Company Quick10K Filing
Dow Chemical
Price1.00 EPS-4,633,000,000
Shares-0 P/E-0
MCap-0 P/FCF-0
Net Debt17,505 EBIT5,719
TEV17,505 TEV/EBIT3
TTM 2018-12-31, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-24
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-02-07
10-Q 2019-09-30 Filed 2019-10-25
10-Q 2019-06-30 Filed 2019-07-25
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-02-11
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-15
10-Q 2017-09-30 Filed 2017-11-06
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-09
10-Q 2016-09-30 Filed 2016-10-27
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-02-12
10-Q 2015-09-30 Filed 2015-10-27
10-Q 2015-06-30 Filed 2015-07-29
10-Q 2015-03-31 Filed 2015-05-04
10-K 2014-12-31 Filed 2015-02-13
10-Q 2014-09-30 Filed 2014-10-28
10-Q 2014-06-30 Filed 2014-07-29
10-Q 2014-03-31 Filed 2014-04-29
10-K 2013-12-31 Filed 2014-02-14
10-Q 2013-09-30 Filed 2013-10-29
10-Q 2013-06-30 Filed 2013-07-30
10-Q 2013-03-31 Filed 2013-04-30
10-K 2012-12-31 Filed 2013-02-15
10-Q 2012-09-30 Filed 2012-10-30
10-Q 2012-03-31 Filed 2012-05-02
10-K 2011-12-31 Filed 2012-02-15
10-Q 2011-09-30 Filed 2011-11-01
10-Q 2011-06-30 Filed 2011-08-03
10-Q 2011-03-31 Filed 2011-05-04
10-K 2010-12-31 Filed 2011-02-18
10-Q 2010-09-30 Filed 2010-11-03
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-05-04
10-K 2009-12-31 Filed 2010-02-19
8-K 2020-08-26 Regulation FD, Other Events, Exhibits
8-K 2020-08-17 Other Events, Exhibits
8-K 2020-08-17 Regulation FD, Exhibits
8-K 2020-05-12
8-K 2020-02-18
8-K 2019-10-11
8-K 2019-09-23
8-K 2019-08-05
8-K 2019-07-25
8-K 2019-06-03
8-K 2019-05-20
8-K 2019-05-20
8-K 2019-05-02
8-K 2019-04-01
8-K 2019-03-08
8-K 2018-11-30
8-K 2018-11-30
8-K 2018-11-28

DOW 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Consolidated Financial Statements
Note 2 - Recent Accounting Guidance
Note 3 - Separation From Dowdupont
Note 4 - Revenue
Note 5 - Restructuring and Asset Related Charges - Net
Note 6 - Supplementary Information
Note 7 - Earnings per Share Calculations
Note 8 - Inventories
Note 9 - Nonconsolidated Affiliates
Note 10 - Goodwill and Other Intangible Assets
Note 11 - Notes Payable, Long - Term Debt and Available Credit Facilities
Note 12 - Commitments and Contingent Liabilities
Note 13 - Leases
Note 14 - Accumulated Other Comprehensive Loss
Note 15 - Noncontrolling Interests
Note 16 - Pension and Other Postretirement Benefit Plans
Note 17 - Stock - Based Compensation
Note 18 - Financial Instruments
Note 19 - Fair Value Measurements
Note 20 - Variable Interest Entities
Note 21 - Related Party Transactions
Note 22 - Segments and Geographic Regions
Note 23 - Subsequent Event
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-23 dowinc-q2x6302020ex23.htm
EX-31.1 dowinc-q2x6302020ex311.htm
EX-31.2 dowinc-q2x6302020ex312.htm
EX-32.1 dowinc-q2x6302020ex321.htm
EX-32.2 dowinc-q2x6302020ex322.htm

Dow Chemical Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
856851341702012201420172020
Assets, Equity
20151162-22012201420172020
Rev, G Profit, Net Income
3.82.71.50.4-0.8-1.92012201420172020
Ops, Inv, Fin

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Table of Contents
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, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________to__________

dow-20200630_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
þAccelerated
filer
¨Non-accelerated filer¨Smaller reporting company¨Emerging growth company ¨
The Dow Chemical CompanyLarge accelerated filer ¨Accelerated
filer
¨
Non-accelerated filer
þSmaller reporting company ¨Emerging growth company¨
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 Company¨YesNo
Dow Inc. had 741,121,450 shares of common stock, $0.01 par value, outstanding at June 30, 2020. The Dow Chemical Company had 100 shares of common stock, $0.01 par value, outstanding at June 30, 2020, all of which were held by the registrant’s parent, Dow Inc.
1

Table of Contents
Dow Inc. and Subsidiaries
The Dow Chemical Company and Subsidiaries
QUARTERLY REPORT ON FORM 10-Q
For the quarterly period ended June 30, 2020
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.

