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RESTRUCTURING AND ASSET RELATED CHARGES - NET (Notes) | 9 Months Ended
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Sep. 30, 2023
Restructuring and Related Activities [Abstract] |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING AND ASSET RELATED CHARGES - NET Charges for restructuring programs and other asset related charges, which includes asset impairments, are recorded in "Restructuring and asset related charges - net" in the consolidated statements of income. For additional information on the Company's restructuring programs, see Note 5 to the Consolidated Financial Statements included in the 2022 10-K. 2023 Restructuring Program On January 25, 2023, the Dow Inc. Board of Directors ("Board") approved restructuring actions to achieve the Company's structural cost improvement initiatives in response to the continued economic impact from the global recessionary environment and to enhance its agility and long-term competitiveness across the economic cycle. As a result of these actions, the Company recorded pretax restructuring charges of $541 million in the first quarter of 2023 and additional pretax restructuring charges of $8 million in the second quarter of 2023. These actions are expected to be substantially complete by the end of 2024. The following table summarizes the activities related to the 2023 Restructuring Program, including segment information:
2023 Restructuring Program | Severance and Related Benefit Costs | Asset Write-downs and Write-offs |  | Total
In millions
Packaging & Specialty Plastics | $ | — |  | $ | 1 |  |  | $ | 1 |
Industrial Intermediates & Infrastructure | — |  | 40 |  |  | 40 |
Performance Materials & Coatings | — |  | 49 |  |  | 49 |
Corporate | 344 |  | 107 |  |  | 451 |
Total restructuring charges | $ | 344 |  | $ | 197 |  |  | $ | 541 |
Charges against the reserve | — |  | (197) |  |  | (197) |
Cash payments | (11) |  | — |  |  | (11) |
Reserve balance at Mar 31, 2023 | $ | 333 |  | $ | — |  |  | $ | 333 |
Industrial Intermediates & Infrastructure | $ | — |  | $ | 8 |  |  | $ | 8 |
Total restructuring charges | $ | — |  | $ | 8 |  |  | $ | 8 |
Charges against the reserve | — |  | (8) |  |  | (8) |
Cash payments | (60) |  | — |  |  | (60) |
Reserve balance at Jun 30, 2023 | $ | 273 |  | $ | — |  |  | $ | 273 |
Cash payments | (110) |  | — |  |  | (110) |
Reserve balance at Sep 30, 2023 | $ | 163 |  | $ | — |  |  | $ | 163 |
At September 30, 2023, $105 million of the reserve balance was included in "Accrued and other current liabilities" and $58 million was included in "Other noncurrent obligations" in the consolidated balance sheets. The Company recorded pretax restructuring charges of $549 million inception-to-date under the 2023 Restructuring Program, consisting of severance and related benefit costs of $344 million and asset write-downs and write-offs of $205 million. Severance and Related Benefit Costs Severance benefits are provided to employees primarily under Dow's ongoing benefit arrangements and are accrued against the Corporate segment once management commits to a plan of termination. The 2023 Restructuring Program included a charge for severance and related benefit costs of $344 million for a global workforce reduction of approximately 2,000 employees, with separations continuing primarily through the end of 2024. Asset Write-downs and Write-offs The 2023 Restructuring Program included charges related to the write-down and write-off of assets totaling $205 million. Details regarding the asset write-downs and write-offs are as follows: •Industrial Intermediates & Infrastructure charges relate to the shutdown of certain polyurethanes assets and the write-off of other assets. The majority of the impacted facilities are expected to be shutdown by the end of 2024. •Performance Materials & Coatings recorded charges to rationalize its asset footprint by shutting down certain coatings assets. These facilities are expected to be shutdown by the end of 2024. •Corporate recorded charges related to the write-down of Company owned and leased, non-manufacturing facilities, primarily related to office space rationalization. Restructuring implementation costs, primarily decommissioning and demolition activities related to asset actions, and costs associated with the Company's productivity and efficiency actions, are expected to result in additional cash expenditures of approximately $280 million, primarily through the end of 2024. 2022 Asset Related Charges In the first quarter of 2022, the Company recorded pretax asset related charges of $186 million due to the Russia and Ukraine conflict and the expectation that certain assets will not be recoverable. These charges included the write-down of inventory, the recording of bad debt reserves and the impairment of other assets. Asset related charges by segment were as follows: $31 million in Packaging & Specialty Plastics, $109 million in Industrial Intermediates & Infrastructure, $16 million in Performance Materials & Coatings and $30 million in Corporate.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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