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Dow
DOW
#1138
Rank
$20.45 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$28.52
Share price
3.54%
Change (1 day)
-19.19%
Change (1 year)
๐Ÿงช Chemicals
Categories
  1. Dow
  2. Quarterly Reports (10-Q)
  3. Submitted on 2024-07-26

Dow - 10-Q quarterly report FY


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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 June 30, 2024
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.☑Yes☐NoThe Dow Chemical Company☑Yes☐No

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.☑Yes☐NoThe Dow Chemical Company☑Yes☐No

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 filer☐Smaller reporting company☐Emerging 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.☐Yes☑NoThe Dow Chemical Company☐Yes☑No

Dow Inc. had 700,921,028 shares of common stock, $0.01 par value, outstanding at June 30, 2024. The Dow Chemical Company had 100 shares of common stock, $0.01 par value, outstanding at June 30, 2024, 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 June 30, 2024
TABLE OF CONTENTS
  PAGE
Financial Statements.
5
Dow Inc. and Subsidiaries:
5
6
7
8
9
The Dow Chemical Company and Subsidiaries:
10
11
12
13
14
Dow Inc. and Subsidiaries and The Dow Chemical Company and Subsidiaries:
15
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
39
40
46
53
Quantitative and Qualitative Disclosures About Market Risk.
53
Controls and Procedures.
54
Legal Proceedings.
55
Risk Factors.
55
Unregistered Sales of Equity Securities and Use of Proceeds.
55
Mine Safety Disclosures.
55
Other Information.
55
Exhibits.
56
57

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 conflicts between Russia and Ukraine and in the Middle East; 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, including the completion and success of its integrated ethylene cracker and derivatives facility in Alberta, Canada; 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 public sentiment and political leadership; increased concerns about plastics in the environment and lack of a circular economy for plastics at scale; 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 conflicts between Russia and Ukraine and in the Middle East; weather events and natural disasters; disruptions in Dow’s information technology networks and systems, including the impact of cyberattacks; 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, 2023. 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.

Dow's website and its content are not deemed incorporated by reference into this report.
4
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

Dow Inc. and Subsidiaries
Consolidated Statements of Income
 
Three Months EndedSix Months Ended
In millions, except per share amounts (Unaudited)Jun 30,
2024		Jun 30,
2023		Jun 30,
2024		Jun 30,
2023
Net sales$10,915 $11,420 $21,680 $23,271 
Cost of sales9,591 9,875 19,079 20,504 
Research and development expenses196 205 400 419 
Selling, general and administrative expenses390 408 832 836 
Amortization of intangibles77 81 158 162 
Restructuring and asset related charges - net— 8 45 549 
Equity in earnings (losses) of nonconsolidated affiliates26 (57)43 (105)
Sundry income (expense) - net76 31 137 110 
Interest income42 66 107 142 
Interest expense and amortization of debt discount197 172 396 357 
Income before income taxes608 711 1,057 591 
Provision for income taxes150 210 61 163 
Net income458 501 996 428 
Net income attributable to noncontrolling interests19 16 41 36 
Net income available for Dow Inc. common stockholders$439 $485 $955 $392 
Per common share data:
Earnings per common share - basic$0.62 $0.68 $1.35 $0.55 
Earnings per common share - diluted$0.62 $0.68 $1.35 $0.54 
Weighted-average common shares outstanding - basic703.8 707.0 704.1 707.6 
Weighted-average common shares outstanding - diluted705.3 709.9 705.5 710.7 
Depreciation$488 $484 $969 $959 
Capital expenditures$723 $561 $1,437 $1,001 
See Notes to the Consolidated Financial Statements.

5
Dow Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
 
 Three Months EndedSix Months Ended
In millions (Unaudited)Jun 30,
2024		Jun 30,
2023		Jun 30,
2024		Jun 30,
2023
Net income$458 $501 $996 $428 
Other comprehensive income (loss), net of tax
Unrealized gains on investments61 61 55 92 
Cumulative translation adjustments(43)(103)(165)(2)
Pension and other postretirement benefit plans17 (4)34 2 
Derivative instruments(6)44 (28)(20)
Total other comprehensive income (loss)29 (2)(104)72 
Comprehensive income487 499 892 500 
Comprehensive income attributable to noncontrolling interests, net of tax19 16 41 36 
Comprehensive income attributable to Dow Inc.$468 $483 $851 $464 
See Notes to the Consolidated Financial Statements.

6
Dow Inc. and Subsidiaries
Consolidated Balance Sheets

In millions, except share amounts (Unaudited)
Jun 30,
2024		Dec 31,
2023
Assets
Current Assets
Cash and cash equivalents$3,341 $2,987 
Accounts and notes receivable:
Trade (net of allowance for doubtful receivables - 2024: $96; 2023: $81)
5,098 4,718 
Other1,981 1,896 
Inventories6,459 6,076 
Other current assets1,174 1,937 
Total current assets18,053 17,614 
Investments
Investment in nonconsolidated affiliates1,239 1,267 
Other investments (investments carried at fair value - 2024: $2,054; 2023: $1,877)
2,844 2,740 
Noncurrent receivables461 438 
Total investments4,544 4,445 
Property
Property61,369 60,203 
Less: Accumulated depreciation39,779 39,137 
Net property21,590 21,066 
Other Assets
Goodwill8,559 8,641 
Other intangible assets (net of accumulated amortization - 2024: $5,528; 2023: $5,374)
1,875 2,072 
Operating lease right-of-use assets1,321 1,320 
Deferred income tax assets1,342 1,486 
Deferred charges and other assets1,242 1,323 
Total other assets14,339 14,842 
Total Assets$58,526 $57,967 
Liabilities and Equity
Current Liabilities
Notes payable$114 $62 
Long-term debt due within one year238 117 
Accounts payable:
Trade4,979 4,529 
Other1,990 1,797 
Operating lease liabilities - current321 329 
Income taxes payable309 419 
Accrued and other current liabilities2,357 2,704 
Total current liabilities10,308 9,957 
Long-Term Debt16,016 14,907 
Other Noncurrent Liabilities
Deferred income tax liabilities372 399 
Pension and other postretirement benefits - noncurrent4,675 4,932 
Asbestos-related liabilities - noncurrent744 788 
Operating lease liabilities - noncurrent1,032 1,032 
Other noncurrent obligations6,579 6,844 
Total other noncurrent liabilities13,402 13,995 
Stockholders’ Equity
Common stock (authorized 5,000,000,000 shares of $0.01 par value each;
issued 2024: 782,006,798 shares; 2023: 778,595,514 shares)
8 8 
Additional paid-in capital9,012 8,880 
Retained earnings21,739 21,774 
Accumulated other comprehensive loss(7,785)(7,681)
Treasury stock at cost (2024: 81,085,770 shares; 2023: 76,302,081 shares)
(4,656)(4,374)
Dow Inc.’s stockholders’ equity18,318 18,607 
Noncontrolling interests482 501 
Total equity18,800 19,108 
Total Liabilities and Equity$58,526 $57,967 
See Notes to the Consolidated Financial Statements.
7
Dow Inc. and Subsidiaries
Consolidated Statements of Cash Flows
 
In millions (Unaudited)Six Months Ended
Jun 30,
2024		Jun 30,
2023
Operating Activities
Net income$996 $428 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization1,402 1,297 
Provision (credit) for deferred income tax28 (589)
Earnings of nonconsolidated affiliates less than dividends received156 267 
Net periodic pension benefit credit(95)(46)
Pension contributions(63)(76)
Net gain on sales of assets, businesses and investments(20)(51)
Restructuring and asset related charges - net45 549 
Other net loss155 492 
Changes in assets and liabilities, net of effects of acquired and divested companies:
Accounts and notes receivable(485)156 
Inventories(383)501 
Accounts payable544 (986)
Other assets and liabilities, net(988)(64)
Cash provided by operating activities - continuing operations1,292 1,878 
Cash provided by operating activities - discontinued operations8 4 
Cash provided by operating activities1,300 1,882 
Investing Activities
Capital expenditures(1,437)(1,001)
Investment in gas field developments(96)(124)
Purchases of previously leased assets— (3)
Proceeds from sales of property, businesses and consolidated companies, net of cash divested8 59 
Acquisitions of property and businesses, net of cash acquired— (54)
Investments in and loans to nonconsolidated affiliates(4)(2)
Distributions and loan repayments from nonconsolidated affiliates— 1 
Proceeds from sales of ownership interests in nonconsolidated affiliates— 63 
Purchases of investments(1,072)(821)
Proceeds from sales and maturities of investments1,824 1,083 
Other investing activities, net12 (35)
Cash used for investing activities(765)(834)
Financing Activities
Changes in short-term notes payable26 (255)
Proceeds from issuance of short-term debt greater than three months40 — 
Proceeds from issuance of long-term debt1,396 55 
Payments on long-term debt(183)(320)
Collections on securitization programs21 — 
Purchases of treasury stock(400)(375)
Proceeds from issuance of stock51 55 
Transaction financing, debt issuance and other costs(11)(1)
Employee taxes paid for share-based payment arrangements(38)(41)
Distributions to noncontrolling interests(47)(36)
Dividends paid to stockholders(984)(989)
Cash used for financing activities(129)(1,907)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(69)(98)
Summary
Increase (decrease) in cash, cash equivalents and restricted cash337 (957)
Cash, cash equivalents and restricted cash at beginning of period3,048 3,940 
Cash, cash equivalents and restricted cash at end of period$3,385 $2,983 
Less: Restricted cash and cash equivalents, included in "Other current assets"44 59 
Cash and cash equivalents at end of period$3,341 $2,924 
See Notes to the Consolidated Financial Statements.
8
Dow Inc. and Subsidiaries
Consolidated Statements of Equity
 
 Three Months EndedSix Months Ended
In millions, except per share amounts (Unaudited)Jun 30,
2024		Jun 30,
2023		Jun 30,
2024		Jun 30,
2023
Common Stock
Balance at beginning and end of period$8 $8 $8 $8 
Additional Paid-in Capital
Balance at beginning of period8,942 8,607 8,880 8,540 
Common stock issued/sold9 — 51 55 
Stock-based compensation112 84 199 140 
Treasury stock issuances - compensation and benefit plans(51)(30)(118)(74)
Balance at end of period9,012 8,661 9,012 8,661 
Retained Earnings
Balance at beginning of period21,796 22,584 21,774 23,180 
Net income available for Dow Inc. common stockholders439 485 955 392 
Dividends to stockholders(491)(493)(984)(989)
Common control transaction— — 10 — 
Other(5)(6)(16)(13)
Balance at end of period21,739 22,570 21,739 22,570 
Accumulated Other Comprehensive Loss
Balance at beginning of period(7,814)(7,065)(7,681)(7,139)
Other comprehensive income (loss)29 (2)(104)72 
Balance at end of period(7,785)(7,067)(7,785)(7,067)
Treasury Stock
Balance at beginning of period(4,507)(3,953)(4,374)(3,871)
Treasury stock purchases(200)(252)(400)(378)
Treasury stock issuances - compensation and benefit plans51 30 118 74 
Balance at end of period(4,656)(4,175)(4,656)(4,175)
Dow Inc.'s stockholders' equity18,318 19,997 18,318 19,997 
Noncontrolling Interests482 512 482 512 
Total Equity$18,800 $20,509 $18,800 $20,509 
Dividends declared per share of common stock$0.70 $0.70 $1.40 $1.40 
See Notes to the Consolidated Financial Statements.

9
The Dow Chemical Company and Subsidiaries
Consolidated Statements of Income
 
Three Months EndedSix Months Ended
In millions (Unaudited)Jun 30,
2024		Jun 30,
2023		Jun 30,
2024		Jun 30,
2023
Net sales$10,915 $11,420 $21,680 $23,271 
Cost of sales9,590 9,874 19,077 20,502 
Research and development expenses196 205 400 419 
Selling, general and administrative expenses390 408 832 836 
Amortization of intangibles77 81 158 162 
Restructuring and asset related charges - net— 8 45 549 
Equity in earnings (losses) of nonconsolidated affiliates26 (57)43 (105)
Sundry income (expense) - net74 29 135 98 
Interest income45 69 114 147 
Interest expense and amortization of debt discount197 172 396 357 
Income before income taxes610 713 1,064 586 
Provision for income taxes150 210 61 163 
Net income460 503 1,003 423 
Net income attributable to noncontrolling interests19 16 41 36 
Net income available for The Dow Chemical Company common stockholder$441 $487 $962 $387 
Depreciation$488 $484 $969 $959 
Capital expenditures$723 $561 $1,437 $1,001 
See Notes to the Consolidated Financial Statements.

10
The Dow Chemical Company and Subsidiaries
Consolidated Statements of Comprehensive Income
 
 Three Months EndedSix Months Ended
In millions (Unaudited)Jun 30,
2024		Jun 30,
2023		Jun 30,
2024		Jun 30,
2023
Net income$460 $503 $1,003 $423 
Other comprehensive income (loss), net of tax
Unrealized gains on investments61 61 55 92 
Cumulative translation adjustments(43)(103)(165)(2)
Pension and other postretirement benefit plans17 (4)34 2 
Derivative instruments(6)44 (28)(20)
Total other comprehensive income (loss)29 (2)(104)72 
Comprehensive income489 501 899 495 
Comprehensive income attributable to noncontrolling interests, net of tax19 16 41 36 
Comprehensive income attributable to The Dow Chemical Company$470 $485 $858 $459 
See Notes to the Consolidated Financial Statements.
11
The Dow Chemical Company and Subsidiaries
Consolidated Balance Sheets

In millions, except share amounts (Unaudited)
Jun 30,
2024		Dec 31,
2023
Assets
Current Assets
Cash and cash equivalents$3,341 $2,987 
Accounts and notes receivable:
Trade (net of allowance for doubtful receivables - 2024: $96; 2023: $81)
5,098 4,718 
Other1,994 1,997 
Inventories6,459 6,076 
Other current assets1,137 1,898 
Total current assets18,029 17,676 
Investments
Investment in nonconsolidated affiliates1,239 1,267 
Other investments (investments carried at fair value - 2024: $2,054; 2023: $1,877)
2,844 2,740 
Noncurrent receivables448 424 
Total investments4,531 4,431 
Property
Property61,369 60,203 
Less accumulated depreciation39,779 39,137 
Net property21,590 21,066 
Other Assets
Goodwill8,559 8,641 
Other intangible assets (net of accumulated amortization - 2024: $5,528; 2023: $5,374)
1,875 2,072 
Operating lease right-of-use assets1,321 1,320 
Deferred income tax assets1,342 1,486 
Deferred charges and other assets1,242 1,323 
Total other assets14,339 14,842 
Total Assets$58,489 $58,015 
Liabilities and Equity
Current Liabilities
Notes payable$114 $62 
Long-term debt due within one year238 117 
Accounts payable:
Trade4,979 4,529 
Other2,022 1,818 
Operating lease liabilities - current321 329 
Income taxes payable309 419 
Accrued and other current liabilities2,231 2,575 
Total current liabilities10,214 9,849 
Long-Term Debt16,016 14,907 
Other Noncurrent Liabilities
Deferred income tax liabilities372 399 
Pension and other postretirement benefits - noncurrent4,675 4,932 
Asbestos-related liabilities - noncurrent744 788 
Operating lease liabilities - noncurrent1,032 1,032 
Other noncurrent obligations6,434 6,702 
Total other noncurrent liabilities13,257 13,853 
Stockholder's Equity
Common stock (authorized and issued 100 shares of $0.01 par value each)
— — 
Additional paid-in capital9,341 9,091 
Retained earnings16,964 17,495 
Accumulated other comprehensive loss(7,785)(7,681)
The Dow Chemical Company’s stockholder's equity18,520 18,905 
Noncontrolling interests482 501 
Total equity19,002 19,406 
Total Liabilities and Equity$58,489 $58,015 
See Notes to the Consolidated Financial Statements.
12
The Dow Chemical Company and Subsidiaries
Consolidated Statements of Cash Flows
 