2

Table of Contents

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"). This Quarterly Report on Form 10-Q reflects the results of Dow and its consolidated subsidiaries, after giving effect to the distribution to DowDuPont Inc. (“DowDuPont” and effective June 3, 2019, n/k/a DuPont de Nemours, Inc. or "DuPont") of TDCC’s agricultural sciences business (“AgCo”) and specialty products business (“SpecCo”) and the receipt of E. I. du Pont de Nemours and Company and its consolidated subsidiaries' (“Historical DuPont”) ethylene and ethylene copolymers business (other than its ethylene acrylic elastomers business) ("ECP"). The U.S. GAAP consolidated financial results of Dow Inc. and TDCC reflect the distribution of AgCo and SpecCo as discontinued operations for the applicable periods presented as well as the receipt of ECP as a common control transaction from the closing of the merger with Historical DuPont on August 31, 2017. In addition, following the separation from DowDuPont, the Company changed the manner in which its business activities were managed. The Company's portfolio now includes six global businesses which are organized into the following operating segments: Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure and Performance Materials & Coatings. Corporate contains the reconciliation between the totals for the operating segments and the Company's totals. 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. 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.

Background
On April 1, 2019, DowDuPont completed the separation of its materials science business and Dow Inc. became the direct parent company of TDCC, owning all of the outstanding common shares of TDCC. For filings related to the period commencing April 1, 2019 and thereafter, TDCC was deemed the predecessor to Dow Inc., and the historical results of TDCC are deemed the historical results of Dow Inc. for periods prior to and including March 31, 2019.

The separation was contemplated by the merger of equals transaction effective August 31, 2017, under the Agreement and Plan of Merger, dated as of December 11, 2015, as amended on March 31, 2017. TDCC and Historical DuPont each merged with subsidiaries of DowDuPont and, as a result, TDCC and Historical DuPont became subsidiaries of DowDuPont (the “Merger”). Subsequent to the Merger, TDCC and Historical DuPont engaged in a series of internal reorganization and realignment steps to realign their businesses into three subgroups: agriculture, materials science and specialty products. Dow Inc. was formed as a wholly owned subsidiary of DowDuPont to serve as the holding company for the materials science business.

FORWARD-LOOKING STATEMENTS
This report contains “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. In this context, forward-looking statements often address expected future business and financial performance, financial condition, and other matters, and often contain words 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. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements.

Forward-looking statements include, but are not limited to: expectations as to future sales of Dow’s products; the ability to protect Dow’s intellectual property in the United States and abroad; estimates regarding Dow’s capital requirements and need for and availability of financing; estimates of Dow’s expenses, future revenues and profitability; estimates of the size of the markets for Dow’s products and services and Dow’s ability to compete in such markets; expectations related to the rate and degree of market acceptance of Dow’s products; the outcome of certain Dow contingencies, such as litigation and environmental matters; estimates of the success of competing technologies that may become available; the continuing global and regional economic impacts of the coronavirus disease 2019 ("COVID-19") pandemic and crude oil supply and price volatility; estimates regarding benefits achieved through contemplated restructuring activities, such as workforce reduction and exit and disposal activities; and expectations regarding the benefits and costs associated with each of the foregoing.


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Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Forward-looking statements are based on certain assumptions and expectations of future events which may not be realized and speak only as of the date the statements were made. In addition, forward-looking statements also involve risks, uncertainties and other factors that are beyond Dow’s control that could cause Dow’s actual results to differ materially from those projected, anticipated or implied in the forward-looking statements. These factors include, but are not limited to: fluctuations in energy and raw material prices; failure to develop and market new products and optimally manage product life cycles; significant litigation and environmental matters; failure to appropriately manage process safety and product stewardship issues; changes in laws and regulations or political conditions; 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; weather events and natural disasters; ability to protect, defend and enforce Dow’s intellectual property rights; increased competition; changes in relationships with Dow’s significant customers and suppliers; unanticipated expenses such as litigation or legal settlement expenses; unanticipated business disruptions; Dow’s ability to predict, identify and interpret changes in consumer preferences and demand; Dow’s ability to complete proposed divestitures or acquisitions; Dow’s ability to realize the expected benefits of acquisitions if they are completed; the availability of financing to Dow in the future and the terms and conditions of such financing; disruptions in Dow’s information technology networks and systems; the continuing risks related to the COVID-19 pandemic and crude oil supply and price volatility; and Dow's ability to realize the expected benefits of restructuring activities if they are approved and completed. Additionally, 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.

