v2.4.0.6

Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2010

Financial Instruments and Fair Value Measurements

Fair Value Measurements at Reporting Date

			Fair Value Measurements at Reporting Date Using
			December 31, 2010												December 31, 2009
(US$ in millions)			Level 1			Level 2			Level 3			Total			Level 1			Level 2			Level 3			Total
Assets:
Readily marketable inventories (Note 4)			$	—		$	4,567		$	264		$	4,831		$	—		$	3,271		$	109		$	3,380
Unrealized gain on designated derivative contracts (1):
	Interest Rate			—			—			—			—			—			9			—			9
	Foreign Exchange			—			22			—			22			—			11			—			11
Unrealized gain on undesignated derivative contracts (1):
	Interest Rate			—			4			—			4			—			—			—			—
	Foreign Exchange			2			209			1			212			—			41			3			44
	Commodities			114			1,754			454			2,322			34			905			94			1,033
	Freight			1			22			3			26			—			68			8			76
	Energy			9			11			16			36			10			22			13			45
Other (2)				252			88			—			340			138			16			—			154
Total assets			$	378		$	6,677		$	738		$	7,793		$	182		$	4,343		$	227		$	4,752
Liabilities:
Unrealized loss on designated derivative contracts (3):
	Interest Rate		$	—		$	—		$	—		$	—		$	—		$	7		$	—		$	7
	Foreign Exchange			—			22			—			22			—			123			—			123
Unrealized loss on undesignated derivative contracts (3):
	Interest Rate			—			1			—			1			—			2			—			2
	Foreign Exchange			—			69			—			69			7			15			—			22
	Commodities			692			1,167			162			2,021			113			693			84			890
	Freight			—			—			—			—			98			106			—			204
	Energy			8			1			5			14			8			7			3			18
Total liabilities			$	700		$	1,260		$	167		$	2,127		$	226		$	953		$	87		$	1,266

(1)

Unrealized gains on designated and undesignated derivative contracts are generally included in other current assets. At December 31, 2009, $8 million of unrealized gains on designated and undesignated derivative contracts are included in other non-current assets. There are no such amounts included in other non-current assets at December 31, 2010.

(2)

Other assets include primarily the fair values of U.S. Treasury securities held as margin deposits.

(3)

Unrealized losses on designated and undesignated derivative contracts are generally included in other current liabilities. At December 31, 2009, $8 million of unrealized losses on designated and undesignated derivative contracts are included in other non-current liabilities. There are no such amounts included in other non-current liabilities at December 31, 2010.

The tables presenting reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3)

		Level 3 Instruments:
		Fair Value Measurements
(US$ in millions)		Derivatives, Net (1)			Readily Marketable Inventories			Total
Balance, January 1, 2010		$	31		$	109		$	140
Total gains and losses (realized/unrealized) included in cost of goods sold			385			408			793
Total gains and losses (realized/unrealized) included in foreign exchange gains (losses)			(1	)		—			(1	)
Purchases, issuances and settlements			(156	)		(257	)		(413	)
Transfers into Level 3			59			6			65
Transfers out of Level 3			(11	)		(2	)		(13	)
Balance, December 31, 2010		$	307		$	264		$	571

		Level 3 Instruments:
		Fair Value Measurements
(US$ in millions)		Derivatives, Net (1)			Readily Marketable Inventories			Total
Balance, January 1, 2009		$	(101	)	$	183		$	82
Total gains and losses (realized/unrealized) included in cost of goods sold			117			101			218
Total gains and losses (realized/unrealized) included in foreign exchange gains (losses)			3			—			3
Purchases, issuances and settlements			(68	)		(185	)		(253	)
Transfers in (out) of Level 3			80			10			90
Balance, December 31, 2009		$	31		$	109		$	140

(1)

Derivatives, net include Level 3 derivative assets and liabilities.

