Company Quick10K Filing
Corteva
Price-0.00 EPS-1
Shares750 P/E0
MCap-0 P/FCF0
Net Debt-2,284 EBIT-873
TEV-2,284 TEV/EBIT3
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-07
10-Q 2019-03-31 Filed 2019-05-31
8-K 2020-05-13
8-K 2020-05-06
8-K 2020-04-28
8-K 2020-02-21
8-K 2020-02-21
8-K 2020-02-17
8-K 2020-01-30
8-K 2019-10-31
8-K 2019-10-10
8-K 2019-08-15
8-K 2019-08-01
8-K 2019-08-01
8-K 2019-06-25
8-K 2019-06-01
8-K 2019-05-31
8-K 2019-05-31
8-K 2019-05-09

CTVA 10Q Quarterly Report

Part I. Financial Information
Item 1. Consolidated Financial Statements
Note 1 - Summary of Significant Accounting Policies
Note 2 - Recent Accounting Guidance
Note 3 - Divestitures and Other Transactions
Note 4 - Revenue
Note 5 - Restructuring and Asset Related Charges - Net
Note 6 - Related Parties
Note 7 - Supplementary Information
Note 8 - Income Taxes
Note 9 - Earnings per Share of Common Stock
Note 10 - Accounts and Notes Receivable - Net
Note 11 - Inventories
Note 12 - Other Intangible Assets
Note 13 - Short - Term Borrowings, Long - Term Debt and Available Credit Facilities
Note 14 - Commitments and Contingent Liabilities
Note 15 - Stockholders' Equity
Note 16 - Pension Plans and Other Post Employment Benefits
Note 17 - Financial Instruments
Note 18 - Fair Value Measurements
Note 19 - Segment Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
Note 1 - Basis of Presentation
Note 2 - Related Party Transactions
Note 3 - Segment Information
EX-10.1 corteva-3312020xex101.htm
EX-10.2 corteva-3312020xex102.htm
EX-10.3 corteva-3312020xex103.htm
EX-10.4 corteva-3312020xex104.htm
EX-10.5 corteva-3312020xex105.htm
EX-31.1 corteva-3312020xex311.htm
EX-31.2 corteva-3312020xex312.htm
EX-32.1 corteva-3312020xex321.htm
EX-32.2 corteva-3312020xex322.htm

Corteva Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
1058463422102018201820192020
Assets, Equity
10.07.95.83.61.5-0.62018201820192020
Rev, G Profit, Net Income
1.50.80.1-0.6-1.3-2.02018201820192020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
FORM 10-Q
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.  
Corteva, Inc.                                          Yes  x   No  o
E. I. du Pont de Nemours and Company                          Yes  x   No  o
 



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.                                       Yes  x   No  o
E. I. du Pont de Nemours and Company                           Yes  x   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.



CORTEVA, INC.
E. I. DU PONT DE NEMOURS AND COMPANY

Table of Contents
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


1


Explanatory Note

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.

2


PART I.  FINANCIAL INFORMATION 

Item 1.
CONSOLIDATED FINANCIAL STATEMENTS

Corteva, Inc.
Consolidated Statements of Operations (Unaudited)
(In millions, except per share amounts)
Three Months Ended
March 31,
 
2020
2019
Net sales
$
3,956

$
3,396

Cost of goods sold
2,269

2,211

Research and development expense
280

299

Selling, general and administrative expenses
757

735

Amortization of intangibles
163

101

Restructuring and asset related charges - net
70

61

Integration and separation costs

212

Other income - net
1

31

Interest expense
10

59

Income (loss) from continuing operations before income taxes
408

(251
)
Provision for (benefit from) income taxes on continuing operations
127

(67
)
Income (loss) from continuing operations after income taxes
281

(184
)
Income from discontinued operations after income taxes
1

360

Net income
282

176

Net income attributable to noncontrolling interests
10

12

Net income attributable to Corteva
$
272

$
164

Basic earnings per share of common stock:
 
 
Basic earnings (loss) per share of common stock from continuing operations
$
0.36

$
(0.26
)
Basic earnings per share of common stock from discontinued operations

0.48

Basic earnings per share of common stock
$
0.36

$
0.22

Diluted earnings per share of common stock:
 
 
Diluted earnings (loss) per share of common stock from continuing operations
$
0.36

$
(0.26
)
Diluted earnings per share of common stock from discontinued operations

0.48

Diluted earnings per share of common stock
$
0.36

$
0.22



See Notes to the Consolidated Financial Statements beginning on page 8.

3


Corteva, Inc.
Consolidated Statements of Comprehensive (Loss) Income (Unaudited)
(In millions)
Three Months Ended
March 31,
 
2020
2019
Net income
$
282

$
176

Other comprehensive loss - net of tax:
 
 
Cumulative translation adjustments
(672
)
(72
)
Adjustments to pension benefit plans

(3
)
Adjustments to other benefit plans
3


Derivative instruments
6

1

Total other comprehensive loss
(663
)
(74
)
Comprehensive (loss) income
(381
)
102

Comprehensive income attributable to noncontrolling interests - net of tax
10

12

Comprehensive (loss) income attributable to Corteva
$
(391
)
$
90


See Notes to the Consolidated Financial Statements beginning on page 8.


