Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Significant Accounting Policies

Schedule of carrying amount of goodwill by geographic segment

The carrying value of goodwill by reportable business segment at December 31, 2017 and 2016 was as follows:

	North			South		Asia
(in millions)	America			America		Pacific		EMEA		Total
Balance at December 31, 2015	$	424		$	22	$	86	$	69	$	601
Acquisitions		186			—		—		—		186
Currency translation		—			4		(1)		(6)		(3)
Balance at December 31, 2016		610			26		85		63		784
Acquisitions		(10)	(a)		—		15		—		5
Currency translation		—			—		7		7		14
Balance at December 31, 2017	$	600		$	26	$	107	$	70	$	803

(a) Related to TIC Gums Incorporated (“TIC Gums”) purchase price accounting adjustments

The original carrying value of goodwill by reportable business segment and accumulated impairment charges by reportable business segment at December 31, 2017 and 2016 were as follows:

	North		South		Asia
	America		America		Pacific		EMEA		Total
Goodwill before impairment charges	$	611	$	59	$	206	$	63	$	939
Accumulated impairment charges		(1)		(33)		(121)		—		(155)
Balance at December 31, 2016		610		26		85		63		784
Goodwill before impairment charges		601		59		228		70		958
Accumulated impairment charges		(1)		(33)		(121)		—		(155)
Balance at December 31, 2017	$	600	$	26	$	107	$	70	$	803

Schedule of intangible assets

	As of December 31, 2017
(in millions)	Gross		Accumulated Amortization		Net		Weighted Average Useful Life (years)
Trademarks/tradenames (indefinite-lived)	$	178	$	—	$	178	—
Customer relationships		329		(62)		267	20
Technology		103		(68)		35	9
Other		22		(9)		13	16
Total other intangible assets	$	632	$	(139)	$	493	18
	As of December 31, 2016
(in millions)	Gross		Accumulated Amortization		Net		Weighted Average Useful Life (years)
Trademarks/tradenames (indefinite-lived)	$	143	$	—	$	143	—
Customer relationships		227		(42)		185	20
Technology		100		(57)		43	10
TIC Gums intangible assets (preliminary)		117		—		117	Various
Other		21		(7)		14	16
Total other intangible assets	$	608	$	(106)	$	502	17

Schedule of amortization expense related to intangible assets

(in millions)
Year	Amortization Expense
2018	$	29
2019		29
2020		27
2021		19
2022		18
Balance thereafter		193