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Acquisitions | 12 Months Ended
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Dec. 31, 2018
Acquisitions |
Acquisitions | NOTE 3 – Acquisitions On March 9, 2017, the Company completed its acquisition of Sun Flour in Thailand for $18 million. As of December 31, 2018, the Company has paid $16 million in cash and recorded $2 million in accrued liabilities for deferred payments due to the previous owner. The Company funded the acquisition primarily with cash on-hand. The acquisition of Sun Flour adds a fourth manufacturing facility to the Company’s operations in Thailand. Sun Flour produces rice-based ingredients used primarily in the food industry. The results of the acquired operation are included in the Company’s consolidated results from the acquisition date forward within the Asia Pacific business segment, and $14 million of goodwill was allocated to that segment. The Company finalized the purchase price allocation for all areas for the Sun Flour acquisition during the first quarter of 2018. The finalization of goodwill and intangible assets did not have a significant impact on previously estimated amounts. The acquisition of Sun Flour added $15 million to goodwill and identifiable intangible assets and $3 million to net tangible assets as of the acquisition date. Goodwill represents the amount by which the purchase price exceeds the estimated fair value of the net assets acquired. The goodwill related to Sun Flour is not tax deductible. The fair value adjustments for the year ended December 31, 2018 were not material. Included in the results of the acquired business for the year ended December 31, 2017 was an increase in pre-tax cost of sales of $9 million relating to the sale of inventory that was adjusted to fair value at the acquisition date for the acquired business in accordance with business combination accounting rules. Pro-forma results of operations for the acquisitions made in 2017 and 2016 have not been presented as the effect of each acquisition individually and in aggregate would not be material to the Company’s results of operations for any periods presented. The Company incurred immaterial pre-tax acquisition and integration costs in 2018. The Company incurred $4 million and $3 million of pre-tax acquisition and integration costs in 2017 and 2016, respectively, associated with its acquisitions.

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