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evaMemberctva:EIDMember2023-06-300001755672ctva:CortevaMemberctva:EIDMember2022-12-310001755672ctva:CortevaMemberctva:EIDMember2022-06-300001755672ctva:CortevaMemberctva:EIDMember2023-04-012023-06-300001755672ctva:CortevaMemberctva:EIDMember2023-01-012023-06-300001755672ctva:CortevaMemberctva:EIDMember2022-04-012022-06-300001755672ctva:CortevaMemberctva:EIDMember2022-01-012022-06-300001755672ctva:CortevaMemberctva:AccruedandOtherCurrentLiabilitiesMemberctva:EIDMember2023-06-300001755672ctva:CortevaMemberctva:AccruedandOtherCurrentLiabilitiesMemberctva:EIDMember2022-12-310001755672ctva:CortevaMemberctva:AccruedandOtherCurrentLiabilitiesMemberctva:EIDMember2022-06-300001755672us-gaap:OtherNoncurrentLiabilitiesMemberctva:CortevaMemberctva:EIDMember2023-06-300001755672us-gaap:OtherNoncurrentLiabilitiesMemberctva:CortevaMemberctva:EIDMember2022-12-310001755672us-gaap:OtherNoncurrentLiabilitiesMemberctva:CortevaMemberctva:EIDMember2022-06-30
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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 June 30, 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 709,764,000 shares of common stock, par value $0.01 per share, outstanding at July 28, 2023.
EIDP, Inc. had 200 shares of common stock, par value $0.30 per share, outstanding at July 28, 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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  Page
 
   
 
 
 
 
 
   
 
 
 
 
 
   
   
 
   
 
 

1

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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 65. 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
June 30,
Six Months Ended
June 30,
2023202220232022
Net sales$6,045 $6,252 $10,929 $10,853 
Cost of goods sold3,137 3,323 5,908 6,047 
Research and development expense329 296 645 564 
Selling, general and administrative expenses1,045 1,017 1,771 1,752 
Amortization of intangibles174 179 334 358 
Restructuring and asset related charges - net60 143 93 148 
Other income (expense) - net(134)49 (205)66 
Interest expense82 16 113 25 
 Income (loss) from continuing operations before income taxes1,084 1,327 1,860 2,025 
Provision for (benefit from) income taxes on continuing operations204 325 373 446 
 Income (loss) from continuing operations after income taxes880 1,002 1,487 1,579 
Income (loss) from discontinued operations after income taxes(163)(30)(171)(40)
Net income (loss) 717 972 1,316 1,539 
Net income (loss) attributable to noncontrolling interests3 3 7 6 
Net income (loss) attributable to Corteva$714 $969 $1,309 $1,533 
Basic earnings (loss) per share of common stock:
Basic earnings (loss) per share of common stock from continuing operations$1.23 $1.38 $2.08 $2.17 
Basic earnings (loss) per share of common stock from discontinued operations(0.23)(0.04)(0.24)(0.06)
Basic earnings (loss) per share of common stock$1.00 $1.34 $1.84 $2.11 
Diluted earnings (loss) per share of common stock:
Diluted earnings (loss) per share of common stock from continuing operations$1.23 $1.37 $2.07 $2.16 
Diluted earnings (loss) per share of common stock from discontinued operations(0.23)(0.04)(0.24)(0.05)
Diluted earnings (loss) per share of common stock$1.00 $1.33 $1.83 $2.11 

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
June 30,
Six Months Ended
June 30,
2023202220232022
Net income (loss)$717 $972 $1,316 $1,539 
Other comprehensive income (loss) - net of tax:
Cumulative translation adjustments148 (426)282 (335)
Adjustments to pension benefit plans1 7 3 15 
Adjustments to other benefit plans(2) (4)3 
Derivative instruments(85)17 (152)(8)
Total other comprehensive income (loss) 62 (402)129 (325)
Comprehensive income (loss) 779 570 1,445 1,214 
Comprehensive income (loss) attributable to noncontrolling interests - net of tax3 3 7 6 
Comprehensive income (loss) attributable to Corteva$776 $567 $1,438 $1,208 
    

