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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K/A

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
February 6, 2001

THE DOW CHEMICAL COMPANY
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization)		   1-3433
(Commission file number)		   38-1285128
(I.R.S. Employer Identification No.)

2030 DOW CENTER, MIDLAND, MICHIGAN 48674
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: 517-636-1000
Effective April 7, 2001, the area code for Midland, Michigan will change from 517 to 989.

Not applicable
(Former name, former address and former fiscal year, if changed since last report)

Item 7. Financial Statements and Exhibits.

    This Current Report on Form 8-K/A is being filed as an amendment to the Current Report on Form 8-K filed by The Dow Chemical Company on February 20, 2001, describing the merger with Union Carbide Corporation.

2


Unaudited Pro Forma Combined Condensed Financial Information

    The following describes the pro forma effect of the merger on the historical condensed statements of income for the years ended December 31, 2000, 1999 and 1998 and the historical condensed balance sheet as of December 31, 2000 of The Dow Chemical Company and Union Carbide Corporation under the assumptions and adjustments described below.

    The pro forma adjustments reflect the application of the pooling of interests method of accounting for a business combination. The unaudited pro forma combined condensed financial information and the accompanying notes should be read in conjunction with the historical financial statements and related notes of Union Carbide Corporation (incorporated by reference in this Current Report on Form 8-K/A) and The Dow Chemical Company.

    The unaudited pro forma combined condensed financial information is provided for informational purposes only and does not purport to represent what the combined financial position and results of operations would actually have been had the merger and other pro forma adjustments in fact occurred at the dates indicated. The following unaudited pro forma combined condensed statements of income and unaudited pro forma combined condensed balance sheet illustrate the estimated effects of the merger as if that transaction had occurred for the statements of income as of January 1, 1998 and for the balance sheet as of December 31, 2000. The unaudited pro forma combined condensed statements of income do not include the impact of all the nonrecurring charges or credits directly attributable to the transaction.

    For financial accounting purposes, the merger has been accounted for using the pooling of interests method of accounting. Accordingly, the recorded historical cost basis of the assets and liabilities of The Dow Chemical Company and Union Carbide Corporation have been carried forward to the combined company and the historical results of operations of the separate companies for all fiscal years before the merger have been combined. No adjustments have been made to the historical financial statements of The Dow Chemical Company or Union Carbide Corporation to conform the accounting policies of the combining companies as the nature and amounts of such adjustments are not significant. In addition, no adjustments have been made in the unaudited pro forma combined condensed financial information for transactions between The Dow Chemical Company and Union Carbide Corporation as such transactions were determined to be immaterial.

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Unaudited Pro Forma Combined Condensed Balance Sheet
December 31, 2000
(in millions)

 
   The Dow
Chemical
Company
   Union
Carbide
Corporation
   Merger
Pro Forma
Adjustments
   Combined
Pro Forma
  
 
Assets                          
Current Assets                          
  Cash and cash equivalents   $ 215   $ 63   $ (51 )(1) $ 227  
  Accounts and notes receivable     5,385     1,034     —     6,419  
  Inventories     3,463     750     —     4,213  
  Other current assets     197     329     (113 )(2)   413  
 
  Total current assets     9,260     2,176     (164 )   11,272  
 
Investments                          
  Investment in nonconsolidated affiliates     1,088     1,008     —     2,096  
  Other investments and noncurrent receivables     2,951     97     154  (2)   3,202  
 
  Total investments     4,039     1,105     154     5,298  
 
Net Property     9,190     4,521     —     13,711  
 
Total Other Assets     5,156     544     (67 )(1)   5,592  
                  (41 )(2)      
 
Total Assets   $ 27,645   $ 8,346   $ (118 ) $ 35,873  
 

Liabilities and Stockholders' Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current Liabilities                          
  Notes payable and long-term debt due within one year   $ 1,659   $ 1,178     —   $ 2,837  
  Accounts payable     3,799     342   $ 428  (2)   4,569  
  Other current liabilities     2,415     780     (428 )(2)   2,767  
 
  Total current liabilities     7,873     2,300     —     10,173  
 
Long-Term Debt     4,865     1,748     —     6,613  
 
Other Noncurrent Liabilities                          
  Deferred income tax liabilities — noncurrent     887     —     278  (2)   1,165  
  Pension and other postretirement benefits — noncurrent     1,746     434     58  (2)   2,238  
  Other noncurrent obligations     2,178     1,170     (336 )(2)   3,012  
 
  Total other noncurrent liabilities     4,811     1,604     —     6,415  
 
Minority Interest in Subsidiaries     410     40     —     450  
 
Preferred Securities of Subsidiary     500     —     —     500  
 
Stockholders' Equity                          
  Common stock     2,453     159     (159 )(3)   2,453  
  Additional paid-in capital     16     217     (233 )(3)   —  
  Unearned ESOP shares     (53 )   (50 )   —     (103 )
  Retained earnings     14,071     3,572     (4,968 )(3)   12,557  
                  (118 )(1)      
  Accumulated other comprehensive loss     (336 )   (224 )   —     (560 )
  Treasury stock at cost     (6,965 )   (1,020 )   5,360  (3)   (2,625 )
 