Risks related to achieving the anticipated benefits of Dow's separation from DowDuPont include, but are not limited to, a number of conditions outside the control of Dow, including risks related to: (i) Dow's inability to achieve some or all of the benefits that it expects to receive from the separation from DowDuPont; (ii) certain tax risks associated with the separation; (iii) the failure of Dow's pro forma financial information to be a reliable indicator of Dow's future results; (iv) Dow's inability to receive third-party consents required under the separation agreement; (v) non-compete restrictions under the separation agreement; (vi) receipt of less favorable terms in the commercial agreements Dow entered into with DuPont and Corteva, Inc. ("Corteva"), including restrictions under intellectual property cross-license agreements, than Dow would have received from an unaffiliated third party; and (vii) Dow's obligation to indemnify DuPont and/or Corteva 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. For a more detailed discussion of Dow’s risks and uncertainties, see the section titled “Risk Factors” contained in Part II, Item 1A of this Quarterly Report on Form 10-Q and Part I, Item 1A of the combined Dow Inc. and TDCC Annual Report on Form 10-K for the fiscal year ended December 31, 2019. 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.

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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,
2020
Jun 30,
2019
Jun 30,
2020
Jun 30,
2019
Net sales$8,354  $11,014  $18,124  $21,983  
Cost of sales7,610  9,420  15,840  18,562  
Research and development expenses182  208  361  398  
Selling, general and administrative expenses357  422  691  870  
Amortization of intangibles100  104  200  220  
Restructuring and asset related charges - net6  65  102  221  
Integration and separation costs46  348  111  800  
Equity in losses of nonconsolidated affiliates(95) (15) (184) (29) 
Sundry income (expense) - net53  (1) (28) 68  
Interest income6  21  21  39  
Interest expense and amortization of debt discount200  237  415  478  
Income (loss) from continuing operations before income taxes(183) 215  213  512  
Provision for income taxes on continuing operations34  125  172  266  
Income (loss) from continuing operations, net of tax(217) 90  41  246  
Income from discontinued operations, net of tax      445  
Net income (loss)(217) 90  41  691  
Net income attributable to noncontrolling interests8  15  27  60  
Net income (loss) available for Dow Inc. common stockholders
$(225) $75  $14  $631  
Per common share data:
Earnings (loss) per common share from continuing operations - basic$(0.31) $0.10  $0.01  $0.26  
Earnings per common share from discontinued operations - basic      0.58  
Earnings (loss) per common share - basic$(0.31) $0.10  $0.01  $0.84  
Earnings (loss) per common share from continuing operations - diluted$(0.31) $0.10  $0.01  $0.26  
Earnings per common share from discontinued operations - diluted      0.58  
Earnings (loss) per common share - diluted$(0.31) $0.10  $0.01  $0.84  
Weighted-average common shares outstanding - basic739.3  742.8  739.7  745.0  
Weighted-average common shares outstanding - diluted739.3  747.9  741.0  747.6  
Depreciation$517  $538  $1,032  $1,081  
Capital expenditures$273  $470  $668  $912  
See Notes to the Consolidated Financial Statements.

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Dow Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
 
 Three Months EndedSix Months Ended
In millions (Unaudited)Jun 30,
2020
Jun 30,
2019
Jun 30,
2020
Jun 30,
2019
Net income (loss)$(217) $90  $41  $691  
Other comprehensive income (loss), net of tax
Unrealized gains (losses) on investments76  33  (24) 100  
Cumulative translation adjustments63  67  (100) 36  
Pension and other postretirement benefit plans141  106  283  247  
Derivative instruments24  (204) (138) (279) 
Total other comprehensive income304  2  21  104  
Comprehensive income87  92  62  795  
Comprehensive income attributable to noncontrolling interests, net of tax
8  21  27  72  
Comprehensive income attributable to Dow Inc.
$79  $71  $35  $723  
See Notes to the Consolidated Financial Statements.

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Dow Inc. and Subsidiaries
Consolidated Balance Sheets

In millions, except share amounts (Unaudited)
Jun 30,
2020
Dec 31,
2019
Assets
Current Assets
Cash and cash equivalents (variable interest entities restricted - 2020: $41; 2019: $37)
$3,724  $2,367  
Marketable securities2  21  
Accounts and notes receivable:
Trade (net of allowance for doubtful receivables - 2020: $48; 2019: $45)
4,353  4,844  
Other2,528  2,711  
Inventories5,784  6,214  
Other current assets606  658  
Total current assets