Dow Chemical 2009 Annual Report Download - page 148
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Table of Contents
NOTE L – SUPPLEMENTARY INFORMATION
Accrued and Other Current Liabilities
“Accrued and other current liabilities” were $3,200 million at December 31, 2009 and $2,625 million at December 31, 2008. Accrued payroll, which is a
component of “Accrued and other current liabilities,” was $736 million at December 31, 2009 and $732 million at December 31, 2008. No other component
of accrued liabilities was more than 5 percent of total current liabilities.
Sundry Income – Net
In millions 2009 2008 2007
Gain on sale of TRN $ 513 - -
Gain on sale of OPTIMAL 339 - -
Gain on sales of other assets and securities 100 $ 91 $ 171
Foreign exchange gain (loss) 1 (17) 73
Dividend income - 3 9
Other – net (62) 12 71
Total sundry income – net $ 891 $ 89 $ 324
Other Supplementary Information
In millions 2009 2008 2007
Cash payments for interest $ 1,140 $ 713 $ 671
Cash payments for income taxes $ 1,034 $ 864 $ 966
Provision for doubtful receivables (1) $ 11 $ 20 $ 2
(1) Included in “Selling, general and administrative expenses” in the consolidated statements of income.
Sales of Accounts Receivable
Since 1997, the Company has routinely sold, without recourse, a participation in pools of qualifying trade accounts receivable. According to the agreements
of the various programs, Dow maintains the servicing of these receivables. No servicing liability is recorded as the related costs are insignificant. As
receivables in the pools are collected, new qualifying receivables are added. The maximum amount of receivables available for sale in the pools was
$1,939 million in 2009, $1,874 million in 2008 and $2,324 million in 2007. The average monthly participation in the pools was $936 million in 2009
$586 million in 2008 and $271 million in 2007.
The net cash flow in any given period represents the discount on sales, which is recorded as interest expense. The average monthly discount was not
material in 2009, 2008 and 2007.
See Note B for information regarding the anticipated impact of adopting ASU 2009-16, “Transfers and Servicing (Topic 860): Accounting for Transfers
of Financial Assets,” on January 1, 2010.
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