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Revenue (Notes) | 3 Months Ended
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Mar. 31, 2024
Revenue from Contract with Customer [Abstract] |
Revenue from Contract with Customer | REVENUE Remaining Performance Obligations Remaining performance obligations represent the transaction price allocated to unsatisfied or partially unsatisfied performance obligations. The company applies the practical expedient to disclose the transaction price allocated to the remaining performance obligations for only those contracts with an original duration of more than one year. The transaction price allocated to remaining performance obligations with an original duration of more than one year related to material rights granted to customers for contract renewal options were $131 million, $134 million and $126 million at March 31, 2024, December 31, 2023 and March 31, 2023, respectively. The company expects revenue to be recognized for the remaining performance obligations evenly over the period of one year to six years. Contract Balances Contract liabilities primarily reflect deferred revenue from prepayments under contracts with customers where the company receives advance payments for products to be delivered in future periods. Corteva classifies deferred revenue as current or noncurrent based on the timing of when the company expects to recognize revenue. Contract assets primarily include amounts related to conditional rights to consideration for completed performance not yet invoiced. Accounts receivable are recorded when the right to consideration becomes unconditional.
Contract Balances | March 31, 2024 | December 31, 2023 | March 31, 2023
(In millions)
Accounts and notes receivable - trade 1 | $ | 6,760 |  | $ | 4,329 |  | $ | 7,334 |
Contract assets - current 2 | 28 |  | 27 |  | 26 |
Contract assets - noncurrent 3 | 67 |  | 67 |  | 63 |
Deferred revenue - current | 2,694 |  | 3,406 |  | 2,712 |
Deferred revenue - noncurrent 4 | 104 |  | 108 |  | 103 |
1.Included in accounts and notes receivable - net in the interim Consolidated Balance Sheets. 2.Included in other current assets in the interim Consolidated Balance Sheets. 3.Included in other assets in the interim Consolidated Balance Sheets. 4.Included in other noncurrent obligations in the interim Consolidated Balance Sheets. Revenue recognized during the three months ended March 31, 2024 and 2023 from amounts included in deferred revenue at the beginning of the period was $1,205 million and $1,201 million, respectively. Disaggregation of Revenue Corteva's operations are classified into two reportable segments: Seed and Crop Protection. The company disaggregates its revenue by major product line and geographic region, as the company believes it best depicts the nature, amount and timing of its revenue and cash flows. Net sales by major product line are included below:
| Three Months Ended March 31, |
(In millions) | 2024 | 2023 |  |
Corn | $ | 2,087 |  | $ | 1,979 |  |  |
Soybean | 292 |  | 269 |  |  |
Other oilseeds | 245 |  | 301 |  |  |
Other | 127 |  | 146 |  |  |
Seed | 2,751 |  | 2,695 |  |  |
Herbicides | 886 |  | 1,242 |  |  |
Insecticides | 373 |  | 409 |  |  |
Fungicides | 295 |  | 359 |  |  |
Other | 187 |  | 179 |  |  |
Crop Protection | 1,741 |  | 2,189 |  |  |
Total | $ | 4,492 |  | $ | 4,884 |  |  |
Sales are attributed to geographic regions based on customer location. Net sales by geographic region and segment are included below:
Seed | Three Months Ended March 31, |
(In millions) | 2024 | 2023 |  |
North America 1 | $ | 1,471 |  | $ | 1,323 |  |  |
EMEA 2 | 918 |  | 1,012 |  |  |
Latin America | 271 |  | 259 |  |  |
Asia Pacific | 91 |  | 101 |  |  |
Total | $ | 2,751 |  | $ | 2,695 |  |  |
Crop Protection | Three Months Ended March 31, |
(In millions) | 2024 | 2023 |  |
North America 1 | $ | 616 |  | $ | 879 |  |  |
EMEA 2 | 670 |  | 801 |  |  |
Latin America | 244 |  | 293 |  |  |
Asia Pacific | 211 |  | 216 |  |  |
Total | $ | 1,741 |  | $ | 2,189 |  |  |
1.Represents U.S. & Canada. 2.Europe, Middle East and Africa ("EMEA").

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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