Assets and Liabilities for Sale

9 Months Ended

Sep. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Assets and Liabilities Held for Sale

On July 31, 2015, the Company completed the sale of its global chocolate business to Cargill, Inc. for $431 million and recorded a gain on sale of $32 million, net of transaction expenses, in the Oilseeds Processing segment in the quarter ended September 30, 2015. Prior to July 31, 2015, assets and liabilities of the global chocolate business subject to the purchase and sale agreement were classified as held for sale in the Company’s consolidated balance sheet.

On December 15, 2014, the Company announced that it has reached an agreement to sell its global cocoa business to Olam International Limited for $1.2 billion, subject to customary conditions. The transaction closed on October 16, 2015. Assets and liabilities of the global cocoa business subject to the purchase and sale agreement have been classified as held for sale in the Company's consolidated balance sheet at September 30, 2015 and December 31, 2014. The continuing results of the global cocoa business, any adjustment to the asset value, and the final gain on disposal will be reported in the Oilseeds Processing segment.

The global chocolate and cocoa businesses do not comprise a major component of the Company's operations and therefore do not meet the criteria to be classified as discontinued operations at September 30, 2015 and December 31, 2014 under the amended guidance of ASC Topics 205 and 360 which the Company early adopted on October 1, 2014. Assets and liabilities classified as held for sale are required to be recorded at the lower of carrying value or fair value less any costs to sell. As of September 30, 2015 and December 31, 2014, the carrying value of the cocoa and chocolate assets were less than fair value less costs to sell, and accordingly, no adjustment to the asset value was necessary.

The major classes of assets and liabilities held for sale were as follows:

	September 30, 2015		December 31, 2014
	(In millions)
Trade receivables	$	70	$	94
Inventories	609		742
Other current assets	87		83
Goodwill	38		63
Other intangible assets	—		28
Net property, plant, and equipment	187		374
Other assets	8		19
Current assets held for sale	$	999	$	1,403
Trade payables	$	107	$	114
Accrued expenses and other payables	66		110
Other liabilities	5		6
Current liabilities held for sale	$	178	$	230