EX-99.2 3 cortevaq32024enrschedules.htm EX-99.2 Document

A-1
Corteva, Inc.
Consolidated Statements of Operations
(Dollars in millions, except per share amounts)


Three Months Ended
September 30,		Nine Months Ended
 September 30,
2024202320242023
Net sales$2,326 $2,590 $12,930 $13,519 
Cost of goods sold1,565 1,646 7,033 7,554 
Research and development expense348 335 1,037 980 
Selling, general and administrative expenses671 670 2,461 2,441 
Amortization of intangibles170 174 521 508 
Restructuring and asset related charges - net32 2 199 95 
Other income (expense) - net(107)(149)(319)(354)
Interest expense66 58 173 171 
Income (loss) from continuing operations before income taxes(633)(444)1,187 1,416 
Provision for (benefit from) income taxes on continuing operations(114)(129)274 244 
Income (loss) from continuing operations after income taxes(519)(315)913 1,172 
Income (loss) from discontinued operations after income taxes(2)(3)45 (174)
Net income (loss)(521)(318)958 998 
Net income (loss) attributable to noncontrolling interests3 3 10 10 
Net income (loss) attributable to Corteva$(524)$(321)$948 $988 
Basic earnings (loss) per share of common stock:
Basic earnings (loss) per share of common stock from continuing operations$(0.76)$(0.45)$1.30 $1.64 
Basic earnings (loss) per share of common stock from discontinued operations— — 0.06 (0.24)
Basic earnings (loss) per share of common stock$(0.76)$(0.45)$1.36 $1.40 
Diluted earnings (loss) per share of common stock:
Diluted earnings (loss) per share of common stock from continuing operations$(0.76)$(0.45)$1.29 $1.63 
Diluted earnings (loss) per share of common stock from discontinued operations— — 0.06 (0.24)
Diluted earnings (loss) per share of common stock$(0.76)$(0.45)$1.35 $1.39 
Average number of shares outstanding used in earnings (loss) per share (EPS) calculation (in millions)
Basic691.1708.4695.8710.7
Diluted691.1708.4698.3713.6





A-2
Corteva, Inc.
Consolidated Balance Sheets
(Dollars in millions, except share amounts)
September 30, 2024December 31, 2023September 30, 2023
Assets
Current assets
Cash and cash equivalents$2,421 $2,644 $2,254 
Marketable securities72 98 108 
Accounts and notes receivable - net
6,651 5,488 6,581 
Inventories5,674 6,899 6,320 
Other current assets831 1,131 1,070 
Total current assets15,649 16,260 16,333 
Investment in nonconsolidated affiliates128 115 106 
Property, plant and equipment9,235 8,956 8,892 
Less: Accumulated depreciation5,025 4,669 4,572 
Net property, plant and equipment4,210 4,287 4,320 
Goodwill10,629 10,605 10,441 
Other intangible assets9,084 9,626 9,795 
Deferred income taxes564 584 554 
Other assets1,644 1,519 1,561 
Total Assets$41,908 $42,996 $43,110 
Liabilities and Equity
Current liabilities
Short-term borrowings and finance lease obligations$3,741 $198 $3,609 
Accounts payable3,753 4,280 3,678 
Income taxes payable313 174 236 
Deferred revenue429 3,406 552 
Accrued and other current liabilities2,188 2,351 2,273 
Total current liabilities10,424 10,409 10,348 
Long-term debt1,975 2,291 2,290 
Other noncurrent liabilities
Deferred income tax liabilities496 899 1,070 
Pension and other post employment benefits - noncurrent2,473 2,467 2,228 
Other noncurrent obligations1,561 1,651 1,707 
Total noncurrent liabilities6,505 7,308 7,295 
Commitments and contingent liabilities
Stockholders' equity
Common stock, $0.01 par value; 1,666,667,000 shares authorized; issued at September 30, 2024 - 689,170,000; December 31, 2023 - 701,260,000; and September 30, 2023 - 704,880,0007 7 7 
Additional paid-in capital27,518 27,748 27,895 
Retained earnings (accumulated deficit)98 (41)325 
Accumulated other comprehensive income (loss)(2,886)(2,677)(3,001)
Total Corteva stockholders' equity24,737 25,037 25,226 
Noncontrolling interests242 242 241 
Total equity24,979 25,279 25,467 
Total Liabilities and Equity$41,908 $42,996 $43,110 

