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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, 2023
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.)
9330 Zionsville Road,Indianapolis,Indiana46268 (833)267-8382
974 Centre Road,Wilmington,Delaware19805
(Address of Principal Executive Offices) (Zip Code)(Registrant’s Telephone Number, including area code)
Commission File Number 1-815
EIDP, Inc.
(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.)
9330 Zionsville Road,Indianapolis,Indiana46268 (833)267-8382
974 Centre Road,Wilmington,Delaware19805
(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 EIDP, Inc.:
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




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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 
Noo
EIDP, Inc.YesxNoo
                             
 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 
Noo
EIDP, Inc.YesxNoo

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
EIDP, Inc.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.o
EIDP, Inc.o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 
Corteva, Inc.YesoNox
EIDP, Inc.YesoNox

Corteva, Inc. had 710,873,000 shares of common stock, par value $0.01 per share, outstanding at April 27, 2023.
EIDP, Inc. had 200 shares of common stock, par value $0.30 per share, outstanding at April 27, 2023, all of which are held by Corteva, Inc.    

EIDP, Inc. 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.
EIDP, Inc.

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Explanatory Note

Corteva owns 100% of the outstanding common stock of EIDP (defined below). EIDP 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 EIDP);
• "EIDP" refers to EIDP, Inc. and its consolidated subsidiaries or EIDP 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 EIDP 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. Refer to the company’s Annual Report on Form 10-K for the year ended December 31, 2022 for further information.
• "Dow Distribution" refers to the separation of DowDuPont's materials science business into a separate and independent public company, 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 Inc.’s common stock;
• "Merger” refers to the all-stock merger of equals strategic combination between Historical Dow and Historical DuPont on August 31, 2017;
    • "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.);
• "Separation" or "Separation of Corteva" refers to June 1, 2019, when Corteva, Inc. became an independent, publicly
    traded company;
• "Corteva Distribution" refers to the pro rata distribution of all of the then-issued and outstanding shares of Corteva, Inc.'s common stock on June 1, 2019, which was then a wholly-owned subsidiary of DowDuPont, to holders of DowDuPont's common stock as of the close of business on May 24, 2019;
• "Distributions" refers to the Dow Distribution and the Corteva Distribution; and
• “Letter Agreement” refers to the Letter Agreement executed by DuPont and Corteva on June 1, 2019, which sets forth certain additional terms and conditions related to the Separation, including certain limitations on each party’s ability to transfer certain businesses and assets to third parties without assigning certain of such party’s indemnification obligations under the Corteva Separation Agreement to the other party to the transferee of such businesses and assets or meeting certain other alternative conditions.

This Quarterly Report on Form 10-Q is a combined report being filed separately by Corteva, Inc. and EIDP. The information in this Quarterly Report on Form 10-Q is equally applicable to Corteva, Inc. and EIDP, except where otherwise indicated.

The separate EIDP 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 EIDP 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,
20232022
Net sales$4,884 $4,601 
Cost of goods sold2,771 2,724 
Research and development expense316 268 
Selling, general and administrative expenses726 735 
Amortization of intangibles160 179 
Restructuring and asset related charges - net33 5 
Other income (expense) - net(71)17 
Interest expense31 9 
 Income (loss) from continuing operations before income taxes776 698 
Provision for (benefit from) income taxes on continuing operations169 121 
 Income (loss) from continuing operations after income taxes607 577 
(Loss) income from discontinued operations after income taxes(8)(10)
Net income (loss) 599 567 
Net income (loss) attributable to noncontrolling interests4 3 
Net income (loss) attributable to Corteva$595 $564 
Basic earnings (loss) per share of common stock:
Basic earnings (loss) per share of common stock from continuing operations$0.85 $0.79 
Basic earnings (loss) per share of common stock from discontinued operations(0.01)(0.01)
Basic earnings (loss) per share of common stock$0.84 $0.78 
Diluted earnings (loss) per share of common stock:
Diluted earnings (loss) per share of common stock from continuing operations$0.84 $0.79 
Diluted earnings (loss) per share of common stock from discontinued operations(0.01)(0.01)
Diluted earnings (loss) per share of common stock$0.83 $0.78 

See Notes to the Interim Consolidated Financial Statements beginning on page 8.
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Corteva, Inc.
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(In millions) Three Months Ended
March 31,
20232022
Net income (loss)$599 $567 
Other comprehensive income (loss) - net of tax:
Cumulative translation adjustments134 91 
Adjustments to pension benefit plans2 8 
Adjustments to other benefit plans(2)3 
Derivative instruments(67)(25)
Total other comprehensive income (loss) 67 77 
Comprehensive income (loss) 666 644 
Comprehensive income (loss) attributable to noncontrolling interests - net of tax4 3 
Comprehensive income (loss) attributable to Corteva$662 $641 

