v2.4.0.6

Pension Plans (Tables) (Pension plans, defined benefit) | 12 Months Ended
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Dec. 31, 2011
Pension plans, defined benefit |
Pension Plans |
Changes in the U.S. and foreign defined benefit pension plans' benefit obligations, assets and funded status of plans recognized in the balance sheet |
|  | U.S. Pension Benefits December 31, |  | Foreign Pension Benefits December 31, |
--- | --- | --- | --- | --- | ---
(US$ in millions) |  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Change in benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation as of beginning of year |  | $ | 432 |  | $ | 394 |  | $ | 136 |  | $ | 479 |
Service cost |  |  | 15 |  |  | 13 |  |  | 7 |  |  | 3 |
Interest cost |  |  | 25 |  |  | 24 |  |  | 6 |  |  | 22 |
Actuarial loss (gain), net |  |  | 58 |  |  | 19 |  |  | 4 |  |  | 9 |
Employee contributions |  |  | — |  |  | — |  |  | 3 |  |  | 1 |
Net transfers in (out) |  |  | — |  |  | — |  |  | — |  |  | (398 | )
Plan amendments |  |  | — |  |  | — |  |  | — |  |  | 1 |
Plan settlements |  |  | — |  |  | — |  |  | (4 | ) |  | 42 |
Benefits paid |  |  | (16 | ) |  | (17 | ) |  | (4 | ) |  | (19 | )
Expenses paid |  |  | (1 | ) |  | (1 | ) |  | (1 | ) |  | — |
Impact of foreign exchange rates |  |  | — |  |  | — |  |  | (4 | ) |  | (4 | )
Benefit obligation as of end of year |  | $ | 513 |  | $ | 432 |  | $ | 143 |  | $ | 136 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets as of beginning of year |  | $ | 330 |  | $ | 298 |  | $ | 115 |  | $ | 493 |
Actual return on plan assets |  |  | 21 |  |  | 48 |  |  | 6 |  |  | 28 |
Employer contributions |  |  | 22 |  |  | 2 |  |  | 11 |  |  | 14 |
Employee contributions |  |  | — |  |  | — |  |  | 3 |  |  | 1 |
Plan settlements |  |  | — |  |  | — |  |  | (3 | ) |  | (2 | )
Divestitures |  |  | — |  |  | — |  |  | — |  |  | (398 | )
Benefits paid |  |  | (17 | ) |  | (17 | ) |  | (4 | ) |  | (19 | )
Expenses paid |  |  | (1 | ) |  | (1 | ) |  | (1 | ) |  | — |
Impact of foreign exchange rates |  |  | — |  |  | — |  |  | (3 | ) |  | (2 | )
Fair value of plan assets as of end of year |  | $ | 355 |  | $ | 330 |  | $ | 124 |  | $ | 115 |
Funded (unfunded) status and net amounts recognized: |  |  |  |  |  |  |  |  |  |  |  |  |
Plan assets (less than) in excess of benefit obligation |  | $ | (158 | ) | $ | (102 | ) | $ | (19 | ) | $ | (21 | )
Net (liability) asset recognized in the balance sheet |  | $ | (158 | ) | $ | (102 | ) | $ | (19 | ) | $ | (21 | )
Amounts recognized in the balance sheet consist of: |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current assets |  | $ | — |  | $ | 2 |  | $ | 9 |  | $ | 10 |
Current liabilities |  |  | (1 | ) |  | (1 | ) |  | (2 | ) |  | (2 | )
Non-current liabilities |  |  | (157 | ) |  | (103 | ) |  | (26 | ) |  | (29 | )
Net (liability) asset recognized |  | $ | (158 | ) | $ | (102 | ) | $ | (19 | ) | $ | (21 | )
Schedule of accumulated benefit obligation in excess of plan assets, aggregated U.S. and foreign defined benefit pension plans |
|  | U.S. Pension Benefits December 31, |  | Foreign Pension Benefits December 31, |
--- | --- | --- | --- | --- | ---
(US$ in millions) |  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Projected benefit obligation |  | $ | 513 |  | $ | 381 |  | $ | 36 |  | $ | 29 |
Accumulated benefit obligation |  |  | 468 |  |  | 330 |  |  | 34 |  |  | 28 |
Fair value of plan assets |  | $ | 355 |  | $ | 276 |  | $ | 7 |  | $ | 3 |
Components of net periodic benefit costs |
|  | U.S. Pension Benefits December 31, |  | Foreign Pension Benefits December 31, |
--- | --- | --- | --- | --- | ---
(US$ in millions) |  | 2011 |  | 2010 |  | 2009 |  | 2011 |  | 2010 |  | 2009 |
Service cost |  | $ | 15 |  | $ | 13 |  | $ | 12 |  | $ | 7 |  | $ | 3 |  | $ | 3 |
