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Midas Edge

DOW CHEMICAL CO /DE/

For the period ended Dec 31, 2025. Filed Feb 3, 2026.

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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.

FY2025 · Filed Feb 3, 2026

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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Contents

Transfers of Financial Assets

NOTE 13 –TRANSFERS OF FINANCIAL ASSETS

Accounts Receivable Programs

The Company maintains accounts receivable facilities with various financial institutions, with committed and uncommitted facilities in the United States, which expire in November 2028 and a committed facility in Europe, which expires in March 2026 (collectively, "the Programs"). The Company is currently renegotiating the renewal of the Europe facility, which is expected to be completed prior to the expiration. Under the terms of the Programs, the Company may sell certain eligible trade accounts receivable at any point in time, up to $900 million for the U.S. committed facility and up to €500 million for the Europe committed facility. Under the terms of the Programs, the Company continues to service the receivables from the customer, but retains no interest in the receivables, and remits payment to the financial institutions. Losses on transfers of receivables were insignificant for the years ended December 31, 2025, 2024 and 2023. The Company also provides a guarantee to the financial institutions for the creditworthiness and collection of the receivables in satisfaction of the facility. See Note 15 for additional information related to guarantees.

The Company has access to accounts receivable discounting facilities that cover certain receivables generated from sales in EMEAI, Asia Pacific and Canada (collectively, the "Facilities"). Under the terms of the Facilities, the Company retains no interest in the transferred receivables once sold and receivables are transferred with limited recourse. The Company continues to service the receivables from the customer and remits payment to the Facilities. Losses on transfers of receivables were insignificant for the years ended December 31, 2025, 2024 and 2023.

The following table provides a summary of cash flows related to the Programs and the Facilities for the years ended December 31, 2025, 2024 and 2023:

Cash Flows Related to Transfers of Accounts Receivable
In millions202520242023
Proceeds received from new transfers$538$1,533$203

The following table provides the balances related to the Programs and the Facilities at December 31, 2025 and 2024:

In millions20252024
Balance outstanding$—$287
Accounts receivable derecognized$—$278
Amounts recognized in the consolidated balance sheets:
Accrued and other current liabilities 1$—$9
  1. Represents amounts collected from customers and not yet remitted by the Company.
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.