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Equity | 12 Months Ended
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Dec. 31, 2011
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23. Equity Share Repurchase Program—On June 8, 2010, Bunge announced that its Board of Directors had approved a program for the repurchase of up to $700 million of Bunge's issued and outstanding common shares. The program was approved to run through December 31, 2011. On December 7, 2011, the Board of Directors approved a one-year extension of Bunge's existing share repurchase program through December 31, 2012. Bunge repurchased 1,933,286 common shares for $120 million in 2011 and 6,714,573 common shares for $354 million in 2010, bringing total repurchases under the program from inception through December 31, 2011 to 8,647,859 shares for $474 million. Common Shares—On December 1, 2010, Bunge utilized 6,714,573 treasury shares acquired as a result of repurchases made under Bunge's share repurchase program and issued an additional 1,702,642 common shares in settlement of the conversion of its then outstanding 862,455 mandatory convertible preference shares, plus accumulated and unpaid dividends. On the mandatory conversion date of December 1, 2010, as a result of adjustments to the initial conversion rates because cash dividends paid on Bunge Limited's common shares exceeded certain specified thresholds, each mandatory convertible preference share automatically converted on December 31, 2010 into 9.7596 common shares (which represented a total of 8,417,215 common shares). Cumulative Convertible Perpetual Preference Shares—Bunge has 6,900,000, 4.875% cumulative convertible perpetual preference shares (convertible preference shares), par value $0.01 outstanding as of December 31, 2011. Each convertible preference share has an initial liquidation preference of $100 per share plus accumulated unpaid dividends up to a maximum of an additional $25 per share. As a result of adjustments made to the initial conversion price because cash dividends paid on Bunge Limited's common shares exceeded certain specified thresholds, each convertible preference share is convertible at any time at the holder's option into approximately 1.0991 common shares based on a conversion price of $90.9802 per convertible preference share, subject in each case to certain specified anti-dilution adjustments (which represents 7,583,790 Bunge Limited common shares as of December 31, 2011). At any time on or after December 1, 2011, if the closing market price of Bunge's common shares equals or exceeds 130% of the conversion price of the convertible preference shares, for 20 trading days within any period of 30 consecutive trading days (including the last trading day of such period), Bunge may elect to cause all outstanding convertible preference shares to be automatically converted into the number of common shares that are issuable at the conversion price. The convertible preference shares are not redeemable by Bunge at any time. The convertible preference shares accrue dividends at an annual rate of 4.875%. Dividends are cumulative from the date of issuance and are payable, quarterly in arrears, on each March 1, June 1, September 1 and December 1, commencing on March 1, 2007, when, as and if declared by Bunge's Board of Directors. The dividends may be paid in cash, common shares or a combination thereof. Accumulated but unpaid dividends on the convertible preference shares will not bear interest. In each of the years ended December 31, 2011 and 2010, Bunge recorded $34 million of dividends on its convertible preference shares. Mandatory Convertible Preference Shares—Prior to the mandatory conversion date of December 1, 2010, Bunge had 862,455 mandatory convertible preference shares, with a par value $0.01 per share and with an initial liquidation preference of $1,000, issued and outstanding. At any time prior to December 1, 2010, holders could elect to convert the mandatory convertible preference shares at the minimum conversion rate of 8.2416 common shares per mandatory convertible preference share, subject to additional certain anti-dilution adjustments. The mandatory convertible preference shares accrued dividends at an annual rate of 5.125%. Dividends were cumulative from the date of issuance and were payable, quarterly in arrears, on each March 1, June 1, September 1 and December 1, when, as and if declared by Bunge's Board of Directors. Accumulated but unpaid dividends on the mandatory convertible preference shares did not bear interest. Dividends totaling $44 million were paid in cash in 2010 with the final dividend paid on December 1, 2010. Accumulated Other Comprehensive Income (Loss) Attributable to Bunge—The following table summarizes the balances of related after tax components of accumulated other comprehensive income (loss) attributable to Bunge:
(US$ in millions) |  | Foreign Exchange Translation Adjustment (1) |  | Deferred Gain (Loss) on Hedging Activities |  | Treasury Rate Lock Contracts |  | Pension and Other Postretirement Liability Adjustment |  | Unrealized Gain (Loss) on Investments |  | Accumulated Other Comprehensive Income (Loss) |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Balance, January 1, 2009 |  | $ | (639 | ) | $ | (80 | ) | $ | (9 | ) | $ | (79 | ) | $ | (4 | ) | $ | (811 | )
Other comprehensive income (loss) |  |  | 1,062 |  |  | 55 |  |  | 2 |  |  | (17 | ) |  | 3 |  |  | 1,105 |
Income tax benefit (expense) |  |  | — |  |  | 20 |  |  | — |  |  | 6 |  |  | (1 | ) |  | 25 |
Balance, December 31, 2009 |  |  | 423 |  |  | (5 | ) |  | (7 | ) |  | (90 | ) |  | (2 | ) |  | 319 |
Other comprehensive income (loss) |  |  | 247 |  |  | 4 |  |  | 6 |  |  | 12 |  |  | — |  |  | 269 |
Income tax benefit (expense) |  |  | — |  |  | (1 | ) |  | 1 |  |  | (5 | ) |  | — |  |  | (5 | )
Balance, December 31, 2010 |  |  | 670 |  |  | (2 | ) |  | — |  |  | (83 | ) |  | (2 | ) |  | 583 |
Other comprehensive income (loss) |  |  | (1,130 | ) |  | (33 | ) |  | — |  |  | (61 | ) |  | — |  |  | (1,224 | )
Income tax benefit (expense) |  |  | — |  |  | 11 |  |  | — |  |  | 20 |  |  | — |  |  | 31 |
