16. Other Expense
Other expense for the year ended December 31, 2013 included the following:
· The Company recorded charges totaling $97 million for restructuring, asset impairment and related charges. See Note 9 for additional information.
· The Company recorded charges totaling $22 million for asset impairment related to the Company’s operations in Argentina, due primarily to macroeconomic issues in that country. The Company wrote down the value of these assets to the extent their carrying amounts exceeded fair value. The fair value of the assets was computed based on estimated future cash flows. The Company classified the significant assumptions used to determine the fair value of the impaired assets, which was not material, as Level 3 in the fair value hierarchy.
· Aggregate foreign currency exchange losses included in other expense were $9 million in 2013.
Other expense for the year ended December 31, 2012 included the following:
· The Company recorded charges totaling $168 million for restructuring, asset impairment and related charges. See Note 9 for additional information.
· During the fourth quarter of 2012, the Company recorded a gain of $61 million related to cash received from the Chinese government as compensation for land in China that the Company was required to return to the government.
· Aggregate foreign currency exchange losses included in other expense were $8 million in 2012.
Other expense for the year ended December 31, 2011 included the following:
· The Company recorded charges totaling $95 million for restructuring, asset impairment and related charges. See Note 9 for additional information.
· The Company recorded charges totaling $17 million for asset impairment, primarily due to the write down of asset values related to a 2010 acquisition in China as a result of integration challenges. The Company wrote down the value of these assets to the extent their carrying amounts exceeded fair value. The Company classified the significant assumptions used to determine the fair value of the impaired assets, which was not material, as Level 3 in the fair value hierarchy.
· The Company recorded a goodwill impairment charge of $641 million related to its Asia Pacific segment. See Note 6 for additional information.
· Aggregate foreign currency exchange losses included in other expense were $6 million in 2011.