DOW INC
For the period ended Jun 30, 2024. Filed Jul 26, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 26, 2024
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Pension and Other Postretirement Benefit Plans
NOTE 16 –PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
A summary of the Company's pension and other postretirement benefit plans can be found in Note 18 to the Consolidated Financial Statements included in the 2023 10-K. The following table provides the components of the Company's net periodic benefit cost (credit) for all significant plans:
| Net Periodic Benefit Cost (Credit) for All Significant Plans | Three Months Ended | Six Months Ended | ||
|---|---|---|---|---|
| In millions | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2024 | Jun 30, 2023 |
| Defined Benefit Pension Plans | ||||
| Service cost | $14 | $71 | $28 | $141 |
| Interest cost | 250 | 279 | 502 | 558 |
| Expected return on plan assets | (343) | (390) | (689) | (779) |
| Amortization of prior service credit | (4) | (6) | (7) | (13) |
| Amortization of net loss | 36 | 23 | 71 | 47 |
| Net periodic benefit credit | $(47) | $(23) | $(95) | $(46) |
| Other Postretirement Benefit Plans | ||||
| Service cost | $1 | $1 | $2 | $2 |
| Interest cost | 11 | 12 | 22 | 23 |
| Amortization of net gain | (11) | (15) | (21) | (29) |
| Net periodic benefit cost (credit) | $1 | $(2) | $3 | $(4) |
Net periodic benefit cost (credit), other than the service cost component, is included in "Sundry income (expense) - net" in the consolidated statements of income.
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