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5. INVENTORIES
Inventories by segment are presented below. Readily marketable inventories refers to inventories that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms.
|
|
|
September 30, |
|
December 31, |
|
|
(US$ in millions) |
|
2011 |
|
2010 |
|
|
Agribusiness (1) |
|
$ |
4,321 |
|
$ |
5,137 |
|
|
Sugar and Bioenergy (2) |
|
546 |
|
359 |
|
|
Edible oil products (3) |
|
445 |
|
460 |
|
|
Milling products (3) |
|
127 |
|
163 |
|
|
Fertilizer (4) |
|
808 |
|
516 |
|
|
Total |
|
$ |
6,247 |
|
$ |
6,635 |
|
(1) Includes readily marketable agricultural commodity inventories at fair value of $4,075 million and $4,540 million at September 30, 2011 and December 31, 2010, respectively. All other agribusiness segment inventories are carried at lower of cost or market.
(2) Includes readily marketable sugar inventories of $219 million and $86 million at September 30, 2011 and December 31, 2010, respectively. Of these sugar inventories, $151 million and $66 million are carried at fair value at September 30, 2011 and December 31, 2010, respectively, in Bunge’s trading and merchandising business. Sugar and ethanol inventories in Bunge’s industrial production business are carried at lower of cost or market.
(3) Edible oil products and milling products inventories are generally carried at lower of cost or market, with the exception of readily marketable inventories of bulk soybean oil and corn, which are carried at fair value in the aggregate amount of $176 million and $225 million at September 30, 2011 and December 31, 2010, respectively.
(4) Fertilizer inventories are carried at lower of cost or market.
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