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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of Earliest Event Reported): January 31, 2024
Corteva, Inc.
(Exact Name of Registrant as Specified in Its Charter)
 
Delaware 001-38710 82-4979096
(State or other jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
 
9330 Zionsville Road,
Indianapolis, Indiana 46268
974 Centre Road,
Wilmington, Delaware 19805
(Address of principal executive offices)(Zip Code)
 
(833) 267-8382
(Registrant’s telephone number, including area code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: 
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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company  ☐
 
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. o


Item 2.02     Results of Operations and Financial Condition
On January 31, 2024, Corteva, Inc. (the "Company") announced its consolidated financial results for the quarter and full year ended December 31, 2023. A copy of the Company’s press release and financial statement schedules are furnished herewith on Form 8-K as Exhibits 99.1 and 99.2, respectively. The information contained in this report, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. In addition, the information contained in this report shall not be deemed to be incorporated by reference into any registration statement or other document filed by the Company under the Securities Act of 1933, as amended, or the Exchange Act except as expressly set forth by specific reference in such filing.


Item 9.01     Financial Statements and Exhibits

(d)    Exhibits.
Press Release dated January 31, 2024
Financial Statement Schedules dated January 31, 2024
104The cover page from the Company’s Current Report on Form 8-K, formatted in Inline XBRL







SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 CORTEVA, INC.
 (Registrant)
  
 /s/ Brian Titus
 
 Brian Titus
 Vice President and Controller
 
January 31, 2024


1 News Release 4Q 2023 Corteva Reports Fourth Quarter and Full-Year 2023 Results, Provides 2024 Guidance • Full-year net sales and earnings demonstrates solid execution and strength of portfolio • 2024 guidance3 reflects continued operating EBITDA1 and margin growth INDIANAPOLIS, Ind., January 31, 2024 – Corteva, Inc. (NYSE: CTVA) (“Corteva” or the “Company”) today reported financial results for the fourth quarter and full-year ended December 31, 2023. 4Q 2023 Results Overview Net Sales Loss from Cont. Ops (After Tax) EPS GAAP $3.71B $(231)M $(0.33) vs. 4Q 2022 (3)% (463)% (450)% Organic1 Sales Operating EBITDA1 Operating EPS1 NON-GAAP $3.51B $386M $0.15 vs. 4Q 2022 (8)% +4% (6)% FY 2023 Results Overview Net Sales Income from Cont. Ops (After Tax) EPS GAAP $17.23B $941M $1.30 vs. FY 2022 (1)% (23)% (22)% Organic1 Sales Operating EBITDA1 Operating EPS1 NON-GAAP $16.99B $3.38B $2.69 vs. FY 2022 (3)% +5% +1% Full-Year 2023 Highlights • Full-year 2023 net sales declined 1% and organic1 sales decreased 3% versus prior year with gains in North America2 and EMEA2 offset by declines in Latin America and Asia Pacific. • Seed net sales grew 5% and organic1 sales increased 7%. Price was up 13% globally, led by continued execution on the Company’s price for value strategy and demand for new technology. Volume declines were driven by lower corn volumes in Latin America, the exit from Russia, and lower corn planted area in EMEA2, partially offset by increased corn acres in North America2. • Crop Protection net sales declined 9% and organic1 sales decreased 12%. Volume declines, largely in Latin America and North America2, were driven by strategic product exits, inventory destocking, and delayed farmer purchases. Price gains reflected pricing for value and strong execution in response to cost inflation led by EMEA2. • GAAP income and earnings per share (EPS) from continuing operations were $941 million and $1.30 per share, down 23% and 22%, respectively, compared to prior year. • Operating EBITDA1 was $3.38 billion, a 5% improvement over prior. Operating EPS1 was $2.69 per share, up 1% compared to prior year. • Cash provided by operating activities – continuing operations was $1.8 billion, up 98% compared to prior year. Free cash flow1,4 was $1.2 billion. • The Company provided full-year 2024 guidance3 and expects net sales to be in the range of $17.4 billion to $17.7 billion and Operating EBITDA1 to be in the range of $3.5 billion to $3.7 billion. Operating EPS1 is expected to be in the range of $2.70 to $2.90 per share. Cash provided by operating activities – continuing operations is expected to be in the range of $2.1 billion to $2.6 billion. Free cash flow1,4 is expected to be in the range of $1.5 billion to $2.0 billion. 1. Organic Sales, Operating EPS, Operating EBITDA and Free Cash Flow are non-GAAP measures. See page A-5 for further discussion. 2. North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa. 3. The Company does not provide the most comparable GAAP measure on a forward-looking basis. 4. The definition for Free Cash Flow was revised to utilize cash provided by (used for) operating activities-continuing operations. See page 6 for further discussion.

 
News Release 4Q 2023 2 Chuck Magro Chief Executive Officer Summary of Fourth Quarter 2023 For the fourth quarter ended December 31, 2023, net sales decreased 3% versus the same period last year. Organic1 sales declined 8%. Volume declined 9% versus the prior-year period, primarily in Latin America, impacted by ongoing headwinds in the Crop Protection segment and strategic product exits. Lower Seed volumes were driven by lower expected planted area and delayed farmer purchases due to unfavorable weather in Brazil. Price increased 1% versus prior year, reflecting broad-based pricing execution in Seed and the continued execution on the Company’s price for value strategy, while managing challenging market dynamics in Crop Protection. GAAP income from continuing operations after income taxes was a loss of $231 million in fourth quarter 2023 compared to a loss of $41 million in fourth quarter 2022. Operating EBITDA1 for the fourth quarter was $386 million, up 4% compared to prior year. 4Q 4Q % % ($ in millions, except where noted) 2023 2022 Change Organic1 Change Net Sales $3,707 $3,825 (3)% (8)% North America $1,497 $1,472 2% 1% EMEA $371 $362 2% 3% Latin America $1,522 $1,681 (9)% (21)% Asia Pacific $317 $310 2% 5% FY FY % % ($ in millions, except where noted) 2023 2022 Change Organic1 Change Net Sales $17,226 $17,455 (1)% (3)% North America $8,590 $8,294 4% 4% EMEA $3,367 $3,256 3% 8% Latin America $3,906 $4,445 (12)% (23)% Asia Pacific $1,363 $1,460 (7)% (2)%

