Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Transition Report | false |
Entity Shell Company | false |
Entity Interactive Data Current | Yes |
Document Period End Date | Sep. 30, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | Dow Inc. |
Entity Tax Identification Number | 30-1128146 |
Entity File Number | 001-38646 |
Entity Incorporation, State or Country Code | DE |
Entity Current Reporting Status | Yes |
Entity Shell Company | false |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Central Index Key | 0001751788 |
Current Fiscal Year End Date | --12-31 |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 2211 H.H. Dow Way |
Entity Address, City or Town | Midland |
Entity Address, State or Province | MI |
Entity Address, Postal Zip Code | 48674 |
City Area Code | 989 |
Local Phone Number | 636-1000 |
Entity Listings [Line Items] | |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | DOW |
Security Exchange Name | NYSE |
Entity Listing, Par Value Per Share | $ / shares | $ 0.01 |
Entity Common Stock, Shares Outstanding | shares | 739,614,412 |
The Dow Chemical Company | |
Document Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Transition Report | false |
Entity Shell Company | false |
Entity Interactive Data Current | Yes |
Document Period End Date | Sep. 30, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | The Dow Chemical Company |
Entity Tax Identification Number | 38-1285128 |
Entity File Number | 001-03433 |
Entity Incorporation, State or Country Code | DE |
Entity Current Reporting Status | Yes |
Entity Shell Company | false |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Central Index Key | 0000029915 |
Current Fiscal Year End Date | --12-31 |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 2211 H.H. Dow Way |
Entity Address, City or Town | Midland |
Entity Address, State or Province | MI |
Entity Address, Postal Zip Code | 48674 |
City Area Code | 989 |
Local Phone Number | 636-1000 |
Entity Listings [Line Items] | |
Entity Listing, Par Value Per Share | $ / shares | $ 0.01 |
Entity Common Stock, Shares Outstanding | shares | 100 |
The Dow Chemical Company | 0.500% Notes due March 15, 2027 | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 0.500% Notes due March 15, 2027 |
Trading Symbol | DOW/27 |
Security Exchange Name | NYSE |
The Dow Chemical Company | 1.125% Notes due March 15, 2032 | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 1.125% Notes due March 15, 2032 |
Trading Symbol | DOW/32 |
Security Exchange Name | NYSE |
The Dow Chemical Company | 1.875% Notes due March 15, 2040 | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 1.875% Notes due March 15, 2040 |
Trading Symbol | DOW/40 |
Security Exchange Name | NYSE |
The Dow Chemical Company | 4.625% Notes due October 1, 2044 | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 4.625% Notes due October 1, 2044 |
Trading Symbol | DOW/44 |
Security Exchange Name | NYSE |
Dow Consolidated Statements of
Dow Consolidated Statements of Income Statement - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 14,837 | $ 9,712 | $ 40,604 | $ 27,836 |
Cost of sales | 11,611 | 8,371 | 32,413 | 24,211 |
Research and development expenses | 210 | 193 | 632 | 554 |
Selling, general and administrative expenses | 403 | 372 | 1,209 | 1,063 |
Amortization of intangibles | 100 | 100 | 301 | 300 |
Restructuring and asset related charges - net | 0 | 617 | 22 | 719 |
Integration and separation costs | 0 | 63 | 0 | 174 |
Equity in earnings (losses) of nonconsolidated affiliates | 249 | 60 | 751 | (124) |
Sundry income (expense) - net | (350) | 182 | (225) | 154 |
Interest income | 14 | 6 | 35 | 27 |
Interest expense and amortization of debt discount | 178 | 202 | 561 | 617 |
Income before income taxes | 2,248 | 42 | 6,027 | 255 |
Provision for income taxes | 542 | 43 | 1,383 | 215 |
Net income attributable to noncontrolling interests | 23 | 24 | 69 | 51 |
Net income (loss) available for The Dow Chemical Company common stockholder | $ 1,683 | $ (25) | $ 4,575 | $ (11) |
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 - basic | 744.5 | 740.5 | 745.4 | 740 |
Weighted-average common shares outstanding - diluted | 750 | 740.5 | 750.9 | 740 |
Dow Consolidated Statements o_2
Dow Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
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 plans | 149 | 147 | 1,432 | 430 |
Derivative instruments | 32 | 38 | 148 | (100) |
Total other comprehensive income | 11 | 284 | 1,190 | 305 |
Comprehensive income | 1,717 | 283 | 5,834 | 345 |
Comprehensive income attributable to noncontrolling interests, net of tax | 23 | 24 | 69 | 51 |
Comprehensive income attributable to The Dow Chemical Company | 1,694 | 259 | 5,765 | 294 |
Net income (loss) | $ 1,706 | $ (1) | $ 4,644 | $ 40 |
Dow Consolidated Balance Sheets
Dow Consolidated Balance Sheets Statement - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Cash and cash equivalents (variable interest entities restricted - 2021: $49; 2020: $26) | $ 2,911 | $ 5,104 |
Trade (net of allowance for doubtful receivables - 2021: $59; 2020: $51) | 6,844 | 4,839 |
Other | 2,565 | 2,551 |
Inventories | 7,111 | 5,701 |
Other current assets | 962 | 889 |
Total current assets | 20,393 | 19,084 |
Investment in nonconsolidated affiliates | 1,910 | 1,327 |
Other investments (investments carried at fair value - 2021: $1,958; 2020: $1,674) | 3,053 | 2,775 |
Noncurrent receivables | 472 | 465 |
Total investments | 5,435 | 4,567 |
Property | 56,522 | 56,325 |
Less: Accumulated depreciation | 36,874 | 36,086 |
Net property (variable interest entities restricted - 2021: $187; 2020: $232) | 19,648 | 20,239 |
Goodwill | 8,801 | 8,908 |
Other intangible assets (net of accumulated amortization - 2021: $4,747; 2020: $4,428) | 2,962 | 3,352 |
Operating lease right-of-use assets | 1,727 | 1,856 |
Deferred income tax assets | 1,357 | 2,215 |
Deferred charges and other assets | 1,426 | 1,249 |
Total other assets | 16,273 | 17,580 |
Total Assets | 61,749 | 61,470 |
Notes payable | 270 | 156 |
Long-term debt due within one year | 291 | 460 |
Trade | 4,601 | 3,763 |
Other | 2,896 | 2,126 |
Operating lease liabilities - current | 413 | 416 |
Income taxes payable | 621 | 397 |
Accrued and other current liabilities | 3,701 | 3,790 |
Total current liabilities | 12,793 | 11,108 |
Long-Term Debt (variable interest entities nonrecourse - 2021: $4; 2020: $6) | 14,027 | 16,491 |
Deferred income tax liabilities | 501 | 405 |
Pension and other postretirement benefits - noncurrent | 8,586 | 11,648 |
Asbestos-related liabilities - noncurrent | 962 | 1,013 |
Operating lease liabilities - noncurrent | 1,428 | 1,521 |
Other noncurrent obligations | 6,424 | 6,279 |
Total other noncurrent liabilities | 17,901 | 20,866 |
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 Capital, Common Stock | 7,988 | 7,595 |
Retained earnings | 19,357 | 16,361 |
Accumulated other comprehensive loss | (9,665) | (10,855) |
Unearned ESOP Shares | 24 | 49 |
Treasury Stock, Value | 1,225 | 625 |
Dow Inc.’s stockholders’ equity | 16,439 | 12,435 |
Noncontrolling interests | 589 | 570 |
Total equity | 17,028 | 13,005 |
Total Liabilities and Equity | $ 61,749 | $ 61,470 |
Dow Consolidated Balance Shee_2
Dow Consolidated Balance Sheets Parentheticals - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Cash and cash equivalents (variable interest entities restricted - 2021: $49; 2020: $26) | $ 2,911 | $ 5,104 |
Accounts Receivable, Allowance for Credit Loss, Current | 59 | 51 |
Investments, Fair Value Disclosure | 1,958 | 1,674 |
Net property (variable interest entities restricted - 2021: $187; 2020: $232) | 19,648 | 20,239 |
Finite-Lived Intangible Assets, Accumulated Amortization | 4,747 | 4,428 |
Long-Term Debt (variable interest entities nonrecourse - 2021: $4; 2020: $6) | $ 14,027 | $ 16,491 |
Common Stock, Shares Authorized | 5,000,000,000 | 5,000,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares, Issued | 761,777,581 | 755,993,198 |
Treasury Stock, Shares | 22,163,169 | 12,803,303 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash and cash equivalents (variable interest entities restricted - 2021: $49; 2020: $26) | $ 49 | $ 26 |
Net property (variable interest entities restricted - 2021: $187; 2020: $232) | 187 | 232 |
Long-Term Debt (variable interest entities nonrecourse - 2021: $4; 2020: $6) | $ 4 | $ 6 |
Dow Consolidated Statements o_3
Dow Consolidated Statements of Cash Flows Statement - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Cash Flows [Abstract] | ||
Net income (loss) | $ 4,644 | $ 40 |
Depreciation and amortization | 2,187 | 2,148 |
Provision (credit) for deferred income tax | 488 | (198) |
Earnings of nonconsolidated affiliates less than (in excess of) dividends received | (519) | 515 |
Net periodic pension benefit cost | 34 | 195 |
Pension contributions | 1,166 | 188 |
Net gain on sales of assets, businesses and investments | (67) | (283) |
Restructuring and asset related charges - net | 22 | 719 |
Other net loss | 874 | 288 |
Accounts and notes receivable | (2,222) | 339 |
Inventories | (1,502) | 587 |
Accounts payable | 1,487 | (560) |
Other assets and liabilities, net | 252 | 994 |
Cash provided by operating activities - continuing operations | 4,512 | 4,596 |
Cash used for operating activities - discontinued operations | (78) | 0 |
Cash provided by operating activities | 4,434 | 4,596 |
Capital expenditures | (1,035) | (955) |
Investment in gas field developments | (44) | (5) |
Payments to Acquire Equipment on Lease | (5) | (4) |
Proceeds from sales of property and businesses, net of cash divested | 15 | 295 |
Payments to Acquire Businesses, Net of Cash Acquired | (107) | (130) |
Investments in and loans to nonconsolidated affiliates | 0 | (280) |
Distributions and loan repayments from nonconsolidated affiliates | 11 | 7 |
Purchases of investments | (1,004) | (582) |
Proceeds from sales and maturities of investments | 644 | 1,009 |
Payments for (Proceeds from) Other Investing Activities | (10) | 29 |
Cash used for investing activities | (1,535) | (616) |
Changes in short-term notes payable | (44) | (267) |
Proceeds from Short-term Debt, Maturing in More than Three Months | 144 | 163 |
Repayments of Short-term Debt, Maturing in More than Three Months | 0 | (163) |
Proceeds from issuance of long-term debt | 95 | 4,649 |
Payments on long-term debt | (2,638) | (4,347) |
Purchases of treasury stock | (600) | (125) |
Proceeds from issuance of stock | 212 | 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 |
Increase (decrease) in cash, cash equivalents and restricted cash | (2,132) | 2,175 |
Cash, cash equivalents and restricted cash at beginning of period | 5,108 | 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 and end of period | $ 2,911 | $ 4,549 |
Dow Consolidated Statements o_4
Dow Consolidated Statements of Equity Statement - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Unearned ESOP Shares [Member] | Treasury Stock [Member] |
Total equity | $ 8 | $ 7,325 | $ 17,045 | $ (10,246) | $ (91) | $ (500) | |
Stock Issued During Period, Value, New Issues and Treasury Stock Reissued | 53 | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 119 | 34 | |||||
Stockholders' Equity, Other | (10) | ||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ (18) | (11) | |||||
Dividends, Common Stock | (1,552) | ||||||
Other Comprehensive Income (Loss), Net of Tax | $ 305 | 305 | |||||
Treasury Stock, Value, Acquired, Cost Method | (125) | ||||||
Common Stock, Dividends, Per Share, Declared | $ 2.10 | ||||||
Total equity | 8 | 7,431 | 16,017 | (10,225) | (69) | (625) | |
Stock Issued During Period, Value, New Issues and Treasury Stock Reissued | 23 | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 43 | 12 | |||||
Stockholders' Equity, Other | (2) | ||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ (28) | (25) | |||||
Dividends, Common Stock | (518) | ||||||
Other Comprehensive Income (Loss), Net of Tax | $ 284 | 284 | |||||
Treasury Stock, Value, Acquired, Cost Method | 0 | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.70 | ||||||
Dow Inc.’s stockholders’ equity | $ 12,354 | ||||||
Noncontrolling interests | 578 | ||||||
Total equity | 12,932 | 8 | 7,497 | 15,472 | (9,941) | (57) | (625) |
Dow Inc.’s stockholders’ equity | 12,435 | ||||||
Noncontrolling interests | 570 | ||||||
Total equity | 13,005 | 8 | 7,595 | 16,361 | (10,855) | (49) | (625) |
Stock Issued During Period, Value, New Issues and Treasury Stock Reissued | 211 | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 182 | 25 | |||||
Stockholders' Equity, Other | (18) | ||||||
Net Income (Loss) Available to Common Stockholders, Basic | 4,552 | 4,575 | |||||
Dividends, Common Stock | (1,561) | ||||||
Other Comprehensive Income (Loss), Net of Tax | $ 1,190 | 1,190 | |||||
Treasury Stock, Value, Acquired, Cost Method | (600) | ||||||
Common Stock, Dividends, Per Share, Declared | $ 2.10 | ||||||
Total equity | 8 | 7,898 | 18,200 | (9,676) | (32) | (825) | |
Stock Issued During Period, Value, New Issues and Treasury Stock Reissued | 11 | ||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 79 | 8 | |||||
Stockholders' Equity, Other | (8) | ||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 1,675 | 1,683 | |||||
Dividends, Common Stock | (518) | ||||||
Other Comprehensive Income (Loss), Net of Tax | $ 11 | 11 | |||||
Treasury Stock, Value, Acquired, Cost Method | (400) | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.70 | ||||||
Dow Inc.’s stockholders’ equity | $ 16,439 | ||||||
Noncontrolling interests | 589 | ||||||
Total equity | $ 17,028 | $ 8 | $ 7,988 | $ 19,357 | $ (9,665) | $ (24) | $ (1,225) |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net sales | $ 14,837 | $ 9,712 | $ 40,604 | $ 27,836 |
Cost of sales | 11,611 | 8,371 | 32,413 | 24,211 |
Research and development expenses | 210 | 193 | 632 | 554 |
Selling, general and administrative expenses | 403 | 372 | 1,209 | 1,063 |
Amortization of intangibles | 100 | 100 | 301 | 300 |
Restructuring and asset related charges - net | 0 | 617 | 22 | 719 |
Integration and separation costs | 0 | 63 | 0 | 174 |
Equity in earnings (losses) of nonconsolidated affiliates | 249 | 60 | 751 | (124) |
Sundry income (expense) - net | (350) | 182 | (225) | 154 |
Interest income | 14 | 6 | 35 | 27 |
Interest expense and amortization of debt discount | 178 | 202 | 561 | 617 |
Income before income taxes | 2,248 | 42 | 6,027 | 255 |
Provision for income taxes | 542 | 43 | 1,383 | 215 |
Net income (loss) | 1,706 | (1) | 4,644 | 40 |
Net income attributable to noncontrolling interests | 23 | 24 | 69 | 51 |
Net income (loss) available for The Dow Chemical Company common stockholder | 1,683 | (25) | 4,575 | (11) |
The Dow Chemical Company | ||||
Net sales | 14,837 | 9,712 | 40,604 | 27,836 |
Cost of sales | 11,610 | 8,371 | 32,410 | 24,209 |
Research and development expenses | 210 | 193 | 632 | 554 |
Selling, general and administrative expenses | 403 | 372 | 1,209 | 1,062 |
Amortization of intangibles | 100 | 100 | 301 | 300 |
Restructuring and asset related charges - net | 0 | 617 | 22 | 719 |
Integration and separation costs | 0 | 63 | 0 | 174 |
Equity in earnings (losses) of nonconsolidated affiliates | 249 | 60 | 751 | (124) |
Sundry income (expense) - net | (356) | 181 | (231) | 150 |
Interest income | 15 | 7 | 36 | 28 |
Interest expense and amortization of debt discount | 178 | 202 | 561 | 617 |
Income before income taxes | 2,244 | 42 | 6,025 | 255 |
Provision for income taxes | 542 | 43 | 1,380 | 215 |
Net income (loss) | 1,702 | (1) | 4,645 | 40 |
Net income attributable to noncontrolling interests | 23 | 24 | 69 | 51 |
Net income (loss) available for The Dow Chemical Company common stockholder | $ 1,679 | $ (25) | $ 4,576 | $ (11) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
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 plans | 149 | 147 | 1,432 | 430 |
Derivative instruments | 32 | 38 | 148 | (100) |
Other Comprehensive Income (Loss), Net of Tax | 11 | 284 | 1,190 | 305 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 1,717 | 283 | 5,834 | 345 |
Comprehensive income attributable to noncontrolling interests, net of tax | 23 | 24 | 69 | 51 |
Comprehensive income attributable to The Dow Chemical Company | 1,694 | 259 | 5,765 | 294 |
The Dow Chemical Company | ||||
Net income (loss) | 1,702 | (1) | 4,645 | 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 plans | 149 | 147 | 1,432 | 430 |
Derivative instruments | 32 | 38 | 148 | (100) |
Other Comprehensive Income (Loss), Net of Tax | 11 | 284 | 1,190 | 305 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 1,713 | 283 | 5,835 | 345 |
Comprehensive income attributable to noncontrolling interests, net of tax | 23 | 24 | 69 | 51 |
Comprehensive income attributable to The Dow Chemical Company | $ 1,690 | $ 259 | $ 5,766 | $ 294 |
TDCC Consolidated Balance Sheet
TDCC Consolidated Balance Sheets (Statement) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Cash and cash equivalents (variable interest entities restricted - 2021: $49; 2020: $26) | $ 2,911 | $ 5,104 |
Trade (net of allowance for doubtful receivables - 2021: $59; 2020: $51) | 6,844 | 4,839 |
Other | 2,565 | 2,551 |
Inventories | 7,111 | 5,701 |
Other current assets | 962 | 889 |
Total current assets | 20,393 | 19,084 |
Investment in nonconsolidated affiliates | 1,910 | 1,327 |
Other investments (investments carried at fair value - 2021: $1,958; 2020: $1,674) | 3,053 | 2,775 |
Noncurrent receivables | 472 | 465 |
Total investments | 5,435 | 4,567 |
Property | 56,522 | 56,325 |
Less: Accumulated depreciation | 36,874 | 36,086 |
Net property (variable interest entities restricted - 2021: $187; 2020: $232) | 19,648 | 20,239 |
Goodwill | 8,801 | 8,908 |
Other intangible assets (net of accumulated amortization - 2021: $4,747; 2020: $4,428) | 2,962 | 3,352 |
Operating lease right-of-use assets | 1,727 | 1,856 |
Deferred income tax assets | 1,357 | 2,215 |
Deferred charges and other assets | 1,426 | 1,249 |
Total other assets | 16,273 | 17,580 |
Total Assets | 61,749 | 61,470 |
Notes payable | 270 | 156 |
Long-term debt due within one year | 291 | 460 |
Trade | 4,601 | 3,763 |
Other | 2,896 | 2,126 |
Operating lease liabilities - current | 413 | 416 |
Income taxes payable | 621 | 397 |
Accrued and other current liabilities | 3,701 | 3,790 |
Total current liabilities | 12,793 | 11,108 |
Long-Term Debt (variable interest entities nonrecourse - 2021: $4; 2020: $6) | 14,027 | 16,491 |
Deferred income tax liabilities | 501 | 405 |
Pension and other postretirement benefits - noncurrent | 8,586 | 11,648 |
Asbestos-related liabilities - noncurrent | 962 | 1,013 |
Operating lease liabilities - noncurrent | 1,428 | 1,521 |
Other noncurrent obligations | 6,424 | 6,279 |
Total other noncurrent liabilities | 17,901 | 20,866 |
Common stock (authorized and issued 100 shares of $0.01 par value each) | 8 | 8 |
Additional Paid in Capital, Common Stock | 7,988 | 7,595 |
Retained earnings | 19,357 | 16,361 |
Accumulated other comprehensive loss | (9,665) | (10,855) |
Unearned ESOP shares | (24) | (49) |
Dow Inc.’s stockholders’ equity | 16,439 | 12,435 |
Noncontrolling interests | 589 | 570 |
Total equity | 17,028 | 13,005 |
Total Liabilities and Equity | 61,749 | 61,470 |
The Dow Chemical Company | ||
Cash and cash equivalents (variable interest entities restricted - 2021: $49; 2020: $26) | 2,911 | 5,104 |
Trade (net of allowance for doubtful receivables - 2021: $59; 2020: $51) | 6,844 | 4,839 |
Other | 2,566 | 2,553 |
Inventories | 7,111 | 5,701 |
Other current assets | 927 | 801 |
Total current assets | 20,359 | 18,998 |
Investment in nonconsolidated affiliates | 1,910 | 1,327 |
Other investments (investments carried at fair value - 2021: $1,958; 2020: $1,674) | 3,053 | 2,775 |
Noncurrent receivables | 436 | 426 |
Total investments | 5,399 | 4,528 |
Property | 56,522 | 56,325 |
Less: Accumulated depreciation | 36,874 | 36,086 |
Net property (variable interest entities restricted - 2021: $187; 2020: $232) | 19,648 | 20,239 |
Goodwill | 8,801 | 8,908 |
Other intangible assets (net of accumulated amortization - 2021: $4,747; 2020: $4,428) | 2,962 | 3,352 |
Operating lease right-of-use assets | 1,727 | 1,856 |
Deferred income tax assets | 1,357 | 2,215 |
Deferred charges and other assets | 1,425 | 1,249 |
Total other assets | 16,272 | 17,580 |
Total Assets | 61,678 | 61,345 |
Notes payable | 270 | 156 |
Long-term debt due within one year | 291 | 460 |
Trade | 4,601 | 3,763 |
Other | 2,896 | 2,126 |
Operating lease liabilities - current | 413 | 416 |
Income taxes payable | 621 | 397 |
Accrued and other current liabilities | 3,413 | 3,256 |
Total current liabilities | 12,505 | 10,574 |
Long-Term Debt (variable interest entities nonrecourse - 2021: $4; 2020: $6) | 14,027 | 16,491 |
Deferred income tax liabilities | 501 | 405 |
Pension and other postretirement benefits - noncurrent | 8,586 | 11,648 |
Asbestos-related liabilities - noncurrent | 962 | 1,013 |
Operating lease liabilities - noncurrent | 1,428 | 1,521 |
Other noncurrent obligations | 6,276 | 6,124 |
Total other noncurrent liabilities | 17,753 | 20,711 |
Common stock (authorized and issued 100 shares of $0.01 par value each) | 0 | 0 |
Additional Paid in Capital, Common Stock | 7,996 | 7,603 |
Retained earnings | 18,497 | 16,300 |
Accumulated other comprehensive loss | (9,665) | (10,855) |
Unearned ESOP shares | (24) | (49) |
Dow Inc.’s stockholders’ equity | 16,804 | 12,999 |
Noncontrolling interests | 589 | 570 |
Total equity | 17,393 | 13,569 |
Total Liabilities and Equity | $ 61,678 | $ 61,345 |
TDCC Consolidated Statements of
TDCC Consolidated Statements of Cash Flows Statement - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Net income (loss) | $ 4,644 | $ 40 |
Depreciation and amortization | 2,187 | 2,148 |
Provision (credit) for deferred income tax | 488 | (198) |
Earnings of nonconsolidated affiliates less than (in excess of) dividends received | 519 | (515) |
Net periodic pension benefit cost | 34 | 195 |
Pension contributions | 1,166 | 188 |
Net gain on sales of assets, businesses and investments | 67 | 283 |
Restructuring and asset related charges - net | 22 | 719 |
Other net loss | (874) | (288) |
Accounts and notes receivable | 2,222 | (339) |
Inventories | 1,502 | (587) |
Accounts payable | 1,487 | (560) |
Other assets and liabilities, net | (252) | (994) |
Cash provided by operating activities | 4,434 | 4,596 |
Capital expenditures | (1,035) | (955) |
Investment in gas field developments | (44) | (5) |
Payments to Acquire Equipment on Lease | (5) | (4) |
Proceeds from sales of property and businesses, net of cash divested | 15 | 295 |
Payments to Acquire Businesses, Net of Cash Acquired | (107) | (130) |
Investments in and loans to nonconsolidated affiliates | 0 | (280) |
Distributions and loan repayments from nonconsolidated affiliates | 11 | 7 |
Purchases of investments | (1,004) | (582) |
Proceeds from sales and maturities of investments | 644 | 1,009 |
Payments for (Proceeds from) Other Investing Activities | (10) | 29 |
Cash used for investing activities | (1,535) | (616) |
Changes in short-term notes payable | (44) | (267) |
Proceeds from Short-term Debt, Maturing in More than Three Months | 144 | 163 |
Repayments of Short-term Debt, Maturing in More than Three Months | 0 | (163) |
Proceeds from issuance of long-term debt | 95 | 4,649 |
Payments on long-term debt | (2,638) | (4,347) |
Proceeds from issuance of stock | 212 | 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 |
Increase (decrease) in cash, cash equivalents and restricted cash | (2,132) | 2,175 |
Cash, cash equivalents and restricted cash at beginning of period | 5,108 | 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 and end of period | 2,911 | 4,549 |
The Dow Chemical Company | ||
Net income (loss) | 4,645 | 40 |
Depreciation and amortization | 2,187 | 2,148 |
Provision (credit) for deferred income tax | 488 | (198) |
Earnings of nonconsolidated affiliates less than (in excess of) dividends received | (519) | 515 |
Net periodic pension benefit cost | 34 | 195 |
Pension contributions | 1,166 | 188 |
Net gain on sales of assets, businesses and investments | (67) | (283) |
Restructuring and asset related charges - net | 22 | 719 |
Other net loss | 878 | 291 |
Accounts and notes receivable | (2,222) | 339 |
Inventories | (1,502) | 587 |
Accounts payable | 1,487 | (560) |
Other assets and liabilities, net | 369 | 999 |
Cash provided by operating activities | 4,634 | 4,604 |
Capital expenditures | (1,035) | (955) |
Investment in gas field developments | (44) | (5) |
Payments to Acquire Equipment on Lease | (5) | (4) |
Proceeds from sales of property and businesses, net of cash divested | 15 | 295 |
Payments to Acquire Businesses, Net of Cash Acquired | (107) | (130) |
Investments in and loans to nonconsolidated affiliates | 0 | (280) |
Distributions and loan repayments from nonconsolidated affiliates | 11 | 7 |
Purchases of investments | (1,004) | (582) |
Proceeds from sales and maturities of investments | 644 | 1,009 |
Payments for (Proceeds from) Other Investing Activities | (10) | 29 |
Cash used for investing activities | (1,535) | (616) |
Changes in short-term notes payable | (44) | (267) |
Proceeds from Short-term Debt, Maturing in More than Three Months | 144 | 163 |
Repayments of Short-term Debt, Maturing in More than Three Months | 0 | (163) |
Proceeds from issuance of long-term debt | 95 | 4,649 |
Payments on long-term debt | (2,638) | (4,347) |
Proceeds from issuance of stock | 212 | 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 | (2,361) | (1,685) |
Cash used for financing activities | (5,174) | (1,817) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (57) | 4 |
Increase (decrease) in cash, cash equivalents and restricted cash | (2,132) | 2,175 |
Cash, cash equivalents and restricted cash at beginning of period | 5,108 | 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 and end of period | $ 2,911 | $ 4,549 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss | Unearned ESOP Shares [Member] | Dow Inc. [Member]Retained Earnings [Member] | The Dow Chemical Company | The Dow Chemical CompanyCommon Stock [Member] | The Dow Chemical CompanyAdditional Paid-in Capital [Member] | The Dow Chemical CompanyRetained Earnings [Member] | The Dow Chemical CompanyAccumulated Other Comprehensive Loss | The Dow Chemical CompanyUnearned ESOP Shares [Member] | The Dow Chemical CompanyNoncontrolling Interests |
Total Equity, Beginning at Dec. 31, 2019 | $ 8 | $ 7,325 | $ 17,045 | $ (10,246) | $ (91) | $ 0 | $ 7,333 | $ 17,313 | $ (10,246) | $ (91) | ||||
Stock Issued | 53 | |||||||||||||
Stock-based compensation and allocation of ESOP shares | 119 | 34 | 119 | 34 | ||||||||||
Net income available for The Dow Chemical Company common stockholder | $ (18) | (11) | (11) | |||||||||||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | $ (1,685) | |||||||||||||
Other | 10 | (11) | ||||||||||||
Other comprehensive income | 305 | 305 | $ 305 | 305 | ||||||||||
Total Equity, Ending at Sep. 30, 2020 | 12,932 | 8 | 7,497 | 15,472 | (9,941) | (57) | 13,691 | 0 | 7,505 | 15,606 | (9,941) | (57) | $ 578 | |
