CONSOLIDATED FINANCIAL STATEMENTS

6 Months Ended

Jun. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

The unaudited interim consolidated financial statements of The Dow Chemical Company and its subsidiaries (“Dow” or the “Company”) were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and reflect all adjustments (including normal recurring accruals) which, in the opinion of management, are considered necessary for the fair presentation of the results for the periods presented. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.

Adoption of Accounting Standards Update ("ASU") 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting"

In the first quarter of 2017, the Company adopted ASU 2016-09 and elected to apply changes on a retrospective basis to the consolidated statements of cash flows related to the classification of excess tax benefits and employee taxes paid for share-based payment arrangements. See Note 2 for additional information. A summary of the changes made to the consolidated statements of cash flows for the six months ended June 30, 2016, is included in the following table:



Summary of Changes to the Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2016
In millions	As Filed			Updated
Operating Activities
Excess tax benefits from share-based payment arrangements	$	(32	)	$	—
Other assets and liabilities	$	1,049		$	1,114
Cash provided by operating activities	$	2,270		$	2,367
Financing Activities
Excess tax benefits from share-based payment arrangements	$	32		$	—
Employee taxes paid for share-based payment arrangements	$	—		$	(65	)
Cash used in financing activities	$	(1,482	)	$	(1,579	)