| Operating Segment Information |
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(US$ in millions) |
|
Agribusiness |
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Sugar and
Bioenergy |
|
Edible Oil
Products |
|
Milling
Products |
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Fertilizer |
|
Unallocated |
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Total |
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|
2010 |
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|
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|
|
|
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|
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Net sales to external customers |
|
$ |
30,138 |
|
$ |
4,455 |
|
$ |
6,783 |
|
$ |
1,605 |
|
$ |
2,726 |
|
$ |
|
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$ |
45,707 |
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|
Inter-segment revenues |
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|
3,902 |
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|
24 |
|
|
96 |
|
|
41 |
|
|
115 |
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(4,178 |
) |
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Gross profit(1) |
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|
1,660 |
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|
101 |
|
|
427 |
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|
168 |
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|
155 |
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2,511 |
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Foreign exchange gain (loss) |
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(4 |
) |
|
30 |
|
|
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(1 |
) |
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(23 |
) |
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2 |
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Equity in earnings of affiliates |
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18 |
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(6 |
) |
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3 |
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12 |
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27 |
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Noncontrolling interest(2) |
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|
(47 |
) |
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9 |
|
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(5 |
) |
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|
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(35 |
) |
|
44 |
|
|
(34 |
) |
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Other income (expense) |
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|
2 |
|
|
(8 |
) |
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(10 |
) |
|
5 |
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(15 |
) |
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(26 |
) |
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Segment EBIT(3) |
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|
840 |
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(13 |
) |
|
80 |
|
|
67 |
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|
2,344 |
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|
(90 |
) |
|
3,228 |
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|
Depreciation, depletion and amortization expense |
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|
(179 |
) |
|
(116 |
) |
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(78 |
) |
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(27 |
) |
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(43 |
) |
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(443 |
) |
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Investments in affiliates |
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|
509 |
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20 |
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|
15 |
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|
13 |
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52 |
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|
609 |
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Total assets |
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16,100 |
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|
4,679 |
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|
2,243 |
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|
771 |
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2,208 |
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26,001 |
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Capital expenditures |
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409 |
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365 |
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|
66 |
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23 |
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|
182 |
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27 |
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|
1,072 |
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2009 |
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Net sales to external customers |
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$ |
27,934 |
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|
2,577 |
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$ |
6,184 |
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$ |
1,527 |
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$ |
3,704 |
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$ |
|
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$ |
41,926 |
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Inter-segment revenues |
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|
3,462 |
|
|
77 |
|
|
131 |
|
|
17 |
|
|
18 |
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(3,705 |
) |
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Gross profit(1) |
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|
1,330 |
|
|
49 |
|
|
412 |
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|
152 |
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(739 |
) |
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|
|
1,204 |
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Foreign exchange gain (loss) |
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|
216 |
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2 |
|
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(4 |
) |
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(1 |
) |
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256 |
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469 |
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Equity in earnings of affiliates |
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15 |
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(12 |
) |
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86 |
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4 |
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(13 |
) |
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|
80 |
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Noncontrolling interest(2) |
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(26 |
) |
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6 |
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(10 |
) |
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87 |
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(31 |
) |
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26 |
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Other income (expense) |
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(4 |
) |
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2 |
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(7 |
) |
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(1 |
) |
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(15 |
) |
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(25 |
) |
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Segment EBIT |
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812 |
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8 |
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|
181 |
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58 |
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(616 |
) |
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|
443 |
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Depreciation, depletion and amortization expense |
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|
(179 |
) |
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(15 |
) |
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(73 |
) |
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(27 |
) |
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(149 |
) |
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(443 |
) |
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Investments in affiliates |
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506 |
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20 |
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15 |
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|
14 |
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67 |
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|
622 |
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Total assets |
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11,172 |
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|
2,691 |
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|
2,030 |
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|
670 |
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|
4,683 |
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|
40 |
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21,286 |
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Capital expenditures |
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|
222 |
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|
257 |
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|
55 |
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|
24 |
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|
329 |
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|
31 |
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|
918 |
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2008 |
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Net sales to external customers |
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$ |
35,670 |
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|
1,018 |
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$ |
8,216 |
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$ |
1,810 |
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$ |
5,860 |
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$ |
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$ |
52,574 |
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Inter-segment revenues |
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|
7,871 |
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|
289 |
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|
112 |
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|
6 |
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|
173 |
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(8,451 |
) |
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Gross profit(1) |
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|
2,009 |
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|
20 |
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|
356 |
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|
202 |
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|
1,449 |
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|
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|
4,036 |
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Foreign exchange gain (loss) |
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|
(196 |
) |
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(2 |
) |
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(22 |
) |
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1 |
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(530 |
) |
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(749 |
) |
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Equity in earnings of affiliates |
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12 |
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(6 |
) |
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17 |
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4 |
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7 |
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34 |
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Noncontrolling interest(2) |
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(26 |
) |
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2 |
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(8 |
) |
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|
(323 |
) |
|
93 |
|
|
(262 |
) |
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Other income (expense) |
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(21 |
) |
|
15 |
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|
14 |
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2 |
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|
10 |
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Segment EBIT |
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|
959 |
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|
(10 |
) |
|
(11 |
) |
|
104 |
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|
321 |
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|
|
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|
1,363 |
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Depreciation, depletion and amortization expense |
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|
(178 |
) |
|
(8 |
) |
|
(74 |
) |
|
(18 |
) |
|
(161 |
) |
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|
(439 |
) |
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Investments in affiliates |
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|
484 |
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41 |
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|
155 |
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|
12 |
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|
69 |
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|
761 |
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Total assets |
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|
11,404 |
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|
795 |
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|
2,093 |
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|
597 |
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|
5,030 |
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|
311 |
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|
20,230 |
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Capital expenditures |
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|
286 |
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|
177 |
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|
101 |
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|
70 |
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|
230 |
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32 |
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|
896 |
|
- (1)
- In 2010, Bunge recorded pretax impairment charges of $77 million in cost of goods sold related to its operations in Europe, Brazil and the U.S. Of these pretax impairment charges $35 million of these charges was allocated to the agribusiness segment, $28 million to the edible oil products segment and $14 million to the milling products segment. In addition, Bunge recorded pretax restructuring charges of $19 million in cost of goods sold, related primarily to termination benefit costs of its U.S. and Brazil operations, which it allocated $10 million, $1 million, $4 million and $4 million to its agribusiness, sugar and bioenergy, edible oil products and fertilizer segment, respectively. Bunge also recorded $10 million in selling, general and administrative expenses, related to its Brazilian operations, which it allocated $3 million, $3 million, $3 million and $1 million to its agribusiness, sugar and bioenergy, edible oil products and milling products segment, respectively, in its consolidated statements of income (see Note 9 of the notes to the consolidated financial statements).