  Net stockholders' equity     9,186     2,654     (118 )   11,722  
 
Total Liabilities and Stockholders' Equity   $ 27,645   $ 8,346   $ (118 ) $ 35,873  
 

4


Unaudited Pro Forma Combined Condensed Statement of Income (5)
For the Year Ended December 31, 2000
(in millions, except per share data)

 
   The Dow
Chemical
Company
   Union
Carbide
Corporation
   Merger
Pro Forma
Adjustments
   Combined
Pro Forma
Net Sales   $ 23,008   $ 6,526     —         $ 29,534
  Cost of sales     18,262     5,531   $ 338 (2)     24,131
  Research and development expenses     892     152     75 (2)     1,119
  Selling, general and administrative expenses     1,582     247      (4)(2)     1,825
  Amortization of intangibles     125     —     14 (2)     139
  Depreciation and amortization     —     423     (423)(2)     —
  Purchased in-process research and development charges     6     —     —           6
  Insurance and finance company operations, pretax income     68     —     17 (2)     85
  Partnership loss     —     (40 )   40 (2)     —
  Equity in earnings of nonconsolidated affiliates     271     123     (40)(2)     354
  Sundry income — net     309     87     (44)(2)     352
Earnings before Interest, Income Taxes and Minority Interests     2,789     343     (27)         3,105
  Interest income     119     —     27 (2)     146
  Interest expense and amortization of debt discount     507     158     —           665
  Income before Income Taxes and Minority Interests     2,401     185     —           2,586
  Provision for income taxes     823     16     —           839
  Minority interests' share in income     65     7     —           72
Net Income Available for Common Stockholders   $ 1,513   $ 162     —         $ 1,675
Share Data                        
  Earnings per common share — basic   $ 2.24   $ 1.20     (4)   $ 1.88
  Earnings per common share — diluted   $ 2.22   $ 1.18     (4)   $ 1.85
  Weighted-average common shares outstanding — basic     676.0     134.8     (4)     893.2
  Weighted-average common shares outstanding — diluted     683.0     137.5     (4)     904.5

5


Unaudited Pro Forma Combined Condensed Statement of Income (5)
For the Year Ended December 31, 1999
(in millions, except per share data)

 
   The Dow
Chemical
Company
   Union
Carbide
Corporation
   Merger
Pro Forma
Adjustments
   Combined
Pro Forma
  
 
Net Sales   $ 19,989   $ 5,870     —   $ 25,859  
 
  Cost of sales     15,362     4,609   $ 329  (2)   20,300  
  Research and development expenses     845     154     76  (2)   1,075  
  Selling, general and administrative expenses     1,530     257     (11 )(2)   1,776  
  Amortization of intangibles     146     —     14  (2)   160  
  Depreciation and amortization     —     408     (408 )(2)   —  
  Purchased in-process research and development charges     6     —     —     6  
  Special charges     94     —     —     94  
  Insurance and finance company operations, pretax income     127     —     23  (2)   150  
  Partnership income     —     11     (11 )(2)   —  
  Equity in earnings of nonconsolidated affiliates     82     2     11  (2)   95  
  Sundry income — net     261     102     (34 )(2)   329  
 
Earnings before Interest, Income Taxes and Minority Interests     2,476     557     (11 )   3,022  
 
  Interest income     121     —     11  (2)   132  
  Interest expense and amortization of debt discount     431     133     —     564  
 
Income before Income Taxes and Minority Interests     2,166     424     —     2,590  
 
  Provision for income taxes     766     108     —     874  
  Minority interests' share in income     69     5     —     74  
  Preferred stock dividends     5     —     —     5  
 
Income before Cumulative Effect of Change in Accounting Principle     1,326     311     —     1,637  
 
  Cumulative effect of change in accounting principle     —     (20 )   —     (20 )
 
Net Income Available for Common Stockholders   $ 1,326   $ 291     —   $ 1,617  
 
Share Data                          
  Earnings before cumulative effect of change in accounting principle per common share — basic   $ 2.01   $ 2.33        (4) $ 1.87  
  Earnings per common share — basic   $ 2.01   $ 2.18        (4) $ 1.85  
  Earnings before cumulative effect of change in accounting principle per common share — diluted   $ 1.98   $ 2.27        (4) $ 1.84  
  Earnings per common share — diluted   $ 1.98   $ 2.13        (4) $ 1.82  
  Weighted-average common shares outstanding — basic     660.2     133.3        (4)   874.9  
  Weighted-average common shares outstanding — diluted     673.3     136.7        (4)   893.5  
 

6


Unaudited Pro Forma Combined Condensed Statement of Income (5)
For the Year Ended December 31, 1998
(in millions, except per share data)

