Dow Chemical 2014 Annual Report Download - page 46
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22
quantitative testing indicates that goodwill is impaired, the carrying value of goodwill is written down to fair value with a
charge against earnings. Since the Company utilizes a discounted cash flow methodology to calculate the fair value of its
reporting units, continued weak demand for a specific product line or business could result in an impairment. Accordingly, any
determination requiring the write-off of a significant portion of goodwill could negatively impact the Company's results of
operations.
Pension and Other Postretirement Benefits: Increased obligations and expenses related to the Company's defined
benefit pension plans and other postretirement benefit plans could negatively affect Dow's financial condition and
results of operations.
The Company has defined benefit pension plans and other postretirement benefit plans (the “plans”) in the United States and a
number of other countries. The assets of the Company's funded plans are primarily invested in fixed income and equity
securities of U.S. and foreign issuers. Changes in the market value of plan assets, investment returns, discount rates, mortality
rates, regulations and the rate of increase in compensation levels may affect the funded status of the Company's plans and could
cause volatility in the net periodic benefit cost, future funding requirements of the plans and the funded status of the plans. A
significant increase in the Company's obligations or future funding requirements could have a negative impact on the
Company's results of operations and cash flows for a particular period and on the Company's financial condition.