Dow Chemical 2009 Annual Report Download - page 60

Table of Contents
The Dow Chemical Company and Subsidiaries
PART II, Item 7. Management’s Discussion and Analysis of Financial
Condition and Results of Operations.
Management’s Discussion and Analysis of Financial Condition and Results of Operations Page
2009 Overview 31
Acquisition of Rohm and Haas Company 33
Results of Operations 33
Segment Results 40
Electronic and Specialty Materials 41
Coatings and Infrastructure 42
Health and Agricultural Sciences 43
Performance Systems 44
Performance Products 46
Basic Plastics 49
Basic Chemicals 51
Hydrocarbons and Energy 52
Sales Price and Volume Charts 55
Liquidity and Capital Resources 56
Cash Flow 56
Working Capital 57
Debt 57
Capital Expenditures 60
Contractual Obligations 61
Off-Balance Sheet Arrangements 61
Fair Value Measurements 62
Dividends 62
Outlook for 2010 63
Critical Accounting Policies 64
Environmental Matters 69
Asbestos-Related Matters of Union Carbide
Corporation
73
Matters Involving the Formation of K-Dow
Petrochemicals
76
FORWARD-LOOKING INFORMATION
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements made by or on behalf of The Dow Chemical
Company and its subsidiaries (“Dow” or the “Company”). This section covers the current performance and outlook of the Company and each of its operating
segments. The forward-looking statements contained in this section and in other parts of this document involve risks and uncertainties that may affect the
Company’s operations, markets, products, services, prices and other factors as more fully discussed elsewhere and in filings with the U.S. Securities and
Exchange Commission (“SEC”). These risks and uncertainties include, but are not limited to, economic, competitive, legal, governmental and technological
factors. Accordingly, there is no assurance that the Company’s expectations will be realized. The Company assumes no obligation to provide revisions to any
forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.
ABOUT DOW
Dow combines the power of science and technology with the “Human Element” to passionately innovate what is essential to human progress. The Company
connects chemistry and innovation with the principles of sustainability to help address many of the world’s most challenging problems such as the need for
clean water, renewable energy generation and conservation, and increasing agricultural productivity. Dow’s diversified industry-leading portfolio of specialty
chemical, advanced materials, agrosciences and plastics businesses deliver a broad range of technology-based products and solutions to customers in
approximately 160 countries and in high growth sectors such as electronics, water, energy, coatings and agriculture. In 2009, Dow had annual sales of
$44.9 billion. The Company conducts its worldwide operations through global businesses, which are reported in eight operating segments: Electronic and
Specialty Materials, Coatings and Infrastructure, Health and Agricultural Sciences, Performance Systems, Performance Products, Basic Plastics, Basic
Chemicals, and Hydrocarbons and Energy.
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