Dow (DOW) 10-K risk factor changes: FY2023 vs FY2022

*[Table of [removed: Contents](#i5654ba485fa844c6887396d68bd6b83e_13)*][added: Contents](#ic50b290f13784177884cc9a49d0327ce_10)*]

For the fiscal year ended December 31, [removed: 2022][added: 2023]

[removed: ][added: ]

As of June 30, [removed: 2022,] [added: 2023,] the aggregate market value of the common stock of Dow Inc. held by non-affiliates of Dow Inc. was approximately [removed: $37.0] [added: $37.4] billion based on the last reported closing price of [removed: $51.61] [added: $53.26] per share as reported on the New York Stock Exchange.

Dow Inc. had [removed: 704,879,920] [added: 702,293,433] shares of common stock, $0.01 par value, outstanding at December 31, [removed: 2022.][added: 2023.]

The Dow Chemical Company had 100 shares of common stock, $0.01 par value, outstanding at December 31, [removed: 2022,] [added: 2023,] all of which were held by the registrant’s parent, Dow Inc.

Dow Inc.: Portions of Dow Inc.'s Proxy Statement for the [removed: 2023] [added: 2024] Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein.

Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of Dow Inc.'s fiscal year ended December 31, [removed: 2022.][added: 2023.]

For the fiscal year ended December 31, [removed: 2022][added: 2023]

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| [Item [removed: 4.](#i5654ba485fa844c6887396d68bd6b83e_79)] [added: 4.](#ic50b290f13784177884cc9a49d0327ce_76)] | | | [Mine Safety [removed: Disclosures.](#i5654ba485fa844c6887396d68bd6b83e_79)] [added: Disclosures.](#ic50b290f13784177884cc9a49d0327ce_76)] | | | [removed: [26](#i5654ba485fa844c6887396d68bd6b83e_79)] [added: [28](#ic50b290f13784177884cc9a49d0327ce_76)] | | |

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| | | | [Consolidated Statements of Comprehensive [removed: Income.](#i5654ba485fa844c6887396d68bd6b83e_163)] [added: Income.](#ic50b290f13784177884cc9a49d0327ce_163)] | | | [removed: [63](#i5654ba485fa844c6887396d68bd6b83e_163)] [added: [63](#ic50b290f13784177884cc9a49d0327ce_163)] | | |

| | | | [Consolidated Balance [removed: Sheets.](#i5654ba485fa844c6887396d68bd6b83e_166)] [added: Sheets.](#ic50b290f13784177884cc9a49d0327ce_166)] | | | [removed: [64](#i5654ba485fa844c6887396d68bd6b83e_166)] [added: [64](#ic50b290f13784177884cc9a49d0327ce_166)] | | |

| | | | [Consolidated Statements of Cash [removed: Flows.](#i5654ba485fa844c6887396d68bd6b83e_169)] [added: Flows.](#ic50b290f13784177884cc9a49d0327ce_169)] | | | [removed: [65](#i5654ba485fa844c6887396d68bd6b83e_169)] [added: [65](#ic50b290f13784177884cc9a49d0327ce_169)] | | |

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| | | | [Consolidated Statements of Comprehensive [removed: Income.](#i5654ba485fa844c6887396d68bd6b83e_181)] [added: Income.](#ic50b290f13784177884cc9a49d0327ce_181)] | | | [removed: [68](#i5654ba485fa844c6887396d68bd6b83e_181)] [added: [68](#ic50b290f13784177884cc9a49d0327ce_181)] | | |

| | | | [Consolidated Balance [removed: Sheets.](#i5654ba485fa844c6887396d68bd6b83e_184)] [added: Sheets.](#ic50b290f13784177884cc9a49d0327ce_184)] | | | [removed: [69](#i5654ba485fa844c6887396d68bd6b83e_184)] [added: [69](#ic50b290f13784177884cc9a49d0327ce_184)] | | |

| | | | [Consolidated Statements of Cash [removed: Flows.](#i5654ba485fa844c6887396d68bd6b83e_187)] [added: Flows.](#ic50b290f13784177884cc9a49d0327ce_187)] | | | [removed: [70](#i5654ba485fa844c6887396d68bd6b83e_187)] [added: [70](#ic50b290f13784177884cc9a49d0327ce_187)] | | |

| | | | [Consolidated Statements of [removed: Equity.](#i5654ba485fa844c6887396d68bd6b83e_190)] [added: Equity.](#ic50b290f13784177884cc9a49d0327ce_190)] | | | [removed: [71](#i5654ba485fa844c6887396d68bd6b83e_190)] [added: [71](#ic50b290f13784177884cc9a49d0327ce_190)] | | |

| | | | [Notes to the Consolidated Financial [removed: Statements.](#i5654ba485fa844c6887396d68bd6b83e_193)] [added: Statements.](#ic50b290f13784177884cc9a49d0327ce_193)] | | | [removed: [72](#i5654ba485fa844c6887396d68bd6b83e_193)] [added: [72](#ic50b290f13784177884cc9a49d0327ce_193)] | | |

