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Long-Term Debt and Available Credit Facilities
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block] SHORT-TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES
The following tables summarize Corteva's short-term borrowings and finance lease obligations and long-term debt:
Short-term borrowings and finance lease obligations
(In millions)December 31, 2024December 31, 2023
Other loans - various currencies$250 $1 
Long-term debt payable within one year500 196 
Finance lease obligations payable within one year— 1 
Total short-term borrowings and finance lease obligations$750 $198 

Long-Term Debt
December 31, 2024December 31, 2023
(In millions)AmountWeighted Average RateAmountWeighted Average Rate
Promissory notes and debentures:
Maturing in July 2025$500 1.70 %$500 1.70 %
Maturing in May 2026600 4.50 %600 4.50 %
Maturing in July 2030500 2.30 %500 2.30 %
Maturing in May 20336004.80 %600 4.80 %
Other loans:
Foreign currency loans, various rates and maturities161 12.70 %196 14.80 %
Medium-term notes, varying maturities through 2041104 4.41 %106 5.34 %
Finance lease obligations— 1 
Less: Unamortized debt discount and issuance costs12 16 
Less: Long-term debt due within one year500 196 
Total$1,953 $2,291 
Principal payments of long-term debt are $500 million, $761 million and $0 million for debt maturing in 2025, 2026 and 2027, respectively.

The estimated fair value of the company's short-term and long-term borrowings, including interest rate financial instruments was determined using Level 2 inputs within the fair value hierarchy, as described in Note 2 - Summary of Significant Accounting Policies. Based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities, the fair value of the company's short-term borrowings and finance lease obligations was approximately carrying value.

The fair value of the company's long-term borrowings, including long-term debt due within one year, was $2,366 million and $2,434 million at December 31, 2024 and 2023, respectively.

Debt Offering
In May 2023, the company issued $600 million of 4.5% Senior Notes due in 2026 and $600 million of 4.8% Senior Notes due in 2033 (the “May 2023 Debt Offering”). The proceeds of this offering are intended to be used for general corporate purposes, which may include funding of working capital, capital expenditures and share repurchases.

Foreign Currency Loans
The company enters into short-term and long-term foreign currency loans from time-to-time by accessing uncommitted revolving credit lines to fund working capital needs of foreign subsidiaries in the normal course of business ("Foreign Currency Loans"). Interest rates are variable and determined at the time of borrowing. Total unused bank credit lines on the Foreign Currency Loans at December 31, 2024 was approximately $62 million. The company's long-term Foreign Currency Loans have varying maturities throughout 2026.
Available Committed Credit Facilities
The following table summarizes the company's credit facilities:
Committed and Available Credit Facilities at December 31, 2024
(In millions)Effective DateCommitted CreditCredit AvailableMaturity DateInterest
Revolving Credit FacilityJune 2024$2,850 $2,850 June 2029Floating Rate
Revolving Credit FacilityJune 20241,900 1,900 June 2027Floating Rate
364-Day Revolving Credit FacilityFebruary 20241,000 1,000 February 2025Floating Rate
Total Committed and Available Credit Facilities$5,750 $5,750 

Revolving Credit Facilities
In May 2022, the company entered into a $3 billion, 5 year revolving credit facility and a $2 billion, 3-year revolving credit facility (the "Revolving Credit Facilities”) expiring in May 2027 and May 2025, respectively. Borrowings under the revolving credit facilities have an interest rate equal to Adjusted Term SOFR, which is Term SOFR plus 0.10 percent, plus the applicable margin. In June 2024, the Revolving Credit Facilities were refinanced for purposes of extending the maturity dates for the five-year and three-year revolving credit facilities to June 2029 and June 2027, respectively, and lowering the facility amount of the five-year revolving credit facility to $2.85 billion and the three-year revolving credit facility to $1.9 billion. The Revolving Credit Facilities may serve as a substitute to the company's commercial paper program, and can be used from time to time, for general corporate purposes including, but not limited to, the funding of seasonal working capital needs. The Revolving Credit Facilities contain customary representations and warranties, affirmative and negative covenants and events of default that are typical for companies with similar credit ratings. Additionally, the Revolving Credit Facilities contain a financial covenant requiring that the ratio of total indebtedness to total capitalization for Corteva and its consolidated subsidiaries not exceed 0.60. At December 31, 2024, the company was in compliance with these covenants.

364-Day Revolving Credit Facilities
In February 2024, the company amended and restated its July 2023 (as amended in July 2023 and January 2024) 364-day revolving credit agreement (the “364-Day Revolving Credit Facility”) increasing the facility amount to $1 billion and extending the expiration date to February 2025. Borrowings under the 364-Day Revolving Credit Facility have an interest rate equal to Adjusted Term SOFR, which is Term SOFR plus 0.10 percent, plus the applicable margin. The 364-Day Revolving Credit Facility includes a provision under which the company may convert any advances outstanding prior to the maturity date into term loans having a maturity date up to one year later. In February 2023, the company drew down $1 billion under the 364-Day Revolving Credit Facility, which was used for general corporate purposes, including funding seasonal working capital needs, capital spending, dividend payments, share repurchases and to partially fund the Stoller and Symborg acquisitions. In May 2023, the company repaid the $1 billion loan using the proceeds from the May 2023 Debt Offering. The 364-Day Revolving Credit Facility contains customary representations and warranties, affirmative and negative covenants and events of default that are typical for companies with similar credit ratings. Additionally, the 364-Day Revolving Credit Facility contains a financial covenant requiring that the ratio of total indebtedness to total capitalization for Corteva and its consolidated subsidiaries not exceed 0.60. At December 31, 2024, the company was in compliance with these covenants.

Uncommitted Credit Facilities and Outstanding Letters of Credit
Unused bank credit lines on uncommitted credit facilities were $525 million at December 31, 2024. These lines are available to support short-term liquidity needs and general corporate purposes, including letters of credit. Outstanding letters of credit were $169 million at December 31, 2024. These letters of credit support commitments made in the ordinary course of business.