v3.3.1.900

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (TABLES)

12 Months Ended

Dec. 31, 2015

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Schedule of assets and liabilities accounted for at fair value on a recurring basis

		Fair Value Measurements at Reporting Date
		December 31, 2015												December 31, 2014
(US$ in millions)		Level 1			Level 2			Level 3			Total			Level 1			Level 2			Level 3			Total
Assets:
Readily marketable inventories (Note 5)		$	—		$	3,421		$	245		$	3,666		$	—		$	4,154		$	255		$	4,409
Trade accounts receivable(1)			—			6			—			6			—			23			—			23
Unrealized gain on designated derivative contracts(2):
Foreign exchange			—			30			—			30			—			10			—			10
Unrealized gain on undesignated derivative contracts(2):
Foreign exchange			9			176			—			185			5			361			—			366
Commodities			252			696			220			1,168			486			538			68			1,092
Freight			65			—			—			65			62			2			—			64
Energy			7			—			1			8			35			—			2			37
Deferred purchase price receivable (Note 18)			—			79			—			79			—			78			—			78
Other(3)			68			176			—			244			55			218			—			273
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total assets		$	401		$	4,584		$	466		$	5,451		$	643		$	5,384		$	325		$	6,352
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Liabilities:
Trade accounts payable(1)		$	—		$	399		$	44		$	443		$	—		$	359		$	33		$	392
Unrealized loss on designated derivative contracts(4):
Interest rate			—			3			—			3			—			—			—			—
Foreign exchange			—			15			—			15			—			17			—			17
Unrealized loss on undesignated derivative contracts(4):
Foreign exchange			1			605			—			606			12			525			—			537
Commodities			402			304			52			758			426			432			59			917
Freight			56			—			—			56			64			—			3			67
Energy			31			—			2			33			80			1			10			91
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total liabilities		$	490		$	1,326		$	98		$	1,914		$	582		$	1,334		$	105		$	2,021
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
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(1)	Trade accounts receivable and payable are generally stated at historical amounts, net of write-offs and allowances. with the exception of $6 million and $443 million, at December 31, 2015 and $23 million and $392 million at December 31, 2014, respectively, related to certain delivered inventory for which the receivable and payable, respectively, fluctuate based on changes in commodity prices. These receivables and payables are hybrid financial instruments for which Bunge has elected the fair value option.
(2)	Unrealized gains on designated and undesignated derivative contracts are generally included in other current assets. There are no such amounts included in other non-current assets at December 31, 2015 and December 31, 2014, respectively.
(3)	Other includes the fair values of marketable securities and investments in other current assets and other non-current assets.
(4)	Unrealized losses on designated and undesignated derivative contracts are generally included in other current liabilities. There are no such amounts included in other non-current liabilities at December 31, 2015 and December 31, 2014, respectively.

Reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3)

		Level 3 Instruments
		Fair Value Measurements
(US$ in millions)		Derivatives, Net(1)			Readily Marketable Inventories			Trade Accounts Receivable/ Payable, Net(2)			Total
Balance, January 1, 2015		$	(2	)	$	255		$	(33	)	$	220
Total gains and losses (realized/unrealized) included in cost of goods sold			389			135			(6	)		518
Purchases			1			1,329			(12	)		1,318
Sales			—			(1,982	)		—			(1,982	)
Issuances			(1	)		—			(327	)		(328	)
Settlements			(219	)		—			610			391
Transfers into Level 3			5			845			(204	)		646
Transfers out of Level 3			(6	)		(337	)		(72	)		(415	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Balance, December 31, 2015		$	167		$	245		$	(44	)	$	368
​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​

(1) Derivatives, net include Level 3 derivative assets and liabilities.

(2) Trade Accounts Receivable and Trade Accounts Payable, net, include Level 3 inventory related receivables and payables.

		Level 3 Instruments
		Fair Value Measurements
(US$ in millions)		Derivatives, Net(1)			Readily Marketable Inventories			Trade Accounts Receivable/ Payable, Net(2)			Total
Balance, January 1, 2014		$	20		$	298		$	(75	)	$	243
Total gains and losses (realized/unrealized) included in cost of goods sold			92			75			(2	)		165
Purchases			6			2,104			(5	)		2,105
Sales			—			(2,635	)		8			(2,627	)
Issuances			19			—			(400	)		(381	)
Settlements			(206	)		—			528			322
Transfers into Level 3			27			687			(11	)		703
Transfers out of Level 3			40			(274	)		(76	)		(310	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Balance, December 31, 2014		$	(2	)	$	255		$	(33	)	$	220
​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​

(1) Derivatives, net include Level 3 derivative assets and liabilities.