In millions (Unaudited)Six Months Ended
Jun 30,
2024		Jun 30,
2023
Operating Activities
Net income$1,003 $423 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization1,402 1,297 
Provision (credit) for deferred income tax28 (589)
Earnings of nonconsolidated affiliates less than dividends received156 267 
Net periodic pension benefit credit(95)(46)
Pension contributions(63)(76)
Net gain on sales of assets, businesses and investments(20)(51)
Restructuring and asset related charges - net45 549 
Other net loss156 493 
Changes in assets and liabilities, net of effects of acquired and divested companies:
Accounts and notes receivable(485)156 
Inventories(383)501 
Accounts payable544 (986)
Other assets and liabilities, net(988)(42)
Cash provided by operating activities1,300 1,896 
Investing Activities
Capital expenditures(1,437)(1,001)
Investment in gas field developments(96)(124)
Purchases of previously leased assets— (3)
Proceeds from sales of property, businesses and consolidated companies, net of cash divested8 59 
Acquisitions of property and businesses, net of cash acquired— (54)
Investments in and loans to nonconsolidated affiliates(4)(2)
Distributions and loan repayments from nonconsolidated affiliates— 1 
Proceeds from sales of ownership interests in nonconsolidated affiliates— 63 
Purchases of investments(1,072)(821)
Proceeds from sales and maturities of investments1,824 1,083 
Other investing activities, net12 (35)
Cash used for investing activities(765)(834)
Financing Activities
Changes in short-term notes payable26 (255)
Proceeds from issuance of short-term debt greater than three months40 — 
Proceeds from issuance of long-term debt1,396 55 
Payments on long-term debt(183)(320)
Collections on securitization programs21 — 
Proceeds from issuance of stock51 55 
Transaction financing, debt issuance and other costs(11)(1)
Employee taxes paid for share-based payment arrangements(38)(41)
Distributions to noncontrolling interests(47)(36)
Dividends paid to Dow Inc.(1,384)(1,378)
Cash used for financing activities(129)(1,921)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(69)(98)
Summary
Increase (decrease) in cash, cash equivalents and restricted cash337 (957)
Cash, cash equivalents and restricted cash at beginning of period3,048 3,940 
Cash, cash equivalents and restricted cash at end of period$3,385 $2,983 
Less: Restricted cash and cash equivalents, included in "Other current assets"44 59 
Cash and cash equivalents at end of period$3,341 $2,924 
See Notes to the Consolidated Financial Statements.
13
The Dow Chemical Company and Subsidiaries
Consolidated Statements of Equity
 
 Three Months EndedSix Months Ended
In millions (Unaudited)Jun 30,
2024		Jun 30,
2023		Jun 30,
2024		Jun 30,
2023
Common Stock
Balance at beginning and end of period$— $— $— $— 
Additional Paid-in Capital
Balance at beginning of period9,220 8,738 9,091 8,627 
Issuance of parent company stock - Dow Inc.9 — 51 55 
Stock-based compensation112 84 199 140 
Balance at end of period9,341 8,822 9,341 8,822 
Retained Earnings
Balance at beginning of period17,214 18,746 17,495 19,472 
 Net income available for The Dow Chemical Company common stockholder441 487 962 387 
Dividends to Dow Inc.(686)(758)(1,477)(1,378)
Other(5)(6)(16)(12)
Balance at end of period16,964 18,469 16,964 18,469 
Accumulated Other Comprehensive Loss
Balance at beginning of period(7,814)(7,065)(7,681)(7,139)
Other comprehensive income (loss)29 (2)(104)72 
Balance at end of period(7,785)(7,067)(7,785)(7,067)
The Dow Chemical Company's stockholder's equity18,520 20,224 18,520 20,224 
Noncontrolling Interests482 512 482 512 
Total Equity$19,002 $20,736 $19,002 $20,736 
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
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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, 2023 ("2023 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
On January 1, 2024, the Company adopted the amendments in Accounting Standards Update ("ASU") 2023-02, "Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method" and elected to account for certain tax equity investments using the proportional amortization method, as provided by the ASU. Under the proportional amortization method, an entity amortizes the initial cost of tax equity investments in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense (benefit). The adoption of the ASU did not have a material impact on the Company's consolidated financial statements.

Accounting Guidance Issued But Not Adopted at June 30, 2024
In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure requirements for entities with a single reportable segment, and requiring other new disclosures. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The adoption of the ASU is not expected to have a material impact on the Company's consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. The adoption of the ASU is not expected to have a material impact on the Company's consolidated financial statements.

SEC Final Rules Not Adopted at June 30, 2024
In March 2024, the U.S. Securities and Exchange Commission ("SEC") adopted final rules under SEC Release Nos. 33-11275 and 34-99678, "The Enhancement and Standardization of Climate-Related Disclosures for Investors," which requires registrants to disclose certain climate-related information in registration statements and annual reports. The final rules include requirements to disclose material climate-related risks; activities to mitigate or adapt to such risks; information about the board of directors' oversight of climate-related risks and management’s role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Registrants are also required to disclose the financial statement effects of severe weather events and other natural conditions in the notes to the financial statements. Certain large registrants are also required to disclose Scope 1 and Scope 2 greenhouse gas ("GHG") emissions, when material. The final rules include a phased-in compliance period for all registrants. As a large accelerated filer, most disclosure requirements are effective for the Company beginning with the year ending December 31, 2025. GHG emissions disclosures are required for the year ending December 31, 2026. The Company will also be required to obtain limited assurance on its Scope 1 and Scope 2 GHG emissions disclosures beginning with the year ending December 31, 2029, with reasonable assurance required beginning with the year ending December 31, 2033. In April 2024, the SEC issued an order to stay the final rules until various legal challenges are resolved by the U.S. Court of Appeals for the Eighth Circuit. The Company is currently evaluating the impact of the final rules on its consolidated financial statements and annual disclosures.

16
NOTE 3 – REVENUE
Revenue Recognition
The majority of the Company's revenue is derived from product sales. The Company's revenue related to product sales was 97 percent and 98 percent for the three and six months ended June 30, 2024, respectively (98 percent and 99 percent for the three and six months ended June 30, 2023, respectively). The remaining sales were primarily related to the Company's insurance operations and licensing of patents and technologies. Product sales consist of sales of the Company's products to manufacturers and distributors. The Company considers order confirmations or purchase orders, which in some cases are governed by master supply agreements, to be contracts with a customer. The Company enters into licensing arrangements in which it licenses certain rights of its patents and technology to customers. Revenue from the Company’s licenses for patents and technology is derived from sales-based royalties and licensing arrangements based on billing schedules established in each contract.

Remaining Performance Obligations
Remaining performance obligations represent the transaction price allocated to unsatisfied or partially unsatisfied performance obligations. At June 30, 2024, the Company had unfulfilled performance obligations of $799 million ($744 million at December 31, 2023) related to the licensing of technology. The Company expects revenue to be recognized for the remaining performance obligations over the next six years.

The Company has additional remaining performance obligations for product sales that have expected durations of one year or less, product sales of materials delivered through a pipeline for which the Company has elected the "right to invoice" practical expedient, and variable consideration attributable to royalties for licenses of patents and technology. The Company has received advance payments from customers related to long-term supply agreements that are deferred and recognized over the life of the contract, with remaining contract terms that range up to 19 years. The Company will have rights to future consideration for revenue recognized when product is delivered to the customer. These payments are included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the consolidated balance sheets.

Disaggregation of Revenue
The Company disaggregates its revenue from contracts with customers by operating segment and business, as the Company believes it best depicts the nature, amount, timing and uncertainty of its revenue and cash flows. See details in the tables below:

Net Trade Sales by Segment and BusinessThree Months EndedSix Months Ended
In millionsJun 30, 2024Jun 30, 2023Jun 30, 2024Jun 30, 2023
Hydrocarbons & Energy$1,447 $1,672 $2,914 $3,546 
Packaging and Specialty Plastics4,068 4,268 8,031 8,508 
Packaging & Specialty Plastics$5,515 $5,940 $10,945 $12,054 
Industrial Solutions $1,040 $1,084 $2,068 $2,223 
Polyurethanes & Construction Chemicals1,909 2,090 3,886 4,324 
Other2 3 5 8 
Industrial Intermediates & Infrastructure$2,951 $3,177 $5,959 $6,555 
Coatings & Performance Monomers$928 $875 $1,813 $1,733 
Consumer Solutions1,315 1,322 2,582 2,740 
Performance Materials & Coatings$2,243 $2,197 $4,395 $4,473 
Corporate$206 $106 $381 $189 
Total$10,915 $11,420 $21,680 $23,271 

17
Net Trade Sales by Geographic RegionThree Months EndedSix Months Ended
In millionsJun 30, 2024Jun 30, 2023Jun 30, 2024Jun 30, 2023
U.S. & Canada$4,191 $4,249 $8,321 $8,699 
EMEAI 1
3,572 3,774 7,056 7,827 
Asia Pacific1,901 2,058 3,822 4,105 
Latin America1,251 1,339 2,481 2,640 
Total$10,915 $11,420 $21,680 $23,271 
1.Europe, Middle East, Africa and India.

Contract Assets and Liabilities
The Company receives payments from customers based upon contractual billing schedules. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include amounts related to the Company's contractual right to consideration for completed performance obligations not yet invoiced. Contract liabilities include payments received in advance of performance under the contract and are recognized in revenue when the performance obligations are met. "Contract liabilities - current" primarily reflects deferred revenue from prepayments from customers for product to be delivered in 12 months or less and royalty payments that are deferred and will be recognized in 12 months or less. "Contract liabilities - noncurrent" includes advance payments that the Company has received from customers related to long-term supply agreements and royalty payments that are deferred and recognized over the life of the contract.

Revenue recognized in the first six months of 2024 from amounts included in contract liabilities at the beginning of the period was approximately $90 million (approximately $175 million in the first six months of 2023). In the first six months of 2024, the amount of contract assets reclassified to receivables as a result of the right to the transaction consideration becoming unconditional was insignificant (approximately $45 million in the first six months of 2023).

The following table summarizes contract assets and liabilities at June 30, 2024 and December 31, 2023:

Contract Assets and LiabilitiesBalance Sheet ClassificationJun 30, 2024Dec 31, 2023
In millions
Accounts and notes receivable - tradeAccounts and notes receivable - trade$5,098 $4,718 
Contract assets - current Other current assets$— $13 
Contract assets - noncurrentDeferred charges and other assets$2 $4 
Contract liabilities - currentAccrued and other current liabilities$203 $195 
Contract liabilities - noncurrent Other noncurrent obligations$1,564 $1,642 


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NOTE 4 – ACQUISITIONS AND DIVESTITURES
Divestiture of the Flexible Packaging Laminating Adhesives Business
On May 2, 2024, the Company announced it entered into a definitive agreement to sell its flexible packaging laminating adhesives business, within Dow's Packaging & Specialty Plastics segment, to Arkema S.A. for approximately $150 million. The divestiture includes five manufacturing sites in the United States, Italy and Mexico as well as the associated inventory, customer contracts and lists, process technology and certain intellectual property. The Company is targeting to close the transaction by the end of 2024, subject to regulatory approval and other closing conditions.

Acquisition of North American Polyethylene Recycler
On June 20, 2024, the Company announced it entered into a definitive agreement to purchase Circulus Holdings, PBLLC, a U.S. company that recycles plastic waste into post-consumer resin. The acquisition includes two facilities in the United States with a total recycling capacity of 50,000 metric tons per year and supports Dow's efforts to transform plastic waste and other forms of alternative feedstocks into 3 million metric tons of circular and renewable solutions annually by 2030. The transaction is expected to close in the third quarter of 2024, subject to regulatory approval and other closing conditions.


NOTE 5 – RESTRUCTURING AND ASSET RELATED CHARGES - NET
Charges for restructuring programs and other asset related charges, which include asset impairments, are recorded in "Restructuring and asset related charges - net" in the consolidated statements of income. For additional information on the Company's restructuring programs, see Note 4 to the Consolidated Financial Statements included in the 2023 10-K.

2023 Restructuring Program
On January 25, 2023, the Dow Inc. Board of Directors ("Board") approved restructuring actions to achieve the Company's structural cost improvement initiatives in response to the continued economic impact from the global recessionary environment and to enhance its agility and long-term competitiveness across the economic cycle. These actions are expected to be substantially complete by the end of 2024. In the first quarter of 2024, the Company recorded additional pretax restructuring charges of $8 million for asset write-downs and write-offs related to the shutdown of certain polyurethanes assets within the Industrial Intermediates & Infrastructure segment. The impacted facilities are expected to be shutdown by the end of 2025.

19
The following table summarizes the activities related to the 2023 Restructuring Program, including segment information:

2023 Restructuring ProgramSeverance and Related Benefit CostsAsset Write-downs and Write-offsTotal
In millions
Packaging & Specialty Plastics$— $1 $1 
Industrial Intermediates & Infrastructure— 40 40 
Performance Materials & Coatings— 49 49 
Corporate344 107 451 
Total restructuring charges$344 $197 $541 
Charges against the reserve— (197)(197)
Cash payments(11)— (11)
Reserve balance at Mar 31, 2023$333 $— $333 
Industrial Intermediates & Infrastructure$— $8 $8 
Total restructuring charges$— $8 $8 
Charges against the reserve— (8)(8)
Cash payments(60)— (60)
Reserve balance at Jun 30, 2023$273 $— $273 
Cash payments(110)— (110)
Reserve balance at Sep 30, 2023$163 $— $163 
Industrial Intermediates & Infrastructure$— $2 $2 
Corporate— (16)(16)
Total restructuring charges$— $(14)$(14)
Charges against the reserve— 14 14 
Cash payments(41)— (41)
Reserve balance at Dec 31, 2023$122 $— $122 
Industrial Intermediates & Infrastructure$— $8 $8 
Total restructuring charges$— $8 $8 
Charges against the reserve— (8)(8)
Cash payments(48)— (48)
Reserve balance at Mar 31, 2024$74 $— $74 
Cash payments(13)— (13)
Reserve balance at Jun 30, 2024$61 $— $61 

At June 30, 2024, $59 million of the reserve balance was included in "Accrued and other current liabilities" ($101 million at December 31, 2023) and $2 million was included in "Other noncurrent obligations" ($21 million at December 31, 2023) in the consolidated balance sheets.

The Company recorded pretax restructuring charges of $543 million inception-to-date under the 2023 Restructuring Program, consisting of severance and related benefit costs of $344 million and asset write-downs and write-offs of $199 million.

Restructuring implementation costs, primarily decommissioning and demolition activities related to asset actions, and costs associated with the Company's productivity and efficiency actions, are expected to result in additional cash expenditures of approximately $186 million, primarily through the end of 2024. Restructuring implementation and efficiency costs totaled $56 million and $102 million for the three and six months ended June 30, 2024, respectively ($47 million and $87 million for the three and six months ended June 30, 2023, respectively).

20
Asset Related Charges
In the first quarter of 2024, the Company recognized pretax impairment charges of $37 million, primarily related to write-downs of certain manufacturing assets in the United States and Italy included in the Company's planned divestiture of its flexible packaging laminating adhesives business. The impairment charges were included in "Restructuring and asset related charges - net" in the consolidated statements of income and related to Packaging & Specialty Plastics. See Notes 4 and 19 for additional information.


NOTE 6 – SUPPLEMENTARY INFORMATION
Dow Inc. Sundry Income (Expense) – NetThree Months EndedSix Months Ended
In millionsJun 30, 2024Jun 30, 2023Jun 30, 2024Jun 30, 2023
Non-operating pension and other postretirement benefit plan net credits 1
$61 $97 $122 $193 
Foreign exchange losses 2
(12)(95)(35)(197)
Gain on sales of other assets and investments 3
10 9 19 74 
Indemnification and other transaction related costs 4
1 (13)1 (4)
Gain on early extinguishment of debt 5
5 — 5 — 
Asset impairments and related costs 6
— — — (18)
Other - net11 33 25 62 
Total sundry income (expense) – net$76 $31 $137 $110 
1.See Note 16 for additional information.
2.Foreign exchange losses for the three months ended June 30, 2024 relate primarily to exposures in the Argentine peso, while losses in the six months ended June 30, 2024 relate primarily to exposures in the Egyptian pound and Argentine peso. Foreign exchange losses for the three and six months ended June 30, 2023 relate primarily to exposures in the Argentine peso.
3.The six months ended June 30, 2023 includes gains associated with the sale of shares of a previously impaired equity method investment.
4.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.
5.See Note 11 for additional information.
6.Certain obligations associated with a previously impaired equity method investment.