 
News Release 4Q 2023 3 Seed Summary Seed net sales were $1.64 billion in the fourth quarter of 2023, down from $1.65 billion in the fourth quarter of 2022. The sales decrease was driven by a 10% decline in volume, partially offset by a 7% increase in price and a 3% favorable currency impact. Lower volumes were driven by lower expected Safrinha planted area and delayed farmer purchases due to unfavorable weather in Brazil. The increase in price was broad-based, driven by strong demand for top technology products, and strong operational execution across the portfolio. Segment operating EBITDA was $145 million in the fourth quarter of 2023, an improvement of 104% from the fourth quarter of 2022. Price execution, reduction of net royalty expense, and ongoing cost and productivity actions more than offset higher input costs, lower volumes, and the unfavorable impact of currency. Segment operating EBITDA margin improved more than 450 basis points versus the prior-year period. 4Q 4Q % % ($ in millions, except where noted) 2023 2022 Change Organic1 Change North America $576 $541 6% 6% EMEA $181 $167 8% 17% Latin America $790 $846 (7)% (12)% Asia Pacific $88 $92 (4)% (3)% Total 4Q Seed Net Sales $1,635 $1,646 (1)% (3)% 4Q Seed Operating EBITDA $145 $71 104% N/A Seed net sales were $9.5 billion for the full year of 2023, up from approximately $9.0 billion in 2022. The sales increase was driven by a 13% increase in price, partially offset by a 6% decline in volume and a 2% unfavorable currency impact. The increase in price was broad-based and driven by strong demand for top technology and operational execution globally, with global corn and soybean prices up 14% and 7%, respectively. Pricing actions more than offset currency impacts in EMEA. The decline in volume was driven by the 2022 decision to exit Russia, lower corn planted area in EMEA, reduced summer corn planted area and lower expected Safrinha corn planted area in Brazil, partially offset by increased corn acres in North America. Unfavorable currency impacts were led by the Turkish Lira and the Canadian Dollar. Segment operating EBITDA was $2.1 billion, up 28% from the same period last year. Price execution, reduction of net royalty expense, and ongoing cost and productivity actions more than offset higher commodity and input costs, lower volumes, and the unfavorable impact of currency. Segment operating EBITDA margin improved by approximately 390 basis points versus the prior- year period. FY FY % % ($ in millions, except where noted) 2023 2022 Change Organic1 Change North America $5,768 $5,178 11% 12% EMEA $1,622 $1,609 1 % 7% Latin America $1,637 $1,758 (7)% (11)% Asia Pacific $445 $434 3% 10% Total FY Seed Net Sales $9,472 $8,979 5% 7% FY Seed Operating EBITDA $2,117 $1,656 28% N/A

 
News Release 4Q 2023 4 Crop Protection Summary Crop Protection net sales were approximately $2.1 billion in the fourth quarter of 2023 compared to approximately $2.2 billion in the fourth quarter of 2022. The sales decline was driven by an 8% decrease in volume and a 4% decrease in price, partially offset by a 6% favorable impact from portfolio. The decrease in volume was driven by strategic product exits and channel inventory destocking, primarily in Latin America. Price declines in North America and Latin America were driven by challenging market dynamics. The portfolio impact was driven by the Biologicals acquisitions, which added approximately $140 million of net sales. Segment operating EBITDA was $267 million in the fourth quarter of 2023, down 20% from the fourth quarter of 2022. Price and volume declines more than offset lower input costs, productivity actions, and the favorable impact from the Biologicals acquisitions. Segment operating EBITDA margin declined by 235 basis points versus the prior-year period. 4Q 4Q % % ($ in millions, except where noted) 2023 2022 Change Organic1 Change North America $921 $931 (1)% (2)% EMEA $190 $195 (3)% (9)% Latin America $732 $835 (12)% (30)% Asia Pacific $229 $218 5% 8% Total 4Q Crop Protection Net Sales $2,072 $2,179 (5)% (12)% 4Q Crop Protection Operating EBITDA $267 $332 (20)% N/A Crop Protection net sales were approximately $7.8 billion in 2023 compared to approximately $8.5 billion in 2022. The sales decrease was driven by a 14% decrease in volume and a 1% unfavorable impact from currency. These declines were partially offset by a 4% favorable impact from portfolio and a 2% increase in price. The decrease in volume was driven by strategic product exits, channel inventory destocking, and delayed farmer purchases. The increase in price was led by EMEA, and mostly reflected pricing for the value of our differentiated technology, including new products, and currency in EMEA, partially offset by challenging market dynamics in Latin America and North America. Unfavorable currency impacts were led by the Turkish Lira and Chinese Renminbi. The portfolio impact was driven by the Biologicals acquisitions, which added approximately $420 million of net sales. Segment operating EBITDA was $1.4 billion in 2023, down 18% from prior year. Pricing execution, productivity actions, and the favorable impact from the Biologicals acquisitions were more than offset by lower volumes, higher input costs, and the unfavorable impact of currency. Segment operating EBITDA margin declined by 215 basis points versus the prior-year period. FY FY % % ($ in millions, except where noted) 2023 2022 Change Organic1 Change North America $2,822 $3,116 (9)% (10)% EMEA $1,745 $1,647 6% 8% Latin America $2,269 $2,687 (16)% (30)% Asia Pacific $918 $1,026 (11)% (6)% FY Crop Protection Net Sales $7,754 $8,476 (9)% (12)% FY Crop Protection Operating EBITDA $1,374 $1,684 (18)% N/A

