v3.3.1.900

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 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
		September 30, 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)		$	—		$	3,527		$	611		$	4,138		$	—		$	4,154		$	255		$	4,409
Trade accounts receivable(1)					1						1			—			23			—			23
Unrealized gain on designated derivative contracts(2):
Foreign exchange		—			132			—			132			—			10			—			10
Unrealized gain on undesignated derivative contracts (2):
Foreign exchange		—			274			—			274			5			361			—			366
Commodities		328			516			365			1,209			486			538			68			1,092
Freight		54			—			1			55			62			2			—			64
Energy		5			—			1			6			35			—			2			37
Deferred purchase price receivable (Note 12)		—			84			—			84			—			78			—			78
Other (3)		97			55			—			152			55			218			—			273
Total assets		$	484		$	4,589		$	978		$	6,051		$	643		$	5,384		$	325		$	6,352
Liabilities:
Trade accounts payable(1)		$	—		$	410		$	166		$	576		$	—		$	359		$	33		$	392
Unrealized loss on designated derivative contracts (4):
Foreign exchange		—			43			—			43			—			17			—			17
Unrealized loss on undesignated derivative contracts (4):
Foreign exchange		—			892			—			892			12			525			—			537
Commodities		274			384			46			704			426			432			59			917
Freight		48			—			1			49			64			—			3			67
Energy		14			—			3			17			80			1			10			91
Total liabilities		$	336		$	1,729		$	216		$	2,281		$	582		$	1,334		$	105		$	2,021

(1) Trade accounts receivable and payable are generally accounted for at carrying cost, with the exception of $1 million and $576 million, at September 30, 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 September 30, 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 September 30, 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
		Three Months Ended September 30, 2015
								Trade
					Readily			Accounts
		Derivatives,			Marketable			Receivable/
(US$ in millions)		Net (1)			Inventories			Payable, Net(2)			Total
Balance, July 1, 2015		$	192		$	910		$	(357	)	$	745
Total gains and (losses), realized/unrealized included in cost of goods sold		217			109			(18		)	308
Purchases		—			170			(5		)	165
Sales		—			(647		)	—			(647		)
Issuances		—			—			—			—
Settlements		(91		)	—			261			170
Transfers into Level 3		(1		)	167			—			166
Transfers out of Level 3		—			(98		)	(47		)	(145		)
Balance, September 30, 2015		$	317		$	611		$	(166	)	$	762

(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
		Three Months Ended September 30, 2014
								Trade
					Readily			Accounts
		Derivatives,			Marketable			Receivable/
(US$ in millions)		Net (1)			Inventories			Payable, Net (2)			Total
Balance, July 1, 2014		$	(13	)	$	873		$	(120	)	$	740
Total gains and (losses), realized/unrealized included in cost of goods sold		(12		)	(39		)	1			(50		)
Purchases		(8		)	254			(4		)	242
Sales		4			(943		)	—			(939		)
Issuances		20			—			(7		)	13
Settlements		(47		)	—			84			37
Transfers into Level 3		27			171			(3		)	195
Transfers out of Level 3		5			(6		)	(11		)	(12		)
Balance, September 30, 2014		$	(24	)	$	310		$	(60	)	$	226

(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
		Nine Months Ended September 30, 2015
					Readily			Trade Accounts
		Derivatives,			Marketable			Receivable/
(US$ in millions)		Net (1)			Inventories			Payable, Net(2)			Total
Balance, January 1, 2015		$	(2	)	$	255		$	(33	)	$	220
Total gains and (losses) realized/unrealized included in cost of goods sold		460			167			(17		)	610
Purchases		1			1,197			(5		)	1,193
Sales		—			(1,442		)	—			(1,442		)
Issuances		—			—			(328		)	(328		)
Settlements		(139		)	—			466			327
Transfers into Level 3		—			683			(203		)	480
Transfers out of Level 3		(3		)	(249		)	(46		)	(298		)
Balance, September 30, 2015		$	317		$	611		$	(166	)	$	762

(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
		Nine Months Ended September 30, 2014
					Readily			Trade Accounts
		Derivatives,			Marketable			Receivable/
(US$ in millions)		Net (1)			Inventories			Payable, Net (2)			Total
Balance, January 1, 2014		$	20		$	298		$	(75	)	$	243
Total gains and (losses) realized/unrealized included in cost of goods sold		65			8			2			75
Purchases		5			1,804			(5		)	1,804
Sales		—			(2,176		)	8			(2,168		)
Issuances		19			—			(400		)	(381		)
Settlements		(189		)	—			492			303
Transfers into Level 3		21			534			(11		)	544
Transfers out of Level 3		35			(158		)	(71		)	(194		)
Balance, September 30, 2014		$	(24	)	$	310		$	(60	)	$	226

(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
		Three Months Ended
					Readily			Trade Accounts
		Derivatives,			Marketable			Receivable and
(US$ in millions)		Net (1)			Inventories			Payable, Net(2)			Total
Changes in unrealized gains and (losses) relating to assets and liabilities held at September 30, 2015
Cost of goods sold		$	(35	)	$	24		$	(20	)	$	(31	)
Changes in unrealized gains and (losses) relating to assets and liabilities held at September 30, 2014
Cost of goods sold		$	(7	)	$	(19	)	$	1		$	(25	)

