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IMPAIRMENTS | 12 Months Ended
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Dec. 31, 2015
IMPAIRMENTS |
IMPAIRMENTS | 10. IMPAIRMENTS Impairment—For the year ended December 31, 2015, Bunge recorded pre-tax, impairment charges of $57 million, of which $15 million, $14 million and $13 million are included in cost of goods sold, selling, general and administrative expenses and goodwill impairment, respectively, in its consolidated statement of income. These amounts are primarily made up of, $15 million that relates to the announced closure of an oil packaging plant in the United States, $14 million that relates to the impairment of an equity method investment in a freight shipping company in Europe and $13 million that relates to a pre-tax goodwill impairment charge related to the tomato products business in Brazil. The remaining impairment amounts recorded by Bunge for the year ended December 31, 2015 were individually insignificant. The fair values of the assets were determined utilizing discounted future expected cash flows, and in the case of the equity method investment, net market value based on broker quotes of similar assets. For the year ended December 31, 2014, Bunge recorded pre-tax, non-cash impairment charges of $130 million, of which $103 million and $18 million are included in cost of goods sold and selling, general and administrative expenses, respectively, in its consolidated statement of income. These amounts are primarily made up of $114 million that relates to a Brazil sugarcane mill and a portion of the associated biological assets as well as agricultural machinery in the Sugar and Bioenergy segment, $5 million that relates to the impairment of an investment in a biodiesel company in Europe and $2 million in certain Agribusiness assets in Brazil. The remaining impairment amounts recorded by Bunge for the year ended December 31, 2014 were individually insignificant. The fair values of the assets were determined utilizing discounted future expected cash flows and, in the case of the agricultural machinery, bids from prospective buyers. For the year ended December 31, 2013, Bunge recorded pre-tax, impairment charges of $35 million, of which $21 million, $4 million, and $10 million are included in cost of goods sold, selling, general and administrative expenses and other income (expense)—net, respectively, in its consolidated statement of income. These amounts are primarily made up of $24 million that relates to several agricultural, industrial assets and other fixed assets, primarily machinery held for sale in Brazil in the Sugar and Bioenergy segment. The remaining impairment amounts recorded by Bunge for the year ended December 31, 2013 were individually insignificant. The fair values of the assets were determined utilizing future expected cash flows a nd bids from prospective buyers. Nonrecurring fair value measurements—The following table summarizes assets measured at fair value on a nonrecurring basis subsequent to initial recognition at December 31, 2015, 2014 and 2013, respectively. For additional information on Level 1, 2 and 3 inputs see Note 15.
|  |  |  | Fair Value Measurements Using |  |  |
|  | Carrying Value Year Ended December 31, 2015 |  | Impairment Losses Year ended December 31, 2015 |
(US$ in millions) |  | Level 1 |  | Level 2 |  | Level 3 |
Property, plant and equipment |  | $ | 12 |  | $ | — |  | $ | — |  | $ | 12 |  | $ | (15 | )
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Goodwill (see Note 8) |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | (13 | )
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Investment in affiliates |  | $ | 3 |  | $ | — |  | $ | — |  | $ | 3 |  | $ | (14 | )
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|  |  |  | Fair Value Measurements Using |  |  |
|  | Carrying Value Year Ended December 31, 2014 |  | Impairment Losses Year ended December 31, 2014 |
(US$ in millions) |  | Level 1 |  | Level 2 |  | Level 3 |
Non-current assets held for sale |  | $ | 33 |  | $ | — |  | $ | — |  | $ | 33 |  | $ | (13 | )
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Investment in affiliates |  | $ | 17 |  | $ | — |  | $ | — |  | $ | 17 |  | $ | (5 | )
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Property, plant and equipment |  | $ | 165 |  | $ | — |  | $ | — |  | $ | 165 |  | $ | (103 | )
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|  |  |  | Fair Value Measurements Using |  |  |
|  | Carrying Value Year Ended December 31, 2013 |  | Impairment Losses Year ended December 31, 2013 |
(US$ in millions) |  | Level 1 |  | Level 2 |  | Level 3 |
Non-current assets held for sale |  | $ | 1 |  | $ | — |  | $ | — |  | $ | 1 |  | $ | (2 | )
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Property, plant and equipment |  | $ | 4 |  | $ | — |  | $ | — |  | $ | 4 |  | $ | (22 | )
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- Definition The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported. + References No definition available. + Details
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