Percentage of outstanding amounts borrowed utilized as collateral

[Table of Contents](#i6603aeb911854ef785a9b575909b38eb_7)NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)  
NOTE 11 - 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) | September 30, 2022 | December 31, 2021 | September 30, 2021 |
| Commercial paper | $ | 1,369  |  | $ | —  |  | $ | 802  |  |
| Repurchase facility | 200  |  | —  |  | 550  |  |
| Other loans - various currencies | 6  |  | 15  |  | 18  |  |
| Long-term debt payable within one year | —  |  | 1  |  | 1  |  |
| Finance lease obligations payable within one year | 1  |  | 1  |  | 1  |  |
| Total short-term borrowings and finance lease obligations | $ | 1,576  |  | $ | 17  |  | $ | 1,372  |  |

  


|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Long-term debt |  |
| (in millions) | September 30, 2022 | December 31, 2021 | September 30, 2021 |
| Amount | Weighted Average Rate | Amount | Weighted Average Rate | Amount | Weighted Average Rate |
| Promissory notes and debentures: |  |  |  |  |  |  |
| Maturing in 2025 | $ | 500  |  | 1.70  | % | $ | 500  |  | 1.70  | % | $ | 500  |  | 1.70  | % |
| Maturing in 2030 | 500  |  | 2.30  | % | 500 | 2.30  | % | 500 | 2.30  | % |
| Other loans: |  |  |  |  |  |  |
| Foreign currency loans, various rates and maturities | 176 | 14.80  | % | 1 | 6.82  | % | 1  |  | 6.38  | % |
| Medium-term notes, varying maturities through 2041 | 107  |  | 2.87  | % | 107 | —  | % | 108  |  | —  | % |
| Finance lease obligations | 2  |  |  | 3 |  | 3  |  |  |
| Less: Unamortized debt discount and issuance costs | 8  |  |  | 10 |  | 10  |  |  |
| Less: Long-term debt due within one year | —  |  |  | 1 |  | 1  |  |  |
| Total long-term debt | $ | 1,277  |  |  | $ | 1,100  |  |  | $ | 1,101  |  |  |

  
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 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 debt due within one year, was $1,154 million, $1,121 million, and $1,134 million as of September 30, 2022, December 31, 2021, and September 30, 2021, respectively.  
Repurchase FacilityIn February 2022, the company entered into a new committed receivable repurchase facility of up to $500 million (the "2022 Repurchase Facility") which expires in December 2022. Under the 2022 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. The 2022 Repurchase Facility is considered a secured borrowing with the customer notes receivables inclusive of those that are sold and repurchased, equal to 105 percent of the outstanding amounts borrowed utilized as collateral. Borrowings under the 2022 Repurchase Facility have an interest rate equal to the Adjusted Term Secured Overnight Financing Rate ("SOFR"), which is Term SOFR plus 0.10 percent, plus the margin.  
As of September 30, 2022, $210 million of notes receivable, recorded in accounts and notes receivable - net in the interim Consolidated Balance Sheets, were pledged as collateral against outstanding borrowings under the 2022 Repurchase Facility of $200 million, recorded in short-term borrowings and finance lease obligations in the interim Consolidated Balance Sheets.  
  
21