Sundry income (expense) - net for TDCC for the three and six months ended June 30, 2024 and 2023 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, which are recorded at their cash surrender value as of each balance sheet date, as provided below:

Investments in Company-Owned Life InsuranceJun 30, 2024Dec 31, 2023
In millions
Gross cash value$613 $623 
Less: Existing drawdowns 1
187 97 
Less: Accrued interest on drawdowns 2
4 — 
Investments in company-owned life insurance 3
$422 $526 
1.Classified as "Proceeds from sales and maturities of investments" in the consolidated statements of cash flows.
2.Included in "Sundry income (expense) - net" in the consolidated statements of income.
3.Classified as "Other investments" in the consolidated balance sheets.

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.
21
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 June 30, 2024, outstanding obligations confirmed as valid under the SCF program were $328 million ($285 million at December 31, 2023), included in “Accounts payable – Trade” in the consolidated balance sheets.


NOTE 7 – INCOME TAXES
As the financial statements for Dow Inc. and TDCC are substantially similar, including the provision for income taxes, the following income tax discussion does not include reference to TDCC's provision for income taxes or its effective tax rate.

The Company's effective tax rate fluctuates based on, among other factors, where income is earned, the level of income relative to tax attributes and the level of equity earnings, since most earnings from the Company's equity method investments are taxed at the joint venture level. In the second quarter of 2024, the Company reported a provision for income taxes of $150 million, resulting in an effective tax rate of 24.7 percent ($210 million in the second quarter of 2023, resulting in an effective tax rate of 29.5 percent). In the first six months of 2024, the Company reported a provision for income taxes of $61 million, resulting in an effective tax rate of 5.8 percent ($163 million in the first six months of 2023, resulting in an effective tax rate of 27.6 percent).

In the first quarter of 2024, the Company recorded a tax credit of $194 million related to a reassessment of interest and penalties on a tax matter in a foreign jurisdiction, resulting in a reduced effective tax rate for the first six months of 2024. The provision for income taxes in the first six months of 2023 was primarily impacted by the geographic mix of earnings, which resulted in a higher effective tax rate.


NOTE 8 – EARNINGS PER SHARE CALCULATIONS
The following tables provide earnings per share calculations for Dow Inc. for the three and six months ended June 30, 2024 and 2023. Earnings per share of TDCC is not presented as this information is not required in financial statements of wholly owned subsidiaries.

Net Income for Earnings Per Share CalculationsThree Months EndedSix Months Ended
In millionsJun 30, 2024Jun 30, 2023Jun 30, 2024Jun 30, 2023
Net income$458 $501 $996 $428 
Net income attributable to noncontrolling interests19 16 41 36 
Net income attributable to participating securities 1
3 3 6 6 
Net income attributable to common stockholders$436 $482 $949 $386 
1.Restricted stock units are considered participating securities due to the Company's practice of paying dividend equivalents on unvested shares.

Earnings Per Share - Basic and DilutedThree Months EndedSix Months Ended
Dollars per shareJun 30, 2024Jun 30, 2023Jun 30, 2024Jun 30, 2023
Earnings per common share - basic$0.62 $0.68 $1.35 $0.55 
Earnings per common share - diluted$0.62 $0.68 $1.35 $0.54 

Share Count InformationThree Months EndedSix Months Ended
Shares in millionsJun 30, 2024Jun 30, 2023Jun 30, 2024Jun 30, 2023
Weighted-average common shares outstanding - basic703.8 707.0 704.1 707.6 
Plus dilutive effect of equity compensation plans1.5 2.9 1.4 3.1 
Weighted-average common shares outstanding - diluted705.3 709.9 705.5 710.7 
Stock units excluded from EPS calculations 1
9.4 12.3 9.1 10.0 
1.These outstanding stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive.
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NOTE 9 – INVENTORIES
The following table provides a breakdown of inventories:

InventoriesJun 30, 2024Dec 31, 2023
In millions
Finished goods$3,707 $3,413 
Work in process1,357 1,234 
Raw materials759 746 
Supplies998 992 
Total$6,821 $6,385 
Adjustment of inventories to the LIFO basis(362)(309)
Total inventories$6,459 $6,076 


NOTE 10 – TRANSFERS OF FINANCIAL ASSETS
Accounts Receivable Programs
The Company maintains accounts receivable facilities with various financial institutions, with committed and uncommitted facilities in the United States and a committed facility in Europe (collectively, "the Programs"), which are set to expire in November 2025. Under the terms of the Programs, the Company may sell certain eligible trade accounts receivable at any point in time, up to $900 million for the U.S. committed facility and up to €500 million for the Europe committed facility. Under the terms of the Programs, the Company continues to service the receivables from the customer, but retains no interest in the receivables, and remits payment to the financial institutions. Losses on transfers of receivables were insignificant for the three and six months ended June 30, 2024. The Company also provides a guarantee to the financial institutions for the creditworthiness and collection of the receivables in satisfaction of the facility. See Note 12 for additional information related to guarantees.

The Company has access to accounts receivable discounting facilities that cover certain receivables generated from sales in EMEAI, Asia Pacific and Canada (collectively, "the Facilities"). Under the terms of the Facilities, the Company retains no interest in the transferred receivables once sold and receivables are transferred with limited recourse. The Company continues to service the receivables from the customer and remits payment to the Facilities. Losses on transfers of receivables were insignificant for the three and six months ended June 30, 2024.

The following table provides a summary of cash flows related to the Programs and the Facilities for the three and six months ended June 30, 2024. There were no transfers of receivables for the three and six months ended June 30, 2023.

Cash Flows Related to Transfers of Accounts ReceivableThree Months EndedSix Months Ended
In millionsJun 30, 2024Jun 30, 2023Jun 30, 2024Jun 30, 2023
Proceeds received from new transfers$623 $— $1,050 $— 

The following table provides the balances related to the Programs and the Facilities at June 30, 2024 and December 31, 2023:

Balances Related to Transfers of Accounts ReceivableJun 30, 2024Dec 31, 2023
In millions
Balance outstanding$623$170
Accounts receivable derecognized 584152
Amounts recognized in the consolidated balance sheets:
    Accrued and other current liabilities 1
3918
1. Represents amounts collected from customers and not yet remitted by the Company.


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NOTE 11 – NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES
Notes PayableJun 30, 2024Dec 31, 2023
In millions
Notes payable to banks and other lenders$114$62
Period-end average interest rates21.46 %33.84 %

Long-Term Debt
2024 Average Rate
Jun 30, 2024
2023 Average Rate
Dec 31, 2023
In millions
Promissory notes and debentures:
Final maturity 20255.63 %$333 5.63 %$333 
Final maturity 20284.80 %600 4.80 %600 
Final maturity 20297.58 %1,367 7.58 %1,367 
Final maturity 2030 and thereafter 1
5.11 %10,021 5.07 %8,861 
Other facilities:
Foreign currency notes and loans, various rates and maturities2.06 %2,614 1.18 %2,653 
InterNotes®, varying maturities through 20544.18 %604 4.12 %595 
Finance lease obligations 2
969 873 
Unamortized debt discount and issuance costs(254)(258)
Long-term debt due within one year 3
(238)(117)
Long-term debt$16,016 $14,907 
1.Cost includes net fair value hedge adjustment gains of $19 million at June 30, 2024 ($49 million at December 31, 2023). See Note 18 for additional information.
2.See Note 13 for additional information.
3.Presented net of current portion of unamortized debt issuance costs.

Maturities of Long-Term Debt for Next Five Years at Jun 30, 2024
In millions
2024$64 
2025$523 
2026$126 
2027$1,237 
2028$694 
2029$1,450 

2024 Activity
In the first quarter of 2024, the Company issued $1.25 billion of senior unsecured notes. The offering included $600 million aggregate principal amount of 5.15 percent notes due 2034 and $650 million aggregate principal amount of 5.60 percent notes due 2054. The issuance was completed under the Company's Green Finance Framework. The Company will distribute the proceeds toward projects that support the execution of its sustainability strategy and achieve its targets focused on climate protection and a circular economy, including applicable expenditures and investments related to the Company's Fort Saskatchewan Path2Zero project.

In the second quarter of 2024, the Company redeemed $10 million aggregate principal amount of 2.10 percent notes due November 2030, $30 million aggregate principal amount of 4.25 percent notes due October 2034, $8 million aggregate principal amount of 5.25 percent notes due November 2041 and $12 million aggregate principal amount of 4.375 percent notes due November 2042. As a result of the redemption, the Company recognized a pretax gain on the early extinguishment of debt of $5 million, included in "Sundry income (expense) - net" in the consolidated statements of income and related to Corporate.

In the first six months of 2024, the Company issued an aggregate principal amount of $24 million of InterNotes®. The Company also issued $122 million of foreign currency loans. Additionally, the Company repaid $69 million of long-term debt.
24
Available Credit Facilities
The following table summarizes the Company's credit facilities:

Committed and Available Credit Facilities at Jun 30, 2024
In millionsCommitted CreditAvailable CreditMaturity DateInterest
Five Year Competitive Advance and Revolving Credit Facility$5,000 $5,000 November 2028Floating rate
Bilateral Revolving Credit Facility 375 375 October 2024Floating rate
Bilateral Revolving Credit Facility100 100 March 2025Floating rate
Bilateral Revolving Credit Facility100 100 March 2025Floating rate
Bilateral Revolving Credit Facility200 200 September 2025Floating rate
Bilateral Revolving Credit Facility175 175 September 2025Floating rate
Bilateral Revolving Credit Facility300 300 November 2025Floating rate
Bilateral Revolving Credit Facility300 300 February 2026Floating rate
Bilateral Revolving Credit Facility100 100 March 2026Floating rate
Bilateral Revolving Credit Facility150 150 November 2026Floating rate
Bilateral Revolving Credit Facility200 200 November 2026Floating rate
Bilateral Revolving Credit Facility250 250 March 2027Floating rate
Bilateral Revolving Credit Facility100 100 May 2027Floating rate
Bilateral Revolving Credit Facility350 350 June 2027Floating rate
Bilateral Revolving Credit Facility200 200 September 2027Floating rate
Bilateral Revolving Credit Facility100 100 October 2027Floating rate
Bilateral Revolving Credit Facility100 100 November 2027Floating rate
Bilateral Revolving Credit Facility300 300 May 2028Floating rate
Total committed and available credit facilities$8,400 $8,400 

Debt Covenants and Default Provisions
There were no material changes to the debt covenants and default provisions related to the Company's outstanding long-term debt and primary, private credit agreements in the first six months of 2024. For additional information on the Company's debt covenants and default provisions, see Note 13 to the Consolidated Financial Statements included in the 2023 10-K.


25
NOTE 12 – COMMITMENTS AND CONTINGENCIES
A summary of the Company's commitments and contingencies can be found in Note 14 to the Consolidated Financial Statements included in the 2023 10-K, which is incorporated by reference herein.

Environmental Matters
Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law and existing technologies. At June 30, 2024, the Company had accrued obligations of $1,163 million for probable environmental remediation and restoration costs ($1,180 million at December 31, 2023), including $224 million for the remediation of Superfund sites ($241 million at December 31, 2023). This is management’s best estimate of the costs for remediation and restoration with respect to environmental matters for which the Company has accrued liabilities, although it is reasonably possible that the ultimate cost with respect to these particular matters could range up to approximately two times that amount. Consequently, it is reasonably possible that environmental remediation and restoration costs in excess of amounts accrued could have a material impact on the Company's results of operations, financial condition and cash flows. It is the opinion of the Company’s management, however, that the possibility is remote that costs in excess of the range disclosed will have a material impact on the Company’s results of operations, financial condition and cash flows. Inherent uncertainties exist in these estimates primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies for handling site remediation and restoration. As new or additional information becomes available and/or certain spending trends become known, management will evaluate such information in determination of the current estimate of environmental liability.

Litigation
Asbestos-Related Matters of Union Carbide Corporation
Each quarter, Union Carbide reviews asbestos-related claims filed, settled and dismissed, as well as average settlement and resolution costs by disease category. Union Carbide also considers additional quantitative and qualitative factors such as the nature of pending claims, trial experience of Union Carbide and other asbestos defendants, current spending for defense and processing costs, significant appellate rulings and legislative developments, trends in the tort system, and their respective effects on expected future resolution costs. Union Carbide's management considers these factors in conjunction with the most recent actuarial study and determines whether a change in the estimate is warranted. Based on Union Carbide's review of 2024 activity, it was determined that no adjustment to the accrual was required at June 30, 2024.

Union Carbide’s total asbestos-related liability for pending and future claims and defense and processing costs was $824 million at June 30, 2024 ($867 million at December 31, 2023). At June 30, 2024, approximately 25 percent of the recorded claim liability related to pending claims and approximately 75 percent related to future claims.

Groundwater Contamination
The Company is the subject of various complaints related to alleged groundwater contamination based on decades-old sales and applications of certain agricultural chemical products ("Legacy Liabilities"). The costs associated with these Legacy Liabilities were previously covered by insurance policies that have since been depleted. In the first quarter of 2023, the Company completed a study of the Legacy Liabilities now deemed to be probable and estimable based on the public reporting of sampling data and historical information to develop a reasonable estimate of the cost of pending and future claims. As a result, the Company recorded a pretax charge of $177 million, included in "Cost of sales" in the consolidated statements of income and related to Industrial Intermediates & Infrastructure. At June 30, 2024, the total liability related to such alleged Legacy Liabilities settlements was $158 million ($232 million at December 31, 2023), which was included in “Accrued and other current liabilities” and "Other noncurrent obligations" in the consolidated balance sheets.

The Company is also the subject of other groundwater contamination complaints, including claims related to 1,4-dioxane. The Company continues to defend itself in this litigation and it has determined that the Company's exposure to liability, if any, is not probable or estimable at June 30, 2024.

Indemnifications with Corning Incorporated
The Company had indemnification assets with Corning Incorporated of $58 million at June 30, 2024 ($100 million at December 31, 2023) related to the 2016 ownership restructure of Dow Silicones, which were included in "Other current assets" and "Noncurrent receivables" in the consolidated balance sheets.

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Gain Contingency - Dow v. Nova Chemicals Corporation Ethylene Asset Matter
As a result of a 2019 damages judgment related to the ethylene asset matter, Nova was ordered to pay the Company $1.43 billion Canadian dollars (equivalent to approximately $1.08 billion U.S. dollars), for which the Company received payment in October 2019 and March 2020. At June 30, 2024, $201 million ($201 million at December 31, 2023) was included in "Other noncurrent obligations" in the Company's consolidated balance sheets related to the disputed portion of the damages judgment.

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

GuaranteesJun 30, 2024Dec 31, 2023
In millionsFinal
Expiration
Maximum
Future Payments 1
Recorded Liability Final
Expiration
Maximum
Future Payments 1
Recorded Liability
Guarantees2038$1,801 $185 2038$1,385 $196 
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 $243 million at June 30, 2024 ($298 million at December 31, 2023). The Company does not expect to be required to perform under the guarantees.

Guarantees arise during the ordinary course of business from relationships with customers, accounts receivable facilities and nonconsolidated affiliates when the Company undertakes an obligation to guarantee the performance of others (via delivery of cash or other assets) if specified triggering events occur. With guarantees, such as commercial or financial contracts, non-performance by the guaranteed party triggers the obligation of the Company to make payments to the beneficiary of the guarantee. The majority of the Company’s guarantees relate to debt of nonconsolidated affiliates, which have expiration dates ranging from less than 1 year to 14 years. The Company’s current expectation is that future payment or performance related to the non-performance of others is considered remote.