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

Nine Months Ended
 September 30,
20242023
Operating activities
Net income (loss)$958 $998 
(Income) loss from discontinued operations after income taxes(45)174 
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:
Depreciation and amortization925 899 
Provision for (benefit from) deferred income tax(422)(268)
Net periodic pension and OPEB (credits) costs
121 105 
Pension and OPEB contributions(123)(123)
Net (gain) loss on sales of property, businesses, consolidated companies, and investments(17)(12)
Restructuring and asset related charges - net199 95 
Other net loss377 342 
Changes in assets and liabilities, net
Accounts and notes receivable(1,450)(773)
Inventories1,060 492 
Accounts payable(518)(1,218)
Deferred revenue(2,974)(2,840)
Other assets and liabilities38 (445)
Cash provided by (used for) operating activities - continuing operations(1,871)(2,574)
Cash provided by (used for) operating activities - discontinued operations(157)(30)
Cash provided by (used for) operating activities(2,028)(2,604)
Investing activities
Capital expenditures(416)(412)
Proceeds from sales of property, businesses, and consolidated companies - net of cash divested2 42 
Acquisitions of businesses - net of cash acquired— (1,456)
Investments in and loans to nonconsolidated affiliates(7)(31)
Purchases of investments(137)(83)
Proceeds from sales and maturities of investments115 127 
Proceeds from settlement of net investment hedge15 42 
Other investing activities, net(38)(2)
Cash provided by (used for) investing activities(466)(1,773)
Financing activities
Net change in borrowings (less than 90 days) 1,715 2,419 
Proceeds from debt3,047 3,427 
Payments on debt(1,529)(1,314)
Repurchase of common stock(757)(585)
Proceeds from exercise of stock options30 28 
Dividends paid to stockholders(340)(327)
Other financing activities, net(29)(45)
Cash provided by (used for) financing activities2,137 3,603 
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents(45)(68)
Increase (decrease) in cash, cash equivalents and restricted cash equivalents(402)(842)
Cash, cash equivalents and restricted cash equivalents at beginning of period3,158 3,618 
Cash, cash equivalents and restricted cash equivalents at end of period$2,756 $2,776 

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

Three Months Ended
September 30,		Nine Months Ended
September 30,
SEGMENT NET SALES - SEED2024202320242023
    Corn$315 $487 $5,085 $5,139 
    Soybean164 189 1,773 1,713 
    Other oilseeds135 142 566 637 
    Other77 60 349 348 
Seed$691 $878 $7,773 $7,837 
Three Months Ended
September 30,		Nine Months Ended
September 30,
SEGMENT NET SALES - CROP PROTECTION2024202320242023
    Herbicides$736 $815 $2,568 $3,043 
    Insecticides437 416 1,225 1,156 
    Fungicides216 226 761 837 
    Other246 255 603 646 
Crop Protection$1,635 $1,712 $5,157 $5,682 
Three Months Ended
September 30,		Nine Months Ended
September 30,
GEOGRAPHIC NET SALES - SEED2024202320242023
North America 1
$170 $173 $5,394 $5,192 
EMEA 2
196 198 1,365 1,441 
Latin America
218 380 696 847 
Asia Pacific
107 127 318 357 
Rest of World 3
521 705 2,379 2,645 
Net Sales$691 $878 $7,773 $7,837 
Three Months Ended
September 30,		Nine Months Ended
September 30,
GEOGRAPHIC NET SALES - CROP PROTECTION2024202320242023
North America 1
$440 $399 $1,703 $1,901 
EMEA 2
219 271 1,311 1,555 
Latin America
771 844 1,458 1,537 
Asia Pacific
205 198 685 689 
Rest of World 3
1,195 1,313 3,454 3,781 
Net Sales$1,635 $1,712 $5,157 $5,682 
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
September 30,		Nine Months Ended
September 30,
20242024
Net Sales (GAAP)$2,326 $12,930 
Add: Impacts from Currency and Portfolio130 274 
Organic Sales (Non-GAAP)$2,456 $13,204 
Three Months Ended
September 30,		Nine Months Ended
September 30,
OPERATING EBITDA2024202320242023
Seed$(320)$(138)$2,126 $1,972 
Crop Protection246 184 811 1,107 
Corporate Expenses(26)(28)(86)(84)
Operating EBITDA (Non-GAAP)$(100)$18 $2,851 $2,995 
RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS AFTER INCOME TAXES TO OPERATING EBITDAThree Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Income (loss) from continuing operations after income taxes (GAAP)$(519)$(315)$913 $1,172 
Provision for (benefit from) income taxes on continuing operations(114)(129)274 244 
Income (loss) from continuing operations before income taxes (GAAP)(633)(444)1,187 1,416 
Depreciation and amortization306 306 925 899 
Interest income(33)(59)(93)(153)
Interest expense66 58 173 171 
Exchange (gains) losses1
97 102 234 242 
Non-operating (benefits) costs2
50 28 132 115 
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges14 (44)(4)34 
Significant items (benefit) charge3
33 71 297 271 
Operating EBITDA (Non-GAAP)$(100)$18 $2,851 $2,995 

