | 24 | % | 14 | % | 10 | % | (1) | % | — | %
EMEA | 123 |  | 8 | % | 334 |  | 22 | % | 7 | % | 15 | % | (14) | % | — | %
Latin America | 562 |  | 26 | % | 514 |  | 24 | % | 14 | % | 10 | % | 2 | % | — | %
Asia Pacific | (46) |  | (4) | % | 38 |  | 4 | % | 5 | % | (1) | % | (5) | % | (3) | %
Rest of World | 639 |  | 14 | % | 886 |  | 19 | % | 10 | % | 9 | % | (4) | % | (1) | %
Total | $ | 1,223 |  | 17 | % | $ | 1,485 |  | 20 | % | 11 | % | 9 | % | (3) | % | — | %

A-9
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)

SEED PRODUCT LINE |  |  |  |  |  |  |
| Twelve Months 2022 vs. Twelve Months 2021 | Percent Change Due To:
| Net Sales Change (GAAP) | Organic Change 1 (Non-GAAP) | Price & |  |  | Portfolio /
| $ | % | $ | % | Product Mix | Volume | Currency | Other
Corn 2 | $ | 337 |  | 6 | % | $ | 465 |  | 8 | % | 9 | % | (1) | % | (2) | % | — | %
Soybeans | 242 |  | 15 | % | 251 |  | 16 | % | 11 | % | 5 | % | (1) | % | — | %
Other oilseeds 2 | (38) |  | (5) | % | 31 |  | 4 | % | 8 | % | (4) | % | (9) | % | — | %
Other | 36 |  | 8 | % | 49 |  | 11 | % | 4 | % | 7 | % | (3) | % | — | %
Total | $ | 577 |  | 7 | % | $ | 796 |  | 9 | % | 9 | % | — | % | (2) | % | — | %
CROP PROTECTION PRODUCT LINE |  |  |  |  |  |
| Twelve Months 2022 vs. Twelve Months 2021 | Percent Change Due To:
| Net Sales Change (GAAP) | Organic Change 1 (Non-GAAP) | Price & |  |  | Portfolio /
| $ | % | $ | % | Product Mix | Volume | Currency | Other
Herbicides | $ | 776 |  | 20 | % | $ | 889 |  | 23 | % | 15 | % | 8 | % | (3) | % | — | %
Insecticides | 101 |  | 6 | % | 173 |  | 10 | % | 7 | % | 3 | % | (4) | % | — | %
Fungicides | 140 |  | 11 | % | 209 |  | 16 | % | 6 | % | 10 | % | (3) | % | (2) | %
Other | 206 |  | 52 | % | 214 |  | 54 | % | 7 | % | 47 | % | (2) | % | — | %
Total | $ | 1,223 |  | 17 | % | $ | 1,485 |  | 20 | % | 11 | % | 9 | % | (3) | % | — | %

1.Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items.
2.Other includes the removal of revenue recognized relating to seed sales associated with the Russia Exit. Refer to schedule A-10 for further detail on significant items.

A-10
Corteva, Inc.
Significant Items
(Dollars in millions, except per share amounts)

SIGNIFICANT ITEMS BY SEGMENT (PRE-TAX) |  |  |  |  |  |  |
| Three Months Ended December 31, |  | Twelve Months Ended December 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
Seed | $ | (61) |  |  | $ | — |  |  | $ | (298) |  |  | $ | (98) |
Crop Protection | (47) |  |  | (9) |  |  | (106) |  |  | (60) |
Corporate | (15) |  |  | (13) |  |  | (98) |  |  | (78) |
Total significant items before income taxes | $ | (123) |  |  | $ | (22) |  |  | $ | (502) |  |  | $ | (236) |