The Company maintains accounts receivable facilities with various financial institutions, with committed and uncommitted facilities in the United States and a committed facility in Europe. Under the terms of the Programs, the Company continues to service the receivables from the customer, but retains no interest in the receivables, and remits payment to the financial institutions. The Company also has access to accounts receivable discounting facilities, under which receivables are transferred with limited recourse. The Company’s maximum guaranteed liability for the accounts receivable facilities is $563 million at June 30, 2024 ($150 million at December 31, 2023). The Company expects receivable collections and remittances to occur within the next six months.

TDCC has entered into guarantee agreements related to Sadara, a nonconsolidated affiliate. Sadara reached an agreement with its lenders to re-profile its outstanding project financing debt in the first quarter of 2021. In conjunction with the debt re-profiling, TDCC entered into a guarantee of up to approximately $1.3 billion of Sadara’s debt, proportionate to the Company's 35 percent ownership interest. The debt re-profiling also includes a grace period until June 2026, during which Sadara is obligated to make interest-only payments which are guaranteed by TDCC in proportion to the Company’s 35 percent ownership interest. As part of the debt re-profiling, Sadara established a $500 million revolving credit facility guaranteed by Dow, which would be used to fund Dow’s pro-rata share of any potential shortfall during the grace period.


27
NOTE 13 – LEASES
For additional information on the Company's leases, see Note 15 to the Consolidated Financial Statements included in the 2023 10-K.

The components of lease cost for operating and finance leases for the three and six months ended June 30, 2024 and 2023 were as follows:

Lease CostThree Months EndedSix Months Ended
In millionsJun 30, 2024Jun 30, 2023Jun 30, 2024Jun 30, 2023
Operating lease cost$110 $103 $217 $201 
Finance lease cost
Amortization of right-of-use assets - finance28 25 55 51 
Interest on lease liabilities - finance12 8 22 16 
Total finance lease cost40 33 77 67 
Short-term lease cost88 66 162 132 
Variable lease cost265 261 523 442 
Sublease income(3)(2)(5)(4)
Total lease cost$500 $461 $974 $838 

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

Other Lease InformationSix Months Ended
In millionsJun 30, 2024Jun 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$223 $205 
Operating cash flows for finance leases$22 $16 
Financing cash flows for finance leases$61 $56 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$119 $199 
Finance leases$168 $10 

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NOTE 14 – ACCUMULATED OTHER COMPREHENSIVE LOSS
The changes in each component of accumulated other comprehensive loss ("AOCL") for the three and six months ended June 30, 2024 and 2023 were as follows:

Accumulated Other Comprehensive LossThree Months EndedSix Months Ended
In millionsJun 30, 2024Jun 30, 2023Jun 30, 2024Jun 30, 2023
Unrealized Gains (Losses) on Investments
Beginning balance$(259)$(222)$(253)$(253)
Unrealized gains (losses) on investments65 58 80 88 
Tax (expense) benefit(2)39 (20)39 
Net unrealized gains (losses) on investments63 97 60 127 
(Gains) losses reclassified from AOCL to net income 1
(3)(46)(7)(45)
Tax expense (benefit) 2
1 10 2 10 
Net (gains) losses reclassified from AOCL to net income(2)(36)(5)(35)
Other comprehensive income (loss), net of tax61 61 55 92 
Ending balance$(198)$(161)$(198)$(161)
Cumulative Translation Adjustment
Beginning balance$(2,013)$(1,833)$(1,891)$(1,934)
Gains (losses) on foreign currency translation(39)(84)(155)— 
Tax (expense) benefit— (12)(3)(10)
Net gains (losses) on foreign currency translation(39)(96)(158)(10)
(Gains) losses reclassified from AOCL to net income 3
(4)(7)(7)8 
Other comprehensive income (loss), net of tax(43)(103)(165)(2)
Ending balance$(2,056)$(1,936)$(2,056)$(1,936)
Pension and Other Postretirement Benefits
Beginning balance$(5,469)$(4,871)$(5,486)$(4,877)
Gains (losses) arising during the period1 (5)— (3)
Amortization of net loss and prior service credits reclassified from AOCL to net income 4
21 2 43 5 
Tax expense (benefit) 2
(5)(1)(9)— 
Net loss and prior service credits reclassified from AOCL to net income16 1 34 5 
Other comprehensive income (loss), net of tax17 (4)34 2 
Ending balance$(5,452)$(4,875)$(5,452)$(4,875)
Derivative Instruments
Beginning balance$(73)$(139)$(51)$(75)
Gains (losses) on derivative instruments(13)(1)(46)(184)
Tax (expense) benefit8 3 11 36 
Net gains (losses) on derivative instruments(5)2 (35)(148)
(Gains) losses reclassified from AOCL to net income 5
(1)55 9 164 
Tax expense (benefit) 2
— (13)(2)(36)
Net (gains) losses reclassified from AOCL to net income(1)42 7 128 
Other comprehensive income (loss), net of tax(6)44 (28)(20)
Ending balance$(79)$(95)$(79)$(95)
Total AOCL ending balance$(7,785)$(7,067)$(7,785)$(7,067)
1.Reclassified to "Net sales" and "Sundry income (expense) - net."
2.Reclassified to "Provision for income taxes."
3.Reclassified to "Sundry income (expense) - net."
4.These AOCL components are included in the computation of net periodic benefit cost (credit) of the Company's defined benefit pension and other postretirement benefit plans. See Note 16 for additional information.
5.Reclassified to "Cost of sales," "Sundry income (expense) - net" and "Interest expense and amortization of debt discount."
29
NOTE 15 – NONCONTROLLING INTERESTS
Ownership interests in the Company's subsidiaries held by parties other than the Company are presented separately from the Company's equity in the consolidated balance sheets as "Noncontrolling interests." The amount of consolidated net income attributable to the Company and the noncontrolling interests are both presented on the face of the consolidated statements of income.

The following table summarizes the activity for equity attributable to noncontrolling interests for the three and six months ended June 30, 2024 and 2023:

Noncontrolling InterestsThree Months EndedSix Months Ended

In millions
Jun 30, 2024Jun 30, 2023Jun 30, 2024Jun 30, 2023
Balance at beginning of period$492 $534 $501 $529 
Net income attributable to noncontrolling interests19 16 41 36 
Distributions to noncontrolling interests 1
(25)(15)(39)(28)
Cumulative translation adjustments(4)(22)(20)(25)
Other— (1)(1)— 
Balance at end of period$482 $512 $482 $512 
1.Includes dividends paid to a joint venture of $8 million for the three and six months ended June 30, 2024 ($8 million for the three and six months ended June 30, 2023) which were reclassified to "Equity in earnings of nonconsolidated affiliates" in the consolidated statements of income.


NOTE 16 – PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
A summary of the Company's pension and other postretirement benefit plans can be found in Note 18 to the Consolidated Financial Statements included in the 2023 10-K. The following table provides the components of the Company's net periodic benefit cost (credit) for all significant plans:

Net Periodic Benefit Cost (Credit) for All Significant Plans Three Months EndedSix Months Ended
In millionsJun 30, 2024Jun 30, 2023Jun 30, 2024Jun 30, 2023
Defined Benefit Pension Plans
Service cost$14 $71 $28 $141 
Interest cost 250 279 502 558 
Expected return on plan assets (343)(390)(689)(779)
Amortization of prior service credit(4)(6)(7)(13)
Amortization of net loss36 23 71 47 
Net periodic benefit credit$(47)$(23)$(95)$(46)
Other Postretirement Benefit Plans
Service cost $1 $1 $2 $2 
Interest cost 11 12 22 23 
Amortization of net gain(11)(15)(21)(29)
Net periodic benefit cost (credit)$1 $(2)$3 $(4)

Net periodic benefit cost (credit), other than the service cost component, is included in "Sundry income (expense) - net" in the consolidated statements of income.


30
NOTE 17 – STOCK-BASED COMPENSATION
A summary of the Company's stock-based compensation plans can be found in Note 19 to the Consolidated Financial Statements included in the 2023 10-K.

Stock Incentive Plan
The Company grants stock-based compensation to employees and non-employee directors under the 2019 Stock Incentive Plan, as amended. Most of the Company's stock-based compensation awards are granted in the first quarter of each year.

In the first quarter of 2024, Dow Inc. granted the following stock-based compensation awards to employees:
•1.3 million stock options with a weighted-average exercise price of $55.17 per share and a weighted-average fair value of $10.94 per share;
•2.0 million restricted stock units with a weighted-average fair value of $55.18 per share; and
•1.4 million performance stock units with a weighted-average fair value of $58.42 per share.

There was minimal grant activity in the second quarter of 2024.

Employee Stock Purchase Plan
The Dow Inc. 2021 Employee Stock Purchase Plan (the "2021 ESPP") was adopted by the Dow Inc. Board on February 11, 2021, and approved by stockholders at the Company's annual meeting on April 15, 2021. Under the 2024 annual offering of the 2021 ESPP, most employees will be eligible to purchase shares of common stock of Dow Inc. valued at up to 10 percent of their annual total base salary or wages. The number of shares purchased is determined using the amount contributed by the employee divided by the plan price. The plan price of the stock is equal to 85 percent of the fair market value (closing price) of the common stock at April 1, 2024 (beginning) or October 4, 2024 (ending) of the offering period, whichever is lower.

In the first quarter of 2024, employees subscribed to the right to purchase approximately 2.5 million shares under the 2021 ESPP. The plan price is fixed upon the close of the offering period and will be determined in the fourth quarter of 2024. The shares will be delivered to employees in the fourth quarter of 2024.


NOTE 18 – FINANCIAL INSTRUMENTS
A summary of the Company's financial instruments, risk management policies, derivative instruments and hedging activities can be found in Note 20 to the Consolidated Financial Statements included in the 2023 10-K.

Refer to Note 19 for a summary of the fair value of financial instruments at June 30, 2024 and December 31, 2023.

Debt Securities
The Company's investments in debt securities are primarily classified as available-for-sale. The following table provides investing results from available-for-sale securities for the six months ended June 30, 2024 and 2023:

Investing ResultsSix Months Ended
In millionsJun 30, 2024Jun 30, 2023
Proceeds from sales of available-for-sale securities$1,291 $274 
Gross realized gains$19 $58 
Gross realized losses $(12)$(13)

31
The following table summarizes contractual maturities of the Company's investments in debt securities:

Contractual Maturities of Debt Securities at Jun 30, 2024
 CostFair Value
In millions
Within one year$102 $90 
One to five years1,215 1,130 
Six to ten years451 418 
After ten years499 401 
Total$2,267 $2,039 

Equity Securities
There were no material adjustments to the carrying value of the not readily determinable investments for impairment or observable price changes for the three and six months ended June 30, 2024. There were no unrealized gains or losses recognized in earnings on equity securities for the three and six months ended June 30, 2024 ($2 million of net unrealized gains for the three months ended June 30, 2023 and $10 million of net unrealized gains for the six months ended June 30, 2023).

Investments in Equity SecuritiesJun 30, 2024Dec 31, 2023
In millions
Readily determinable fair value$15 $17 
Not readily determinable fair value$169 $171 

Derivative Instruments
The notional amounts of the Company's derivative instruments at June 30, 2024 and December 31, 2023 were as follows:

Notional Amounts 1
Jun 30, 2024Dec 31, 2023
In millions
Derivatives designated as hedging instruments:
Interest rate contracts$3,130 $3,000 
Foreign currency contracts$4,246 $2,316 
Derivatives not designated as hedging instruments:
Interest rate contracts$51 $59 
Foreign currency contracts$13,081 $5,824 
1.Notional amounts represent the absolute value of open derivative positions at the end of the period. Multi-leg option positions are reflected at the maximum notional position at expiration.

The notional amounts of the Company's commodity derivatives at June 30, 2024 and December 31, 2023 were as follows:

Commodity Notionals 1
Jun 30, 2024Dec 31, 2023Notional Volume Unit
Derivatives designated as hedging instruments:
Hydrocarbon derivatives3.0 3.7 million barrels of oil equivalent
Derivatives not designated as hedging instruments:
Hydrocarbon derivatives— 1.4 million barrels of oil equivalent
1.Notional amounts represent the net volume of open derivative positions outstanding at the end of the period.

Maturity Dates of Derivatives Designated as Hedging InstrumentsYear
Interest rate contracts2025
Foreign currency contracts2026
Commodity contracts2026
32
The following table provides the fair value and balance sheet classification of derivative instruments at June 30, 2024 and December 31, 2023:

Fair Value of Derivative InstrumentsJun 30, 2024Dec 31, 2023
In millionsGross
Counterparty and Cash Collateral Netting 1
Net 2
Gross
Counterparty and Cash Collateral Netting 1
Net 2
Asset derivatives
Derivatives designated as hedging instruments:
Interest rate contracts 3
$69 $(69)$— $73 $(73)$— 
Interest rate contracts 4
— — — 59 (56)3 
Foreign currency contracts 3
52 (36)16 21 (5)16 
Foreign currency contracts 4
— — — 5 — 5 
Commodity contracts 3
29 (14)15 27 (21)6 
Commodity contracts 4
3 (1)2 2 (1)1 
Total$153 $(120)$33 $187 $(156)$31 
Derivatives not designated as hedging instruments:
Interest rate contracts 3
$— $— $— $4 $(3)$1 
Foreign currency contracts 3
61 (12)49 33 (16)17 
Commodity contracts 3
28 (16)12 33 (28)5 
Commodity contracts 4
3 — 3 — — — 
Total$92 $(28)$64 $70 $(47)$23 
Total asset derivatives $245 $(148)$97 $257 $(203)$54 
Liability derivatives
Derivatives designated as hedging instruments:
Interest rate contracts 5
$140 $(69)$71 $95 $(73)$22 
Interest rate contracts 6
— — — 56 (56)— 
Foreign currency contracts 5
45 (36)9 8 (5)3 
Foreign currency contracts 6
14 — 14 — — — 
Commodity contracts 5
18 (16)2 34 (22)12 
Commodity contracts 6
2 (1)1 2 (1)1 
Total$219 $(122)$97 $195 $(157)$38 
Derivatives not designated as hedging instruments:
Interest rate contracts 5
$— $— $— $3 $(3)$— 
Foreign currency contracts 5
17 (12)5 38 (16)22 
Commodity contracts 5
28 (17)11 34 (28)6 
Commodity contracts 6
2 — 2 — — — 
Total$47 $(29)$18 $75 $(47)$28 
Total liability derivatives $266 $(151)$115 $270 $(204)$66 
1.Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty.
2.Represents the net amounts included in the consolidated balance sheets.
3.Included in "Other current assets" in the consolidated balance sheets.
4.Included in "Deferred charges and other assets" in the consolidated balance sheets.
5.Included in "Accrued and other current liabilities" in the consolidated balance sheets.
6.Included in "Other noncurrent obligations" in the consolidated balance sheets.

33
Assets and liabilities related to forward contracts, interest rate swaps, currency swaps, options and other conditional or exchange contracts executed with the same counterparty under a master netting arrangement are netted. Collateral accounts are netted with corresponding assets or liabilities, when applicable. The Company posted cash collateral of $16 million at June 30, 2024 ($22 million at December 31, 2023). There was zero cash collateral posted by counterparties with the Company at June 30, 2024 and December 31, 2023.

