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Pension Plans and Other Post Employment Benefit Plans | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Pension and Other Postretirement Benefits Disclosure [Text Block] | PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS The company offers various long-term benefits to its employees. Where permitted by applicable law, the company reserves the right to change, modify or discontinue the plans. Defined Benefit Pension Plans The company has both funded and unfunded noncontributory defined benefit pension plans covering employees in the U.S. and non-U.S. countries. The principal U.S. pension plan is the largest pension plan held by Corteva. Effective January 1, 2007, most new hires were no longer eligible to participate in the U.S. defined benefit pension plans. On November 30, 2018, the company froze the pay and service amounts used to calculate the pension benefits for active employees who participate in the pension plan. As a result, no participants are currently accruing additional benefits in the pension plan. The company's funding policy is consistent with the funding requirements of federal laws and regulations. Pension coverage for employees of the company's non-U.S. consolidated subsidiaries is provided, to the extent deemed appropriate, through separate plans. Obligations under such plans are funded by depositing funds with trustees, covered by insurance contracts, or remain unfunded. The company made total contributions of $52 million, $60 million, and $49 million to its pension plans other than the principal U.S. pension plan for the years ended December 31, 2023, 2022 and 2021, respectively. Corteva expects to contribute approximately $50 million to its pension plans other than the principal U.S. pension plan in 2024. The company does not anticipate making contributions to its principal U.S pension plan in 2024. In August 2022, the company transferred approximately $1.1 billion of certain benefit obligations and associated plan assets in the principal U.S. pension plan (the “Plan”) to an insurance company through the purchase of a nonparticipating group annuity contract (“Annuity Purchase”). The company recorded a non-cash, pre-tax settlement charge of approximately $25 million in other income (expense) – net in the Consolidated Statements of Operations for the year ended December 31, 2022 and corresponding adjustment to accumulated other comprehensive income (loss) in the Consolidated Balance Sheets at December 31, 2022 due to the Annuity Purchase. The Annuity Purchase resulted in a remeasurement of the Plan as of August 31, 2022 and the company updated the weighted average discount rate used in developing the 2022 net periodic pension (credit) costs at December 31, 2021 from 2.82 percent to 4.60 percent. Due to the remeasurement, the company recorded a pre-tax actuarial gain of approximately $110 million to accumulated other comprehensive income (loss) in the Consolidated Balance Sheets at December 31, 2022. The weighted-average assumptions used to determine pension plan obligations for all pension plans are summarized in the table below:
Weighted-Average Assumptions used to Determine Benefit Obligations | December 31, 2023 | December 31, 2022
Discount rate | 4.97 | % | 5.17 | %
Rate of increase in future compensation levels 1 | 2.87 | % | 2.83 | %
1.The rate of compensation increase excludes U.S. pension plans since the employees who participate in the U.S. pension plans no longer accrue additional benefits for future service and eligible compensation. The weighted-average assumptions used to determine net periodic benefit costs for all pension plans are summarized in the table below:
Weighted-Average Assumptions used to Determine Net Periodic Benefit Cost | For the Year Ended December 31,
2023 | 2022 | 2021
Discount rate | 5.17 | % | 3.33 | % | 2.44 | %
Rate of increase in future compensation levels 1 | 2.83 | % | 2.55 | % | 2.54 | %
Expected long-term rate of return on plan assets | 4.55 | % | 4.51 | % | 5.73 | %
1.The rate of compensation increase excludes U.S. pension plans since the employees who participate in the U.S. pension plans no longer accrue additional benefits for future service and eligible compensation. Other Post-Employment Benefits The company has historically provided medical, dental and life insurance benefits to certain pensioners and survivors. The majority of U.S. employees hired on or after January 1, 2007, and eligible employees under the age of 50 as of November 30, 2018, are not eligible to participate in the post-employment medical, dental and life insurance plans. Substantially all of the cost and liabilities for these retiree benefit plans are attributable to the U.S. benefit plans. The non-Medicare eligible retiree medical plan is contributory with costs shared between the company and pensioners and survivors. For Medicare eligible pensioners and survivors, Corteva provides a company-funded Health Reimbursement Arrangement ("HRA"). In December 2020, the company amended its retiree medical, dental and life insurance plans resulting in the company no longer providing retiree dental and life insurance benefits effective January 1, 2022 and Corteva’s portion of the cost of non-Medicare retiree medical coverage no longer being adjusted for cost increases, which capped the Corteva cost at the level in effect as of December 31, 2021 ("2020 OPEB Plan Amendments"). As a result of these changes, the company recorded a $939 million decrease in other post-employment benefits ("OPEB") benefit obligations as of December 31, 2020 with a corresponding prior service benefit within other comprehensive income for the year ended December 31, 2020. A substantial amount of the prior service benefit within other comprehensive income (loss) in 2020 was recognized in other income (expense) - net in the Consolidated Statement of Operations during 2021 with the remainder recognized during 2022. The company also provides disability benefits to employees. In most countries, employee disability benefit plans are insured. In the U.S., these plans are generally self-insured. Obligations and expenses for self-insured plans are reflected in the change in projected benefit obligations table on page F-51. The company's OPEB plans are unfunded and the cost of the approved claims is paid from operating cash flows. Pre-tax cash requirements to cover actual net claims costs and related administrative expenses were $97 million, $122 million, and $198 million for the years ended December 31, 2023, 2022 and 2021, respectively. Changes in cash requirements reflect the net impact of per capita health care costs, demographic changes, plan amendments and changes in participant premiums, co-payments and deductibles. In 2024, the company expects to contribute approximately $115 million for its OPEB plans. The weighted-average assumptions used to determine benefit obligations for OPEB plans are summarized in the table below:
Weighted-Average Assumptions used to Determine Benefit Obligations | December 31, 2023 | December 31, 2022
Discount rate | 4.92 | % | 5.09 | %
The weighted-average assumptions used to determine net periodic benefit costs for the OPEB plans are summarized in the table below:
Weighted-Average Assumptions used to Determine Net Periodic Benefit Cost | For the Year Ended December 31,
2023 | 2022 | 2021
Discount rate | 5.09 | % | 2.59 | % | 2.09 | %
As of December 31, 2023, 2022 and 2021, health care cost trend rates do not impact the benefit obligations for the OPEB plans because of the 2020 OPEB Plan Amendments. Assumptions For the U.S. plan, the company determines the expected long-term rate of return on plan assets by performing a detailed analysis of key economic and market factors driving historical returns for each asset class and formulating a projected return based on factors in the current environment. Factors considered include, but are not limited to, inflation, real economic growth, interest rate yield, interest rate spreads, and other valuation measures and market metrics. The expected long-term rate of return for each asset class is then weighted based on the strategic asset allocation approved by the governing body for the plan. The company's historical experience with the pension fund asset performance is also considered. For non-U.S. plans, assumptions reflect economic assumptions applicable to each country. In the U.S., Corteva calculates service costs and interest costs by applying individual spot rates from a yield curve (based on high-quality corporate bond yields) to the separate expected cash flows components of service cost and interest cost. Service cost and interest cost for all other plans are determined based on the single equivalent discount rates derived in determining those plan obligations. For U.S. benefit plans, the discount rates utilized to measure the pension and other post-employment benefit obligations are based on the yield of high-quality corporate fixed income investments at the measurement date. Future expected actuarially determined cash flows are individually discounted at the spot rates under the Aon AA_Above Median yield curve (based on high-quality corporate bond yields) to arrive at the plan’s obligations as of the measurement date. For non-U.S. benefit plans, historically the company utilized prevailing long-term high quality corporate bond indices to determine the discount rate, applicable to each country, at the measurement date. The company adopts the most recently published mortality tables and mortality improvement scale released by the Society of Actuaries in measuring its U.S. pension and other post-employment benefit obligations. The effect of these adoptions is amortized into net periodic benefit cost for the years following the adoption. Summarized information on the company's pension and other post-employment benefit plans is as follows:
Change in Projected Benefit Obligations, Plan Assets and Funded Status
| Defined Benefit Pension Plans |  | Other Post-Employment Benefits
(In millions) | For the Year Ended December 31, |  | For the Year Ended December 31,
2023 | 2022 |  | 2023 | 2022
Change in benefit obligations: |  |  |  |  |
Benefit obligation at beginning of the period | $ | 13,982 |  | $ | 19,775 |  |  | $ | 1,021 |  | $ | 1,362 |
Service cost | 18 |  | 20 |  |  | 1 |  | 1 |
Interest cost | 690 |  | 505 |  |  | 49 |  | 26 |
Plan participants' contributions | 1 |  | 1 |  |  | 20 |  | 20 |
Actuarial (gain) loss | 311 |  | (3,759) |  |  | (49) |  | (246) |
Benefits paid | (1,304) |  | (1,460) |  |  | (117) |  | (142) |
Other 1 | (257) |  | (1,080) |  |  | — |  | — |
Effect of foreign exchange rates | (1) |  | (20) |  |  | — |  | — |
Benefit obligations at end of the period | $ | 13,440 |  | $ | 13,982 |  |  | $ | 925 |  | $ | 1,021 |
Change in plan assets: |  |  |  |  |
Fair value of plan assets at beginning of the period | $ | 12,584 |  | $ | 17,827 |  |  | $ | — |  | $ | — |
Actual return on plan assets | 661 |  | (2,765) |  |  | — |  | — |
Employer contributions | 52 |  | 60 |  |  | 97 |  | 122 |
Plan participants' contributions | 1 |  | 1 |  |  | 20 |  | 20 |
Benefits paid | (1,304) |  | (1,460) |  |  | (117) |  | (142) |
Other 1 | (257) |  | (1,080) |  |  | — |  | — |
Effect of foreign exchange rates | 18 |  | 1 |  |  | — |  | — |
Fair value of plan assets at end of the period | $ | 11,755 |  | $ | 12,584 |  |  | $ | — |  | $ | — |
Funded status |  |  |  |  |
U.S. plan with plan assets | $ | (1,336) |  | $ | (1,050) |  |  | $ | — |  | $ | — |
Non-U.S. plans with plan assets | (43) |  | (30) |  |  | — |  | — |
All other plans 2,3 | (306) |  | (318) |  |  | (925) |  | (1,021) |
Funded status at end of the period | $ | (1,685) |  | $ | (1,398) |  |  | $ | (925) |  | $ | (1,021) |
1.Primarily relates to transfers of certain benefit obligations and related assets associated with the principal U.S. pension plan to an insurance company through the purchase of nonparticipating group annuity contracts. 2.As of December 31, 2023 and 2022, $155 million and $182 million, respectively, of the benefit obligations are supported by funding under the Trust agreement, defined in the "Trust Assets" section below. 3.Includes pension plans maintained around the world where funding is not customary.
| Defined Benefit Pension Plans | Other Post-Employment Benefits
(In millions) | December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022
Amounts recognized in the Consolidated Balance Sheets: |  |  |  |
Other assets | $ | 2 |  | $ | 3 |  | $ | — |  | $ | — |
Accrued and other current liabilities | (31) |  | (35) |  | (114) |  | (132) |
Pension and other post-employment benefits - noncurrent | (1,656) |  | (1,366) |  | (811) |  | (889) |
Net amount recognized | $ | (1,685) |  | $ | (1,398) |  | $ | (925) |  | $ | (1,021) |
Pretax amounts recognized in accumulated other comprehensive income (loss): |  |  |  |
Net gain (loss) | $ | (487) |  | $ | (238) |  | $ | 238 |  | $ | 198 |
Prior service benefit (cost) | 22 |  | 23 |  | 14 |  | 16 |
Pretax balance in accumulated other comprehensive income (loss) at end of year | $ | (465) | $ | (215) | $ | 252 | $ | 214
The loss related to the change in pension and OPEB plan benefit obligations for the period ended December 31, 2023 is mainly due to the reduction in the discount rate. The accumulated benefit obligation for all pension plans was $13.4 billion and $14.0 billion at December 31, 2023 and 2022, respectively.