4


Corteva, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(In millions, except share amounts)
March 31, 2020
December 31, 2019
March 31, 2019
Assets
 

 

 
Current assets
 

 

 
Cash and cash equivalents
$
1,963

$
1,764

$
1,759

Marketable securities
10

5

5

Accounts and notes receivable - net
6,775

5,528

6,507

Inventories
4,401

5,032

5,019

Other current assets
1,530

1,190

1,318

Assets of discontinued operations - current


9,453

Total current assets
14,679

13,519

24,061

Investment in nonconsolidated affiliates
64

66

77

Property, plant and equipment - net of accumulated depreciation (March 31, 2020 - $3,406; December 31, 2019 - $3,326; March 31, 2019 - $2,970)
4,358

4,546

4,521

Goodwill
10,027

10,229

10,203

Other intangible assets
11,241

11,424

11,961

Deferred income taxes
273

287

294

Other assets
2,336

2,326

2,368

Assets of discontinued operations - non-current


56,617

Total Assets
$
42,978

$
42,397

$
110,102

Liabilities and Equity
 

 

 
Current liabilities
 

 

 
Short-term borrowings and finance lease obligations
$
1,996

$
7

$
3,201

Accounts payable
3,021

3,702

3,120

Income taxes payable
143

95

195

Accrued and other current liabilities
4,039

4,434

4,061

Liabilities of discontinued operations - current


3,501

Total current liabilities
9,199

8,238

14,078

Long-Term Debt
614

115

6,297

Other Noncurrent Liabilities
 




Deferred income tax liabilities
911

920

1,523

Pension and other post employment benefits - noncurrent
6,186

6,377

5,554

Other noncurrent obligations
1,989

2,192

2,064

Liabilities of discontinued operations - non-current


5,512

Total noncurrent liabilities
9,700

9,604

20,950

Commitments and contingent liabilities
 
 
 
Stockholders’ equity
 

 

 
Common stock, $0.01 par value; 1,666,667,000 shares authorized;
issued at March 31, 2020 - 748,369,000; and December 31, 2019 - 748,577,000
7

7



Additional paid-in capital
27,906

27,997



Divisional equity




78,005

Accumulated deficit
(155
)
(425
)


Accumulated other comprehensive loss
(3,933
)
(3,270
)
(3,434
)
Total Corteva stockholders’ equity
23,825

24,309

74,571

Noncontrolling interests
254

246

503

Total equity
24,079

24,555

75,074

Total Liabilities and Equity
$
42,978

$
42,397

$
110,102

See Notes to the Consolidated Financial Statements beginning on page 8.

5


Corteva, Inc.
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.

6


Corteva, Inc.
Consolidated Statements of Equity (Unaudited)
(In millions)
Common Stock
Additional Paid-in Capital
Divisional Equity
Retained Earnings (Accumulated deficit)
Accumulated Other Comp Loss
Treasury Stock
Non-controlling Interests
Total Equity
2019
 
 
 
 
 
 
 
 
Balance at January 1, 2019
$

$

$
78,020

$

$
(3,360
)
$

$
493

$
75,153

Net income




164







12

176

Other comprehensive loss








(74
)




(74
)
Distributions to DowDuPont




(317
)








(317
)
Issuance of DowDuPont stock




35









35

Share-based compensation




18









18

Contributions from Dow




88









88

Other - net




(3
)






(2
)
(5
)
Balance at March 31, 2019
$

$

$
78,005

$

$
(3,434
)
$

$
503

$
75,074

(In millions)
Common Stock
Additional Paid-in Capital
Divisional Equity
(Accumulated deficit) Retained Earnings
Accumulated Other Comp Loss
Treasury Stock
Non-controlling Interests
Total Equity
2020
 
 
 
 
 
 
 


Balance at January 1, 2020
$
7

$
27,997

 
$
(425
)
$
(3,270
)
$

$
246

$
24,555

Net income





272





10

282

Other comprehensive loss







(663
)




(663
)
Common dividends ($0.13 per share)
 
(97
)
 
 
 
 
 
(97
)
Issuance of Corteva stock
 
14

 
 
 
 
 
14

Share-based compensation
 
2

 
 
 
 
 
2

Common Stock Repurchase
 
(50
)
 
 
 
 
 
(50
)
Other - net


40


(2
)




(2
)
36

Balance at March 31, 2020
$
7

$
27,906


$
(155
)
$
(3,933
)
$

$
254

$
24,079




See Notes to the Consolidated Financial Statements beginning on page 8.



7

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


 
Corteva, Inc.
 
 
Notes to the Consolidated Financial Statements (Unaudited)
 


Table of Contents





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. 


9

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.


10

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
$
19




11

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:
(In millions)
March 31, 2019
Cash and cash equivalents
$
32

Accounts and notes receivable - net
221

Inventories
448

Other current assets
25

Total current assets of discontinued operations
726

Investment in nonconsolidated affiliates
109

Property, plant and equipment - net
753

Goodwill
3,585

Other intangible assets
1,118

Deferred income taxes
15

Other assets
5

Non-current assets of discontinued operations
5,585

Total assets of discontinued operations
$