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EID Segment FN (Notes) | 9 Months Ended
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Sep. 30, 2019
Segment Reporting Information [Line Items] |
Segment Reporting Disclosure [Text Block] | SEGMENT INFORMATION In connection with the Internal Reorganizations and the Corteva Distribution, the company realigned its reporting structure and changed the manner in which the chief operating decision maker (“CODM”) allocates resources and assesses performance. As a result, new operating segments were created, Seed and Crop Protection. The segment reporting changes were retrospectively applied to all periods presented. Segment operating EBITDA is the primary measure of segment profitability used by Corteva’s CODM. For purposes of the three and nine months ended September 30, 2018 and the nine months ended September 30, 2019, segment operating EBITDA is calculated on a pro forma basis, as this is the manner in which the CODM assesses performance and allocates resources. The company defines segment operating EBITDA as earnings (i.e., income from continuing operations before income taxes) before interest, depreciation, amortization, corporate expenses, non-operating costs-net and foreign exchange gains (losses), excluding the impact of significant items. Non-operating costs-net consists of non-operating pension and other post-employment benefit (OPEB) costs, tax indemnification adjustments, environmental remediation and legal costs associated with legacy EID businesses and sites. 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. Pro forma adjustments used in the calculation of pro forma segment operating EBITDA were determined in accordance with Article 11 of Regulation S-X. These adjustments give effect to the Merger, the debt retirement transactions related to paying off or retiring portions of EID’s existing debt liabilities (as discussed in Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, to the interim Consolidated Financial Statements), and the separation and distribution to DowDuPont stockholders of all the outstanding shares of Corteva common stock as if they had been consummated on January 1, 2016. Corporate Profile The company conducts its global operations through the following reportable segments: Seed The company’s seed segment is a global leader in developing and supplying advanced germplasm and traits that produce optimum yield for farms around the world. The segment is a leader in many of the company’s key seed markets, including North America corn and soybeans, Europe corn and sunflower, as well as Brazil, India, South Africa and Argentina corn. The segment offers trait technologies that improve resistance to weather, disease, insects and weeds, and trait technologies that enhance food and nutritional characteristics, and also provides digital solutions that assist farmer decision-making with a view to optimize product selection and, ultimately, maximize yield and profitability. The segment competes in a wide variety of agricultural markets. Crop Protection The crop protection segment serves the global agricultural input industry with products that protect against weeds, insects and other pests, and disease, and that improve overall crop health both above and below ground via nitrogen management and seed-applied technologies. The segment is a leader in global herbicides, insecticides, below-ground nitrogen stabilizers and pasture and range management herbicides.
As of and for the Three Months Ended September 30, (In millions) | Seed | Crop Protection | Total
2019 |  |  |  |  |  |
Net sales | $ | 681 |  | $ | 1,230 |  | $ | 1,911 |
Segment operating EBITDA | $ | (295 | ) | $ | 119 |  | $ | (176 | )
Segment assets 1,2 | $ | 26,021 |  | $ | 13,331 |  | $ | 39,352 |
2018 |  |  |  |  |  |
Net sales | $ | 551 |  | $ | 1,396 |  | $ | 1,947 |
Pro forma segment operating EBITDA | $ | (372 | ) | $ | 159 |  | $ | (213 | )
Segment assets 1 | $ | 30,300 |  | $ | 9,088 |  | $ | 39,388 |
1. | Segment assets at December 31, 2018 were $29,286 million and $9,346 million for Seed and Crop Protection, respectively.
2. On June 1, 2019, as a result of changes in reportable segments, $3,382 million of goodwill was reallocated from the Seed reportable segment to the Crop Protection reportable segment. This change was not reflected in segment assets prior to June 1, 2019.