The following table summarizes the gain (loss) of derivative instruments in the consolidated statements of income and comprehensive income for the three and six months ended June 30, 2024 and 2023:

Effect of Derivative Instruments
Gain (loss) recognized in OCI 1
Gain (loss) recognized in income 2
Three Months EndedSix Months EndedThree Months EndedSix Months Ended
In millionsJun 30, 2024Jun 30, 2023Jun 30, 2024Jun 30, 2023Jun 30, 2024Jun 30, 2023Jun 30, 2024Jun 30, 2023
Derivatives designated as hedging instruments:
Fair value hedges:
Interest rate contracts 3
$— $— $— $— $(23)$— $(23)$— 
Excluded components 3, 4
(4)(4)(42)(5)— — — — 
Cash flow hedges:
Interest rate contracts 3
— — 1 5 (7)(2)(9)(4)
Foreign currency contracts 5
(8)1 (21)1 4 (1)5 1 
Commodity contracts 5
7 (6)22 (149)7 (52)(1)(161)
Excluded components 4, 5
— — (6)— (3)— (4)— 
Net foreign investment hedges:
Foreign currency contracts6 12 8 3 — — — — 
Excluded components 4, 6
4 28 10 31 4 7 7 7 
Total derivatives designated as hedging instruments$5 $31 $(28)$(114)$(18)$(48)$(25)$(157)
Derivatives not designated as hedging instruments:
Interest rate contracts 3
$— $— $— $— $1 $1 $1 $1 
Foreign currency contracts 6
— — — — 29 (29)60 6 
Commodity contracts 5
— — — — (6)4 2 4 
Total return swap 5
— — — — 4 10 26 3 
Total derivatives not designated as hedging instruments$— $— $— $— $28 $(14)$89 $14 
Total derivatives$5 $31 $(28)$(114)$10 $(62)$64 $(143)
1.OCI is defined as other comprehensive income (loss).
2.Pretax amounts.
3.Included in "Interest expense and amortization of debt discount" in the consolidated statements of income.
4.The excluded components are related to the time value of the derivatives designated as hedges.
5.Included in "Cost of sales" in the consolidated statements of income.
6.Included in "Sundry income (expense) - net" in the consolidated statements of income.

The following table provides the net after-tax gain (loss) expected to be reclassified from AOCL to income within the next 12 months:

Expected Reclassifications from AOCL within the next 12 monthsJun 30, 2024
In millions
Cash flow hedges:
Interest rate contracts$(4)
Commodity contracts$11 
Foreign currency contracts$2 
Excluded components$(4)
Net foreign investment hedges:
Excluded components$4 
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NOTE 19 – FAIR VALUE MEASUREMENTS
A summary of the Company's recurring and nonrecurring fair value measurements can be found in Note 21 to the Consolidated Financial Statements included in the 2023 10-K.

Fair Value Measurements on a Recurring Basis
The following table summarizes the bases used to measure certain assets and liabilities at fair value on a recurring basis:

Fair Value Measurements on a Recurring BasisJun 30, 2024Dec 31, 2023
In millionsFair Value LevelCostGainLossFair ValueCostGainLossFair Value
Assets at fair value:
Cash equivalents:
Held-to-maturity securities 1
Level 2$123 $— $— $123 $485 $— $— $485 
Money market fundsLevel 21,197 — — 1,197 663 — — 663 
Marketable securities 2
Level 2605 — (35)570 1,361 — (61)1,300 
Nonconsolidated affiliates 3
Level 3— 7 
Other investments:
Debt securities: 4
Government debt 5
Level 21,010 2 (107)905 766 3 (107)662 
Corporate bondsLevel 118 — (1)17 24 — (3)21 
Corporate bondsLevel 21,039 7 (106)940 1,148 17 (99)1,066 
Corporate bondsLevel 3200 — (23)177 200 — (89)111 
Equity securities 4, 6
Level 14 11 — 15 5 12 — 17 
Derivatives relating to: 7
Interest ratesLevel 2— 69 — 69 — 136 — 136 
Foreign currencyLevel 2— 113 — 113 — 59 — 59 
CommoditiesLevel 1— 5 — 5 — 2 — 2 
CommoditiesLevel 2— 58 — 58 — 60 — 60 
Total assets at fair value$4,189 $4,589 
Liabilities at fair value:
Long-term debt including debt due within one year 8
Level 2$(16,254)$1,520 $(502)$(15,236)$(15,024)$1,089 $(747)$(14,682)
Guarantee liability 9
Level 3(167)(178)
Derivatives relating to: 7
Interest ratesLevel 2— — (140)(140)— — (154)(154)
Foreign currencyLevel 2— — (76)(76)— — (46)(46)
CommoditiesLevel 1— — (7)(7)— — (2)(2)
CommoditiesLevel 2— — (43)(43)— — (68)(68)
Total liabilities at fair value$(15,669)$(15,130)
1.The Company's held-to-maturity securities are primarily treasury bills and time deposits. At June 30, 2024, $103 million is included in "Cash and cash equivalents" ($485 million at December 31, 2023) and $20 million is included in "Other current assets" (zero at December 31, 2023) in the consolidated balance sheets.
2.The Company’s investments in marketable securities are included in “Other current assets” in the consolidated balance sheets.
3.Estimated asset for an investment in a limited liability company included in "Investment in nonconsolidated affiliates" in the consolidated balance sheets.
4.The Company’s investments in debt securities, which are primarily available-for-sale, and equity securities are included in “Other investments” in the consolidated balance sheets.
5.U.S. Treasury obligations, U.S. agency obligations, U.S. agency mortgage-backed securities and other municipalities’ obligations.
6.Equity securities with a readily determinable fair value.
7.See Note 18 for classification of derivatives in the consolidated balance sheets.
8.Cost includes fair value hedge adjustment gains of $19 million at June 30, 2024 and $49 million at December 31, 2023 on $5,129 million of debt at June 30, 2024 and $4,479 million at December 31, 2023.
9.Estimated liability for TDCC's guarantee of Sadara's debt which is included in "Other noncurrent obligations" in the consolidated balance sheets.
35
Cost approximates fair value for all other financial instruments.

For equity securities calculated at net asset value per share (or its equivalent), the Company had $85 million in private market securities and $16 million in real estate at June 30, 2024 ($86 million in private market securities and $18 million in real estate at December 31, 2023). There are no redemption restrictions and the unfunded commitments on these investments were $75 million at June 30, 2024 and December 31, 2023.

For assets classified as Level 3 measurements, fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity. The level 3 asset values represent the fair value of an investment in a corporate bond, accounted for as a debt security. At December 31, 2023, the level 3 asset values also included an investment in a limited liability company, accounted for as an investment in nonconsolidated affiliates, and with no unfunded commitment.

For liabilities classified as Level 3 measurements, fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity. The fair value of the Company’s accrued liability related to the guarantee of Sadara’s debt is in proportion to the Company’s 35 percent ownership interest in Sadara. The estimated fair value of the guarantee was calculated using a "with" and "without" method. The fair value of the debt was calculated "with" the guarantee less the fair value of the debt "without" the guarantee. The "with" and "without" values were calculated using a discounted cash flow method based on contractual cash flows as well as projected prepayments made on the debt by Sadara.

Fair Value Measurements on a Nonrecurring Basis
In the first quarter of 2024, the Company recognized impairment charges of $37 million related primarily to write-downs of certain manufacturing assets in the United States and Italy. The assets, classified as Level 3 measurements, were valued at $60 million using unobservable inputs. The impairment charges were included in "Restructuring and asset related charges - net" in the consolidated statements of income and related to Packaging & Specialty Plastics.

In the first quarter of 2024, as part of the 2023 Restructuring Program, the Company recorded impairment charges of $8 million for asset write-downs and write-offs related to the shutdown of certain polyurethanes assets, included in "Restructuring and asset related charges - net" in the consolidated statements of income and related to Industrial Intermediates & Infrastructure.


36
NOTE 20 – SEGMENTS AND GEOGRAPHIC REGIONS
Dow’s measure of profit/loss for segment reporting purposes is Operating EBIT as this is the manner in which the Company's chief operating decision maker assesses performance and allocates resources. The Company defines Operating EBIT as earnings (i.e., "Income before income taxes") before interest, excluding the impact of significant items. Operating EBIT by segment includes all operating items relating to the businesses; items that principally apply to Dow as a whole are assigned to Corporate.

Segment InformationPack. & Spec. PlasticsInd. Interm. & Infrast.Perf. Materials & CoatingsCorp.Total
In millions
Three months ended Jun 30, 2024
Net sales$5,515 $2,951 $2,243 $206 $10,915 
Equity in earnings (losses) of nonconsolidated affiliates$55 $(31)$2 $— $26 
Dow Inc. Operating EBIT 1
$703 $7 $146 $(37)$819 
Three months ended Jun 30, 2023
Net sales$5,940 $3,177 $2,197 $106 $11,420 
Equity in earnings (losses) of nonconsolidated affiliates$19 $(83)$6 $1 $(57)
Dow Inc. Operating EBIT 1
$918 $(35)$66 $(64)$885 
Six months ended Jun 30, 2024
Net sales$10,945 $5,959 $4,395 $381 $21,680 
Equity in earnings (losses) of nonconsolidated affiliates$80 $(46)$8 $1 $43 
Dow Inc. Operating EBIT 1
$1,308 $94 $187 $(96)$1,493 
Six months ended Jun 30, 2023
Net sales$12,054 $6,555 $4,473 $189 $23,271 
Equity in earnings (losses) of nonconsolidated affiliates$40 $(156)$9 $2 $(105)
Dow Inc. Operating EBIT 1
$1,560 $88 $101 $(156)$1,593 
1.Operating EBIT for TDCC for the three and six months ended June 30, 2024 and 2023 is substantially the same as that of Dow Inc. and therefore has not been disclosed separately in the table above. A reconciliation of "Net income" to Operating EBIT is provided in the following table.

Reconciliation of "Net income" to Operating EBIT Three Months EndedSix Months Ended
In millionsJun 30, 2024Jun 30, 2023Jun 30, 2024Jun 30, 2023
Net income$458 $501 $996 $428 
+ Provision for income taxes150 210 61 163 
Income before income taxes$608 $711 $1,057 $591 
- Interest income42 66 107 142 
+ Interest expense and amortization of debt discount197 172 396 357 
- Significant items(56)(68)(147)(787)
Operating EBIT$819 $885 $1,493 $1,593 

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The following tables summarize the pretax impact of significant items by segment excluded from Operating EBIT:

Significant Items by Segment
Three Months Ended Jun 30, 2024
Six Months Ended Jun 30, 2024
Pack. & Spec. PlasticsInd. Interm. & Infrast.Perf. Mat. & CoatingsCorp.TotalPack. & Spec. PlasticsInd. Interm. & Infrast.Perf. Mat. & CoatingsCorp.Total
In millions
Restructuring, implementation and efficiency costs, and asset related charges - net 1
$— $— $— $(56)$(56)$(37)$(8)$— $(102)$(147)
Total$— $— $— $(56)$(56)$(37)$(8)$— $(102)$(147)
1.Includes restructuring charges and implementation and efficiency costs associated with the Company's 2023 Restructuring Program. The six months ended June 30, 2024 also includes impairment charges related to the write-down of certain manufacturing assets. See Note 5 for additional information.

Significant Items by Segment
Three Months Ended Jun 30, 2023
Six Months Ended Jun 30, 2023
Pack. & Spec. PlasticsInd. Interm. & Infrast.Perf. Mat. & CoatingsCorp.TotalPack. & Spec. PlasticsInd. Interm. & Infrast.Perf. Mat. & CoatingsCorp.Total
In millions
Restructuring, implementation and efficiency costs, and asset related charges - net 1
$— $(8)$— $(47)$(55)$(1)$(48)$(67)$(490)$(606)
Litigation related charges, awards and adjustments 2
— — — — — — (177)— — (177)
Indemnification and other transactions related costs 3
— — — (13)(13)— — — (4)(4)
Total$— $(8)$— $(60)$(68)$(1)$(225)$(67)$(494)$(787)
1.Includes restructuring charges and implementation and efficiency costs associated with the Company's 2023 Restructuring Program. The six months ended June 30, 2023 also includes certain gains and losses associated with previously impaired equity investments.
2.Includes a loss associated with legacy agricultural products groundwater contamination matters. See Note 12 for additional information.
3.Primarily related to charges associated with agreements entered into with DuPont and Corteva as part of the separation and distribution which, among other matters, provides for cross-indemnities and allocations of obligations and liabilities for periods prior to, at and after the completion of the separation.

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
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.

Pursuant to General Instruction H(1)(a) and (b) for Form 10-Q "Omission of Information by Certain Wholly-Owned Subsidiaries," TDCC is filing this Form 10-Q with a reduced disclosure format.

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.

Dow's website and its content are not deemed incorporated by reference into this report.


OUTLOOK
In the second half of the year, the Company is focused on continuing to deliver sequential earnings improvements while navigating through the slower macro environment. While near-term demand in many markets Dow serves is growing, building and construction and consumer durables are unlikely to significantly change in 2024. Dow will continue driving higher sales through its innovation portfolio and diverse product mix. By leveraging its global scale, strategically advantaged cost positions, and counter-cyclical growth investments, the Company remains on track to enable higher earnings and shareholder returns.


OVERVIEW
The following is a summary of the results for the three months ended June 30, 2024:
•The Company reported net sales in the second quarter of 2024 of $10.9 billion, down 4 percent from $11.4 billion in the second quarter of 2023, with decreases across all geographic regions and mixed by operating segment; Packaging & Specialty Plastics and Industrial Intermediates & Infrastructure (both down 7 percent) and Performance Materials & Coatings (up 2 percent).
•Local price decreased 4 percent compared with the second quarter of 2023, with decreases across all operating segments and geographic regions; Packaging & Specialty Plastics and Performance Materials & Coatings (both down 4 percent) and Industrial Intermediates & Infrastructure (down 7 percent).
•Volume increased 1 percent compared with the second quarter of 2023 and was mixed by operating segment; Packaging & Specialty Plastics (down 3 percent), Industrial Intermediates & Infrastructure (up 1 percent) and Performance Materials & Coatings (up 7 percent). Volume increased in the U.S. & Canada (up 3 percent) and Asia Pacific (up 1 percent) and was flat in Latin America and EMEAI.
•Currency had an unfavorable impact of 1 percent on net sales compared with the second quarter of 2023, driven by Asia Pacific (down 3 percent) and EMEAI (down 1 percent).
•Equity in earnings of nonconsolidated affiliates was $26 million in the second quarter of 2024, compared with equity in losses of nonconsolidated affiliates of $57 million in the second quarter of 2023, primarily due to improved results at the Company's Kuwait and Sadara joint ventures.
•Net income available for Dow Inc. and TDCC common stockholder(s) was $439 million and $441 million, respectively, in the second quarter of 2024, compared with $485 million and $487 million, respectively, in the second quarter of 2023. Earnings per share for Dow Inc. was $0.62 in the second quarter of 2024, compared with $0.68 per share in the second quarter of 2023.
•Cash provided by operating activities - continuing operations was $832 million in the second quarter of 2024, down $515 million compared with the second quarter of 2023. Cash provided by operating activities - continuing operations was up $372 million compared with the first quarter of 2024.
•On April 2, 2024, the Company announced that Mauro Gregorio, President of Performance Materials & Coatings, had elected to retire in the third quarter of 2024 after 40 years of service.
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•On April 2, 2024, the Company announced that Brendy Lange, business vice president of Dow Industrial Solutions, was named President of Performance Materials & Coatings.
•On April 11, 2024, Dow Inc. announced that its Board declared a dividend of $0.70 per share, payable on June 14, 2024, to shareholders of record as of May 31, 2024.
•On May 2, 2024, the Company announced it entered into a definitive agreement to sell its flexible packaging laminating adhesives business, within Packaging & Specialty Plastics, to Arkema S.A. with a transaction value of approximately $150 million.
•On May 16, 2024, the Company announced it will expand its Protect the Climate targets by setting distinct milestones for climate change mitigation that focus on water and nature conservation. Additional information can be found on the Company's website.
•On June 18, 2024, Dow Inc. released its INtersections Report, highlighting how the Company is advancing its ambition to be the most innovative, customer-centric, inclusive and sustainable materials science company in the world. Additional information can be found on the Company's website.
•On June 20, 2024, the Company announced it signed an agreement to acquire Circulus Holdings, PBLLC, a U.S. company that recycles plastic waste into post-consumer resin, with a total capacity of 50,000 metric tons per year.
In addition, the following events occurred subsequent to the second quarter of 2024:
•On July 1, 2024, Fitch Ratings affirmed TDCC's BBB+ and F1 rating, and affirmed its outlook of stable. Also on July 1, 2024, Standard & Poor's affirmed TDCC's BBB and A-2 rating, and affirmed its outlook of stable.


