EX-99.2 3 a33125enrschedules.htm EX-99.2 Document
A-1
Corteva, Inc.
Consolidated Statements of Operations
(Dollars in millions, except per share amounts)
Three Months Ended March 31,
20252024
Net sales$4,417 $4,492 
Cost of goods sold2,342 2,550 
Research and development expense335 332 
Selling, general and administrative expenses751 736 
Amortization of intangibles162 177 
Restructuring and asset related charges - net22 75 
Other income (expense) - net15 (99)
Interest expense36 41 
Income (loss) from continuing operations before income taxes784 482 
Provision for (benefit from) income taxes on continuing operations117 106 
Income (loss) from continuing operations after income taxes667 376 
Income (loss) from discontinued operations after income taxes(11)47 
Net income (loss)656 423 
Net income (loss) attributable to noncontrolling interests4 4 
Net income (loss) attributable to Corteva$652 $419 
Basic earnings (loss) per share of common stock:
Basic earnings (loss) per share of common stock from continuing operations$0.97 $0.53 
Basic earnings (loss) per share of common stock from discontinued operations(0.02)0.07 
Basic earnings (loss) per share of common stock$0.95 $0.60 
Diluted earnings (loss) per share of common stock:
Diluted earnings (loss) per share of common stock from continuing operations$0.97 $0.53 
Diluted earnings (loss) per share of common stock from discontinued operations(0.02)0.07 
Diluted earnings (loss) per share of common stock$0.95 $0.60 
Average number of shares outstanding used in earnings (loss) per share (EPS) calculation (in millions)
  Basic684.9700.4
  Diluted686.6702.8




A-2
Corteva, Inc.
Consolidated Balance Sheets
(Dollars in millions, except share amounts)
March 31, 2025December 31, 2024March 31, 2024
Assets
Current assets
Cash and cash equivalents$2,008 $3,106 $1,505 
Marketable securities1 63 153 
Accounts and notes receivable - net8,294 5,676 7,906 
Inventories5,132 5,432 6,183 
Other current assets1,152 820 1,416 
Total current assets16,587 15,097 17,163 
Investment in nonconsolidated affiliates136 134 123 
Property, plant and equipment9,244 9,074 9,013 
Less: Accumulated depreciation5,139 4,975 4,807 
Net property, plant and equipment4,105 4,099 4,206 
Goodwill10,332 10,408 10,553 
Other intangible assets8,718 8,876 9,446 
Deferred income taxes413 401 551 
Other assets1,832 1,810 1,583 
Total Assets$42,123 $40,825 $43,625 
Liabilities and Equity
Current liabilities
Short-term borrowings and finance lease obligations$2,291 $750 $2,148 
Accounts payable3,905 4,039 3,606 
Income taxes payable322 207 311 
Deferred revenue2,631 3,287 2,694 
Accrued and other current liabilities2,332 2,103 2,573 
Total current liabilities11,481 10,386 11,332 
Long-term debt1,792 1,953 2,492 
Other noncurrent liabilities
Deferred income tax liabilities369 478 753 
Pension and other post-employment benefits2,239 2,271 2,453 
Other noncurrent obligations1,715 1,707 1,587 
Total noncurrent liabilities$6,115 $6,409 $7,285 
Commitments and contingent liabilities
Stockholders' equity
Common stock, $0.01 par value; 1,666,667,000 shares authorized; issued at March 31, 2025 - 683,026,000; December 31, 2024 - 685,595,000; and March 31, 2024 - 697,800,0007 7 7 
Additional paid-in capital26,962 27,196 27,468 
Retained earnings (accumulated deficit)587 55 302 
Accumulated other comprehensive income (loss)(3,271)(3,469)(3,010)
Total Corteva stockholders' equity24,285 23,789 24,767 
Noncontrolling interests242 241 241 
Total equity24,527 24,030 25,008 
Total Liabilities and Equity$42,123 $40,825 $43,625 

