Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
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 | Jun. 30, 2024 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q2 |
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 | 700,921,028 |
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 | Jun. 30, 2024 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q2 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Net sales | $ 10,915 | $ 11,420 | $ 21,680 | $ 23,271 |
Cost of sales | 9,591 | 9,875 | 19,079 | 20,504 |
Research and development expenses | 196 | 205 | 400 | 419 |
Selling, general and administrative expenses | 390 | 408 | 832 | 836 |
Amortization of intangibles | 77 | 81 | 158 | 162 |
Restructuring and asset related charges - net | 0 | 8 | 45 | 549 |
Equity in earnings (losses) of nonconsolidated affiliates | 26 | (57) | 43 | (105) |
Sundry income (expense) - net | 76 | 31 | 137 | 110 |
Interest income | 42 | 66 | 107 | 142 |
Interest expense and amortization of debt discount | 197 | 172 | 396 | 357 |
Income before income taxes | 608 | 711 | 1,057 | 591 |
Provision for income taxes | 150 | 210 | 61 | 163 |
Net income | 458 | 501 | 996 | 428 |
Net income attributable to noncontrolling interests | 19 | 16 | 41 | 36 |
Net income available for The Dow Chemical Company common stockholder | $ 439 | $ 485 | $ 955 | $ 392 |
Earnings per common share - basic | $ 0.62 | $ 0.68 | $ 1.35 | $ 0.55 |
Earnings per common share - diluted | $ 0.62 | $ 0.68 | $ 1.35 | $ 0.54 |
Weighted-average common shares outstanding - basic | 703.8 | 707 | 704.1 | 707.6 |
Weighted-average common shares outstanding - diluted | 705.3 | 709.9 | 705.5 | 710.7 |
Dow Consolidated Statements o_2
Dow Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 458 | $ 501 | $ 996 | $ 428 |
Other comprehensive income (loss), net of tax | ||||
Unrealized gains on investments | 61 | 61 | 55 | 92 |
Cumulative translation adjustments | (43) | (103) | (165) | (2) |
Pension and other postretirement benefit plans | 17 | (4) | 34 | 2 |
Derivative instruments | (6) | 44 | (28) | (20) |
Total other comprehensive income (loss) | 29 | (2) | (104) | 72 |
Comprehensive income | 487 | 499 | 892 | 500 |
Comprehensive income attributable to noncontrolling interests, net of tax | 19 | 16 | 41 | 36 |
Comprehensive income (loss) attributable to Dow Inc. | $ 468 | $ 483 | $ 851 | $ 464 |
Dow Consolidated Balance Sheets
Dow Consolidated Balance Sheets Statement - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Cash and Cash Equivalents | $ 3,341 | $ 2,987 |
Trade (net of allowance for doubtful receivables - 2024: $96; 2023: $81) | 5,098 | 4,718 |
Other | 1,981 | 1,896 |
Inventories | 6,459 | 6,076 |
Other current assets | 1,174 | 1,937 |
Total current assets | 18,053 | 17,614 |
Investment in nonconsolidated affiliates | 1,239 | 1,267 |
Other investments (investments carried at fair value - 2024: $2,054; 2023: $1,877) | 2,844 | 2,740 |
Noncurrent receivables | 461 | 438 |
Total investments | 4,544 | 4,445 |
Property | 61,369 | 60,203 |
Less: Accumulated depreciation | 39,779 | 39,137 |
Net property | 21,590 | 21,066 |
Goodwill | 8,559 | 8,641 |
Other intangible assets (net of accumulated amortization - 2024: $5,528; 2023: $5,374) | 1,875 | 2,072 |
Operating lease right-of-use assets | 1,321 | 1,320 |
Deferred income tax assets | 1,342 | 1,486 |
Deferred charges and other assets | 1,242 | 1,323 |
Total other assets | 14,339 | 14,842 |
Total Assets | 58,526 | 57,967 |
Notes payable | 114 | 62 |
Long-term debt due within one year | 238 | 117 |
Accounts payable - Trade | 4,979 | 4,529 |
Accounts payable - Other | 1,990 | 1,797 |
Operating lease liabilities - current | 321 | 329 |
Income taxes payable | 309 | 419 |
Accrued Liabilities, Current | 2,357 | 2,704 |
Total current liabilities | 10,308 | 9,957 |
Long-Term Debt | 16,016 | 14,907 |
Deferred income tax liabilities | 372 | 399 |
Pension and other postretirement benefits - noncurrent | 4,675 | 4,932 |
Asbestos-related liabilities - noncurrent | 744 | 788 |
Operating lease liabilities - noncurrent | 1,032 | 1,032 |
Other noncurrent obligations | 6,579 | 6,844 |
Total other noncurrent liabilities | 13,402 | 13,995 |
Common stock (authorized 5,000,000,000 shares of $0.01 par value each; issued 2024: 782,006,798 shares; 2023: 778,595,514 shares) | 8 | 8 |
Additional Paid in Capital, Common Stock | 9,012 | 8,880 |
Retained earnings | 21,739 | 21,774 |
Accumulated other comprehensive loss | (7,785) | (7,681) |
Treasury stock at cost (2024: 81,085,770 shares; 2023: 76,302,081 shares) | (4,656) | (4,374) |
Dow Inc.’s stockholders’ equity | 18,318 | 18,607 |
Noncontrolling interests | 482 | 501 |
Total equity | 18,800 | 19,108 |
Total Liabilities and Equity | $ 58,526 | $ 57,967 |
Dow Consolidated Balance Shee_2
Dow Consolidated Balance Sheets Parentheticals - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 96 | $ 81 |
Investments, Fair Value Disclosure | 2,054 | 1,877 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 5,528 | $ 5,374 |
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 | 782,006,798 | 778,595,514 |
Treasury Stock, Common, Shares | 81,085,770 | 76,302,081 |
Dow Consolidated Statements o_3
Dow Consolidated Statements of Cash Flows Statement - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Cash Flows [Abstract] | ||
Net income | $ 996 | $ 428 |
Depreciation and amortization | 1,402 | 1,297 |
Provision (credit) for deferred income tax | 28 | (589) |
Earnings of nonconsolidated affiliates less than dividends received | 156 | 267 |
Net periodic pension benefit credit | (95) | (46) |
Pension contributions | (63) | (76) |
Net gain on sales of assets, businesses and investments | (20) | (51) |
Restructuring and asset related charges - net | 45 | 549 |
Other net loss | 155 | 492 |
Accounts and notes receivable | (485) | 156 |
Inventories | (383) | 501 |
Accounts payable | 544 | (986) |
Other assets and liabilities, net | (988) | (64) |
Cash provided by operating activities - continuing operations | 1,292 | 1,878 |
Cash provided by operating activities - discontinued operations | 8 | 4 |
Cash provided by operating activities | 1,300 | 1,882 |
Capital expenditures | (1,437) | (1,001) |
Investment in gas field developments | (96) | (124) |
Purchases of previously leased assets | 0 | (3) |
Proceeds from sales of property, businesses and consolidated companies, net of cash divested | 8 | 59 |
Acquisitions of property and businesses, net of cash acquired | 0 | (54) |
Investments in and loans to nonconsolidated affiliates | (4) | (2) |
Distributions and loan repayments from nonconsolidated affiliates | 0 | 1 |
Proceeds from sales of ownership interests in nonconsolidated affiliates | 0 | 63 |
Purchases of investments | (1,072) | (821) |
Proceeds from sales and maturities of investments | 1,824 | 1,083 |
Other investing activities, net | 12 | (35) |
Cash used for investing activities | (765) | (834) |
Changes in short-term notes payable | 26 | (255) |
Proceeds from issuance of short-term debt greater than three months | 40 | 0 |
Proceeds from issuance of long-term debt | 1,396 | 55 |
Payments on long-term debt | (183) | (320) |
Collections on securitization programs | 21 | 0 |
Purchases of treasury stock | (400) | (375) |
Proceeds from issuance of stock | 51 | 55 |
Transaction financing, debt issuance and other costs | (11) | (1) |
Employee taxes paid for share-based payment arrangements | (38) | (41) |
Distributions to noncontrolling interests | (47) | (36) |
Dividends paid to stockholders | (984) | (989) |
Cash used for financing activities | (129) | (1,907) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (69) | (98) |
Increase (decrease) in cash, cash equivalents and restricted cash | 337 | (957) |
Cash, cash equivalents and restricted cash at beginning of period | 3,048 | 3,940 |
Cash, cash equivalents and restricted cash at end of period | 3,385 | 2,983 |
Less: Restricted cash and cash equivalents, included in "Other current assets" | 44 | 59 |
Cash and cash equivalents and end of period | $ 3,341 | $ 2,924 |
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] | Treasury Stock, Common |
Total equity | $ 8 | $ 8,540 | $ 23,180 | $ (7,139) | $ (3,871) | |
Stock Issued During Period, Value, Common Stock | 55 | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 140 | |||||
APIC, Stock Issued During Period, Value, Treasury Reissued - compensation and benefit plans | (74) | |||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 386 | 392 | ||||
Dividends, Common Stock | (989) | |||||
Transfer of Business Under Common Control | 0 | |||||
Stockholders' Equity, Other | (13) | |||||
Other Comprehensive Income (Loss), Net of Tax | $ 72 | 72 | ||||
Treasury Stock, Value, Acquired, Cost Method | (378) | |||||
Stock Issued During Period, Value Treasury Stock Reissued - compensation and benefit plans | 74 | |||||
Common Stock, Dividends, Per Share, Declared | $ 1.40 | |||||
Total equity | 8 | 8,607 | 22,584 | (7,065) | (3,953) | |
Stock Issued During Period, Value, Common Stock | 0 | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 84 | |||||
APIC, Stock Issued During Period, Value, Treasury Reissued - compensation and benefit plans | (30) | |||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 482 | 485 | ||||
Dividends, Common Stock | (493) | |||||
Transfer of Business Under Common Control | 0 | |||||
Stockholders' Equity, Other | (6) | |||||
Other Comprehensive Income (Loss), Net of Tax | $ (2) | (2) | ||||
Treasury Stock, Value, Acquired, Cost Method | (252) | |||||
Stock Issued During Period, Value Treasury Stock Reissued - compensation and benefit plans | 30 | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.70 | |||||
Dow Inc.’s stockholders’ equity | $ 19,997 | |||||
Noncontrolling interests | 512 | |||||
Total equity | 20,509 | 8 | 8,661 | 22,570 | (7,067) | (4,175) |
Dow Inc.’s stockholders’ equity | 18,607 | |||||
Noncontrolling interests | 501 | |||||
Total equity | 19,108 | 8 | 8,880 | 21,774 | (7,681) | (4,374) |
Stock Issued During Period, Value, Common Stock | 51 | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 199 | |||||
APIC, Stock Issued During Period, Value, Treasury Reissued - compensation and benefit plans | (118) | |||||
Net Income (Loss) Available to Common Stockholders, Basic | 949 | 955 | ||||
Dividends, Common Stock | (984) | |||||
Transfer of Business Under Common Control | 10 | |||||
Stockholders' Equity, Other | (16) | |||||
Other Comprehensive Income (Loss), Net of Tax | $ (104) | (104) | ||||
Treasury Stock, Value, Acquired, Cost Method | (400) | |||||
Stock Issued During Period, Value Treasury Stock Reissued - compensation and benefit plans | 118 | |||||
Common Stock, Dividends, Per Share, Declared | $ 1.40 | |||||
Total equity | 8 | 8,942 | 21,796 | (7,814) | (4,507) | |
Stock Issued During Period, Value, Common Stock | 9 | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 112 | |||||
APIC, Stock Issued During Period, Value, Treasury Reissued - compensation and benefit plans | (51) | |||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 436 | 439 | ||||
Dividends, Common Stock | (491) | |||||
Transfer of Business Under Common Control | 0 | |||||
Stockholders' Equity, Other | (5) | |||||
Other Comprehensive Income (Loss), Net of Tax | $ 29 | 29 | ||||
Treasury Stock, Value, Acquired, Cost Method | (200) | |||||
Stock Issued During Period, Value Treasury Stock Reissued - compensation and benefit plans | 51 | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.70 | |||||
Dow Inc.’s stockholders’ equity | $ 18,318 | |||||
Noncontrolling interests | 482 | |||||
Total equity | $ 18,800 | $ 8 | $ 9,012 | $ 21,739 | $ (7,785) | $ (4,656) |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net sales | $ 10,915 | $ 11,420 | $ 21,680 | $ 23,271 |
Cost of sales | 9,591 | 9,875 | 19,079 | 20,504 |
Research and development expenses | 196 | 205 | 400 | 419 |
Selling, general and administrative expenses | 390 | 408 | 832 | 836 |
Amortization of intangibles | 77 | 81 | 158 | 162 |
Restructuring and asset related charges - net | 0 | 8 | 45 | 549 |
Equity in earnings (losses) of nonconsolidated affiliates | 26 | (57) | 43 | (105) |
Sundry income (expense) - net | 76 | 31 | 137 | 110 |
Interest income | 42 | 66 | 107 | 142 |
Interest expense and amortization of debt discount | 197 | 172 | 396 | 357 |
Income before income taxes | 608 | 711 | 1,057 | 591 |
Provision for income taxes | 150 | 210 | 61 | 163 |
Net income | 458 | 501 | 996 | 428 |
Net income attributable to noncontrolling interests | 19 | 16 | 41 | 36 |
Net income available for The Dow Chemical Company common stockholder | 439 | 485 | 955 | 392 |
The Dow Chemical Company | ||||
Net sales | 10,915 | 11,420 | 21,680 | 23,271 |
Cost of sales | 9,590 | 9,874 | 19,077 | 20,502 |
Research and development expenses | 196 | 205 | 400 | 419 |
Selling, general and administrative expenses | 390 | 408 | 832 | 836 |
Amortization of intangibles | 77 | 81 | 158 | 162 |
Restructuring and asset related charges - net | 0 | 8 | 45 | 549 |
Equity in earnings (losses) of nonconsolidated affiliates | 26 | (57) | 43 | (105) |
Sundry income (expense) - net | 74 | 29 | 135 | 98 |
Interest income | 45 | 69 | 114 | 147 |
Interest expense and amortization of debt discount | 197 | 172 | 396 | 357 |
Income before income taxes | 610 | 713 | 1,064 | 586 |
Provision for income taxes | 150 | 210 | 61 | 163 |
Net income | 460 | 503 | 1,003 | 423 |
Net income attributable to noncontrolling interests | 19 | 16 | 41 | 36 |
Net income available for The Dow Chemical Company common stockholder | $ 441 | $ 487 | $ 962 | $ 387 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net income | $ 458 | $ 501 | $ 996 | $ 428 |
Other comprehensive income (loss), net of tax | ||||
Unrealized gains on investments | 61 | 61 | 55 | 92 |
Cumulative translation adjustments | (43) | (103) | (165) | (2) |
Pension and other postretirement benefit plans | 17 | (4) | 34 | 2 |
Derivative instruments | (6) | 44 | (28) | (20) |
Other Comprehensive Income (Loss), Net of Tax | 29 | (2) | (104) | 72 |
Comprehensive Income | 487 | 499 | 892 | 500 |
Comprehensive income attributable to noncontrolling interests, net of tax | 19 | 16 | 41 | 36 |
Comprehensive income (loss) attributable to Dow Inc. | 468 | 483 | 851 | 464 |
The Dow Chemical Company | ||||
Net income | 460 | 503 | 1,003 | 423 |
Other comprehensive income (loss), net of tax | ||||
Unrealized gains on investments | 61 | 61 | 55 | 92 |
Cumulative translation adjustments | (43) | (103) | (165) | (2) |
Pension and other postretirement benefit plans | 17 | (4) | 34 | 2 |
Derivative instruments | (6) | 44 | (28) | (20) |
Other Comprehensive Income (Loss), Net of Tax | 29 | (2) | (104) | 72 |
Comprehensive Income | 489 | 501 | 899 | 495 |
Comprehensive income attributable to noncontrolling interests, net of tax | 19 | 16 | 41 | 36 |
Comprehensive income (loss) attributable to Dow Inc. | $ 470 | $ 485 | $ 858 | $ 459 |
TDCC Consolidated Balance Sheet
TDCC Consolidated Balance Sheets (Statement) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Cash and Cash Equivalents | $ 3,341 | $ 2,987 |
Trade (net of allowance for doubtful receivables - 2024: $96; 2023: $81) | 5,098 | 4,718 |
Other | 1,981 | 1,896 |
Inventories | 6,459 | 6,076 |
Other current assets | 1,174 | 1,937 |
Total current assets | 18,053 | 17,614 |
Investment in nonconsolidated affiliates | 1,239 | 1,267 |
Other investments (investments carried at fair value - 2024: $2,054; 2023: $1,877) | 2,844 | 2,740 |
Noncurrent receivables | 461 | 438 |
Total investments | 4,544 | 4,445 |
Property | 61,369 | 60,203 |
Less: Accumulated depreciation | 39,779 | 39,137 |
Net property | 21,590 | 21,066 |
Goodwill | 8,559 | 8,641 |
Other intangible assets (net of accumulated amortization - 2024: $5,528; 2023: $5,374) | 1,875 | 2,072 |
Operating lease right-of-use assets | 1,321 | 1,320 |
Deferred income tax assets | 1,342 | 1,486 |
Deferred charges and other assets | 1,242 | 1,323 |
Total other assets | 14,339 | 14,842 |
Total Assets | 58,526 | 57,967 |
Notes payable | 114 | 62 |
Long-term debt due within one year | 238 | 117 |
Accounts payable - Trade | 4,979 | 4,529 |
Accounts payable - Other | 1,990 | 1,797 |
Operating lease liabilities - current | 321 | 329 |
Income taxes payable | 309 | 419 |
Accrued Liabilities, Current | 2,357 | 2,704 |
Total current liabilities | 10,308 | 9,957 |
Long-Term Debt | 16,016 | 14,907 |
Deferred income tax liabilities | 372 | 399 |
Pension and other postretirement benefits - noncurrent | 4,675 | 4,932 |
Asbestos-related liabilities - noncurrent | 744 | 788 |
Operating lease liabilities - noncurrent | 1,032 | 1,032 |
Other noncurrent obligations | 6,579 | 6,844 |
Total other noncurrent liabilities | 13,402 | 13,995 |
Common stock (authorized and issued 100 shares of $0.01 par value each) | 8 | 8 |
Additional Paid in Capital, Common Stock | 9,012 | 8,880 |
Retained earnings | 21,739 | 21,774 |
Accumulated other comprehensive loss | (7,785) | (7,681) |
Dow Inc.’s stockholders’ equity | 18,318 | 18,607 |
Noncontrolling interests | 482 | 501 |
Total equity | 18,800 | 19,108 |
Total Liabilities and Equity | 58,526 | 57,967 |
The Dow Chemical Company | ||
Cash and Cash Equivalents | 3,341 | 2,987 |
Trade (net of allowance for doubtful receivables - 2024: $96; 2023: $81) | 5,098 | 4,718 |
Other | 1,994 | 1,997 |
Inventories | 6,459 | 6,076 |
Other current assets | 1,137 | 1,898 |
Total current assets | 18,029 | 17,676 |
Investment in nonconsolidated affiliates | 1,239 | 1,267 |
Other investments (investments carried at fair value - 2024: $2,054; 2023: $1,877) | 2,844 | 2,740 |
Noncurrent receivables | 448 | 424 |
Total investments | 4,531 | 4,431 |
Property | 61,369 | 60,203 |
Less: Accumulated depreciation | 39,779 | 39,137 |
Net property | 21,590 | 21,066 |
Goodwill | 8,559 | 8,641 |
Other intangible assets (net of accumulated amortization - 2024: $5,528; 2023: $5,374) | 1,875 | 2,072 |
Operating lease right-of-use assets | 1,321 | 1,320 |
Deferred income tax assets | 1,342 | 1,486 |
Deferred charges and other assets | 1,242 | 1,323 |
Total other assets | 14,339 | 14,842 |
Total Assets | 58,489 | 58,015 |
Notes payable | 114 | 62 |
Long-term debt due within one year | 238 | 117 |
Accounts payable - Trade | 4,979 | 4,529 |
Accounts payable - Other | 2,022 | 1,818 |
Operating lease liabilities - current | 321 | 329 |
Income taxes payable | 309 | 419 |
Accrued Liabilities, Current | 2,231 | 2,575 |
Total current liabilities | 10,214 | 9,849 |
Long-Term Debt | 16,016 | 14,907 |
Deferred income tax liabilities | 372 | 399 |
Pension and other postretirement benefits - noncurrent | 4,675 | 4,932 |
Asbestos-related liabilities - noncurrent | 744 | 788 |
Operating lease liabilities - noncurrent | 1,032 | 1,032 |
Other noncurrent obligations | 6,434 | 6,702 |
Total other noncurrent liabilities | 13,257 | 13,853 |
Common stock (authorized and issued 100 shares of $0.01 par value each) | 0 | 0 |
Additional Paid in Capital, Common Stock | 9,341 | 9,091 |
Retained earnings | 16,964 | 17,495 |
Accumulated other comprehensive loss | (7,785) | (7,681) |
Dow Inc.’s stockholders’ equity | 18,520 | 18,905 |
Noncontrolling interests | 482 | 501 |
Total equity | 19,002 | 19,406 |
Total Liabilities and Equity | $ 58,489 | $ 58,015 |
TDCC Consolidated Statements of
TDCC Consolidated Statements of Cash Flows Statement - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Net income | $ 996 | $ 428 |
Depreciation and amortization | 1,402 | 1,297 |
Provision (credit) for deferred income tax | 28 | (589) |
Earnings of nonconsolidated affiliates less than dividends received | 156 | 267 |
Net periodic pension benefit credit | (95) | (46) |
Pension contributions | (63) | (76) |
Net gain on sales of assets, businesses and investments | (20) | (51) |
Restructuring and asset related charges - net | 45 | 549 |
Other net loss | 155 | 492 |
Accounts and notes receivable | (485) | 156 |
Inventories | (383) | 501 |
Accounts payable | 544 | (986) |
Other assets and liabilities, net | (988) | (64) |
Cash provided by operating activities | 1,300 | 1,882 |
Capital expenditures | (1,437) | (1,001) |
Investment in gas field developments | (96) | (124) |
Purchases of previously leased assets | 0 | (3) |
Proceeds from sales of property, businesses and consolidated companies, net of cash divested | 8 | 59 |
Acquisitions of property and businesses, net of cash acquired | 0 | (54) |
Investments in and loans to nonconsolidated affiliates | (4) | (2) |
Distributions and loan repayments from nonconsolidated affiliates | 0 | 1 |
Proceeds from sales of ownership interests in nonconsolidated affiliates | 0 | 63 |
Purchases of investments | (1,072) | (821) |
Proceeds from sales and maturities of investments | 1,824 | 1,083 |
Other investing activities, net | 12 | (35) |
Cash used for investing activities | (765) | (834) |
Changes in short-term notes payable | 26 | (255) |
Proceeds from issuance of short-term debt greater than three months | 40 | 0 |
Proceeds from issuance of long-term debt | 1,396 | 55 |
Payments on long-term debt | (183) | (320) |
Collections on securitization programs | 21 | 0 |
Proceeds from issuance of stock | 51 | 55 |
Transaction financing, debt issuance and other costs | (11) | (1) |
Employee taxes paid for share-based payment arrangements | (38) | (41) |
Distributions to noncontrolling interests | (47) | (36) |
Dividends paid to stockholders | (984) | (989) |
Cash used for financing activities | (129) | (1,907) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (69) | (98) |
Increase (decrease) in cash, cash equivalents and restricted cash | 337 | (957) |
Cash, cash equivalents and restricted cash at beginning of period | 3,048 | 3,940 |
Cash, cash equivalents and restricted cash at end of period | 3,385 | 2,983 |
Less: Restricted cash and cash equivalents, included in "Other current assets" | 44 | 59 |
Cash and cash equivalents and end of period | 3,341 | 2,924 |
The Dow Chemical Company | ||
Net income | 1,003 | 423 |
Depreciation and amortization | 1,402 | 1,297 |
Provision (credit) for deferred income tax | 28 | (589) |
Earnings of nonconsolidated affiliates less than dividends received | 156 | 267 |
Net periodic pension benefit credit | (95) | (46) |
