Corteva Inc

NOTE 2 - RELATED PARTY TRANSACTIONS

Transactions with Corteva

In the second quarter of 2019, EIDP entered into a related party revolving loan from Corteva, Inc., with a maturity date in 2024.

The company repaid the outstanding related party revolving loan balance during the fourth quarter of 2023. As of December 31, 2022, the outstanding related party revolving loan balance was $789 million (which approximates fair value) with an interest rate of 6.52%. The balance at December 31, 2022 is reflected as long-term debt - related party on EIDP's Consolidated Balance Sheet. Additionally, EIDP has incurred tax deductible interest expense of $20 million, $46 million and $50 million and paid interest of $40 million, $48 million and $51 million for the years ended December 31, 2023, 2022 and 2021, respectively, associated with the related party loan to Corteva, Inc.

EIDP and Corteva, including certain consolidated subsidiaries (collectively the “Participating Companies”), are party to a Master In-House Banking Agreement, which established banking arrangements to facilitate the management of the cash and liquidity needs of the Participating Companies. As of December 31, 2023, EIDP had receivables from Corteva, Inc. of $377 million included in other assets in the Consolidated Balance Sheets related to this agreement.

As of December 31, 2023 and 2022, EIDP had payables to Corteva, Inc. of $30 million and $31 million, respectively, included in accrued and other current liabilities, and $106 million and $115 million, respectively, included in other noncurrent obligations in the Consolidated Balance Sheets, related to Corteva's indemnification liabilities to Dow and DuPont per the Separation Agreements (refer to page F-39 of the Corteva, Inc. Consolidated Financial Statements for further details of the Separation Agreements).