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Lease Commitments | 12 Months Ended
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Dec. 31, 2011
Lease Commitments |
Lease Commitments |
26. Lease Commitments Bunge routinely leases storage facilities, transportation equipment and office facilities under operating leases. Future minimum lease payments by year and in the aggregate under non-cancelable operating leases with initial or remaining terms of one year or more at December 31, 2011 are as follows:
(US$ in millions) |  | Minimum Lease Payments |
--- | --- | --- | ---
2012 |  | $ | 152 |
2013 |  |  | 106 |
2014 |  |  | 94 |
2015 |  |  | 81 |
2016 |  |  | 74 |
Thereafter |  |  | 188 |
Total |  | $ | 695 |
Net rent expense under non-cancelable operating leases is as follows:
|  | December 31, |
--- | --- | --- | ---
(US$ in millions) |  | 2011 |  | 2010 |  | 2009 |
Rent Expense |  | $ | 227 |  | $ | 203 |  | $ | 182 |
Sublease Income |  |  | (41 | ) |  | (46 | ) |  | (36 | )
Net Rent Expense |  | $ | 186 |  | $ | 157 |  | $ | 146 |
In addition, Bunge enters into agricultural partnership agreements for the production of sugarcane. These agreements have an average life of eight years and cover approximately 155,000 hectares of land under cultivation. Amounts owed under these agreements are dependent on several variables including the quantity of sugarcane produced per hectare, the total recoverable sugar (TRS) per ton of sugarcane produced and the price for each kilogram of TRS as determined by Consecana, the Sao Paulo state sugarcane and sugar and ethanol council. In 2011 and 2010 Bunge made payments related to these agreements of $91 million and $61 million, respectively. Of these amounts $40 million and $23 million in 2011 and 2010, respectively, were advances for future production and $51 million and $38 million were included in cost of goods sold in the consolidated statements of income for 2011 and 2010, respectively.

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- Definition Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41499-112717 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 1,3) -URI http://asc.fasb.org/extlink&oid=6584154&loc=d3e38371-112697 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 13 -Paragraph 16 -Subparagraph b, c, d -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 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6452660&loc=d3e36991-112694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12069-110248 + Details
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