 
News Release 4Q 2023 5 2024 Guidance The global outlook for agriculture remains constructive overall in 2024. There was record-setting demand for grain, oilseeds, and biofuels in 2023 and we expect that to continue to grow in 2024. On-farm demand remains steady and overall strong. The Crop Protection industry is working to rebalance after the significant destocking in 2023, however we expect the industry to modestly improve as the imbalance between product going into the channel and on-farm consumption returns to alignment. The Company provided guidance3 for the full-year 2024. Corteva expects net sales in the range of $17.4 billion to $17.7 billion, growth of 2% at the mid-point. Operating EBITDA1 is expected to be in the range of $3.5 billion to $3.7 billion, growth of 6% at the mid-point. Operating EPS1 is expected to be in the range of $2.70 to $2.90 per share, up 4% at the mid-point, which reflects higher earnings partially offset by interest expense and a higher base tax rate. Cash provided by operating activities – continuing operations is expected to be in the range of $2.1 billion to $2.6 billion. Free cash flow1,4 is expected to be in the range of $1.5 billion to $2.0 billion. The Company plans to repurchase approximately $1.0 billion shares in 2024. The Company is not able to reconcile its forward-looking non-GAAP financial measures to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of its control, such as Significant Items, without unreasonable effort. Fourth Quarter Conference Call The Company will host a live webcast of its fourth quarter 2023 earnings conference call with investors to discuss its results and outlook tomorrow, February 1, 2024, at 9:00 a.m. ET. The slide presentation that accompanies the conference call is posted on the Company’s Investor Events and Presentations page. A replay of the webcast will also be available on the Investor Events and Presentations page. About Corteva Corteva, Inc. (NYSE: CTVA) is a global pure-play agriculture company that combines industry-leading innovation, high-touch customer engagement and operational execution to profitably deliver solutions for the world’s most pressing agriculture challenges. Corteva generates advantaged market preference through its unique distribution strategy, together with its balanced and globally diverse mix of seed, crop protection, and digital products and services. With some of the most recognized brands in agriculture and a technology pipeline well positioned to drive growth, the Company is committed to maximizing productivity for farmers, while working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come. More information can be found at www.corteva.com. Cautionary Statement About Forward-Looking Statements This report contains certain estimates and forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates,” “outlook,” or other words of similar meaning. All statements that address expectations or projections about the future, including statements about Corteva’s financial results or outlook; strategy for growth; product development; regulatory approvals; market position; capital allocation strategy; liquidity; environmental, social and governance (“ESG”) targets and initiatives; the anticipated benefits of acquisitions, restructuring actions, or cost savings initiatives; and the outcome of contingencies, such as litigation and environmental matters, are forward-looking statements. Forward-looking statements and other estimates are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements and other estimates also involve risks and uncertainties, many of which are beyond Corteva’s control. While the list of factors presented below is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Corteva’s business, results of operations and financial condition. Some of the important factors that could cause Corteva’s actual results to differ materially from those projected in any such forward-looking statements include: (i) failure to obtain or maintain the necessary regulatory approvals for some of Corteva’s products; (ii) failure to successfully develop and commercialize Corteva’s pipeline; (iii) effect of the degree of public understanding and acceptance or perceived public acceptance of Corteva’s biotechnology and other agricultural products; (iv) effect of changes in agricultural and related policies of governments and international organizations; (v) costs of complying with evolving regulatory requirements and the effect of actual or alleged violations of environmental laws or permit requirements; (vi) effect of climate change and unpredictable seasonal and weather factors; (vii) failure to comply with competition and antitrust laws; (viii) effect of competition in Corteva’s industry; (ix) competitor’s establishment of an intermediary platform for distribution of Corteva's products; (x) impact of Corteva's dependence on third parties with respect to certain of its raw materials or licenses and commercialization; (xi) effect of volatility in Corteva's input costs; (xii) risk related to geopolitical and military conflict; (xii) risks related to environmental litigation and the indemnification obligations of legacy EIDP liabilities in connection with the separation of Corteva; (xiv) risks related to Corteva's global operations; (xv) failure to effectively manage acquisitions, divestitures, alliances, restructurings, cost savings initiatives, and other portfolio actions; (xvi) effect of industrial espionage and other disruptions to Corteva’s supply chain, information technology or network systems;(xvii) failure of Corteva’s customers to pay their debts to Corteva, including customer financing programs; (xviii) failure to raise capital through the capital markets or short-term borrowings on terms acceptable to Corteva; (xix) increases in pension and other post-employment benefit plan funding obligations; (xx) capital markets sentiment towards ESG matters; (xxi) risks related to pandemics or epidemics; (xxii) Corteva’s intellectual property rights or defense against intellectual property claims asserted by others; (xxiii) effect of counterfeit products; (xxiv) Corteva’s dependence on intellectual property cross-license agreements; and (xxv) other risks related to the Separation from DowDuPont. Additionally, there may be other risks and uncertainties that Corteva is unable to currently identify or that Corteva does not currently expect to have a material impact on its business. Where, in any forward-looking statement or other estimate, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of Corteva’s management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. Corteva disclaims and does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements is included in the “Risk Factors” section of Corteva’s Annual Report on Form 10-K, as modified by subsequent Quarterly Reports on Forms 10-Q and Current Reports on Form 8-K.

 
News Release 4Q 2023 6 Regulation G (Non-GAAP Financial Measures) This earnings release includes information that does not conform to U.S. GAAP and are considered non-GAAP measures. These measures may include organic sales, organic growth (including by segment and region), operating EBITDA, operating EBITDA margin, operating earnings (loss) per share, and base income tax rate. Management uses these measures internally for planning and forecasting, including allocating resources and evaluating incentive compensation. Management believes that these non-GAAP measures best reflect the ongoing performance of the Company during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of the Company and a more useful comparison of year over year results. These non-GAAP measures supplement the Company’s U.S. GAAP disclosures and should not be viewed as an alternative to U.S. GAAP measures of performance. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Reconciliations for these non-GAAP measures to U.S. GAAP are provided in the Selected Financial Information and Non-GAAP Measures starting on page A-5 of the Financial Statement Schedules. Corteva is not able to reconcile its forward-looking non-GAAP financial measures, except for Free Cash Flow, to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of the Company’s control, such as Significant Items, without unreasonable effort. For Significant items reported in the periods presented, refer to page A-10 of the Financial Statement Schedules. Beginning January 1, 2020, the Company presents accelerated prepaid royalty amortization expense as a significant item. Accelerated prepaid royalty amortization represents the non-cash charge associated with the recognition of upfront payments made to Monsanto in connection with the Company’s non-exclusive license in the United States and Canada for Monsanto’s Genuity® Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. During the ramp-up period of Enlist E3TM, Corteva has begun to significantly reduce the volume of products with the Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits beginning in 2021, with expected minimal use of the trait platform thereafter. During 2023, the company committed to restructuring activities to optimize the Crop Protection network of manufacturing and external partners, which are expected to be substantially complete in 2024. The company expects to record approximately $180 million to $230 million net pre-tax restructuring charges during 2024 for these activities. Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items. Operating EBITDA is defined as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, non-operating benefits (costs), foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items. Non-operating benefits (costs) consists of non-operating pension and other post- employment benefit (OPEB) credits (costs), tax indemnification adjustments, and environmental remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the Company as pre-tax income or expense. Operating EBITDA margin is defined as Operating EBITDA as a percentage of net sales. Operating earnings (loss) per share is defined as “earnings (loss) per common share from continuing operations - diluted” excluding the after-tax impact of significant items, the after-tax impact of non-operating benefits (costs), the after-tax impact of amortization expense associated with intangible assets existing as of the Separation from DowDuPont, and the after-tax impact of net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. Although amortization of the Company’s intangible assets is excluded from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in amortization of additional intangible assets. Net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting represents the non-cash net gain (loss) from changes in fair value of certain undesignated foreign currency derivative contracts. Upon settlement, which is within the same calendar year of execution of the contract, the realized gain (loss) from the changes in fair value of the non-qualified foreign currency derivative contracts will be reported in the relevant non-GAAP financial measures, allowing quarterly results to reflect the economic effects of the foreign currency derivative contracts without the resulting unrealized mark to fair value volatility. Base income tax rate is defined as the effective tax rate excluding the impacts of foreign exchange gains (losses), non-operating benefits (costs), amortization of intangibles (existing as of the Separation), mark-to- market gains (losses) on certain foreign currency contracts not designated as hedges, and significant items. The Company also uses Free Cash Flow as a non-GAAP measure to evaluate and discuss its liquidity position and ability to generate cash. Free Cash Flow is defined as cash provided by (used for) operating activities – continuing operations, less capital expenditures. We believe that Free Cash Flow provides investors with meaningful information regarding the Company’s ongoing ability to generate cash through core operations, and our ability to service our indebtedness, pay dividends (when declared), make share repurchases, and meet our ongoing cash needs for our operations. The company made the decision, which was retrospectively applied, to adjust the presentation of the Consolidated Statement of Cash Flows to separately show the cash provided by (used for) operating activities – discontinued operations, which was previously presented within cash provided by (used for) operating activities. As a result, the definition for Free Cash Flow was revised to utilize cash provided by (used for) operating activities – continuing operations. The change in definition did not have a material impact to prior years’ Free Cash Flow. We made this decision to better present the liquidity generated from our ongoing business operations. Under the revised definition, Free Cash Flow was $307 million for the year ended 2022. For comparability, the prior year’s Free Cash Flow has been updated to reflect this change when determining the year-over-year changes. ® TM Corteva Agriscience and its affiliated companies. 1/31/2024 Media Contact Bethany Shively +1 202-997-9438 bethany.shively@corteva.com Investor Contact Kim Booth +1 302-485-3704 kimberly.a.booth@corteva.com

