Commission File Number | Exact Name of Registrant as Specified in its Charter, Principal Office Address and Telephone Number | State of Incorporation or Organization | I.R.S. Employer Identification No. | ||||||||
( |
Registrant | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||
Emerging growth company |
Exhibit No. | Exhibit Description | ||||
Press release issued by Dow Inc. on | |||||
104 | Cover Page Interactive Data File. The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded with the Inline XBRL document. |
Signature |
/s/ ANDREA L. DOMINOWSKI | ||
Andrea L. Dominowski Controller and Vice President of Controllers |
Three Months Ended Mar 31 | Three Months Ended Dec 31 | ||||||||||||||||
In millions, except per share amounts | 1Q24 | 1Q23 | vs. SQLY [B / (W)] | 4Q23 | vs. PQ [B / (W)] | ||||||||||||
Net Sales | $ | 10,765 | $ | 11,851 | $ | (1,086) | $ | 10,621 | $ | 144 | |||||||
GAAP Income (Loss), Net of Tax | $ | 538 | $ | (73) | $ | 611 | $ | (95) | $ | 633 | |||||||
Operating EBIT1 | $ | 674 | $ | 708 | $ | (34) | $ | 559 | $ | 115 | |||||||
Operating EBIT Margin1 | 6.3 | % | 6.0 | % | 30 bps | 5.3 | % | 100 bps | |||||||||
Operating EBITDA1 | $ | 1,394 | $ | 1,356 | $ | 38 | $ | 1,216 | $ | 178 | |||||||
GAAP Earnings (Loss) Per Share | $ | 0.73 | $ | (0.13) | $ | 0.86 | $ | (0.15) | $ | 0.88 | |||||||
Operating Earnings Per Share1 | $ | 0.56 | $ | 0.58 | $ | (0.02) | $ | 0.43 | $ | 0.13 | |||||||
Cash Provided by Operating Activities - Cont. Ops | $ | 460 | $ | 531 | $ | (71) | $ | 1,628 | $ | (1,168) |
Three Months Ended Mar 31 | Three Months Ended Dec 31 | ||||||||||||||||
In millions, except margin percentages | 1Q24 | 1Q23 | vs. SQLY [B / (W)] | 4Q23 | vs. PQ [B / (W)] | ||||||||||||
Net Sales | $ | 5,430 | $ | 6,114 | $ | (684) | $ | 5,641 | $ | (211) | |||||||
Operating EBIT | $ | 605 | $ | 642 | $ | (37) | $ | 664 | $ | (59) | |||||||
Operating EBIT Margin | 11.1 | % | 10.5 | % | 60 bps | 11.8 | % | (70) bps | |||||||||
Equity Earnings | $ | 25 | $ | 21 | $ | 4 | $ | 40 | $ | (15) |
Three Months Ended Mar 31 | Three Months Ended Dec 31 | ||||||||||||||||
In millions, except margin percentages | 1Q24 | 1Q23 | vs. SQLY [B / (W)] | 4Q23 | vs. PQ [B / (W)] | ||||||||||||
Net Sales | $ | 3,008 | $ | 3,378 | $ | (370) | $ | 2,948 | $ | 60 | |||||||
Operating EBIT | $ | 87 | $ | 123 | $ | (36) | $ | 15 | $ | 72 | |||||||
Operating EBIT Margin | 2.9 | % | 3.6 | % | (70) bps | 0.5 | % | 240 bps | |||||||||
Equity Losses | $ | (15) | $ | (73) | $ | 58 | $ | (57) | $ | 42 |
Three Months Ended Mar 31 | Three Months Ended Dec 31 | ||||||||||||||||
In millions, except margin percentages | 1Q24 | 1Q23 | vs. SQLY [B / (W)] | 4Q23 | vs. PQ [B / (W)] | ||||||||||||
Net Sales | $ | 2,152 | $ | 2,276 | $ | (124) | $ | 1,894 | $ | 258 | |||||||
Operating EBIT | $ | 41 | $ | 35 | $ | 6 | $ | (61) | $ | 102 | |||||||
Operating EBIT Margin | 1.9 | % | 1.5 | % | 40 bps | (3.2) | % | 510 bps | |||||||||
Equity Earnings | $ | 6 | $ | 3 | $ | 3 | $ | 6 | $ | — |
Investors: | Media: | ||||
Pankaj Gupta | Sarah Young | ||||
pgupta@dow.com | syoung3@dow.com | ||||
+1 989-638-5265 | +1 989-638-6871 |
In millions, except per share amounts (Unaudited) | Three Months Ended | |||||||
