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Pension Plans and Other Post Employment Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Defined Benefit Plan, Assumptions [Table Text Block]

The weighted-average assumptions used to determine pension plan obligations for all pension plans are summarized in the table below:

Weighted-Average Assumptions used to Determine Benefit Obligations			December 31, 2020			December 31, 2019
Discount rate			2.44		%	3.20		%
Rate of increase in future compensation levels			2.54		%	2.60		%

The weighted-average assumptions used to determine net periodic benefit costs for all pension plans are summarized in the table below:

Weighted-Average Assumptions used to Determine Net Periodic Benefit Cost			For the Year Ended December 31,
			2020			2019			2018
Discount rate			3.19		%	4.19		%	3.38		%
Rate of increase in future compensation levels			2.60		%	2.84		%	4.04		%
Expected long-term rate of return on plan assets			6.25		%	6.24		%	6.19		%

The weighted-average assumptions used to determine benefit obligations for OPEB plans are summarized in the table below:

Weighted-Average Assumptions used to Determine Benefit Obligations			December 31, 2020			December 31, 2019
Discount rate			2.09		%	3.07		%

The weighted-average assumptions used to determine net periodic benefit costs for the OPEB plans are summarized in the two tables below:

Weighted-Average Assumptions used to Determine Net Periodic Benefit Cost			For the Year Ended December 31,
			2020			2019			2018
Discount rate			3.07		%	3.93		%	3.56		%

Assumed Health Care Cost Trend Rates			December 31, 2020			December 31, 2019
Health care cost trend rate assumed for next year			7.00		%	7.20		%
Rate to which the cost trend rate is assumed to decline (the ultimate health care trend rate)¹			N/A			5.00		%
Year that the rate reached the ultimate health care cost trend rate¹			N/A			2028

1. Due to December 2020 plan changes, health care cost trend rates are no longer applicable to the Corteva portion of the cost, effective January 1, 2022.

Schedule of Pension Plans and Other Postemployment Benefits [Table Text Block]

Summarized information on the company's pension and other post employment benefit plans is as follows:

Change in Projected Benefit Obligations, Plan Assets and Funded Status
			Defined Benefit Pension Plans									Other Post Employment Benefits
(In millions)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019						For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
Change in benefit obligations:
Benefit obligation at beginning of the period			$	21,004		$	23,532					$	2,591		$	2,514
Service cost			26			41						2			4
Interest cost			559			769						66			84
Plan participants' contributions			2			2						34			37
Actuarial (gain) loss			1,659			2,469						59			211
Benefits paid			(1,538)			(1,635)						(241)			(239)
Plan amendments			(3)			(76)						(939)			—
Net effects of acquisitions / divestitures / other			—			(1)						—			—
Effect of foreign exchange rates			(27)			(60)						(1)			—
Impact of internal reorganizations			—			(4,037)						—			(20)
Benefit obligations at end of the period			$	21,682		$	21,004					$	1,571		$	2,591
Change in plan assets:
Fair value of plan assets at beginning of the period			$	16,941		$	18,951					$	—		$	—
Actual return on plan assets			2,404			2,552						—			—
Employer contributions			62			121						207			202
Plan participants' contributions			2			2						34			37
Benefits paid			(1,538)			(1,635)						(241)			(239)
Net effects of acquisitions / divestitures / other			—			(6)						—			—
Effect of foreign exchange rates			(36)			(38)						—			—
Impact of internal reorganizations			—			(3,006)						—			—
Fair value of plan assets at end of the period			$	17,835		$	16,941					$	—		$	—
Funded status
U.S. plan with plan assets			$	(3,301)		$	(3,535)					$	—		$	—
Non-U.S. plans with plan assets			(98)			(90)						—			—
All other plans 1, 2			(448)			(438)						(1,571)			(2,591)
Funded status at end of the period			$	(3,847)		$	(4,063)					$	(1,571)		$	(2,591)

1.As of December 31, 2020, and December 31, 2019, $249 million and $294 million, respectively, of the benefit obligations are supported by funding under the Trust agreement, defined in the "Trust Assets" section below.

