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EID Segment FN (Notes) | 9 Months Ended
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Sep. 30, 2020
Segment Reporting Information [Line Items] |
Segment Reporting Disclosure [Text Block] | Segment operating EBITDA is the primary measure of segment profitability used by Corteva’s chief operating decision maker ("CODM"). 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 (benefits) costs - net and foreign exchange gains (losses), net, excluding the impact of significant items. Non-operating (benefits) costs - net consists of non-operating pension and other post-employment benefit (OPEB) costs, tax indemnification adjustments and 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. For purposes of 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. Pro forma adjustments used in the calculation of pro forma segment operating EBITDA for the nine months ended September 30, 2019 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 (refer to the company’s Annual Report on Form 10-K for the year ended December 31, 2019 for further information), 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.
As of and for the Three Months Ended September 30, (In millions) | Seed | Crop Protection | Total
2020 |  |  |
Net sales | $ | 523 |  | $ | 1,340 |  | $ | 1,863 |
Segment operating EBITDA | $ | (282) |  | $ | 130 |  | $ | (152) |
Segment assets 1 | $ | 24,372 |  | $ | 12,593 |  | $ | 36,965 |
2019 |  |  |
Net sales | $ | 681 |  | $ | 1,230 |  | $ | 1,911 |
Segment operating EBITDA | $ | (295) |  | $ | 119 |  | $ | (176) |
Segment assets 1 | $ | 26,021 |  | $ | 13,331 |  | $ | 39,352 |
1. Segment assets at December 31, 2019 were $25,387 million and $13,492 million for Seed and Crop Protection, respectively.
For the Nine Months Ended September 30, (In millions) | Seed | Crop Protection | Total
2020 |  |  |
Net sales | $ | 6,516 |  | $ | 4,494 |  | $ | 11,010 |
Segment operating EBITDA | $ | 1,255 |  | $ | 677 |  | $ | 1,932 |
2019 |  |  |
Net sales | $ | 6,347 |  | $ | 4,516 |  | $ | 10,863 |
Pro forma segment operating EBITDA | $ | 1,066 |  | $ | 789 |  | $ | 1,855 |
Reconciliation to interim Consolidated Financial Statements
(Loss) income from continuing operations after income taxes to segment operating EBITDA (In millions) | Three Months Ended September 30, | Nine Months Ended September 30,
2020 | 2019 | 2020 | 2019
(Loss) income from continuing operations after income taxes | $ | (390) |  | $ | (527) |  | $ | 657 |  | $ | (228) |
(Benefit from) provision for income taxes on continuing operations | (117) |  | (104) |  | 88 |  | 99 |
(Loss) income from continuing operations before income taxes | (507) |  | (631) |  | 745 |  | (129) |
Depreciation and amortization | 285 |  | 226 |  | 868 |  | 711 |
Interest income | (11) |  | (13) |  | (38) |  | (46) |
Interest expense | 11 |  | 19 |  | 35 |  | 112 |
Exchange losses (gains) - net 1 | 67 |  | (22) |  | 127 |  | 37 |
Non-operating benefits - net | (73) |  | (32) |  | (237) |  | (106) |
Significant items | 49 |  | 246 |  | 351 |  | 886 |
Pro forma adjustments |  |  |  | 298 |
Corporate expenses | 27 |  | 31 |  | 81 |  | 92 |
Segment operating EBITDA 2 | $ | (152) |  | $ | (176) |  | $ | 1,932 |  | $ | 1,855 |
1.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, as it is included within significant items. See Note 7 - Supplementary Information for additional information 2.The nine months ended September 30, 2019 is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X..
