Subsequent Event

12 Months Ended

Dec. 31, 2011

20. Subsequent Event

On January 29, 2012, the Corporation announced that it had entered into an agreement which will result in the restructuring of its Downstream and Chemical holdings in Japan. Under the agreement, TonenGeneral Sekiyu K. K. (TG), a consolidated subsidiary owned 50 percent by the Corporation, will purchase for approximately $3.9 billion the Corporation's shares of a wholly-owned affiliate in Japan, ExxonMobil Yugen Kaisha, which will result in TG acquiring approximately 200 million of its shares currently owned by the Corporation along with other assets. As a result of the restructuring the Corporation's effective ownership of TG will be reduced to approximately 22 percent. Closing is anticipated in mid-2012.

The major classes of assets and liabilities that would have been classified as held for sale if the transaction had met the criteria for held for sale accounting at December 31, 2011, were as follows:


(millions of dollars)

Assets
Current assets (1)	$	6,862
Net property, plant and equipment		4,740
Other assets		1,757
Total assets	$	13,359

Liabilities
Current liabilities	$	8,450
Postretirement benefits reserves		2,103
Other long-term obligations		1,179
Total liabilities	$	11,732

Equity
ExxonMobil share of equity (2)	$	(467	)
Noncontrolling interests		2,094
Total equity	$	1,627
Total liabilities and equity	$	13,359

(1)

Current assets include $1,882 million of crude oil, products and merchandise inventory.

(2)

On the date the Corporation transfers control to TG, the ExxonMobil share of accumulated other comprehensive income will be recycled as a benefit to earnings. At December 31, 2011, the total accumulated other comprehensive income was $1,482 million.