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 2021-03-31 Filed 2021-05-05
10-Q 2020-03-31 Filed 2020-05-07
10-Q 2019-03-31 Filed 2019-05-31
8-K 2021-02-04
8-K 2021-02-01
8-K 2021-01-21
8-K 2021-01-21
8-K 2020-11-04
8-K 2020-08-05
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 - Supplementary Information
Note 7 - Income Taxes
Note 8 - Earnings per Share of Common Stock
Note 9 - Accounts and Notes Receivable - Net
Note 10 - Inventories
Note 11 - Other Intangible Assets
Note 12 - Short - Term Borrowings, Long - Term Debt and Available Credit Facilities
Note 13 - Commitments and Contingent Liabilities
Note 14 - Stockholders' Equity
Note 15 - Pension Plans and Other Post Employment Benefits
Note 16 - Financial Instruments
Note 17 - Fair Value Measurements
Note 18 - 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 a101.htm
EX-10.2 a102.htm
EX-31.1 corteva-3312021xex3111.htm
EX-31.2 corteva-3312021xex3121.htm
EX-32.1 corteva-3312021xex3211.htm
EX-32.2 corteva-3312021xex3221.htm

Corteva Earnings 2021-03-31

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

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Table of Contents
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, 2021
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,Delaware19805 (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,Delaware19805 (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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareCTVANew 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 classTrading Symbol(s)Name of each exchange on which registered
$3.50 Series Preferred Stock CTAPrANew York Stock Exchange
$4.50 Series Preferred StockCTAPrBNew 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


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 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 Filerx
Accelerated Filer o
Non-Accelerated Filero
Smaller reporting company o
Emerging growth company o
E. I. du Pont de Nemours and Company
Large Accelerated Filero
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 737,101,000 shares of common stock, par value $0.01 per share, outstanding at April 30, 2021.
E. I. du Pont de Nemours and Company had 200 shares of common stock, par value $0.30 per share, outstanding at April 30, 2021, 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.


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

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Explanatory Note

Corteva owns 100% of the outstanding common stock of EID (defined below), and EID owns, directly or indirectly, 100% of DAS (defined below). 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 Historical DuPont 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 Historical Dow's agriculture business ("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, 2020 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 Historical DuPont;
• "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 (on June 1, 2019, DowDuPont Inc. changed its registered name to DuPont de Nemours, Inc.);
    • "DAS" refers to the agriculture business of Historical Dow AgroSciences; and
• "Separation" or "Separation of Corteva" refers to June 1, 2019, when Corteva, Inc. became an independent, publicly
    traded company.

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 61. Footnotes of EID that are identical to that of Corteva are cross-referenced accordingly.
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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,
20212020
Net sales$4,178 $3,956 
Cost of goods sold
2,420 2,269 
Research and development expense
281 280 
Selling, general and administrative expenses
733 757 
Amortization of intangibles
183 163 
Restructuring and asset related charges - net
100 70 
Other income - net337 1 
Interest expense
7 10 
Income from continuing operations before income taxes791 408 
Provision for income taxes on continuing operations178 127 
Income from continuing operations after income taxes613 281 
(Loss) income from discontinued operations after income taxes(10)1 
Net income603 282 
Net income attributable to noncontrolling interests3 10 
Net income attributable to Corteva$600 $272 
Basic earnings per share of common stock:
Basic earnings per share of common stock from continuing operations$0.82 $0.36 
Basic loss per share of common stock from discontinued operations(0.01) 
Basic earnings per share of common stock$0.81 $0.36 
Diluted earnings per share of common stock:
Diluted earnings per share of common stock from continuing operations$0.81 $0.36 
Diluted loss per share of common stock from discontinued operations(0.01) 
Diluted earnings per share of common stock$0.80 $0.36 

See Notes to the interim Consolidated Financial Statements beginning on page 8.
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Corteva, Inc.
Consolidated Statements of Comprehensive (Loss) Income (Unaudited)
(In millions) Three Months Ended
March 31,
20212020
Net income $603 $282 
Other comprehensive income (loss) - net of tax:
Cumulative translation adjustments
(403)(672)
Adjustments to pension benefit plans
8  
Adjustments to other benefit plans
(157)3 
Unrealized gain on investments10  
Derivative instruments
65 6 
Total other comprehensive loss(477)(663)
Comprehensive income (loss) 126 (381)
Comprehensive income attributable to noncontrolling interests - net of tax3 10 
Comprehensive income (loss) attributable to Corteva$123 $(391)