Pension contributions | (63) | (76) |
Net gain on sales of assets, businesses and investments | (20) | (51) |
Restructuring and asset related charges - net | 45 | 549 |
Other net loss | 156 | 493 |
Accounts and notes receivable | (485) | 156 |
Inventories | (383) | 501 |
Accounts payable | 544 | (986) |
Other assets and liabilities, net | (988) | (42) |
Cash provided by operating activities | 1,300 | 1,896 |
Capital expenditures | (1,437) | (1,001) |
Investment in gas field developments | (96) | (124) |
Purchases of previously leased assets | 0 | (3) |
Proceeds from sales of property, businesses and consolidated companies, net of cash divested | 8 | 59 |
Acquisitions of property and businesses, net of cash acquired | 0 | (54) |
Investments in and loans to nonconsolidated affiliates | (4) | (2) |
Distributions and loan repayments from nonconsolidated affiliates | 0 | 1 |
Proceeds from sales of ownership interests in nonconsolidated affiliates | 0 | 63 |
Purchases of investments | (1,072) | (821) |
Proceeds from sales and maturities of investments | 1,824 | 1,083 |
Other investing activities, net | 12 | (35) |
Cash used for investing activities | (765) | (834) |
Changes in short-term notes payable | 26 | (255) |
Proceeds from issuance of short-term debt greater than three months | 40 | 0 |
Proceeds from issuance of long-term debt | 1,396 | 55 |
Payments on long-term debt | (183) | (320) |
Collections on securitization programs | 21 | 0 |
Proceeds from issuance of stock | 51 | 55 |
Transaction financing, debt issuance and other costs | (11) | (1) |
Employee taxes paid for share-based payment arrangements | (38) | (41) |
Distributions to noncontrolling interests | (47) | (36) |
Dividends paid to stockholders | (1,384) | (1,378) |
Cash used for financing activities | (129) | (1,921) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (69) | (98) |
Increase (decrease) in cash, cash equivalents and restricted cash | 337 | (957) |
Cash, cash equivalents and restricted cash at beginning of period | 3,048 | 3,940 |
Cash, cash equivalents and restricted cash at end of period | 3,385 | 2,983 |
Less: Restricted cash and cash equivalents, included in "Other current assets" | 44 | 59 |
Cash and cash equivalents and end of period | $ 3,341 | $ 2,924 |
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 | Dow Inc. [Member] Retained Earnings [Member] | The Dow Chemical Company | The Dow Chemical Company Common Stock [Member] | The Dow Chemical Company Additional Paid-in Capital [Member] | The Dow Chemical Company Retained Earnings [Member] | The Dow Chemical Company Accumulated Other Comprehensive Loss | The Dow Chemical Company Noncontrolling Interests |
Total Equity, Beginning at Dec. 31, 2022 | $ 8 | $ 8,540 | $ 23,180 | $ (7,139) | $ 0 | $ 8,627 | $ 19,472 | $ (7,139) | ||||
Stock Issued | 55 | |||||||||||
Stock-based compensation and allocation of ESOP shares | 140 | 140 | ||||||||||
Net income available for The Dow Chemical Company common stockholder | $ 386 | 392 | 387 | |||||||||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | $ (1,378) | |||||||||||
Other | 13 | (12) | ||||||||||
Other comprehensive income | 72 | 72 | $ 72 | 72 | ||||||||
Total Equity, Ending at Jun. 30, 2023 | 20,509 | 8 | 8,661 | 22,570 | (7,067) | 20,736 | 0 | 8,822 | 18,469 | (7,067) | $ 512 | |
Total Equity, Beginning at Mar. 31, 2023 | 8 | 8,607 | 22,584 | (7,065) | 0 | 8,738 | 18,746 | (7,065) | ||||
Stock Issued | 0 | |||||||||||
Stock-based compensation and allocation of ESOP shares | 84 | 84 | ||||||||||
Net income available for The Dow Chemical Company common stockholder | 482 | 485 | 487 | |||||||||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | (758) | |||||||||||
Other | 6 | (6) | ||||||||||
Other comprehensive income | (2) | (2) | (2) | (2) | ||||||||
Total Equity, Ending at Jun. 30, 2023 | 20,509 | 8 | 8,661 | 22,570 | (7,067) | 20,736 | 0 | 8,822 | 18,469 | (7,067) | 512 | |
The Dow Chemical Company’s stockholders’ equity | 19,997 | 20,224 | ||||||||||
The Dow Chemical Company’s stockholders’ equity | 18,607 | 18,905 | ||||||||||
Total Equity, Beginning at Dec. 31, 2023 | 19,108 | 8 | 8,880 | 21,774 | (7,681) | 19,406 | 0 | 9,091 | 17,495 | (7,681) | ||
Stock Issued | 51 | |||||||||||
Stock-based compensation and allocation of ESOP shares | 199 | 199 | ||||||||||
Net income available for The Dow Chemical Company common stockholder | 949 | 955 | 962 | |||||||||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | (1,477) | |||||||||||
Other | 16 | (16) | ||||||||||
Other comprehensive income | (104) | (104) | (104) | (104) | ||||||||
Total Equity, Ending at Jun. 30, 2024 | 18,800 | 8 | 9,012 | 21,739 | (7,785) | 19,002 | 0 | 9,341 | 16,964 | (7,785) | 482 | |
Total Equity, Beginning at Mar. 31, 2024 | 8 | 8,942 | 21,796 | (7,814) | 0 | 9,220 | 17,214 | (7,814) | ||||
Stock Issued | 9 | |||||||||||
Stock-based compensation and allocation of ESOP shares | 112 | 112 | ||||||||||
Net income available for The Dow Chemical Company common stockholder | 436 | 439 | 441 | |||||||||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | $ (686) | |||||||||||
Other | 5 | (5) | ||||||||||
Other comprehensive income | 29 | 29 | 29 | 29 | ||||||||
Total Equity, Ending at Jun. 30, 2024 | 18,800 | $ 8 | $ 9,012 | $ 21,739 | $ (7,785) | 19,002 | $ 0 | $ 9,341 | $ 16,964 | $ (7,785) | $ 482 | |
The Dow Chemical Company’s stockholders’ equity | $ 18,318 | $ 18,520 |
Dow Consolidated Statements o_5
Dow Consolidated Statements of Income - Supplemental Info - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Supplemental Income Statement Elements [Abstract] | ||||
Depreciation | $ 488 | $ 484 | $ 969 | $ 959 |
Capital expenditures | $ 723 | $ 561 | $ 1,437 | $ 1,001 |
TDCC Consolidated Statements _2
TDCC Consolidated Statements of Income - Supplemental Info - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Depreciation | $ 488 | $ 484 | $ 969 | $ 959 |
Capital expenditures | 723 | 561 | 1,437 | 1,001 |
The Dow Chemical Company | ||||
Depreciation | 488 | 484 | 969 | 959 |
Capital expenditures | $ 723 | $ 561 | $ 1,437 | $ 1,001 |
TDCC Consolidated Balance She_2
TDCC Consolidated Balance Sheets Parentheticals - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 96 | $ 81 |
Investments, Fair Value Disclosure | 2,054 | 1,877 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 5,528 | $ 5,374 |
Common Stock, Shares, Issued | 782,006,798 | 778,595,514 |
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 | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 96 | $ 81 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 5,528 | $ 5,374 |
Common Stock, Shares, Issued | 100 | 100 |
Common Stock, Shares Authorized | 100 | 100 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
CONSOLIDATED FINANCIAL STATEMEN
CONSOLIDATED FINANCIAL STATEMENTS (Notes) | 6 Months Ended |
Jun. 30, 2024 | |
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 and reflect all adjustments (including normal recurring accruals) which, in the opinion of management, are considered necessary for the fair presentation of the results for the periods presented. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the combined Dow Inc. and TDCC Annual Report on Form 10-K for the year ended December 31, 2023 ("2023 10-K"). As a result of the parent/subsidiary relationship between Dow Inc. and TDCC, and considering that the financial statements and disclosures of each company are substantially similar, the companies are filing a combined report for this Quarterly Report on Form 10-Q. The information reflected in the report is equally applicable to both Dow Inc. and TDCC, except where otherwise noted. Transactions between TDCC and Dow Inc. are treated as related party transactions for TDCC. Except as otherwise indicated by the context, the term "Union Carbide" means Union Carbide Corporation and the term "Dow Silicones" means Dow Silicones Corporation, both wholly owned subsidiaries of the Company. |
RECENT ACCOUNTING GUIDANCE (Not
RECENT ACCOUNTING GUIDANCE (Notes) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING GUIDANCE | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance On January 1, 2024, the Company adopted the amendments in Accounting Standards Update ("ASU") 2023-02, "Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method" and elected to account for certain tax equity investments using the proportional amortization method, as provided by the ASU. Under the proportional amortization method, an entity amortizes the initial cost of tax equity investments in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense (benefit). The adoption of the ASU did not have a material impact on the Company's consolidated financial statements. Accounting Guidance Issued But Not Adopted at June 30, 2024 In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure requirements for entities with a single reportable segment, and requiring other new disclosures. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The adoption of the ASU is not expected to have a material impact on the Company's consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. The adoption of the ASU is not expected to have a material impact on the Company's consolidated financial statements. SEC Final Rules Not Adopted at June 30, 2024 In March 2024, the U.S. Securities and Exchange Commission ("SEC") adopted final rules under SEC Release Nos. 33-11275 and 34-99678, "The Enhancement and Standardization of Climate-Related Disclosures for Investors," which requires registrants to disclose certain climate-related information in registration statements and annual reports. The final rules include requirements to disclose material climate-related risks; activities to mitigate or adapt to such risks; information about the board of directors' oversight of climate-related risks and management’s role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Registrants are also required to disclose the financial statement effects of severe weather events and other natural conditions in the notes to the financial statements. Certain large registrants are also required to disclose Scope 1 and Scope 2 greenhouse gas ("GHG") emissions, when material. The final rules include a phased-in compliance period for all registrants. As a large accelerated filer, most disclosure requirements are effective for the Company beginning with the year ending December 31, 2025. GHG emissions disclosures are required for the year ending December 31, 2026. The Company will also be required to obtain limited assurance on its Scope 1 and Scope 2 GHG emissions disclosures beginning with the year ending December 31, 2029, with reasonable assurance required beginning with the year ending December 31, 2033. In April 2024, the SEC issued an order to stay the final rules until various legal challenges are resolved by the U.S. Court of Appeals for the Eighth Circuit. The Company is currently evaluating the impact of the final rules on its consolidated financial statements and annual disclosures. |
REVENUE (Notes)
REVENUE (Notes) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE Revenue Recognition The majority of the Company's revenue is derived from product sales. The Company's revenue related to product sales was 97 percent and 98 percent for the three and six months ended June 30, 2024, respectively (98 percent and 99 percent for the three and six months ended June 30, 2023, respectively). The remaining sales were primarily related to the Company's insurance operations and licensing of patents and technologies. Product sales consist of sales of the Company's products to manufacturers and distributors. The Company considers order confirmations or purchase orders, which in some cases are governed by master supply agreements, to be contracts with a customer. The Company enters into licensing arrangements in which it licenses certain rights of its patents and technology to customers. Revenue from the Company’s licenses for patents and technology is derived from sales-based royalties and licensing arrangements based on billing schedules established in each contract. Remaining Performance Obligations Remaining performance obligations represent the transaction price allocated to unsatisfied or partially unsatisfied performance obligations. At June 30, 2024, the Company had unfulfilled performance obligations of $799 million ($744 million at December 31, 2023) related to the licensing of technology. The Company expects revenue to be recognized for the remaining performance obligations over the next six years. The Company has additional remaining performance obligations for product sales that have expected durations of one year or less, product sales of materials delivered through a pipeline for which the Company has elected the "right to invoice" practical expedient, and variable consideration attributable to royalties for licenses of patents and technology. The Company has received advance payments from customers related to long-term supply agreements that are deferred and recognized over the life of the contract, with remaining contract terms that range up to 19 years. The Company will have rights to future consideration for revenue recognized when product is delivered to the customer. These payments are included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the consolidated balance sheets. Disaggregation of Revenue The Company disaggregates its revenue from contracts with customers by operating segment and business, as the Company believes it best depicts the nature, amount, timing and uncertainty of its revenue and cash flows. See details in the tables below: Net Trade Sales by Segment and Business Three Months Ended Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Hydrocarbons & Energy $ 1,447 $ 1,672 $ 2,914 $ 3,546 Packaging and Specialty Plastics 4,068 4,268 8,031 8,508 Packaging & Specialty Plastics $ 5,515 $ 5,940 $ 10,945 $ 12,054 Industrial Solutions $ 1,040 $ 1,084 $ 2,068 $ 2,223 Polyurethanes & Construction Chemicals 1,909 2,090 3,886 4,324 Other 2 3 5 8 Industrial Intermediates & Infrastructure $ 2,951 $ 3,177 $ 5,959 $ 6,555 Coatings & Performance Monomers $ 928 $ 875 $ 1,813 $ 1,733 Consumer Solutions 1,315 1,322 2,582 2,740 Performance Materials & Coatings $ 2,243 $ 2,197 $ 4,395 $ 4,473 Corporate $ 206 $ 106 $ 381 $ 189 Total $ 10,915 $ 11,420 $ 21,680 $ 23,271 Net Trade Sales by Geographic Region Three Months Ended Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 U.S. & Canada $ 4,191 $ 4,249 $ 8,321 $ 8,699 EMEAI 1 3,572 3,774 7,056 7,827 Asia Pacific 1,901 2,058 3,822 4,105 Latin America 1,251 1,339 2,481 2,640 Total $ 10,915 $ 11,420 $ 21,680 $ 23,271 1. Europe, Middle East, Africa and India. Contract Assets and Liabilities The Company receives payments from customers based upon contractual billing schedules. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include amounts related to the Company's contractual right to consideration for completed performance obligations not yet invoiced. Contract liabilities include payments received in advance of performance under the contract and are recognized in revenue when the performance obligations are met. "Contract liabilities - current" primarily reflects deferred revenue from prepayments from customers for product to be delivered in 12 months or less and royalty payments that are deferred and will be recognized in 12 months or less. "Contract liabilities - noncurrent" includes advance payments that the Company has received from customers related to long-term supply agreements and royalty payments that are deferred and recognized over the life of the contract. Revenue recognized in the first six months of 2024 from amounts included in contract liabilities at the beginning of the period was approximately $90 million (approximately $175 million in the first six months of 2023). In the first six months of 2024, the amount of contract assets reclassified to receivables as a result of the right to the transaction consideration becoming unconditional was insignificant (approximately $45 million in the first six months of 2023). The following table summarizes contract assets and liabilities at June 30, 2024 and December 31, 2023: Contract Assets and Liabilities Balance Sheet Classification Jun 30, 2024 Dec 31, 2023 In millions Accounts and notes receivable - trade Accounts and notes receivable - trade $ 5,098 $ 4,718 Contract assets - current Other current assets $ — $ 13 Contract assets - noncurrent Deferred charges and other assets $ 2 $ 4 Contract liabilities - current Accrued and other current liabilities $ 203 $ 195 Contract liabilities - noncurrent Other noncurrent obligations $ 1,564 $ 1,642 |
Acquisitions and Divestitures
Acquisitions and Divestitures | 6 Months Ended |
Jun. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures | ACQUISITIONS AND DIVESTITURES Divestiture of the Flexible Packaging Laminating Adhesives Business On May 2, 2024, the Company announced it entered into a definitive agreement to sell its flexible packaging laminating adhesives business, within Dow's Packaging & Specialty Plastics segment, to Arkema S.A. for approximately $150 million. The divestiture includes five manufacturing sites in the United States, Italy and Mexico as well as the associated inventory, customer contracts and lists, process technology and certain intellectual property. The Company is targeting to close the transaction by the end of 2024, subject to regulatory approval and other closing conditions. Acquisition of North American Polyethylene Recycler On June 20, 2024, the Company announced it entered into a definitive agreement to purchase Circulus Holdings, PBLLC, a U.S. company that recycles plastic waste into post-consumer resin. The acquisition includes two facilities in the United States with a total recycling capacity of 50,000 metric tons per year and supports Dow's efforts to transform plastic waste and other forms of alternative feedstocks into 3 million metric tons of circular and renewable solutions annually by 2030. The transaction is expected to close in the third quarter of 2024, subject to regulatory approval and other closing conditions. |
RESTRUCTURING AND ASSET RELATED
RESTRUCTURING AND ASSET RELATED CHARGES - NET (Notes) | 6 Months Ended |
Jun. 30, 2024 | |
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 include asset impairments, are recorded in "Restructuring and asset related charges - net" in the consolidated statements of income. For additional information on the Company's restructuring programs, see Note 4 to the Consolidated Financial Statements included in the 2023 10-K. 2023 Restructuring Program On January 25, 2023, the Dow Inc. Board of Directors ("Board") approved restructuring actions to achieve the Company's structural cost improvement initiatives in response to the continued economic impact from the global recessionary environment and to enhance its agility and long-term competitiveness across the economic cycle. These actions are expected to be substantially complete by the end of 2024. In the first quarter of 2024, the Company recorded additional pretax restructuring charges of $8 million for asset write-downs and write-offs related to the shutdown of certain polyurethanes assets within the Industrial Intermediates & Infrastructure segment. The impacted facilities are expected to be shutdown by the end of 2025. The following table summarizes the activities related to the 2023 Restructuring Program, including segment information: 2023 Restructuring Program Severance and Related Benefit Costs Asset Write-downs and Write-offs Total In millions Packaging & Specialty Plastics $ — $ 1 $ 1 Industrial Intermediates & Infrastructure — 40 40 Performance Materials & Coatings — 49 49 Corporate 344 107 451 Total restructuring charges $ 344 $ 197 $ 541 Charges against the reserve — (197) (197) Cash payments (11) — (11) Reserve balance at Mar 31, 2023 $ 333 $ — $ 333 Industrial Intermediates & Infrastructure $ — $ 8 $ 8 Total restructuring charges $ — $ 8 $ 8 Charges against the reserve — (8) (8) Cash payments (60) — (60) Reserve balance at Jun 30, 2023 $ 273 $ — $ 273 Cash payments (110) — (110) Reserve balance at Sep 30, 2023 $ 163 $ — $ 163 Industrial Intermediates & Infrastructure $ — $ 2 $ 2 Corporate — (16) (16) Total restructuring charges $ — $ (14) $ (14) Charges against the reserve — 14 14 Cash payments (41) — (41) Reserve balance at Dec 31, 2023 $ 122 $ — $ 122 Industrial Intermediates & Infrastructure $ — $ 8 $ 8 Total restructuring charges $ — $ 8 $ 8 Charges against the reserve — (8) (8) Cash payments (48) — (48) Reserve balance at Mar 31, 2024 $ 74 $ — $ 74 Cash payments (13) — (13) Reserve balance at Jun 30, 2024 $ 61 $ — $ 61 At June 30, 2024, $59 million of the reserve balance was included in "Accrued and other current liabilities" ($101 million at December 31, 2023) and $2 million was included in "Other noncurrent obligations" ($21 million at December 31, 2023) in the consolidated balance sheets. The Company recorded pretax restructuring charges of $543 million inception-to-date under the 2023 Restructuring Program, consisting of severance and related benefit costs of $344 million and asset write-downs and write-offs of $199 million. Restructuring implementation costs, primarily decommissioning and demolition activities related to asset actions, and costs associated with the Company's productivity and efficiency actions, are expected to result in additional cash expenditures of approximately $186 million, primarily through the end of 2024. Restructuring implementation and efficiency costs totaled $56 million and $102 million for the three and six months ended June 30, 2024, respectively ($47 million and $87 million for the three and six months ended June 30, 2023, respectively). Asset Related Charges In the first quarter of 2024, the Company recognized pretax impairment charges of $37 million, primarily related to write-downs of certain manufacturing assets in the United States and Italy included in the Company's planned divestiture of its flexible packaging laminating adhesives business. The impairment charges were included in "Restructuring and asset related charges - net" in the consolidated statements of income and related to Packaging & Specialty Plastics. See Notes 4 and 19 for additional information. |
