Assets and Liabilities Held for Sale

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Assets and Liabilities Held for Sale

On July 31, 2015, the Company completed the sale of its global chocolate business to Cargill, Inc. for $431 million and recorded a gain on sale of $38 million, net of transaction expenses, in the Oilseeds Processing segment in the year ended December 31, 2015. Prior to July 31, 2015, assets and liabilities of the global chocolate business subject to the purchase and sale agreement were classified as held for sale in the Company’s consolidated balance sheet.

On October 16, 2015, the Company completed the sale of its global cocoa business to Olam International Limited for $1.2 billion and recorded a gain on sale of $206 million, net of transaction expenses, in the Oilseeds Processing segment in the quarter ended December 31, 2015. Prior to October 16, 2015, assets and liabilities of the global cocoa business subject to the purchase and sale agreement have been classified as held for sale in the Company’s consolidated balance sheet.

The global chocolate and cocoa businesses do not comprise a major component of the Company’s operations and therefore do not meet the criteria to be classified as discontinued operations at December 31, 2015 and 2014 under the amended guidance of ASC Topics 205 and 360 which the Company early adopted on October 1, 2014. Assets and liabilities classified as held for sale are required to be recorded at the lower of carrying value or fair value less any costs to sell. As of December 31, 2014, the carrying value of the cocoa and chocolate assets were less than fair value less costs to sell, and accordingly, no adjustment to the asset value was necessary.

There were no assets and liabilities held for sale at December 31, 2015.

The major classes of assets and liabilities held for sale at December 31, 2014 were as follows:

	December 31, 2014
	(In millions)
Trade receivables	$	94
Inventories	742
Other current assets	83
Goodwill	63
Other intangible assets	28
Net property, plant, and equipment	374
Other assets	19
Current assets held for sale	$	1,403
Trade payables	$	114
Accrued expenses and other payables	110
Other liabilities	6
Current liabilities held for sale	$	230