Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA


Selected Financial Data - Dow Inc.
In millions, except as noted (Unaudited)	2020			2019			2018			2017			2016
Summary of Operations
Net sales	$	38,542		$	42,951		$	49,604		$	43,730		$	36,264
Income (loss) from continuing operations, net of tax 1	$	1,294		$	(1,717)		$	2,940		$	(1,287)		$	1,478
Per share of common stock (in dollars):
Earnings (loss) per common share from continuing operations - basic 1	$	1.64		$	(2.42)		$	3.80		$	(1.88)		$	1.57
Earnings (loss) per common share from continuing operations - diluted 1	$	1.64		$	(2.42)		$	3.80		$	(1.88)		$	1.55
Cash dividends declared per share of common stock 2	$	2.80		$	2.10		$	—		$	1.38		$	1.84
Year-end Financial Position
Total assets	$	61,470		$	60,524		$	83,699		$	85,852		$	79,511
Long-term debt	$	16,491		$	15,975		$	19,253		$	19,757		$	20,444

Financial Ratios
Research and development expenses as percent of net sales	2.0		%	1.8		%	1.6		%	1.8		%	2.1		%
Income (loss) from continuing operations before income taxes as percent of net sales 1	5.4		%	(2.9)		%	7.6		%	0.5		%	3.5		%
Return on stockholders' equity 1	9.9		%	(10.0)		%	14.3		%	1.5		%	15.3		%
Gross debt as a percent of total capitalization	56.8		%	54.7		%	37.2		%	39.1		%	43.9		%
Net debt as a percent of total capitalization	47.9		%	50.9		%	33.7		%	31.1		%	35.1		%


Selected Financial Data - TDCC
In millions, except as noted (Unaudited)	2020			2019			2018			2017			2016
Summary of Operations
Net sales	$	38,542		$	42,951		$	49,604		$	43,730		$	36,264
Income (loss) from continuing operations, net of tax 1	$	1,304		$	(1,595)		$	2,940		$	(1,287)		$	1,478
Year-end Financial Position
Total assets	$	61,345		$	60,390		$	83,699		$	85,852		$	79,511
Long-term debt	$	16,491		$	15,975		$	19,253		$	19,757		$	20,444

Financial Ratios
Research and development expenses as percent of net sales	2.0		%	1.8		%	1.6		%	1.8		%	2.1		%
Income (loss) from continuing operations before income taxes as percent of net sales 1	5.4		%	(2.6)		%	7.6		%	0.5		%	3.5		%
Return on stockholders' equity 1	9.5		%	(8.6)		%	14.3		%	1.5		%	15.3		%
Gross debt as a percent of total capitalization	55.8		%	53.3		%	37.2		%	39.1		%	43.9		%
Net debt as a percent of total capitalization	46.8		%	49.6		%	33.7		%	31.1		%	35.1		%

1.See Notes 3, 5, 6, 7, 8, 12, 13, 15 and 16 to the Consolidated Financial Statements for information on items materially impacting the results for the years ended December 31, 2020, 2019 and 2018, 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; litigation related charges, awards and adjustments; charges associated with agreements entered into with DuPont and Corteva as part of the separation from DowDuPont; adjustments to the warranty accrual of an exited business; and net gains on divestitures and asset sales.

2.Amounts shown for 2020 and 2019 represent dividends declared by Dow Inc. Amounts shown for 2017 and 2016 represent cash dividends declared by TDCC prior to the Merger. Subsequent to the Merger, TDCC has no common shares outstanding.

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