0001751788-23-000140.txt : 20231025 0001751788-23-000140.hdr.sgml : 20231025 20231025075859 ACCESSION NUMBER: 0001751788-23-000140 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 89 CONFORMED PERIOD OF REPORT: 20230930 FILED AS OF DATE: 20231025 DATE AS OF CHANGE: 20231025 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DOW INC. CENTRAL INDEX KEY: 0001751788 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS [2821] IRS NUMBER: 301128146 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38646 FILM NUMBER: 231344000 BUSINESS ADDRESS: STREET 1: 2211 H.H. DOW WAY CITY: MIDLAND STATE: MI ZIP: 48674 BUSINESS PHONE: 9896361000 MAIL ADDRESS: STREET 1: 2211 H.H. DOW WAY CITY: MIDLAND STATE: MI ZIP: 48674 FORMER COMPANY: FORMER CONFORMED NAME: Dow Inc. DATE OF NAME CHANGE: 20190305 FORMER COMPANY: FORMER CONFORMED NAME: Dow Holdings Inc. DATE OF NAME CHANGE: 20180831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DOW CHEMICAL CO /DE/ CENTRAL INDEX KEY: 0000029915 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS [2821] IRS NUMBER: 381285128 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-03433 FILM NUMBER: 231344001 BUSINESS ADDRESS: STREET 1: 2211 H.H. DOW WAY CITY: MIDLAND STATE: MI ZIP: 48674-2030 BUSINESS PHONE: 989-636-1000 MAIL ADDRESS: STREET 1: 2211 H.H. DOW WAY CITY: MIDLAND STATE: MI ZIP: 48674-2030 10-Q 1 dow-20230930.htm 10-Q dow-20230930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________to__________

DOWdiamond-red-RGB_8-19.jpg

Commission
File Number
Exact Name of Registrant as Specified in its Charter,
Principal Office Address and Telephone Number
State of Incorporation or
Organization
I.R.S. Employer
Identification No.
001-38646Dow Inc.Delaware30-1128146
2211 H.H. Dow Way, Midland, MI 48674
(989) 636-1000
001-03433The Dow Chemical CompanyDelaware38-1285128
2211 H.H. Dow Way, Midland, MI 48674
(989) 636-1000
Securities registered pursuant to Section 12(b) of the Act:
RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered
Dow Inc.Common Stock, par value $0.01 per shareDOWNew York Stock Exchange
The Dow Chemical Company0.500% Notes due March 15, 2027DOW/27New York Stock Exchange
The Dow Chemical Company1.125% Notes due March 15, 2032DOW/32New York Stock Exchange
The Dow Chemical Company1.875% Notes due March 15, 2040DOW/40New York Stock Exchange
The Dow Chemical Company4.625% Notes due October 1, 2044DOW/44New York Stock Exchange


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Dow Inc.YesNoThe Dow Chemical CompanyYesNo

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Dow Inc.YesNoThe Dow Chemical CompanyYesNo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Dow Inc.
Large accelerated filer
Accelerated
filer
Non-accelerated filerSmaller reporting companyEmerging growth company
The Dow Chemical CompanyLarge accelerated filer Accelerated
filer
Non-accelerated filer
Smaller reporting company Emerging growth company
1

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.

Dow Inc.
The Dow Chemical Company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Dow Inc.YesNoThe Dow Chemical CompanyYesNo

Dow Inc. had 701,397,006 shares of common stock, $0.01 par value, outstanding at September 30, 2023. The Dow Chemical Company had 100 shares of common stock, $0.01 par value, outstanding at September 30, 2023, all of which were held by the registrant’s parent, Dow Inc.

The Dow Chemical Company meets the conditions set forth in General Instruction H(1)(a) and (b) for Form 10-Q and therefore is filing this form with a reduced disclosure format.
2

Dow Inc. and Subsidiaries
The Dow Chemical Company and Subsidiaries
QUARTERLY REPORT ON FORM 10-Q
For the quarterly period ended September 30, 2023
TABLE OF CONTENTS
  PAGE
Item 1.
Dow Inc. and Subsidiaries:
The Dow Chemical Company and Subsidiaries:
Dow Inc. and Subsidiaries and The Dow Chemical Company and Subsidiaries:
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 4.
Item 5.
Item 6.

