18. SEGMENT INFORMATION

Bunge has five reportable segments—agribusiness, sugar and bioenergy, edible oil products, milling products and fertilizer—which are organized based upon similar economic characteristics and are similar in nature of products and services offered, the nature of production processes, the type and class of customer and distribution methods. The agribusiness segment is characterized by both inputs and outputs being agricultural commodities and thus high volume and low margin. The sugar and bioenergy segment involves sugarcane growing and milling in Brazil, sugar merchandising in various countries, as well as sugarcane-based ethanol production and corn-based ethanol investments and related activities. The edible oil products segment involves the manufacturing and marketing of products derived from vegetable oils. The milling products segment involves the manufacturing and marketing of products derived primarily from wheat and corn. Following the classification of the Brazilian fertilizer distribution and North American fertilizer businesses as discontinued operations (see Note 4), the activities of the fertilizer segment include its port operations in Brazil, its operations in Argentina and Bunge’s 50% equity interest in a Morocco joint venture. On September 5, 2013 Bunge and OCP Group have reached an agreement for OCP to acquire Bunge’s 50% ownership interest in our Moroccan fertilizer joint venture.

The “Discontinued Operations & Unallocated” column in the following table contains the reconciliation between the totals for reportable segments and Bunge consolidated totals, which consist primarily of amounts attributable to discontinued operations, corporate items not allocated to the operating segments and inter-segment eliminations. Transfers between the segments are generally valued at market. The revenues generated from these transfers are shown in the following table as “Inter-segment revenues segments or inter-segment eliminations.”

(US$ in millions)

							Edible									Discontinued
Three Months Ended				Sugar and			Oil			Milling						Operations &
September 30, 2013	Agribusiness			Bioenergy			Products			Products			Fertilizer			Unallocated (1)			Total
Net sales to external customers	$	10,718		$	1,133		$	2,225		$	487		$	138		$	—		$	14,701
Inter-segment revenues	1,230			28			37			—			4			(1,299		)	—
Gross profit	484			(2		)	127			61			18			—			688
Foreign exchange gains (losses)	38			2			7			(1		)	3			—			49
Noncontrolling interests (1)	2			2			(2		)	—			(2		)	45			45
Other income (expense) – net	10			1			1			—			4			—			16
Segment EBIT (2)	326			(37		)	43			24			15			—			371
Discontinued operations (3)	—			—			—			—			—			103			103
Depreciation, depletion and amortization	(63		)	(54		)	(25		)	(6		)	(5		)	—			(153		)
Total assets	19,904			3,695			2,514			875			513			999			28,500

Three Months Ended
September 30, 2012
Net sales to external customers	$	11,993		$	1,522		$	2,395		$	485		$	148		$	—		$	16,543
Inter-segment revenues	1,369			—			33			—			15			(1,417		)	—
Gross profit	594			50			113			60			26			—			843
Foreign exchange gains (losses)	32			(15		)	(2		)	1			(1		)	—			15
Noncontrolling interests (1)	(13		)	—			1			—			(1		)	9			(4		)
Other income (expense) – net	(1		)	(13		)	—			(1		)	6			—			(9		)
Segment EBIT (2)	406			(47		)	29			30			22			—			440
Discontinued operations (3)	—			—			—			—			—			2			2
Depreciation, depletion and amortization	(55		)	(52		)	(22		)	(8		)	(5		)	—			(142		)
Total assets	18,685			3,878			2,787			921			494			1,870			28,635

							Edible									Discontinued
Nine Months Ended				Sugar and			Oil			Milling						Operations &
September 30, 2013	Agribusiness			Bioenergy			Products			Products			Fertilizer			Unallocated (1)			Total
Net sales to external customers	$	33,058		$	3,185		$	6,898		$	1,531		$	300		$	—		$	44,972
Inter-segment revenues	3,886			28			96			9			42			(4,061		)	—
Gross profit	1,252			89			380			185			44			—			1,950
Foreign exchange gains (losses)	(5		)	2			6			(1		)	5			—			7
Noncontrolling interests (1)	32			5			(3		)	—			(3		)	60			91
Other income (expense) – net	7			3			9			5			37			—			61
Segment EBIT (2)	686			(17		)	115			89			60			—			933
Discontinued operations (3)	—			—			—			—			—			94			94
Depreciation, depletion and amortization	(181		)	(133		)	(74		)	(21		)	(14		)	—			(423		)
Total assets	19,904			3,695			2,514			875			513			999			28,500

Nine Months Ended
September 30, 2012
Net sales to external customers	$	31,890		$	3,482		$	6,947		$	1,333		$	299		$	—		$	43,951
Inter-segment revenues	3,769			—			96			—			49			(3,914		)	—
Gross profit	1,424			73			317			159			50			—			2,023
Foreign exchange gains (losses)	106			(15		)	(5		)	1			(1		)	—			86
Noncontrolling interests (1)	(10		)	4			2			—			(2		)	13			7
Other income (expense) – net	10			(20		)	2			—			(2		)	—			(10		)
Gain on sale of investments in affiliates	85			—			—			—			—			—			85
Gain on acquisition of controlling interest	—			—			—			36			—			—			36
Segment EBIT (2)	989			(108		)	52			101			17			—			1,051
Discontinued operations (3)	—			—			—			—			—			(33		)	(33		)
Depreciation, depletion and amortization	(160		)	(124		)	(69		)	(21		)	(14		)	—			(388		)
Total assets	18,685			3,878			2,787			921			494			1,870			28,635

(1) Includes noncontrolling interests share of interest and tax to reconcile to consolidated noncontrolling interest.

(2) Total segment earnings before interest and taxes (EBIT) is an operating performance measure used by Bunge’s management to evaluate segment operating activities. Bunge’s management believes total segment EBIT is a useful measure of operating profitability, since the measure allows for an evaluation of the performance of its segments without regard to its financing methods or capital structure. In addition, EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industries.

(3) Represents net income (loss) from discontinued operations, net of tax including Bunge’s 2013 third quarter sale of its Brazilian fertilizer distribution business and recognized a pre-tax gain of $148 million on this transaction (see Note 4).

A reconciliation of total segment EBIT to net income attributable to Bunge follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(US$ in millions)	2013			2012			2013			2012
Total segment EBIT	$	371		$	440		$	933		$	1,051
Interest income	27			5			47			43
Interest expense	(103		)	(77		)	(264		)	(214		)
Income tax expense	(591		)	(82		)	(702		)	(197		)
Income (loss) from discontinued operations, net of tax	103			2			94			(33		)
Noncontrolling interests’ share of interest and tax	45			9			60			13
Net income (loss) attributable to Bunge	$	(148	)	$	297		$	168		$	663