SIGNIFICANT ITEMS - PRE-TAX, AFTER TAX, AND EPS IMPACTS |  |  |  |  |  |  |  |
|  | Pre-tax |  | After tax 10 |  | ($ Per Share)
|  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
1st Quarter |  |  |  |  |  |  |  |  |  |  |
Restructuring and asset related charges, net 1 | $ | (5) |  |  | $ | (100) |  |  | $ | (3) |  |  | $ | (77) |  |  | $ | — |  |  | $ | (0.10) |
Estimated settlement expense 2 | (17) |  |  | — |  |  | (13) |  |  | — |  |  | (0.02) |  |  | — |
1st Quarter – Total | $ | (22) |  |  | $ | (100) |  |  | $ | (16) |  |  | $ | (77) |  |  | $ | (0.02) |  |  | $ | (0.10) |
2nd Quarter |  |  |  |  |  |  |  |  |  |  |
Restructuring and asset related charges, net 1 | $ | (143) |  |  | $ | (135) |  |  | $ | (116) |  |  | $ | (107) |  |  | $ | (0.16) |  |  | $ | (0.14) |
Inventory write-offs 3 | (1) |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |
Loss on exit of non-strategic asset 3 | (5) |  |  | — |  |  | (4) |  |  | — |  |  | (0.01) |  |  | — |
Settlement costs associated with Russia Exit 3 | (6) |  |  | — |  |  | (6) |  |  | — |  |  | (0.01) |  |  | — |
2nd Quarter – Total | $ | (155) |  |  | $ | (135) |  |  | $ | (127) |  |  | $ | (107) |  |  | $ | (0.18) |  |  | $ | (0.14) |
3rd Quarter |  |  |  |  |  |  |  |  |  |  |
Restructuring and asset related charges, net 1 | $ | (152) |  |  | $ | (26) |  |  | $ | (126) |  |  | $ | (18) |  |  | $ | (0.18) |  |  | $ | (0.03) |
Estimated settlement expense 2 | (40) |  |  | — |  |  | (30) |  |  | — |  |  | (0.04) |  |  | — |
Inventory write-offs 3 | (32) |  |  | — |  |  | (24) |  |  | — |  |  | (0.03) |  |  | — |
Settlement costs associated with Russia Exit 3 | (2) |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | — |
Gain on sale of business 3 | 15 |  |  | — |  |  | 10 |  |  | — |  |  | 0.01 |  |  | — |
Equity securities mark-to-market gain 4 | — |  |  | 47 |  |  | — |  |  | 35 |  |  | — |  |  | 0.05 |
Employee Retention Credit 5 | 9 |  |  | — |  |  | 7 |  |  | — |  |  | 0.01 |  |  | — |
Income tax items 6 | — |  |  | — |  |  | 55 |  |  | — |  |  | 0.08 |  |  | — |
3rd Quarter – Total | $ | (202) |  |  | $ | 21 |  |  | $ | (110) |  |  | $ | 17 |  |  | $ | (0.15) |  |  | $ | 0.02 |
4th Quarter |  |  |  |  |  |  |  |  |  |  |
Restructuring and asset related charges, net 1 | $ | (63) |  |  | $ | (28) |  |  | $ | (46) |  |  | $ | (23) |  |  | $ | (0.06) |  |  | $ | (0.03) |
Estimated settlement expense 2 | (30) |  |  | — |  |  | (23) |  |  | — |  |  | (0.03) |  |  | — |
AltEn facility remediation charge 8 | (33) |  |  | — |  |  | (25) |  |  | — |  |  | (0.04) |  |  | — |
Seed sale associated with Russia Exit 3 | 3 |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |
Employee Retention Credit 5 | — |  |  | 60 |  |  | — |  |  | 45 |  |  | — |  |  | 0.06 |
Contract termination 7 | — |  |  | (54) |  |  | — |  |  | (40) |  |  | — |  |  | (0.05) |
Income tax items 6 | — |  |  | — |  |  | 78 |  |  | 9 |  |  | 0.11 |  |  | 0.01 |
4th Quarter – Total | $ | (123) |  |  | $ | (22) |  |  | $ | (14) |  |  | $ | (9) |  |  | $ | (0.02) |  |  | $ | (0.01) |
Annual Total 9 | $ | (502) |  |  | $ | (236) |  |  | $ | (267) |  |  | $ | (176) |  |  | $ | (0.37) |  |  | $ | (0.24) |

