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82
related costs, including involuntary termination benefits, related to its other optimization activities. These costs cannot be
reasonably estimated at this time.
2014 Adjustments to the 4Q12 Restructuring Plan
In 2014, the Company reduced the 4Q12 Restructuring reserve related to contract cancellation fees by $3 million. The impact of
this adjustment is shown as "Restructuring charges (credits)" in the consolidated statements of income and reflected in
Performance Materials & Chemicals.
2013 Adjustments to the 1Q12 and 4Q12 Restructuring Plans
In 2013, the Company reduced the 4Q12 Restructuring reserve related to contract cancellation fees by $6 million, impacting
Performance Plastics. The Company also reduced the 1Q12 Restructuring reserve related to the adjustment of contract
cancellation fees and asbestos abatement costs by $16 million, impacting Infrastructure Solutions ($1 million) and Performance
Materials & Chemicals ($15 million). These adjustments are shown as "Restructuring charges (credits)" in the consolidated
statements of income.
NOTE 4 – ACQUISITIONS
Acquisition of Cooperativa Central de Pesquisa Agrícola's Seed Business
On January 30, 2015, Dow AgroSciences LLC ("DAS") acquired Cooperativa Central de Pesquisa Agrícola's ("Coodetec") seed
business for $169 million, with $121 million settled in 2015 and the remaining portion to be paid by the end of the first quarter
of 2017. The acquisition of Coodetec's seed business is expected to advance the development of Dow AgroSciences' soybean
program and strengthen the Company’s position in the corn market segment.
The following table summarizes the fair values of the assets acquired and liabilities assumed from Coodetec on
January 30, 2015. The valuation process was complete at December 31, 2015.
Assets Acquired and Liabilities Assumed on January 30, 2015
In millions
Purchase Price $ 169
Fair Value of Assets Acquired
Inventories $ 24
Property 35
Other intangible assets (1) 81
Total Assets Acquired $ 140
Fair Value of Liabilities Assumed
Accrued and other current liabilities $ 2
Goodwill $ 31
(1) Includes $14 million of trademarks, $1 million of customer-related intangibles,
$20 million of germplasm and $46 million of in-process research and
development. See Note 10 for additional information.
Step Acquisition of Univation Technologies, LLC
On May 5, 2015, Univation Technologies, LLC ("Univation"), previously a 50:50 joint venture between Dow and ExxonMobil
Chemical Company ("ExxonMobil"), became a wholly owned subsidiary of Dow as a result of ExxonMobil redeeming its
entire equity interest in Univation in exchange for certain assets and liabilities of Univation. The Company's equity interest in
Univation of $159 million, previously classified as "Investment in nonconsolidated affiliates" in the consolidated balance
sheets, was remeasured to fair value which resulted in a non-taxable gain of $361 million recognized in the second quarter of
2015, included in "Sundry income (expense) - net" and reflected in the Performance Plastics segment.