(2) Trade Accounts Receivable and Trade Accounts Payable, net, include Level 3 inventory related receivables and payables.

Summary of changes in unrealized gains or (losses) recorded in earnings for Level 3 assets and liabilities

Level 3 Instruments

Fair Value Measurements

(US$ in millions)

Derivatives, Net(1)

Readily Marketable Inventories

Trade Accounts Receivable and Payable, Net(2)

Total

Changes in unrealized gains and (losses) relating to assets and liabilities held at December 31, 2015

Cost of goods sold

$

37

$

(13

)

$

(2

)

$

22

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Changes in unrealized gains and (losses) relating to assets and liabilities held at December 31, 2014

Cost of goods sold

$

25

$

(33

)

$

—

$

(8

)

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(1) Derivatives, net include Level 3 derivative assets and liabilities.

(2) Trade Accounts Receivable and Trade Accounts Payable, net, include Level 3 inventory related receivables and payables.

Summary of effect of derivative instruments designated as fair value hedges and undesignated derivative instruments on condensed consolidated statements of income

				Gain or (Loss) Recognized in Income on Derivative Instruments
				December 31,
(US$ in millions)		Location		2015			2014
Undesignated Derivative Contracts:
Interest Rate		Interest income/Interest expense		$	—		$	(8	)
Interest Rate		Other income (expense)—net			(2	)		—
Foreign Exchange		Foreign exchange gains (losses)			(302	)		(124	)
Foreign Exchange		Cost of goods sold			(620	)		91
Commodities		Cost of goods sold			1,062			(71	)
Freight		Cost of goods sold			6			(4	)
Energy		Cost of goods sold			(25	)		(52	)
​	​	​	​	​	​	​	​	​	​
Total				$	119		$	(168	)
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Summary of effect of derivative instruments designated as cash flow and net investment hedges

Year Ended December 31, 2015

Gain or (Loss) Reclassified from Accumulated OCI into Income

Gain or (Loss) Recognized in Income on Derivatives

Gain or (Loss) Recognized in Accumulated OCI(1)

Notional Amount

(US$ in millions)

Location

Amount

Location

Amount(2)

Cash Flow Hedge:

Foreign Exchange(3)

$

238

$

(76

)

Foreign exchange gains (losses)

$

(76

)

Foreign exchange gains (losses)

$

—

​

​

​

​

​

​

​

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​

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​

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​

​

​

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​

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Total

$

238

$

(76

)

$

(76

)

$

—

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​

Net Investment Hedge:

Foreign Exchange(3)

$

1,878

$

223

Foreign exchange gains (losses)

$

—

Foreign exchange gains (losses)

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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Total

$

1,878

$

223

$

—

$

—

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​

​

​

​

​

​

​

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(1)	The gain (loss) recognized relates to the effective portion of the hedging relationship. At December 31, 2015, Bunge expects to reclassify into income in the next 12 months $76 million after-tax loss related to its foreign exchange cash flow and nil for net investment hedges.
(2)	There was no gain or loss recognized in income relating to the ineffective portion of the hedging relationships or relating to amounts excluded from the assessment of hedge effectiveness.
(3)	The foreign exchange contracts mature at various dates through November 2020.

