Income (loss) from continuing operations, net of tax 2
$
(1,717
)
$
2,940
$
(1,287
)
$
1,478
$
6,462
Per share of common stock (in dollars):
Earnings (loss) per common share from continuing operations - basic 2
$
(2.42
)
$
3.80
$
(1.88
)
$
1.57
$
8.64
Earnings (loss) per common share from continuing operations - diluted 2
$
(2.42
)
$
3.80
$
(1.88
)
$
1.55
$
8.31
Cash dividends declared per share of common stock 3
$
2.10
$
—
$
1.38
$
1.84
$
1.72
Year-end Financial Position
Total assets
$
60,524
$
83,699
$
85,852
$
79,511
$
67,938
Long-term debt
$
15,975
$
19,253
$
19,757
$
20,444
$
16,202
Financial Ratios
Research and development expenses as percent of net sales
1.8
%
1.6
%
1.8
%
2.1
%
2.0
%
Income (loss) from continuing operations before income taxes as percent of net sales 2
(2.9
)%
7.6
%
0.5
%
3.5
%
21.8
%
Return on stockholders' equity 2
(10.0
)%
14.3
%
1.5
%
15.3
%
28.2
%
Gross debt as a percent of total capitalization
54.7
%
37.2
%
39.1
%
43.9
%
39.5
%
Net debt as a percent of total capitalization
50.9
%
33.7
%
31.1
%
35.1
%
24.6
%
Selected Financial Data - TDCC
In millions, except as noted (Unaudited)
2019
2018
2017
2016
2015
Summary of Operations
Net sales 1
$
42,951
$
49,604
$
43,730
$
36,264
$
37,101
Income (loss) from continuing operations, net of tax 2
$
(1,595
)
$
2,940
$
(1,287
)
$
1,478
$
6,462
Year-end Financial Position
Total assets
$
60,390
$
83,699
$
85,852
$
79,511
$
67,938
Long-term debt
$
15,975
$
19,253
$
19,757
$
20,444
$
16,202
Financial Ratios
Research and development expenses as percent of net sales
1.8
%
1.6
%
1.8
%
2.1
%
2.0
%
Income (loss) from continuing operations before income taxes as percent of net sales 2
(2.6
)%
7.6
%
0.5
%
3.5
%
21.8
%
Return on stockholders' equity 2
(8.6
)%
14.3
%
1.5
%
15.3
%
28.2
%
Gross debt as a percent of total capitalization
53.3
%
37.2
%
39.1
%
43.9
%
39.5
%
Net debt as a percent of total capitalization
49.6
%
33.7
%
31.1
%
35.1
%
24.6
%
1.
The Company has certain product and service agreements with DuPont and Corteva that were considered intercompany transactions prior to the separation, but are trade transactions subsequent to the separation. Treatment of these transactions as trade transactions have been reflected in the tables above for 2019, 2018, 2017 and 2016. The amounts for 2015 were not updated as the impact to "Net sales" for this period was not significant.
2.
See Notes 4, 7, 8, 9, 13, 14, 16, 17 and 21 to the Consolidated Financial Statements for information on items materially impacting the results for the years ended December 31, 2019, 2018 and 2017, including the effects of the U.S. Tax Cuts and Jobs Act, enacted on December 22, 2017; Swiss tax reform; loss on early redemption of debt; integration and separation costs; charges related to restructuring programs; goodwill impairment and other asset related charges (including charges related to Sadara Chemical Company); a charge related to environmental remediation; a charge related to payment of plan obligations to certain participants of a U.S. non-qualified pension plan; litigation related charges, awards and adjustments; and charges associated with agreements entered into with DuPont and Corteva as part of the separation from DowDuPont.
3.
Amount shown for 2019 represents dividends declared by Dow Inc. Amounts shown for 2017, 2016 and 2015 represent cash dividends declared by TDCC prior to the Merger. Subsequent to the Merger, TDCC has no common shares outstanding.
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