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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________to__________

DOW-20210630_G1.JPG


Commission
File Number
Exact Name of Registrant as Specified in its Charter,
Principal Office Address and Telephone Number
State of Incorporation or
Organization
I.R.S. Employer
Identification No.
001-38646 Dow Inc. Delaware 30-1128146
2211 H.H. Dow Way, Midland, MI 48674
(989) 636-1000
001-03433 The Dow Chemical Company Delaware 38-1285128
2211 H.H. Dow Way, Midland, MI 48674
(989) 636-1000
Securities registered pursuant to Section 12(b) of the Act:
Registrant Title of each class Trading Symbol(s) Name of each exchange on which registered
Dow Inc. Common Stock, par value $0.01 per share DOW New York Stock Exchange
The Dow Chemical Company 0.500% Notes due March 15, 2027 DOW/27 New York Stock Exchange
The Dow Chemical Company 1.125% Notes due March 15, 2032 DOW/32 New York Stock Exchange
The Dow Chemical Company 1.875% Notes due March 15, 2040 DOW/40 New York Stock Exchange
The Dow Chemical Company 4.625% Notes due October 1, 2044 DOW/44 New York Stock Exchange


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Dow Inc. Yes No The Dow Chemical Company Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Dow Inc. Yes No The Dow Chemical Company Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Dow Inc.
Large accelerated filer
Accelerated
filer
Non-accelerated filer Smaller reporting company Emerging growth company
The Dow Chemical Company Large accelerated filer Accelerated
filer
Non-accelerated filer
Smaller reporting company Emerging growth company

1

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Dow Inc.
The Dow Chemical Company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Dow Inc. Yes No The Dow Chemical Company Yes No

Dow Inc. had 745,771,788 shares of common stock, $0.01 par value, outstanding at June 30, 2021. The Dow Chemical Company had 100 shares of common stock, $0.01 par value, outstanding at June 30, 2021, all of which were held by the registrant’s parent, Dow Inc.

The Dow Chemical Company meets the conditions set forth in General Instruction H(1)(a) and (b) for Form 10-Q and therefore is filing this form with a reduced disclosure format.
2

Dow Inc. and Subsidiaries
The Dow Chemical Company and Subsidiaries
QUARTERLY REPORT ON FORM 10-Q
For the quarterly period ended June 30, 2021
TABLE OF CONTENTS
    PAGE
Item 1.
5
Dow Inc. and Subsidiaries:
5
6
7
8
9
The Dow Chemical Company and Subsidiaries:
Dow Inc. and Subsidiaries and The Dow Chemical Company and Subsidiaries:
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 4.
Item 5.
Item 6.

3

Dow Inc. and Subsidiaries
The Dow Chemical Company and Subsidiaries
This Quarterly Report on Form 10-Q is a combined report being filed by Dow Inc. and The Dow Chemical Company and its consolidated subsidiaries (“TDCC” and together with Dow Inc., “Dow” or the "Company") due to the parent/subsidiary relationship between Dow Inc. and TDCC. The information reflected in the report is equally applicable to both Dow Inc. and TDCC, except where otherwise noted. Each of Dow Inc. and TDCC is filing information in this report on its own behalf and neither company makes any representation to the information relating to the other company.
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
Certain statements in this report are “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and variations or negatives of these words or phrases.
Forward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties and other factors that are beyond Dow’s control, which may cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements and speak only as of the date the statements were made. These factors include, but are not limited to: sales of Dow’s products; Dow’s expenses, future revenues and profitability; the continuing global and regional economic impacts of the coronavirus disease 2019 (“COVID-19”) pandemic and other public health-related risks and events on Dow’s business; capital requirements and need for and availability of financing; size of the markets for Dow’s products and services and ability to compete in such markets; failure to develop and market new products and optimally manage product life cycles; the rate and degree of market acceptance of Dow’s products; significant litigation and environmental matters and related contingencies and unexpected expenses; the success of competing technologies that are or may become available; the ability to protect Dow’s intellectual property in the United States and abroad; developments related to contemplated restructuring activities and proposed divestitures or acquisitions such as workforce reduction, manufacturing facility and/or asset closure and related exit and disposal activities, and the benefits and costs associated with each of the foregoing; fluctuations in energy and raw material prices; management of process safety and product stewardship; changes in relationships with Dow’s significant customers and suppliers; changes in consumer preferences and demand; changes in laws and regulations, political conditions or industry development; global economic and capital markets conditions, such as inflation, market uncertainty, interest and currency exchange rates, and equity and commodity prices; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war; weather events and natural disasters; and disruptions in Dow’s information technology networks and systems.
Risks related to Dow’s separation from DowDuPont Inc. include, but are not limited to: (i) Dow’s inability to achieve some or all of the benefits that it expects to receive from the separation from DowDuPont Inc.; (ii) certain tax risks associated with the separation; (iii) the failure of Dow’s pro forma financial information to be a reliable indicator of Dow’s future results; (iv) non-compete restrictions under the separation agreement; (v) receipt of less favorable terms in the commercial agreements Dow entered into with DuPont de Nemours, Inc. ("DuPont") and Corteva, Inc. (“Corteva”), including restrictions under intellectual property cross-license agreements, than Dow would have received from an unaffiliated third party; and (vi) Dow’s obligation to indemnify DuPont and/or Corteva for certain liabilities.
Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. These are not the only risks and uncertainties that Dow faces. There may be other risks and uncertainties that Dow is unable to identify at this time or that Dow does not currently expect to have a material impact on its business. If any of those risks or uncertainties develops into an actual event, it could have a material adverse effect on Dow’s business. Dow assumes no obligation to update or revise publicly any forward-looking statements whether because of new information, future events, or otherwise, except as required by securities and other applicable laws.
4

PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

Dow Inc. and Subsidiaries
Consolidated Statements of Income
 
Three Months Ended Six Months Ended
In millions, except per share amounts (Unaudited) Jun 30,
2021
Jun 30,
2020
Jun 30,
2021
Jun 30,
2020
Net sales $ 13,885  $ 8,354  $ 25,767  $ 18,124 
Cost of sales 10,740  7,610  20,802  15,840 
Research and development expenses 228  182  422  361 
Selling, general and administrative expenses 440  357  806  691 
Amortization of intangibles 100  100  201  200 
Restructuring and asset related charges - net 22  22  102 
Integration and separation costs —  46  —  111 
Equity in earnings (losses) of nonconsolidated affiliates 278  (95) 502  (184)
Sundry income (expense) - net (3) 53  125  (28)
Interest income 13  21  21 
Interest expense and amortization of debt discount 187  200  383  415 
Income (loss) before income taxes 2,456  (183) 3,779  213 
Provision for income taxes 524  34  841  172 
Net income (loss) 1,932  (217) 2,938  41 
Net income attributable to noncontrolling interests 31  46  27 
Net income (loss) available for Dow Inc. common stockholders $ 1,901  $ (225) $ 2,892  $ 14 
Per common share data:
Earnings (loss) per common share - basic $ 2.53  $ (0.31) $ 3.86  $ 0.01 
Earnings (loss) per common share - diluted $ 2.51  $ (0.31) $ 3.83  $ 0.01 
Weighted-average common shares outstanding - basic 747.0  739.3  745.9  739.7 
Weighted-average common shares outstanding - diluted 752.9  739.3  751.4  741.0 
Depreciation $ 518  $ 517  $ 1,033  $ 1,032 
Capital expenditures $ 333  $ 273  $ 622  $ 668 
See Notes to the Consolidated Financial Statements.

5

Dow Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
 
  Three Months Ended Six Months Ended
In millions (Unaudited) Jun 30,
2021
Jun 30,
2020
Jun 30,
2021
Jun 30,
2020
Net income (loss) $ 1,932  $ (217) $ 2,938  $ 41 
Other comprehensive income (loss), net of tax
Unrealized gains (losses) on investments 17  76  (32) (24)
Cumulative translation adjustments 65  63  (188) (100)
Pension and other postretirement benefit plans 149  141  1,283  283 
Derivative instruments 24  116  (138)
Total other comprehensive income 237  304  1,179  21 
Comprehensive income 2,169  87  4,117  62 
Comprehensive income attributable to noncontrolling interests, net of tax 31  46  27 
Comprehensive income attributable to Dow Inc. $ 2,138  $ 79  $ 4,071  $ 35 
See Notes to the Consolidated Financial Statements.

6

Dow Inc. and Subsidiaries
Consolidated Balance Sheets

In millions, except share amounts (Unaudited)
Jun 30,
2021
Dec 31,
2020
Assets
Current Assets
Cash and cash equivalents (variable interest entities restricted - 2021: $36; 2020: $26)
$ 3,491  $ 5,104 
Accounts and notes receivable:
Trade (net of allowance for doubtful receivables - 2021: $59; 2020: $51)
6,456  4,839 
Other 2,650  2,551 
Inventories 6,952  5,701 
Other current assets 803  889 
Total current assets 20,352  19,084 
Investments
Investment in nonconsolidated affiliates 1,754  1,327 
Other investments (investments carried at fair value - 2021: $1,655; 2020: $1,674)
2,764  2,775 
Noncurrent receivables 480  465 
Total investments 4,998  4,567 
Property
Property 56,564  56,325 
Less: Accumulated depreciation 36,700  36,086 
Net property (variable interest entities restricted - 2021: $204; 2020: $232)
19,864  20,239 
Other Assets
Goodwill 8,833  8,908 
Other intangible assets (net of accumulated amortization - 2021: $4,650; 2020: $4,428)
3,093  3,352 
Operating lease right-of-use assets 1,745  1,856 
Deferred income tax assets 1,529  2,215 
Deferred charges and other assets 1,354  1,249 
Total other assets 16,554  17,580 
Total Assets $ 61,768  $ 61,470 
Liabilities and Equity
Current Liabilities
Notes payable $ 203  $ 156 
Long-term debt due within one year 445  460 
Accounts payable:
Trade 4,664  3,763 
Other 2,638  2,126 
Operating lease liabilities - current 402  416 
Income taxes payable 462  397 
Accrued and other current liabilities 3,494  3,790 
Total current liabilities 12,308  11,108 
Long-Term Debt (variable interest entities nonrecourse - 2021: $5; 2020: $6)
15,093  16,491 
Other Noncurrent Liabilities
Deferred income tax liabilities 504  405 
Pension and other postretirement benefits - noncurrent 8,888  11,648 
Asbestos-related liabilities - noncurrent 975  1,013 
Operating lease liabilities - noncurrent 1,419  1,521 
Other noncurrent obligations 6,428  6,279 
Total other noncurrent liabilities 18,214  20,866 
Stockholders’ Equity
Common stock (authorized 5,000,000,000 shares of $0.01 par value each;
issued 2021: 761,524,466 shares; 2020: 755,993,198 shares)
Additional paid-in capital 7,898  7,595 
Retained earnings 18,200  16,361 
Accumulated other comprehensive loss (9,676) (10,855)
Unearned ESOP shares (32) (49)
Treasury stock at cost (2021: 15,752,678 shares; 2020: 12,803,303 shares)
(825) (625)
Dow Inc.’s stockholders’ equity 15,573  12,435 
Noncontrolling interests 580  570 
Total equity 16,153  13,005 
Total Liabilities and Equity $ 61,768  $ 61,470 
See Notes to the Consolidated Financial Statements.

