falsedesktopCTVA2020-03-31000175567220000014{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Delaware\t\t\t\t82-4979096\n(State or other Jurisdiction of Incorporation or Organization)\t\t\t(I.R.S. Employer Identification No.)\t\n974 Centre Road\tWilmington Delaware\t19805\t(302)\t485-3000\n(Address of Principal Executive Offices) (Zip Code)\t\t\t(Registrant's Telephone Number including area code)\t\n", "q10k_tbl_1": "Delaware\t\t\t\t51-0014090\n(State or other Jurisdiction of Incorporation or Organization)\t\t\t(I.R.S. Employer Identification No.)\t\n974 Centre Road\tWilmington Delaware\t19805\t(302)\t485-3000\n(Address of Principal Executive Offices) (Zip Code)\t\t\t(Registrant's Telephone Number including area code)\t\n", "q10k_tbl_2": "\t\tPage\nExplanatory Note\t\t\nPart I\tFinancial Information\t\nItem 1.\tConsolidated Financial Statements (Unaudited)\t\n\tConsolidated Statements of Operations\t3\n\tConsolidated Statements of Comprehensive (Loss) Income\t4\n\tCondensed Consolidated Balance Sheets\t5\n\tCondensed Consolidated Statements of Cash Flows\t6\n\tConsolidated Statements of Equity\t7\n\tNotes to the Consolidated Financial Statements (Unaudited)\t8\nItem 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t41\n\tCautionary Statements About Forward-Looking Statements\t41\n\tRecent Developments\t42\n\tOverview\t43\n\tSelected Financial Data\t44\n\tResults of Operations\t45\n\tSupplemental Unaudited Pro Forma Financial Information\t48\n\tRecent Accounting Pronouncements\t49\n\tSegment Reviews\t50\n\tNon-GAAP Financial Measures\t51\n\tLiquidity & Capital Resources\t54\n\tContractual Obligations\t56\nItem 3.\tQuantitative and Qualitative Disclosures About Market Risk\t56\nItem 4.\tControls and Procedures\t57\nPart II\tOther Information\t\nItem 1.\tLegal Proceedings\t58\nItem 1A.\tRisk Factors\t60\nItem 2.\tUnregistered Sales of Equity Securities and Use of Proceeds\t61\nItem 5.\tOther Information\t61\nItem 6.\tExhibits\t62\nExhibit Index\t\t62\nSignature\t\t63\nConsolidated Financial Statements of E.I. du Pont de Nemours and Company (Unaudited)\t\t64\n", "q10k_tbl_3": "(In millions except per share amounts)\tThree Months Ended March 31\t\n\t2020\t2019\nNet sales\t3956\t3396\nCost of goods sold\t2269\t2211\nResearch and development expense\t280\t299\nSelling general and administrative expenses\t757\t735\nAmortization of intangibles\t163\t101\nRestructuring and asset related charges - net\t70\t61\nIntegration and separation costs\t0\t212\nOther income - net\t1\t31\nInterest expense\t10\t59\nIncome (loss) from continuing operations before income taxes\t408\t(251)\nProvision for (benefit from) income taxes on continuing operations\t127\t(67)\nIncome (loss) from continuing operations after income taxes\t281\t(184)\nIncome from discontinued operations after income taxes\t1\t360\nNet income\t282\t176\nNet income attributable to noncontrolling interests\t10\t12\nNet income attributable to Corteva\t272\t164\nBasic earnings per share of common stock:\t\t\nBasic earnings (loss) per share of common stock from continuing operations\t0.36\t(0.26)\nBasic earnings per share of common stock from discontinued operations\t0\t0.48\nBasic earnings per share of common stock\t0.36\t0.22\nDiluted earnings per share of common stock:\t\t\nDiluted earnings (loss) per share of common stock from continuing operations\t0.36\t(0.26)\nDiluted earnings per share of common stock from discontinued operations\t0\t0.48\nDiluted earnings per share of common stock\t0.36\t0.22\n", "q10k_tbl_4": "(In millions)\tThree Months Ended March 31\t\n\t2020\t2019\nNet income\t282\t176\nOther comprehensive loss - net of tax:\t\t\nCumulative translation adjustments\t(672)\t(72)\nAdjustments to pension benefit plans\t0\t(3)\nAdjustments to other benefit plans\t3\t0\nDerivative instruments\t6\t1\nTotal other comprehensive loss\t(663)\t(74)\nComprehensive (loss) income\t(381)\t102\nComprehensive income attributable to noncontrolling interests - net of tax\t10\t12\nComprehensive (loss) income attributable to Corteva\t(391)\t90\n", "q10k_tbl_5": "(In millions except share amounts)\tMarch 31 2020\tDecember 31 2019\tMarch 31 2019\nAssets\t\t\t\nCurrent assets\t\t\t\nCash and cash equivalents\t1963\t1764\t1759\nMarketable securities\t10\t5\t5\nAccounts and notes receivable - net\t6775\t5528\t6507\nInventories\t4401\t5032\t5019\nOther current assets\t1530\t1190\t1318\nAssets of discontinued operations - current\t0\t0\t9453\nTotal current assets\t14679\t13519\t24061\nInvestment in nonconsolidated affiliates\t64\t66\t77\nProperty plant and equipment - net of accumulated depreciation (March 31 2020 - $3406; December 31 2019 - $3326; March 31 2019 - $2970)\t4358\t4546\t4521\nGoodwill\t10027\t10229\t10203\nOther intangible assets\t11241\t11424\t11961\nDeferred income taxes\t273\t287\t294\nOther assets\t2336\t2326\t2368\nAssets of discontinued operations - non-current\t0\t0\t56617\nTotal Assets\t42978\t42397\t110102\nLiabilities and Equity\t\t\t\nCurrent liabilities\t\t\t\nShort-term borrowings and finance lease obligations\t1996\t7\t3201\nAccounts payable\t3021\t3702\t3120\nIncome taxes payable\t143\t95\t195\nAccrued and other current liabilities\t4039\t4434\t4061\nLiabilities of discontinued operations - current\t0\t0\t3501\nTotal current liabilities\t9199\t8238\t14078\nLong-Term Debt\t614\t115\t6297\nOther Noncurrent Liabilities\t\t\t\nDeferred income tax liabilities\t911\t920\t1523\nPension and other post employment benefits - noncurrent\t6186\t6377\t5554\nOther noncurrent obligations\t1989\t2192\t2064\nLiabilities of discontinued operations - non-current\t0\t0\t5512\nTotal noncurrent liabilities\t9700\t9604\t20950\nCommitments and contingent liabilities\t\t\t\nStockholders' equity\t\t\t\nCommon stock $0.01 par value; 1666667000 shares authorized; issued at March 31 2020 - 748369000; and December 31 2019 - 748577000\t7\t7\t\nAdditional paid-in capital\t27906\t27997\t\nDivisional equity\t\t\t78005\nAccumulated deficit\t(155)\t(425)\t\nAccumulated other comprehensive loss\t(3933)\t(3270)\t(3434)\nTotal Corteva stockholders' equity\t23825\t24309\t74571\nNoncontrolling interests\t254\t246\t503\nTotal equity\t24079\t24555\t75074\nTotal Liabilities and Equity\t42978\t42397\t110102\n", "q10k_tbl_6": "(In millions)\tThree Months Ended March 31\t\n\t2020\t2019\nOperating activities\t\t\nNet income\t282\t176\nAdjustments to reconcile net income to cash used for operating activities:\t\t\nDepreciation and amortization\t283\t726\nProvision for (benefit from) deferred income tax\t26\t(220)\nNet periodic pension benefit\t(102)\t(75)\nPension contributions\t(28)\t(50)\nNet loss (gain) on sales of property businesses consolidated companies and investments\t46\t(65)\nRestructuring and asset related charges - net\t70\t106\nAmortization of inventory step-up\t0\t205\nOther net loss\t138\t92\nChanges in operating assets and liabilities - net\t(2645)\t(2436)\nCash used for operating activities\t(1930)\t(1541)\nInvesting activities\t\t\nCapital expenditures\t(128)\t(663)\nProceeds from sales of property businesses and consolidated companies - net of cash divested\t11\t125\nProceeds from sales of ownership interests in nonconsolidated affiliates\t0\t21\nPurchases of investments\t(67)\t(16)\nProceeds from sales and maturities of investments\t58\t36\nOther investing activities - net\t(4)\t(5)\nCash used for investing activities\t(130)\t(502)\nFinancing activities\t\t\nNet change in borrowings (less than 90 days)\t1619\t814\nProceeds from debt\t875\t1000\nPayments on debt\t(1)\t(284)\nRepurchase of common stock\t(50)\t0\nProceeds from exercise of stock options\t14\t35\nDividends paid to stockholders\t(97)\t0\nDistributions to DowDuPont\t0\t(317)\nContributions from Dow\t0\t88\nOther financing activities\t(16)\t(24)\nCash provided by financing activities\t2344\t1312\nEffect of exchange rate changes on cash cash equivalents and restricted cash\t(117)\t20\nIncrease (decrease) in cash cash equivalents and restricted cash\t167\t(711)\nCash cash equivalents and restricted cash at beginning of period\t2173\t5024\nCash cash