Acquisitions (Tables)

9 Months Ended

Sep. 30, 2015

Acquisitions

Summary of preliminary purchase price allocations for Penford and Kerr

The following table summarizes the preliminary purchase price allocations for Penford and Kerr as of March 11, 2015 and August 3, 2015, respectively, for the acquisitions:

(in millions)	Penford			Kerr
Working capital (excluding cash)	$	68		$	38
Property, plant and equipment	86			8
Other assets	9			—
Identifiable intangible assets	121			29
Goodwill	119			27
Non-current liabilities assumed	(71		)	—
Total preliminary purchase price	$	332		$	102

Schedule of fair values, valuation techniques and estimated remaining useful life of acquired intangible assets

The following table presents the fair values, valuation techniques, and estimated remaining useful life for these Level 3 measurements (dollars in millions):

				Estimated Remaining
	Fair Value		Valuation Technique	Useful Life
Customer Relationships	$	84	Multi-period excess earnings method	15 - 22 years
Trade names	$	17	Relief-from-royalty method	10 years to indefinite
Technology	$	17	Relief-from-royalty method	6 - 11 years
Noncompetition Agreements	$	3	Income Approach	2 years