DOW INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>DOW INC. has filed its 2023 10-K report detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

DOW INC. (DOW) filed a Annual Report (10-K) with the SEC on January 31, 2024. DOW INC. reported its fiscal year 2023 results on December 31, 2023. The company's principal executive offices are located at 2211 H.H. Dow Way, Midland, MI 48674. DOW INC. was formerly known as Dow Holdings Inc. until March 5, 2019. The company operates within the Plastics, Materials, Synth Resins & Nonvulcan Elastomers industry. The filing covers the fiscal year ending December 31, 2023.

Why It Matters

For investors and stakeholders tracking DOW INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of DOW INC.'s financial health, operational performance, and strategic direction for the past fiscal year, which is crucial for investors and stakeholders to assess the company's value and future prospects. Understanding the details within this report, such as revenue segments, risk factors, and executive compensation, allows for a deeper analysis of DOW INC.'s competitive position and potential challenges in the chemical industry.

Risk Assessment

Risk Level: medium — DOW INC. shows moderate risk based on this filing. The company operates in the chemical industry, which is subject to significant regulatory oversight, market volatility, and operational risks related to production and supply chains, as indicated by its industry classification and the nature of its business.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand DOW INC.'s performance drivers and potential headwinds in the chemical sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-01-31 — Filed As Of Date (Date of filing)
• 001-38646 — SEC File Number (SEC file number for DOW INC.)
• 0001751788-24-000010 — Accession Number (Unique identifier for the filing)

Key Players & Entities

• DOW INC. (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-01-31 (date) — Filing date
• Midland, MI (location) — Business address city and state
• Dow Holdings Inc. (company) — Former company name
• 20190305 (date) — Date of name change
• 2821 (industry) — Standard Industrial Classification
• DE (location) — State of incorporation

Forward-Looking Statements

• DOW INC. will continue to operate primarily within the plastics, synthetic resins, and non-vulcan elastomers sectors. (DOW INC.) — high confidence, target: 20251231
• The company will maintain its headquarters at 2211 H.H. DOW WAY, Midland, MI. (DOW INC.) — high confidence, target: 20251231

FAQ

Industry Context

DOW INC. operates in the chemical sector, specifically in Plastics, Materials, Synth Resins & Nonvulcan Elastomers. This industry is characterized by global supply chains, commodity pricing, and significant R&D investment.

Regulatory Implications

Companies in the chemical industry are subject to environmental regulations, safety standards, and trade policies that can impact operations and profitability.

What Investors Should Do

1. Analyze DOW INC.'s revenue breakdown by segment to understand performance drivers.
2. Examine the risk factors section for potential threats to the company's operations and financial stability.
3. Review executive compensation details to understand management incentives and alignment with shareholder interests.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-01-31: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.01 — tered Dow Inc. Common Stock, par value $0.01 per share DOW New York Stock Exchange
• $53.26 — d on the last reported closing price of $53.26 per share as reported on the New York S
• $45 billion — 3, Dow delivered sales of approximately $45 billion. Learn more about Dow's ambition to be

Filing Documents

• dow-20231231.htm (10-K) — 4590KB
• dowinc202310kex21.htm (EX-21) — 287KB
• dowinc202310kex2311.htm (EX-23.1 1) — 7KB
• dowinc202310kex2312.htm (EX-23.1 2) — 8KB
• dowinc202310kex232.htm (EX-23.2) — 12KB
• dowinc202310kex311.htm (EX-31.1) — 11KB
• dowinc202310kex312.htm (EX-31.2) — 11KB
• dowinc202310kex321.htm (EX-32.1) — 5KB
• dowinc202310kex322.htm (EX-32.2) — 5KB
• dowinc2023clawbackpolicyex.htm (EX-97) — 31KB
• dow-20231231_g1.jpg (GRAPHIC) — 141KB
• dow-20231231_g10.jpg (GRAPHIC) — 35KB
• dow-20231231_g2.jpg (GRAPHIC) — 35KB
• dow-20231231_g3.jpg (GRAPHIC) — 37KB
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• dow-20231231_g8.jpg (GRAPHIC) — 33KB
• dow-20231231_g9.jpg (GRAPHIC) — 38KB
• 0001751788-24-000010.txt (&nbsp;) — 27215KB
• dow-20231231.xsd (EX-101.SCH) — 148KB
• dow-20231231_cal.xml (EX-101.CAL) — 136KB
• dow-20231231_def.xml (EX-101.DEF) — 1151KB
• dow-20231231_lab.xml (EX-101.LAB) — 1726KB
• dow-20231231_pre.xml (EX-101.PRE) — 1415KB
• dow-20231231_htm.xml (XML) — 5135KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 30 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 57 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 58 Dow Inc. and Subsidiaries: Consolidated Statements of Income. 62 Consolidated Statements of Comprehensive Income. 63 Consolidated Balance Sheets. 64 Consolidated Statements of Cash Flows. 65 Consolidated Statements of Equity. 66 The Dow Chemical Company and Subsidiaries: Consolidated Statements of Income. 67 Consolidated Statements of Comprehensive Income. 68 Consolidated Balance Sheets. 69 Consolidated Statements of Cash Flows. 70 Consolidated Statements of Equity. 71 Dow Inc. and Subsidiaries and The Dow Chemical Company and Subsidiaries: Notes to the Consolidated Financial Statements. 72 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 135 Item 9A.

Controls and Procedures

Controls and Procedures. 135 Item 9B. Other Information. 138 PART III Item 10. Directors, Executive Officers and Corporate Governance. 139 Item 11.

Executive Compensation

Executive Compensation. 139 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 139 Item 13. Certain Relationships and Related Transactions, and Director Independence. 139 Item 14. Principal Accounting Fees and Services. 139 PART IV Item 15. Exhibits, Financial Statement Schedules. 140 Item 16. Form 10-K Summary. 143

SIGNATURES

SIGNATURES 145 3 Table of Contents Dow Inc. and Subsidiaries The Dow Chemical Company and Subsidiaries This Annual Report on Form 10-K is a combined report being filed by Dow Inc. and The Dow Chemical Company and its consolidated subsidiaries ("TDCC" and together with Dow Inc., "Dow" or the "Company"). This Annual Report on Form 10-K reflects the results of Dow and its consolidated subsidiaries. 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 Annual Report on Form 10-K. The information reflected in this report is equally applicable to both Dow Inc. and TDCC, except where otherwise noted. Each of Dow Inc. and TDCC is filing information in this report on its own behalf and neither company makes any representation to the information relating to the other company. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Certain statements in this report are "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "may," "opportunity," "outlook," "plan," "project," "seek," "should," "strategy," "target," "will," "will be," "will continue," "will likely result," "would" and similar expressions, and variations or negatives of these words or phrases. Forward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties and other factors that are beyond Dow's control, which may cause actual results to differ materially from those projected, an

BUSINESS

ITEM 1. BUSINESS THE COMPANY Dow Inc. was incorporated on August 30, 2018, under Delaware law, to serve as a holding company for The Dow Chemical Company and its consolidated subsidiaries ("TDCC" and together with Dow Inc., "Dow" or the "Company"). Dow Inc. operates all of its businesses through TDCC, a wholly owned subsidiary, which was incorporated in 1947 under Delaware law and is the successor to a Michigan corporation, of the same name, organized in 1897. The Company's principal executive offices are located at 2211 H.H. Dow Way, Midland, Michigan 48674. Available Information The Company's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, are available free of charge at www.dow.com/investors , as soon as reasonably practicable after the reports are electronically filed or furnished with the U.S. Securities and Exchange Commission ("SEC"). The SEC maintains a website that contains these reports as well as proxy statements and other information regarding issuers that file electronically. The SEC's website is www.sec.gov . Dow's website and its content are not deemed incorporated by reference into this report. 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. ABOUT DOW Dow is one of the world's leading materials science companies, serving customers in high-growth markets such as packaging, infrastructure, mobility and consumer applications. The Company's global breadth, asset integration and scale, focused innovation, leading business positions and commitment to sustainability enables the Company to achieve profitable growth and help deliver a sustainable future. Dow operates manufacturing sites in 31 countries and employs appro

View Full Filing

View this 10-K filing on SEC EDGAR