RESULTS OF OPERATIONS
Net Sales
The following tables summarize net sales and sales variances by operating segment and geographic region from the prior year:

Summary of Sales ResultsThree Months EndedSix Months Ended
In millionsJun 30, 2024Jun 30, 2023Jun 30, 2024Jun 30, 2023
Net sales$10,915 $11,420 $21,680 $23,271 

Sales Variances by Operating Segment and Geographic Region
Three Months Ended Jun 30, 2024
Six Months Ended Jun 30, 2024
Local Price & Product MixCurrencyVolumeTotalLocal Price & Product MixCurrencyVolumeTotal
Percentage change from prior year
Packaging & Specialty Plastics(4)%— %(3)%(7)%(6)%— %(3)%(9)%
Industrial Intermediates & Infrastructure(7)(1)1 (7)(11)(1)3 (9)
Performance Materials & Coatings(4)(1)7 2 (6)(1)5 (2)
Total(4)%(1)%1 %(4)%(7)%(1)%1 %(7)%
Total, excluding the Hydrocarbons & Energy business(6)%(1)%4 %(3)%(8)%(1)%4 %(5)%
U.S. & Canada(4)%— %3 %(1)%(6)%— %2 %(4)%
EMEAI(4)(1)— (5)(9)— (1)(10)
Asia Pacific(6)(3)1 (8)(9)(2)4 (7)
Latin America(7)— — (7)(7)— 1 (6)
Total(4)%(1)%1 %(4)%(7)%(1)%1 %(7)%

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Net sales in the second quarter of 2024 were $10.9 billion, down 4 percent from $11.4 billion in the second quarter of 2023, with local price down 4 percent, volume up 1 percent and an unfavorable currency impact of 1 percent. Net sales decreased in all operating segments except Performance Materials & Coatings, and across all geographic regions. Local price decreased in Packaging & Specialty Plastics (down 4 percent), Industrial Intermediates & Infrastructure (down 7 percent), and Performance Materials & Coatings (down 4 percent), and in all geographic regions. Volume increased in the U.S. & Canada and Asia Pacific and was flat in EMEAI and Latin America. Volume decreased in Packaging & Specialty Plastics (down 3 percent), and increased in Industrial Intermediates & Infrastructure (up 1 percent) and Performance Materials & Coatings (up 7 percent). Currency unfavorably impacted net sales by 1 percent, driven by Asia Pacific (down 3 percent) and EMEAI (down 1 percent). Excluding the Hydrocarbons & Energy business, net sales decreased 3 percent.

Net sales for the first six months of 2024 were $21.7 billion, down 7 percent from $23.3 billion in the same period last year, with local price down 7 percent, volume up 1 percent and an unfavorable currency impact of 1 percent. Net sales decreased in all operating segments and geographic regions. Local price decreased in all geographic regions and in Packaging & Specialty Plastics (down 6 percent), Industrial Intermediates & Infrastructure (down 11 percent), and Performance Materials & Coatings (down 6 percent), driven by lower global feedstock and energy costs. Volume increased in all geographic regions except EMEAI. Volume decreased in Packaging & Specialty Plastics (down 3 percent), and increased in Industrial Intermediates & Infrastructure (up 3 percent) and Performance Materials & Coatings (up 5 percent). Currency unfavorably impacted net sales by 1 percent, driven by Asia Pacific. Excluding the Hydrocarbons & Energy business, net sales decreased 5 percent.

Cost of Sales
Cost of sales ("COS") was $9.6 billion in the second quarter of 2024, compared with $9.9 billion in the second quarter of 2023. For the first six months of 2024, COS was $19.1 billion compared with $20.5 billion in the first six months of 2023. COS for the three and six months ended June 30, 2024 decreased primarily due to lower raw material costs, lower global energy and feedstock costs and the impact of structural cost improvements, partially offset by increased planned maintenance turnaround spending. COS as a percentage of net sales was 87.9 percent in the second quarter of 2024 (86.5 percent in the second quarter of 2023) and 88.0 percent for the first six months of 2024 (88.1 percent for the first six months of 2023), reflecting lower sales driven by a decrease in local price.

Research and Development Expenses
Research and development ("R&D") expenses totaled $196 million in the second quarter of 2024, compared with $205 million in the second quarter of 2023. R&D expenses decreased in the second quarter of 2024 primarily due to lower performance-based compensation costs. R&D expenses for the first six months of 2024 were $400 million compared with $419 million in the first six months of 2023. R&D expenses for the first six months of 2024 decreased primarily due to lower fringe benefit expense, the impact of structural cost improvements, and lower performance based compensation costs.

Selling, General and Administrative Expenses
Selling, general and administrative ("SG&A") expenses totaled $390 million in the second quarter of 2024, compared with $408 million in the second quarter of 2023. SG&A expenses decreased in the second quarter of 2024 primarily due to lower performance-based compensation costs and the impact of structural cost improvements. For the first six months of 2024, SG&A expenses were $832 million, compared with $836 million in the first six months of 2023. SG&A expenses for the first six months of 2024 decreased primarily due to the impact of structural cost improvements and lower performance based compensation costs, which were partially offset by higher bad debt expense as a result of a resolution of a dispute with a customer.

Amortization of Intangibles
Amortization of intangibles was $77 million in the second quarter of 2024 compared with $81 million in the second quarter of 2023. In the first six months of 2024, amortization of intangibles was $158 million, compared with $162 million in the first six months of 2023.

Equity in Earnings (Losses) of Nonconsolidated Affiliates
The Company's share of equity in earnings of nonconsolidated affiliates was $26 million in the second quarter of 2024, compared with equity in losses of nonconsolidated affiliates of $57 million in the second quarter of 2023, an increase of $83 million, primarily due to improved performance and lower planned maintenance turnaround activity at the Kuwait and Sadara joint ventures. The Company's share of equity in earnings of nonconsolidated affiliates was $43 million for the first six months of 2024, compared with equity in losses of nonconsolidated affiliates of $105 million for the first six months of 2023, primarily due to improved performance and lower planned
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maintenance turnaround activity at the Kuwait and Sadara joint ventures. Cash dividends from nonconsolidated affiliates were $199 million in the first six months of 2024, compared with $162 million in the first six months of 2023.

Sundry Income (Expense) – Net
Sundry income (expense) - net for the three months ended June 30, 2024 was income of $76 million and $74 million for Dow Inc. and TDCC, respectively, compared with income of $31 million and $29 million, respectively, for the three months ended June 30, 2023. The second quarter of 2024 and 2023 included non-operating pension and postretirement benefit plan credits and gains on the sales of assets and investments, which were partially offset by foreign currency exchange losses. The increase in sundry income is primarily due to lower foreign currency exchange losses, which were partially offset by a decrease in non-operating pension and postretirement benefit plan credits.

Sundry income (expense) - net for the six months ended June 30, 2024 was income of $137 million and $135 million for Dow Inc. and TDCC, respectively, compared with income of $110 million and $98 million, respectively, for the six months ended June 30, 2023. The first six months of 2024 and 2023 included non-operating pension and postretirement benefit plan credits and gains on the sales of assets and investments, which were partially offset by foreign currency exchange losses. The increase in sundry income is primarily due to lower foreign currency exchange losses, which were partially offset by a decrease in non-operating pension and postretirement benefit plan credits and gains on sales of other assets and investments.

Interest Expense and Amortization of Debt Discount
Interest expense and amortization of debt discount was $197 million in the second quarter of 2024, compared with $172 million in the second quarter of 2023. Interest expense and amortization of debt discount was $396 million in the first six months of 2024 compared with $357 million in the first six months of 2023. The increase in interest expense is primarily due to borrowings outside of the United States and $1.25 billion of senior unsecured notes issued in the first quarter of 2024.

Provision for Income Taxes
The Company's effective tax rate fluctuates based on, among other factors, where income is earned, the level of income relative to tax attributes and the level of equity earnings, since most earnings from the Company's equity method investments are taxed at the joint venture level. In the second quarter of 2024, the Company reported a provision for income taxes of $150 million, resulting in an effective tax rate of 24.7 percent and 24.6 percent for Dow Inc. and TDCC, respectively. In the second quarter of 2023, the Company reported a provision for income taxes of $210 million, resulting in an effective tax rate of 29.5 percent for Dow Inc. and TDCC. For the first six months of 2024, the Company reported a provision for income taxes of $61 million, resulting in an effective tax rate of 5.8 percent and 5.7 percent for Dow Inc. and TDCC, respectively. For the first six months of 2023, the Company reported a provision for income taxes of $163 million, resulting in an effective tax rate of 27.6 percent and 27.8 percent for Dow Inc. and TDCC, respectively. See Note 7 to the Consolidated Financial Statements for additional information about the Company's income taxes and effective tax rates.

The Company continues to monitor and evaluate legislative developments related to the Global Anti-Base Erosion Proposal Regime ("GloBE") established by the Organization of Economic Cooperation and Development’s ("OECD") Pillar Two framework. Several countries in which the Company operates have adopted GloBE into their legislation and several others are expected to enact these rules in the future. To date, such legislation has not materially impacted the Company's effective tax rate.

Net Income Available for Common Stockholder(s)
Dow Inc.
Net income available for Dow Inc. common stockholders was $439 million, or $0.62 per share, in the second quarter of 2024, compared with $485 million, or $0.68 per share, in the second quarter of 2023. Net income available for Dow Inc. common stockholders was $955 million, or $1.35 per share, in the first six months of 2024, compared with $392 million, or $0.54 per share, in the first six months of 2023. See Note 8 to the Consolidated Financial Statements for details on Dow Inc.'s earnings per share calculations.

TDCC
Net income available for the TDCC common stockholder was $441 million in the second quarter of 2024, compared with $487 million in the second quarter of 2023. Net income available for the TDCC common stockholder was $962 million in the first six months of 2024, compared with $387 million in the first six months of 2023. TDCC's common shares are owned solely by Dow Inc.
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SEGMENT RESULTS
For further discussion of the Company's segments, see Part I, Item 1. Business of the combined Dow Inc. and TDCC Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ("2023 10-K"), filed with the SEC on January 31, 2024.

Dow’s measure of profit/loss for segment reporting purposes is Operating EBIT as this is the manner in which the Company's chief operating decision maker assesses performance and allocates resources. The Company defines Operating EBIT as earnings (i.e., "Income before income taxes") before interest, excluding the impact of significant items. Operating EBIT by segment includes all operating items relating to the businesses; items that principally apply to Dow as a whole are assigned to Corporate.

PACKAGING & SPECIALTY PLASTICS
Packaging & Specialty PlasticsThree Months EndedSix Months Ended
In millionsJun 30, 2024Jun 30, 2023Jun 30, 2024Jun 30, 2023
Net sales$5,515 $5,940 $10,945 $12,054 
Operating EBIT$703 $918 $1,308 $1,560 
Equity earnings$55 $19 $80 $40 

Packaging & Specialty PlasticsThree Months EndedSix Months Ended
Percentage change from prior yearJun 30, 2024Jun 30, 2024
Change in Net Sales from Prior Period due to:
Local price & product mix(4)%(6)%
Currency— — 
Volume(3)(3)
Total(7)%(9)%

Packaging & Specialty Plastics net sales were $5,515 million in the second quarter of 2024, down 7 percent from net sales of $5,940 million in the second quarter of 2023, with local price down 4 percent, volume down 3 percent and currency flat. Local price decreased in Packaging and Specialty Plastics in all geographic regions, driven by lower pricing of downstream polymers and polyethylene primarily due to lower energy prices. Local price increased in Hydrocarbons & Energy, primarily in EMEAI, as prices for co-products are generally correlated to Brent crude oil prices, which on average increased 9 percent compared with 2023. Volume increased in Packaging and Specialty Plastics, primarily in the U.S. & Canada, due to higher downstream polymers and polyethylene demand which more than offset a decrease in non-recurring licensing sales. Volume decreased in Hydrocarbons & Energy in all geographic regions, led by EMEAI, primarily driven by lighter feedslate cracking.

Operating EBIT was $703 million in the second quarter of 2024, down $215 million from Operating EBIT of $918 million in the second quarter of 2023. Operating EBIT decreased due to lower selling prices, reduced demand, higher planned maintenance activity and lower non-recurring licensing sales, which were partially offset by lower raw material, feedstock and energy costs.

Packaging & Specialty Plastics net sales were $10,945 million in the first six months of 2024, down 9 percent from net sales of $12,054 million in the first six months of 2023. Local price decreased in Packaging and Specialty Plastics in all geographic regions, driven primarily by lower raw material and energy prices. Local price decreased in Hydrocarbons & Energy, primarily in Latin America and the U.S. & Canada, due to lower energy and feedstock costs. Volume increased in Packaging and Specialty Plastics, with increases in all geographic regions led by Asia Pacific, due to higher downstream polymers and polyethylene demand, which more than offset a decrease in non-recurring licensing sales. Volume decreased in Hydrocarbons & Energy primarily driven by higher internal derivative demand and lighter feedslate cracking.

Operating EBIT was $1,308 million in the first six months of 2024, down $252 million from Operating EBIT of $1,560 million in the first six months of 2023. Operating EBIT decreased primarily due to lower selling prices, reduced demand and higher planned maintenance costs, which were partially offset by lower raw material, energy and feedstock costs.
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INDUSTRIAL INTERMEDIATES & INFRASTRUCTURE
Industrial Intermediates & InfrastructureThree Months EndedSix Months Ended
In millionsJun 30, 2024Jun 30, 2023Jun 30, 2024Jun 30, 2023
Net sales$2,951 $3,177 $5,959 $6,555 
Operating EBIT$7 $(35)$94 $88 
Equity losses$(31)$(83)$(46)$(156)

Industrial Intermediates & InfrastructureThree Months EndedSix Months Ended
Percentage change from prior yearJun 30, 2024Jun 30, 2024
Change in Net Sales from Prior Period due to:
Local price & product mix(7)%(11)%
Currency(1)(1)
Volume1 3 
Total(7)%(9)%

Industrial Intermediates & Infrastructure net sales were $2,951 million in the second quarter of 2024, down 7 percent from $3,177 million in the second quarter of 2023, with local price down 7 percent, volume up 1 percent and an unfavorable currency impact of 1 percent. Local price decreased in both businesses and across all geographic regions. Volume increased in Polyurethanes & Construction Chemicals, with gains in EMEAI, led by building and construction and industrial applications, partially offset by declines in Asia Pacific and the U.S. & Canada, which included the impact of a third-party supplier outage. Volume was flat in Industrial Solutions, with increases in Asia Pacific and EMEAI, offset by a decline in the U.S. & Canada due to an outage from 2023 related to a significant unplanned event at the Louisiana Operations Glycol-2 unit in Plaquemine, Louisiana, which successfully restarted at the end of June. Currency had an unfavorable impact on sales in both businesses, driven by EMEAI and Asia Pacific.

Operating EBIT was $7 million in the second quarter of 2024, up $42 million from a loss of $35 million in the second quarter of 2023. Operating EBIT increased primarily due to lower raw material, energy and feedstock costs, improved results at the EQUATE and Sadara joint ventures, and volume gains, which were partially offset by lower selling prices in both businesses.

Industrial Intermediates & Infrastructure net sales were $5,959 million in the first six months of 2024, down 9 percent from $6,555 million in the first six months of 2023. Local price decreased in both businesses and across all geographic regions. Volume increased in Polyurethanes & Construction Chemicals, led by building and construction and industrial applications primarily in EMEAI. Volume decreased in Industrial Solutions, primarily in the U.S. & Canada, due to an outage from 2023 related to a significant unplanned event at the Louisiana Operations Glycol-2 unit in Plaquemine, Louisiana, which successfully restarted at the end of June, offset by increases in Asia Pacific and EMEAI. Currency had an unfavorable impact on sales in both businesses, driven by Asia Pacific and EMEAI.

