10-Q 1 dow-20220930.htm 10-Q dow-20220930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________to__________

dow-20220930_g1.jpg

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


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

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

Dow Inc.YesNoThe Dow Chemical CompanyYesNo

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

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Dow Inc.
The Dow Chemical Company

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

Dow Inc.YesNoThe Dow Chemical CompanyYesNo

Dow Inc. had 703,759,269 shares of common stock, $0.01 par value, outstanding at September 30, 2022. The Dow Chemical Company had 100 shares of common stock, $0.01 par value, outstanding at September 30, 2022, all of which were held by the registrant’s parent, Dow Inc.

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

Dow Inc. and Subsidiaries
The Dow Chemical Company and Subsidiaries
QUARTERLY REPORT ON FORM 10-Q
For the quarterly period ended September 30, 2022
TABLE OF CONTENTS
  PAGE
Item 1.
Dow Inc. and Subsidiaries:
The Dow Chemical Company and Subsidiaries:
Dow Inc. and Subsidiaries and The Dow Chemical Company and Subsidiaries:
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 4.
Item 5.
Item 6.

3

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

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

Forward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties and other factors that are beyond Dow’s control, which may cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements and speak only as of the date the statements were made. These factors include, but are not limited to: sales of Dow’s products; Dow’s expenses, future revenues and profitability; the continuing global and regional economic impacts of the coronavirus disease 2019 (“COVID-19”) pandemic and other public health-related risks and events on Dow’s business; any sanction, export restrictions, supply chain disruptions or increased economic uncertainty related to the ongoing conflict between Russia and Ukraine; capital requirements and need for and availability of financing; unexpected barriers in the development of technology, including with respect to Dow's contemplated capital and operating projects; Dow's ability to realize its commitment to carbon neutrality on the contemplated timeframe; size of the markets for Dow’s products and services and ability to compete in such markets; failure to develop and market new products and optimally manage product life cycles; the rate and degree of market acceptance of Dow’s products; significant litigation and environmental matters and related contingencies and unexpected expenses; the success of competing technologies that are or may become available; the ability to protect Dow’s intellectual property in the United States and abroad; developments related to contemplated restructuring activities and proposed divestitures or acquisitions such as workforce reduction, manufacturing facility and/or asset closure and related exit and disposal activities, and the benefits and costs associated with each of the foregoing; fluctuations in energy and raw material prices; management of process safety and product stewardship; changes in relationships with Dow’s significant customers and suppliers; changes in consumer preferences and demand; changes in laws and regulations, political conditions or industry development; global economic and capital markets conditions, such as inflation, market uncertainty, interest and currency exchange rates, and equity and commodity prices; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war including the ongoing conflict between Russia and Ukraine; weather events and natural disasters; disruptions in Dow’s information technology networks and systems; and risks related to Dow’s separation from DowDuPont Inc. such as Dow’s obligation to indemnify DuPont de Nemours, Inc. and/or Corteva, Inc. for certain liabilities.

Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled “Risk Factors” contained in Part II, Item 1A of this Quarterly Report on Form 10-Q and in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. 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 and TDCC assume no obligation to update or revise publicly any forward-looking statements whether because of new information, future events, or otherwise, except as required by securities and other applicable laws.
4

PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

Dow Inc. and Subsidiaries
Consolidated Statements of Income
 
Three Months EndedNine Months Ended
In millions, except per share amounts (Unaudited)Sep 30,
2022
Sep 30,
2021
Sep 30,
2022
Sep 30,
2021
Net sales$14,115 $14,837 $45,043 $40,604 
Cost of sales12,381 11,611 37,682 32,413 
Research and development expenses191 210 626 632 
Selling, general and administrative expenses356 403 1,289 1,209 
Amortization of intangibles83 100 256 301 
Restructuring and asset related charges - net  186 22 
Equity in earnings (losses) of nonconsolidated affiliates(58)249 311 751 
Sundry income (expense) - net69 (350)292 (225)
Interest income41 14 105 35 
Interest expense and amortization of debt discount155 178 487 561 
Income before income taxes1,001 2,248 5,225 6,027 
Provision for income taxes241 542 1,232 1,383 
Net income760 1,706 3,993 4,644 
Net income attributable to noncontrolling interests21 23 24 69 
Net income available for Dow Inc. common stockholders$739 $1,683 $3,969 $4,575 
Per common share data:
Earnings per common share - basic$1.03 $2.25 $5.45 $6.11 
Earnings per common share - diluted$1.02 $2.23 $5.41 $6.06 
Weighted-average common shares outstanding - basic714.3 744.5 724.9 745.4 
Weighted-average common shares outstanding - diluted718.1 750.0 729.8 750.9 
Depreciation$482 $517 $1,459 $1,550 
Capital expenditures$452 $413 $1,224 $1,035 
See Notes to the Consolidated Financial Statements.

