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Business Combinations and Asset Acquisitions | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Business Combination Disclosure | BUSINESS COMBINATIONS On March 1, 2023 ("Acquisition Date"), Corteva completed its previously announced acquisitions of all the outstanding equity interests in Stoller Group, Inc. (“Stoller”), one of the largest independent companies in the Biologicals industry, and Quorum Vital Investment, S.L. and its affiliates (“Symborg”), an expert in microbiological technologies. The purchase price for Stoller and Symborg was $1,220 million, inclusive of a working capital adjustment, and $370 million, respectively. These acquisitions supplement the crop protection business with additional biological tools that complement evolving farming practices. The operating results of Stoller and Symborg, since the Acquisition Date, did not have a material impact to the company's Consolidated Financial Statements for the year ended December 31, 2023. Additionally, supplemental pro forma information have not been presented since the reported amounts in the company's Consolidated Financial Statements for the current period and comparative prior periods would not be materially different had these acquisitions occurred as of January 1, 2022. Purchase Price Allocation The company performed a preliminary purchase price allocation and assessment of the fair value of the assets acquired and liabilities assumed as of the Acquisition Date. The company continues to evaluate aspects of net working capital and income tax related amounts and will finalize the purchase price allocation as it obtains the information necessary to complete the valuation during the measurement period. The effect of measurement period adjustments to the estimated fair values will be reflected as if the adjustments had been completed on the Acquisition Date. The following table summarizes the preliminary purchase price allocation to the assets acquired and liabilities assumed for the Stoller and Symborg acquisitions, as of the Acquisition Date:
(In millions) | Stoller 1 | Symborg 1
Assets |  |
Cash and cash equivalents | $ | 97 |  | $ | — |
Accounts and notes receivable | 243 |  | 17 |
Inventories | 81 |  | 10 |
Other current assets | 9 |  | 2 |
Property, plant and equipment | 71 |  | 3 |
Goodwill | 383 |  | 129 |
Other intangible assets | 645 |  | 300 |
Deferred income taxes | 10 |  | — |
Other assets | 5 |  | 1 |
Total assets acquired | $ | 1,544 |  | $ | 462 |
Liabilities |  |
Short-term borrowings | 59 |  | — |
Accounts payable | 25 |  | 13 |
Income taxes payable | 2 |  | — |
Accrued and other current liabilities | 65 |  | 4 |
Long-term debt | 2 |  | — |
Deferred income tax liabilities | 150 |  | 74 |
Other noncurrent obligations | 21 |  | 1 |
Total liabilities assumed | $ | 324 |  | $ | 92 |
Net assets acquired | $ | 1,220 |  | $ | 370 |
1.Includes preliminary measurement period adjustments, which were not material. The significant fair value adjustments included in the preliminary purchase price allocation are discussed below. Inventories Acquired inventories in connection with the acquisition of Stoller and Symborg are primarily comprised of finished goods and raw materials. The fair value of finished goods was calculated as the estimated selling price, adjusted for costs of the selling effort and a reasonable profit allowance relating to the selling effort. The fair value of raw materials and supplies was determined based on replacement cost which approximates historical carrying value. The fair value step-up was recognized within cost of goods sold, in the Consolidated Statements of Operations, as the inventory was sold. Property, Plant & Equipment Property, plant and equipment associated with Stoller is comprised of $31 million of machinery and equipment, $31 million of buildings, $7 million of land and land improvements, and $2 million of construction in progress. The preliminary estimated fair value was primarily determined using a market approach for land and certain types of equipment, and a replacement cost approach for the remaining depreciable property, plant and equipment. The market approach for certain types of equipment represents a sale comparison that measures the value of an asset through an analysis of sales and offerings of comparable assets. The replacement cost approach used for all other depreciable property, plant and equipment measures the value of an asset by estimating the cost to acquire or construct comparable assets and adjust for age and condition of the asset. Goodwill The excess of the consideration for Stoller and Symborg over the preliminary net fair value of assets acquired and liabilities assumed resulted in the recognition of goodwill, which has been assigned to the crop protection reporting unit. Goodwill associated with these acquisitions is attributable to the assembled workforce and expanding the company’s addressable market position. None of the goodwill recognized will be deductible for income tax purposes. Other Intangible Assets In connection with the acquisitions of Stoller and Symborg, the company recorded certain intangible assets, as shown in the table below, representing the preliminary fair values at the Acquisition Date.
Intangible Assets | Stoller | Symborg
(in millions) | Fair Value | Weighted-Average Amortization Period (Years) | Fair Value | Weighted-Average Amortization Period (Years)
Intangible assets with finite lives: |  |  |  |
Customer-related | $ | 495 |  | 13 | $ | — |  | — |
Developed technology | 106 | 13 | 238 |  | 12
Trademarks/ trade names | 44 | 15 | 57 |  | 12
Total other intangible assets with finite lives | $ | 645 |  | 13 | $ | 295 |  | 12
Intangible assets with infinite lives: |  |  |  |
IPR&D | — |  | — |  | 5 | — |
Total other intangible assets with indefinite lives | $ | — |  | — |  | $ | 5 |  | — |
Total intangible assets | $ | 645 |  |  | $ | 300 |  |
The preliminary customer-related and in-process research and development (“IPR&D”) intangible asset’s fair values were determined using the multi-period excess earnings method. The preliminary developed technology fair values were determined utilizing the relief from royalty method for Stoller and the multi-period excess earnings method for Symborg. The trademark/trade name fair values were determined utilizing the relief from royalty method.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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