EX-99.2 3 a123124enrschedules.htm EX-99.2 Document
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,
2024202320242023
Net sales$3,978 $3,707 $16,908 $17,226 
Cost of goods sold2,496 2,366 9,529 9,920 
Research and development expense365 357 1,402 1,337 
Selling, general and administrative expenses735 735 3,196 3,176 
Amortization of intangibles164 175 685 683 
Restructuring and asset related charges - net89 241 288 336 
Other income (expense) - net19 (94)(300)(448)
Interest expense60 62 233 233 
Income (loss) from continuing operations before income taxes88 (323)1,275 1,093 
Provision for (benefit from) income taxes on continuing operations138 (92)412 152 
Income (loss) from continuing operations after income taxes(50)(231)863 941 
Income (loss) from discontinued operations after income taxes11 (20)56 (194)
Net income (loss)(39)(251)919 747 
Net income (loss) attributable to noncontrolling interests12 12 
Net income (loss) attributable to Corteva$(41)$(253)$907 $735 
Basic earnings (loss) per share of common stock:
Basic earnings (loss) per share of common stock from continuing operations$(0.08)$(0.33)$1.23 $1.31 
Basic earnings (loss) per share of common stock from discontinued operations0.02 (0.03)0.08 (0.27)
Basic earnings (loss) per share of common stock$(0.06)$(0.36)$1.31 $1.04 
Diluted earnings (loss) per share of common stock:
Diluted earnings (loss) per share of common stock from continuing operations$(0.08)$(0.33)$1.22 $1.30 
Diluted earnings (loss) per share of common stock from discontinued operations0.02 (0.03)0.08 (0.27)
Diluted earnings (loss) per share of common stock$(0.06)$(0.36)$1.30 $1.03 
Average number of shares outstanding used in earnings (loss) per share (EPS) calculation (in millions)
  Basic687.3704.0693.7709.0
  Diluted687.3704.0696.0711.9





A-2
Corteva, Inc.
Consolidated Balance Sheets
(Dollars in millions, except share amounts)
December 31,
2024
December 31,
2023
Assets
Current assets
Cash and cash equivalents$3,106 $2,644 
Marketable securities63 98 
Accounts and notes receivable - net5,676 5,488 
Inventories5,432 6,899 
Other current assets820 1,131 
Total current assets15,097 16,260 
Investment in nonconsolidated affiliates134 115 
Property, plant and equipment9,074 8,956 
Less: Accumulated depreciation4,975 4,669 
Net property, plant and equipment4,099 4,287 
Goodwill10,408 10,605 
Other intangible assets8,876 9,626 
Deferred income taxes401 584 
Other assets1,810 1,519 
Total Assets$40,825 $42,996 
Liabilities and Equity
Current liabilities
Short-term borrowings and finance lease obligations$750 $198 
Accounts payable4,039 4,280 
Income taxes payable207 174 
Deferred revenue3,287 3,406 
Accrued and other current liabilities2,103 2,351 
Total current liabilities10,386 10,409 
Long-term debt1,953 2,291 
Other noncurrent liabilities
Deferred income tax liabilities478 899 
Pension and other post employment benefits2,271 2,467 
Other noncurrent obligations1,707 1,651 
Total noncurrent liabilities6,409 7,308 
Commitments and contingent liabilities
Stockholders' equity
Common stock, $0.01 par value;1,666,667,000 shares authorized;
issued at December 31, 2024 - 685,595,000 and December 31, 2023 - 701,260,000
Additional paid-in capital27,196 27,748 
Retained earnings (accumulated deficit)55 (41)
Accumulated other comprehensive income (loss)(3,469)(2,677)
Total Corteva stockholders' equity23,789 25,037 
Noncontrolling interests241 242 
Total equity24,030 25,279 
Total Liabilities and Equity$40,825 $42,996 


