Asset Impairment, Exit, and Restructuring Costs

The following table sets forth the charges included in asset impairment, exit, and restructuring costs.



(In millions)	Year Ended December 31
	2015		2014		2013

Restructuring and exit costs ⁽¹⁾	$	71	$	64	$	—
Asset impairment charge - equity securities⁽²⁾	—		6		166
Asset impairment charge - goodwill and intangible⁽³⁾	21		—		9
Asset impairments ⁽⁴⁾	108		35		84
Total asset impairment, exit, and restructuring costs	$	200	$	105	$	259

⁽¹⁾

Restructuring and exit costs recognized in the year ended December 31, 2015 consisted primarily of restructuring charges of $29 million related principally to an international pension plan settlement, exit costs of $22 million related to Brazilian sugar ethanol facilities in the Corn Processing segment and other restructuring and exit costs totaling $20 million. Restructuring and exit costs recognized in the year ended December 31, 2014 consisted of costs associated with the relocation of the Company’s global headquarters to Chicago, Illinois, of $16 million and restructuring charges related to the Wild Flavors acquisition and Toepfer integration following the acquisition of the minority interest and other restructuring charges of $48 million.

⁽²⁾

Asset impairment charge - equity securities for the fiscal year ended December 31, 2014 consisted of other-than-temporary investment writedowns of available for sale securities in Corporate. Asset impairment charge - equity securities for the fiscal year ended December 31, 2013 consisted of other-than-temporary impairment charges of $155 million on the Company’s GrainCorp investment in the Agricultural Services segment and $11 million on one other available for sale security in Corporate.

⁽³⁾

The Company recognized an intangible asset impairment charge of $8 million related to capitalized software costs in Corporate in the year ended December 31, 2015. The Company recognized goodwill impairment charges of $13 million related to a Corn Processing facility and certain of its international Oilseeds Processing facilities, and $9 million related to its Brazilian sugar ethanol business in the Corn Processing segment in the years ended December 31, 2015 and 2013, respectively.

⁽⁴⁾

Asset impairment for the fiscal year ended December 31, 2015 consisted of property, plant, and equipment asset impairments of $66 million related principally to the Brazilian sugar ethanol business in the Corn Processing segment based on the uncertain outlook of this business at year-end, $40 million in the Oilseeds Processing segment, $1 million in the Wild Flavors and Specialty Ingredients segment, and $1 million in Corporate. Asset impairments for the fiscal year ended December 31, 2014 consisted of property, plant, and equipment asset impairments of $17 million in the Agricultural Services segment, $15 million in the Corn Processing segment, and $3 million in the Oilseeds Processing segment. Asset impairments for the fiscal year ended December 31, 2013 consisted of property, plant, and equipment asset impairments of $3 million in the Agricultural Services segment, $62 million in the Corn Processing segment, $4 million in the Oilseeds Processing segment, and $15 million in Corporate.