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Asset Impairment Charges and Exit Costs | 9 Months Ended
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Sep. 30, 2013
Restructuring, Settlement and Impairment Provisions [Abstract] |
Asset Impairment Charges and Exit Costs | Asset Impairment Charges and Exit Costs There were $23 million of asset impairment charges recognized in the three and nine months ended September 30, 2013 consisting of property, plant, and equipment asset impairments of $12 million and an other-than-temporary writedown of an investment of $11 million (see Note 6). 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.

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- Definition The entire disclosure for aggregate costs incurred during the period for restructuring, remediation, implementation, integration and asset impairment activities. Description of restructuring activities such as exit and disposal activities, could include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. This would also include disclosure of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. + References No definition available. + Details
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- Details
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