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets | December 31, 2023 | December 31, 2022
(In millions)
Projected benefit obligations | $ | 13,262 |  | $ | 13,832 |
Fair value of plan assets | 11,575 |  | 12,430 |
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | December 31, 2023 | December 31, 2022
(In millions)
Accumulated benefit obligations | $ | 13,155 |  | $ | 13,676 |
Fair value of plan assets | 11,488 |  | 12,290 |
(In millions) | Defined Benefit Pension Plans |  | Other Post-Employment Benefits
| For the Year Ended December 31, |  | For the Year Ended December 31,
Components of net periodic benefit (credit) cost and amounts recognized in other comprehensive income (loss) | 2023 | 2022 | 2021 |  | 2023 | 2022 | 2021
Net Periodic Benefit (Credit) Cost: |  |  |  |  |  |  |
Service cost | $ | 18 |  | $ | 20 |  | $ | 25 |  |  | $ | 1 |  | $ | 1 |  | $ | 1 |
Interest cost | 690 |  | 505 |  | 364 |  |  | 49 |  | 26 |  | 21 |
Expected return on plan assets | (605) |  | (720) |  | (915) |  |  | — |  | — |  | — |
Amortization of unrecognized loss (gain) | — |  | 3 |  | 55 |  |  | (10) |  | 2 |  | 81 |
Amortization of prior service (benefit) cost | (3) |  | (3) |  | (2) |  |  | (2) |  | (1) |  | (922) |
Curtailment (gain) loss | — |  | — |  | — |  |  | — |  | — |  | (1) |
Settlement loss | — |  | 25 |  | 1 |  |  | — |  | — |  | — |
Net periodic benefit (credit) cost - Total | $ | 100 |  | $ | (170) |  | $ | (472) |  |  | $ | 38 |  | $ | 28 |  | $ | (820) |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |
Net gain (loss) | $ | (255) |  | $ | 274 |  | $ | 1,284 |  |  | $ | 49 |  | $ | 246 |  | $ | 33 |
Amortization of unrecognized (gain) loss | — |  | 3 |  | 55 |  |  | (10) |  | 2 |  | 81 |
Prior service benefit (cost) | — |  | — |  | 15 |  |  | — |  | — |  | — |
Amortization of prior service (benefit) cost | (3) |  | (3) |  | (2) |  |  | (2) |  | (1) |  | (922) |
Curtailment (gain) loss | — |  | — |  | — |  |  | — |  | — |  | (1) |
Settlement loss | — |  | 25 |  | 1 |  |  | — |  | — |  | — |
Effect of foreign exchange rates | 8 |  | 2 |  | 3 |  |  | 1 |  | — |  | — |
Total benefit (loss) recognized in other comprehensive income (loss), attributable to Corteva | $ | (250) |  | $ | 301 |  | $ | 1,356 |  |  | $ | 38 |  | $ | 247 |  | $ | (809) |
Total recognized in net periodic benefit (credit) cost and other comprehensive income (loss) | $ | (350) |  | $ | 471 |  | $ | 1,828 |  |  | $ | — |  | $ | 219 |  | $ | 11 |
Estimated Future Benefit Payments The estimated future benefit payments, reflecting expected future service, as appropriate, are presented in the following table:
Estimated Future Benefit Payments at December 31, 2023 | Defined Benefit Pension Plans | Other Post-Employment Benefits
(In millions)
2024 | $ | 1,251 |  | $ | 113 |
2025 | 1,214 |  | 106 |
2026 | 1,182 |  | 99 |
2027 | 1,149 |  | 93 |
2028 | 1,112 |  | 86 |
Years 2029-2033 | 4,994 |  | 344 |
Total | $ | 10,902 |  | $ | 841 |
Plan Assets All pension plan assets in the U.S. are invested through a single master trust fund. The general principles guiding U.S. pension asset investment policies are those embodied in the Employee Retirement Income Security Act of 1974 ("ERISA"). These principles include discharging Corteva's investment responsibilities for the exclusive benefit of plan participants and in accordance with the "prudent expert" standard and other ERISA rules and regulations. Corteva establishes strategic asset allocation percentage targets and appropriate benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. The strategic asset allocation for this trust fund is approved by the Pension Investment Committee. Strategic asset allocations in other countries are selected in accordance with the laws and practices