1.Refer to page A-15 for pre-tax and after tax impacts of exchange (gains) losses.
2.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 EIDP 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.
3.Refer to page A-10 for pre-tax and after tax impacts of significant items.

A-6
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
PRICE - VOLUME - CURRENCY ANALYSIS
REGION
Q3 2024 vs. Q3 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$38 7 %$38 7 %(9)%16 %— %— %
EMEA$(54)(12)%$(43)(9)%2 %(11)%(3)%— %
Latin America
$(235)(19)%$(122)(10)%(15)%5 %(9)%— %
Asia Pacific
$(13)(4)%$(7)(2)%2 %(4)%(2)%— %
Rest of World(302)(15)%(172)(8)%(8)%— %(7)%— %
Total$(264)(10)%$(134)(5)%(8)%3 %(5)%— %
SEED
Q3 2024 vs. Q3 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$(3)(2)%$(3)(2)%(25)%23 %— %— %
EMEA(2)(1)%7 3 %8 %(5)%(4)%— %
Latin America
(162)(43)%(138)(36)%(7)%(29)%(7)%— %
Asia Pacific
(20)(16)%(17)(13)%8 %(21)%(3)%— %
Rest of World(184)(26)%(148)(21)%— %(21)%(5)%— %
Total$(187)(21)%$(151)(17)%(5)%(12)%(4)%— %
CROP PROTECTION
Q3 2024 vs. Q3 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$41 10 %$41 10 %(3)%13 %— %— %
EMEA
(52)(19)%(50)(18)%(4)%(14)%(1)%— %
Latin America
(73)(9)%16 2 %(18)%20 %(11)%— %
Asia Pacific
7 4 %10 5 %(2)%7 %(1)%— %
Rest of World(118)(9)%(24)(2)%(13)%11 %(7)%— %
Total$(77)(4)%$17 1 %(10)%11 %(5)%— %

A-7
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
SEED PRODUCT LINE
Q3 2024 vs. Q3 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Corn$(172)(35)%$(152)(31)%(8)%(23)%(4)%— %
Soybeans(25)(13)%(12)(6)%(9)%3 %(7)%— %
Other oilseeds(7)(5)%(5)(4)%4 %(8)%(1)%— %
Other17 28 %18 30 %9 %21 %(2)%— %
Total $(187)(21)%$(151)(17)%(5)%(12)%(4)%— %
CROP PROTECTION PRODUCT LINE
Q3 2024 vs. Q3 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Herbicides$(79)(10)%$(47)(6)%(9)%3 %(4)%— %
Insecticides21 5 %46 11 %(12)%23 %(6)%— %
Fungicides(10)(4)%10 4 %(19)%23 %(8)%— %
Other(9)(4)%8 3 %(3)%6 %(7)%— %
Total$(77)(4)%$17 1 %(10)%11 %(5)%— %
1.Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items.