 
A-1
Corteva, Inc.
Consolidated Statements of Operations
(Dollars in millions, except per share amounts)
Three Months Ended December 31,Twelve Months Ended
December 31,
2023202220232022
Net sales$3,707 $3,825 $17,226 $17,455 
Cost of goods sold2,366 2,510 9,920 10,436 
Research and development expense357 340 1,337 1,216 
Selling, general and administrative expenses735 764 3,176 3,173 
Amortization of intangibles175 166 683 702 
Restructuring and asset related charges - net241 63 336 363 
Other income (expense) - net(94)(149)(448)(60)
Interest expense62 36 233 79 
Income (loss) from continuing operations before income taxes(323)(203)1,093 1,426 
Provision for (benefit from) from income taxes on continuing operations(92)(162)152 210 
Income (loss) from continuing operations after income taxes(231)(41)941 1,216 
(Loss) income from discontinued operations after income taxes(20)(12)(194)(58)
Net income (loss)(251)(53)747 1,158 
Net income (loss) attributable to noncontrolling interests2 2 12 11 
Net income (loss) attributable to Corteva$(253)$(55)$735 $1,147 
Basic earnings (loss) per share of common stock:
Basic earnings (loss) per share of common stock from continuing operations$(0.33)$(0.06)$1.31 $1.67 
Basic earnings (loss) per share of common stock from discontinued operations(0.03)(0.02)(0.27)(0.08)
Basic earnings (loss) per share of common stock$(0.36)$(0.08)$1.04 $1.59 
Diluted earnings (loss) per share of common stock:
Diluted earnings (loss) per share of common stock from continuing operations$(0.33)$(0.06)$1.30 $1.66 
Diluted earnings (loss) per share of common stock from discontinued operations(0.03)(0.02)(0.27)(0.08)
Diluted earnings (loss) per share of common stock$(0.36)$(0.08)$1.03 $1.58 
Average number of shares outstanding used in earnings (loss) per share (EPS) calculation (in millions)
  Basic704.0714.7709.0720.8
  Diluted704.0714.7711.9724.5




A-2
Corteva, Inc.
Consolidated Balance Sheets
(Dollars in millions, except share amounts)
December 31,
2023		December 31,
2022
Assets
Current assets
Cash and cash equivalents$2,644 $3,191 
Marketable securities98 124 
Accounts and notes receivable, net5,488 5,701 
Inventories6,899 6,811 
Other current assets1,131 968 
Total current assets16,260 16,795 
Investment in nonconsolidated affiliates115 102 
Property, plant and equipment8,956 8,551 
Less: Accumulated depreciation4,669 4,297 
Net property, plant and equipment4,287 4,254 
Goodwill10,605 9,962 
Other intangible assets9,626 9,339 
Deferred income taxes584 479 
Other assets1,519 1,687 
Total Assets$42,996 $42,618 
Liabilities and Equity
Current liabilities
Short-term borrowings and finance lease obligations$198 $24 
Accounts payable4,280 4,895 
Income taxes payable174 183 
Deferred revenue3,406 3,388 
Accrued and other current liabilities2,351 2,254 
Total current liabilities10,409 10,744 
Long-term debt2,291 1,283 
Other noncurrent liabilities
Deferred income tax liabilities899 1,119 
Pension and other post employment benefits - noncurrent2,467 2,255 
Other noncurrent obligations1,651 1,676 
Total noncurrent liabilities$7,308 $6,333 
Commitments and contingent liabilities
Stockholders' equity
Common stock, $0.01 par value; 1,666,667,000 shares authorized;
issued at December 31, 2023 - 701,260,000 and December 31, 2022 - 713,419,000		7 7 
Additional paid-in capital27,748 27,851 
Retained earnings (accumulated deficit)(41)250 
Accumulated other comprehensive income (loss)(2,677)(2,806)
Total Corteva stockholders' equity25,037 25,302 
Noncontrolling interests242 239 
Total equity25,279 25,541 
Total Liabilities and Equity$42,996 $42,618 

A-3
Corteva, Inc.
Consolidated Statements of Cash Flows
(Dollars in millions, except per share amounts)

Twelve Months Ended
December 31,
20232022
Operating activities
Net income (loss)$747 $1,158 
(Income) loss from discontinued operation after income taxes194 58
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities
Depreciation and amortization1,211 1,223 
Provision for (benefit from) deferred income tax(438)(288)
Net periodic pension and OPEB (credits) costs138 (142)
Pension and OPEB contributions(149)(182)
Net (gain) loss on sales of property, businesses, consolidated companies, and investments(22)(18)
Restructuring and asset related charges - net336 363 
Other net loss578 305 
Changes in operating assets and liabilities, net
         Accounts and notes receivable358 (993)
         Inventories57 (1,715)
         Accounts payable(663)807 
         Deferred revenue(11)194 
         Other assets and liabilities(527)142 
Cash provided by (used for) operating activities - continuing operations1,809 912 
Cash provided by (used for) operating activities - discontinued operations(40)(40)
Cash provided by (used for) operating activities$1,769 $872 
Investing activities
Capital expenditures(595)(605)
Proceeds from sales of property, businesses, and consolidated companies - net of cash divested57 73 
Acquisitions of businesses - net of cash acquired(1,456)— 
Escrow funding associated with acquisitions— (36)
Investments in and loans to nonconsolidated affiliates(32)(12)
Purchases of investments(148)(344)
Proceeds from sales and maturities of investments147 295 
Proceeds from settlement of net investment hedge42 — 
Other investing activities, net(2)(3)
Cash provided by (used for) investing activities(1,987)(632)
Financing activities
Net change in borrowings (less than 90 days)(6)(13)
Proceeds from debt3,429 1,358 
Payments on debt(2,309)(1,140)
Repurchase of common stock(756)(1,000)
Proceeds from exercise of stock options31 88 
Dividends paid to stockholders(439)(418)
Other financing activities, net(49)(55)
Cash provided by (used for) financing activities(99)(1,180)
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents(143)(278)
Increase (decrease) in cash, cash equivalents and restricted cash equivalents(460)(1,218)
Cash, cash equivalents and restricted cash equivalents at beginning of period3,618 4,836 
Cash, cash equivalents and restricted cash equivalents at end of period$3,158 $3,618 

