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v3.22.2.2

LEASES (Tables) | 9 Months Ended
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Sep. 30, 2022
Guarantor Obligations [Line Items] |
Lease, Cost | The components of lease cost for operating and finance leases for the three and nine months ended September 30, 2022 and 2021 were as follows:
Lease Cost | Three Months Ended | Nine Months Ended
In millions | Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2022 | Sep 30, 2021
Operating lease cost | $ | 98 |  | $ | 123 |  | $ | 294 |  | $ | 362 |
Finance lease cost |  |  |  |
Amortization of right-of-use assets - finance | $ | 28 |  | $ | 19 |  | $ | 80 |  | $ | 53 |
Interest on lease liabilities - finance | 8 |  | 6 |  | 25 |  | 19 |
Total finance lease cost | $ | 36 |  | $ | 25 |  | $ | 105 |  | $ | 72 |
Short-term lease cost | 69 |  | 57 |  | 194 |  | 177 |
Variable lease cost | 164 |  | 78 |  | 412 |  | 228 |
Sublease income | (2) |  | (2) |  | (8) |  | (5) |
Total lease cost | $ | 365 |  | $ | 281 |  | $ | 997 |  | $ | 834 |
Schedule of Supplemental Cash Flow Information Related to Leases | The following table provides supplemental cash flow and other information related to leases:
Other Lease Information | Nine Months Ended
In millions | Sep 30, 2022 | Sep 30, 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating cash flows for operating leases | $ | 289 |  | $ | 364 |
Operating cash flows for finance leases | $ | 25 |  | $ | 19 |
Financing cash flows for finance leases | $ | 79 |  | $ | 48 |
Right-of-use assets obtained in exchange for lease obligations: |  |
Operating leases | $ | 93 |  | $ | 133 |
Finance leases | $ | 44 |  | $ | 73 |
Schedule of Lease Assets and Liabilities | The following table summarizes the lease-related assets and liabilities recorded in the consolidated balance sheets at September 30, 2022 and December 31, 2021:
Lease Position | Balance Sheet Classification | Sep 30, 2022 | Dec 31, 2021
In millions
Assets |  |  |
Operating lease assets | Operating lease right-of-use assets | $ | 1,231 |  | $ | 1,412 |
Finance lease assets | Property | 1,145 |  | 1,158 |
Finance lease amortization | Accumulated depreciation | (418) |  | (368) |
Total lease assets |  | $ | 1,958 |  | $ | 2,202 |
Liabilities |  |  |
Current |  |  |
Operating | Operating lease liabilities - current | $ | 277 |  | $ | 314 |
Finance | Long-term debt due within one year | 110 |  | 106 |
Noncurrent |  |  |
Operating | Operating lease liabilities - noncurrent | 1,012 |  | 1,149 |
Finance | Long-Term Debt | 694 |  | 763 |
Total lease liabilities |  | $ | 2,093 |  | $ | 2,332 |
Lease Terms and Discount Rates | The weighted-average remaining lease term and discount rate for leases recorded in the consolidated balance sheets at September 30, 2022 and December 31, 2021 are provided below:
Lease Term and Discount Rate | Sep 30, 2022 | Dec 31, 2021
Weighted-average remaining lease term |  |
Operating leases | 7.7 years | 7.9 years
Finance leases | 11.1 years | 11.8 years
Weighted-average discount rate |  |
Operating leases | 4.21 | % | 3.72 | %
Finance leases | 4.19 | % | 4.17 | %
Maturities of Lease Liabilities | The following table provides the maturities of lease liabilities at September 30, 2022:
Maturities of Lease Liabilities | Sep 30, 2022
In millions | Operating Leases | Finance Leases
2022 | $ | 93 |  | $ | 40 |
2023 | 298 |  | 166 |
2024 | 230 |  | 109 |
2025 | 186 |  | 76 |
2026 | 151 |  | 70 |
2027 and thereafter | 590 |  | 545 |
Total future undiscounted lease payments | $ | 1,548 |  | $ | 1,006 |
Less: Imputed interest | 259 |  | 202 |
Total present value of lease liabilities | $ | 1,289 |  | $ | 804 |
Schedule of Guarantor Obligations | The following table provides a summary of the final expiration, maximum future payments and recorded liability included in the consolidated balance sheets for guarantees:
Guarantees | Sep 30, 2022 | Dec 31, 2021
In millions | Final Expiration | Maximum Future Payments 1 | Recorded Liability | Final Expiration | Maximum Future Payments 1 | Recorded Liability
Guarantees | 2038 | $ | 1,249 |  | $ | 205 |  | 2038 | $ | 1,273 |  | $ | 220 |
1.In addition, TDCC has provided guarantees, in proportion to the Company's 35 percent ownership interest, of all future interest payments that will become due on Sadara’s project financing debt during the grace period, which Dow's share is estimated to be $480 million at September 30, 2022 ($446 million at December 31, 2021). Based on Sadara's current forecasted cash flows, the Company does not expect to be required to perform under the guarantees.
Residual Value Guarantees [Member] |
Guarantor Obligations [Line Items] |
Schedule of Guarantor Obligations |
Lease Guarantees | Sep 30, 2022 | Dec 31, 2021
In millions | Final Expiration | Maximum Future Payments | Recorded Liability | Final Expiration | Maximum Future Payments | Recorded Liability
Residual value guarantees | 2031 | $ | 245 |  | $ | — |  | 2031 | $ | 280 |  | $ | — |

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