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

Three Months Ended
March 31,
20252024
Operating activities
Net income (loss)$656 $423 
(Income) loss from discontinued operations after income taxes11(47)
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:
Depreciation and amortization296 307 
Provision for (benefit from) deferred income tax(122)(152)
Net periodic pension and OPEB (benefit) cost, net10 41 
Pension and OPEB contributions(51)(53)
Net (gain) loss on sales of property, businesses, consolidated companies and investments(4)(5)
Restructuring and asset related charges - net22 75 
Other net loss75 141 
Changes in assets and liabilities, net
         Accounts and notes receivable(2,505)(2,546)
         Inventories379 618 
         Accounts payable(190)(615)
         Deferred revenue(667)(700)
         Other assets and liabilities(11)(93)
Cash provided by (used for) operating activities - continuing operations$(2,101)$(2,606)
Cash provided by (used for) operating activities - discontinued operations(8)(3)
Cash provided by (used for) operating activities$(2,109)$(2,609)
Investing activities
Capital expenditures$(94)$(148)
Proceeds from sales of property, businesses and consolidated companies - net of cash divested8 5 
Purchases of investments— (132)
Proceeds from sales and maturities of investments62 7 
Other investing activities, net(10)(2)
Cash provided by (used for) investing activities$(34)$(270)
Financing activities
Net change in borrowings (less than 90 days)$745 $656 
Proceeds from debt637 1,675 
Payments on debt(14)(190)
Repurchase of common stock(270)(252)
Proceeds from exercise of stock options35 8 
Dividends paid to stockholders(116)(112)
Other financing activities, net(22)(19)
Cash provided by (used for) financing activities$995 $1,766 
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents21 (31)
Increase (decrease) in cash, cash equivalents and restricted cash equivalents$(1,127)$(1,144)
Cash, cash equivalents and restricted cash equivalents at beginning of period3,422 3,158 
Cash, cash equivalents and restricted cash equivalents at end of period$2,295 $2,014 

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

Three Months Ended
March 31,
SEGMENT NET SALES - SEED20252024
    Corn$2,069 $2,087 
    Soybean305 292 
    Other oilseeds223 245 
    Other110 127 
Seed$2,707 $2,751 
Three Months Ended
March 31,
SEGMENT NET SALES - CROP PROTECTION20252024
    Herbicides$860 $886 
    Insecticides336 373 
    Fungicides304 295 
    Biologicals84 82 
    Other126 105 
Crop Protection$1,710 $1,741 
Three Months Ended
March 31,
GEOGRAPHIC NET SALES - SEED20252024
North America1
$1,597 $1,471 
EMEA2
826 918 
Latin America185 271 
Asia Pacific99 91 
Rest of World3
1,110 1,280 
Net Sales$2,707 $2,751 
Three Months Ended
March 31,
GEOGRAPHIC NET SALES - CROP PROTECTION20252024
North America1
$613 $616 
EMEA2
651 670 
Latin America257 244 
Asia Pacific189 211 
Rest of World3
1,097 1,125 
Net Sales$1,710 $1,741 
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
March 31,
2025
Net Sales (GAAP)$4,417 
Add: Impacts from Currency and Portfolio / Other191 
Organic Sales (Non-GAAP)$4,608 
Three Months Ended
March 31,
OPERATING EBITDA20252024
Seed$842 $748 
Crop Protection377 310 
Corporate Expenses(30)(24)
Operating EBITDA (Non-GAAP)$1,189 $1,034 
RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS AFTER INCOME TAXES TO OPERATING EBITDAThree Months Ended
March 31,
20252024
Income (loss) from continuing operations after income taxes (GAAP)$667 $376 
Provision for (benefit from) income taxes on continuing operations117 106 
Income (loss) from continuing operations before income taxes (GAAP)784 482 
Depreciation and amortization296 307 
Interest income(32)(35)
Interest expense36 41 
Exchange (gains) losses - net1
27 59 
Non-operating (benefits) costs - net2
10 52 
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges9 1 
Significant items (benefit) charge3
59 127 
Operating EBITDA (Non-GAAP)$1,189 $1,034 
1.Refer to page A-12 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 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-8 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
Q1 2025 vs. Q1 2024Percent Change Due To:
Net Sales Change (GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$123 6 %$134 6 %2 %4 %— %— %
EMEA(111)(7)%(8)— %2 %(2)%(7)%— %
Latin America(73)(14)%(4)(1)%(5)%4 %(13)%— %
Asia Pacific(14)(5)%(6)(2)%2 %(4)%(2)%(1)%
Rest of World(198)(8)%(18)(1)%— %(1)%(7)%— %
Total$(75)(2)%$116 3 %1 %2 %(5)%— %
SEED
Q1 2025 vs. Q1 2024Percent Change Due To:
Net Sales Change (GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$126 9 %$129 9 %4 %5 %— %— %
EMEA(92)(10)%(26)(3)%3 %(6)%(7)%— %
Latin America(86)(32)%(51)(19)%(5)%(14)%(13)%— %
Asia Pacific8 9 %10 11 %12 %(1)%(2)%— %
Rest of World(170)(13)%(67)(5)%2 %(7)%(8)%— %
Total$(44)(2)%$62 2 %3 %(1)%(4)%— %
CROP PROTECTION
Q1 2025 vs. Q1 2024Percent Change Due To:
Net Sales Change (GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$(3)— %$5 1 %(3)%4 %(1)%— %
EMEA
(19)(3)%18 3 %— %3 %(6)%— %
Latin America13 5 %47 19 %(5)%24 %(14)%— %
Asia Pacific(22)(10)%(16)(8)%(2)%(6)%(2)%— %
Rest of World(28)(2)%49 4 %(2)%6 %(6)%— %
Total$(31)(2)%$54 3 %(2)%5 %(5)%— %
















