Dow Chemical 2011 Annual Report Download - page 201
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107
Fair Value Measurements on a Nonrecurring Basis
The following table summarizes the basis used to measure certain assets and liabilities at fair value on a nonrecurring basis in
2011:
Basis of Fair Value Measurements
on a Nonrecurring Basis in 2011
In millions
Assets at fair value:
Long-lived assets and other assets
Significant
Other
Unobservable
Inputs
(Level 3)
$ —
Total
Losses
2011
$ (27)
After evaluating expected future investments in conjunction with expected future cash flows, a $27 million asset
impairment charge was recognized in the fourth quarter of 2011 related to a manufacturing facility in Brazil aligned with the
Polyurethanes business. The long-lived assets and supplies associated with this facility were written down to zero. The
Company is evaluating strategic alternatives regarding the future use of this facility. The charge was included in "Cost of sales"
in the consolidated statements of income and reflected in the Performance Materials segment.
The following table summarizes the basis used to measure certain assets and liabilities at fair value on a nonrecurring basis
in 2010:
Basis of Fair Value Measurements
on a Nonrecurring Basis in 2010
In millions
Assets at fair value:
Long-lived and other assets
Significant
Other
Unobservable
Inputs
(Level 3)
$ —
Total
Losses
2010
$ (75)
After evaluating expected future investments in conjunction with expected future cash flows, a $48 million asset
impairment charge was recognized in the Polyurethanes business in the fourth quarter of 2010. The Company’s evaluation of
strategic alternatives for Epoxy capacity resulted in an $18 million asset impairment charge in the fourth quarter of 2010. Due
to a change in the scope of a capital project, a $9 million asset impairment charge was recognized in Dow Automotive Systems
in the fourth quarter of 2010. In both cases, the assets were written down to zero. The charges were included in “Cost of sales”
in the consolidated statements of income and reflected in the Performance Materials segment.