3

Dow Inc. and Subsidiaries
The Dow Chemical Company and Subsidiaries
This Quarterly Report on Form 10-Q is a combined report being filed by Dow Inc. and The Dow Chemical Company and its consolidated subsidiaries (“TDCC” and together with Dow Inc., “Dow” or the "Company") due to the parent/subsidiary relationship between Dow Inc. and TDCC. The information reflected in the report is equally applicable to both Dow Inc. and TDCC, except where otherwise noted. Each of Dow Inc. and TDCC is filing information in this report on its own behalf and neither company makes any representation to the information relating to the other company.

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
Certain statements in this report are “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and variations or negatives of these words or phrases.

Forward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties and other factors that are beyond Dow’s control, which may cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements and speak only as of the date the statements were made. These factors include, but are not limited to: sales of Dow’s products; Dow’s expenses, future revenues and profitability; any global and regional economic impacts of a pandemic or other public health-related risks and events on Dow’s business; any sanctions, export restrictions, supply chain disruptions or increased economic uncertainty related to the ongoing conflict between Russia and Ukraine; capital requirements and need for and availability of financing; unexpected barriers in the development of technology, including with respect to Dow's contemplated capital and operating projects; Dow's ability to realize its commitment to carbon neutrality on the contemplated timeframe; size of the markets for Dow’s products and services and ability to compete in such markets; failure to develop and market new products and optimally manage product life cycles; the rate and degree of market acceptance of Dow’s products; significant litigation and environmental matters and related contingencies and unexpected expenses; the success of competing technologies that are or may become available; the ability to protect Dow’s intellectual property in the United States and abroad; developments related to contemplated restructuring activities and proposed divestitures or acquisitions such as workforce reduction, manufacturing facility and/or asset closure and related exit and disposal activities, and the benefits and costs associated with each of the foregoing; fluctuations in energy and raw material prices; management of process safety and product stewardship; changes in relationships with Dow’s significant customers and suppliers; changes in consumer preferences and demand; changes in laws and regulations, political conditions or industry development; global economic and capital markets conditions, such as inflation, market uncertainty, interest and currency exchange rates, and equity and commodity prices; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war, including the ongoing conflict between Russia and Ukraine; weather events and natural disasters; disruptions in Dow’s information technology networks and systems; and risks related to Dow’s separation from DowDuPont Inc. such as Dow’s obligation to indemnify DuPont de Nemours, Inc. and/or Corteva, Inc. for certain liabilities.

Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled “Risk Factors” contained in Part II, Item 1A of this Quarterly Report on Form 10-Q and in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. These are not the only risks and uncertainties that Dow faces. There may be other risks and uncertainties that Dow is unable to identify at this time or that Dow does not currently expect to have a material impact on its business. If any of those risks or uncertainties develops into an actual event, it could have a material adverse effect on Dow’s business. Dow Inc. and TDCC assume no obligation to update or revise publicly any forward-looking statements whether because of new information, future events, or otherwise, except as required by securities and other applicable laws.
4

PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

Dow Inc. and Subsidiaries
Consolidated Statements of Income
 
Three Months EndedNine Months Ended
In millions, except per share amounts (Unaudited)Sep 30,
2023
Sep 30,
2022
Sep 30,
2023
Sep 30,
2022
Net sales$10,730 $14,115 $34,001 $45,043 
Cost of sales9,592 12,381 30,096 37,682 
Research and development expenses197 191 616 626 
Selling, general and administrative expenses380 356 1,216 1,289 
Amortization of intangibles81 83 243 256 
Restructuring and asset related charges - net  549 186 
Equity in earnings (losses) of nonconsolidated affiliates(7)(58)(112)311 
Sundry income (expense) - net92 69 202 292 
Interest income44 41 186 105 
Interest expense and amortization of debt discount192 155 549 487 
Income before income taxes417 1,001 1,008 5,225 
Provision for income taxes90 241 253 1,232 
Net income327 760 755 3,993 
Net income attributable to noncontrolling interests25 21 61 24 
Net income available for Dow Inc. common stockholders$302 $739 $694 $3,969 
Per common share data:
Earnings per common share - basic$0.43 $1.03 $0.97 $5.45 
Earnings per common share - diluted$0.42 $1.02 $0.97 $5.41 
Weighted-average common shares outstanding - basic704.0 714.3 706.4 724.9 
Weighted-average common shares outstanding - diluted707.5 718.1 709.7 729.8 
Depreciation$484 $482 $1,443 $1,459 
Capital expenditures$597 $452 $1,598 $1,224 
See Notes to the Consolidated Financial Statements.

5

Dow Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
 
 Three Months EndedNine Months Ended
In millions (Unaudited)Sep 30,
2023
Sep 30,
2022
Sep 30,
2023
Sep 30,
2022
Net income$327 $760 $755 $3,993 
Other comprehensive income (loss), net of tax
Unrealized gains (losses) on investments(20)(122)72 (371)
Cumulative translation adjustments(147)(403)(149)(1,081)
Pension and other postretirement benefit plans(2)125  356 
Derivative instruments(25)22 (45)491 
Total other comprehensive loss(194)(378)(122)(605)
Comprehensive income133 382 633 3,388 
Comprehensive income attributable to noncontrolling interests, net of tax25 21 61 24 
Comprehensive income attributable to Dow Inc.$108 $361 $572 $3,364 
See Notes to the Consolidated Financial Statements.

6

Dow Inc. and Subsidiaries
Consolidated Balance Sheets

In millions, except share amounts (Unaudited)
Sep 30,
2023
Dec 31,
2022
Assets
Current Assets
Cash and cash equivalents$3,080 $3,886 
Accounts and notes receivable:
Trade (net of allowance for doubtful receivables - 2023: $80; 2022: $110)
5,343 5,611 
Other2,039 2,144 
Inventories6,211 6,988 
Other current assets1,625 1,848 
Total current assets18,298 20,477 
Investments
Investment in nonconsolidated affiliates1,289 1,589 
Other investments (investments carried at fair value - 2023: $1,929; 2022: $1,757)
2,904 2,793 
Noncurrent receivables555 666 
Total investments4,748 5,048 
Property
Property59,525 58,055 
Less: Accumulated depreciation38,965 37,613 
Net property20,560 20,442 
Other Assets
Goodwill8,580 8,644 
Other intangible assets (net of accumulated amortization - 2023: $5,279; 2022: $5,022)
2,132 2,442 
Operating lease right-of-use assets1,288 1,227 
Deferred income tax assets1,248 960 
Deferred charges and other assets1,434 1,363 
Total other assets14,682 14,636 
Total Assets$58,288 $60,603 
Liabilities and Equity
Current Liabilities
Notes payable$223 $362 
Long-term debt due within one year110 362 
Accounts payable:
Trade4,293 4,940 
Other2,025 2,276 
Operating lease liabilities - current325 287 
Income taxes payable393 334 
Accrued and other current liabilities2,879 2,770 
Total current liabilities10,248 11,331 
Long-Term Debt14,592 14,698 
Other Noncurrent Liabilities
Deferred income tax liabilities668 1,110 
Pension and other postretirement benefits - noncurrent3,617 3,808 
Asbestos-related liabilities - noncurrent804 857 
Operating lease liabilities - noncurrent1,020 997 
Other noncurrent obligations7,259 6,555 
Total other noncurrent liabilities13,368 13,327 
Stockholders’ Equity
Common stock (authorized 5,000,000,000 shares of $0.01 par value each;
issued 2023: 775,630,092 shares; 2022: 771,678,525 shares)
8 8 
Additional paid-in capital8,722 8,540 
Retained earnings22,376 23,180 
Accumulated other comprehensive loss(7,261)(7,139)
Treasury stock at cost (2023: 74,233,086 shares; 2022: 66,798,605 shares)
(4,278)(3,871)
Dow Inc.’s stockholders’ equity19,567 20,718 
Noncontrolling interests513 529 
Total equity20,080 21,247 
Total Liabilities and Equity$58,288 $60,603 
See Notes to the Consolidated Financial Statements.
7