A-11
Corteva, Inc.
Significant Items
(Dollars in millions, except per share amounts)
1.Fourth, third, second and first quarter 2022 includes restructuring and asset related benefits (charges) of $(63), $(152), $(143) and $(5), respectively. The charges primarily relate to a $(70), $(146), and $(56) charge for the fourth, third and second quarter, respectively, associated with the 2022 Restructuring Actions and a $(5), $(5), $(93), and $(6) charge for the fourth, third, second and first quarter, respectively, related to non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. The charges for the fourth quarter 2022 also include a $12 benefit associated with previous restructuring programs.
Fourth, third, second and first quarter 2021 included restructuring and asset related benefits (charges) of $(28), $(26), $(135) and $(100), respectively. The charges primarily relate to a $(40), $(17), $(21), and $(89) charge, respectively, associated with the 2021 Restructuring Actions and a $(5), $(112), and $(7) charge, respectively, related to non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. The charges for the fourth quarter 2021 also include a $13 benefit associated with previous restructuring programs.
2.Fourth, third and first quarter 2022 included estimated Lorsban® related charges of $(30), $(40) and $(17), respectively.
3.Fourth quarter 2022 includes a benefit of $3 relating to the sale of seeds already under production in Russia when the decision to exit the country was made and that the Company was contractually required to purchase. It consists of $8 of net sales and $5 of cost of goods sold. Third quarter 2022 includes a benefit (charge) of $(32), $15 and $(2) associated with activities related to the 2022 Restructuring Actions consisting of inventory write-offs, gain on the sale of a business, and settlement costs associated with the Russia Exit, respectively. Second quarter 2022 includes a $(1), $(5) and $(6) charge associated with activities related to the 2022 Restructuring Actions consisting of inventory write-offs associated with the Russia Exit, loss on the exit of a non-strategic asset and settlement costs associated with the Russia Exit, respectively.
4.Third quarter 2021 included a benefit relating to a $47 mark-to-market gain on equity securities.
5.Third quarter 2022 included a benefit of $9 relating to an adjustment due to a change in estimate related to the Employee Retention Credit. Fourth quarter 2021 included a benefit of $60 relating to the Employee Retention Credit that the Company earned 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”).
6.Fourth quarter 2022 included a tax benefit relating to a change in the valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil and a worthless stock deduction in the U.S. in the amount of $36 and $42, respectively. Third quarter 2022 included a tax benefit of $55 relating to the establishment of deferred taxes due to the impact of a change in a U.S. legal entity's tax characterization. Fourth quarter 2021 included a net benefit for the impact of changes in valuation allowances recorded against the net deferred tax asset positions of two legal entities in Brazil in the amounts of $57 and $(44), as well as an adjustment related to the impacts of Swiss Tax Reform of $(4).
7.Fourth quarter 2021 included a charge of $(54) relating to a contract termination with a third-party service provider.
8.Fourth quarter 2022 included a charge of $(33) relating to the increase in the remediation accrual at the AltEn facility relating to Corteva's estimated voluntary contribution to the solid waste and wastewater remedial action plans.
9.Earnings per share for the year may not equal the sum of quarterly earnings per share due to the changes in average share calculations.
10.Unless specifically addressed in notes above, the income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment.

A-12
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)

Operating Earnings (Loss) Per Share (Non-GAAP) |  |  |  |  |  |  |  |
Operating earnings (loss) per share is defined as earnings (loss) per share from continuing operations – diluted, excluding non-operating (benefits) costs, amortization of intangibles (existing as of Separation) and significant items.
|  | Three Months Ended December 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
|  | $ |  | $ |  | EPS (diluted) |  | EPS (diluted)
Net income (loss) from continuing operations attributable to Corteva (GAAP) |  | $ | (43) |  |  | $ | 153 |  |  | $ | (0.06) |  |  | $ | 0.21 |
Less: Non-operating benefits (costs), after tax 1 |  | (16) |  |  | 239 |  |  | (0.02) |  |  | 0.33 |
Less: Amortization of intangibles (existing as of Separation), after tax |  | (128) |  |  | (139) |  |  | (0.18) |  |  | (0.19) |
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax |  | (2) |  |  | 2 |  |  | — |  |  | — |
Less: Significant items benefit (charge), after tax |  | (14) |  |  | (9) |  |  | (0.02) |  |  | (0.01) |
Operating Earnings (Loss) (Non-GAAP) |  | $ | 117 |  |  | $ | 60 |  |  | $ | 0.16 |  |  | $ | 0.08 |

