DOW CHEMICAL CO /DE/
For the period ended Sep 30, 2026. Filed Oct 23, 2026.
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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.
Sep 30, 2026 · Filed Oct 23, 2026
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Notes Payable, Long Term Debt and Available Credit Facilities
NOTE 11 –NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES
| Notes Payable | Sep 30, 2026 | Dec 31, 2025 |
|---|---|---|
| In millions | ||
| Notes payable to banks and other lenders | $16 | $90 |
| Period-end average interest rates | 7.55% | 32.18% |
| Long-Term Debt | 2026 Average Rate | Sep 30, 2026 | 2025 Average Rate | Dec 31, 2025 |
|---|---|---|---|---|
| In millions | ||||
| Promissory notes and debentures: | ||||
| Final maturity 2028 | 4.80% | $600 | 4.80% | $600 |
| Final maturity 2029 1 | 7.54% | 877 | 7.53% | 952 |
| Final maturity 2030 | 2.10% | 818 | 2.10% | 818 |
| Final maturity 2031 | 4.80% | 750 | 4.80% | 750 |
| Final maturity 2032 and thereafter 1 | 5.33% | 10,452 | 5.40% | 10,803 |
| Other facilities: | ||||
| Foreign currency notes and loans, various rates and maturities 1 | 1.30% | 2,109 | 1.98% | 2,237 |
| InterNotes®, varying maturities through 2056 | 5.00% | 1,066 | 4.81% | 1,011 |
| Financed acquisitions of property | 5.40% | 14 | —% | — |
| Finance lease obligations 2 | 1,044 | 1,126 | ||
| Unamortized debt discount and issuance costs | (207) | (226) | ||
| Long-term debt due within one year 3 | (745) | (222) | ||
| Long-term debt | $16,778 | $17,849 | ||
Cost includes net fair value hedge adjustment losses of $22 millionat September 30, 2026 (gains of $27 million at December 31, 2025). See Note 18 for additional information.
See Note 13 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, 2026 | |
|---|---|
| In millions | |
| 2026 | $48 |
| 2027 | $782 |
| 2028 | $765 |
| 2029 | $996 |
| 2030 | $1,046 |
| 2031 | $878 |
2026 Activity
In the second quarter of 2026, the Company redeemed $12 million aggregate principal amount of 6.30 percent notes due March 2033, $10 million aggregate principal amount of 5.65 percent notes due March 2036, $20 million aggregate principal amount of 5.25 percent notes due November 2041, $12 million aggregate principal amount of 5.55 percent notes due November 2048, $10 million aggregate principal amount of 6.90 percent notes due May 2053, and $13 million aggregate principal amount of 5.95 percent notes due March 2055. As a result of the redemption, the Company recognized a pretax gain on the early extinguishment of debt of $3 million, included in "Sundry income (expense) - net" in the consolidated statements of income.
In the third quarter of 2026, the Company redeemed $63 million aggregate principal amount of 7.38 percent notes due November 2029, $13 million aggregate principal amount of 7.85 percent notes due July 2029, $125 million aggregate principal amount of 9.40 percent notes due May 2039, and $99 million aggregate principal amount of 6.90 percent notes due May 2053. As a result of the redemption, the Company recognized a pretax loss on the early extinguishment of debt of $53 million, included in "Sundry income (expense) - net" in the consolidated statements of income, related to Corporate.
In the first nine months of 2026, the Company issued an aggregate principal amount of $100 million of InterNotes®. Additionally, the Company repaid $83 million of long-term debt at maturity.
Available Credit Facilities
The following table summarizes the Company's credit facilities:
| Committed and Available Credit Facilities at Sep 30, 2026 | ||||
|---|---|---|---|---|
| In millions | Committed Credit | Available Credit | Maturity Date | Interest |
| Five Year Competitive Advance and Revolving Credit Facility | $5,000 | $5,000 | June 2031 | Floating rate |
| Bilateral Revolving Credit Facility | 375 | 375 | October 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 | 200 | 200 | November 2027 | Floating rate |
| Bilateral Revolving Credit Facility | 100 | 100 | March 2028 | Floating rate |
| Bilateral Revolving Credit Facility | 100 | 100 | March 2028 | Floating rate |
| Bilateral Revolving Credit Facility | 300 | 300 | May 2028 | Floating rate |
| Bilateral Revolving Credit Facility | 200 | 200 | September 2028 | Floating rate |
| Bilateral Revolving Credit Facility | 175 | 175 | September 2028 | Floating rate |
| Bilateral Revolving Credit Facility | 300 | 300 | January 2029 | Floating rate |
| Bilateral Revolving Credit Facility | 100 | 100 | June 2030 | Floating rate |
| Total committed and available credit facilities | $8,200 | $8,200 | ||
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 2026. For additional information on the Company's debt covenants and default provisions, see Note 14 to the Consolidated Financial Statements included in the 2025 10-K.
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