Dow Chemical 2009 Annual Report Download - page 59

preferred stock 11,629 11,763 11,659 9,266 6,613 6,941
Total debt 12,594 13,109 13,036 10,883 9,450 8,708
The Dow Chemical Company's
stockholders' equity 12,270 9,175 7,626 9,993 11,840 10,940
Financial Ratios
Research and development expenses as
percent of net sales (2) 2.6% 3.0% 3.9% 3.8% 3.8% 4.1%
Income (Loss) from continuing
operations before income taxes
as percent of net sales (2) 9.4% 5.3% (2.3)% (2.3)% 8.7% 9.9%
Return on stockholders' equity (4) 22.8% 18.9% (4.4)% (3.9)% 14.1% 14.7%
Debt as a percent of total capitalization 47.9% 55.4% 59.2% 48.9% 42.5% 42.2%
General
Capital expenditures $ 1,333 $ 1,100 $ 1,623 $ 1,587 $ 1,808 $ 2,176
Depreciation 1,904 1,753 1,680 1,595 1,554 1,516
Salaries and wages paid 3,993 3,608 3,202 3,215 3,395 3,536
Cost of employee benefits 885 783 611 540 486 653
Number of employees at year-end
(thousands) 43.2 46.4 50.0 52.7 53.3 51.0
Number of Dow stockholders of record
at year-end (thousands) (5) 108.3 113.1 122.5 125.1 87.9 87.7
(1) Adjusted to report sale of the Calcium Chloride business in 2009 as discontinued operations. (4)Included Temporary Equity in 1999.
(2)Adjusted for reclassification of freight on sales in 2000 and of insurance operations in 2002. (5)Stockholders of record as reported by the transfer agent. The Company
(3)Adjusted for 3-for-1 stock split in 2000. estimates that there were an additional 563,000 stockholders whose shares
were held in nominee names at December 31, 2009.
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