DOW INC
For the period ended Dec 31, 2023. Filed Jan 31, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Jan 31, 2024
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Item 16. Form 10-K Summary
| Dow Inc. and Subsidiaries | |
| The Dow Chemical Company and Subsidiaries | |
| Valuation and Qualifying Accounts | Schedule II |
| (In millions) For the years ended Dec 31, | 2023 | 2022 | 2021 |
|---|---|---|---|
| Accounts Receivable - Allowance for Doubtful Receivables | |||
| Balance at beginning of year | $110 | $54 | $51 |
| Additions charged to expenses | 21 | 61 | 16 |
| Deductions from reserves 1 | (50) | (5) | (13) |
| Balance at end of year | $81 | $110 | $54 |
| Inventory - Obsolescence Reserve | |||
| Balance at beginning of year | $57 | $14 | $23 |
| Additions charged to expenses | 20 | 50 | 3 |
| Deductions from reserves 2 | (7) | (7) | (12) |
| Balance at end of year | $70 | $57 | $14 |
| Reserves for Other Investments and Noncurrent Receivables | |||
| Balance at beginning of year | $1,950 | $2,033 | $2,093 |
| Additions charged to expenses 3 | 31 | 17 | 19 |
| Deductions from reserves 4 | (230) | (100) | (79) |
| Balance at end of year | $1,751 | $1,950 | $2,033 |
| Deferred Tax Assets - Valuation Allowance | |||
| Balance at beginning of year | $1,269 | $1,391 | $1,302 |
| Additions charged to expenses 5 | 1,864 | 120 | 201 |
| Deductions from reserves | (185) | (242) | (112) |
| Balance at end of year | $2,948 | $1,269 | $1,391 |
Deductions included write-offs, recoveries, currency translation adjustments and other miscellaneous items, including a $23 million reclassification to "Reserves for Other Investments and Noncurrent Receivables" in 2023.
Deductions included disposals and currency translation adjustments.
Additions included a $23 million reclassification from "Accounts Receivable - Allowance for Doubtful Receivables" in 2023.
Deductions included $143 million in 2023 related to the Company's investment in AgroFresh Solutions Inc., which was converted to cash, and $77 million in 2023, 2022 and 2021 related to the Company's investment in Sadara. See Note 10 to the Consolidated Financial Statements for additional information.
Additions in 2023 include increases in valuation allowances related to foreign tax assets that are expected to expire without being utilized.
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