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)June 30, 2023December 31, 2022June 30, 2022
Assets  
Current assets  
Cash and cash equivalents$2,563 $3,191 $2,401 
Marketable securities53 124 254 
Accounts and notes receivable - net7,955 5,701 6,947 
Inventories5,628 6,811 4,184 
Other current assets1,008 968 978 
Total current assets17,207 16,795 14,764 
Investment in nonconsolidated affiliates83 102 93 
Property, plant and equipment8,797 8,551 8,532 
Less: Accumulated depreciation4,491 4,297 4,232 
Net property, plant and equipment4,306 4,254 4,300 
Goodwill10,539 9,962 9,987 
Other intangible assets9,985 9,339 9,673 
Deferred income taxes524 479 449 
Other assets1,545 1,687 1,640 
Total Assets$44,189 $42,618 $40,906 
Liabilities and Equity  
Current liabilities  
Short-term borrowings and finance lease obligations$3,023 $24 $712 
Accounts payable3,379 4,895 3,567 
Income taxes payable396 183 383 
Deferred revenue656 3,388 740 
Accrued and other current liabilities2,892 2,254 2,454 
Total current liabilities10,346 10,744 7,856 
Long-term debt2,290 1,283 1,283 
Other noncurrent liabilities
Deferred income tax liabilities1,134 1,119 1,165 
Pension and other post employment benefits - noncurrent2,236 2,255 2,838 
Other noncurrent obligations1,722 1,676 1,693 
Total noncurrent liabilities7,382 6,333 6,979 
Commitments and contingent liabilities
Stockholders’ equity  
Common stock, $0.01 par value; 1,666,667,000 shares authorized; issued at June 30, 2023 - 709,516,000; December 31, 2022 - 713,419,000; and June 30, 2022 - 719,320,0007 7 7 
Additional paid-in capital27,877 27,851 27,795 
Retained earnings1,013 250 1,252 
Accumulated other comprehensive income (loss)(2,677)(2,806)(3,223)
Total Corteva stockholders’ equity26,220 25,302 25,831 
Noncontrolling interests241 239 240 
Total equity26,461 25,541 26,071 
Total Liabilities and Equity$44,189 $42,618 $40,906 
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)Six Months Ended
June 30,
20232022
Operating activities
Net income (loss)$1,316 $1,539 
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:
Depreciation and amortization593 609 
Provision for (benefit from) deferred income tax(171)(79)
Net periodic pension and OPEB (credits) costs71 (138)
Pension and OPEB contributions(91)(113)
Net (gain) loss on sales of property, businesses, consolidated companies and investments(1)(1)
Restructuring and asset related charges - net93 148 
Other net loss192 99 
Changes in assets and liabilities, net
Accounts and notes receivable(1,899)(2,331)
Inventories1,320 905 
Accounts payable(1,558)(488)
Deferred revenue(2,758)(2,450)
Other assets and liabilities394 679 
Cash provided by (used for) operating activities(2,499)(1,621)
Investing activities 
Capital expenditures(250)(318)
Proceeds from sales of property, businesses and consolidated companies - net of cash divested34 12 
Acquisitions of businesses - net of cash acquired(1,463) 
Investments in and loans to nonconsolidated affiliates(4)(6)
Purchases of investments(7)(236)
Proceeds from sales and maturities of investments106 93 
Proceeds from settlement of net investment hedge42  
Other investing activities, net(2)20 
Cash provided by (used for) investing activities(1,544)(435)
Financing activities 
Net change in borrowings (less than 90 days)885 325 
Proceeds from debt3,427 772 
Payments on debt(372)(204)
Repurchase of common stock(332)(600)
Proceeds from exercise of stock options26 62 
Dividends paid to stockholders(213)(203)
Other financing activities, net(42)(46)
Cash provided by (used for) financing activities3,379 106 
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents9 (116)
Increase (decrease) in cash, cash equivalents and restricted cash equivalents(655)(2,066)
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
$2,963 $2,770 
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 
Net income (loss)969 3 972 
Other comprehensive income (loss)(402)(402)
Share-based compensation13 (1)12 
Common dividends ($0.14 per share)(101)(101)
Issuance of Corteva stock22 22 
Repurchase of common stock(365)(365)
Other - net(3)(3)
Balance at June 30, 2022$7 $27,795 $1,252 $(3,223)$240 $26,071 

(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 
Net income (loss)714 3 717 
Other comprehensive income (loss)62 62 
Share-based compensation14(1)13 
Common dividends ($0.15 per share)(107)(107)
Issuance of Corteva stock1919 
Repurchase of common stock(81)(81)
Other - net1 (2)(1)
Balance at June 30, 2023$7 $27,877 $1,013 $(2,677)$241 $26,461 