Dow Inc. and Subsidiaries
Consolidated Statements of Cash Flows
 
In millions (Unaudited)Nine Months Ended
Sep 30,
2023
Sep 30,
2022
Operating Activities
Net income$755 $3,993 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization1,954 2,104 
Provision (credit) for deferred income tax(817)124 
Earnings of nonconsolidated affiliates less than dividends received300 517 
Net periodic pension benefit cost (credit)(69)19 
Pension contributions(111)(156)
Net gain on sales of assets, businesses and investments(49)(11)
Restructuring and asset related charges - net549 186 
Other net loss588 159 
Changes in assets and liabilities, net of effects of acquired and divested companies:
Accounts and notes receivable365 323 
Inventories777 (254)
Accounts payable(859)(860)
Other assets and liabilities, net153 (736)
Cash provided by operating activities - continuing operations3,536 5,408 
Cash provided by (used for) operating activities - discontinued operations4 (11)
Cash provided by operating activities3,540 5,397 
Investing Activities
Capital expenditures(1,598)(1,224)
Investment in gas field developments(175)(134)
Purchases of previously leased assets(5)(5)
Proceeds from sales of property, businesses and consolidated companies, net of cash divested66 16 
Acquisitions of property and businesses, net of cash acquired(103)(54)
Investments in and loans to nonconsolidated affiliates(4)(69)
Distributions and loan repayments from nonconsolidated affiliates2 10 
Proceeds from sales of ownership interests in nonconsolidated affiliates63 11 
Purchases of investments(1,291)(445)
Proceeds from sales and maturities of investments1,244 596 
Other investing activities, net(45)(41)
Cash used for investing activities(1,846)(1,339)
Financing Activities
Changes in short-term notes payable(122)72 
Payments on short-term debt greater than three months (14)
Proceeds from issuance of long-term debt76 82 
Payments on long-term debt(355)(957)
Collections on securitization programs8  
Purchases of treasury stock(500)(2,200)
Proceeds from issuance of stock63 99 
Transaction financing, debt issuance and other costs(1)(8)
Employee taxes paid for share-based payment arrangements(41)(34)
Distributions to noncontrolling interests(51)(42)
Dividends paid to stockholders(1,481)(1,511)
Cash used for financing activities(2,404)(4,513)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(130)(261)
Summary
Decrease in cash, cash equivalents and restricted cash(840)(716)
Cash, cash equivalents and restricted cash at beginning of period3,940 3,033 
Cash, cash equivalents and restricted cash at end of period$3,100 $2,317 
Less: Restricted cash and cash equivalents, included in "Other current assets"20 101 
Cash and cash equivalents at end of period$3,080 $2,216 
See Notes to the Consolidated Financial Statements.
8

Dow Inc. and Subsidiaries
Consolidated Statements of Equity
 
 Three Months EndedNine Months Ended
In millions, except per share amounts (Unaudited)Sep 30,
2023
Sep 30,
2022
Sep 30,
2023
Sep 30,
2022
Common Stock
Balance at beginning and end of period$8 $8 $8 $8 
Additional Paid-in Capital
Balance at beginning of period8,661 8,343 8,540 8,151 
Common stock issued/sold8 2 63 99 
Stock-based compensation and allocation of ESOP shares77 79 217 198 
Treasury stock issuances - compensation and benefit plans(24)(28)(98)(52)
Balance at end of period8,722 8,396 8,722 8,396 
Retained Earnings
Balance at beginning of period22,570 22,827 23,180 20,623 
Net income available for Dow Inc. common stockholders302 739 694 3,969 
Dividends to stockholders(492)(493)(1,481)(1,511)
Other(4)(5)(17)(13)
Balance at end of period22,376 23,068 22,376 23,068 
Accumulated Other Comprehensive Loss
Balance at beginning of period(7,067)(9,204)(7,139)(8,977)
Other comprehensive loss(194)(378)(122)(605)
Balance at end of period(7,261)(9,582)(7,261)(9,582)
Unearned ESOP Shares
Balance at beginning of period   (15)
Allocation of ESOP shares   15 
Balance at end of period    
Treasury Stock
Balance at beginning of period(4,175)(3,001)(3,871)(1,625)
Treasury stock purchases(127)(800)(505)(2,200)
Treasury stock issuances - compensation and benefit plans24 28 98 52 
Balance at end of period(4,278)(3,773)(4,278)(3,773)
Dow Inc.'s stockholders' equity19,567 18,117 19,567 18,117 
Noncontrolling Interests513 512 513 512 
Total Equity$20,080 $18,629 $20,080 $18,629 
Dividends declared per share of common stock$0.70 $0.70 $2.10 $2.10 
See Notes to the Consolidated Financial Statements.

9

The Dow Chemical Company and Subsidiaries
Consolidated Statements of Income
 
Three Months EndedNine Months Ended
In millions (Unaudited)Sep 30,
2023
Sep 30,
2022
Sep 30,
2023
Sep 30,
2022
Net sales$10,730 $14,115 $34,001 $45,043 
Cost of sales9,591 12,379 30,093 37,676 
Research and development expenses197 191 616 626 
Selling, general and administrative expenses380 357 1,216 1,289 
Amortization of intangibles81 83 243 256 
Restructuring and asset related charges - net  549 186 
Equity in earnings (losses) of nonconsolidated affiliates(7)(58)(112)311 
Sundry income (expense) - net71 73 169 287 
Interest income47 45 194 111 
Interest expense and amortization of debt discount192 155 549 487 
Income before income taxes400 1,010 986 5,232 
Provision for income taxes90 242 253 1,233 
Net income310 768 733 3,999 
Net income attributable to noncontrolling interests25 21 61 24 
Net income available for The Dow Chemical Company common stockholder$285 $747 $672 $3,975 
Depreciation$484 $482 $1,443 $1,459 
Capital expenditures$597 $452 $1,598 $1,224 
See Notes to the Consolidated Financial Statements.

10

The Dow Chemical Company and Subsidiaries
Consolidated Statements of Comprehensive Income
 
 Three Months EndedNine Months Ended
In millions (Unaudited)Sep 30,
2023
Sep 30,
2022
Sep 30,
2023
Sep 30,
2022
Net income$310 $768 $733 $3,999 
Other comprehensive income (loss), net of tax
Unrealized gains (losses) on investments(20)(122)72 (371)
Cumulative translation adjustments(147)(403)(149)(1,081)
Pension and other postretirement benefit plans(2)125  356 
Derivative instruments(25)22 (45)491 
Total other comprehensive loss(194)(378)(122)(605)
Comprehensive income116 390 611 3,394 
Comprehensive income attributable to noncontrolling interests, net of tax25 21 61 24 
Comprehensive income attributable to The Dow Chemical Company$91 $369 $550 $3,370 
See Notes to the Consolidated Financial Statements.
11