Mar 31, 2024 | Mar 31, 2023 | |||||||
Net sales | $ | 10,765 | $ | 11,851 | ||||
Cost of sales | 9,488 | 10,629 | ||||||
Research and development expenses | 204 | 214 | ||||||
Selling, general and administrative expenses | 442 | 428 | ||||||
Amortization of intangibles | 81 | 81 | ||||||
Restructuring and asset related charges - net | 45 | 541 | ||||||
Equity in earnings (losses) of nonconsolidated affiliates | 17 | (48) | ||||||
Sundry income (expense) - net | 61 | 79 | ||||||
Interest income | 65 | 76 | ||||||
Interest expense and amortization of debt discount | 199 | 185 | ||||||
Income (loss) before income taxes | 449 | (120) | ||||||
Credit for income taxes | (89) | (47) | ||||||
Net income (loss) | 538 | (73) | ||||||
Net income attributable to noncontrolling interests | 22 | 20 | ||||||
Net income (loss) available for Dow Inc. common stockholders | $ | 516 | $ | (93) | ||||
Per common share data: | ||||||||
Earnings (loss) per common share - basic | $ | 0.73 | $ | (0.13) | ||||
Earnings (loss) per common share - diluted | $ | 0.73 | $ | (0.13) | ||||
Weighted-average common shares outstanding - basic | 704.5 | 708.2 | ||||||
Weighted-average common shares outstanding - diluted | 705.5 | 708.2 |
In millions, except share amounts (Unaudited) | Mar 31, 2024 | Dec 31, 2023 | ||||||
Assets | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 3,723 | $ | 2,987 | ||||
Accounts and notes receivable: | ||||||||
Trade (net of allowance for doubtful receivables - 2024: $71; 2023: $81) | 5,212 | 4,718 | ||||||
Other | 1,857 | 1,896 | ||||||
Inventories | 6,373 | 6,076 | ||||||
Other current assets | 1,283 | 1,937 | ||||||
Total current assets | 18,448 | 17,614 | ||||||
Investments | ||||||||
Investment in nonconsolidated affiliates | 1,240 | 1,267 | ||||||
Other investments (investments carried at fair value - 2024: $2,030; 2023: $1,877) | 2,831 | 2,740 | ||||||
Noncurrent receivables | 382 | 438 | ||||||
Total investments | 4,453 | 4,445 | ||||||
Property | ||||||||
Property | 60,662 | 60,203 | ||||||
Less: Accumulated depreciation | 39,401 | 39,137 | ||||||
Net property | 21,261 | 21,066 | ||||||
Other Assets | ||||||||
Goodwill | 8,590 | 8,641 | ||||||
Other intangible assets (net of accumulated amortization - 2024: $5,445; 2023: $5,374) | 1,967 | 2,072 | ||||||
Operating lease right-of-use assets | 1,364 | 1,320 | ||||||
Deferred income tax assets | 1,402 | 1,486 | ||||||
Deferred charges and other assets | 1,332 | 1,323 | ||||||
Total other assets | 14,655 | 14,842 | ||||||
Total Assets | $ | 58,817 | $ | 57,967 | ||||
Liabilities and Equity | ||||||||
Current Liabilities | ||||||||
Notes payable | $ | 55 | $ | 62 | ||||
Long-term debt due within one year | 118 | 117 | ||||||
Accounts payable: | ||||||||
Trade | 4,940 | 4,529 | ||||||
Other | 1,847 | 1,797 | ||||||
Operating lease liabilities - current | 324 | 329 | ||||||
Income taxes payable | 448 | 419 | ||||||
Accrued and other current liabilities | 2,517 | 2,704 | ||||||
Total current liabilities | 10,249 | 9,957 | ||||||
Long-Term Debt | 16,170 | 14,907 | ||||||
Other Noncurrent Liabilities | ||||||||
Deferred income tax liabilities | 383 | 399 | ||||||