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

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Corteva, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(In millions, except share amounts)March 31, 2021December 31, 2020March 31, 2020
Assets  
Current assets  
Cash and cash equivalents$2,404 $3,526 $1,963 
Marketable securities114 269 10 
Accounts and notes receivable - net6,792 4,926 6,775 
Inventories4,321 4,882 4,401 
Other current assets1,405 1,165 1,530 
Total current assets15,036 14,768 14,679 
Investment in nonconsolidated affiliates64 66 64 
Property, plant and equipment - net of accumulated depreciation (March 31, 2021 - $3,874; December 31, 2020 - $3,857; March 31, 2020 - $3,406)4,299 4,396 4,358 
Goodwill10,146 10,269 10,027 
Other intangible assets10,584 10,747 11,241 
Deferred income taxes433 464 273 
Other assets1,987 1,939 2,336 
Total Assets$42,549 $42,649 $42,978 
Liabilities and Equity  
Current liabilities  
Short-term borrowings and finance lease obligations$1,250 $3 $1,996 
Accounts payable3,098 3,615 3,021 
Income taxes payable165 123 143 
Deferred revenue2,247 2,662 1,996 
Accrued and other current liabilities2,239 2,145 2,043 
Total current liabilities8,999 8,548 9,199 
Long-Term Debt1,102 1,102 614 
Other Noncurrent Liabilities
Deferred income tax liabilities902 893 911 
Pension and other post employment benefits - noncurrent4,954 5,176 6,186 
Other noncurrent obligations1,814 1,867 1,989 
Total noncurrent liabilities8,772 9,038 9,700 
Commitments and contingent liabilities
Stockholders’ equity  
Common stock, $0.01 par value; 1,666,667,000 shares authorized;
issued at March 31, 2021 - 738,321,000; December 31, 2020 - 743,458,000; and March 31, 2020 - 748,369,000
7 7 7 
Additional paid-in capital27,630 27,707 27,906 
Retained earnings / (accumulated deficit)268  (155)
Accumulated other comprehensive loss(3,367)(2,890)(3,933)
Total Corteva stockholders’ equity24,538 24,824 23,825 
Noncontrolling interests240 239 254 
Total equity24,778 25,063 24,079 
Total Liabilities and Equity$42,549 $42,649 $42,978 
See Notes to the interim Consolidated Financial Statements beginning on page 8.
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Corteva, Inc.
Consolidated Statements of Cash Flows (Unaudited)
(In millions)Three Months Ended
March 31,
20212020
Operating activities
Net income$603 $282 
Adjustments to reconcile net income to cash used for operating activities:
Depreciation and amortization304 283 
Provision for deferred income tax47 26 
Net periodic pension and OPEB benefit, net(318)(85)
Pension and OPEB contributions(84)(95)
Net loss on sales of property, businesses, consolidated companies and investments 46 
Restructuring and asset related charges - net100 70 
Other net loss54 138 
Changes in assets and liabilities, net
Accounts and notes receivable(2,012)(1,685)
Inventories467 398 
Accounts payable(448)(557)
Deferred revenue(401)(575)
Other assets and liabilities(262)(176)
Cash used for operating activities(1,950)(1,930)
Investing activities 
Capital expenditures(137)(128)
Proceeds from sales of property, businesses and consolidated companies - net of cash divested20 11 
Purchases of investments(40)(67)
Proceeds from sales and maturities of investments194 58 
Other investing activities - net(1)(4)
Cash provided by (used for) investing activities36 (130)
Financing activities 
Net change in borrowings (less than 90 days)828 1,619 
Proceeds from debt419 875 
Payments on debt (1)
Repurchase of common stock(350)(50)
Proceeds from exercise of stock options38 14 
Dividends paid to stockholders(97)(97)
Other financing activities(17)(16)
Cash provided by financing activities821 2,344 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(50)(117)
(Decrease)/increase in cash, cash equivalents and restricted cash(1,143)167 
Cash, cash equivalents and restricted cash at beginning of period3,873 2,173 
Cash, cash equivalents and restricted cash at end of period1
$2,730 $2,340 
1. See page 15 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 Consolidated Statements of Cash Flows.

See Notes to the interim Consolidated Financial Statements beginning on page 8.
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Corteva, Inc.
Consolidated Statements of Equity (Unaudited)
(In millions, except per share amounts)Common StockAdditional Paid-in Capital "APIC"(Accumulated deficit) Retained EarningsAccumulated Other Comp (Loss) IncomeTreasury StockNon-controlling InterestsTotal Equity
2020
Balance at January 1, 2020$7 $27,997 $(425)$(3,270)$— $246 $24,555 
Net income
272 10 282 
Other comprehensive loss
(663)(663)
Common dividends ($.13 per share)(97)(97)
Issuance of Corteva stock14 14 
Share-based compensation
2 2 
Repurchase of common stock(50)(50)
Other - net
40 (2)(2)36 
Balance at March 31, 2020$7 $27,906 $(155)$(3,933)$— $254 $24,079 
(In millions, except per share amounts)Common StockAdditional Paid-in Capital "APIC"(Accumulated deficit) Retained EarningsAccumulated Other Comp (Loss) IncomeTreasury StockNon-controlling InterestsTotal Equity
2021
Balance at January 1, 2021$7 $27,707 $ $(2,890)$— $239 $25,063 
Net income
600 3 603 
Other comprehensive loss
(477)(477)
Common dividends ($0.13 per share)
(97)(97)
Issuance of Corteva stock
38 38 
Repurchase of common stock(18)(332)(350)
Other - net
(2)(2)
Balance at March 31, 2021$7 $27,630 $268 $(3,367)$— $240 $24,778 


See Notes to the interim Consolidated Financial Statements beginning on page 8.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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


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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation
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