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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, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________to__________

dow-20210930_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 739,614,412 shares of common stock, $0.01 par value, outstanding at September 30, 2021. The Dow Chemical Company had 100 shares of common stock, $0.01 par value, outstanding at September 30, 2021, 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, 2021
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; 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; weather events and natural disasters; and disruptions in Dow’s information technology networks and systems.
Risks related to Dow’s separation from DowDuPont Inc. include, but are not limited to: (i) Dow’s inability to achieve some or all of the benefits that it expects to receive from the separation from DowDuPont Inc.; (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) non-compete restrictions under the separation agreement; (v) receipt of less favorable terms in the commercial agreements Dow entered into with DuPont de Nemours, Inc. ("DuPont") and Corteva, Inc. (“Corteva”), including restrictions under intellectual property cross-license agreements, than Dow would have received from an unaffiliated third party; and (vi) 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. 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 the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. 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 assumes 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,
2021
Sep 30,
2020
Sep 30,
2021
Sep 30,
2020
Net sales$14,837 $9,712 $40,604 $27,836 
Cost of sales11,611 8,371 32,413 24,211 
Research and development expenses210 193 632 554 
Selling, general and administrative expenses403 372 1,209 1,063 
Amortization of intangibles100 100 301 300 
Restructuring and asset related charges - net 617 22 719 
Integration and separation costs 63  174 
Equity in earnings (losses) of nonconsolidated affiliates249 60 751 (124)
Sundry income (expense) - net(350)182 (225)154 
Interest income14 6 35 27 
Interest expense and amortization of debt discount178 202 561 617 
Income before income taxes2,248 42 6,027 255 
Provision for income taxes542 43 1,383 215 
Net income (loss)1,706 (1)4,644 40 
Net income attributable to noncontrolling interests23 24 69 51 
Net income (loss) available for Dow Inc. common stockholders$1,683 $(25)$4,575 $(11)
Per common share data:
Earnings (loss) per common share - basic$2.25 $(0.04)$6.11 $(0.02)
Earnings (loss) per common share - diluted$2.23 $(0.04)$6.06 $(0.02)
Weighted-average common shares outstanding - basic744.5 740.5 745.4 740.0 
Weighted-average common shares outstanding - diluted750.0 740.5 750.9 740.0 
Depreciation$517 $526 $1,550 $1,558 
Capital expenditures$413 $287 $1,035 $955 
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,
2021
Sep 30,
2020
Sep 30,
2021
Sep 30,
2020
Net income (loss)$1,706 $(1)$4,644 $40 
Other comprehensive income (loss), net of tax
Unrealized gains (losses) on investments(13)8 (45)(16)
Cumulative translation adjustments(157)91 (345)(9)
Pension and other postretirement benefit plans149 147 1,432 430 
Derivative instruments32 38 148 (100)
Total other comprehensive income11 284 1,190 305 
Comprehensive income1,717 283 5,834 345 
Comprehensive income attributable to noncontrolling interests, net of tax23 24 69 51 
Comprehensive income attributable to Dow Inc.$1,694 $259 $5,765 $294 
See Notes to the Consolidated Financial Statements.