A-8
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
PRICE - VOLUME - CURRENCY ANALYSIS
REGION
Nine Months 2024 vs. Nine Months 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$4 — %$2 — %1 %(1)%— %— %
EMEA2
(320)(11)%(139)(5)%5 %(10)%(4)%(2)%
Latin America
(230)(10)%(162)(7)%(10)%3 %(4)%1 %
Asia Pacific
(43)(4)%(16)(1)%2 %(3)%(3)%— %
Rest of World(593)(9)%(317)(5)%(1)%(4)%(4)%— %
Total$(589)(4)%$(315)(2)%— %(2)%(2)%— %
SEED
Nine Months 2024 vs. Nine Months 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$202 4 %$202 4 %3 %1 %— %— %
EMEA2
(76)(5)%72 5 %10 %(5)%(5)%(5)%
Latin America
(151)(18)%(143)(17)%(2)%(15)%(1)%— %
Asia Pacific
(39)(11)%(29)(8)%9 %(17)%(3)%— %
Rest of World(266)(10)%(100)(4)%6 %(10)%(3)%(3)%
Total$(64)(1)%$102 1 %4 %(3)%(1)%(1)%
CROP PROTECTION
Nine Months 2024 vs. Nine Months 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$(198)(10)%$(200)(10)%(4)%(6)%— %— %
EMEA
(244)(16)%(211)(14)%1 %(15)%(3)%1 %
Latin America
(79)(5)%(19)(1)%(15)%14 %(5)%1 %
Asia Pacific
(4)(1)%13 2 %(2)%4 %(3)%— %
Rest of World(327)(9)%(217)(6)%(6)%— %(4)%1 %
Total$(525)(9)%$(417)(7)%(5)%(2)%(3)%1 %


A-9
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
SEED PRODUCT LINE
Nine Months 2024 vs. Nine Months 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Corn2
$(54)(1)%$38 1 %4 %(3)%(1)%(1)%
Soybeans60 4 %73 4 %2 %2 %— %— %
Other oilseeds2
(71)(11)%(10)(2)%6 %(8)%(4)%(5)%
Other1 — %1 — %6 %(6)%— %— %
Total $(64)(1)%$102 1 %4 %(3)%(1)%(1)%
CROP PROTECTION PRODUCT LINE
Nine Months 2024 vs. Nine Months 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Herbicides$(475)(16)%$(436)(14)%(6)%(8)%(2)%— %
Insecticides69 6 %117 10 %(5)%15 %(4)%— %
Fungicides(76)(9)%(46)(5)%(8)%3 %(4)%— %
Other(43)(7)%(52)(8)%(2)%(6)%(4)%5 %
Total$(525)(9)%$(417)(7)%(5)%(2)%(3)%1 %

1.Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items.
2.Other during the nine months ended September 30, 2023 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 September 30,Nine Months Ended
September 30,
2024202320242023
Seed$(3)$5 $(50)$(59)
Crop Protection(11)(73)(187)(202)
Corporate(19)(3)(60)(10)
Total significant items before income taxes$(33)$(71)$(297)$(271)
SIGNIFICANT ITEMS - PRE-TAX, AFTER TAX, AND EPS IMPACTS
Pre-tax
After tax8
($ Per Share)
202420232024202320242023
1st Quarter
Restructuring and asset related charges, net1
$(75)$(33)$(56)$(25)$(0.08)$(0.03)
Estimated settlement expense2
(54)(49)(41)(37)(0.06)(0.05)
Inventory write-offs3
— (4)— (4)— (0.01)
Gain (loss) on sale of assets and equity investments3
4 3 3 1 0.01 — 
Seed sale associated with Russia Exit3
— 19 — 14 — 0.02 
Acquisition-related costs4
(2)(19)(1)(17)— (0.02)
1st Quarter — Total
$(127)$(83)$(95)$(68)$(0.13)$(0.09)
2nd Quarter
Restructuring and asset related charges, net1
$(92)$(60)$(69)$(45)$(0.10)$(0.06)
Estimated settlement expense2
(47)(41)(36)(31)(0.05)(0.04)
Inventory write-offs3
2 (3)2 (3)— — 
Gain (loss) on sale of assets and equity investments3
3 — 2 — — — 
Seed sale associated with Russia Exit3
— (1)— (1)— (0.01)
Acquisition-related costs4
(3)(15)(2)(12)— (0.02)
Employee Retention Credit5
— 3 — 2 — — 
Income tax items6
— — — 29 — 0.04 
2nd Quarter — Total
$(137)$(117)$(103)$(61)$(0.15)$(0.09)
3rd Quarter
Restructuring and asset related charges, net1
$(32)$(2)$(24)$(4)$(0.03)$(0.01)
Estimated settlement expense2
— (66)— (50)— (0.07)
Gain (loss) on sale of business, assets and equity investments3
— 4 — 3 — 0.01 
Acquisition-related costs4
(1)(7)(1)(6)— (0.01)
Income tax items6
— — 4 — — — 
3rd Quarter — Total
$(33)$(71)$(21)$(57)$(0.03)$(0.08)
Year-to-date Total7
$(297)$(271)$(219)$(186)$(0.31)$(0.26)