7

Dow Inc. and Subsidiaries
Consolidated Statements of Cash Flows
 
In millions (Unaudited) Six Months Ended
Jun 30,
2021
Jun 30,
2020
Operating Activities
Net income $ 2,938  $ 41 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 1,462  1,424 
Provision (credit) for deferred income tax 388  (59)
Earnings of nonconsolidated affiliates less than (in excess of) dividends received (283) 455 
Net periodic pension benefit cost 29  129 
Pension contributions (1,109) (112)
Net gain on sales of assets, businesses and investments (50) (39)
Restructuring and asset related charges - net 22  102 
Other net loss 224  163 
Changes in assets and liabilities, net of effects of acquired and divested companies:
Accounts and notes receivable (1,903) 696 
Inventories (1,278) 429 
Accounts payable 1,357  (896)
Other assets and liabilities, net (4) 502 
Cash provided by operating activities - continuing operations 1,793  2,835 
Cash used for operating activities - discontinued operations (80) (6)
Cash provided by operating activities 1,713  2,829 
Investing Activities
Capital expenditures (622) (668)
Investment in gas field developments (24) (5)
Purchases of previously leased assets (3) (2)
Proceeds from sales of property and businesses, net of cash divested 10  14 
Acquisitions of property and businesses, net of cash acquired (107) — 
Investments in and loans to nonconsolidated affiliates —  (236)
Distributions and loan repayments from nonconsolidated affiliates 11 
Purchases of investments (560) (462)
Proceeds from sales and maturities of investments 527  790 
Other investing activities, net —  29 
Cash used for investing activities (768) (534)
Financing Activities
Changes in short-term notes payable (38) 181 
Proceeds from issuance of short-term debt greater than three months 72  163 
Payments on short-term debt greater than three months —  (100)
Proceeds from issuance of long-term debt 68  2,509 
Payments on long-term debt (1,425) (2,359)
Purchases of treasury stock (200) (125)
Proceeds from issuance of stock 200  30 
Transaction financing, debt issuance and other costs (95) (99)
Employee taxes paid for share-based payment arrangements (11) (26)
Distributions to noncontrolling interests (28) (19)
Dividends paid to stockholders (1,043) (1,034)
Cash used for financing activities (2,500) (879)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (12) (66)
Summary
Increase (decrease) in cash, cash equivalents and restricted cash (1,567) 1,350 
Cash, cash equivalents and restricted cash at beginning of period 5,108  2,380 
Cash, cash equivalents and restricted cash at end of period $ 3,541  $ 3,730 
Less: Restricted cash and cash equivalents, included in "Other current assets" 50 
Cash and cash equivalents at end of period $ 3,491  $ 3,724 
See Notes to the Consolidated Financial Statements.
8

Dow Inc. and Subsidiaries
Consolidated Statements of Equity
 
  Three Months Ended Six Months Ended
In millions, except per share amounts (Unaudited) Jun 30,
2021
Jun 30,
2020
Jun 30,
2021
Jun 30,
2020
Common Stock
Balance at beginning and end of period $ $ $ $
Additional Paid-in Capital
Balance at beginning of period 7,743  7,370  7,595  7,325 
Common stock issued/sold 73  14  200  30 
Stock-based compensation and allocation of ESOP shares 82  47  103  76 
Balance at end of period 7,898  7,431  7,898  7,431 
Retained Earnings
Balance at beginning of period 16,829  16,763  16,361  17,045 
Net income (loss) available for Dow Inc. common stockholders 1,901  (225) 2,892  14 
Dividends to stockholders (522) (516) (1,043) (1,034)
Other (8) (5) (10) (8)
Balance at end of period 18,200  16,017  18,200  16,017 
Accumulated Other Comprehensive Loss
Balance at beginning of period (9,913) (10,529) (10,855) (10,246)
Other comprehensive income 237  304  1,179  21 
Balance at end of period (9,676) (10,225) (9,676) (10,225)
Unearned ESOP Shares
Balance at beginning of period (39) (81) (49) (91)
Allocation of ESOP shares 12  17  22 
Balance at end of period (32) (69) (32) (69)
Treasury Stock
Balance at beginning of period (625) (625) (625) (500)
Treasury stock purchases (200) —  (200) (125)
Balance at end of period (825) (625) (825) (625)
Dow Inc.'s stockholders' equity 15,573  12,537  15,573  12,537 
Noncontrolling Interests 580  560  580  560 
Total Equity $ 16,153  $ 13,097  $ 16,153  $ 13,097 
Dividends declared per share of common stock $ 0.70  $ 0.70  $ 1.40  $ 1.40 
See Notes to the Consolidated Financial Statements.

9

The Dow Chemical Company and Subsidiaries
Consolidated Statements of Income
 
Three Months Ended Six Months Ended
In millions (Unaudited) Jun 30,
2021
Jun 30,
2020
Jun 30,
2021
Jun 30,
2020
Net sales $ 13,885  $ 8,354  $ 25,767  $ 18,124 
Cost of sales 10,739  7,608  20,800  15,838 
Research and development expenses 228  182  422  361 
Selling, general and administrative expenses 440  356  806  690 
Amortization of intangibles 100  100  201  200 
Restructuring and asset related charges - net 22  22  102 
Integration and separation costs —  46  —  111 
Equity in earnings (losses) of nonconsolidated affiliates 278  (95) 502  (184)
Sundry income (expense) - net 51  125  (31)
Interest income 13  21  21 
Interest expense and amortization of debt discount 187  200  383  415 
Income (loss) before income taxes 2,466  (183) 3,781  213 
Provision for income taxes 521  34  838  172 
Net income (loss) 1,945  (217) 2,943  41 
Net income attributable to noncontrolling interests 31  46  27 
Net income (loss) available for The Dow Chemical Company common stockholder $ 1,914  $ (225) $ 2,897  $ 14 
Depreciation $ 518  $ 517  $ 1,033  $ 1,032 
Capital expenditures $ 333  $ 273  $ 622  $ 668 
See Notes to the Consolidated Financial Statements.

10

The Dow Chemical Company and Subsidiaries
Consolidated Statements of Comprehensive Income
 
  Three Months Ended Six Months Ended
In millions (Unaudited) Jun 30,
2021
Jun 30,
2020
Jun 30,
2021
Jun 30,
2020
Net income (loss) $ 1,945  $ (217) $ 2,943  $ 41 
Other comprehensive income (loss), net of tax
Unrealized gains (losses) on investments 17  76  (32) (24)
Cumulative translation adjustments 65  63  (188) (100)
Pension and other postretirement benefit plans 149  141  1,283  283 
Derivative instruments 24  116  (138)
Total other comprehensive income 237  304  1,179  21 
Comprehensive income 2,182  87  4,122  62 
Comprehensive income attributable to noncontrolling interests, net of tax 31  46  27 
Comprehensive income attributable to The Dow Chemical Company $ 2,151  $ 79  $ 4,076  $ 35 
See Notes to the Consolidated Financial Statements.
11

The Dow Chemical Company and Subsidiaries
Consolidated Balance Sheets

In millions, except share amounts (Unaudited)
Jun 30,
2021
Dec 31,
2020
Assets
Current Assets
Cash and cash equivalents (variable interest entities restricted - 2021: $36; 2020: $26)
$ 3,491  $ 5,104 
Accounts and notes receivable:
Trade (net of allowance for doubtful receivables - 2021: $59; 2020: $51)
6,456  4,839 
Other 2,653  2,553 
Inventories 6,952  5,701 
Other current assets 759  801 
Total current assets 20,311  18,998 
Investments
Investment in nonconsolidated affiliates 1,754  1,327 
Other investments (investments carried at fair value - 2021: $1,655; 2020: $1,674)
2,764  2,775 
Noncurrent receivables 442  426 
Total investments 4,960  4,528 
Property
Property 56,564  56,325 
Less accumulated depreciation 36,700  36,086 
Net property (variable interest entities restricted - 2021: $204; 2020: $232)
19,864  20,239 
Other Assets
Goodwill 8,833  8,908 
Other intangible assets (net of accumulated amortization - 2021: $4,650; 2020: $4,428)
3,093  3,352 
Operating lease right-of-use assets 1,745  1,856 
Deferred income tax assets 1,529  2,215 
Deferred charges and other assets 1,354  1,249 
Total other assets 16,554  17,580 
Total Assets $ 61,689  $ 61,345 
Liabilities and Equity
Current Liabilities
Notes payable $ 203  $ 156 
Long-term debt due within one year 445  460 
Accounts payable:
Trade 4,664  3,763 
Other 2,638  2,126 
Operating lease liabilities - current 402  416 
Income taxes payable 462  397 
Accrued and other current liabilities 3,198  3,256 
Total current liabilities 12,012  10,574 
Long-Term Debt (variable interest entities nonrecourse - 2021: $5; 2020: $6)
15,093  16,491 
Other Noncurrent Liabilities
Deferred income tax liabilities 504  405 
Pension and other postretirement benefits - noncurrent 8,888  11,648 
Asbestos-related liabilities - noncurrent 975  1,013 
Operating lease liabilities - noncurrent 1,419  1,521 
Other noncurrent obligations 6,275  6,124 
Total other noncurrent liabilities 18,061  20,711 
Stockholder's Equity
Common stock (authorized and issued 100 shares of $0.01 par value each)
—  — 
Additional paid-in capital 7,906  7,603 
Retained earnings 17,745  16,300 
Accumulated other comprehensive loss (9,676) (10,855)
Unearned ESOP shares (32) (49)
The Dow Chemical Company’s stockholder's equity 15,943  12,999 
Noncontrolling interests 580  570 
Total equity 16,523  13,569 
Total Liabilities and Equity $ 61,689  $ 61,345 
See Notes to the Consolidated Financial Statements.
12

The Dow Chemical Company and Subsidiaries
Consolidated Statements of Cash Flows
 
In millions (Unaudited) Six Months Ended
Jun 30,
2021
Jun 30,
2020
Operating Activities
Net income $ 2,943  $ 41 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 1,462  1,424 
Provision (credit) for deferred income tax 388  (59)
Earnings of nonconsolidated affiliates less than (in excess of) dividends received (283) 455 
Net periodic pension benefit cost 29  129 
Pension contributions (1,109) (112)
Net gain on sales of assets, businesses and investments (50) (39)
Restructuring and asset related charges - net 22  102 
Other net loss 224  167 
Changes in assets and liabilities, net of effects of acquired and divested companies:
Accounts and notes receivable (1,903) 696 
Inventories (1,278) 429 
Accounts payable 1,357  (896)
Other assets and liabilities, net 110  505 
Cash provided by operating activities 1,912  2,842 
Investing Activities
Capital expenditures (622) (668)
Investment in gas field developments (24) (5)
Purchases of previously leased assets (3) (2)
Proceeds from sales of property and businesses, net of cash divested 10  14 
Acquisitions of property and businesses, net of cash acquired (107) — 
Investments in and loans to nonconsolidated affiliates —  (236)
Distributions and loan repayments from nonconsolidated affiliates 11 
Purchases of investments (560) (462)
Proceeds from sales and maturities of investments 527  790 
Other investing activities, net —  29 
Cash used for investing activities (768) (534)
Financing Activities
Changes in short-term notes payable (38) 181 
Proceeds from issuance of short-term debt greater than three months 72  163 
Payments on short-term debt greater than three months —  (100)
Proceeds from issuance of long-term debt 68  2,509 
Payments on long-term debt (1,425) (2,359)
Proceeds from issuance of stock 200  30 
Transaction financing, debt issuance and other costs (95) (99)
Employee taxes paid for share-based payment arrangements (11) (26)
Distributions to noncontrolling interests (28) (19)
Dividends paid to Dow Inc. (1,442) (1,172)
Cash used for financing activities (2,699) (892)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (12) (66)
Summary
Increase (decrease) in cash, cash equivalents and restricted cash (1,567) 1,350 
Cash, cash equivalents and restricted cash at beginning of period 5,108  2,380 
Cash, cash equivalents and restricted cash at end of period $ 3,541  $ 3,730 
Less: Restricted cash and cash equivalents, included in "Other current assets" 50 
Cash and cash equivalents at end of period $ 3,491  $ 3,724 
See Notes to the Consolidated Financial Statements.
13

