v3.3.1.900

SHARE-BASED COMPENSATION | 12 Months Ended
--- | ---
Dec. 31, 2015
SHARE-BASED COMPENSATION |
SHARE-BASED COMPENSATION | 24. SHARE-BASED COMPENSATION For the years ended December 31, 2015, 2014 and 2013, Bunge recognized approximately $46 million, $49 million and $53 million, respectively, of total compensation expense for awards classified as equity awards related to its stock option and restricted stock unit awards in additional paid-in capital. Bunge grants equity awards under the 2009 Equity Incentive Plan (the "2009 EIP"), a shareholder approved plan. Under the 2009 EIP, the Compensation Committee of Bunge's Board of Directors may grant equity based awards to officers, employees, consultants and independent contractors in the form of stock options, restricted stock units (performance based or time-vested) or other equity based awards. The 2009 EIP replaced the Bunge Limited Equity Incentive Plan, under which no further awards may be granted. Share requirements may be met from unissued, treasury and/or shares purchased on the open market or through private purchase. (i) Stock Option Awards—Options to purchase Bunge Limited common shares are granted with an exercise price equal to the grant date fair market value of Bunge common stock, vest over service periods that generally range from one to three years, and expire 10 years from the date of grant. Vesting may be accelerated in certain circumstances as provided in the Equity Incentive Plan and the 2009 EIP. Compensation expense is recognized for option grants beginning in 2006 on a straight-line basis and for options granted prior to 2006, compensation expense is recognized on an accelerated basis over the vesting period of each grant. (ii) Restricted Stock Units—Restricted stock units ("RSUs") give recipients the right to receive shares of Bunge common stock upon the lapse of related restrictions determined by the Compensation Committee. Restrictions on RSUs may be based on continued service by the recipient through the designated term and/or based on the achievement of certain performance targets. These targets may be financial or market-based, and the number of units actually earned varies based on the level of achievement of predefined goals. RSUs vest in various increments and at various dates, generally over periods ranging from one to five years. Vesting may be accelerated under certain circumstances as defined in the 2009 EIP or associate Award Agreements. RSUs are generally settled in shares of Bunge common stock upon satisfaction of the applicable vesting terms. Where share settlement may be prohibited under local law, RSUs are settled in cash. At the time of settlement, a participant holding a vested restricted stock unit will also be entitled to receive corresponding dividend equivalent share payments. Bunge has also established the Bunge Limited 2007 Non-Employee Directors' Equity Incentive Plan (the "2007 Directors' Plan"), a shareholder approved plan. Under the 2007 Directors' Plan, the compensation committee may grant equity based awards to non-employee directors of Bunge Limited. Awards may consist of restricted stock, restricted stock units, deferred restricted stock units and non-statutory stock options. The 2007 Directors' Plan replaced the Non-Employee Directors Equity Incentive Plan, under which no further awards may be granted. (i) Stock Option Awards—Options to purchase Bunge Limited common shares are granted with an exercise price equal to the grant date fair market value of Bunge Limited common stock. Options expire ten years after the date of grant and generally vest and are generally exercisable on the third anniversary of the grant date. Vesting may be accelerated in certain circumstances as provided in the 2007 Directors' Plan. (ii) Restricted Stock Units—Restricted stock units granted to non-employee directors generally vest on the first anniversary of the grant date, provided the director continues to serve on the Board until such date, and are settled in Bunge Limited common stock. RSUs granted as part of our Chairman's supplemental annual retainer vest on December 31 of the year of grant. At the time of payment, a participant holding a restricted stock unit or deferred restricted stock unit is also entitled to receive corresponding dividend equivalent share payments. The fair value of each stock option granted under any of Bunge's equity incentive plans is estimated on the grant date using the Black-Scholes-Merton option-pricing model with the assumptions noted in the following table. The expected volatility of Bunge's common shares is based on historical volatility calculated using the daily closing price of Bunge's shares up to the grant date. Bunge uses historical employee exercise behavior for valuation purposes. The expected option term of granted options represents the period of time that the granted options are expected to be outstanding based on historical experience and giving consideration for the contractual terms, vesting periods and expectations of future employee behavior. The risk-free interest rate is based on U.S. Treasury zero-coupon bonds with a term equal to the expected option term of the respective grants and grant dates.