Changes in unrealized gains or losses recorded in earnings for Level 3 assets and liabilities

		Level 3 Instruments:
		Fair Value Measurements
(US$ in millions)		Derivatives, Net (1)			Readily Marketable Inventories			Total
Changes in unrealized gains and (losses) relating to assets and liabilities held at December 31, 2010:
Cost of goods sold		$	421		$	239		$	660
Foreign exchange gains (losses)		$	(1	)	$	—		$	(1	)
Changes in unrealized gains and (losses) relating to assets and liabilities held at December 31, 2009:
Cost of goods sold		$	59		$	66		$	125
Foreign exchange gains (losses)		$	3		$	—		$	3

(1)

Derivatives, net include Level 3 derivative assets and liabilities

Summary of notional amounts of interest rate derivatives

(US$ in millions, except percentages)		Notional Amount of Hedged Obligation			Notional Amount of Derivative (4)
Interest rate swap agreements		$	475		$	725
Weighted-average rate payable—1.56% (1)
Weighted-average rate receivable—3.05% (2)
Interest rate basis swap agreements		$	375		$	375
Weighted-average rate payable—0.61% (1)
Weighted-average rate receivable—0.26% (3)

(1)

Interest is payable in arrears based on the average daily effective Federal Funds rate, three-month U.S. dollar LIBOR and six-month U.S. dollar LIBOR prevailing during the respective period plus a spread.

(2)

Interest is receivable in arrears based on a fixed interest rate.

(3)

Interest is receivable in arrears based on one-month U.S. dollar LIBOR.

(4)

The interest rate swap agreements mature in 2011 and 2013.

Summary of notional amounts of open foreign exchange positions

		December 31, 2010
		Exchange Traded
					Non-exchange Traded
		Net (Short) & Long (1)									Unit of Measure
(US$ in millions)					(Short) (2)			Long (2)
Foreign Exchange:
Options		$	—		$	(24	)	$	1		Delta
Forwards			(111	)		(6,710	)		4,528		Notional
Swaps			—			(176	)		136		Notional

(1)

Exchange traded futures and options are presented on a net (short) and long position basis.

(2)

Non-exchange traded swaps, options and forwards are presented on a gross (short) and long position basis.

Summary of notional amounts of cross-currency interest rate derivatives

(US$ in millions)		Notional Amount of Hedged Obligation			Notional Amount of Derivative (1)
U.S. dollar/Yen cross currency interest rate swaps		$	123		$	123

(1)

Under the terms of the cross-currency interest rate swap agreements, interest is payable in arrears based on three-month U.S. dollar LIBOR and is receivable in arrears based on three-month Yen LIBOR.

Summary of open agricultural commodities derivative positions

		December 31, 2010
		Exchange Traded			Non-exchange Traded
		Net (Short) & Long (1)									Unit of Measure
					(Short) (2)			Long (2)
Agricultural Commodities
Futures			(12,056,477	)		—			—		Metric Tons
Options			(381,870	)		(199,531	)		214,313		Metric Tons
Forwards			—			(21,829,007	)		31,258,483		Metric Tons
Swaps			—			(4,767,258	)		408,233		Metric Tons

(1)

Exchange traded futures and options are presented on a net (short) and long position basis.

(2)

Non-exchange traded swaps, options and forwards are presented on a gross (short) and long position basis.

Summary of open ocean freight positions

		December 31, 2010
		Exchange Cleared			Non-exchange Cleared
		Net (Short) & Long (1)									Unit of Measure
					(Short) (2)			Long (2)
Ocean Freight
FFA			(3,874	)		(365	)		—		Hire Days
FFA Options			680			—			—		Hire Days

(1)

Exchange cleared futures and options are presented on a net (short) and long position basis.

(2)

Non-exchange cleared options and forwards are presented on a gross (short) and long position basis.

Summary of open energy positions

			December 31, 2010
			Exchange Traded			Non-exchange Cleared
			Net (Short) & Long (1)									Unit of Measure
						(Short) (2)			Long (2)
Natural Gas (3)
	Futures			(1,402,500	)		(2,729	)		—		MMBtus
	Swaps			—			(25,000	)		1,084,777		MMBtus
	Options			1,264,351			(102,319	)		—		MMBtus
Energy—Other
	Futures			128,680			—			—		Metric Tons
	Forwards			—			(1,175,045	)		6,657,552		Metric Tons
	Swaps			—			(137,000	)		354,000		Metric Tons
	Options			40,815			—			119,046		Metric Tons

(1)

Exchange traded futures and exchange cleared options are presented on a net (short) and long position basis.