The Dow Chemical Company and Subsidiaries
Consolidated Statements of Equity
 
  Three Months Ended Six Months Ended
In millions (Unaudited) Jun 30,
2021
Jun 30,
2020
Jun 30,
2021
Jun 30,
2020
Common Stock
Balance at beginning and end of period $ —  $ —  $ —  $ — 
Additional Paid-in Capital
Balance at beginning of period 7,751  7,378  7,603  7,333 
Issuance of parent company stock - Dow Inc. 73  14  200  30 
Stock-based compensation and allocation of ESOP shares 82  47  103  76 
Balance at end of period 7,906  7,439  7,906  7,439 
Retained Earnings
Balance at beginning of period 16,577  16,905  16,300  17,313 
 Net income (loss) available for The Dow Chemical Company common stockholder 1,914  (225) 2,897  14 
Dividends to Dow Inc. (739) (529) (1,442) (1,172)
Other (7) (4) (10) (8)
Balance at end of period 17,745  16,147  17,745  16,147 
Accumulated Other Comprehensive Loss
Balance at beginning of period (9,913) (10,529) (10,855) (10,246)
Other comprehensive income 237  304  1,179  21 
Balance at end of period (9,676) (10,225) (9,676) (10,225)
Unearned ESOP Shares
Balance at beginning of period (39) (81) (49) (91)
Allocation of ESOP shares 12  17  22 
Balance at end of period (32) (69) (32) (69)
The Dow Chemical Company's stockholder's equity 15,943  13,292  15,943  13,292 
Noncontrolling Interests 580  560  580  560 
Total Equity $ 16,523  $ 13,852  $ 16,523  $ 13,852 
See Notes to the Consolidated Financial Statements.










14

Dow Inc. and Subsidiaries
The Dow Chemical Company and Subsidiaries
(Unaudited)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents


NOTE 1 – CONSOLIDATED FINANCIAL STATEMENTS
Basis of Presentation
Dow Inc. is the direct parent company of The Dow Chemical Company and its consolidated subsidiaries ("TDCC" and together with Dow Inc., "Dow" or the "Company"). The unaudited interim consolidated financial statements of Dow Inc. and TDCC were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and reflect all adjustments (including normal recurring accruals) which, in the opinion of management, are considered necessary for the fair presentation of the results for the periods presented. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the combined Dow Inc. and TDCC Annual Report on Form 10-K for the year ended December 31, 2020 ("2020 10-K").

As a result of the parent/subsidiary relationship between Dow Inc. and TDCC, and considering that the financial statements and disclosures of each company are substantially similar, the companies are filing a combined report for this Quarterly Report on Form 10-Q. The information reflected in the report is equally applicable to both Dow Inc. and TDCC, except where otherwise noted. Transactions between TDCC and Dow Inc. are treated as related party transactions for TDCC. See Note 21 for additional information.

Except as otherwise indicated by the context, the term "Union Carbide" means Union Carbide Corporation and the term "Dow Silicones" means Dow Silicones Corporation, both wholly owned subsidiaries of the Company.

15

NOTE 2 – RECENT ACCOUNTING GUIDANCE
Recently Adopted Accounting Guidance
In the first quarter of 2021, the Company adopted Accounting Standards Update 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." The amendments simplify the accounting for income taxes by removing certain exceptions to the general principles of Topic 740, "Income Taxes" and improve consistent application by clarifying and amending existing guidance. The adoption of this guidance did not have a material impact on the consolidated financial statements.


NOTE 3 – SEPARATION FROM DOWDUPONT
For additional information on the separation from DowDuPont Inc. ("DowDuPont"), see Note 3 to the Consolidated Financial Statements included in the 2020 10-K.

Agreements Related to the Separation and Distribution
Dow Inc. entered into certain agreements with DuPont de Nemours, Inc. ("DuPont") and/or Corteva Inc. ("Corteva"), including the following: Separation and Distribution Agreement, Tax Matters Agreement and Employee Matters Agreement (collectively, the "Agreements"). In addition to establishing the terms of Dow Inc.'s separation from DowDuPont, the Agreements provide a framework for Dow’s interaction with DuPont and Corteva after the separation and also provide for the allocation among Dow, DuPont and Corteva of assets, liabilities and obligations attributable to periods prior to, at and after the completion of the separation. The Agreements also contain certain indemnity and/or cross-indemnity provisions that are intended to set forth each party’s respective rights, responsibilities and obligations for matters subject to indemnification. Except in certain instances, the parties’ indemnification obligations are uncapped. Certain indemnification obligations will be subject to reduction by insurance proceeds or other third-party proceeds of the indemnified party that reduces the amount of the loss. In addition, indemnifiable losses will be subject to, in certain cases, “de minimis” threshold amounts and, in certain cases, deductible amounts.

The impacts of indemnifications and other post-separation matters relating to the Agreements were primarily included in the consolidated financial statements of Dow Inc. At June 30, 2021, the Company had assets of $31 million ($77 million at December 31, 2020) included in "Other current assets" and $32 million ($33 million at December 31, 2020) included in "Noncurrent receivables," and liabilities of $215 million ($412 million at December 31, 2020) included in "Accrued and other current liabilities" and $43 million ($46 million at December 31, 2020) included in "Other noncurrent obligations" in the consolidated balance sheets of Dow Inc. related to the Agreements.

In addition, the Company deferred a portion of the cash distribution received from DowDuPont at separation and recorded an associated liability in "Other noncurrent obligations," with an offset to "Retained earnings" in the consolidated balance sheets of Dow Inc. At June 30, 2021, $62 million ($103 million at December 31, 2020) of this liability was recorded in "Accrued and other current liabilities" and $96 million ($96 million at December 31, 2020) was recorded in "Other noncurrent obligations" in the consolidated balance sheets of Dow Inc.


NOTE 4 – REVENUE
Revenue Recognition
The majority of Dow's revenue is derived from product sales. Dow's revenue related to product sales was 98 percent for the three and six months ended June 30, 2021 (98 percent and 99 percent for the three and six months ended June 30, 2020, respectively), with the remaining balance primarily related to the Company's insurance operations and licensing of patents and technologies. Product sales consist of sales of Dow's products to manufacturers and distributors and considers order confirmations or purchase orders, which in some cases are governed by master supply agreements, to be contracts with a customer. Dow enters into licensing arrangements in which it licenses certain rights of its patents and technology to customers. Revenue from Dow’s licenses for patents and technology is derived from sales-based royalties and licensing arrangements based on billing schedules established in each contract.