equivalents and restricted cash at end of period1\t2340\t4313\n", "q10k_tbl_7": "(In millions)\tCommon Stock\tAdditional Paid-in Capital\tDivisional Equity\tRetained Earnings (Accumulated deficit)\tAccumulated Other Comp Loss\tTreasury Stock\tNon-controlling Interests\tTotal Equity\n2019\t\t\t\t\t\t\t\t\nBalance at January 1 2019\t0\t0\t78020\t0\t(3360)\t0\t493\t75153\nNet income\t\t\t164\t\t\t\t12\t176\nOther comprehensive loss\t\t\t\t\t(74)\t\t\t(74)\nDistributions to DowDuPont\t\t\t(317)\t\t\t\t\t(317)\nIssuance of DowDuPont stock\t\t\t35\t\t\t\t\t35\nShare-based compensation\t\t\t18\t\t\t\t\t18\nContributions from Dow\t\t\t88\t\t\t\t\t88\nOther - net\t\t\t(3)\t\t\t\t(2)\t(5)\nBalance at March 31 2019\t0\t0\t78005\t0\t(3434)\t0\t503\t75074\n", "q10k_tbl_8": "(In millions)\tCommon Stock\tAdditional Paid-in Capital\tDivisional Equity (Accumulated deficit) Retained Earnings\tAccumulated Other Comp Loss\tTreasury Stock\tNon-controlling Interests\tTotal Equity\n2020\t\t\t\t\t\t\t\nBalance at January 1 2020\t7\t27997\t(425)\t(3270)\t0\t246\t24555\nNet income\t\t\t272\t\t\t10\t282\nOther comprehensive loss\t\t\t\t(663)\t\t\t(663)\nCommon dividends ($0.13 per share)\t\t(97)\t\t\t\t\t(97)\nIssuance of Corteva stock\t\t14\t\t\t\t\t14\nShare-based compensation\t\t2\t\t\t\t\t2\nCommon Stock Repurchase\t\t(50)\t\t\t\t\t(50)\nOther - net\t\t40\t(2)\t\t\t(2)\t36\nBalance at March 31 2020\t7\t27906\t(155)\t(3933)\t0\t254\t24079\n", "q10k_tbl_9": "Note\t\tPage\n1\tSummary of Significant Accounting Policies\t9\n2\tRecent Accounting Guidance\t10\n3\tDivestitures and Other Transactions\t11\n4\tRevenue\t14\n5\tRestructuring and Asset Related Charges - Net\t16\n6\tRelated Parties\t18\n7\tSupplementary Information\t18\n8\tIncome Taxes\t20\n9\tEarnings Per Share of Common Stock\t20\n10\tAccounts and Notes Receivable - Net\t21\n11\tInventories\t22\n12\tOther Intangible Assets\t23\n13\tShort-Term Borrowings Long-Term Debt and Available Credit Facilities\t23\n14\tCommitments and Contingent Liabilities\t25\n15\tStockholders' Equity\t30\n16\tPension Plans and Other Post Employment Benefits\t32\n17\tFinancial Instruments\t33\n18\tFair Value Measurements\t37\n19\tSegment Information\t39\n", "q10k_tbl_10": "(In millions)\tThree Months Ended March 31 2019\nNet sales\t362\nCost of goods sold\t259\nResearch and development expense\t4\nSelling general and administrative expenses\t9\nAmortization of intangibles\t23\nRestructuring and asset related charges - net\t2\nIntegration and separation costs\t44\nOther income - net\t2\nIncome from discontinued operations before income taxes\t23\nProvision for income taxes on discontinued operations\t4\nIncome from discontinued operations after income taxes\t19\n", "q10k_tbl_11": "(In millions)\tMarch 31 2019\nCash and cash equivalents\t32\nAccounts and notes receivable - net\t221\nInventories\t448\nOther current assets\t25\nTotal current assets of discontinued operations\t726\nInvestment in nonconsolidated affiliates\t109\nProperty plant and equipment - net\t753\nGoodwill\t3585\nOther intangible assets\t1118\nDeferred income taxes\t15\nOther assets\t5\nNon-current assets of discontinued operations\t5585\nTotal assets of discontinued operations\t6311\nShort-term borrowings and finance lease obligations\t2\nAccounts payable\t187\nIncome tax payable\t9\nAccrued and other current liabilities\t26\nTotal current liabilities of discontinued operations\t224\nLong-term Debt\t2\nDeferred income tax liabilities\t374\nPension and other post employment benefits - noncurrent\t5\nOther noncurrent obligations\t4\nNon-current liabilities of discontinued operations\t385\nTotal liabilities of discontinued operations\t609\n", "q10k_tbl_12": "(In millions)\tThree Months Ended March 31 2019\nNet sales\t3816\nCost of goods sold\t2535\nResearch and development expense\t153\nSelling general and administrative expenses\t401\nAmortization of intangibles\t201\nRestructuring and asset related charges - net\t43\nIntegration and separation costs\t164\nOther income - net\t120\nIncome from discontinued operations before income taxes\t439\nProvision for income taxes on discontinued operations\t98\nIncome from discontinued operations after income taxes\t341\n", "q10k_tbl_13": "(In millions)\tMarch 31 2019\nCash and cash equivalents\t2042\nMarketable securities\t13\nAccounts and notes receivable - net\t2722\nInventories\t3640\nOther current assets\t310\nTotal current assets of discontinued operations\t8727\nInvestment in nonconsolidated affiliates\t1192\nProperty plant and equipment - net\t8061\nGoodwill\t28194\nOther intangible assets\t12822\nDeferred income taxes\t106\nOther assets\t657\nNon-current assets of discontinued operations\t51032\nTotal assets of discontinued operations\t59759\nShort-term borrowings and finance lease obligations\t16\nAccounts payable\t2075\nIncome taxes payable\t47\nAccrued and other current liabilities\t1139\nTotal current liabilities of discontinued operations\t3277\nLong-term Debt\t25\nDeferred income tax liabilities\t3408\nPension and other post employment benefits - noncurrent\t1084\nOther noncurrent obligations\t610\nNon-current liabilities of discontinued operations\t5127\nTotal liabilities of discontinued operations\t8404\n", "q10k_tbl_14": "Contract Balances\tMarch 31 2020\tDecember 31 2019\tMarch 31 2019\n(In millions)\nAccounts and notes receivable - trade1\t5779\t4396\t5060\nContract assets - current2\t20\t20\t18\nContract assets - noncurrent3\t49\t49\t46\nDeferred revenue - current4\t1996\t2584\t2057\nDeferred revenue - noncurrent5\t104\t108\t103\n", "q10k_tbl_15": "\tThree Months Ended March 31\t\n(In millions)\t2020\t2019\nCorn\t1864\t1468\nSoybean\t181\t131\nOther oilseeds\t248\t225\nOther\t162\t143\nSeed\t2455\t1967\nHerbicides\t823\t771\nInsecticides\t378\t377\nFungicides\t229\t220\nOther\t71\t61\nCrop Protection\t1501\t1429\nTotal\t3956\t3396\n", "q10k_tbl_16": "Seed\tThree Months Ended March 31\t\n(In millions)\t2020\t2019\nNorth America1\t1290\t913\nEMEA2\t881\t804\nLatin America\t216\t178\nAsia Pacific\t68\t72\nTotal\t2455\t1967\n", "q10k_tbl_17": "Crop Protection\tThree Months Ended March 31\t\n(In millions)\t2020\t2019\nNorth America1\t475\t479\nEMEA2\t586\t560\nLatin America\t218\t187\nAsia Pacific\t222\t203\nTotal\t1501\t1429\n", "q10k_tbl_18": "(In millions)\tSeverance and Related Benefit Costs\tAsset Related Charges\tTotal\nBalance at December 31 2019\t0\t0\t0\nCharges to income from continuing operations for the three months ended March 31 2020\t42\t21\t63\nAsset write-offs\t0\t(15)\t(15)\nBalance at March 31 2020\t42\t6\t48\n", "q10k_tbl_19": "\tThree Months Ended March 31\t\n(In millions)\t2020\t2019\nSeed\t(3)\t24\nCrop Protection\t0\t27\nCorporate expenses\t0\t11\nTotal\t(3)\t62\n", "q10k_tbl_20": "\tThree Months Ended March 31\t\n(In millions)\t2020\t2019\nSeverance and related benefit costs\t0\t14\nContract termination charges\t0\t20\nAsset related (benefits) charges\t(3)\t28\nTotal restructuring and asset related (benefits) charges - net\t(3)\t62\n", "q10k_tbl_21": "(In millions)\tSeverance and Related Benefit Costs\tCosts Associated with Exit and Disposal Activities1\tAsset Related (Benefits) Charges\tTotal\nBalance at December 31 2019\t29\t40\t0\t69\nPayments\t(6)\t0\t2\t(4)\nAsset write-offs\t0\t0\t(2)\t(2)\nBalance at March 31 2020\t23\t40\t0\t63\n", "q10k_tbl_22": "Other Income - Net\tThree Months Ended March 31\t\n(In millions)\t2020\t2019\nInterest income\t18\t16\nEquity in losses of affiliates - net\t(1)\t0\nNet loss on sales of businesses and other assets1\t(46)\t(13)\nNet exchange losses\t(61)\t(27)\nNon-operating pension and other post employment benefit credit2\t91\t51\nMiscellaneous income (expenses) - net\t0\t4\nOther income - net\t1\t31\n", "q10k_tbl_23": "(In millions)\tThree Months Ended March 31\t\n\t2020\t2019\nSubsidiary Monetary Position Losses\t\t\nPre-tax exchange losses\t(226)\t(10)\nLocal tax benefits (expenses)\t23\t(10)\nNet after-tax impact from subsidiary exchange losses\t(203)\t(20)\nHedging Program Gains (Losses)\t\t\nPre-tax exchange gains (losses)\t165\t(17)\nTax (expenses) benefits\t(40)\t4\nNet after-tax impact from hedging program exchange gains (losses)\t125\t(13)\nTotal Exchange Losses\t\t\nPre-tax exchange losses\t(61)\t(27)\nTax expenses\t(17)\t(6)\nNet after-tax exchange losses\t(78)\t(33)\n", "q10k_tbl_24": "(In millions)\tMarch 31 2020\tDecember 31 2019\tMarch 31 2019\nCash and cash equivalents\t1963\t1764\t1759\nRestricted cash\t377\t409\t438\nTotal cash cash equivalents and restricted cash\t2340\t2173\t2197\nCash and cash equivalents of discontinued operations1\t0\t0\t2074\nRestricted cash of discontinued operations2\t0\t0\t42\nTotal cash cash equivalents and restricted cash\t2340\t2173\t4313\n", "q10k_tbl_25": "Net Income for Earnings Per Share Calculations - Basic and Diluted\tThree Months Ended March 31\t\n(In millions)\t2020\t2019\nIncome (loss) from continuing operations after income taxes\t281\t(184)\nNet income attributable to continuing operations noncontrolling interests\t10\t8\nIncome (loss) from continuing operations available to Corteva common stockholders\t271\t(192)\nIncome from discontinued operations net of tax\t1\t360\nNet income attributable to discontinued operations noncontrolling interests\t0\t4\nIncome from discontinued operations available to Corteva common stockholders\t1\t356\nNet income available to common stockholders\t272\t164\n", "q10k_tbl_26": "Earnings Per Share Calculations - Basic\tThree Months Ended March 31\t\n(Dollars per share)\t2020\t2019\nEarnings (loss) per share of common stock from continuing operations\t0.36\t(0.26)\nEarnings per share of common stock from discontinued operations\t0\t0.48\nEarnings per share of common stock\t0.36\t0.22\n", "q10k_tbl_27": "Earnings Per Share Calculations - Diluted\tThree Months Ended March 31\t\n(Dollars per share)\t2020\t2019\nEarnings (loss) per share of common stock from continuing operations\t0.36\t(0.26)\nEarnings per share of common stock from discontinued operations\t0\t0.48\nEarnings per share of common stock\t0.36\t0.22\n", "q10k_tbl_28": "Share Count Information\tThree Months Ended March 31\t\n(Shares in millions)\t2020\t2019\nWeighted-average common shares - basic1\t749.9\t749.4\nPlus dilutive effect of equity compensation plans2\t2.6\t0\nWeighted-average common shares - diluted\t752.5\t749.4\nPotential shares of common stock excluded from EPS calculations3\t9.1\t0\n", "q10k_tbl_29": "(In millions)\tMarch 31 2020\tDecember 31 2019\tMarch 31 2019\nAccounts receivable - trade1\t5367\t4225\t4683\nNotes receivable - trade2\t412\t171\t377\nOther3\t996\t1132\t1447\nTotal accounts and notes receivable - net\t6775\t5528\t6507\n", "q10k_tbl_30": "(In millions)\t\nBalance at December 31 2019\t174\nAdditions charged to expenses\t60\nWrite-offs charged against allowance\t(1)\nRecoveries collected\t(30)\nBalance at March 31 2020\t203\n", "q10k_tbl_31": "(In millions)\tMarch 31 2020\tDecember 31 2019\tMarch 31 2019\nFinished products\t2721\t2684\t3266\nSemi-finished products\t1260\t1850\t1350\nRaw materials and supplies\t420\t498\t403\nTotal inventories\t4401\t5032\t5019\n", "q10k_tbl_32": "(In millions)\tMarch 31 2020\t\t\tDecember 31 2019\t\t\tMarch 31 2019\t\t\n\tGross\tAccumulated Amortization\tNet\tGross\tAccumulated Amortization\tNet\tGross\tAccumulated Amortization\tNet\nIntangible assets subject to amortization (Definite-lived):\t\t\t\t\t\t\t\t\t\nGermplasm1\t6265\t(126)\t6139\t6265\t(63)\t6202\t\t\t\nCustomer-related\t1956\t(293)\t1663\t1977\t(268)\t1709\t1977\t(182)\t1795\nDeveloped technology\t1463\t(409)\t1054\t1463\t(370)\t1093\t1411\t(202)\t1209\nTrademarks/trade names\t166\t(88)\t78\t166\t(86)\t80\t172\t(86)\t86\nFavorable supply contracts\t475\t(231)\t244\t475\t(207)\t268\t475\t(135)\t340\nOther2\t400\t(218)\t182\t404\t(213)\t191\t530\t(289)\t241\nTotal other intangible assets with finite lives\t10725\t(1365)\t9360\t10750\t(1207)\t9543\t4565\t(894)\t3671\nIntangible assets not subject to amortization (Indefinite-lived):\t\t\t\t\t\t\t\t\t\nIPR&D\t10\t0\t10\t10\t0\t10\t146\t0\t146\nGermplasm1\t\t\t\t\t\t\t6265\t0\t6265\nTrademarks / trade names\t1871\t0\t1871\t1871\t0\t1871\t1871\t0\t1871\nOther\t0\t0\t0\t0\t0\t0\t8\t0\t8\nTotal other intangible assets\t1881\t0\t1881\t1881\t0\t1881\t8290\t0\t8290\nTotal\t12606\t(1365)\t11241\t12631\t(1207)\t11424\t12855\t(894)\t11961\n", "q10k_tbl_33": "Short-term borrowings and finance lease obligations\t\t\t\n(In millions)\tMarch 31 2020\tDecember 31 2019\tMarch 31 2019\nCommercial paper\t1918\t0\t2587\nRepurchase facility\t30\t0\t19\nOther loans - various currencies\t45\t2\t80\nLong-term debt payable within one year\t1\t1\t479\nFinance lease obligations payable within one year\t2\t4\t36\nTotal short-term borrowings and finance lease obligations\t1996\t7\t3201\n", "q10k_tbl_34": "\tAs of March 31 2020\t\t\n(In millions)\tIndemnification Asset\tAccrual balance3\tPotential exposure above amount accrued3\nEnvironmental Remediation Stray Liabilities\t\t\t\nChemours related obligations - subject to indemnity12\t164\t164\t289\nOther discontinued or divested businesses obligations1\t0\t91\t223\nEnvironmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont2\t34\t34\t62\nEnvironmental remediation liabilities not subject to indemnity\t0\t70\t56\nTotal\t198\t359\t630\n", "q10k_tbl_35": "Shares of common stock\tIssued\nBalance January 1 2020\t748577000\nIssued\t1657000\nRepurchased and retired)\t(1865000\nBalance March 31 2020\t748369000\n", "q10k_tbl_36": "Shares in thousands\tNumber of Shares\nAuthorized\t23000\n4.50 Series callable at $120\t1673\n3.50 Series callable at $102\t700\n", "q10k_tbl_37": "(In millions)\tCumulative Translation Adjustment1\tDerivative Instruments\tPension Benefit Plans\tOther Benefit Plans\tTotal\n2019\t\t\t\t\t\nBalance January 1 2019\t(2793)\t(26)\t(620)\t79\t(3360)\nOther comprehensive loss before reclassifications\t(72)\t(4)\t(4)\t0\t(80)\nAmounts reclassified from accumulated other comprehensive loss\t0\t5\t1\t0\t6\nNet other comprehensive (loss) income\t(72)\t1\t(3)\t0\t(74)\nBalance March 31 2019\t(2865)\t(25)\t(623)\t79\t(3434)\n2020\t\t\t\t\t\nBalance January 1 2020\t(1944)\t2\t(1247)\t(81)\t(3270)\nOther comprehensive (loss) income before reclassifications\t(672)\t1\t(2)\t3\t(670)\nAmounts reclassified from accumulated other comprehensive loss\t0\t5\t2\t0\t7\nNet other comprehensive (loss) income\t(672)\t6\t0\t3\t(663)\nBalance March 31 2020\t(2616)\t8\t(1247)\t(78)\t(3933)\n", "q10k_tbl_38": "(In millions)\tThree Months Ended March 31\t\n\t2020\t2019\nDerivative Instruments1:\t7\t4\nTax (benefit) expense2\t(2)\t1\nAfter-tax\t5\t5\nAmortization of pension benefit plans:\t\t\nActuarial losses3\t1\t1\nSettlement loss3\t2\t0\nTotal before tax\t3\t1\nTax benefit2\t(1)\t0\nAfter-tax\t2\t1\nTotal reclassifications for the period after-tax\t7\t6\n", "q10k_tbl_39": "\tThree Months Ended March 31\t\n(In millions)\t2020\t2019\nDefined Benefit Pension Plans:\t\t\nService cost\t5\t20\nInterest cost\t141\t208\nExpected return on plan assets\t(251)\t(304)\nAmortization of unrecognized loss\t1\t1\nSettlement loss\t2\t0\nNet periodic benefit credit - Total\t(102)\t(75)\nLess: Discontinued operations1\t0\t(8)\nNet periodic benefit credit - Continuing operations\t(102)\t(67)\nOther Post Employment Benefits:\t\t\nService cost\t1\t2\nInterest cost\t16\t23\nNet periodic benefit cost - Continuing operations\t17\t25\n", "q10k_tbl_40": "Notional Amounts (In millions)\tMarch 31 2020\tDecember 31 2019\tMarch 31 2019\nDerivatives designated as hedging instruments:\t\t\t\nForeign currency contracts\t751\t0\t0\nCommodity contracts\t418\t570\t351\nDerivatives not designated as hedging instruments:\t\t\t\nForeign currency contracts\t644\t582\t1442\nCommodity contracts\t59\t0\t125\n", "q10k_tbl_41": "\tThree Months Ended March 31\t\n(In millions)\t2020\t2019\nBeginning balance\t2\t(26)\nAdditions and revaluations of derivatives designated as cash flow hedges\t(22)\t(4)\nClearance of hedge results to earnings\t5\t5\nEnding balance\t(15)\t(25)\n", "q10k_tbl_42": "\tMarch 31 2020\t\t\n(In millions)\tBalance Sheet Location Gross\tCounterparty and Cash Collateral Netting1\tNet Amounts Included in the Condensed Consolidated Balance Sheet\nAsset derivatives:\t\t\t\nDerivatives designated as hedging instruments:\t\t\t\nForeign currency contracts\tOther current assets $36\t0\t36\nDerivatives not designated as hedging instruments:\t\t\t\nForeign currency contracts\tOther current assets 230\t(110)\t120\nTotal asset derivatives\t266\t(110)\t156\nLiability derivatives:\t\t\t\nDerivatives not designated as hedging instruments:\t\t\t\nForeign currency contracts\tAccrued and other current liabilities $108\t(103)\t5\nTotal liability derivatives\t108\t(103)\t5\n", "q10k_tbl_43": "\tDecember 31 2019\t\t\n(In millions)\tBalance Sheet Location Gross\tCounterparty and Cash Collateral Netting1\tNet Amounts Included in the Condensed Consolidated Balance Sheet\nAsset derivatives:\t\t\t\nDerivatives not designated as hedging instruments:\t\t\t\nForeign currency contracts\tOther current assets $25\t(18)\t7\nTotal asset derivatives\t25\t(18)\t7\nLiability derivatives:\t\t\t\nDerivatives not designated as hedging instruments:\t\t\t\nForeign currency contracts\tAccrued and other current liabilities $43\t(16)\t27\nTotal liability derivatives\t43\t(16)\t27\n", "q10k_tbl_44": "\tMarch 31 2019\t\t\n(In millions)\tBalance Sheet Location Gross\tCounterparty and Cash Collateral Netting1\tNet Amounts Included in the Condensed Consolidated Balance Sheet\nAsset derivatives:\t\t\t\nDerivatives not designated as hedging instruments:\t\t\t\nForeign currency contracts\tOther current assets $45\t(11)\t34\nTotal asset derivatives\t45\t(11)\t34\nLiability derivatives:\t\t\t\nDerivatives not designated as hedging instruments:\t\t\t\nForeign currency contracts\tAccrued and other current liabilities $10\t(10)\t0\nTotal liability derivatives\t10\t(10)\t0\n", "q10k_tbl_45": "\tAmount of (Loss) Gain Recognized in OCI1 - Pre-Tax\t\n\tThree Months Ended March 31\t\n(In millions)\t2020\t2019\nDerivatives designated as hedging instruments:\t\t\nNet Investment Hedges:\t\t\nForeign currency contracts\t9\t0\nCash flow hedges:\t\t\nForeign currency contracts\t19\t0\nCommodity contracts\t(34)\t1\nTotal derivatives designated as hedging instruments\t(6)\t1\nTotal derivatives\t(6)\t1\n", "q10k_tbl_46": "\tAmount of Gain (Loss) Recognized in Income - Pre-Tax1\t\n(In millions)\tThree Months Ended March 31\t\n\t2020\t2019\nDerivatives designated as hedging instruments:\t\t\nCash flow hedges:\t\t\nCommodity contracts2\t(7)\t(4)\nTotal derivatives designated as hedging instruments\t(7)\t(4)\nDerivatives not designated as hedging instruments:\t\t\nForeign currency contracts3\t165\t(17)\nCommodity contracts2\t9\t6\nTotal derivatives not designated as hedging instruments\t174\t(11)\nTotal derivatives\t167\t(15)\n", "q10k_tbl_47": "March 31 2020\tSignificant Other Observable Inputs (Level 2)\n(In millions)\nAssets at fair value:\t\nCash equivalents and restricted cash equivalents1\t1536\nMarketable securities\t10\nDerivatives relating to:2\t\nForeign currency\t266\nTotal assets at fair value\t1812\nLiabilities at fair value:\t\nDerivatives relating to:2\t\nForeign currency\t108\nTotal liabilities at fair value\t108\n", "q10k_tbl_48": "December 31 2019\tSignificant Other Observable Inputs (Level 2)\n(In millions)\nAssets at fair value:\t\nCash equivalents and restricted cash equivalents1\t1293\nMarketable securities\t5\nDerivatives relating to:2\t\nForeign currency\t25\nTotal assets at fair value\t1323\nLiabilities at fair value:\t\nDerivatives relating to:2\t\nForeign currency\t43\nTotal liabilities at fair value\t43\n", "q10k_tbl_49": "March 31 2019\tSignificant Other Observable Inputs (Level 2)\n(In millions)\nAssets at fair value:\t\nCash equivalents and restricted cash equivalents1\t1055\nMarketable securities\t5\nDerivatives relating to:2\t\nForeign currency\t45\nTotal assets at fair value\t1105\nLiabilities at fair value:\t\nDerivatives relating to:2\t\nForeign currency\t10\nTotal liabilities at fair value\t10\n", "q10k_tbl_50": "As of and for the Three Months Ended March 31 (In millions)\tSeed\tCrop Protection\tTotal\n2020\t\t\t\nNet sales\t2455\t1501\t3956\nSegment operating EBITDA\t581\t238\t819\nSegment assets12\t25857\t13251\t39108\n2019\t\t\t\nNet sales\t1967\t1429\t3396\nPro forma segment operating EBITDA\t325\t220\t545\nSegment assets1\t30259\t9782\t40041\n", "q10k_tbl_51": "Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions)\tThree Months Ended March 31\t\n2020\t\t2019 1\nIncome (loss) from continuing operations after income taxes\t281\t(184)\nProvision for (benefit from) income taxes on continuing operations\t127\t(67)\nIncome (loss) from continuing operations before income taxes\t408\t(251)\nDepreciation and amortization\t283\t258\nInterest income\t(18)\t(16)\nInterest expense\t10\t59\nExchange losses - net\t61\t27\nNon-operating benefits - net\t(73)\t(42)\nSignificant items\t123\t185\nPro forma adjustments\t\t298\nCorporate expenses\t25\t27\nSegment operating EBITDA\t819\t545\n", "q10k_tbl_52": "Segment assets to total assets (in millions)\tMarch 31 2020\tDecember 31 2019\tMarch 31 2019\nTotal segment assets\t39108\t38879\t40041\nCorporate assets\t3870\t3518\t3991\nAssets related to discontinued operations1\t0\t0\t66070\nTotal assets\t42978\t42397\t110102\n", "q10k_tbl_53": "(In millions)\tSeed\tCrop Protection\tCorporate\tTotal\nFor the Three Months Ended March 31 2020\t\t\t\t\nRestructuring and Asset Related Charges - Net 1\t(10)\t(18)\t(42)\t(70)\nLoss on Divestiture2\t0\t(53)\t0\t(53)\nTotal\t(10)\t(71)\t(42)\t(123)\n", "q10k_tbl_54": "(In millions)\tSeed\tCrop Protection\tCorporate\tTotal\nFor the Three Months Ended March 31 2019\t\t\t\t\nRestructuring and Asset Related Charges - Net 1\t(27)\t(23)\t(11)\t(61)\nIntegration Costs 3\t0\t0\t(100)\t(100)\nLoss on Divestiture 4\t(24)\t0\t0\t(24)\nTotal\t(51)\t(23)\t(111)\t(185)\n", "q10k_tbl_55": "In millions except per share amounts\tThree Months Ended March 31\t\n\t2020\t2019\nNet sales\t3956\t3396\nCost of goods sold\t2269\t2211\nPercent of net sales\t57%\t65%\nResearch and development expense\t280\t299\nPercent of net sales\t7%\t9%\nSelling general and administrative expenses\t757\t735\nPercent of net sales\t19%\t22%\nEffective tax rate on continuing operations\t31.1%\t26.7%\nIncome (loss) from continuing operations after income taxes\t281\t(184)\nIncome (loss) from continuing operations available to Corteva common stockholders\t271\t(192)\nBasic earnings (loss) per share of common stock from continuing operations\t0.36\t(0.26)\nDiluted earnings (loss) per share of common stock from continuing operations\t0.36\t(0.26)\n", "q10k_tbl_56": "\tThree Months Ended March 31\t\t\t\n\t2020\t\t2019\t\n\tNet Sales ($ Millions)\t%\tNet Sales ($ Millions)\t%\nWorldwide\t3956\t100%\t3396\t100%\nNorth America\t1765\t45%\t1392\t41%\nEMEA\t1467\t37%\t1364\t40%\nLatin America\t434\t11%\t365\t11%\nAsia Pacific\t290\t7%\t275\t8%\n", "q10k_tbl_57": "\tQ1 2020 vs. Q1 2019\t\tPercent Change Due To:\t\t\t\n\tNet Sales Change\t\tLocal Price &\t\t\tPortfolio /\n In millions\t$\t%\tProduct Mix\tVolume\tCurrency\tOther\nNorth America\t373\t27%\t2%\t26%\t-%\t(1)%\nEMEA\t103\t8%\t2%\t9%\t(3)%\t-%\nLatin America\t69\t19%\t11%\t19%\t(11)%\t-%\nAsia Pacific\t15\t5%\t2%\t8%\t(3)%\t(2)%\nTotal\t560\t16%\t3%\t17%\t(3)%\t(1)%\n", "q10k_tbl_58": "Unaudited Pro Forma Statement of Operations\tThree Months Ended March 31 2019\t\t\t\t\n(In millions except per share amounts)\tCorteva\tMerger 1\tDebt Retirement 2\tSeparations Related 3\tPro Forma\nNet sales\t3396\t0\t0\t0\t3396\nCost of goods sold\t2211\t(205)\t0\t16\t2022\nResearch and development expense\t299\t0\t0\t0\t299\nSelling general and administrative expenses\t735\t0\t0\t3\t738\nAmortization of intangibles\t101\t0\t0\t0\t101\nRestructuring and asset related charges - net\t61\t0\t0\t0\t61\nIntegration and separation costs\t212\t0\t0\t(112)\t100\nOther income - net\t31\t0\t0\t0\t31\nInterest expense\t59\t0\t(45)\t0\t14\n(Loss) income from continuing operations before income taxes\t(251)\t205\t45\t93\t92\nBenefit from income taxes on continuing operations\t(67)\t36\t10\t1\t(20)\n(Loss) income from continuing operations after income taxes\t(184)\t169\t35\t92\t112\nNet income from continuing operations attributable to noncontrolling interests\t8\t0\t0\t0\t8\nNet (loss) income from continuing operations attributable to Corteva\t(192)\t169\t35\t92\t104\nPer share common data\t\t\t\t\t\nEarnings per share of common stock from continuing operations - basic\t\t\t\t\t0.14\nEarnings per share of common stock from continuing operations - diluted\t\t\t\t\t0.14\nWeighted-average common shares outstanding - basic\t\t\t\t\t749.4\nWeighted-average common shares outstanding - diluted\t\t\t\t\t749.4\n", "q10k_tbl_59": "Seed\tThree Months Ended March 31\t\nIn millions\t2020\t2019\nNet sales\t2455\t1967\nSegment operating EBITDA 1\t581\t325\n", "q10k_tbl_60": "Seed\tQ1 2020 vs. Q1 2019\t\tPercent Change Due To:\t\t\t\n\tNet Sales Change\t\tLocal Price &\t\t\tPortfolio /\n In millions\t$\t%\tProduct Mix\tVolume\tCurrency\tOther\nNorth America\t377\t41%\t4%\t37%\t-%\t-%\nEMEA\t77\t10%\t3%\t10%\t(3)%\t-%\nLatin America\t38\t21%\t16%\t14%\t(9)%\t-%\nAsia Pacific\t(4)\t(6)%\t5%\t(7)%\t(4)%\t-%\nTotal\t488\t25%\t5%\t22%\t(2)%\t-%\n", "q10k_tbl_61": "Crop Protection\tThree Months Ended March 31\t\nIn millions\t2020\t2019\nNet sales\t1501\t1429\nSegment Operating EBITDA 1\t238\t220\n", "q10k_tbl_62": "Crop Protection\tQ1 2020 vs. Q1 2019\t\tPercent Change Due To:\t\t\t\n\tNet Sales Change\t\tLocal Price &\t\t\tPortfolio /\n In millions\t$\t%\tProduct Mix\tVolume\tCurrency\tOther\nNorth America\t(4)\t(1)%\t(4)%\t5%\t-%\t(2)%\nEMEA\t26\t5%\t-%\t9%\t(4)%\t-%\nLatin America\t31\t17%\t6%\t24%\t(13)%\t-%\nAsia Pacific\t19\t9%\t1%\t13%\t(2)%\t(3)%\nTotal\t72\t5%\t-%\t10%\t(4)%\t(1)%\n", "q10k_tbl_63": "\tThree Months Ended March 31\t\n\t2020\t2019\n(In millions)\tAs Reported\tPro Forma\nIncome from continuing operations after income taxes\t281\t112\nProvision for (benefit from) income taxes on continuing operations\t127\t(20)\nIncome from continuing operations before income taxes\t408\t92\nDepreciation and amortization\t283\t258\nInterest income\t(18)\t(16)\nInterest expense\t10\t14\nExchange losses - net\t61\t27\nNon-operating benefits - net\t(73)\t(42)\nSignificant items charge\t123\t185\nOperating EBITDA (Non-GAAP)\t794\t518\n", "q10k_tbl_64": "\tThree Months Ended March 31\t\n\t2020\t2019\n(In millions)\tAs Reported\tPro Forma\nIntegration costs\t0\t(100)\nRestructuring and asset related charges - net\t(70)\t(61)\nLoss on divestitures\t(53)\t(24)\nTotal pretax significant items charge\t(123)\t(185)\nTotal tax benefit impact of significant items1\t23\t92\nTax only significant item charge2\t(19)\t0\nTotal significant items charge after tax\t(119)\t(93)\n", "q10k_tbl_65": "\tThree Months Ended March 31\t\n\t2020\t2019\n(In millions)\tAs Reported\tPro Forma\nIncome from continuing operations attributable to Corteva\t271\t104\nLess: Non-operating benefits - net after tax\t57\t31\nLess: Amortization of intangibles (existing as of Separation) after tax\t(114)\t(81)\nLess: Significant items charge after tax\t(119)\t(93)\nOperating Earnings (Non-GAAP)\t447\t247\n", "q10k_tbl_66": "\tThree Months Ended March 31\t\n\t2020\t2019\n\tAs Reported\tPro Forma\nEarnings per share of common stock from continuing operations - diluted\t0.36\t0.14\nLess: Non-operating benefits - net after tax\t0.08\t0.04\nLess: Amortization of intangibles (existing as of Separation) after tax\t(0.15)\t(0.11)\nLess: Significant items charge after tax\t(0.16)\t(0.12)\nOperating Earnings Per Share (Non-GAAP)\t0.59\t0.33\nDiluted Shares Outstanding (in millions)\t752.5\t749.4\n", "q10k_tbl_67": "(Dollars in millions)\tMarch 31 2020\tDecember 31 2019\tMarch 31 2019\nCash cash equivalents and marketable securities\t1973\t1769\t1764\nTotal debt\t2610\t122\t9498\n", "q10k_tbl_68": "Month\tTotal Number of Shares Purchased\tAverage Price Paid per Share\tTotal Number of Shares Purchased as Part of the Company's Publicly Announced Share Buyback Program1\tApproximate Value of Shares that May Yet Be Purchased Under the Programs(1) (Dollars in millions)\nFebruary 2020\t320477\t31.22\t320477\t\nMarch 20202\t1544335\t25.90\t1544335\t\nTotal\t1864812\t\t1864812\t925\n", "q10k_tbl_69": "Exhibit Number\tDescription\n2.1\tSeparation and Distribution Agreement by and among DuPont Inc. Dow Inc. and Corteva Inc. (incorporated by reference to Exhibit No. 2.1 to Amendment 3 to Corteva's Registration Statement on Form 10 filed on April 16 2019).\n3.1\tAmended and Restated Certificate of Incorporation of Corteva Inc. (incorporated by reference to Exhibit No. 3.1 to Corteva's Current Report on Form 8-K (Commission file number 001-38710) filed on June 3 2019.\n3.2\tAmended and Restated Bylaws of Corteva Inc. (incorporated by reference to Exhibit No. 3.1 to Corteva's Current Report on Form 8-K (Commission file number 001-38710) filed on October 10 2019.\n3.3\tAmended and Restated Certificate of Incorporation of E.I. du Pont de Nemours and Company (incorporated by reference to Exhibit 3.1 to E.I. du Pont de Nemours and Company's Current Report on Form 8-K (Commission file number 1-815) dated September 1 2017).\n3.4\tAmended and Restated Bylaws of E.I. du Pont de Nemours and Company (incorporated by reference to Exhibit 3.2 to E.I. du Pont de Nemours and Company's Current Report on Form 8-K (Commission file number 1-815) dated September 1 2017).\n4\tCorteva agrees to provide the Commission on request copies of instruments defining the rights of holders of long-term debt of Corteva and its subsidiaries.\n10.1\tMaster Repurchase Agreement by and among Cooperatieve Rabobank U.A. (New York Branch) MUFG Bank Ltd. (New York Branch) Standard Chartered Bank (New York Branch) and PHI Financial Services Inc. dated as of February 11 2020.\n10.2\tMaster Framework Agreement by and among Cooperatieve Rabobank U.A. (New York Branch) MUFG Bank Ltd. (New York Branch) Standard Chartered Bank (New York Branch) and PHI Financial Services Inc. dated as of February 11 2020.\n10.3\tForm of Award Terms for Options granted under the Corteva Inc. 2019 Omnibus Incentive Plan for U.S. grantees.\n10.4\tForm of Award Terms for Performance Stock Units granted under the Corteva Inc. 2019 Omnibus Incentive Plan for U.S. grantees.\n10.5\tForm of Award Terms for Restricted Stock Units granted under the Corteva Inc. 2019 Omnibus Incentive Plan for U.S. grantees.\n31.1\tRule 13a-14(a)/15d-14(a) Certification of the company's and EID's Principal Executive Officer.\n31.2\tRule 13a-14(a)/15d-14(a) Certification of the company's and EID's Principal Financial Officer.\n32.1\tSection 1350 Certification of the company's and EID's Principal Executive Officer. The information contained in this Exhibit shall not be deemed filed with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the registrant under the Securities Act of 1933 as amended.\n32.2\tSection 1350 Certification of the company's and EID's Principal Financial Officer. The information contained in this Exhibit shall not be deemed filed with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the registrant under the Securities Act of 1933 as amended.\n101.INS\tXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.\n101.SCH\tInline XBRL Taxonomy Extension Schema Document\n101.CAL\tInline XBRL Taxonomy Extension Calculation Linkbase Document\n101.DEF\tInline XBRL Taxonomy Extension Definition Linkbase Document\n101.LAB\tInline XBRL Taxonomy Extension Label Linkbase Document\n101.PRE\tInline XBRL Taxonomy Extension Presentation Linkbase Document\n104\tCover Page Interactive Data File - The Cover Page XBRL tags are embedded within the Inline XBRL document (included in Exhibit 101.INS)\n", "q10k_tbl_70": "\tThree Months Ended March 31\t\n(In millions except per share amounts)\t2020\t2019\nNet sales\t3956\t3396\nCost of goods sold\t2269\t2211\nResearch and development expense\t280\t299\nSelling general and administrative expenses\t757\t735\nAmortization of intangibles\t163\t101\nRestructuring and asset related charges - net\t70\t61\nIntegration and separation costs\t0\t212\nOther income - net\t1\t31\nInterest expense\t42\t59\nIncome (loss) from continuing operations before income taxes\t376\t(251)\nProvision for (benefit from) income taxes on continuing operations\t119\t(67)\nIncome (loss) from continuing operations after income taxes\t257\t(184)\nIncome from discontinued operations after income taxes\t1\t360\nNet income\t258\t176\nNet income attributable to noncontrolling interests\t8\t10\nNet income attributable to E. I. du Pont de Nemours and Company\t250\t166\n", "q10k_tbl_71": "\tThree Months Ended March 31\t\n(In millions)\t2020\t2019\nNet income\t258\t176\nOther comprehensive loss - net of tax:\t\t\nCumulative translation adjustments\t(672)\t(72)\nAdjustments to pension benefit plans\t0\t(3)\nAdjustments to other benefit plans\t3\t0\nDerivative instruments\t6\t1\nTotal other comprehensive loss\t(663)\t(74)\nComprehensive (loss) income\t(405)\t102\nComprehensive income attributable to noncontrolling interests - net of tax\t8\t10\nComprehensive (loss) income attributable to E. I. du Pont de Nemours and Company\t(413)\t92\n", "q10k_tbl_72": "(In millions except share amounts)\tMarch 31 2020\tDecember 31 2019\tMarch 31 2019\nAssets\t\t\t\nCurrent assets\t\t\t\nCash and cash equivalents\t1963\t1764\t1759\nMarketable securities\t10\t5\t5\nAccounts and notes receivable - net\t6775\t5528\t6507\nInventories\t4401\t5032\t5019\nOther current assets\t1530\t1190\t1318\nAssets of discontinued operations - current\t0\t0\t9453\nTotal current assets\t14679\t13519\t24061\nInvestment in nonconsolidated affiliates\t64\t66\t77\nProperty plant and equipment - net of accumulated depreciation (March 31 2020 - $3406; December 31 2019 - $3326; March 31 2019 - $2970)\t4358\t4546\t4521\nGoodwill\t10027\t10229\t10203\nOther intangible assets\t11241\t11424\t11961\nDeferred income taxes\t273\t287\t294\nOther assets\t2336\t2326\t2368\nAssets of discontinued operations - non-current\t0\t0\t56617\nTotal Assets\t42978\t42397\t110102\nLiabilities and Equity\t\t\t\nCurrent liabilities\t\t\t\nShort-term borrowings and finance lease obligations\t1996\t7\t3201\nAccounts payable\t3021\t3702\t3120\nIncome taxes payable\t143\t95\t195\nAccrued and other current liabilities\t4079\t4440\t4061\nLiabilities of discontinued operations - current\t0\t0\t3501\nTotal current liabilities\t9239\t8244\t14078\nLong-Term Debt\t614\t115\t6297\nLong-Term Debt - Related Party\t3872\t4021\t0\nOther Noncurrent Liabilities\t\t\t\nDeferred income tax liabilities\t911\t920\t1523\nPension and other post employment benefits - noncurrent\t6186\t6377\t5554\nOther noncurrent obligations\t1989\t2192\t2064\nLiabilities of discontinued operations - non-current\t0\t0\t5512\nTotal noncurrent liabilities\t13572\t13625\t20950\nCommitments and contingent liabilities\t\t\t\nStockholders' equity\t\t\t\nPreferred stock without par value - cumulative; 23000000 shares authorized; issued at March 31 2020 December 31 2019 and March 31 2019:\t\t\t\n4.50 Series - 1673000 shares (callable at $120)\t169\t169\t0\n3.50 Series - 700000 shares (callable at $102)\t70\t70\t0\nCommon stock $0.30 par value; 1800000000 shares authorized; issued at March 31 2020 - 200 December 31 2019 - 200 and March 31 2019 - 100\t0\t0\t0\nAdditional paid-in capital\t24004\t23958\t0\nDivisional equity\t0\t0\t78244\nAccumulated deficit\t(158)\t(406)\t0\nAccumulated other comprehensive loss\t(3933)\t(3270)\t(3434)\nTotal E. I. du Pont de Nemours and Company stockholders' equity\t20152\t20521\t74810\nNoncontrolling interests\t15\t7\t264\nTotal equity\t20167\t20528\t75074\nTotal Liabilities and Equity\t42978\t42397\t110102\n", "q10k_tbl_73": "\tThree Months Ended March 31\t\n(In millions)\t2020\t2019\nOperating activities\t\t\nNet income\t258\t176\nAdjustments to reconcile net income to cash used for operating activities:\t\t\nDepreciation and amortization\t283\t726\nProvision for (benefit from) deferred income tax\t26\t(220)\nNet periodic pension benefit\t(102)\t(75)\nPension contributions\t(28)\t(50)\nNet loss (gain) on sales of property businesses consolidated companies and investments\t46\t(65)\nRestructuring and asset related charges - net\t70\t106\nAmortization of inventory step-up\t0\t205\nOther net loss\t138\t92\nChanges in operating assets and liabilities - net\t(2613)\t(2436)\nCash used for operating activities\t(1922)\t(1541)\nInvesting activities\t\t\nCapital expenditures\t(128)\t(663)\nProceeds from sales of property businesses and consolidated companies - net of cash divested\t11\t125\nProceeds from sales of ownership interests in nonconsolidated affiliates\t0\t21\nPurchases of investments\t(67)\t(16)\nProceeds from sales and maturities of investments\t58\t36\nOther investing activities - net\t(4)\t(5)\nCash used for investing activities\t(130)\t(502)\nFinancing activities\t\t\nNet change in borrowings (less than 90 days)\t1619\t814\nPayments on related party debt\t(148)\t0\nProceeds from debt\t875\t1000\nPayments on debt\t(1)\t(284)\nProceeds from exercise of stock options\t14\t35\nDistributions to DowDuPont\t0\t(317)\nContributions from Dow\t0\t88\nOther financing activities\t(23)\t(24)\nCash provided by financing activities\t2336\t1312\nEffect of exchange rate changes on cash cash equivalents and restricted cash\t(117)\t20\nIncrease (decrease) in cash cash equivalents and restricted cash\t167\t(711)\nCash cash equivalents and restricted cash at beginning of period\t2173\t5024\nCash cash equivalents and restricted cash at end of period\t2340\t4313\n", "q10k_tbl_74": "(In millions)\tPreferred Stock\tCommon Stock\tAdd. Paid-in Capital\tDivisional Equity\tRetained Earnings (Accumulated deficit)\tAccum. Other Comp Loss\tTreasury Stock\tNon-controlling Interests\tTotal Equity\n2019\t\t\t\t\t\t\t\t\t\nBalance at January 1 2019\t0\t0\t0\t78259\t0\t(3360)\t0\t254\t75153\nNet income\t\t\t\t166\t\t\t\t10\t176\nOther comprehensive loss\t\t\t\t\t\t(74)\t\t\t(74)\nPreferred dividends ($4.50 Series - $1.125 per share $3.50 Series - $0.875 per share)\t\t\t\t(2)\t\t\t\t\t(2)\nDistributions to DowDuPont\t\t\t\t(317)\t\t\t\t\t(317)\nShare-based compensation\t\t\t\t18\t\t\t\t\t18\nIssuance of DowDuPont stock\t\t\t\t35\t\t\t\t\t35\nContributions from Dow\t\t\t\t88\t\t\t\t\t88\nOther - net\t\t\t\t(3)\t\t\t\t\t(3)\nBalance at March 31 2019\t0\t0\t0\t78244\t0\t(3434)\t0\t264\t75074\n", "q10k_tbl_75": "(In millions)\tPreferred Stock\tCommon Stock\tAdd. Paid-in Capital\tDivisional Equity (Accumulated deficit) Retained Earnings\tAccum. Other Comp Loss\tTreasury Stock\tNon-controlling Interests\tTotal Equity\n2020\t\t\t\t\t\t\t\t\nBalance at January 1 2020\t239\t0\t23958\t(406)\t(3270)\t0\t7\t20528\nNet income\t\t\t\t250\t\t\t8\t258\nOther comprehensive loss\t\t\t\t\t(663)\t\t\t(663)\nPreferred dividends ($4.50 Series - $1.125 per share $3.50 Series - $0.875 per share)\t\t\t(2)\t\t\t\t\t(2)\nIssuance of Corteva stock\t\t\t14\t\t\t\t\t14\nShare-based compensation\t\t\t2\t\t\t\t\t2\nOther - net\t\t\t32\t(2)\t\t\t\t30\nBalance at March 31 2020\t239\t0\t24004\t(158)\t(3933)\t0\t15\t20167\n", "q10k_tbl_76": "Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions)\tThree Months Ended March 31\t\n2020\t\t2019 1\nIncome (loss) from continuing operations after income taxes\t257\t(184)\nProvision for (benefit from) income taxes on continuing operations\t119\t(67)\nIncome (loss) from continuing operations before income taxes\t376\t(251)\nDepreciation and amortization\t283\t258\nInterest income\t(18)\t(16)\nInterest expense\t42\t59\nExchange losses - net\t61\t27\nNon-operating benefits - net\t(73)\t(42)\nSignificant items\t123\t185\nPro forma adjustments\t\t298\nCorporate expenses\t25\t27\nSegment operating EBITDA\t819\t545\n"}{"bs": "q10k_tbl_5", "is": "q10k_tbl_3", "cf": "q10k_tbl_5"}None
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-38710
Corteva, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
82-4979096
(State or other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
974 Centre Road,
Wilmington,
Delaware
19805
(302)
485-3000
(Address of Principal Executive Offices) (Zip Code)
(Registrant’s Telephone Number, including area code)
Commission File Number 1-815
E. I. du Pont de Nemours and Company
(Exact Name of Registrant as Specified in Its Charter)
Delaware
51-0014090
(State or other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
974 Centre Road,
Wilmington,
Delaware
19805
(302)
485-3000
(Address of Principal Executive Offices) (Zip Code)
(Registrant’s Telephone Number, including area code)
Securities registered pursuant to Section 12(b) of the Act for Corteva, Inc.:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
CTVA
New York Stock Exchange
Securities registered pursuant to Section 12(b) of the Act for E. I. du Pont de Nemours and Company:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
$3.50 Series Preferred Stock
CTAPrA
New York Stock Exchange
$4.50 Series Preferred Stock
CTAPrB
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)
Corteva, Inc. Yesx No o
E. I. du Pont de Nemours and Company Yesx No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Corteva, Inc.
Large Accelerated Filer
x
Accelerated Filer o
Non-Accelerated Filer
o
Smaller reporting company o
Emerging growth company o
E. I. du Pont de Nemours and Company
Large Accelerated Filer
o
Accelerated Filer o
Non-Accelerated Filer
x
Smaller reporting company o
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Corteva, Inc. ☐
E. I. du Pont de Nemours and Company ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Corteva, Inc. Yes ☐ No x
E. I. du Pont de Nemours and Company Yes ☐ No x
Corteva, Inc. had 748,370,000 shares of common stock, par value $0.01 per share, outstanding at April 30, 2020.
E. I. du Pont de Nemours and Company had 200 shares of common stock, par value $0.30 per share, outstanding at April 30, 2020, all of which are held by Corteva, Inc.
E. I. du Pont de Nemours and Company meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q (as modified by a grant of no-action relief dated February 12, 2018) and is therefore filing this form with reduced disclosure format.
On June 1, 2019, Corteva, Inc. became an independent, publicly traded company through the previously announced separation (the “Separation”) of the agriculture business of DowDuPont. The separation was effectuated through a pro rata distribution (the “Corteva Distribution”) of all of the then-issued and outstanding shares of common stock, par value $0.01 per share, of Corteva, Inc., which was then a wholly-owned subsidiary of DowDuPont, to holders of record of DowDuPont common stock as of the close of business on May 24, 2019.
Corteva owns 100% of the outstanding common stock of EID, and EID owns, directly or indirectly, 100% of DAS. EID is a subsidiary of Corteva, Inc. and continues to be a reporting company, subject to the requirements of the Securities Exchange Act of 1934, as amended.
Unless otherwise indicated or the context otherwise requires, references in this Quarterly Report on Form 10-Q to:
• "Corteva" or "the company" refers to Corteva, Inc. and its consolidated subsidiaries (including EID);
• "EID" refers to E. I. du Pont de Nemours and Company and its consolidated subsidiaries or E. I. du Pont de Nemours and Company excluding its consolidated subsidiaries, as the context may indicate;
• "DowDuPont" refers to DowDuPont Inc., and its subsidiaries prior to the Separation of Corteva defined below;
• "Historical Dow" refers to the Dow Chemical Company and its consolidated subsidiaries prior to the Internal Reorganization defined below;
• "Historical DuPont" refers to EID prior to the Internal Reorganization, defined below;
• "Internal Reorganizations" refers to the series of internal reorganization and realignment steps undertaken by EID and Historical Dow to realign its business into three groups: agriculture, materials science and specialty products. These steps include:
1.
the April 1, 2019 transfer of the assets and liabilities aligned with EID’s material science businesses including EID’s ethylene and ethylene copolymers business, excluding its ethylene acrylic elastomers business, (“EID ECP”) to DowDuPont, which were ultimately conveyed by DowDuPont to Dow;
2.
the May 1, 2019 distribution of EID legal entities containing the assets and liabilities of EID’s specialty products business (the “EID Specialty Products Entities”) to DowDuPont;
3.
the May 2, 2019 conveyance of Dow Ag Entities to EID; and
4.
the May 31, 2019 contribution of EID to Corteva, Inc. Refer to the company’s Annual Report on Form 10-K for the year ended December 31, 2019 for further information.
• "Dow Distribution" refers to the separation of DowDuPont's materials science business into a separate and independent public company, effective as of 5:00 pm ET on April 1, 2019, by way of a distribution of Dow Inc. through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock, par value $0.01 per share, to holders of DowDuPont's common stock, as of the close of business on March 21, 2019;
• "Distributions" refers to the Dow Distribution and the Corteva Distribution;
• "Merger” refers to the all-stock merger of equals strategic combination between Historical Dow and EID;
• "Merger Effectiveness Time” refers to August 31, 2017 at 11:59 pm ET;
• "Dow" refers to Dow Inc. after the Dow Distribution;
• "DuPont" refers to DuPont de Nemours, Inc. after the Separation of Corteva; and
• "DAS" refers to the agriculture business of Historical Dow, Dow AgroSciences.
On June 1, 2019, DowDuPont Inc. changed its registered name to DuPont de Nemours, Inc. Beginning on June 3, 2019, Corteva's common stock is traded on the New York Stock Exchange under the ticker symbol "CTVA".
This Quarterly Report on Form 10-Q is a combined report being filed separately by Corteva, Inc. and EID. The information in this Quarterly Report on Form 10-Q is equally applicable to Corteva, Inc. and EID, except where otherwise indicated.
The separate EID financial statements and footnotes for areas that differ from Corteva, are included within this Quarterly Report on Form 10-Q and begin on page 64. Footnotes of EID that are identical to that of Corteva are cross-referenced accordingly.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Three Months Ended March 31,
2020
2019
Operating activities
Net income
$
282
$
176
Adjustments to reconcile net income to cash used for operating activities:
Depreciation and amortization
283
726
Provision for (benefit from) deferred income tax
26
(220
)
Net periodic pension benefit
(102
)
(75
)
Pension contributions
(28
)
(50
)
Net loss (gain) on sales of property, businesses, consolidated companies and investments
46
(65
)
Restructuring and asset related charges - net
70
106
Amortization of inventory step-up
—
205
Other net loss
138
92
Changes in operating assets and liabilities - net
(2,645
)
(2,436
)
Cash used for operating activities
(1,930
)
(1,541
)
Investing activities
Capital expenditures
(128
)
(663
)
Proceeds from sales of property, businesses and consolidated companies - net of cash divested
11
125
Proceeds from sales of ownership interests in nonconsolidated affiliates
—
21
Purchases of investments
(67
)
(16
)
Proceeds from sales and maturities of investments
58
36
Other investing activities - net
(4
)
(5
)
Cash used for investing activities
(130
)
(502
)
Financing activities
Net change in borrowings (less than 90 days)
1,619
814
Proceeds from debt
875
1,000
Payments on debt
(1
)
(284
)
Repurchase of common stock
(50
)
—
Proceeds from exercise of stock options
14
35
Dividends paid to stockholders
(97
)
—
Distributions to DowDuPont
—
(317
)
Contributions from Dow
—
88
Other financing activities
(16
)
(24
)
Cash provided by financing activities
2,344
1,312
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(117
)
20
Increase (decrease) in cash, cash equivalents and restricted cash
167
(711
)
Cash, cash equivalents and restricted cash at beginning of period
2,173
5,024
Cash, cash equivalents and restricted cash at end of period1
$
2,340
$
4,313
1.See page 19 for reconciliation of cash and cash equivalents and restricted cash presented in interim Condensed Consolidated Balance Sheets to total cash, cash equivalents and restricted cash presented in the interim Condensed Consolidated Statements of Cash Flows.
