7.OTHER NON-CURRENT ASSETS

Other non-current assets consist of the following:

	September 30,		December 31,
(US$ in millions)	2015		2014
Recoverable taxes, net (1)	$	261	$	337
Judicial deposits (1)	121		159
Other long-term receivables	23		40
Income taxes receivable (1)	180		188
Long-term investments	125		263
Affiliate loans receivable, net	12		18
Long-term receivables from farmers in Brazil, net (1)	90		102
Other	116		154

Total	$	928	$	1,261

(1)

These non-current assets arise primarily from Bunge’s Brazilian operations and their realization could take in excess of five years.

Recoverable taxes, net-Recoverable taxes are reported net of valuation allowances of $22 million and $31 million at September 30, 2015 and December 31, 2014, respectively.

Judicial deposits-Judicial deposits are funds that Bunge has placed on deposit with the courts in Brazil. These funds are held in judicial escrow relating to certain legal proceedings pending legal resolution and bear interest at the SELIC rate, which is the benchmark rate of the Brazilian central bank.

Income taxes receivable-Income taxes receivable includes overpayments of current income taxes plus accrued interest. These income tax prepayments are expected to be utilized for settlement of future income tax obligations. Income taxes receivable in Brazil bear interest at the SELIC rate.

Long-term investments-Long-term investments represent primarily investments held by certain managed investment funds, which are included in Bunge’s consolidated financial statements. The consolidated funds are, for U.S. GAAP purposes, investment companies and therefore are not required to consolidate their majority owned and controlled investments. Bunge reflects these investments at fair value. The fair value of these investments (a Level 3 measurement) is $76 million and $208 million at September 30, 2015 and December 31, 2014, respectively. The decline of these investments is a result of the discontinuance of Bunge’s asset management activities.

Affiliate loans receivable, net-Affiliate loans receivable, net is primarily interest bearing receivables from unconsolidated affiliates with an initial maturity of greater than one year.

Long-term receivables from farmers in Brazil, net-Bunge provides financing to farmers in Brazil, primarily through secured advances against farmer commitments to deliver agricultural commodities (primarily soybeans) upon harvest of the then-current year’s crop and through credit sales of fertilizer to farmers.

The table below summarizes Bunge’s recorded investment in long-term receivables from farmers in Brazil for amounts in the legal collection process and renegotiated amounts.

	September 30,		December 31,
(US$ in millions)	2015		2014
Legal collection process (1)	$	115	$	179
Renegotiated amounts (2)	71		76

Total	$	186	$	255

(1)

All amounts in legal process are considered past due upon initiation of legal action.

(2)

All renegotiated amounts are current on repayment terms.

The average recorded investment in long-term receivables from farmers in Brazil for the nine months ended September 30, 2015 and the year ended December 31, 2014 was $217 million and $289 million, respectively. The table below summarizes Bunge’s recorded investment in long-term receivables from farmers in Brazil and the related allowance amounts.

	September 30, 2015				December 31, 2014
	Recorded				Recorded
(US$ in millions)	Investment		Allowance		Investment		Allowance
For which an allowance has been provided:
Legal collection process	$	104	$	66	$	164	$	103
Renegotiated amounts	40		30		65		50
For which no allowance has been provided:
Legal collection process	11		—		15		—
Renegotiated amounts	31		—		11		—

Total	$	186	$	96	$	255	$	153

The table below summarizes the activity in the allowance for doubtful accounts related to long-term receivables from farmers in Brazil.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(US$ in millions)	2015			2014			2015			2014
Beginning balance	$	127		$	176		$	153		$	196
Bad debt provisions	1			3			6			5
Recoveries	(4		)	(6		)	(18		)	(21		)
Write-offs	(1		)	—			(1		)	(21		)
Transfers (1)	—			—			5			4
Foreign exchange translation	(27		)	(17		)	(49		)	(7		)

Ending balance	$	96		$	156		$	96		$	156

(1)

Represents reclassifications from allowances for doubtful accounts-current for secured advances to suppliers.