XML 62 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Other Non-Operating Expense
3 Months Ended
Jun. 30, 2012
OTHER NON-OPERATING EXPENSE

15. OTHER NON-OPERATING EXPENSE

Other non-operating expense of $1 million and $50 million, respectively, for the three and six months ended June 30, 2012 consisted of the other-than-temporary impairment of the following equity method investments:

InnoVentDuring the first quarter of 2012, the Company concluded it was more likely than not that it would sell its interest in InnoVent S.A.S. (InnoVent), an equity method investment in France with wind generation projects totaling 75 MW. InnoVent had a carrying value of $36 million which exceeded its fair value of $19 million, resulting in an other-than-temporary impairment expense of $17 million. The sale transaction closed on June 28, 2012.

ChinaDuring the first quarter of 2012, the Company concluded it was more likely than not that it would sell its interests in certain investments in China before the end of their joint venture terms. These investments include coal-fired, hydropower and wind generation facilities accounted for under the equity method of accounting. These were considered impairment indicators. In measuring the other-than-temporary impairment, the carrying value of $164 million of these investments was compared to their fair value of $133 million resulting in an other-than-temporary impairment expense of $31 million.

The remaining other non-operating expense consists of other-than-temporary impairments related to smaller equity method investments.

There was no other non-operating expense for the three and six months ended June 30, 2011.