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Revenue Recognition | 6 Months Ended
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Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Revenue Recognition Disaggregation of revenue We disaggregate revenue from contracts with customers by geographical areas and major product categories. We have three major agricultural product categories: insecticides, herbicides, and fungicides. Plant health, which includes biological products, is also included in the below table. The disaggregated revenue tables are shown below for the three and six months ended June 30, 2024 and 2023. The following table provides information about disaggregated revenue by major geographical region:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in Millions) | 2024 |  | 2023 |  | 2024 |  | 2023
North America | $ | 338.8 |  |  | $ | 272.5 |  |  | $ | 597.9 |  |  | $ | 769.8 |
Latin America | 307.2 |  |  | 268.7 |  |  | 495.2 |  |  | 502.3 |
Europe, Middle East & Africa (EMEA) | 201.2 |  |  | 207.6 |  |  | 508.0 |  |  | 590.6 |
Asia | 191.2 |  |  | 265.7 |  |  | 355.3 |  |  | 496.1 |
Total Revenue | $ | 1,038.4 |  |  | $ | 1,014.5 |  |  | $ | 1,956.4 |  |  | $ | 2,358.8 |
The following table provides information about disaggregated revenue by product category:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in Millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Insecticides | $ | 569.1 |  |  | $ | 658.9 |  |  | $ | 1,070.4 |  |  | $ | 1,405.6 |
Herbicides | 336.6 |  |  | 225.5 |  |  | 631.5 |  |  | 668.3 |
Fungicides | 74.5 |  |  | 72.3 |  |  | 144.9 |  |  | 173.3 |
Plant Health | 43.5 |  |  | 43.4 |  |  | 88.3 |  |  | 95.7 |
Other | 14.7 |  |  | 14.4 |  |  | 21.3 |  |  | 15.9 |
Total Revenue | $ | 1,038.4 |  |  | $ | 1,014.5 |  |  | $ | 1,956.4 |  |  | $ | 2,358.8 |
We earn revenue from the sale of a wide range of products to a diversified base of customers around the world. We develop, market and sell all three major classes of crop protection chemicals (insecticides, herbicides and fungicides) as well as biologicals, crop nutrition, and seed treatment products, which we group as plant health. These products are used in agriculture to enhance crop yield and quality by controlling a broad spectrum of insects, weeds and disease, as well as in non-agricultural markets for pest control. The majority of our product lines consist of insecticides and herbicides, with a smaller portfolio of fungicides mainly used in high value crop segments. We are investing in plant health which includes our growing biological products. Our insecticides are used to control a wide spectrum of pests, while our herbicide portfolio primarily targets a large variety of difficult-to-control weeds. Products in the other category include various agricultural products such as smaller classes of pesticides, growth promoters, and other miscellaneous revenue sources. For additional detail on revenue recognition policies and procedures, see Note 3 to our consolidated financial statements included within our 2023 Form 10-K. Contract Asset and Contract Liability Balances We satisfy our obligations by transferring goods and services in exchange for consideration from customers. The timing of performance sometimes differs from the timing the associated consideration is received from the customer, thus resulting in the recognition of a contract asset or contract liability. We recognize a contract liability if the customer's payment of consideration is received prior to completion of our related performance obligation. The following table presents the opening and closing balances of our receivables, net of allowances and contract liabilities from contracts with customers:
(in Millions) | Balance as of June 30, 2024 |  | Balance as of December 31, 2023 |  | Increase (Decrease)
Receivables from contracts with customers, net of allowances (1) | $ | 2,726.1 |  |  | $ | 2,722.7 |  |  | $ | 3.4 |
Contract liabilities: Advance Payments from customers (2) | 0.8 |  |  | 482.1 |  |  | (481.3) |
____________________ (1)Amount includes $2,702.4 million of trade receivables and $23.7 million of net long-term customer receivables as of June 30, 2024. See Note 5 for more information. (2)The amount of revenue recognized in the six months ended June 30, 2024 that was included in the opening contract liability balance is $481.3 million. The balance of receivables from contracts with customers listed in the table above include both current trade receivables and long-term receivables, net of allowance for doubtful accounts. The allowance for receivables represents our best estimate of the probable losses associated with potential customer defaults. We determine the allowance based on historical experience, current collection trends, and external business factors such as economic factors, including regional bankruptcy rates, and political factors. The change in allowance for doubtful accounts for both current trade receivables and long-term receivables is representative of the impairment of receivables as of June 30, 2024. Refer to Note 5 for further information. We periodically enter into prepayment arrangements with customers and receive advance payments for product to be delivered in future periods. We recognize these prepayments as a liability under "Advance payments from customers" on the consolidated balance sheets when they are received. Revenue associated with advance payments is recognized as shipments are made and transfer of control to the customer takes place.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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