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

Twelve Months Ended
December 31,
20242023
Operating activities
Net income (loss)$919 $747 
(Income) loss from discontinued operations after income taxes(56)194
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities
Depreciation and amortization1,227 1,211 
Provision for (benefit from) deferred income tax(365)(438)
Net periodic pension and OPEB (benefit) cost, net160 138 
Pension and OPEB contributions(151)(149)
Net (gain) loss on sales of property, businesses, consolidated companies, and investments(17)(22)
Restructuring and asset related charges - net288 336 
Other net loss383 578 
Changes in assets and liabilities, net
         Accounts and notes receivable(705)358 
         Inventories1,110 57 
         Accounts payable(115)(663)
         Deferred revenue(86)(11)
         Other assets and liabilities(296)(527)
Cash provided by (used for) operating activities - continuing operations$2,296 $1,809 
Cash provided by (used for) operating activities - discontinued operations(151)(40)
Cash provided by (used for) operating activities$2,145 $1,769 
Investing activities
Capital expenditures$(597)$(595)
Proceeds from sales of property, businesses, and consolidated companies - net of cash divested57 
Acquisitions of businesses - net of cash acquired— (1,456)
Investments in and loans to nonconsolidated affiliates(7)(32)
Purchases of investments(144)(148)
Proceeds from sales and maturities of investments130 147 
Proceeds from settlement of net investment hedge63 42 
Other investing activities, net(39)(2)
Cash provided by (used for) investing activities$(589)$(1,987)
Financing activities
Net change in borrowings (less than 90 days)$53 $(6)
Proceeds from debt3,072 3,429 
Payments on debt(2,885)(2,309)
Repurchase of common stock(1,009)(756)
Proceeds from exercise of stock options60 31 
Dividends paid to stockholders(458)(439)
Other financing activities, net(32)(49)
Cash provided by (used for) financing activities$(1,199)$(99)
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents(93)(143)
Increase (decrease) in cash, cash equivalents and restricted cash equivalents$264 $(460)
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$3,422 $3,158 


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 - SEED2024202320242023
    Corn$1,411 $1,308 $6,496 $6,447 
    Soybean154 145 1,927 1,858 
    Other oilseeds87 71 653 708 
    Other120 111 469 459 
Seed$1,772 $1,635 $9,545 $9,472 
Three Months Ended
December 31,
Twelve Months Ended
December 31,
SEGMENT NET SALES - CROP PROTECTION2024202320242023
    Herbicides$1,031 $991 $3,599 $4,034 
    Insecticides490 442 1,715 1,598 
    Fungicides320 275 1,081 1,112 
    Biologicals169 155 476 491 
    Other196 209 492 519 
Crop Protection$2,206 $2,072 $7,363 $7,754 
Three Months Ended
December 31,
Twelve Months Ended
December 31,
GEOGRAPHIC NET SALES - SEED2024202320242023
North America 1
$639 $576 $6,033 $5,768 
EMEA 2
216 181 1,581 1,622 
Latin America827 790 1,523 1,637 
Asia Pacific90 88 408 445 
Rest of World 3
1,133 1,059 3,512 3,704 
Net Sales$1,772 $1,635 $9,545 $9,472 
Three Months Ended
December 31,
Twelve Months Ended
December 31,
GEOGRAPHIC NET SALES - CROP PROTECTION2024202320242023
North America 1
$924 $921 $2,627 $2,822 
EMEA 2
232 190 1,543 1,745 
Latin America795 732 2,253 2,269 
Asia Pacific255 229 940 918 
Rest of World 3
1,282 1,151 4,736 4,932 
Net Sales$2,206 $2,072 $7,363 $7,754 
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,
20242024
Net Sales (GAAP)$3,978 $16,908 
Add: Impacts from Currency and Portfolio / Other216 490 
Organic Sales (Non-GAAP)$4,194 $17,398 
Three Months Ended
December 31,
Twelve Months Ended
December 31,
OPERATING EBITDA2024202320242023
Seed$93 $145 $2,219 $2,117 
Crop Protection461 267 1,272 1,374 
Corporate Expenses(29)(26)(115)(110)
Operating EBITDA (Non-GAAP)$525 $386 $3,376 $3,381 
RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS AFTER INCOME TAXES TO OPERATING EBITDAThree Months Ended
December 31,
Twelve Months Ended
December 31,
2024202320242023
Income (loss) from continuing operations after income taxes (GAAP)$(50)$(231)$863 $941 
Provision for (benefit from) income taxes on continuing operations138 (92)412 152 
Income (loss) from continuing operations before income taxes (GAAP)88 (323)1,275 1,093 
Depreciation and amortization302 312 1,227 1,211 
Interest income(39)(130)(132)(283)
Interest expense60 62 233 233 
Exchange (gains) losses1
50 155 284 397 
Non-operating (benefits) costs2
42 36 174 151 
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges(34)— — 
Significant items (benefit) charge3
18 308 315 579 
Operating EBITDA (Non-GAAP)$525 $386 $3,376 $3,381 
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 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
Q4 2024 vs. Q4 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$66 %$68 %%%(1)%— %
EMEA77 21 %80 22 %%20 %(1)%— %
Latin America100 %306 20 %(14)%34 %(13)%— %
Asia Pacific28 %33 10 %%%— %(1)%
Rest of World205 %419 19 %(8)%27 %(10)%— %
Total$271 %$487 13 %(4)%17 %(6)%— %
SEED
Q4 2024 vs. Q4 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$63 11 %$64 11 %%%— %— %
EMEA35 19 %32 18 %%14 %%— %
Latin America37 %155 20 %(13)%33 %(15)%— %
Asia Pacific%%10 %(7)%(1)%— %
Rest of World74 %190 18 %(8)%26 %(11)%— %
Total$137 %$254 16 %(3)%19 %(8)%— %
CROP PROTECTION
Q4 2024 vs. Q4 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$— %$— %— %— %— %— %
EMEA
42 22 %48 25 %(1)%26 %(3)%— %
Latin America63 %151 21 %(13)%34 %(12)%— %
Asia Pacific26 11 %30 13 %%11 %— %(2)%
Rest of World131 11 %229 20 %(8)%28 %(8)%(1)%
Total$134 %$233 11 %(5)%16 %(5)%— %

