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

SEED PRODUCT LINE
Q1 2025 vs. Q1 2024Percent Change Due To:
Net Sales Change (GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Corn$(18)(1)%$65 3 %3 %— %(4)%— %
Soybeans13 4 %15 5 %2 %3 %(1)%— %
Other oilseeds(22)(9)%(7)(3)%4 %(7)%(6)%— %
Other(17)(13)%(11)(9)%8 %(17)%(4)%— %
Total $(44)(2)%$62 2 %3 %(1)%(4)%— %
CROP PROTECTION PRODUCT LINE
Q1 2025 vs. Q1 2024Percent Change Due To:
Net Sales Change (GAAP)
Organic Change1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Herbicides$(26)(3)%$12 1 %(2)%3 %(4)%— %
Insecticides(37)(10)%(17)(5)%(1)%(4)%(5)%— %
Fungicides9 3 %28 9 %(4)%13 %(6)%— %
Biologicals2 2 %8 10 %(5)%15 %(8)%— %
Other21 20 %23 22 %1 %21 %(2)%— %
Total$(31)(2)%$54 3 %(2)%5 %(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.
Significant Items
(Dollars in millions, except per share amounts)
SIGNIFICANT ITEMS BY SEGMENT (PRE-TAX)
Three Months Ended
March 31,
20252024
Seed$(40)$(16)
Crop Protection(14)(97)
Corporate(5)(14)
Total significant items before income taxes$(59)$(127)
SIGNIFICANT ITEMS - PRE-TAX, AFTER TAX, AND EPS IMPACTS
Pre-tax
After tax7
($ Per Share)
202520242025202420252024
1st Quarter
Restructuring and asset related charges - net1
$(22)$(75)$(17)$(56)$(0.02)$(0.08)
Estimated settlement expense2
— (54)— (41)— (0.06)
   Gain (loss) on sale of assets3
— 4 — 3 — 0.01 
   Acquisition-related costs4
— (2)— (1)— — 
   AltEn facility remediation charges5
(37)— (28)— (0.04)— 
   Income tax items6
— — 55 — 0.08 — 
1st Quarter – Total
$(59)$(127)$10 $(95)$0.02 $(0.13)

1.First quarter 2025 includes restructuring and asset related benefits (charges) of $(22). The charges primarily relate to the Crop Protection Operations Strategy Restructuring Program.

First quarter 2024 includes restructuring and asset related benefits (charges) of $(75). The charges primarily relate to a $(55) charge associated with the Crop Protection Operations Strategy Restructuring Program and a $(20) charge related to non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits.

2.First quarter 2024 includes estimated Lorsban® related charges of $(54).

3.First quarter 2024 includes a benefit of $4 relating related to the 2022 Restructuring Actions consisting of a gain on the sale of assets.

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

5.First quarter 2025 includes a charge relating to the increase in the remediation accrual at the AltEn facility consisting of Corteva's estimated voluntary contribution to the solid waste and wastewater remedial action plans.

6.The tax only significant item benefit for the first quarter 2025 reflects a deferred tax benefit associated with a change in a legal entity's U.S. tax characterization.

7.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-9
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
March 31,
2025202420252024
$$EPS (diluted)EPS (diluted)
Income (loss) from continuing operations attributable to Corteva common stockholders (GAAP)$663 $372 $0.97 $0.53 
Less: Non-operating benefits (costs), after tax1
(8)(40)(0.01)(0.06)
Less: Amortization of intangibles (existing as of Separation), after tax(109)(117)(0.16)(0.17)
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax(7)(1)(0.01)— 
Less: Significant items benefit (charge), after tax10 (95)0.02 (0.13)
Operating Earnings (Loss) (Non-GAAP)2
$777 $625 $1.13 $0.89 
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-10 for the Non-GAAP reconciliation of operating EBITDA to operating earnings (loss) per share.

A-10
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
March 31,
20252024
Operating EBITDA (Non-GAAP)1
$1,189 $1,034 
Depreciation(134)(130)
Amortization of intangibles (post Separation)(20)(23)
Interest income32 35 
Interest expense(36)(41)
(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
(220)(194)
Base income tax rate from continuing operations (Non-GAAP)1
21.3 %22.1 %
Exchange gains (losses), after tax2
(30)(52)
Net (income) loss attributable to non-controlling interests(4)(4)
Operating Earnings (Loss) (Non-GAAP)1
$777 $625 
Diluted Shares (in millions)686.6 702.8 
Operating Earnings (Loss) Per Share (Non-GAAP)1
$1.13 $0.89 
1.     Refer to pages A-5 through A-7, A-9 and A-11 for Non-GAAP reconciliations.
2.     Refer to page A-12 for pre-tax and after tax impacts of exchange gains (losses).





A-11
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
March 31,
20252024
Income (loss) from continuing operations before income taxes (GAAP)
$784 $482 
Add: Significant items (benefit) charge1
59 127 
Non-operating (benefits) costs10 52 
Amortization of intangibles (existing as of Separation)142 154 
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges9 1 
Less: Exchange gains (losses)2
(27)(59)
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)
$1,031 $875 
Provision for (benefit from) income taxes on continuing operations (GAAP)
$117 $106 
Add: Tax benefits on significant items (benefit) charge1
69 32 
Tax benefits on non-operating (benefits) costs2 12 
Tax benefits on amortization of intangibles (existing as of Separation)33 37 
 Tax benefits on mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges2 — 
Tax (expenses) benefits on exchange gains (losses)2
(3)7 
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)
$220 $194 
Effective income tax rate (GAAP)
14.9 %22.0 %
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 effect7.3 %0.9 %
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 hedges22.2 %22.9 %
Exchange gains (losses), net effect2
(0.9)%(0.8)%
Base income tax rate from continuing operations (Non-GAAP)
21.3 %22.1 %
1. See page A-8 for further detail on the significant items table.
2. See page A-12 for further details of exchange gains (losses).



A-12
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
March 31,
20252024
Subsidiary Monetary Position Gain (Loss)
Pre-tax exchange gain (loss)$(47)$23 
Local tax (expenses) benefits(1)(10)
Net after-tax impact from subsidiary exchange gain (loss)$(48)$13 
Hedging Program Gain (Loss)
Pre-tax exchange gain (loss)$20 $(82)
Tax (expenses) benefits(2)17 
Net after-tax impact from hedging program exchange gain (loss)$18 $(65)
Total Exchange Gain (Loss)
Pre-tax exchange gain (loss)$(27)$(59)
Tax (expenses) benefits(3)7 
Net after-tax exchange gain (loss)$(30)$(52)
Non-controlling interest adjustment— 1 
Net after-tax exchange gain (loss) attributable to Corteva$(30)$(51)
As shown above, the "Total Exchange Gain (Loss)" is the sum of the "Subsidiary Monetary Position Gain (Loss)" and the "Hedging Program Gain (Loss)."