Dow Chemical 2014 Annual Report Download - page 54
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30
The Dow Chemical Company and Subsidiaries
PART II, Item 7. Management’s Discussion and
(Unaudited) Analysis of Financial Condition and Results of Operations.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Page
ABOUT DOW
Dow combines the power of science and technology to passionately innovate what is essential to human progress. The
Company is driving innovations that extract value from the intersection of chemical, physical and biological sciences to help
address many of the world's most challenging problems such as the need for clean water, clean energy generation and
conservation, and increasing agricultural productivity. Dow's integrated, market-driven, industry-leading portfolio of specialty
chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and
solutions to customers in approximately 180 countries and in high growth sectors such as packaging, electronics, water,
coatings and agricultural. In 2014, Dow had annual sales of more than $58 billion and employed approximately 53,000 people
worldwide. The Company's more than 6,000 products are manufactured at 201 sites in 35 countries across the globe. The
Company conducts its worldwide operations through global businesses, which are reported in five operating segments:
Agricultural Sciences, Consumer Solutions, Infrastructure Solutions, Performance Materials & Chemicals and Performance
Plastics.
In 2014, 37 percent of the Company’s sales were to customers in North America; 34 percent were in Europe, Middle East,
Africa and India ("EMEAI")(1); while the remaining 29 percent were to customers in Asia Pacific and Latin America.
(1) Sales to customers in the Indian subcontinent, previously reported with Asia Pacific, are now aligned with Europe, Middle East, Africa
and India; prior period sales have been adjusted to reflect this realignment.
2014 Overview 31
Results of Operations 33
Segment Results 40
Sales Volume and Price Charts 42
Agricultural Sciences 43
Consumer Solutions 44
Infrastructure Solutions 45
Performance Materials & Chemicals 46
Performance Plastics 48
Corporate 50
Liquidity and Capital Resources 51
Other Matters 56
Critical Accounting Policies 56
Environmental Matters 61
Asbestos-Related Matters of Union Carbide Corporation 65
K-Dow Arbitration 65