DOW CHEMICAL CO /DE/
For the period ended Sep 30, 2025. Filed Oct 24, 2025.
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Sep 30, 2025 · Filed Oct 24, 2025
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Nonconsolidated Affiliates
NOTE 10 –NONCONSOLIDATED AFFILIATES
For additional information on the Company’s nonconsolidated affiliates, see Note 11 to the Consolidated Financial Statements included in the 2024 10-K.
The Company's investments in companies accounted for using the equity method ("nonconsolidated affiliates"), by classification in the consolidated balance sheets are shown in the following table:
| Investments in Nonconsolidated Affiliates | Sep 30, 2025 | Dec 31, 2024 |
|---|---|---|
| In millions | ||
| Investment in nonconsolidated affiliates | $1,255 | $1,266 |
| Other noncurrent obligations | (892) | (568) |
| Net investment in nonconsolidated affiliates | $363 | $698 |
At September 30, 2025, the Company had a negative investment balance in Sadara Chemical Company of $851 million included in "Other noncurrent obligations" (negative $517 million at December 31, 2024) in the consolidated balance sheets. The increased negative investment in Sadara Chemical Company at September 30, 2025 is due to equity losses generated during the first nine months of 2025 driven by the impact of challenging macroeconomic conditions.
At September 30, 2025, the Company had a negative investment balance in EQUATE Petrochemical Company K.S.C.C of $41 million included in "Other noncurrent obligations" (negative $51 million at December 31, 2024) in the consolidated balance sheets. The decrease in the negative investment was driven by equity earnings, partially offset by dividends distributed to shareholders in the first nine months of 2025.
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