The Dow Chemical Company and Subsidiaries
Consolidated Balance Sheets

In millions, except share amounts (Unaudited)
Sep 30,
2023
Dec 31,
2022
Assets
Current Assets
Cash and cash equivalents$3,080 $3,886 
Accounts and notes receivable:
Trade (net of allowance for doubtful receivables - 2023: $80; 2022: $110)
5,343 5,611 
Other2,050 2,211 
Inventories6,211 6,988 
Other current assets1,578 1,815 
Total current assets18,262 20,511 
Investments
Investment in nonconsolidated affiliates1,289 1,589 
Other investments (investments carried at fair value - 2023: $1,929; 2022: $1,757)
2,904 2,793 
Noncurrent receivables517 650 
Total investments4,710 5,032 
Property
Property59,525 58,055 
Less accumulated depreciation38,965 37,613 
Net property20,560 20,442 
Other Assets
Goodwill8,580 8,644 
Other intangible assets (net of accumulated amortization - 2023: $5,279; 2022: $5,022)
2,132 2,442 
Operating lease right-of-use assets1,288 1,227 
Deferred income tax assets1,248 960 
Deferred charges and other assets1,434 1,363 
Total other assets14,682 14,636 
Total Assets$58,214 $60,621 
Liabilities and Equity
Current Liabilities
Notes payable$223 $362 
Long-term debt due within one year110 362 
Accounts payable:
Trade4,293 4,940 
Other2,044 2,349 
Operating lease liabilities - current325 287 
Income taxes payable393 334 
Accrued and other current liabilities2,730 2,613 
Total current liabilities10,118 11,247 
Long-Term Debt14,592 14,698 
Other Noncurrent Liabilities
Deferred income tax liabilities668 1,110 
Pension and other postretirement benefits - noncurrent3,617 3,808 
Asbestos-related liabilities - noncurrent804 857 
Operating lease liabilities - noncurrent1,020 997 
Other noncurrent obligations7,117 6,415 
Total other noncurrent liabilities13,226 13,187 
Stockholder's Equity
Common stock (authorized and issued 100 shares of $0.01 par value each)
  
Additional paid-in capital8,907 8,627 
Retained earnings18,119 19,472 
Accumulated other comprehensive loss(7,261)(7,139)
The Dow Chemical Company’s stockholder's equity19,765 20,960 
Noncontrolling interests513 529 
Total equity20,278 21,489 
Total Liabilities and Equity$58,214 $60,621 
See Notes to the Consolidated Financial Statements.
12

The Dow Chemical Company and Subsidiaries
Consolidated Statements of Cash Flows
 
In millions (Unaudited)Nine Months Ended
Sep 30,
2023
Sep 30,
2022
Operating Activities
Net income$733 $3,999 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization1,954 2,104 
Provision (credit) for deferred income tax(817)125 
Earnings of nonconsolidated affiliates less than dividends received300 517 
Net periodic pension benefit cost (credit)(69)19 
Pension contributions(111)(156)
Net gain on sales of assets, businesses and investments(49)(11)
Restructuring and asset related charges - net549 186 
Other net loss589 167 
Changes in assets and liabilities, net of effects of acquired and divested companies:
Accounts and notes receivable365 323 
Inventories777 (254)
Accounts payable(859)(860)
Other assets and liabilities, net205 (718)
Cash provided by operating activities3,567 5,441 
Investing Activities
Capital expenditures(1,598)(1,224)
Investment in gas field developments(175)(134)
Purchases of previously leased assets(5)(5)
Proceeds from sales of property, businesses and consolidated companies, net of cash divested66 16 
Acquisitions of property and businesses, net of cash acquired(103)(54)
Investments in and loans to nonconsolidated affiliates(4)(69)
Distributions and loan repayments from nonconsolidated affiliates2 10 
Proceeds from sales of ownership interests in nonconsolidated affiliates63 11 
Purchases of investments(1,291)(445)
Proceeds from sales and maturities of investments1,244 596 
Other investing activities, net(45)(41)
Cash used for investing activities(1,846)(1,339)
Financing Activities
Changes in short-term notes payable(122)72 
Payments on short-term debt greater than three months (14)
Proceeds from issuance of long-term debt76 82 
Payments on long-term debt(355)(957)
Collections on securitization programs8  
Proceeds from issuance of stock63 99 
Transaction financing, debt issuance and other costs(1)(8)
Employee taxes paid for share-based payment arrangements(41)(34)
Distributions to noncontrolling interests(51)(42)
Dividends paid to Dow Inc.(2,008)(3,755)
Cash used for financing activities(2,431)(4,557)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(130)(261)
Summary
Decrease in cash, cash equivalents and restricted cash(840)(716)
Cash, cash equivalents and restricted cash at beginning of period3,940 3,033 
Cash, cash equivalents and restricted cash at end of period$3,100 $2,317 
Less: Restricted cash and cash equivalents, included in "Other current assets"20 101 
Cash and cash equivalents at end of period$3,080 $2,216 
See Notes to the Consolidated Financial Statements.
13

The Dow Chemical Company and Subsidiaries
Consolidated Statements of Equity
 
 Three Months EndedNine Months Ended
In millions (Unaudited)Sep 30,
2023
Sep 30,
2022
Sep 30,
2023
Sep 30,
2022
Common Stock
Balance at beginning and end of period$ $ $ $ 
Additional Paid-in Capital
Balance at beginning of period8,822 8,375 8,627 8,159 
Issuance of parent company stock - Dow Inc.8 2 63 99 
Stock-based compensation and allocation of ESOP shares77 79 217 198 
Balance at end of period8,907 8,456 8,907 8,456 
Retained Earnings
Balance at beginning of period18,469 20,049 19,472 19,288 
 Net income available for The Dow Chemical Company common stockholder285 747 672 3,975 
Dividends to Dow Inc.(630)(1,301)(2,008)(3,755)
Other(5)(4)(17)(17)
Balance at end of period18,119 19,491 18,119 19,491 
Accumulated Other Comprehensive Loss
Balance at beginning of period(7,067)(9,204)(7,139)(8,977)
Other comprehensive loss(194)(378)(122)(605)
Balance at end of period(7,261)(9,582)(7,261)(9,582)
Unearned ESOP Shares
Balance at beginning of period   (15)
Allocation of ESOP shares   15 
Balance at end of period    
The Dow Chemical Company's stockholder's equity19,765 18,365 19,765 18,365 
Noncontrolling Interests513 512 513 512 
Total Equity$20,278 $18,877 $20,278 $18,877 
See Notes to the Consolidated Financial Statements.










14

Dow Inc. and Subsidiaries
The Dow Chemical Company and Subsidiaries
(Unaudited)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents


NOTE 1 – CONSOLIDATED FINANCIAL STATEMENTS
Basis of Presentation
Dow Inc. is the direct parent company of The Dow Chemical Company and its consolidated subsidiaries ("TDCC" and together with Dow Inc., "Dow" or the "Company"). The unaudited interim consolidated financial statements of Dow Inc. and TDCC were prepared in accordance with accounting principles generally accepted in the United States of America 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 combined Dow Inc. and TDCC Annual Report on Form 10-K for the year ended December 31, 2022 ("2022 10-K").

As a result of the parent/subsidiary relationship between Dow Inc. and TDCC, and considering that the financial statements and disclosures of each company are substantially similar, the companies are filing a combined report for this Quarterly Report on Form 10-Q. The information reflected in the report is equally applicable to both Dow Inc. and TDCC, except where otherwise noted. Transactions between TDCC and Dow Inc. are treated as related party transactions for TDCC.

Except as otherwise indicated by the context, the term "Union Carbide" means Union Carbide Corporation and the term "Dow Silicones" means Dow Silicones Corporation, both wholly owned subsidiaries of the Company.
15

NOTE 2 – RECENT ACCOUNTING GUIDANCE
Recently Adopted Accounting Guidance
In the first quarter of 2023, the Company adopted the interim period disclosure requirements of Accounting Standards Update ("ASU") 2022-04, "Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations." The ASU, issued in September 2022, requires disclosures intended to enhance the transparency of supplier finance programs. Specifically, the amendments require buyers in a supplier finance program to disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for disclosure of rollforward information, which is required to be disclosed annually and is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The amendments should be applied retrospectively to each period in which a balance sheet is presented, except for disclosure of rollforward information, which should be applied prospectively. The Company expects to early adopt the annual requirement to disclose rollforward information prospectively beginning in the 2023 annual financial statements. See Note 5 for disclosures related to the Company's supplier finance program.

Accounting Guidance Issued But Not Adopted at September 30, 2023
In March 2023, the Financial Accounting Standards Board issued ASU 2023-02, "Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method." The amendments permit reporting entities to elect to account for their tax equity investments using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial