filings.toolsItem 16. FORM 10-K SUMMARY
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Item 16. FORM 10-K SUMMARY
Not applicable.
| Dow Inc. and Subsidiaries | ||
| The Dow Chemical Company and Subsidiaries | ||
| Valuation and Qualifying Accounts | Schedule II |
| (In millions) For the years ended Dec 31, | 2019 | 2018 | 2017 | ||||||
| Accounts Receivable - Allowance for Doubtful Receivables | |||||||||
| Balance at beginning of year | $ | 42 | $ | 59 | $ | 51 | |||
| Additions charged to expenses 1 | 24 | 10 | 23 | ||||||
| Additions charged to other accounts 2 | — | 4 | 2 | ||||||
| Deductions from reserves 3 | (21 | ) | (31 | ) | (17 | ) | |||
| Balance at end of year | $ | 45 | $ | 42 | $ | 59 | |||
| Inventory - Obsolescence Reserve | |||||||||
| Balance at beginning of year | $ | 23 | $ | 18 | $ | 34 | |||
| Additions charged to expenses | 19 | 7 | 5 | ||||||
| Deductions from reserves 4 | (7 | ) | (2 | ) | (21 | ) | |||
| Balance at end of year | $ | 35 | $ | 23 | $ | 18 | |||
| Reserves for Other Investments and Noncurrent Receivables | |||||||||
| Balance at beginning of year | $ | 460 | $ | 430 | $ | 350 | |||
| Additions charged to expenses 1 | 1,758 | 44 | 83 | ||||||
| Deductions from reserves | (3 | ) | (14 | ) | (3 | ) | |||
| Balance at end of year | $ | 2,215 | $ | 460 | $ | 430 | |||
| Deferred Tax Assets - Valuation Allowance | |||||||||
| Balance at beginning of year | $ | 1,225 | $ | 1,255 | $ | 936 | |||
| Additions charged to expenses | 140 | 152 | 369 | ||||||
| Deductions from reserves | (103 | ) | (182 | ) | (50 | ) | |||
| Balance at end of year | $ | 1,262 | $ | 1,225 | $ | 1,255 |
| 1. | In 2019, additions charged to expenses for "Accounts Receivable - Allowance for Doubtful Receivables" included $2 million and additions charged to expenses for "Reserves for Other Investments and Noncurrent Receivables" included $1,753 million related to the Company's investment in Sadara Chemical Company. See Note 13 to the Consolidated Financial Statements for additional information. |
| 2. | Additions to allowance for doubtful accounts charged to other accounts were classified as "Accounts and notes receivable - Other" in the consolidated balance sheets. These reserves relate to the Company's sale of trade accounts receivable. Anticipated credit losses in the portfolio of receivables sold were used to fair value the Company's interests held in trade accounts receivable conduits. See Notes 15 and 24 to the Consolidated Financial Statements for additional information. |
| 3. | Deductions included write-offs, recoveries, currency translation adjustments and other miscellaneous items. |
| 4. | Deductions included disposals and currency translation adjustments. |
| Dow Inc. and Subsidiaries The Dow Chemical Company and Subsidiaries | ||||
| Signatures |
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| DOW INC. |
| THE DOW CHEMICAL COMPANY |
| /s/ RONALD C. EDMONDS |
| Ronald C. Edmonds, Controller and Vice President of Controllers and Tax |
| February 7, 2020 |
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| /s/ SAMUEL R. ALLEN | /s/ JEFF M. FETTIG | |
| Samuel R. Allen, Director, Dow Inc. | Jeff M. Fettig, Non-Executive Chairman, Dow Inc. | |
| February 7, 2020 | February 7, 2020 | |
| /s/ AJAY BANGA | /s/ JIM FITTERLING | |
| Ajay Banga, Director, Dow Inc. | Jim Fitterling, Director and Chief Executive Officer, Dow Inc. and TDCC | |
| February 7, 2020 | February 7, 2020 | |
| /s/ JACQUELINE K. BARTON | /s/ JACQUELINE C. HINMAN | |
| Jacqueline K. Barton, Director, Dow Inc. | Jacqueline C. Hinman, Director, Dow Inc. | |
| February 7, 2020 | February 7, 2020 | |
| /s/ JAMES A. BELL | /s/ RUTH G. SHAW | |
| James A. Bell, Director, Dow Inc. | Ruth G. Shaw, Director, Dow Inc. | |
| February 7, 2020 | February 7, 2020 | |
| /s/ WESLEY G. BUSH | /s/ HOWARD UNGERLEIDER | |
| Wesley G. Bush, Director, Dow Inc. | Howard Ungerleider, President and Chief Financial Officer, Dow Inc. and TDCC; Director, TDCC | |
| February 7, 2020 | February 7, 2020 | |
| /s/ RICHARD K. DAVIS | /s/ DANIEL W. YOHANNES | |
| Richard K. Davis, Director, Dow Inc. | Daniel W. Yohannes, Director, Dow Inc. | |
| February 7, 2020 | February 7, 2020 | |
| /s/ RONALD C. EDMONDS | ||
| Ronald C. Edmonds, Controller and Vice President of Controllers and Tax | ||
| February 7, 2020 |
| Dow Inc. and Subsidiaries The Dow Chemical Company and Subsidiaries |
| Trademark Listing |
The following trademarks or service marks of The Dow Chemical Company and certain affiliated companies of Dow appear in this report: ACOUSTICRYL, ACRYSOL, AFFINITY, AQUASET, AVANSE, CARBOWAX, DOW, DOWSIL, ECOFAST, ELITE, ENGAGE, EVOLV3D, EVOQUE, FORMASHIELD, IMAGIN3D, MAINCOTE, NORDEL, OPULUX, PRIMAL, RENUVA, RHOPLEX, SENTRY, SILASTIC, SYL-OFF, TAMOL, TERGITOL, TRITON, UCAR, UCARTHERM, UCON, VERSENE, VORARAD, WALOCEL
The following registered trademark of Disability:IN appears in this report: Disability Equality Index®
The following registered trademark of Incapital Holdings appears in this report: InterNotes®
The following registered service mark of American Chemistry Council in the United States appears in this report:
Responsible Care®
The following trademarks of E.I. du Pont de Nemours and Company or an affiliated company of DuPont appear in this report: GREAT STUFF**™, SMART DISPENSER™**
® ™ Trademark of The Dow Chemical Company ("TDCC") or an affiliated company, except as otherwise specified.
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