of those countries. Where appropriate, asset liability studies are utilized in this process. U.S. plan assets are managed by investment professionals employed by Corteva, and plan assets for non-U.S. plans are managed by professional investment firms unrelated to the company. Corteva's pension investment professionals have discretion to manage the assets within established asset allocation ranges approved by the Pension Investment Committee. Additionally, pension trust funds are permitted to enter into certain contractual arrangements generally described as "derivatives." Derivatives are primarily used to reduce specific market risks, hedge currency and adjust portfolio duration and asset allocation in a cost-effective manner. The weighted-average target allocation for plan assets of the company's pension plans is summarized as follows:
Target Allocation for Plan Assets | December 31, 2023 | December 31, 2022
Asset Category
U.S. equity securities | 9 | % | 8 | %
Non-U.S. equity securities | 5 |  | 7 |
Fixed income securities | 64 |  | 64 |
Hedge funds | 2 |  | 3 |
Private market securities | 11 |  | 11 |
Real estate | 7 |  | 6 |
Cash and cash equivalents | 2 |  | 1 |
Total | 100 | % | 100 | %
U.S. equity investments are primarily large-cap companies. Non-U.S. equity securities include varying market capitalization levels. Fixed income securities include corporate-issued, government-issued and asset-backed securities of both U.S. and non-U.S. issuers. Corporate debt investments include a range of credit risk and industry diversification. U.S. fixed income investments are weighted heavier than non-U.S. fixed income securities. Other investments include cash and cash equivalents, hedge funds, real estate and private market securities such as interests in private equity and venture capital partnerships. Fair value calculations may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. For pension plan assets classified as Level 1 measurements (measured using quoted prices in active markets), total fair value is either the price of the most recent trade at the time of the market close or the official close price, as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. For pension plan assets classified as Level 2 measurements, where the security is frequently traded in less active markets, fair value is based on the closing price at the end of the period; where the security is less frequently traded, fair value is based on the price a dealer would pay for the security or similar securities, adjusted for any terms specific to that asset or liability. Market inputs are obtained from well-established and recognized vendors of market data and subjected to tolerance and quality checks. For derivative assets and liabilities, standard industry models are used to calculate the fair value of the various financial instruments based on significant observable market inputs, such as foreign exchange rates, commodity prices, swap rates, interest rates and implied volatilities obtained from various market sources. For pension plan assets classified as Level 3 measurements, total fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity for the investment. Investment managers, fund managers, or investment contract issuers provide valuations of the investment on a monthly or quarterly basis. These valuations are reviewed for reasonableness based on applicable sector, benchmark and company performance. Adjustments to valuations are made where appropriate. Where available, audited financial statements are obtained and reviewed for the investments as support for the manager’s investment valuation. The tables below present the fair values of the company's pension assets by level within the fair value hierarchy, as described in Note 2 - Summary of Significant Accounting Policies:
Basis of Fair Value Measurements | Total | Level 1 | Level 2 | Level 3
For the year ended December 31, 2023
(In millions)
Cash and cash equivalents | $ | 1,148 |  | $ | 1,148 |  | $ | — |  | $ | — |
U.S. equity securities 1 | 1,108 |  | 1,106 |  | 1 |  | 1 |
Non-U.S. equity securities | 441 |  | 439 |  | — |  | 2 |
Debt – government-issued | 1,601 |  | — |  | 1,601 |  | — |
Debt – corporate-issued | 3,908 |  | — |  | 3,906 |  | 2 |
Debt – asset-backed | 637 |  | — |  | 637 |  | — |
Hedge funds | 5 |  | — |  | 2 |  | 3 |
Private market securities | 6 |  | — |  | — |  | 6 |
Real estate funds | 52 |  | — |  | — |  | 52 |
Other | 55 |  | — |  | — |  | 55 |
Subtotal | $ | 8,961 |  | $ | 2,693 |  | $ | 6,147 |  | $ | 121 |
Investments measured at net asset value |  |  |  |
Debt - government issued | 42 |  |  |  |
Debt - corporate-issued | 3 |  |  |  |
U.S. equity securities | 19 |  |  |  |
Non-U.S. equity securities | 21 |  |  |  |
Hedge funds | 143 |  |  |  |
Private market securities | 1,928 |  |  |  |
Real estate funds | 768 |  |  |  |
Total investments measured at net asset value | $ | 2,924 |  |  |  |
Other items to reconcile to fair value of plan assets |  |  |  |
Pension trust receivables 2 | 315 |  |  |  |
Pension trust payables 3 | (445) |  |  |  |
Total | $ | 11,755 |  |  |  |
1.The Corteva pension plans directly held $204 million (approximately 2 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2023. 2.Primarily receivables for investments securities sold. 3.Primarily payables for investment securities purchased.
Basis of Fair Value Measurements |  |  |  |
For the year ended December 31, 2022 |  |  |  |
(In millions) | Total | Level 1 | Level 2 | Level 3
Cash and cash equivalents | $ | 1,348 |  | $ | 1,348 |  | $ | — |  | $ | — |
U.S. equity securities 1 | 1,200 |  | 1,195 |  | 2 |  | 3 |
Non-U.S. equity securities | 806 |  | 806 |  | — |  | — |
Debt – government-issued | 1,669 |  | — |  | 1,669 |  | — |
Debt – corporate-issued | 3,822 |  | — |  | 3,822 |  | — |
Debt – asset-backed | 695 |  | — |  | 695 |  | — |
Hedge funds | 3 |  | — |  | — |  | 3 |
Private market securities | 4 |  | — |  | — |  | 4 |
Real estate funds | 132 |  | — |  | — |  | 132 |
Derivatives – asset position | 2 |  | — |  | 2 |  | — |
Other | 62 |  | — |  | — |  | 62 |
Subtotal | $ | 9,743 |  | $ | 3,349 |  | $ | 6,190 |  | $ | 204 |
Investments measured at net asset value |  |  |  |
Debt - government issued | 35 |  |  |  |
Debt - corporate-issued | 3 |  |  |  |
U.S. equity securities | 20 |  |  |  |
Non-U.S. equity securities | 20 |  |  |  |
Hedge funds | 347 |  |  |  |
Private market securities | 1,991 |  |  |  |
Real estate funds | 669 |  |  |  |
Total investments measured at net asset value | $ | 3,085 |  |  |  |
Other items to reconcile to fair value of plan assets |  |  |  |
Pension trust receivables 2 | 161 |  |  |  |
Pension trust payables 3 | (405) |  |  |  |
Total | $ | 12,584 |  |  |  |
1.The Corteva pension plans directly held $250 million (approximately 2 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2022. 2.Primarily receivables for investments securities sold. 3.Primarily payables for investment securities purchased. The following table summarizes the changes in fair value of Level 3 pension plan assets for the years ended December 31, 2023 and 2022:
Fair Value Measurement of Level 3 Pension Plan Assets | U.S. equity securities | Non-U.S. equity securities | Debt – corporate-issued | Hedge funds | Private market securities | Real estate | Other | Total
(In millions)
Balance at January 1, 2022 | $ | 4 |  | $ | — |  | $ | 2 |  | $ | — |  | $ | 3 |  | $ | 26 |  | $ | 75 |  | $ | 110 |
Actual return on assets: |  |  |  |  |  |  |  |