Total Equity, Beginning at Jun. 30, 2020 | 8 | 7,431 | 16,017 | (10,225) | (69) | 0 | 7,439 | 16,147 | (10,225) | (69) | ||||
Stock Issued | 23 | |||||||||||||
Stock-based compensation and allocation of ESOP shares | 43 | 12 | 43 | 12 | ||||||||||
Net income available for The Dow Chemical Company common stockholder | (28) | (25) | (25) | |||||||||||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | (513) | |||||||||||||
Other | 2 | (3) | ||||||||||||
Other comprehensive income | 284 | 284 | 284 | 284 | ||||||||||
Total Equity, Ending at Sep. 30, 2020 | 12,932 | 8 | 7,497 | 15,472 | (9,941) | (57) | 13,691 | 0 | 7,505 | 15,606 | (9,941) | (57) | 578 | |
The Dow Chemical Company’s stockholders’ equity | 12,354 | 13,113 | ||||||||||||
The Dow Chemical Company’s stockholders’ equity | 12,435 | 12,999 | ||||||||||||
Total Equity, Beginning at Dec. 31, 2020 | 13,005 | 8 | 7,595 | 16,361 | (10,855) | (49) | 13,569 | 0 | 7,603 | 16,300 | (10,855) | (49) | ||
Stock Issued | 211 | |||||||||||||
Stock-based compensation and allocation of ESOP shares | 182 | 25 | 182 | 25 | ||||||||||
Net income available for The Dow Chemical Company common stockholder | 4,552 | 4,575 | 4,576 | |||||||||||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | (2,361) | |||||||||||||
Other | 18 | (18) | ||||||||||||
Other comprehensive income | 1,190 | 1,190 | 1,190 | 1,190 | ||||||||||
Total Equity, Ending at Sep. 30, 2021 | 17,028 | 8 | 7,988 | 19,357 | (9,665) | (24) | 17,393 | 0 | 7,996 | 18,497 | (9,665) | (24) | 589 | |
Total Equity, Beginning at Jun. 30, 2021 | 8 | 7,898 | 18,200 | (9,676) | (32) | 0 | 7,906 | 17,745 | (9,676) | (32) | ||||
Stock Issued | 11 | |||||||||||||
Stock-based compensation and allocation of ESOP shares | 79 | 8 | 79 | 8 | ||||||||||
Net income available for The Dow Chemical Company common stockholder | 1,675 | 1,683 | 1,679 | |||||||||||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | $ (919) | |||||||||||||
Other | 8 | (8) | ||||||||||||
Other comprehensive income | 11 | 11 | 11 | 11 | ||||||||||
Total Equity, Ending at Sep. 30, 2021 | 17,028 | $ 8 | $ 7,988 | $ 19,357 | $ (9,665) | $ (24) | 17,393 | $ 0 | $ 7,996 | $ 18,497 | $ (9,665) | $ (24) | $ 589 | |
The Dow Chemical Company’s stockholders’ equity | $ 16,439 | $ 16,804 |
Dow Consolidated Statements o_5
Dow Consolidated Statements of Income - Supplemental Info - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Supplemental Income Statement Elements [Abstract] | ||||
Depreciation | $ 517 | $ 526 | $ 1,550 | $ 1,558 |
Capital expenditures | $ 413 | $ 287 | $ 1,035 | $ 955 |
TDCC Consolidated Statements _2
TDCC Consolidated Statements of Income - Supplemental Info - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Depreciation | $ 517 | $ 526 | $ 1,550 | $ 1,558 |
Capital expenditures | 413 | 287 | 1,035 | 955 |
The Dow Chemical Company | ||||
Depreciation | 517 | 526 | 1,550 | 1,558 |
Capital expenditures | $ 413 | $ 287 | $ 1,035 | $ 955 |
TDCC Consolidated Balance She_2
TDCC Consolidated Balance Sheets Parentheticals - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Cash and cash equivalents (variable interest entities restricted - 2021: $49; 2020: $26) | $ 2,911 | $ 5,104 | $ 4,549 |
Accounts Receivable, Allowance for Credit Loss, Current | 59 | 51 | |
Investments, Fair Value Disclosure | 1,958 | 1,674 | |
Net property (variable interest entities restricted - 2021: $187; 2020: $232) | 19,648 | 20,239 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 4,747 | 4,428 | |
Long-Term Debt (variable interest entities nonrecourse - 2021: $4; 2020: $6) | $ 14,027 | $ 16,491 | |
Common Stock, Shares, Issued | 761,777,581 | 755,993,198 | |
Common Stock, Shares Authorized | 5,000,000,000 | 5,000,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
The Dow Chemical Company | |||
Cash and cash equivalents (variable interest entities restricted - 2021: $49; 2020: $26) | $ 2,911 | $ 5,104 | $ 4,549 |
Accounts Receivable, Allowance for Credit Loss, Current | 59 | 51 | |
Net property (variable interest entities restricted - 2021: $187; 2020: $232) | 19,648 | 20,239 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 4,747 | 4,428 | |
Long-Term Debt (variable interest entities nonrecourse - 2021: $4; 2020: $6) | $ 14,027 | $ 16,491 | |
Common Stock, Shares, Issued | 100 | 100 | |
Common Stock, Shares Authorized | 100 | 100 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Cash and cash equivalents (variable interest entities restricted - 2021: $49; 2020: $26) | $ 49 | $ 26 | |
Net property (variable interest entities restricted - 2021: $187; 2020: $232) | 187 | 232 | |
Long-Term Debt (variable interest entities nonrecourse - 2021: $4; 2020: $6) | $ 4 | $ 6 |
CONSOLIDATED FINANCIAL STATEMEN
CONSOLIDATED FINANCIAL STATEMENTS (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONSOLIDATED FINANCIAL STATEMENTS | 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 (“U.S. GAAP”) 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, 2020 ("2020 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. See Note 21 for additional information. 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. |
RECENT ACCOUNTING GUIDANCE (Not
RECENT ACCOUNTING GUIDANCE (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING GUIDANCE | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In the first quarter of 2021, the Company adopted Accounting Standards Update 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." The amendments simplify the accounting for income taxes by removing certain exceptions to the general principles of Topic 740, "Income Taxes" and improve consistent application by clarifying and amending existing guidance. The adoption of this guidance did not have a material impact on the consolidated financial statements. |
SEPARATION FROM DOWDUPONT Separ
SEPARATION FROM DOWDUPONT Separation from DowDuPont (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Separation from DowDuPont [Text Block] | SEPARATION FROM DOWDUPONT For additional information on the separation from DowDuPont Inc. ("DowDuPont"), see Note 3 to the Consolidated Financial Statements included in the 2020 10-K. Agreements Related to the Separation and Distribution Dow Inc. entered into certain agreements with DuPont de Nemours, Inc. ("DuPont") and/or Corteva, Inc. ("Corteva"), including the following: Separation and Distribution Agreement, Tax Matters Agreement and Employee Matters Agreement (collectively, the "Agreements"). In addition to establishing the terms of Dow Inc.'s separation from DowDuPont, the Agreements provide a framework for Dow’s interaction with DuPont and Corteva after the separation and also provide for the allocation among Dow, DuPont and Corteva of assets, liabilities and obligations attributable to periods prior to, at and after the completion of the separation. The Agreements also contain certain indemnity and/or cross-indemnity provisions that are intended to set forth each party’s respective rights, responsibilities and obligations for matters subject to indemnification. Except in certain instances, the parties’ indemnification obligations are uncapped. Certain indemnification obligations will be subject to reduction by insurance proceeds or other third-party proceeds of the indemnified party that reduces the amount of the loss. In addition, indemnifiable losses will be subject to, in certain cases, “de minimis” threshold amounts and, in certain cases, deductible amounts. The impacts of indemnifications and other post-separation matters relating to the Agreements were primarily included in the consolidated financial statements of Dow Inc. At September 30, 2021, the Company had assets of $22 million ($77 million at December 31, 2020) included in "Other current assets" and $31 million ($33 million at December 31, 2020) included in "Noncurrent receivables," and liabilities of $207 million ($412 million at December 31, 2020) included in "Accrued and other current liabilities" and $40 million ($46 million at December 31, 2020) included in "Other noncurrent obligations" in the consolidated balance sheets of Dow Inc. related to the Agreements. In addition, the Company deferred a portion of the cash distribution received from DowDuPont at separation and recorded an associated liability in "Other noncurrent obligations," with an offset to "Retained earnings" in the consolidated balance sheets of Dow Inc. At September 30, 2021, $61 million ($103 million at December 31, 2020) of this liability was recorded in "Accrued and other current liabilities" and $96 million ($96 million at December 31, 2020) was recorded in "Other noncurrent obligations" in the consolidated balance sheets of Dow Inc. |
REVENUE (Notes)
REVENUE (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE Revenue Recognition The majority of Dow's revenue is derived from product sales. Dow's revenue related to product sales was 99 percent for the three months ended September 30, 2021 and 98 percent for the nine months ended September 30, 2021 (99 percent for the three and nine months ended September 30, 2020), with the remaining balance primarily related to the Company's insurance operations and licensing of patents and technologies. Product sales consist of sales of Dow's products to manufacturers and distributors and considers order confirmations or purchase orders, which in some cases are governed by master supply agreements, to be contracts with a customer. Dow enters into licensing arrangements in which it licenses certain rights of its patents and technology to customers. Revenue from Dow’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 September 30, 2021, Dow had unfulfilled performance obligations of $831 million ($977 million at December 31, 2020) related to the licensing of technology. Dow expects revenue to be recognized for the remaining performance obligations over the next six years. The remaining performance obligations are for product sales that have expected durations of one year or less, product sales of materials delivered through a pipeline for which Dow has elected the right to invoice practical expedient, or variable consideration attributable to royalties for licenses of patents and technology. Dow 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 20 years. Dow 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 Dow 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. Net Trade Sales by Segment and Business Three Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Hydrocarbons & Energy $ 2,251 $ 1,021 $ 6,010 $ 3,027 Packaging and Specialty Plastics 5,485 3,544 14,929 10,148 Packaging & Specialty Plastics $ 7,736 $ 4,565 $ 20,939 $ 13,175 Industrial Solutions $ 1,377 $ 931 $ 3,627 $ 2,879 Polyurethanes & Construction Chemicals 3,102 2,124 8,670 5,632 Other 2 3 6 9 Industrial Intermediates & Infrastructure $ 4,481 $ 3,058 $ 12,303 $ 8,520 Coatings & Performance Monomers $ 1,110 $ 844 $ 2,975 $ 2,438 Consumer Solutions 1,416 1,158 4,139 3,484 Performance Materials & Coatings $ 2,526 $ 2,002 $ 7,114 $ 5,922 Corporate $ 94 $ 87 $ 248 $ 219 Total $ 14,837 $ 9,712 $ 40,604 $ 27,836 Net Trade Sales by Geographic Region Three Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 U.S. & Canada $ 5,476 $ 3,391 $ 14,431 $ 9,885 EMEAI 1 5,229 3,272 14,660 9,394 Asia Pacific 2,579 2,073 7,423 5,850 Latin America 1,553 976 4,090 2,707 Total $ 14,837 $ 9,712 $ 40,604 $ 27,836 1. Europe, Middle East, Africa and India. Contract Assets and Liabilities Dow 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 Dow'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 Dow 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 nine months of 2021 from amounts included in contract liabilities at the beginning of the period was approximately $250 million (approximately $110 million in the first nine months of 2020). In the first nine months of 2021, the amount of contract assets reclassified to receivables as a result of the right to the transaction consideration becoming unconditional was approximately $5 million (approximately $25 million in the first nine months of 2020). The following table summarizes the contract assets and liabilities at September 30, 2021 and December 31, 2020: Contract Assets and Liabilities Balance Sheet Classification Sep 30, 2021 Dec 31, 2020 In millions Accounts and notes receivable - trade Accounts and notes receivable - trade $ 6,844 $ 4,839 Contract assets - current Other current assets $ 52 $ 58 Contract assets - noncurrent Deferred charges and other assets $ 39 $ 11 Contract liabilities - current 1 Accrued and other current liabilities $ 207 $ 349 Contract liabilities - noncurrent Other noncurrent obligations $ 1,910 $ 1,915 1. The decrease from December 31, 2020 to September 30, 2021 was due to recognition of deferred royalty payments. |
RESTRUCTURING AND ASSET RELATED
RESTRUCTURING AND ASSET RELATED CHARGES - NET (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING AND ASSET RELATED CHARGES - NET Charges for restructuring programs and other asset related charges, which includes asset impairments, are recorded in "Restructuring and asset related charges - net" in the consolidated statements of income and were $22 million for the nine months ended September 30, 2021 ($617 million and $719 million for the three and nine months ended September 30, 2020, respectively). For additional information on the Company's restructuring programs, see Note 6 to the Consolidated Financial Statements included in the 2020 10-K. Restructuring Plans 2020 Restructuring Program On September 29, 2020, the Board of Directors ("Board") of Dow Inc. approved restructuring actions to achieve the Company's structural cost improvement initiatives in response to the continued economic impact from the coronavirus disease 2019 ("COVID-19") pandemic. The restructuring program is designed to reduce structural costs and enable the Company to further enhance competitiveness while the COVID-19 economic recovery continues. This program includes a global workforce cost reduction of approximately 6 percent and actions to rationalize the Company's manufacturing assets, which include asset write-down and write-off charges, related contract termination fees and environmental remediation costs ("2020 Restructuring Program"). These actions are expected to be substantially complete by the end of 2021, except for certain cash payments in 2022. The following table summarizes the activities related to the 2020 Restructuring Program: 2020 Restructuring Program Severance and Related Benefit Costs Asset Write-downs and Write-offs Costs Associated with Exit and Disposal Activities Total In millions Packaging & Specialty Plastics $ — $ 11 $ — $ 11 Industrial Intermediates & Infrastructure — 22 — 22 Performance Materials & Coatings — 117 57 174 Corporate 297 47 24 368 Total restructuring charges $ 297 $ 197 $ 81 $ 575 Charges against the reserve — (197) — (197) Cash payments (1) — — (1) Reserve balance at Sep 30, 2020 $ 296 $ — $ 81 $ 377 Performance Materials & Coatings $ — $ (1) $ 4 $ 3 Corporate — — (5) (5) Total restructuring charges $ — $ (1) $ (1) $ (2) Charges against the reserve — 1 (5) (4) Cash payments (7) — — (7) Reserve balance at Dec 31, 2020 $ 289 $ — $ 75 $ 364 Cash payments (37) — (12) (49) Reserve balance at Mar 31, 2021 $ 252 $ — $ 63 $ 315 Packaging & Specialty Plastics $ — $ — $ 8 $ 8 Industrial Intermediates & Infrastructure — 1 — 1 Performance Materials & Coatings — 8 2 10 Corporate — 3 — 3 Total restructuring charges $ — $ 12 $ 10 $ 22 Charges against the reserve — (12) — (12) Cash payments (53) — (3) (56) Reserve balance at Jun 30, 2021 $ 199 $ — $ 70 $ 269 Cash payments (55) — (2) (57) Reserve balance at Sep 30, 2021 $ 144 $ — $ 68 $ 212 At September 30, 2021, $147 million of the reserve balance was included in "Accrued and other current liabilities" ($227 million at December 31, 2020) and $65 million was included in "Other noncurrent obligations" ($137 million at December 31, 2020) in the consolidated balance sheets. The Company recorded pretax restructuring charges of $595 million inception-to-date under the 2020 Restructuring Program, consisting of severance and related benefit costs of $297 million, asset write-downs and write-offs of $208 million and costs associated with exit and disposal activities of $90 million. The Company expects to incur additional costs in the future related to its restructuring activities. Future costs are expected to include demolition costs related to closed facilities and restructuring implementation costs; these costs 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. |
SUPPLEMENTARY INFORMATION (Note
SUPPLEMENTARY INFORMATION (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplementary Information Disclosure [Text Block] | SUPPLEMENTARY INFORMATION Dow Inc. Sundry Income (Expense) – Net Three Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Non-operating pension and other postretirement benefit plan net credits 1 $ 86 $ 26 $ 247 $ 81 Foreign exchange losses (5) (24) (21) (42) Gain on divestiture of rail infrastructure 2 — 233 — 233 Loss on early extinguishment of debt 3 (472) (63) (574) (149) Loss on divestitures 4 — (13) — (13) Gains on sales of other assets and investments 12 2 74 7 Indemnification and other transaction related costs 5 — — (5) — Gain related to Nova ethylene asset matter 6 — — — 6 Dow Silicones breast implant liability adjustment 6 — — — 5 Luxi arbitration award 6 54 — 54 — Other - net (25) 21 — 26 Total sundry income (expense) – net $ (350) $ 182 $ (225) $ 154 1. See Note 16 for additional information. 2. Related to a gain on the sale of rail infrastructure in the U.S. & Canada. 3. See Note 11 for additional information. 4. The three and nine months ended September 30, 2020 includes a loss on the divestiture of a bio-ethanol manufacturing facility in Brazil, related to Packaging & Specialty Plastics. 5. See Note 3 for additional information. 6. See Note 12 for additional information. TDCC Sundry Income (Expense) – Net Three Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Non-operating pension and other postretirement benefit plan net credits 1 $ 86 $ 26 $ 247 $ 81 Foreign exchange losses (8) (22) (24) (45) Gain on divestiture of rail infrastructure 2 — 233 — 233 Loss on early extinguishment of debt 3 (472) (63) (574) (149) Loss on divestitures 4 — (13) — (13) Gains on sales of other assets and investments 12 2 74 7 Gain related to Nova ethylene asset matter 5 — — — 6 Dow Silicones breast implant liability adjustment 5 — — — 5 Luxi arbitration award 5 54 — 54 — Other - net (28) 18 (8) 25 Total sundry income (expense) – net $ (356) $ 181 $ (231) $ 150 1. See Note 16 for additional information. 2. Related to a gain on the sale of rail infrastructure in the U.S. & Canada. 3. See Note 11 for additional information. 4. The three and nine months ended September 30, 2020 includes a loss on the divestiture of a bio-ethanol manufacturing facility in Brazil, related to Packaging & Specialty Plastics. 5. See Note 12 for additional information. Accrued and Other Current Liabilities “Accrued and other current liabilities” were $3,701 million and $3,413 million at September 30, 2021 and $3,790 million and $3,256 million at December 31, 2020, for Dow Inc. and TDCC, respectively. Accrued payroll, which is a component of "Accrued and other current liabilities" and includes liabilities related to payroll, performance-based compensation and severance, was $955 million at September 30, 2021 and $866 million at December 31, 2020. No other components of "Accrued and other current liabilities" were more than 5 percent of total current liabilities. |
EARNINGS PER SHARE (Notes)
EARNINGS PER SHARE (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS PER SHARE CALCULATIONS The following tables provide earnings per share calculations for Dow Inc. for the three and nine months ended September 30, 2021 and 2020. Earnings per share of TDCC is not presented as this information is not required in financial statements of wholly owned subsidiaries. Net Income (Loss) for Earnings Per Share Calculations Three Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Net income (loss) $ 1,706 $ (1) $ 4,644 $ 40 Net income attributable to noncontrolling interests 23 24 69 51 Net income attributable to participating securities 1 8 3 23 7 Net income (loss) attributable to common stockholders $ 1,675 $ (28) $ 4,552 $ (18) Earnings (Loss) Per Share - Basic and Diluted Three Months Ended Nine Months Ended Dollars per share Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 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) Share Count Information Three Months Ended Nine Months Ended Shares in millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Weighted-average common shares outstanding - basic 744.5 740.5 745.4 740.0 Plus dilutive effect of equity compensation plans 2 5.5 — 5.5 — Weighted-average common shares outstanding - diluted 2 750.0 740.5 750.9 740.0 Stock options and restricted stock units excluded from EPS calculations 3 7.2 26.9 5.6 27.1 1. Restricted stock units are considered participating securities due to the Company's practice of paying dividend equivalents on unvested shares. 2. The three and nine months ended September 30, 2020 reflect a loss, and as such, the basic share count was used for purposes of calculating earnings per share on a diluted basis. 3. These outstanding options to purchase shares of common stock and restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive. |
INVENTORIES (Notes)
INVENTORIES (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES The following table provides a breakdown of inventories: Inventories Sep 30, 2021 Dec 31, 2020 In millions Finished goods $ 4,233 $ 3,140 Work in process 1,561 996 Raw materials 867 598 Supplies 875 933 Total $ 7,536 $ 5,667 Adjustment of inventories to a LIFO basis (425) 34 Total inventories $ 7,111 $ 5,701 |
NONCONSOLIDATED AFFILIATES (Not
NONCONSOLIDATED AFFILIATES (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
NONCONSOLIDATED AFFILIATES | NONCONSOLIDATED AFFILIATES For additional information on the Company’s nonconsolidated affiliates, see Note 12 to the Consolidated Financial Statements included in the 2020 10-K. The Company's investments in companies accounted for using the equity method ("nonconsolidated affiliates"), by classification in the consolidated balance sheets, and dividends received from nonconsolidated affiliates are shown in the following tables: Investments in Nonconsolidated Affiliates Sep 30, 2021 Dec 31, 2020 In millions Investment in nonconsolidated affiliates $ 1,910 $ 1,327 Other noncurrent obligations — (169) Net investment in nonconsolidated affiliates $ 1,910 $ 1,158 Dividends Received from Nonconsolidated Affiliates Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Dividends from nonconsolidated affiliates 1 $ 232 $ 391 1. Included in "Earnings of nonconsolidated affiliates less than (in excess of) dividends received" in the consolidated statements of cash flows. At September 30, 2021, the Company had an investment balance in EQUATE Petrochemical Company K.S.C.C. of $18 million included in "Investment in nonconsolidated affiliates" (negative $147 million at December 31, 2020 included in "Other noncurrent obligations") in the consolidated balance sheets. At September 30, 2021, the Company had an investment balance in Sadara Chemical Company (“Sadara”) of $412 million included in “Investment in nonconsolidated affiliates” (negative $22 million at December 31, 2020 included in “Other noncurrent obligations”) in the consolidated balance sheets. In the first quarter of 2021, the Company entered into a new guarantee in conjunction with Sadara’s debt re-profiling activities. In the second quarter of 2021, as a part of Sadara's debt re-profiling activities, Sadara established a new revolving credit facility guaranteed by Dow, which will be used to fund Dow’s pro-rata share of any potential shortfall during the grace period. The Company does not expect to be required to perform under the guarantee. See Notes 12 and 19 for additional information on the guarantees. Transactions with Nonconsolidated Affiliates The Company is currently responsible for marketing the majority of Sadara products outside of the Middle East zone through the Company’s established sales channels. Under this arrangement, the Company purchases and sells Sadara products for a marketing fee. In March 2021, Dow and the Saudi Arabian Oil Company agreed to transition the marketing rights and responsibilities for Sadara’s finished products to levels more consistent with each partner’s equity ownership. This transition began in July 2021 and is being implemented over the next five years. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The following table shows changes in the carrying amount of goodwill by reportable segment: Goodwill Packaging & Specialty Plastics Industrial Intermediates & Infrastructure Performance Materials & Coatings Total In millions Net goodwill at Dec 31, 2020 $ 5,115 $ 1,100 $ 2,693 $ 8,908 Foreign currency impact (7) (3) (97) (107) Net goodwill at Sep 30, 2021 $ 5,108 $ 1,097 $ 2,596 $ 8,801 The following table provides information regarding the Company’s other intangible assets: Other Intangible Assets Sep 30, 2021 Dec 31, 2020 In millions Gross Carrying Amount Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology $ 2,637 $ (1,833) $ 804 $ 2,638 $ (1,677) $ 961 Software 1,494 (1,042) 452 1,489 (989) 500 Trademarks/tradenames 352 (344) 8 352 (343) 9 Customer-related 3,226 (1,528) 1,698 3,301 (1,419) 1,882 Total other intangible assets $ 7,709 $ (4,747) $ 2,962 $ 7,780 $ (4,428) $ 3,352 The following table provides information regarding amortization expense related to intangible assets: Amortization Expense Three Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Other intangible assets, excluding software $ 100 $ 100 $ 301 $ 300 Software, included in “Cost of sales” $ 22 $ 24 $ 67 $ 72 Total estimated amortization expense for 2021 and the five succeeding fiscal years, including amounts expected to be capitalized, is as follows: Estimated Amortization Expense In millions 2021 $ 475 2022 $ 410 2023 $ 377 2024 $ 359 2025 $ 268 2026 $ 194 |
NOTES PAYABLE, LONG-TERM DEBT A