A-4
Corteva, Inc.
Consolidated Segment Information
(Dollars in millions, except per share amounts)

Three Months Ended
December 31,		Twelve Months Ended
December 31,
SEGMENT NET SALES - SEED2023202220232022
    Corn$1,308 $1,334 $6,447 $5,955 
    Soybean145 125 1,858 1,810 
    Other oilseeds71 67 708 714 
    Other111 120 459 500 
Seed$1,635 $1,646 $9,472 $8,979 
Three Months Ended
December 31,		Twelve Months Ended
December 31,
SEGMENT NET SALES - CROP PROTECTION2023202220232022
    Herbicides$991 $1,119 $4,034 $4,591 
    Insecticides442 556 1,598 1,831 
    Fungicides275 277 1,112 1,450 
    Other364 227 1,010 604 
Crop Protection$2,072 $2,179 $7,754 $8,476 
Three Months Ended
December 31,		Twelve Months Ended
December 31,
GEOGRAPHIC NET SALES - SEED2023202220232022
North America 1
$576 $541 $5,768 $5,178 
EMEA 2
181 167 1,622 1,609 
Latin America790 846 1,637 1,758 
Asia Pacific88 92 445 434 
Rest of World 3
1,059 1,105 3,704 3,801 
Net Sales$1,635 $1,646 $9,472 $8,979 
Three Months Ended
December 31,		Twelve Months Ended
December 31,
GEOGRAPHIC NET SALES - CROP PROTECTION2023202220232022
North America 1
$921 $931 $2,822 $3,116 
EMEA 2
190 195 1,745 1,647 
Latin America732 835 2,269 2,687 
Asia Pacific229 218 918 1,026 
Rest of World 3
1,151 1,248 4,932 5,360 
Net Sales$2,072 $2,179 $7,754 $8,476 
1. Reflects U.S. & Canada
2. Reflects Europe, Middle East, and Africa
3. Reflects EMEA, Latin America, and Asia Pacific



A-5
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
20232023
Net Sales (GAAP)$3,707 $17,226 
Less: Impacts from Currency and Portfolio / Other4
(198)(240)
Organic Sales (Non-GAAP)$3,509 $16,986 
Three Months Ended
December 31,		Twelve Months Ended
December 31,
OPERATING EBITDA2023202220232022
Seed$145 $71 $2,117 $1,656 
Crop Protection267 332 1,374 1,684 
Corporate Expenses(26)(33)(110)(116)
Operating EBITDA (Non-GAAP)$386 $370 $3,381 $3,224 
RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS AFTER INCOME TAXES TO OPERATING EBITDAThree Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Income (loss) from continuing operations after income taxes (GAAP)$(231)$(41)$941 $1,216 
Provision for (benefit from) income taxes on continuing operations(92)(162)152 210 
Income (loss) from continuing operations before income taxes (GAAP)(323)(203)1,093 1,426 
Depreciation and amortization312 304 1,211 1,223 
Interest income(130)(49)(283)(124)
Interest expense62 36 233 79 
Exchange (gains) losses1
155 133 397 229 
Non-operating (benefits) costs2
36 23 151 (111)
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges(34)3 — $— 
Significant items (benefit) charge3
308 123 579 502 
Operating EBITDA (Non-GAAP)$386 $370 $3,381 $3,224 
1.Refer to page A-16 for pre-tax and after tax impacts of exchange losses (gains).
2.Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments, environmental remediation and legal costs associated with legacy businesses and sites of Historical DuPont. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense.
3.Refer to page A-10 for pre-tax and after tax impacts of significant items.
4.Other includes the revenue recognized relating to seed sales associated with the Russia Exit. Refer to schedule A-10 for further detail on significant items.

A-6
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
PRICE - VOLUME - CURRENCY ANALYSIS
REGION
Q4 2023 vs. Q4 2022Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$25 2 %$15 1 %(3)%4 %— %1 %
EMEA2
9 2 %11 3 %9 %(6)%— %(1)%
Latin America(159)(9)%(356)(21)%1 %(22)%5 %7 %
Asia Pacific7 2 %14 5 %8 %(3)%(1)%(2)%
Rest of World(143)(6)%(331)(14)%3 %(17)%3 %5 %
Total$(118)(3)%$(316)(8)%1 %(9)%2 %3 %
SEED
Q4 2023 vs. Q4 2022Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$35 6 %$34 6 %2 %4 %— %— %
EMEA2
14 8 %28 17 %14 %3 %(4)%(5)%
Latin America(56)(7)%(103)(12)%8 %(20)%5 %— %
Asia Pacific(4)(4)%(3)(3)%18 %(21)%(1)%— %
Rest of World(46)(4)%(78)(7)%10 %(17)%4 %(1)%
Total$(11)(1)%$(44)(3)%7 %(10)%3 %(1)%
CROP PROTECTION
Q4 2023 vs. Q4 2022Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$(10)(1)%$(19)(2)%(7)%5 %— %1 %
EMEA
(5)(3)%(17)(9)%4 %(13)%3 %3 %
Latin America(103)(12)%(253)(30)%(6)%(24)%4 %14 %
Asia Pacific11 5 %17 8 %4 %4 %(1)%(2)%
Rest of World(97)(8)%(253)(20)%(3)%(17)%3 %9 %
Total$(107)(5)%$(272)(12)%(4)%(8)%1 %6 %
















A-7
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)

SEED PRODUCT LINE
Q4 2023 vs. Q4 2022Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Corn2
$(26)(2)%$(56)(4)%8 %(12)%3 %(1)%
Soybeans20 16 %17 14 %6 %8 %2 %— %
Other oilseeds2
4 6 %7 10 %19 %(9)%(1)%(3)%
Other(9)(8)%(12)(10)%(1)%(9)%2 %— %
Total $(11)(1)%$(44)(3)%7 %(10)%3 %(1)%
CROP PROTECTION PRODUCT LINE
Q4 2023 vs. Q4 2022Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Herbicides$(128)(11)%$(141)(13)%(6)%(7)%2 %— %
Insecticides(114)(21)%(113)(20)%(4)%(16)%1 %(2)%
Fungicides(2)(1)%(10)(4)%(4)%— %3 %— %
Other137 60 %(8)(4)%(3)%(1)%2 %62 %
Total$(107)(5)%$(272)(12)%(4)%(8)%1 %6 %

1.Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items.
2.Other includes the revenue recognized relating to seed sales associated with the Russia Exit. Refer to schedule A-10 for further detail on significant items.