Nine Months Ended September 30, (In millions) | Seed | Crop Protection | Total
2019 |  |  |  |  |  |
Net sales | $ | 6,347 |  | $ | 4,516 |  | $ | 10,863 |
Pro forma segment operating EBITDA | $ | 1,066 |  | $ | 789 |  | $ | 1,855 |
2018 |  |  |  |  |  |
Net sales | $ | 6,716 |  | $ | 4,756 |  | $ | 11,472 |
Pro forma segment operating EBITDA | $ | 1,226 |  | $ | 905 |  | $ | 2,131 |
Reconciliation to interim Consolidated Financial Statements
Loss from continuing operations after income taxes to segment operating EBITDA (In millions) | Three Months Ended September 30, | Nine Months Ended September 30,
2019 | 2018 1 | 2019 1 | 2018 1
Loss from continuing operations after income taxes | $ | (527 | ) | $ | (5,642 | ) | $ | (228 | ) | $ | (5,705 | )
(Benefit from) provision for income taxes on continuing operations | (104 | ) | (8 | ) | 99 |  | (187 | )
Loss from continuing operations before income taxes | (631 | ) | (5,650 | ) | (129 | ) | (5,892 | )
Depreciation and amortization | 226 |  | 215 |  | 711 |  | 667 |
Interest income | (13 | ) | (12 | ) | (46 | ) | (63 | )
Interest expense | 19 |  | 82 |  | 112 |  | 251 |
Exchange (gains) losses - net 2 | (22 | ) | 74 |  | 37 |  | 140 |
Non-operating benefits - net | (32 | ) | (49 | ) | (106 | ) | (155 | )
Goodwill impairment charge | — |  | 4,503 |  | — |  | 4,503 |
Significant items | 246 |  | 369 |  | 886 |  | 876 |
Pro forma adjustments 3 | — |  | 217 |  | 298 |  | 1,695 |
Corporate expenses | 31 |  | 38 |  | 92 |  | 109 |
Segment operating EBITDA | $ | (176 | ) | $ | (213 | ) | $ | 1,855 |  | $ | 2,131 |
1. | Periods prior to March 31, 2019 are on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X.
2. | Excludes a $(33) million foreign exchange loss for the three and nine months ended September 30, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the nine months ended September 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as they are included within significant items. See Note 9 - Supplementary Information for additional information.
3. | Refer to page 69 for further details of pro forma adjustments.
Segment assets to total assets (in millions) | September 30, 2019 | December 31, 2018 | September 30, 2018
Total segment assets | $ | 39,352 |  | $ | 38,632 |  | $ | 39,388 |
Corporate assets | 3,883 |  | 4,417 |  | 4,020 |
Assets related to discontinued operations 1 | — |  | 65,634 |  | 66,240 |
Total assets | $ | 43,235 |  | $ | 108,683 |  | $ | 109,648 |
1. | See Note 5 - Divestitures and Other Transactions for additional information on discontinued operations.
Significant Pre-tax (Charges) Benefits Not Included in Pro Forma Segment Operating EBITDA The three and nine months ended September 30, 2019 and 2018, respectively, included the following significant pre-tax (charges) benefits which are excluded from pro forma segment operating EBITDA:
(In millions) | Three Months Ended September 30, | Nine Months Ended September 30,
2019 | 2018 | 2019 | 2018
As Reported | Pro Forma | Pro Forma | Pro Forma
Seed 1,2,3,4 | $ | (62 | ) | $ | (190 | ) | $ | (214 | ) | $ | (249 | )
Crop Protection 5 | 1 |  | (30 | ) | (24 | ) | (42 | )
Corporate 6,7,8,9,10 | (185 | ) | (149 | ) | (648 | ) | (585 | )
Total | $ | (246 | ) | $ | (369 | ) | $ | (886 | ) | $ | (876 | )
1. | Includes restructuring and asset related charges of $(47) million and $(123) million for the three and nine months ended September 30, 2019, respectively, and $(190) million and $(273) million for the three and nine months ended September 30, 2018, respectively. See Note 7 - Restructuring and Asset Related Charges - Net, for additional information.
2. | Includes a $(24) million loss recorded in other income - net for the nine months ended September 30, 2019 related to Historical Dow’s sale of a joint venture related to synergy actions.
3. | Includes charges of $(15) million and $(67) million included in cost of goods sold for the three and nine months ended September 30, 2019 related to the amortization on the inventory that was stepped up to fair value in connection with the Merger.
4. | Includes a $24 million gain recorded in other income - net for the nine months ended September 30, 2018, related to an asset sale.
5. | Includes restructuring and asset related benefits (charges) of $1 million and $(24) million for the three and nine months ended September 30, 2019, respectively, and $(30) million and $(42) million for the three and nine months ended September 30, 2018, respectively. See Note 7 - Restructuring and Asset Related Charges - Net, for additional information.