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Notes Payable Sep 30, 2021 Dec 31, 2020 In millions Notes payable to banks and other lenders $ 270 $ 156 Period-end average interest rates 6.38 % 3.89 % Long-Term Debt 2021 Average Rate Sep 30, 2021 2020 Average Rate Dec 31, 2020 In millions Promissory notes and debentures: Final maturity 2021 — % $ — 8.95 % $ 173 Final maturity 2022 8.64 % 121 8.64 % 121 Final maturity 2023 7.63 % 250 7.63 % 250 Final maturity 2024 — % — 3.43 % 1,017 Final maturity 2025 5.63 % 333 5.13 % 625 Final maturity 2026 3.63 % 750 3.63 % 750 Final maturity 2027 and thereafter 1 5.15 % 9,364 5.34 % 10,138 Other facilities: Foreign currency notes and loans, various rates and maturities 1.22 % 2,889 1.41 % 3,189 InterNotes®, varying maturities through 2051 3.40 % 382 3.56 % 535 Finance lease obligations 2 542 518 Unamortized debt discount and issuance costs (313) (365) Long-term debt due within one year 3 (291) (460) Long-term debt $ 14,027 $ 16,491 1. Cost includes net fair value hedge adjustment gains of $48 million at September 30, 2021 ($69 million at December 31, 2020). 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 Sep 30, 2021 In millions 2021 $ 122 2022 $ 191 2023 $ 345 2024 $ 41 2025 $ 364 2026 $ 801 2021 Activity In the second quarter of 2021, the Company redeemed $208 million aggregate principal amount of 3.15 percent notes due May 2024 and $811 million aggregate principal amount of 3.50 percent notes due October 2024. As a result of the redemptions, the Company recognized a pretax loss of $101 million on the early extinguishment of debt, included in "Sundry income (expense) - net" in the consolidated statements of income (related to Corporate) and included in "Other net loss" in the consolidated statements of cash flows. In the third quarter of 2021, the Company completed cash tender offers for certain debt securities. In total, $1,042 million aggregate principal amount was tendered and retired. As a result, the Company recognized a pretax loss of $472 million on the early extinguishment of debt, included in "Sundry income (expense) – net" in the consolidated statements of income (related to Corporate) and included in "Other net loss" in the consolidated statements of cash flows. In addition, the Company voluntarily repaid $81 million of long-term debt due within one year. In the first nine months of 2021, the Company issued an aggregate principal amount of $95 million of InterNotes®, and redeemed an aggregate principal amount of $28 million at maturity. In addition, the Company voluntarily repaid an aggregate principal amount of $213 million of InterNotes® with various maturities. As a result, the Company recognized a pretax loss on the early extinguishment of debt for the nine months ended September 30, 2021 of $1 million, included in "Sundry income (expense) - net" in the consolidated statements of income (related to Corporate) and included in "Other net loss" in the consolidated statements of cash flows. Additionally, in the first nine months of 2021, the Company repaid approximately $173 million of long-term debt at maturity and approximately $14 million of long-term debt was repaid by consolidated variable interest entities. 2020 Activity In February 2020, the Company issued €2.25 billion aggregate principal amount of notes (“Euro Notes”). The Euro Notes included €1.0 billion aggregate principal amount of 0.50 percent notes due 2027, €750 million aggregate principal amount of 1.125 percent notes due 2032 and €500 million aggregate principal amount of 1.875 percent notes due 2040. The Euro Notes have a weighted average coupon rate of approximately 1.0 percent. With the net proceeds from the issuance of the Euro Notes, Dow Silicones voluntarily repaid $750 million of principal under a certain third party credit agreement. In addition, the Company redeemed $1.25 billion of 3.0 percent notes issued by the Company with maturity in 2022. As a result, the Company recognized a pretax loss of $85 million on the early extinguishment of debt, included in “Sundry income (expense) – net” in the consolidated statements of income (related to Corporate) and included in "Other net loss" in the consolidated statements of cash flows. In July 2020, the Company's accounts receivable securitization facility in Europe was amended and the terms of the agreement changed from a secured borrowing arrangement to an accounts receivable facility. Under the terms of the new agreement, the Company may sell certain eligible trade accounts receivable, up to €400 million, at any point in time. 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 provides a guarantee to the financial institutions for the creditworthiness and collection of the receivables in satisfaction of the facility. There were no receivables sold in the third quarter of 2020. See Note 12 for additional information related to guarantees. In August 2020, the Company issued $2.0 billion aggregate principal amount of notes. The notes included $850 million aggregate principal amount of 2.1 percent notes due 2030 and $1.15 billion aggregate principal amount of 3.6 percent notes due 2050 (together, the "Notes" ). With the net proceeds from the issuance of the Notes, Dow Silicones voluntarily repaid the remaining $1.25 billion outstanding principal balance under the Term Loan Facility. In September 2020, the Company also used $556 million of aggregate proceeds from the Notes to fund cash tender offers for certain of its debt securities and certain debt securities of Union Carbide. In total, $493 million aggregate principal amount was tendered and retired. These actions resulted in a pretax loss of $62 million on the early extinguishment of debt included in "Sundry income (expense) – net" in the consolidated statements of income (related to Corporate) and included in "Other net loss" in the consolidated statements of cash flows. In the first nine months of 2020, the Company also issued an aggregate principal amount of $167 million of InterNotes®, and redeemed an aggregate principal amount of $166 million at maturity. In addition, the Company voluntarily repaid an aggregate principal amount of $307 million of InterNotes® with various maturities. As a result, the Company recognized a pretax loss on the early extinguishment of debt for the three months ended September 30, 2020 of $1 million ($2 million for the nine months ended September 30, 2020), included in “Sundry income (expense) – net” in the consolidated statements of income (related to Corporate) and included in "Other net loss" in the consolidated statements of cash flows. Additionally, in the first nine months of 2020, the Company repaid approximately $76 million of long-term debt at maturity and approximately $17 million of long-term debt was repaid by consolidated variable interest entities. Available Credit Facilities The following table summarizes the Company's credit facilities: Committed and Available Credit Facilities at Sep 30, 2021 In millions Committed Credit Available Credit Maturity Date Interest Five Year Competitive Advance and Revolving Credit Facility $ 5,000 $ 5,000 October 2024 Floating rate Bilateral Revolving Credit Facility 300 300 December 2021 Floating rate Bilateral Revolving Credit Facility 300 300 December 2021 Floating rate Bilateral Revolving Credit Facility 150 150 March 2022 Floating rate Bilateral Revolving Credit Facility 100 100 June 2022 Floating rate Bilateral Revolving Credit Facility 200 200 September 2022 Floating rate Bilateral Revolving Credit Facility 1 200 200 November 2022 Floating rate Bilateral Revolving Credit Facility 200 200 September 2023 Floating rate Bilateral Revolving Credit Facility 250 250 September 2023 Floating rate Bilateral Revolving Credit Facility 300 300 September 2023 Floating rate Bilateral Revolving Credit Facility 100 100 October 2024 Floating rate Bilateral Revolving Credit Facility 100 100 October 2024 Floating rate Bilateral Revolving Credit Facility 200 200 November 2024 Floating rate Bilateral Revolving Credit Facility 100 100 March 2025 Floating rate Bilateral Revolving Credit Facility 250 250 March 2025 Floating rate Bilateral Revolving Credit Facility 350 350 March 2025 Floating rate Total committed and available credit facilities $ 8,100 $ 8,100 1. Assumes the option to extend the bilateral revolving credit facility will be exercised. 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 nine months of 2021. For additional information on the Company's debt covenants and default provisions, see Note 15 to the Consolidated Financial Statements included in the 2020 10-K. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | COMMITMENTS AND CONTINGENT LIABILITIES A summary of the Company's commitments and contingent liabilities can be found in Note 16 to the Consolidated Financial Statements included in the 2020 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 September 30, 2021, the Company had accrued obligations of $1,231 million for probable environmental remediation and restoration costs, including $235 million for the remediation of Superfund sites. These obligations are included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the consolidated balance sheets. 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 one and a half 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. At December 31, 2020, the Company had accrued obligations of $1,244 million for probable environmental remediation and restoration costs, including $248 million for the remediation of Superfund sites. Litigation Asbestos-Related Matters of Union Carbide Corporation Each quarter, Union Carbide reviews 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 2021 activity, it was determined that no adjustment to the accrual was required at September 30, 2021. Union Carbide’s total asbestos-related liability for pending and future claims and defense and processing costs was $1,047 million at September 30, 2021 ($1,098 million at December 31, 2020), and was included in “Accrued and other current liabilities” and “Asbestos-related liabilities - noncurrent” in the consolidated balance sheets. At September 30, 2021, approximately 24 percent of the recorded claim liability related to pending claims and approximately 76 percent related to future claims. Dow Silicones Chapter 11 Related Matters At September 30, 2021, Dow Silicones and its insurers had made life-to-date payments of $1,762 million to the settlement program administered by an independent claims office (the “Settlement Facility”), created to resolve breast implant and other product liability claims. At September 30, 2021, Dow Silicones estimates that it will be obligated to contribute an additional $160 million to the Settlement Facility ($160 million at December 31, 2020), of which $80 million ($46 million at December 31, 2020) was included in “Accrued and other current liabilities” and $80 million ($114 million at December 31, 2020) was included in "Other noncurrent obligations" in the consolidated balance sheets. Indemnifications with Corning Incorporated The Company had indemnification assets with Corning Incorporated of $119 million at September 30, 2021 ($115 million at December 31, 2020), included in "Noncurrent receivables" in the consolidated balance sheets. Gain Contingency - Dow v. Nova Chemicals Corporation Patent Infringement Matter As a result of a 2017 damages judgment related to the patent infringement matter, Nova Chemicals Corporation ("Nova") was ordered to pay the Company $645 million Canadian dollars, plus pre- and post-judgment interest, for which the Company received payment of $501 million U.S. dollars in July 2017. In May 2021, the Supreme Court of Canada granted Nova's application for leave and agreed to review the damages judgment. The Company expects a hearing on the appeal in early 2022, with a decision by July 2022. The Company is confident of its chances to continue to defend the entire judgment, particularly the trial and appellate courts' determinations on important factual issues, which will be accorded deferential review on appeal. At September 30, 2021, the Company had $341 million ($341 million at December 31, 2020) included in "Accrued and other current liabilities" in the consolidated balance sheets related to the disputed portion of the damages judgment. 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). In October 2019, Nova paid $1.08 billion Canadian dollars (equivalent to approximately $0.8 billion U.S. dollars) directly to the Company, and remitted $347 million Canadian dollars to the Canada Revenue Agency ("CRA") for the tax account of one of the Company's subsidiaries. In March 2020, the Company received the full refund from the CRA, equivalent to $259 million U.S. dollars. At September 30, 2021, $323 million ($323 million at December 31, 2020) was included in "Other noncurrent obligations" in the Company's consolidated balance sheets related to the disputed portion of the damages judgment. Dow continues to seek an award of additional damages for the period from 2013 through 2018. The trial court ordered a damages hearing for November 2021 that would resolve the impact of the appellate ruling and quantify Dow's damages for the 2013-2018 period, although Nova may seek to further delay this hearing. Luxi Chemical Group Breach of Contract Matter In November 2017, an arbitration panel of the Stockholm Chamber of Commerce held that Luxi Chemical Group Co., Ltd. (“Luxi”) based in Shandong Province, China violated a secrecy and non-use agreement related to the Dow and Johnson Matthey Davy Technologies Limited (“JM”) LP Oxo SM Process by using Dow and JM protected information in the design, construction, and operation of its butanol and 2-ethylhexanol plants, awarding damages, fees and costs, plus interest, to both Dow and JM. In September 2021, Luxi paid the arbitration award and interest assessment and, as a result, Dow recorded a pretax gain of $54 million, included in “Sundry income (expense) – net” in the consolidated statements of income and related to Industrial Intermediates & Infrastructure. Brazilian Tax Credits In March 2017, the Federal Supreme Court of Brazil (“Brazil Supreme Court”) ruled in a leading case that a Brazilian value-added tax ("ICMS") should not be included in the base used to calculate a taxpayer's federal contribution on total revenue known as PIS/COFINS (the “2017 Decision”). Previously, three of the Company’s Brazilian subsidiaries filed lawsuits challenging the inclusion of ICMS in their calculation of PIS/COFINS, seeking recovery of excess taxes paid. In response to the 2017 Decision, the Brazilian tax authority filed an appeal seeking clarification of the amount of ICMS tax to exclude from the calculation of PIS/COFINS. In May 2021, the Brazil Supreme Court ruled in a leading case related to the amount of ICMS tax to exclude from the calculation of PIS/COFINS, which resolved two of the lawsuits filed by the Company. As a result, in the second quarter of 2021, the Company recorded a pretax gain of $61 million for certain excess PIS/COFINS paid from 2009 to 2019, plus applicable interest, which the Company expects to apply to future required federal tax payments, and the reversal of related liabilities. The pretax gain was recorded in “Cost of sales” in the consolidated statements of income. At September 30, 2021, related tax credits available and expected to be applied to future required federal tax payments totaled $50 million. The Company has not received a final ruling related to its remaining lawsuit. 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: Guarantees Sep 30, 2021 Dec 31, 2020 In millions Final Maximum Future Payments 1 Recorded Liability Final Maximum Recorded Liability Guarantees 2038 $ 1,312 $ 225 2023 $ 251 $ 2 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 $501 million at September 30, 2021. Based on Sadara's current forecasted cash flows, 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, committed 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 less than 17 years. The Company’s current expectation is that future payment or performance related to the non-performance of others is considered remote. TDCC has entered into guarantee agreements related to Sadara, a nonconsolidated affiliate. In the first quarter of 2021, Sadara reached an agreement with its lenders to re-profile Sadara's outstanding project financing debt. In conjunction with the completion of Sadara’s debt re-profiling, TDCC entered into a new guarantee of up to approximately $1.3 billion of Sadara’s debt. 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. The total of an Islamic bond and additional project financing outstanding at Sadara was $9.9 billion at September 30, 2021 and December 31, 2020. As part of the successful re-profiling, TDCC’s prior $220 million letter of credit related to the guarantee of one future Sadara debt service schedule payment was cancelled. As a result of these actions, the Company does not expect to provide any shareholder loans or equity contributions to Sadara in 2021. |
LEASES (Notes)
LEASES (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Lessee, Operating And Finance Leases | LEASES For additional information on the Company's leases, see Note 17 to the Consolidated Financial Statements included in the 2020 10-K. The components of lease cost for operating and finance leases for the three and nine months ended September 30, 2021 and 2020 were as follows: Lease Cost Three Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Operating lease cost $ 123 $ 122 $ 362 $ 362 Finance lease cost Amortization of right-of-use assets - finance $ 19 $ 16 $ 53 $ 42 Interest on lease liabilities - finance 6 7 19 19 Total finance lease cost $ 25 $ 23 $ 72 $ 61 Short-term lease cost 57 54 177 161 Variable lease cost 78 45 228 157 Sublease income (2) (2) (5) (4) Total lease cost $ 281 $ 242 $ 834 $ 737 The following table provides supplemental cash flow and other information related to leases: Other Lease Information Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 364 $ 357 Operating cash flows for finance leases $ 19 $ 19 Financing cash flows for finance leases $ 48 $ 34 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 133 $ 68 Finance leases $ 73 $ 142 The following table summarizes the lease-related assets and liabilities recorded in the consolidated balance sheets at September 30, 2021 and December 31, 2020: Lease Position Balance Sheet Classification Sep 30, 2021 Dec 31, 2020 In millions Assets Operating lease assets Operating lease right-of-use assets $ 1,727 $ 1,856 Finance lease assets Property 726 665 Finance lease amortization Accumulated depreciation (263) (216) Total lease assets $ 2,190 $ 2,305 Liabilities Current Operating Operating lease liabilities - current $ 413 $ 416 Finance Long-term debt due within one year 68 54 Noncurrent Operating Operating lease liabilities - noncurrent 1,428 1,521 Finance Long-Term Debt 474 464 Total lease liabilities $ 2,383 $ 2,455 The weighted-average remaining lease term and discount rate for leases recorded in the consolidated balance sheets at September 30, 2021 and December 31, 2020 are provided below: Lease Term and Discount Rate Sep 30, 2021 Dec 31, 2020 Weighted-average remaining lease term Operating leases 7.2 years 7.6 years Finance leases 10.3 years 11.6 years Weighted-average discount rate Operating leases 3.63 % 3.84 % Finance leases 5.04 % 5.41 % The following table provides the maturities of lease liabilities at September 30, 2021: Maturities of Lease Liabilities Sep 30, 2021 In millions Operating Leases Finance Leases 2021 $ 140 $ 29 2022 434 89 2023 351 113 2024 273 58 2025 201 47 2026 and thereafter 744 375 Total future undiscounted lease payments $ 2,143 $ 711 Less: Imputed interest 302 169 Total present value of lease liabilities $ 1,841 $ 542 At September 30, 2021, Dow had additional leases of approximately $152 million, primarily for equipment, which had not yet commenced. These leases are expected to commence in 2021 and 2022, with lease terms of up to 20 years. Dow provides guarantees related to certain leased assets, specifying the residual value that will be available to the lessor at lease termination through the sale of the assets to the lessee or third parties. The following table provides a summary of the final expiration, maximum future payments and recorded liability included in the consolidated balance sheets for residual value guarantees at September 30, 2021 and December 31, 2020. The Company had a recorded liability of $56 million related to these residual value guarantees at September 30, 2021 ($22 million at December 31, 2020), as payment of such residual value guarantees was determined to be probable. The lease agreements do not contain any material restrictive covenants. Lease Guarantees Sep 30, 2021 Dec 31, 2020 In millions Final Expiration Maximum Future Payments Recorded Liability Final Expiration Maximum Future Payments Recorded Liability Residual value guarantees 2031 $ 805 $ 56 2030 $ 818 $ 22 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | ACCUMULATED OTHER COMPREHENSIVE LOSS The changes in each component of accumulated other comprehensive loss ("AOCL") for the three and nine months ended September 30, 2021 and 2020 were as follows: Accumulated Other Comprehensive Loss Three Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Unrealized Gains (Losses) on Investments Beginning balance $ 72 $ 40 $ 104 $ 64 Unrealized gains (losses) on investments (10) 35 (25) 39 Tax (expense) benefit 3 (8) 5 (10) Net unrealized gains (losses) on investments (7) 27 (20) 29 (Gains) losses reclassified from AOCL to net income 1 (8) (25) (33) (59) Tax expense (benefit) 2 2 6 8 14 Net (gains) losses reclassified from AOCL to net income (6) (19) (25) (45) Other comprehensive income (loss), net of tax (13) 8 (45) (16) Ending balance $ 59 $ 48 $ 59 $ 48 Cumulative Translation Adjustment Beginning balance $ (1,118) $ (1,235) $ (930) $ (1,135) Gains (losses) on foreign currency translation (148) 116 (298) 18 Tax (expense) benefit (8) 4 (43) 18 Net gains (losses) on foreign currency translation (156) 120 (341) 36 (Gains) losses reclassified from AOCL to net income 3 (1) (29) (4) (45) Other comprehensive income (loss), net of tax (157) 91 (345) (9) Ending balance $ (1,275) $ (1,144) $ (1,275) $ (1,144) Pension and Other Postretirement Benefits Beginning balance $ (8,276) $ (8,498) $ (9,559) $ (8,781) Gains (losses) arising during the period 4 2 2 1,270 2 Tax (expense) benefit — — (298) — Net gains (losses) arising during the period 2 2 972 2 Amortization and recognition of net loss and prior service credits 5 191 188 583 557 Tax expense (benefit) 2 (44) (43) (123) (129) Net loss and prior service credits reclassified from AOCL to net income 147 145 460 428 Other comprehensive income (loss), net of tax 149 147 1,432 430 Ending balance $ (8,127) $ (8,351) $ (8,127) $ (8,351) Derivative Instruments Beginning balance $ (354) $ (532) $ (470) $ (394) Gains (losses) on derivative instruments 55 45 167 (114) Tax (expense) benefit (9) (10) (10) (2) Net gains (losses) on derivative instruments 46 35 157 (116) (Gains) losses reclassified from AOCL to net income 6 (16) 5 (10) 24 Tax expense (benefit) 2 2 (2) 1 (8) Net (gains) losses reclassified from AOCL to net income (14) 3 (9) 16 Other comprehensive income (loss), net of tax 32 38 148 (100) Ending balance $ (322) $ (494) $ (322) $ (494) Total AOCL ending balance $ (9,665) $ (9,941) $ (9,665) $ (9,941) 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. See Note 16 for additional information. 5. These AOCL components are included in the computation of net periodic benefit cost of the Company's defined benefit pension and other postretirement benefit plans. See Note 16 for additional information. 6. Reclassified to "Cost of sales," "Sundry income (expense) - net" and "Interest expense and amortization of debt discount." |
NONCONTROLLING INTERESTS Noncon
NONCONTROLLING INTERESTS Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2021 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | 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 nine months ended September 30, 2021 and 2020: Noncontrolling Interests Three Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Balance at beginning of period $ 580 $ 560 $ 570 $ 553 Net income attributable to noncontrolling interests 23 24 69 51 Distributions to noncontrolling interests 1 (7) — (27) (12) Deconsolidation of noncontrolling interests 2 — (7) — (7) Cumulative translation adjustments (8) 2 (23) (6) Other 1 (1) — (1) Balance at end of period $ 589 $ 578 $ 589 $ 578 1. Distributions to noncontrolling interests are net of $8 million for the three and nine months ended September 30, 2021 ($7 million for the three and nine months ended September 30, 2020) in dividends paid to a joint venture, which were reclassified to "Equity in earnings (losses) of nonconsolidated affiliates" in the consolidated statements of income. 2. Related to the divestiture of the Company's interest in a cogeneration facility in Brazil in the third quarter of 2020. |
PENSION PLANS AND OTHER POSTRET
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS A summary of the Company's pension and other postretirement benefit plans can be found in Note 20 to the Consolidated Financial Statements included in the 2020 10-K. On March 4, 2021, the Company announced changes to its U.S. tax-qualified and non-qualified pension plans. Effective December 31, 2023 ("Effective Date"), the Company will freeze the pensionable compensation and credited service amounts used to calculate pension benefits for employees who participate in its U.S. tax-qualified and non-qualified retirement programs (collectively, the "U.S. Plans"). As a result, at the Effective Date and subject to any bargaining obligations required by law, active participants of the U.S. Plans will not accrue additional benefits for future service and compensation. Additionally, contributions to U.S. tax-qualified and non-qualified defined contribution plans will be harmonized across the Company's U.S. eligible employee population. The new matching contribution, beginning January 1, 2022, will allow all eligible U.S. employees to receive matching contributions of up to 5 percent of their eligible compensation. In addition, beginning on January 1, 2024, all eligible U.S. employees will receive an automatic non-elective contribution of 4 percent of eligible compensation to their respective defined contribution plans. The Company's funding policy is to contribute to defined benefit pension plans in the United States and a number of other countries when pension laws and/or economics either require or encourage funding. On March 4, 2021, the Company elected to contribute $1 billion to its U.S. tax-qualified pension plans and, as a result, increased its estimated global 2021 pension contributions to approximately $1,230 million, of which $1,165 million has been contributed through September 30, 2021. In connection with the foregoing plan amendments, the Company remeasured its U.S. Plans effective February 28, 2021, which resulted in a pretax actuarial gain of $1,268 million, included in other comprehensive income and inclusive of a $345 million reduction in the projected benefit obligation resulting from the plan amendments, and a pretax curtailment gain of $19 million, recognized in the first quarter of 2021. The following table provides the components of the Company's net periodic benefit cost for all significant plans: Net Periodic Benefit Cost for All Significant Plans Three Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Defined Benefit Pension Plans Service cost $ 95 $ 100 $ 293 $ 298 Interest cost 151 191 444 574 Expected return on plan assets (434) (415) (1,291) (1,241) Amortization of prior service credit (5) (4) (15) (14) Amortization of net loss 198 194 622 578 Curtailment gain — — (19) — Net periodic benefit cost $ 5 $ 66 $ 34 $ 195 Other Postretirement Benefit Plans Service cost $ 2 $ 2 $ 6 $ 6 Interest cost 6 10 17 29 Amortization of net gain (2) (2) (5) (7) Net periodic benefit cost $ 6 $ 10 $ 18 $ 28 Net periodic benefit cost, other than the service cost component, is included in "Sundry income (expense) - net" in the consolidated statements of income. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [Text Block] | STOCK-BASED COMPENSATION A summary of the Company's stock-based compensation plans can be found in Note 21 to the Consolidated Financial Statements included in the 2020 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 2021, Dow Inc. granted the following stock-based compensation awards to employees: • 1.3 million stock options with a weighted-average exercise price of $57.67 per share and a weighted-average fair value of $10.37 per share; • 1.6 million restricted stock units with a weighted-average fair value of $57.70 per share; and • 1.2 million performance stock units with a weighted-average fair value of $61.48 per share. There was minimal grant activity in the second and third quarters of 2021. Employee Stock Purchase Plan The Board unanimously approved the Dow Inc. 2021 Employee Stock Purchase Plan (the "2021 ESPP"), which was approved by the Company's stockholders at the 2021 Annual Meeting of Stockholders held on April 15, 2021. Under the 2021 ESPP offering, most employees were 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 June 1, 2021 (beginning) or December 3, 2021 (ending) of the offering period, whichever is lower. In the second quarter of 2021, employees subscribed to the right to purchase approximately 2.0 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 2021. The shares will be delivered to employees in the fourth quarter of 2021. |
