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EQUITY | 12 Months Ended
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Dec. 31, 2015
EQUITY |
EQUITY | 22. EQUITY Share Repurchase Program—In May 2015, Bunge established a new program for the repurchase of up to $500 million of Bunge's issued and outstanding common shares. The program has no expiration date. Bunge repurchased 1,411,210 common shares for $100 million under this program during the third quarter ended September 30, 2015. Bunge completed the previous program of $975 million during the first quarter of 2015 with the repurchase of 2,460,600 common shares for $200 million. Cumulative Convertible Perpetual Preference Shares—Bunge has 6,900,000, 4.875% cumulative convertible perpetual preference shares (convertible preference shares), par value $0.01 outstanding at December 31, 2015. Each convertible preference share has an initial liquidation preference of $100 per share plus accumulated unpaid dividends up to a maximum of an additional $25 per share. As a result of adjustments made to the initial conversion price because cash dividends paid on Bunge Limited's common shares exceeded certain specified thresholds, each convertible preference share is convertible at any time at the holder's option into approximately 1.1331 common shares based on a conversion price of $88.2501 per convertible preference share, subject in each case to certain specified anti-dilution adjustments (which represents 7,818,390 Bunge Limited common shares at December 31, 2015). At any time on or after December 1, 2011, if the closing market price of Bunge's common shares equals or exceeds 130% of the conversion price of the convertible preference shares, for 20 trading days within any period of 30 consecutive trading days (including the last trading day of such period), Bunge may elect to cause all outstanding convertible preference shares to be automatically converted into the number of common shares that are issuable at the conversion price. The convertible preference shares are not redeemable by Bunge at any time. The convertible preference shares accrue dividends at an annual rate of 4.875%. Dividends are cumulative from the date of issuance and are payable, quarterly in arrears, on each March 1, June 1, September 1 and December 1, commencing on March 1, 2007, when, as and if declared by Bunge's Board of Directors. The dividends may be paid in cash, common shares or a combination thereof. Accumulated but unpaid dividends on the convertible preference shares will not bear interest. In each of the years ended December 31, 2015, 2014 and 2013, Bunge recorded $34 million of dividends on its convertible preference shares. Accumulated Other Comprehensive Income (Loss) Attributable to Bunge—The following table summarizes the balances of related after-tax components of accumulated other comprehensive income (loss) attributable to Bunge:
(US$ in millions) |  | Foreign Exchange Translation Adjustment(1) |  | Deferred Gains (Losses) on Hedging Activities |  | Pension and Other Postretirement Liability Adjustments |  | Unrealized Gains (Losses) on Investments |  | Accumulated Other Comprehensive Income (Loss) |
Balance January 1, 2013 |  | $ | (1,265 | ) | $ | 3 |  | $ | (157 | ) | $ | 9 |  | $ | (1,410 | )
Other comprehensive income (loss) before reclassifications |  |  | (1,217 | ) |  | — |  |  | 68 |  |  | 5 |  |  | (1,144 | )
Amount reclassified from accumulated other comprehensive income |  |  | (4 | ) |  | (25 | ) |  | 20 |  |  | (9 | ) |  | (18 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net-current period other comprehensive income (loss) |  |  | (1,221 | ) |  | (25 | ) |  | 88 |  |  | (4 | ) |  | (1,162 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, December 31, 2013 |  |  | (2,486 | ) | $ | (22 | ) |  | (69 | ) |  | 5 |  |  | (2,572 | )
Other comprehensive income (loss) before reclassifications |  |  | (1,411 | ) |  | 21 |  |  | (90 | ) |  | (2 | ) |  | (1,482 | )
Amount reclassified from accumulated other comprehensive income (loss) |  |  | — |  |  | (9 | ) |  | 5 |  |  | — |  |  | (4 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net-current period other comprehensive income (loss) |  |  | (1,411 | ) |  | 12 |  |  | (85 | ) |  | (2 | ) |  | (1,486 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, December 31, 2014 |  |  | (3,897 | ) | $ | (10 | ) |  | (154 | ) |  | 3 |  |  | (4,058 | )
Other comprehensive income (loss) before reclassifications |  |  | (2,546 | ) |  | 147 |  |  | 7 |  |  | — |  |  | (2,392 | )
Amount reclassified from accumulated other comprehensive income (loss) |  |  | — |  |  | 77 |  |  | 13 |  |  | — |  |  | 90 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net-current period other comprehensive income (loss) |  |  | (2,546 | ) |  | 224 |  |  | 20 |  |  | — |  |  | (2,302 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, December 31, 2015 |  | $ | (6,443 | ) | $ | 214 |  | $ | (134 | ) | $ | 3 |  | $ | (6,360 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | Bunge has significant operating subsidiaries in Brazil, Argentina, North America, Europe and Asia-Pacific. The functional currency of Bunge's subsidiaries is the local currency. The assets and liabilities of these subsidiaries are translated into U.S. dollars from local currency at month-end exchange rates, and the resulting foreign exchange translation gains (losses) are recorded in the consolidated balance sheets as a component of accumulated other comprehensive income (loss).

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