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SEGMENTS AND GEOGRAPHIC REGIONS (Notes) | 9 Months Ended
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Sep. 30, 2022
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 Sep 30, 2022 |  |  |  |  |
Net sales | $ | 7,327 |  | $ | 4,059 |  | $ | 2,654 |  | $ | 75 |  | $ | 14,115 |
Equity in earnings (losses) of nonconsolidated affiliates | $ | 55 |  | $ | (114) |  | $ | 1 |  | $ | — |  | $ | (58) |
Dow Inc. Operating EBIT 1 | $ | 785 |  | $ | 167 |  | $ | 302 |  | $ | (59) |  | $ | 1,195 |
Three months ended Sep 30, 2021 |  |  |  |  |
Net sales | $ | 7,736 |  | $ | 4,481 |  | $ | 2,526 |  | $ | 94 |  | $ | 14,837 |
Equity in earnings of nonconsolidated affiliates | $ | 124 |  | $ | 122 |  | $ | 3 |  | $ | — |  | $ | 249 |
Dow Inc. Operating EBIT 1 | $ | 1,954 |  | $ | 713 |  | $ | 284 |  | $ | (65) |  | $ | 2,886 |
Nine months ended Sep 30, 2022 |  |  |  |  |
Net sales | $ | 23,187 |  | $ | 12,953 |  | $ | 8,706 |  | $ | 197 |  | $ | 45,043 |
Equity in earnings (losses) of nonconsolidated affiliates | $ | 303 |  | $ | 5 |  | $ | 6 |  | $ | (3) |  | $ | 311 |
Dow Inc. Operating EBIT 1 | $ | 3,455 |  | $ | 1,254 |  | $ | 1,458 |  | $ | (178) |  | $ | 5,989 |
Nine months ended Sep 30, 2021 |  |  |  |  |
Net sales | $ | 20,939 |  | $ | 12,303 |  | $ | 7,114 |  | $ | 248 |  | $ | 40,604 |
Equity in earnings of nonconsolidated affiliates | $ | 360 |  | $ | 381 |  | $ | 5 |  | $ | 5 |  | $ | 751 |
Dow Inc. Operating EBIT 1 | $ | 5,196 |  | $ | 1,687 |  | $ | 571 |  | $ | (186) |  | $ | 7,268 |
1.Operating EBIT for TDCC for the three and nine months ended September 30, 2022 and 2021 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 | Nine Months Ended
In millions | Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2022 | Sep 30, 2021
Net income | $ | 760 |  | $ | 1,706 |  | $ | 3,993 |  | $ | 4,644 |
+ Provision for income taxes | 241 |  | 542 |  | 1,232 |  | 1,383 |
Income before income taxes | $ | 1,001 |  | $ | 2,248 |  | $ | 5,225 |  | $ | 6,027 |
- Interest income | 41 |  | 14 |  | 105 |  | 35 |
+ Interest expense and amortization of debt discount | 155 |  | 178 |  | 487 |  | 561 |
- Significant items | (80) |  | (474) |  | (382) |  | (715) |
Operating EBIT | $ | 1,195 |  | $ | 2,886 |  | $ | 5,989 |  | $ | 7,268 |
The following tables summarize the pretax impact of significant items by segment excluded from Operating EBIT:
Significant Items by Segment | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2022
Pack. & Spec. Plastics | Ind. Interm. & Infrast. | Perf. Mat. & Coatings | Corp. | Total | Pack. & Spec. Plastics | Ind. Interm. & Infrast. | Perf. Mat. & Coatings | Corp. | Total
In millions
Digitalization program costs 1 | $ | — |  | $ | — |  | $ | — |  | $ | (62) |  | $ | (62) |  | $ | — |  | $ | — |  | $ | — |  | $ | (154) |  | $ | (154) |
Restructuring, implementation costs and asset related charges - net 2 | — |  | — |  | — |  | (11) |  | (11) |  | — |  | — |  | — |  | (31) |  | (31) |
Russia / Ukraine conflict charges 3 | — |  | — |  | — |  | — |  | — |  | (31) |  | (109) |  | (16) |  | (30) |  | (186) |
Loss on early extinguishment of debt 4 | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (8) |  | (8) |
Indemnification and other transaction related costs 5 | — |  | — |  | — |  | (7) |  | (7) |  | — |  | — |  | — |  | (3) |  | (3) |
Total | $ | — |  | $ | — |  | $ | — |  | $ | (80) |  | $ | (80) |  | $ | (31) |  | $ | (109) |  | $ | (16) |  | $ | (226) |  | $ | (382) |
1.Includes costs associated with implementing the Company's Digital Acceleration program. 2.Includes costs associated with implementing the Company's 2020 Restructuring Program. 3.Asset related charges due to the Russia and Ukraine conflict. See Note 5 for additional information. 4.The Company redeemed outstanding long-term debt resulting in a loss on early extinguishment. See Note 12 for additional information. 5.Primarily related to charges associated with agreements entered into with DuPont de Nemours, Inc. and Corteva, Inc. 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. See Note 3 for additional information.
Significant Items by Segment | Three Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2021
Pack. & Spec. Plastics | Ind. Interm. & Infrast. | Perf. Mat. & Coatings | Corp. | Total | Pack. & Spec. Plastics | Ind. Interm. & Infrast. | Perf. Mat. & Coatings | Corp. | Total
In millions
Digitalization program costs 1 | $ | — |  | $ | — |  | $ | — |  | $ | (40) |  | $ | (40) |  | $ | — |  | $ | — |  | $ | — |  | $ | (121) |  | $ | (121) |
Restructuring, implementation costs and asset related charges - net 2 | — |  | — |  | — |  | (16) |  | (16) |  | (8) |  | (1) |  | (10) |  | (50) |  | (69) |
Loss on early extinguishment of debt 3 | — |  | — |  | — |  | (472) |  | (472) |  | — |  | — |  | — |  | (574) |  | (574) |
Litigation related charges, awards and adjustments 4 | — |  | 54 |  | — |  | — |  | 54 |  | — |  | 54 |  | — |  | — |  | 54 |
Indemnification and other transactions related costs 5 | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (5) |  | (5) |
Total | $ | — |  | $ | 54 |  | $ | — |  | $ | (528) |  | $ | (474) |  | $ | (8) |  | $ | 53 |  | $ | (10) |  | $ | (750) |  | $ | (715) |
1.Includes costs associated with implementing the Company's Digital Acceleration program. 2.Includes costs associated with implementing the Company's 2020 Restructuring Program. 3.The Company redeemed outstanding long-term debt resulting in a loss on early extinguishment. See Note 12 for additional information. 4.Related to an arbitration award and interest assessment paid by Luxi Chemical Group Co., Ltd. 5.Primarily related to charges associated with agreements entered into with DuPont de Nemours, Inc. and Corteva, Inc. 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. See Note 3 for additional information.

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