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*[Table of Contents](#ic50b290f13784177884cc9a49d0327ce_10)*

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

| | | | Dow Inc. | | | ☐ | | | | | |

| | | | The Dow Chemical Company | | | ☐ | | | | | |

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

| | | | Dow Inc. | | | ☐ | | | | | |

| | | | The Dow Chemical Company | | | ☐ | | | | | |

*[Table of Contents](#ic50b290f13784177884cc9a49d0327ce_10)*

| [PART I](#ic50b290f13784177884cc9a49d0327ce_19) | | | | | | | | |

| [Item 1C.](#ic50b290f13784177884cc9a49d0327ce_2879) | | | [Cybersecurity](#ic50b290f13784177884cc9a49d0327ce_2879)[.](#ic50b290f13784177884cc9a49d0327ce_2879) | | | [25](#ic50b290f13784177884cc9a49d0327ce_2879) | | |

| [PART II](#ic50b290f13784177884cc9a49d0327ce_79) | | | | | | | | |

| [PART III](#ic50b290f13784177884cc9a49d0327ce_340) | | | | | | | | |

| [PART IV](#ic50b290f13784177884cc9a49d0327ce_346) | | | | | | | | |

| [SIGNATURES](#ic50b290f13784177884cc9a49d0327ce_358) | | | | | | [145](#ic50b290f13784177884cc9a49d0327ce_358) | | |

*[Table of Contents](#ic50b290f13784177884cc9a49d0327ce_10)*

*[Table of Contents](#ic50b290f13784177884cc9a49d0327ce_10)*

Dow is one of the world’s leading materials science companies, serving customers in high-growth markets such as packaging, infrastructure, mobility and consumer applications.

In 2023, Dow delivered sales of approximately $45 billion.

See Part II, Item 7.

*[Table of Contents](#ic50b290f13784177884cc9a49d0327ce_10)*

*[Table of Contents](#ic50b290f13784177884cc9a49d0327ce_10)*

*[Table of Contents](#ic50b290f13784177884cc9a49d0327ce_10)*

This project is expected to deliver 2 million metric tons of organic growth in attractive, high-end markets while decarbonizing 20% of Dow's global ethylene capacity.

Project completion and deployment is expected to occur after 2030.

The project's 15,000 metric ton mechanical recycling line reached mechanical completion in the fourth quarter of 2023 and the advanced recycling line is expected to start-up in the first half of 2024.

- The first Mura plant in the UK commenced commissioning of its 20,000 metric tons advanced recycling facility in the fourth quarter of 2023 and plans to produce feedstocks in the first half of 2024.

Dow will be the main recipient of the product produced at this site.

In 2023, Dow selected its Seadrift Operations manufacturing site in Texas for its proposed advanced small modular reactor ("SMR") nuclear project.

The project will be focused on providing the Seadrift site with safe, reliable, zero emissions power and steam as existing energy and steam assets near their end-of-life.

Dow is

*[Table of Contents](#ic50b290f13784177884cc9a49d0327ce_10)*

- Dow and privately-held New Energy Blue have reached a long-term supply agreement to produce bio-based ethylene from renewable agricultural residues.

This is the first agreement in North America to generate plastic sourced materials from corn stover (stalks and leaves), and is the Company's first agreement in North America to utilize agriculture residues for plastic production.

Under the terms of the deal, Dow will support the design of New Energy Freedom, a new facility in Iowa that is expected to process corn stover and produce commercial quantities of second-generation ethanol and clean lignin, with nearly half of the ethanol to be turned into bio-based ethylene feedstock reducing CO2e emissions from plastic production, and using it in recyclable applications across transportation, footwear, and packaging.

- Dow and Reciclar S.A. joined forces to build an efficient model for plastic recycling in Argentina that will produce more than 6,500 tons of post-consumer plastic resin.

This collaboration agreement with Reciclar S.A. will last three years and aims to improve the capacity of Reciclar S.A. to process waste on a larger scale and produce high-quality post-consumer plastic materials under the REVOLOOPTM brand.

*[Table of Contents](#ic50b290f13784177884cc9a49d0327ce_10)*

*[Table of Contents](#ic50b290f13784177884cc9a49d0327ce_10)*

In 2023, the Company benefited from the completion of an integrated MDI distillation and prepolymers facility along the U.S. Gulf Coast to increase distillation capabilities by 30 percent versus prior levels, which is expected to improve integrated margins for the portfolio.

Also, in the past year, the Company further progressed and scaled key projects aligned to longer-term sustainability goals across the world leading propylene glycol franchise including propylene glycol RDC (lower carbon) featuring DECARBIATM bio-based technology from second generation bio-based raw material, and propylene glycol CIR (circular) featuring RENUVATM recycled content from post-consumer waste streams.

| | | | | | | | | | | | |

| [PART I](#i5654ba485fa844c6887396d68bd6b83e_22) | | | | | | | | |

| [PART II](#i5654ba485fa844c6887396d68bd6b83e_82) | | | | | | | | |

| [PART III](#i5654ba485fa844c6887396d68bd6b83e_325) | | | | | | | | |

| [PART IV](#i5654ba485fa844c6887396d68bd6b83e_331) | | | | | | | | |

| [SIGNATURES](#i5654ba485fa844c6887396d68bd6b83e_343) | | | | | | [146](#i5654ba485fa844c6887396d68bd6b83e_343) | | |

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 Annual Report on Form 10-K.