Year Ended December 31, 2014

Gain or (Loss) Reclassified from Accumulated OCI into Income

Gain or (Loss) Recognized in Income on Derivatives

Gain or (Loss) Recognized in Accumulated OCI(1)

Notional Amount

(US$ in millions)

Location

Amount

Location

Amount(2)

Cash Flow Hedge:

Foreign Exchange(3)

$

384

$

4

Foreign exchange gains (losses)

$

9

Foreign exchange gains (losses)

$

—

​

​

​

​

​

​

​

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​

​

​

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​

​

​

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​

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Total

$

384

$

4

$

9

$

—

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​

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Net Investment Hedge:

Foreign Exchange(3)

$

579

$

18

Foreign exchange gains (losses)

$

—

Foreign exchange gains (losses)

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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Total

$

579

$

18

$

—

$

—

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(1)	The gain or (loss) recognized relates to the effective portion of the hedging relationship. At December 31, 2014, Bunge expected to reclassify into income in the next 12 months approximately $4 million after-tax gains (losses) related to its foreign exchange cash flow hedges and nil for net investment hedges.
(2)	There was no gain or loss recognized in income relating to the ineffective portion of the hedging relationships or to amounts excluded from the assessment of hedge effectiveness.
(3)	The foreign exchange contracts matured at various dates in 2014.

Interest rate agreements

Derivative Instruments

Summary of outstanding derivative instruments

		December 31, 2015
(US$ in millions)		Notional Amount of Hedged Obligation			Notional Amount of Derivative(3)
Interest rate swap agreements		$	500		$	500
Weighted average rate payable—3 month LIBOR plus 1.91%(1)
Weighted average rate receivable—3.5%(2)

(1) Interest is payable in arrears semi-annually based on three-month U.S. dollar LIBOR plus 1.91%.

(2) Interest is receivable in arrears based on a fixed interest rate of 3.5%.

(3) The interest rate swap agreements mature in 2020.

Foreign Exchange

Derivative Instruments

Summary of outstanding derivative instruments

		December 31, 2015
		Exchange Traded
					Non-exchange Traded
		Net (Short) & Long(1)									Unit of Measure
(US$ in millions)					(Short)(2)			Long(2)
Foreign Exchange
Options		$	—		$	(123	)	$	120		Delta
Forwards			—			(13,280	)		8,381		Notional
Futures			118			—			—		Notional
Swaps			—			(812	)		67		Notional

(1) Exchange traded derivatives are presented on a net (short) and long position basis.

(2) Non-exchange traded derivatives are presented on a gross (short) and long position basis.

Commodities

Derivative Instruments

Summary of outstanding derivative instruments

		December 31, 2015
		Exchange Traded
					Non-exchange Traded
		Net (Short) & Long(1)									Unit of Measure
					(Short)(2)			Long(2)
Agricultural Commodities
Futures			(3,022,004	)		—			—		Metric Tons
Options			485,191			(12,383	)		—		Metric Tons
Forwards			—			(33,613,560	)		26,745,000		Metric Tons
Swaps			—			(5,960,885	)		892,262		Metric Tons

(1) Exchange traded derivatives are presented on a net (short) and long position basis.

(2) Non-exchange traded derivatives are presented on a gross (short) and long position basis.

Freight

Derivative Instruments

Summary of outstanding derivative instruments

		December 31, 2015
		Exchange Cleared
					Non-exchange Cleared
		Net (Short) & Long(1)									Unit of Measure
					(Short)(2)			Long(2)
Ocean Freight
FFA			2,120			—			—		Hire Days
FFA Options			(66	)		—			—		Hire Days

(1) Exchange cleared derivatives are presented on a net (short) and long position basis.

(2) Non-exchange cleared derivatives are presented on a gross (short) and long position basis.

Energy

Derivative Instruments

Summary of outstanding derivative instruments

		December 31, 2015
		Exchange Traded
					Non-exchange Cleared
		Net (Short) & Long(1)									Unit of Measure(3)
					(Short)(2)			Long(2)
Natural Gas(3)
Futures			14,192,000			—			—		MMBtus
Swaps			—			(1,640,500	)		2,797,393		MMBtus
Options			—			—			—		MMBtus
Energy—Other
Futures			(29,882	)		—			—		Metric Tons
Forwards			—			—			7,108,552		Metric Tons
Swaps			224,100			—			—		Metric Tons
Options			3,149			—			—		Metric Tons

(1) Exchange traded and cleared derivatives are presented on a net (short) and long position basis.

(2) Non-exchange cleared derivatives are presented on a gross (short) and long position basis.

(3) Million British Thermal Units (MMBtus) is the standard unit of measurement used to denote an amount of natural gas.

X

- Definition

Tabular disclosure of the fair value measurement of assets and liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets and liabilities) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets and liabilities) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset and liability.

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Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity.

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

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