In 2009, Bunge recorded pretax impairment charges of $5 million in cost of goods sold, relating to the permanent closure of a smaller, older and less efficient oilseed processing and refining facility, in its agribusiness segment. In addition, Bunge recorded pretax impairment charges of $26 million in selling, general and administrative expenses, relating to the write-down of certain real estate assets and a biodiesel equity investment, in its agribusiness segment.
In 2008, Bunge recorded pretax asset impairment and restructuring charges of $23 million in the agribusiness segment and $3 million in the edible oil products segment. The impairment and restructuring charges related to permanent closure of older less efficient facilities and related employee termination costs, and environmental expenses. These impairment and restructuring charges are recorded in cost of goods sold in Bunge's consolidated statements of income (see Note 9 of the notes to the consolidated financial statements).
- (2)
- Includes noncontrolling interest share of interest and tax to reconcile to consolidated net income attributable to noncontrolling interest and other amounts not attributable to Bunge's operating segments.
- (3)
- In 2010, Bunge sold its Brazilian fertilizer nutrients assets, including its interest in Fertilizantes Fosfatados S.A. (Fosfertil). Bunge recognized a pretax gain of $2,440 million on this transaction which is included in segment EBIT (see Note 3 of the notes to the consolidated financial statements). Also, included in segment EBIT for 2010 is an unallocated loss of $90 million related to loss on extinguishment of debt (see Note 17 of the notes to the consolidated financial statements).
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| Net sales by product group to external customers |
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Year Ended December 31, |
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(US$ in millions) |
|
2010 |
|
2009 |
|
2008 |
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|
Agricultural commodities products |
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$ |
30,138 |
|
$ |
27,934 |
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$ |
35,670 |
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|
Sugar and bioenergy products |
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|
4,455 |
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|
2,577 |
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|
1,018 |
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Edible oil products |
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|
6,783 |
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6,184 |
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|
8,216 |
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Wheat milling products |
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|
1,082 |
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|
985 |
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|
1,285 |
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Corn milling products |
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|
523 |
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|
542 |
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|
525 |
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Fertilizer products |
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|
2,726 |
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|
3,704 |
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|
5,860 |
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| |
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Total |
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$ |
45,707 |
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$ |
41,926 |
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$ |
52,574 |
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| |
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| Geographic area information for net sales to external customers, determined based on the location of the subsidiary making the sale, and long-lived assets |
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Year Ended December 31, |
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|
(US$ in millions) |
|
2010 |
|
2009 |
|
2008 |
|
|
Net sales to external customers: |
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Europe |
|
$ |
15,490 |
|
$ |
13,815 |
|
$ |
18,189 |
|
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United States |
|
|
10,441 |
|
|
10,267 |
|
|
12,153 |
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Brazil |
|
|
9,027 |
|
|
9,203 |
|
|
11,998 |
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Asia |
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|
6,136 |
|
|
5,385 |
|
|
5,524 |
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Argentina |
|
|
2,918 |
|
|
1,836 |
|
|
2,730 |
|
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Canada |
|
|
1,658 |
|
|
1,388 |
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|
1,954 |
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Rest of world |
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|
37 |
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|
32 |
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26 |
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| |
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Total |
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$ |
45,707 |
|
$ |
41,926 |
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$ |
52,574 |
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| |
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Year Ended December 31, |
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(US$ in millions) |
|
2010 |
|
2009 |
|
2008 |
|
|
Long-lived assets (1): |
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| |
Europe |
|
$ |
986 |
|
$ |
1,021 |
|
$ |
1,080 |
|
| |
United States |
|
|
1,176 |
|
|
977 |
|
|
904 |
|
| |
Brazil |
|
|
4,103 |
|
|
3,971 |
|
|
2,620 |
|
| |
Asia |
|
|
279 |
|
|
178 |
|
|
161 |
|
| |
Argentina |
|
|
300 |
|
|
228 |
|
|
226 |
|
| |
Canada |
|
|
172 |
|
|
174 |
|
|
157 |
|
| |
Rest of world |
|
|
25 |
|
|
17 |
|
|
14 |
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| |
|
|
|
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Total |
|
$ |
7,041 |
|
$ |
6,566 |
|
$ |
5,162 |
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| |
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|
-
-
- (1)
- Long-lived assets include property, plant and equipment, net, goodwill and other intangible assets, net and investments in affiliates.
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