SUPPLEMENTARY INFORMATION (Note
SUPPLEMENTARY INFORMATION (Notes) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplementary Information Disclosure [Text Block] | SUPPLEMENTARY INFORMATION Dow Inc. Sundry Income (Expense) – Net Three Months Ended Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Non-operating pension and other postretirement benefit plan net credits 1 $ 61 $ 97 $ 122 $ 193 Foreign exchange losses 2 (12) (95) (35) (197) Gain on sales of other assets and investments 3 10 9 19 74 Indemnification and other transaction related costs 4 1 (13) 1 (4) Gain on early extinguishment of debt 5 5 — 5 — Asset impairments and related costs 6 — — — (18) Other - net 11 33 25 62 Total sundry income (expense) – net $ 76 $ 31 $ 137 $ 110 1. See Note 16 for additional information. 2. Foreign exchange losses for the three months ended June 30, 2024 relate primarily to exposures in the Argentine peso, while losses in the six months ended June 30, 2024 relate primarily to exposures in the Egyptian pound and Argentine peso. Foreign exchange losses for the three and six months ended June 30, 2023 relate primarily to exposures in the Argentine peso. 3. The six months ended June 30, 2023 includes gains associated with the sale of shares of a previously impaired equity method investment. 4. Primarily related to charges associated with agreements entered into with DuPont de Nemours, Inc. ("DuPont") and Corteva, Inc. ("Corteva") as part of the separation and distribution. 5. See Note 11 for additional information. 6. Certain obligations associated with a previously impaired equity method investment. Sundry income (expense) - net for TDCC for the three and six months ended June 30, 2024 and 2023 is substantially the same as that of Dow Inc., with the primary difference related to indemnification and other transaction related costs recorded on Dow Inc. Therefore, TDCC sundry income (expense) - net is not disclosed separately. Other Investments The Company has investments in company-owned life insurance policies, which are recorded at their cash surrender value as of each balance sheet date, as provided below: Investments in Company-Owned Life Insurance Jun 30, 2024 Dec 31, 2023 In millions Gross cash value $ 613 $ 623 Less: Existing drawdowns 1 187 97 Less: Accrued interest on drawdowns 2 4 — Investments in company-owned life insurance 3 $ 422 $ 526 1. Classified as "Proceeds from sales and maturities of investments" in the consolidated statements of cash flows. 2. Included in "Sundry income (expense) - net" in the consolidated statements of income. 3. Classified as "Other investments" in the consolidated balance sheets. Supplier Finance Program The Company facilitates a supply chain financing (“SCF”) program in the ordinary course of business in order to extend payment terms with vendors. Under the terms of this program, a vendor can voluntarily enter into an agreement with a participating financial intermediary to sell its receivables due from the Company. The vendor receives payment from the financial intermediary, and the Company pays the financial intermediary on the terms originally negotiated with the vendor, which generally range from 90 to 120 days. The vendor negotiates the terms of the agreements directly with the financial intermediary and the Company is not a party to that agreement. The financial intermediary may allow the participating vendor to utilize the Company’s creditworthiness in establishing credit spreads and associated costs, which may provide the vendor with more favorable terms than they would be able to secure on their own. The Company does not provide guarantees related to the SCF program. At June 30, 2024, outstanding obligations confirmed as valid under the SCF program were $328 million ($285 million at December 31, 2023), included in “Accounts payable – Trade” in the consolidated balance sheets. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | INCOME TAXES As the financial statements for Dow Inc. and TDCC are substantially similar, including the provision for income taxes, the following income tax discussion does not include reference to TDCC's provision for income taxes or its effective tax rate. The Company's effective tax rate fluctuates based on, among other factors, where income is earned, the level of income relative to tax attributes and the level of equity earnings, since most earnings from the Company's equity method investments are taxed at the joint venture level. In the second quarter of 2024, the Company reported a provision for income taxes of $150 million, resulting in an effective tax rate of 24.7 percent ($210 million in the second quarter of 2023, resulting in an effective tax rate of 29.5 percent). In the first six months of 2024, the Company reported a provision for income taxes of $61 million, resulting in an effective tax rate of 5.8 percent ($163 million in the first six months of 2023, resulting in an effective tax rate of 27.6 percent). In the first quarter of 2024, the Company recorded a tax credit of $194 million related to a reassessment of interest and penalties on a tax matter in a foreign jurisdiction, resulting in a reduced effective tax rate for the first six months of 2024. The provision for income taxes in the first six months of 2023 was primarily impacted by the geographic mix of earnings, which resulted in a higher effective tax rate. |
EARNINGS PER SHARE (Notes)
EARNINGS PER SHARE (Notes) | 6 Months Ended |
Jun. 30, 2024 | |
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 six months ended June 30, 2024 and 2023. Earnings per share of TDCC is not presented as this information is not required in financial statements of wholly owned subsidiaries. Net Income for Earnings Per Share Calculations Three Months Ended Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Net income $ 458 $ 501 $ 996 $ 428 Net income attributable to noncontrolling interests 19 16 41 36 Net income attributable to participating securities 1 3 3 6 6 Net income attributable to common stockholders $ 436 $ 482 $ 949 $ 386 1. Restricted stock units are considered participating securities due to the Company's practice of paying dividend equivalents on unvested shares. Earnings Per Share - Basic and Diluted Three Months Ended Six Months Ended Dollars per share Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Earnings per common share - basic $ 0.62 $ 0.68 $ 1.35 $ 0.55 Earnings per common share - diluted $ 0.62 $ 0.68 $ 1.35 $ 0.54 Share Count Information Three Months Ended Six Months Ended Shares in millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Weighted-average common shares outstanding - basic 703.8 707.0 704.1 707.6 Plus dilutive effect of equity compensation plans 1.5 2.9 1.4 3.1 Weighted-average common shares outstanding - diluted 705.3 709.9 705.5 710.7 Stock units excluded from EPS calculations 1 9.4 12.3 9.1 10.0 1. These outstanding stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive. |
INVENTORIES (Notes)
INVENTORIES (Notes) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES The following table provides a breakdown of inventories: Inventories Jun 30, 2024 Dec 31, 2023 In millions Finished goods $ 3,707 $ 3,413 Work in process 1,357 1,234 Raw materials 759 746 Supplies 998 992 Total $ 6,821 $ 6,385 Adjustment of inventories to the LIFO basis (362) (309) Total inventories $ 6,459 $ 6,076 |
TRANSFERS OF FINANCIAL ASSETS
TRANSFERS OF FINANCIAL ASSETS | 3 Months Ended |
Jun. 30, 2024 | |
Transfers and Servicing [Abstract] | |
TRANSFERS OF FINANCIAL ASSETS | TRANSFERS OF FINANCIAL ASSETS Accounts Receivable Programs The Company maintains accounts receivable facilities with various financial institutions, with committed and uncommitted facilities in the United States and a committed facility in Europe (collectively, "the Programs"), which are set to expire in November 2025. Under the terms of the Programs, the Company may sell certain eligible trade accounts receivable at any point in time, up to $900 million for the U.S. committed facility and up to €500 million for the Europe committed facility. Under the terms of the Programs, the Company continues to service the receivables from the customer, but retains no interest in the receivables, and remits payment to the financial institutions. Losses on transfers of receivables were insignificant for the three and six months ended June 30, 2024. The Company also provides a guarantee to the financial institutions for the creditworthiness and collection of the receivables in satisfaction of the facility. See Note 12 for additional information related to guarantees. The Company has access to accounts receivable discounting facilities that cover certain receivables generated from sales in EMEAI, Asia Pacific and Canada (collectively, "the Facilities"). Under the terms of the Facilities, the Company retains no interest in the transferred receivables once sold and receivables are transferred with limited recourse. The Company continues to service the receivables from the customer and remits payment to the Facilities. Losses on transfers of receivables were insignificant for the three and six months ended June 30, 2024. The following table provides a summary of cash flows related to the Programs and the Facilities for the three and six months ended June 30, 2024. There were no transfers of receivables for the three and six months ended June 30, 2023. Cash Flows Related to Transfers of Accounts Receivable Three Months Ended Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Proceeds received from new transfers $ 623 $ — $ 1,050 $ — The following table provides the balances related to the Programs and the Facilities at June 30, 2024 and December 31, 2023: Balances Related to Transfers of Accounts Receivable Jun 30, 2024 Dec 31, 2023 In millions Balance outstanding $ 623 $ 170 Accounts receivable derecognized 584 152 Amounts recognized in the consolidated balance sheets: Accrued and other current liabilities 1 39 18 |
NOTES PAYABLE, LONG-TERM DEBT A
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES (Notes) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Notes Payable Jun 30, 2024 Dec 31, 2023 In millions Notes payable to banks and other lenders $ 114 $ 62 Period-end average interest rates 21.46 % 33.84 % Long-Term Debt 2024 Average Rate Jun 30, 2024 2023 Average Rate Dec 31, 2023 In millions Promissory notes and debentures: Final maturity 2025 5.63 % $ 333 5.63 % $ 333 Final maturity 2028 4.80 % 600 4.80 % 600 Final maturity 2029 7.58 % 1,367 7.58 % 1,367 Final maturity 2030 and thereafter 1 5.11 % 10,021 5.07 % 8,861 Other facilities: Foreign currency notes and loans, various rates and maturities 2.06 % 2,614 1.18 % 2,653 InterNotes®, varying maturities through 2054 4.18 % 604 4.12 % 595 Finance lease obligations 2 969 873 Unamortized debt discount and issuance costs (254) (258) Long-term debt due within one year 3 (238) (117) Long-term debt $ 16,016 $ 14,907 1. Cost includes net fair value hedge adjustment gains o f $19 million at June 30, 2024 ($49 million at December 31, 2023). See Note 18 for additional information. 2. See Note 13 for additional information. 3. Presented net of current portion of unamortized debt issuance costs. Maturities of Long-Term Debt for Next Five Years at Jun 30, 2024 In millions 2024 $ 64 2025 $ 523 2026 $ 126 2027 $ 1,237 2028 $ 694 2029 $ 1,450 2024 Activity In the first quarter of 2024, the Company issued $1.25 billion of senior unsecured notes. The offering included $600 million aggregate principal amount of 5.15 percent notes due 2034 and $650 million aggregate principal amount of 5.60 percent notes due 2054. The issuance was completed under the Company's Green Finance Framework. The Company will distribute the proceeds toward projects that support the execution of its sustainability strategy and achieve its targets focused on climate protection and a circular economy, including applicable expenditures and investments related to the Company's Fort Saskatchewan Path2Zero project. In the second quarter of 2024, the Company redeemed $10 million aggregate principal amount of 2.10 percent notes due November 2030, $30 million aggregate principal amount of 4.25 percent notes due October 2034, $8 million aggregate principal amount of 5.25 percent notes due November 2041 and $12 million aggregate principal amount of 4.375 percent notes due November 2042. As a result of the redemption, the Company recognized a pretax gain on the early extinguishment of debt of $5 million, included in "Sundry income (expense) - net" in the consolidated statements of income and related to Corporate. In the first six months of 2024, the Company issued an aggregate principal amount of $24 million of InterNotes®. The Company also issued $122 million of foreign currency loans. Additionally, the Company repaid $69 million of long-term debt. Available Credit Facilities The following table summarizes the Company's credit facilities: Committed and Available Credit Facilities at Jun 30, 2024 In millions Committed Credit Available Credit Maturity Date Interest Five Year Competitive Advance and Revolving Credit Facility $ 5,000 $ 5,000 November 2028 Floating rate Bilateral Revolving Credit Facility 375 375 October 2024 Floating rate Bilateral Revolving Credit Facility 100 100 March 2025 Floating rate Bilateral Revolving Credit Facility 100 100 March 2025 Floating rate Bilateral Revolving Credit Facility 200 200 September 2025 Floating rate Bilateral Revolving Credit Facility 175 175 September 2025 Floating rate Bilateral Revolving Credit Facility 300 300 November 2025 Floating rate Bilateral Revolving Credit Facility 300 300 February 2026 Floating rate Bilateral Revolving Credit Facility 100 100 March 2026 Floating rate Bilateral Revolving Credit Facility 150 150 November 2026 Floating rate Bilateral Revolving Credit Facility 200 200 November 2026 Floating rate Bilateral Revolving Credit Facility 250 250 March 2027 Floating rate Bilateral Revolving Credit Facility 100 100 May 2027 Floating rate Bilateral Revolving Credit Facility 350 350 June 2027 Floating rate Bilateral Revolving Credit Facility 200 200 September 2027 Floating rate Bilateral Revolving Credit Facility 100 100 October 2027 Floating rate Bilateral Revolving Credit Facility 100 100 November 2027 Floating rate Bilateral Revolving Credit Facility 300 300 May 2028 Floating rate Total committed and available credit facilities $ 8,400 $ 8,400 Debt Covenants and Default Provisions There were no material changes to the debt covenants and default provisions related to the Company's outstanding long-term debt and primary, private credit agreements in the first six months of 2024. For additional information on the Company's debt covenants and default provisions, see Note 13 to the Consolidated Financial Statements included in the 2023 10-K. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Notes) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | COMMITMENTS AND CONTINGENCIES A summary of the Company's commitments and contingencies can be found in Note 14 to the Consolidated Financial Statements included in the 2023 10-K, which is incorporated by reference herein. Environmental Matters Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law and existing technologies. At June 30, 2024, the Company had accrued obligations of $1,163 million for probable environmental remediation and restoration costs ($1,180 million at December 31, 2023), including $224 million for the remediation of Superfund sites ($241 million at December 31, 2023). This is management’s best estimate of the costs for remediation and restoration with respect to environmental matters for which the Company has accrued liabilities, although it is reasonably possible that the ultimate cost with respect to these particular matters could range up to approximately two times that amount. Consequently, it is reasonably possible that environmental remediation and restoration costs in excess of amounts accrued could have a material impact on the Company's results of operations, financial condition and cash flows. It is the opinion of the Company’s management, however, that the possibility is remote that costs in excess of the range disclosed will have a material impact on the Company’s results of operations, financial condition and cash flows. Inherent uncertainties exist in these estimates primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies for handling site remediation and restoration. As new or additional information becomes available and/or certain spending trends become known, management will evaluate such information in determination of the current estimate of environmental liability. Litigation Asbestos-Related Matters of Union Carbide Corporation Each quarter, Union Carbide reviews asbestos-related claims filed, settled and dismissed, as well as average settlement and resolution costs by disease category. Union Carbide also considers additional quantitative and qualitative factors such as the nature of pending claims, trial experience of Union Carbide and other asbestos defendants, current spending for defense and processing costs, significant appellate rulings and legislative developments, trends in the tort system, and their respective effects on expected future resolution costs. Union Carbide's management considers these factors in conjunction with the most recent actuarial study and determines whether a change in the estimate is warranted. Based on Union Carbide's review of 2024 activity, it was determined that no adjustment to the accrual was required at June 30, 2024. Union Carbide’s total asbestos-related liability for pending and future claims and defense and processing costs was $824 million at June 30, 2024 ($867 million at December 31, 2023). At June 30, 2024, approximately 25 percent of the recorded claim liability related to pending claims and approximately 75 percent related to future claims. Groundwater Contamination The Company is the subject of various complaints related to alleged groundwater contamination based on decades-old sales and applications of certain agricultural chemical products ("Legacy Liabilities"). The costs associated with these Legacy Liabilities were previously covered by insurance policies that have since been depleted. In the first quarter of 2023, the Company completed a study of the Legacy Liabilities now deemed to be probable and estimable based on the public reporting of sampling data and historical information to develop a reasonable estimate of the cost of pending and future claims. As a result, the Company recorded a pretax charge of $177 million, included in "Cost of sales" in the consolidated statements of income and related to Industrial Intermediates & Infrastructure. At June 30, 2024, the total liability related to such alleged Legacy Liabilities settlements was $158 million ($232 million at December 31, 2023), which was included in “Accrued and other current liabilities” and "Other noncurrent obligations" in the consolidated balance sheets. The Company is also the subject of other groundwater contamination complaints, including claims related to 1,4-dioxane. The Company continues to defend itself in this litigation and it has determined that the Company's exposure to liability, if any, is not probable or estimable at June 30, 2024. Indemnifications with Corning Incorporated The Company had indemnification assets with Corning Incorporated of $58 million at June 30, 2024 ($100 million at December 31, 2023) related to the 2016 ownership restructure of Dow Silicones, which were included in "Other current assets" and "Noncurrent receivables" in the consolidated balance sheets. Gain Contingency - Dow v. Nova Chemicals Corporation Ethylene Asset Matter As a result of a 2019 damages judgment related to the ethylene asset matter, Nova was ordered to pay the Company $1.43 billion Canadian dollars (equivalent to approximately $1.08 billion U.S. dollars), for which the Company received payment in October 2019 and March 2020. At June 30, 2024, $201 million ($201 million at December 31, 2023) was included in "Other noncurrent obligations" in the Company's consolidated balance sheets related to the disputed portion of the damages judgment. Guarantees The following table provides a summary of the final expiration, maximum future payments and recorded liability included in the consolidated balance sheets for guarantees: Guarantees Jun 30, 2024 Dec 31, 2023 In millions Final Maximum Future Payments 1 Recorded Liability Final Maximum Future Payments 1 Recorded Liability Guarantees 2038 $ 1,801 $ 185 2038 $ 1,385 $ 196 1. In addition, TDCC has provided guarantees, in proportion to the Company's 35 percent ownership interest, of all future interest payments that will become due on Sadara’s project financing debt during the grace period, which Dow's share is estimated to be $243 million at June 30, 2024 ($298 million at December 31, 2023). The Company does not expect to be required to perform under the guarantees. Guarantees arise during the ordinary course of business from relationships with customers, accounts receivable facilities and nonconsolidated affiliates when the Company undertakes an obligation to guarantee the performance of others (via delivery of cash or other assets) if specified triggering events occur. With guarantees, such as commercial or financial contracts, non-performance by the guaranteed party triggers the obligation of the Company to make payments to the beneficiary of the guarantee. The majority of the Company’s guarantees relate to debt of nonconsolidated affiliates, which have expiration dates ranging from less than 1 year to 14 years. The Company’s current expectation is that future payment or performance related to the non-performance of others is considered remote. The Company maintains accounts receivable facilities with various financial institutions, with committed and uncommitted facilities in the United States and a committed facility in Europe. Under the terms of the Programs, the Company continues to service the receivables from the customer, but retains no interest in the receivables, and remits payment to the financial institutions. The Company also has access to accounts receivable discounting facilities, under which receivables are transferred with limited recourse. The Company’s maximum guaranteed liability for the accounts receivable facilities is $563 million at June 30, 2024 ($150 million at December 31, 2023). The Company expects receivable collections and remittances to occur within the next six months. TDCC has entered into guarantee agreements related to Sadara, a nonconsolidated affiliate. Sadara reached an agreement with its lenders to re-profile its outstanding project financing debt in the first quarter of 2021. In conjunction with the debt re-profiling, TDCC entered into a guarantee of up to approximately $1.3 billion of Sadara’s debt, proportionate to the Company's 35 percent ownership interest. The debt re-profiling also includes a grace period until June 2026, during which Sadara is obligated to make interest-only payments which are guaranteed by TDCC in proportion to the Company’s 35 percent ownership interest. As part of the debt re-profiling, Sadara established a $500 million revolving credit facility guaranteed by Dow, which would be used to fund Dow’s pro-rata share of any potential shortfall during the grace period. |