A-8
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
PRICE - VOLUME - CURRENCY ANALYSIS
REGION
Twelve Months 2023 vs. Twelve Months 2022Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$296 4 %$314 4 %6 %(2)%— %— %
EMEA2
111 3 %257 8 %19 %(11)%(8)%3 %
Latin America(539)(12)%(1,017)(23)%2 %(25)%3 %8 %
Asia Pacific(97)(7)%(23)(2)%7 %(9)%(5)%— %
Rest of World(525)(6)%(783)(9)%8 %(17)%(2)%5 %
Total$(229)(1)%$(469)(3)%7 %(10)%(1)%3 %
SEED
Twelve Months 2023 vs. Twelve Months 2022Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$590 11 %$622 12 %9 %3 %(1)%— %
EMEA2
13 1 %120 7 %26 %(19)%(10)%4 %
Latin America(121)(7)%(199)(11)%11 %(22)%4 %— %
Asia Pacific11 3 %42 10 %14 %(4)%(7)%— %
Rest of World(97)(3)%(37)(1)%18 %(19)%(3)%1 %
Total$493 5 %$585 7 %13 %(6)%(2)%— %
CROP PROTECTION
Twelve Months 2023 vs. Twelve Months 2022Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$(294)(9)%$(308)(10)%— %(10)%— %1 %
EMEA
98 6 %137 8 %12 %(4)%(4)%2 %
Latin America(418)(16)%(818)(30)%(4)%(26)%2 %12 %
Asia Pacific(108)(11)%(65)(6)%4 %(10)%(5)%— %
Rest of World(428)(8)%(746)(14)%2 %(16)%(1)%7 %
Total$(722)(9)%$(1,054)(12)%2 %(14)%(1)%4 %


A-9
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
SEED PRODUCT LINE
Twelve Months 2023 vs. Twelve Months 2022Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Corn2
$492 8 %$567 10 %14 %(4)%(2)%— %
Soybeans48 3 %46 3 %7 %(4)%— %— %
Other oilseeds2
(6)(1)%12 2 %23 %(21)%(7)%4 %
Other(41)(8)%(40)(8)%7 %(15)%— %— %
Total $493 5 %$585 7 %13 %(6)%(2)%— %
CROP PROTECTION PRODUCT LINE
Twelve Months 2023 vs. Twelve Months 2022Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Herbicides$(557)(12)%$(519)(11)%1 %(12)%(1)%— %
Insecticides(233)(13)%(191)(10)%2 %(12)%(1)%(2)%
Fungicides(338)(23)%(321)(22)%3 %(25)%(1)%— %
Other406 67 %(23)(4)%1 %(5)%1 %70 %
Total$(722)(9)%$(1,054)(12)%2 %(14)%(1)%4 %

1.Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items.
2.Other includes the revenue recognized relating to seed sales associated with the Russia Exit. Refer to schedule A-10 for further detail on significant items.


A-10
Corteva, Inc.
Significant Items
(Dollars in millions, except per share amounts)
SIGNIFICANT ITEMS BY SEGMENT (PRE-TAX)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Seed$(22)$(61)$(81)$(298)
Crop Protection(274)(47)(476)(106)
Corporate(12)(15)(22)(98)
Total significant items before income taxes$(308)$(123)$(579)$(502)

A-11
Corteva, Inc.
Significant Items
(Dollars in millions, except per share amounts)
SIGNIFICANT ITEMS - PRE-TAX, AFTER TAX, AND EPS IMPACTS
Pre-tax
After tax10
($ Per Share)
202320222023202220232022
1st Quarter
Restructuring and asset related charges, net 1
$(33)$(5)$(25)$(3)$(0.03)$— 
Estimated settlement expense 2
(49)(17)(37)(13)(0.05)(0.02)
   Inventory write-offs 3
(4)— (4)— (0.01)— 
   Gain (loss) on sale of assets and equity investments 3
3 — 1 — — — 
   Seed sale associated with Russia Exit 3
19 — 14 — 0.02 — 
   Acquisition-related costs 5
(19)— (17)— (0.02)— 
1st Quarter – Total
$(83)$(22)$(68)$(16)$(0.09)$(0.02)
2nd Quarter
Restructuring and asset related charges, net 1
$(60)$(143)$(45)$(116)$(0.06)$(0.16)
Estimated settlement expense 2
(41)— (31)— (0.04)— 
Inventory write-offs 3
(3)(1)(3)(1)— — 
Loss on sale of equity investments 3
— (5)— (4)— (0.01)
Seed sale associated with Russia Exit 3
(1)— (1)— (0.01)— 
Settlement costs associated with Russia Exit 3
— (6)— (6)— (0.01)
Acquisition-related costs 5
(15)— (12)— (0.02)— 
Employee Retention Credit 6
3 — 2 — — — 
Income tax items 7
— — 29 — 0.04 — 
2nd Quarter – Total
$(117)$(155)$(61)$(127)$(0.09)$(0.18)
3rd Quarter
Restructuring and asset related charges, net 1
$(2)$(152)$(4)$(126)$(0.01)$(0.18)
Estimated settlement expense 2
(66)(40)(50)(30)(0.07)(0.04)
Inventory write-offs 3
— (32)— (24)— (0.03)
Settlement costs associated with Russia Exit 3
— (2)— (2)— — 
Gain on sale of business 3
4 15 3 10 0.01 0.01 
Acquisition-related costs 5
(7)— (6)— (0.01)— 
Employee Retention Credit 6
— 9 — 7 — 0.01 
Income tax items 7
— — — 55 — 0.08 
3rd Quarter – Total
$(71)$(202)$(57)$(110)$(0.08)$(0.15)
4th Quarter
Restructuring and asset related charges, net 1
$(241)$(63)$(183)$(46)$(0.26)$(0.06)
Estimated settlement expense 2
(48)(30)(36)(23)(0.05)(0.03)
Spare parts write-off 4
(12)— (9)— (0.01)— 
AltEn facility remediation charge 8
(10)(33)(7)(25)(0.01)(0.04)
Seed sale associated with Russia Exit 3
— 3 — 2 — — 
Gain (loss) on sale of assets 3
7 — 5 — — — 
Acquisition-related costs 5
(4)— (3)— — — 
Income tax items 7
— — 16 78 0.02 0.11 
4th Quarter – Total
$(308)$(123)$(217)$(14)$(0.31)$(0.02)
Annual Total 9
$(579)$(502)$(403)$(267)$(0.57)$(0.37)

1.Fourth, third, second and first quarter 2023 includes restructuring and asset related benefits (charges) of $(241), $(2), $(60) and $(33), respectively. The charges primarily relate to a $(217) charge for the fourth quarter related to the Crop Protection Operations Strategy Restructuring Program, a $(6), $2, $(52) and $(16) benefit (charge) for the fourth, third, second and first quarter, respectively, related to non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits and a $(23), $(1), $(7) and $(11) charge for the fourth, third, second and first quarter, respectively, associated with the 2022 Restructuring Actions.