|  | Twelve Months Ended December 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
|  | $ |  | $ |  | EPS (diluted) |  | EPS (diluted)
Net income (loss) from continuing operations attributable to Corteva (GAAP) |  | $ | 1,205 |  |  | $ | 1,812 |  |  | $ | 1.66 |  |  | $ | 2.44 |
Less: Non-operating benefits (costs), after tax 1 |  | 80 |  |  | 955 |  |  | 0.11 |  |  | 1.29 |
Less: Amortization of intangibles (existing as of Separation), after tax |  | (542) |  |  | (562) |  |  | (0.75) |  |  | (0.76) |
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax |  | — |  |  | — |  |  | — |  |  | — |
Less: Significant items benefit (charge), after tax |  | (267) |  |  | (176) |  |  | (0.37) |  |  | (0.24) |
Operating Earnings (Loss) (Non-GAAP) |  | $ | 1,934 |  |  | $ | 1,595 |  |  | $ | 2.67 |  |  | $ | 2.15 |

1.Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments, environmental remediation and legal costs associated with legacy businesses and sites of Historical DuPont, and an officer indemnification payment. Tax indemnification adjustments relate 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 that are recorded by the company as pre-tax income or expense.

A-13
Corteva, Inc.
Operating EBITDA to Operating Earnings (Loss) Per Share
(Dollars in millions, except per share amounts)

Operating EBITDA to Operating Earnings (Loss) Per Share
|  | Three Months Ended December 31, |  | Twelve Months Ended December 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Operating EBITDA (Non-GAAP)1 |  | $ | 370 |  |  | $ | 262 |  |  | 3,224 |  |  | 2,576 |
Depreciation |  | (138) |  |  | (138) |  |  | (521) |  |  | (521) |
Amortization of intangibles (post Separation) |  | — |  |  | — |  |  | (3) |  |  | — |
Interest Income |  | 49 |  |  | 19 |  |  | 124 |  |  | 77 |
Interest Expense |  | (36) |  |  | (8) |  |  | (79) |  |  | (30) |
Provision for income taxes on continuing operations before significant items, non-operating (benefits) charges, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP)1 |  | (54) |  |  | (43) |  |  | (566) |  |  | (409) |
Base income tax rate from continuing operations (Non-GAAP)1 |  | 22.0 | % |  | 31.9 | % |  | 20.6 | % |  | 19.5 | %
Exchange gains (losses), after tax 2 |  | (72) |  |  | (30) |  |  | (234) |  |  | (88) |
Net income (loss) attributable to non-controlling interests |  | (2) |  |  | (2) |  |  | (11) |  |  | (10) |
Operating Earnings (Loss) (Non-GAAP)1 |  | $ | 117 |  |  | $ | 60 |  |  | $ | 1,934 |  |  | $ | 1,595 |
Diluted Shares (in millions) |  | 714.7 |  |  | 735.1 |  |  | 724.5 |  |  | 741.6 |
Operating Earnings (Loss) Per Share (Non-GAAP)1 |  | $ | 0.16 |  |  | $ | 0.08 |  |  | $ | 2.67 |  |  | $ | 2.15 |

1. Refer to pages A-5 through A-9, and A-12 and A-14 for Non-GAAP reconciliations.
2. Refer to page A-15 for pre-tax and after tax impacts of exchange gains (losses).

A-14
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions)

