Real Estate Impairment Charge

12 Months Ended

Dec. 31, 2011

Real Estate Impairment Charge

Real Estate Impairment Charge

22.Real Estate Impairment Charge

In 2009, SunCor undertook and completed a review of its assets and strategies within its various markets as a result of the distressed conditions in real estate and credit markets.  Based on the results of the review, on March 27, 2009, SunCor’s Board of Directors authorized a series of strategic transactions to dispose of SunCor’s homebuilding operations, master-planned communities, land parcels, commercial assets and golf courses in order to reduce SunCor’s outstanding debt.  As a result, SunCor took impairment charges in 2009 and 2010.  There have been no additional impairments in 2011.  All SunCor’s operations are reflected in discontinued operations (see Note 21).  The detail of the impairment charge is as follows (dollars in millions, and before income taxes):

	2010		2009
Discontinued Operations:
Homebuilding and master-planned communities	$	1	$	170
Land parcels and commercial assets	11		87
Golf courses	1		23
Other	4		—
Subtotal	17		280
Less noncontrolling interests	—		(14		)
Total	$	17	$	266