Segment assets to total assets (in millions) | September 30, 2020 | December 31, 2019 | September 30, 2019
Total segment assets | $ | 36,965 |  | $ | 38,879 |  | $ | 39,352 |
Corporate assets | 4,725 |  | 3,518 |  | 3,883 |
Total assets | $ | 41,690 |  | $ | 42,397 |  | $ | 43,235 |
Significant Pre-tax Charges Not Included in Segment Operating EBITDA The three and nine months ended September 30, 2020 and 2019, respectively, included the following significant pre-tax charges which are excluded from segment operating EBITDA:
(In millions) | Seed | Crop Protection | Corporate | Total
For the Three Months Ended September 30, 2020 |  |  |  |
Restructuring and Asset Related Charges - Net 1 | $ | (9) |  | $ | (40) |  | $ | — |  | $ | (49) |
Total | $ | (9) |  | $ | (40) |  | $ | — |  | $ | (49) |
(In millions) | Seed | Crop Protection | Corporate | Total
For the Three Months Ended September 30, 2019 |  |  |  |
Restructuring and Asset Related Charges - Net 1 | $ | (47) |  | $ | 1 |  | $ | — |  | $ | (46) |
Integration and Separation Costs 2 | — |  | — |  | (152) |  | (152) |
Amortization of inventory step up 3 | (15) |  | — |  | — |  | (15) |
Argentina currency devaluation 4 | — |  | — |  | (33) |  | (33) |
Total | $ | (62) |  | $ | 1 |  | $ | (185) |  | $ | (246) |
(In millions) | Seed | Crop Protection | Corporate | Total
For the Nine Months Ended September 30, 2020 |  |  |  |
Restructuring and Asset Related Charges - Net 1 | $ | (154) |  | $ | (98) |  | $ | (46) |  | $ | (298) |
Loss on Divestiture 5 | — |  | (53) |  | — |  | (53) |
Total | $ | (154) |  | $ | (151) |  | $ | (46) |  | $ | (351) |
(In millions) | Seed | Crop Protection | Corporate | Total
For the Nine Months Ended September 30, 2019 8 |  |  |  |
Restructuring and Asset Related Charges - Net 1 | $ | (123) |  | $ | (24) |  | $ | (20) |  | $ | (167) |
Integration and Separation Costs 2 | — |  | — |  | (582) |  | (582) |
Amortization of inventory step up 3 | (67) |  | — |  | — |  | (67) |
Loss on early extinguishment of debt 6 | — |  | — |  | (13) |  | (13) |
Argentina currency devaluation 4 | — |  | — |  | (33) |  | (33) |
Loss on Divestiture 7 | (24) |  | — |  | — |  | (24) |
Total | $ | (214) |  | $ | (24) |  | $ | (648) |  | $ | (886) |
1.Includes Board approved restructuring plans and asset related charges as well as accelerated prepaid amortization expense. See Note 5 - Restructuring and Asset Related Charges - Net, for additional information. 2.Integration and separation costs include costs incurred to prepare for and close the Merger, post-Merger integration expenses, and costs incurred to prepare for the Internal Reorganizations. 3.Includes a charge related to the amortization of the inventory that was stepped up to fair value in connection with the Merger. 4.Includes a charge included in other income (expense) - net 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. 5.Includes a loss recorded in other income - net related to the expected sale of the La Porte site. 6.Includes a loss on early extinguishment of debt 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. 7.Includes a loss recorded in other income - net related to DAS’s sale of a joint venture related to synergy actions. 8.The nine months ended September 30, 2019 is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X.
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 42 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 (loss) income from continuing operations after income taxes to segment operating EBITDA and segment assets to total assets, as differences exist between Corteva, Inc. and EID. Reconciliation to interim Consolidated Financial Statements
(Loss) income from continuing operations after income taxes to segment operating EBITDA (In millions) | Three Months Ended September 30, | Nine Months Ended September 30,
2020 | 2019 | 2020 | 2019
(Loss) income from continuing operations after income taxes | $ | (404) |  | $ | (557) |  | $ | 595 |  | $ | (281) |
(Benefit from) provision for income taxes on continuing operations | (122) |  | (113) |  | 68 |  | 83 |
(Loss) income from continuing operations before income taxes | (526) |  | (670) |  | 663 |  | (198) |
Depreciation and amortization | 285 |  | 226 |  | 868 |  | 711 |
Interest income | (11) |  | (13) |  | (38) |  | (46) |
Interest expense | 30 |  | 58 |  | 117 |  | 181 |
Exchange losses (gains) - net 1 | 67 |  | (22) |  | 127 |  | 37 |
Non-operating benefits - net | (73) |  | (32) |  | (237) |  | (106) |
Significant items | 49 |  | 246 |  | 351 |  | 886 |
Pro forma adjustments |  |  |  | 298 |
Corporate expenses | 27 |  | 31 |  | 81 |  | 92 |
Segment operating EBITDA 2 | $ | (152) |  | $ | (176) |  | $ | 1,932 |  | $ | 1,855 |
1.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. See Note 7 - Supplementary Information of the Corteva, Inc. interim Consolidated Financial Statements for additional information. 2.The nine months ended September 30, 2019 is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X.
Segment assets to total assets (in millions) | September 30, 2020 | December 31, 2019 | September 30, 2019
Total segment assets | $ | 36,965 |  | $ | 38,879 |  | $ | 39,352 |
Corporate assets | 4,725 |  | 3,518 |  | 3,899 |
Total assets | $ | 41,690 |  | $ | 42,397 |  | $ | 43,251 |

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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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