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Segment Reporting (Notes) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Segment Reporting Disclosure [Text Block] | SEGMENT INFORMATION Corteva’s reportable segments reflects the manner in which its chief operating decision maker ("CODM") allocates resources and assesses performance, which is at the operating segment level (seed and crop protection). For purposes of allocating resources to the segments and assessing segment performance, segment operating EBITDA is the primary measure used by Corteva’s CODM. The company defines segment operating EBITDA as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, corporate expenses, non-operating benefits (costs), foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items. Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments and environmental remediation and legal costs associated with legacy EIDP 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. Net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting represents the non-cash net gain (loss) from changes in fair value of certain undesignated foreign currency derivative contracts. Upon settlement, which is within the same calendar year of execution of the contract, the realized gain (loss) from the changes in fair value of the non-qualified foreign currency derivative contracts will be reported in the respective segment results to reflect the economic effects of the foreign currency derivative contracts without the resulting unrealized mark to fair value volatility.
As of and for the Three Months Ended June 30, (In millions) | Seed | Crop Protection | Total
2023 |  |  |
Net sales | $ | 4,264 |  | $ | 1,781 |  | $ | 6,045 |
Segment operating EBITDA | $ | 1,458 |  | $ | 320 |  | $ | 1,778 |
Segment assets 1 | $ | 22,952 |  | $ | 16,342 |  | $ | 39,294 |
2022 |  |  |
Net sales | $ | 3,947 |  | $ | 2,305 |  | $ | 6,252 |
Segment operating EBITDA | $ | 1,240 |  | $ | 509 |  | $ | 1,749 |
Segment assets 1 | $ | 22,757 |  | $ | 13,532 |  | $ | 36,289 |
1. Segment assets at December 31, 2022 were $22,952 million and $14,097 million for Seed and Crop Protection, respectively.
For the Six Months Ended June 30, (In millions) | Seed | Crop Protection | Total
2023 |  |  |
Net sales | $ | 6,959 |  | $ | 3,970 |  | $ | 10,929 |
Segment operating EBITDA | $ | 2,110 |  | $ | 923 |  | $ | 3,033 |
2022 |  |  |
Net sales | $ | 6,471 |  | $ | 4,382 |  | $ | 10,853 |
Segment operating EBITDA | $ | 1,809 |  | $ | 1,000 |  | $ | 2,809 |
Reconciliation to interim Consolidated Financial Statements
Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) | Three Months Ended June 30, | Six Months Ended June 30,
2023 | 2022 | 2023 | 2022
Income (loss) from continuing operations after income taxes | $ | 880 |  | $ | 1,002 |  | $ | 1,487 |  | $ | 1,579 |
Provision for (benefit from) income taxes on continuing operations | 204 |  | 325 |  | 373 |  | 446 |
Income (loss) from continuing operations before income taxes | 1,084 |  | 1,327 |  | 1,860 |  | 2,025 |
Depreciation and amortization | 306 |  | 302 |  | 593 |  | 609 |
Interest income | (54) |  | (24) |  | (94) |  | (39) |
Interest expense | 82 |  | 16 |  | 113 |  | 25 |
Exchange (gains) losses | 104 |  | 36 |  | 140 |  | 83 |
Non-operating (benefits) costs | 44 |  | (60) |  | 87 |  | (125) |
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges | 63 |  | (33) |  | 78 |  | 3 |
Significant items (benefit) charge | 117 |  | 155 |  | 200 |  | 177 |
Corporate expenses | 32 |  | 30 |  | 56 |  | 51 |
Segment operating EBITDA | $ | 1,778 |  | $ | 1,749 |  | $ | 3,033 |  | $ | 2,809 |
Segment assets to total assets (in millions) | June 30, 2023 | December 31, 2022 | June 30, 2022
Total segment assets | $ | 39,294 |  | $ | 37,049 |  | $ | 36,289 |
Corporate assets | 4,895 |  | 5,569 |  | 4,617 |
Total assets | $ | 44,189 |  | $ | 42,618 |  | $ | 40,906 |
Significant Pre-tax (Charges) Benefits Not Included in Segment Operating EBITDA The three and six months ended June 30, 2023 and 2022, respectively, included the following significant pre-tax (charges) benefits which are excluded from segment operating EBITDA:
(In millions) | Seed | Crop Protection | Corporate | Total
For the Three Months Ended June 30, 2023 |  |  |  |
Restructuring and asset related charges - net 1 | $ | (54) |  | $ | (5) |  | $ | (1) |  | $ | (60) |
Estimated settlement expense 2 | — |  | (41) |  | — |  | (41) |
Inventory write-offs 3 | (3) |  | — |  | — |  | (3) |
Seed sale associated with Russia Exit 3,4 | (1) |  | — |  | — |  | (1) |
Acquisition-related costs 5 | — |  | (15) |  | — |  | (15) |
Employee Retention Credit | — |  | 3 |  | — |  | 3 |
Total | $ | (58) |  | $ | (58) |  | $ | (1) |  | $ | (117) |
(In millions) | Seed | Crop Protection | Corporate | Total
For the Three Months Ended June 30, 2022 |  |  |  |
Restructuring and asset related charges - net 1 | $ | (126) |  | $ | (2) |  | $ | (15) |  | $ | (143) |
Inventory write-offs 3 | (1) |  | — |  | — |  | (1) |
Loss on sale of equity investment 3 | (5) |  | — |  | — |  | (5) |
Settlement costs associated with Russia Exit 3 | (6) |  | — |  | — |  | (6) |
Total | $ | (138) |  | $ | (2) |  | $ | (15) |  | $ | (155) |
(in millions) | Seed | Crop Protection | Corporate | Total
For the Six Months Ended June 30, 2023 |  |  |  |
Restructuring and asset related charges - net 1 | $ | (75) |  | $ | (11) |  | $ | (7) |  | $ | (93) |
Estimated settlement expense 2 | — |  | (90) |  | — |  | (90) |
Inventory write-offs 3 | (7) |  | — |  | — |  | (7) |
Gain (loss) on sale of assets and equity investments 3 | — |  | 3 |  | — |  | 3 |
Seed sale associated with Russia Exit 3,4 | 18 |  | — |  | — |  | 18 |
Acquisition-related costs 5 | — |  | (34) |  | — |  | (34) |
Employee Retention Credit | — |  | 3 |  | — |  | 3 |
Total | $ | (64) |  | $ | (129) |  | $ | (7) |  | $ | (200) |
(in millions) | Seed | Crop Protection | Corporate | Total
For the Six Months Ended June 30, 2022 |  |  |  |
Restructuring and asset related charges - net 1 | $ | (131) |  | $ | — |  | $ | (17) |  | $ | (148) |
Estimated settlement expense 2 | — |  | (17) |  | — |  | (17) |
Inventory write-offs 3 | (1) |  | — |  | — |  | (1) |
Loss on sale of equity investment 3 | (5) |  | — |  | — |  | (5) |
Settlement costs associated with Russia Exit 3 | (6) |  | — |  | — |  | (6) |
Total | $ | (143) |  | $ | (17) |  | $ | (17) |  | $ | (177) |
1.Includes restructuring plans and asset related charges as well as accelerated prepaid amortization expense. See Note 5 - Restructuring and Asset Related Charges - Net, to the interim Consolidated Financial Statements for additional information. 2.Consists of estimated Lorsban® related charges. 3.Incremental gains (losses) associated with activities related to the 2022 Restructuring Actions. 4.Includes a benefit (charge) of $(1) million and $18 million for the three and six months ended June 30, 2023, respectively, relating to the sale of seeds already under production in Russia when the decision to exit the country was made and that the company was contractually required to purchase. It consists of $30 million and $71 million of net sales and $31 million and $53 million of cost of goods sold for the three and six months ended June 30, 2023, respectively. 5.Relates to acquisition-related costs, including transaction and third-party integration costs associated with the completed acquisitions of Stoller and Symborg as well as the recognition of the inventory fair value step-up. See Note 3 - Business Combinations, to the interim Consolidated Financial Statements, for additional information.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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