Item 2.06 Material Impairments
On January 8, 2008, the company recorded an impairment charge of $165 million
($135 million after-tax) in the fourth quarter 2007. The impairment charge is to
write down the company's investment in a polyester films joint venture in the
Performance Materials segment. Also, the company recorded on its financial
statements certain venture cash obligations which the company had previously
guaranteed. The impairment resulted from several factors, including adverse
changes in market conditions and the rapid rise in oil-related raw materials
costs, which have had a negative impact on the profitability of the venture's
operations in North America and Europe.
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