Consolidated Statements of Inco
Consolidated Statements of Income (USD $) | ||
In Millions | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 |
Consolidated Statements of Income [Abstract] | ||
Net Sales | $13,417 | $9,041 |
Cost of sales | 11,541 | 8,138 |
Research and development expenses | 407 | 292 |
Selling, general and administrative expenses | 662 | 443 |
Amortization of intangibles | 128 | 22 |
Restructuring charges | 16 | 19 |
Acquisition and integration related expenses | 26 | 48 |
Equity in earnings of nonconsolidated affiliates | 304 | 65 |
Sundry income (expense) - net | 83 | (3) |
Interest income | 7 | 12 |
Interest expense and amortization of debt discount | 376 | 154 |
Income (Loss) from Continuing Operations Before Income Taxes | 655 | (1) |
Provision (Credit) for income taxes | 103 | (25) |
Net Income from Continuing Operations | 552 | 24 |
Income from discontinued operations, net of income taxes | 0 | 11 |
Net Income | 552 | 35 |
Net income attributable to noncontrolling interests | 1 | 11 |
Net Income Attributable to The Dow Chemical Company | 551 | 24 |
Preferred stock dividends | 85 | 0 |
Net Income Available for The Dow Chemical Company Common Stockholders | 466 | 24 |
Per Common Share Data: | ||
Net income from continuing operations available for common stockholders | 0.42 | 0.02 |
Discontinued operations attributable to common stockholders | 0 | 0.01 |
Earnings per common share - basic | 0.42 | 0.03 |
Net income from continuing operations available for common stockholders | 0.41 | 0.02 |
Discontinued operations attributable to common stockholders | 0 | 0.01 |
Earnings per common share - diluted | 0.41 | 0.03 |
Common stock dividends declared per share of common stock | 0.15 | 0.15 |
Weighted-average common shares outstanding - basic | 1117.5 | 925.4 |
Weighted-average common shares outstanding - diluted | 1137.9 | 932 |
Depreciation | 591 | 455 |
Capital Expenditures | $294 | $234 |
Consolidated Balance Sheets
Consolidated Balance Sheets (USD $) | ||
In Millions | Mar. 31, 2010
| Dec. 31, 2009
|
Current Assets | ||
Cash and cash equivalents (variable interest entities restricted - 2010: $172) | $2,923 | $2,846 |
Accounts and notes receivable: | ||
Trade (net of allowance for doubtful receivables - 2010: $142; 2009: $160) | 5,439 | 5,656 |
Other | 5,016 | 3,539 |
Inventories | 7,020 | 6,847 |
Deferred income tax assets - current | 482 | 654 |
Assets held for sale - current | 431 | 0 |
Total current assets | 21,311 | 19,542 |
Investments | ||
Investment in nonconsolidated affiliates | 3,006 | 3,224 |
Other investments (investments carried at fair value - 2010: $2,148; 2009: $2,136) | 2,551 | 2,561 |
Noncurrent receivables | 248 | 210 |
Total investments | 5,805 | 5,995 |
Property | ||
Property | 50,324 | 53,567 |
Accumulated depreciation | 32,992 | 35,426 |
Net property (variable interest entities restricted - 2010: $801) | 17,332 | 18,141 |
Other Assets | ||
Goodwill | 13,129 | 13,213 |
Other intangible assets (net of accumulated amortization - 2010: $1,360; 2009: $1,302) | 5,784 | 5,966 |
Deferred income tax assets - noncurrent | 2,356 | 2,039 |
Asbestos-related insurance receivables - noncurrent | 313 | 330 |
Deferred charges and other assets | 853 | 792 |
Assets held for sale - noncurrent | 663 | 0 |
Total other assets | 23,098 | 22,340 |
Total Assets | 67,546 | 66,018 |
Current Liabilities | ||
Notes payable | 2,594 | 2,139 |
Long-term debt due within one year | 1,773 | 1,082 |
Accounts payable: | ||
Trade | 4,652 | 4,153 |
Other | 2,082 | 2,014 |
Income taxes payable | 324 | 176 |
Deferred income tax liabilities - current | 64 | 78 |
Dividends payable | 255 | 254 |
Accrued and other current liabilities | 3,161 | 3,209 |
Total current liabilities | 14,905 | 13,105 |
Long-Term Debt | 18,835 | 19,152 |
Other Noncurrent Liabilities | ||
Deferred income tax liabilities - noncurrent | 1,345 | 1,367 |
Pension and other postretirement benefits - noncurrent | 7,263 | 7,242 |
Asbestos-related liabilities - noncurrent | 727 | 734 |
Other noncurrent obligations | 3,313 | 3,294 |
Liabilities held for sale - noncurrent | 66 | 0 |
Total other noncurrent liabilities | 12,714 | 12,637 |
Stockholders' Equity | ||
Preferred stock, series A ($1.00 par, $1,000 liquidation preference, 4,000,000 shares) | 4,000 | 4,000 |
Common stock | 2,908 | 2,906 |
Additional paid-in capital | 1,908 | 1,913 |
Retained earnings | 16,746 | 16,704 |
Accumulated other comprehensive loss | (4,258) | (3,892) |
Unearned ESOP shares | (508) | (519) |
Treasury stock at cost | (379) | (557) |
The Dow Chemical Company's stockholders' equity | 20,417 | 20,555 |
Noncontrolling interests | 675 | 569 |
Total equity | 21,092 | 21,124 |
Total Liabilities and Equity | $67,546 | $66,018 |
Parenthetical Data For Consolid
Parenthetical Data For Consolidated Balance Sheets (USD $) | ||
In Millions, except Share data | Mar. 31, 2010
| Dec. 31, 2009
|
Current Assets | ||
Cash and cash equivalents (variable interest entities restricted - 2010: $172) | $172 | |
Accounts and notes receivable: | ||
Trade (net of allowance for doubtful receivables - 2010: $142; 2009: $160) | 142 | 160 |
Investments | ||
Other investments (investments carried at fair value - 2010: $2,148; 2009: $2,136) | 2,148 | 2,136 |
Property | ||
Net property (variable interest entities restricted - 2010: $801) | 801 | |
Other Assets | ||
Other intangible assets (net of accumulated amortization - 2010: $1,360; 2009: $1,302) | $1,360 | $1,302 |
Stockholders' Equity | ||
Preferred stock, series A ($1.00 par, $1,000 liquidation preference, 4,000,000 shares) | 1 | 1 |
Preferred stock, series A ($1.00 par, $1,000 liquidation preference, 4,000,000 shares) | 1,000 | 1,000 |
Preferred stock, series A ($1.00 par, $1,000 liquidation preference, 4,000,000 shares) | 4,000,000 | 4,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (USD $) | ||
In Millions | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 |
Operating Activities | ||
Net Income | $552 | $35 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 757 | 508 |
Credit for deferred income tax | (155) | (83) |
Earnings of nonconsolidated affiliates less than (in excess of) dividends received | (12) | 496 |
Pension contributions | (77) | (51) |
Net loss on sales of investments | 30 | 2 |
Net gain on sales of property, businesses and consolidated companies | (92) | 0 |
Other net loss | 12 | 0 |
Restructuring charges | 16 | 19 |
Excess tax benefits from share-based payment arrangements | (1) | 0 |
Changes in assets and liabilities, net of effects of acquired and divested companies: | ||
Accounts and notes receivable | (1,536) | (23) |
Inventories | (605) | 120 |
Accounts payable | 343 | (614) |