1.Third, second and first quarter 2024 includes restructuring and asset related benefits (charges) of ($32), $(92) and $(75), respectively. The charges primarily relate to the Crop Protection Operations Strategy Restructuring Program of $(29), $(57) and $(55) for the third, second and first quarter, respectively, and to non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits of $—, $(35) and $(20) for the third, second and first quarter, respectively.
Third, second and first quarter 2023 includes restructuring and asset related benefits (charges) of $(2), $(60) and $(33), respectively. The benefits (charges) primarily relate to non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits of $2, $(52) and $(16) for the third, second and first quarter, respectively, and to the 2022 Restructuring Actions of $(1), $(7) and $(11) for the third, second and first quarter, respectively.

A-11
Corteva, Inc.
Significant Items
(Dollars in millions, except per share amounts)
2.Third, second and first quarter 2024 included estimated Lorsban® related charges of $—, $(47) and $(54), respectively. Third, second and first quarter 2023 included estimated Lorsban® related charges of $(66), $(41) and $(49), respectively.

3.Third, second and first quarter 2024 includes a benefit of $—, $3 and $4, respectively, related to the 2022 Restructuring Actions consisting of a gain on the sale of assets. Second quarter of 2024 also includes a $2 benefit associated with sales of inventory previously reserved for in association with the 2022 Restructuring Actions.

Third quarter 2023 includes a benefit of $4 associated with activities related to the 2022 Restructuring Actions consisting of a gain on the sale of a business. 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 quarter 2023 also includes a charge of $(3) associated with activities related to the 2022 Restructuring Actions consisting of inventory write offs. First quarter 2023 also includes a benefit (charge) of $(11) and $(4) associated with activities related to the 2022 Restructuring Actions consisting of a loss on the sale of the Company's interest in an equity investment and inventory write-offs.

4.Third, second and first quarter 2024 includes acquisition-related costs relating to third-party integration costs associated with the completed acquisitions of Stoller and Symborg.

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.

5.Second quarter 2023 includes a benefit of $3 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").

6.Third quarter 2024 includes a tax benefit of $4 related to intellectual property realignment. Second quarter 2023 includes a tax benefit of $29 related to the impact of changes to deferred taxes associated with a tax currency change for a legal entity and an adjustment due to a change in estimate related to a worthless stock deduction in the U.S.

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

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

A-12
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 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.
Three Months Ended September 30,
2024202320242023
$$EPS (diluted)EPS (diluted)
Income (loss) from continuing operations attributable to Corteva common stockholders (GAAP)$(522)$(318)$(0.76)$(0.45)
Less: Non-operating benefits (costs), after tax 1
(37)(16)(0.05)(0.02)
Less: Amortization of intangibles (existing as of Separation), after tax(115)(118)(0.17)(0.17)
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax(11)34 (0.02)0.05 
Less: Significant items benefit (charge), after tax(21)(57)(0.03)(0.08)
Operating Earnings (Loss) (Non-GAAP)2
$(338)$(161)$(0.49)$(0.23)

Nine Months Ended September 30,
2024202320242023
$$EPS (diluted)EPS (diluted)
Income (loss) from continuing operations attributable to Corteva common stockholders (GAAP)$903 $1,162 $1.29 $1.63 
Less: Non-operating benefits (costs), after tax 1
(98)(84)(0.14)(0.12)
Less: Amortization of intangibles (existing as of Separation), after tax(350)(354)(0.50)(0.50)
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax3 (25)— (0.03)
Less: Significant items benefit (charge), after tax(219)(186)(0.31)(0.26)
Operating Earnings (Loss) (Non-GAAP)2
$1,567 $1,811 $2.24 $2.54 

1.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.

2.Refer to page A-13 for the Non-GAAP reconciliation of operating EBITDA to operating earnings (loss) per share.



