Part I Financial Information [Item 1. Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) Corteva, Inc.'s unaudited interim consolidated financial statements for Q2 and H1 2023 show slight sales growth but a net income decline [Notes to the Interim Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Interim%20Consolidated%20Financial%20Statements) These notes detail accounting policies, acquisitions, and contingent liabilities, including significant PFAS settlement agreements - On March 1, 2023, Corteva completed the acquisitions of Stoller Group, Inc. for **$1.224 billion** and Symborg for **$370 million** to expand its Biologicals business[59](index=59&type=chunk) Preliminary Purchase Price Allocation for Stoller and Symborg (In millions) | | Stoller | Symborg | | :--- | :--- | :--- | | **Total assets acquired** | **$1,547** | **$471** | | Goodwill | $384 | $129 | | Other intangible assets | $656 | $311 | | **Total liabilities assumed** | **$323** | **$101** | | **Net assets acquired** | **$1,224** | **$370** | - On June 1, 2023, Corteva, along with DuPont and Chemours, entered into a binding agreement to resolve PFAS-related drinking water claims from U.S. public water systems by contributing a total of **$1.185 billion** to a settlement fund[68](index=68&type=chunk)[69](index=69&type=chunk) - The company repurchased and retired shares totaling **$80 million** under its 2022 Share Buyback Plan and completed its 2021 plan by repurchasing **$250 million** in shares during the first six months of 2023[98](index=98&type=chunk)[99](index=99&type=chunk) Consolidated Statements of Operations (Unaudited) | (In millions, except per share amounts) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | **$6,045** | **$6,252** | **$10,929** | **$10,853** | | Cost of goods sold | $3,137 | $3,323 | $5,908 | $6,047 | | Income from continuing operations after income taxes | $880 | $1,002 | $1,487 | $1,579 | | **Net income attributable to Corteva** | **$714** | **$969** | **$1,309** | **$1,533** | | **Diluted earnings per share of common stock** | **$1.00** | **$1.33** | **$1.83** | **$2.11** | Consolidated Balance Sheets (Unaudited) | (In millions) | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | **$17,207** | **$16,795** | | Goodwill | $10,539 | $9,962 | | **Total Assets** | **$44,189** | **$42,618** | | **Total current liabilities** | **$10,346** | **$10,744** | | Long-term debt | $2,290 | $1,283 | | **Total Liabilities** | **$17,728** | **$17,077** | | **Total Equity** | **$26,461** | **$25,541** | Consolidated Statements of Cash Flows (Unaudited) | (In millions) | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net income (loss) | $1,316 | $1,539 | | **Cash provided by (used for) operating activities** | **($2,499)** | **($1,621)** | | **Cash provided by (used for) investing activities** | **($1,544)** | **($435)** | | **Cash provided by (used for) financing activities** | **$3,379** | **$106** | | Increase (decrease) in cash, cash equivalents and restricted cash equivalents | ($655) | ($2,066) | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=48&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 and H1 2023 financial results, highlighting sales changes driven by price and volume, and updated full-year guidance [Recent Developments](index=49&type=section&id=Recent%20Developments) Key recent developments include Stoller and Symborg acquisitions, 2022 Restructuring Actions, and ongoing share repurchase activities - Completed acquisitions of Stoller (**$1.224 billion**) and Symborg (**$370 million**) on March 1, 2023, to enhance the crop protection business with biological tools[157](index=157&type=chunk) - The 2022 Restructuring Actions, including the Russia exit, have incurred **$349 million** in charges to date and are expected to generate **$210-$220 million** in run-rate savings by 2025[158](index=158&type=chunk)[161](index=161&type=chunk) - The company repurchased **$80 million** of shares under the 2022 Share Buyback Plan and completed the 2021 plan with a final **$250 million** repurchase in H1 2023[162](index=162&type=chunk)[163](index=163&type=chunk) [Results of Operations](index=51&type=section&id=Results%20of%20Operations) This section details Q2 and H1 2023 net sales changes, driven by price and volume, and changes in operating expenses Net Sales Change Analysis (Q2 2023 vs. Q2 2022) | Region | Net Sales Change ($M) | % Change | Price & Mix % | Volume % | Currency % | Portfolio/Other % | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | North America | $241 | 6% | 9% | (3)% | (1)% | 1% | | EMEA | ($144) | (17)% | 15% | (33)% | (4)% | 5% | | Latin America | ($225) | (27)% | 3% | (39)% | (1)% | 10% | | Asia Pacific | ($79) | (16)% | 6% | (17)% | (5)% | —% | | **Total** | **($207)** | **(3)%** | **9%** | **(13)%** | **(1)%** | **2%** | Net Sales Change Analysis (H1 2023 vs. H1 2022) | Region | Net Sales Change ($M) | % Change | Price & Mix % | Volume % | Currency % | Portfolio/Other % | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | North America | $438 | 7% | 9% | (1)% | (1)% | —% | | EMEA | $87 | 4% | 22% | (12)% | (10)% | 4% | | Latin America | ($323) | (22)% | 5% | (34)% | —% | 7% | | Asia Pacific | ($126) | (15)% | 7% | (15)% | (7)% | —% | | **Total** | **$76** | **1%** | **11%** | **(9)%** | **(3)%** | **2%** | - Interest expense increased significantly to **$82 million** in Q2 2023 from **$16 million** in Q2 2022, driven by higher interest rates, new senior notes, and increased short-term borrowings[196](index=196&type=chunk) - Loss from discontinued operations grew to **$163 million** in Q2 2023 from **$30 million** in Q2 2022, primarily due to charges associated with the settlement of PFAS-related legal matters[203](index=203&type=chunk) [Segment Reviews](index=55&type=section&id=Segment%20Reviews) This section reviews Seed and Crop Protection segments, highlighting Seed sales growth and Crop Protection sales decline [Seed Segment](index=56&type=section&id=Seed%20Segment) Seed net sales grew **8%** in Q2 and H1 2023 due to price increases, boosting operating EBITDA and margin Seed Segment Performance (In millions) | | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | **$4,264** | **$3,947** | **$6,959** | **$6,471** | | **Segment operating EBITDA** | **$1,458** | **$1,240** | **$2,110** | **$1,809** | - Q2 sales increase was driven by a **12%** price increase, partially offset by a **3%** volume decline. The volume drop was due to reduced corn area in EMEA and fewer soybean acres in North America[222](index=222&type=chunk)[223](index=223&type=chunk) - Segment operating EBITDA margin improved by approximately **280 basis points** in Q2 and **240 basis points** in H1 versus the prior-year periods[224](index=224&type=chunk)[227](index=227&type=chunk) [Crop Protection Segment](index=57&type=section&id=Crop%20Protection%20Segment) Crop Protection net sales fell significantly in Q2 and H1 2023 due to volume declines, impacting segment operating EBITDA Crop Protection Segment Performance (In millions) | | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | **$1,781** | **$2,305** | **$3,970** | **$4,382** | | **Segment operating EBITDA** | **$320** | **$509** | **$923** | **$1,000** | - Q2 sales were down **23%**, driven by a **29%** volume decline from strategic product exits and inventory destocking across all regions[231](index=231&type=chunk)[232](index=232&type=chunk) - Segment operating EBITDA margin declined by approximately **410 basis points** in Q2 but increased by over **40 basis points** in H1 versus the prior-year periods[233](index=233&type=chunk)[236](index=236&type=chunk) [Liquidity and Capital Resources](index=61&type=section&id=Liquidity%20and%20Capital%20Resources) Total debt increased significantly due to new debt, cash used in operating activities rose, and substantial credit lines are maintained - Total debt increased from **$1.3 billion** at Dec 31, 2022 to **$5.3 billion** at June 30, 2023, partly due to a **$1.2 billion** debt offering in May 2023[245](index=245&type=chunk)[247](index=247&type=chunk) - Cash used for operating activities was **$2.5 billion** in H1 2023, an increase from **$1.6 billion** in H1 2022, driven by changes in working capital, particularly lower accounts payable and higher usage of deferred revenue[259](index=259&type=chunk) - Cash used for investing activities increased to **$1.5 billion** in H1 2023 from **$435 million** in H1 2022, mainly due to the acquisitions of Stoller and Symborg[260](index=260&type=chunk) - The Board of Directors approved a **6.7%** increase in the quarterly dividend to **$0.16** per share in July 2023[179](index=179&type=chunk)[261](index=261&type=chunk) Part II Other Information [Item 1. Legal Proceedings](index=65&type=section&id=Item%201.%20Legal%20Proceedings) This section details significant legal matters, including an FTC lawsuit, product liability claims, patent disputes, and legacy PFAS liabilities - The Federal Trade Commission (FTC) and multiple state attorneys general filed a lawsuit against Corteva alleging unfair methods of competition and anticompetitive conduct[285](index=285&type=chunk) - The company faces personal injury and remediation lawsuits related to chlorpyrifos, the active ingredient in its discontinued insecticide, Lorsban®[286](index=286&type=chunk) - Corteva is engaged in multiple legal disputes with Bayer concerning patent infringement (Enlist® corn) and royalty payments (Roundup Ready® Corn 2)[287](index=287&type=chunk)[292](index=292&type=chunk)[293](index=293&type=chunk) - Legacy EIDP liabilities, particularly related to PFOA and PFAS, are managed through a cost-sharing Memorandum of Understanding (MOU) with Chemours and DuPont[296](index=296&type=chunk) [Item 1A. Risk Factors](index=66&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported from the most recent Annual Report on Form 10-K - There have been no material changes in the company's risk factors from those discussed in the most recently filed annual report on Form 10-K[300](index=300&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=67&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's share repurchase activities during Q2 2023, totaling approximately 1.42 million shares for $80 million Issuer Purchases of Equity Securities (Q2 2023) | Month | Total Number of Shares Purchased | Average Price Paid per Share | Approximate Value of Shares Remaining for Purchase ($M) | | :--- | :--- | :--- | :--- | | April 2023 | — | $— | $2,000 | | May 2023 | 561,720 | $55.91 | $1,969 | | June 2023 | 854,922 | $57.17 | $1,920 | | **Total** | **1,416,642** | **$56.67** | **$1,920** | [Item 4. Controls and Procedures](index=64&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal controls - The CEO and CFO of both Corteva, Inc. and EIDP, Inc. concluded that the company's disclosure controls and procedures were effective as of June 30, 2023[277](index=277&type=chunk)[280](index=280&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[278](index=278&type=chunk)[281](index=281&type=chunk) Consolidated Financial Statements of EIDP, Inc. [EIDP, Inc. Financial Statements Overview](index=70&type=section&id=EIDP%20Inc.%20Financial%20Statements%20Overview) This section presents EIDP, Inc.'s separate unaudited consolidated financial statements, noting differences from Corteva's due to its unique capital structure - EIDP, Inc. is a reporting subsidiary of Corteva, Inc. Its financial statements differ from Corteva's primarily due to EIDP's outstanding preferred stock, a related-party loan from Corteva, and a different capital structure[331](index=331&type=chunk) - EIDP has a related-party revolving loan from Corteva, Inc. with an outstanding balance of **$268 million** as of June 30, 2023. EIDP incurred **$20 million** in interest expense on this loan in the first six months of 2023[335](index=335&type=chunk) - EIDP's effective tax rate for H1 2023 was **20.0%**, slightly different from Corteva's **20.1%**, influenced by the tax benefits associated with the interest expense on its related-party loan[337](index=337&type=chunk)[338](index=338&type=chunk)

Corteva, Inc. (NYSE:CTVA) Q1 2023 Earnings Conference Call May 4, 2023 9:00 AM ET Company Participants Kim Booth - Vice President, Investor Relations Chuck Magro - Chief Executive Officer Dave Anderson - Executive Vice President and Chief Financial Officer Tim Glenn - Executive Vice President, Seed Business Unit Robert King - Executive Vice President, Crop Protection Conference Call Participants Vincent Andrews - Morgan Stanley Kevin McCarthy - Vertical Research Partners David Begleiter - Deutsche Bank Chri ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-38710 Corteva, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 82-4979096 (State or other Jurisdiction of Incorporation or Organizatio ...

Corteva, Inc. (NYSE:CTVA) Bank of America Securities 2023 Global Agriculture and Materials Conference March 1, 2023 8:50 AM ET Company Participants Chuck Magro - CEO Conference Call Participants Steve Byrne - Bank of America Steve Byrne It's a pleasure for me to have Chuck Magro up here from Corteva. I've known Chuck a long time, where his business card didn't say Corteva on it. But he's been in the ag industry for at least since 2009, I think it was, since you joined Nutrien, was that? Novo Chemicals befor ...

Approximately 1% of the workforce is unionized in the United States and another 11% participate in work councils and collective bargaining arrangements outside the United States. In 2022, the company did not experience any work stoppages due to strike or lockouts. Trade secrets are an important element of the company's intellectual property. Many of the processes used to make Corteva products are kept as trade secrets which, from time to time, may be licensed to third parties. Corteva vigilantly protects al ...

Financial Data and Key Metrics Changes - In 2022, organic sales grew by 15% compared to 2021, with global pricing up by 10% and Crop Protection volume increasing by 9% [20][21] - Operating EBITDA for the full year increased by approximately $650 million to $3.2 billion, reflecting strong customer demand and broad-based organic growth [25][49] - Free cash flow for 2022 was approximately $270 million, a significant decrease from over $2 billion in 2021, primarily due to higher working capital balances [27] Business Line Data and Key Metrics Changes - Seed volumes were down due to a reduction in U.S. corn acres and supply constraints for canola, while soybean volumes increased by 7% driven by Enlist penetration [23] - In Latin America, organic sales increased by 23%, with pricing up by 16% and Crop Protection volumes increasing by 10% [24] - New products in Crop Protection delivered over $475 million in sales growth year-over-year, an increase of more than 30% [21][42] Market Data and Key Metrics Changes - U.S. planted area is estimated to be 91 million acres for corn and 89 million acres for soybeans, both showing increases versus 2022 [8] - Global grain and oilseed stocks are tight due to last year's below-trend yields impacted by dry weather and geopolitical factors [7] - The company expects positive market conditions to continue throughout 2023, with a need to rebuild global grains and oilseed inventories over at least two years [9] Company Strategy and Development Direction - The company is focused on a value creation plan aiming for $4.4 billion of EBITDA by 2025, with a margin range of 21% to 23% [14] - Strategic actions include portfolio simplification, royalty neutrality, product mix, and operational improvements [5] - The company plans to increase investment in R&D to deliver more differentiated and sustainable solutions [43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for 2023, expecting 5% sales growth and continued margin expansion despite cost inflation and currency headwinds [16][57] - The company anticipates a strong demand for differentiated technology and expects to benefit from ongoing capacity expansions [60][64] - Management noted that farm income is expected to remain strong, supporting demand for corn and soybean oil [17] Other Important Information - The company announced its intent to acquire Symborg and Stoller, which are expected to close in the first half of 2023, reinforcing its commitment to sustainable agricultural tools [15] - The guidance for 2023 includes a projected operating EPS range of $2.70 to $2.90 per share, reflecting earnings growth and a lower average share count [30] Q&A Session Summary Question: Insights on the value creation program and its acceleration - Management indicated that the company is ahead of the value creation plan, achieving 200 basis points of margin improvement in 2022, exceeding initial expectations [38] Question: Clarification on the low end of 2023 guidance - The guidance reflects headwinds from portfolio changes and higher interest rates, with a focus on currency impacts and inflation dynamics [39][70] Question: Free cash flow assumptions for 2023 - The company expects working capital dynamics to contribute positively to cash flow, despite higher cash taxes and interest expenses [74] Question: Crop Protection volumes and fungicide demand - Management explained that weak fungicide demand in Latin America was due to drought conditions affecting expected growth [95] Question: Commentary on Crop Protection margins and pricing strategies - The company highlighted strong demand for differentiated products and effective cost management strategies to offset inflation [100][114]

Corteva, Inc. (NYSE:CTVA) Corteva Signs Agreement to Acquire Stoller Group December 5, 2022 11:00 AM ET Company Participants Kim Booth - VP, IR Chuck Magro - CEO Dave Anderson - EVP, CFO Robert King - EVP, Crop Protection Business Unit Conference Call Participants Vincent Andrews - Morgan Stanley David Begleiter - Deutsche Bank Christopher Parkinson - Mizuho Securities Joel Jackson - BMO Capital Markets Operator Good day, ladies and gentlemen, and welcome to the Corteva Investor Relations Webcast Call. At ...

Corteva, Inc. (NYSE:CTVA) Q3 2022 Results Conference Call November 4, 2022 9:00 AM ET Company Participants Kim Booth - VP, IR Chuck Magro - CEO Dave Anderson - EVP, CFO Tim Glenn - EVP, Seed Business Unit Robert King - EVP, Crop Protection Business Unit Conference Call Participants Arun Viswanathan - RBC Capital Markets Ben Theurer - Barclays Christopher Parkinson - Mizuho David Begleiter - Deutsche Bank Frank Mitsch - Fermium Research Jeff Zekauskas - JP Morgan Joel Jackson - BMO Capital Markets Josh Spec ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-38710 Corteva, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 82-4979096 (State or other Jurisdiction of Incorporation or Organiz ...

Corteva, Inc. (NYSE:CTVA) Q2 2022 Earnings Conference Call August 5, 2022 9:00 AM ET Company Participants Kim Booth - IR Chuck Magro - CEO Dave Anderson - EVP and CFO Tim Glenn - EVP, Seed Business Unit Robert King - EVP, Crop Protection Business Unit Conference Call Participants Vincent Andrews - Morgan Stanley Joel Jackson - BMO Capital Markets David Begleiter - Deutsche Bank Kevin McCarthy - Vertical Research Partners Chris Parkinson - Mizuho P.J. Juvekar - Citi Jeffrey Zekauskas - JP Morgan Steve Byrne ...