Dow Inc. and Subsidiaries Consolidated Statements of Income (In millions, except per share amounts) For the years ended Dec 31, 2021 2020 2019 Net sales $ 54,968 $ 38,542 $ 42,951 Cost of sales 44,191 33,346 36,657 Research and development expenses 857 768 765 Selling, general and administrative expenses 1,645 1,471 1,590 Amortization of intangibles 388 401 419 Restructuring, goodwill impairment and asset related charges - net 6 708 3,219 Integration and separation costs — 239 1,063 Equity in earnings (losses) of nonconsolidated affiliates 975 (18) (94) Sundry income (expense) - net (35) 1,269 461 Interest income 55 38 81 Interest expense and amortization of debt discount 731 827 933 Income (loss) from continuing operations before income taxes 8,145 2,071 (1,247) Provision for income taxes on continuing operations 1,740 777 470 Income (loss) from continuing operations, net of tax 6,405 1,294 (1,717) Income from discontinued operations, net of tax — — 445 Net income (loss) 6,405 1,294 (1,272) Net income attributable to noncontrolling interests 94 69 87 Net income (loss) available for Dow Inc. common stockholders $ 6,311 $ 1,225 $ (1,359) Per common share data: Earnings (loss) per common share from continuing operations - basic $ 8.44 $ 1.64 $ (2.42) Earnings per common share from discontinued operations - basic — — 0.58 Earnings (loss) per common share - basic $ 8.44 $ 1.64 $ (1.84) Earnings (loss) per common share from continuing operations - diluted $ 8.38 $ 1.64 $ (2.42) Earnings per common share from discontinued operations - diluted — — 0.58 Earnings (loss) per common share - diluted $ 8.38 $ 1.64 $ (1.84) Weighted-average common shares outstanding - basic 743.6 740.5 742.5 Weighted-average common shares outstanding - diluted 749.0 742.3 742.5 See Notes to the Consolidated Financial Statements. 73