2.Includes pension plans maintained around the world where funding is not customary.

			Defined Benefit Pension Plans						Other Post Employment Benefits
(In millions)			December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Amounts recognized in the Consolidated Balance Sheets:
Other Assets			$	7		$	10		$	—		$	—
Accrued and other current liabilities			(32)			(50)			(217)			(237)
Pension and other post employment benefits - noncurrent			(3,822)			(4,023)			(1,354)			(2,354)
Net amount recognized			$	(3,847)		$	(4,063)		$	(1,571)		$	(2,591)
Pretax amounts recognized in accumulated other comprehensive loss (income):
Net loss (gain)			$	1,886		$	1,641		$	163		$	108
Prior service (benefit) cost			(14)			(10)			(939)			—
Pretax balance in accumulated other comprehensive loss (income) at end of year			$	1,872		$	1,631		$	(776)		$	108

Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block]

Pension Plans with Projected Benefit Obligations in Excess of Plan Assets			December 31, 2020			December 31, 2019
(In millions)
Projected benefit obligations			$	21,513		$	20,788
Fair value of plan assets			17,659			16,716

Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block]

Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets			December 31, 2020			December 31, 2019
(In millions)
Accumulated benefit obligations			$	21,369		$	20,654
Fair value of plan assets			17,550			16,620

Schedule of Net Benefit Costs [Table Text Block]

(In millions)			Defined Benefit Pension Plans												Other Post Employment Benefits
			For the Year Ended December 31,												For the Year Ended December 31,
Components of net periodic benefit (credit) cost and amounts recognized in other comprehensive loss			2020			2019			2018						2020			2019			2018
Net Periodic Benefit Cost:
Service cost			$	26		$	41		$	136					$	2		$	4		$	9
Interest cost			559			769			755						66			84			85
Expected return on plan assets			(1,000)			(1,078)			(1,216)						—			—			—
Amortization of unrecognized loss (gain)			4			3			10						1			(1)			—
Amortization of prior service (benefit) cost			(1)			(1)			—						—			—			—
Curtailment gain			—			(2)			(11)						—			—			—
Settlement loss			3			4			5						—			—			—
Net periodic benefit (credit) cost - Total			$	(409)		$	(264)		$	(321)					$	69		$	87		$	94
Less: Discontinued operations1			—			(14)			(42)						—			—			1
Net periodic benefit (credit) cost - Continuing operations			$	(409)		$	(250)		$	(279)					$	69		$	87		$	93
Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss:
Net loss (gain)			$	247		$	970		$	908					$	59		$	211		$	(172)
Amortization of unrecognized (loss) gain			(4)			(2)			(10)						(1)			1			—
Prior service (benefit) cost			(3)			(11)			17						(939)			—			—
Amortization of prior service benefit			1			1			—						—			—			—
Settlement loss			(3)			(4)			(2)						—			—			—
Effect of foreign exchange rates			2			(5)			1						(1)			—			—
Total loss (benefit) recognized in other comprehensive loss, attributable to Corteva			$	240		$	949		$	914					$	(882)		$	212		$	(172)
Total recognized in net periodic benefit cost and other comprehensive loss (income)			$	(169)		$	685		$	593					$	(813)		$	299		$	(78)

1.Includes non-service related components of net periodic benefit credit of $(31) million, and $(97) million for the years ended December 31, 2019 and 2018, respectively.

Schedule of Expected Benefit Payments [Table Text Block]

Estimated Future Benefit Payments at December 31, 2020			Defined Benefit Pension Plans			Other Post Employment Benefits
(In millions)
2021			$	1,495		$	217
2022			1,456			140
2023			1,424			132
2024			1,390			124
2025			1,353			116
Years 2026-2030			6,159			425
Total			$	13,277		$	1,154

Schedule of Allocation of Plan Assets [Table Text Block]

Target Allocation for Plan Assets			December 31, 2020			December 31, 2019
Asset Category
U.S. equity securities			20		%	20		%
Non-U.S. equity securities			16			16
Fixed income securities			51			50
Hedge funds			2			3
Private market securities			6			6
Real estate			4			3
Cash and cash equivalents			1			2
Total			100		%	100		%

