DOW INC
For the period ended Dec 31, 2023. Filed Jan 31, 2024.
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FY2023 · Filed Jan 31, 2024
DOW$31.48+1.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| (In millions) For the years ended Dec 31, | 2023 | 2022 | 2021 |
|---|---|---|---|
| Operating Activities | |||
| Net income | $627 | $4,641 | $6,368 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 2,611 | 2,758 | 2,842 |
| Provision (credit) for deferred income tax | (1,222) | 80 | 278 |
| Earnings of nonconsolidated affiliates less than (in excess of) dividends received | 387 | 696 | (651) |
| Net periodic pension benefit cost | 548 | 23 | 39 |
| Pension contributions | (142) | (235) | (1,219) |
| Net gain on sales of assets, businesses and investments | (70) | (19) | (105) |
| Restructuring and asset related charges - net | 528 | 118 | 6 |
| Other net loss | 797 | 221 | 927 |
| Changes in assets and liabilities, net of effects of acquired and divested companies: | |||
| Accounts and notes receivable | 1,161 | 1,187 | (2,132) |
| Inventories | 844 | 347 | (1,768) |
| Accounts payable | (734) | (1,255) | 2,458 |
| Other assets and liabilities, net | (226) | (1,043) | 157 |
| Cash provided by operating activities | 5,109 | 7,519 | 7,200 |
| Investing Activities | |||
| Capital expenditures | (2,356) | (1,823) | (1,501) |
| Investment in gas field developments | (215) | (190) | (92) |
| Purchases of previously leased assets | (7) | (7) | (694) |
| Proceeds from sales of property, businesses and consolidated companies, net of cash divested | 95 | 32 | 68 |
| Acquisitions of property and businesses, net of cash acquired | (114) | (228) | (129) |
| Investments in and loans to nonconsolidated affiliates | (5) | (148) | — |
| Distributions and loan repayments from nonconsolidated affiliates | 2 | 52 | 51 |
| Proceeds from sales of ownership interests in nonconsolidated affiliates | 63 | 11 | — |
| Purchases of investments | (2,288) | (1,366) | (1,366) |
| Proceeds from sales and maturities of investments | 1,958 | 747 | 759 |
| Other investing activities, net | (61) | (50) | (10) |
| Cash used for investing activities | (2,928) | (2,970) | (2,914) |
| Financing Activities | |||
| Changes in short-term notes payable | (249) | 253 | (48) |
| Proceeds from issuance of short-term debt greater than three months | — | — | 144 |
| Payments on short-term debt greater than three months | — | (14) | (130) |
| Proceeds from issuance of long-term debt | 104 | 1,667 | 109 |
| Payments on long-term debt | (446) | (1,006) | (2,771) |
| Collections on securitization programs | 18 | — | — |
| Proceeds from issuance of stock | 188 | 212 | 320 |
| Transaction financing, debt issuance and other costs | (2) | (24) | (537) |
| Employee taxes paid for share-based payment arrangements | (42) | (35) | (12) |
| Distributions to noncontrolling interests | (89) | (83) | (73) |
| Dividends paid to Dow Inc. | (2,510) | (4,375) | (3,264) |
| Cash used for financing activities | (3,028) | (3,405) | (6,262) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (45) | (237) | (99) |
| Summary | |||
| Increase (decrease) in cash, cash equivalents and restricted cash | (892) | 907 | (2,075) |
| Cash, cash equivalents and restricted cash at beginning of year | 3,940 | 3,033 | 5,108 |
| Cash, cash equivalents and restricted cash at end of year | $3,048 | $3,940 | $3,033 |
| Less: Restricted cash and cash equivalents, included in "Other current assets" | 61 | 54 | 45 |
| Cash and cash equivalents at end of year | $2,987 | $3,886 | $2,988 |
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