A-13
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
September 30,		Nine Months Ended
September 30,
2024202320242023
Operating EBITDA (Non-GAAP)1
$(100)$18 $2,851 $2,995 
Depreciation(136)(132)(404)(391)
Amortization of intangibles (post Separation)(19)(20)(62)(45)
Interest Income33 59 93 153 
Interest Expense(66)(58)(173)(171)
(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
57 62 (524)(517)
Base income tax rate from continuing operations (Non-GAAP)1
19.8 %46.6 %22.7 %20.3 %
Exchange gains (losses), after tax2
(104)(87)(204)(203)
Net (income) loss attributable to non-controlling interests(3)(3)(10)(10)
Operating Earnings (Loss) (Non-GAAP)1
$(338)$(161)$1,567 $1,811 
Diluted Shares (in millions)691.1 708.4 698.3 713.6 
Operating Earnings (Loss) Per Share (Non-GAAP)1
$(0.49)$(0.23)$2.24 $2.54 

1.Refer to pages A-5 through A-9, A-12 and A-14 for Non-GAAP reconciliations.
2.Refer to page A-15 for pre-tax and after tax impacts of exchange gains (losses).





A-14
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)

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
September 30,		Nine Months Ended
September 30,
2024202320242023
Income (loss) from continuing operations before income taxes (GAAP)
$(633)$(444)$1,187 $1,416 
Add: Significant items (benefit) charge 1
33 71 297 271 
           Non-operating (benefits) costs50 28 132 115 
           Amortization of intangibles (existing as of Separation)151 154 459 463 
  Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges14 (44)(4)34 
Less: Exchange gains (losses)2
(97)(102)(234)(242)
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)
$(288)$(133)$2,305 $2,541 
Provision for (benefit from) income taxes on continuing operations (GAAP)
$(114)$(129)$274 $244 
Add: Tax benefits on significant items (benefit) charge1
12 14 78 85 
          Tax expenses on non-operating (benefits) costs13 12 34 31 
          Tax benefits on amortization of intangibles (existing as of Separation)36 36 109 109 
 Tax benefits on mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges3 (10)(1)9 
          Tax benefits on exchange gains (losses)2
(7)15 30 39 
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)
$(57)$(62)$524 $517 
Effective income tax rate (GAAP)
18.0 %29.1 %23.1 %17.2 %
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(5.0)%6.0 %0.8 %3.5 %
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 hedges13.0 %35.1 %23.9 %20.7 %
Exchange gains (losses), net effect2
6.8 %11.5 %(1.2)%(0.4)%
Base income tax rate from continuing operations (Non-GAAP)
19.8 %46.6 %22.7 %20.3 %
1. See page A-10 for further detail on the significant items.
2. See page A-15 for further details of exchange gains (losses).



A-15
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
September 30,		Nine Months Ended
September 30,
2024202320242023
Subsidiary Monetary Position Gain (Loss)
Pre-tax exchange gain (loss)$(156)$(104)$(199)$(182)
Local tax (expenses) benefits5 19 23 27 
Net after tax impact from subsidiary exchange gain (loss)$(151)$(85)$(176)$(155)
Hedging Program Gain (Loss)
Pre-tax exchange gain (loss)$59 $2 $(35)$(60)
Tax (expenses) benefits(12)(4)7 12 
Net after tax impact from hedging program exchange gain (loss) $47 $(2)$(28)$(48)
Total Exchange Gain (Loss)
Pre-tax exchange gain (loss) $(97)$(102)$(234)$(242)
Tax (expenses) benefits(7)15 30 39 
Net after tax exchange gain (loss)$(104)$(87)$(204)$(203)
Non-Controlling Interest Adjustment$— $— $1 $— 
Net after-tax exchange gain (loss) attributable to Corteva$(104)$(87)$(203)$(203)
As shown above, the "Total Exchange Gain (Loss)" is the sum of the "Subsidiary Monetary Position Gain (Loss)" and the "Hedging Program Gain (Loss)."


A-16
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)



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, 2023
Cash provided by (used for) operating activities - continuing operations (GAAP)$1,809 
    Less: Capital expenditures(595)
Free Cash Flow (Non-GAAP)$1,214 

Twelve Months Ended
December 31, 20241
Low EndHigh End
Cash provided by (used for) operating activities - continuing operations (GAAP)$2,100 $2,600 
    Less: Capital expenditures(600)(600)
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.