Fourth, third, second and first quarter 2022 includes restructuring and asset related benefits (charges) of $(63), $(152), $(143) and $(5),

A-12
Corteva, Inc.
Significant Items
(Dollars in millions, except per share amounts)
respectively. The charges primarily relate to a $(70), $(146), and $(56) charge for the fourth, third and second quarter, respectively, associated with the 2022 Restructuring Actions and a $(5), $(5), $(93), and $(6) charge for the fourth, third, second and first quarter, respectively, related to non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. The charges for the fourth quarter 2022 also include a $12 benefit associated with previous restructuring programs.

2.Fourth, third, second and first quarter 2023 and fourth, third and first quarter 2022 included estimated Lorsban® related charges.

3.Fourth, third and first quarter 2023 includes benefits (charges) of $7, $4, and $(11), respectively, related to the 2022 Restructuring Actions consisting of gains (losses) on the sale of businesses, assets and the Company’s interest in an equity investment. Second and first quarter 2023 includes a benefit (charge) of $(1) and $19, respectively, relating to the sale of seeds already under production in Russia when the decision to exit the country was made and that the Company was contractually required to purchase, which consisted of $30 and $41 of net sales and $31 and $22 of cost of goods sold, respectively. Second and first quarter 2023 also includes a charge of $(3) and $(4) associated with activities related to the 2022 Restructuring Actions consisting of inventory write offs.

Fourth quarter 2022 includes a benefit of $3 relating to the sale of seeds already under production in Russia when the decision to exit the country was made and that the Company was contractually required to purchase, which consisted of $8 of net sales and $5 of cost of goods sold. Third quarter 2022 includes a benefit (charge) of $(32), $15 and $(2) associated with activities related to the 2022 Restructuring Actions consisting of inventory write-offs, gain on the sale of a business, and settlement costs associated with the Russia Exit, respectively. Second quarter 2022 includes a $(1), $(5) and $(6) charge associated with activities related to the 2022 Restructuring Actions consisting of inventory write-offs associated with the Russia Exit, loss on the sale of the Company’s interest in an equity investment and settlement costs associated with the Russia Exit, respectively.

4.Fourth quarter 2023 includes a charge associated with activities related to the Crop Protection Operations Strategy Restructuring Program.

5.Fourth, third, second and first quarter 2023 includes acquisition-related costs relating to transaction and third-party integration costs associated with the completed acquisitions of Stoller and Symborg and the recognition of the inventory fair value step-up.

6.Second quarter 2023 and third quarter 2022 includes a benefit relating to an adjustment due to a change in estimate related to the Employee Retention Credit that the Company earned pursuant to the Coronavirus Aid, Relief, and Economic Security ("CARES") Act as enhanced by the Consolidated Appropriations Act ("CAA") and American Rescue Plan Act ("ARPA").

7.Fourth quarter 2023 includes a tax benefit related to the impact of changes to deferred taxes for legal entities within Switzerland of $(62) million and adjustments due to intellectual property realignment of $46 million. Second quarter 2023 includes a tax benefit related to the impact of a tax currency change for a legal entity within Switzerland of $(24) million and an adjustment due to a change in estimate related to a worthless stock deduction in the U.S.

Fourth quarter 2022 included a tax benefit relating to a change in the valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil and a worthless stock deduction in the U.S. in the amount of $36 and $42, respectively. Third quarter 2022 included a tax benefit of $55 relating to the establishment of deferred taxes due to the impact of a change in a U.S. legal entity's tax characterization.

8.Fourth quarter 2023 and 2022 included a charge relating to the increase in the remediation accrual at the AltEn facility relating to Corteva's estimated voluntary contribution to the solid waste and wastewater remedial action plans.

9.Earnings per share for the year may not equal the sum of quarterly earnings per share due to the changes in average share calculations.

10.Unless specifically addressed in notes above, the income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment.



A-13
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
Operating Earnings (Loss) Per Share (Non-GAAP)
Operating earnings (loss) per share is defined as earnings (loss) per share from continuing operations – diluted, excluding non-operating (benefits) costs, amortization of intangibles (existing as of Separation), net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, and significant items.
Three Months Ended
December 31,
2023202220232022
$$EPS (diluted)EPS (diluted)
Net income (loss) from continuing operations attributable to Corteva (GAAP)$(233)$(43)$(0.33)$(0.06)
Less: Non-operating benefits (costs), after tax1
(27)(16)(0.04)(0.02)
Less: Amortization of intangibles (existing as of Separation), after tax(117)(128)(0.17)(0.18)
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax25 (2)0.04 — 
Less: Significant items benefit (charge), after tax(217)(14)(0.31)(0.02)
Operating Earnings (Loss) (Non-GAAP) 2
$103 $117 $0.15 $0.16 
Twelve Months Ended
December 31,
2023202220232022
$$EPS (diluted)EPS (diluted)
Net income (loss) from continuing operations attributable to Corteva (GAAP)$929 $1,205 $1.30 $1.66 
Less: Non-operating benefits (costs), after tax1
(111)80 (0.16)0.11 
Less: Amortization of intangibles (existing as of Separation), after tax(471)(542)(0.66)(0.75)
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax— — — — 
Less: Significant items benefit (charge), after tax(403)(267)(0.57)(0.37)
Operating Earnings (Loss) (Non-GAAP) 2
$1,914 $1,934 $2.69 $2.67 
1.Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments, environmental remediation and legal costs associated with legacy businesses and sites of Historical DuPont. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense.
2.Refer to page A-14 for the Non-GAAP reconciliation of operating EBITDA to operating earnings (loss) per share.