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Remaining Performance Obligations
Remaining performance obligations represent the transaction price allocated to unsatisfied or partially unsatisfied performance obligations. At June 30, 2021, Dow had unfulfilled performance obligations of $851 million ($977 million at December 31, 2020) related to the licensing of technology. Dow expects revenue to be recognized for the remaining performance obligations over the next six years.

The remaining performance obligations are for product sales that have expected durations of one year or less, product sales of materials delivered through a pipeline for which Dow has elected the right to invoice practical expedient, or variable consideration attributable to royalties for licenses of patents and technology. Dow has received advance payments from customers related to long-term supply agreements that are deferred and recognized over the life of the contract, with remaining contract terms that range up to 20 years. Dow will have rights to future consideration for revenue recognized when product is delivered to the customer. These payments are included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the consolidated balance sheets.

Disaggregation of Revenue
Dow disaggregates its revenue from contracts with customers by operating segment and business, as the Company believes it best depicts the nature, amount, timing and uncertainty of its revenue and cash flows.

Net Trade Sales by Segment and Business Three Months Ended Six Months Ended
In millions Jun 30, 2021 Jun 30, 2020 Jun 30, 2021 Jun 30, 2020
Hydrocarbons & Energy $ 2,008  $ 787  $ 3,759  $ 2,006 
Packaging and Specialty Plastics 5,113  3,214  9,444  6,604 
Packaging & Specialty Plastics $ 7,121  $ 4,001  $ 13,203  $ 8,610 
Industrial Solutions $ 1,201  $ 894  $ 2,250  $ 1,948 
Polyurethanes & Construction Chemicals 3,012  1,520  5,568  3,508 
Other
Industrial Intermediates & Infrastructure $ 4,215  $ 2,417  $ 7,822  $ 5,462 
Coatings & Performance Monomers $ 1,010  $ 766  $ 1,865  $ 1,594 
Consumer Solutions 1,455  1,089  2,723  2,326 
Performance Materials & Coatings $ 2,465  $ 1,855  $ 4,588  $ 3,920 
Corporate $ 84  $ 81  $ 154  $ 132 
Total $ 13,885  $ 8,354  $ 25,767  $ 18,124 

Net Trade Sales by Geographic Region Three Months Ended Six Months Ended
In millions Jun 30, 2021 Jun 30, 2020 Jun 30, 2021 Jun 30, 2020
U.S. & Canada $ 4,927  $ 2,944  $ 8,955  $ 6,494 
EMEAI 1
5,102  2,711  9,431  6,122 
Asia Pacific 2,479  1,932  4,844  3,777 
Latin America 1,377  767  2,537  1,731 
Total $ 13,885  $ 8,354  $ 25,767  $ 18,124 
1.Europe, Middle East, Africa and India.

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Contract Assets and Liabilities
Dow receives payments from customers based upon contractual billing schedules. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include amounts related to Dow's contractual right to consideration for completed performance obligations not yet invoiced. Contract liabilities include payments received in advance of performance under the contract and are recognized in revenue when the performance obligations are met. "Contract liabilities - current" primarily reflects deferred revenue from prepayments from customers for product to be delivered in 12 months or less and royalty payments that are deferred and will be recognized in 12 months or less. "Contract liabilities - noncurrent" includes advance payments that Dow has received from customers related to long-term supply agreements and royalty payments that are deferred and recognized over the life of the contract.

Revenue recognized in the first six months of 2021 from amounts included in contract liabilities at the beginning of the period was approximately $180 million (approximately $80 million in the first six months of 2020). In the first six months of 2021, the amount of contract assets reclassified to receivables as a result of the right to the transaction consideration becoming unconditional was insignificant (approximately $25 million in the first six months of 2020).

The following table summarizes the contract assets and liabilities at June 30, 2021 and December 31, 2020:

Contract Assets and Liabilities Balance Sheet Classification Jun 30, 2021 Dec 31, 2020
In millions
Accounts and notes receivable - trade Accounts and notes receivable - trade $ 6,456  $ 4,839 
Contract assets - current Other current assets $ 51  $ 58 
Contract assets - noncurrent Deferred charges and other assets $ 28  $ 11 
Contract liabilities - current 1
Accrued and other current liabilities $ 211  $ 349 
Contract liabilities - noncurrent Other noncurrent obligations $ 1,970  $ 1,915 
1.The decrease from December 31, 2020 to June 30, 2021 was due to recognition of deferred royalty payments.


NOTE 5 – RESTRUCTURING AND ASSET RELATED CHARGES - NET
Charges for restructuring programs and other asset related charges, which includes asset impairments, are recorded in "Restructuring and asset related charges - net" in the consolidated statements of income and were $22 million for the three and six months ended June 30, 2021 ($6 million and $102 million for the three and six months ended June 30, 2020, respectively). For additional information on the Company's restructuring programs, see Note 6 to the Consolidated Financial Statements included in the 2020 10-K.

Restructuring Plans
2020 Restructuring Program
On September 29, 2020, the Board of Directors ("Board") of Dow Inc. approved restructuring actions to achieve the Company's structural cost improvement initiatives in response to the continued economic impact from the coronavirus disease 2019 ("COVID-19") pandemic. The restructuring program is designed to reduce structural costs and enable the Company to further enhance competitiveness while the COVID-19 economic recovery continues. This program includes a global workforce cost reduction of approximately 6 percent and actions to rationalize the Company's manufacturing assets, which include asset write-down and write-off charges, related contract termination fees and environmental remediation costs ("2020 Restructuring Program"). These actions are expected to be substantially complete by the end of 2021.