(2)

Non-exchange cleared swaps, options and forwards are presented on a gross (short) and long position basis.

(3)

Million British Thermal Units (MMBtus) are the standard unit of measurement used to denote the amount of natural gas.

The Effect of Designated and Undesignated Derivative Instruments on the Condensed Consolidated Statement of Income

			Gain or (Loss) Recognized in Income on Derivative
					December 31,
(US$ in millions)			Location		2010			2009
Designated Derivative Contracts:
	Interest Rate (1)		Interest income/Interest expense		$	1		$	—
	Foreign Exchange (2)		Foreign exchange gains (losses)			—			—
	Commodities (3)		Cost of goods sold			—			—
	Freight (3)		Cost of goods sold			—			(14	)
	Energy (3)		Cost of goods sold			—			—
Total					$	1		$	(14	)
Undesignated Derivative Contracts:
	Interest Rate		Interest expense		$	(1	)	$	—
	Interest Rate		Other income (expenses)—net			(40	)		(3	)
	Foreign Exchange		Foreign exchange gains (losses)			95			(209	)
	Foreign Exchange		Cost of goods sold			36			29
	Commodities		Cost of goods sold			(449	)		(395	)
	Freight		Cost of goods sold			(4	)		(24	)
	Energy		Cost of goods sold			2			(5	)
Total					$	(361	)	$	(607	)

(1)

The gains or (losses) on the hedged items are included in interest income and interest expense, respectively, as are the offsetting gains or (losses) on the related interest rate swaps.

(2)

The gains or (losses) on the hedged items are included in foreign exchange gains (losses).

(3)

The gains or (losses) on the hedged items are included in cost of goods sold.

Schedule Of Derivative Instruments Effect On Other Comprehensive Income Loss

						Gain or (Loss) Recognized in Accumulated OCI (1)			Gain or (Loss) Reclassified from Accumulated OCI into Income (1)
														Gain or (Loss) Recognized in Income on Derivative (2)
			Notional Amount
(US$ in millions)									Location		Amount			Location		Amount (3)
Cash Flow Hedge:
									Foreign					Foreign
									exchange					exchange
	Foreign Exchange (4)		$	—		$	2		gains (losses)		$	3		gains (losses)		$	—
									Cost of					Cost of
	Commodities (5)			45			19		goods sold			12		goods sold			(2	)
Total			$	45		$	21				$	15				$	(2	)
Net Investment Hedge (6):
									Foreign					Foreign
									exchange					exchange
	Foreign Exchange		$	—		$	(17	)	gains (losses)		$	—		gains (losses)		$	—
Total			$	—		$	(17	)			$	—				$	—

(1)

The gain or (loss) recognized relates to the effective portion of the hedging relationship. At December 31, 2010, Bunge expects to reclassify into income in the next 12 months approximately $5 million of after tax gains related to its agricultural commodities cash flow hedges. As of December 31, 2010, there are no foreign exchange cash flow hedges or net investment hedges outstanding.

(2)

The gain or (loss) recognized relates to the ineffective portion of the hedging relationship and to the amount excluded from the assessment of hedging effectiveness.

(3)

The amount of loss recognized in income is $2 million, which relates to the ineffective portion of the hedging relationships, and zero, which relates to the amount excluded from the assessment of hedge effectiveness.

(4)

The foreign exchange forward contracts matured at various dates in 2010.

(5)

The changes in the market value of these futures contracts have historically been, and are expected to continue to be, highly effective at offsetting changes in price movements of the hedged items. The commodities futures contracts mature at various dates in 2011.

(6)

Bunge paid Brazilian reais and receives U.S. dollars using fixed interest rates, offsetting the translation adjustment of its net investment in Brazilian reais assets. The swaps matured in 2010. In July 2010, Bunge de-designated the net investment hedge. Gains or losses due to changes in exchange rates on the de-designated swaps were recorded in the income statement from the date of de-designation until maturity.