Pension and other postretirement benefits - noncurrent | 4,800 | 4,932 | ||||||
Asbestos-related liabilities - noncurrent | 761 | 788 | ||||||
Operating lease liabilities - noncurrent | 1,071 | 1,032 | ||||||
Other noncurrent obligations | 6,466 | 6,844 | ||||||
Total other noncurrent liabilities | 13,481 | 13,995 | ||||||
Stockholders’ Equity | ||||||||
Common stock (authorized 5,000,000,000 shares of $0.01 par value each; issued 2024: 781,810,357 shares; 2023: 778,595,514 shares) | 8 | 8 | ||||||
Additional paid-in capital | 8,942 | 8,880 | ||||||
Retained earnings | 21,796 | 21,774 | ||||||
Accumulated other comprehensive loss | (7,814) | (7,681) | ||||||
Treasury stock at cost (2024: 78,604,527 shares; 2023: 76,302,081 shares) | (4,507) | (4,374) | ||||||
Dow Inc.’s stockholders’ equity | 18,425 | 18,607 | ||||||
Noncontrolling interests | 492 | 501 | ||||||
Total equity | 18,917 | 19,108 | ||||||
Total Liabilities and Equity | $ | 58,817 | $ | 57,967 |
In millions (Unaudited) | Three Months Ended | |||||||
Mar 31, 2024 | Mar 31, 2023 | |||||||
Operating Activities | ||||||||
Net income (loss) | $ | 538 | $ | (73) | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 720 | 648 | ||||||
Provision (credit) for deferred income tax | 7 | (418) | ||||||
Earnings of nonconsolidated affiliates less than dividends received | 75 | 102 | ||||||
Net periodic pension benefit credit | (48) | (23) | ||||||
Pension contributions | (34) | (41) | ||||||
Net gain on sales of assets, businesses and investments | (11) | (49) | ||||||
Restructuring and asset related charges - net | 45 | 541 | ||||||
Other net loss | 92 | 347 | ||||||
Changes in assets and liabilities, net of effects of acquired and divested companies: | ||||||||
Accounts and notes receivable | (600) | (68) | ||||||
Inventories | (297) | 163 | ||||||
Accounts payable | 398 | (631) | ||||||
Other assets and liabilities, net | (425) | 33 | ||||||
Cash provided by operating activities - continuing operations | 460 | 531 | ||||||
Cash provided by operating activities - discontinued operations | 4 | 4 | ||||||
Cash provided by operating activities | 464 | 535 | ||||||
Investing Activities | ||||||||
Capital expenditures | (714) | (440) | ||||||
Investment in gas field developments | (52) | (55) | ||||||
Purchases of previously leased assets | — | (2) | ||||||
Proceeds from sales of property, businesses and consolidated companies, net of cash divested | 2 | 57 | ||||||
Acquisitions of property and businesses, net of cash acquired | — | (23) | ||||||
Investments in and loans to nonconsolidated affiliates | (2) | — | ||||||
Distributions and loan repayments from nonconsolidated affiliates | — | 1 | ||||||
Purchases of investments | (679) | (165) | ||||||
Proceeds from sales and maturities of investments | 1,173 | 512 | ||||||
Other investing activities, net | 1 | (35) | ||||||
Cash used for investing activities | (271) | (150) | ||||||
Financing Activities | ||||||||
Changes in short-term notes payable | (20) | (91) | ||||||
Proceeds from issuance of short-term debt greater than three months | 7 | — | ||||||
Proceeds from issuance of long-term debt | 1,381 | 13 | ||||||
Payments on long-term debt | (93) | (156) | ||||||
Collections on securitization programs | 4 | — | ||||||
Purchases of treasury stock | (200) | (125) | ||||||
Proceeds from issuance of stock | 42 | 55 | ||||||
Transaction financing, debt issuance and other costs | (11) | — | ||||||
Employee taxes paid for share-based payment arrangements | (37) | (41) | ||||||
Distributions to noncontrolling interests | (14) | (13) | ||||||
Dividends paid to stockholders | (493) | (496) | ||||||
Cash provided by (used for) financing activities | 566 | (854) | ||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (54) | (41) | ||||||
Summary | ||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | 705 | (510) | ||||||
Cash, cash equivalents and restricted cash at beginning of period | 3,048 | 3,940 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 3,753 | $ | 3,430 | ||||
Less: Restricted cash and cash equivalents, included in "Other current assets" | 30 | 111 | ||||||
Cash and cash equivalents at end of period | $ | 3,723 | $ | 3,319 |
Net Sales by Segment | Three Months Ended | |||||||
In millions (Unaudited) | Mar 31, 2024 | Mar 31, 2023 | ||||||
Packaging & Specialty Plastics | $ | 5,430 | $ | 6,114 | ||||
Industrial Intermediates & Infrastructure | 3,008 | 3,378 | ||||||
Performance Materials & Coatings | 2,152 | 2,276 | ||||||
Corporate | 175 | 83 | ||||||
Total | $ | 10,765 | $ | 11,851 | ||||
U.S. & Canada | $ | 4,130 | $ | 4,450 | ||||
EMEAI 1 | 3,484 | 4,053 | ||||||
Asia Pacific | 1,921 | 2,047 | ||||||
Latin America | 1,230 | 1,301 | ||||||
Total | $ | 10,765 | $ | 11,851 |
Net Sales Variance by Segment and Geographic Region | Three Months Ended Mar 31, 2024 | |||||||||||||
Local Price & Product Mix | Currency | Volume | Total | |||||||||||
Percent change from prior year | ||||||||||||||
Packaging & Specialty Plastics | (8) | % | — | % | (3) | % | (11) | % | ||||||
Industrial Intermediates & Infrastructure | (14) | (1) | 4 | (11) | ||||||||||
Performance Materials & Coatings | (9) | — | 4 | (5) | ||||||||||
Total | (10) | % | — | % | 1 | % | (9) | % | ||||||
Total, excluding the Hydrocarbons & Energy business | (11) | % | (1) | % | 5 | % | (7) | % | ||||||
U.S. & Canada | (8) | % | — | % | 1 | % | (7) | % | ||||||
EMEAI 1 | (12) | — | (2) | (14) | ||||||||||
Asia Pacific | (11) | (2) | 7 | (6) | ||||||||||
Latin America | (7) | — | 2 | (5) | ||||||||||
Total | (10) | % | — | % | 1 | % | (9) | % |
Net Sales Variance by Segment and Geographic Region | Three Months Ended Mar 31, 2024 | |||||||||||||
Local Price & Product Mix | Currency | Volume | Total | |||||||||||
Percent change from prior quarter | ||||||||||||||
Packaging & Specialty Plastics | (1) | % | — | % | (3) | % | (4) | % | ||||||
Industrial Intermediates & Infrastructure | 1 | 1 | — | 2 | ||||||||||
Performance Materials & Coatings | 1 | 1 | 12 | 14 | ||||||||||
Total | — | % | — | % | 1 | % | 1 | % | ||||||
Total, excluding the Hydrocarbons & Energy business | — | % | — | % | 3 | % | 3 | % | ||||||
U.S. & Canada | (1) | % | — | % | 5 | % | 4 | % | ||||||
EMEAI 1 | 1 | 1 | 3 | 5 | ||||||||||
Asia Pacific | (2) | 1 | (7) | (8) | ||||||||||
Latin America | — | — | (1) | (1) | ||||||||||
Total | — | % | — | % | 1 | % | 1 | % | ||||||
Operating EBIT by Segment | Three Months Ended | |||||||
In millions (Unaudited) | Mar 31, 2024 | Mar 31, 2023 | ||||||
Packaging & Specialty Plastics | $ | 605 | $ | 642 | ||||
Industrial Intermediates & Infrastructure | 87 | 123 | ||||||
Performance Materials & Coatings | 41 | 35 | ||||||
Corporate | (59) | (92) | ||||||
Total | $ | 674 | $ | 708 | ||||
Depreciation and Amortization by Segment | Three Months Ended | |||||||
In millions (Unaudited) | Mar 31, 2024 | Mar 31, 2023 | ||||||
Packaging & Specialty Plastics | $ | 371 | $ | 320 | ||||
Industrial Intermediates & Infrastructure | 147 | 128 | ||||||
Performance Materials & Coatings | 193 | 196 | ||||||
Corporate | 9 | 4 | ||||||
Total | $ | 720 | $ | 648 | ||||
Operating EBITDA by Segment | Three Months Ended | |||||||
In millions (Unaudited) | Mar 31, 2024 | Mar 31, 2023 | ||||||
Packaging & Specialty Plastics | $ | 976 | $ | 962 | ||||
Industrial Intermediates & Infrastructure | 234 | 251 | ||||||
Performance Materials & Coatings | 234 | 231 | ||||||
Corporate | (50) | (88) | ||||||
Total | $ | 1,394 | $ | 1,356 | ||||
Equity in Earnings (Losses) of Nonconsolidated Affiliates by Segment | Three Months Ended | |||||||
In millions (Unaudited) | Mar 31, 2024 | Mar 31, 2023 | ||||||
Packaging & Specialty Plastics | $ | 25 | $ | 21 | ||||
Industrial Intermediates & Infrastructure | (15) | (73) | ||||||
Performance Materials & Coatings | 6 | 3 | ||||||
Corporate | 1 | 1 | ||||||
Total | $ | 17 | $ | (48) | ||||
Reconciliation of "Net income (loss)" to "Operating EBIT" | Three Months Ended | |||||||
In millions (Unaudited) | Mar 31, 2024 | Mar 31, 2023 | ||||||
Net income (loss) | $ | 538 | $ | (73) | ||||
+ Credit for income taxes | (89) | (47) | ||||||
Income (loss) before income taxes | $ | 449 | $ | (120) | ||||
- Interest income | 65 | 76 | ||||||
+ Interest expense and amortization of debt discount | 199 | 185 | ||||||
- Significant items | (91) | (719) | ||||||
Operating EBIT (non-GAAP) | $ | 674 | $ | 708 | ||||
Significant Items Impacting Results for the Three Months Ended Mar 31, 2024 | ||||||||||||||
In millions, except per share amounts (Unaudited) | Pretax 1 | Net Income 2 | EPS 3 | Income Statement Classification | ||||||||||
Reported results | $ | 449 | $ | 516 | $ | 0.73 | ||||||||
Less: Significant items | ||||||||||||||
Restructuring, implementation and efficiency costs, and asset related charges - net 4 | (91) | (72) | (0.10) | Cost of sales ($33 million); R&D ($1 million); SG&A ($12 million); Restructuring and asset related charges - net ($45 million) | ||||||||||
Income tax related items 5 | — | 194 | 0.27 | Credit for income taxes | ||||||||||
Total significant items | $ | (91) | $ | 122 | $ | 0.17 | ||||||||
Operating results (non-GAAP) | $ | 540 | $ | 394 | $ | 0.56 |
Significant Items Impacting Results for the Three Months Ended Mar 31, 2023 | ||||||||||||||
In millions, except per share amounts (Unaudited) | Pretax 1 | Net Income 2 | EPS 3 | Income Statement Classification | ||||||||||
Reported results | $ | (120) | $ | (93) | $ | (0.13) | ||||||||
Less: Significant items | ||||||||||||||
Restructuring, implementation and efficiency costs, and asset related charges - net 4 | (551) | (436) | (0.61) | Cost of sales ($28 million); R&D ($1 million); SG&A ($11 million); Restructuring and asset related charges - net ($541 million), offset by Sundry income (expense) - net ($30 million) | ||||||||||
Litigation related charges, awards and adjustments 6 | (177) | (138) | (0.19) | Cost of sales | ||||||||||
Indemnification and other transaction related costs 7 | 9 | 9 | 0.01 | Sundry income (expense) - net | ||||||||||
Income tax related items 8 | — | 57 | 0.08 | Credit for income taxes | ||||||||||
Total significant items | $ | (719) | $ | (508) | $ | (0.71) | ||||||||
Operating results (non-GAAP) | $ | 599 | $ | 415 | $ | 0.58 |
Significant Items Impacting Results for the Three Months Ended Dec 31, 2023 | ||||||||||||||
In millions, except per share amounts (Unaudited) | Pretax 1 | Net Income 2 | EPS 3 | Income Statement Classification | ||||||||||
Reported results | $ | (352) | $ | (105) | $ | (0.15) | ||||||||
Less: Significant items | ||||||||||||||
Restructuring, implementation and efficiency costs, and asset related charges - net 4 | (53) | (41) | (0.05) | Cost of sales ($55 million); R&D ($1 million); SG&A ($18 million); offset by Restructuring and asset related charges - net ($21 million) | ||||||||||
Litigation related charges, awards and adjustments 5 | 106 | 87 | 0.12 | Sundry income (expense) - net | ||||||||||
Argentine peso devaluation 6 | (177) | (67) | (0.09) | Cost of sales ($68 million); Sundry income (expense) - net ($109 million) | ||||||||||
Pension settlement charges 7 | (642) | (493) | (0.70) | Sundry income (expense) - net | ||||||||||
Indemnifications and other transaction related costs 8 | 9 | 9 | 0.01 | Sundry income (expense) - net | ||||||||||
Income tax related items 9 | — | 94 | 0.13 | Credit for income taxes | ||||||||||
Total significant items | $ | (757) | $ | (411) | $ | (0.58) | ||||||||
Operating results (non-GAAP) | $ | 405 | $ | 306 | $ | 0.43 |
Reconciliation of Free Cash Flow | Three Months Ended | |||||||
In millions (Unaudited) | Mar 31, 2024 | Mar 31, 2023 | ||||||
Cash provided by operating activities - continuing operations (GAAP) | $ | 460 | $ | 531 | ||||
Capital expenditures | (714) | (440) | ||||||
Free Cash Flow (non-GAAP) | $ | (254) | $ | 91 |
Reconciliation of Cash Flow Conversion | Three Months Ended | |||||||||||||
In millions (Unaudited) | Jun 30, 2023 | Sep 30, 2023 | Dec 31, 2023 | Mar 31, 2024 | ||||||||||
Cash provided by operating activities - continuing operations (GAAP) | $ | 1,347 | $ | 1,658 | $ | 1,628 | $ | 460 | ||||||
Net income (loss) (GAAP) | $ | 501 | $ | 327 | $ | (95) | $ | 538 | ||||||
Cash flow from operations to net income (GAAP) 1 | 268.9 | % | 507.0 | % | N/A | 85.5 | % | |||||||
Cash flow from operations to net income - trailing twelve months (GAAP) | 400.7 | % | ||||||||||||
Operating EBITDA (non-GAAP) | $ | 1,534 | $ | 1,283 | $ | 1,216 | $ | 1,394 | ||||||
Cash Flow Conversion (Cash flow from operations to Operating EBITDA) (non-GAAP) | 87.8 | % | 129.2 | % | 133.9 | % | 33.0 | % | ||||||
Cash Flow Conversion - trailing twelve months (non-GAAP) | 93.8 | % |
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