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TRADE STRUCTURED FINANCE PROGRAM | 3 Months Ended
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Mar. 31, 2013
TRADE STRUCTURED FINANCE PROGRAM |
TRADE STRUCTURED FINANCE PROGRAM | 5. TRADE STRUCTURED FINANCE PROGRAM Bunge engages in various trade structured finance activities to leverage the value of its trade flows across its operating regions. These activities include a Program under which a Bunge entity generally obtains U.S. dollar-denominated letters of credit (LCs) (each based on an underlying commodity trade flow) from financial institutions, foreign exchange forward contracts, and time deposits denominated in the local currency of the financial institution counterparties, all of which are subject to legally enforceable set-off agreements. The LCs and foreign exchange contracts are presented within the line item letter of credit obligations under trade structured finance program on the condensed consolidated balance sheets. The net return from activities under this Program, including fair value changes, is included as a reduction of cost of goods sold in the accompanying condensed consolidated statements of income. At March 31, 2013 and December 31, 2012, time deposits (with weighted-average interest rates of 8.11% and 8.95%, respectively) and LCs (including foreign exchange contracts) totaled $4,375 million and $3,048 million, respectively. In addition, at March 31, 2013 and December 31, 2012, the fair values of the time deposits (Level 2 measurements) totaled approximately $4,375 million and $3,048 million, respectively, and the fair values of the LCs (Level 2 measurements) totaled approximately $4,295 million and $3,024 million, respectively. The fair values approximated the carrying amount of the related financial instruments due to their short-term nature. The fair values of the foreign exchange forward contracts (Level 2 measurements) were $80 million and $24 million, respectively. During the quarters ended March 31, 2013 and 2012, total proceeds from issuances of LCs were $2,417 million and $1,314 million, respectively. These cash inflows are offset by the related cash outflows resulting from placement of the time deposits and repayment of the LCs.

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- Definition The entire disclosure for the trade structured finance program. + References No definition available. + Details
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