EIDP, Inc. Retracts Past Financial Statements

TL;DR

EIDP just said their old financials are trash, don't trust 'em.

AI Summary

EIDP, Inc. announced on February 4, 2025, that it will not rely on previously issued financial statements or related audit reports. This decision impacts financial reporting and requires a review of past financial data.

Why It Matters

This filing indicates potential material weaknesses or errors in EIDP, Inc.'s historical financial reporting, which could affect investor confidence and require significant restatement efforts.

Risk Assessment

Risk Level: high — A non-reliance on previously issued financial statements suggests significant accounting issues or restatements, which poses a high risk to investors.

Key Players & Entities

• EIDP, Inc. (company) — Registrant
• February 4, 2025 (date) — Date of Earliest Event Reported
• 9330 Zionsville Road, Indianapolis, Indiana 46268 (address) — Business and Mail Address

FAQ

Key Financial Figures

• $3.50 — of each exchange on which registered $3.50 Series Preferred Stock CTAPrA New Y
• $4.50 — ck CTAPrA New York Stock Exchange $4.50 Series Preferred Stock CTAPrB New Y
• $400 m — continuing operations" of approximately $400 million, $400 million, $700 million, $1,1
• $700 m — proximately $400 million, $400 million, $700 million, $1,100 million for the year ende
• $1,100 million — 00 million, $400 million, $700 million, $1,100 million for the year ended December 31, 2023, a

Filing Documents

• d926878d8k.htm (8-K) — 30KB
• 0001193125-25-021314.txt ( ) — 193KB
• ctapra-20250204.xsd (EX-101.SCH) — 4KB
• ctapra-20250204_def.xml (EX-101.DEF) — 15KB
• ctapra-20250204_lab.xml (EX-101.LAB) — 24KB
• ctapra-20250204_pre.xml (EX-101.PRE) — 15KB
• d926878d8k_htm.xml (XML) — 7KB

From the Filing

8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of Earliest Event Reported): February 4, 2025 EIDP, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 001-00815 51-0014090 (State or other jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 9330 Zionsville Road , Indianapolis , Indiana 46268 974 Centre Road , Wilmington , Delaware 19805 (Address of principal executive offices)(Zip Code) ( 833 ) 267-8382 (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered $3.50 Series Preferred Stock CTAPrA New York Stock Exchange $4.50 Series Preferred Stock CTAPrB New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review (a) On February 4, 2025, the management and the Board of Directors of EIDP, Inc. (the "Company") concluded that the Company's previously issued financial statements for the year ended December 31, 2023, Management's Report on Internal Control over Financial Reporting as of December 31, 2023, and the related report of the Company's independent registered public accounting firm should no longer be relied upon due to a material misclassification in the Company's Statement of Cash Flows and the related identification of a material weakness, further discussed below at December 31, 2023. Also, as a result of this material misclassification, the Company's management and Board of Directors also concluded that the unaudited consolidated financial statements included in the quarterly reports on Form 10-Q for the periods ended March 31, 2024, June 30, 2024, and September 30, 2024 should no longer be relied upon. Corteva, Inc. ("Corteva") is the parent company of the Company. The misclassification described below is specific to intercompany transactions between Corteva and the Company, which are eliminated in Corteva's consolidated financial statements and thus the misclassification has no impact on the Corteva consolidated financial statements. The misclassification, which began in the fourth quarter of 2023, was identified during management's review of the financial results for the fourth quarter of 2024. Beginning in the fourth quarter of 2023, and continuing into each of the quarterly periods ended March 31, 2024, June 30, 2024, and September 30, 2024 (collectively, the "Affected Periods"), cash outflows covering loan activities with the Company's parent company were incorrectly reflected within "Cash provided by (used for) operating activities - continuing operations" rather than "Cash provided by (used for) investing and financing activities." There was no impact to the Company's Consolidated Statements of Operations, Consolidated Balance Sheets, Consolidated Statements of Comprehensive Income (Loss) or Consolidated Statements of Equity in any of the Affected Periods noted above. The preliminary effect of the restatement on the Company's Consolidated Statements of Cash Flows results in an improvement to "Cash provided by (used for) operating activities—continuing operations" of approximately $400 million, $400 million, $700 million, $1,100 million for the year ended December 31, 2023, and each of the year-to-date periods ended March 31, 2024, June 30, 2024 and September 30, 2024, respectively, with a corresponding decline to "Cash provided by (used for) investing and financing activities." The Company will restate its consolidated financial statements for each of the Affected Periods. The Company will present the annual restated financial statements in its Annual Report on Form

View Full Filing

View this 8-K filing on SEC EDGAR