Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Cautionary Statements About Forward-Looking Statements

This report contains certain estimates and forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates,” “outlook,” or other words of similar meaning. All statements that address expectations or projections about the future, including statements about Corteva’s financial results or outlook; strategy for growth; product development; regulatory approvals; market position; capital allocation strategy; liquidity; environmental, social and governance (“ESG”) targets and initiatives; the anticipated benefits of acquisitions, restructuring actions, or cost savings initiatives; and the outcome of contingencies, such as litigation and environmental matters, are forward-looking statements.

Forward-looking statements and other estimates are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements and other estimates also involve risks and uncertainties, many of which are beyond Corteva’s control. While the list of factors presented below is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Corteva’s business, results of operations and financial condition. Some of the important factors that could cause Corteva’s actual results to differ materially from those projected in any such forward-looking statements include: (i) failure to successfully develop and commercialize Corteva’s pipeline; (ii) failure to obtain or maintain the necessary regulatory approvals for some of Corteva’s products; (iii) effect of the degree of public understanding and acceptance or perceived public acceptance of Corteva’s biotechnology and other agricultural products; (iv) effect of changes in agricultural and related policies of governments and international organizations; (v) costs of complying with evolving regulatory requirements and the effect of actual or alleged violations of environmental laws or permit requirements; (vi) effect of climate change and unpredictable seasonal and weather factors; (vii) failure to comply with competition and antitrust laws; (viii) effect of competition in Corteva's industry; (ix) competitor’s establishment of an intermediary platform for distribution of Corteva's products; (x) impact of Corteva's dependence on third parties with respect to certain of its raw materials or licenses and commercialization; (xi) effect of volatility in Corteva's input costs; (xii) risk related to geopolitical and military conflict; (xiii) effect of industrial espionage and other disruptions to Corteva’s supply chain, information technology or network systems; (xiv) risks related to environmental litigation and the indemnification obligations of legacy EIDP liabilities in connection with the separation of Corteva; (xv) risks related to Corteva's global operations; (xvi) failure to effectively manage acquisitions, divestitures, alliances, restructurings, cost savings initiatives, and other portfolio actions; (xvii) failure to raise capital through the capital markets or short-term borrowings on terms acceptable to Corteva; (xviii) failure of Corteva’s customers to pay their debts to Corteva, including customer financing programs; (xix) increases in pension and other post-employment benefit plan funding obligations; (xx) capital markets sentiment towards ESG matters; (xxi) risks related to pandemics or epidemics; (xxii) Corteva’s intellectual property rights or defend against intellectual property claims asserted by others; (xxiii) effect of counterfeit products; (xxiv) Corteva’s dependence on intellectual property cross-license agreements; and (xxv) other risks related to the Separation from DowDuPont.

Additionally, there may be other risks and uncertainties that Corteva is unable to currently identify or that Corteva does not currently expect to have a material impact on its business. Where, in any forward-looking statement or other estimate, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of Corteva’s management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. Corteva disclaims and does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements is included in the “Risk Factors” section of Corteva’s 2022 Annual Report, as modified by subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Recent Developments

Acquisitions

On March 1, 2023, Corteva completed its previously announced acquisition of all the outstanding equity interests in Stoller Group Inc. (“Stoller”), one of the largest independent companies in the Biologicals industry, and Quorum Vital Investment, S.L. and its affiliates (“Symborg”), an expert in microbiological technologies. The purchase price for Stoller and Symborg was $1,224 million, subject to a working capital adjustment, and $370 million, respectively. These acquisitions supplement the crop protection business with additional biological tools that complement evolving farming practices. See Note 3 - Business Combinations, to the interim Consolidated Financial Statements, for additional information.

2022 Restructuring Actions

In connection with the company’s shift to a global business unit model during 2022, the company assessed its business priorities and operational structure to maximize the customer experience and deliver on growth and earnings potential. As a result of this assessment, the company committed to restructuring actions during the second quarter of 2022, which included the company’s Russia Exit (collectively the “2022 Restructuring Actions”). The company recorded pre-tax restructuring and other charges of $349 million inception-to-date under the 2022 Restructuring Actions, which is comprised of $115 million of severance and related benefit costs, $115 million of asset related charges, $60 million of costs related to contract terminations (including early lease terminations) and $59 million of other charges. The company does not anticipate any additional material charges from the 2022 Restructuring Actions.

Cash payments related to these charges are anticipated to be $180 million to $210 million, of which approximately $135 million has been paid through June 30, 2023, and primarily relates to the payment of severance and related benefits, contract terminations and other charges.

The total pre-tax restructuring and other charges recognized through the second quarter of 2023 included $49 million associated with the Russia Exit. The Russia Exit pre-tax restructuring charges consisted of $6 million of severance and related benefit costs, $6 million of asset related charges, and $26 million of costs related to contract terminations (including early lease terminations). Other pre-tax charges associated with the Russia Exit were recorded to cost of goods sold and other income (expense) – net in the interim Consolidated Statement of Operations, relating to inventory write-offs of $3 million and settlement costs of $8 million, respectively.

The 2022 Restructuring Activities are expected to contribute to the company’s ongoing cost and productivity improvement efforts through achieving an estimated $210 million to $220 million of savings on a run rate basis by 2025. See Note 5 - Restructuring and Asset Related Charges - Net, to the interim Consolidated Financial Statements for additional information.

Share Buyback Plan

On September 13, 2022, Corteva, Inc. announced that its Board of Directors authorized a $2 billion share repurchase program to purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date ("2022 Share Buyback Plan"). The timing, price and volume of purchases will be based on market conditions, relevant securities laws and other factors. In connection with the 2022 Share Buyback Plan, the company repurchased and retired 1,417,000 shares in the open market for a total cost of $80 million during the three and six months ended June 30, 2023.

On August 5, 2021, Corteva, Inc. announced that its Board of Directors authorized a $1.5 billion share repurchase program to purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date ("2021 Share Buyback Plan"). In connection with the 2021 Share Buyback Plan, the company repurchased and retired 4,098,000 shares in the open market for a total cost of $250 million during the six months ended June 30, 2023 and 6,285,000 shares and 10,870,000 shares in the open market for a total cost of $365 million and $600 million during the three and six months ended June 30, 2022, respectively. Repurchases under the 2021 Share Buyback Plan were completed during the first quarter of 2023.

Overview

The following is a summary of results from continuing operations for the three months ended June 30, 2023:

• The company reported net sales of $6,045 million, down 3 percent versus the same quarter last year, reflecting a (13) percent decrease in volume and a (1) percent unfavorable impact from currency, partially offset by a 9 percent increase in price and a 2 percent favorable portfolio and other impact.

• Cost of goods sold ("COGS") totaled $3,137 million in the second quarter of 2023, down from $3,323 million in the second quarter of 2022, primarily driven by lower volumes, a decrease in royalty expense, ongoing cost and productivity actions and a favorable impact from currency, partially offset by higher input cost, which are primarily market driven.

• Restructuring and asset related charges - net were $60 million in the second quarter of 2023, a decrease from $143 million in the second quarter of 2022. The charges for the three months ended June 30, 2023 primarily relate to non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits and charges associated with the 2022 Restructuring Actions.

• Income (loss) from continuing operations after income taxes was $880 million, as compared to $1,002 million in the same quarter last year.

• Operating EBITDA was $1,746 million for the three months ended June 30, 2023, improved from $1,719 million for the three months ended June 30, 2022, primarily driven by improvement over prior year on price execution and productivity actions, partially offset by lower volumes, and cost and currency headwinds. Refer to page 53 for further discussion of the company's Non-GAAP financial measures.

The following is a summary of results from continuing operations for the six months ended June 30, 2023:

• The company reported net sales of $10,929 million, up 1 percent versus the same period last year, reflecting an 11 percent increase in price and a 2 percent favorable impact from portfolio and other, partially offset by a (9) percent decrease in volume and a (3) percent unfavorable impact from currency.

• Cost of goods sold ("COGS") totaled $5,908 million in the six months ended 2023, down from $6,047 million in the six months ended 2022, primarily driven by lower volumes, a decrease in royalty expense, ongoing cost and productivity actions and a favorable impact from currency, partially offset by higher input cost, which are primarily market driven.

• Restructuring and asset related charges - net were $93 million during the six months ended 2023, a decrease from $148 million during the six months ended 2022. The charges for the six months ended June 30, 2023 primarily relate to non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits and charges associated with the 2022 Restructuring Actions.

• Income (loss) from continuing operations after income taxes was $1,487 million, as compared to $1,579 million in the same period last year.

• Operating EBITDA was $2,977 million, improved from $2,758 million for the six months ended June 30, 2022, primarily driven by improvement over prior year on price execution and productivity actions, partially offset by lower volumes, and cost and currency headwinds. Refer to page 53 for further discussion of the company's Non-GAAP financial measures.

In addition to the financial highlights above, the following event occurred during or subsequent to the six months ended June 30, 2023:

• The company returned approximately $545 million to shareholders during the six months ended June 30, 2023 under its previously announced share repurchase programs and through common stock dividends.

• On July 21, 2023, the company's Board of Director's approved a 6.7 percent increase in the common stock dividend from $0.15 per share to $0.16 per share.

Results of Operations

Net Sales

Net sales were $6,045 million and $6,252 million for the three months ended June 30, 2023 and 2022, respectively. The decrease was primarily driven by a (13) percent decrease in volume versus the prior period and a (1) percent unfavorable impact from currency, partially offset by a 9 percent increase in price and a 2 percent favorable portfolio and other impact. Volume declines were driven by lower corn planted area in EMEA, fewer soybean acres in North America, crop protection inventory destocking trends, timing of seasonal demand due to weather and delayed farmer purchases, strategic product exits and the Russia Exit, partially offset by increased corn acres in North America. The unfavorable currency impacts were led by the Canadian Dollar and the Turkish Lira. Price gains were driven by continued execution on the company’s price for value strategy with gains in all regions led by EMEA and recovery of higher input costs. The portfolio and other impact was driven by the biologicals acquisitions and 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.

			Three Months Ended June 30,
			2023						2022
			Net Sales ($ Millions)			%			Net Sales ($ Millions)			%
Worldwide			$	6,045		100		%	$	6,252		100		%
North America1			4,319			71		%	4,078			65		%
EMEA2			714			12		%	858			14		%
Latin America			608			10		%	833			13		%
Asia Pacific			404			7		%	483			8		%

			Q2 2023 vs. Q2 2022						Percent Change Due To:
			Net Sales Change						Price &									Portfolio /
$ In millions			$			%			Product Mix			Volume			Currency			Other
North America1			$	241		6		%	9		%	(3)		%	(1)		%	1		%
EMEA2			(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		%

1.Represents U.S. & Canada.

2.Europe, Middle East, and Africa ("EMEA").

Net sales were $10,929 million and $10,853 million for the six months ended June 30, 2023 and 2022, respectively. The increase was primarily driven by an 11 percent increase in price versus the prior period and a 2 percent favorable impact from portfolio and other, partially offset by a (9) percent decrease in volume and a (3) percent unfavorable impact from currency. Price gains were driven by continued execution on the company’s price for value strategy with gains in all regions led by EMEA and North America and recovery of higher input costs. Volume declines were driven by lower corn planted area in EMEA, lower volume in Latin America, crop protection inventory destocking trends, timing of seasonal demand due to weather and delayed farmer purchases, strategic product exits and the Russia Exit, partially offset by increased corn acres in North America. The unfavorable currency impacts were led by the Turkish Lira, the Chinese Renminbi and the Canadian Dollar. The portfolio and other impact was driven by the biologicals acquisitions and 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.

			Six Months Ended June 30,
			2023						2022
			Net Sales ($ Millions)			%			Net Sales ($ Millions)			%
Worldwide			$	10,929		100		%	$	10,853		100		%
North America1			6,521			60		%	6,083			56		%
EMEA2			2,527			23		%	2,440			22		%
Latin America			1,160			11		%	1,483			14		%
Asia Pacific			721			6		%	847			8		%

			First Half 2023 vs. First Half 2022						Percent Change Due To:
			Net Sales Change						Price &									Portfolio /
$ In millions			$			%			Product Mix			Volume			Currency			Other
North America1			$	438		7		%	9		%	(1)		%	(1)		%	—		%
EMEA2			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		%

1.Represents U.S. & Canada.

2.Europe, Middle East, and Africa ("EMEA").

Cost of Goods Sold

COGS was $3,137 million (52 percent of net sales) and $3,323 million (53 percent of net sales) for the three months ended June 30, 2023 and 2022, respectively, and $5,908 million (54 percent of net sales) and $6,047 million (56 percent of net sales) for the six months ended June 30, 2023 and 2022, respectively. The decrease was primarily driven by lower volumes, a decrease in royalty expense, ongoing cost and productivity actions and a favorable impact from currency, partially offset by higher input costs, which are primarily market driven. The market driven trends are due to inflationary pressures impacting raw material inputs, freight and logistics, which have begun to improve during the second quarter of 2023.

Research and Development Expense

R&D expense was $329 million (5 percent of net sales) and $296 million (5 percent of net sales) for the three months ended June 30, 2023 and 2022, respectively, and $645 million (6 percent of net sales) and $564 million (5 percent of net sales) for the six months ended June 30, 2023 and 2022, respectively. The increase in R&D expense is in support of the company’s long-term growth plans and increased investment in R&D. The increase was primarily driven by an increase in salaries due to higher headcount and the associated spending on field, lab and facilities, and third-party research costs. The increase was partially offset by a decrease in variable compensation.

Selling, General and Administrative Expenses

SG&A expenses were $1,045 million (17 percent of net sales) and $1,017 million (16 percent of net sales) for the three months ended June 30, 2023 and 2022, respectively. The increase was primarily driven by the Stoller and Symborg acquisitions, an increase in commissions, promotion and advertising costs and an unfavorable impact from the company's deferred compensation plans due to market impacts, partially offset by favorable currency and a decrease in functional spend and bad debt expense.

SG&A expenses were $1,771 million (16 percent of net sales) and $1,752 million (16 percent of net sales) for the six months ended June 30, 2023 and 2022, respectively. The increase was primarily driven by the Symborg and Stoller acquisitions and an unfavorable impact from the company's deferred compensation plans due to market impacts, partially offset by favorable currency and a decrease in functional spend and bad debt expense.

Amortization of Intangibles

Intangible asset amortization was $174 million and $179 million for the three months ended June 30, 2023 and 2022, respectively, and $334 million and $358 million for the six months ended June 30, 2023 and 2022, respectively. The decrease was primarily driven by the expiration of the favorable supply contracts in the fourth quarter of 2022, at which point the contracts became fully amortized, partially offset by amortization relating to the intangible assets recognized in connection with the Stoller and Symborg acquisitions. See Note 11 - Goodwill and Other Intangible Assets, to the interim Consolidated Financial Statements, for additional information.

Restructuring and Asset Related Charges - Net

Restructuring and asset related charges - net were $60 million and $143 million for the three months ended June 30, 2023 and 2022, respectively, and $93 million and $148 million for the six months ended June 30, 2023 and 2022, respectively. The charges in the second quarter of 2023 and 2022 and the first half of 2023 and 2022 primarily relates to non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits and costs associated with the 2022 Restructuring Actions. The charges associated with the 2022 Restructuring Actions during the second quarter of 2022 and the first half of 2022 primarily related to severance and related benefit costs, asset related charges, and contract termination charges. See Note 5 - Restructuring and Asset Related Charges, Net, to the interim Consolidated Financial Statements, for additional information.

Further evaluation of our operations, including decisions involving contract manufacturing opportunities, may result in additional asset related charges, which could be material to our income from continuing operations as reported under U.S. GAAP.

Other Income (Expense) - Net

Other income (expense) - net was $(134) million and $49 million for the three months ended June 30, 2023 and 2022, respectively. The decrease was primarily driven by non-operating pension and other post employment benefit costs in the current period versus a benefit in the prior period and an increase in estimated settlement reserves and net exchange losses. The decreases are partially offset by an increase in interest income.

Other income (expense) - net was $(205) million and $66 million for the six months ended June 30, 2023 and 2022, respectively. The decrease was primarily driven by non-operating pension and other post employment benefit costs in the current period versus a benefit in the prior period and an increase in estimated settlement reserves and net exchange losses. The decreases are partially offset by an increase in interest income, losses associated with a previously held equity investment in the prior period and gains on the sale of assets.

See Note 6 - Supplementary Information, to the interim Consolidated Financial Statements, for additional information.

Interest Expense

Interest expense was $82 million and $16 million for the three months ended June 30, 2023 and 2022, respectively, and $113 million and $25 million for the six months ended June 30, 2023 and 2022, respectively. The change was primarily driven by higher interest rates, the issuance of the May 2023 Senior Notes, and an increase in short term borrowings.

Provision for (Benefit from) Income Taxes on Continuing Operations

The company’s provision for income taxes on continuing operations was $204 million for the three months ended June 30, 2023 on pre-tax income from continuing operations of $1,084 million, resulting in an effective tax rate of 18.8 percent. The effective tax rate was favorably impacted by $56 million of net tax benefits associated with changes in deferred taxes, accruals for certain prior year tax positions in various jurisdictions, stock-based compensation, as well as the impact of changes to deferred taxes associated with a tax currency change for a legal entity. Those favorable impacts were partially offset by the unfavorable tax impacts of certain net exchange losses recognized on the re-measurement of the net monetary asset positions which were not tax-deductible in their local jurisdictions, as well as geographic mix of earnings.

The company’s provision for income taxes on continuing operations was $325 million for the three months ended June 30, 2022 on pre-tax income from continuing operations of $1,327 million, resulting in an effective tax rate of 24.5 percent. The effective tax rate was unfavorably impacted by the tax impact of certain net exchange losses recognized on the re-measurement of the net monetary asset positions which were not tax-deductible in their local jurisdictions, as well as geographic mix of earnings. Those

unfavorable impacts were partially offset by $13 million of net tax benefits associated with changes in deferred taxes for certain prior year tax positions as well as from stock-based compensation.

The company's provision for income taxes on continuing operations was $373 million for the six months ended June 30, 2023 on pre-tax income from continuing operations of $1,860 million, resulting in an effective tax rate of 20.1 percent. The effective tax rate was favorably impacted by $68 million of net tax benefits associated with changes in deferred taxes, accruals for certain prior year tax positions in various jurisdictions, stock-based compensation, as well as the impact of changes to deferred taxes associated with a tax currency change for a legal entity. Those favorable impacts were partially offset by the unfavorable tax impacts of certain net exchange losses recognized on the re-measurement of the net monetary asset positions which were not tax-deductible in their local jurisdictions, as well as geographic mix of earnings.

The company's provision for income taxes on continuing operations was $446 million for the six months ended June 30, 2022 on pre-tax income from continuing operations of $2,025 million, resulting in an effective tax rate of 22.0 percent. The effective tax rate was unfavorably impacted by the tax impact of certain net exchange losses recognized on the re-measurement of the net monetary asset positions which were not tax-deductible in their local jurisdictions, as well as geographic mix of earnings. Those unfavorable impacts were partially offset by $48 million of net tax benefits associated with changes in deferred taxes for certain prior year tax positions as well as from stock-based compensation.

Income (Loss) from Discontinued Operations After Tax

Income (loss) from discontinued operations after tax was $(163) million and $(171) million for the three and six months ended June 30, 2023, respectively, and $(30) million and $(40) million for the three and six months ended June 30, 2022, respectively. The three and six months ended June 30, 2023 primarily includes charges associated with the settlement of certain legal matters relating to PFAS that are subject to the MOU, including the Water System MOU. The three and six months ended June 30, 2022 primarily includes charges relating to PFAS environmental remediation activities for legacy operations at Chemours' Fayetteville Works facility. Refer to Note 13 - Commitments and Contingent Liabilities, to the interim Consolidated Financial Statements, for additional information

EIDP Analysis of Operations

As discussed in Note 1 - Basis of Presentation, to the EIDP interim Consolidated Financial Statements, EIDP is a subsidiary of Corteva, Inc. and continues to be a reporting company, subject to the requirements of the Exchange Act. The below relates to EIDP only and is presented to provide an Analysis of Operations, only for the differences between EIDP and Corteva, Inc.

Interest Expense

EIDP’s interest expense was $89 million and $26 million for the three months ended June 30, 2023 and 2022, respectively, and $133 million and $44 million for the six months ended June 30, 2023 and 2022, respectively. The change was primarily driven by the items noted above, under the header "Interest Expense," partially offset by lower average borrowings on the related party loan between EIDP and Corteva, Inc. See Note 2 - Related Party Transactions, to the EIDP interim Consolidated Financial Statements, for further information.

Provision for (Benefit from) Income Taxes on Continuing Operations

EIDP’s provision for income taxes on continuing operations was $202 million for the three months ended June 30, 2023 on pre-tax income from continuing operations of $1,077 million, resulting in an effective tax rate of 18.8%. EIDP’s provision for income taxes on continuing operations was $322 million for the three months ended June 30, 2022 on pre-tax income from continuing operations of $1,317 million, resulting in an effective tax rate of 24.4 percent.

EIDP’s provision for income taxes on continuing operations was $368 million for the six months ended June 30, 2023 on pre-tax income from continuing operations of $1,840 million, resulting in an effective tax rate of 20.0 percent. EIDP’s provision for income taxes on continuing operations was $441 million for the six months ended June 30, 2022 on pre-tax income from continuing operations of $2,006 million, resulting in an effective tax rate of 22.0 percent.

EIDP’s effective tax rates for the three and six months ended June 30, 2023 and 2022 were driven by a tax benefit related to the interest expense incurred on the related party loan between EIDP and Corteva, Inc. and the items noted on page 47, under the header “Provision for (Benefit from) Income Taxes on Continuing Operations.” See Note 2 - Related Party Transactions, to the EIDP Consolidated Financial Statements for further information.

Corporate Outlook

The outlook for agriculture remains overall positive in 2023, with high demand for grain and oilseeds. Commodity prices are above historical averages, and farm balance sheets and income levels remain healthy, leading growers to prioritize technology to maximize return. Crop Protection order patterns are being influenced by product availability, higher interest rates, and a deferral of purchases until closer to usage, leading to an update to full-year 2023 net sales and earnings expectations.

The company updated its previously provided guidance for the full-year 2023 - lowering sales and earnings expectations for this period. The company expects net sales in the range of $17.9 billion and $18.2 billion and Operating EBITDA in the range of $3.50 billion and $3.65 billion. Operating Earnings Per Share is expected to be in the range of $2.75 and $2.90 per share.

The above outlook does not contemplate any extreme weather events, operational disruptions, significant changes in customers' demand or ability to pay, or further acceleration of currency and inflation impacts resulting from global economic conditions. Corteva is not able to reconcile its forward-looking non-GAAP financial measures to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of the company’s control, such as Significant Items, without unreasonable effort (refer to page 54 for Significant Items recorded in the three and six months ended June 30, 2023 and 2022). During 2023, the company expects to record approximately $75 million for non-cash accelerated prepaid royalty amortization expense as restructuring and asset related charges. See Note 5 - Restructuring and Asset Related Charges - Net, to the interim Consolidated Financial Statements, for additional information. The company also expects non-operating charges during 2023 associated with pension and OPEB costs to increase when compared to 2022, which is mainly due to an increase in discount rates and a decrease in asset returns due to lower pension plan assets. See Note 6 – Supplemental Information, to the interim Consolidated Financial Statements, for additional information.

Recent Accounting Pronouncements

See Note 2 - Recent Accounting Guidance, to the interim Consolidated Financial Statements for a description of recent accounting pronouncements.

Segment Reviews

The company operates in two reportable segments: Seed and Crop Protection.

Seed

The company’s seed segment is a global leader in developing and supplying advanced germplasm and traits that produce optimum yield for farms around the world. The segment is a leader in many of the company’s key seed markets, including North America corn and soybeans, Europe corn and sunflower, as well as Brazil, India, South Africa and Argentina corn. The segment offers trait technologies that improve resistance to weather, disease, insects and enhance food and nutritional characteristics, herbicides used to control weeds, and digital solutions that assist farmer decision-making to help maximize yield and profitability.

Crop Protection

The crop protection segment serves the global agricultural input industry with products that protect against weeds, insects and other pests, and disease, and that improve overall crop health both above and below ground via nitrogen management and seed-applied technologies. The segment offers crop protection solutions and digital solutions that provide farmers the tools they need to improve productivity and profitability, and help keep fields free of weeds, insects and diseases. The segment is a leader in global herbicides, insecticides, nitrogen stabilizers and pasture and range management herbicides.

Summarized below are comments on individual segment net sales and segment operating EBITDA for the three and six months ended June 30, 2023 compared with the same period in 2022. The company defines segment operating EBITDA as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, corporate expenses, non-operating benefits (costs), foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items. Non-operating benefits (costs) consists of non-operating pension and 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. See Note 18 - Segment Information, to the interim Consolidated Financial Statements, for details related to significant pre-tax benefits (charges) excluded from segment operating EBITDA. All references to prices are based on local price unless otherwise specified.

A reconciliation of segment operating EBITDA to income (loss) from continuing operations after income taxes for the three and six months ended June 30, 2023 and 2022 is included in Note 18 - Segment Information, to the interim Consolidated Financial Statements.

Seed			Three Months Ended June 30,						Six Months Ended June 30,
In millions			2023			2022			2023			2022
Net sales			$	4,264		$	3,947		$	6,959		$	6,471
Segment operating EBITDA			$	1,458		$	1,240		$	2,110		$	1,809

Seed			Q2 2023 vs. Q2 2022						Percent Change Due To:
			Net Sales Change						Price &									Portfolio /
$ In millions			$			%			Product Mix			Volume			Currency			Other
North America			$	461		14		%	11		%	4		%	(1)		%	—		%
EMEA			(128)			(36)		%	22		%	(58)		%	(8)		%	8		%
Latin America			2			1		%	14		%	(14)		%	1		%	—		%
Asia Pacific			(18)			(12)		%	10		%	(15)		%	(7)		%	—		%
Total			$	317		8		%	12		%	(3)		%	(2)		%	1		%

Seed			Q2 2023 vs. Q2 2022						Percent Change Due To:
			Net Sales Change						Price &									Portfolio /
$ In millions			$			%			Product Mix			Volume			Currency			Other
Corn			$	451		20		%	14		%	7		%	(2)		%	1		%
Soybeans			(53)			(4)		%	8		%	(11)		%	(1)		%	—		%
Other oilseeds			(52)			(21)		%	17		%	(37)		%	(5)		%	4		%
Other			(29)			(17)		%	4		%	(19)		%	(2)		%	—		%
Total			$	317		8		%	12		%	(3)		%	(2)		%	1		%

Seed			First Half 2023 vs. First Half 2022						Percent Change Due To:
			Net Sales Change						Price &									Portfolio /
$ In millions			$			%			Product Mix			Volume			Currency			Other
North America			$	600		14		%	10		%	4		%	—		%	—		%
EMEA			(42)			(3)		%	27		%	(24)		%	(12)		%	6		%
Latin America			(62)			(12)		%	15		%	(30)		%	3		%	—		%
Asia Pacific			(8)			(3)		%	13		%	(6)		%	(10)		%	—		%
Total			$	488		8		%	14		%	(5)		%	(3)		%	2		%

Seed			First Half 2023 vs. First Half 2022						Percent Change Due To:
			Net Sales Change						Price &									Portfolio /
$ In millions			$			%			Product Mix			Volume			Currency			Other
Corn			$	500		12		%	15		%	(1)		%	(3)		%	1		%
Soybeans			44			3		%	7		%	(3)		%	(1)		%	—		%
Other oilseeds			(28)			(5)		%	23		%	(26)		%	(9)		%	7		%
Other			(28)			(9)		%	10		%	(18)		%	(1)		%	—		%
Total			$	488		8		%	14		%	(5)		%	(3)		%	2		%

Seed

Seed net sales were $4,264 million in the second quarter of 2023, up 8 percent from $3,947 million in the second quarter of 2022. The sales increase was driven by a 12 percent increase in price and 1 percent favorable impact from portfolio, partially offset by a 3 percent decline in volume and a 2 percent unfavorable currency impact.

The increase in price was driven by strong demand for top technology products, and strong operational execution, with global corn and soybean prices up 14 percent and 8 percent, respectively. Lower volumes were driven by reduced corn planted area in EMEA, fewer soybean acres in North America, and the 2022 decision to exit Russia, partially offset by increased corn acres in North America. Unfavorable currency impacts were led by the Canadian Dollar and the Turkish Lira.

Segment operating EBITDA was $1,458 million in the second quarter of 2023, up 18 percent from $1,240 million in the second quarter of 2022. Price execution, reduction of net royalty expense, and ongoing cost and productivity actions more than offset higher input and freight costs, lower volumes, and the unfavorable impact of currency. Segment operating EBITDA margin improved by approximately 280 basis points versus the prior-year period.

Seed net sales were $6,959 million in the first half of 2023, up 8 percent from approximately $6,471 million in the first half of 2022. The sales increase was driven by 14 percent increase in price and 2 percent favorable impact from portfolio, partially offset by a 5 percent decline in volume and a 3 percent unfavorable currency impact.

The increase in price was driven by strong demand for top technology and operational execution globally, with global corn and soybean prices up 15 percent and 7 percent, respectively. Pricing actions more than offset currency impacts in EMEA. The decline in volume was driven by the 2022 decision to exit Russia, lower corn planted area in EMEA, and lower Safrinha volumes in Latin America, partially offset by increased corn acres in North America. Unfavorable currency impacts were led by the Turkish Lira and the Canadian Dollar.

Segment operating EBITDA was $2,110 million in the first half of 2023, up 17 percent from $1,809 million for the first half of 2022. Price execution, reduction of net royalty expense, and ongoing cost and productivity actions more than offset higher input and freight costs, the unfavorable impact of currency, and lower volumes. Segment operating EBITDA margin improved by approximately 240 basis points versus the prior-year period.

Crop Protection			Three Months Ended June 30,						Six Months Ended June 30,
In millions			2023			2022			2023			2022
Net sales			$	1,781		$	2,305		$	3,970		$	4,382
Segment Operating EBITDA			$	320		$	509		$	923		$	1,000

Crop Protection			Q2 2023 vs. Q2 2022						Percent Change Due To:
			Net Sales Change						Price &									Portfolio /
$ In millions			$			%			Product Mix			Volume			Currency			Other
North America			$	(220)		(26)		%	3		%	(30)		%	—		%	1		%
EMEA			(16)			(3)		%	10		%	(15)		%	—		%	2		%
Latin America			(227)			(36)		%	(1)		%	(47)		%	(1)		%	13		%
Asia Pacific			(61)			(18)		%	4		%	(17)		%	(5)		%	—		%
Total			$	(524)		(23)		%	3		%	(29)		%	(1)		%	4		%
Crop Protection			Q2 2023 vs. Q2 2022						Percent Change Due To:
			Net Sales Change						Price &									Portfolio /
$ In millions			$			%			Product Mix			Volume			Currency			Other
Herbicides			$	(238)		(19)		%	3		%	(21)		%	(1)		%	—		%
Insecticides			(163)			(33)		%	—		%	(31)		%	(1)		%	(1)		%
Fungicides			(196)			(44)		%	6		%	(48)		%	(2)		%	—		%
Other			73			53		%	6		%	(30)		%	—		%	77		%
Total			$	(524)		(23)		%	3		%	(29)		%	(1)		%	4		%

Crop Protection			First Half 2023 vs. First Half 2022						Percent Change Due To:
			Net Sales Change						Price &									Portfolio /
$ In millions			$			%			Product Mix			Volume			Currency			Other
North America			$	(162)		(10)		%	5		%	(15)		%	(1)		%	1		%
EMEA			129			11		%	16		%	2		%	(8)		%	1		%
Latin America			(261)			(27)		%	(1)		%	(37)		%	—		%	11		%
Asia Pacific			(118)			(19)		%	5		%	(19)		%	(5)		%	—		%
Total			$	(412)		(9)		%	7		%	(16)		%	(3)		%	3		%
Crop Protection			First Half 2023 vs. First Half 2022						Percent Change Due To:
			Net Sales Change						Price &									Portfolio /
$ In millions			$			%			Product Mix			Volume			Currency			Other
Herbicides			$	(201)		(8)		%	6		%	(11)		%	(3)		%	—		%
Insecticides			(172)			(19)		%	6		%	(20)		%	(4)		%	(1)		%
Fungicides			(141)			(19)		%	9		%	(23)		%	(5)		%	—		%
Other			102			35		%	5		%	(16)		%	(1)		%	47		%
Total			$	(412)		(9)		%	7		%	(16)		%	(3)		%	3		%

Crop Protection

Crop protection net sales were $1,781 million in the second quarter of 2023, down 23 percent from $2,305 million in the second quarter of 2022. The sales decrease was driven by a 29 percent decrease in volume and a 1 percent unfavorable impact from currency, partially offset by a 4 percent favorable impact from portfolio and a 3 percent increase in price.

The decrease in volume was driven by strategic product exits, inventory destocking trends impacting volumes across all regions, and timing of seasonal demand due to weather and delayed farmer purchases. The portfolio impact was driven by the Biologicals acquisitions. The increase in price was broad-based, with gains in most regions led by EMEA, and mostly reflected pricing for the value of our differentiated technology including pricing for new products.

Segment Operating EBITDA was $320 million in the second quarter of 2023, down 37 percent from $509 million in the second quarter of 2022. Volume declines, higher input costs, and increased R&D investment more than offset pricing and productivity actions. Segment operating EBITDA margin declined by approximately 410 basis points versus the prior-year period.

Crop protection net sales were $3,970 million in the first half of 2023, down 9 percent from $4,382 million for the first half of 2022. The sales decrease was driven by a 16 percent decrease in volume and a 3 percent unfavorable impact from currency, partially offset by a 7 percent increase in price and a 3 percent favorable portfolio impact.

The decrease in volume was driven by strategic product exits, inventory destocking trends impacting volumes across all regions, and timing of seasonal demand due to weather and delayed farmer purchases. The increase in price was broad-based, with gains in most regions led by EMEA and North America, and mostly reflected pricing for the value of our differentiated technology, including pricing for new products, and currency in EMEA. Unfavorable currency impacts were led by the Turkish Lira and Chinese Renminbi. The portfolio impact was driven by the Biologicals acquisitions.

Segment Operating EBITDA was $923 million in the first half of 2023, down 8 percent from $1,000 million for the first half of 2022. Pricing execution and productivity actions were more than offset by lower volumes, higher input costs, and the unfavorable impact of currency. Segment operating EBITDA margin increased by more than 40 basis points versus the prior-year period largely driven by pricing execution and productivity actions.

Non-GAAP Financial Measures

The company presents certain financial measures that do not conform to U.S. GAAP and are considered non-GAAP measures. These measures include Operating EBITDA and operating earnings (loss) per share. Management uses these measures internally for planning and forecasting, including allocating resources and evaluating incentive compensation. Management believes that these non-GAAP measures best reflect the ongoing performance of the company during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of the company and a more useful comparison of year over year results. These non-GAAP measures supplement the company's U.S. GAAP disclosures and should not be viewed as an alternative to U.S. GAAP measures of performance. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Reconciliations for these non-GAAP measures to U.S. GAAP are provided below.

Operating EBITDA is defined as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, non-operating benefits (costs), foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items. Non-operating benefits (costs) consists of non-operating pension and 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. Operating earnings (loss) per share is defined as "earnings (loss) per common 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. Although amortization of the company's intangible assets is excluded from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in amortization of additional intangible assets. Net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting represents the non-cash net gain (loss) from changes in fair value of certain undesignated foreign currency derivative contracts. Upon settlement, which is within the same calendar year of execution of the contract, the realized gain (loss) from the changes in fair value of the non-qualified foreign currency derivative contracts will be reported in the relevant non-GAAP financial measures, allowing quarterly results to reflect the economic effects of the foreign currency derivative contracts without the resulting unrealized mark to fair value volatility.

Reconciliation of Income (Loss) from Continuing Operations after Income Taxes to Operating EBITDA

			Three Months Ended June 30,						Six Months Ended June 30,
(In millions)			2023			2022			2023			2022
Income (loss) from continuing operations after income taxes (GAAP)			$	880		$	1,002		$	1,487		$	1,579
Provision for (benefit from) income taxes on continuing operations			204			325			373			446
Income (loss) from continuing operations before income taxes (GAAP)			1,084			1,327			1,860			2,025
Depreciation and amortization			306			302			593			609
Interest income			(54)			(24)			(94)			(39)
Interest expense			82			16			113			25
Exchange (gains) losses			104			36			140			83
Non-operating (benefits) costs			44			(60)			87			(125)
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges			63			(33)			78			3
Significant items (benefit) charge			117			155			200			177
Operating EBITDA (Non-GAAP)			$	1,746		$	1,719		$	2,977		$	2,758

Significant Items

			Three Months Ended June 30,						Six Months Ended June 30,
(In millions)			2023			2022			2023			2022
Restructuring and asset related charges - net			$	(60)		$	(143)		$	(93)		$	(148)
Estimated settlement expense1			(41)			—			(90)			(17)
Inventory write-offs2			(3)			(1)			(7)			(1)
Gain (loss) on sale of assets and equity investments2			—			(5)			3			(5)
Settlement costs associated with the Russia Exit2			—			(6)			—			(6)
Seed sale associated with Russia exit2,3			(1)			—			18			—
Acquisition-related costs4			(15)			—			(34)			—
Employee Retention Credit			3			—			3			—
Total pretax significant items benefit (charge)			(117)			(155)			(200)			(177)
Total tax (provision) benefit impact of significant items5			27			28			42			34
Tax only significant item benefit (charge)6			29			—			29			—
Total significant items benefit (charge), after tax			$	(61)		$	(127)		$	(129)		$	(143)

1.Consists of estimated Lorsban® related charges.

2.Incremental gains (losses) associated with activities related to the 2022 Restructuring Actions.

3.Includes a benefit (charge) of $(1) million and $18 million for the three and six months ended June 30, 2023, 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. It consists of $30 million and $71 million of net sales and $31 million and $53 million of cost of goods sold for the three and six months ended June 30, 2023, respectively.

4.Relates to acquisition-related costs, including transaction and third-party integration costs associated with the completed acquisitions of Stoller and Symborg as well as the recognition of the inventory fair value step-up. See Note 3 - Business Combinations, to the interim Consolidated Financials Statements, for additional information.

5.Unless specifically addressed 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.

6.The tax only significant item benefit for the three and six months ended June 30, 2023 reflects 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.

Reconciliation of Income (Loss) from Continuing Operations Attributable to Corteva and Earnings (Loss) Per Share of Common Stock from Continuing Operations - Diluted to Operating Earnings (Loss) and Operating Earnings (Loss) Per Share

			Three Months Ended June 30,						Six Months Ended June 30,
(In millions)			2023			2022			2023			2022
Income (loss) from continuing operations attributable to Corteva (GAAP)			$	877		$	999		$	1,480		$	1,573
Less: Non-operating benefits (costs), after tax			(35)			43			(68)			92
Less: Amortization of intangibles (existing as of Separation), after tax			(118)			(138)			(236)			(277)
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax			(48)			26			(59)			(2)
Less: Significant items benefit (charge), after tax			(61)			(127)			(129)			(143)
Operating Earnings (Loss) (Non-GAAP)			$	1,139		$	1,195		$	1,972		$	1,903

			Three Months Ended June 30,						Six Months Ended June 30,
			2023			2022			2023			2022
Earnings (loss) per share of common stock from continuing operations - diluted (GAAP)			$	1.23		$	1.37		$	2.07		$	2.16
Less: Non-operating benefits (costs), after tax			(0.04)			0.06			(0.10)			0.13
Less: Amortization of intangibles (existing as of Separation), after tax			(0.17)			(0.19)			(0.33)			(0.38)
Less: Mark-to-market gains on certain foreign currency contracts not designated as hedges, after tax			(0.07)			0.04			(0.08)			—
Less: Significant items benefit (charge), after tax			(0.09)			(0.18)			(0.18)			(0.20)
Operating Earnings (Loss) Per Share (Non-GAAP)			$	1.60		$	1.64		$	2.76		$	2.61
Diluted Shares Outstanding (in millions)			713.7			726.7			714.8			728.6

Liquidity and Capital Resources

Information related to the company's liquidity and capital resources can be found in the company’s 2022 Annual Report, Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Liquidity & Capital Resources. The discussion below provides the updates to this information for the six months ended June 30, 2023.

(In millions)			June 30, 2023			December 31, 2022			June 30, 2022
Cash, cash equivalents and marketable securities			$	2,616		$	3,315		$	2,655
Total debt			$	5,313		$	1,307		$	1,995

The increase in debt balances from December 31, 2022 was primarily due to higher short-term debt and the May 2023 debt offering, which have been used to fund the company's working capital needs, capital spending, dividend payments, share repurchases and to partially fund the Stoller and Symborg acquisitions. See further information in Note 12 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, to the interim Consolidated Financial Statements.

The company believes its ability to generate cash from operations and access to capital markets and commercial paper markets will be adequate to meet anticipated cash requirements to fund its operations, including seasonal working capital, capital spending, dividend payments, share repurchases and pension obligations. Corteva's strong financial position, liquidity and credit ratings will provide access as needed to capital markets and commercial paper markets to fund seasonal working capital needs. The company's liquidity needs can be met through a variety of sources, including cash provided by operating activities, commercial paper, syndicated credit lines, bilateral credit lines, long-term debt markets, bank financing and committed receivable repurchase facilities. Corteva considers the borrowing costs and lending terms when selecting the source to fund its operations and working capital needs.

The company had access to approximately $6.5 billion, $6.0 billion, and $5.9 billion at June 30, 2023, December 31, 2022, and June 30, 2022, respectively, in committed and uncommitted unused credit lines, which includes the uncommitted revolving credit lines relating to the Foreign Currency Loans. In addition to the unused credit facilities, the company has a $500 million 2023 Repurchase Facility (as defined below). These facilities provide support to meet the company’s short-term liquidity needs and for general corporate purposes, which may include funding of discretionary and non-discretionary contributions to certain benefit plans, severance payments, repayment and refinancing of debt, working capital, capital expenditures, repurchases and redemptions of securities, acquisitions and Corteva's costs and expenses. These facilities are provided to the company by highly rated and well capitalized global financial institutions.

In May 2023, the company issued $600 million of 4.50 percent Senior Notes due in 2026 and $600 million of 4.80 percent Senior Notes due in 2033 (the “May 2023 Debt Offering”).

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 and subsequently, in July 2023, reduced the available credit from $1 billion to $500 million.

The company's indenture covenants include customary limitations on liens, sale and leaseback transactions, and mergers and consolidations affecting manufacturing plants, mineral producing properties or research facilities located in the U.S. and the consolidated subsidiaries owning such plants, properties and facilities subject to certain limitations. The outstanding long-term debt also contains customary default provisions.

The company has meaningful seasonal working capital needs based in part on providing financing to its customers. Working capital is funded through multiple methods including cash, commercial paper, a receivable repurchase facility, the Revolving Credit Facilities, the 364-Day Revolving Credit Facility, and factoring.

In May 2023, in line with seasonal working capital requirements, the company entered into a committed receivable repurchase facility of up to $500 million (the "2023 Repurchase Facility"), which expires in December 2023. Under the 2023 Repurchase Facility, Corteva may sell a portfolio of available and eligible outstanding customer notes receivables to participating institutions and simultaneously agree to repurchase at a future date. See further discussion of this facility in Note 12 - Short-Term Borrowing, Long-Term Debt and Available Credit Facilities, to the interim Consolidated Financial Statements.

The company has factoring agreements with third-party financial institutions to sell its trade receivables under both recourse and non-recourse agreements in exchange for cash proceeds in an effort to reduce its receivables risk. For arrangements that include an element of recourse, the company provides a guarantee of the trade receivables in the event of customer default. Refer to Note 9 - Accounts and Notes Receivable - Net, to the interim Consolidated Financial Statements, for more information.

The company also organizes agreements with third-party financial institutions who directly provide financing for select customers of the company's seed and crop protection products in each region. Terms of the third-party loans are less than a year and programs are renewed on an annual basis. In some cases, the company guarantees a portion of the extension of such credit to such customers. Refer to Note 13 - Commitments and Contingent Liabilities, to the interim Consolidated Financial Statements, for more information on the company’s guarantees.

The company's cash, cash equivalents and marketable securities at June 30, 2023, December 31, 2022, and June 30, 2022 are $2.6 billion, $3.3 billion, and $2.7 billion, respectively, of which $1.9 billion, $2.0 billion, and $2.4 billion at June 30, 2023, December 31, 2022, and June 30, 2022, respectively, was held by subsidiaries in foreign countries, including United States territories. Cash, cash equivalents and marketable securities are concentrated subject to local restrictions with highly rated and well capitalized global financial institutions. The underlying credit worthiness and exposures to these counterparties are monitored on a regular basis in line with the company’s overall risk management procedures. Upon actual repatriation, such earnings could be subject to withholding taxes, foreign and/or U.S. state income taxes, and taxes resulting from the impact of foreign currency movements. The cash held by foreign subsidiaries is generally used to finance the subsidiaries' operational activities and future foreign investments. At June 30, 2023, management believed that sufficient liquidity is available in the U.S. with global operating cash flows, borrowing capacity from existing committed credit facilities, and access to capital markets and commercial paper markets.

Summary of Cash Flows

Cash provided by (used for) operating activities was $(2,499) million for the six months ended June 30, 2023 compared to $(1,621) million for the six months ended June 30, 2022. The change in cash used for operating activities was driven by changes in working capital. Lower accounts payable was driven by higher payments to third-party growers and higher seed production costs and the timing of payments to lenders for providing financing to select customers. Higher usage of deferred revenue was due to higher prepayments from customers as of the end of 2022 being applied against year-to-date 2023 sales. Partially offsetting these uses of cash were favorable changes in receivables due to lower crop protection sales and higher collections as well as favorable changes in inventories due to higher seed sales and lower crop protection purchases.

Cash provided by (used for) investing activities was $(1,544) million for the six months ended June 30, 2023 compared to $(435) million for the six months ended June 30, 2022. The change was primarily due to the acquisitions of Stoller and Symborg, partially offset by lower purchases of investments, lower capital expenditures and the proceeds from the settlement of the net investment hedge in the first quarter of 2023.

Cash provided by (used for) financing activities was $3,379 million for the six months ended June 30, 2023 compared to $106 million for the six months ended June 30, 2022. The change was primarily due to higher short-term borrowings to fund working capital needs, capital spending, dividend payments, share repurchases, and to partially fund the Stoller and Symborg acquisitions and the May 2023 Debt Offering. The change was also driven by lower share repurchases.

In January 2023, the company's Board of Directors authorized a common stock dividend of $0.15 per share, payable on March 15, 2023, to the shareholders of record on March 1, 2023. In April 2023, the company's Board of Directors authorized a common stock dividend of $0.15 per share, payable on June 15, 2023, to the shareholders of record on June 1, 2023. In July 2023, the company's Board of Directors authorized a common stock dividend of $0.16 per share, which reflects an approved increase of 6.7 percent, payable on September 15, 2023, to the shareholders of record on September 1, 2023.

On September 13, 2022, Corteva, Inc. announced that its Board of Directors authorized a $2 billion share repurchase program to purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date ("2022 Share Buyback Plan"). The timing, price and volume of purchases in connection with the 2022 Share Buyback Plan will be based on market conditions, relevant securities laws and other factors. In connection with the 2022 Share Buyback Plan, the company repurchased and retired 1,417,000 shares in the open market for a total cost of $80 million during the three and six months ended June 30, 2023.

On August 5, 2021, Corteva, Inc. announced that its Board of Directors authorized a $1.5 billion share repurchase program to purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date ("2021 Share Buyback Plan"). In connection with the 2021 Share Buyback Plan, the company repurchased and retired 4,098,000 shares in the open market for a total cost of $250 million during the six months ended June 30, 2023 and 6,285,000 shares and 10,870,000 shares in the open market for a total cost of $365 million and $600 million during the three and six months ended June 30, 2022, respectively. Repurchases under the 2021 Share Buyback Plan were completed during the first quarter of 2023.

See Note 14 - Stockholders' Equity, to the interim Consolidated Financial Statements, for additional information related to the share buyback plans.

EIDP Liquidity Discussion

As discussed in Note 1 - Basis of Presentation, to the EIDP interim Consolidated Financial Statements, EIDP is a subsidiary of Corteva, Inc. and continues to be a reporting company, subject to the requirements of the Exchange Act. The below relates to EIDP only and is presented to provide a Liquidity discussion for the differences between EIDP and Corteva, Inc.

Cash provided by (used for) operating activities

EIDP’s cash provided by (used for) operating activities was $(2,516) million and $(1,633) million for the six months ended June 30, 2023 and 2022, respectively. The change was primarily driven by higher interest on related party debt and the items noted on page 56, under the header, “Summary of Cash Flows.”

Cash provided by (used for) financing activities

EIDP’s cash provided by (used for) financing activities was $3,396 million for the six months ended June 30, 2023 compared to $118 million for the six months ended June 30, 2022. The change was primarily driven by higher borrowings partially offset by higher payments on debt.

See Note 2 - Related Party Transactions, to the EIDP interim Consolidated Financial Statements, for further information on the related party loan between EIDP and Corteva, Inc.

Guarantees and Off-Balance Sheet Arrangements

For detailed information related to Guarantees, Indemnifications, and Obligations for Equity Affiliates and Others, see the company’s 2022 Annual Report, Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Off-Balance Sheet Arrangements and Note 13 - Commitments and Contingent Liabilities, to the interim Consolidated Financial Statements.

Contractual Obligations

Information related to the company's contractual obligations at December 31, 2022 can be found on page 57 of the company's 2022 Annual Report. There have been no material changes to the company’s contractual obligations outside the ordinary course of business from those reported in the company’s 2022 Annual Report, except for the $600 million of 4.50 percent Senior Notes due in 2026 and $600 million of 4.80 percent Senior Notes due in 2033 (the “May 2023 Debt Offering”) issued in the second quarter of 2023. See Note 12 – Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, to the interim Consolidated Financial Statements for further discussion of the company’s debt offering.