Financial Instruments (Notes)
Financial Instruments (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Financial Instruments | FINANCIAL INSTRUMENTS A summary of the Company's financial instruments, risk management policies, derivative instruments and hedging activities can be found in Note 22 to the Consolidated Financial Statements included in the 2020 10-K. The following table summarizes the fair value of financial instruments at September 30, 2021 and December 31, 2020: Fair Value of Financial Instruments Sep 30, 2021 Dec 31, 2020 In millions Cost Gain Loss Fair Value Cost Gain Loss Fair Value Cash equivalents: Held-to-maturity securities 1 $ 921 $ — $ — $ 921 $ 980 $ — $ — $ 980 Money market funds 498 — — 498 484 — — 484 Total cash equivalents $ 1,419 $ — $ — $ 1,419 $ 1,464 $ — $ — $ 1,464 Marketable securities 2 $ 138 $ 3 $ — $ 141 $ 45 $ — $ — $ 45 Other investments: Debt securities: Government debt 3 $ 687 $ 18 $ (24) $ 681 $ 673 $ 35 $ (10) $ 698 Corporate bonds 1,172 89 (9) 1,252 822 119 (5) 936 Total debt securities $ 1,859 $ 107 $ (33) $ 1,933 $ 1,495 $ 154 $ (15) $ 1,634 Equity securities 4 6 19 — 25 6 34 — 40 Total other investments $ 1,865 $ 126 $ (33) $ 1,958 $ 1,501 $ 188 $ (15) $ 1,674 Total cash equivalents, marketable securities and other investments $ 3,422 $ 129 $ (33) $ 3,518 $ 3,010 $ 188 $ (15) $ 3,183 Long-term debt including debt due within one year 5 $ (14,318) $ 21 $ (2,673) $ (16,970) $ (16,951) $ 6 $ (3,659) $ (20,604) Derivatives relating to: Interest rates 6 $ — $ — $ (166) $ (166) $ — $ 41 $ (182) $ (141) Foreign currency — 53 (82) (29) — 69 (84) (15) Commodities 6 — 240 (132) 108 — 63 (84) (21) Total derivatives $ — $ 293 $ (380) $ (87) $ — $ 173 $ (350) $ (177) 1. The Company's held-to-maturity securities primarily included treasury bills and time deposits. 2. The Company’s investments in marketable securities are included in “Other current assets” in the consolidated balance sheets. 3. U.S. Treasury obligations, U.S. agency obligations, U.S. agency mortgage-backed securities and other municipalities’ obligations. 4. Equity securities with a readily determinable fair value. 5. Cost includes fair value hedge adjustment gains of $48 million at September 30, 2021 and $69 million at December 31, 2020 on $2,279 million of debt at September 30, 2021 and $3,314 million at December 31, 2020. 6. Presented net of cash collateral where master netting arrangements allow. Cost approximates fair value for all other financial instruments. Debt Securities The Company's investments in debt securities are primarily classified as available-for-sale. The following table provides the investing results from available-for-sale securities for the nine months ended September 30, 2021 and 2020: Investing Results Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Proceeds from sales of available-for-sale securities $ 339 $ 742 Gross realized gains $ 41 $ 84 Gross realized losses $ (8) $ (25) The following table summarizes the contractual maturities of the Company's investments in debt securities: Contractual Maturities of Debt Securities at Sep 30, 2021 1 Cost Fair Value In millions Within one year $ 22 $ 23 One to five years 618 650 Six to ten years 709 720 After ten years 510 540 Total $ 1,859 $ 1,933 1. Includes marketable securities with maturities of less than one year. 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 months ended September 30, 2021. There was $6 million of net unrealized losses recognized in earnings on equity securities for the three months ended September 30, 2021 ($1 million net unrealized loss for the three months ended September 30, 2020). There was $7 million of net unrealized losses recognized in earnings on equity securities for the nine months ended September 30, 2021 ($1 million unrealized loss for the nine months ended September 30, 2020). Investments in Equity Securities Sep 30, 2021 Dec 31, 2020 In millions Readily determinable fair value $ 25 $ 40 Not readily determinable fair value $ 226 $ 215 Derivative Instruments The notional amounts of the Company's derivative instruments presented on a net basis at September 30, 2021 and December 31, 2020 were as follows: Notional Amounts - Net Sep 30, 2021 Dec 31, 2020 In millions Derivatives designated as hedging instruments: Interest rate contracts $ 3,005 $ 612 Foreign currency contracts $ 3,725 $ 3,784 Derivatives not designated as hedging instruments: Interest rate contracts $ 58 $ 94 Foreign currency contracts $ 13,663 $ 9,187 The notional amounts of the Company's commodity derivatives presented on a net basis at September 30, 2021 and December 31, 2020 were as follows: Commodity Notionals - Net Sep 30, 2021 Dec 31, 2020 Notional Volume Unit Derivatives designated as hedging instruments: Hydrocarbon derivatives 6.9 10.9 million barrels of oil equivalent Derivatives not designated as hedging instruments: Hydrocarbon derivatives 0.1 — million barrels of oil equivalent Maturity Dates of Derivatives Designated as Hedging Instruments Year Interest rate contracts 2023 Foreign currency contracts 2023 Commodity contracts 2023 The following tables provide the fair value and balance sheet classification of derivative instruments at September 30, 2021 and December 31, 2020: Fair Value of Derivative Instruments Sep 30, 2021 In millions Balance Sheet Classification Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheets Asset derivatives Derivatives designated as hedging instruments: Interest rate contracts Deferred charges and other assets $ 182 $ (182) $ — Foreign currency contracts Other current assets 32 (18) 14 Foreign currency contracts Deferred charges and other assets 86 (51) 35 Commodity contracts Other current assets 448 (253) 195 Commodity contracts Deferred charges and other assets 68 (32) 36 Total $ 816 $ (536) $ 280 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 20 $ (16) $ 4 Commodity contracts Other current assets 29 (20) 9 Commodity contracts Deferred charges and other assets 2 (2) — Total $ 51 $ (38) $ 13 Total asset derivatives $ 867 $ (574) $ 293 Liability derivatives Derivatives designated as hedging instruments: Interest rate contracts Other noncurrent obligations $ 233 $ (182) $ 51 Foreign currency contracts Accrued and other current liabilities 21 (18) 3 Foreign currency contracts Other noncurrent obligations 51 (51) — Commodity contracts Accrued and other current liabilities 391 (287) 104 Commodity contracts Other noncurrent obligations 48 (34) 14 Total $ 744 $ (572) $ 172 Derivatives not designated as hedging instruments: Interest rate contracts Other noncurrent obligations $ 115 $ — $ 115 Foreign currency contracts Accrued and other current liabilities 95 (16) 79 Commodity contracts Accrued and other current liabilities 34 (21) 13 Commodity contracts Other noncurrent obligations 3 (2) 1 Total $ 247 $ (39) $ 208 Total liability derivatives $ 991 $ (611) $ 380 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. Fair Value of Derivative Instruments Dec 31, 2020 In millions Balance Sheet Classification Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheets Asset derivatives Derivatives designated as hedging instruments: Interest rate contracts Other current assets $ 3 $ (3) $ — Foreign currency contracts Other current assets 39 (19) 20 Commodity contracts Other current assets 146 (109) 37 Commodity contracts Deferred charges and other assets 31 (8) 23 Total $ 219 $ (139) $ 80 Derivatives not designated as hedging instruments: Interest rate contracts Deferred charges and other assets $ 41 $ — $ 41 Foreign currency contracts Other current assets 74 (25) 49 Commodity contracts Other current assets 4 (1) 3 Total $ 119 $ (26) $ 93 Total asset derivatives $ 338 $ (165) $ 173 Liability derivatives Derivatives designated as hedging instruments: Interest rate contracts Accrued and other current liabilities $ 7 $ (3) $ 4 Foreign currency contracts Accrued and other current liabilities 93 (19) 74 Commodity contracts Accrued and other current liabilities 151 (112) 39 Commodity contracts Other noncurrent obligations 48 (9) 39 Total $ 299 $ (143) $ 156 Derivatives not designated as hedging instruments: Interest rate contracts Other noncurrent obligations $ 178 $ — $ 178 Foreign currency contracts Accrued and other current liabilities 35 (25) 10 Commodity contracts Accrued and other current liabilities 9 (3) 6 Total $ 222 $ (28) $ 194 Total liability derivatives $ 521 $ (171) $ 350 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. 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 $45 million at September 30, 2021 ($7 million at December 31, 2020). No cash collateral was posted by counterparties with the Company at September 30, 2021 and December 31, 2020. The following tables summarize the gain (loss) of derivative instruments in the consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2021 and 2020: Effect of Derivative Instruments Amount of gain (loss) recognized in OCI 1 Amount of gain (loss) recognized in income 2 Income Statement Classification Three Months Ended Three Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Derivatives designated as hedging Fair value hedges: Excluded components 3 $ — $ 3 $ — $ — Interest expense and amortization of debt discount Cash flow hedges: Interest rate contracts 5 — (2) (1) Interest expense and amortization of debt discount Foreign currency contracts 4 (12) (3) (1) Cost of sales Commodity contracts 37 42 21 (4) Cost of sales Net foreign investment hedges: Foreign currency contracts 20 (19) — — Excluded components 3 12 — 1 2 Sundry income (expense) - net Total derivatives designated as hedging instruments $ 78 $ 14 $ 17 $ (4) Derivatives not designated as hedging instruments: Interest rate contracts $ — $ — $ (2) $ (3) Interest expense and amortization of debt discount Foreign currency contracts — — (84) (5) Sundry income (expense) - net Commodity contracts — — (12) (7) Cost of sales Total derivatives not designated as $ — $ — $ (98) $ (15) Total derivatives $ 78 $ 14 $ (81) $ (19) 1. OCI is defined as other comprehensive income (loss). 2. Pretax amounts. 3. The excluded components are related to the time value of the derivatives designated as hedges. Effect of Derivative Instruments Amount of gain (loss) recognized in OCI 1 Amount of gain (loss) recognized in income 2 Income Statement Classification Nine Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Derivatives designated as hedging instruments: Fair value hedges: Interest rate contracts $ — $ — $ (25) $ 24 Interest expense and amortization of debt discount 3 Excluded components 4 2 10 — — Interest expense and amortization of debt discount Cash flow hedges: Interest rate contracts (39) — (7) (1) Interest expense and amortization of debt discount Foreign currency contracts 10 (9) (15) 8 Cost of sales Commodity contracts 143 (23) 32 (32) Cost of sales Net foreign investment hedges: Foreign currency contracts 33 (3) — — Excluded components 4 20 27 5 18 Sundry income (expense) - net Total derivatives designated as hedging instruments $ 169 $ 2 $ (10) $ 17 Derivatives not designated as hedging instruments: Interest rate contracts $ — $ — $ (5) $ (10) Interest expense and amortization of debt discount Foreign currency contracts — — (202) (15) Sundry income (expense) - net Commodity contracts — — (47) 10 Cost of sales Total derivatives not designated as $ — $ — $ (254) $ (15) Total derivatives $ 169 $ 2 $ (264) $ 2 1. OCI is defined as other comprehensive income (loss). 2. Pretax amounts. 3. Gain (loss) recognized in income of derivatives is offset by gain (loss) recognized in income of the hedged item. 4. The excluded components are related to the time value of the derivatives designated as hedges. The following table provides the net after-tax amounts expected to be reclassified from AOCL to income within the next 12 months: Expected Reclassifications from AOCL within the next 12 months Sep 30, 2021 In millions Cash flow hedges: Interest rate contracts $ (8) Commodity contracts $ 74 Foreign currency contracts $ 5 Net foreign investment hedges: Excluded components $ 9 |
FAIR VALUE MEASUREMENTS (Notes)
FAIR VALUE MEASUREMENTS (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS A summary of the Company's recurring and nonrecurring fair value measurements can be found in Note 23 to the Consolidated Financial Statements included in the 2020 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: Basis of Fair Value Measurements on a Recurring Basis Sep 30, 2021 Dec 31, 2020 Quoted Prices in Active Markets for Identical Items Significant Other Observable Inputs Significant Unobservable Inputs Total Quoted Prices in Active Markets for Identical Items Significant Other Observable Inputs Total In millions Assets at fair value: Cash equivalents: Held-to-maturity securities 1 $ — $ 921 $ — $ 921 $ — $ 980 $ 980 Money market funds — 498 — 498 — 484 484 Marketable securities 2 — 141 — 141 — 45 45 Equity securities 3 25 — — 25 40 — 40 Debt securities: 3 Government debt 4 — 681 — 681 — 698 698 Corporate bonds 39 1,213 — 1,252 28 908 936 Derivatives relating to: 5 Interest rates — 182 — 182 — 44 44 Foreign currency — 138 — 138 — 113 113 Commodities 20 527 — 547 8 173 181 Total assets at fair value $ 84 $ 4,301 $ — $ 4,385 $ 76 $ 3,445 $ 3,521 Liabilities at fair value: Long-term debt including debt due within one year 6 $ — $ 16,970 $ — $ 16,970 $ — $ 20,604 $ 20,604 Guarantee liability 7 — — 225 225 — — — Derivatives relating to: 5 Interest rates — 348 — 348 — 185 185 Foreign currency — 167 — 167 — 128 128 Commodities 47 429 — 476 7 201 208 Total liabilities at fair value $ 47 $ 17,914 $ 225 $ 18,186 $ 7 $ 21,118 $ 21,125 1. The Company's held-to-maturity securities primarily included treasury bills and time deposits. 2. The Company’s investments in marketable securities are included in “Other current assets” in the consolidated balance sheets. 3. 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. 4. U.S. Treasury obligations, U.S. agency obligations, U.S. agency mortgage-backed securities and other municipalities’ obligations. 5. See Note 18 for the classification of derivatives in the consolidated balance sheets. 6. See Note 18 for information on fair value measurements of long-term debt. 7. Estimated liability for TDCC's guarantee of Sadara's debt which is included in "Other noncurrent obligations" in the consolidated balance sheets. See Note 12 for additional information. For equity securities calculated at net asset value per share (or its equivalent), the Company had $125 million in private market securities and $22 million in real estate at September 30, 2021 ($111 million in private market securities and $19 million in real estate at December 31, 2020). There are no redemption restrictions and the unfunded commitments on these investments were $89 million at September 30, 2021 ($63 million at December 31, 2020). |
VARIABLE INTEREST ENTITIES (Not
VARIABLE INTEREST ENTITIES (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES A summary of the Company's variable interest entities ("VIEs") can be found in Note 24 to the Consolidated Financial Statements included in the 2020 10-K. Assets and Liabilities of Consolidated VIEs The Company's consolidated financial statements include the assets, liabilities and results of operations of VIEs for which the Company is the primary beneficiary. The other equity holders’ interests are included in “Net income attributable to noncontrolling interests” in the consolidated statements of income and "Noncontrolling interests" in the consolidated balance sheets. The following table summarizes the carrying amounts of these entities' assets and liabilities included in the Company’s consolidated balance sheets at September 30, 2021 and December 31, 2020: Assets and Liabilities of Consolidated VIEs Sep 30, 2021 Dec 31, 2020 In millions Cash and cash equivalents $ 49 $ 26 Other current assets 38 44 Net property 187 232 Other noncurrent assets 15 17 Total assets 1 $ 289 $ 319 Current liabilities $ 51 $ 73 Long-term debt 4 6 Other noncurrent obligations 14 18 Total liabilities 2 $ 69 $ 97 1. All assets were restricted at September 30, 2021 and December 31, 2020. 2. All liabilities were nonrecourse at September 30, 2021 and December 31, 2020. Amounts presented in the consolidated balance sheets and the table above as restricted assets or nonrecourse obligations relating to consolidated VIEs at September 30, 2021 and December 31, 2020 are adjusted for intercompany eliminations. Nonconsolidated VIEs The following table summarizes the carrying amounts of assets included in the consolidated balance sheets at September 30, 2021 and December 31, 2020, related to variable interests in joint ventures or entities for which the Company is not the primary beneficiary. The Company's maximum exposure to loss is the same as the carrying amounts. Carrying Amounts of Assets Related to Nonconsolidated VIEs Sep 30, 2021 Dec 31, 2020 In millions Description of asset Silicon joint ventures Equity method investments 1 $ 113 $ 107 1. Included in "Investment in nonconsolidated affiliates" in the consolidated balance sheets. |
RELATD PARTY TRANSACTIONS (Note
RELATD PARTY TRANSACTIONS (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS TDCC has committed to fund Dow Inc.'s dividends paid to common stockholders and share repurchases, as approved by Dow Inc.'s Board from time to time, 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. The following table summarizes cash dividends TDCC declared and paid to Dow Inc. for the three and nine months ended September 30, 2021 and 2020: TDCC Cash Dividends Declared and Paid Three Months Ended Nine Months Ended Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 In millions Cash dividends declared and paid $ 919 $ 513 $ 2,361 $ 1,685 At September 30, 2021 and December 31, 2020, TDCC's outstanding intercompany loan balance with Dow Inc. was insignificant. |
SEGMENTS AND GEOGRAPHIC REGIONS
SEGMENTS AND GEOGRAPHIC REGIONS (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segments and Geographic Regions [Text Block] | 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 Information Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Materials & Coatings Corp. Total In millions Three months ended Sep 30, 2021 Net sales $ 7,736 $ 4,481 $ 2,526 $ 94 $ 14,837 Equity in earnings of nonconsolidated affiliates $ 124 $ 122 $ 3 $ — $ 249 Dow Inc. Operating EBIT 1 $ 1,954 $ 713 $ 284 $ (65) $ 2,886 Three months ended Sep 30, 2020 Net sales $ 4,565 $ 3,058 $ 2,002 $ 87 $ 9,712 Equity in earnings (losses) of nonconsolidated affiliates $ 71 $ (13) $ 1 $ 1 $ 60 Dow Inc. Operating EBIT 1 $ 647 $ 104 $ 75 $ (65) $ 761 Nine months ended Sep 30, 2021 Net sales $ 20,939 $ 12,303 $ 7,114 $ 248 $ 40,604 Equity in earnings of nonconsolidated affiliates $ 360 $ 381 $ 5 $ 5 $ 751 Dow Inc. Operating EBIT 1 $ 5,196 $ 1,687 $ 571 $ (186) $ 7,268 Nine months ended Sep 30, 2020 Net sales $ 13,175 $ 8,520 $ 5,922 $ 219 $ 27,836 Equity in earnings (losses) of nonconsolidated affiliates $ 96 $ (202) $ 4 $ (22) $ (124) Dow Inc. Operating EBIT 1 $ 1,545 $ 59 $ 264 $ (207) $ 1,661 1. Operating EBIT for TDCC for the three and nine months ended September 30, 2021 and 2020 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 (loss)" to Operating EBIT Three Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Net income (loss) $ 1,706 $ (1) $ 4,644 $ 40 + Provision for income taxes 542 43 1,383 215 Income before income taxes $ 2,248 $ 42 $ 6,027 $ 255 - Interest income 14 6 35 27 + Interest expense and amortization of debt discount 178 202 561 617 - Significant items (474) (523) (715) (816) Operating EBIT $ 2,886 $ 761 $ 7,268 $ 1,661 The following tables summarize the pretax impact of significant items by segment excluded from Operating EBIT: Significant Items by Segment Three Months Ended Sep 30, 2021 Nine Months Ended Sep 30, 2021 Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total In millions Digitalization program costs 1 $ — $ — $ — $ (40) $ (40) $ — $ — $ — $ (121) $ (121) Restructuring, implementation costs and asset related charges - net 2 — — — (16) (16) (8) (1) (10) (50) (69) Loss on early extinguishment of debt 3 — — — (472) (472) — — — (574) (574) Litigation related charges, awards and adjustments 4 — 54 — — 54 — 54 — — 54 Indemnification and other transaction related costs 5 — — — — — — — — (5) (5) Total $ — $ 54 $ — $ (528) $ (474) $ (8) $ 53 $ (10) $ (750) $ (715) 1. Includes costs associated with implementing the Company's digital acceleration program. 2. Includes Board approved restructuring plans, including costs associated with implementing the Company's 2020 Restructuring Program, and asset related charges, which include other asset impairments. See Note 5 for additional information. 3. The Company redeemed outstanding long-term debt resulting in a loss on early extinguishment. See Note 11 for additional information. 4. Related to an arbitration award received from Luxi Chemical Group Co., Ltd. See Note 12 for additional information. 5. 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. See Note 3 for additional information. Significant Items by Segment Three Months Ended Sep 30, 2020 Nine Months Ended Sep 30, 2020 Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total In millions Integration and separation costs 1 $ — $ — $ — $ (63) $ (63) $ — $ — $ — $ (174) $ (174) Restructuring, implementation costs and asset-related charges, net 2 (18) (22) (189) (388) (617) (30) (22) (189) (478) (719) Litigation related charges, awards and adjustments 3 — — — — — 6 — — — 6 Net gain on divestitures 4 35 — — 185 220 35 — — 185 220 Loss on early extinguishment of debt 5 — — — (63) (63) — — — (149) (149) Total $ 17 $ (22) $ (189) $ (329) $ (523) $ 11 $ (22) $ (189) $ (616) $ (816) 1. Costs related to business separation activities. 2. Includes Board approved restructuring plans and asset related charges, which include other asset impairments. See Note 5 for additional information. 3. Includes a gain associated with a legal matter with Nova. See Note 12 for additional information. 4. Primarily related to a gain on the sale of rail infrastructure in the U.S. & Canada. See Note 6 for additional information. 5. The Company redeemed outstanding long-term debt resulting in a loss on early extinguishment. See Note 11 for additional information. |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Dow 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. Net Trade Sales by Segment and Business Three Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Hydrocarbons & Energy $ 2,251 $ 1,021 $ 6,010 $ 3,027 Packaging and Specialty Plastics 5,485 3,544 14,929 10,148 Packaging & Specialty Plastics $ 7,736 $ 4,565 $ 20,939 $ 13,175 Industrial Solutions $ 1,377 $ 931 $ 3,627 $ 2,879 Polyurethanes & Construction Chemicals 3,102 2,124 8,670 5,632 Other 2 3 6 9 Industrial Intermediates & Infrastructure $ 4,481 $ 3,058 $ 12,303 $ 8,520 Coatings & Performance Monomers $ 1,110 $ 844 $ 2,975 $ 2,438 Consumer Solutions 1,416 1,158 4,139 3,484 Performance Materials & Coatings $ 2,526 $ 2,002 $ 7,114 $ 5,922 Corporate $ 94 $ 87 $ 248 $ 219 Total $ 14,837 $ 9,712 $ 40,604 $ 27,836 Net Trade Sales by Geographic Region Three Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 U.S. & Canada $ 5,476 $ 3,391 $ 14,431 $ 9,885 EMEAI 1 5,229 3,272 14,660 9,394 Asia Pacific 2,579 2,073 7,423 5,850 Latin America 1,553 976 4,090 2,707 Total $ 14,837 $ 9,712 $ 40,604 $ 27,836 1. Europe, Middle East, Africa and India. |
Contract with Customer, Asset and Liability [Table Text Block] | The following table summarizes the contract assets and liabilities at September 30, 2021 and December 31, 2020: Contract Assets and Liabilities Balance Sheet Classification Sep 30, 2021 Dec 31, 2020 In millions Accounts and notes receivable - trade Accounts and notes receivable - trade $ 6,844 $ 4,839 Contract assets - current Other current assets $ 52 $ 58 Contract assets - noncurrent Deferred charges and other assets $ 39 $ 11 Contract liabilities - current 1 Accrued and other current liabilities $ 207 $ 349 Contract liabilities - noncurrent Other noncurrent obligations $ 1,910 $ 1,915 1. The decrease from December 31, 2020 to September 30, 2021 was due to recognition of deferred royalty payments. |
Restructuring and Related Activ
Restructuring and Related Activities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the activities related to the 2020 Restructuring Program: 2020 Restructuring Program Severance and Related Benefit Costs Asset Write-downs and Write-offs Costs Associated with Exit and Disposal Activities Total In millions Packaging & Specialty Plastics $ — $ 11 $ — $ 11 Industrial Intermediates & Infrastructure — 22 — 22 Performance Materials & Coatings — 117 57 174 Corporate 297 47 24 368 Total restructuring charges $ 297 $ 197 $ 81 $ 575 Charges against the reserve — (197) — (197) Cash payments (1) — — (1) Reserve balance at Sep 30, 2020 $ 296 $ — $ 81 $ 377 Performance Materials & Coatings $ — $ (1) $ 4 $ 3 Corporate — — (5) (5) Total restructuring charges $ — $ (1) $ (1) $ (2) Charges against the reserve — 1 (5) (4) Cash payments (7) — — (7) Reserve balance at Dec 31, 2020 $ 289 $ — $ 75 $ 364 Cash payments (37) — (12) (49) Reserve balance at Mar 31, 2021 $ 252 $ — $ 63 $ 315 Packaging & Specialty Plastics $ — $ — $ 8 $ 8 Industrial Intermediates & Infrastructure — 1 — 1 Performance Materials & Coatings — 8 2 10 Corporate — 3 — 3 Total restructuring charges $ — $ 12 $ 10 $ 22 Charges against the reserve — (12) — (12) Cash payments (53) — (3) (56) Reserve balance at Jun 30, 2021 $ 199 $ — $ 70 $ 269 Cash payments (55) — (2) (57) Reserve balance at Sep 30, 2021 $ 144 $ — $ 68 $ 212 |