Other assets and liabilities | 754 | (486) |
Cash used in operating activities | (14) | (77) |
Investing Activities | ||
Capital expenditures | (294) | (234) |
Proceeds from sales of property, businesses and consolidated companies | 104 | 33 |
Acquisitions of businesses | (5) | (5) |
Investments in consolidated companies, net of cash acquired | (62) | (7) |
Investments in nonconsolidated affiliates | (50) | (17) |
Distributions from nonconsolidated affiliates | 18 | 3 |
Proceeds from interests in trade accounts receivable conduits | 528 | 0 |
Purchases of investments | (321) | (108) |
Proceeds from sales and maturities of investments | 327 | 159 |
Cash provided by (used in) investing activities | 245 | (176) |
Financing Activities | ||
Changes in short-term notes payable | 528 | (1,564) |
Proceeds from notes payable | 84 | 0 |
Payments on notes payable | (657) | 0 |
Proceeds from revolving credit facility | 0 | 3,000 |
Proceeds from issuance of long-term debt | 171 | 74 |
Payments on long-term debt | (75) | (367) |
Purchases of treasury stock | (9) | (5) |
Proceeds from issuance of common stock | 13 | 0 |
Proceeds from sales of common stock | 51 | 0 |
Issuance costs for debt and equity securities | 0 | (265) |
Excess tax benefits from share-based payment arrangements | 1 | 0 |
Distributions to noncontrolling interests | 0 | (23) |
Dividends paid to stockholders | (253) | (388) |
Cash provided by (used in) financing activities | (146) | 462 |
Effect of Exchange Rate Changes on Cash | (8) | (53) |
Summary | ||
Increase in cash and cash equivalents | 77 | 156 |
Cash and cash equivalents at beginning of year | 2,846 | 2,800 |
Cash and cash equivalents at end of period | $2,923 | $2,956 |
Consolidated Statements of Equi
Consolidated Statements of Equity (USD $) | ||||
In Millions | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 | Dec. 31, 2009
| Dec. 31, 2008
|
Preferred Stock | ||||
Balance at beginning of year and end of period | $4,000 | $0 | $4,000 | $0 |
Common Stock | ||||
Balance at beginning of year | 2,906 | 2,453 | ||
Common stock issued | 2 | 0 | ||
Balance at end of period | 2,908 | 2,453 | 2,906 | 2,453 |
Additional Paid-in Capital | ||||
Balance at beginning of year | 1,913 | 872 | ||
Common stock issued | 2 | 0 | ||
Stock-based compensation and allocation of ESOP shares | (7) | (47) | ||
Balance at end of period | 1,908 | 825 | 1,913 | 872 |
Retained Earnings | ||||
Balance at beginning of year | 16,704 | 17,013 | ||
Net income available for The Dow Chemical Company common stockholders | 466 | 24 | ||
Dividends declared on common stock (Per share: $0.15 in 2010, $0.15 in 2009) | (168) | (139) | ||
Other | (8) | (2) | ||
Impact of adoption of ASU 2009-17, net of tax | (248) | 0 | ||
Balance at end of period | 16,746 | 16,896 | 16,704 | 17,013 |
Accumulated Other Comprehensive Income (Loss) | ||||
Unrealized Gains (Losses) on Investments at beginning of year | 79 | (111) | ||
Net change in unrealized gains (losses) | 13 | (24) | ||
Balance at end of period | 92 | (135) | 79 | (111) |
Cumulative Translation Adjustments at beginning of year | 624 | 221 | ||
Translation adjustments | (430) | (384) | ||
Balance at end of period | 194 | (163) | 624 | 221 |
Pension and Other Postretirement Benefit Plans at beginning of year | (4,587) | (4,251) | ||
Adjustments to pension and other postretirement benefit plans | 42 | 5 | ||
Balance at end of period | (4,545) | (4,246) | (4,587) | (4,251) |
Accumulated Derivative Gain (Loss) at beginning of year | (8) | (248) | ||
Net hedging results | 1 | (61) | ||
Reclassification to earnings | 8 | 179 | ||
Balance at end of period | 1 | (130) | (8) | (248) |
Total accumulated other comprehensive loss | (4,258) | (4,674) | (3,892) | |
Unearned ESOP Shares | ||||
Balance at beginning of year | (519) | 0 | ||
Shares allocated to ESOP participants | 11 | 0 | ||
Balance at end of period | (508) | 0 | (519) | 0 |
Treasury Stock | ||||
Balance at beginning of year | (557) | (2,438) | ||
Purchases | (9) | (5) | ||
Issuance to employees and employee plans | 187 | 59 | ||
Balance at end of period | (379) | (2,384) | (557) | (2,438) |
The Dow Chemical Company's stockholders' equity | 20,417 | 13,116 | 20,555 | |
Noncontrolling Interests | ||||
Balance at beginning of year | 569 | 69 | ||
Net income attributable to noncontrolling interests | 1 | 11 | ||
Impact of adoption of ASU 2009-17 | 100 | 0 | ||
Other | 5 | (17) | ||
Balance at end of period | 675 | 63 | 569 | 69 |
Total equity | $21,092 | $13,179 | $21,124 |
1_Parenthetical Data For Consol
Parenthetical Data For Consolidated Statements of Equity | ||
3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 | |
Retained Earnings | ||
Dividends declared on common stock (Per share: $0.15 in 2010, $0.15 in 2009) | 0.15 | 0.15 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (USD $) | ||
In Millions | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 |
Consolidated Statements of Comprehensive Income [Abstract] | ||
Net Income | $552 | $35 |
Other Comprehensive Income (Loss), Net of Tax | ||
Net change in unrealized gains (losses) on investments | 13 | (24) |
Translation adjustments | (430) | (384) |
Adjustments to pension and other postretirement benefit plans | 42 | 5 |
Net gains on cash flow hedging derivative instruments | 9 | 118 |
Total other comprehensive loss | (366) | (285) |
Comprehensive Income (Loss) | 186 | (250) |
Comprehensive income attributable to noncontrolling interests, net of tax | 1 | 11 |
Comprehensive Income (Loss) Attributable to The Dow Chemical Company | $185 | ($261) |
Consolidated Financial Statemen
Consolidated Financial Statements | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Note - Consolidated Financial Statements | NOTE A CONSOLIDATED FINANCIAL STATEMENTS The unaudited interim consolidated financial statements of The Dow Chemical Company and its subsidiaries (Dow or the Company) were prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and reflect all adjustments (including normal recurring accruals) which, in the opinion of management, are considered necessary for the fair presentation of the results for the periods presented. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Companys Annual Report on Form 10-K for the year ended December31, 2009. Certain changes to prior year balance sheet amounts have been made in accordance with the accounting guidance for business combinations to reflect adjustments made during the measurement period to provisional amounts recorded for assets acquired and liabilities assumed from Rohm and Haas Company (Rohm and Haas) on April1, 2009. |
Recent Accounting Guidance
