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DISCONTINUED OPERATIONS | 3 Months Ended
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Mar. 31, 2013
DISCONTINUED OPERATIONS |
DISCONTINUED OPERATIONS | 4. DISCONTINUED OPERATIONS On December 6, 2012, Bunge entered into a definitive agreement with Yara International ASA (Yara) under which Yara will acquire Bunge’s Brazilian fertilizer distribution business, including blending facilities, brands and warehouses, for $750 million in cash. Upon completion of the transaction, which is expected in 2013, Bunge will not have significant ongoing cash flows related to the Brazilian fertilizer business or any significant ongoing participation in the operations of this business. Assets and liabilities subject to the purchase and sale agreement have been classified as held for sale in Bunge’s condensed consolidated balance sheets. The operating results of the Brazilian fertilizer distribution businesses are reported as income from discontinued operations, net of tax, in the condensed consolidated statements of income and have been excluded from segment results for all periods presented (see Note 18). The following table summarizes the results from discontinued operations.
|  | Three Months Ended March 31, |
(US$ in millions) |  | 2013 |  | 2012 |
Net sales |  | $ | 456 |  | $ | 537 |
Cost of goods sold |  | (431 | ) | (553 | )
Gross profit |  | 25 |  | (16 | )
Selling, general and administrative expenses |  | (19 | ) | (26 | )
Interest income |  | 4 |  | 1 |
Interest expense |  | (3 | ) | — |
Foreign exchange gain (loss) |  | 3 |  | 8 |
Other income (expenses)—net |  | 1 |  | (28 | )
Income (loss) from discontinued operations before income tax |  | 11 |  | (61 | )
Income tax (expense) benefit |  | (20 | ) | 26 |
Income (loss) from discontinued operations, net of tax |  | $ | (9 | ) | $ | (35 | )
Assets held for sale associated with discontinued operations as of March 31, 2013 and December 31, 2012 are as follows:
|  | March 31, |  | December 31, |
(US$ in millions) |  | 2013 |  | 2012 |
Assets: |  |  |  |  |
Cash and cash equivalents |  | $ | 2 |  | $ | 2 |
Trade accounts receivable (less allowance of $2 and $2) |  | 265 |  | 189 |
Inventories |  | 445 |  | 402 |
Other current assets |  | 35 |  | 67 |
Current assets held for sale |  | $ | 747 |  | $ | 660 |
Property, plant and equipment, net |  | $ | 227 |  | $ | 218 |
Deferred income taxes |  | 24 |  | 40 |
Other non-current assets |  | — |  | (8 | )
Non-current assets held for sale |  | $ | 251 |  | $ | 250 |
Liabilities: |  |  |  |  |
Trade accounts payable |  | $ | 181 |  | $ | 157 |
Other current liabilities |  | 97 |  | 140 |
Current liabilities held for sale |  | $ | 278 |  | $ | 297 |
Deferred income taxes |  | $ | 8 |  | $ | — |
Other non-current liabilities |  | 13 |  | 13 |
Non-current liabilities held for sale |  | $ | 21 |  | $ | 13 |

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43-48 -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 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 + Details
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