Asset Impairment Charges And Exit Costs (Tables)

9 Months Ended

Sep. 30, 2013

Restructuring, Settlement and Impairment Provisions [Abstract]

The following table summarizes the Company's significant asset impairment, exit, and restructuring costs for the three and nine months ended September 30, 2012.



	Three Months Ended		Nine Months Ended
	September 30, 2012
	(In millions)

Employee-related costs ⁽¹⁾	$	—	$	71
Facility exit and related costs ⁽²⁾	—		14
Asset impairment charge ⁽³⁾	146		146
Total asset impairment, exit, and restructuring costs	$	146	$	231


(1)	These costs primarily consist of one-time termination benefits provided to employees who were involuntarily terminated and $34 million for pension remeasurement charges triggered by an amendment of the Company's U.S. plans due to the voluntary early retirement program.


(2)	Facility exit and other related costs consist of asset impairment charges and other costs primarily related to the exit of the Walhalla, ND ethanol facility.

(3)

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 Company sold its interest in Gruma in December 2012.

- Definition

Tabular disclosure of restructuring and related costs by type of restructuring including the description of the restructuring costs, such as the expected cost; the costs incurred during the period; the cumulative costs incurred as of the balance sheet date; the income statement caption within which the restructuring charges recognized for the period are included; and changes to an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost.

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