Changes in the carrying value of goodwill by segment for the nine months ended September 30, 2011, are as follows:
Sugar and
Edible Oil
Milling
(US$ in millions)
Agribusiness
Bioenergy
Products
Products
Fertilizer
Total
Balance, December 31, 2010
$
215
$
631
$
80
$
7
$
1
$
934
Acquired goodwill (1)
34
—
—
—
—
34
Reallocation of acquired goodwill
(5
)
—
—
—
—
(5
)
Tax benefit on goodwill amortization (2)
(5
)
—
—
—
—
(5
)
Foreign exchange translation
(20
)
(64
)
(6
)
(1
)
—
(91
)
Balance, September 30, 2011
$
219
$
567
$
74
$
6
$
1
$
867
(1) See Note 3.
(2) Bunge’s Brazilian subsidiary’s tax deductible goodwill is in excess of its book goodwill. For financial reporting purposes, for goodwill acquired prior to 2009, the tax benefits attributable to the excess tax goodwill are first used to reduce associated goodwill and then other intangible assets to zero, prior to recognizing any income tax benefit in the condensed consolidated statements of income.