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Short-Term Borrowings, Long-Term Debt and Available Credit Facilities | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] | SHORT-TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES The following tables summarize Corteva's short-term borrowings and finance lease obligations and long-term debt:
Short-term borrowings and finance lease obligations
(In millions) | March 31, 2025 | December 31, 2024 | March 31, 2024
Commercial paper | $ | 1,357 |  | $ | — |  | $ | 1,981 |
364-Day Revolving Credit Facility | — |  | — |  | — |
Other loans - various currencies | 261 |  | 250 |  | 166 |
Long-term debt payable within one year | 673 |  | 500 |  | — |
Finance lease obligations payable within one year | — |  | — |  | 1 |
Total short-term borrowings and finance lease obligations | $ | 2,291 |  | $ | 750 |  | $ | 2,148 |
Long-term debt |
(In millions) | March 31, 2025 | December 31, 2024 | March 31, 2024
Amount | Weighted Average Rate | Amount | Weighted Average Rate | Amount | Weighted Average Rate
Promissory notes and debentures: |  |  |  |  |  |
Maturing in July 2025 | $ | 500 |  | 1.70 | % | $ | 500 |  | 1.70 | % | $ | 500 |  | 1.70 | %
Maturing in May 2026 | 600 |  | 4.50 | % | 600 |  | 4.50 | % | 600 |  | 4.50 | %
Maturing in July 2030 | 500 |  | 2.30 | % | 500 |  | 2.30 | % | 500 |  | 2.30 | %
Maturing in May 2033 | 600 |  | 4.80 | % | 600 |  | 4.80 | % | 600 |  | 4.80 | %
Other loans: |  |  |  |  |  |
Foreign currency loans | 173 | 12.70 | % | 161 | 12.70 | % | 200 |  | 12.70 | %
Medium-term notes, varying maturities through 2041 | 104 | 4.27 | % | 104 | 4.41 | % | 106 |  | 5.28 | %
Finance lease obligations | — |  |  | — |  |  | 1 |  |
Less: Unamortized debt discount and issuance costs | 12 |  |  | 12 |  | 15 |  |
Less: Long-term debt due within one year | 673 |  |  | 500 |  |  | — |  |
Total long-term debt | $ | 1,792 |  |  | $ | 1,953 |  |  | $ | 2,492 |  |
The estimated fair value of the company's short-term and long-term borrowings, including interest rate financial instruments, was determined using Level 2 inputs within the fair value hierarchy. Based on quoted market prices for the same or similar issuances, or on current rates offered to the company for debt of the same remaining maturities, the fair value of the company's short-term borrowings and finance lease obligations approximated carrying value. The fair value of the company’s long-term borrowings, including debt due within one year, was $2,404 million, $2,366 million and $2,403 million as of March 31, 2025, December 31, 2024 and March 31, 2024, respectively. Foreign Currency Loans The company enters into short-term and long-term foreign currency loans from time-to-time by accessing uncommitted revolving credit lines to fund working capital needs of foreign subsidiaries in the normal course of business. Interest rates are variable and determined at the time of borrowing. Total unused bank credit lines on the short-term and long-term foreign currency loans at March 31, 2025 was approximately $121 million. The company’s foreign currency loans have varying maturities through 2026. Available Committed Credit Facilities The following table summarizes the company's credit facilities:
Committed and Available Credit Facilities at March 31, 2025
(In millions) | Effective Date | Committed Credit | Credit Available | Maturity Date | Interest
Revolving Credit Facility | June 2024 | $ | 2,850 |  | $ | 2,850 |  | June 2029 | Floating Rate
Revolving Credit Facility | June 2024 | 1,900 |  | 1,900 |  | June 2027 | Floating Rate
364-Day Revolving Credit Facility | February 2025 | 750 |  | 750 |  | February 2026 | Floating Rate
Total Committed and Available Credit Facilities |  | $ | 5,500 |  | $ | 5,500 |  |  |
Revolving Credit Facilities In May 2022, the company entered into a $3 billion, five-year revolving credit facility and a $2 billion, three-year revolving credit facility (the “Revolving Credit Facilities”) expiring in May 2027 and May 2025, respectively. Borrowings under the Revolving Credit Facilities will have an interest rate equal to Adjusted Term SOFR, which is Term SOFR plus 0.10 percent, plus the applicable margin. In June 2024, the Revolving Credit Facilities were refinanced for purposes of extending the maturity dates for the five-year and three-year revolving credit facilities to June 2029 and June 2027, respectively, and lowering the facility amount of the five-year revolving credit facility to $2.85 billion and the three-year revolving credit facility to $1.90 billion. The Revolving Credit Facilities may serve as a substitute to the company's commercial paper program, and can be used, from time to time, for general corporate purposes including, but not limited to, the funding of seasonal working capital needs. The Revolving Credit Facilities contain customary representations and warranties, affirmative and negative covenants and events of default that are typical for companies with similar credit ratings. Additionally, the Revolving Credit Facilities contain a financial covenant requiring that the ratio of total indebtedness to total capitalization for Corteva and its consolidated subsidiaries not exceed 0.60. At March 31, 2025, the company was in compliance with these covenants. 364-Day Revolving Credit Facility In February 2025, the company amended and restated its January 2023 (as amended in July 2023, January 2024 and February 2024) 364-day revolving credit agreement (the “364-Day Revolving Credit Facility”) decreasing the facility amount from $1 billion to $750 million and extending the expiration date to February 2026. Borrowings under the 364-Day Revolving Credit Facility will have an interest rate equal to Adjusted Term SOFR, which is Term SOFR plus 0.10 percent, plus the applicable margin. The 364-Day Revolving Credit Facility includes a provision under which the company may convert any advances outstanding prior to the maturity date into term loans having a maturity date up to one year later. The 364-Day Revolving Credit Facility contains customary representations and warranties, affirmative and negative covenants and events of default that are typical for companies with similar credit ratings. Additionally, the 364-Day Revolving Credit Facility contains a financial covenant requiring that the ratio of total indebtedness to total capitalization for Corteva and its consolidated subsidiaries not exceed 0.60. At March 31, 2025, the company was in compliance with these covenants.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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