6. | Includes restructuring and asset related charges of $(20) million for the nine months ended September 30, 2019, and $(15) million and $(151) million for the three and nine months ended September 30, 2018, respectively. See Note 7 - Restructuring and Asset Related Charges - Net, for additional information.
7. | Includes integration and separation costs of $(152) million and $(582) million for the three and nine months ended September 30, 2019. Includes integration costs of $(134) million and $(384) million for the three and nine months ended September 30, 2018, respectively.
8. | Includes a $(13) million loss included in loss on early extinguishment of debt for the nine months ended September 30, 2019 related to the difference between the redemption price and the par value of the Make Whole Notes and Term Loan Facility, partially offset by the write-off of unamortized step-up related to the fair value step-up of EID’s debt.
9. | Includes a $(50) million foreign exchange loss for the nine months ended September 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform.
10. Includes a $(33) million charge included in other income - net for the three and nine months ended September 30, 2019 associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. Throughout the three months ended September 30, 2019, the Argentine Peso dropped approximately a third of its value against the US dollar and in September of 2019, the country’s central bank announced new restrictions on foreign currency transactions.
EID [Member] |
Segment Reporting Information [Line Items] |
Segment Reporting Disclosure [Text Block] | SEGMENT INFORMATION There are no differences in reporting structure or segments between Corteva, Inc. and EID. In addition, there are no differences between Corteva, Inc. and EID segment net sales, segment operating EBITDA or pro forma segment operating EBITDA, segment assets, or significant items by segment; refer to page 54 of the Corteva, Inc. interim Consolidated Financial Statements for background information on the segments as well as further details regarding segment metrics. The tables below reconcile segment pro forma operating EBITDA to loss from continuing operations after income taxes and segment assets to total assets, as differences exist between Corteva, Inc. and EID. Reconciliation to interim Consolidated Financial Statements
Loss from continuing operations after income taxes to segment operating EBITDA (In millions) | Three Months Ended September 30, | Nine Months Ended September 30,
2019 | 2018 1 | 2019 1 | 2018 1
Loss from continuing operations after income taxes | $ | (557 | ) | $ | (5,642 | ) | $ | (281 | ) | $ | (5,705 | )
(Benefit from) provision for income taxes on continuing operations | (113 | ) | (8 | ) | 83 |  | (187 | )
Loss from continuing operations before income taxes | (670 | ) | (5,650 | ) | (198 | ) | (5,892 | )
Depreciation and amortization | 226 |  | 215 |  | 711 |  | 667 |
Interest income | (13 | ) | (12 | ) | (46 | ) | (63 | )
Interest expense | 58 |  | 82 |  | 181 |  | 251 |
Exchange (gains) losses - net 2 | (22 | ) | 74 |  | 37 |  | 140 |
Non-operating benefits - net | (32 | ) | (49 | ) | (106 | ) | (155 | )
Goodwill impairment charge | — |  | 4,503 |  | — |  | 4,503 |
Significant items | 246 |  | 369 |  | 886 |  | 876 |
Pro forma adjustments 3 | — |  | 217 |  | 298 |  | 1,695 |
Corporate expenses | 31 |  | 38 |  | 92 |  | 109 |
Segment operating EBITDA | $ | (176 | ) | $ | (213 | ) | $ | 1,855 |  | $ | 2,131 |
1. | Periods prior to March 31, 2019 are on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X.
2. | Excludes a $(33) million foreign exchange loss for the three and nine months ended September 30, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the nine months ended September 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as it is included within significant items. See Note 9 - Supplementary Information of the Corteva, Inc. interim Consolidated Financial Statements for additional information.
3. | Refer to page 69 for further details of pro forma adjustments.
Segment assets to total assets (in millions) | September 30, 2019 | December 31, 2018 | September 30, 2018
Total segment assets | $ | 39,352 |  | $ | 38,632 |  | $ | 39,388 |
Corporate assets | 3,899 |  | 4,417 |  | 4,020 |
Assets related to discontinued operations 1 | — |  | 65,634 |  | 66,240 |
Total assets | $ | 43,251 |  | $ | 108,683 |  | $ | 109,648 |
1. See Note 5 - Divestitures and Other Transactions of the Corteva, Inc. interim Consolidated Financial Statements for additional information on discontinued operations.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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