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TRADE STRUCTURED FINANCE PROGRAM | 12 Months Ended
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Dec. 31, 2015
TRADE STRUCTURED FINANCE PROGRAM |
TRADE STRUCTURED FINANCE PROGRAM | 4. 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 programs under which Bunge generally obtains U.S. dollar-denominated letters of credit ("LCs") (each based on an underlying commodity trade flow) from financial institutions and time deposits denominated in either the local currency of the financial institution counterparties or in U.S. dollar, as well as foreign exchange forward contracts, 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 consolidated balance sheets as of December 31, 2015 and December 31, 2014. 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 consolidated statements of income. Included on the Consolidated Balance Sheets at December 31, 2015 and 2014, were time deposits and LCs, including foreign exchange contracts, which totaled $325 million and $1,343 million, respectively. In addition, at December 31, 2015 and 2014, the fair values of the time deposits (Level 2 measurements) totaled approximately $325 million and $1,343 million, respectively, and the fair values of the LCs, including foreign exchange contracts (Level 2 measurements), totaled approximately $323 million and $1,353 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 losses of $2 million and gains of $10 million at December 31, 2015 and 2014, respectively. Additionally, as of December 31, 2015 and 2014, time deposits, LCs and foreign exchange contracts of $3,394 million and $3,630 million, respectively, were presented net on the consolidated balance sheets as the criteria of ASC 210-20, Offsetting, had been met. At December 31, 2015 and 2014, time deposits carried weighted-average interest rates of 2.21% and 4.33% respectively. During the years ended December 31, 2015, 2014 and 2013, total net proceeds from issuances of LCs were $5,563 million, $7,058 million and $11,288 million, respectively. These cash inflows are offset by the related cash outflows resulting from placement of the time deposits and repayment of the LCs. All cash flows related to the programs are included in operating activities in the consolidated statements of cash flows.

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