SUPPLEMENTARY INFORMATION (Tabl
SUPPLEMENTARY INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Sundry Income, Net | Dow Inc. Sundry Income (Expense) – Net Three Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Non-operating pension and other postretirement benefit plan net credits 1 $ 86 $ 26 $ 247 $ 81 Foreign exchange losses (5) (24) (21) (42) Gain on divestiture of rail infrastructure 2 — 233 — 233 Loss on early extinguishment of debt 3 (472) (63) (574) (149) Loss on divestitures 4 — (13) — (13) Gains on sales of other assets and investments 12 2 74 7 Indemnification and other transaction related costs 5 — — (5) — Gain related to Nova ethylene asset matter 6 — — — 6 Dow Silicones breast implant liability adjustment 6 — — — 5 Luxi arbitration award 6 54 — 54 — Other - net (25) 21 — 26 Total sundry income (expense) – net $ (350) $ 182 $ (225) $ 154 1. See Note 16 for additional information. 2. Related to a gain on the sale of rail infrastructure in the U.S. & Canada. 3. See Note 11 for additional information. 4. The three and nine months ended September 30, 2020 includes a loss on the divestiture of a bio-ethanol manufacturing facility in Brazil, related to Packaging & Specialty Plastics. 5. See Note 3 for additional information. 6. See Note 12 for additional information. TDCC Sundry Income (Expense) – Net Three Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Non-operating pension and other postretirement benefit plan net credits 1 $ 86 $ 26 $ 247 $ 81 Foreign exchange losses (8) (22) (24) (45) Gain on divestiture of rail infrastructure 2 — 233 — 233 Loss on early extinguishment of debt 3 (472) (63) (574) (149) Loss on divestitures 4 — (13) — (13) Gains on sales of other assets and investments 12 2 74 7 Gain related to Nova ethylene asset matter 5 — — — 6 Dow Silicones breast implant liability adjustment 5 — — — 5 Luxi arbitration award 5 54 — 54 — Other - net (28) 18 (8) 25 Total sundry income (expense) – net $ (356) $ 181 $ (231) $ 150 1. See Note 16 for additional information. 2. Related to a gain on the sale of rail infrastructure in the U.S. & Canada. 3. See Note 11 for additional information. 4. The three and nine months ended September 30, 2020 includes a loss on the divestiture of a bio-ethanol manufacturing facility in Brazil, related to Packaging & Specialty Plastics. 5. See Note 12 for additional information. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following tables provide earnings per share calculations for Dow Inc. for the three and nine months ended September 30, 2021 and 2020. Earnings per share of TDCC is not presented as this information is not required in financial statements of wholly owned subsidiaries. Net Income (Loss) for Earnings Per Share Calculations Three Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Net income (loss) $ 1,706 $ (1) $ 4,644 $ 40 Net income attributable to noncontrolling interests 23 24 69 51 Net income attributable to participating securities 1 8 3 23 7 Net income (loss) attributable to common stockholders $ 1,675 $ (28) $ 4,552 $ (18) Earnings (Loss) Per Share - Basic and Diluted Three Months Ended Nine Months Ended Dollars per share Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 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) Share Count Information Three Months Ended Nine Months Ended Shares in millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Weighted-average common shares outstanding - basic 744.5 740.5 745.4 740.0 Plus dilutive effect of equity compensation plans 2 5.5 — 5.5 — Weighted-average common shares outstanding - diluted 2 750.0 740.5 750.9 740.0 Stock options and restricted stock units excluded from EPS calculations 3 7.2 26.9 5.6 27.1 1. Restricted stock units are considered participating securities due to the Company's practice of paying dividend equivalents on unvested shares. 2. The three and nine months ended September 30, 2020 reflect a loss, and as such, the basic share count was used for purposes of calculating earnings per share on a diluted basis. 3. These outstanding options to purchase shares of common stock and restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | The following table provides a breakdown of inventories: Inventories Sep 30, 2021 Dec 31, 2020 In millions Finished goods $ 4,233 $ 3,140 Work in process 1,561 996 Raw materials 867 598 Supplies 875 933 Total $ 7,536 $ 5,667 Adjustment of inventories to a LIFO basis (425) 34 Total inventories $ 7,111 $ 5,701 |
NONCONSOLIDATED AFFILIATES (Tab
NONCONSOLIDATED AFFILIATES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Nonconsolidated Affiliates - Investments and Dividends | The Company's investments in companies accounted for using the equity method ("nonconsolidated affiliates"), by classification in the consolidated balance sheets, and dividends received from nonconsolidated affiliates are shown in the following tables: Investments in Nonconsolidated Affiliates Sep 30, 2021 Dec 31, 2020 In millions Investment in nonconsolidated affiliates $ 1,910 $ 1,327 Other noncurrent obligations — (169) Net investment in nonconsolidated affiliates $ 1,910 $ 1,158 Dividends Received from Nonconsolidated Affiliates Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Dividends from nonconsolidated affiliates 1 $ 232 $ 391 1. Included in "Earnings of nonconsolidated affiliates less than (in excess of) dividends received" in the consolidated statements of cash flows. |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The following table shows changes in the carrying amount of goodwill by reportable segment: Goodwill Packaging & Specialty Plastics Industrial Intermediates & Infrastructure Performance Materials & Coatings Total In millions Net goodwill at Dec 31, 2020 $ 5,115 $ 1,100 $ 2,693 $ 8,908 Foreign currency impact (7) (3) (97) (107) Net goodwill at Sep 30, 2021 $ 5,108 $ 1,097 $ 2,596 $ 8,801 |
Schedule of Intangible Assets and Goodwill | The following table provides information regarding the Company’s other intangible assets: Other Intangible Assets Sep 30, 2021 Dec 31, 2020 In millions Gross Carrying Amount Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology $ 2,637 $ (1,833) $ 804 $ 2,638 $ (1,677) $ 961 Software 1,494 (1,042) 452 1,489 (989) 500 Trademarks/tradenames 352 (344) 8 352 (343) 9 Customer-related 3,226 (1,528) 1,698 3,301 (1,419) 1,882 Total other intangible assets $ 7,709 $ (4,747) $ 2,962 $ 7,780 $ (4,428) $ 3,352 |
Schedule of amortization expense | The following table provides information regarding amortization expense related to intangible assets: Amortization Expense Three Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Other intangible assets, excluding software $ 100 $ 100 $ 301 $ 300 Software, included in “Cost of sales” $ 22 $ 24 $ 67 $ 72 |
Schedule of estimated future amortization expense | Total estimated amortization expense for 2021 and the five succeeding fiscal years, including amounts expected to be capitalized, is as follows: Estimated Amortization Expense In millions 2021 $ 475 2022 $ 410 2023 $ 377 2024 $ 359 2025 $ 268 2026 $ 194 |
NOTES PAYABLE, LONG-TERM DEBT_2
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | Notes Payable Sep 30, 2021 Dec 31, 2020 In millions Notes payable to banks and other lenders $ 270 $ 156 Period-end average interest rates 6.38 % 3.89 % |
Schedule of Long-term Debt Instruments | Long-Term Debt 2021 Average Rate Sep 30, 2021 2020 Average Rate Dec 31, 2020 In millions Promissory notes and debentures: Final maturity 2021 — % $ — 8.95 % $ 173 Final maturity 2022 8.64 % 121 8.64 % 121 Final maturity 2023 7.63 % 250 7.63 % 250 Final maturity 2024 — % — 3.43 % 1,017 Final maturity 2025 5.63 % 333 5.13 % 625 Final maturity 2026 3.63 % 750 3.63 % 750 Final maturity 2027 and thereafter 1 5.15 % 9,364 5.34 % 10,138 Other facilities: Foreign currency notes and loans, various rates and maturities 1.22 % 2,889 1.41 % 3,189 InterNotes®, varying maturities through 2051 3.40 % 382 3.56 % 535 Finance lease obligations 2 542 518 Unamortized debt discount and issuance costs (313) (365) Long-term debt due within one year 3 (291) (460) Long-term debt $ 14,027 $ 16,491 1. Cost includes net fair value hedge adjustment gains of $48 million at September 30, 2021 ($69 million at December 31, 2020). See Note 18 for additional information. 2. See Note 13 for additional information. 3. Presented net of current portion of unamortized debt issuance costs. |
Schedule of Maturities of Long-term Debt | Maturities of Long-Term Debt for Next Five Years at Sep 30, 2021 In millions 2021 $ 122 2022 $ 191 2023 $ 345 2024 $ 41 2025 $ 364 2026 $ 801 |
Schedule of Line of Credit Facilities | The following table summarizes the Company's credit facilities: Committed and Available Credit Facilities at Sep 30, 2021 In millions Committed Credit Available Credit Maturity Date Interest Five Year Competitive Advance and Revolving Credit Facility $ 5,000 $ 5,000 October 2024 Floating rate Bilateral Revolving Credit Facility 300 300 December 2021 Floating rate Bilateral Revolving Credit Facility 300 300 December 2021 Floating rate Bilateral Revolving Credit Facility 150 150 March 2022 Floating rate Bilateral Revolving Credit Facility 100 100 June 2022 Floating rate Bilateral Revolving Credit Facility 200 200 September 2022 Floating rate Bilateral Revolving Credit Facility 1 200 200 November 2022 Floating rate Bilateral Revolving Credit Facility 200 200 September 2023 Floating rate Bilateral Revolving Credit Facility 250 250 September 2023 Floating rate Bilateral Revolving Credit Facility 300 300 September 2023 Floating rate Bilateral Revolving Credit Facility 100 100 October 2024 Floating rate Bilateral Revolving Credit Facility 100 100 October 2024 Floating rate Bilateral Revolving Credit Facility 200 200 November 2024 Floating rate Bilateral Revolving Credit Facility 100 100 March 2025 Floating rate Bilateral Revolving Credit Facility 250 250 March 2025 Floating rate Bilateral Revolving Credit Facility 350 350 March 2025 Floating rate Total committed and available credit facilities $ 8,100 $ 8,100 1. Assumes the option to extend the bilateral revolving credit facility will be exercised. |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Table of Guarantees by Type | The following table provides a summary of the final expiration, maximum future payments and recorded liability included in the consolidated balance sheets for guarantees: Guarantees Sep 30, 2021 Dec 31, 2020 In millions Final Maximum Future Payments 1 Recorded Liability Final Maximum Recorded Liability Guarantees 2038 $ 1,312 $ 225 2023 $ 251 $ 2 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 $501 million at September 30, 2021. Based on Sadara's current forecasted cash flows, the Company does not expect to be required to perform under the guarantees. |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Guarantor Obligations [Line Items] | |
Lease, Cost | The components of lease cost for operating and finance leases for the three and nine months ended September 30, 2021 and 2020 were as follows: Lease Cost Three Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Operating lease cost $ 123 $ 122 $ 362 $ 362 Finance lease cost Amortization of right-of-use assets - finance $ 19 $ 16 $ 53 $ 42 Interest on lease liabilities - finance 6 7 19 19 Total finance lease cost $ 25 $ 23 $ 72 $ 61 Short-term lease cost 57 54 177 161 Variable lease cost 78 45 228 157 Sublease income (2) (2) (5) (4) Total lease cost $ 281 $ 242 $ 834 $ 737 |
Schedule of Supplemental Cash Flow Information Related to Leases | The following table provides supplemental cash flow and other information related to leases: Other Lease Information Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 364 $ 357 Operating cash flows for finance leases $ 19 $ 19 Financing cash flows for finance leases $ 48 $ 34 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 133 $ 68 Finance leases $ 73 $ 142 |
Schedule of Lease Assets and Liabilities | The following table summarizes the lease-related assets and liabilities recorded in the consolidated balance sheets at September 30, 2021 and December 31, 2020: Lease Position Balance Sheet Classification Sep 30, 2021 Dec 31, 2020 In millions Assets Operating lease assets Operating lease right-of-use assets $ 1,727 $ 1,856 Finance lease assets Property 726 665 Finance lease amortization Accumulated depreciation (263) (216) Total lease assets $ 2,190 $ 2,305 Liabilities Current Operating Operating lease liabilities - current $ 413 $ 416 Finance Long-term debt due within one year 68 54 Noncurrent Operating Operating lease liabilities - noncurrent 1,428 1,521 Finance Long-Term Debt 474 464 Total lease liabilities $ 2,383 $ 2,455 |
Lease Terms and Discount Rates | The weighted-average remaining lease term and discount rate for leases recorded in the consolidated balance sheets at September 30, 2021 and December 31, 2020 are provided below: Lease Term and Discount Rate Sep 30, 2021 Dec 31, 2020 Weighted-average remaining lease term Operating leases 7.2 years 7.6 years Finance leases 10.3 years 11.6 years Weighted-average discount rate Operating leases 3.63 % 3.84 % Finance leases 5.04 % 5.41 % |
Maturities of Lease Liabilities | The following table provides the maturities of lease liabilities at September 30, 2021: Maturities of Lease Liabilities Sep 30, 2021 In millions Operating Leases Finance Leases 2021 $ 140 $ 29 2022 434 89 2023 351 113 2024 273 58 2025 201 47 2026 and thereafter 744 375 Total future undiscounted lease payments $ 2,143 $ 711 Less: Imputed interest 302 169 Total present value of lease liabilities $ 1,841 $ 542 |
Schedule of Guarantor Obligations | The following table provides a summary of the final expiration, maximum future payments and recorded liability included in the consolidated balance sheets for guarantees: Guarantees Sep 30, 2021 Dec 31, 2020 In millions Final Maximum Future Payments 1 Recorded Liability Final Maximum Recorded Liability Guarantees 2038 $ 1,312 $ 225 2023 $ 251 $ 2 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 $501 million at September 30, 2021. Based on Sadara's current forecasted cash flows, the Company does not expect to be required to perform under the guarantees. |
Residual Value Guarantees [Member] | |
Guarantor Obligations [Line Items] | |
Schedule of Guarantor Obligations | Lease Guarantees Sep 30, 2021 Dec 31, 2020 In millions Final Expiration Maximum Future Payments Recorded Liability Final Expiration Maximum Future Payments Recorded Liability Residual value guarantees 2031 $ 805 $ 56 2030 $ 818 $ 22 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | The changes in each component of accumulated other comprehensive loss ("AOCL") for the three and nine months ended September 30, 2021 and 2020 were as follows: Accumulated Other Comprehensive Loss Three Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Unrealized Gains (Losses) on Investments Beginning balance $ 72 $ 40 $ 104 $ 64 Unrealized gains (losses) on investments (10) 35 (25) 39 Tax (expense) benefit 3 (8) 5 (10) Net unrealized gains (losses) on investments (7) 27 (20) 29 (Gains) losses reclassified from AOCL to net income 1 (8) (25) (33) (59) Tax expense (benefit) 2 2 6 8 14 Net (gains) losses reclassified from AOCL to net income (6) (19) (25) (45) Other comprehensive income (loss), net of tax (13) 8 (45) (16) Ending balance $ 59 $ 48 $ 59 $ 48 Cumulative Translation Adjustment Beginning balance $ (1,118) $ (1,235) $ (930) $ (1,135) Gains (losses) on foreign currency translation (148) 116 (298) 18 Tax (expense) benefit (8) 4 (43) 18 Net gains (losses) on foreign currency translation (156) 120 (341) 36 (Gains) losses reclassified from AOCL to net income 3 (1) (29) (4) (45) Other comprehensive income (loss), net of tax (157) 91 (345) (9) Ending balance $ (1,275) $ (1,144) $ (1,275) $ (1,144) Pension and Other Postretirement Benefits Beginning balance $ (8,276) $ (8,498) $ (9,559) $ (8,781) Gains (losses) arising during the period 4 2 2 1,270 2 Tax (expense) benefit — — (298) — Net gains (losses) arising during the period 2 2 972 2 Amortization and recognition of net loss and prior service credits 5 191 188 583 557 Tax expense (benefit) 2 (44) (43) (123) (129) Net loss and prior service credits reclassified from AOCL to net income 147 145 460 428 Other comprehensive income (loss), net of tax 149 147 1,432 430 Ending balance $ (8,127) $ (8,351) $ (8,127) $ (8,351) Derivative Instruments Beginning balance $ (354) $ (532) $ (470) $ (394) Gains (losses) on derivative instruments 55 45 167 (114) Tax (expense) benefit (9) (10) (10) (2) Net gains (losses) on derivative instruments 46 35 157 (116) (Gains) losses reclassified from AOCL to net income 6 (16) 5 (10) 24 Tax expense (benefit) 2 2 (2) 1 (8) Net (gains) losses reclassified from AOCL to net income (14) 3 (9) 16 Other comprehensive income (loss), net of tax 32 38 148 (100) Ending balance $ (322) $ (494) $ (322) $ (494) Total AOCL ending balance $ (9,665) $ (9,941) $ (9,665) $ (9,941) 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. See Note 16 for additional information. 5. These AOCL components are included in the computation of net periodic benefit cost of the Company's defined benefit pension and other postretirement benefit plans. See Note 16 for additional information. 6. Reclassified to "Cost of sales," "Sundry income (expense) - net" and "Interest expense and amortization of debt discount." |
NONCONTROLLING INTERESTS Nonc_2
NONCONTROLLING INTERESTS Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests [Table Text Block] | The following table summarizes the activity for equity attributable to noncontrolling interests for the three and nine months ended September 30, 2021 and 2020: Noncontrolling Interests Three Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Balance at beginning of period $ 580 $ 560 $ 570 $ 553 Net income attributable to noncontrolling interests 23 24 69 51 Distributions to noncontrolling interests 1 (7) — (27) (12) Deconsolidation of noncontrolling interests 2 — (7) — (7) Cumulative translation adjustments (8) 2 (23) (6) Other 1 (1) — (1) Balance at end of period $ 589 $ 578 $ 589 $ 578 |
PENSION PLANS AND OTHER POSTR_2
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The following table provides the components of the Company's net periodic benefit cost for all significant plans: Net Periodic Benefit Cost for All Significant Plans Three Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Defined Benefit Pension Plans Service cost $ 95 $ 100 $ 293 $ 298 Interest cost 151 191 444 574 Expected return on plan assets (434) (415) (1,291) (1,241) Amortization of prior service credit (5) (4) (15) (14) Amortization of net loss 198 194 622 578 Curtailment gain — — (19) — Net periodic benefit cost $ 5 $ 66 $ 34 $ 195 Other Postretirement Benefit Plans Service cost $ 2 $ 2 $ 6 $ 6 Interest cost 6 10 17 29 Amortization of net gain (2) (2) (5) (7) Net periodic benefit cost $ 6 $ 10 $ 18 $ 28 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Fair Value of Financial Instruments | The following table summarizes the fair value of financial instruments at September 30, 2021 and December 31, 2020: Fair Value of Financial Instruments Sep 30, 2021 Dec 31, 2020 In millions Cost Gain Loss Fair Value Cost Gain Loss Fair Value Cash equivalents: Held-to-maturity securities 1 $ 921 $ — $ — $ 921 $ 980 $ — $ — $ 980 Money market funds 498 — — 498 484 — — 484 Total cash equivalents $ 1,419 $ — $ — $ 1,419 $ 1,464 $ — $ — $ 1,464 Marketable securities 2 $ 138 $ 3 $ — $ 141 $ 45 $ — $ — $ 45 Other investments: Debt securities: Government debt 3 $ 687 $ 18 $ (24) $ 681 $ 673 $ 35 $ (10) $ 698 Corporate bonds 1,172 89 (9) 1,252 822 119 (5) 936 Total debt securities $ 1,859 $ 107 $ (33) $ 1,933 $ 1,495 $ 154 $ (15) $ 1,634 Equity securities 4 6 19 — 25 6 34 — 40 Total other investments $ 1,865 $ 126 $ (33) $ 1,958 $ 1,501 $ 188 $ (15) $ 1,674 Total cash equivalents, marketable securities and other investments $ 3,422 $ 129 $ (33) $ 3,518 $ 3,010 $ 188 $ (15) $ 3,183 Long-term debt including debt due within one year 5 $ (14,318) $ 21 $ (2,673) $ (16,970) $ (16,951) $ 6 $ (3,659) $ (20,604) Derivatives relating to: Interest rates 6 $ — $ — $ (166) $ (166) $ — $ 41 $ (182) $ (141) Foreign currency — 53 (82) (29) — 69 (84) (15) Commodities 6 — 240 (132) 108 — 63 (84) (21) Total derivatives $ — $ 293 $ (380) $ (87) $ — $ 173 $ (350) $ (177) 1. The Company's held-to-maturity securities primarily included treasury bills and time deposits. 2. The Company’s investments in marketable securities are included in “Other current assets” in the consolidated balance sheets. 3. U.S. Treasury obligations, U.S. agency obligations, U.S. agency mortgage-backed securities and other municipalities’ obligations. 4. Equity securities with a readily determinable fair value. 5. Cost includes fair value hedge adjustment gains of $48 million at September 30, 2021 and $69 million at December 31, 2020 on $2,279 million of debt at September 30, 2021 and $3,314 million at December 31, 2020. 6. Presented net of cash collateral where master netting arrangements allow. |
Investing Results | The following table provides the investing results from available-for-sale securities for the nine months ended September 30, 2021 and 2020: Investing Results Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Proceeds from sales of available-for-sale securities $ 339 $ 742 Gross realized gains $ 41 $ 84 Gross realized losses $ (8) $ (25) |
Contractual Maturities of Debt Securities | The following table summarizes the contractual maturities of the Company's investments in debt securities: Contractual Maturities of Debt Securities at Sep 30, 2021 1 Cost Fair Value In millions Within one year $ 22 $ 23 One to five years 618 650 Six to ten years 709 720 After ten years 510 540 Total $ 1,859 $ 1,933 1. Includes marketable securities with maturities of less than one year. |
Equity Securities with and without Readily Determinable Fair Value | Investments in Equity Securities Sep 30, 2021 Dec 31, 2020 In millions Readily determinable fair value $ 25 $ 40 Not readily determinable fair value $ 226 $ 215 |
Schedule of Notional Amounts of Outstanding Derivative Positions | The notional amounts of the Company's derivative instruments presented on a net basis at September 30, 2021 and December 31, 2020 were as follows: Notional Amounts - Net Sep 30, 2021 Dec 31, 2020 In millions Derivatives designated as hedging instruments: Interest rate contracts $ 3,005 $ 612 Foreign currency contracts $ 3,725 $ 3,784 Derivatives not designated as hedging instruments: Interest rate contracts $ 58 $ 94 Foreign currency contracts $ 13,663 $ 9,187 The notional amounts of the Company's commodity derivatives presented on a net basis at September 30, 2021 and December 31, 2020 were as follows: Commodity Notionals - Net Sep 30, 2021 Dec 31, 2020 Notional Volume Unit Derivatives designated as hedging instruments: Hydrocarbon derivatives 6.9 10.9 million barrels of oil equivalent Derivatives not designated as hedging instruments: Hydrocarbon derivatives 0.1 — million barrels of oil equivalent |
Schedule of Fair Values of Derivative Instruments | The following tables provide the fair value and balance sheet classification of derivative instruments at September 30, 2021 and December 31, 2020: Fair Value of Derivative Instruments Sep 30, 2021 In millions Balance Sheet Classification Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheets Asset derivatives Derivatives designated as hedging instruments: Interest rate contracts Deferred charges and other assets $ 182 $ (182) $ — Foreign currency contracts Other current assets 32 (18) 14 Foreign currency contracts Deferred charges and other assets 86 (51) 35 Commodity contracts Other current assets 448 (253) 195 Commodity contracts Deferred charges and other assets 68 (32) 36 Total $ 816 $ (536) $ 280 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 20 $ (16) $ 4 Commodity contracts Other current assets 29 (20) 9 Commodity contracts Deferred charges and other assets 2 (2) — Total $ 51 $ (38) $ 13 Total asset derivatives $ 867 $ (574) $ 293 Liability derivatives Derivatives designated as hedging instruments: Interest rate contracts Other noncurrent obligations $ 233 $ (182) $ 51 Foreign currency contracts Accrued and other current liabilities 21 (18) 3 Foreign currency contracts Other noncurrent obligations 51 (51) — Commodity contracts Accrued and other current liabilities 391 (287) 104 Commodity contracts Other noncurrent obligations 48 (34) 14 Total $ 744 $ (572) $ 172 Derivatives not designated as hedging instruments: Interest rate contracts Other noncurrent obligations $ 115 $ — $ 115 Foreign currency contracts Accrued and other current liabilities 95 (16) 79 Commodity contracts Accrued and other current liabilities 34 (21) 13 Commodity contracts Other noncurrent obligations 3 (2) 1 Total $ 247 $ (39) $ 208 Total liability derivatives $ 991 $ (611) $ 380 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. Fair Value of Derivative Instruments Dec 31, 2020 In millions Balance Sheet Classification Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheets Asset derivatives Derivatives designated as hedging instruments: Interest rate contracts Other current assets $ 3 $ (3) $ — Foreign currency contracts Other current assets 39 (19) 20 Commodity contracts Other current assets 146 (109) 37 Commodity contracts Deferred charges and other assets 31 (8) 23 Total $ 219 $ (139) $ 80 Derivatives not designated as hedging instruments: Interest rate contracts Deferred charges and other assets $ 41 $ — $ 41 Foreign currency contracts Other current assets 74 (25) 49 Commodity contracts Other current assets 4 (1) 3 Total $ 119 $ (26) $ 93 Total asset derivatives $ 338 $ (165) $ 173 Liability derivatives Derivatives designated as hedging instruments: Interest rate contracts Accrued and other current liabilities $ 7 $ (3) $ 4 Foreign currency contracts Accrued and other current liabilities 93 (19) 74 Commodity contracts Accrued and other current liabilities 151 (112) 39 Commodity contracts Other noncurrent obligations 48 (9) 39 Total $ 299 $ (143) $ 156 Derivatives not designated as hedging instruments: Interest rate contracts Other noncurrent obligations $ 178 $ — $ 178 Foreign currency contracts Accrued and other current liabilities 35 (25) 10 Commodity contracts Accrued and other current liabilities 9 (3) 6 Total $ 222 $ (28) $ 194 Total liability derivatives $ 521 $ (171) $ 350 |
