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Acquisitions | 12 Months Ended
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Dec. 31, 2018
Business Combinations [Abstract] |
Acquisitions | Acquisitions Operating results of acquisitions are included in the Company’s financial statements from the date of acquisition which were immaterial in all periods. Goodwill allocated in connection with the acquisitions is primarily attributable to synergies expected to arise after the Company’s acquisition of the businesses. Fiscal year 2018 acquisitions During the year ended December 31, 2018, the Company acquired Probiotics International Limited (also known as Protexin), a British-based provider of probiotic supplements for human, pet, and production-animal uses, Rodelle Inc., a premium originator, processor and supplier of vanilla products, and certain soybean origination, crushing, refining, and bottling assets of Brazil-based Algar Agro, for an aggregate consideration of $506 million in cash. The aggregate consideration of these acquisitions, net of $42 million in cash acquired, was preliminarily allocated as follows:
| (In millions)
Working capital | $ | 30 |
Property, plant, and equipment | 133 |
Goodwill | 187 |
Other intangible assets | 132 |
Other long-term assets | 6 |
Deferred tax liabilities | (15 | )
Noncontrolling interest | (9 | )
Aggregate cash consideration, net of cash acquired | $ | 464 |
The acquisitions of Protexin and Rodelle Inc. expand the Company's wide portfolio of health and wellness offerings for both human and animal nutrition consumers. Fiscal year 2017 acquisitions During the year ended December 31, 2017, the Company acquired Crosswind Industries, Inc., an industry leader in the manufacture of contract and private label treats and foods, as well as specialty ingredients, Chamtor SA, a French producer of wheat-based sweeteners and starches, a 51% controlling interest in Industries Centers, an Israeli company specializing in the import and distribution of agricultural feed products, and an 89% controlling interest in Biopolis SL, a leading provider of microbial technology with a strong portfolio of novel food ingredients, for an aggregate consideration of $194 million in cash. The aggregate consideration of these acquisitions, net of $7 million in cash acquired, was allocated as follows:
| (In millions)
Working capital | $ | 19 |
Property, plant, and equipment | 116 |
Goodwill | 33 |
Other intangible assets | 47 |
Other long-term assets | 8 |
Long-term debt | (8 | )
Other long-term liabilities | (16 | )
Noncontrolling interest | (12 | )
Aggregate cash consideration, net of cash acquired | $ | 187 |
The Company records the remaining 49% in Industries Centers and 11% in Biopolis SL in temporary equity - redeemable noncontrolling interest and noncontrolling interest, respectively. Fiscal year 2016 acquisitions During the year ended December 31, 2016, the Company acquired a 90% interest in Harvest Innovations, an industry leader in minimally processed, expeller-pressed soy proteins, oils, and gluten-free ingredients; a 50% interest in Cairo-based Medsofts Group, a joint venture that owns and manages merchandising and supply chain operations; Caterina Foods, a leading toll manufacturer of specialty gluten-free and high-protein pastas; and a Casablanca, Morocco-based corn wet mill that produces glucose and native starch for an aggregate consideration of $141 million in cash. The aggregate consideration of these acquisitions, net of $11 million in cash acquired, was allocated as follows:
| (In millions)
Working capital | $ | 15 |
Property, plant, and equipment | 23 |
Goodwill | 72 |
Other intangible assets | 41 |
Other long-term assets | 34 |
Long-term liabilities | (17 | )
Noncontrolling interest | (38 | )
Aggregate cash consideration, net of cash acquired | $ | 130 |
The remaining 10% interest in Harvest Innovations is recorded in other long-term liabilities and accounted for as a mandatorily redeemable interest which the Company has agreed to acquire following two years of operations. In 2018, the Company purchased the mandatorily redeemable interest for $8 million. The Company has an option three years from the date of acquisition to acquire the remaining 50% interest in Medsofts Group based on a fixed multiple of earnings before taxes, interest, and depreciation and amortization for the last twelve months of this three-year period. If the Company does not elect to exercise its option, the noncontrolling interest holder has the option to put the 50% interest to the Company on similar, though discounted, terms. The Company records the 50% remaining interest in temporary equity - redeemable noncontrolling interest.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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