v2.4.0.6
Operating Segments and Geographic Areas (Tables)
12 Months Ended
Dec. 31, 2011
Operating Segments and Geographic Areas  
Operating Segment Information

 

 

(US$ in millions)
  Agribusiness   Sugar and
Bioenergy
  Edible Oil
Products
  Milling
Products
  Fertilizer   Unallocated   Total  

2011

                                           

Net sales to external customers

  $ 38,909   $ 5,842   $ 8,839   $ 2,006   $ 3,147   $   $ 58,743  

Inter-segment revenues

    4,965     13     86     50     57     (5,171 )    

Gross profit (1)

    1,731     149     462     234     152         2,728  

Foreign exchange gain (loss)

    (16 )   (4 )   3         (2 )       (19 )

Equity in earnings of affiliates

    33     2         5     4         44  

Noncontrolling interest (2)

    (22 )   (2 )   (6 )           32     2  

Other income (expense)-net

    (7 )   2     3     (3 )   (11 )       (16 )

Segment EBIT (3)

    934     (20 )   137     104     (1 )       1,154  

Depreciation, depletion and amortization expense

    (196 )   (171 )   (87 )   (27 )   (45 )       (526 )

Investments in affiliates

    506     18         14     62         600  

Total assets

    13,993     3,805     2,445     715     2,317         23,275  

Capital expenditures

    494     376     145     25     56     29     1,125  

2010

                                           

Net sales to external customers

  $ 30,138   $ 4,455   $ 6,783   $ 1,605   $ 2,726   $   $ 45,707  

Inter-segment revenues

    3,902     24     96     41     115     (4,178 )    

Gross profit (1)

    1,660     101     427     168     155         2,511  

Foreign exchange gain (loss)

    (4 )   30         (1 )   (23 )       2  

Equity in earnings of affiliates

    18     (6 )       3     12         27  

Noncontrolling interest (2)

    (47 )   9     (5 )       (35 )   44     (34 )

Other income (expense)-net

    2     (8 )   (10 )   5     (15 )       (26 )

Segment EBIT (3)

    840     (13 )   80     67     2,344     (90 )   3,228  

Depreciation, depletion and amortization expense

    (179 )   (116 )   (78 )   (27 )   (43 )       (443 )

Investments in affiliates

    509     20     15     13     52         609  

Total assets

    16,100     4,679     2,243     771     2,208         26,001  

Capital expenditures

    409     365     66     23     182     27     1,072  

2009

                                           

Net sales to external customers

  $ 27,934   $ 2,577   $ 6,184   $ 1,527   $ 3,704   $   $ 41,926  

Inter-segment revenues

    3,462     77     131     17     18     (3,705 )    

Gross profit (loss) (1)

    1,330     49     412     152     (739 )       1,204  

Foreign exchange gain (loss)

    216     2     (4 )   (1 )   256         469  

Equity in earnings of affiliates

    15     (12 )   86     4     (13 )       80  

Noncontrolling interest (2)

    (26 )   6     (10 )       87     (31 )   26  

Other income (expense)-net

    (4 )   2     (7 )   (1 )   (15 )       (25 )

Segment EBIT

    812     8     181     58     (616 )       443  

Depreciation, depletion and amortization expense

    (179 )   (15 )   (73 )   (27 )   (149 )       (443 )

Investments in affiliates

    506     20     15     14     67         622  

Total assets

    11,172     2,691     2,030     670     4,683     40     21,286  

Capital expenditures

    222     257     55     24     329     31     918  

(1)
In 2010, Bunge recorded pretax impairment charges of $77 million in cost of goods sold related to its operations in Europe, Brazil and the U.S. Of these pretax impairment charges, $35 million of these charges were allocated to the agribusiness segment, $28 million to the edible oil products segment and $14 million to the milling products segment. In addition, Bunge recorded pretax restructuring charges of $19 million in cost of goods sold, related primarily to termination benefit costs of its U.S. and Brazil operations, which it allocated $10 million, $1 million, $4 million and $4 million to its agribusiness, sugar and bioenergy, edible oil products and fertilizer segment, respectively. Bunge also recorded $10 million in selling, general and administrative expenses, related to its Brazilian operations, which it allocated $3 million, $3 million, $3 million and $1 million to its agribusiness, sugar and bioenergy, edible oil products and milling products segment, respectively, in its consolidated statements of income (see Note 9).

In 2009, Bunge recorded pretax impairment charges of $5 million in cost of goods sold, relating to the permanent closure of a smaller, older and less efficient oilseed processing and refining facility, in its agribusiness segment. In addition, Bunge recorded pretax impairment charges of $26 million in selling, general and administrative expenses, relating to the write-down of certain real estate assets and a biodiesel equity investment, in its agribusiness segment.

(2)
Includes the noncontrolling interest share of interest and tax to reconcile to consolidated noncontrolling interest.

(3)
In 2010, Bunge sold its Brazilian fertilizer nutrients assets, including its interest in Fertilizantes Fosfatados S.A. (Fosfertil). Bunge recognized a pretax gain of $2,440 million on this transaction which is included in segment EBIT (see Note 3 of the notes to the consolidated financial statements). In addition, included in segment EBIT for 2010 is an unallocated loss of $90 million related to loss on extinguishment of debt (see Note 17).
Reconciliation of total segment earnings before interest and tax to net income attributable to Bunge

 

 

 
  Year Ended December 31,  
(US$ in millions)
  2011   2010   2009  

Total segment EBIT

  $ 1,154   $ 3,228   $ 443  

Interest income

    102     69     122  

Interest expense

    (302 )   (298 )   (283 )

Income tax (expense) benefit

    (44 )   (689 )   110  

Noncontrolling interest share of interest and tax

    32     44     (31 )
               

Net income attributable to Bunge

  $ 942   $ 2,354   $ 361  
               
Net sales by product group to external customers

 

 

 
  Year Ended December 31,  
(US$ in millions)
  2011   2010   2009  

Agricultural commodities products

  $ 38,909   $ 30,138   $ 27,934  

Sugar and bioenergy products

    5,842     4,455     2,577  

Edible oil products

    8,839     6,783     6,184  

Wheat milling products

    1,186     1,082     985  

Corn milling products

    820     523     542  

Fertilizer products

    3,147     2,726     3,704  
               

Total

  $ 58,743   $ 45,707   $ 41,926  
               
Geographic area information for net sales to external customers, determined based on the location of the subsidiary making the sale, and long-lived assets

 

 

 
  Year Ended December 31,  
(US$ in millions)
  2011   2010   2009  

Net sales to external customers:

                   

Europe

  $ 18,417   $ 15,490   $ 13,815  

United States

    13,843     10,441     10,267  

Brazil

    10,907     9,027     9,203  

Asia

    9,590     6,136     5,385  

Argentina

    3,660     2,918     1,836  

Canada

    1,856     1,658     1,388  

Rest of world

    470     37     32  
               

Total

  $ 58,743   $ 45,707   $ 41,926  
               

 

 
  Year Ended December 31,  
(US$ in millions)
  2011   2010   2009  

Long-lived assets (1):

                   

Europe

  $ 1,051   $ 986   $ 1,021  

United States

    1,307     1,176     977  

Brazil

    4,004     4,103     3,971  

Asia

    378     279     178  

Argentina

    287     300     228  

Canada

    180     172     174  

Rest of world

    23     25     17  
               

Total

  $ 7,230   $ 7,041   $ 6,566  
               

(1)
Long-lived assets include property, plant and equipment, net, goodwill and other intangible assets, net and investments in affiliates.