Supplementary Information

6 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Additional Financial Information Disclosure [Text Block]

SUPPLEMENTARY INFORMATION


Other Income - Net	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2021		2020		2021		2020
Interest income	$	18	$	9	$	39	$	27
Equity in earnings / (losses) of affiliates - net	2		(2)		5		(3)
Net gain (loss) on sales of businesses and other assets1	1		16		1		(30)
Net exchange (losses) / gains2	(14)		1		(49)		(60)
Non-operating pension and other post employment benefit credit3	328		91		653		182
Miscellaneous expense - net4	(37)		(26)		(14)		(26)
Other income - net	$	298	$	89	$	635	$	90

1.The six months ended June 30, 2020 includes a loss of $(53) million relating to the sale of the La Porte site, for which the company signed an agreement in 2020, and closed during the first quarter of 2021.

2.Includes net pre-tax exchange losses of $14 million and $37 million associated with the devaluation of the Argentine peso for the three and six months ended June 30, 2021, respectively, and $22 million and $31 million for the three and six months ended June 30, 2020, respectively.

3.Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, amortization of unrecognized gain (loss), amortization of prior service benefit and settlement loss).

4.Miscellaneous expense - net for the three and six months ended June 30, 2021 and 2020 includes losses on sale of receivables, tax indemnification adjustments related 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, and other items. Miscellaneous expense - net for the three and six months ended June 30, 2021 also includes a gain from remeasurement of an equity investment and realized losses on sale of available-for-sale securities.

The following table summarizes the impacts of the company's foreign currency hedging program on the company's results of operations. 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 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 - net and the related tax impact is recorded in provision for income taxes on continuing operations in the interim Consolidated Statement of Operations.


(In millions)	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Subsidiary Monetary Position Gains (Losses)
Pre-tax exchange gains (losses)	$	36	$	(13)	$	(15)	$	(239)
Local tax (expenses) / benefits	(13)		5		(14)		28
Net after-tax impact from subsidiary exchange gains (losses)	$	23	$	(8)	$	(29)	$	(211)

Hedging Program Gains
Pre-tax exchange (losses) gains	$	(50)	$	14	$	(34)	$	179
Tax benefits / (expenses)	12		(3)		8		(43)
Net after-tax impact from hedging program exchange (losses) gains	$	(38)	$	11	$	(26)	$	136

Total Exchange Losses
Pre-tax exchange (losses) gains	$	(14)	$	1	$	(49)	$	(60)
Tax (expenses) benefits	(1)		2		(6)		(15)
Net after-tax exchange (losses) gains	$	(15)	$	3	$	(55)	$	(75)

Cash, cash equivalents and restricted cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash (included in other current assets) presented in the interim Consolidated Balance Sheets to the total cash, cash equivalents and restricted cash presented in the interim Consolidated Statements of Cash Flows.


(In millions)	June 30, 2021		December 31, 2020		June 30, 2020
Cash and cash equivalents	$	2,861	$	3,526	$	2,809
Restricted cash	311		347		362
Total cash, cash equivalents and restricted cash	$	3,172	$	3,873	$	3,171

EID entered into a trust agreement in 2013 (as amended and restated in 2017), establishing and requiring EID to fund a trust (the "Trust") for cash obligations under certain non-qualified benefit and deferred compensation plans upon a change in control event as defined in the Trust agreement. Under the Trust agreement, the consummation of the Merger was a change in control event. Restricted cash at June 30, 2021, December 31, 2020, and June 30, 2020 is related to the Trust.