Operating EBIT was $94 million in the first six months of 2024, up $6 million from Operating EBIT of $88 million in the first six months of 2023. Operating EBIT increased primarily due to lower raw material, energy and feedstock costs and improved results at the EQUATE and Sadara joint ventures, which were partially offset by lower selling prices in both businesses and an outage from 2023 at the Louisiana Operations Glycol-2 unit in Plaquemine, Louisiana, which successfully restarted at the end of June.

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PERFORMANCE MATERIALS & COATINGS
Performance Materials & CoatingsThree Months EndedSix Months Ended
In millionsJun 30, 2024Jun 30, 2023Jun 30, 2024Jun 30, 2023
Net sales$2,243 $2,197 $4,395 $4,473 
Operating EBIT$146 $66 $187 $101 
Equity earnings$2 $6 $8 $9 

Performance Materials & CoatingsThree Months EndedSix Months Ended
Percentage change from prior yearJun 30, 2024Jun 30, 2024
Change in Net Sales from Prior Period due to:
Local price & product mix(4)%(6)%
Currency(1)(1)
Volume7 5 
Total2 %(2)%

Performance Materials & Coatings net sales were $2,243 million in the second quarter of 2024, up 2 percent from net sales of $2,197 million in the second quarter of 2023, with volume up 7 percent, local price down 4 percent, and an unfavorable currency impact of 1 percent. Volume increased in both businesses and in all geographic regions, driven by increased demand. The volume increase in Coatings & Performance Monomers was broad-based and led by acrylic monomers. The volume increase in Consumer Solutions was led by home and personal care and consumer and electronics applications. Local price decreased in Coatings & Performance Monomers in all geographic regions except Asia Pacific. Local price decreased in Consumer Solutions across all geographic regions. Currency unfavorably impacted sales in both businesses, driven by Asia Pacific.

Operating EBIT was $146 million in the second quarter of 2024, up $80 million from Operating EBIT of $66 million in the second quarter of 2023. Operating EBIT increased in both businesses primarily due to improved demand, higher operating rates, and lower planned maintenance activity, which were partially offset by lower selling prices.

Performance Materials & Coatings net sales were $4,395 million in the first six months of 2024, down 2 percent from net sales of $4,473 million in the first six months of 2023, with local price down 6 percent, volume up 5 percent and an unfavorable currency impact of 1 percent. Local price decreased in Consumer Solutions across all geographic regions primarily driven by unfavorable supply and demand dynamics. Local price decreased in Coatings & Performance Monomers in all geographic regions except Asia Pacific, which was flat. Volume increased in both businesses and in all geographic regions, driven by increased demand. The volume increase in Consumer Solutions was led by consumer and electronics, home and personal care, and industrial and chemical processing applications, and in Coatings & Performance Monomers the increase was led by acrylic monomers. Currency unfavorably impacted sales in both businesses, driven by Asia Pacific.

Operating EBIT was $187 million in the first six months of 2024, up $86 million from Operating EBIT of $101 million in the first six months of 2023. Operating EBIT increased primarily due to higher operating rates and improved demand, which were partially offset by lower selling prices.
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CORPORATE
CorporateThree Months EndedSix Months Ended
In millionsJun 30, 2024Jun 30, 2023Jun 30, 2024Jun 30, 2023
Net sales$206 $106 $381 $189 
Operating EBIT$(37)$(64)$(96)$(156)
Equity earnings$— $1 $1 $2 

Net sales for Corporate, which primarily relate to the Company's insurance operations, were $206 million in the second quarter of 2024, an increase from net sales of $106 million in the second quarter of 2023. Net sales were $381 million in the first six months of 2024, an increase from net sales of $189 million in the first six months of 2023.

Operating EBIT was a loss of $37 million in the second quarter of 2024, compared with a loss of $64 million in the second quarter of 2023. Operating EBIT was a loss of $96 million in the first six months of 2024, compared with a loss of $156 million in the first six months of 2023. Operating EBIT increased primarily due to lower environmental costs and increased income from insurance operations.


CHANGES IN FINANCIAL CONDITION
The Company had cash and cash equivalents of $3,341 million at June 30, 2024 and $2,987 million at December 31, 2023, of which $2,090 million at June 30, 2024 and $1,984 million at December 31, 2023 was held by subsidiaries in foreign countries, including U.S. territories. For each of its foreign subsidiaries, Dow makes an assertion regarding the amount of earnings intended for permanent reinvestment, with the balance available to be repatriated to the United States.

Cash held by foreign subsidiaries for permanent reinvestment is generally used to finance the subsidiaries' operational activities and future foreign investments. Dow has the ability to repatriate additional funds to the United States, which could result in an adjustment to the tax liability for foreign withholding taxes, foreign and/or U.S. state income taxes and the impact of foreign currency movements. At June 30, 2024, management believed that sufficient liquidity was available in the United States. The Company has and expects to continue repatriating certain funds from its non‑U.S. subsidiaries that are not needed to finance local operations; however, these particular repatriation activities have not and are not expected to result in a significant incremental tax liability to the Company.

The Company's cash flows from operating, investing and financing activities, as reflected in the consolidated statements of cash flows, are summarized in the following table:

Cash Flow SummaryDow Inc.TDCC
Six Months EndedSix Months Ended
Jun 30, 2024Jun 30, 2023Jun 30, 2024Jun 30, 2023
In millions
Cash provided by (used for):
Operating activities - continuing operations$1,292 $1,878 $1,300 $1,896 
Operating activities - discontinued operations8 4 — — 
Operating activities1,300 1,882 1,300 1,896 
Investing activities(765)(834)(765)(834)
Financing activities(129)(1,907)(129)(1,921)

Cash Flows from Operating Activities
Cash provided by operating activities from continuing operations in the first six months of 2024 was primarily driven by the Company's cash earnings and dividends from equity method investments, which were partially offset by cash used for working capital and performance-based compensation payments. Cash provided by operating activities from continuing operations in the first six months of 2023 was primarily driven by the Company's cash earnings, which were partially offset by cash used for working capital requirements and performance-based compensation payments.

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Net Working CapitalDow Inc.TDCC
Jun 30, 2024Dec 31, 2023Jun 30, 2024Dec 31, 2023
In millions
Current assets$18,053 $17,614 $18,029 $17,676 
Current liabilities10,308 9,957 10,214 9,849 
Net working capital$7,745 $7,657 $7,815 $7,827 
Current ratio1.75:11.77:11.77:11.79:1

Working Capital MetricsThree Months Ended
Jun 30, 2024Mar 31, 2024Jun 30, 2023
Days sales outstanding in trade receivables43 42 45 
Days sales in inventory61 60 61 
Days payables outstanding65 61 61 

Cash provided by operating activities from discontinued operations in the first six months of 2024 and 2023 reflected cash payments and receipts for certain agreements and matters related to the separation from DowDuPont Inc. ("DowDuPont").

Cash Flows from Investing Activities
Cash used for investing activities in the first six months of 2024 and 2023 were primarily for capital expenditures and purchases of investments, which were partially offset by proceeds from sales and maturities of investments.

The Company's capital expenditures were $1,437 million in the first six months of 2024, compared with $1,001 million in the first six months of 2023. The Company expects full year capital spending in 2024 to be approximately $3 billion, which includes the ramp up of the construction of the Fort Saskatchewan Path2Zero project aligned to the Company's Decarbonize & Grow strategy. The Company expects capital spending for this key growth project to average approximately $1 billion annually through 2029. Enterprise-wide capital spending is expected to exceed depreciation and amortization through 2027, during the first phase of the project, and average depreciation and amortization over the economic cycle. As evidenced across prior economic cycles, the Company will adjust its spending as economic conditions evolve.

Cash Flows from Financing Activities
Cash used for financing activities in the first six months of 2024 for Dow Inc. was primarily related to dividends paid to stockholders, purchases of treasury stock and payments on long-term debt, which were partially offset by proceeds from issuance of long-term debt. Cash used for financing activities in the first six months of 2024 for TDCC was primarily related to dividends paid to Dow Inc. and payments on long-term debt, which were partially offset by proceeds from issuance of long-term debt. Cash used for financing activities in the first six months of 2023 was primarily for debt related activities. In addition, Dow Inc. included cash outflows for dividends paid to stockholders and purchases of treasury stock. TDCC included cash outflows for dividends paid to Dow Inc.

Dow Inc. Non-GAAP Cash Flow Measures
Free Cash Flow
Dow defines Free Cash Flow as "Cash provided by operating activities - continuing operations," less capital expenditures. Under this definition, Free Cash Flow represents the cash generated by Dow from operations after investing in its asset base. Free Cash Flow, combined with cash balances and other sources of liquidity, represents the cash available to fund obligations and provide returns to shareholders. Free Cash Flow is an integral financial measure used in the Company's financial planning process.

Operating EBITDA
Dow defines Operating EBITDA as earnings (i.e., "Income before income taxes") before interest, depreciation and amortization, excluding the impact of significant items.

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Cash Flow Conversion (Cash Flow from Operations to Operating EBITDA)
Dow defines Cash Flow Conversion (Cash Flow from Operations to Operating EBITDA) as "Cash provided by operating activities - continuing operations," divided by Operating EBITDA. Management believes Cash Flow Conversion is an important financial metric as it helps the Company determine how efficiently it is converting its earnings into cash flow.

These financial measures are not recognized in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and should not be viewed as alternatives to GAAP financial measures of performance. All companies do not calculate non-GAAP financial measures in the same manner and, accordingly, Dow's definitions may not be consistent with the methodologies used by other companies.

Reconciliation of Free Cash Flow
Six Months Ended
Jun 30, 2024Jun 30, 2023
In millions
Cash provided by operating activities - continuing operations (GAAP)$1,292 $1,878 
Capital expenditures(1,437)(1,001)
Free Cash Flow (non-GAAP)$(145)$877 

Reconciliation of Cash Flow Conversion (Cash Flow from Operations to Operating EBITDA)
Six Months Ended
Jun 30, 2024Jun 30, 2023
In millions
Net income (GAAP)$996$428
+ Provision for income taxes61163
Income before income taxes$1,057$591
- Interest income107142
+ Interest expense and amortization of debt discount396357
- Significant items ¹(147)(787)
Operating EBIT (non-GAAP)$1,493$1,593
+ Depreciation and amortization1,4021,297
Operating EBITDA (non-GAAP)$2,895$2,890
Cash provided by operating activities - continuing operations (GAAP)$1,292$1,878
Cash flow from operations to net income (GAAP)129.7 %438.8 %
Cash Flow Conversion (Cash flow from operations to Operating EBITDA) (non-GAAP)44.6 %65.0 %
1.The six months ended June 30, 2024 includes restructuring charges and implementation and efficiency costs associated with the Company's 2023 Restructuring Program and impairment charges related to write-downs of certain manufacturing assets. The six months ended June 30, 2023 includes restructuring charges and implementation and efficiency costs associated with the Company's 2023 Restructuring Program, certain gains and losses associated with previously impaired equity investments, a loss associated with legacy agricultural products groundwater contamination matters and activity related to the separation from DowDuPont. See Note 20 to the Consolidated Financial Statements for additional information.

Liquidity & Financial Flexibility
The Company’s primary source of incremental liquidity is cash flows from operating activities. The generation of cash from operations and the Company's ability to access capital markets is expected to meet the Company’s cash requirements for working capital, capital expenditures, debt maturities, contributions to pension plans, dividend distributions to stockholders, share repurchases and other needs. In addition to cash from operating activities, the Company’s current liquidity sources also include TDCC's U.S. and Euromarket commercial paper programs, committed and uncommitted credit facilities, committed accounts receivable facilities, a medium-term notes program, a U.S. retail note program (“InterNotes®”) and other debt markets.

The Company continues to maintain a strong financial position with all of its committed credit facilities undrawn and fully available at June 30, 2024. Cash and committed and available forms of liquidity were $13.0 billion at June 30, 2024. The Company also has no substantive long-term debt maturities due until 2027. As a well-known seasoned issuer, the Company may issue debt at any time as an additional source of liquidity. Additional details on sources of liquidity are as follows:

48
Commercial Paper
TDCC issues promissory notes under its U.S. and Euromarket commercial paper programs. TDCC had no commercial paper outstanding at June 30, 2024. TDCC maintains access to the commercial paper market at competitive rates. Amounts outstanding under TDCC's commercial paper programs during the period may be greater or less than the amount reported at the end of the period. TDCC did not issue commercial paper subsequent to June 30, 2024.

Committed Credit Facilities
The Company also has the ability to access liquidity through TDCC's committed and available credit facilities. At June 30, 2024, TDCC had total committed and available credit facilities of $8.4 billion.

Uncommitted Credit Facilities
The Company has entered into various uncommitted bilateral credit arrangements as a potential source of excess liquidity. These lines can be used to support short-term liquidity needs and for general purposes. The Company had no drawdowns outstanding at June 30, 2024.

Accounts Receivable Securitization Facilities
In addition to the above credit facilities, the Company maintains a committed accounts receivable facility in the United States where eligible trade accounts receivable, up to $900 million, may be sold at any point in time. The Company also maintains a committed accounts receivable facility in Europe where eligible trade accounts receivable, up to €500 million, may be sold at any point in time. In the first six months of 2024, there were $264 million in sales of receivables under the U.S. and Europe committed accounts receivable facilities (no sales of receivables in the first six months of 2023). At June 30, 2024, approximately $142 million of sold receivables were outstanding.

In addition, the Company has an uncommitted accounts receivable facility in the United States providing additional liquidity. Sales of receivables under this facility were $378 million in the first six months of 2024 (no sales of receivables in the first six months of 2023). At June 30, 2024, approximately $213 million of sold receivables were outstanding. See Note 10 to the Consolidated Financial Statements for additional information.

Early Settlement of Letters of Credit
The Company utilizes, from time-to-time, letters of credit discounting programs to manage and expedite the settlement of letters of credit in certain regions. These letters of credit are associated with accounts receivable and the Company retains no interest in the transferred letters of credit or receivables once sold.

Accounts Receivable Discounting Facilities
The Company has access to accounts receivable discounting facilities, under which receivables are transferred with limited recourse. The Company retains no interest in the transferred receivables once sold. Sales of receivables under this facility were $408 million in the first six months of 2024 (no sales of receivables in the first six months of 2023). At June 30, 2024, approximately $268 million of sold receivables were outstanding. See Note 10 to the Consolidated Financial Statements for additional information.

The Company maintains these facilities and also participates in certain customers’ supply chain financing and other early pay programs as a routine source of working capital.

Company-Owned Life Insurance
The Company has investments in company-owned life insurance ("COLI") policies, which are recorded at their cash surrender value as of each balance sheet date. The Company has the ability to monetize its investment in its COLI policies as an additional source of liquidity. At June 30, 2024, the Company had monetized $187 million of its existing COLI policies' surrender value ($97 million at December 31, 2023). See Note 6 to the Consolidated Financial Statements for additional information.

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Debt
As the Company continues to maintain its strong balance sheet and financial flexibility, management is focused on net debt (a non-GAAP financial measure), as the Company believes this is the best representation of its financial leverage at this point in time. As shown in the following table, net debt is equal to total gross debt minus "Cash and cash equivalents" and "Marketable securities."

Total DebtDow Inc.TDCC
Jun 30, 2024Dec 31, 2023Jun 30, 2024Dec 31, 2023
In millions
Notes payable$114$62$114$62
Long-term debt due within one year238117238117
Long-term debt16,01614,90716,01614,907
Gross debt$16,368$15,086$16,368$15,086
 - Cash and cash equivalents3,3412,9873,3412,987
 - Marketable securities 1
5701,3005701,300
Net debt$12,457$10,799$12,457$10,799
Total equity$18,800$19,108$19,002$19,406
Gross debt as a percent of total capitalization46.5 %44.1 %46.3 %43.7 %
Net debt as a percent of total capitalization39.9 %36.1 %39.6 %35.8 %
1.Included in "Other current assets" in the consolidated balance sheets.

