v3.3.1.900

COMMITMENTS AND CONTINGENCIES (TABLES) | 12 Months Ended
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Dec. 31, 2015
COMMITMENTS AND CONTINGENCIES |
Liabilities related to general claims and lawsuits included in other non-current liabilities |
(US$ in millions) |  | December 31, 2015 |  | December 31, 2014 |
Tax claims |  | $ | 163 |  | $ | 225 |
Labor claims |  |  | 75 |  |  | 86 |
Civil and other claims |  |  | 78 |  |  | 107 |
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Total |  | $ | 316 |  | $ | 418 |
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Maximum potential future payments related to guarantees | Guarantees—Bunge has issued or was a party to the following guarantees at December 31, 2015:
(US$ in millions) |  | Maximum Potential Future Payments |
Unconsolidated affiliates financing(1) |  | $ | 75 |
Residual value guarantee(2) |  |  | 154 |
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Total |  | $ | 229 |
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(1)Bunge issued guarantees to certain financial institutions related to debt of certain of its unconsolidated joint ventures. The terms of the guarantees are equal to the terms of the related financings which have maturity dates in 2016 through 2022. There are no recourse provisions or collateral that would enable Bunge to recover any amounts paid under these guarantees. At December 31, 2015, Bunge had no outstanding recorded obligation related to these guarantees. (2)Bunge issued guarantees to certain financial institutions which are party to certain operating lease arrangements for railcars and barges. These guarantees provide for a minimum residual value to be received by the lessor at conclusion of the lease term. These leases expire at various dates from 2016 through 2020. At December 31, 2015, Bunge's recorded obligation related to these guarantees was $5 million.
Future minimum payment obligations under freight supply agreements |
(US$ in millions) |  | Ocean Freight Vessels |  | Railroad Services |  | Future Minimum Payment Obligations |
2016 |  | $ | 89 |  | $ | 60 |  | $ | 149 |
2017 and 2018 |  |  | 115 |  |  | 59 |  |  | 174 |
2019 and 2020 |  |  | 93 |  |  | 56 |  |  | 149 |
2021 and thereafter |  |  | 85 |  |  | 165 |  |  | 250 |
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Total |  | $ | 382 |  | $ | 340 |  | $ | 722 |
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- Definition Tabular disclosure of key provisions of an arrangement under which the entity has agreed to purchase goods or services over a period of time greater than one year or the normal operating cycle, if longer, including the item for which expenditures will be made, minimum quantities, milestones, time period and committed amount. + References No definition available. + Details
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- Definition Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12265-110248 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12069-110248 + Details
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