Basis of Fair Value Measurements			Total			Level 1			Level 2			Level 3
For the year ended December 31, 2020
(In millions)
Cash and cash equivalents			$	2,616		$	2,616		$	—		$	—
U.S. equity securities 1			3,905			3,898			2			5
Non-U.S. equity securities			2,194			2,189			2			3
Debt – government-issued			3,569			—			3,569			—
Debt – corporate-issued			2,579			—			2,576			3
Debt – asset-backed			616			—			616			—
Private market securities			3			—			—			3
Real estate			28			—			—			28
Derivatives – asset position			—			—			—			—
Derivatives – liability position			—			—			—			—
Other			76			—			3			73
Subtotal			$	15,586		$	8,703		$	6,768		$	115
Investments measured at net asset value
Debt - government issued			36
Debt - corporate issued			7
U.S. equity securities			32
Non-U.S. equity securities			32
Hedge funds			391
Private market securities			1,381
Real estate funds			590
Total investments measured at net asset value			$	2,469
Other items to reconcile to fair value of plan assets
Pension trust receivables 2			214
Pension trust payables 3			(434)
Total			$	17,835

1.The Corteva pension plans directly held $165 million (approximately 1 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2020.

2.Primarily receivables for investments securities sold.

3.Primarily payables for investment securities purchased.

Basis of Fair Value Measurements
For the year ended December 31, 2019
(In millions)			Total			Level 1			Level 2			Level 3
Cash and cash equivalents			$	1,343		$	1,343		$	—		$	—
U.S. equity securities1			3,665			3,652			4			9
Non-U.S. equity securities			2,053			2,043			6			4
Debt – government-issued			3,693			—			3,693			—
Debt – corporate-issued			2,956			—			2,952			4
Debt – asset-backed			663			—			663			—
Private market securities			2			—			—			2
Real estate			33			—			—			33
Derivatives – asset position			2			—			2			—
Derivatives – liability position			(19)			—			(19)			—
Other			19			—			19			—
Subtotal			$	14,410		$	7,038		$	7,320		$	52
Investments measured at net asset value
Debt - government issued			37
U.S. equity securities			20
Non-U.S. equity securities			39
Hedge funds			431
Private market securities			1,371
Real estate funds			516
Total investments measured at net asset value			$	2,414
Other items to reconcile to fair value of plan assets
Pension trust receivables2			763
Pension trust payables3			(646)
Total			$	16,941

1.The Corteva pension plans directly held $126 million (approximately 1 percent of total plan assets) of Corteva, Inc. at December 31, 2019.

2.Primarily receivables for investments securities sold.

3.Primarily payables for investment securities purchased.

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]

Fair Value Measurement of Level 3 Pension Plan Assets			U.S. equity securities			Non-U.S. equity securities			Debt – corporate-issued			Private market securities			Real estate			Other			Total
(In millions)
Balance at January 1, 2019			$	14		$	2		$	14		$	1		$	93		$	206		$	330
Actual return on assets:
Relating to assets sold during the year ended December 31, 2019			(2)			1			9			—			(29)			—			(21)
Relating to assets held at December 31, 2019			(5)			—			(8)			4			25			—			16
Purchases, sales and settlements, net			2			2			(12)			(3)			(3)			—			(14)
Transfers in or out of Level 3, net			—			(1)			1			—			—			—			—
Assets transferred at Separation			—			—			—			—			(53)			(206)			(259)
Balance at December 31, 2019			$	9		$	4		$	4		$	2		$	33		$	—		$	52
Actual return on assets:
Relating to assets sold during the year ended December 31, 2020			(25)			(6)			(7)			—			—			—			(38)
Relating to assets held at December 31, 2020			21			5			5			1			(5)			7			34
Purchases, sales and settlements, net			—			—			—			—			—			5			5
Transfers in or out of Level 3, net			—			—			1			—			—			61			62
Balance at December 31, 2020			$	5		$	3		$	3		$	3		$	28		$	73		$	115

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