Asset Impairment Charge

3 Months Ended

Sep. 30, 2012

Asset Impairment Charges And Exit Costs [Abstract]

Asset Impairment Charge

Note 12.      Asset Impairment Charge 

As part of the Company’s ongoing portfolio management, the Company decided to divest its interests in Gruma S.A.B. de C.V. and related joint ventures (“Gruma”).  As a result, the Company’s equity method investments in Gruma were evaluated for impairment.  In the quarter ended September 30, 2012, the Company recorded a $146 million pre-tax asset impairment charge ($0.16 per share after tax) on its investments in Gruma by comparing the carrying value, including $123 million of cumulative unrealized foreign currency translation losses, to estimated fair value.  Fair value was estimated based on negotiations which resulted in the Company entering into a non-binding letter of intent to sell its interests in Gruma to a third party on October 16, 2012.  The agreement is subject to the approvals of the Company and Gruma’s boards of directors and to rights of first refusals on the part of Gruma’s controlling shareholder.