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E. I. du Pont de Nemours and Company
Notes to the Consolidated Financial Statements (continued)
(Dollars in millions, except per share)
F-22
At December 31, 2015, total liabilities related to the 2014 restructuring program were $78. The actions associated with this charge
and all related payments are substantially complete.
Account balances and activity for the 2014 restructuring program are summarized below:
Severance
and Related
Benefit
Costs
Asset
Related
Charges
Other Non-
Personnel
Charges1Total2
Charges to income from continuing operations for the year ended December 31, 2014 $ 301 $ 223 $ 17 $ 541
Charges to accounts:
Payments (43) — (13) (56)
Net translation adjustment (6) — — (6)
Asset write-offs and adjustments — (223) — (223)
Balance at December 31, 2014 $ 252 $ — $ 4 $ 256
Payments (152) — (2) (154)
Net translation adjustment (3) — — (3)
Other adjustments (21) — — (21)
Balance at December 31, 2015 $ 76 $ — $ 2 $ 78
1. Other non-personnel charges consist of contractual obligation costs.
2. Table above excludes activity related to Performance Chemicals, presented as a discontinued operation in the company's Consolidated Income Statement.
During 2014, the company recorded a charge of $21 related to Performance Chemicals, of which the company made payments of $13 prior to separation and
transferred a liability of $2 to Chemours at separation on July 1, 2015.
Asset Impairments
During the first quarter 2015, a $38 pre-tax impairment charge was recorded in employee separation / asset related charges, net
within the Other segment in the company's Consolidated Income Statements. The majority relates to a cost basis investment in
which the assessment resulted from the venture's revised operating plan reflecting underperformance of its European wheat based
ethanol facility and deteriorating European ethanol market conditions. One of the primary investors communicated that they would
not fund the revised operating plan of the investee. As a result, the carrying value of DuPont's 6 percent cost basis investment in
this venture exceeds its fair value by $37, such that an impairment charge was recorded.
In the fourth quarter 2013, as a result of strategic decisions related to the thin film photovoltaic market, the company determined
that impairment triggering events had occurred and that assessments of the asset group related to its thin film photovoltaic modules
and systems were warranted. These assessments determined that the carrying value of the asset group exceeded its fair value. As
a result of the impairment tests, $129 of pre-tax impairment charges were recorded during 2013 within the Electronics &
Communications segment.