Reconciliation of Base Income Tax Rate to Effective Income Tax Rate
Base income tax rate is defined as the effective income tax rate less the effect of exchange gains (losses), significant items, amortization of intangibles (existing as of Separation), and non-operating benefits (costs).
| Three Months Ended December 31, |  | Twelve Months Ended December 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
Income (loss) from continuing operations before income taxes (GAAP) | $ | (203) |  |  | $ | 245 |  |  | $ | 1,426 |  |  | $ | 2,346 |
Add: Significant items (benefit) charge 1 | 123 |  |  | 22 |  |  | 502 |  |  | 236 |
Non-operating (benefits) costs | 23 |  |  | (315) |  |  | (111) |  |  | (1,256) |
Amortization of intangibles (existing as of Separation) | 166 |  |  | 179 |  |  | 699 |  |  | 722 |
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges | 3 |  |  | (3) |  |  | — |  |  | — |
Less: Exchange gains (losses)2 | $ | (133) |  |  | $ | (7) |  |  | $ | (229) |  |  | $ | (54) |
Income (loss) from continuing operations before income taxes, significant items, non-operating benefits - net, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange losses, net (Non-GAAP) | $ | 245 |  |  | $ | 135 |  |  | $ | 2,745 |  |  | $ | 2,102 |
Provision for (benefit from) provision for income taxes on continuing operations (GAAP) | $ | (162) |  |  | $ | 90 |  |  | $ | 210 |  |  | $ | 524 |
Add: Tax benefits on significant items charge 1 | 109 |  |  | 13 |  |  | 235 |  |  | 60 |
Tax expenses on non-operating benefits - net | 7 |  |  | (76) |  |  | (31) |  |  | (301) |
Tax benefits on amortization of intangibles (existing as of Separation) | 38 |  |  | 40 |  |  | 157 |  |  | 160 |
Tax benefits on mark-to-market gains on certain foreign currency contracts not designated as hedges | 1 |  |  | (1) |  |  | — |  |  | — |
Tax benefits on exchange losses, net | 61 |  |  | (23) |  |  | (5) |  |  | (34) |
Provision for (benefit from) income taxes on continuing operations before significant items, non-operating benefits - net, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange losses, net (Non-GAAP) | $ | 54 |  |  | $ | 43 |  |  | $ | 566 |  |  | $ | 409 |
Effective income tax rate (GAAP) | 79.8 | % |  | 36.7 | % |  | 14.7 | % |  | 22.3 | %
Significant items, non-operating benefits, and amortization of intangibles (existing as of Separation), and mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges effect | (87.1) | % |  | 14.4 | % |  | 8.0 | % |  | (0.7) | %
Tax rate from continuing operations before significant items, non-operating benefits - net, and amortization of intangibles (existing as of Separation), and mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges (Non-GAAP) | (7.3) | % |  | 51.1 | % |  | 22.7 | % |  | 21.6 | %
Exchange losses, net effect 2 | 29.4 | % |  | (19.3) | % |  | (2.1) | % |  | (2.2) | %
Base income tax rate from continuing operations (Non-GAAP) | 22.0 | % |  | 31.9 | % |  | 20.6 | % |  | 19.5 | %
1. See page A-10 for further detail on the Significant Items table.
2. See page A-15 for further details of exchange gains (losses).

A-15
Corteva, Inc.
(Dollars in millions, except per share amounts)

Exchange Gains/Losses |  |  |  |  |  |  |  |
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.
|  | Three Months Ended December 31, |  | Twelve Months Ended December 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Subsidiary Monetary Position Gain (Loss) |  |  |  |  |  |  |  |
Pre-tax exchange gains (losses) |  | $ | (97) |  |  | $ | (25) |  |  | $ | (217) |  |  | $ | (72) |
Local tax (expenses) benefits |  | 51 |  |  | (19) |  |  | (10) |  |  | (30) |
Net after tax impact from subsidiary exchange gains (losses) |  | $ | (46) |  |  | $ | (44) |  |  | $ | (227) |  |  | $ | (102) |
Hedging Program (Loss) Gain |  |  |  |  |  |  |  |
Pre-tax exchange (losses) gains |  | $ | (36) |  |  | $ | 18 |  |  | $ | (12) |  |  | $ | 18 |
Tax benefits (expenses) |  | 10 |  |  | (4) |  |  | 5 |  |  | (4) |
Net after tax impact from hedging program exchange (losses) gains |  | $ | (26) |  |  | $ | 14 |  |  | $ | (7) |  |  | $ | 14 |
Total Exchange Gain (Loss) |  |  |  |  |  |  |  |
Pre-tax exchange gains (losses) |  | $ | (133) |  |  | $ | (7) |  |  | $ | (229) |  |  | $ | (54) |
Tax benefits (expenses) |  | 61 |  |  | (23) |  |  | (5) |  |  | (34) |
Net after tax exchange gains (losses) |  | $ | (72) |  |  | $ | (30) |  |  | $ | (234) |  |  | $ | (88) |
As shown above, the "Total Exchange Gain (Loss)" is the sum of the "Subsidiary Monetary Position Gain (Loss)" and the "Hedging Program (Loss) Gain."