Relating to assets sold during the year ended December 31, 2022 | 1 |  | — |  | (15) |  | — |  | (9) |  | — |  | — |  | (23) |
Relating to assets held at December 31, 2022 | — |  | (13) |  | 13 |  | (8) |  | 10 |  | 8 |  | (1) |  | 9 |
Purchases, sales and settlements, net | (2) |  | 1 |  | — |  | — |  | — |  | (1) |  | (12) |  | (14) |
Transfers in or out of Level 3, net | — |  | 12 |  | — |  | 11 |  | — |  | 99 |  | — |  | 122 |
Balance at December 31, 2022 | $ | 3 |  | $ | — |  | $ | — |  | $ | 3 |  | $ | 4 |  | $ | 132 |  | $ | 62 |  | $ | 204 |
Actual return on assets: |  |  |  |  |  |  |  |
Relating to assets sold during the year ended December 31, 2023 | (1) |  | (9) |  | — |  | — |  | — |  | — |  | — |  | (10) |
Relating to assets held at December 31, 2023 | — |  | 10 |  | (5) |  | — |  | 2 |  | (24) |  | 4 |  | (13) |
Purchases, sales and settlements, net | (1) |  | 1 |  | 7 |  | — |  | — |  | (35) |  | (13) |  | (41) |
Transfers in or out of Level 3, net | — |  | — |  | — |  | — |  | — |  | (21) |  | 2 |  | (19) |
Balance at December 31, 2023 | $ | 1 |  | $ | 2 |  | $ | 2 |  | $ | 3 |  | $ | 6 |  | $ | 52 |  | $ | 55 |  | $ | 121 |
Trust Assets EIDP entered into a trust agreement in 2013 (as amended and restated in 2017, "the Trust") that established and requires EIDP to fund the Trust for cash obligations under certain non-qualified benefit and deferred compensation plans upon a change in control event as defined in the Trust agreement. Under the Trust agreement, the consummation of the Merger was a change in control event and resulted in a contribution to the Trust by EIDP. Additionally, the Separation resulted in Corteva transferring a portion of the balance of the Trust to DuPont at the Separation date. During the years ended December 31, 2023 and 2022, $47 million and $58 million, respectively, was distributed to EIDP according to the Trust agreement, and at December 31, 2023 and 2022, the balance in the Trust was $214 million and $251 million, respectively. The Trust Assets are classified as current restricted cash equivalents and included within other current assets in the Consolidated Balance Sheets. See Note 7 - Supplementary Information, to the Consolidated Financial Statements, for further information. Defined Contribution Plans Corteva provides defined contribution benefits to its employees. The most significant is the U.S. Retirement Savings Plan ("the Plan"), which covers almost all of the U.S. full-service employees. This Plan includes a non-leveraged Employee Stock Ownership Plan ("ESOP"). Employees are not required to participate in the ESOP and those who do are free to diversify out of the ESOP. The purpose of the Plan is to provide retirement savings benefits for employees and to provide employees an opportunity to become stockholders of the company. The Plan is a tax qualified contributory profit sharing plan, with cash or deferred arrangement and any eligible employee of Corteva may participate. Currently, Corteva contributes 100 percent of the first 6 percent of the employee's contribution election and also contributes 3 percent of each eligible employee's eligible compensation regardless of the employee's contribution. Corteva's contributions to the Plan were $101 million, $97 million, and $63 million for the years ended December 31, 2023, 2022 and 2021, respectively. Corteva's matching contributions vest immediately upon contribution. The 3 percent nonmatching company contribution vests after employees complete three years of service. In addition, Corteva made contributions to other defined contribution plans of $45 million, $36 million, and $29 million for the years ended December 31, 2023, 2022 and 2021, respectively.

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