The information reflected in this report is equally applicable to both Dow Inc. and TDCC, except where otherwise noted.

Dow’s portfolio of plastics, industrial intermediates, coatings and silicones businesses delivers a broad range of differentiated, science-based products and solutions for its customers in high-growth market segments, such as packaging, infrastructure, mobility and consumer applications.

The CO2 would be captured and stored until alternative technologies develop.

Dow will also look for ways to enable usage of the CO2 in its processes rather than storing it.

This project is targeted for a final investment decision by the end of 2023.

This would position Dow to become the largest consumer of circular feedstock for polyethylene production globally.

- Acceleration of the Company's sustainability targets set in 2020 by expanding its stop the waste target to a transform the waste target.

- Launched a new collaboration with Waste Management ("WM") to improve residential recycling for hard-to-recycle plastic films by allowing consumers in select markets to recycle these materials directly in their curbside recycling.

Once operating at full capacity, this program is expected to help WM divert more than 120,000 metric tons of plastics film from landfills annually.

Dow will support this initiative by incorporating recycled content into its product solutions, in line with the Company’s goals.

- Invested in Plastogaz SA, a technology start-up and proprietor of an advanced recycling technology, which will help to simplify the process of converting plastic waste to feedstock and provide another carbon-efficient option to keep plastic waste out of landfills and the environment.

Dow will bring global reach and materials science expertise to further develop technologies with companies, like Plastogaz, who are developing circular feedstock for plastics.

- Invested in Mr. Green Africa, the first recycling company in Africa to be a Certified B Corporation, to enable further diversion of plastic waste from informal dumpsites and the environment, drive positive change in local communities, address inadequacies in existing waste management systems and close the loop on plastics waste across Africa.

The investment marks the first of its kind from Dow on the continent and expects to enable approximately 90,000 metric tons of plastic waste to be recovered over four years and recycled into new packaging applications.

market segments and applications ranging from roofing and flooring to gypsum-, cement-, concrete- and dispersion-based building materials.

In 2022, the Company benefited from the completion of a debottlenecking project along the U.S. Gulf Coast to increase aniline production by 60,000 tons per year, which drove the integrated margins higher for the portfolio.

Also, in the past year, the Company further progressed and scaled key projects aligned to longer-term sustainability goals, including the first industrial-scale production unit aligned to the RENUVA™ Mattress Recycling Program.

This project represents a fully circular investment across the value chain highlighting Dow’s materials science solutions to critical challenges facing the industry.

In 2022, ACCUTRACE™ Plus Fuel Marker was selected by the European Commission as the new European Union common fiscal marker to support fuel fraud prevention.

The adoption of ACCUTRACE™ Plus Fuel Marker as the new Euromarker was supported by extensive independent technical and safety assessments of the latest fuel marking technologies conducted by the Joint Research Centre and the Scientific Committee on Health, Environmental and Emerging Risks.

The marker maintains a unique fingerprint in fuel, which alerts authorities to its intended use and enhances supply chain governance and product identification.

- Construction of an integrated MDI distillation and prepolymers facility at its site in Freeport, Texas.

This investment supports increasing demand for downstream polyurethane systems products and advances Dow’s leading positions in attractive applications in construction, consumer, and industrial markets that are growing above gross domestic product.

The new Freeport MDI facility will replace Dow’s current U.S. & Canada capacity in La Porte, Texas, and will also be capable of supplying an additional 30 percent of product to Dow’s customers.

In coordination with the start-up of the new MDI facility expected in 2023, Dow will shut down its polyurethane assets at the La Porte site.

- Silicone elastomers capacity in U.S. & Canada for the world's first recyclable silicone self-sealing tire solution, which meets self-sealing tire manufacturers' demands for high performance and sustainability, while providing drivers and passengers with a lighter-weight, safer, and more durable solution.

- Incremental capacity expansion in U.S. & Canada for silicone sealants supporting greater design flexibility and enabling safe, sustainable, and durable building and infrastructure.

- Debottlenecking silicone key intermediates and enhancing capacity of engineered materials in Asia Pacific to accelerate growth in advanced automotive and consumer electronics.

| 11 to 15 years | | | 1,500 | | | 10,800 | | |

| Total | | | 3,700 | | | 22,600 | | |

Dow is working to deliver a sustainable future by collaborating and innovating to expand its ability to make a positive impact on society and the planet.

As a leading materials science company, Dow has the responsibility and opportunity to act and lead the industry in areas where Dow's science and innovation can make a difference.

This means Dow is reducing its environmental footprint, developing and implementing circular economy solutions, and creating new materials that are more sustainable.