Interest cost |  |  | 25 |  |  | 24 |  |  | 22 |  |  | 6 |  |  | 22 |  |  | 41 |
Expected return on plan assets |  |  | (26 | ) |  | (24 | ) |  | (22 | ) |  | (6 | ) |  | (25 | ) |  | (43 | )
Amortization of prior service cost |  |  | 2 |  |  | 2 |  |  | 2 |  |  | — |  |  | 1 |  |  | 1 |
Amortization of net loss |  |  | 5 |  |  | 5 |  |  | 3 |  |  | 1 |  |  | — |  |  | (2 | )
Settlement loss recognized |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 26 |  |  | 1 |
Net periodic benefit costs |  | $ | 21 |  | $ | 20 |  | $ | 17 |  | $ | 8 |  | $ | 27 |  | $ | 1 |
Weighted average assumptions used in determining the benefit obligation under the U.S. and foreign defined benefit pension plans |
|  | U.S. Pension Benefits December 31, |  | Foreign Pension Benefits December 31, |
--- | --- | --- | --- | --- | ---
(US$ in millions) |  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Discount rate |  |  | 5.0 | % |  | 6.0 | % |  | 4.2 | % |  | 4.4 | %
Increase in future compensation levels |  |  | 3.8 | % |  | 4.2 | % |  | 2.7 | % |  | 2.4 | %
Weighted average assumptions used in determining the net periodic benefit cost under the U.S. and foreign defined benefit pension plans |
|  | U.S. Pension Benefits December 31, |  | Foreign Pension Benefits December 31, |
--- | --- | --- | --- | --- | ---
(US$ in millions) |  | 2011 |  | 2010 |  | 2009 |  | 2011 |  | 2010 |  | 2009 |
Discount rate |  |  | 6.0 | % |  | 6.2 | % |  | 6.5 | % |  | 4.4 | % |  | 10.5 | % |  | 11.4 | %
Expected long-term rate of return on assets |  |  | 8.0 | % |  | 8.0 | % |  | 8.0 | % |  | 5.3 | % |  | 11.4 | % |  | 10.9 | %
Increase in future compensation levels |  |  | 4.2 | % |  | 4.2 | % |  | 4.2 | % |  | 2.4 | % |  | 6.3 | % |  | 6.7 | %
Fair values of U.S. and foreign defined benefit pension plan assets |
The fair values of Bunge's U.S. and foreign defined benefit pension plans' assets as of the measurement date for 2011 and 2010, by category, are as follows:
(US$ in millions) |  | Fair Value Measurements at December 31, 2011 |
--- | --- | --- | ---
Asset Category |  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
|  | U.S. Pension Benefits |  | Foreign Pension Benefits |  | U.S. Pension Benefits |  | Foreign Pension Benefits |  | U.S. Pension Benefits |  | Foreign Pension Benefits |  | U.S. Pension Benefits |  | Foreign Pension Benefits |
Equities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds (1) |  | $ | 220 |  | $ | 78 |  | $ | 220 |  | $ | 1 |  | $ | — |  | $ | 17 |  | $ | — |  | $ | — |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds (2) |  |  | 135 |  |  | 46 |  |  | 73 |  |  | 5 |  |  | 62 |  |  | 101 |  |  | — |  |  | — |
Total |  | $ | 355 |  | $ | 124 |  | $ | 293 |  | $ | 6 |  | $ | 62 |  | $ | 118 |  | $ | — |  | $ | — |
(US$ in millions) |  | Fair Value Measurements at December 31, 2010 |
--- | --- | --- | ---
Asset Category |  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
|  | U.S. Pension Benefits |  | Foreign Pension Benefits |  | U.S. Pension Benefits |  | Foreign Pension Benefits |  | U.S. Pension Benefits |  | Foreign Pension Benefits |  | U.S. Pension Benefits |  | Foreign Pension Benefits |
Equities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds (1) |  | $ | 213 |  | $ | 20 |  | $ | 213 |  | $ | 1 |  | $ | — |  | $ | 19 |  | $ | — |  | $ | — |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds (2) |  |  | 117 |  |  | 95 |  |  | 65 |  |  | — |  |  | 52 |  |  | 46 |  |  | — |  |  | 49 |
Total |  | $ | 330 |  | $ | 115 |  | $ | 278 |  | $ | 1 |  | $ | 52 |  | $ | 65 |  | $ | — |  | $ | 49 |