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 June 30, 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 $20 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 and six months ended June 30, 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. 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)
Stoller1
Symborg1
Assets
Cash and cash equivalents$95 $ 
Accounts and notes receivable240 16 
Inventories81 10 
Other current assets11 1 
Property, plant and equipment54 3 
Goodwill384 129 
Other intangible assets656 311 
Deferred income taxes17  
Other assets9 1 
Total assets acquired$1,547 $471 
Liabilities
Short-term borrowings59  
Accounts payable25 12 
Income taxes payable1  
Accrued and other current liabilities60 12 
Long-term debt2  
Deferred income tax liabilities154 77 
Other noncurrent obligations22  
Total liabilities assumed$323 $101 
Net assets acquired$1,224 $370 
1.Includes preliminary measurement period adjustments, which were not material.

The significant fair value adjustments included in the preliminary purchase price allocation are discussed below.

Inventories
Acquired inventories in connection with the acquisition of Stoller and Symborg are primarily comprised of finished goods and raw materials. The fair value of finished goods was calculated as the estimated selling price, adjusted for costs of the selling effort and a reasonable profit allowance relating to the selling effort. The fair value of raw materials and supplies was determined based on replacement cost which approximates historical carrying value. The fair value step-up was recognized within cost of goods sold, in the interim Consolidated Statements of Operations, as the inventory was sold.

Property, Plant & Equipment
Property, plant and equipment associated with Stoller is comprised of $27 million of machinery and equipment, $20 million of buildings, $5 million of land and land improvements, and $2 million of construction in progress. The preliminary estimated fair value was primarily determined using a market approach for land and certain types of equipment, and a replacement cost approach for the remaining depreciable property, plant and equipment. The market approach for certain types of equipment represents a sale comparison that measures the value of an asset through an analysis of sales and offerings of comparable assets. The replacement cost approach used for all other depreciable property, plant and equipment measures the value of an asset by estimating the cost to acquire or construct comparable assets and adjust for age and condition of the asset.

Goodwill
The excess of the consideration for Stoller and Symborg over the preliminary fair value of assets acquired and liabilities assumed resulted in the recognition of goodwill, which has been assigned to the crop protection reporting unit. Goodwill associated with these acquisitions is attributable to the assembled workforce and expanding the company’s addressable market position. None of the goodwill recognized will be deductible for income tax purposes.


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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Other Intangible Assets
In connection with the acquisitions of Stoller and Symborg, the company recorded certain intangible assets, as shown in the table below, representing the preliminary fair values at the Acquisition Date.
Intangible AssetsStollerSymborg
(In millions)Fair ValueWeighted-Average Amortization Period (Years)Fair ValueWeighted-Average Amortization Period (Years)
Intangible assets with finite lives:
Customer-related$506 13$ — 
Developed technology106 13238 12
Trademarks/trade names44 1557 12
Total other intangible assets with finite lives656 13295 12
Intangible assets with indefinite lives:
IPR&D — 16 — 
Total other intangible assets with indefinite lives — 16 — 
Total other intangible assets$656 $311 

The preliminary customer-related and in-process research and development (“IPR&D”) intangible asset’s fair values were determined using the multi-period excess earnings method. The preliminary developed technology fair values were determined utilizing the relief from royalty method for Stoller and the multi-period excess earnings method for Symborg. The trademark/trade name fair values were determined utilizing the relief from royalty method.

NOTE 4 - REVENUE

Revenue Recognition
Products
Substantially all of Corteva's revenue is derived from product sales. Product sales consist of sales of Corteva's products to farmers, distributors, and manufacturers. Corteva considers purchase orders, which in some cases are governed by master supply agreements, to be a contract with a customer. Contracts with customers are considered to be short-term when the time between order confirmation and satisfaction of the performance obligations is equal to or less than one year. However, the company has some long-term contracts which can span multiple years.

Revenue from product sales is recognized when the customer obtains control of the company's product, which occurs at a point in time according to shipping terms. Payment terms are generally less than one year from invoicing. The company elected the practical expedient and does not adjust the promised amount of consideration for the effects of a significant financing component when the company expects it will be one year or less between when a customer obtains control of the company's product and when payment is due. When the company performs shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to or at shipment), these are considered fulfillment activities, and accordingly, the costs are accrued when the related revenue is recognized. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. In addition, the company elected the practical expedient to expense any costs to obtain contracts as incurred, as the amortization period for these costs would have been one year or less.

