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Subsequent Events
9 Months Ended
Sep. 30, 2020
Subsequent Events  
Subsequent Events

14. Subsequent Event

In 2018, the Company entered into an equity method investment with Verdient Foods, Inc. (“Verdient”) by acquiring 20% of its outstanding shares. Verdient is a Canada-based producer of pulse-based protein concentrates and flours from peas, lentils and fava beans for human food applications. On November 3, 2020, the Company acquired the remaining 80% of the outstanding shares of Verdient not owned by the Company. To complete the closing, the Company made a total cash payment of CAD $33 million, which it funded from cash on hand.

As a result of the agreed upon price to acquire the remaining shares of Verdient, the Company recognized an other-than-temporary impairment of $10 million on its previously held 20% interest, which is included in Restructuring/impairment charges in the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2020.