(1) This category represents a portfolio of equity investments comprised of equity index funds that invest in U.S. equities and non-U.S. equities. The U.S. equities are comprised of investments focusing on large, mid and small cap companies and non-U.S. equities are comprised of international, emerging markets and real estate investment trusts. (2) This category represents a portfolio of fixed income investments in mutual funds comprised of investment grade U.S. government bonds and notes, foreign government bonds and corporate bonds from diverse industries.
Summary of changes in plan assets Level 3 |
(US$ in millions) |  | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) |
--- | --- | --- | ---
|  | Insured |
|  | Asset |
Beginning balance, January 1, 2011 |  | $ | 49 |
Actual return on plan assets: |  |  |  |
Relating to assets still held at December 31, 2011 |  |  | — |
Relating to assets sold during 2011 |  |  | — |
Purchase, sales and settlements |  |  | — |
Transfers into Level 3 |  |  | — |
Transfers out of Level 3 |  |  | (49 | )
Ending balance, December 31, 2011 |  | $ | — |
(US$ in millions) |  | Fair Value Measurements Using Significant Unobservable Input (Level 3) |
--- | --- | --- | ---
|  | Insured |
|  | Asset |
Beginning balance, January 1, 2010 |  | $ | — |
Actual return on plan assets: |  |  |  |
Relating to assets still held at December 31, 2010 |  |  | — |
Relating to assets sold during 2010 |  |  | — |
Purchase, sales and settlements |  |  | — |
Transfers into Level 3 (1) |  |  | 49 |
Ending balance, December 31, 2010 |  | $ | 49 |
(1) At December 31, 2010, there was a transfer in of a plan previously accounted for as a defined contribution plan. This plan's assets are classified as insured assets and are held by a collective insurance fund. Bunge does not actively participate in the administration or the asset management of the collective fund.
Estimated future benefit payments for U.S. and foreign defined benefit pension plans |
(US$ in millions) |  | U.S. Pension Benefit Payments |  | Foreign Pension Benefit Payments |
--- | --- | --- | --- | --- | ---
2012 |  | $ | 19 |  | $ | 9 |
2013 |  |  | 21 |  |  | 8 |
2014 |  |  | 23 |  |  | 9 |
2015 |  |  | 27 |  |  | 9 |
2016 |  |  | 28 |  |  | 9 |
2017-2021 |  |  | 169 |  |  | 48 |

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- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + References No definition available. + Details
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- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + References No definition available. + Details
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- Definition Disclosure of changes in benefit obligations, plan assets, and the amounts recognized in the balance sheet for defined benefit plans. + References No definition available. + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by 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 (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19190-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 6 -Footnote 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of accumulated benefit obligations and fair values of plan assets of pension plans and/or other employee benefit plans where the accumulated benefit obligation exceeds the fair value of plan assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 715 -SubTopic 20 -Publisher FASB -Number -Article -Subparagraph (b) -Name Accounting Standards Codification -Paragraph 3 -Section 50 -URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e2417-114920 + Details
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- Definition Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 715 -SubTopic 20 -Publisher FASB -Number -Article -Subparagraph (d)(4) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 715 -SubTopic 20 -Publisher FASB -Number -Article -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 715 -SubTopic 20 -Publisher FASB -Number -Article -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e1928-114920 + Details
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