Recent Accounting Guidance | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Note - Recent Accounting Guidance | NOTE B RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance On January1, 2010, the Company adopted Accounting Standards Update (ASU)2009-16, Transfers and Servicing (Topic860): Accounting for Transfers of Financial Assets. This ASU is intended to improve the information provided in financial statements concerning transfers of financial assets, including the effects of transfers on financial position, financial performance and cash flows, and any continuing involvement of the transferor with the transferred financial assets. The Company evaluated the impact of adopting the guidance and the terms and conditions in place at January1, 2010 and determined that certain sales of accounts receivable would be classified as secured borrowings. Under these arrangements, $915million was outstanding at January1, 2010. The maximum amount of receivables available for participation in these programs was $1,939million at January1, 2010. See NoteK for additional information about transfers of financial assets. On January1, 2010, the Company adopted ASU2009-17, Consolidations (Topic810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities, which amended the consolidation guidance applicable to variable interest entities and required additional disclosures concerning an enterprises continuing involvement with variable interest entities. The Company evaluated the impact of this guidance and determined that the adoption results in the consolidation of two additional joint ventures, an owner trust and an entity that is used to monetize accounts receivable. At January1, 2010, $793million in assets (net of tax, including the impact on Investment in nonconsolidated affiliates), $941million in liabilities, $100million in noncontrolling interest and a cumulative effect adjustment to retained earnings of $248million were recorded as a result of the adoption of this guidance. See NoteL for additional information about variable interest entities. On January1, 2010, the Company adopted ASU2010-06, Fair Value Measurements and Disclosures (Topic820): Improving Disclosures about Fair Value Measurements, which adds disclosure requirements about transfers in and out of Levels1 and2 and separate disclosures about activity relating to Level 3 measurements and clarifies existing disclosure requirements related to the level of disaggregation and input and valuation techniques. See NoteI for additional disclosures about fair value measurements. Accounting Guidance Issued But Not Adopted as of March31, 2010 In October 2009, the Financial Accounting Standards Board issued ASU 2009-13, Revenue Recognition (Topic605): Multiple-Deliverable Revenue Arrangements a consensus of the FASB Emerging Issues Task Force, which amends the criteria for when to evaluate individual delivered items in a multiple deliverable arrangement and how to allocate consideration received. This ASU is effective for fiscal years beginning on or after June15, 2010, which is January1, 2011 for the Company. The Company is currently evaluating the impact of adopting the guidance. |
Restructuring
Restructuring | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Note - Restructuring | NOTE C RESTRUCTURING 2009 Restructuring On June 30, 2009, the Companys Board of Directors approved a restructuring plan related to the Companys acquisition of Rohm and Haas as well as actions to advance the Companys strategy and to respond to continued weakness in the global economy. The restructuring plan included the elimination of approximately 2,500 positions primarily resulting from synergies achieved as a result of the acquisition of Rohm and Haas. In addition, the Company will shut down a number of manufacturing facilities. These actions are expected to be completed primarily by the end of 2011. As a result of the restructuring activities, the Company recorded pretax restructuring charges of $677million in the second quarter of 2009, consisting of asset write-downs and write-offs of $454million, costs associated with exit or disposal activities of $68million and severance costs of $155million. The severance component of the 2009 restructuring charges of $155million was for the separation of approximately 2,500employees under the terms of the Companys ongoing benefit arrangements, primarily over two years. At December31, 2009, severance of $72million had been paid and a currency adjusted liability of $84million remained for approximately 1,221employees. In the first quarter of 2010, severance of $30million was paid, leaving a currency adjusted liability of $51million for approximately 869employees at March31, 2010. In the first quarter of 2010, the Company recorded an additional $8million charge to adjust the impairment of long-lived assets and other assets related to the divestiture of certain acrylic monomer and specialty latex assets completed in the first quarter of 2010, and an additional $8million charge related to the shutdown of a small manufacturing facility under the 2009 restructuring plan. The impact of these charges is shown as Restructuring charges in the consolidated statements of income and was reflected in the following operating segments:Electronic and Specialty Materials ($8million), Coatings and Infrastructure ($5million) and Performance Products ($3million). The following table summarizes the 2010 activities related to the Companys restructuring reserve: 2010 Activities Related to 2009 Restructuring In millions Impairment of Long-Lived Assets and Other Assets Costs associated with Exit or Disposal Activities Severance Costs Total Reserve balance at December 31, 2009 - $ 68 $ 84 $ 152 Adjustment to reserve $ 16 - - 16 Cash payments - - (30 ) (30 ) Charges against reserve (16 ) - - (16 ) Foreign currency impact - - (3 ) (3 ) Reserve balance at March31, 2010 - $ 68 $ 51 $ 119 Restructuring Reserve Assumed from Rohm and Haas Included in liabilities assumed in the April 1, 2009 acquisition of Rohm and Haas was a reserve of $122million for severance and employee benefits for the separation of 1,255employees under the terms of Rohm and Haas ongoing benefit arrangement. The separations resulted from plant shutdowns, production schedule adjustments, productivity improvements and reductions in support services. Cash payment |
Acquisitions
Acquisitions | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Note - Acquisitions | NOTE D ACQUISITIONS Acquisition of Rohm and Haas On April1, 2009, the Company completed the acquisition of Rohm and Haas. Pursuant to the July10, 2008 Agreement and Plan of Merger, Ramses Acquisition Corp., a direct wholly owned subsidiary of the Company, merged with and into Rohm and Haas, with Rohm and Haas continuing as the surviving corporation and becoming a direct wholly owned subsidiary of the Company. The following table summarizes the fair values of the assets acquired and liabilities assumed from Rohm and Haas on April1, 2009. Since the acquisition, net adjustments of $145million were made to the fair values of the assets acquired and liabilities assumed with a corresponding adjustment to goodwill. These adjustments are summarized in the table presented below. The balance sheet at December31, 2009 has been retrospectively adjusted to reflect these adjustments as required by the accounting guidance for business combinations. Assets Acquired and Liabilities Assumed on April 1, 2009 In millions Initial Valuation 2009 Adjustments to Fair Value Dec.31, 2009 2010 Adjustments to Fair Value March31, 2010 Purchase Price $ 15,681 - $ 15,681 - $ 15,681 Fair Value of Assets Acquired Current assets $ 2,710 - $ 2,710 $ (18 ) $ 2,692 Property 3,930 $ (138 ) 3,792 - 3,792 Other intangible assets (1) 4,475 830 5,305 - 5,305 Other assets 1,288 32 1,320 - 1,320 Net assets of the Salt business (2) 1,475 (167 ) 1,308 - 1,308 Total Assets Acquired $ 13,878 $ 557 $ 14,435 $ (18 ) $ 14,417 Fair Value of Liabilities and Noncontrolling Interests Assumed Current liabilities $ 1,218 $ (11 ) $ 1,207 $ (1 ) $ 1,206 Long-term debt 2,528 13 2,541 - 2,541 Accrued and other liabilities and noncontrolling interests 702 - 702 - 702 Pension benefits 1,119 - 1,119 - 1,119 Deferred tax liabilities noncurrent 2,482 311 2,793 82 2,875 Total Liabilities and Noncontrolling Interests Assumed $ 8,049 $ 313 $ 8,362 $ 81 $ 8,443 Goodwill (1) $ 9,852 $ (244 ) $ 9,608 $ 99 $ 9,707 (1) See NoteG for additional information. (2) Morton International, Inc. The following table summarizes the major classes of assets and liabilities underlying the deferred tax liabilities resulting from the acquisition of Rohm and Haas: Deferred Tax Liabilities Assumed on April1, 2009 In millions As Adjusted Intangible assets $ 1,754 Property 526 Long-term debt 191 Inventories 80 Other accruals and reserves 324 Total Deferred Tax Liabilities $ 2,875 The acquisition resulted in the recognition of $9,707million of goodwill, which is not deductible for tax purposes. See NoteG for further information on goodwill, including the allocation by segment. Rohm and Haas Acquisition and Integration Related Expenses During the first quarter of 2010, pretax charges totaling $26million were recorded for integration costs related to the April1, 2009 acquisition of Rohm and Haas. During the first quarter of 2009, pr |
Divestitures
Divestitures | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Note - Divestitures | NOTE E DIVESTITURES Pending Divestiture of the Styron Business Unit On March2, 2010, the Company announced the entry into a definitive agreement to sell the Styron business unit (Styron) to an affiliate of Bain Capital Partners for $1.63billion. The Company announced its plan to form the business unit in July 2009, for the purpose of preparing certain businesses and products of the Company to operate under a different ownership structure. Businesses and products in Styron include: Styrenics polystyrene, acrylonitrile butadiene styrene, styrene acrylonitrile and expandable polystyrene; Emulsion Polymers; Polycarbonate and Compounds and Blends; Synthetic Rubber; and Automotive Plastics. Certain styrene monomer assets will also be included in the sale. The definitive agreement specifies the assets and liabilities related to the businesses and products that will be included in the sale. Dow has an option to receive up to 15percent of the equity of Styron as part of the sale consideration. Additionally, the transaction is expected to include several long-term supply, service and purchase agreements. The transaction is expected to close mid-year 2010, subject to regulatory approvals. The assets and liabilities of Styron were classified as held for sale at March 31, 2010. The results of operations were not classified as discontinued operations, as the operations and cash flows related to the assets and liabilities to be sold can not be clearly distinguished from the rest of the Company. Additionally, the Company expects continuing cash flows as a result of the supply, service and purchase agreements. The following table presents the major classes of assets and liabilities recorded as held for sale at March31, 2010: Styron Assets and Liabilities Held for Sale In millions Coatings and Infra-structure Perf Systems Perf Products Basic Plastics Hydro-carbons and Energy Corp. Total Inventories - $ 110 $ 73 $ 167 $ 81 - $ 431 Assets held for sale - current - $ 110 $ 73 $ 167 $ 81 - $ 431 Investment in nonconsolidated affiliates - - - $ 225 - - $ 225 Net property $ 13 $ 136 $ 135 120 $ 8 $ 12 424 Finite-lived intangible assets, net - 2 9 2 1 - 14 Assets held for sale - noncurrent $ 13 $ 138 $ 144 $ 347 $ 9 $ 12 $ 663 Pension and other postretirement benefits - - - - - $ 66 $ 66 Liabilities held for sale - noncurrent - - - - - $ 66 $ 66 The definitive agreement also provides for a working capital adjustment as part of the transaction. Certain of the businesses within Styron have associated goodwill of approximately $120million at March31, 2010. Divestiture of the Calcium Chloride Business On June30, 2009, the Company completed the sale of the Calcium Chloride business for net proceeds of $204million and recognized a pretax gain of $162million. The results of the Calcium Chloride business are reflected as Income from discontinued operations, net of income taxes in the consolidated statements of income for all periods presented. The following table p |
Inventories
Inventories | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Note - Inventories | NOTE F INVENTORIES The following table provides a breakdown of inventories: Inventories In millions March 31, 2010 Dec. 31, 2009 Finished goods $ 4,090 $ 3,887 Work in process 1,610 1,593 Raw materials 684 671 Supplies 636 696 Total inventories $ 7,020 $ 6,847 The reserves reducing inventories from the first-in, first-out (FIFO) basis to the last-in, first-out (LIFO) basis amounted to $1,005million at March31, 2010 and $818million at December31, 2009. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Note - Goodwill and Other Intangible Assets | NOTE G GOODWILL AND OTHER INTANGIBLE ASSETS The following table shows the carrying amount of goodwill by operating segment: Goodwill In millions Electronic and Specialty Materials Coatings and Infra- structure Health and Ag Sciences Perf Systems Perf Products Basic Plastics Hydro-carbons and Energy Total Net goodwill at Dec.31, 2009 $ 5,950 $ 4,079 $ 1,546 $ 962 $ 548 $ 65 $ 63 $ 13,213 Foreign currency impact (34 ) (37 ) - (8 ) (5 ) - - (84 ) Net goodwill at March31, 2010 $ 5,916 $ 4,042 $ 1,546 $ 954 $ 543 $ 65 $ 63 $ 13,129 The recording of the April1, 2009 acquisition of Rohm and Haas (see NoteD) resulted in goodwill of $9,707million, which is not deductible for tax purposes. During the first quarter of 2010, goodwill related to the acquisition of Rohm and Haas increased $99million for net adjustments made during the measurement period to the fair values of the assets acquired and liabilities assumed. In the table above, these retrospective adjustments are reflected in the net goodwill at December 31, 2009, in accordance with the accounting guidance for business combinations. The retrospective adjustments increased goodwill for the operating segments as follows:Electronic and Specialty Materials ($39million), Coatings and Infrastructure ($51million), Health and Agricultural Sciences ($2million), Performance Systems ($3million) and Performance Products ($4million). Accumulated impairments were $250million at March31, 2010 and December31, 2009. The following table provides information regarding the Companys other intangible assets: Other Intangible Assets At March 31, 2010 At December 31, 2009 In millions Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Intangible assets with finite lives: Licenses and intellectual property $ 1,705 $ (335 ) $ 1,370 $ 1,729 $ (320 ) $ 1,409 Patents 120 (92 ) 28 140 (107 ) 33 Software 874 (445 ) 429 875 (439 ) 436 Trademarks 691 (123 ) 568 694 (110 ) 584 Customer related 3,540 (298 ) 3,242 3,613 (261 ) 3,352 Other 139 (67 ) 72 142 (65 ) 77 Total other intangible assets, finite lives $ 7,069 $ (1,360 ) $ 5,709 $ 7,193 $ (1,302 ) $ 5,891 IPRD (1), indefinite lives 75 - 75 75 - 75 Total other intangible assets $ 7,144 $ (1,360 ) $ 5,784 $ 7,268 $ (1,302 ) $ 5,966 (1) Purchased in-process research and development (IPRD). The following table provides information regarding amortization expense: Amortization Expense Three Months Ended In millions March 31, 2010 March 31, 2009 Other intangible assets, excluding software $ 128 $ 22 Software, included in Cost of sales $ 21 $ 14 Total estimated amortization expense for 2010 and the five succeeding fiscal years is as follows: Estimated Amortization Expense In millions 2010 $ 575 2011 $ 561 2012 $ 540 2013 $ 520 2014 $ 496 2015 $ 479 |
Financial Instruments
Financial Instruments | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Note - Financial Instruments | NOTE H FINANCIAL INSTRUMENTS Investments The Companys investments in marketable securities are primarily classified as available-for-sale. Investing Results In millions Three Months Ended March 31, 2010 Proceeds from sales of available-for-sale securities $ 320 Gross realized gains $ 13 Gross realized losses $ (1 ) The following table summarizes the contractual maturities of the Companys investments in debt securities: Contractual Maturities of Debt Securities at March31, 2010 In millions Amortized Cost Fair Value Within one year $ 43 $ 43 One to five years 615 657 Six to ten years 582 610 After ten years 273 288 Total $ 1,513 $ 1,598 At March31, 2010, the Company had $400million of held-to-maturity securities (primarily Treasury Bills) classified as cash equivalents, as these securities had original maturities of three months or less. At December31, 2009, the amount held was zero. The Companys investments in held-to-maturity securities are held at amortized cost, which approximates fair value. At March31, 2010, the Company had investments in money market funds of $73million classified as cash equivalents ($164million at December31, 2009). The net unrealized gain recognized during the first quarter of 2010 on trading securities held at March31, 2010 was $7million. The following tables provide the fair value and gross unrealized losses of the Companys investments that were deemed to be temporarily impaired at March31, 2010 and December31, 2009, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: Temporarily Impaired Securities at March31, 2010 Less than 12 months 12 months or more Total In millions Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Debt securities: U.S. Treasury obligations and direct obligations of U.S. government agencies $ 222 $ (2 ) - - $ 222 $ (2 ) Corporate bonds 51 (1 ) $ 8 $ (1 ) 59 (2 ) Total debt securities $ 273 $ (3 ) $ 8 $ (1 ) $ 281 $ (4 ) Equity securities 82 (3 ) 1 - 83 (3 ) Total temporarily impaired securities $ 355 $ (6 ) $ 9 $ (1 ) $ 364 $ (7 ) Temporarily Impaired Securities at December31, 2009 Less than 12 months 12 months or more Total In millions Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Debt securities: U.S. Treasury obligations and direct obligations of U.S. government agencies $ 217 $ (4 ) - - $ 217 $ (4 ) Corporate bonds 27 (1 ) $ 13 $ (1 ) 40 (2 ) Total debt securities $ 244 $ (5 ) $ 13 $ (1 ) $ 257 $ (6 ) Equity securities 40 (2 ) 7 (1 ) 47 (3 ) Total temporarily impaired securities $ 284 $ (7 ) $ 20 $ (2 ) $ 304 $ (9 ) Portfolio managers regularly review the Companys holdings to determine if any investments are other-than-temporarily impaired. The analysis includes reviewing the amount of a temporary impairment, as well |
Fair Value Measurements
Fair Value Measurements | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Note - Fair Value Measurements | NOTE I FAIR VALUE MEASUREMENTS The following table summarizes the bases used to measure certain assets and liabilities at fair value on a recurring basis in the consolidated balance sheets: Basis of Fair Value Measurements on a Recurring Basis at March31, 2010 In millions Quoted Prices in Active Markets for Identical Items (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Counterparty and Cash Collateral Netting (1) Total Assets at fair value: Accounts and notes receivable Other (2) - - $ 1,224 - $ 1,224 Equity securities (3) $ 514 $ 36 - - 550 Debt securities: (3) U.S. Treasury obligations and direct obligations of U.S. government agencies - 695 - - 695 Corporate bonds - 903 - - 903 Derivatives relating to: (4) Foreign currency - 106 - $ (55 ) 51 Commodities 8 20 - (13 ) 15 Total assets at fair value $ 522 $ 1,760 $ 1,224 $ (68 ) $ 3,438 Liabilities at fair value: Derivatives relating to: (4) Foreign currency - $ 93 - $ (55 ) $ 38 Commodities $ 8 16 - (20 ) 4 Total liabilities at fair value $ 8 $ 109 - $ (75 ) $ 42 Basis of Fair Value Measurements on a Recurring Basis at December31, 2009 In millions Quoted Prices in Active Markets for Identical Items (Level 1) Significant Other Observable Inputs (Level 2) Counterparty and Cash Collateral Netting (1) Total Assets at fair value: Equity securities (3) $ 483 $ 34 - $ 517 Debt securities (3) U.S. Treasury obligations and direct obligations of U.S. government agencies - 697 - 697 Corporate bonds - 922 - 922 Derivatives relating to: (4) Foreign currency - 129 $ (48 ) 81 Commodities 28 4 (27 ) 5 Total assets at fair value $ 511 $ 1,786 $ (75 ) $ 2,222 Liabilities at fair value: Derivatives relating to: (4) Foreign currency - $ 68 $ (48 ) $ 20 Commodities $ 24 18 (24 ) 18 Total liabilities at fair value $ 24 $ 86 $ (72 ) $ 38 (1) Cash collateral is classified as "Accounts and notes receivable - Other" in the consolidated balance sheets. 