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

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Corteva, Inc.
Consolidated Balance Sheets (Unaudited)
(In millions, except share amounts)March 31, 2023December 31, 2022March 31, 2022
Assets  
Current assets  
Cash and cash equivalents$1,646 $3,191 $2,031 
Marketable securities85 124 290 
Accounts and notes receivable - net8,678 5,701 7,275 
Inventories6,585 6,811 4,986 
Other current assets1,335 968 1,296 
Total current assets18,329 16,795 15,878 
Investment in nonconsolidated affiliates87 102 91 
Property, plant and equipment8,633 8,551 8,483 
Less: Accumulated depreciation4,362 4,297 4,150 
Net property, plant and equipment4,271 4,254 4,333 
Goodwill10,508 9,962 10,109 
Other intangible assets10,137 9,339 9,865 
Deferred income taxes508 479 471 
Other assets1,660 1,687 1,886 
Total Assets$45,500 $42,618 $42,633 
Liabilities and Equity  
Current liabilities  
Short-term borrowings and finance lease obligations$3,787 $24 $1,018 
Accounts payable3,957 4,895 3,685 
Income taxes payable298 183 180 
Deferred revenue2,712 3,388 2,435 
Accrued and other current liabilities2,477 2,254 2,335 
Total current liabilities13,231 10,744 9,653 
Long-term debt1,241 1,283 1,154 
Other noncurrent liabilities
Deferred income tax liabilities1,255 1,119 1,203 
Pension and other post employment benefits - noncurrent2,242 2,255 2,983 
Other noncurrent obligations1,692 1,676 1,704 
Total noncurrent liabilities6,430 6,333 7,044 
Commitments and contingent liabilities
Stockholders’ equity  
Common stock, $0.01 par value; 1,666,667,000 shares authorized; issued at March 31, 2023 - 710,678,000; December 31, 2022 - 713,419,000; and March 31, 2022 - 725,320,0007 7 7 
Additional paid-in capital27,844 27,851 27,760 
Retained earnings487 250 750 
Accumulated other comprehensive income (loss)(2,739)(2,806)(2,821)
Total Corteva stockholders’ equity25,599 25,302 25,696 
Noncontrolling interests240 239 240 
Total equity25,839 25,541 25,936 
Total Liabilities and Equity$45,500 $42,618 $42,633 
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,
20232022
Operating activities
Net income (loss)$599 $567 
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:
Depreciation and amortization287 307 
Provision for (benefit from) deferred income tax(85)(37)
Net periodic pension and OPEB benefit, net36 (71)
Pension and OPEB contributions(50)(55)
Net (gain) loss on sales of property, businesses, consolidated companies and investments1 3 
Restructuring and asset related charges - net33 5 
Other net loss48 104 
Changes in assets and liabilities, net
Accounts and notes receivable(2,708)(2,372)
Inventories324 234 
Accounts payable(908)(406)
Deferred revenue(685)(782)
Other assets and liabilities(203)(227)
Cash provided by (used for) operating activities(3,311)(2,730)
Investing activities 
Capital expenditures(151)(179)
Proceeds from sales of property, businesses and consolidated companies - net of cash divested21 5 
Acquisitions of businesses - net of cash acquired(1,463) 
Investments in and loans to nonconsolidated affiliates (6)
Purchases of investments (234)
Proceeds from sales and maturities of investments40 10 
Proceeds from settlement of net investment hedge42  
Cash provided by (used for) investing activities(1,511)(404)
Financing activities 
Net change in borrowings (less than 90 days)3,084 744 
Proceeds from debt626 311 
Payments on debt(56) 
Repurchase of common stock(252)(235)
Proceeds from exercise of stock options7 40 
Dividends paid to stockholders(107)(102)
Other financing activities, net(28)(44)
Cash provided by (used for) financing activities3,274 714 
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents(2)(31)
Increase (decrease) in cash, cash equivalents and restricted cash equivalents(1,550)(2,451)
Cash, cash equivalents and restricted cash equivalents at beginning of period3,618 4,836 
Cash, cash equivalents and restricted cash equivalents at end of period1
$2,068 $2,385 
1. See page 16 for reconciliation of cash and cash equivalents and restricted cash equivalents presented in interim Consolidated Balance Sheets to total cash, cash equivalents and restricted cash equivalents 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"Retained Earnings Accumulated Other Comp Income (Loss)Non-controlling InterestsTotal Equity
2022
Balance at January 1, 2022$7 $27,751 $524 $(2,898)$239 $25,623 
Net income (loss)564 3 567 
Other comprehensive income (loss)77 77 
Share-based compensation(31)(31)
Common dividends ($0.14 per share)(102)(102)
Issuance of Corteva stock40 40 
Repurchase of common stock(235)(235)
Other - net(1)(2)(3)
Balance at March 31, 2022$7 $27,760 $750 $(2,821)$240 $25,936 