See Notes to the Consolidated Financial Statements beginning on page 8.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Interim Financial Statements
The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. Results for interim periods should not be considered indicative of results for a full year. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in the company’s Annual Report on Form 10-K for the year ended December 31, 2019, collectively referred to as the “2019 Annual Report.” The interim Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained.
Basis of Presentation
Certain reclassifications of prior year's data have been made to conform to current year's presentation. On April 1, 2019, EID completed the transference of the assets and liabilities aligned with EID’s materials science business, including EID’s ethylene and ethylene copolymers business, excluding its ethylene acrylic elastomers business, (“EID ECP”) to separate legal entities (the “Materials Science Entities”) that were ultimately conveyed by DowDuPont to Dow. On May 1, 2019, EID completed the transfer of the assets and liabilities aligned with the EID’s specialty products business to separate legal entities (“EID Specialty Products Entities”), which were then distributed to DowDuPont.
In accordance with GAAP, the financial position and results of operations of EID ECP and the EID Specialty Products Entities are presented as discontinued operations and, as such, have been excluded from continuing operations and segment results for all periods presented. The sum of the individual earnings per share amounts from continuing operations and discontinued operations may not equal the total company earnings per share amounts due to rounding. The cash flows, comprehensive (loss) income, and equity related to EID ECP and the EID Specialty Products Entities have not been segregated and are included in the Condensed Consolidated Statements of Cash Flows, Consolidated Statements of Comprehensive Income (Loss), and Consolidated Statements of Equity, respectively, for all periods presented. Amounts related to EID ECP and the EID Specialty Products Entities are consistently included or excluded from the Notes to the interim Consolidated Financial Statements based on the respective financial statement line item. See Note 3 - Divestitures and Other Transactions, for additional information.
Prior to the Corteva Distribution, these combined financial statements were derived from the consolidated financial statements and accounting records of EID as well as the carve-out financial statements of DAS. The DAS carve-out financial statements reflect the historical results of operations, financial position, and cash flows of Historical Dow's Agricultural Sciences Business and include allocations of certain expenses for services from Historical Dow, including, but not limited to, general corporate expenses related to finance, legal, information technology, human resources, ethics and compliance, shared services, employee benefits and incentives, insurance, and stock-based compensation. These expenses were allocated on the basis of direct usage when identifiable, with the remainder allocated under the basis of headcount or other measures. Beginning in the second quarter 2019, the financial statements are presented on a consolidated basis.
The company's Condensed Consolidated Balance Sheets at March 31, 2020 and December 31, 2019 consist of Corteva, Inc. and its consolidated subsidiaries. The company's Condensed Consolidated Balance Sheet at March 31, 2019 consists of the combined balances of Historical EID and DAS. The Balance Sheets will be referred to as the "Condensed Consolidated Balance Sheets" throughout this document.
The company's Consolidated Statements of Operations (the "Consolidated Statements of Operations") for all periods prior to April 30, 2019 consist of the combined results of operations for Historical EID and DAS. The Consolidated Statements of Operations for all periods after May 1, 2019 represent the consolidated balances of the company. Intercompany balances and transactions with Historical EID and DAS have been eliminated.
During the first quarter 2020, the company recorded an increase of $40 million to Additional Paid-in Capital relating to net assets recorded as transferred as part of the 2019 Internal Reorganizations that were retained.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 2 - RECENT ACCOUNTING GUIDANCE
Recently Adopted Accounting Guidance
In June 2016, the FASB issued ASU 2016-13, Financial Instruments (Topic 326): Credit Losses - Measurement of Credit Losses on Financial Statements, which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The amortized cost basis of financial assets should be reduced by expected credit losses to present the net carrying value in the financial statements at the amount expected to be collected. The measurement of expected credit losses is based on past events, historical experience, current conditions and forecasts that affect the collectability of the financial assets. Additionally, credit losses relating to available-for-sale debt securities should be recorded through an allowance for credit losses.
The company adopted the guidance in the first quarter of 2020. The primary impact of adoption related to the credit losses on accounts and notes receivable, which is applied using a cumulative-effect adjustment in the period of adoption, and prior periods are not restated. The adoption of ASU 2016-13 did not have a material impact on the company’s financial position, results of operations or cash flows. See Note 10 - Accounts and Notes Receivable - Net, to the Consolidated Financial Statements for additional information.
In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606, which provides guidance on whether certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a customer in the context of a unit of account. Accordingly, this amendment added unit of account guidance in Topic 606 when an entity is assessing whether the collaborative arrangement, or a part of the arrangement, is within the scope of Topic 606. In addition, the amendment provides certain guidance on presenting the collaborative arrangement transaction together with Topic 606. ASU 2018-18 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years and early adoption is permitted. This ASU is to be applied retrospectively to the date of initial application of Topic 606. The company adopted this guidance on January 1, 2020 and it did not have a material impact on the company’s financial position, results of operations or cash flows.
In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848), which provides companies with optional financial reporting alternatives to reduce the cost and complexity associated with the accounting for contracts and hedging relationships affected by reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. The adoption of ASU 2020-04 did not have a material impact on the company's financial position, results of operations or cash flows, and will apply to future changes.
Accounting Guidance Issued But Not Adopted as of March 31, 2020
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which was part of the FASB’s Simplification Initiative to identify, evaluate, and improve areas of U.S. GAAP for which cost and complexity can be reduced, while maintaining or improving the usefulness of the information provided to users of financial statements. This ASU amends ASC 740, Income Taxes, by removing certain exceptions to the general principles, and clarifying and amending current guidance. The new standard is effective for fiscal years, and periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted, however all amended guidance must be adopted in the same period and should be reflected as of the beginning of the annual period if initially adopted and applied during an interim period. The company is currently evaluating the impact of adopting this guidance.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 3 - DIVESTITURES AND OTHER TRANSACTIONS
Separation Agreements
In connection with the Distributions, DuPont, Corteva, and Dow (together, the “Parties” and each a “Party”) have entered into certain agreements to effect the Separation, provide for the allocation of DowDuPont’s assets, employees, liabilities and obligations (including its investments, property and employee benefits and tax-related assets and liabilities) among the Parties, and provide a framework for Corteva's relationship with Dow and DuPont following the separations and Distributions (collectively, the "Separation Agreements"). For further details on the Separation Agreements, refer to the 2019 Annual Report.
DuPont
Pursuant to the Separation Agreements, DuPont and Corteva indemnifies the other against certain litigation, environmental, tax, workers' compensation and other liabilities that arose prior to the Corteva Distribution. The term of this indemnification is generally indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. In connection with the recognition of liabilities related to these matters, the company records an indemnification asset when recovery is deemed probable. At March 31, 2020, the indemnification assets are $25 million within accounts and notes receivable - net and $54 million within other assets in the interim Condensed Consolidated Balance Sheet. At March 31, 2020, the indemnification liabilities are $8 million within accrued and other current liabilities and $69 million within other noncurrent obligations in the interim Condensed Consolidated Balance Sheet.
Dow
Pursuant to the Separation Agreements, Dow and Corteva indemnifies the other against certain litigation, environmental, tax and other liabilities that arose prior to the Corteva Distribution. The term of this indemnification is generally indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. In connection with the recognition of liabilities related to these matters, the company records an indemnification asset when recovery is deemed probable. At March 31, 2020, the indemnification assets are $30 million within accounts and notes receivable - net in the interim Condensed Consolidated Balance Sheet. At March 31, 2020, the indemnification liabilities are $158 million within accrued and other current liabilities and $13 million within other noncurrent obligations in the interim Condensed Consolidated Balance Sheet.
EID ECP Divestiture
As discussed in Note 1 - Summary of Significant Accounting Policies, on April 1, 2019, EID completed the transfer of the entities and related assets and liabilities of EID ECP to Dow.
As a result, the financial results of EID ECP are reflected as discontinued operations, as summarized below:
(In millions)
Three Months Ended March 31, 2019
Net sales
$
362
Cost of goods sold
259
Research and development expense
4
Selling, general and administrative expenses
9
Amortization of intangibles
23
Restructuring and asset related charges - net
2
Integration and separation costs
44
Other income - net
2
Income from discontinued operations before income taxes
23
Provision for income taxes on discontinued operations
4
Income from discontinued operations after income taxes
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following table presents the depreciation, amortization of intangibles, and capital expenditures of the discontinued operations related to EID ECP:
(In millions)
Three Months Ended March 31, 2019
Depreciation
$
28
Amortization of intangibles
$
23
Capital expenditures
$
16
The carrying amount of major classes of assets and liabilities classified as assets and liabilities of discontinued operations at March 31, 2019 related to EID ECP consist of the following: