v3.26.1
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities
 6 Months Ended
Jun. 30, 2026
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 long-term debt:

Short-term borrowings
(In millions)June 30, 2026December 31, 2025June 30, 2025
Commercial paper$2,422 $— $460 
364-Day Revolving Credit Facility600 — — 
Other loans - various currencies171 112 199 
Long-term debt payable within one year— 782 1,283 
Total short-term borrowings$3,193 $894 $1,942 

Long-term debt
(In millions)June 30, 2026December 31, 2025June 30, 2025
AmountWeighted Average RateAmountWeighted Average RateAmountWeighted Average Rate
Promissory notes and debentures:
Maturing in July 2025$— $— $500 1.70 %
Maturing in May 2026— 600 4.50 %600 4.50 %
Maturing in July 2030500 2.30 %500 2.30 %500 2.30 %
Maturing in May 2032500 5.125 %500 5.125 %500 5.125 %
Maturing in May 2033600 4.80 %600 4.80 %600 4.80 %
Other loans:
Foreign currency loans— 18212.70 %183 12.70 %
Medium-term notes, varying maturities through 2041953.64 %1023.76 %104 4.26 %
Less: Unamortized debt discount and issuance costs13 1617 
Less: Long-term debt due within one year— 782 1,283 
Total long-term debt$1,682 $1,686 $1,687 

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. Based on quoted market prices for the same or similar issuances, 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 approximated carrying value.

The fair value of the company’s long-term borrowings, including debt due within one year, was $1,651 million, $2,462 million and $2,950 million as of June 30, 2026, December 31, 2025 and June 30, 2025, respectively.

Debt Offering
In May 2025, the company issued $500 million of 5.125 percent Senior Notes due in May 2032 (the “May 2025 Debt Offering”). The proceeds were used to repay the $500 million senior notes that matured in July 2025.

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. Interest rates are variable and determined at the time of borrowing. Total unused bank credit lines on the short-term and long-term foreign currency loans at June 30, 2026 was approximately $45 million. The company’s short-term foreign currency loans have varying maturities through 2026. During the first quarter of 2026, the company's long-term foreign currency loans were amended to extend the maturity date to May 2026, which resulted in a corresponding change in the interest rate. The loans were repaid at the maturity date.
Available Committed Credit Facilities
The following table summarizes the company's credit facilities:

Committed and available credit facilities at June 30, 2026
(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 20261,250 650 February 2027Floating Rate
Total committed and available credit facilities$6,000 $5,400 

Revolving Credit Facilities
In May 2022, the company entered into a $3 billion, five-year revolving credit facility and a $2 billion, three-year revolving credit facility (the “Revolving Credit Facilities”) expiring in May 2027 and May 2025, respectively. Borrowings under the Revolving Credit Facilities will 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 $1.90 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 June 30, 2026, the company was in compliance with these covenants.

364-Day Revolving Credit Facility
In February 2026, the company amended its January 2023 (as amended in July 2023, January 2024, February 2024 and February 2025) 364-day revolving credit agreement (the “364-Day Revolving Credit Facility”), increasing the facility amount from $750 million to $1.25 billion, extending the expiration date to February 2027 and amending the interest rate to Term SOFR plus the applicable margin. In February 2025, the company amended the 364-Day Revolving Credit Facility, decreasing the facility amount from $1 billion to $750 million and extending the expiration date to February 2026. 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 May 2026, the company drew down $600 million under the 364-Day Revolving Credit Facility, to repay the $600 million senior notes that matured in May 2026. 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 June 30, 2026, the company was in compliance with these covenants.