(In millions, except per share amounts)Common StockAdditional Paid-in Capital "APIC"Retained Earnings Accumulated Other Comp Income (Loss)Non- controlling InterestTotal Equity
2023
Balance at January 1, 2023$7 $27,851 $250 $(2,806)$239 $25,541 
Net income (loss)595 4 599 
Other comprehensive income (loss)67 67 
Share-based compensation(14)(14)
Common dividends ($0.15 per share)(107)(107)
Issuance of Corteva stock7 7 
Repurchase of common stock(252)(252)
Other - net1 (3)(2)
Balance at March 31, 2023$7 $27,844 $487 $(2,739)$240 $25,839 


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

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


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NOTES TO THE INTERIM 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 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, 2022, collectively referred to as the “2022 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.

Since 2018, Argentina has been considered a hyper-inflationary economy under U.S. GAAP and therefore the U.S. Dollar (“USD”) is the functional currency for our related subsidiaries. Argentina contributes approximately 5 percent to both the company's annual net sales and segment operating EBITDA. We remeasure net monetary assets and translate our financial statements utilizing the official Argentine Peso (“Peso”) to USD exchange rate. The ability to draw down Peso cash balances is limited at this time due to government restrictions and market availability of U.S. Dollars. The devaluation of the Peso relative to the USD over the last several years has resulted in the recognition of exchange losses (refer to Note 6 – Supplementary Information, to the interim Consolidated Financial Statements and the company's 2022 Annual Report). As of March 31, 2023, a further 10 percent deterioration in the official Peso to USD exchange rate would reduce the USD value of our net monetary assets and negatively impact pre-tax earnings by approximately $10 million. We will continue to assess the implications to our operations and financial reporting.

NOTE 2 - RECENT ACCOUNTING GUIDANCE

Recently Adopted Accounting Guidance
In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This ASU includes amendments that require a buyer in supplier finance programs to disclose key terms of the programs and related obligations, including a rollforward of such obligations. This guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the rollforward requirements, which are effective for fiscal years beginning after December 15, 2023, and early adoption is permitted. Retrospective application to all periods in which a balance sheet is presented is required, except for the rollforward requirement, which will be applied prospectively. The company adopted this guidance on January 1, 2023 which resulted in certain disclosures being added relating to supplier financing programs and related obligations. See Note 13 – Commitments and Contingent Liabilities, to the interim Consolidated Financial Statements, for additional information.

NOTE 3 - BUSINESS COMBINATIONS

On March 1, 2023 ("Acquisition Date"), Corteva completed its previously announced acquisitions of all the outstanding equity interests in Stoller Group, Inc. (“Stoller”), one of the largest independent companies in the Biologicals industry, and Quorum Vital Investment, S.L. and its affiliates (“Symborg”), an expert in microbiological technologies. The purchase price for Stoller and Symborg was $1,224 million, subject to a working capital adjustment, and $370 million, respectively. These acquisitions supplement the crop protection business with additional biological tools that complement evolving farming practices.

The operating results of Stoller and Symborg, since the Acquisition Date, did not have a material impact to the company's interim Consolidated Financial Statements for the three months ended March 31, 2023. Additionally, supplemental pro forma information have not been presented since the reported amounts in the company's interim Consolidated Financial Statements for the current period and comparative prior period would not be materially different had these acquisitions occurred as of January 1, 2022.

Purchase Price Allocation
The company performed a preliminary purchase price allocation and assessment of the fair value of the assets acquired and liabilities assumed as of the Acquisition Date. Due to the timing of the acquisitions, at March 31, 2023, the company continues to evaluate aspects of net working capital, acquired intangible assets, and property, plant and equipment. The company will finalize the purchase price allocation as it obtains the information necessary to complete the valuation during the measurement period. The effect of measurement period adjustments to the estimated fair values will be reflected as if the adjustments had been completed on the Acquisition Date.

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The following table summarizes the preliminary purchase price allocation to the assets acquired and liabilities assumed for the Stoller and Symborg acquisitions, as of the Acquisition Date:

(In millions)StollerSymborg
Assets
Cash and cash equivalents$95 $ 
Accounts and notes receivable238 16 
Inventories86 10 
Other current assets26 1 
Property, plant and equipment51 3 
Goodwill381 138 
Other intangible assets655 298 
Deferred income taxes7  
Other assets8 2 
Total assets acquired$1,547 $468 
Liabilities
Short-term borrowings59  
Accounts payable25 12 
Income taxes payable2  
Accrued and other current liabilities60 12 
Long-term debt3  
Deferred income tax liabilities154 74 
Other noncurrent obligations