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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2021
Equity [Abstract] |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS' EQUITY Share Buyback Plan On August 5, 2021, Corteva, Inc. announced that its Board of Directors authorized a $1.5 billion share repurchase program to purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date ("2021 Share Buyback Plan"). The timing, price and volume of purchases will be based on market conditions, relevant securities laws and other factors. In connection with the 2021 Share Buyback Plan, the company purchased and retired 1,167,000 shares during the three months ended September 30, 2021 in the open market for a total cost of $50 million. On June 26, 2019, Corteva, Inc. announced that its Board of Directors authorized a $1 billion share repurchase program to purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date ("2019 Share Buyback Plan"). In connection with the 2019 Share Buyback Plan, the company purchased and retired 3,408,000 shares and 15,378,000 shares, respectively, in the open market for a total cost of $150 million and $700 million during the three and nine months ended September 30, 2021, respectively. During the three and nine months ended September 30, 2020, the company purchased and retired 1,160,000 shares and 3,025,000 shares, respectively, in the open market for a total cost of $33 million and $83 million, respectively. Purchases under the 2019 Share Buyback Plan are now complete with the third quarter 2021 activity noted above. Shares repurchased pursuant to Corteva's share buyback plans are immediately retired upon purchase. Repurchased common stock is reflected as a reduction of stockholders' equity. The company's accounting policy related to its share repurchases is to reduce its common stock based on the par value of the shares and to reduce its retained earnings for the excess of the repurchase price over the par value. When Corteva has an accumulated deficit balance, the excess over the par value is applied to APIC. When Corteva has retained earnings, the excess is charged entirely to retained earnings. Noncontrolling Interest In June 2020, the company completed the acquisition of the remaining 46.5 percent interest in the Phytogen Seed Company, LLC joint venture from J. G. Boswell Company. As the purchase of the remaining interest did not result in a change of control, the difference between the carrying value of the noncontrolling interest and the consideration paid, net of taxes was recorded within equity. Corteva, Inc. owns 100 percent of the outstanding common shares of EID. However, EID has preferred stock outstanding to third parties which is accounted for as a non-controlling interest in Corteva's interim Consolidated Balance Sheets. Each share of EID Preferred Stock - $4.50 Series and EID Preferred Stock - $3.50 Series issued and outstanding at the effective date of the Corteva Distribution remains issued and outstanding as to EID and was unaffected by the Corteva Distribution. Below is a summary of the EID Preferred Stock at September 30, 2021, December 31, 2020, and September 30, 2020, which is classified as noncontrolling interests in Corteva's interim Consolidated Balance Sheets.
Shares in thousands | Number of Shares
Authorized | 23,000
$4.50 Series, callable at $120 | 1,673
$3.50 Series, callable at $102 | 700
Other Comprehensive (Loss) Income The changes and after-tax balances of components comprising accumulated other comprehensive loss are summarized below:
(In millions) | Cumulative Translation Adjustment 1 | Derivative Instruments | Pension Benefit Plans | Other Benefit Plans | Unrealized Gain (Loss) on Investments | Total
2020 |  |  |  |  |  |
Balance January 1, 2020 | $ | (1,944) |  | $ | 2 |  | $ | (1,247) |  | $ | (81) |  | $ | — |  | $ | (3,270) |
Other comprehensive (loss) income before reclassifications | (507) |  | (23) |  | (10) |  | 2 |  | — |  | (538) |
Amounts reclassified from accumulated other comprehensive loss | — |  | 7 |  | 4 |  | 1 |  | — |  | 12 |
Net other comprehensive (loss) income | (507) |  | (16) |  | (6) |  | 3 |  | — |  | (526) |
Balance September 30, 2020 | $ | (2,451) |  | $ | (14) |  | $ | (1,253) |  | $ | (78) |  | $ | — |  | $ | (3,796) |
2021 |  |  |  |  |  |
Balance January 1, 2021 | $ | (1,970) |  | $ | (67) |  | $ | (1,433) |  | $ | 590 |  | $ | (10) |  | $ | (2,890) |
Other comprehensive (loss) income before reclassifications | (424) |  | 115 |  | (6) |  | 1 |  | 3 |  | (311) |
Amounts reclassified from accumulated other comprehensive loss | — |  | (8) |  | 32 |  | (475) |  | 7 |  | (444) |
Net other comprehensive (loss) income | (424) |  | 107 |  | 26 |  | (474) |  | 10 |  | (755) |
Balance September 30, 2021 | $ | (2,394) |  | $ | 40 |  | $ | (1,407) |  | $ | 116 |  | $ | — |  | $ | (3,645) |
1.The cumulative translation adjustment loss for the nine months ended September 30, 2021 was primarily driven by strengthening of the USD against the European Euro ("EUR"), Swiss Franc ("CHF") and Brazilian Real ("BRL"). The cumulative translation adjustment loss for the nine months ended September 30, 2020 was primarily driven by strengthening of the USD against the Brazilian Real ("BRL") and the South African Rand ("ZAR") against the USD. The tax benefit (expense) on the net activity related to each component of other comprehensive (loss) income was as follows:
(In millions) | Three Months Ended September 30, | Nine Months Ended September 30,
| 2021 | 2020 | 2021 | 2020
Derivative instruments | $ | (12) |  | $ | 4 |  | $ | (37) |  | $ | 6 |
Pension benefit plans - net | (3) |  | — |  | (8) |  | (3) |
Other benefit plans - net | 51 |  | — |  | 148 |  | — |
Benefit from (provision for) income taxes related to other comprehensive (loss) income items | $ | 36 |  | $ | 4 |  | $ | 103 |  | $ | 3 |
A summary of the reclassifications out of accumulated other comprehensive loss is provided as follows:
(In millions) | Three Months Ended September 30, | Nine Months Ended September 30,
| 2021 | 2020 | 2021 | 2020
Derivative Instruments 1: | $ | 6 |  | $ | (22) |  | $ | (9) |  | $ | 13 |
Tax (benefit) expense 2 | (1) |  | 3 |  | 1 |  | (6) |
After-tax | $ | 5 |  | $ | (19) |  | $ | (8) |  | $ | 7 |
Amortization of pension benefit plans: |  |  |  |
Prior service benefit 3,4 | $ | — |  | $ | — |  | $ | (1) |  | $ | (1) |
Actuarial losses 3,4 | 14 |  | 1 |  | 41 |  | 3 |
Settlement loss 3,4 | — |  | — |  | 1 |  | 3 |
Total before tax | $ | 14 |  | $ | 1 |  | $ | 41 |  | $ | 5 |
Tax benefit 2 | (3) |  | — |  | (9) |  | (1) |
After-tax | $ | 11 |  | $ | 1 |  | $ | 32 |  | $ | 4 |
Amortization of other benefit plans: |  |  |  |
Prior service benefit 3,4 | $ | (231) |  | $ | — |  | $ | (692) |  | $ | — |
Actuarial gains 3,4 | 23 |  | 1 |  | 70 |  | 1 |
Curtailment gain | — |  | — |  | (1) |  | — |
Total before tax | $ | (208) |  | $ | 1 |  | $ | (623) |  | $ | 1 |
Tax expense 2 | 51 |  | — |  | 148 |  | — |
After-tax | $ | (157) |  | $ | 1 |  | $ | (475) |  | $ | 1 |
Unrealized Loss on Investments 4 | $ | — |  | $ | — |  | $ | 7 |  | $ | — |
Tax benefit 2 | — |  | — |  | — |  | — |
After-tax | $ | — |  | $ | — |  | $ | 7 |  | $ | — |
Total reclassifications for the period, after-tax | $ | (141) |  | $ | (17) |  | $ | (444) |  | $ | 12 |
1.Reflected in cost of goods sold in the interim Consolidated Statements of Operations. 2.Reflected in (benefit from) provision for income taxes from continuing operations in the interim Consolidated Statements of Operations. 3.These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit credit of the company's pension and other benefit plans. See Note 15 - Pension Plans and Other Post Employment Benefits, for additional information. 4.Reflected in other income - net in the interim Consolidated Statements of Operations.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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