Derivative Instruments, Gain (Loss) | The following tables summarize the gain (loss) of derivative instruments in the consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2021 and 2020: Effect of Derivative Instruments Amount of gain (loss) recognized in OCI 1 Amount of gain (loss) recognized in income 2 Income Statement Classification Three Months Ended Three Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Derivatives designated as hedging Fair value hedges: Excluded components 3 $ — $ 3 $ — $ — Interest expense and amortization of debt discount Cash flow hedges: Interest rate contracts 5 — (2) (1) Interest expense and amortization of debt discount Foreign currency contracts 4 (12) (3) (1) Cost of sales Commodity contracts 37 42 21 (4) Cost of sales Net foreign investment hedges: Foreign currency contracts 20 (19) — — Excluded components 3 12 — 1 2 Sundry income (expense) - net Total derivatives designated as hedging instruments $ 78 $ 14 $ 17 $ (4) Derivatives not designated as hedging instruments: Interest rate contracts $ — $ — $ (2) $ (3) Interest expense and amortization of debt discount Foreign currency contracts — — (84) (5) Sundry income (expense) - net Commodity contracts — — (12) (7) Cost of sales Total derivatives not designated as $ — $ — $ (98) $ (15) Total derivatives $ 78 $ 14 $ (81) $ (19) 1. OCI is defined as other comprehensive income (loss). 2. Pretax amounts. 3. The excluded components are related to the time value of the derivatives designated as hedges. Effect of Derivative Instruments Amount of gain (loss) recognized in OCI 1 Amount of gain (loss) recognized in income 2 Income Statement Classification Nine Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Derivatives designated as hedging instruments: Fair value hedges: Interest rate contracts $ — $ — $ (25) $ 24 Interest expense and amortization of debt discount 3 Excluded components 4 2 10 — — Interest expense and amortization of debt discount Cash flow hedges: Interest rate contracts (39) — (7) (1) Interest expense and amortization of debt discount Foreign currency contracts 10 (9) (15) 8 Cost of sales Commodity contracts 143 (23) 32 (32) Cost of sales Net foreign investment hedges: Foreign currency contracts 33 (3) — — Excluded components 4 20 27 5 18 Sundry income (expense) - net Total derivatives designated as hedging instruments $ 169 $ 2 $ (10) $ 17 Derivatives not designated as hedging instruments: Interest rate contracts $ — $ — $ (5) $ (10) Interest expense and amortization of debt discount Foreign currency contracts — — (202) (15) Sundry income (expense) - net Commodity contracts — — (47) 10 Cost of sales Total derivatives not designated as $ — $ — $ (254) $ (15) Total derivatives $ 169 $ 2 $ (264) $ 2 1. OCI is defined as other comprehensive income (loss). 2. Pretax amounts. 3. Gain (loss) recognized in income of derivatives is offset by gain (loss) recognized in income of the hedged item. 4. The excluded components are related to the time value of the derivatives designated as hedges. |
Schedule of Hedging Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized Over Next Fiscal Year | The following table provides the net after-tax amounts expected to be reclassified from AOCL to income within the next 12 months: Expected Reclassifications from AOCL within the next 12 months Sep 30, 2021 In millions Cash flow hedges: Interest rate contracts $ (8) Commodity contracts $ 74 Foreign currency contracts $ 5 Net foreign investment hedges: Excluded components $ 9 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table summarizes the bases used to measure certain assets and liabilities at fair value on a recurring basis: Basis of Fair Value Measurements on a Recurring Basis Sep 30, 2021 Dec 31, 2020 Quoted Prices in Active Markets for Identical Items Significant Other Observable Inputs Significant Unobservable Inputs Total Quoted Prices in Active Markets for Identical Items Significant Other Observable Inputs Total In millions Assets at fair value: Cash equivalents: Held-to-maturity securities 1 $ — $ 921 $ — $ 921 $ — $ 980 $ 980 Money market funds — 498 — 498 — 484 484 Marketable securities 2 — 141 — 141 — 45 45 Equity securities 3 25 — — 25 40 — 40 Debt securities: 3 Government debt 4 — 681 — 681 — 698 698 Corporate bonds 39 1,213 — 1,252 28 908 936 Derivatives relating to: 5 Interest rates — 182 — 182 — 44 44 Foreign currency — 138 — 138 — 113 113 Commodities 20 527 — 547 8 173 181 Total assets at fair value $ 84 $ 4,301 $ — $ 4,385 $ 76 $ 3,445 $ 3,521 Liabilities at fair value: Long-term debt including debt due within one year 6 $ — $ 16,970 $ — $ 16,970 $ — $ 20,604 $ 20,604 Guarantee liability 7 — — 225 225 — — — Derivatives relating to: 5 Interest rates — 348 — 348 — 185 185 Foreign currency — 167 — 167 — 128 128 Commodities 47 429 — 476 7 201 208 Total liabilities at fair value $ 47 $ 17,914 $ 225 $ 18,186 $ 7 $ 21,118 $ 21,125 1. The Company's held-to-maturity securities primarily included treasury bills and time deposits. 2. The Company’s investments in marketable securities are included in “Other current assets” in the consolidated balance sheets. 3. 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. 4. U.S. Treasury obligations, U.S. agency obligations, U.S. agency mortgage-backed securities and other municipalities’ obligations. 5. See Note 18 for the classification of derivatives in the consolidated balance sheets. 6. See Note 18 for information on fair value measurements of long-term debt. 7. Estimated liability for TDCC's guarantee of Sadara's debt which is included in "Other noncurrent obligations" in the consolidated balance sheets. See Note 12 for additional information. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entity, Primary Beneficiary [Member] | |
Schedule of Variable Interest Entities [Table Text Block] | The following table summarizes the carrying amounts of these entities' assets and liabilities included in the Company’s consolidated balance sheets at September 30, 2021 and December 31, 2020: Assets and Liabilities of Consolidated VIEs Sep 30, 2021 Dec 31, 2020 In millions Cash and cash equivalents $ 49 $ 26 Other current assets 38 44 Net property 187 232 Other noncurrent assets 15 17 Total assets 1 $ 289 $ 319 Current liabilities $ 51 $ 73 Long-term debt 4 6 Other noncurrent obligations 14 18 Total liabilities 2 $ 69 $ 97 1. All assets were restricted at September 30, 2021 and December 31, 2020. 2. All liabilities were nonrecourse at September 30, 2021 and December 31, 2020. |
Variable Interest Entity, Not Primary Beneficiary [Member] | |
Schedule of Variable Interest Entities [Table Text Block] | The following table summarizes the carrying amounts of assets included in the consolidated balance sheets at September 30, 2021 and December 31, 2020, related to variable interests in joint ventures or entities for which the Company is not the primary beneficiary. The Company's maximum exposure to loss is the same as the carrying amounts. Carrying Amounts of Assets Related to Nonconsolidated VIEs Sep 30, 2021 Dec 31, 2020 In millions Description of asset Silicon joint ventures Equity method investments 1 $ 113 $ 107 1. Included in "Investment in nonconsolidated affiliates" in the consolidated balance sheets. |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Dividends Declared | The following table summarizes cash dividends TDCC declared and paid to Dow Inc. for the three and nine months ended September 30, 2021 and 2020: TDCC Cash Dividends Declared and Paid Three Months Ended Nine Months Ended Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 In millions Cash dividends declared and paid $ 919 $ 513 $ 2,361 $ 1,685 |
SEGMENTS AND GEOGRAPHIC REGIO_2
SEGMENTS AND GEOGRAPHIC REGIONS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment Information Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Materials & Coatings Corp. Total In millions Three months ended Sep 30, 2021 Net sales $ 7,736 $ 4,481 $ 2,526 $ 94 $ 14,837 Equity in earnings of nonconsolidated affiliates $ 124 $ 122 $ 3 $ — $ 249 Dow Inc. Operating EBIT 1 $ 1,954 $ 713 $ 284 $ (65) $ 2,886 Three months ended Sep 30, 2020 Net sales $ 4,565 $ 3,058 $ 2,002 $ 87 $ 9,712 Equity in earnings (losses) of nonconsolidated affiliates $ 71 $ (13) $ 1 $ 1 $ 60 Dow Inc. Operating EBIT 1 $ 647 $ 104 $ 75 $ (65) $ 761 Nine months ended Sep 30, 2021 Net sales $ 20,939 $ 12,303 $ 7,114 $ 248 $ 40,604 Equity in earnings of nonconsolidated affiliates $ 360 $ 381 $ 5 $ 5 $ 751 Dow Inc. Operating EBIT 1 $ 5,196 $ 1,687 $ 571 $ (186) $ 7,268 Nine months ended Sep 30, 2020 Net sales $ 13,175 $ 8,520 $ 5,922 $ 219 $ 27,836 Equity in earnings (losses) of nonconsolidated affiliates $ 96 $ (202) $ 4 $ (22) $ (124) Dow Inc. Operating EBIT 1 $ 1,545 $ 59 $ 264 $ (207) $ 1,661 1. Operating EBIT for TDCC for the three and nine months ended September 30, 2021 and 2020 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 income from continuing operations, net of tax to Operating EBIT [Table Text Block] | Reconciliation of "Net income (loss)" to Operating EBIT Three Months Ended Nine Months Ended In millions Sep 30, 2021 Sep 30, 2020 Sep 30, 2021 Sep 30, 2020 Net income (loss) $ 1,706 $ (1) $ 4,644 $ 40 + Provision for income taxes 542 43 1,383 215 Income before income taxes $ 2,248 $ 42 $ 6,027 $ 255 - Interest income 14 6 35 27 + Interest expense and amortization of debt discount 178 202 561 617 - Significant items (474) (523) (715) (816) Operating EBIT $ 2,886 $ 761 $ 7,268 $ 1,661 |
Schedule of significant items [Table Text Block] | The following tables summarize the pretax impact of significant items by segment excluded from Operating EBIT: Significant Items by Segment Three Months Ended Sep 30, 2021 Nine Months Ended Sep 30, 2021 Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total In millions Digitalization program costs 1 $ — $ — $ — $ (40) $ (40) $ — $ — $ — $ (121) $ (121) Restructuring, implementation costs and asset related charges - net 2 — — — (16) (16) (8) (1) (10) (50) (69) Loss on early extinguishment of debt 3 — — — (472) (472) — — — (574) (574) Litigation related charges, awards and adjustments 4 — 54 — — 54 — 54 — — 54 Indemnification and other transaction related costs 5 — — — — — — — — (5) (5) Total $ — $ 54 $ — $ (528) $ (474) $ (8) $ 53 $ (10) $ (750) $ (715) 1. Includes costs associated with implementing the Company's digital acceleration program. 2. Includes Board approved restructuring plans, including costs associated with implementing the Company's 2020 Restructuring Program, and asset related charges, which include other asset impairments. See Note 5 for additional information. 3. The Company redeemed outstanding long-term debt resulting in a loss on early extinguishment. See Note 11 for additional information. 4. Related to an arbitration award received from Luxi Chemical Group Co., Ltd. See Note 12 for additional information. 5. 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. See Note 3 for additional information. Significant Items by Segment Three Months Ended Sep 30, 2020 Nine Months Ended Sep 30, 2020 Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total In millions Integration and separation costs 1 $ — $ — $ — $ (63) $ (63) $ — $ — $ — $ (174) $ (174) Restructuring, implementation costs and asset-related charges, net 2 (18) (22) (189) (388) (617) (30) (22) (189) (478) (719) Litigation related charges, awards and adjustments 3 — — — — — 6 — — — 6 Net gain on divestitures 4 35 — — 185 220 35 — — 185 220 Loss on early extinguishment of debt 5 — — — (63) (63) — — — (149) (149) Total $ 17 $ (22) $ (189) $ (329) $ (523) $ 11 $ (22) $ (189) $ (616) $ (816) 1. Costs related to business separation activities. 2. Includes Board approved restructuring plans and asset related charges, which include other asset impairments. See Note 5 for additional information. 3. Includes a gain associated with a legal matter with Nova. See Note 12 for additional information. 4. Primarily related to a gain on the sale of rail infrastructure in the U.S. & Canada. See Note 6 for additional information. 5. The Company redeemed outstanding long-term debt resulting in a loss on early extinguishment. See Note 11 for additional information. |
SEPARATION FROM DOWDUPONT Sep_2
SEPARATION FROM DOWDUPONT Separation, Distribution and Tax Agreements (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Other Current Assets [Member] | ||
Indemnification Asset | $ 22 | $ 77 |
Other noncurrent assets | ||
Indemnification Asset | 31 | 33 |
Accrued and Other Current Liabilities [Member] | ||
Indemnification liability | 207 | 412 |
Deferred cash contribution | 61 | 103 |
Other Noncurrent Obligations [Member] | ||
Indemnification liability | 40 | 46 |
Deferred cash contribution | $ 96 | $ 96 |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Revenue from External Customer [Line Items] | |||||
Revenue, Percentage from Products and Service Transferred to Customers | 99.00% | 99.00% | 98.00% | 99.00% | |
Revenue, Remaining Performance Obligation, Amount | $ 831 | $ 831 | $ 977 | ||
Revenues | 14,837 | $ 9,712 | 40,604 | $ 27,836 | |
Contract with Customer, Liability, Revenue Recognized | 250 | 110 | |||
Contract with Customer, Asset, Reclassified to Receivable | 5 | 25 | |||
Accounts and notes receivable - Trade | 6,844 | 6,844 | 4,839 | ||
Contract assets - current | 52 | 52 | 58 | ||
Contract assets - noncurrent | 39 | 39 | 11 | ||
Contract liabilities - current 1 | 207 | 207 | 349 | ||
Contract liabilities - noncurrent | 1,910 | 1,910 | 1,915 | ||
The Dow Chemical Company | |||||
Revenue from External Customer [Line Items] | |||||
Accounts and notes receivable - Trade | 6,844 | 6,844 | $ 4,839 | ||
U.S. & Canada | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 5,476 | 3,391 | 14,431 | 9,885 | |
EMEAI 1 | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 5,229 | 3,272 | 14,660 | 9,394 | |
Asia Pacific | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 2,579 | 2,073 | 7,423 | 5,850 | |
Latin America | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | $ 1,553 | 976 | $ 4,090 | 2,707 | |
Maximum [Member] | P20Y: 2021-10-01 | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 20 years | 20 years | |||
Packaging & Specialty Plastics [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | $ 7,736 | 4,565 | $ 20,939 | 13,175 | |
Packaging & Specialty Plastics [Member] | Hydrocarbons & Energy [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 2,251 | 1,021 | 6,010 | 3,027 | |
Packaging & Specialty Plastics [Member] | Packaging and Specialty Plastics [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 5,485 | 3,544 | 14,929 | 10,148 | |
Industrial Intermediates & Infrastructure [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 4,481 | 3,058 | 12,303 | 8,520 | |
Industrial Intermediates & Infrastructure [Member] | Industrial Solutions [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 1,377 | 931 | 3,627 | 2,879 | |
Industrial Intermediates & Infrastructure [Member] | Polyurethanes & CAV [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 3,102 | 2,124 | 8,670 | 5,632 | |
Industrial Intermediates & Infrastructure [Member] | Other [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 2 | 3 | 6 | 9 | |
Performance Materials & Coatings [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 2,526 | 2,002 | 7,114 | 5,922 | |
Performance Materials & Coatings [Member] | Coatings and Performance Monomers [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 1,110 | 844 | 2,975 | 2,438 | |
Performance Materials & Coatings [Member] | Consumer Solutions [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 1,416 | 1,158 | 4,139 | 3,484 | |
Corporate Segment [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | $ 94 | $ 87 | $ 248 | $ 219 |
Restructuring and related act_2
Restructuring and related activities (2020 Restructuring Program) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 13 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | $ 0 | $ 617 | $ 22 | $ 719 | ||||
Restructuring Charges | 16 | 617 | 69 | 719 | ||||
The Dow Chemical Company | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | 0 | 617 | 22 | 719 | ||||
Packaging & Specialty Plastics [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 0 | 18 | 8 | 30 | ||||
Industrial Intermediates & Infrastructure [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 0 | 22 | 1 | 22 | ||||
Performance Materials & Coatings [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 0 | 189 | 10 | 189 | ||||
Corporate Segment [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 16 | 388 | 50 | 478 | ||||
2020 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | $ 22 | $ (2) | ||||||
Restructuring Charges | 575 | $ 595 | ||||||
Restructuring Reserve, Settled without Cash | (12) | (4) | (197) | |||||
Payments for Restructuring | 57 | 56 | $ 49 | 7 | 1 | |||
Restructuring Reserve | $ 212 | 269 | 315 | 364 | 377 | $ 212 | 377 | $ 212 |
2020 Restructuring Program [Member] | The Dow Chemical Company | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
restructuring and related cost, percentage | 6.00% | 6.00% | 6.00% | |||||
2020 Restructuring Program [Member] | Accrued and Other Current Liabilities [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | $ 147 | 227 | $ 147 | $ 147 | ||||
2020 Restructuring Program [Member] | Other Noncurrent Obligations [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | 65 | 137 | 65 | 65 | ||||
2020 Restructuring Program [Member] | Packaging & Specialty Plastics [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | 8 | |||||||
Restructuring Charges | 11 | |||||||
2020 Restructuring Program [Member] | Industrial Intermediates & Infrastructure [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | 1 | |||||||
Restructuring Charges | 22 | |||||||
2020 Restructuring Program [Member] | Performance Materials & Coatings [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | 10 | 3 | ||||||
Restructuring Charges | 174 | |||||||
2020 Restructuring Program [Member] | Corporate Segment [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | 3 | (5) | ||||||
Restructuring Charges | 368 | |||||||
Employee Severance [Member] | 2020 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | 0 | 0 | ||||||
Restructuring Charges | 297 | 297 | ||||||
Restructuring Reserve, Settled without Cash | 0 | 0 | 0 | |||||
Payments for Restructuring | 55 | 53 | 37 | 7 | 1 | |||
Restructuring Reserve | 144 | 199 | 252 | 289 | 296 | 144 | 296 | 144 |
Employee Severance [Member] | 2020 Restructuring Program [Member] | Packaging & Specialty Plastics [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | 0 | |||||||
Restructuring Charges | 0 | |||||||
Employee Severance [Member] | 2020 Restructuring Program [Member] | Industrial Intermediates & Infrastructure [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | 0 | |||||||
Restructuring Charges | 0 | |||||||
Employee Severance [Member] | 2020 Restructuring Program [Member] | Performance Materials & Coatings [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | 0 | 0 | ||||||
Restructuring Charges | 0 | |||||||
Employee Severance [Member] | 2020 Restructuring Program [Member] | Corporate Segment [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | 0 | 0 | ||||||
Restructuring Charges | 297 | |||||||
Asset write-downs and write-offs [Member] | 2020 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | 12 | (1) | ||||||
Restructuring Charges | 197 | 208 | ||||||
Restructuring Reserve, Settled without Cash | (12) | (1) | (197) | |||||
Payments for Restructuring | 0 | 0 | 0 | 0 | 0 | |||
Restructuring Reserve | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Asset write-downs and write-offs [Member] | 2020 Restructuring Program [Member] | Packaging & Specialty Plastics [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | 0 | |||||||
Restructuring Charges | 11 | |||||||
Asset write-downs and write-offs [Member] | 2020 Restructuring Program [Member] | Industrial Intermediates & Infrastructure [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | 1 | |||||||
Restructuring Charges | 22 | |||||||
Asset write-downs and write-offs [Member] | 2020 Restructuring Program [Member] | Performance Materials & Coatings [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | 8 | (1) | ||||||
Restructuring Charges | 117 | |||||||
Asset write-downs and write-offs [Member] | 2020 Restructuring Program [Member] | Corporate Segment [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | 3 | 0 | ||||||
Restructuring Charges | 47 | |||||||
Costs Associated with Exit and Disposal Activities [Member] | 2020 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | 10 | (1) | ||||||
Restructuring Charges | 81 | 90 | ||||||
Restructuring Reserve, Settled without Cash | 0 | (5) | 0 | |||||
Payments for Restructuring | 2 | 3 | 12 | 0 | 0 | |||
Restructuring Reserve | $ 68 | 70 | $ 63 | 75 | 81 | $ 68 | $ 81 | $ 68 |
Costs Associated with Exit and Disposal Activities [Member] | 2020 Restructuring Program [Member] | Packaging & Specialty Plastics [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | 8 | |||||||
Restructuring Charges | 0 | |||||||
Costs Associated with Exit and Disposal Activities [Member] | 2020 Restructuring Program [Member] | Industrial Intermediates & Infrastructure [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | 0 | |||||||
Restructuring Charges | 0 | |||||||
Costs Associated with Exit and Disposal Activities [Member] | 2020 Restructuring Program [Member] | Performance Materials & Coatings [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | 2 | 4 | ||||||
Restructuring Charges | 57 | |||||||
Costs Associated with Exit and Disposal Activities [Member] | 2020 Restructuring Program [Member] | Corporate Segment [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | $ 0 | $ (5) | ||||||
Restructuring Charges | $ 24 |
Summary of Sundry Income (Expen
Summary of Sundry Income (Expense) - Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Gain (Loss) on Extinguishment of Debt | $ 472 | $ (63) | $ 574 | $ 149 |
Charges related to separation, distribution and tax matters agreements | 0 | (5) | ||
Sundry income (expense) - net | (350) | 182 | (225) | 154 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 220 | 220 | ||
Nova Ethylene Asset Matter [Member] | ||||
Gain (Loss) Related to Litigation Settlement | 0 | 6 | ||
Luxi Chemical Group Breach of Contract Matter [Member] | ||||
Gain (Loss) Related to Litigation Settlement | 54 | 54 | ||
Nonoperating Income (Expense) | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 86 | 26 | 247 | 81 |
Foreign Currency Transaction Gain (Loss), before Tax | (5) | (24) | (21) | (42) |
Gain (Loss) on Extinguishment of Debt | (472) | (63) | (574) | (149) |
Gain (Loss) on Disposition of Other Assets | 12 | 2 | 74 | 7 |
Charges related to separation, distribution and tax matters agreements | 0 | 0 | (5) | 0 |
Other Nonoperating Income (Expense) | (25) | 21 | 0 | 26 |
Sundry income (expense) - net | (350) | 182 | (225) | 154 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | (13) | 0 | (13) |
Nonoperating Income (Expense) | Rail Infrastructure | ||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 233 | 0 | 233 |
Nonoperating Income (Expense) | Nova Ethylene Asset Matter [Member] | ||||
Gain (Loss) Related to Litigation Settlement | 0 | 0 | 0 | 6 |
Nonoperating Income (Expense) | Luxi Chemical Group Breach of Contract Matter [Member] | ||||
Gain (Loss) Related to Litigation Settlement | 54 | 0 | 54 | 0 |
Breast Implant and Other Products Liability Claims [Member] | Nonoperating Income (Expense) | ||||
Loss Contingency Accrual, Period Increase (Decrease) | 0 | 0 | 0 | 5 |
The Dow Chemical Company | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 86 | 26 | 247 | 81 |
Foreign Currency Transaction Gain (Loss), before Tax | (8) | (22) | (24) | (45) |
Gain (Loss) on Extinguishment of Debt | (472) | (63) | (574) | (149) |
Gain (Loss) on Disposition of Other Assets | 12 | 2 | 74 | 7 |
Other Nonoperating Income (Expense) | (28) | 18 | (8) | 25 |
Sundry income (expense) - net | (356) | 181 | (231) | 150 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | (13) | 0 | (13) |
The Dow Chemical Company | Rail Infrastructure | ||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 233 | 0 | 233 |
The Dow Chemical Company | Nova Ethylene Asset Matter [Member] | ||||
Gain (Loss) Related to Litigation Settlement | 0 | 0 | 0 | 6 |
The Dow Chemical Company | Nonoperating Income (Expense) | Luxi Chemical Group Breach of Contract Matter [Member] | ||||
Gain (Loss) Related to Litigation Settlement | 54 | 0 | 54 | 0 |
The Dow Chemical Company | Breast Implant and Other Products Liability Claims [Member] | ||||
Loss Contingency Accrual, Period Increase (Decrease) | $ 0 | $ 0 | $ 0 | $ 5 |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Employee-related Liabilities, Current | $ 955 | $ 866 |
Accrued and other current liabilities | 3,701 | 3,790 |
The Dow Chemical Company | ||
Accrued and other current liabilities | $ 3,413 | $ 3,256 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income (loss) | $ 1,706 | $ (1) | $ 4,644 | $ 40 |
Net income attributable to noncontrolling interests | 23 | 24 | 69 | 51 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 8 | 3 | 23 | 7 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 1,675 | $ (28) | $ 4,552 | $ (18) |
Earnings Per Share, Basic | $ 2.25 | $ (0.04) | $ 6.11 | $ (0.02) |
Earnings Per Share, Diluted | $ 2.23 | $ (0.04) | $ 6.06 | $ (0.02) |
Weighted-average common shares outstanding - basic | 744.5 | 740.5 | 745.4 | 740 |
Dilutive effect of equity compensation plans | 5.5 | 0 | 5.5 | 0 |
Weighted-average common shares outstanding - diluted | 750 | 740.5 | 750.9 | 740 |
Stock options and restricted stock units excluded from EPS calculations | 7.2 | 26.9 | 5.6 | 27.1 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 4,233 | $ 3,140 |
Work in process | 1,561 | 996 |
Raw materials | 867 | 598 |
Supplies | 875 | 933 |
Total | 7,536 | 5,667 |
Adjustment of inventories to a LIFO basis | (425) | 34 |
Total inventories | $ 7,111 | $ 5,701 |
NONCONSOLIDATED AFFILIATES (Det
NONCONSOLIDATED AFFILIATES (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Investment in nonconsolidated affiliates | $ 1,910 | $ 1,327 | |
Equity Method Investment, Liability, Noncurrent | 0 | 169 | |
Equity Method Investment, Net of Investment Liabilities | 1,910 | 1,158 | |
Proceeds from Equity Method Investment, Distribution | 232 | $ 391 | |
EQUATE Petrochemical Company Ksc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Liability, Noncurrent | 18 | 147 | |
Sadara Chemical Company [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in nonconsolidated affiliates | $ 412 | ||
Equity Method Investment, Liability, Noncurrent | $ 22 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Goodwill (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||
Goodwill | $ 8,801 | $ 8,908 |
Goodwill, Foreign Currency Translation Gain (Loss) | (107) | |
Packaging & Specialty Plastics [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 5,108 | 5,115 |
Goodwill, Foreign Currency Translation Gain (Loss) | (7) | |
Industrial Intermediates & Infrastructure [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 1,097 | 1,100 |