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) See Note K for additional information on transfers of financial assets. (3) The Company's investments in equity and debt securities are primarily classified as available-for-sale and are included in "Other investments" in the consolidated balance sheets. (4) See Note H for the classification of derivatives in the consolidated balance sheets. For assets and liabilities classified as Level1 measurements (measured using quoted prices in active markets), the total fair value is either the price of the most recent trade at the time of the market close or the of |
Commitments And Contingent Liab
Commitments And Contingent Liabilities | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Note - Commitments and Contingent Liabilities | NOTE J COMMITMENTS AND CONTINGENT LIABILITIES Litigation Breast Implant Matters On May 15, 1995, Dow Corning Corporation (Dow Corning), in which the Company is a 50percent shareholder, voluntarily filed for protection under Chapter11 of the Bankruptcy Code to resolve litigation related to Dow Cornings breast implant and other silicone medical products. On June1, 2004, Dow Cornings Joint Plan of Reorganization (the Joint Plan) became effective and Dow Corning emerged from bankruptcy. The Joint Plan contains release and injunction provisions resolving all tort claims brought against various entities, including the Company, involving Dow Cornings breast implant and other silicone medical products. To the extent not previously resolved in state court actions, cases involving Dow Cornings breast implant and other silicone medical products filed against the Company were transferred to the U.S. District Court for the Eastern District of Michigan (the District Court) for resolution in the context of the Joint Plan. On October 6, 2005, all such cases then pending in the District Court against the Company were dismissed. Should cases involving Dow Cornings breast implant and other silicone medical products be filed against the Company in the future, they will be accorded similar treatment. It is the opinion of the Companys management that the possibility is remote that a resolution of all future cases will have a material adverse impact on the Companys consolidated financial statements. As part of the Joint Plan, Dow and Corning Incorporated agreed to provide a credit facility to Dow Corning in an aggregate amount of $300million, which was reduced to $250million effective June1, 2009. The Companys share of the credit facility was originally $150million, but was reduced to $125million effective June1, 2009, and is subject to the terms and conditions stated in the Joint Plan. At March31, 2010, no draws had been taken against the credit facility. DBCP Matters Numerous lawsuits have been brought against the Company and other chemical companies, both inside and outside of the United States, alleging that the manufacture, distribution or use of pesticides containing dibromochloropropane (DBCP) has caused personal injury and property damage, including contamination of groundwater. It is the opinion of the Companys management that the possibility is remote that the resolution of such lawsuits will have a material adverse impact on the Companys consolidated financial statements. 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 March31, 2010, the Company had accrued obligations of $612million for environmental remediation and restoration costs, including $76million for the remediation of Superfund sites. This is managements best estimate of the costs for remediation and restoration with respect to environmental matters for which the Company has accrued liabilities, although the ultimate cost with respect to these particular matters could range up to approximat |
Transfers of Financial Assets
Transfers of Financial Assets | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Note - Transfers of Financial Assets | NOTE K TRANSFERS OF FINANCIAL ASSETS On January1, 2010, the Company adopted ASU2009-16, Transfers and Servicing (Topic860): Accounting for Transfers of Financial Assets. This ASU is intended to improve the information provided in financial statements concerning transfers of financial assets, including the effects of transfers on financial position, financial performance and cash flows, and any continuing involvement of the transferor with the transferred financial assets. The Company evaluated the impact of adopting the guidance and the terms and conditions in place at January 1, 2010 and determined that certain sales of accounts receivables would be classified as secured borrowings. Under these arrangements, $915million was outstanding at January1, 2010. The maximum amount of receivables available for participation in these programs was $1,939million at January1, 2010. In January 2010, the Company terminated one of the arrangements and replaced it with a new arrangement that qualified for treatment as a sale under ASU2009-16. The arrangement related to $294million of the $915million outstanding at January1, 2010 and $1,100million of the $1,939million maximum participation. Sale of Trade Accounts Receivable in North America In January 2010, the Company terminated its previous facilities used in North America for the transfers of trade accounts receivable by entering into an agreement to repurchase the outstanding receivables for $264million and replacing it with a new arrangement. During the three months ended March31, 2010, under the new arrangement, the Company sold trade accounts receivable of select North America entities on a revolving basis to certain multi-seller commercial paper conduit entities. The Company maintains servicing responsibilities and the related costs are insignificant. The proceeds received are comprised of cash and interests in specified assets (the receivables sold by the Company) of the conduits that entitle the Company to the residual cash flows of such specified assets in the conduits after the commercial paper has been repaid. Neither the conduits nor the investors in those entities have recourse to other assets of the Company in the event of nonpayment by the debtors. During the three months ended March31, 2010, the Company recognized a loss of $4million on the sale of receivables, which is classified as Interest expense and amortization of debt discount in the consolidated statements of income. The Company classifies its interests in the conduits as Accounts and notes receivable Other on the consolidated balance sheets and those interests are carried at fair value. Fair value of the interests is determined by calculating the expected amount of cash to be received and is based on unobservable inputs (a Level3 measurement). The key input in the valuation is percentage of anticipated credit losses, which was 1.74percent, in the portfolio of receivables sold that have not yet been collected. Given the short-term nature of the underlying receivables, discount rates and prepayments are not factors in determining the fair value of the interests. At March31, 2010, the carrying value of the interests held |
Variable Interest Entities
Variable Interest Entities | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Note - Variable Interest Entities | NOTE L VARIABLE INTEREST ENTITIES On January 1, 2010, the Company adopted ASU2009-17, Consolidations (Topic810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities. ASU2009-17 amends the consolidation guidance applicable to variable interest entities (VIEs) and requires additional disclosures concerning an enterprises continuing involvement with VIEs. The Company evaluated the impact of this guidance and determined that the adoption resulted in the January1, 2010 consolidation of two additional joint ventures, an owner trust and an entity that is used to monetize accounts receivable. The Company elected prospective application of this guidance at adoption. The following table summarizes the carrying amount of the assets and liabilities of the two additional joint ventures and the owner trust entity included in the Companys consolidated balance sheets at January1, 2010. Assets and Liabilities of Newly Consolidated VIEs Included in the Consolidated Balance Sheet In millions Jan.1, 2010 Current assets $ 37 Property 209 Other noncurrent assets 3 Total assets $ 249 Current liabilities $ 76 Long-term debt 346 Total liabilities $ 422 The carrying amounts of assets and liabilities pertaining to the entity used to monetize accounts receivables, included in the Companys consolidated balance sheets at January 1, 2010, were current assets of $817million and current liabilities of $589million. Consolidated Variable Interest Entities The Company holds a variable interest in four joint ventures for which the Company is the primary beneficiary. Three of the joint ventures are development stage enterprises, which will produce propylene oxide and hydrogen peroxide and provide terminal services in Thailand. The Companys variable interest in these joint ventures relates to cost-plus arrangements between the joint venture and the Company, involving the majority of the output on take-or-pay terms and ensuring a guaranteed return to the joint ventures. At March31, 2010, the Company provided guarantees with a maximum exposure of $384 million on the construction-related debt of these joint ventures. The other joint venture was acquired through the acquisition of Rohm and Haas on April1, 2009. This joint venture manufactures products in Japan for the semiconductor industry. Each joint venture partner holds several equivalent variable interests, with the exception of a royalty agreement held exclusively between the joint venture and the Company. In addition, the entire output of the joint venture is sold to the Company for resale to third-party customers. The Company holds a variable interest in an owner trust, for which the Company is the primary beneficiary. The owner trust leases an ethylene facility in The Netherlands to the Company, whereby substantially all of the rights and obligations of ownership are transferred to the Company. The Companys variable interest in the owner trust relates to a residual value guarantee provided to the owner trust. Upon expiration of the lease, which matures in 2014, the Company may purchase the facility for an amount based on a fair ma |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefits | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Note - Pension Plans and Other Postretirement Benefits | NOTE M PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Net Periodic Benefit Cost for All Significant Plans Three Months Ended In millions March 31, 2010 March 31, 2009 Defined Benefit Pension Plans: Service cost $ 79 $ 58 Interest cost 276 238 Expected return on plan assets (304 ) (288 ) Amortization of prior service cost 7 8 Amortization of net loss 67 26 Net periodic benefit cost $ 125 $ 42 Other Postretirement Benefits: Service cost $ 4 $ 4 Interest cost 28 29 Expected return on plan assets (3 ) (4 ) Amortization of prior service credit - (1 ) Net periodic benefit cost $ 29 $ 28 |
Stock Based Compensation
Stock Based Compensation | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Note - Stock Based Compensation | NOTE N STOCK-BASED COMPENSATION The Company grants stock-based compensation to employees under the Employees Stock Purchase Plan (ESPP) and the 1988 Award and Option Plan (the 1988 Plan) and to non-employee directors under the 2003 Non-Employee Directors Stock Incentive Plan. During the first quarter of 2010, employees subscribed to the right to purchase 13.8million shares with a weighted-average exercise price of $18.09per share and a weighted-average fair value of $11.90per share under the ESPP. During the first quarter of 2010, the Company granted the following stock-based compensation awards to employees under the 1988 Plan: 8.5million stock options with a weighted-average exercise price of $27.79per share and a weighted-average fair value of $9.17per share; 4.3million shares of deferred stock with a weighted-average fair value of $27.81per share; and 0.9million shares of performance deferred stock with a weighted-average fair value of $27.79per share. During the first quarter of 2010, the Company granted the following stock-based compensation awards to non-employee directors under the 2003 Non-Employee Directors Stock Incentive Plan: 38,940 shares of restricted stock with a weighted-average fair value of $30.00per share. Total unrecognized compensation cost at March 31, 2010, including unrecognized cost related to the first quarter of 2010 activity, is provided in the following table: Total Unrecognized Compensation Cost at March 31, 2010 In millions Unrecognized Compensation Cost Weighted-average Recognition Period ESPP purchase rights $95 2.7 months Unvested stock options $82 0.78 year Deferred stock awards $168 0.97 year Performance deferred stock awards $49 0.74 year |
Earnings Per Share Calculations
Earnings Per Share Calculations | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Note - Earnings Per Share Calculations | NOTE O EARNINGS PER SHARE CALCULATIONS Net Income Three Months Ended In millions March 31, 2010 March 31, 2009 Net income from continuing operations $ 552 $ 24 Income from discontinued operations, net of income taxes - 11 Net income attributable to noncontrolling interests (1 ) (11 ) Net income attributable to The Dow Chemical Company $ 551 $ 24 Preferred stock dividends (85 ) - Net income available for common stockholders $ 466 $ 24 Earnings Per Share Calculations - Basic Three Months Ended Dollars per share March 31, 2010 March 31, 2009 Net income from continuing operations $ 0.49 $ 0.03 Income from discontinued operations, net of income taxes - 0.01 Net income attributable to noncontrolling interests - (0.01 ) Net income attributable to The Dow Chemical Company $ 0.49 $ 0.03 Preferred stock dividends (0.07 ) - Net income available for common stockholders $ 0.42 $ 0.03 Earnings Per Share Calculations - Diluted Three Months Ended Dollars per share March 31, 2010 March 31, 2009 Net income from continuing operations $ 0.48 $ 0.03 Income from discontinued operations, net of income taxes - 0.01 Net income attributable to noncontrolling interests - (0.01 ) Net income attributable to The Dow Chemical Company $ 0.48 $ 0.03 Preferred stock dividends (1) (0.07 ) - Net income available for common stockholders $ 0.41 $ 0.03 Shares in millions Weighted-average common shares - basic 1,117.5 925.4 Plus dilutive effect of stock options and awards 20.4 6.6 Weighted-average common shares - diluted 1,137.9 932.0 Stock options and deferred stock awards excluded from EPS calculations (2) 47.9 65.8 Conversion of preferred stock excluded from EPS calculations (3) 96.8 - (1) Preferred stock dividends were not added back in the calculation of diluted earnings per share because the effect of adding them back would have been anti-dilutive. (2) These outstanding options to purchase shares of common stock and deferred stock awards were excluded from the calculation of diluted earnings per share because the effect of including them would have been anti-dilutive. (3) Conversion of the Cumulative Convertible Perpetual Preferred Stock, Series A into shares of the Companys common stock was excluded from the calculation of diluted earnings per share because the effect of including them would have been anti-dilutive. |
Operating Segments and Geograph
Operating Segments and Geographic Areas | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Note - Operating Segments and Geographic Areas | NOTE P OPERATING SEGMENTS AND GEOGRAPHIC AREAS Corporate Profile Dow combines the power of science and technology with the Human Element to passionately innovate what is essential to human progress. The Company connects chemistry and innovation with the principles of sustainability to help address many of the worlds most challenging problems such as the need for clean water, renewable energy generation and conservation, and increasing agricultural productivity. Dows diversified industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses deliver a broad range of technology-based products and solutions to customers in approximately 160countries and in high growth sectors such as electronics, water, energy, coatings and agriculture. In 2009, Dow had annual sales of $44.9billion and employed approximately 52,000 people worldwide. The Companys more than 5,000 products are manufactured at 214sites in 37countries across the globe. The following descriptions of the Companys eight operating segments include a representative listing of products for each business. ELECTRONIC AND SPECIALTY MATERIALS Applications: chemical mechanical planarization (CMP) pads and slurries chemical processing and intermediates electronic displays food and pharmaceutical processing and ingredients printed circuit board materials semiconductor packaging, connectors and industrial finishing water purification Dow Electronic Materials is a leading global supplier of materials for chemical mechanical planarization; materials used in the production of electronic displays; products and technologies that drive leading edge semiconductor design; materials used in the fabrication of printed circuit boards; and integrated metallization processes critical for interconnection, corrosion resistance, metal finishing and decorative applications. These enabling materials are found in applications such as consumer electronics, flat panel displays and telecommunications. Products: ACuPLANE CMP slurries; AR antireflective coatings; AUROLECTROLESS immersion gold process; COPPER GLEAM acid copper plating products; DURAPOSIT electroless nickel process; ENLIGHT products for photovoltaic manufacturers; EPIC immersion photoresists; INTERVIA photodielectrics for advanced packaging; LITHOJET digital imaging processes; OPTOGRADE metalorganic precursors; VISIONPAD CMP pads Specialty Materials is a portfolio of businesses characterized by a vast global footprint, a broad array of unique chemistries, multi-functional ingredients and technology capabilities, combined with key positions in the pharmaceuticals, food, home and personal care, water and energy production, and industrial specialty industries. These technology capabilities and market platforms enable the businesses to develop innovative solutions that address modern societal needs for sufficient and clean water, air and energy, material preservation and improved health care, disease prevention, nutrition and wellness. The businesses global footprint and geographic reach provide multiple opportunities for value growth. Specialty Materials consists of five global businesses: Dow |
Document Information
Document Information | |
3 Months Ended
Mar. 31, 2010 | |
Document Information [Text Block] | |
Document Type | 10-Q |
Document Period End Date | 2010-03-31 |
Amendment Flag | false |
Entity Information
Entity Information (USD $) | ||
3 Months Ended
Mar. 31, 2010 | Jun. 30, 2009
| |
Entity [Text Block] | ||
Entity Registrant Name | DOW CHEMICAL CO /DE/ | |
Entity Central Index Key | 0000029915 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Public Float | $18,400,000,000 | |
Entity Common Stock, Shares Outstanding | 1,154,900,085 | |
Document Fiscal Year Focus | 2,010 | |
Document Fiscal Period Focus | Q1 |