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Accounts and Notes Receivable (Notes) | 6 Months Ended
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Jun. 30, 2023
Accounts and Notes Receivable [Abstract] |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ACCOUNTS AND NOTES RECEIVABLE - NET
(In millions) | June 30, 2023 | December 31, 2022 | June 30, 2022
Accounts receivable – trade 1 | $ | 5,248 |  | $ | 4,168 |  | $ | 4,457 |
Notes receivable – trade 1,2 | 1,327 |  | 93 |  | 1,305 |
Other 3 | 1,380 |  | 1,440 |  | 1,185 |
Total accounts and notes receivable - net | $ | 7,955 |  | $ | 5,701 |  | $ | 6,947 |
1.Accounts receivable – trade and notes receivable - trade are net of allowances of $206 million, $194 million, and $233 million at June 30, 2023, December 31, 2022, and June 30, 2022, respectively. 2.Notes receivable – trade primarily consists of receivables for deferred payment loan programs for the sale of seed and chemical products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of June 30, 2023, December 31, 2022, and June 30, 2022 there were no significant impairments related to current loan agreements. 3.Other includes receivables in relation to indemnification assets, value added tax, general sales tax and other taxes. No individual group represents more than 5 percent of total receivables. In addition, Other includes amounts due from nonconsolidated affiliates of $139 million, $148 million, and $131 million as of June 30, 2023, December 31, 2022, and June 30, 2022, respectively. Accounts and notes receivable are carried at the expected amount to be collected, which approximates fair value. The company establishes the allowance for doubtful receivables using a loss-rate method where the loss rate is developed using past events, historical experience, current conditions and forecasts that affect the collectability of the financial assets. The following table summarizes changes in the allowance for doubtful receivables for the six months ended June 30, 2023 and 2022:
(In millions)
2022 |
Balance at December 31, 2021 | $ | 210 |
Net provision for credit losses | 12 |
Other - Net of write-offs charged against allowance | 11 |
Balance at June 30, 2022 | $ | 233 |
2023 |
Balance at December 31, 2022 | $ | 194 |
Net provision for credit losses | 4 |
Other - net of write-offs charged against allowance | 8 |
Balance at June 30, 2023 | $ | 206 |
The company enters into various factoring agreements with third-party financial institutions to sell its trade receivables under both recourse and non-recourse agreements in exchange for cash proceeds. These financing arrangements result in a transfer of the company's receivables and risks to the third-party. As these transfers qualify as true sales under the applicable accounting guidance, the receivables are derecognized from the interim Consolidated Balance Sheets upon transfer, and the company receives a payment for the receivables from the third-party within a mutually agreed upon time period. For arrangements involving an element of recourse, which is typically provided through a guarantee of accounts in the event of customer default, the guarantee obligation is measured using market data from similar transactions and reported as a current liability in the interim Consolidated Balance Sheets. Trade receivables sold under these agreements were $35 million and $43 million for the three and six months ended June 30, 2023 and $78 million and $95 million for the three and six months ended June 30, 2022, respectively. The trade receivables sold that remained outstanding under these agreements which include an element of recourse as of June 30, 2023, December 31, 2022, and June 30, 2022 were $17 million, $37 million, and $52 million, respectively. The net proceeds received are included in cash provided by (used for) operating activities in the interim Consolidated Statements of Cash Flows. The difference between the carrying amount of the trade receivables sold and the sum of the cash received is recorded as a loss on sale of receivables in other income (expense) - net in the interim Consolidated Statements of Operations. The loss on sale of receivables for the three and six months ended June 30, 2023 was $11 million and $13 million, respectively, and $13 million for both the three and six months ended June 30, 2022. See Note 13 - Commitments and Contingent Liabilities for additional information on the company’s guarantees.

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- Definition Accounts and Notes Receivable [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//310-10/tableOfContent + Details
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