DOW INC
For the period ended Sep 30, 2024. Filed Oct 25, 2024.
View on SEC.govAbout this filing
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.
Sep 30, 2024 · Filed Oct 25, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Notes Payable, Long Term Debt and Available Credit Facilities
NOTE 12 –NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES
| Notes Payable | Sep 30, 2024 | Dec 31, 2023 |
|---|---|---|
| In millions | ||
| Notes payable to banks and other lenders | $111 | $62 |
| Period-end average interest rates | 39.13% | 33.84% |
| Long-Term Debt | 2024 Average Rate | Sep 30, 2024 | 2023 Average Rate | Dec 31, 2023 |
|---|---|---|---|---|
| In millions | ||||
| Promissory notes and debentures: | ||||
| Final maturity 2025 | 5.63% | $333 | 5.63% | $333 |
| Final maturity 2028 | 4.80% | 600 | 4.80% | 600 |
| Final maturity 2029 | 7.58% | 1,368 | 7.58% | 1,367 |
| Final maturity 2030 and thereafter 1 | 5.11% | 10,072 | 5.07% | 8,861 |
| Other facilities: | ||||
| Foreign currency notes and loans, various rates and maturities | 2.13% | 2,736 | 1.18% | 2,653 |
| InterNotes®, varying maturities through 2054 | 4.26% | 644 | 4.12% | 595 |
| Finance lease obligations 2 | 961 | 873 | ||
| Unamortized debt discount and issuance costs | (254) | (258) | ||
| Long-term debt due within one year 3 | (296) | (117) | ||
| Long-term debt | $16,164 | $14,907 | ||
Cost includes net fair value hedge adjustment gains of$70 millionat September 30, 2024 ($49 million at December 31, 2023). See Note 19 for additional information.
See Note 14 for additional information.
Presented net of current portion of unamortized debt issuance costs.
| Maturities of Long-Term Debt for Next Five Years at Sep 30, 2024 | |
|---|---|
| In millions | |
| 2024 | $35 |
| 2025 | $525 |
| 2026 | $131 |
| 2027 | $1,289 |
| 2028 | $696 |
| 2029 | $1,457 |
2024 Activity
In the first quarter of 2024, the Company issued $1.25 billion of senior unsecured notes. The offering included $600 million aggregate principal amount of 5.15 percent notes due 2034 and $650 million aggregate principal amount of 5.60 percent notes due 2054. The issuance was completed under the Company's Green Finance Framework. The Company will distribute the proceeds toward projects that support the execution of its sustainability strategy and achieve its targets focused on climate protection and a circular economy, including applicable expenditures and investments related to the Company's Fort Saskatchewan Path2Zero project.
In the second quarter of 2024, the Company redeemed $10 million aggregate principal amount of 2.10 percent notes due November 2030, $30 million aggregate principal amount of 4.25 percent notes due October 2034, $8 million aggregate principal amount of 5.25 percent notes due November 2041 and $12 million aggregate principal amount of 4.375 percent notes due November 2042. As a result of the redemption, the Company recognized a pretax gain on the early extinguishment of debt of $5 million, included in "Sundry income (expense) - net" in the consolidated statements of income.
In the first nine months of 2024, the Company issued an aggregate principal amount of $71 million of InterNotes®. The Company also issued $122 million of foreign currency loans. Additionally, the Company repaid $77 million of long-term debt.
Available Credit Facilities
The following table summarizes the Company's credit facilities:
| Committed and Available Credit Facilities at Sep 30, 2024 | ||||
|---|---|---|---|---|
| In millions | Committed Credit | Available Credit | Maturity Date | Interest |
| Five Year Competitive Advance and Revolving Credit Facility | $5,000 | $5,000 | November 2028 | Floating rate |
| Bilateral Revolving Credit Facility | 375 | 375 | October 2024 | Floating rate |
| Bilateral Revolving Credit Facility | 100 | 100 | March 2025 | Floating rate |
| Bilateral Revolving Credit Facility | 100 | 100 | March 2025 | Floating rate |
| Bilateral Revolving Credit Facility | 200 | 200 | September 2025 | Floating rate |
| Bilateral Revolving Credit Facility | 175 | 175 | September 2025 | Floating rate |
| Bilateral Revolving Credit Facility | 300 | 300 | November 2025 | Floating rate |
| Bilateral Revolving Credit Facility | 300 | 300 | February 2026 | Floating rate |
| Bilateral Revolving Credit Facility | 100 | 100 | March 2026 | Floating rate |
| Bilateral Revolving Credit Facility | 150 | 150 | November 2026 | Floating rate |
| Bilateral Revolving Credit Facility | 200 | 200 | November 2026 | Floating rate |
| Bilateral Revolving Credit Facility | 250 | 250 | March 2027 | Floating rate |
| Bilateral Revolving Credit Facility | 100 | 100 | May 2027 | Floating rate |
| Bilateral Revolving Credit Facility | 350 | 350 | June 2027 | Floating rate |
| Bilateral Revolving Credit Facility | 200 | 200 | September 2027 | Floating rate |
| Bilateral Revolving Credit Facility | 100 | 100 | October 2027 | Floating rate |
| Bilateral Revolving Credit Facility | 100 | 100 | November 2027 | Floating rate |
| Bilateral Revolving Credit Facility | 300 | 300 | May 2028 | Floating rate |
| Total committed and available credit facilities | $8,400 | $8,400 | ||
Debt Covenants and Default Provisions
There were no material changes to the debt covenants and default provisions related to the Company's outstanding long-term debt and primary, private credit agreements in the first nine months of 2024. For additional information on the Company's debt covenants and default provisions, see Note 13 to the Consolidated Financial Statements included in the 2023 10-K.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.