 
   The Dow
Chemical
Company
   Union
Carbide
Corporation
   Merger
Pro Forma
Adjustments
   Combined
Pro Forma
Net Sales   $ 19,442   $ 5,659     —   $ 25,101
  Cost of sales     14,800     4,294   $ 301  (2)   19,395
  Research and development expenses     807     143     76  (2)   1,026
  Selling, general and administrative expenses     1,666     304     (6 )(2)   1,964
  Amortization of intangibles     88     —     18  (2)   106
  Depreciation and amortization     —     389     (389 )(2)   —
  Purchased in-process research and development charges     349     —     —     349
  Special charges     458     —     —     458
  Insurance and finance company operations, pretax income     112     —     12  (2)   124
  Partnership income     —     33     (33 )(2)   —
  Equity in earnings (losses) of nonconsolidated affiliates     64     (66 )   33  (2)   31
  Sundry income — net     916     241     (22 )(2)   1,135
Earnings before Interest, Income Taxes and Minority Interests     2,366     737     (10 )   3,093
  Interest income     139     —     10  (2)   149
  Interest expense and amortization of debt discount     493     114     —     607
Income before Income Taxes and Minority Interests     2,012     623     —     2,635
  Provision for income taxes     685     217     —     902
  Minority interests' share in income     17     3     —     20
  Preferred stock dividends     6     —     —     6
Net Income Available for Common Stockholders   $ 1,304   $ 403     —   $ 1,707
Share Data                        
  Earnings per common share — basic   $ 1.94   $ 2.98        (4) $ 1.92
  Earnings per common share — diluted   $ 1.92   $ 2.91        (4) $ 1.89
  Weighted-average common shares outstanding — basic     670.6     135.0        (4)   888.1
  Weighted-average common shares outstanding — diluted     681.8     138.4        (4)   904.8

7


Notes to Unaudited Pro Forma Combined Condensed Financial Information

(in millions, except per share amounts)

(1)
The Dow Chemical Company (Dow) and Union Carbide Corporation (Union Carbide) estimate they will incur direct transaction costs of approximately $118 (pretax) associated with the merger. These costs consist primarily of investment banking, legal and accounting fees. At December 31, 2000, $67 had been incurred and deferred. The unaudited pro forma combined condensed balance sheet reflects the transaction costs as if they had been paid in total as of the end of 2000.

(2)
Adjustments reflect a reclassification of Union Carbide's reported amounts of depreciation; certain selling, general and administrative expenses; amortization of intangibles; partnership income; interest income; insurance and finance company operations pretax income; prepaid expenses; noncurrent receivables; accounts payable; pension and other post retirement liabilities; and deferred tax liabilities to conform to Dow's presentation.

(3)
Adjustments for the issuance of 218.4 million shares of Dow common stock to effect the exchange of Union Carbide common stock at the exchange ratio of 1.611 shares of Dow common stock for each share of Union Carbide common stock, and for the retirement of Union Carbide common stock held in treasury. For accounting purposes, the Dow common shares held in treasury issued to effect the pooling of interest are first treated as though the shares of stock are retired and then reissued. The cost basis of the retired Dow common stock held in treasury is $4,340 and the cost basis of Union Carbide treasury stock as of December 31, 2000 is $1,020. The cost of the retired treasury stock in excess of the additional paid-in capital balance is recorded as an adjustment to retained earnings.

(4)
The pro forma combined per share amounts and weighted-average common shares outstanding reflect the combined weighted-average of Dow and Union Carbide common shares outstanding for all periods presented, after adjusting the number of Union Carbide common shares to reflect the exchange ratio of 1.611 shares of Dow common stock for each share of Union Carbide common stock. Share data has also been adjusted to reflect the three-for-one split of Dow's common stock on June 16, 2000.

(5)
As noted in Dow's Form S-4 registration statement filed with the U.S. Securities and Exchange Commission (SEC) on October 5, 1999, and Dow's Annual Report on Form 10-K filed with the SEC on March 9, 2001, it is expected that the combined company will incur a one-time charge for severance and other restructuring costs. On March 29, 2001, Dow's management made certain decisions relative to employment levels, duplicate facilities and excess capacity resulting from the merger. The magnitude of these costs is currently being determined and will be included in the financial results for the first quarter of 2001. These costs were not reflected in the unaudited pro forma combined condensed statements of income.

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(c)
Exhibits.

See Exhibit Index below for exhibits filed with the Current Report on Form 8-K/A

9


Signature

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

    THE DOW CHEMICAL COMPANY
Registrant

 
 
/s/ FRANK H. BROD   
Frank H. Brod
Vice President and Controller

Date: April 4, 2001

10


Exhibit Index

Exhibit No.
    
23   Independent Auditors' Consent.

11



QuickLinks

Unaudited Pro Forma Combined Condensed Financial Information
Unaudited Pro Forma Combined Condensed Balance Sheet December 31, 2000 (in millions)
Unaudited Pro Forma Combined Condensed Statement of Income (5) For the Year Ended December 31, 2000 (in millions, except per share data)
Unaudited Pro Forma Combined Condensed Statement of Income (5) For the Year Ended December 31, 1999 (in millions, except per share data)
Unaudited Pro Forma Combined Condensed Statement of Income (5) For the Year Ended December 31, 1998 (in millions, except per share data)
Notes to Unaudited Pro Forma Combined Condensed Financial Information (in millions, except per share amounts)
Signature
Exhibit Index