The transaction price includes estimates of variable consideration, such as rights of return, rebates, and discounts, that are reductions in revenue. All estimates are based on the company's historical experience, anticipated performance, and the company's best judgment at the time the estimate is made. Estimates of variable consideration included in the transaction price primarily utilize the expected value method based on historical experience. These estimates are reassessed each reporting period and are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur upon resolution of uncertainty associated with the variable consideration. The majority of contracts have a single performance obligation satisfied at a point in time and the transaction price is stated in the contract, usually as quantity times price per unit. For contracts with multiple performance obligations, the company allocates the transaction price to each performance obligation based on the relative standalone selling price. The standalone selling price is the observable price which depicts the price as if sold to a similar customer in similar circumstances.

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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Licenses of Intellectual Property
Corteva enters into licensing arrangements with customers under which it licenses its intellectual property. Revenue from the majority of intellectual property licenses is derived from sales-based royalties. Revenue for licensing agreements that contain sales-based royalties is recognized at the later of (i) when the subsequent sale occurs or (ii) when the performance obligation to which some or all of the royalty has been allocated is satisfied.

Remaining Performance Obligations
Remaining performance obligations represent the transaction price allocated to unsatisfied or partially unsatisfied performance obligations. The company applies the practical expedient to disclose the transaction price allocated to the remaining performance obligations for only those contracts with an original duration of more than one year. The transaction price allocated to remaining performance obligations with an original duration of more than one year related to material rights granted to customers for contract renewal options were $131 million, $131 million and $126 million at June 30, 2023, December 31, 2022 and June 30, 2022, respectively. The company expects revenue to be recognized for the remaining performance obligations evenly over the period of one year to six years.

Contract Balances
Contract liabilities primarily reflect deferred revenue from prepayments under contracts with customers where the company receives advance payments for products to be delivered in future periods. Corteva classifies deferred revenue as current or noncurrent based on the timing of when the company expects to recognize revenue. Contract assets primarily include amounts related to conditional rights to consideration for completed performance not yet invoiced. Accounts receivable are recorded when the right to consideration becomes unconditional.

Contract BalancesJune 30, 2023December 31, 2022June 30, 2022
(In millions)
Accounts and notes receivable - trade1
$6,575 $4,261 $5,762 
Contract assets - current2
$27 $26 $24 
Contract assets - noncurrent3
$66 $64 $61 
Deferred revenue - current$656 $3,388 $740 
Deferred revenue - noncurrent4
$107 $107 $108 
1.Included in accounts and notes receivable - net in the interim Consolidated Balance Sheets.
2.Included in other current assets in the interim Consolidated Balance Sheets.
3.Included in other assets in the interim Consolidated Balance Sheets.
4.Included in other noncurrent obligations in the interim Consolidated Balance Sheets.

Revenue recognized during the six months ended June 30, 2023 and 2022 from amounts included in deferred revenue at the beginning of the period was $3,201 million and $2,992 million, respectively.


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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Disaggregation of Revenue
Corteva's operations are classified into two reportable segments: Seed and Crop Protection. The company disaggregates its revenue by major product line and geographic region, as the company believes it best depicts the nature, amount and timing of its revenue and cash flows. Net sales by major product line are included below:
Three Months Ended
June 30,
Six Months Ended
June 30,
(In millions)2023202220232022
    Corn$2,673 $2,222 $4,652 $4,152 
    Soybean1,255 1,308 1,524 1,480 
    Other oilseeds194 246 495 523 
    Other142 171 288 316 
Seed4,264 3,947 6,959 6,471 
    Herbicides986 1,224 2,228 2,429 
    Insecticides331 494 740 912 
    Fungicides252 448 611 752 
    Other212 139 391 289 
Crop Protection1,781 2,305 3,970 4,382 
Total$6,045 $6,252 $10,929 $10,853 

Sales are attributed to geographic regions based on customer location. Net sales by geographic region and segment are included below:
SeedThree Months Ended
June 30,
Six Months Ended
June 30,
(In millions)2023202220232022
North America1
$3,696 $3,235 $5,019 $4,419 
EMEA2
231 359 1,243 1,285 
Latin America208 206 467 529 
Asia Pacific129 147 230 238 
Total$4,264 $3,947 $6,959 $6,471 
Crop ProtectionThree Months Ended
June 30,
Six Months Ended
June 30,
(In millions)2023202220232022
North America1
$623 $843 $1,502 $1,664 
EMEA2
483 499 1,284 1,155 
Latin America400 627 693 954 
Asia Pacific275 336 491 609