(In millions) | Year Ended December 31 | Six Months Ended December 31 | Year Ended June 30 | ||||||||||||||||
2013 | 2012 | 2012 | 2011 | 2012 | |||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||
Employee-related costs (1) | $ | — | $ | 71 | $ | — | $ | — | $ | 71 | |||||||||
Asset impairment charge - equity method investment (2) | — | 146 | 146 | — | — | ||||||||||||||
Asset impairment charge - equity securities(3) | 166 | 12 | — | 13 | 25 | ||||||||||||||
Asset impairment charge - goodwill (4) | 9 | — | — | — | — | ||||||||||||||
Asset impairments (5) | 84 | 14 | — | 339 | 353 | ||||||||||||||
Total asset impairment, exit, and restructuring costs | $ | 259 | $ | 243 | $ | 146 | $ | 352 | $ | 449 | |||||||||
(1) | These costs primarily consist of $37 million of one-time termination benefits provided to employees who have been involuntarily terminated and $34 million for pension and postretirement remeasurement charges triggered by an amendment of the Company's U.S. plans due to the voluntary early retirement program. |
(2) | 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. |
(3) | Asset impairment charge - equity securities for the fiscal year ended December 31, 2013 consist of other-than-temporary impairment charges of $155 million on the Company's GrainCorp investment in the Agricultural Services segment and $11 million on one other available for sale security in Corporate. Asset impairment charge - equity securities for the year ended December 31, 2012, the six months ended December 31, 2011, and the year ended June 30, 2012 consist of other-than-temporary investment writedowns in Corporate. |
(4) | The Company recognized a goodwill impairment charge related to its Brazilian sugar milling business in the Corn Processing segment for the fiscal year ended December 31, 2013. |
(5) | Asset impairments for the fiscal year ended December 31, 2013 consist of property, plant, and equipment asset impairments of $4 million in the Oilseeds Processing segment, $62 million in the Corn Processing segment, $3 million in the Agricultural Services segment, and $15 million in Corporate. Asset impairments for the year ended December 31, 2012 consist of asset impairment charges and other costs primarily related to the exit of the Walhalla, ND ethanol facility in the Corn Processing segment. Asset impairments for the six months ended December 31, 2011 consist of asset impairment charges and other costs related to the exit of the Clinton, IA, bioplastics facility in the Corn Processing segment. Asset impairment charges for the fiscal year ended June 30, 2012 consist of asset impairment charges and other costs of $349 million related to the exit of the Clinton, IA, bioplastics and Walhalla, ND, ethanol facilities in the Corn Processing segment and other facility exit-related costs of $4 million in Corporate. |