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DISCONTINUED OPERATIONS AND BUSINESS DIVESTITURES | 12 Months Ended
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Dec. 31, 2015
DISCONTINUED OPERATIONS AND BUSINESS DIVESTITURES |
DISCONTINUED OPERATIONS AND BUSINESS DIVESTITURES | 3. DISCONTINUED OPERATIONS AND BUSINESS DIVESTITURES In August 2013, Bunge sold its Brazilian fertilizer distribution business, including blending facilities, brands and warehouses to Yara for $750 million in cash. As a result of the transaction, Bunge no longer has significant ongoing cash flows related to the Brazilian fertilizer business or any significant ongoing participation in the operations of this business. Bunge received cash proceeds of the Brazilian real equivalent of $750 million in cash upon closing the transaction, resulting in a gain of $148 million ($112 million net of tax). Included in the gain are approximately $7 million of transaction costs incurred in connection with the divestiture and $41 million release of the cumulative translation adjustment associated with the disposed business.
(US$ in millions) |  | Year Ended December 31, 2013 |
Net sales |  | $ | 1,217 |
Cost of goods sold |  |  | (1,138 | )
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Gross profit |  |  | 79 |
Selling, general and administrative expenses |  |  | (64 | )
Interest income |  |  | 14 |
Interest expense |  |  | (9 | )
Foreign exchange gain (loss) |  |  | (7 | )
Other income (expenses)—net |  |  | (12 | )
Gain on sale of Brazilian fertilizer business |  |  | 148 |
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Income (loss) from discontinued operations before income tax |  |  | 149 |
Income tax (expense) benefit |  |  | (52 | )
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Income (loss) from discontinued operations, net of tax |  | $ | 97 |
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