Balance, December 31, 2011 |  | $ | (460 | ) | $ | (24 | ) | $ | — |  | $ | (124 | ) | $ | (2 | ) | $ | (610 | )
(1) Bunge has significant operating subsidiaries in Brazil, Argentina and Europe. The functional currency of Bunge's subsidiaries is the local currency. The assets and liabilities of these subsidiaries are translated into U.S. dollars from local currency at month-end exchange rates, and the resulting foreign exchange translation gains (losses) are recorded in the consolidated balance sheets as a component of accumulated other comprehensive income (loss). Transfers to/from Noncontrolling Interest—In December 2011, Bunge entered into a joint venture agreement with Felda Global Ventures Holdings Sdn Bhd (Felda), a wholly-owned subsidiary of the Federal Land Development Authority of Malaysia, to manage their combined crushing and refining operations in Canada. Bunge has a 51% controlling interest in the joint venture, which it consolidates. Bunge and Felda each made capital contributions to the venture of approximately $24 million. In October 2011, Bunge entered into a joint venture agreement with Senwes Limited, a South African agribusiness company, to develop grains and oilseeds operations in South Africa. Bunge has a 50% controlling interest in the joint venture which it consolidates. Bunge and the noncontrolling interest holder each made capital contributions of $2 million. In September 2011, Bunge's consolidated agribusiness joint venture, AGRI-Bunge LLC., was dissolved. Bunge had 50% voting power and a 34% interest in the equity and earnings of the venture, which originated grain and operated a Mississippi River terminal in the United States. The non-controlling interest holder received $9 million representing the return of 100% of their invested capital in 2011. Bunge had consolidated AGRI-Bunge, LLC since January 1, 2010 as a result of ASC Topic 810 Consolidation specifically as it related to the consolidation of variable interest entities. Bunge recorded $3 million of noncontrolling equity interest upon its consolidation of this joint venture in the first quarter of 2010. In July 2011, Bunge acquired the 40% noncontrolling interest in a sugarcane mill in Brazil, resulting in Bunge owning 100% of this entity. Total consideration was $31 million, comprised of $6 million cash paid at closing, $13 million to be paid within 12 months of closing and the forgiveness of $11 million of negative noncontrolling interest's share of equity in the investment. In 2011, Bunge redeemed shares held by certain third party investors in a private investment fund consolidated by Bunge. The shares were valued at $21 million and represented 56% of the outstanding shares of the fund and 100% of the respective investors ownership interest of these investments in the fund. Additionally, the investors received $5 million of dividends representing their share of the cumulative earnings of the fund. This transaction resulted in Bunge's ownership interest in the fund increasing from 39% at December 31, 2010 to 83% at December 31, 2011. Additionally, during 2010, certain third party investors redeemed their shares in this private investment fund. The shares were valued at $9 million and represented 30% of the outstanding shares of the fund and 100% of the ownership interest of these investors in the fund. Additionally, the investors received $4 million of dividends representing their share of the cumulative earnings of the fund. This resulted in Bunge's ownership interest in the fund increasing from 31% at December 31, 2009 to 39% at December 31, 2010. In April 2011, Bunge entered into a joint venture in an agricultural commodity trading and merchandising company, which operates in Central America. Bunge has a 70% controlling interest in the joint venture, which it consolidates. During 2011, the 30% noncontrolling interest holder made a $6 million capital contribution to this joint venture. Bunge made a proportionate capital contribution of $14 million, which resulted in no ownership change. In March 2011, Bunge sold a 10% interest in a consolidated subsidiary that owns and operates a newly constructed oilseed processing facility in Vietnam for $3 million to a third party. As a result of this transaction, Bunge has a 90% interest in this subsidiary. Bunge has an 80% controlling interest in a sugarcane mill in Brazil, which it consolidates. In March 2011, the 20% noncontrolling interest holder and Bunge each made proportionate capital contributions, which resulted in no ownership percentage change. The contribution from the noncontrolling interest holder was $32 million. Bunge has a 51% controlling interest in a joint venture with two third party companies for construction and operation of a grain terminal in Longview, Washington, U.S., which it consolidates. In 2011, Bunge and the noncontrolling interest holders, which have a 49% interest, made proportionate capital contributions, resulting in no ownership percentage change. The combined contribution from the noncontrolling interest holders was $27 million. On May 27, 2010, Bunge sold its Brazilian fertilizer nutrients assets, including its direct and indirect 54% ownership interest in the voting common shares and 36% interest in the nonvoting preferred shares of Fosfertil (representing Bunge's right to approximately 42% of the earnings of Fosfertil, see Note 3). Prior to this date, Fosfertil was a consolidated subsidiary of Bunge. Effective as of the date of sale and as a result of this transaction, Bunge deconsolidated Fosfertil and derecognized $588 million of noncontrolling interests, which represented approximately 58% of noncontrolling interest in earnings of Fosfertil.

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- Definition The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 3, 4, 5, 6, 7, 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 4 -Section 08 -Paragraph d Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Chapter 1 -Section B -Paragraph 7, 11A -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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