The Company may at any time repurchase certain debt securities in the open market or in privately negotiated transactions subject to: the applicable terms under which any such debt securities were issued, certain internal approvals of the Company, and applicable laws and regulations of the relevant jurisdiction in which any such potential transactions might take place. This in no way obligates the Company to make any such repurchases nor should it be considered an offer to do so.

TDCC's public debt instruments and primary, private credit agreements contain, among other provisions, certain customary restrictive covenant and default provisions. TDCC's most significant debt covenant with regard to its financial position is the obligation to maintain the ratio of its consolidated indebtedness to consolidated capitalization at no greater than 0.70 to 1.00 at any time the aggregate outstanding amount of loans under the Five Year Competitive Advance and Revolving Credit Facility Agreement ("Revolving Credit Agreement") equals or exceeds $500 million. The ratio of TDCC's consolidated indebtedness to consolidated capitalization as defined in the Revolving Credit Agreement was 0.44 to 1.00 at June 30, 2024. Management believes TDCC was in compliance with all of its covenants and default provisions at June 30, 2024. For information on TDCC's debt covenants and default provisions, see Note 13 to the Consolidated Financial Statements included in the 2023 10-K. There were no material changes to the debt covenants and default provisions related to TDCC’s outstanding long-term debt and primary, private credit agreements in the first six months of 2024.

In the first quarter of 2024, the Company issued $1.25 billion of senior unsecured notes. The offering included $600 million aggregate principal amount of 5.15 percent notes due 2034 and $650 million aggregate principal amount of 5.60 percent notes due 2054. The issuance was completed under the Company's Green Finance Framework, which is available on the Company's website. The Company will distribute the proceeds toward projects that support the execution of its sustainability strategy and achieve its targets focused on climate protection and a circular economy, including applicable expenditures and investments related to the Company's Fort Saskatchewan Path2Zero project, which is expected to deliver organic growth while decarbonizing 20 percent of the Company’s global ethylene capacity.

In the second quarter of 2024, the Company redeemed $10 million aggregate principal amount of 2.10 percent notes due November 2030, $30 million aggregate principal amount of 4.25 percent notes due October 2034, $8 million aggregate principal amount of 5.25 percent notes due November 2041 and $12 million aggregate principal amount of 4.375 percent notes due November 2042. As a result of the redemption, the Company recognized a pretax gain on the early extinguishment of debt of $5 million, included in "Sundry income (expense) - net" in the consolidated statements of income and related to Corporate.

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In the first six months of 2024, the Company issued an aggregate principal amount of $24 million of InterNotes®. The Company also issued $122 million of foreign currency loans. Additionally, the Company repaid $69 million of long-term debt.

While taking into consideration the current economic environment, management expects that the Company will continue to have sufficient liquidity and financial flexibility to meet all of its business obligations.

Credit Ratings
At June 30, 2024, TDCC's credit ratings were as follows:

Credit RatingsLong-Term Rating Short-Term RatingOutlook
Fitch RatingsBBB+F1Stable
Moody’s RatingsBaa1P-2Stable
Standard & Poor’sBBBA-2Stable

On January 19, 2024, Moody's Ratings affirmed TDCC's Baa1 and P-2 rating, and affirmed its outlook of stable. On July 1, 2024, Fitch Ratings affirmed TDCC's BBB+ and F1 rating, and affirmed its outlook of stable. On July 1, 2024, Standard & Poor's also affirmed TDCC's BBB and A-2 rating, and affirmed its outlook of stable. These credit agencies' decisions were made as part of their annual review process and reflect the Company's supportive financial policies, scale, liquidity and cost-advantaged footprint.

Dividends
Dow Inc.
Dow Inc. has paid dividends on a quarterly basis since the separation from DowDuPont and expects to continue to do so, subject to approval by the Dow Inc. Board. Dividends declared by the Board align to the Company's strategy announced in 2018 of returning approximately 45 percent of Operating Net Income to shareholders through dividends and total shareholder remuneration of approximately 65 percent, when including share repurchases, over the economic cycle. The Company defines Operating Net Income, a non-GAAP measure, as "Net income available for Dow Inc. common stockholders," excluding the impact of significant items. The following table summarizes dividends declared and paid to common stockholders of record in 2024:

Dow Inc. Dividends Declared and Paid
Declaration DateRecord DatePayment DateAmount (per share)
February 15, 2024February 29, 2024March 8, 2024$0.70 
April 11, 2024May 31, 2024June 14, 2024$0.70 

TDCC
TDCC has committed to fund Dow Inc.'s dividends paid to common stockholders and share repurchases, as approved by the Dow Inc. Board, as well as certain governance expenses. Funding is accomplished through intercompany loans. TDCC's Board reviews and determines a dividend distribution to Dow Inc. to settle the intercompany loans. For the three months ended June 30, 2024, TDCC declared and paid a dividend of $686 million to Dow Inc. ($1,477 million of dividend declared and $1,384 of dividend paid to Dow Inc. for the six months ended June 30, 2024). At June 30, 2024, TDCC's intercompany loan balance with Dow Inc. was insignificant.

Share Repurchase Program
On April 13, 2022, the Dow Inc. Board approved a share repurchase program authorizing up to $3 billion for the repurchase of the Company's common stock, with no expiration date. The Company repurchased $200 million of its common stock in the second quarter of 2024 ($400 million in the first six months of 2024). At June 30, 2024, approximately $1,025 million of the share repurchase program authorization remained available for repurchases. As previously announced, the Company intends to repurchase shares at a minimum to cover dilution over the cycle. The Company may from time to time expand its share repurchases beyond dilution, based on a number of factors including macroeconomic conditions, free cash flow generation, and the Dow share price. Any share repurchases, when coupled with the Company's dividends, are intended to implement the long-term strategy of targeting shareholder remuneration of approximately 65 percent over the economic cycle.

51
Pension Plans
The Company has both funded and unfunded defined benefit pension plans that cover employees in the United States and a number of other countries. The Company's funding policy is to contribute to funded plans when pension laws and/or economics either require or encourage funding. In the second quarter of 2024, the Company received a pension asset reversion of approximately $70 million (approximately $90 million in the second quarter of 2023) for a portion of the excess funding of one of its plans in Europe. These plan asset reversions are included in "Other assets and liabilities, net" in the consolidated statements of cash flows.

As announced in 2021, all U.S. pension plans were frozen for substantially all employees who participated in the U.S. defined benefit pension programs effective December 31, 2023. In the fourth quarter of 2023, the Company spun off a portion of each of the Company’s two existing tax-qualified U.S defined benefit pension plans into two new tax-qualified pension plans, which includes the tax-qualified benefit obligations for substantially all employees hired after January 1, 2008. These employees earned benefits based on a set percentage of annual pay, plus interest, and the spin of these plans provide the Company the ability to separately manage the assets and obligations of these plans with like benefits. In the second quarter of 2024, as part of its ongoing pension de-risking initiatives, the Company initiated the termination of the two new tax-qualified pension plans. As part of the plan termination process, the Company will offer participants of these plans annuity or lump sum distribution options. Final asset distributions are expected to be paid from plan assets in the fourth quarter of 2025, with minimal additional funding, if any, required from the Company, and are anticipated to result in pension settlement charges, with the amounts dependent on various factors, including interest rates, plan asset returns, annuity pricing and participant distribution elections.

See Note 16 to the Consolidated Financial Statements, and Note 18 to the Consolidated Financial Statements included in the 2023 10-K for additional information related to the Company's pension plans.

Restructuring
The actions related to the 2023 Restructuring Program are expected to result in additional cash expenditures of $61 million, primarily through 2024, and consist of severance and related benefit costs. Restructuring implementation costs, primarily decommissioning and demolition activities related to asset actions, and costs associated with the Company's productivity and efficiency actions, are expected to result in additional cash expenditures of approximately $186 million, primarily through 2024. Restructuring implementation and efficiency costs totaled $56 million and $102 million for the three and six months ended June 30, 2024, respectively.

The Company expects to incur additional costs in the future related to its restructuring activities, which will be recognized as incurred. The Company also expects to incur additional employee-related costs, including involuntary termination benefits related to its other optimization activities. These costs cannot be reasonably estimated at this time. See Note 5 to the Consolidated Financial Statements for additional information on the Company's restructuring activities.

Contractual Obligations
Information related to the Company’s contractual obligations, commercial commitments and expected cash requirements for interest can be found in Notes 13, 14, 15 and 18 to the Consolidated Financial Statements included in the 2023 10-K. With the exception of the items noted below, there have been no material changes in the Company’s contractual obligations since December 31, 2023.

Contractual Obligations at Jun 30, 2024
Payments Due In
In millions20242025-20262027-20282029 and beyondTotal
Dow Inc.
Long-term debt obligations 1
$64 $649 $1,931 $13,864 $16,508 
Expected cash requirements for interest 2
403 1,508 1,444 9,220 12,575 
Purchase obligations 3
1,838 2,983 2,221 5,341 12,383 
Total$2,305 $5,140 $5,596 $28,425 $41,466 
1.Excludes unamortized debt discount and issuance costs of $254 million. Includes finance lease obligations of $969 million.
2.Cash requirements for interest on long-term debt was calculated using current interest rates at June 30, 2024, and includes $109 million of various floating rate notes.
3.Includes outstanding purchase orders and other commitments greater than $1 million obtained through a survey conducted within the Company.
52
Fair Value Measurements
See Note 19 to the Consolidated Financial Statements for information concerning fair value measurements.


OTHER MATTERS
Critical Accounting Estimates
The preparation of financial statements and related disclosures in accordance with accounting principles generally accepted in the United States of America requires management to make judgments, assumptions and estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. Note 1 to the Consolidated Financial Statements included in the 2023 10-K describes the significant accounting policies and methods used in the preparation of the consolidated financial statements. The Company’s critical accounting policies that are impacted by judgments, assumptions and estimates are described in Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the 2023 10-K. Since December 31, 2023, there have been no material changes in the Company’s accounting policies that are impacted by judgments, assumptions and estimates.

Asbestos-Related Matters of Union Carbide Corporation
Union Carbide is and has been involved in a large number of asbestos-related suits filed primarily in state courts during the past four decades. These suits principally allege personal injury resulting from exposure to asbestos‑containing products and frequently seek both actual and punitive damages. The alleged claims primarily relate to products that Union Carbide sold in the past, alleged exposure to asbestos-containing products located on Union Carbide’s premises, and Union Carbide’s responsibility for asbestos suits filed against a former Union Carbide subsidiary, Amchem Products, Inc. (“Amchem”). In many cases, plaintiffs are unable to demonstrate that they have suffered any compensable loss as a result of such exposure, or that injuries incurred in fact resulted from exposure to Union Carbide’s products.

The table below provides information regarding asbestos-related claims pending against Union Carbide and Amchem based on criteria developed by Union Carbide and its external consultants:

Asbestos-Related Claim Activity20242023
Claims unresolved at Jan 16,367 6,873 
Claims filed2,182 1,911 
Claims settled, dismissed or otherwise resolved(2,370)(1,622)
Claims unresolved at Jun 306,179 7,162 
Claimants with claims against both Union Carbide and Amchem(1,016)(1,457)
Individual claimants at Jun 305,163 5,705 

Plaintiffs’ lawyers often sue numerous defendants in individual lawsuits or on behalf of numerous claimants. As a result, the damages alleged are not expressly identified as to Union Carbide, Amchem or any other particular defendant, even when specific damages are alleged with respect to a specific disease or injury. For these reasons and based upon Union Carbide’s litigation and settlement experience, Union Carbide does not consider the damages alleged against Union Carbide and Amchem to be a meaningful factor in its determination of any potential asbestos-related liability.

For additional information, see Asbestos-Related Matters of Union Carbide Corporation in Note 12 to the Consolidated Financial Statements; Part II, Item 1. Legal Proceedings; and Note 14 to the Consolidated Financial Statements included in the 2023 10-K.


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
See Note 18 to the Consolidated Financial Statements and Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk in the combined Dow Inc. and TDCC Annual Report on Form 10-K for the year ended December 31, 2023, for information on the Company's utilization of financial instruments and an analysis of the sensitivity of these instruments.

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ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
As of the end of the period covered by this Quarterly Report on Form 10-Q, Dow Inc. and The Dow Chemical Company (the "Companies") carried out an evaluation, under the supervision and with the participation of the Companies' Disclosure Committee and the Companies' management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of the Companies' disclosure controls and procedures pursuant to paragraph (b) of Exchange Act Rules 13a-15 and 15d-15. Based upon that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the Companies' disclosure controls and procedures were effective.

Changes in Internal Control Over Financial Reporting
There were no changes in the Companies' internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 and 15d-15 that was conducted during the quarter ended June 30, 2024, that have materially affected, or are reasonably likely to materially affect, the Companies' internal control over financial reporting.
54
Dow Inc. and Subsidiaries
The Dow Chemical Company and Subsidiaries
PART II – OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Asbestos-Related Matters of Union Carbide Corporation
No material developments regarding this matter occurred in the first six months of 2024. For a current status of this matter, see Note 12 to the Consolidated Financial Statements.

Environmental Proceedings
On December 16, 2022, the U.S. Department of Justice filed a complaint and proposed consent decree on behalf of the U.S. Environmental Protection Agency ("EPA") relating to environmental contamination at the Lower Passaic River Study Area Superfund Site in New Jersey. The EPA filed an amended complaint and proposed consent decree on January 17, 2024. The proposed consent decree includes a requirement that 85 settling defendants, including the Company’s Essex Chemical Corporation subsidiary ("Essex"), make a collective payment of $150 million for the EPA’s past and anticipated future response costs, with Essex's share of the group settlement costs being $1.15 million. On January 31, 2024, the EPA filed a motion for approval and entry of the consent decree.


ITEM 1A. RISK FACTORS
Since December 31, 2023, there have been no material changes to the Company's Risk Factors.


ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuer Purchases of Equity Securities
The following table provides information regarding purchases of Dow Inc. common stock by the Company during the three months ended June 30, 2024:

Issuer Purchases of Equity SecuritiesTotal number of shares purchased as part of the Company's publicly announced share repurchase program
Approximate dollar value of shares that may yet be purchased under the Company's publicly announced share repurchase program 1
(In millions)
PeriodTotal number of shares purchasedAverage price paid per share
April 2024— $— — $1,225 
May 20242,369,876 $58.19 2,369,876 $1,087 
June 20241,110,570 $55.92 1,110,570 $1,025 
Second quarter 20243,480,446 $57.46 3,480,446 $1,025 
1.On April 13, 2022, the Dow Inc. Board approved a share repurchase program authorizing up to $3.0 billion for the repurchase of the Company's common stock, with no expiration date.


ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.


ITEM 5. OTHER INFORMATION
Not applicable.


55
Table of Contents
ITEM 6. EXHIBITS
EXHIBIT NO.DESCRIPTION
4.3Dow Inc. agrees to provide the SEC, on request, copies of all other such indentures and instruments that define the rights of holders of long-term debt of Dow Inc. and its consolidated subsidiaries, including The Dow Chemical Company, pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K.
23 *
Ankura Consulting Group, LLC's Consent.
31.1 *
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2 *
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1 *
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2 *
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INSThe instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Schema Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
104Cover Page Interactive Data File. The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

* Filed herewith


TRADEMARK LISTING

The following registered trademark of InspereX Holdings LLC appears in this report: InterNotes®




















® ™ Trademark of The Dow Chemical Company ("Dow") or an affiliated company of Dow, except as otherwise specified.
56
Dow Inc. and Subsidiaries
The Dow Chemical Company and Subsidiaries
Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

DOW INC.
THE DOW CHEMICAL COMPANY

Date: July 26, 2024


/s/ ANDREA L. DOMINOWSKI
Andrea L. Dominowski
Controller and Vice President of Controllers
(Authorized Signatory and
Principal Accounting Officer)
57

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