LEASES (Notes)
LEASES (Notes) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Lessee, Operating And Finance Leases | LEASES For additional information on the Company's leases, see Note 15 to the Consolidated Financial Statements included in the 2023 10-K. The components of lease cost for operating and finance leases for the three and six months ended June 30, 2024 and 2023 were as follows: Lease Cost Three Months Ended Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Operating lease cost $ 110 $ 103 $ 217 $ 201 Finance lease cost Amortization of right-of-use assets - finance 28 25 55 51 Interest on lease liabilities - finance 12 8 22 16 Total finance lease cost 40 33 77 67 Short-term lease cost 88 66 162 132 Variable lease cost 265 261 523 442 Sublease income (3) (2) (5) (4) Total lease cost $ 500 $ 461 $ 974 $ 838 The following table provides supplemental cash flow and other information related to leases: Other Lease Information Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 223 $ 205 Operating cash flows for finance leases $ 22 $ 16 Financing cash flows for finance leases $ 61 $ 56 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 119 $ 199 Finance leases $ 168 $ 10 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (Notes) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Comprehensive Income (Loss) Note | ACCUMULATED OTHER COMPREHENSIVE LOSS The changes in each component of accumulated other comprehensive loss ("AOCL") for the three and six months ended June 30, 2024 and 2023 were as follows: Accumulated Other Comprehensive Loss Three Months Ended Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Unrealized Gains (Losses) on Investments Beginning balance $ (259) $ (222) $ (253) $ (253) Unrealized gains (losses) on investments 65 58 80 88 Tax (expense) benefit (2) 39 (20) 39 Net unrealized gains (losses) on investments 63 97 60 127 (Gains) losses reclassified from AOCL to net income 1 (3) (46) (7) (45) Tax expense (benefit) 2 1 10 2 10 Net (gains) losses reclassified from AOCL to net income (2) (36) (5) (35) Other comprehensive income (loss), net of tax 61 61 55 92 Ending balance $ (198) $ (161) $ (198) $ (161) Cumulative Translation Adjustment Beginning balance $ (2,013) $ (1,833) $ (1,891) $ (1,934) Gains (losses) on foreign currency translation (39) (84) (155) — Tax (expense) benefit — (12) (3) (10) Net gains (losses) on foreign currency translation (39) (96) (158) (10) (Gains) losses reclassified from AOCL to net income 3 (4) (7) (7) 8 Other comprehensive income (loss), net of tax (43) (103) (165) (2) Ending balance $ (2,056) $ (1,936) $ (2,056) $ (1,936) Pension and Other Postretirement Benefits Beginning balance $ (5,469) $ (4,871) $ (5,486) $ (4,877) Gains (losses) arising during the period 1 (5) — (3) Amortization of net loss and prior service credits reclassified from AOCL to net income 4 21 2 43 5 Tax expense (benefit) 2 (5) (1) (9) — Net loss and prior service credits reclassified from AOCL to net income 16 1 34 5 Other comprehensive income (loss), net of tax 17 (4) 34 2 Ending balance $ (5,452) $ (4,875) $ (5,452) $ (4,875) Derivative Instruments Beginning balance $ (73) $ (139) $ (51) $ (75) Gains (losses) on derivative instruments (13) (1) (46) (184) Tax (expense) benefit 8 3 11 36 Net gains (losses) on derivative instruments (5) 2 (35) (148) (Gains) losses reclassified from AOCL to net income 5 (1) 55 9 164 Tax expense (benefit) 2 — (13) (2) (36) Net (gains) losses reclassified from AOCL to net income (1) 42 7 128 Other comprehensive income (loss), net of tax (6) 44 (28) (20) Ending balance $ (79) $ (95) $ (79) $ (95) Total AOCL ending balance $ (7,785) $ (7,067) $ (7,785) $ (7,067) 1. Reclassified to "Net sales" and "Sundry income (expense) - net." 2. Reclassified to "Provision for income taxes." 3. Reclassified to "Sundry income (expense) - net." 4. These AOCL components are included in the computation of net periodic benefit cost (credit) of the Company's defined benefit pension and other postretirement benefit plans. See Note 16 for additional information. 5. Reclassified to "Cost of sales," "Sundry income (expense) - net" and "Interest expense and amortization of debt discount." |
Stockholders' Equity Note Disclosure [Text Block] | The changes in each component of accumulated other comprehensive loss ("AOCL") for the three and six months ended June 30, 2024 and 2023 were as follows: Accumulated Other Comprehensive Loss Three Months Ended Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Unrealized Gains (Losses) on Investments Beginning balance $ (259) $ (222) $ (253) $ (253) Unrealized gains (losses) on investments 65 58 80 88 Tax (expense) benefit (2) 39 (20) 39 Net unrealized gains (losses) on investments 63 97 60 127 (Gains) losses reclassified from AOCL to net income 1 (3) (46) (7) (45) Tax expense (benefit) 2 1 10 2 10 Net (gains) losses reclassified from AOCL to net income (2) (36) (5) (35) Other comprehensive income (loss), net of tax 61 61 55 92 Ending balance $ (198) $ (161) $ (198) $ (161) Cumulative Translation Adjustment Beginning balance $ (2,013) $ (1,833) $ (1,891) $ (1,934) Gains (losses) on foreign currency translation (39) (84) (155) — Tax (expense) benefit — (12) (3) (10) Net gains (losses) on foreign currency translation (39) (96) (158) (10) (Gains) losses reclassified from AOCL to net income 3 (4) (7) (7) 8 Other comprehensive income (loss), net of tax (43) (103) (165) (2) Ending balance $ (2,056) $ (1,936) $ (2,056) $ (1,936) Pension and Other Postretirement Benefits Beginning balance $ (5,469) $ (4,871) $ (5,486) $ (4,877) Gains (losses) arising during the period 1 (5) — (3) Amortization of net loss and prior service credits reclassified from AOCL to net income 4 21 2 43 5 Tax expense (benefit) 2 (5) (1) (9) — Net loss and prior service credits reclassified from AOCL to net income 16 1 34 5 Other comprehensive income (loss), net of tax 17 (4) 34 2 Ending balance $ (5,452) $ (4,875) $ (5,452) $ (4,875) Derivative Instruments Beginning balance $ (73) $ (139) $ (51) $ (75) Gains (losses) on derivative instruments (13) (1) (46) (184) Tax (expense) benefit 8 3 11 36 Net gains (losses) on derivative instruments (5) 2 (35) (148) (Gains) losses reclassified from AOCL to net income 5 (1) 55 9 164 Tax expense (benefit) 2 — (13) (2) (36) Net (gains) losses reclassified from AOCL to net income (1) 42 7 128 Other comprehensive income (loss), net of tax (6) 44 (28) (20) Ending balance $ (79) $ (95) $ (79) $ (95) Total AOCL ending balance $ (7,785) $ (7,067) $ (7,785) $ (7,067) 1. Reclassified to "Net sales" and "Sundry income (expense) - net." 2. Reclassified to "Provision for income taxes." 3. Reclassified to "Sundry income (expense) - net." 4. These AOCL components are included in the computation of net periodic benefit cost (credit) of the Company's defined benefit pension and other postretirement benefit plans. See Note 16 for additional information. 5. Reclassified to "Cost of sales," "Sundry income (expense) - net" and "Interest expense and amortization of debt discount." |
NONCONTROLLING INTERESTS Noncon
NONCONTROLLING INTERESTS Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2024 | |
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 six months ended June 30, 2024 and 2023: Noncontrolling Interests Three Months Ended Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Balance at beginning of period $ 492 $ 534 $ 501 $ 529 Net income attributable to noncontrolling interests 19 16 41 36 Distributions to noncontrolling interests 1 (25) (15) (39) (28) Cumulative translation adjustments (4) (22) (20) (25) Other — (1) (1) — Balance at end of period $ 482 $ 512 $ 482 $ 512 1. |
PENSION PLANS AND OTHER POSTRET
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | 6 Months Ended |
Jun. 30, 2024 | |
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 18 to the Consolidated Financial Statements included in the 2023 10-K. The following table provides the components of the Company's net periodic benefit cost (credit) for all significant plans: Net Periodic Benefit Cost (Credit) for All Significant Plans Three Months Ended Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Defined Benefit Pension Plans Service cost $ 14 $ 71 $ 28 $ 141 Interest cost 250 279 502 558 Expected return on plan assets (343) (390) (689) (779) Amortization of prior service credit (4) (6) (7) (13) Amortization of net loss 36 23 71 47 Net periodic benefit credit $ (47) $ (23) $ (95) $ (46) Other Postretirement Benefit Plans Service cost $ 1 $ 1 $ 2 $ 2 Interest cost 11 12 22 23 Amortization of net gain (11) (15) (21) (29) Net periodic benefit cost (credit) $ 1 $ (2) $ 3 $ (4) Net periodic benefit cost (credit), other than the service cost component, is included in "Sundry income (expense) - net" in the consolidated statements of income. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2024 | |
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 19 to the Consolidated Financial Statements included in the 2023 10-K. Stock Incentive Plan The Company grants stock-based compensation to employees and non-employee directors under the 2019 Stock Incentive Plan, as amended. Most of the Company's stock-based compensation awards are granted in the first quarter of each year. In the first quarter of 2024, Dow Inc. granted the following stock-based compensation awards to employees: • 1.3 million stock options with a weighted-average exercise price of $55.17 per share and a weighted-average fair value of $10.94 per share; • 2.0 million restricted stock units with a weighted-average fair value of $55.18 per share; and • 1.4 million performance stock units with a weighted-average fair value of $58.42 per share. There was minimal grant activity in the second quarter of 2024. Employee Stock Purchase Plan The Dow Inc. 2021 Employee Stock Purchase Plan (the "2021 ESPP") was adopted by the Dow Inc. Board on February 11, 2021, and approved by stockholders at the Company's annual meeting on April 15, 2021. Under the 2024 annual offering of the 2021 ESPP, most employees will be eligible to purchase shares of common stock of Dow Inc. valued at up to 10 percent of their annual total base salary or wages. The number of shares purchased is determined using the amount contributed by the employee divided by the plan price. The plan price of the stock is equal to 85 percent of the fair market value (closing price) of the common stock at April 1, 2024 (beginning) or October 4, 2024 (ending) of the offering period, whichever is lower. In the first quarter of 2024, employees subscribed to the right to purchase approximately 2.5 million shares under the 2021 ESPP. The plan price is fixed upon the close of the offering period and will be determined in the fourth quarter of 2024. The shares will be delivered to employees in the fourth quarter of 2024. |
Financial Instruments (Notes)
Financial Instruments (Notes) | 6 Months Ended |
Jun. 30, 2024 | |
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 20 to the Consolidated Financial Statements included in the 2023 10-K. Refer to Note 19 for a summary of the fair value of financial instruments at June 30, 2024 and December 31, 2023. Debt Securities The Company's investments in debt securities are primarily classified as available-for-sale. The following table provides investing results from available-for-sale securities for the six months ended June 30, 2024 and 2023: Investing Results Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Proceeds from sales of available-for-sale securities $ 1,291 $ 274 Gross realized gains $ 19 $ 58 Gross realized losses $ (12) $ (13) The following table summarizes contractual maturities of the Company's investments in debt securities: Contractual Maturities of Debt Securities at Jun 30, 2024 Cost Fair Value In millions Within one year $ 102 $ 90 One to five years 1,215 1,130 Six to ten years 451 418 After ten years 499 401 Total $ 2,267 $ 2,039 Equity Securities There were no material adjustments to the carrying value of the not readily determinable investments for impairment or observable price changes for the three and six months ended June 30, 2024. There were no unrealized gains or losses recognized in earnings on equity securities for the three and six months ended June 30, 2024 ($2 million of net unrealized gains for the three months ended June 30, 2023 and $10 million of net unrealized gains for the six months ended June 30, 2023). Investments in Equity Securities Jun 30, 2024 Dec 31, 2023 In millions Readily determinable fair value $ 15 $ 17 Not readily determinable fair value $ 169 $ 171 Derivative Instruments The notional amounts of the Company's derivative instruments at June 30, 2024 and December 31, 2023 were as follows: Notional Amounts 1 Jun 30, 2024 Dec 31, 2023 In millions Derivatives designated as hedging instruments: Interest rate contracts $ 3,130 $ 3,000 Foreign currency contracts $ 4,246 $ 2,316 Derivatives not designated as hedging instruments: Interest rate contracts $ 51 $ 59 Foreign currency contracts $ 13,081 $ 5,824 1. Notional amounts represent the absolute value of open derivative positions at the end of the period. Multi-leg option positions are reflected at the maximum notional position at expiration. The notional amounts of the Company's commodity derivatives at June 30, 2024 and December 31, 2023 were as follows: Commodity Notionals 1 Jun 30, 2024 Dec 31, 2023 Notional Volume Unit Derivatives designated as hedging instruments: Hydrocarbon derivatives 3.0 3.7 million barrels of oil equivalent Derivatives not designated as hedging instruments: Hydrocarbon derivatives — 1.4 million barrels of oil equivalent 1. Notional amounts represent the net volume of open derivative positions outstanding at the end of the period. Maturity Dates of Derivatives Designated as Hedging Instruments Year Interest rate contracts 2025 Foreign currency contracts 2026 Commodity contracts 2026 The following table provides the fair value and balance sheet classification of derivative instruments at June 30, 2024 and December 31, 2023: Fair Value of Derivative Instruments Jun 30, 2024 Dec 31, 2023 In millions Gross Counterparty and Cash Collateral Netting 1 Net 2 Gross Counterparty and Cash Collateral Netting 1 Net 2 Asset derivatives Derivatives designated as hedging instruments: Interest rate contracts 3 $ 69 $ (69) $ — $ 73 $ (73) $ — Interest rate contracts 4 — — — 59 (56) 3 Foreign currency contracts 3 52 (36) 16 21 (5) 16 Foreign currency contracts 4 — — — 5 — 5 Commodity contracts 3 29 (14) 15 27 (21) 6 Commodity contracts 4 3 (1) 2 2 (1) 1 Total $ 153 $ (120) $ 33 $ 187 $ (156) $ 31 Derivatives not designated as hedging instruments: Interest rate contracts 3 $ — $ — $ — $ 4 $ (3) $ 1 Foreign currency contracts 3 61 (12) 49 33 (16) 17 Commodity contracts 3 28 (16) 12 33 (28) 5 Commodity contracts 4 3 — 3 — — — Total $ 92 $ (28) $ 64 $ 70 $ (47) $ 23 Total asset derivatives $ 245 $ (148) $ 97 $ 257 $ (203) $ 54 Liability derivatives Derivatives designated as hedging instruments: Interest rate contracts 5 $ 140 $ (69) $ 71 $ 95 $ (73) $ 22 Interest rate contracts 6 — — — 56 (56) — Foreign currency contracts 5 45 (36) 9 8 (5) 3 Foreign currency contracts 6 14 — 14 — — — Commodity contracts 5 18 (16) 2 34 (22) 12 Commodity contracts 6 2 (1) 1 2 (1) 1 Total $ 219 $ (122) $ 97 $ 195 $ (157) $ 38 Derivatives not designated as hedging instruments: Interest rate contracts 5 $ — $ — $ — $ 3 $ (3) $ — Foreign currency contracts 5 17 (12) 5 38 (16) 22 Commodity contracts 5 28 (17) 11 34 (28) 6 Commodity contracts 6 2 — 2 — — — Total $ 47 $ (29) $ 18 $ 75 $ (47) $ 28 Total liability derivatives $ 266 $ (151) $ 115 $ 270 $ (204) $ 66 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. 2. Represents the net amounts included in the consolidated balance sheets. 3. Included in "Other current assets" in the consolidated balance sheets. 4. Included in "Deferred charges and other assets" in the consolidated balance sheets. 5. Included in "Accrued and other current liabilities" in the consolidated balance sheets. 6. Included in "Other noncurrent obligations" in the consolidated balance sheets. Assets and liabilities related to forward contracts, interest rate swaps, currency swaps, options and other conditional or exchange contracts executed with the same counterparty under a master netting arrangement are netted. Collateral accounts are netted with corresponding assets or liabilities, when applicable. The Company posted cash collateral of $16 million at June 30, 2024 ( $22 million at December 31, 2023). There was zero cash collateral posted by counterparties with the Company at June 30, 2024 and December 31, 2023. The following table summarizes the gain (loss) of derivative instruments in the consolidated statements of income and comprehensive income for the three and six months ended June 30, 2024 and 2023: Effect of Derivative Instruments Gain (loss) recognized in OCI 1 Gain (loss) recognized in income 2 Three Months Ended Six Months Ended Three Months Ended Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Derivatives designated as hedging instruments: Fair value hedges: Interest rate contracts 3 $ — $ — $ — $ — $ (23) $ — $ (23) $ — Excluded components 3, 4 (4) (4) (42) (5) — — — — Cash flow hedges: Interest rate contracts 3 — — 1 5 (7) (2) (9) (4) Foreign currency contracts 5 (8) 1 (21) 1 4 (1) 5 1 Commodity contracts 5 7 (6) 22 (149) 7 (52) (1) (161) Excluded components 4, 5 — — (6) — (3) — (4) — Net foreign investment hedges: Foreign currency contracts 6 12 8 3 — — — — Excluded components 4, 6 4 28 10 31 4 7 7 7 Total derivatives designated as hedging instruments $ 5 $ 31 $ (28) $ (114) $ (18) $ (48) $ (25) $ (157) Derivatives not designated as hedging instruments: Interest rate contracts 3 $ — $ — $ — $ — $ 1 $ 1 $ 1 $ 1 Foreign currency contracts 6 — — — — 29 (29) 60 6 Commodity contracts 5 — — — — (6) 4 2 4 Total return swap 5 — — — — 4 10 26 3 Total derivatives not designated as hedging instruments $ — $ — $ — $ — $ 28 $ (14) $ 89 $ 14 Total derivatives $ 5 $ 31 $ (28) $ (114) $ 10 $ (62) $ 64 $ (143) 1. OCI is defined as other comprehensive income (loss). 2. Pretax amounts. 3. Included in "Interest expense and amortization of debt discount" in the consolidated statements of income. 4. The excluded components are related to the time value of the derivatives designated as hedges. 5. Included in "Cost of sales" in the consolidated statements of income. 6. Included in "Sundry income (expense) - net" in the consolidated statements of income. The following table provides the net after-tax gain (loss) expected to be reclassified from AOCL to income within the next 12 months: Expected Reclassifications from AOCL within the next 12 months Jun 30, 2024 In millions Cash flow hedges: Interest rate contracts $ (4) Commodity contracts $ 11 Foreign currency contracts $ 2 Excluded components $ (4) Net foreign investment hedges: Excluded components $ 4 |
FAIR VALUE MEASUREMENTS (Notes)
FAIR VALUE MEASUREMENTS (Notes) | 6 Months Ended |
Jun. 30, 2024 | |
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 21 to the Consolidated Financial Statements included in the 2023 10-K. Fair Value Measurements on a Recurring Basis The following table summarizes the bases used to measure certain assets and liabilities at fair value on a recurring basis: Fair Value Measurements on a Recurring Basis Jun 30, 2024 Dec 31, 2023 In millions Fair Value Level Cost Gain Loss Fair Value Cost Gain Loss Fair Value Assets at fair value: Cash equivalents: Held-to-maturity securities 1 Level 2 $ 123 $ — $ — $ 123 $ 485 $ — $ — $ 485 Money market funds Level 2 1,197 — — 1,197 663 — — 663 Marketable securities 2 Level 2 605 — (35) 570 1,361 — (61) 1,300 Nonconsolidated affiliates 3 Level 3 — 7 Other investments: Debt securities: 4 Government debt 5 Level 2 1,010 2 (107) 905 766 3 (107) 662 Corporate bonds Level 1 18 — (1) 17 24 — (3) 21 Corporate bonds Level 2 1,039 7 (106) 940 1,148 17 (99) 1,066 Corporate bonds Level 3 200 — (23) 177 200 — (89) 111 Equity securities 4, 6 Level 1 4 11 — 15 5 12 — 17 Derivatives relating to: 7 Interest rates Level 2 — 69 — 69 — 136 — 136 Foreign currency Level 2 — 113 — 113 — 59 — 59 Commodities Level 1 — 5 — 5 — 2 — 2 Commodities Level 2 — 58 — 58 — 60 — 60 Total assets at fair value $ 4,189 $ 4,589 Liabilities at fair value: Long-term debt including debt due within one year 8 Level 2 $ (16,254) $ 1,520 $ (502) $ (15,236) $ (15,024) $ 1,089 $ (747) $ (14,682) Guarantee liability 9 Level 3 (167) (178) Derivatives relating to: 7 Interest rates Level 2 — — (140) (140) — — (154) (154) Foreign currency Level 2 — — (76) (76) — — (46) (46) Commodities Level 1 — — (7) (7) — — (2) (2) Commodities Level 2 — — (43) (43) — — (68) (68) Total liabilities at fair value $ (15,669) $ (15,130) 1. The Company's held-to-maturity securities are primarily treasury bills and time deposits. At June 30, 2024, $103 million is included in "Cash and cash equivalents" ($485 million at December 31, 2023) and $20 million is included in "Other current assets" (zero at December 31, 2023) in the consolidated balance sheets. 2. The Company’s investments in marketable securities are included in “Other current assets” in the consolidated balance sheets. 3. Estimated asset for an investment in a limited liability company included in "Investment in nonconsolidated affiliates" in the consolidated balance sheets. 4. The Company’s investments in debt securities, which are primarily available-for-sale, and equity securities are included in “Other investments” in the consolidated balance sheets. 5. U.S. Treasury obligations, U.S. agency obligations, U.S. agency mortgage-backed securities and other municipalities’ obligations. 6. Equity securities with a readily determinable fair value. 7. See Note 18 for classification of derivatives in the consolidated balance sheets. 8. Cost includes fair value hedge adjustment gains of $19 million at June 30, 2024 and $49 million at December 31, 2023 on $5,129 million of debt at June 30, 2024 and $4,479 million at December 31, 2023. 9. Estimated liability for TDCC's guarantee of Sadara's debt which is included in "Other noncurrent obligations" in the consolidated balance sheets. Cost approximates fair value for all other financial instruments. For equity securities calculated at net asset value per share (or its equivalent), the Company had $85 million in private market securities and $16 million in real estate at June 30, 2024 ($86 million in private market securities and $18 million in real estate at December 31, 2023). There are no redemption restrictions and the unfunded commitments on these investments were $75 million at June 30, 2024 and December 31, 2023. For assets classified as Level 3 measurements, fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity. The level 3 asset values represent the fair value of an investment in a corporate bond, accounted for as a debt security. At December 31, 2023, the level 3 asset values also included an investment in a limited liability company, accounted for as an investment in nonconsolidated affiliates, and with no unfunded commitment. For liabilities classified as Level 3 measurements, fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity. The fair value of the Company’s accrued liability related to the guarantee of Sadara’s debt is in proportion to the Company’s 35 percent ownership interest in Sadara. The estimated fair value of the guarantee was calculated using a "with" and "without" method. The fair value of the debt was calculated "with" the guarantee less the fair value of the debt "without" the guarantee. The "with" and "without" values were calculated using a discounted cash flow method based on contractual cash flows as well as projected prepayments made on the debt by Sadara. Fair Value Measurements on a Nonrecurring Basis In the first quarter of 2024, the Company recognized impairment charges of $37 million related primarily to write-downs of certain manufacturing assets in the United States and Italy. The assets, classified as Level 3 measurements, were valued at $60 million using unobservable inputs. The impairment charges were included in "Restructuring and asset related charges - net" in the consolidated statements of income and related to Packaging & Specialty Plastics. In the first quarter of 2024, as part of the 2023 Restructuring Program, the Company recorded impairment charges of $8 million for asset write-downs and write-offs related to the shutdown of certain polyurethanes assets, included in "Restructuring and asset related charges - net" in the consolidated statements of income and related to Industrial Intermediates & Infrastructure. |
SEGMENTS AND GEOGRAPHIC REGIONS
SEGMENTS AND GEOGRAPHIC REGIONS (Notes) | 6 Months Ended |
Jun. 30, 2024 | |
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 Jun 30, 2024 Net sales $ 5,515 $ 2,951 $ 2,243 $ 206 $ 10,915 Equity in earnings (losses) of nonconsolidated affiliates $ 55 $ (31) $ 2 $ — $ 26 Dow Inc. Operating EBIT 1 $ 703 $ 7 $ 146 $ (37) $ 819 Three months ended Jun 30, 2023 Net sales $ 5,940 $ 3,177 $ 2,197 $ 106 $ 11,420 Equity in earnings (losses) of nonconsolidated affiliates $ 19 $ (83) $ 6 $ 1 $ (57) Dow Inc. Operating EBIT 1 $ 918 $ (35) $ 66 $ (64) $ 885 Six months ended Jun 30, 2024 Net sales $ 10,945 $ 5,959 $ 4,395 $ 381 $ 21,680 Equity in earnings (losses) of nonconsolidated affiliates $ 80 $ (46) $ 8 $ 1 $ 43 Dow Inc. Operating EBIT 1 $ 1,308 $ 94 $ 187 $ (96) $ 1,493 Six months ended Jun 30, 2023 Net sales $ 12,054 $ 6,555 $ 4,473 $ 189 $ 23,271 Equity in earnings (losses) of nonconsolidated affiliates $ 40 $ (156) $ 9 $ 2 $ (105) Dow Inc. Operating EBIT 1 $ 1,560 $ 88 $ 101 $ (156) $ 1,593 1. Operating EBIT for TDCC for the three and six months ended June 30, 2024 and 2023 is substantially the same as that of Dow Inc. and therefore has not been disclosed separately in the table above. A reconciliation of "Net income" to Operating EBIT is provided in the following table. Reconciliation of "Net income" to Operating EBIT Three Months Ended Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Net income $ 458 $ 501 $ 996 $ 428 + Provision for income taxes 150 210 61 163 Income before income taxes $ 608 $ 711 $ 1,057 $ 591 - Interest income 42 66 107 142 + Interest expense and amortization of debt discount 197 172 396 357 - Significant items (56) (68) (147) (787) Operating EBIT $ 819 $ 885 $ 1,493 $ 1,593 The following tables summarize the pretax impact of significant items by segment excluded from Operating EBIT: Significant Items by Segment Three Months Ended Jun 30, 2024 Six Months Ended Jun 30, 2024 Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total In millions Restructuring, implementation and efficiency costs, and asset related charges - net 1 $ — $ — $ — $ (56) $ (56) $ (37) $ (8) $ — $ (102) $ (147) Total $ — $ — $ — $ (56) $ (56) $ (37) $ (8) $ — $ (102) $ (147) 1. Includes restructuring charges and implementation and efficiency costs associated with the Company's 2023 Restructuring Program. The six months ended June 30, 2024 also includes impairment charges related to the write-down of certain manufacturing assets. See Note 5 for additional information. Significant Items by Segment Three Months Ended Jun 30, 2023 Six Months Ended Jun 30, 2023 Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total In millions Restructuring, implementation and efficiency costs, and asset related charges - net 1 $ — $ (8) $ — $ (47) $ (55) $ (1) $ (48) $ (67) $ (490) $ (606) Litigation related charges, awards and adjustments 2 — — — — — — (177) — — (177) Indemnification and other transactions related costs 3 — — — (13) (13) — — — (4) (4) Total $ — $ (8) $ — $ (60) $ (68) $ (1) $ (225) $ (67) $ (494) $ (787) 1. Includes restructuring charges and implementation and efficiency costs associated with the Company's 2023 Restructuring Program. The six months ended June 30, 2023 also includes certain gains and losses associated with previously impaired equity investments. 2. Includes a loss associated with legacy agricultural products groundwater contamination matters. See Note 12 for additional information. 3. Primarily related to charges associated with agreements entered into with DuPont and Corteva as part of the separation and distribution which, among other matters, provides for cross-indemnities and allocations of obligations and liabilities for periods prior to, at and after the completion of the separation. |
REVENUE (Tables)
REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenue The Company disaggregates its revenue from contracts with customers by operating segment and business, as the Company believes it best depicts the nature, amount, timing and uncertainty of its revenue and cash flows. See details in the tables below: Net Trade Sales by Segment and Business Three Months Ended Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Hydrocarbons & Energy $ 1,447 $ 1,672 $ 2,914 $ 3,546 Packaging and Specialty Plastics 4,068 4,268 8,031 8,508 Packaging & Specialty Plastics $ 5,515 $ 5,940 $ 10,945 $ 12,054 Industrial Solutions $ 1,040 $ 1,084 $ 2,068 $ 2,223 Polyurethanes & Construction Chemicals 1,909 2,090 3,886 4,324 Other 2 3 5 8 Industrial Intermediates & Infrastructure $ 2,951 $ 3,177 $ 5,959 $ 6,555 Coatings & Performance Monomers $ 928 $ 875 $ 1,813 $ 1,733 Consumer Solutions 1,315 1,322 2,582 2,740 Performance Materials & Coatings $ 2,243 $ 2,197 $ 4,395 $ 4,473 Corporate $ 206 $ 106 $ 381 $ 189 Total $ 10,915 $ 11,420 $ 21,680 $ 23,271 Net Trade Sales by Geographic Region Three Months Ended Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 U.S. & Canada $ 4,191 $ 4,249 $ 8,321 $ 8,699 EMEAI 1 3,572 3,774 7,056 7,827 Asia Pacific 1,901 2,058 3,822 4,105 Latin America 1,251 1,339 2,481 2,640 Total $ 10,915 $ 11,420 $ 21,680 $ 23,271 1. Europe, Middle East, Africa and India. |
Contract with Customer, Asset and Liability [Table Text Block] | The following table summarizes contract assets and liabilities at June 30, 2024 and December 31, 2023: Contract Assets and Liabilities Balance Sheet Classification Jun 30, 2024 Dec 31, 2023 In millions Accounts and notes receivable - trade Accounts and notes receivable - trade $ 5,098 $ 4,718 Contract assets - current Other current assets $ — $ 13 Contract assets - noncurrent Deferred charges and other assets $ 2 $ 4 Contract liabilities - current Accrued and other current liabilities $ 203 $ 195 Contract liabilities - noncurrent Other noncurrent obligations $ 1,564 $ 1,642 |
Restructuring and Related Activ
Restructuring and Related Activities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 2023 Restructuring Program, including segment information: 2023 Restructuring Program Severance and Related Benefit Costs Asset Write-downs and Write-offs Total In millions Packaging & Specialty Plastics $ — $ 1 $ 1 Industrial Intermediates & Infrastructure — 40 40 Performance Materials & Coatings — 49 49 Corporate 344 107 451 Total restructuring charges $ 344 $ 197 $ 541 Charges against the reserve — (197) (197) Cash payments (11) — (11) Reserve balance at Mar 31, 2023 $ 333 $ — $ 333 Industrial Intermediates & Infrastructure $ — $ 8 $ 8 Total restructuring charges $ — $ 8 $ 8 Charges against the reserve — (8) (8) Cash payments (60) — (60) Reserve balance at Jun 30, 2023 $ 273 $ — $ 273 Cash payments (110) — (110) Reserve balance at Sep 30, 2023 $ 163 $ — $ 163 Industrial Intermediates & Infrastructure $ — $ 2 $ 2 Corporate — (16) (16) Total restructuring charges $ — $ (14) $ (14) Charges against the reserve — 14 14 Cash payments (41) — (41) Reserve balance at Dec 31, 2023 $ 122 $ — $ 122 Industrial Intermediates & Infrastructure $ — $ 8 $ 8 Total restructuring charges $ — $ 8 $ 8 Charges against the reserve — (8) (8) Cash payments (48) — (48) Reserve balance at Mar 31, 2024 $ 74 $ — $ 74 Cash payments (13) — (13) Reserve balance at Jun 30, 2024 $ 61 $ — $ 61 |
SUPPLEMENTARY INFORMATION (Tabl
SUPPLEMENTARY INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Sundry Income, Net | Dow Inc. Sundry Income (Expense) – Net Three Months Ended Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Non-operating pension and other postretirement benefit plan net credits 1 $ 61 $ 97 $ 122 $ 193 Foreign exchange losses 2 (12) (95) (35) (197) Gain on sales of other assets and investments 3 10 9 19 74 Indemnification and other transaction related costs 4 1 (13) 1 (4) Gain on early extinguishment of debt 5 5 — 5 — Asset impairments and related costs 6 — — — (18) Other - net 11 33 25 62 Total sundry income (expense) – net $ 76 $ 31 $ 137 $ 110 1. See Note 16 for additional information. 2. Foreign exchange losses for the three months ended June 30, 2024 relate primarily to exposures in the Argentine peso, while losses in the six months ended June 30, 2024 relate primarily to exposures in the Egyptian pound and Argentine peso. Foreign exchange losses for the three and six months ended June 30, 2023 relate primarily to exposures in the Argentine peso. 3. The six months ended June 30, 2023 includes gains associated with the sale of shares of a previously impaired equity method investment. 4. Primarily related to charges associated with agreements entered into with DuPont de Nemours, Inc. ("DuPont") and Corteva, Inc. ("Corteva") as part of the separation and distribution. 5. See Note 11 for additional information. 6. Certain obligations associated with a previously impaired equity method investment. |
Schedule of Company-Owned Life Insurance | Other Investments The Company has investments in company-owned life insurance policies, which are recorded at their cash surrender value as of each balance sheet date, as provided below: Investments in Company-Owned Life Insurance Jun 30, 2024 Dec 31, 2023 In millions Gross cash value $ 613 $ 623 Less: Existing drawdowns 1 187 97 Less: Accrued interest on drawdowns 2 4 — Investments in company-owned life insurance 3 $ 422 $ 526 1. Classified as "Proceeds from sales and maturities of investments" in the consolidated statements of cash flows. 2. Included in "Sundry income (expense) - net" in the consolidated statements of income. 3. Classified as "Other investments" in the consolidated balance sheets. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 six months ended June 30, 2024 and 2023. Earnings per share of TDCC is not presented as this information is not required in financial statements of wholly owned subsidiaries. Net Income for Earnings Per Share Calculations Three Months Ended Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Net income $ 458 $ 501 $ 996 $ 428 Net income attributable to noncontrolling interests 19 16 41 36 Net income attributable to participating securities 1 3 3 6 6 Net income attributable to common stockholders $ 436 $ 482 $ 949 $ 386 1. Restricted stock units are considered participating securities due to the Company's practice of paying dividend equivalents on unvested shares. Earnings Per Share - Basic and Diluted Three Months Ended Six Months Ended Dollars per share Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Earnings per common share - basic $ 0.62 $ 0.68 $ 1.35 $ 0.55 Earnings per common share - diluted $ 0.62 $ 0.68 $ 1.35 $ 0.54 Share Count Information Three Months Ended Six Months Ended Shares in millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Weighted-average common shares outstanding - basic 703.8 707.0 704.1 707.6 Plus dilutive effect of equity compensation plans 1.5 2.9 1.4 3.1 Weighted-average common shares outstanding - diluted 705.3 709.9 705.5 710.7 Stock units excluded from EPS calculations 1 9.4 12.3 9.1 10.0 1. These outstanding stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | The following table provides a breakdown of inventories: Inventories Jun 30, 2024 Dec 31, 2023 In millions Finished goods $ 3,707 $ 3,413 Work in process 1,357 1,234 Raw materials 759 746 Supplies 998 992 Total $ 6,821 $ 6,385 Adjustment of inventories to the LIFO basis (362) (309) Total inventories $ 6,459 $ 6,076 |
Transfers and Servicing (Tables
Transfers and Servicing (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Transfers and Servicing [Abstract] | |
Balances related to Transfers of AR | The following table provides the balances related to the Programs and the Facilities at June 30, 2024 and December 31, 2023: Balances Related to Transfers of Accounts Receivable Jun 30, 2024 Dec 31, 2023 In millions Balance outstanding $ 623 $ 170 Accounts receivable derecognized 584 152 Amounts recognized in the consolidated balance sheets: Accrued and other current liabilities 1 39 18 |
Cash Flows related to Transfers of AR [Table Text Block] | The following table provides a summary of cash flows related to the Programs and the Facilities for the three and six months ended June 30, 2024. There were no transfers of receivables for the three and six months ended June 30, 2023. Cash Flows Related to Transfers of Accounts Receivable Three Months Ended Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Proceeds received from new transfers $ 623 $ — $ 1,050 $ — |
NOTES PAYABLE, LONG-TERM DEBT_2
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | Notes Payable Jun 30, 2024 Dec 31, 2023 In millions Notes payable to banks and other lenders $ 114 $ 62 Period-end average interest rates 21.46 % 33.84 % |
Schedule of Long-term Debt Instruments | Long-Term Debt 2024 Average Rate Jun 30, 2024 2023 Average Rate Dec 31, 2023 In millions Promissory notes and debentures: Final maturity 2025 5.63 % $ 333 5.63 % $ 333 Final maturity 2028 4.80 % 600 4.80 % 600 Final maturity 2029 7.58 % 1,367 7.58 % 1,367 Final maturity 2030 and thereafter 1 5.11 % 10,021 5.07 % 8,861 Other facilities: Foreign currency notes and loans, various rates and maturities 2.06 % 2,614 1.18 % 2,653 InterNotes®, varying maturities through 2054 4.18 % 604 4.12 % 595 Finance lease obligations 2 969 873 Unamortized debt discount and issuance costs (254) (258) Long-term debt due within one year 3 (238) (117) Long-term debt $ 16,016 $ 14,907 1. Cost includes net fair value hedge adjustment gains o f $19 million at June 30, 2024 ($49 million at December 31, 2023). See Note 18 for additional information. 2. See Note 13 for additional information. 3. Presented net of current portion of unamortized debt issuance costs. |
Schedule of Maturities of Long-term Debt | Maturities of Long-Term Debt for Next Five Years at Jun 30, 2024 In millions 2024 $ 64 2025 $ 523 2026 $ 126 2027 $ 1,237 2028 $ 694 2029 $ 1,450 |
Schedule of Line of Credit Facilities | The following table summarizes the Company's credit facilities: Committed and Available Credit Facilities at Jun 30, 2024 In millions Committed Credit Available Credit Maturity Date Interest Five Year Competitive Advance and Revolving Credit Facility $ 5,000 $ 5,000 November 2028 Floating rate Bilateral Revolving Credit Facility 375 375 October 2024 Floating rate Bilateral Revolving Credit Facility 100 100 March 2025 Floating rate Bilateral Revolving Credit Facility 100 100 March 2025 Floating rate Bilateral Revolving Credit Facility 200 200 September 2025 Floating rate Bilateral Revolving Credit Facility 175 175 September 2025 Floating rate Bilateral Revolving Credit Facility 300 300 November 2025 Floating rate Bilateral Revolving Credit Facility 300 300 February 2026 Floating rate Bilateral Revolving Credit Facility 100 100 March 2026 Floating rate Bilateral Revolving Credit Facility 150 150 November 2026 Floating rate Bilateral Revolving Credit Facility 200 200 November 2026 Floating rate Bilateral Revolving Credit Facility 250 250 March 2027 Floating rate Bilateral Revolving Credit Facility 100 100 May 2027 Floating rate Bilateral Revolving Credit Facility 350 350 June 2027 Floating rate Bilateral Revolving Credit Facility 200 200 September 2027 Floating rate Bilateral Revolving Credit Facility 100 100 October 2027 Floating rate Bilateral Revolving Credit Facility 100 100 November 2027 Floating rate Bilateral Revolving Credit Facility 300 300 May 2028 Floating rate Total committed and available credit facilities $ 8,400 $ 8,400 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
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 Jun 30, 2024 Dec 31, 2023 In millions Final Maximum Future Payments 1 Recorded Liability Final Maximum Future Payments 1 Recorded Liability Guarantees 2038 $ 1,801 $ 185 2038 $ 1,385 $ 196 1. In addition, TDCC has provided guarantees, in proportion to the Company's 35 percent ownership interest, of all future interest payments that will become due on Sadara’s project financing debt during the grace period, which Dow's share is estimated to be $243 million at June 30, 2024 ($298 million at December 31, 2023). The Company does not expect to be required to perform under the guarantees. |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Guarantor Obligations [Line Items] | |
Lease, Cost | The components of lease cost for operating and finance leases for the three and six months ended June 30, 2024 and 2023 were as follows: Lease Cost Three Months Ended Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Operating lease cost $ 110 $ 103 $ 217 $ 201 Finance lease cost Amortization of right-of-use assets - finance 28 25 55 51 Interest on lease liabilities - finance 12 8 22 16 Total finance lease cost 40 33 77 67 Short-term lease cost 88 66 162 132 Variable lease cost 265 261 523 442 Sublease income (3) (2) (5) (4) Total lease cost $ 500 $ 461 $ 974 $ 838 |
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 Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 223 $ 205 Operating cash flows for finance leases $ 22 $ 16 Financing cash flows for finance leases $ 61 $ 56 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 119 $ 199 Finance leases $ 168 $ 10 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | The changes in each component of accumulated other comprehensive loss ("AOCL") for the three and six months ended June 30, 2024 and 2023 were as follows: Accumulated Other Comprehensive Loss Three Months Ended Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Unrealized Gains (Losses) on Investments Beginning balance $ (259) $ (222) $ (253) $ (253) Unrealized gains (losses) on investments 65 58 80 88 Tax (expense) benefit (2) 39 (20) 39 Net unrealized gains (losses) on investments 63 97 60 127 (Gains) losses reclassified from AOCL to net income 1 (3) (46) (7) (45) Tax expense (benefit) 2 1 10 2 10 Net (gains) losses reclassified from AOCL to net income (2) (36) (5) (35) Other comprehensive income (loss), net of tax 61 61 55 92 Ending balance $ (198) $ (161) $ (198) $ (161) Cumulative Translation Adjustment Beginning balance $ (2,013) $ (1,833) $ (1,891) $ (1,934) Gains (losses) on foreign currency translation (39) (84) (155) — Tax (expense) benefit — (12) (3) (10) Net gains (losses) on foreign currency translation (39) (96) (158) (10) (Gains) losses reclassified from AOCL to net income 3 (4) (7) (7) 8 Other comprehensive income (loss), net of tax (43) (103) (165) (2) Ending balance $ (2,056) $ (1,936) $ (2,056) $ (1,936) Pension and Other Postretirement Benefits Beginning balance $ (5,469) $ (4,871) $ (5,486) $ (4,877) Gains (losses) arising during the period 1 (5) — (3) Amortization of net loss and prior service credits reclassified from AOCL to net income 4 21 2 43 5 Tax expense (benefit) 2 (5) (1) (9) — Net loss and prior service credits reclassified from AOCL to net income 16 1 34 5 Other comprehensive income (loss), net of tax 17 (4) 34 2 Ending balance $ (5,452) $ (4,875) $ (5,452) $ (4,875) Derivative Instruments Beginning balance $ (73) $ (139) $ (51) $ (75) Gains (losses) on derivative instruments (13) (1) (46) (184) Tax (expense) benefit 8 3 11 36 Net gains (losses) on derivative instruments (5) 2 (35) (148) (Gains) losses reclassified from AOCL to net income 5 (1) 55 9 164 Tax expense (benefit) 2 — (13) (2) (36) Net (gains) losses reclassified from AOCL to net income (1) 42 7 128 Other comprehensive income (loss), net of tax (6) 44 (28) (20) Ending balance $ (79) $ (95) $ (79) $ (95) Total AOCL ending balance $ (7,785) $ (7,067) $ (7,785) $ (7,067) 1. Reclassified to "Net sales" and "Sundry income (expense) - net." 2. Reclassified to "Provision for income taxes." 3. Reclassified to "Sundry income (expense) - net." 4. These AOCL components are included in the computation of net periodic benefit cost (credit) of the Company's defined benefit pension and other postretirement benefit plans. See Note 16 for additional information. 5. Reclassified to "Cost of sales," "Sundry income (expense) - net" and "Interest expense and amortization of debt discount." |
NONCONTROLLING INTERESTS Nonc_2
NONCONTROLLING INTERESTS Noncontrolling Interests (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests [Table Text Block] | The following table summarizes the activity for equity attributable to noncontrolling interests for the three and six months ended June 30, 2024 and 2023: Noncontrolling Interests Three Months Ended Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Balance at beginning of period $ 492 $ 534 $ 501 $ 529 Net income attributable to noncontrolling interests 19 16 41 36 Distributions to noncontrolling interests 1 (25) (15) (39) (28) Cumulative translation adjustments (4) (22) (20) (25) Other — (1) (1) — Balance at end of period $ 482 $ 512 $ 482 $ 512 1. |
PENSION PLANS AND OTHER POSTR_2
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 (credit) for all significant plans: Net Periodic Benefit Cost (Credit) for All Significant Plans Three Months Ended Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Defined Benefit Pension Plans Service cost $ 14 $ 71 $ 28 $ 141 Interest cost 250 279 502 558 Expected return on plan assets (343) (390) (689) (779) Amortization of prior service credit (4) (6) (7) (13) Amortization of net loss 36 23 71 47 Net periodic benefit credit $ (47) $ (23) $ (95) $ (46) Other Postretirement Benefit Plans Service cost $ 1 $ 1 $ 2 $ 2 Interest cost 11 12 22 23 Amortization of net gain (11) (15) (21) (29) Net periodic benefit cost (credit) $ 1 $ (2) $ 3 $ (4) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investing Results | The following table provides investing results from available-for-sale securities for the six months ended June 30, 2024 and 2023: Investing Results Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Proceeds from sales of available-for-sale securities $ 1,291 $ 274 Gross realized gains $ 19 $ 58 Gross realized losses $ (12) $ (13) |
Contractual Maturities of Debt Securities | The following table summarizes contractual maturities of the Company's investments in debt securities: Contractual Maturities of Debt Securities at Jun 30, 2024 Cost Fair Value In millions Within one year $ 102 $ 90 One to five years 1,215 1,130 Six to ten years 451 418 After ten years 499 401 Total $ 2,267 $ 2,039 |
Equity Securities with and without Readily Determinable Fair Value | Investments in Equity Securities Jun 30, 2024 Dec 31, 2023 In millions Readily determinable fair value $ 15 $ 17 Not readily determinable fair value $ 169 $ 171 |
Schedule of Notional Amounts of Outstanding Derivative Positions | The notional amounts of the Company's derivative instruments at June 30, 2024 and December 31, 2023 were as follows: Notional Amounts 1 Jun 30, 2024 Dec 31, 2023 In millions Derivatives designated as hedging instruments: Interest rate contracts $ 3,130 $ 3,000 Foreign currency contracts $ 4,246 $ 2,316 Derivatives not designated as hedging instruments: Interest rate contracts $ 51 $ 59 Foreign currency contracts $ 13,081 $ 5,824 1. Notional amounts represent the absolute value of open derivative positions at the end of the period. Multi-leg option positions are reflected at the maximum notional position at expiration. The notional amounts of the Company's commodity derivatives at June 30, 2024 and December 31, 2023 were as follows: Commodity Notionals 1 Jun 30, 2024 Dec 31, 2023 Notional Volume Unit Derivatives designated as hedging instruments: Hydrocarbon derivatives 3.0 3.7 million barrels of oil equivalent Derivatives not designated as hedging instruments: Hydrocarbon derivatives — 1.4 million barrels of oil equivalent 1. Notional amounts represent the net volume of open derivative positions outstanding at the end of the period. |
Schedule of Derivative Instruments | Maturity Dates of Derivatives Designated as Hedging Instruments Year Interest rate contracts 2025 Foreign currency contracts 2026 Commodity contracts 2026 |
Schedule of Fair Values of Derivative Instruments | The following table provides the fair value and balance sheet classification of derivative instruments at June 30, 2024 and December 31, 2023: Fair Value of Derivative Instruments Jun 30, 2024 Dec 31, 2023 In millions Gross Counterparty and Cash Collateral Netting 1 Net 2 Gross Counterparty and Cash Collateral Netting 1 Net 2 Asset derivatives Derivatives designated as hedging instruments: Interest rate contracts 3 $ 69 $ (69) $ — $ 73 $ (73) $ — Interest rate contracts 4 — — — 59 (56) 3 Foreign currency contracts 3 52 (36) 16 21 (5) 16 Foreign currency contracts 4 — — — 5 — 5 Commodity contracts 3 29 (14) 15 27 (21) 6 Commodity contracts 4 3 (1) 2 2 (1) 1 Total $ 153 $ (120) $ 33 $ 187 $ (156) $ 31 Derivatives not designated as hedging instruments: Interest rate contracts 3 $ — $ — $ — $ 4 $ (3) $ 1 Foreign currency contracts 3 61 (12) 49 33 (16) 17 Commodity contracts 3 28 (16) 12 33 (28) 5 Commodity contracts 4 3 — 3 — — — Total $ 92 $ (28) $ 64 $ 70 $ (47) $ 23 Total asset derivatives $ 245 $ (148) $ 97 $ 257 $ (203) $ 54 Liability derivatives Derivatives designated as hedging instruments: Interest rate contracts 5 $ 140 $ (69) $ 71 $ 95 $ (73) $ 22 Interest rate contracts 6 — — — 56 (56) — Foreign currency contracts 5 45 (36) 9 8 (5) 3 Foreign currency contracts 6 14 — 14 — — — Commodity contracts 5 18 (16) 2 34 (22) 12 Commodity contracts 6 2 (1) 1 2 (1) 1 Total $ 219 $ (122) $ 97 $ 195 $ (157) $ 38 Derivatives not designated as hedging instruments: Interest rate contracts 5 $ — $ — $ — $ 3 $ (3) $ — Foreign currency contracts 5 17 (12) 5 38 (16) 22 Commodity contracts 5 28 (17) 11 34 (28) 6 Commodity contracts 6 2 — 2 — — — Total $ 47 $ (29) $ 18 $ 75 $ (47) $ 28 Total liability derivatives $ 266 $ (151) $ 115 $ 270 $ (204) $ 66 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. 2. Represents the net amounts included in the consolidated balance sheets. 3. Included in "Other current assets" in the consolidated balance sheets. 4. Included in "Deferred charges and other assets" in the consolidated balance sheets. 5. Included in "Accrued and other current liabilities" in the consolidated balance sheets. 6. Included in "Other noncurrent obligations" in the consolidated balance sheets. |
Derivative Instruments, Gain (Loss) | The following table summarizes the gain (loss) of derivative instruments in the consolidated statements of income and comprehensive income for the three and six months ended June 30, 2024 and 2023: Effect of Derivative Instruments Gain (loss) recognized in OCI 1 Gain (loss) recognized in income 2 Three Months Ended Six Months Ended Three Months Ended Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Derivatives designated as hedging instruments: Fair value hedges: Interest rate contracts 3 $ — $ — $ — $ — $ (23) $ — $ (23) $ — Excluded components 3, 4 (4) (4) (42) (5) — — — — Cash flow hedges: Interest rate contracts 3 — — 1 5 (7) (2) (9) (4) Foreign currency contracts 5 (8) 1 (21) 1 4 (1) 5 1 Commodity contracts 5 7 (6) 22 (149) 7 (52) (1) (161) Excluded components 4, 5 — — (6) — (3) — (4) — Net foreign investment hedges: Foreign currency contracts 6 12 8 3 — — — — Excluded components 4, 6 4 28 10 31 4 7 7 7 Total derivatives designated as hedging instruments $ 5 $ 31 $ (28) $ (114) $ (18) $ (48) $ (25) $ (157) Derivatives not designated as hedging instruments: Interest rate contracts 3 $ — $ — $ — $ — $ 1 $ 1 $ 1 $ 1 Foreign currency contracts 6 — — — — 29 (29) 60 6 Commodity contracts 5 — — — — (6) 4 2 4 Total return swap 5 — — — — 4 10 26 3 Total derivatives not designated as hedging instruments $ — $ — $ — $ — $ 28 $ (14) $ 89 $ 14 Total derivatives $ 5 $ 31 $ (28) $ (114) $ 10 $ (62) $ 64 $ (143) 1. OCI is defined as other comprehensive income (loss). 2. Pretax amounts. 3. Included in "Interest expense and amortization of debt discount" in the consolidated statements of income. 4. The excluded components are related to the time value of the derivatives designated as hedges. 5. Included in "Cost of sales" in the consolidated statements of income. 6. Included in "Sundry income (expense) - net" in the consolidated statements of income. |
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 gain (loss) expected to be reclassified from AOCL to income within the next 12 months: Expected Reclassifications from AOCL within the next 12 months Jun 30, 2024 In millions Cash flow hedges: Interest rate contracts $ (4) Commodity contracts $ 11 Foreign currency contracts $ 2 Excluded components $ (4) Net foreign investment hedges: Excluded components $ 4 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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: Fair Value Measurements on a Recurring Basis Jun 30, 2024 Dec 31, 2023 In millions Fair Value Level Cost Gain Loss Fair Value Cost Gain Loss Fair Value Assets at fair value: Cash equivalents: Held-to-maturity securities 1 Level 2 $ 123 $ — $ — $ 123 $ 485 $ — $ — $ 485 Money market funds Level 2 1,197 — — 1,197 663 — — 663 Marketable securities 2 Level 2 605 — (35) 570 1,361 — (61) 1,300 Nonconsolidated affiliates 3 Level 3 — 7 Other investments: Debt securities: 4 Government debt 5 Level 2 1,010 2 (107) 905 766 3 (107) 662 Corporate bonds Level 1 18 — (1) 17 24 — (3) 21 Corporate bonds Level 2 1,039 7 (106) 940 1,148 17 (99) 1,066 Corporate bonds Level 3 200 — (23) 177 200 — (89) 111 Equity securities 4, 6 Level 1 4 11 — 15 5 12 — 17 Derivatives relating to: 7 Interest rates Level 2 — 69 — 69 — 136 — 136 Foreign currency Level 2 — 113 — 113 — 59 — 59 Commodities Level 1 — 5 — 5 — 2 — 2 Commodities Level 2 — 58 — 58 — 60 — 60 Total assets at fair value $ 4,189 $ 4,589 Liabilities at fair value: Long-term debt including debt due within one year 8 Level 2 $ (16,254) $ 1,520 $ (502) $ (15,236) $ (15,024) $ 1,089 $ (747) $ (14,682) Guarantee liability 9 Level 3 (167) (178) Derivatives relating to: 7 Interest rates Level 2 — — (140) (140) — — (154) (154) Foreign currency Level 2 — — (76) (76) — — (46) (46) Commodities Level 1 — — (7) (7) — — (2) (2) Commodities Level 2 — — (43) (43) — — (68) (68) Total liabilities at fair value $ (15,669) $ (15,130) 1. The Company's held-to-maturity securities are primarily treasury bills and time deposits. At June 30, 2024, $103 million is included in "Cash and cash equivalents" ($485 million at December 31, 2023) and $20 million is included in "Other current assets" (zero at December 31, 2023) in the consolidated balance sheets. 2. The Company’s investments in marketable securities are included in “Other current assets” in the consolidated balance sheets. 3. Estimated asset for an investment in a limited liability company included in "Investment in nonconsolidated affiliates" in the consolidated balance sheets. 4. The Company’s investments in debt securities, which are primarily available-for-sale, and equity securities are included in “Other investments” in the consolidated balance sheets. 5. U.S. Treasury obligations, U.S. agency obligations, U.S. agency mortgage-backed securities and other municipalities’ obligations. 6. Equity securities with a readily determinable fair value. 7. See Note 18 for classification of derivatives in the consolidated balance sheets. 8. Cost includes fair value hedge adjustment gains of $19 million at June 30, 2024 and $49 million at December 31, 2023 on $5,129 million of debt at June 30, 2024 and $4,479 million at December 31, 2023. 9. Estimated liability for TDCC's guarantee of Sadara's debt which is included in "Other noncurrent obligations" in the consolidated balance sheets. |
SEGMENTS AND GEOGRAPHIC REGIO_2
SEGMENTS AND GEOGRAPHIC REGIONS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 Jun 30, 2024 Net sales $ 5,515 $ 2,951 $ 2,243 $ 206 $ 10,915 Equity in earnings (losses) of nonconsolidated affiliates $ 55 $ (31) $ 2 $ — $ 26 Dow Inc. Operating EBIT 1 $ 703 $ 7 $ 146 $ (37) $ 819 Three months ended Jun 30, 2023 Net sales $ 5,940 $ 3,177 $ 2,197 $ 106 $ 11,420 Equity in earnings (losses) of nonconsolidated affiliates $ 19 $ (83) $ 6 $ 1 $ (57) Dow Inc. Operating EBIT 1 $ 918 $ (35) $ 66 $ (64) $ 885 Six months ended Jun 30, 2024 Net sales $ 10,945 $ 5,959 $ 4,395 $ 381 $ 21,680 Equity in earnings (losses) of nonconsolidated affiliates $ 80 $ (46) $ 8 $ 1 $ 43 Dow Inc. Operating EBIT 1 $ 1,308 $ 94 $ 187 $ (96) $ 1,493 Six months ended Jun 30, 2023 Net sales $ 12,054 $ 6,555 $ 4,473 $ 189 $ 23,271 Equity in earnings (losses) of nonconsolidated affiliates $ 40 $ (156) $ 9 $ 2 $ (105) Dow Inc. Operating EBIT 1 $ 1,560 $ 88 $ 101 $ (156) $ 1,593 1. Operating EBIT for TDCC for the three and six months ended June 30, 2024 and 2023 is substantially the same as that of Dow Inc. and therefore has not been disclosed separately in the table above. A reconciliation of "Net income" to Operating EBIT is provided in the following table. |
Reconciliation of income from continuing operations, net of tax to Operating EBIT [Table Text Block] | Reconciliation of "Net income" to Operating EBIT Three Months Ended Six Months Ended In millions Jun 30, 2024 Jun 30, 2023 Jun 30, 2024 Jun 30, 2023 Net income $ 458 $ 501 $ 996 $ 428 + Provision for income taxes 150 210 61 163 Income before income taxes $ 608 $ 711 $ 1,057 $ 591 - Interest income 42 66 107 142 + Interest expense and amortization of debt discount 197 172 396 357 - Significant items (56) (68) (147) (787) Operating EBIT $ 819 $ 885 $ 1,493 $ 1,593 |
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 Jun 30, 2024 Six Months Ended Jun 30, 2024 Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total In millions Restructuring, implementation and efficiency costs, and asset related charges - net 1 $ — $ — $ — $ (56) $ (56) $ (37) $ (8) $ — $ (102) $ (147) Total $ — $ — $ — $ (56) $ (56) $ (37) $ (8) $ — $ (102) $ (147) 1. Includes restructuring charges and implementation and efficiency costs associated with the Company's 2023 Restructuring Program. The six months ended June 30, 2024 also includes impairment charges related to the write-down of certain manufacturing assets. See Note 5 for additional information. Significant Items by Segment Three Months Ended Jun 30, 2023 Six Months Ended Jun 30, 2023 Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total In millions Restructuring, implementation and efficiency costs, and asset related charges - net 1 $ — $ (8) $ — $ (47) $ (55) $ (1) $ (48) $ (67) $ (490) $ (606) Litigation related charges, awards and adjustments 2 — — — — — — (177) — — (177) Indemnification and other transactions related costs 3 — — — (13) (13) — — — (4) (4) Total $ — $ (8) $ — $ (60) $ (68) $ (1) $ (225) $ (67) $ (494) $ (787) 1. Includes restructuring charges and implementation and efficiency costs associated with the Company's 2023 Restructuring Program. The six months ended June 30, 2023 also includes certain gains and losses associated with previously impaired equity investments. 2. Includes a loss associated with legacy agricultural products groundwater contamination matters. See Note 12 for additional information. 3. Primarily related to charges associated with agreements entered into with DuPont and Corteva as part of the separation and distribution which, among other matters, provides for cross-indemnities and allocations of obligations and liabilities for periods prior to, at and after the completion of the separation. |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Revenue from External Customer [Line Items] | |||||
Revenue, Percentage from Products and Service Transferred to Customers | 97% | 98% | 99% | ||
Revenue, Remaining Performance Obligation, Amount | $ 799 | $ 799 | $ 744 | ||
Revenues | 10,915 | $ 11,420 | 21,680 | $ 23,271 | |
Contract with Customer, Liability, Revenue Recognized | 90 | 175 | |||
Contract with Customer, Asset, Reclassified to Receivable | 45 | ||||
Accounts and notes receivable - Trade | 5,098 | 5,098 | 4,718 | ||
Contract assets - current | 0 | 0 | 13 | ||
Contract assets - noncurrent | 2 | 2 | 4 | ||
Contract liabilities - current | 203 | 203 | 195 | ||
Contract liabilities - noncurrent | 1,564 | 1,564 | 1,642 | ||
The Dow Chemical Company | |||||
Revenue from External Customer [Line Items] | |||||
Accounts and notes receivable - Trade | 5,098 | 5,098 | $ 4,718 | ||
U.S. & Canada | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 4,191 | 4,249 | 8,321 | 8,699 | |
EMEAI 1 | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 3,572 | 3,774 | 7,056 | 7,827 | |
Asia Pacific | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 1,901 | 2,058 | 3,822 | 4,105 | |
Latin America | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | $ 1,251 | 1,339 | $ 2,481 | 2,640 | |
Maximum [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 19 years | 19 years | |||
Packaging & Specialty Plastics [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | $ 5,515 | 5,940 | $ 10,945 | 12,054 | |
Packaging & Specialty Plastics [Member] | Hydrocarbons & Energy [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 1,447 | 1,672 | 2,914 | 3,546 | |
Packaging & Specialty Plastics [Member] | Packaging and Specialty Plastics [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 4,068 | 4,268 | 8,031 | 8,508 | |
Industrial Intermediates & Infrastructure [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 2,951 | 3,177 | 5,959 | 6,555 | |
Industrial Intermediates & Infrastructure [Member] | Industrial Solutions [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 1,040 | 1,084 | 2,068 | 2,223 | |
Industrial Intermediates & Infrastructure [Member] | Polyurethanes & CAV [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 1,909 | 2,090 | 3,886 | 4,324 | |
Industrial Intermediates & Infrastructure [Member] | Other [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 2 | 3 | 5 | 8 | |
Performance Materials & Coatings [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 2,243 | 2,197 | 4,395 | 4,473 | |
Performance Materials & Coatings [Member] | Coatings and Performance Monomers [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 928 | 875 | 1,813 | 1,733 | |
Performance Materials & Coatings [Member] | Consumer Solutions [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | 1,315 | 1,322 | 2,582 | 2,740 | |
Corporate Segment [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Revenues | $ 206 | $ 106 | $ 381 | $ 189 |
Discontinued Operations and Dis
Discontinued Operations and Disposal Groups (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Flexible Packaging and Laminating Adhesives | Packaging & Specialty Plastics [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Expected Cash Proceeds from sale of assets and related operations | $ 150 |
RESTRUCTURING AND ASSET RELAT_2
RESTRUCTURING AND ASSET RELATED CHARGES - NET (2023 Restructuring Program) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | $ 0 | $ (8) | $ (45) | $ (549) | ||||
Restructuring Charges | (56) | (55) | (147) | (606) | ||||
2023 Restructuring Program | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | 61 | $ 74 | $ 122 | $ 163 | 273 | $ 333 | 61 | 273 |
Payments for Restructuring | 13 | 48 | 41 | 110 | 60 | 11 | ||
Restructuring Reserve, Settled without Cash | 8 | 14 | 8 | 197 | ||||
Restructuring and asset related charges - net | (8) | (14) | (8) | (541) | ||||
Restructuring Reserve, Settled without Cash | (8) | (14) | (8) | (197) | ||||
Restructuring Charges | 543 | |||||||
2023 Restructuring Program | Employee Severance [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | 61 | 74 | 122 | 163 | 273 | 333 | 61 | 273 |
Payments for Restructuring | 13 | 48 | 41 | 110 | 60 | 11 | ||
Restructuring Reserve, Settled without Cash | 0 | 0 | 0 | 0 | ||||
Restructuring and asset related charges - net | 0 | 0 | 0 | (344) | ||||
Restructuring Reserve, Settled without Cash | 0 | 0 | 0 | 0 | ||||
Restructuring Charges | 344 | |||||||
2023 Restructuring Program | Asset write-downs and write-offs [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Payments for Restructuring | 0 | 0 | 0 | $ 0 | 0 | 0 | ||
Restructuring Reserve, Settled without Cash | 8 | 14 | 8 | 197 | ||||
Restructuring and asset related charges - net | (8) | (14) | (8) | (197) | ||||
Restructuring Reserve, Settled without Cash | (8) | (14) | (8) | (197) | ||||
Restructuring Charges | 199 | |||||||
2023 Restructuring Program | Restructuring Implementation Costs | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Payments for Restructuring | 56 | 47 | 102 | 87 | ||||
2023 Restructuring Program | Restructuring Implementation Costs | Additional Cash Expenditures | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Related Cost, Expected Cost | 186 | 186 | ||||||
Packaging & Specialty Plastics [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 0 | 0 | (37) | (1) | ||||
Asset Impairment Charges | 37 | |||||||
Packaging & Specialty Plastics [Member] | 2023 Restructuring Program | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | (1) | |||||||
Packaging & Specialty Plastics [Member] | 2023 Restructuring Program | Employee Severance [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | 0 | |||||||
Packaging & Specialty Plastics [Member] | 2023 Restructuring Program | Asset write-downs and write-offs [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | (1) | |||||||
Industrial Intermediates & Infrastructure [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 0 | (8) | (8) | (48) | ||||
Industrial Intermediates & Infrastructure [Member] | 2023 Restructuring Program | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | (8) | (2) | (8) | (40) | ||||
Industrial Intermediates & Infrastructure [Member] | 2023 Restructuring Program | Employee Severance [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | 0 | 0 | 0 | 0 | ||||
Industrial Intermediates & Infrastructure [Member] | 2023 Restructuring Program | Asset write-downs and write-offs [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | $ (8) | (2) | (8) | (40) | ||||
Performance Materials & Coatings [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 0 | 0 | 0 | (67) | ||||
Performance Materials & Coatings [Member] | 2023 Restructuring Program | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | (49) | |||||||
Performance Materials & Coatings [Member] | 2023 Restructuring Program | Employee Severance [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | 0 | |||||||
Performance Materials & Coatings [Member] | 2023 Restructuring Program | Asset write-downs and write-offs [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | (49) | |||||||
Corporate Segment [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | (56) | $ (47) | (102) | $ (490) | ||||
Corporate Segment [Member] | 2023 Restructuring Program | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | (16) | (451) | ||||||
Corporate Segment [Member] | 2023 Restructuring Program | Employee Severance [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | 0 | (344) | ||||||
Corporate Segment [Member] | 2023 Restructuring Program | Asset write-downs and write-offs [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges - net | (16) | $ (107) | ||||||
Accrued and Other Current Liabilities [Member] | 2023 Restructuring Program | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | 59 | 101 | 59 | |||||
Other Noncurrent Obligations [Member] | 2023 Restructuring Program | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | $ 2 | $ 21 | $ 2 |
Summary of Sundry Income (Expen
Summary of Sundry Income (Expense) - Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Charges related to separation, distribution and tax matters agreements | $ (13) | $ (4) | ||
Other Nonoperating Income (Expense) | $ 11 | 33 | $ 25 | 62 |
Sundry income (expense) - net | 76 | 31 | 137 | 110 |
Nonoperating Income (Expense) | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 61 | 97 | 122 | 193 |
Foreign Currency Transaction Gain (Loss), before Tax | (12) | (95) | (35) | (197) |
Gain (Loss) on Disposition of Other Assets | 10 | 9 | 19 | 74 |
Charges related to separation, distribution and tax matters agreements | 1 | (13) | 1 | (4) |
Gain (Loss) on Extinguishment of Debt | 5 | 0 | 5 | 0 |
Restructuring Costs | $ 0 | $ 0 | $ 0 | $ (18) |
Company-Owned Life Insurance (D
Company-Owned Life Insurance (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Gross Life Insurance, Corporate or Bank Owned, Amount | $ 613 | $ 623 |
Life Insurance, Corporate or Bank Owned, Amount | 422 | 526 |
COLI Monetization [Member] | ||
Other Short-term Borrowings | 187 | 97 |
Interest Payable | $ 4 | $ 0 |
Supplier Finance Program (Detai
Supplier Finance Program (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Minimum [Member] | ||
Supplier Finance Program, Payment Timing, Period | 90 days | |
Maximum [Member] | ||
Supplier Finance Program, Payment Timing, Period | 120 days | |
Accounts Payable | ||
Supplier Finance Program Obligation, Current | $ 328 | $ 285 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |||||
Provision for income taxes | $ 150 | $ 210 | $ 61 | $ 163 | |
Effective Income Tax Rate Reconciliation, Percent | 24.70% | 29.50% | 5.80% | 27.60% | |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | $ 194 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net income | $ 458 | $ 501 | $ 996 | $ 428 |
Net income attributable to noncontrolling interests | 19 | 16 | 41 | 36 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 3 | 3 | 6 | 6 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 436 | $ 482 | $ 949 | $ 386 |
Earnings Per Share, Basic | $ 0.62 | $ 0.68 | $ 1.35 | $ 0.55 |
Earnings Per Share, Diluted | $ 0.62 | $ 0.68 | $ 1.35 | $ 0.54 |
Weighted-average common shares outstanding - basic | 703.8 | 707 | 704.1 | 707.6 |
Dilutive effect of equity compensation plans | 1.5 | 2.9 | 1.4 | 3.1 |
Weighted-average common shares outstanding - diluted | 705.3 | 709.9 | 705.5 | 710.7 |
Stock options and restricted stock units excluded from EPS calculations | 9.4 | 12.3 | 9.1 | 10 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 3,707 | $ 3,413 |
Work in process | 1,357 | 1,234 |
Raw materials | 759 | 746 |
Supplies | 998 | 992 |
Total | 6,821 | 6,385 |
Adjustment of inventories to the LIFO basis | (362) | (309) |
Total inventories | $ 6,459 | $ 6,076 |
TRANSFERS OF FINANCIAL ASSETS (
TRANSFERS OF FINANCIAL ASSETS (Details) € in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 EUR (€) | Dec. 31, 2023 USD ($) | |
Cash Flows Between Transferor and Transferee, Proceeds from New Transfers | $ 623 | $ 0 | $ 1,050 | $ 0 | ||
Balance Outstanding Related to Transfers of Accounts Receivable | 623 | 623 | $ 170 | |||
Transfer of Financial Assets Accounted for as Sales, Amount Derecognized | 584 | 584 | 152 | |||
Transfers of Accounts Receivable, Amounts Recognized in the Balance Sheet Not Remitted | 39 | 39 | $ 18 | |||
Accounts Receivable Facility, U.S. | ||||||
Trade Accounts Receivable Eligible for Sale | $ 900 | $ 900 | ||||
Accounts Receivable Facility, Europe [Member] | ||||||
Trade Accounts Receivable Eligible for Sale | € | € 500 |
NOTES PAYABLE, LONG-TERM DEBT_3
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Notes Payable (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Short-term Debt [Line Items] | ||
Period-end average interest rates | 21.46% | 33.84% |
Notes Payable to Banks [Member] | ||
Short-term Debt [Line Items] | ||
Short-term Debt | $ 114 | $ 62 |
NOTES PAYABLE, LONG-TERM DEBT_4
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Long-Term Debt (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | |||
Unamortized debt discount and issuance costs | $ (254) | $ (254) | $ (258) |
Long-term debt due within one year 3 | (238) | (238) | (117) |
Long-Term Debt | 16,016 | 16,016 | 14,907 |
Long Term Debt, Accumulated Fair Value Adjustment | 19 | 19 | $ 49 |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 64 | 64 | |
Long-Term Debt, Maturity, Year One | 523 | 523 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 126 | 126 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1,237 | 1,237 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 694 | 694 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 1,450 | 1,450 | |
Repayments of Long-term Debt | $ 69 | ||
Senior Unsecured Notes, 5.15 Percent, Due 2034 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.15% | 5.15% | |
Debt Instrument, Face Amount | $ 600 | $ 600 | |
Senior Unsecured Notes, 5.60 Percent, Due 2054 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | 5.60% | |
Debt Instrument, Face Amount | $ 650 | $ 650 | |
Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 1,250 | 1,250 | |
InterNotes | |||
Debt Instrument [Line Items] | |||
Notes Issued | 24 | ||
Foreign Currency Loans [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 122 | $ 122 | |
2.100% Notes due November 2030 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.10% | 2.10% | |
Repayments of Debt | $ 10 | ||
2.100% Notes due November 2030 | Sundry Income (Expense), Net [Member] | |||
Debt Instrument [Line Items] | |||
Gain (Loss) on Extinguishment of Debt | $ 5 | ||
4.250% Notes due October 2034 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | |
Repayments of Debt | $ 30 | ||
4.250% Notes due October 2034 | Sundry Income (Expense), Net [Member] | |||
Debt Instrument [Line Items] | |||
Gain (Loss) on Extinguishment of Debt | $ 5 | ||
5.250% Notes due November 2041 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | 5.25% | |
Repayments of Debt | $ 8 | ||
5.250% Notes due November 2041 | Sundry Income (Expense), Net [Member] | |||
Debt Instrument [Line Items] | |||
Gain (Loss) on Extinguishment of Debt | $ 5 | ||
4.375% Notes due November 2042 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.375% | 4.375% | |
Repayments of Debt | $ 12 | ||
4.375% Notes due November 2042 | Sundry Income (Expense), Net [Member] | |||
Debt Instrument [Line Items] | |||
Gain (Loss) on Extinguishment of Debt | $ 5 | ||
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 | 5.63% | ||
Long-term Debt, Gross | $ 333 | ||
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 | 7.58% | 7.58% | 4.80% |
Long-term Debt, Gross | $ 1,367 | $ 1,367 | $ 600 |
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 | 5.11% | 5.11% | |
Long-term Debt, Gross | $ 10,021 | $ 10,021 | |
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 | 5.63% | 5.63% | |
Long-term Debt, Gross | $ 333 | $ 333 | |
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 | 4.80% | 4.80% | |
Long-term Debt, Gross | $ 600 | $ 600 | |
Loans Payable [Member] | Promissory Notes and Debentures, Final Maturity, | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 5.07% | ||
Long-term Debt, Gross | $ 8,861 | ||
Loans Payable [Member] | Promissory Notes and Debentures, Final Maturity, Year Six | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 7.58% | ||
Long-term Debt, Gross | $ 1,367 | ||
Loans Payable [Member] | Foreign Currency Loans [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 2.06% | 2.06% | 1.18% |
Long-term Debt, Gross | $ 2,614 | $ 2,614 | $ 2,653 |
Medium-term Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.18% | 4.18% | 4.12% |
Long-term Debt, Gross | $ 604 | $ 604 | $ 595 |
Finance Leases [Member] | |||
Debt Instrument [Line Items] | |||
Finance lease obligations 2 | $ 969 | $ 969 | $ 873 |
NOTES PAYABLE, LONG-TERM DEBT_5
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Committed and Available Credit Facilities (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 8,400 |
Line of Credit Facility, Remaining Borrowing Capacity | 8,400 |
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 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 | 100 |
Line of Credit Facility, Remaining Borrowing Capacity | 100 |
Revolving Credit Facility [Member] | Bilateral Revolving Credit Facility, Due September 2025 | |
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 2026 | |
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 2026 | |
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 May 2027 | |
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 June 2027 | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 350 |
Line of Credit Facility, Remaining Borrowing Capacity | 350 |
Revolving Credit Facility [Member] | Bilateral Revolving Credit Facility, Due September 2027 | |
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 2025, Facility Two | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 175 |
Line of Credit Facility, Remaining Borrowing Capacity | 175 |
Revolving Credit Facility [Member] | Bilateral Revolving Credit Facility, Due November 2025 | |
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 November 2026, Facility Two | |
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 2027 | |
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 October 2027 | |
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 2027 | |
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 Due May 2028 | |
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 | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 375 |
Line of Credit Facility, Remaining Borrowing Capacity | 375 |
Revolving Credit Facility [Member] | Bilateral Revolving Credit Facility, Due February 2026 | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 300 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 300 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Environmental Matters) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Loss Contingencies [Line Items] | ||
Accrual for environmental loss contingencies | $ 1,163 | $ 1,180 |
Accrual For Environmental Loss Contingencies Superfund Sites [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for environmental loss contingencies | $ 224 | $ 241 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES (Asbestos-Related Matters of Union Carbide Corporation) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Loss Contingencies [Line Items] | ||
Liability for Asbestos and Environmental Claims, Gross | $ 824 | $ 867 |
Percentage of recorded asbestos liability related to pending claims | 25% | |
Percentage of recorded asbestos liability related to future claims | 75% |
Commitment and Contingencies (G
Commitment and Contingencies (Groundwater Contamination) (Details) - Legacy agricultural chemical prodcuts - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | |
Product Liability Contingency [Line Items] | |||
Product Liability Accrual, Period Expense | $ 177 | ||
Product Liability Accrual, Component Amount | $ 158 | $ 232 |
COMMITMENTS AND CONTINGENCIES I
COMMITMENTS AND CONTINGENCIES Indemnifications with Corning (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Dow Silicones Corporation [Member] | ||
Loss Contingencies [Line Items] | ||
Indemnification Asset | $ 58 | $ 100 |
COMMITMENTS AND CONTINGENCIES N
COMMITMENTS AND CONTINGENCIES Nova Ethylene Asset Matter (Details) - Nova Ethylene Asset Matter [Member] $ in Millions, $ in Millions | Sep. 18, 2019 CAD ($) | Sep. 18, 2019 USD ($) | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Gain Contingencies [Line Items] | ||||
Litigation Settlement, Amount Awarded from Other Party | $ 1,430 | $ 1,080 | ||
Estimated Litigation Liability, Noncurrent | $ 201 | $ 201 |
COMMITMENTS AND CONTINGENCIES_5
COMMITMENTS AND CONTINGENCIES (Guarantees) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Sadara Chemical Company [Member] | ||
Guarantor Obligations [Line Items] | ||
Equity Method Investment, Ownership Percentage | 35% | |
Sadara Chemical Company [Member] | Total Project Financing [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, maximum future payments | $ 243 | $ 298 |
Performance Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, maximum future payments | 1,801 | 1,385 |
Guarantor obligations, recorded liability | 185 | 196 |
Performance Guarantee [Member] | Sadara Chemical Company [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, maximum future payments | 1,300 | |
Performance Guarantee [Member] | Sadara Chemical Company [Member] | Sadara Chemical Company [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, maximum future payments | 500 | |
Accounts Receivable Facilities Performance | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, maximum future payments | $ 563 | $ 150 |
LEASES COSTS AND OTHER INFORMAT
LEASES COSTS AND OTHER INFORMATION (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Operating Lease, Cost | $ 110 | $ 103 | $ 217 | $ 201 |
Finance Lease, Right-of-Use Asset, Amortization | 28 | 25 | 55 | 51 |
Finance Lease, Interest Expense | 12 | 8 | 22 | 16 |
Finance Lease, Cost | 40 | 33 | 77 | 67 |
Short-term Lease, Cost | 88 | 66 | 162 | 132 |
Variable Lease, Cost | 265 | 261 | 523 | 442 |
Sublease Income | (3) | (2) | (5) | (4) |
Lease, Cost | $ 500 | $ 461 | 974 | 838 |
Operating Lease, Payments | 223 | 205 | ||
Finance Lease, Interest Payment on Liability | 22 | 16 | ||
Finance Lease, Principal Payments | 61 | 56 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 119 | 199 | ||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 168 | $ 10 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive loss | $ (7,785) | $ (7,067) | $ (7,785) | $ (7,067) | $ (7,681) | |||
Other Comprehensive Income (Loss), Net of Tax | 29 | (2) | (104) | 72 | ||||
Derivative instruments | (6) | 44 | (28) | (20) | ||||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive loss | (198) | (161) | (198) | (161) | $ (259) | (253) | $ (222) | $ (253) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 65 | 58 | 80 | 88 | ||||
Other Comprehensive Income (Loss), Tax | (2) | 39 | (20) | 39 | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 63 | 97 | 60 | 127 | ||||
Other Comprehensive Income (Loss), Net of Tax | 61 | 61 | 55 | 92 | ||||
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 | (3) | (46) | (7) | (45) | ||||
Reclassification from AOCI, Current Period, Tax | 1 | 10 | 2 | 10 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2) | (36) | (5) | (35) | ||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive loss | (2,056) | (1,936) | (2,056) | (1,936) | (2,013) | (1,891) | (1,833) | (1,934) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (39) | (84) | (155) | 0 | ||||
Other Comprehensive Income (Loss), Tax | 0 | (12) | (3) | (10) | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (39) | (96) | (158) | (10) | ||||
Other Comprehensive Income (Loss), Net of Tax | (43) | (103) | (165) | (2) | ||||
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 | (4) | (7) | (7) | 8 | ||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive loss | (5,452) | (4,875) | (5,452) | (4,875) | (5,469) | (5,486) | (4,871) | (4,877) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 1 | (5) | 0 | (3) | ||||
Other Comprehensive Income (Loss), Net of Tax | 17 | (4) | 34 | 2 | ||||
Accumulated Defined Benefit Plans 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, before Tax | 21 | 2 | 43 | 5 | ||||
Reclassification from AOCI, Current Period, Tax | (5) | (1) | (9) | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 16 | 1 | 34 | 5 | ||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive loss | (79) | (95) | (79) | (95) | $ (73) | $ (51) | $ (139) | $ (75) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (13) | (1) | (46) | (184) | ||||
Other Comprehensive Income (Loss), Tax | 8 | 3 | 11 | 36 | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (5) | 2 | (35) | (148) | ||||
Derivative instruments | (6) | 44 | (28) | (20) | ||||
Accumulated Net Gain (Loss) from Cash Flow Hedges 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, before Tax | (1) | 55 | 9 | 164 | ||||
Reclassification from AOCI, Current Period, Tax | 0 | (13) | (2) | (36) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (1) | $ 42 | $ 7 | $ 128 |
NONCONTROLLING INTERESTS Nonc_3
NONCONTROLLING INTERESTS Noncontrolling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Noncontrolling Interest [Line Items] | ||||
Balance at beginning of period | $ 501 | |||
Balance at end of period | $ 482 | $ 512 | 482 | $ 512 |
Noncontrolling Interest [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Balance at beginning of period | 492 | 534 | 501 | 529 |
Net income attributable to noncontrolling interests | 19 | 16 | 41 | 36 |
Distributions to noncontrolling interests 1 | (25) | (15) | (39) | (28) |
Cumulative translation adjustments | (4) | (22) | (20) | (25) |
Other | 0 | (1) | (1) | 0 |
Balance at end of period | 482 | 512 | 482 | 512 |
Dividends Paid to a Joint Venture Not Included in Distributions to NCI | $ 8 | $ 8 | $ 8 | $ 8 |
PENSION PLANS AND OTHER POSTR_3
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosures [Line Items] | ||||
Service cost | $ 14 | $ 71 | $ 28 | $ 141 |
Interest cost | 250 | 279 | 502 | 558 |
Expected return on plan assets | 343 | 390 | 689 | 779 |
Amortization of prior service credit | (4) | (6) | (7) | (13) |
Defined Benefit Plan, Amortization of (Gain) Loss | 36 | 23 | 71 | 47 |
Net periodic benefit cost | (47) | (23) | (95) | (46) |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosures [Line Items] | ||||
Service cost | 1 | 1 | 2 | 2 |
Interest cost | 11 | 12 | 22 | 23 |
Defined Benefit Plan, Amortization of (Gain) Loss | (11) | (15) | (21) | (29) |
Net periodic benefit cost | $ 1 | $ (2) | $ 3 | $ (4) |
STOCK-BASED COMPENSATION (Stock
STOCK-BASED COMPENSATION (Stock Incentive Plan) (Details) - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2024 | |
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 | 1,300 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 55.17 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 10.94 | |||
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% | 10% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85% | |||
Employee Stock Purchase Plan | Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Right to purchase shares subscribed by employees | 2,500 | |||
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 | 2,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 55.18 | |||
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 | 1,400 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 58.42 |
Debt Investments (Details)
Debt Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Proceeds from sales of available-for-sale securities | $ 1,291 | $ 274 | |||
Gross realized gains | 19 | 58 | |||
Available-for-sale Securities, Gross Realized Losses | (12) | (13) | |||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost | $ 102 | 102 | |||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 90 | 90 | |||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost | 1,215 | 1,215 | |||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value | 1,130 | 1,130 | |||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | 451 | 451 | |||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 418 | 418 | |||
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost | 499 | 499 | |||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | 401 | 401 | |||
Debt Securities, Available-for-sale, Amortized Cost | 2,267 | 2,267 | |||
Debt Securities, Available-for-sale | 2,039 | 2,039 | |||
Equity Securities, Net Unrealized Gain (Loss) | 0 | $ (2) | 0 | $ (10) | |
Equity Securities, FV-NI, Current | 15 | 15 | $ 17 | ||
Equity Securities without Readily Determinable Fair Value, Amount | $ 169 | $ 169 | $ 171 |
Notional Amounts (Details)
Notional Amounts (Details) $ in Millions | Jun. 30, 2024 USD ($) Boe | Dec. 31, 2023 USD ($) Boe |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | $ 3,130 | $ 3,000 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 51 | 59 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 4,246 | 2,316 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | $ 13,081 | $ 5,824 |
Commodity Contract Hydrocarbons | Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Boe | 3,000,000 | 3,700,000 |
Commodity Contract Hydrocarbons | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Nonmonetary Notional Amount | Boe | 0 | 1,400,000 |
Schedule of Fair Value of Deriv
Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | $ 245 | $ 257 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (148) | (203) |
Derivative Asset | 97 | 54 |
Derivative Liability, Fair Value, Gross Liability | 266 | 270 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (151) | (204) |
Derivative Liability | 115 | 66 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 16 | 22 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 153 | 187 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (120) | (156) |
Derivative Asset | 33 | 31 |
Derivative Liability, Fair Value, Gross Liability | 219 | 195 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (122) | (157) |
Derivative Liability | 97 | 38 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 92 | 70 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (28) | (47) |
Derivative Asset | 64 | 23 |
Derivative Liability, Fair Value, Gross Liability | 47 | 75 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (29) | (47) |
Derivative Liability | 18 | 28 |
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | $ 71 | $ 22 |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current | Accrued Liabilities, Current |
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other noncurrent obligations | Other noncurrent obligations |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other current assets | Other current assets |
Derivative Asset, Noncurrent | $ 0 | $ (3) |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Deferred charges and other assets | Deferred charges and other assets |
Derivative Liability, Noncurrent | $ 0 | $ 0 |
Derivative Asset, Current | 0 | 0 |
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | $ 0 | $ 0 |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current | Accrued Liabilities, Current |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other current assets | Other current assets |
Derivative Asset, Current | $ 0 | $ 1 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | $ 9 | $ 3 |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current | Accrued Liabilities, Current |
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other noncurrent obligations | Other noncurrent obligations |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other current assets | Other current assets |
Derivative Asset, Noncurrent | $ 0 | $ (5) |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Deferred charges and other assets | Deferred charges and other assets |
Derivative Liability, Noncurrent | $ 14 | $ 0 |
Derivative Asset, Current | 16 | 16 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | $ 5 | $ 22 |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current | Accrued Liabilities, Current |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other current assets | Other current assets |
Derivative Asset, Current | $ 49 | $ 17 |
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | $ 2 | $ 12 |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current | Accrued Liabilities, Current |
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other noncurrent obligations | Other noncurrent obligations |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other current assets | Other current assets |
Derivative Asset, Noncurrent | $ (2) | $ (1) |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Deferred charges and other assets | Deferred charges and other assets |
Derivative Liability, Noncurrent | $ 1 | $ 1 |
Derivative Asset, Current | 15 | 6 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | $ 11 | $ 6 |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current | Accrued Liabilities, Current |
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other noncurrent obligations | Other noncurrent obligations |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other current assets | Other current assets |
Derivative Asset, Noncurrent | $ (3) | $ 0 |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Deferred charges and other assets | Deferred charges and other assets |
Derivative Liability, Noncurrent | $ 2 | $ 0 |
Derivative Asset, Current | 12 | 5 |
Other Current Assets [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 69 | 73 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (69) | (73) |
Other Current Assets [Member] | Interest Rate Contract [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 | 0 | 4 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 0 | (3) |
Other Current Assets [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 52 | 21 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (36) | (5) |
Other Current Assets [Member] | Foreign Exchange Contract [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 | 61 | 33 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (12) | (16) |
Other Current Assets [Member] | Commodity Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 29 | 27 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (14) | (21) |
Other Current Assets [Member] | Commodity Contract [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 | 28 | 33 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (16) | (28) |
Deferred charges and other assets [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 59 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 0 | (56) |
Deferred charges and other assets [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 5 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 0 | 0 |
Deferred charges and other assets [Member] | Commodity Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 3 | 2 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (1) | (1) |
Deferred charges and other assets [Member] | Commodity Contract [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 | 3 | 0 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 0 | 0 |
Accrued and Other Current Liabilities [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 140 | 95 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (69) | (73) |
Accrued and Other Current Liabilities [Member] | Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 3 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 0 | (3) |
Accrued and Other Current Liabilities [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 45 | 8 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (36) | (5) |
Accrued and Other Current Liabilities [Member] | Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 17 | 38 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (12) | (16) |
Accrued and Other Current Liabilities [Member] | Commodity Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 18 | 34 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (16) | (22) |
Accrued and Other Current Liabilities [Member] | Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 28 | 34 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (17) | (28) |
Other Noncurrent Obligations [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 56 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 0 | (56) |
Other Noncurrent Obligations [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 14 | 0 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 0 | 0 |
Other Noncurrent Obligations [Member] | Commodity Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 2 | 2 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (1) | (1) |
Other Noncurrent Obligations [Member] | Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 2 | 0 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | $ 0 | $ 0 |
Effect of Derivative Instrument
Effect of Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | $ (6) | $ 44 | $ (28) | $ (20) |
Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Hedging Activity | (18) | (48) | (25) | (157) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 5 | 31 | (28) | (114) |
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 28 | (14) | 89 | 14 |
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 | 1 | 1 | 1 | 1 |
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 | 0 | 0 | 1 | 5 |
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 | (7) | (2) | (9) | (4) |
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 | 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 | (23) | 0 | (23) | 0 |
Excluded Components [Member] | Cash Flow 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 | 0 | (6) | 0 |
Excluded Components [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Cost of Sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | (3) | 0 | (4) | 0 |
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 | 4 | 28 | 10 | 31 |
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 | 4 | 7 | 7 | 7 |
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 | (4) | (4) | (42) | (5) |
Excluded Components [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) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | 0 | 0 |
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 | 29 | (29) | 60 | 6 |
Foreign Exchange 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 | (8) | 1 | (21) | 1 |
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 | 4 | (1) | 5 | 1 |
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 | 6 | 12 | 8 | 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 | (6) | 4 | 2 | 4 |
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 | 7 | (6) | 22 | (149) |
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 | 7 | (52) | (1) | (161) |
Derivative | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 5 | 31 | (28) | (114) |
Derivative, Gain (Loss) on Derivative, Net | 10 | (62) | 64 | (143) |
Total Return Swap | 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 |
Total Return Swap | 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 | $ 4 | $ 10 | $ 26 | $ 3 |
Expected Reclassification (Deta
Expected Reclassification (Details) $ in Millions | Jun. 30, 2024 USD ($) |
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 | $ (4) |
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 | 11 |
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 | 2 |
Excluded Components [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Hedge Gain (Loss) to be Reclassified During Next 12 Months, Excluded Components, Net | (4) |
Excluded Components [Member] | Net Investment Hedging [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Hedge Gain (Loss) to be Reclassified During Next 12 Months, Excluded Components, Net | $ 4 |
FAIR VALUE MEASUREMENTS (Summar
FAIR VALUE MEASUREMENTS (Summary of Recurring Measured Fair Values) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in nonconsolidated affiliates | $ 1,239 | $ 1,267 |
Debt Securities, Available-for-sale | 2,039 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 245 | 257 |
Debt Securities, Available-for-sale, Amortized Cost | 2,267 | |
Equity Securities, FV-NI, Current | 15 | 17 |
Long Term Debt, Accumulated Fair Value Adjustment | 19 | 49 |
Derivative, Amount of Hedged Item | 5,129 | 4,479 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, Amortized Cost Basis | 4 | 5 |
Equity Securities, Accumulated Gross Unrealized Gain, Before Tax | 11 | 12 |
Equity Securities, Accumulated Gross Unrealized Loss, Before Tax | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liabilities, Accumulated Gross Unrealized Gain, Before Tax | 0 | 0 |
Derivative Liabilities, Accumulated Gross Unrealized Loss, Before Tax | (7) | (2) |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Gain, Before Tax | 5 | 2 |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Loss, Before Tax | 0 | 0 |
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, Amortized Cost | 18 | 24 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (1) | (3) |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | (16,254) | (15,024) |
Long Term Debt, Accumulated Gross Unrealized Gain, Before Tax | 1,520 | 1,089 |
Long Term Debt, Accumulated Gross Unrealized Loss, Before Tax | (502) | (747) |
Available-for-sale Debt Securities, Amortized Cost Basis, Current | 605 | 1,361 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, Current, before Tax | 0 | 0 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, Current, before Tax | (35) | (61) |
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, at Carrying Value | 123 | 485 |
Cash Equivalents, Accumulated Gross Unrealized Gain, Before Tax | 0 | 0 |
Cash Equivalents, Accumulated Gross Unrealized Loss, Before Tax | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, at Carrying Value | 1,197 | 663 |
Cash Equivalents, Accumulated Gross Unrealized Gain, Before Tax | 0 | 0 |
Cash Equivalents, Accumulated Gross Unrealized Loss, Before Tax | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liabilities, Accumulated Gross Unrealized Gain, Before Tax | 0 | 0 |
Derivative Liabilities, Accumulated Gross Unrealized Loss, Before Tax | (140) | (154) |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Gain, Before Tax | 69 | 136 |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Loss, Before Tax | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liabilities, Accumulated Gross Unrealized Gain, Before Tax | 0 | 0 |
Derivative Liabilities, Accumulated Gross Unrealized Loss, Before Tax | (76) | (46) |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Gain, Before Tax | 113 | 59 |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Loss, Before Tax | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liabilities, Accumulated Gross Unrealized Gain, Before Tax | 0 | 0 |
Derivative Liabilities, Accumulated Gross Unrealized Loss, Before Tax | (43) | (68) |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Gain, Before Tax | 58 | 60 |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Loss, Before Tax | 0 | 0 |
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, Amortized Cost | 1,010 | 766 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2 | 3 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (107) | (107) |
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, Amortized Cost | 1,039 | 1,148 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 7 | 17 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (106) | (99) |
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, Amortized Cost | 200 | 200 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (23) | (89) |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 4,189 | 4,589 |
Total liabilities at fair value | (15,669) | (15,130) |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, FV-NI, Current | 15 | 17 |
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 | 5 | 2 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | (7) | (2) |
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 | 17 | 21 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale, Current | 570 | 1,300 |
Long-term debt including debt due within one year 6 | 15,236 | 14,682 |
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, Fair Value | 123 | 485 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Held-to-maturity Securities | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, Fair Value | 103 | 485 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Held-to-maturity Securities | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, Fair Value | 20 | 0 |
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, Fair Value | 1,197 | 663 |
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 | 69 | 136 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | (140) | (154) |
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 | 113 | 59 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | (76) | (46) |
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 | 58 | 60 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | (43) | (68) |
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 | 905 | 662 |
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 | 940 | 1,066 |
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 | 85 | 86 |
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 | 16 | 18 |
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 | 75 | 75 |
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 | (167) | (178) |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Method Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in nonconsolidated affiliates | 0 | 7 |
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 | $ 177 | $ 111 |
FAIR VALUE MEASUREMENTS (Summ_2
FAIR VALUE MEASUREMENTS (Summary of Nonrecurring Measured Fair Values) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Restructuring and asset related charges - net | $ 0 | $ 8 | $ 45 | $ 549 | |||
Packaging & Specialty Plastics [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Asset Impairment Charges | $ 37 | ||||||
2023 Restructuring Program | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Restructuring and asset related charges - net | 8 | $ 14 | 8 | $ 541 | |||
2023 Restructuring Program | Packaging & Specialty Plastics [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Restructuring and asset related charges - net | 1 | ||||||
2023 Restructuring Program | Industrial Intermediates & Infrastructure [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Restructuring and asset related charges - net | 8 | 2 | 8 | 40 | |||
Asset write-downs and write-offs [Member] | 2023 Restructuring Program | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Restructuring and asset related charges - net | 8 | 14 | 8 | 197 | |||
Asset write-downs and write-offs [Member] | 2023 Restructuring Program | Packaging & Specialty Plastics [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Restructuring and asset related charges - net | 1 | ||||||
Asset write-downs and write-offs [Member] | 2023 Restructuring Program | Industrial Intermediates & Infrastructure [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Restructuring and asset related charges - net | 8 | $ 2 | $ 8 | $ 40 | |||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Manufacturing Assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure | $ 60 |
SEGMENTS AND GEOGRAPHIC REGIO_3
SEGMENTS AND GEOGRAPHIC REGIONS Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 10,915 | $ 11,420 | $ 21,680 | $ 23,271 |
Equity in earnings (losses) of nonconsolidated affiliates | 26 | (57) | 43 | (105) |
Operating EBIT | 819 | 885 | 1,493 | 1,593 |
Packaging & Specialty Plastics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 5,515 | 5,940 | 10,945 | 12,054 |
Equity in earnings (losses) of nonconsolidated affiliates | 55 | 19 | 80 | 40 |
Operating EBIT | 703 | 918 | 1,308 | 1,560 |
Industrial Intermediates & Infrastructure [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,951 | 3,177 | 5,959 | 6,555 |
Equity in earnings (losses) of nonconsolidated affiliates | (31) | (83) | (46) | (156) |
Operating EBIT | 7 | (35) | 94 | 88 |
Performance Materials & Coatings [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,243 | 2,197 | 4,395 | 4,473 |
Equity in earnings (losses) of nonconsolidated affiliates | 2 | 6 | 8 | 9 |
Operating EBIT | 146 | 66 | 187 | 101 |
Corporate Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 206 | 106 | 381 | 189 |
Equity in earnings (losses) of nonconsolidated affiliates | 0 | 1 | 1 | 2 |
Operating EBIT | $ (37) | $ (64) | $ (96) | $ (156) |
SEGMENTS AND GEOGRAPHIC REGIO_4
SEGMENTS AND GEOGRAPHIC REGIONS EBIT Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting [Abstract] | ||||
Net income | $ 458 | $ 501 | $ 996 | $ 428 |
Provision for income taxes | 150 | 210 | 61 | 163 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 608 | 711 | 1,057 | 591 |
Interest Income, Other | 42 | 66 | 107 | 142 |
Interest Expense, Debt | 197 | 172 | 396 | 357 |
Other Nonrecurring (Income) Expense | (56) | (68) | (147) | (787) |
Operating EBIT | $ 819 | $ 885 | $ 1,493 | $ 1,593 |
SEGMENTS AND GEOGRAPHIC REGIO_5
SEGMENTS AND GEOGRAPHIC REGIONS Significant Items (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | $ (56) | $ (55) | $ (147) | $ (606) |
Gain (Loss) Related to Litigation Settlement | 0 | (177) | ||
Charges related to separation, distribution and tax matters agreements | (13) | (4) | ||
Other Nonrecurring (Income) Expense | (56) | (68) | (147) | (787) |
Packaging & Specialty Plastics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | 0 | 0 | (37) | (1) |
Gain (Loss) Related to Litigation Settlement | 0 | 0 | ||
Charges related to separation, distribution and tax matters agreements | 0 | 0 | ||
Other Nonrecurring (Income) Expense | 0 | 0 | (37) | (1) |
Industrial Intermediates & Infrastructure [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | 0 | (8) | (8) | (48) |
Gain (Loss) Related to Litigation Settlement | 0 | (177) | ||
Charges related to separation, distribution and tax matters agreements | 0 | 0 | ||
Other Nonrecurring (Income) Expense | 0 | (8) | (8) | (225) |
Performance Materials & Coatings [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | 0 | 0 | 0 | (67) |
Gain (Loss) Related to Litigation Settlement | 0 | 0 | ||
Charges related to separation, distribution and tax matters agreements | 0 | 0 | ||
Other Nonrecurring (Income) Expense | 0 | 0 | 0 | (67) |
Corporate Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring Charges | (56) | (47) | (102) | (490) |
Gain (Loss) Related to Litigation Settlement | 0 | 0 | ||
Charges related to separation, distribution and tax matters agreements | (13) | (4) | ||
Other Nonrecurring (Income) Expense | $ (56) | $ (60) | $ (102) | $ (494) |