|  | December 31, |
Assumptions: |  | 2015 |  | 2014 |  | 2013 |
Expected option term (in years) |  |  | 5.87 |  |  | 6.02 |  |  | 6.00 |
Expected dividend yield |  |  | 1.67 | % |  | 1.51 | % |  | 1.45 | %
Expected volatility |  |  | 27.47 | % |  | 40.91 | % |  | 43.23 | %
Risk-free interest rate |  |  | 1.73 | % |  | 1.84 | % |  | 1.01 | %
A summary of option activity under the plans for the year ended December 31, 2015 is presented below (Aggregate intrinsic value s in U.S. dollar millions):
Options |  | Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value |
Outstanding at January 1, 2015 |  |  | 4,533,492 |  | $ | 73.70 |  |  |  |  |  |  |
Granted |  |  | 868,825 |  |  | 81.61 |  |  |  |  |  |  |
Exercised |  |  | (455,612 | ) |  | 64.48 |  |  |  |  |  |  |
Forfeited or expired |  |  | (151,034 | ) |  | 85.37 |  |  |  |  |  |  |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2015 |  |  | 4,795,671 |  | $ | 75.64 |  |  | 6.01 |  | $ | 7 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at December 31, 2015 |  |  | 3,249,937 |  | $ | 73.58 |  |  | 4.78 |  | $ | 7 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The weighted-average grant date fair value of options granted during the years ended December 31, 2015, 2014 and 2013 was $19.36, $28.25 and $26.95, respectively. The total intrinsic value of options exercised during the years ended December 31, 2015, 2014 and 2013 was approximately $11 million, $34 million and $29 million, respectively. The excess tax benefit classified as a financing cash flow was not significant for any of the periods presented. At December 31, 2015, $17 million of total unrecognized compensation cost related to non-vested stock options granted under the Equity Incentive Plan is expected to be recognized over the next two years. A summary of activity under Bunge's restricted stock unit plans for the year ended December 31, 2015 is presented below.
Restricted Stock Units |  | Shares |  | Weighted-Average Grant-Date Fair Value |
Restricted stock units at January 1, 2015(1) |  |  | 1,149,538 |  | $ | 74.49 |
Granted |  |  | 499,961 |  |  | 81.97 |
Vested/issued(2) |  |  | (250,656 | ) |  | 72.07 |
Forfeited/cancelled(2) |  |  | (238,215 | ) |  | 70.32 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Restricted stock units at December 31, 2015(1) |  |  | 1,160,628 |  | $ | 79.16 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1)Excludes accrued unvested dividends, which are payable in shares upon vesting of Bunge's common shares. (2)During the year ended December 31, 2015, Bunge issued 499,961 common shares, net of common shares withheld to cover taxes, including related common shares representing accrued dividends, with a weighted-average fair value of $81.83 per share. During the year ended December 31, 2015, Bunge canceled approximately 205,351 shares related to performance-based restricted stock unit awards that did not vest due to non-achievement of performance targets and performance-based restricted stock unit awards that were withheld to cover payment of employee related taxes. The fair value of RSU and performance based awards is determined based on the market value of the Company's shares on the grant date. The weighted-average grant date fair value of restricted stock units granted during the years ended December 31, 2015, 2014 and 2013 was $81.97, $79.26 and $74.40, respectively. At December 31, 2015, there was approximately $41 million of total unrecognized compensation cost related to restricted stock units share-based compensation arrangements under the 2009 EIP, the Equity Incentive Plan and the 2007 Non-Employee Directors' Plan, which is expected to be recognized over the next two years. The total fair value of restricted stock units vested during the year ended December 31, 2015 was approximately $20 million. Common Shares Reserved for Share-Based Awards—The 2007 Directors' Plan and the 2009 EIP provide that 600,000 and 10,000,000 common shares, respectively, are to be reserved for grants of stock options, stock awards and other awards under the plans. At December 31, 2015, 235,321 and 2,385,479 common shares were available for future grants under the 2007 Directors' Plan and the 2009 EIP, respectively.

X
- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration