LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Lease, Cost [Table Text Block]

The components of lease cost for operating and finance leases for the years ended December 31, 2023, 2022 and 2021, were as follows:

Lease Cost	2023		2022		2021
In millions
Operating lease cost	$	426	$	397	$	494
Finance lease cost
Amortization of right-of-use assets - finance	106		105		76
Interest on lease liabilities - finance	34		32		27
Total finance lease cost	140		137		103
Short-term lease cost	255		255		238
Variable lease cost	929		611		381
Sublease income	(9)		(10)		(6)
Total lease cost	$	1,741	$	1,390	$	1,210

Schedule of Supplemental Cash Flow Information Related to Leases [Table Text Block]

The following table provides supplemental cash flow and other information related to leases:

Other Lease Information	2023		2022		2021
In millions
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	424	$	393	$	497
Operating cash flows for finance leases	$	34	$	32	$	27
Financing cash flows for finance leases	$	127	$	114	$	74
Right-of-use assets obtained in exchange for lease obligations:
Operating leases 1	$	309	$	151	$	(25)
Finance leases 1	$	234	$	62	$	512

1.In 2023, $98 million of leased assets were reclassified from Operating leases to Finance leases due to an amendment that extended the term of the agreement. In 2021, $193 million of leased assets were reclassified from Operating leases to Finance leases due to an amendment that extended the term of the agreement.

Schedule of Lease Assets and Liabilities [Table Text Block]

The following table summarizes the lease-related assets and liabilities recorded in the consolidated balance sheets at December 31, 2023 and 2022:

Lease Position	Balance Sheet Classification	Dec 31, 2023		Dec 31, 2022
In millions
Assets
Operating lease assets	Operating lease right-of-use assets	$	1,320	$	1,227
Finance lease assets	Property	1,328		1,167
Finance lease amortization	Accumulated depreciation	(538)		(441)
Total lease assets		$	2,110	$	1,953
Liabilities
Current
Operating	Operating lease liabilities - current	$	329	$	287
Finance	Long-term debt due within one year	117		109
Noncurrent
Operating	Operating lease liabilities - noncurrent	1,032		997
Finance	Long-Term Debt	756		681
Total lease liabilities		$	2,234	$	2,074

Lease Terms and Discount Rates [Table Text Block]

The weighted-average remaining lease term and discount rate for leases recorded in the consolidated balance sheets at December 31, 2023 and 2022 are provided below:

Lease Term and Discount Rate	Dec 31, 2023		Dec 31, 2022
Weighted-average remaining lease term
Operating leases	6.9 years		7.6 years
Finance leases	10.5 years		11.0 years
Weighted-average discount rate
Operating leases	4.82	%	4.49	%
Finance leases	4.84	%	4.29	%

Maturities of Lease Liabilities [Table Text Block]

The following table provides the maturities of lease liabilities at December 31, 2023:

Maturities of Lease Liabilities	Operating Leases		Finance Leases
In millions
2024	$	378	$	153
2025	287		144
2026	225		96
2027	174		88
2028	135		82
2029 and thereafter	421		545
Total future undiscounted lease payments	$	1,620	$	1,108
Less: Imputed interest	259		235
Total present value of lease liabilities	$	1,361	$	873

Schedule of Guarantor Obligations

The following table provides a summary of the final expiration, maximum future payments and recorded liability reflected in the consolidated balance sheets for guarantees:

Guarantees	Dec 31, 2023					Dec 31, 2022
In millions	Final Expiration	Maximum Future Payments 1		Recorded Liability		Final Expiration	Maximum Future Payments 1		Recorded Liability
Guarantees	2038	$	1,385	$	196	2038	$	1,236	$	200

1.In addition, TDCC has provided guarantees, in proportion to the Company's 35 percent ownership interest, of all future interest payments that will become due on Sadara’s project financing debt during the grace period, which Dow's share is estimated to be $298 million at December 31, 2023 ($393 million at December 31, 2022). The Company does not expect to be required to perform under the guarantees.

Residual Value Guarantees

Schedule of Guarantor Obligations

Lease Guarantees	Dec 31, 2023					Dec 31, 2022
In millions	Final Expiration	Maximum Future Payments		Recorded Liability		Final Expiration	Maximum Future Payments		Recorded Liability
Residual value guarantees	2031	$	295	$	—	2031	$	258	$	—