The Dow Chemical Company and Subsidiaries Consolidated Statements of Cash Flows (In millions) For the years ended Dec 31, 2021 2020 2019 Operating Activities Net income (loss) $ 6,368 $ 1,304 $ (1,150) Less: Income from discontinued operations, net of tax — — 445 Income (loss) from continuing operations, net of tax 6,368 1,304 (1,595) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 2,842 2,874 2,938 Provision (credit) for deferred income tax 278 258 (228) Earnings of nonconsolidated affiliates less than (in excess of) dividends received (651) 443 1,114 Net periodic pension benefit cost 39 266 144 Pension contributions (1,219) (299) (261) Net gain on sales of assets, businesses and investments (105) (802) (81) Restructuring, goodwill impairment and asset related charges - net 6 708 3,219 Other net loss 927 320 213 Changes in assets and liabilities, net of effects of acquired and divested companies: Accounts and notes receivable (2,132) 171 1,253 Inventories (1,768) 515 668 Accounts payable 2,458 (84) (948) Other assets and liabilities, net 157 589 (730) Cash provided by operating activities - continuing operations 7,200 6,263 5,706 Cash provided by operating activities - discontinued operations — — 371 Cash provided by operating activities 7,200 6,263 6,077 Investing Activities Capital expenditures (1,501) (1,252) (1,961) Investment in gas field developments (92) (5) (76) Purchases of previously leased assets (694) (5) (9) Proceeds from sales of property and businesses, net of cash divested 68 929 84 Acquisitions of property and businesses, net of cash acquired (129) (130) — Investments in and loans to nonconsolidated affiliates — (333) (638) Distributions and loan repayments from nonconsolidated affiliates 51 7 89 Purchases of investments (1,366) (1,203) (899) Proceeds from sales and maturities of investments 759 1,122 1,252 Other investing activities, net (10) 29 — Cash used for investing activities - continuing operations (2,914) (841) (2,158) Cash used for investing activities - discontinued operations — — (34) Cash used for investing activities (2,914) (841) (2,192) Financing Activities Changes in short-term notes payable (48) (431) 307 Proceeds from issuance of short-term debt greater than three months 144 163 — Payments on short-term debt greater than three months (130) (163) — Proceeds from issuance of long-term debt 109 4,672 2,287 Payments on long-term debt (2,771) (4,653) (5,561) Proceeds from issuance of stock 320 108 93 Transaction financing, debt issuance and other costs (537) (175) (119) Employee taxes paid for share-based payment arrangements (12) (27) (60) Distributions to noncontrolling interests (73) (62) (77) Purchases of noncontrolling interests — — (297) Dividends paid to DowDuPont Inc. — — (535) Dividends paid to Dow Inc. (3,264) (2,233) (201) Settlements and transfers related to separation from DowDuPont Inc. — — (61) Cash used for financing activities - continuing operations (6,262) (2,801) (4,224) Cash used for financing activities - discontinued operations — — (18) Cash used for financing activities (6,262) (2,801) (4,242) Effect of exchange rate changes on cash, cash equivalents and restricted cash (99) 107 (27) Summary Increase (decrease) in cash, cash equivalents and restricted cash (2,075) 2,728 (384) Cash, cash equivalents and restricted cash at beginning of year 5,108 2,380 2,764 Cash, cash equivalents and restricted cash at end of year $ 3,033 $ 5,108 $ 2,380 Less: Restricted cash and cash equivalents, included in "Other current assets" 45 4 13 Cash and cash equivalents at end of year $ 2,988 $ 5,104 $ 2,367 See Notes to the Consolidated Financial Statements. 81