Item 2.02. Results of Operations and Financial Condition.
On February 5, 2009, PolyOne Corporation (the "Company") issued a press release, furnished herewith as Exhibit 99.1, announcing earnings for the fourth quarter and fiscal year 2008. The press release shall not be deemed to be "filed" under the Securities Exchange Act of 1934.
Item 2.06. Material Impairments.
On February 2, 2009, management of the Company determined that a non-cash goodwill impairment charge of approximately $170 million related to the Company's Geon Compounds and Specialty Coatings reporting units within the Performance Products and Solutions Segment will be required in the fourth quarter of 2008.
This non-cash goodwill impairment charge reflects an increase in the Company's cost of capital due primarily to the significant deterioration in the capital markets during the fourth quarter and the related decline in market value of equity and debt securities. The cost of capital is used to discount future cash flows and is a key assumption used in estimating the fair value of a business. The impairment also reflects a reduction in the near-term earnings outlook for the Geon Compounds and Specialty Coatings reporting units.
This goodwill impairment charge is preliminary, is based on management's best estimates and may be revised based on a full valuation study of these two reporting units.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. Exhibit 99.1 - Press release dated February 5, 2009.

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