5

Dow Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
 
 Three Months EndedNine Months Ended
In millions (Unaudited)Sep 30,
2022
Sep 30,
2021
Sep 30,
2022
Sep 30,
2021
Net income$760 $1,706 $3,993 $4,644 
Other comprehensive income (loss), net of tax
Unrealized losses on investments(122)(13)(371)(45)
Cumulative translation adjustments(403)(157)(1,081)(345)
Pension and other postretirement benefit plans125 149 356 1,432 
Derivative instruments22 32 491 148 
Total other comprehensive income (loss)(378)11 (605)1,190 
Comprehensive income382 1,717 3,388 5,834 
Comprehensive income attributable to noncontrolling interests, net of tax21 23 24 69 
Comprehensive income attributable to Dow Inc.$361 $1,694 $3,364 $5,765 
See Notes to the Consolidated Financial Statements.

6

Dow Inc. and Subsidiaries
Consolidated Balance Sheets

In millions, except share amounts (Unaudited)
Sep 30,
2022
Dec 31,
2021
Assets
Current Assets
Cash and cash equivalents$2,216 $2,988 
Accounts and notes receivable:
Trade (net of allowance for doubtful receivables - 2022: $212; 2021: $54)
6,407 6,841 
Other2,123 2,713 
Inventories7,571 7,372 
Other current assets1,460 934 
Total current assets19,777 20,848 
Investments
Investment in nonconsolidated affiliates1,785 2,045 
Other investments (investments carried at fair value - 2022: $1,685; 2021: $2,079)
2,732 3,193 
Noncurrent receivables499 478 
Total investments5,016 5,716 
Property
Property56,931 57,604 
Less: Accumulated depreciation36,899 37,049 
Net property20,032 20,555 
Other Assets
Goodwill8,524 8,764 
Other intangible assets (net of accumulated amortization - 2022: $4,888; 2021: $4,725)
2,483 2,881 
Operating lease right-of-use assets1,231 1,412 
Deferred income tax assets1,136 1,358 
Deferred charges and other assets1,358 1,456 
Total other assets14,732 15,871 
Total Assets$59,557 $62,990 
Liabilities and Equity
Current Liabilities
Notes payable$185 $161 
Long-term debt due within one year364 231 
Accounts payable:
Trade5,008 5,577 
Other2,599 2,839 
Operating lease liabilities - current277 314 
Income taxes payable579 623 
Accrued and other current liabilities3,303 3,481 
Total current liabilities12,315 13,226 
Long-Term Debt12,921 14,280 
Other Noncurrent Liabilities
Deferred income tax liabilities716 506 
Pension and other postretirement benefits - noncurrent6,541 7,557 
Asbestos-related liabilities - noncurrent868 931 
Operating lease liabilities - noncurrent1,012 1,149 
Other noncurrent obligations6,555 6,602 
Total other noncurrent liabilities15,692 16,745 
Stockholders’ Equity
Common stock (authorized 5,000,000,000 shares of $0.01 par value each;
issued 2022: 768,611,564 shares; 2021: 764,226,882 shares)
8 8 
Additional paid-in capital8,396 8,151 
Retained earnings23,068 20,623 
Accumulated other comprehensive loss(9,582)(8,977)
Unearned ESOP shares (15)
Treasury stock at cost (2022: 64,852,295 shares; 2021: 29,011,573 shares)
(3,773)(1,625)
Dow Inc.’s stockholders’ equity18,117 18,165 
Noncontrolling interests512 574 
Total equity18,629 18,739 
Total Liabilities and Equity$59,557 $62,990 
See Notes to the Consolidated Financial Statements.
7

Dow Inc. and Subsidiaries
Consolidated Statements of Cash Flows
 
In millions (Unaudited)Nine Months Ended
Sep 30,
2022
Sep 30,
2021
Operating Activities
Net income$3,993 $4,644 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization2,104 2,187 
Provision for deferred income tax124 488 
Earnings of nonconsolidated affiliates less than (in excess of) dividends received517 (519)
Net periodic pension benefit cost19 34 
Pension contributions(156)(1,166)
Net gain on sales of assets, businesses and investments(11)(67)
Restructuring and asset related charges - net186 22 
Other net loss159 874 
Changes in assets and liabilities, net of effects of acquired and divested companies:
Accounts and notes receivable323 (2,222)
Inventories(254)(1,502)
Accounts payable(860)1,487 
Other assets and liabilities, net(736)252 
Cash provided by operating activities - continuing operations5,408 4,512 
Cash used for operating activities - discontinued operations(11)(78)
Cash provided by operating activities5,397 4,434 
Investing Activities
Capital expenditures(1,224)(1,035)
Investment in gas field developments(134)(44)
Purchases of previously leased assets(5)(5)
Proceeds from sales of property and businesses, net of cash divested16 15 
Acquisitions of property and businesses, net of cash acquired(54)(107)
Investments in and loans to nonconsolidated affiliates(69) 
Distributions and loan repayments from nonconsolidated affiliates10 11 
Proceeds from sales of ownership interests in nonconsolidated affiliates11  
Purchases of investments(445)(1,004)
Proceeds from sales and maturities of investments596 644 
Other investing activities, net(41)(10)
Cash used for investing activities(1,339)(1,535)
Financing Activities
Changes in short-term notes payable72 (44)
Proceeds from issuance of short-term debt greater than three months 144 
Payments on short-term debt greater than three months(14) 
Proceeds from issuance of long-term debt82 95 
Payments on long-term debt(957)(2,638)
Purchases of treasury stock(2,200)(600)
Proceeds from issuance of stock99 212 
Transaction financing, debt issuance and other costs(8)(536)
Employee taxes paid for share-based payment arrangements(34)(11)
Distributions to noncontrolling interests(42)(35)
Dividends paid to stockholders(1,511)(1,561)
Cash used for financing activities(4,513)(4,974)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(261)(57)
Summary
Decrease in cash, cash equivalents and restricted cash(716)(2,132)
Cash, cash equivalents and restricted cash at beginning of period3,033 5,108 
Cash, cash equivalents and restricted cash at end of period$2,317 $2,976 
Less: Restricted cash and cash equivalents, included in "Other current assets"101 65 
Cash and cash equivalents at end of period$2,216 $2,911 
See Notes to the Consolidated Financial Statements.
8

Dow Inc. and Subsidiaries
Consolidated Statements of Equity
 
 Three Months EndedNine Months Ended
In millions, except per share amounts (Unaudited)Sep 30,
2022
Sep 30,
2021
Sep 30,
2022
Sep 30,
2021
Common Stock
Balance at beginning and end of period$8 $8 $8 $8 
Additional Paid-in Capital
Balance at beginning of period8,343 7,898 8,151 7,595 
Common stock issued/sold2 11 99 211 
Stock-based compensation and allocation of ESOP shares79 79 198 182 
Treasury stock issuances - compensation and benefit plans(28) (52) 
Balance at end of period8,396 7,988 8,396 7,988 
Retained Earnings
Balance at beginning of period22,827 18,200 20,623 16,361 
Net income available for Dow Inc. common stockholders739 1,683 3,969 4,575 
Dividends to stockholders(493)(518)(1,511)(1,561)
Other(5)(8)(13)(18)
Balance at end of period23,068 19,357 23,068 19,357 
Accumulated Other Comprehensive Loss
Balance at beginning of period(9,204)(9,676)(8,977)(10,855)
Other comprehensive income (loss)(378)11 (605)1,190 
Balance at end of period(9,582)(9,665)(9,582)(9,665)
Unearned ESOP Shares
Balance at beginning of period (32)(15)(49)
Allocation of ESOP shares 8 15 25 
Balance at end of period (24) (24)
Treasury Stock
Balance at beginning of period(3,001)(825)(1,625)(625)
Treasury stock purchases(800)(400)(2,200)(600)
Treasury stock issuances - compensation and benefit plans28  52  
Balance at end of period(3,773)(1,225)(3,773)(1,225)
Dow Inc.'s stockholders' equity18,117 16,439 18,117 16,439 
Noncontrolling Interests512