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In the second quarter of 2021, the Company recorded pretax restructuring charges of $12 million for asset write-downs and write-offs and $10 million for costs associated with exit and disposal activities. The following table summarizes the activities related to the 2020 Restructuring Program:

2020 Restructuring Program Severance and Related Benefit Costs Asset Write-downs and Write-offs Costs Associated with Exit and Disposal Activities Total
In millions
Packaging & Specialty Plastics $ —  $ 11  $ —  $ 11 
Industrial Intermediates & Infrastructure —  22  —  22 
Performance Materials & Coatings —  117  57  174 
Corporate 297  47  24  368 
Total restructuring charges $ 297  $ 197  $ 81  $ 575 
Charges against the reserve —  (197) —  (197)
Cash payments (1) —  —  (1)
Reserve balance at Sep 30, 2020 $ 296  $ —  $ 81  $ 377 
Performance Materials & Coatings $ —  $ (1) $ $
Corporate —  —  (5) (5)
Total restructuring charges $ —  $ (1) $ (1) $ (2)
Charges against the reserve —  (5) (4)
Cash payments (7) —  —  (7)
Reserve balance at Dec 31, 2020 $ 289  $ —  $ 75  $ 364 
Cash payments (37) —  (12) (49)
Reserve balance at Mar 31, 2021 $ 252  $ —  $ 63  $ 315 
Packaging & Specialty Plastics $ —  $ —  $ $
Industrial Intermediates & Infrastructure —  — 
Performance Materials & Coatings —  10 
Corporate —  — 
Total restructuring charges $ —  $ 12  $ 10  $ 22 
Charges against the reserve —  (12) —  (12)
Cash payments (53) —  (3) (56)
Reserve balance at Jun 30, 2021 $ 199  $ —  $ 70  $ 269 

At June 30, 2021, $197 million of the reserve balance was included in "Accrued and other current liabilities" ($227 million at December 31, 2020) and $72 million was included in "Other noncurrent obligations" ($137 million at December 31, 2020) in the consolidated balance sheets.

The Company recorded pretax restructuring charges of $595 million inception-to-date under the 2020 Restructuring Program, consisting of severance and related benefit costs of $297 million, asset write-downs and write-offs of $208 million and costs associated with exit and disposal activities of $90 million.

The Company expects to incur additional costs in the future related to its restructuring activities. Future costs are expected to include demolition costs related to closed facilities and restructuring implementation costs; these costs will be recognized as incurred. The Company also expects to incur additional employee-related costs, including involuntary termination benefits, related to its other optimization activities. These costs cannot be reasonably estimated at this time.

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NOTE 6 – SUPPLEMENTARY INFORMATION
Dow Inc. Sundry Income (Expense) – Net Three Months Ended Six Months Ended
In millions Jun 30, 2021 Jun 30, 2020 Jun 30, 2021 Jun 30, 2020
Non-operating pension and other postretirement benefit plan net credits 1
$ 86  $ 27  $ 161  $ 54 
Foreign exchange losses (8) (2) (16) (18)
Loss on early extinguishment of debt 2
(102) —  (102) (86)
Gains (losses) on sales of other assets and investments 14  (4) 62 
Indemnification and other transaction related costs 3
(5) —  (5) — 
Gain related to Nova ethylene asset matter 4
—  — 
Other - net 12  26  25  11 
Total sundry income (expense) – net $ (3) $ 53  $ 125  $ (28)
1.See Note 16 for additional information.
2.See Note 11 for additional information.
3.See Note 3 for additional information.
4.See Note 12 for additional information.

TDCC Sundry Income (Expense) – Net Three Months Ended Six Months Ended
In millions Jun 30, 2021 Jun 30, 2020 Jun 30, 2021 Jun 30, 2020
Non-operating pension and other postretirement benefit plan net credits 1
$ 86  $ 27  $ 161  $ 54 
Foreign exchange losses (4) (6) (16) (23)
Loss on early extinguishment of debt 2
(102) —  (102) (86)
Gains (losses) on sales of other assets and investments 14  (4) 62 
Gain related to Nova ethylene asset matter 3
—  — 
Other - net 12  28  20  13 
Total sundry income (expense) – net $ $ 51  $ 125  $ (31)
1.See Note 16 for additional information.
2.See Note 11 for additional information.
3.See Note 12 for additional information.

Accrued and Other Current Liabilities
“Accrued and other current liabilities” were $3,494 million and $3,198 million at June 30, 2021 and $3,790 million and $3,256 million at December 31, 2020, for Dow Inc. and TDCC, respectively. Accrued payroll, which is a component of "Accrued and other current liabilities" and includes liabilities related to payroll, performance-based compensation and severance, was $778 million at June 30, 2021 and $866 million at December 31, 2020. No other components of "Accrued and other current liabilities" were more than 5 percent of total current liabilities.


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NOTE 7 - EARNINGS PER SHARE CALCULATIONS
The following tables provide earnings per share calculations for Dow Inc. for the three and six months ended June 30, 2021 and 2020. Earnings per share of TDCC is not presented as this information is not required in financial statements of wholly owned subsidiaries.

Net Income (Loss) for Earnings Per Share Calculations Three Months Ended Six Months Ended
In millions Jun 30, 2021 Jun 30, 2020 Jun 30, 2021 Jun 30, 2020
Net income (loss) $ 1,932  $ (217) $ 2,938  $ 41 
Net income attributable to noncontrolling interests 31  46  27 
Net income attributable to participating securities 1
10  15 
Net income (loss) attributable to common stockholders $ 1,891  $ (227) $ 2,877  $ 10 

Earnings (Loss) Per Share - Basic and Diluted Three Months Ended Six Months Ended
Dollars per share Jun 30, 2021 Jun 30, 2020 Jun 30, 2021 Jun 30, 2020
Earnings (loss) per common share - basic $ 2.53  $ (0.31) $ 3.86  $ 0.01 
Earnings (loss) per common share - diluted $ 2.51  $ (0.31) $ 3.83  $ 0.01 