A-14
Corteva, Inc.
Operating EBITDA to Operating Earnings (Loss) Per Share
(Dollars in millions, except per share amounts)

Operating EBITDA to Operating Earnings (Loss) Per Share
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Operating EBITDA (Non-GAAP)1
$386 $370 $3,381 $3,224 
Depreciation(137)(138)(528)(521)
Amortization of intangibles (post Separation)(20)— (65)(3)
Interest Income130 49 283 124 
Interest Expense(62)(36)(233)(79)
(Provision for) benefit from income taxes on continuing operations before significant items, non-operating benefits (costs), amortization of intangibles (existing as of Separation), mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP)1
(60)(54)(577)(566)
Base income tax rate from continuing operations (Non-GAAP)1
20.2 %22.0 %20.3 %20.6 %
Exchange gains (losses), after tax2
(132)(72)(335)(234)
Net (income) loss attributable to non-controlling interests(2)(2)(12)(11)
Operating Earnings (Loss) (Non-GAAP)1
$103 $117 $1,914 $1,934 
Diluted Shares (in millions)704.0 714.7 711.9 724.5 
Operating Earnings (Loss) Per Share (Non-GAAP)1
$0.15 $0.16 $2.69 $2.67 
1.     Refer to pages A-5 through A-9, and A-13 and A-15 for Non-GAAP reconciliations.
2.     Refer to page A-16 for pre-tax and after tax impacts of exchange gains (losses).





A-15
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions)

Reconciliation of Base Income Tax Rate to Effective Income Tax Rate
Base income tax rate is defined as the effective income tax rate less the effect of exchange gains (losses), significant items, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and non-operating (benefits) costs.
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Income (loss) from continuing operations before income taxes (GAAP)
$(323)$(203)$1,093 $1,426 
Add: Significant items (benefit) charge 1
308 123 579 502 
Non-operating (benefits) costs36 23 151 (111)
Amortization of intangibles (existing as of Separation)155 166 618 699 
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges(34)3 — — 
Less: Exchange gains (losses)2
(155)(133)(397)(229)
Income (loss) from continuing operations before income taxes, significant items, non-operating (benefits) costs, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP)
$297 $245 $2,838 $2,745 
Provision for (benefit from) income taxes on continuing operations (GAAP)
$(92)$(162)$152 $210 
Add: Tax benefits on significant items (benefit) charge1
91 109 176 235 
Tax expenses on non-operating (benefits) costs9 7 40 (31)
Tax benefits on amortization of intangibles (existing as of Separation)38 38 147 157 
 Tax benefits on mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges(9)1 — — 
 Tax benefits on exchange gains (losses)2
23 61 62 (5)
Provision for (benefit from) income taxes on continuing operations before significant items, non-operating (benefits) costs, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP)
$60 $54 $577 $566 
Effective income tax rate (GAAP)
28.5 %79.8 %13.9 %14.7 %
Significant items, non-operating (benefits) costs, amortization of intangibles (existing as of Separation), and mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges effect(2.2)%(87.1)%7.2 %8.0 %
Tax rate from continuing operations before significant items, non-operating (benefits) costs, amortization of intangibles (existing as of Separation), and mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges26.2 %(7.3)%21.1 %22.7 %
Exchange gains (losses), net effect2
(6.0)%29.4 %(0.8)%(2.1)%
Base income tax rate from continuing operations (Non-GAAP)
20.2 %22.0 %20.3 %20.6 %
1. See page A-11 for further detail on the Significant Items table.
2. See page A-16 for further details of exchange gains (losses).



A-16
Corteva, Inc.
(Dollars in millions, except per share amounts)

Exchange Gains/Losses
The Company routinely uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities. The objective of this program is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes on net monetary asset positions. The hedging program gains (losses) are largely taxable (tax deductible) in the United States (U.S.), whereas the offsetting exchange gains (losses) on the remeasurement of the net monetary asset positions are often not taxable (tax deductible) in their local jurisdictions. The net pre-tax exchange gains (losses) are recorded in other income (expense) - net and the related tax impact is recorded in provision for (benefit from) income taxes on continuing operations in the Consolidated Statements of Operations.
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Subsidiary Monetary Position Gain (Loss)
Pre-tax exchange gains (losses)$(189)$(97)$(371)$(217)
Local tax (expenses) benefits28 51 55 (10)
Net after tax impact from subsidiary exchange gains (losses)$(161)$(46)$(316)$(227)
Hedging Program Gain (Loss)
Pre-tax exchange (losses) gains$34 $(36)$(26)$(12)
Tax (expenses) benefits(5)10 7 5 
Net after tax impact from hedging program exchange (losses) gains$29 $(26)$(19)$(7)
Total Exchange Gain (Loss)
Pre-tax exchange gains (losses)$(155)$(133)$(397)$(229)
Tax (expenses) benefits23 61 62 (5)
Net after tax exchange gains (losses)$(132)$(72)$(335)$(234)
As shown above, the "Total Exchange Gain (Loss)" is the sum of the "Subsidiary Monetary Position Gain (Loss)" and the "Hedging Program (Loss) Gain."



A-17
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions)
Free Cash Flow (Non-GAAP)
Free Cash Flow is defined as cash provided by (used for) operating activities – continuing operations, less capital expenditures.
Twelve Months Ended
December 31,
20232022
Cash provided by (used for) operating activities - continuing operations (GAAP)$1,809 $912 
    Less: Capital expenditures(595)(605)
Free Cash Flow (Non-GAAP)$1,214 $307 
Twelve Months Ended
December 31, 20241
Low EndHigh End
Cash provided by (used for) operating activities - continuing operations (GAAP)$2,130 $2,630 
    Less: Capital expenditures(630)(630)
Free Cash Flow (Non-GAAP)$1,500 $2,000 
1.This represents the reconciliation of the Company's range provided for its forward-looking non-GAAP financial measure relating to Free Cash Flow.

v3.24.0.1
Cover Document
Jan. 31, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 31, 2024
Entity Registrant Name Corteva, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-38710
Entity Tax Identification Number 82-4979096
Entity Address, Address Line One 9330 Zionsville Road
Entity Address, City or Town Indianapolis
Entity Address, State or Province IN
Entity Address, Postal Zip Code 46268
City Area Code 833
Local Phone Number 267-8382
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol CTVA
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001755672
Document Information [Line Items]  
Document Period End Date Jan. 31, 2024
Entity Address, Address Line One 9330 Zionsville Road
Entity Address, City or Town Indianapolis
Entity Address, State or Province IN
Entity Address, Postal Zip Code 46268
Entity Registrant Name Corteva, Inc.
Other Address  
Cover [Abstract]  
Entity Address, Address Line One 974 Centre Road
Entity Address, City or Town Wilmington
Entity Address, State or Province DE
Entity Address, Postal Zip Code 19805
Document Information [Line Items]  
Entity Address, Address Line One 974 Centre Road
Entity Address, City or Town Wilmington
Entity Address, State or Province DE
Entity Address, Postal Zip Code 19805
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