TDCC Consolidated Statements of Cash Flows Statement - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net loss	$ (445)	$ (290)
Depreciation and amortization	719	714
Credit for deferred income tax	(48)	(177)
Earnings of nonconsolidated affiliates less than dividends received	502	133
Net periodic pension benefit credit	(8)	(26)
Pension contributions	(41)	(31)
Net gain on sales of assets, businesses and investments	(4)	(2)
Restructuring and asset related charges - net	27	208
Other net (gain) loss	(14)	185
Accounts and notes receivable	(531)	(301)
Inventories	(180)	(221)
Accounts payable	551	38
Other assets and liabilities, net	596	(126)
Cash provided by operating activities	1,124	91
Capital expenditures	(503)	(685)
Proceeds from incentives related to capital expenditures	40	0
Cash flow hedging related to capital expenditures	3	0
Investment in gas field developments	(21)	(30)
Proceeds from sales of property, businesses and consolidated companies, net of cash divested	4	3
Investments in and loans to nonconsolidated affiliates	0	(3)
Purchases of investments	(331)	(104)
Proceeds from sales and maturities of investments	319	416
Other investing activities, net	41	2
Cash used for investing activities	(448)	(401)
Changes in short-term notes payable	0	(1)
Proceeds from issuance of short-term debt greater than three months	4	11
Payments on short-term debt greater than three months	(4)	(6)
Proceeds from issuance of long-term debt	52	1,013
Payments on long-term debt	(46)	(957)
Proceeds from (Repayments of) Accounts Receivable Securitization	0	15
Transaction financing, debt issuance and other costs	(1)	(64)
Employee taxes paid for share-based payment arrangements	(14)	(16)
Distributions to noncontrolling interests	(59)	(22)
Dividends paid to stockholders	(252)	(494)
Cash used for financing activities	(320)	(521)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(73)	123
Increase (decrease) in cash, cash equivalents and restricted cash	283	(708)
Cash, cash equivalents and restricted cash at beginning of period	3,952	2,263
Cash, cash equivalents and restricted cash at end of period	4,235	1,555
Less: Restricted cash and cash equivalents, included in "Other current assets"	125	90
Cash and cash equivalents and end of period	4,110	1,465
The Dow Chemical Company
Net loss	(443)	(288)
Depreciation and amortization	719	714
Credit for deferred income tax	(48)	(177)
Earnings of nonconsolidated affiliates less than dividends received	502	133
Net periodic pension benefit credit	(8)	(26)
Pension contributions	(41)	(31)
Net gain on sales of assets, businesses and investments	(4)	(2)
Restructuring and asset related charges - net	27	208
Other net (gain) loss	(13)	185
Accounts and notes receivable	(531)	(301)
Inventories	(180)	(221)
Accounts payable	551	38
Other assets and liabilities, net	598	(120)
Cash provided by operating activities	1,129	112
Capital expenditures	(503)	(685)
Proceeds from incentives related to capital expenditures	40	0
Cash flow hedging related to capital expenditures	3	0
Investment in gas field developments	(21)	(30)
Proceeds from sales of property, businesses and consolidated companies, net of cash divested	4	3
Investments in and loans to nonconsolidated affiliates	0	(3)
Purchases of investments	(331)	(104)
Proceeds from sales and maturities of investments	319	416
Other investing activities, net	41	2
Cash used for investing activities	(448)	(401)
Changes in short-term notes payable	0	(1)
Proceeds from issuance of short-term debt greater than three months	4	11
Payments on short-term debt greater than three months	(4)	(6)
Proceeds from issuance of long-term debt	52	1,013
Payments on long-term debt	(46)	(957)
Proceeds from (Repayments of) Accounts Receivable Securitization	0	15
Transaction financing, debt issuance and other costs	(1)	(64)
Employee taxes paid for share-based payment arrangements	(14)	(16)
Distributions to noncontrolling interests	(59)	(22)
Dividends paid to stockholders	(257)	(515)
Cash used for financing activities	(325)	(542)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(73)	123
Increase (decrease) in cash, cash equivalents and restricted cash	283	(708)
Cash, cash equivalents and restricted cash at beginning of period	3,952	2,263
Cash, cash equivalents and restricted cash at end of period	4,235	1,555
Less: Restricted cash and cash equivalents, included in "Other current assets"	125	90
Cash and cash equivalents and end of period	$ 4,110	$ 1,465

DOW INC. 10-Q