(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
		Nine Months Ended
					Readily			Trade Accounts
		Derivatives,			Marketable			Receivable and
(US$ in millions)		Net (1)			Inventories			Payable, Net(2)			Total
Changes in unrealized gains and (losses) relating to assets and liabilities held at September 30, 2015
Cost of goods sold		$	18		$	15		$	(2	)	$	31
Changes in unrealized gains and (losses) relating to assets and liabilities held at September 30, 2014
Cost of goods sold		$	48		$	(43	)	$	4		$	9

(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
				Nine Months Ended September 30,
(US$ in millions)		Location		2015			2014
Undesignated Derivative Contracts:
Interest Rate		Other income (expense) - net		$	(1	)	$	—
Foreign Exchange		Foreign exchange gains (losses)		(356		)	28
Foreign Exchange		Cost of goods sold		(814		)	113
Commodities		Cost of goods sold		1,086			383
Freight		Cost of goods sold		10			(1		)
Energy		Cost of goods sold		(9		)	(15		)
Total				$	(84	)	$	508

Summary of effect of derivative instruments designated as cash flow and net investment hedges

		Nine Months Ended September 30, 2015
					Gain or			Gain or (Loss)
					(Loss)			Reclassified from
					Recognized in			Accumulated OCI into					Gain or (Loss) Recognized
		Notional			Accumulated			Income (1)					in Income on Derivatives
(US$ in millions)		Amount			OCI (1)			Location		Amount			Location		Amount (2)
Cash Flow Hedge:
Foreign Exchange (3)		$	290		$	(89	)	Foreign exchange gains (losses)		$	(51	)	Foreign exchange gains (losses)		$	—
Total		$	290		$	(89	)			$	(51	)			$	—
Net Investment Hedge:
Foreign Exchange (3)		$	1,685		$	235		Foreign exchange gains (losses)		$	—		Foreign exchange gains (losses)		$	—
Total		$	1,685		$	235				$	—				$	—

(1) The gain (loss) recognized relates to the effective portion of the hedging relationship.  At September 30, 2015, Bunge expects to reclassify into income in the next 12 months approximately ($41) million of after-tax gain (loss) related to its foreign exchange cash flow 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 in 2015 through 2020.

		Nine Months Ended September 30, 2014
					Gain or			Gain or (Loss)
					(Loss)			Reclassified from
					Recognized in			Accumulated OCI into					Gain or (Loss) Recognized
		Notional			Accumulated			Income (1)					in Income on Derivatives
(US$ in millions)		Amount			OCI (1)			Location		Amount			Location		Amount (2)
Cash Flow Hedge:
Foreign Exchange (3)		$	148		$	19		Foreign exchange gains (losses)		$	11		Foreign exchange gains (losses)		$	—
Total		$	148		$	19				$	11				$	—
Net Investment Hedge:
Foreign Exchange (3)		$	557		$	(7	)	Foreign exchange gains (losses)		$	—		Foreign exchange gains (losses)		$	—
Total		$	557		$	(7	)			$	—				$	—

(1) The gain or (loss) recognized relates to the effective portion of the hedging relationship.  At September 30, 2014, Bunge expected to reclassify into income in the next 12 months approximately $19 million of after-tax gains (losses) related to its foreign exchange cash flow 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 and 2015.

Foreign Exchange

Derivative Instruments

Summary of outstanding derivative instruments

		September  30, 2015
		Exchange Traded
		Net (Short)			Non-exchange Traded						Unit of
(US$ in millions)		& Long (1)			(Short) (2)			Long (2)			Measure
Foreign Exchange
Options		$	—		$	(210	)	$	238		Delta
Forwards		—			(17,003		)	11,661			Notional
Futures		4			—			—			Notional
Swaps		—			(462		)	52			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

		September 30, 2015
		Exchange Traded
		Net (Short) &		Non-exchange Traded				Unit of
		Long (1)		(Short) (2)		Long (2)		Measure
Agricultural Commodities
Futures		(6,944,106	)	—		—		Metric Tons
Options		20,795		—		—		Metric Tons
Forwards		—		(33,887,711	)	31,573,017		Metric Tons
Swaps		—		(1,180,877	)	2,249,354		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

		September 30, 2015
		Exchange Cleared
		Net (Short) &		Non-exchange Cleared				Unit of
		Long (1)		(Short) (2)		Long (2)		Measure
Ocean Freight
FFA		(45	)	—		—		Hire Days
FFA Options		(76	)	—		—		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

		September 30, 2015
		Exchange Traded
		Net (Short) &		Non-exchange Cleared				Unit of
		Long (1)		(Short) (2)		Long (2)		Measure (3)
Natural Gas (3)
Futures		6,560,000		—		—		MMBtus
Swaps		—		—		796,209		MMBtus
Options		—		—		—		MMBtus
Energy—Other
Futures		(1,624,372	)	—		—		Metric Tons
Forwards		—		—		7,108,552		Metric Tons
Swaps		154,300		—		—		Metric Tons
Options		—		—		—		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.

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- 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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