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

SEED PRODUCT LINE
Q4 2024 vs. Q4 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Corn$103 %$212 16 %(8)%24 %(8)%— %
Soybeans%10 %10 %(3)%(1)%— %
Other oilseeds16 23 %17 24 %18 %%(1)%— %
Other%15 14 %17 %(3)%(6)%— %
Total $137 %$254 16 %(3)%19 %(8)%— %
CROP PROTECTION PRODUCT LINE
Q4 2024 vs. Q4 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Herbicides$40 %$64 %(3)%%(2)%— %
Insecticides48 11 %73 17 %(4)%21 %(6)%— %
Fungicides45 16 %74 27 %(12)%39 %(10)%(1)%
Biologicals14 %30 19 %(14)%33 %(10)%— %
Other(13)(6)%(8)(4)%%(7)%(2)%— %
Total$134 %$233 11 %(5)%16 %(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
Twelve Months 2024 vs. Twelve Months 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$70 %$70 %%— %— %— %
EMEA2
(243)(7)%(59)(2)%%(7)%(3)%(2)%
Latin America(130)(3)%144 %(12)%16 %(8)%%
Asia Pacific(15)(1)%17 %%(1)%(2)%— %
Rest of World(388)(4)%102 %(3)%%(5)%— %
Total$(318)(2)%$172 %(1)%%(3)%— %
SEED
Twelve Months 2024 vs. Twelve Months 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$265 %$266 %%%— %— %
EMEA2
(41)(3)%104 %%(3)%(5)%(4)%
Latin America(114)(7)%12 %(7)%%(8)%— %
Asia Pacific(37)(8)%(26)(6)%%(15)%(2)%— %
Rest of World(192)(5)%90 %%%(5)%(2)%
Total$73 %$356 %%%(2)%(1)%
CROP PROTECTION
Twelve Months 2024 vs. Twelve Months 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$(195)(7)%$(196)(7)%(3)%(4)%— %— %
EMEA
(202)(12)%(163)(9)%%(10)%(3)%— %
Latin America(16)(1)%132 %(15)%21 %(8)%%
Asia Pacific22 %43 %(1)%%(3)%— %
Rest of World(196)(4)%12 — %(7)%%(5)%%
Total$(391)(5)%$(184)(2)%(5)%%(3)%— %



A-9
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
SEED PRODUCT LINE
Twelve Months 2024 vs. Twelve Months 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Corn2
$49 %$250 %%%(3)%— %
Soybeans69 %83 %%%— %— %
Other oilseeds2
(55)(8)%%%(7)%(4)%(5)%
Other10 %16 %%(5)%(1)%— %
Total $73 %$356 %%%(2)%(1)%
CROP PROTECTION PRODUCT LINE
Twelve Months 2024 vs. Twelve Months 2023Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Herbicides$(435)(11)%$(372)(9)%(5)%(4)%(2)%— %
Insecticides117 %190 12 %(5)%17 %(5)%— %
Fungicides(31)(3)%28 %(9)%12 %(6)%— %
Biologicals(15)(3)%(12)(2)%(8)%%(7)%%
Other(27)(5)%(18)(3)%— %(3)%(2)%— %
Total$(391)(5)%$(184)(2)%(5)%%(3)%— %

1.Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items.
2.Other during the twelve months ended December 31, 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
December 31,
Twelve Months Ended
December 31,
2024202320242023
Seed$$(22)$(49)$(81)
Crop Protection12 (274)(175)(476)
Corporate(31)(12)(91)(22)
Total significant items before income taxes$(18)$(308)$(315)$(579)
SIGNIFICANT ITEMS - PRE-TAX, AFTER TAX, AND EPS IMPACTS
Pre-tax
After tax11
($ Per Share)
202420232024202320242023
1st Quarter
Restructuring and asset related charges, net 1
$(75)$(33)$(56)$(25)$(0.08)$(0.03)
Estimated settlement expense 2
(54)(49)(41)(37)(0.06)(0.05)
   Inventory write-offs 3
— (4)— (4)— (0.01)
   Gain (loss) on sale of assets and equity investments 3
0.01 — 
   Seed sale associated with Russia Exit 3
— 19 — 14 — 0.02 
   Acquisition-related costs 5
(2)(19)(1)(17)— (0.02)
1st Quarter Total
$(127)$(83)$(95)$(68)$(0.13)$(0.09)
2nd Quarter
Restructuring and asset related charges, net 1
$(92)$(60)$(69)$(45)$(0.10)$(0.06)
Estimated settlement expense 2
(47)(41)(36)(31)(0.05)(0.04)
Inventory write-offs 3
(3)(3)— — 
Gain (loss) on sale of assets and equity investments 3
— — — — 
Seed sale associated with Russia Exit 3
— (1)— (1)— (0.01)
Acquisition-related costs 5
(3)(15)(2)(12)— (0.02)
Employee Retention Credit 6
— — — — 
Income tax items 7
— — — 29 — 0.04 
2nd Quarter Total
$(137)$(117)$(103)$(61)$(0.15)$(0.09)
3rd Quarter
Restructuring and asset related charges, net 1
$(32)$(2)$(24)$(4)$(0.03)$(0.01)
Estimated settlement expense 2
— (66)— (50)— (0.07)
Gain (loss) on sale of business, assets and equity investments 3
— — — 0.01 
Acquisition-related costs 5
(1)(7)(1)(6)— (0.01)
Income tax items 7
— — — — — 
3rd Quarter Total
$(33)$(71)$(21)$(57)$(0.03)$(0.08)
4th Quarter
Restructuring and asset related charges, net 1
$(89)$(241)$(66)$(183)$(0.10)$(0.26)
Estimated settlement expense 2
— (48)— (36)— (0.05)
Spare parts write-off 4
— (12)— (9)— (0.01)
AltEn facility remediation charge 8
— (10)— (7)— (0.01)
Gain (loss) on sale of assets 3
— — — — 
Acquisition-related costs 5
— (4)— (3)— — 
Insurance proceeds 9
71 — 54 — 0.08 — 
Income tax items 7
— — (120)16 (0.17)0.02 
4th Quarter Total
$(18)$(308)$(132)$(217)$(0.19)$(0.31)
Annual Total 10
$(315)$(579)$(351)$(403)$(0.50)$(0.57)

1.Fourth, third, second and first quarter 2024 includes restructuring and asset related benefits (charges) of $(89), $(32), $(92) and $(75), respectively. The charges primarily relate to the Crop Protection Operations Strategy Restructuring Program of $(89), $(29), $(57) and


A-11
Corteva, Inc.
Significant Items
(Dollars in millions, except per share amounts)
$(55) for the fourth, third, second and first quarter, respectively, and to non-cash accelerated prepaid royalty amortization expense related related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits of $—, $—, $(35) and $(20) for the fourth, third, second and first quarter, respectively.

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.

2.Fourth, third, second and first quarter 2024 included estimated Lorsban® related charges of $—, $—, $(47) and $(54), respectively.

Fourth, third, second and first quarter 2023 included estimated Lorsban® related charges of $(48), $(66), $(41) and $(49), respectively.

3.Fourth, third, second and first quarter 2024 includes a benefit of $—, $—, $3 and $4, respectively, related to the 2022 Restructuring Actions consisting of 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.

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.

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

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 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").

7.The fourth quarter 2024 includes a tax charge of $(120) related to the establishment of a valuation allowance against the net deferred tax asset position of a legal entity in Brazil (Seed business). Third quarter 2024 includes a tax benefit of $4 related to intellectual property realignment.

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

8.Fourth quarter 2023 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.Includes proceeds received related to prior significant items.

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

11.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-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
December 31,
2024202320242023
$$EPS (diluted)EPS (diluted)
Income (loss) from continuing operations attributable to Corteva common stockholders (GAAP)$(52)$(233)$(0.08)$(0.33)
Less: Non-operating benefits (costs), after tax1
(29)(27)(0.04)(0.04)
Less: Amortization of intangibles (existing as of Separation), after tax(109)(117)(0.16)(0.17)
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax(3)25 (0.01)0.04 
Less: Significant items benefit (charge), after tax(132)(217)(0.19)(0.31)
Operating Earnings (Loss) (Non-GAAP) 2
$221 $103 $0.32 $0.15 
Twelve Months Ended
December 31,
2024202320242023
$$EPS (diluted)EPS (diluted)
Income (loss) from continuing operations attributable to Corteva common stockholders (GAAP)$851 $929 $1.22 $1.30 
Less: Non-operating benefits (costs), after tax1
(127)(111)(0.18)(0.16)
Less: Amortization of intangibles (existing as of Separation), after tax(459)(471)(0.67)(0.66)
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax— — — — 
Less: Significant items benefit (charge), after tax(351)(403)(0.50)(0.57)
Operating Earnings (Loss) (Non-GAAP) 2
$1,788 $1,914 $2.57 $2.69 
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
December 31,
Twelve Months Ended
December 31,
2024202320242023
Operating EBITDA (Non-GAAP)1
$525 $386 $3,376 $3,381 
Depreciation(138)(137)(542)(528)
Amortization of intangibles (post Separation)(20)(20)(82)(65)
Interest income39 130 132 283 
Interest expense(60)(62)(233)(233)
(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
(80)(60)(604)(577)
Base income tax rate from continuing operations (Non-GAAP)1
23.1 %20.2 %22.8 %20.3 %
Exchange gains (losses), after tax2
(43)(132)(247)(335)
Net (income) loss attributable to non-controlling interests(2)(2)(12)(12)
Operating Earnings (Loss) (Non-GAAP)1
$221 $103 $1,788 $1,914 
Diluted Shares (in millions)687.3 704.0 696.0 711.9 
Operating Earnings (Loss) Per Share (Non-GAAP)1
$0.32 $0.15 $2.57 $2.69 
1.     Refer to pages A-5 through A-9, and 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)

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,
2024202320242023
Income (loss) from continuing operations before income taxes (GAAP)
$88 $(323)$1,275 $1,093 
Add: Significant items (benefit) charge 1
18 308 315 579 
Non-operating (benefits) costs42 36 174 151 
Amortization of intangibles (existing as of Separation)144 155 603 618 
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges(34)— — 
Less: Exchange gains (losses)2
(50)(155)(284)(397)
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)
$346 $297 $2,651 $2,838 
Provision for (benefit from) income taxes on continuing operations (GAAP)
$138 $(92)$412 $152 
Add: Tax (expenses) benefits on significant items (benefit) charge1
(114)91 (36)176 
Tax benefits on non-operating (benefits) costs13 47 40 
Tax benefits on amortization of intangibles (existing as of Separation)35 38 144 147 
 Tax (expenses) benefits on mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges(9)— — 
 Tax benefits on exchange gains (losses)2
23 37 62 
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)
$80 $60 $604 $577 
Effective income tax rate (GAAP)
156.8 %28.5 %32.3 %13.9 %
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(132.1)%(2.2)%(8.3)%7.2 %
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 hedges24.7 %26.2 %24.0 %21.1 %
Exchange gains (losses), net effect2
(1.6)%6.0 %(1.2)%(0.8)%
Base income tax rate from continuing operations (Non-GAAP)
23.1 %20.2 %22.8 %20.3 %
1. See page A-10 for further detail on the significant items table.
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
December 31,
Twelve Months Ended
December 31,
2024202320242023
Subsidiary Monetary Position Gain (Loss)
Pre-tax exchange gains (losses)$47 $(189)$(152)$(371)
Local tax (expenses) benefits(12)28 11 55 
Net after tax impact from subsidiary exchange gains (losses)$35 $(161)$(141)$(316)
Hedging Program Gain (Loss)
Pre-tax exchange (losses) gains$(97)$34 $(132)$(26)
Tax (expenses) benefits19 (5)26 
Net after tax impact from hedging program exchange (losses) gains$(78)$29 $(106)$(19)
Total Exchange Gain (Loss)
Pre-tax exchange gains (losses)$(50)$(155)$(284)$(397)
Tax (expenses) benefits23 37 62 
Net after tax exchange gains (losses)$(43)$(132)$(247)$(335)
Noncontrolling interest adjustment— — — 
Net after-tax exchange gain (loss) attributable to Corteva$(43)$(132)$(246)$(335)
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-16
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,
20242023
Cash provided by (used for) operating activities - continuing operations (GAAP)$2,296 $1,809 
    Less: Capital expenditures(597)(595)
Free Cash Flow (Non-GAAP)$1,699 $1,214