v2.4.0.6

OTHER NON-CURRENT ASSETS | 3 Months Ended
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Mar. 31, 2013
OTHER NON-CURRENT ASSETS |
OTHER NON-CURRENT ASSETS | 8. OTHER NON-CURRENT ASSETS Other non-current assets consist of the following:
|  | March 31, |  | December 31, |
(US$ in millions) |  | 2013 |  | 2012 |
Recoverable taxes, net |  | $ | 344 |  | $ | 309 |
Long-term receivables from farmers in Brazil, net |  | 166 |  | 164 |
Judicial deposits |  | 179 |  | 169 |
Other long-term receivables |  | 41 |  | 60 |
Income taxes receivable |  | 426 |  | 431 |
Long-term investments |  | 385 |  | 414 |
Affiliate loans receivable, net |  | 76 |  | 59 |
Other |  | 143 |  | 140 |
Total |  | $ | 1,760 |  | $ | 1,746 |
Recoverable taxes, net — Recoverable taxes are reported net of valuation allowances of $76 million and $47 million at March 31, 2013 and December 31, 2012, respectively. Long-term receivables from farmers in Brazil, net — Bunge provides financing to farmers in Brazil, primarily through secured advances against farmer commitments to deliver agricultural commodities (primarily soybeans) upon harvest of the then-current year’s crop and through credit sales of fertilizer to farmers. The table below summarizes Bunge’s recorded investment in long-term receivables from farmers in Brazil for amounts in the legal collection process and renegotiated amounts.
|  | March 31, |  | December 31, |
(US$ in millions) |  | 2013 |  | 2012 |
Legal collection process (1) |  | $ | 266 |  | $ | 269 |
Renegotiated amounts (2) |  | 124 |  | 119 |
Total |  | $ | 390 |  | $ | 388 |
(1) All amounts in legal process are considered past due upon initiation of legal action. (2) All renegotiated amounts are current on repayment terms. The average recorded investment in long-term receivables from farmers in Brazil for the three months ended March 31, 2013 and the year ended December 31, 2012 was $398 million and $444 million, respectively. The table below summarizes Bunge’s recorded investment in long-term receivables from farmers in Brazil and the related allowance amounts.
|  | March 31, 2013 |  | December 31, 2012 |
|  | Recorded |  |  |  | Recorded |  |  |
(US$ in millions) |  | Investment |  | Allowance |  | Investment |  | Allowance |
For which an allowance has been provided: |  |  |  |  |  |  |  |  |
Legal collection process |  | $ | 177 |  | $ | 163 |  | $ | 178 |  | $ | 165 |
Renegotiated amounts |  | 70 |  | 61 |  | 67 |  | 59 |
For which no allowance has been provided: |  |  |  |  |  |  |  |  |
Legal collection process |  | 89 |  | — |  | 91 |  | — |
Renegotiated amounts |  | 54 |  | — |  | 52 |  | — |
Total |  | $ | 390 |  | $ | 224 |  | $ | 388 |  | $ | 224 |
The table below summarizes the activity in the allowance for doubtful accounts related to long-term receivables from farmers in Brazil.
|  | Three Months Ended |
|  | March 31, |
(US$ in millions) |  | 2013 |  | 2012 |
Beginning balance |  | $ | 224 |  | $ | 199 |
Bad debt provisions |  | 1 |  | 15 |
Recoveries |  | (3 | ) | (4 | )
Foreign exchange translation |  | 2 |  | 5 |
Ending balance |  | $ | 224 |  | $ | 215 |
Judicial deposits — Judicial deposits are funds that Bunge has placed on deposit with the courts in Brazil. These funds are held in judicial escrow relating to certain legal proceedings pending legal resolution and bear interest at the SELIC rate (the benchmark rate of the Brazilian central bank). Income taxes receivable — Income taxes receivable at March 31, 2013 includes overpayments of current income taxes plus accrued interest. These income tax prepayments are expected to be utilized for settlement of future income tax obligations. Income taxes receivable in Brazil bear interest at the SELIC rate (the benchmark rate of the Brazilian central bank). Long-term investments — Long-term investments represent investments held by certain managed investment funds, which are included in Bunge’s condensed consolidated financial statements. The consolidated funds are, for GAAP purposes, investment companies and therefore are not required to consolidate their majority owned and controlled investments. Bunge reflects these investments at fair value. The fair value of these investments (a Level 3 measurement) is $321 million and $349 million at March 31, 2013 and December 31, 2012, respectively. Affiliate loans receivable, net — Affiliate loans receivable, net is primarily interest bearing receivables from unconsolidated affiliates with an initial maturity of greater than one year.

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