						Gain or (Loss) Recognized in Accumulated OCI (1)			Gain or (Loss) Reclassified from Accumulated OCI into Income (1)
														Gain or (Loss) Recognized in Income on Derivative (2)
			Notional Amount
(US$ in millions)									Location		Amount			Location		Amount (3)
Cash Flow Hedge:
									Foreign					Foreign
									exchange					exchange
	Foreign Exchange (4)		$	859		$	46		gains (losses)		$	(36	)	gains (losses)		$	(9	)
									Cost of					Cost of
	Commodities (5)			55			(21	)	goods sold			(11	)	goods sold			(1	)
Total			$	914		$	25				$	(47	)			$	(10	)
Net Investment Hedge (6):
									Foreign					Foreign
									exchange					exchange
	Foreign Exchange		$	419		$	147		gains (losses)		$	—		gains (losses)		$	—
Total			$	419		$	147				$	—				$	—

(1)

The gain or (loss) recognized relates to the effective portion of the hedging relationship. At December 31, 2009, Bunge expects to reclassify into income in the next 12 months approximately $1 million, $(2) million and zero of after tax gains related to its foreign exchange, agricultural commodities and net cash flow hedges, respectively.

(2)

The gain or (loss) recognized relates to the ineffective portion of the hedging relationship and to the amount excluded from the assessment of hedging effectiveness.

(3)

The amount of loss recognized in income is $1 million, which relates to the ineffective portion of the hedging relationships, and $9 million, which relates to the amount excluded from the assessment of hedge effectiveness.

(4)

The foreign exchange forward contracts matured at various dates in 2010 and 2011.

(5)

The changes in the market value of these futures contracts have historically been, and are expected to continue to be, highly effective at offsetting changes in price movements of the hedged items. The commodities futures contracts matured at various dates in 2010.

(6)

Bunge paid Brazilian reais and receives U.S. dollars using fixed interest rates, offsetting the translation adjustment of its net investment in Brazilian reais assets. The swaps matured at various dates in 2010.

X

- Definition

This element represents, for the fair value measurement of assets (liabilities) using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (net); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs).

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- Definition

A table or schedule that identifies and provides pertinent information about agricultural commodities derivatives on a disaggregated basis. It may include a combination of the type of instrument, volume, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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- Definition

A table or schedule that identifies and provides pertinent information about cross-currency interest rate derivatives. It may include a combination of the type of instrument, notional amount, hedge designation, inception date, maturity date, or other relevant items.

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- Definition

Disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

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No definition available.

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- Definition

A table or schedule that identifies and provides pertinent information about foreign exchange derivatives on a disaggregated basis. It may include a combination of the type of instrument, notional amount, hedge designation, inception date, maturity date, or other relevant items.

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- Definition

A table or schedule that identifies and provides pertinent information about interest rate derivatives on a disaggregated basis. It may include a combination of the type of instrument, notional amount, inception date, maturity date, or other relevant items.

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- Definition

A table or schedule that identifies and provides pertinent information about energy derivatives on a disaggregated basis. It may include a combination of the type of instrument, amount, hedge designation, inception date, maturity date, or other relevant items.

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- Definition

A table or schedule that identifies and provides pertinent information about ocean freight derivatives on a disaggregated basis. It may include a combination of the type of instrument, amount, hedge designation, inception date, maturity date, or other relevant items.

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X

- Definition

This element represents disclosure of the total amount of gains or losses for the period which are included in earnings or resulted in a change to net assets which gains or losses have arisen from the use of significant unobservable inputs (Level 3) to measure the fair value of assets and liabilities. such gains or losses are attributable to the change in unrealized gains or losses relating to those assets and liabilities so valued which are still held at the reporting date and which change should also be considered for disclosure; it may be expected that a description of Where those unrealized gains or losses are reported in the statement of income or the statement of financial position would also be disclosed.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-Subparagraph c(1)



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-Subparagraph d

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- Definition

This element represents the disclosure related to the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 33



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 6

-Footnote 4

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- Definition

A table or schedule that identifies and provides pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

No definition available.

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