Goodwill, Foreign Currency Translation Gain (Loss) | (3) | |
Performance Materials & Coatings [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 2,596 | $ 2,693 |
Goodwill, Foreign Currency Translation Gain (Loss) | $ (97) |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Other Intangible Assets (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ (4,747) | $ (4,428) |
Intangible Assets, Gross (Excluding Goodwill) | 7,709 | 7,780 |
Other intangible assets | 2,962 | 3,352 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 2,637 | 2,638 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,833) | (1,677) |
Finite-Lived Intangible Assets, Net | 804 | 961 |
Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 1,494 | 1,489 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,042) | (989) |
Finite-Lived Intangible Assets, Net | 452 | 500 |
Trademarks/tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 352 | 352 |
Finite-Lived Intangible Assets, Accumulated Amortization | (344) | (343) |
Finite-Lived Intangible Assets, Net | 8 | 9 |
Customer-related | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 3,226 | 3,301 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,528) | (1,419) |
Finite-Lived Intangible Assets, Net | $ 1,698 | $ 1,882 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Amortization Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangibles | $ 100 | $ 100 | $ 301 | $ 300 |
Other intangible assets, excluding software | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangibles | 100 | 100 | 301 | 300 |
Software | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangibles | $ 22 | $ 24 | $ 67 | $ 72 |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Future Amortization Expense (Details) $ in Millions | Sep. 30, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 | $ 475 |
2022 | 410 |
2023 | 377 |
2024 | 359 |
2025 | 268 |
2026 | $ 194 |
NOTES PAYABLE, LONG-TERM DEBT_3
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Notes Payable (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Period-end average interest rates | 6.38% | 3.89% |
Notes Payable to Banks [Member] | ||
Short-term Debt [Line Items] | ||
Short-term Debt | $ 270 | $ 156 |
NOTES PAYABLE, LONG-TERM DEBT_4
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Long-Term Debt (Details) € in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2020USD ($) | Aug. 31, 2020USD ($) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Aug. 31, 2020EUR (€) | Feb. 01, 2020EUR (€) | |
Debt Instrument [Line Items] | |||||||||||
Finance lease obligations 2 | $ 542 | $ 542 | |||||||||
Unamortized debt discount and issuance costs | (313) | (313) | $ (365) | ||||||||
Long-term debt due within one year 3 | (291) | (291) | (460) | ||||||||
Long-Term Debt (variable interest entities nonrecourse - 2021: $4; 2020: $6) | 14,027 | 14,027 | 16,491 | ||||||||
Long Term Debt, Accumulated Fair Value Adjustment | 48 | 48 | $ 69 | ||||||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 122 | 122 | |||||||||
Long-Term Debt, Maturity, Year One | 191 | 191 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 345 | 345 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 41 | 41 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 364 | 364 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 801 | 801 | |||||||||
Gain (Loss) on Extinguishment of Debt | (472) | $ 63 | (574) | $ (149) | |||||||
Repayments of Long-term Debt | 81 | 173 | 76 | ||||||||
Accounts Receivable Facility, Europe [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Trade Accounts Receivable Eligible for Sale | $ 400 | 400 | 400 | ||||||||
Three Point One Five Percent Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of Debt | $ 208 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.15% | ||||||||||
Three Point Five Percent Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of Debt | $ 811 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | ||||||||||
3.15 Percent Notes Due 2024 and 3.50 Percent Notes Due 2024 | Sundry Income (Expense), Net [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gain (Loss) on Extinguishment of Debt | $ 101 | ||||||||||
Debt Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of Debt | 1,042 | ||||||||||
Gain (Loss) on Extinguishment of Debt | $ 472 | ||||||||||
Repayments of Long-term Debt | 493 | ||||||||||
Debt Securities [Member] | Sundry Income (Expense), Net [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gain (Loss) on Extinguishment of Debt | 62 | ||||||||||
InterNotes redeemed [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes Issued | 95 | 167 | |||||||||
Repayments of Notes Payable | 28 | 166 | |||||||||
InterNotes redeemed, Various maturities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of Notes Payable | 213 | 307 | |||||||||
InterNotes redeemed, Various maturities [Member] | Sundry Income (Expense), Net [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gain (Loss) on Extinguishment of Debt | $ 1 | 1 | 2 | ||||||||
Long Term Debt Repayment - Variable Interest Entity [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of Debt | $ 14 | $ 17 | |||||||||
Euros Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ||||||||||
Debt Instrument, Face Amount | € | € 2,250 | ||||||||||
0.50 Percent Notes Due 2027 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.50% | ||||||||||
Debt Instrument, Face Amount | € | € 1,000 | ||||||||||
1.125 Percent Notes Due 2032 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.125% | ||||||||||
Debt Instrument, Face Amount | € | € 750 | ||||||||||
1.875 Percent Notes Due 2040 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.875% | ||||||||||
Debt Instrument, Face Amount | € | € 500 | ||||||||||
Term Loan Facility, Due September 2023 [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of Debt | $ 1,250 | $ 750 | |||||||||
3.0 Percent Notes Due 2022 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||||||||||
Repayments of Notes Payable | $ 1,250 | ||||||||||
3.0 Percent Notes Due 2022 [Member] | Sundry Income (Expense), Net [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gain (Loss) on Extinguishment of Debt | $ 85 | ||||||||||
U.S. Dollar Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | € | € 2,000 | ||||||||||
Proceeds from Issuance of Long-term Debt | $ 556 | ||||||||||
2.1 Percent Notes Due 2030 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.10% | ||||||||||
Debt Instrument, Face Amount | € | € 850 | ||||||||||
3.6 Percent Notes Due 2050 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.60% | ||||||||||
Debt Instrument, Face Amount | € | € 1,150 | ||||||||||
Loans Payable [Member] | Promissory Notes and Debentures, Final Maturity, Current Year [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 0.00% | 0.00% | 8.95% | ||||||||
Long-term Debt, Gross | $ 0 | $ 0 | $ 173 | ||||||||
Loans Payable [Member] | Promissory Notes and Debentures, Final Maturity, Year One [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 8.64% | 8.64% | 8.64% | ||||||||
Long-term Debt, Gross | $ 121 | $ 121 | $ 121 | ||||||||
Loans Payable [Member] | Promissory Notes and Debentures, Final Maturity, Year Two [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 7.63% | 7.63% | 7.63% | ||||||||
Long-term Debt, Gross | $ 250 | $ 250 | $ 250 | ||||||||
Loans Payable [Member] | Promissory Notes and Debentures, Final Maturity, Year Three [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 0.00% | 0.00% | 3.43% | ||||||||
Long-term Debt, Gross | $ 0 | $ 0 | $ 1,017 | ||||||||
Loans Payable [Member] | Promissory Notes and Debentures, Final Maturity, Year Four [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 5.63% | 5.63% | 5.13% | ||||||||
Long-term Debt, Gross | $ 333 | $ 333 | $ 625 | ||||||||
Loans Payable [Member] | Promissory Notes and Debentures, Final Maturity, Year Five [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.63% | 3.63% | 3.63% | ||||||||
Long-term Debt, Gross | $ 750 | $ 750 | $ 750 | ||||||||
Loans Payable [Member] | Promissory Notes and Debentures, Final Maturity, Year Six and Thereafter [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 5.15% | 5.15% | 5.34% | ||||||||
Long-term Debt, Gross | $ 9,364 | $ 9,364 | $ 10,138 | ||||||||
Loans Payable [Member] | Foreign Currency Loans [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 1.22% | 1.22% | 1.41% | ||||||||
Long-term Debt, Gross | $ 2,889 | $ 2,889 | $ 3,189 | ||||||||
Medium-term Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.40% | 3.40% | 3.56% | ||||||||
Long-term Debt, Gross | $ 382 | $ 382 | $ 535 | ||||||||
Finance Leases [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Finance lease obligations 2 | $ 542 | $ 542 | $ 518 |
NOTES PAYABLE, LONG-TERM DEBT_5
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Committed and Available Credit Facilities (Details) $ in Millions | Sep. 30, 2021USD ($) |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 8,100 |
Line of Credit Facility, Remaining Borrowing Capacity | 8,100 |
Revolving Credit Facility [Member] | Five Year Competitive Advance and Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 5,000 |
Line of Credit Facility, Remaining Borrowing Capacity | 5,000 |
Revolving Credit Facility [Member] | Bilateral Revolving Credit Facility, Due December 2021, Facility One | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 300 |
Line of Credit Facility, Remaining Borrowing Capacity | 300 |
Revolving Credit Facility [Member] | Bilateral Revolving Credit Facility, Due December 2021, Facility Two | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 300 |
Line of Credit Facility, Remaining Borrowing Capacity | 300 |
Revolving Credit Facility [Member] | Bilateral Revolving Credit Facility, Due March 2022 [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 150 |
Line of Credit Facility, Remaining Borrowing Capacity | 150 |
Revolving Credit Facility [Member] | Bilateral Revolving Credit Facility, Due June 2022 | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 100 |
Line of Credit Facility, Remaining Borrowing Capacity | 100 |
Revolving Credit Facility [Member] | Bilateral Revolving Credit Facility, Due September 2022. Facility One | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 200 |
Line of Credit Facility, Remaining Borrowing Capacity | 200 |
Revolving Credit Facility [Member] | Bilateral Revolving Credit Facility, Due November 2022 | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 200 |
Line of Credit Facility, Remaining Borrowing Capacity | 200 |
Revolving Credit Facility [Member] | Bilateral Revolving Credit Facility, Due September 2023, Facility One | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 200 |
Line of Credit Facility, Remaining Borrowing Capacity | 200 |
Revolving Credit Facility [Member] | Bilateral Revolving Credit Facility, Due September 2023, Facility Two | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 250 |
Line of Credit Facility, Remaining Borrowing Capacity | 250 |
Revolving Credit Facility [Member] | Bilateral Revolving Credit Facility, Due September 2023, Facility Three | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 300 |
Line of Credit Facility, Remaining Borrowing Capacity | 300 |
Revolving Credit Facility [Member] | Bilateral Revolving Credit Facility, Due October 2024, Facility One [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 100 |
Line of Credit Facility, Remaining Borrowing Capacity | 100 |
Revolving Credit Facility [Member] | Bilateral Revolving Credit Facility, Due October 2024, Facility Two [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 100 |
Line of Credit Facility, Remaining Borrowing Capacity | 100 |
Revolving Credit Facility [Member] | Bilateral Revolving Credit Facility, Due November 2024 [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 200 |
Line of Credit Facility, Remaining Borrowing Capacity | 200 |
Revolving Credit Facility [Member] | Bilateral Revolving Credit Facility, Due March 2025, Facility One [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 100 |
Line of Credit Facility, Remaining Borrowing Capacity | 100 |
Revolving Credit Facility [Member] | Bilateral Revolving Credit Facility, Due March 2025, Facility Two [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 250 |
Line of Credit Facility, Remaining Borrowing Capacity | 250 |
Revolving Credit Facility [Member] | Bilateral Revolving Credit Facility, Due March 2025, Facility Three [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 350 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 350 |
COMMITMENTS AND CONTINGENT LI_3
COMMITMENTS AND CONTINGENT LIABILITIES (Environmental Matters) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Accrual for environmental loss contingencies | $ 1,231 | $ 1,244 |
Accrual For Environmental Loss Contingencies Superfund Sites [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for environmental loss contingencies | $ 235 | $ 248 |
COMMITMENTS AND CONTINGENT LI_4
COMMITMENTS AND CONTINGENT LIABILITIES (Asbestos-Related Matters of Union Carbide Corporation) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Liability for Asbestos and Environmental Claims, Gross | $ 1,047 | $ 1,098 |
Percentage of recorded asbestos liability related to pending claims | 24.00% | |
Percentage of recorded asbestos liability related to future claims | 76.00% |
COMMITMENTS AND CONTINGENT LI_5
COMMITMENTS AND CONTINGENT LIABILITES (Dow Silicones Chapter 11 Related Matters) (Details) - Dow Silicones Corporation [Member] - Breast Implant and Other Products Liability Claims [Member] - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Product Liability Contingency [Line Items] | ||
Product Liability Contingency, Payments Incurred To Date | $ 1,762 | |
Loss Contingency Accrual, Product Liability, Net | 160 | $ 160 |
Accrued and Other Current Liabilities [Member] | ||
Product Liability Contingency [Line Items] | ||
Loss Contingency Accrual, Product Liability, Net | 80 | 46 |
Other Noncurrent Obligations [Member] | ||
Product Liability Contingency [Line Items] | ||
Loss Contingency Accrual, Product Liability, Net | $ 80 | $ 114 |
COMMITMENTS AND CONTINGENT LI_6
COMMITMENTS AND CONTINGENT LIABILITIES Indemnifications with Corning (Details) - Other noncurrent assets - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Indemnification Asset | $ 31 | $ 33 |
Dow Silicones Corporation [Member] | ||
Loss Contingencies [Line Items] | ||
Indemnification Asset | $ 119 | $ 115 |
COMMITMENTS AND CONTINGENT LI_7
COMMITMENTS AND CONTINGENT LIABILITIES (Nova Patent Infringement Matter) (Details) - Dow V. Nova Chemicals Corporation Patent Infringement Matter [Member] $ in Millions, $ in Millions | Jul. 06, 2017USD ($) | Jun. 29, 2017CAD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Gain Contingencies [Line Items] | ||||
Litigation Settlement, Amount Awarded from Other Party | $ 645 | |||
Proceeds from Legal Settlements | $ 501 | |||
Estimated Litigation Liability, Current | $ 341 | $ 341 |
COMMITMENTS AND CONTINGENT LI_8
COMMITMENTS AND CONTINGENT LIABILITIES Nova Ethylene Asset Matter (Details) - Nova Ethylene Asset Matter [Member] $ in Millions, $ in Millions | Mar. 31, 2020USD ($) | Oct. 11, 2019CAD ($) | Oct. 11, 2019USD ($) | Sep. 18, 2019CAD ($) | Sep. 18, 2019USD ($) | Oct. 24, 2019CAD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Gain Contingencies [Line Items] | ||||||||
Litigation Settlement, Amount Awarded from Other Party | $ 1,430 | $ 1,080 | ||||||
Proceeds from Legal Settlements | $ 259 | $ 1,080 | $ 800 | |||||
Litigation settlement, Amount Awarded from Other Party - Withholding Tax | $ 347 | |||||||
Estimated Litigation Liability, Noncurrent | $ 323 | $ 323 |
Commitment and Contingencies -
Commitment and Contingencies - Luxi Breach of Contract Matter (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Luxi Chemical Group Breach of Contract Matter [Member] | ||
Gain Contingencies [Line Items] | ||
Gain (Loss) Related to Litigation Settlement | $ 54 | $ 54 |
Commitment and Contingencies _2
Commitment and Contingencies - Brazil Tax Credits (Details) - Dow V. Brazil - Excess PIS/COFINS Taxes $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Gain Contingencies [Line Items] | |
Other Assets | $ 50 |
Cost of Sales | |
Gain Contingencies [Line Items] | |
Gain on Indirect Tax Contingencies Realized | $ 61 |
COMMITMENTS AND CONTINGENT LI_9
COMMITMENTS AND CONTINGENT LIABILITIES (Guarantees) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Sadara Chemical Company [Member] | ||
Guarantor Obligations [Line Items] | ||
Equity Method Investment, Ownership Percentage | 35.00% | |
Sadara Chemical Company [Member] | Total Project Financing [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, maximum future payments | $ 501 | |
Project Financing, Maximum Borrowing Capacity | 9,900 | |
Performance Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, maximum future payments | 1,312 | $ 251 |
Guarantor obligations, recorded liability | 225 | 2 |
Performance Guarantee [Member] | Sadara Chemical Company [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, maximum future payments | 1,300 | $ 220 |
Performance Guarantee [Member] | Sadara Chemical Company [Member] | Sadara Chemical Company [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, maximum future payments | $ 500 |
LEASES (Details)
LEASES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Operating Lease, Cost | $ 123 | $ 122 | $ 362 | $ 362 | |
Finance Lease, Right-of-Use Asset, Amortization | 19 | 16 | 53 | 42 | |
Finance Lease, Interest Expense | 6 | 7 | 19 | 19 | |
Finance Lease, Cost | 25 | 23 | 72 | 61 | |
Short-term Lease, Cost | 57 | 54 | 177 | 161 | |
Variable Lease, Cost | 78 | 45 | 228 | 157 | |
Sublease Income | (2) | (2) | (5) | (4) | |
Lease, Cost | 281 | $ 242 | 834 | 737 | |
Operating Lease, Payments | 364 | 357 | |||
Finance Lease, Interest Payment on Liability | 19 | 19 | |||
Finance Lease, Principal Payments | 48 | 34 | |||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 133 | 68 | |||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 73 | $ 142 | |||
Operating lease right-of-use assets | 1,727 | 1,727 | $ 1,856 | ||
Property | 56,522 | 56,522 | 56,325 | ||
Accumulated depreciation | (36,874) | (36,874) | (36,086) | ||
Total Lease Assets | 2,190 | 2,190 | 2,305 | ||
Operating lease liabilities - current | 413 | 413 | 416 | ||
Finance Lease, Liability, Current | 68 | 68 | 54 | ||
Operating lease liabilities - noncurrent | 1,428 | 1,428 | 1,521 | ||
Finance Lease, Liability, Noncurrent | 474 | 474 | 464 | ||
Total Lease Liabilities | $ 2,383 | $ 2,383 | $ 2,455 | ||
Operating Lease, Weighted Average Remaining Lease Term | 7 years 2 months 12 days | 7 years 2 months 12 days | 7 years 7 months 6 days | ||
Finance Lease, Weighted Average Remaining Lease Term | 10 years 3 months 18 days | 10 years 3 months 18 days | 11 years 7 months 6 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.63% | 3.63% | 3.84% | ||
Finance Lease, Weighted Average Discount Rate, Percent | 5.04% | 5.04% | 5.41% | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 140 | $ 140 | |||
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 29 | 29 | |||
Lessee, Operating Lease, Liability, to be Paid, Year One | 434 | 434 | |||
Finance Lease, Liability, to be Paid, Year One | 89 | 89 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 351 | 351 | |||
Finance Lease, Liability, Payments, Due Year Two | 113 | 113 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 273 | 273 | |||
Finance Lease, Liability, Payments, Due Year Three | 58 | 58 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 201 | 201 | |||
Finance Lease, Liability, to be Paid, Year Four | 47 | 47 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 744 | 744 | |||
Finance Lease, Liability, Payments, Due Year Five | 375 | 375 | |||
Lessee, Operating Lease, Liability, Payments, Due | 2,143 | 2,143 | |||
Finance Lease, Liability, Payment, Due | 711 | 711 | |||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 302 | 302 | |||
Finance Lease, Liability, Undiscounted Excess Amount | 169 | 169 | |||
Operating Lease, Liability | 1,841 | 1,841 | |||
Finance lease obligations 2 | 542 | 542 | |||
Lessee, Additional Leases Not yet Commenced, Assumptions and Judgment, Amount | 152 | $ 152 | |||
Lessee, Additional Leases Not yet Commenced, Term of Contract | 20 years | ||||
Residual Value Guarantees [Member] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 805 | $ 805 | $ 818 | ||
Guarantor Obligations, Current Carrying Value | 56 | 56 | 22 | ||
Finance Leases [Member] | |||||
Property | 726 | 726 | 665 | ||
Accumulated depreciation | $ (263) | $ (263) | $ (216) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive loss | $ (9,665) | $ (9,941) | $ (9,665) | $ (9,941) | $ (10,855) | |||
Other Comprehensive Income (Loss), Net of Tax | 11 | 284 | 1,190 | 305 | ||||
Derivative instruments | 32 | 38 | 148 | (100) | ||||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive loss | 59 | 48 | 59 | 48 | $ 72 | 104 | $ 40 | $ 64 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (10) | 35 | (25) | 39 | ||||
Other Comprehensive Income (Loss), Tax | 3 | (8) | 5 | (10) | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (7) | 27 | (20) | 29 | ||||
Other Comprehensive Income (Loss), Net of Tax | (13) | 8 | (45) | (16) | ||||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (8) | (25) | (33) | (59) | ||||
Reclassification from AOCI, Current Period, Tax | 2 | 6 | 8 | 14 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (6) | (19) | (25) | (45) | ||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive loss | (1,275) | (1,144) | (1,275) | (1,144) | (1,118) | (930) | (1,235) | (1,135) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (148) | 116 | (298) | 18 | ||||
Other Comprehensive Income (Loss), Tax | (8) | 4 | (43) | 18 | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (156) | 120 | (341) | 36 | ||||
Other Comprehensive Income (Loss), Net of Tax | (157) | 91 | (345) | (9) | ||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1) | (29) | (4) | (45) | ||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive loss | (8,127) | (8,351) | (8,127) | (8,351) | (8,276) | (9,559) | (8,498) | (8,781) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 2 | 2 | 1,270 | 2 | ||||
Other Comprehensive Income (Loss), Tax | 0 | 0 | (298) | 0 | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 2 | 2 | 972 | 2 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 191 | 188 | 583 | 557 | ||||
Reclassification from AOCI, Current Period, Tax | (44) | (43) | (123) | (129) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 147 | 145 | 460 | 428 | ||||
Other Comprehensive Income (Loss), Net of Tax | 149 | 147 | 1,432 | 430 | ||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive loss | (322) | (494) | (322) | (494) | $ (354) | $ (470) | $ (532) | $ (394) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 55 | 45 | 167 | (114) | ||||
Other Comprehensive Income (Loss), Tax | (9) | (10) | (10) | (2) | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 46 | 35 | 157 | (116) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (16) | 5 | (10) | 24 | ||||
Reclassification from AOCI, Current Period, Tax | 2 | (2) | 1 | (8) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (14) | 3 | (9) | 16 | ||||
Derivative instruments | $ 32 | $ 38 | $ 148 | $ (100) |
NONCONTROLLING INTERESTS Nonc_3
NONCONTROLLING INTERESTS Noncontrolling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Noncontrolling Interest [Line Items] | ||||
Balance at beginning of period | $ 570 | |||
Balance at end of period | $ 589 | $ 578 | 589 | $ 578 |
Dividends Paid to a Joint Venture Not Included in Distributions to NCI | 8 | 7 | 8 | 7 |
Noncontrolling Interest [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Balance at beginning of period | 580 | 560 | 570 | 553 |
Net income attributable to noncontrolling interests | 23 | 24 | 69 | 51 |
Distributions to noncontrolling interests 1 | (7) | 0 | (27) | (12) |
Noncontrolling Interest, Decrease from Deconsolidation | 0 | (7) | 0 | (7) |
Cumulative translation adjustments | (8) | 2 | (23) | (6) |
Other | 1 | (1) | 0 | (1) |
Balance at end of period | $ 589 | $ 578 | $ 589 | $ 578 |
PENSION PLANS AND OTHER POSTR_3
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Defined Benefit Plan Disclosures [Line Items] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | |||
Automatic Non-Elective Contribution | ||||
Defined Benefit Plan Disclosures [Line Items] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | |||
UNITED STATES | ||||
Defined Benefit Plan Disclosures [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 1,000 | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 1,268 | |||
Increase (Decrease) in Obligation, Pension Benefits | (345) | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 19 | |||
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosures [Line Items] | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 1,230 | 1,230 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1,165 | |||
Service cost | 95 | $ 100 | 293 | $ 298 |
Interest cost | 151 | 191 | 444 | 574 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (434) | (415) | (1,291) | (1,241) |
Amortization of prior service credit | (5) | (4) | (15) | (14) |
Defined Benefit Plan, Amortization of Gain (Loss) | (198) | (194) | (622) | (578) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | 0 | 19 | 0 |
Net periodic benefit cost | 5 | 66 | 34 | 195 |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosures [Line Items] | ||||
Service cost | 2 | 2 | 6 | 6 |
Interest cost | 6 | 10 | 17 | 29 |
Defined Benefit Plan, Amortization of Gain (Loss) | 2 | 2 | 5 | 7 |
Net periodic benefit cost | $ 6 | $ 10 | $ 18 | $ 28 |
STOCK-BASED COMPENSATION (Stock
STOCK-BASED COMPENSATION (Stock Incentive Plan) (Details) - $ / shares shares in Millions | 1 Months Ended | 3 Months Ended | 4 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1.3 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 57.67 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 10.37 | ||
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 10.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||
Employee Stock Purchase Plan | Employee | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Right to purchase shares subscribed by employees | 2 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1.6 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 57.70 | ||
Performance Stock Units (PSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1.2 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 61.48 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Cash Equivalents, at Carrying Value | $ 1,419 | $ 1,464 |
Cash Equivalents, Accumulated Gross Unrealized Gain, Before Tax | 0 | 0 |
Cash Equivalents, Accumulated Gross Unrealized Loss, Before Tax | 0 | 0 |
Cash Equivalents, Fair Value | 1,419 | 1,464 |
Available-for-sale Debt Securities, Amortized Cost Basis, Current | 138 | 45 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, Current, before Tax | 3 | 0 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, Current, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Current | 141 | 45 |
Debt Securities, Available-for-sale, Amortized Cost | 1,859 | 1,495 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 107 | 154 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (33) | (15) |
Debt Securities, Available-for-sale | 1,933 | 1,634 |
Equity Securities, Amortized Cost Basis | 6 | 6 |
Equity Securities, Accumulated Gross Unrealized Gain, Before Tax | 19 | 34 |
Equity Securities, Accumulated Gross Unrealized Loss, Before Tax | 0 | 0 |
Equity Securities, Fair Value | 25 | 40 |
Other Investments and Securities, at Cost | 1,865 | 1,501 |
Other Investments and Securities, Accumulated Gross Unrealized Gain, Before Tax | 126 | 188 |
Other Investments and Securities, Accumulated Gross Unrealized Loss, Before Tax | (33) | (15) |
Investments, Fair Value Disclosure | 1,958 | 1,674 |
Cash Equivalents, Marketable Securities and Other Investments, Amortized Cost Basis | 3,422 | 3,010 |
Cash Equivalents, Marketable Securities and Other Investments, Accumulated Gross Unrealized Gain, Before Tax | 129 | 188 |
Cash Equivalents, Marketable Securities and Other Investments, Accumulated Gross Unrealized Loss, Before Tax | (33) | (15) |
Cash Equivalents, Marketable Securities and Other Investments, Fair Value | 3,518 | 3,183 |
Long-term Debt | (14,318) | (16,951) |
Long Term Debt, Accumulated Gross Unrealized Gain, Before Tax | 21 | 6 |
Long Term Debt, Accumulated Gross Unrealized Loss, Before Tax | (2,673) | (3,659) |
Long-term Debt, Fair Value | (16,970) | (20,604) |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Gain, Before Tax | 293 | 173 |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Loss, Before Tax | (380) | (350) |
Derivative Assets (Liabilities), at Fair Value, Net | (87) | (177) |
Long Term Debt, Accumulated Fair Value Adjustment | 48 | 69 |
Derivative, Amount of Hedged Item | 2,279 | 3,314 |
Interest Rate Contract [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Derivative Assets (Liabilities), Accumulated Gross Unrealized Gain, Before Tax | 0 | 41 |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Loss, Before Tax | (166) | (182) |
Derivative Assets (Liabilities), at Fair Value, Net | (166) | (141) |
Foreign Exchange Contract [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Derivative Assets (Liabilities), Accumulated Gross Unrealized Gain, Before Tax | 53 | 69 |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Loss, Before Tax | (82) | (84) |
Derivative Assets (Liabilities), at Fair Value, Net | (29) | (15) |
Commodity Contract [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Derivative Assets (Liabilities), Accumulated Gross Unrealized Gain, Before Tax | 240 | 63 |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Loss, Before Tax | (132) | (84) |
Derivative Assets (Liabilities), at Fair Value, Net | 108 | (21) |
US Treasury and Government [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 687 | 673 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 18 | 35 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (24) | (10) |
Debt Securities, Available-for-sale | 681 | 698 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 1,172 | 822 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 89 | 119 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (9) | (5) |
Debt Securities, Available-for-sale | 1,252 | 936 |
Held-to-maturity Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cash Equivalents, at Carrying Value | 921 | 980 |
Cash Equivalents, Accumulated Gross Unrealized Gain, Before Tax | 0 | 0 |
Cash Equivalents, Accumulated Gross Unrealized Loss, Before Tax | 0 | 0 |
Cash Equivalents, Fair Value | 921 | 980 |
Money Market Funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cash Equivalents, at Carrying Value | 498 | 484 |
Cash Equivalents, Accumulated Gross Unrealized Gain, Before Tax | 0 | 0 |
Cash Equivalents, Accumulated Gross Unrealized Loss, Before Tax | 0 | 0 |
Cash Equivalents, Fair Value | $ 498 | $ 484 |
Debt Investments (Details)
Debt Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Proceeds from sales of available-for-sale securities | $ 339 | $ 742 | |||
Gross realized gains | 41 | 84 | |||
Available-for-sale Securities, Gross Realized Losses | (8) | (25) | |||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost | $ 22 | 22 | |||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 23 | 23 | |||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost | 618 | 618 | |||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value | 650 | 650 | |||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | 709 | 709 | |||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 720 | 720 | |||
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost | 510 | 510 | |||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | 540 | 540 | |||
Debt Securities, Available-for-sale, Amortized Cost | 1,859 | 1,859 | $ 1,495 | ||
Debt Securities, Available-for-sale | 1,933 | 1,933 | 1,634 | ||
Equity Securities, Net Unrealized Gain (Loss) | 6 | $ 1 | $ 1 | ||
Equity Securities without Readily Determinable Fair Value, Amount | 226 | 226 | 215 | ||
Equity Securities, FV-NI, Current | $ 25 | $ 25 | $ 40 |
Notional Amounts (Details)
Notional Amounts (Details) $ in Millions | Sep. 30, 2021USD ($)Boe | Dec. 31, 2020USD ($)Boe |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | $ 3,005 | $ 612 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 58 | 94 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 3,725 | 3,784 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | $ 13,663 | $ 9,187 |
Commodity Contract Hydrocarbons | Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Boe | 6,900,000 | 10,900,000 |
Commodity Contract Hydrocarbons | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Boe | 100,000 | 0 |
Schedule of Fair Value of Deriv
Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | $ 45 | $ 7 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 867 | 338 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (574) | (165) |
Derivative Asset | 293 | 173 |
Derivative Liability, Fair Value, Gross Liability | 991 | 521 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (611) | (171) |
Derivative Liability | 380 | 350 |
Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 816 | 219 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (536) | (139) |
Derivative Asset | 280 | 80 |
Derivative Liability, Fair Value, Gross Liability | 744 | 299 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (572) | (143) |
Derivative Liability | 172 | 156 |
Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 51 | 119 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (38) | (26) |
Derivative Asset | 13 | 93 |
Derivative Liability, Fair Value, Gross Liability | 247 | 222 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (39) | (28) |
Derivative Liability | 208 | 194 |
Other Current Assets [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 182 | 3 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (182) | (3) |
Derivative Asset | 0 | 0 |
Other Current Assets [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 32 | 39 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (18) | (19) |
Derivative Asset | 14 | 20 |
Other Current Assets [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 20 | 74 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (16) | (25) |
Derivative Asset | 4 | 49 |
Other Current Assets [Member] | Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 448 | 146 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (253) | (109) |
Derivative Asset | 195 | 37 |
Other Current Assets [Member] | Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 29 | 4 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (20) | (1) |
Derivative Asset | 9 | 3 |
Deferred charges and other assets [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 41 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 0 | |
Derivative Asset | 41 | |
Deferred charges and other assets [Member] | Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 68 | 31 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (32) | (8) |
Derivative Asset | 36 | 23 |
Deferred charges and other assets [Member] | Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 2 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (2) | |
Derivative Asset | 0 | |
Accrued and Other Current Liabilities [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 7 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (3) | |
Derivative Liability | 4 | |
Accrued and Other Current Liabilities [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 21 | 93 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (18) | (19) |
Derivative Liability | 3 | 74 |
Accrued and Other Current Liabilities [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 95 | 35 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (16) | (25) |
Derivative Liability | 79 | 10 |
Accrued and Other Current Liabilities [Member] | Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 391 | 151 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (287) | (112) |
Derivative Liability | 104 | 39 |
Accrued and Other Current Liabilities [Member] | Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 34 | 9 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (21) | (3) |
Derivative Liability | 13 | 6 |
Other Noncurrent Obligations [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 233 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (182) | |
Derivative Liability | 51 | |
Other Noncurrent Obligations [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 115 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 0 | |
Derivative Liability | 115 | |
Other Noncurrent Obligations [Member] | Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 48 | 48 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (34) | (9) |
Derivative Liability | 14 | 39 |
Other Noncurrent Obligations [Member] | Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 3 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (2) | |
Derivative Liability | $ 1 | |
Other Noncurrent Obligations [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 178 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 0 | |
Derivative Liability | $ 178 |
Effect of Derivative Instrument
Effect of Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (81) | $ (19) | $ (264) | $ 2 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 32 | 38 | 148 | (100) |
Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Hedging Activity | 17 | (4) | (10) | 17 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 78 | 14 | 169 | 2 |
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (98) | (15) | (254) | (15) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 0 | 0 | 0 | 0 |
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 0 | 0 | 0 | 0 |
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Interest Expense and Amortization of Debt Discount | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (2) | (3) | (5) | (10) |
Interest Rate Contract [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 0 | 0 | ||
Interest Rate Contract [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Expense and Amortization of Debt Discount | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Hedging Activity | (25) | 24 | ||
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 5 | 0 | (39) | 0 |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Expense and Amortization of Debt Discount | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Hedging Activity | (2) | (1) | (7) | (1) |
Excluded Components [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives used in Net Investment Hedge, Gain (Loss), Reclassified to Earnings, Net of Tax | 0 | 0 | 0 | 0 |
Excluded Components [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Cumulative Translation Adjustments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 0 | 3 | 2 | 10 |
Excluded Components [Member] | Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Cumulative Translation Adjustments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 12 | 0 | 20 | 27 |
Excluded Components [Member] | Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Other Nonoperating Income (Expense) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives used in Net Investment Hedge, Gain (Loss), Reclassified to Earnings, Net of Tax | 1 | 2 | 5 | 18 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 0 | 0 | 0 | 0 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Nonoperating Income (Expense) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (84) | (5) | (202) | (15) |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Cost of Sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Hedging Activity | (3) | (1) | (15) | 8 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 4 | (12) | 10 | (9) |
Foreign Exchange Contract [Member] | Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Hedging Activity | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 20 | (19) | 33 | (3) |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 0 | 0 | 0 | 0 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Cost of Sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (12) | (7) | (47) | 10 |
Commodity Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 37 | 42 | 143 | (23) |
Commodity Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Cost of Sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Hedging Activity | 21 | (4) | 32 | (32) |
Derivative | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | $ 78 | $ 14 | $ 169 | $ 2 |
Expected Reclassification (Deta
Expected Reclassification (Details) $ in Millions | Sep. 30, 2021USD ($) |
Interest Rate Contract [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ (8) |
Commodity Contract [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | 74 |
Foreign Exchange Contract [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 5 |
Excluded Components [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Hedge Gain (Loss) to be Reclassified During Next 12 Months, Excluded Components, Net | $ 9 |
FAIR VALUE MEASUREMENTS (Summar
FAIR VALUE MEASUREMENTS (Summary of Recurring Measured Fair Values) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, FV-NI, Current | $ 25 | $ 40 |
Debt Securities, Available-for-sale | 1,933 | 1,634 |
Long-term debt including debt due within one year 6 | 16,970 | 20,604 |
US Treasury and Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 681 | 698 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 1,252 | 936 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 867 | 338 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 141 | 45 |
Equity Securities, FV-NI, Current | 25 | 40 |
Total assets at fair value | 4,385 | 3,521 |
Long-term debt including debt due within one year 6 | 16,970 | 20,604 |
Total liabilities at fair value | 18,186 | 21,125 |
Fair Value, Recurring [Member] | Sadara Chemical Company [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guarantees, Fair Value Disclosure | 225 | 0 |
Fair Value, Recurring [Member] | Held-to-maturity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents 1 | 921 | 980 |
Fair Value, Recurring [Member] | Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents 1 | 498 | 484 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 182 | 44 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 348 | 185 |
Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 138 | 113 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 167 | 128 |
Fair Value, Recurring [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 547 | 181 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 476 | 208 |
Fair Value, Recurring [Member] | US Treasury and Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 681 | 698 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 1,252 | 936 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Equity Securities, FV-NI, Current | 25 | 40 |
Total assets at fair value | 84 | 76 |
Long-term debt including debt due within one year 6 | 0 | 0 |
Total liabilities at fair value | 47 | 7 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Sadara Chemical Company [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guarantees, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Held-to-maturity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents 1 | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents 1 | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 20 | 8 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 47 | 7 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury and Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 39 | 28 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 141 | 45 |
Equity Securities, FV-NI, Current | 0 | 0 |
Total assets at fair value | 4,301 | 3,445 |
Long-term debt including debt due within one year 6 | 16,970 | 20,604 |
Total liabilities at fair value | 17,914 | 21,118 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Sadara Chemical Company [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guarantees, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Held-to-maturity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents 1 | 921 | 980 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents 1 | 498 | 484 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 182 | 44 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 348 | 185 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 138 | 113 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 167 | 128 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 527 | 173 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 429 | 201 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury and Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 681 | 698 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 1,213 | 908 |
Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Private Market Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 125 | 111 |
Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 22 | 19 |
Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Private Market Securities and Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 89 | $ 63 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | |
Equity Securities, FV-NI, Current | 0 | |
Total assets at fair value | 0 | |
Long-term debt including debt due within one year 6 | 0 | |
Total liabilities at fair value | 225 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Sadara Chemical Company [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guarantees, Fair Value Disclosure | 225 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Held-to-maturity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents 1 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents 1 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Treasury and Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | $ 0 |
Schedule of Consolidated VIEs,
Schedule of Consolidated VIEs, Carrying Amounts of Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Variable Interest Entity [Line Items] | |||
Cash and cash equivalents and end of period | $ 2,911 | $ 5,104 | $ 4,549 |
Other current assets | 962 | 889 | |
Net property (variable interest entities restricted - 2021: $187; 2020: $232) | 19,648 | 20,239 | |
Deferred charges and other assets | 1,426 | 1,249 | |
Total Assets | 61,749 | 61,470 | |
Accrued and other current liabilities | 3,701 | 3,790 | |
Long-Term Debt (variable interest entities nonrecourse - 2021: $4; 2020: $6) | 14,027 | 16,491 | |
Other noncurrent obligations | 6,424 | 6,279 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Cash and cash equivalents and end of period | 49 | 26 | |
Other current assets | 38 | 44 | |
Net property (variable interest entities restricted - 2021: $187; 2020: $232) | 187 | 232 | |
Deferred charges and other assets | 15 | 17 | |
Total Assets | 289 | 319 | |
Accrued and other current liabilities | 51 | 73 | |
Long-Term Debt (variable interest entities nonrecourse - 2021: $4; 2020: $6) | 4 | 6 | |
Other noncurrent obligations | 14 | 18 | |
Total Liabilities | $ 69 | $ 97 |
Schedule of Nonconsolidated VIE
Schedule of Nonconsolidated VIEs (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Investment in nonconsolidated affiliates | $ 1,910 | $ 1,327 |
Silicon Inputs Joint Ventures [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Investment in nonconsolidated affiliates | $ 113 | $ 107 |
RELATD PARTY TRANSACTIONS (Deta
RELATD PARTY TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
The Dow Chemical Company | Dow Inc. [Member] | ||||
Cash Dividends Paid to Related Party | $ 919 | $ 513 | $ 2,361 | $ 1,685 |
SEGMENTS AND GEOGRAPHIC REGIO_3
SEGMENTS AND GEOGRAPHIC REGIONS Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 14,837 | $ 9,712 | $ 40,604 | $ 27,836 |
Equity in earnings (losses) of nonconsolidated affiliates | 249 | 60 | 751 | (124) |
Operating EBIT | 2,886 | 761 | 7,268 | 1,661 |
Packaging & Specialty Plastics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 7,736 | 4,565 | 20,939 | 13,175 |
Equity in earnings (losses) of nonconsolidated affiliates | 124 | 71 | 360 | 96 |
Operating EBIT | 1,954 | 647 | 5,196 | 1,545 |
Industrial Intermediates & Infrastructure [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 4,481 | 3,058 | 12,303 | 8,520 |
Equity in earnings (losses) of nonconsolidated affiliates | 122 | (13) | 381 | (202) |
Operating EBIT | 713 | 104 | 1,687 | 59 |
Performance Materials & Coatings [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,526 | 2,002 | 7,114 | 5,922 |
Equity in earnings (losses) of nonconsolidated affiliates | 3 | 1 | 5 | 4 |
Operating EBIT | 284 | 75 | 571 | 264 |
Corporate Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 94 | 87 | 248 | 219 |
Equity in earnings (losses) of nonconsolidated affiliates | 0 | 1 | 5 | (22) |
Operating EBIT | $ (65) | $ (65) | $ (186) | $ (207) |
SEGMENTS AND GEOGRAPHIC REGIO_4
SEGMENTS AND GEOGRAPHIC REGIONS EBIT Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting [Abstract] | ||||
Income from continuing operations, net of tax | $ 1,706 | $ (1) | $ 4,644 | $ 40 |
Provision for income taxes | 542 | 43 | 1,383 | 215 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 2,248 | 42 | 6,027 | 255 |
Interest Income, Other | 14 | 6 | 35 | 27 |
Interest Expense, Debt | 178 | 202 | 561 | 617 |
Other Nonrecurring (Income) Expense | (474) | (523) | (715) | (816) |
Operating EBIT | $ 2,886 | $ 761 | $ 7,268 | $ 1,661 |
SEGMENTS AND GEOGRAPHIC REGIO_5
SEGMENTS AND GEOGRAPHIC REGIONS Significant Items (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Business Combination, Integration Related Costs | $ (63) | $ (174) | ||
Restructuring Charges | $ (16) | (617) | $ (69) | (719) |
Charges related to separation, distribution and tax matters agreements | 0 | (5) | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 220 | 220 | ||
Gain (Loss) on Extinguishment of Debt | (472) | 63 | (574) | (149) |
Other Nonrecurring (Income) Expense | (474) | (523) | (715) | (816) |
Digitalization program costs | (40) | (121) | ||
Luxi Chemical Group Breach of Contract Matter [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gain (Loss) Related to Litigation Settlement | 54 | 54 | ||
Nova Ethylene Asset Matter [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gain (Loss) Related to Litigation Settlement | 0 | 6 | ||
Packaging & Specialty Plastics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Business Combination, Integration Related Costs | 0 | 0 | ||
Restructuring Charges | 0 | (18) | (8) | (30) |
Charges related to separation, distribution and tax matters agreements | 0 | 0 | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 35 | 35 | ||
Gain (Loss) on Extinguishment of Debt | 0 | 0 | 0 | 0 |
Other Nonrecurring (Income) Expense | 0 | 17 | (8) | 11 |
Digitalization program costs | 0 | 0 | ||
Packaging & Specialty Plastics [Member] | Luxi Chemical Group Breach of Contract Matter [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gain (Loss) Related to Litigation Settlement | 0 | 0 | ||
Packaging & Specialty Plastics [Member] | Nova Ethylene Asset Matter [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gain (Loss) Related to Litigation Settlement | 0 | 6 | ||
Industrial Intermediates & Infrastructure [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Business Combination, Integration Related Costs | 0 | 0 | ||
Restructuring Charges | 0 | (22) | (1) | (22) |
Charges related to separation, distribution and tax matters agreements | 0 | 0 | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 0 | ||
Gain (Loss) on Extinguishment of Debt | 0 | 0 | 0 | 0 |
Other Nonrecurring (Income) Expense | 54 | (22) | 53 | (22) |
Digitalization program costs | 0 | 0 | ||
Industrial Intermediates & Infrastructure [Member] | Luxi Chemical Group Breach of Contract Matter [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gain (Loss) Related to Litigation Settlement | 54 | 54 | ||
Industrial Intermediates & Infrastructure [Member] | Nova Ethylene Asset Matter [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gain (Loss) Related to Litigation Settlement | 0 | 0 | ||
Performance Materials & Coatings [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Business Combination, Integration Related Costs | 0 | 0 | ||
Restructuring Charges | 0 | (189) | (10) | (189) |
Charges related to separation, distribution and tax matters agreements | 0 | 0 | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 0 | ||
Gain (Loss) on Extinguishment of Debt | 0 | 0 | 0 | 0 |
Other Nonrecurring (Income) Expense | 0 | (189) | (10) | (189) |
Digitalization program costs | 0 | 0 | ||
Performance Materials & Coatings [Member] | Luxi Chemical Group Breach of Contract Matter [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gain (Loss) Related to Litigation Settlement | 0 | 0 | ||
Performance Materials & Coatings [Member] | Nova Ethylene Asset Matter [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gain (Loss) Related to Litigation Settlement | 0 | 0 | ||
Corporate Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Business Combination, Integration Related Costs | (63) | (174) | ||
Restructuring Charges | (16) | (388) | (50) | (478) |
Charges related to separation, distribution and tax matters agreements | 0 | (5) | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 185 | 185 | ||
Gain (Loss) on Extinguishment of Debt | (472) | 63 | (574) | (149) |
Other Nonrecurring (Income) Expense | (528) | (329) | (750) | (616) |
Digitalization program costs | (40) | (121) | ||
Corporate Segment [Member] | Luxi Chemical Group Breach of Contract Matter [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gain (Loss) Related to Litigation Settlement | $ 0 | $ 0 | ||
Corporate Segment [Member] | Nova Ethylene Asset Matter [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gain (Loss) Related to Litigation Settlement | $ 0 | $ 0 |