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Consolidated Statements of Income - USD ($)
shares in Millions
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Net Sales $ 48,778,000,000 $ 58,167,000,000 $ 57,080,000,000
Cost of sales 37,836,000,000 47,464,000,000 47,594,000,000
Research and development expenses 1,598,000,000 1,647,000,000 1,747,000,000
Selling, general and administrative expenses 2,971,000,000 3,106,000,000 3,024,000,000
Amortization of intangibles [1] 419,000,000 436,000,000 461,000,000
Goodwill and other intangible asset impairment losses 0 50,000,000 0
Restructuring charges (credits) [2] 415,000,000 (3,000,000) (22,000,000)
Asbestos-related charge 0 78,000,000 [3] 0
Equity in earnings of nonconsolidated affiliates 674,000,000 835,000,000 1,034,000,000
Sundry income (expense) - net 4,592,000,000 (27,000,000) 2,554,000,000
Interest income 71,000,000 51,000,000 41,000,000
Interest expense and amortization of debt discount 946,000,000 983,000,000 1,101,000,000
Income Before Income Taxes 9,930,000,000 [4] 5,265,000,000 6,804,000,000 [5]
Provision for income taxes 2,147,000,000 1,426,000,000 1,988,000,000
Net Income 7,783,000,000 3,839,000,000 4,816,000,000
Net income attributable to noncontrolling interests 98,000,000 67,000,000 29,000,000
Net Income Attributable to The Dow Chemical Company 7,685,000,000 3,772,000,000 4,787,000,000
Preferred stock dividends 340,000,000 340,000,000 340,000,000
Net Income Available for The Dow Chemical Company Common Stockholders $ 7,345,000,000 $ 3,432,000,000 $ 4,447,000,000
Per Common Share Data:      
Earnings per common share - basic (in dollars per share) $ 6.45 $ 2.91 $ 3.72
Earnings per common share - diluted (in dollars per share) 6.15 2.87 3.68
Dividends declared per share of common stock $ 1.72 $ 1.53 $ 1.28
Weighted-average common shares outstanding - basic 1,130.1 1,170.9 1,186.2
Weighted-average common shares outstanding - diluted 1,241.4 1,187.0 1,290.4
[1] Includes a $3 million asset impairment charge related to intangible assets in 2013.
[2] See Note 3 for information regarding restructuring charges and credits.
[3] See Note 15 for information regarding the asbestos-related charge.
[4] (1)In 2015, the domestic and foreign components of "Income Before Income Taxes" included approximately $3.5 billion and $1.1 billion of income from portfolio actions, respectively. This includes gains from transactions noted below in the Reconciliation to U.S. Statutory Rate table.
[5] In 2013, the domestic component of "Income Before Income Taxes" included a gain of $2.195 billion related to the K-Dow arbitration and a $451 million gain related to the sale of Dow's Polypropylene Licensing and Catalysts business.