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SUPPLEMENTARY INFORMATION (Notes)
 12 Months Ended
Dec. 31, 2023
Supplementary Information [Abstract]  
SUPPLEMENTARY INFORMATION SUPPLEMENTARY INFORMATION
Dow Inc. Sundry Income (Expense) – Net202320222021
In millions
Non-operating pension and other postretirement benefit plan net (cost) credits 1
$(264)$358 $332 
Foreign exchange losses 2
(340)(117)(8)
Gain on sales of other assets and investments 3
80 78 105 
Asset impairments and related costs 4
(18)— — 
Gain (loss) on early extinguishment of debt 5
5 (8)(574)
Indemnification and other transaction related costs 6
26 4 30 
Gain related to Nova legal matter 7
106 321 — 
Dow Silicones breast implant liability adjustment— 60 — 
Luxi arbitration award 7
— — 54 
Gain on divestitures and asset sale 8
— — 16 
Other - net125 31 10 
Total sundry income (expense) – net$(280)$727 $(35)
1.The year ended December 31, 2023, includes pretax pension settlement charges of $642 million related to the transfer of certain plan benefit obligations to insurance companies. See Note 18 for additional information about the Company's pension and other postretirement plans, including pension settlement charges.
2.Foreign exchange losses in 2023 relate primarily to exposures in the Argentine peso, including $109 million related to the devaluation of the Argentine peso by the Argentina government in December 2023. Foreign exchange losses in 2022 relate primarily to exposures in the Argentine peso.
3.The year ended December 31, 2023, includes gains associated with the sale of shares of a previously impaired equity method investment.
4.Certain obligations associated with a previously impaired equity method investment.
5.See Note 13 for additional information.
6.Primarily related to charges associated with agreements entered into with DuPont de Nemours, Inc. ("DuPont") and Corteva, Inc. ("Corteva") as part of the separation and distribution.
7.See Note 14 for additional information.
8.The year ended December 31, 2021, includes post-closing adjustments on a previous divestiture, related to Packaging & Specialty Plastics.

Sundry income (expense) - net for TDCC for the years ended December 31, 2023, 2022 and 2021, is substantially the same as that of Dow Inc., with the primary difference related to indemnification and other transaction related costs recorded on Dow Inc. Therefore, TDCC sundry income (expense) - net is not disclosed separately.

Other Investments
The Company has investments in company-owned life insurance policies ("COLI"), which are recorded at their cash surrender value as of each balance sheet date, as provided below:

Investments in Company-Owned Life InsuranceDec 31, 2023Dec 31, 2022
In millions
Gross cash value$623 $708 
Less: Existing drawdowns 1
97 — 
Investments in company-owned life insurance 2
$526 $708 
1.Classified as "Proceeds from sales and maturities of investments" in the consolidated statements of cash flows.
2.Classified as "Other investments" in the consolidated balance sheets.

The Company has the ability to monetize its investment in its COLI policies as an additional source of liquidity. At December 31, 2023, the Company had monetized $97 million of its existing COLI policies' value (zero at December 31, 2022).
Supplier Finance Program
The Company facilitates a supply chain financing (“SCF”) program in the ordinary course of business in order to extend payment terms with vendors. Under the terms of this program, a vendor can voluntarily enter into an agreement with a participating financial intermediary to sell its receivables due from the Company. The vendor receives payment from the financial intermediary, and the Company pays the financial intermediary on the terms originally negotiated with the vendor, which generally range from 90 to 120 days. The vendor negotiates the terms of the agreements directly with the financial intermediary and the Company is not a party to that agreement. The financial intermediary may allow the participating vendor to utilize the Company’s creditworthiness in establishing credit spreads and associated costs, which may provide the vendor with more favorable terms than they would be able to secure on their own. The Company does not provide guarantees related to the SCF program. At December 31, 2023, outstanding obligations confirmed as valid under the SCF program were $285 million ($267 million at December 31, 2022), included in “Accounts payable – Trade” in the consolidated balance sheets.

The following table summarizes the outstanding obligations confirmed as valid under the SCF program for the year ended December 31, 2023:

Supplier Finance Program Activity2023
In millions
Confirmed obligations outstanding at Jan 1$267 
Invoices confirmed to financial intermediary1,308 
Confirmed invoices paid to financial intermediary(1,290)
Confirmed obligations outstanding at Dec 31$285 

Accrued and Other Current Liabilities
“Accrued and other current liabilities” were $2,704 million and $2,575 million at December 31, 2023 and $2,770 million and $2,613 million at December 31, 2022, for Dow Inc. and TDCC, respectively. Accrued payroll, which is a component of "Accrued and other current liabilities" and includes liabilities related to payroll, performance-based compensation and severance, was $714 million at December 31, 2023 and $650 million at December 31, 2022. No other components of "Accrued and other current liabilities" were more than 5 percent of total current liabilities.

Supplemental Cash Flow Information
The following table shows cash paid for interest and income taxes for the years ended December 31, 2023, 2022 and 2021:

Supplemental Cash Flow Information202320222021
In millions
Cash paid during year for:
Interest$800 $675 $801 
Income taxes$735 $793 $731