XML 34 R22.htm IDEA: XBRL DOCUMENT
v3.23.1

Stockholders' Equity | 3 Months Ended
--- | ---
Mar. 31, 2023
Equity [Abstract] |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS' EQUITY Share Buyback Plan On September 13, 2022, Corteva, Inc. announced that its Board of Directors authorized a $2 billion share repurchase program to purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date ("2022 Share Buyback Plan"). The timing, price and volume of purchases in connection with the 2022 Share Buyback Plan will be based on market conditions, relevant securities laws and other factors. 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"). In connection with the 2021 Share Buyback Plan, the company repurchased and retired 4,098,000 shares and 4,585,000 shares in the open market for a total cost of $250 million and $235 million during the three months ended March 31, 2023 and 2022, respectively. Repurchases under the 2021 Share Buyback Plan are now complete with the first quarter 2023 activity noted above. Shares repurchased pursuant to Corteva's share buyback plans are immediately retired upon repurchase. 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 Corteva, Inc. owns 100 percent of the outstanding common shares of EIDP. However, EIDP 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 EIDP Preferred Stock - $4.50 Series and EIDP Preferred Stock - $3.50 Series issued and outstanding at the effective date of the Corteva Distribution remains issued and outstanding as to EIDP and was unaffected by the Corteva Distribution. Below is a summary of the EIDP Preferred Stock at March 31, 2023, December 31, 2022, and March 31, 2022, 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 Income (Loss) The changes and after-tax balances of components comprising accumulated other comprehensive income (loss) are summarized below:
(In millions) | Cumulative Translation Adjustment 1 | Derivative Instruments | Pension Benefit Plans | Other Benefit Plans |  | Total
2022 |  |  |  |  |  |
Balance January 1, 2022 | $ | (2,543) |  | $ | 72 |  | $ | (396) |  | $ | (31) |  |  | $ | (2,898) |
Other comprehensive income (loss) before reclassifications | 91 |  | (13) |  | 8 |  | 3 |  |  | 89 |
Amounts reclassified from accumulated other comprehensive income (loss) | — |  | (12) |  | — |  | — |  |  | (12) |
Net other comprehensive income (loss) | 91 |  | (25) |  | 8 |  | 3 |  |  | 77 |
Balance March 31, 2022 | $ | (2,452) |  | $ | 47 |  | $ | (388) |  | $ | (28) |  |  | $ | (2,821) |
2023 |  |  |  |  |  |
Balance January 1, 2023 | $ | (2,883) |  | $ | 80 |  | $ | (163) |  | $ | 160 |  |  | $ | (2,806) |
Other comprehensive income (loss) before reclassifications | 134 |  | (51) |  | 3 |  | — |  |  | 86 |
Amounts reclassified from accumulated other comprehensive income (loss) | — |  | (16) |  | (1) |  | (2) |  |  | (19) |
Net other comprehensive income (loss) | 134 |  | (67) |  | 2 |  | (2) |  |  | 67 |
Balance March 31, 2023 | $ | (2,749) |  | $ | 13 |  | $ | (161) |  | $ | 158 |  |  | $ | (2,739) |
1.The cumulative translation adjustment gain for the three months ended March 31, 2023 was primarily driven by the weakening of the USD against the European Euro ("EUR"), Brazilian Real ("BRL"), Mexican Peso ("MXN"), and Swiss Franc ("CHF"). The cumulative translation adjustment gain for the three months ended March 31, 2022 was primarily driven by the weakening of the USD against the Brazilian Real ("BRL") partially offset by the strengthening of the USD against the European Euro ("EUR") and Swiss Franc ("CHF"). The tax (expense) benefit on the net activity related to each component of other comprehensive income (loss) was as follows:
(In millions) | Three Months Ended March 31, |
| 2023 | 2022 |  |
Derivative instruments | $ | 27 |  | $ | (1) |  |  |
Pension benefit plans - net | — |  | (2) |  |  |
Other benefit plans - net | — |  | 3 |  |  |
(Provision for) benefit from income taxes related to other comprehensive income (loss) items | $ | 27 |  | $ | — |  |  |
A summary of the reclassifications out of accumulated other comprehensive income (loss) is provided as follows:
(In millions) | Three Months Ended March 31, |
| 2023 | 2022 |  |
Derivative Instruments 1: | $ | (21) |  | $ | (15) |  |  |
Tax (benefit) expense 2 | 5 |  | 3 |  |  |
After-tax | $ | (16) |  | $ | (12) |  |  |
Amortization of pension benefit plans: |  |  |  |
Prior service (benefit) cost 3,4 | $ | (1) |  | $ | (1) |  |  |
Actuarial (gains) losses 3,4 | — |  | 1 |  |  |
Total before tax | $ | (1) |  | $ | — |  |  |
Tax (benefit) expense 2 | — |  | — |  |  |
After-tax | $ | (1) |  | $ | — |  |  |
Amortization of other benefit plans: |  |  |  |
Actuarial (gains) loss 3,4 | (2) |  | — |  |  |
Total before tax | $ | (2) |  | $ | — |  |  |
Tax (benefit) expense 2 | — |  | — |  |  |
After-tax | $ | (2) |  | $ | — |  |  |
Total reclassifications for the period, after-tax | $ | (19) |  | $ | (12) |  |  |
1.Reflected in cost of goods sold in the interim Consolidated Statements of Operations. 2.Reflected in provision for (benefit from) income taxes from continuing operations in the interim Consolidated Statements of Operations. 3.These accumulated other comprehensive income (loss) 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 (expense) - net in the interim Consolidated Statements of Operations.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-6 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration