SELECTED QUARTERLY FINANCIAL DATA

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

SELECTED QUARTERLY FINANCIAL DATA

SELECTED QUARTERLY FINANCIAL DATA

2020
In millions, except per share amounts (Unaudited)	1st		2nd		3rd		4th		Year
Dow Inc.
Net sales	$	9,770	$	8,354	$	9,712	$	10,706	$	38,542
Cost of sales	$	8,230	$	7,610	$	8,371	$	9,135	$	33,346
Gross margin	$	1,540	$	744	$	1,341	$	1,571	$	5,196
Restructuring and asset related charges (credits) - net 1	$	96	$	6	$	617	$	(11)	$	708
Integration and separation costs 2	$	65	$	46	$	63	$	65	$	239
Net income (loss) 3	$	258	$	(217)	$	(1)	$	1,254	$	1,294
Net income (loss) attributable to Dow Inc.	$	239	$	(225)	$	(25)	$	1,236	$	1,225
Earnings (loss) per common share from continuing operations - basic 4	$	0.32	$	(0.31)	$	(0.04)	$	1.66	$	1.64
Earnings (loss) per common share from continuing operations - diluted 4	$	0.32	$	(0.31)	$	(0.04)	$	1.65	$	1.64
Dividends declared per share of common stock	$	0.70	$	0.70	$	0.70	$	0.70	$	2.80
Market price range of common stock:
High	$	53.75	$	45.90	$	51.07	$	57.73	$	57.73
Low	$	22.00	$	27.04	$	39.44	$	45.18	$	22.00
TDCC
Net sales	$	9,770	$	8,354	$	9,712	$	10,706	$	38,542
Cost of sales	$	8,230	$	7,608	$	8,371	$	9,134	$	33,343
Gross margin	$	1,540	$	746	$	1,341	$	1,572	$	5,199
Restructuring and asset related charges (credits) - net 1	$	96	$	6	$	617	$	(11)	$	708
Integration and separation costs 2	$	65	$	46	$	63	$	65	$	239
Net income (loss) 3	$	258	$	(217)	$	(1)	$	1,264	$	1,304
Net income (loss) attributable to The Dow Chemical Company	$	239	$	(225)	$	(25)	$	1,246	$	1,235

1.See Note 6 for additional information.

2.See Note 3 for additional information.

3.See Notes 5, 7, 15 and 16 for information on additional items materially impacting "Net income (loss)." The fourth quarter of 2020 includes a gain related to the sale of marine and terminal operations and assets and a gain associated with a legal matter with Nova. The third quarter of 2020 includes a gain related to the sale of rail infrastructure operations and assets and a loss on the early extinguishment of debt. The first quarter of 2020 includes a loss on the early extinguishment of debt.

4.Earnings per common share amounts relate only to Dow Inc. as TDCC common shares are not publicly traded and are all owned by Dow Inc. Due to quarterly changes in the share count and the allocation of income to participating securities, the sum of the four quarters does not equal the earnings per share amount calculated for the year.

2019
In millions, except per share amounts (Unaudited)	1st		2nd		3rd		4th		Year
Dow Inc.
Net sales	$	10,969	$	11,014	$	10,764	$	10,204	$	42,951
Cost of sales	$	9,142	$	9,420	$	9,377	$	8,718	$	36,657
Gross margin	$	1,827	$	1,594	$	1,387	$	1,486	$	6,294
Restructuring, goodwill impairment and asset related charges - net 1	$	156	$	65	$	147	$	2,851	$	3,219
Integration and separation costs 2	$	452	$	348	$	164	$	99	$	1,063
Income (loss) from continuing operations, net of tax	$	156	$	90	$	347	$	(2,310)	$	(1,717)
Income from discontinued operations net of tax	$	445	$	—	$	—	$	—	$	445
Net income (loss) 3	$	601	$	90	$	347	$	(2,310)	$	(1,272)
Net income (loss) attributable to Dow Inc.	$	556	$	75	$	333	$	(2,323)	$	(1,359)
Earnings (loss) per common share from continuing operations - basic 4	$	0.16	$	0.10	$	0.45	$	(3.14)	$	(2.42)
Earnings (loss) per common share from continuing operations - diluted 4	$	0.16	$	0.10	$	0.45	$	(3.14)	$	(2.42)
Dividends declared per share of common stock 5	N/A		$	0.70	$	0.70	$	0.70	$	2.10
Market price range of common stock:
High 5	N/A		$	59.71	$	52.79	$	55.99	$	59.71
Low 5	N/A		$	46.76	$	40.71	$	43.85	$	40.71
TDCC
Net sales	$	10,969	$	11,014	$	10,764	$	10,204	$	42,951
Cost of sales	$	9,142	$	9,419	$	9,377	$	8,719	$	36,657
Gross margin	$	1,827	$	1,595	$	1,387	$	1,485	$	6,294
Restructuring, goodwill impairment and asset related charges - net 1	$	156	$	65	$	147	$	2,851	$	3,219
Integration and separation costs 2	$	452	$	324	$	164	$	99	$	1,039
Income (loss) from continuing operations, net of tax	$	156	$	217	$	324	$	(2,292)	$	(1,595)
Income from discontinued operations net of tax	$	445	$	—	$	—	$	—	$	445
Net income (loss) 3	$	601	$	217	$	324	$	(2,292)	$	(1,150)
Net income (loss) attributable to The Dow Chemical Company	$	556	$	202	$	310	$	(2,305)	$	(1,237)

1.See Note 6 for additional information.

2.See Note 3 for additional information.

3.See Notes 3, 8, 15 and 16 for information on additional items materially impacting "Net income (loss)." The fourth quarter of 2019 included a gain related to the effects of Swiss tax reform and a loss on the early extinguishment of debt. The third quarter of 2019 included a charge related to environmental remediation, a charge related to the settlement of the Commercial Creditor matters, a gain related to an adjustment to the Implant Liability and a gain associated with a legal matter with Nova. The second quarter of 2019 included charges associated with agreements entered into with DuPont and Corteva as part of the separation from DowDuPont.

4.Earnings per common share amounts relate only to Dow Inc. as TDCC common shares are not publicly traded and are all owned by Dow Inc. Due to quarterly changes in the share count and the allocation of income to participating securities, the sum of the four quarters does not equal the earnings per share amount calculated for the year.

5.Dow Inc.'s common stock was solely owned by DowDuPont through March 31, 2019, and on April 1, 2019, Dow Inc. became an independent, publicly traded company.