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Asset Impairment, Exit, and Restructuring Costs
9 Months Ended
Sep. 30, 2018
Restructuring, Settlement and Impairment Provisions [Abstract]  
Asset Impairment, Exit, and Restructuring Costs
Asset Impairment, Exit, and Restructuring Costs

Asset impairment, exit, and restructuring costs in the three months ended September 30, 2018 consisted of $1 million of individually insignificant restructuring charges in Corporate. Asset impairment, exit, and restructuring costs in the nine months ended September 30, 2018 consisted of $12 million of an equity investment impairment, $21 million of asset impairments, and $2 million of individually insignificant restructuring charges presented as specified items within segment operating profit, and $6 million of individually insignificant restructuring charges in Corporate.

Asset impairment of $21 million in the nine months ended September 30, 2018 related to a long-term financing receivable in other assets and is based on the fair value of the collateral provided as security for the advance. The fair value is determined using internal and external resources, including published information concerning Brazilian land values.

Asset impairment, exit, and restructuring costs in the three months ended September 30, 2017 consisted of $62 million of asset impairments and $1 million of individually insignificant restructuring charges presented as specified items within segment operating profit, and $44 million of restructuring charges in Corporate related to the reduction of certain positions within the Company’s global workforce. Asset impairment, exit, and restructuring costs in the nine months ended September 30, 2017 consisted of $80 million of asset impairments and $13 million of individually insignificant restructuring charges presented as specified items within segment operating profit, and $47 million of restructuring charges in Corporate primarily related to the reduction of certain positions within the Company’s global workforce.

Asset impairment of $61 million in the three and nine months ended September 30, 2017 was related to the reconfiguration of the Peoria, Illinois ethanol complex due to the Company’s decision to focus on the more profitable high grade industrial and beverage alcohol as well as export fuel. The impaired assets were determined to have no alternative use with zero net salvage value.