6

Dow Inc. and Subsidiaries
Consolidated Balance Sheets

In millions, except share amounts (Unaudited)
Sep 30,
2021
Dec 31,
2020
Assets
Current Assets
Cash and cash equivalents (variable interest entities restricted - 2021: $49; 2020: $26)
$2,911 $5,104 
Accounts and notes receivable:
Trade (net of allowance for doubtful receivables - 2021: $59; 2020: $51)
6,844 4,839 
Other2,565 2,551 
Inventories7,111 5,701 
Other current assets962 889 
Total current assets20,393 19,084 
Investments
Investment in nonconsolidated affiliates1,910 1,327 
Other investments (investments carried at fair value - 2021: $1,958; 2020: $1,674)
3,053 2,775 
Noncurrent receivables472 465 
Total investments5,435 4,567 
Property
Property56,522 56,325 
Less: Accumulated depreciation36,874 36,086 
Net property (variable interest entities restricted - 2021: $187; 2020: $232)
19,648 20,239 
Other Assets
Goodwill8,801 8,908 
Other intangible assets (net of accumulated amortization - 2021: $4,747; 2020: $4,428)
2,962 3,352 
Operating lease right-of-use assets1,727 1,856 
Deferred income tax assets1,357 2,215 
Deferred charges and other assets1,426 1,249 
Total other assets16,273 17,580 
Total Assets$61,749 $61,470 
Liabilities and Equity
Current Liabilities
Notes payable$270 $156 
Long-term debt due within one year291 460 
Accounts payable:
Trade4,601 3,763 
Other2,896 2,126 
Operating lease liabilities - current413 416 
Income taxes payable621 397 
Accrued and other current liabilities3,701 3,790 
Total current liabilities12,793 11,108 
Long-Term Debt (variable interest entities nonrecourse - 2021: $4; 2020: $6)
14,027 16,491 
Other Noncurrent Liabilities
Deferred income tax liabilities501 405 
Pension and other postretirement benefits - noncurrent8,586 11,648 
Asbestos-related liabilities - noncurrent962 1,013 
Operating lease liabilities - noncurrent1,428 1,521 
Other noncurrent obligations6,424 6,279 
Total other noncurrent liabilities17,901 20,866 
Stockholders’ Equity
Common stock (authorized 5,000,000,000 shares of $0.01 par value each;
issued 2021: 761,777,581 shares; 2020: 755,993,198 shares)
8 8 
Additional paid-in capital7,988 7,595 
Retained earnings19,357 16,361 
Accumulated other comprehensive loss(9,665)(10,855)
Unearned ESOP shares(24)(49)
Treasury stock at cost (2021: 22,163,169 shares; 2020: 12,803,303 shares)
(1,225)(625)
Dow Inc.’s stockholders’ equity16,439 12,435 
Noncontrolling interests589 570 
Total equity17,028 13,005 
Total Liabilities and Equity$61,749 $61,470 
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,
2021
Sep 30,
2020
Operating Activities
Net income$4,644 $40 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization2,187 2,148 
Provision (credit) for deferred income tax488 (198)
Earnings of nonconsolidated affiliates less than (in excess of) dividends received(519)515 
Net periodic pension benefit cost34 195 
Pension contributions(1,166)(188)
Net gain on sales of assets, businesses and investments(67)(283)
Restructuring and asset related charges - net22 719 
Other net loss874 288 
Changes in assets and liabilities, net of effects of acquired and divested companies:
Accounts and notes receivable(2,222)339 
Inventories(1,502)587 
Accounts payable1,487 (560)
Other assets and liabilities, net252 994 
Cash provided by operating activities - continuing operations4,512 4,596 
Cash used for operating activities - discontinued operations(78) 
Cash provided by operating activities4,434 4,596 
Investing Activities
Capital expenditures(1,035)(955)
Investment in gas field developments(44)(5)
Purchases of previously leased assets(5)(4)
Proceeds from sales of property and businesses, net of cash divested15 295 
Acquisitions of property and businesses, net of cash acquired(107)(130)
Investments in and loans to nonconsolidated affiliates (280)
Distributions and loan repayments from nonconsolidated affiliates11 7 
Purchases of investments(1,004)(582)
Proceeds from sales and maturities of investments644 1,009 
Other investing activities, net(10)29 
Cash used for investing activities(1,535)(616)
Financing Activities
Changes in short-term notes payable(44)(267)
Proceeds from issuance of short-term debt greater than three months144 163 
Payments on short-term debt greater than three months (163)
Proceeds from issuance of long-term debt95 4,649 
Payments on long-term debt(2,638)(4,347)
Purchases of treasury stock(600)(125)
Proceeds from issuance of stock212 53 
Transaction financing, debt issuance and other costs(536)(175)
Employee taxes paid for share-based payment arrangements(11)(26)
Distributions to noncontrolling interests(35)(19)
Dividends paid to stockholders(1,561)(1,552)
Cash used for financing activities(4,974)(1,809)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(57)4 
Summary
Increase (decrease) in cash, cash equivalents and restricted cash(2,132)2,175 
Cash, cash equivalents and restricted cash at beginning of period5,108 2,380 
Cash, cash equivalents and restricted cash at end of period$2,976 $4,555 
Less: Restricted cash and cash equivalents, included in "Other current assets"65 6 
Cash and cash equivalents at end of period$2,911 $4,549 
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,
2021
Sep 30,
2020
Sep 30,
2021
Sep 30,
2020
Common Stock
Balance at beginning and end of period$8 $8 $8 $8 
Additional Paid-in Capital
Balance at beginning of period7,898 7,431 7,595 7,325 
Common stock issued/sold11 23 211 53 
Stock-based compensation and allocation of ESOP shares79 43 182 119 
Balance at end of period7,988 7,497 7,988 7,497 
Retained Earnings
Balance at beginning of period18,200 16,017 16,361 17,045 
Net income (loss) available for Dow Inc. common stockholders1,683 (25)4,575 (11)
Dividends to stockholders(518)(518)(1,561)(1,552)
Other(8)(2)(18)(10)
Balance at end of period19,357 15,472 19,357 15,472 
Accumulated Other Comprehensive Loss
Balance at beginning of period(9,676)(10,225)(10,855)(10,246)
Other comprehensive income11 284 1,190 305 
Balance at end of period(9,665)(9,941)(9,665)(9,941)
Unearned ESOP Shares
Balance at beginning of period(32)(69)(49)(91)
Allocation of ESOP shares8 12 25 34 
Balance at end of period(24)(57)(24)(57)
Treasury Stock
Balance at beginning of period(825)(625)(625)(500)
Treasury stock purchases(400) (600)(125)
Balance at end of period(1,225)(625)(1,225)(625)
Dow Inc.'s stockholders' equity16,439 12,354 16,439 12,354 
Noncontrolling Interests589 578 589 578 
Total Equity$17,028 $12,932 $17,028 $12,932