Share Count Information Three Months Ended Six Months Ended
Shares in millions Jun 30, 2021 Jun 30, 2020 Jun 30, 2021 Jun 30, 2020
Weighted-average common shares outstanding - basic 747.0  739.3  745.9  739.7 
Plus dilutive effect of equity compensation plans 2
5.9  —  5.5  1.3 
Weighted-average common shares outstanding - diluted 2
752.9  739.3  751.4  741.0 
Stock options and restricted stock units excluded from EPS calculations 3
3.8  27.7  4.8  17.3 
1.Restricted stock units are considered participating securities due to the Company's practice of paying dividend equivalents on unvested shares.
2.The three months ended June 30, 2020 reflects a loss, and as such, the basic share count was used for purposes of calculating earnings per share on a diluted basis.
3.These outstanding options to purchase shares of common stock and restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive.
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NOTE 8 – INVENTORIES
The following table provides a breakdown of inventories:

Inventories Jun 30, 2021 Dec 31, 2020
In millions
Finished goods $ 4,144  $ 3,140 
Work in process 1,414  996 
Raw materials 711  598 
Supplies 946  933 
Total $ 7,215  $ 5,667 
Adjustment of inventories to a LIFO basis (263) 34 
Total inventories $ 6,952  $ 5,701 


NOTE 9 – NONCONSOLIDATED AFFILIATES
For additional information on the Company’s nonconsolidated affiliates, see Note 12 to the Consolidated Financial Statements included in the 2020 10-K.

The Company's investments in companies accounted for using the equity method ("nonconsolidated affiliates"), by classification in the consolidated balance sheets, and dividends received from nonconsolidated affiliates are shown in the following tables:

Investments in Nonconsolidated Affiliates Jun 30, 2021 Dec 31, 2020
In millions
Investment in nonconsolidated affiliates $ 1,754  $ 1,327 
Other noncurrent obligations (60) (169)
Net investment in nonconsolidated affiliates $ 1,694  $ 1,158 

Dividends Received from Nonconsolidated Affiliates Six Months Ended
In millions Jun 30, 2021 Jun 30, 2020
Dividends from nonconsolidated affiliates 1
$ 219  $ 380 
1.Included in "Earnings of nonconsolidated affiliates less than (in excess of) dividends received" in the consolidated statements of cash flows. At June 30, 2020, the Company had $109 million of dividends receivable included in "Accounts and note receivable - Other" in the consolidated balance sheets.

At June 30, 2021, the Company had a negative investment balance in EQUATE Petrochemical Company K.S.C.C. of $60 million (negative $147 million at December 31, 2020), included in "Other noncurrent obligations" in the consolidated balance sheets.

At June 30, 2021, the Company had an investment balance in Sadara Chemical Company (“Sadara”) of $350 million included in “Investment in nonconsolidated affiliates” (negative $22 million at December 31, 2020 included in “Other noncurrent obligations”) in the consolidated balance sheets. In the first quarter of 2021, the Company entered into a new guarantee in conjunction with Sadara’s debt re-profiling activities. In the second quarter of 2021, as a part of Sadara's debt re-profiling activities, Sadara established a new revolving credit facility guaranteed by Dow, which will be used to fund Dow’s pro-rata share of any potential shortfall during the grace period. The Company does not expect to be required to perform under the guarantee. See Notes 12 and 19 for additional information on the guarantees.

Transactions with Nonconsolidated Affiliates
The Company is currently responsible for marketing the majority of Sadara products outside of the Middle East zone through the Company’s established sales channels. Under this arrangement, the Company purchases and sells Sadara products for a marketing fee. In March 2021, Dow and the Saudi Arabian Oil Company agreed to transition the marketing rights and responsibilities for Sadara’s finished products to levels more consistent with each partner’s equity ownership. This transition began in July 2021 and will be implemented over the next five years.
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NOTE 10 – GOODWILL AND OTHER INTANGIBLE ASSETS
The following table shows changes in the carrying amount of goodwill by reportable segment:

Goodwill Packaging & Specialty Plastics Industrial Intermediates & Infrastructure Performance Materials & Coatings Total
In millions
Net goodwill at Dec 31, 2020 $ 5,115  $ 1,100  $ 2,693  $ 8,908 
Foreign currency impact (4) (2) (69) (75)
Net goodwill at Jun 30, 2021 $ 5,111  $ 1,098  $ 2,624  $ 8,833 

The following table provides information regarding the Company’s other intangible assets:

Other Intangible Assets Jun 30, 2021 Dec 31, 2020
In millions Gross Carrying Amount Accum Amort Net Gross Carrying Amount Accum Amort Net
Intangible assets with finite lives:
Developed technology $ 2,638  $ (1,780) $ 858  $ 2,638  $ (1,677) $ 961 
Software 1,500  (1,030) 470  1,489  (989) 500 
Trademarks/tradenames 352  (344) 352  (343)
Customer-related 3,253  (1,496) 1,757  3,301  (1,419) 1,882 
Total other intangible assets $ 7,743  $ (4,650) $ 3,093  $ 7,780  $ (4,428) $ 3,352 

The following table provides information regarding amortization expense related to intangible assets:

Amortization Expense Three Months Ended Six Months Ended
In millions Jun 30, 2021 Jun 30, 2020 Jun 30, 2021 Jun 30, 2020
Other intangible assets, excluding software $ 100  $ 100  $ 201  $ 200 
Software, included in “Cost of sales” $ 23  $ 24  $ 45  $ 48 

Total estimated amortization expense for 2021 and the five succeeding fiscal years, including amounts expected to be capitalized, is as follows:

Estimated Amortization Expense
In millions
2021 $ 477 
2022 $ 414 
2023 $ 381 
2024 $ 362 
2025 $ 270 
2026 $ 198 


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NOTE 11 – NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES
Notes Payable Jun 30, 2021 Dec 31, 2020
In millions
Notes payable to banks and other lenders $ 203  $ 156 
Period-end average interest rates 5.76  % 3.89  %

Long-Term Debt 2021 Average Rate Jun 30, 2021 2020 Average Rate Dec 31, 2020
In millions
Promissory notes and debentures:
Final maturity 2021 8.85  % $ 53  8.95  % $ 173 
Final maturity 2022 8.64  % 121  8.64  % 121 
Final maturity 2023 7.63  % 250  7.63  % 250 
Final maturity 2024 —  % —  3.43  % 1,017 
Final maturity 2025 5.13  % 625  5.13  % 625 
Final maturity 2026 3.63