v3.5.0.2

SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2016
SEGMENT INFORMATION |
SEGMENT INFORMATION | 17.SEGMENT INFORMATION Bunge has five reportable segments - Agribusiness, Edible Oil Products, Milling Products, Sugar and Bioenergy, and Fertilizer, which are organized based upon similar economic characteristics and are similar in nature of products and services offered, the nature of production processes, the type and class of customer and distribution methods. The Agribusiness segment is characterized by both inputs and outputs being agricultural commodities and thus high volume and low margin. The Edible Oil Products segment involves the processing, production and marketing of products derived from vegetable oils. The Milling Products segment involves the processing, production and marketing of products derived primarily from wheat and corn. The Sugar and Bioenergy segment involves sugarcane growing and milling in Brazil, sugar merchandising in various countries, as well as sugarcane-based ethanol production and corn-based ethanol investments and related activities. Following the classification of the Brazilian fertilizer distribution and North American fertilizer businesses as discontinued operations, the activities of the Fertilizer segment include its port operations in Brazil and Argentina and its blending and retail operations in Argentina. The “Discontinued Operations & Unallocated” column in the following table contains the reconciliation between the totals for reportable segments and Bunge consolidated totals, which consist primarily of amounts attributable to discontinued operations, corporate items not allocated to the operating segments and inter-segment eliminations. Transfers between the segments are generally valued at market. The segment revenues generated from these transfers are shown in the following table as “Inter-segment revenues”. (US$ in millions)
|  |  |  | Edible |  |  |  |  |  |  |  | Discontinued |  |  |
Three Months Ended |  |  |  | Oil |  | Milling |  | Sugar and |  |  |  | Operations & |  |  |
June 30, 2016 |  | Agribusiness |  | Products |  | Products |  | Bioenergy |  | Fertilizer |  | Unallocated (1) |  | Total |
Net sales to external customers |  | $ | 7,524 |  | $ | 1,705 |  | $ | 422 |  | $ | 809 |  | $ | 81 |  | $ | — |  | $ | 10,541 |
Inter—segment revenues |  | 991 |  | 25 |  | 1 |  | 2 |  | — |  | (1,019 | ) | — |
Gross profit |  | 343 |  | 87 |  | 68 |  | 25 |  | 7 |  | — |  | 530 |
Foreign exchange gains (losses) |  | (4 | ) | (1 | ) | (4 | ) | 3 |  | — |  | — |  | (6 | )
Noncontrolling interests (1) |  | (2 | ) | (1 | ) | — |  | — |  | — |  | 4 |  | 1 |
Other income (expense) — net |  | (9 | ) | — |  | — |  | (4 | ) | — |  | — |  | (13 | )
Segment EBIT (2)(3) |  | 168 |  | 2 |  | 33 |  | — |  | 2 |  | — |  | 205 |
Discontinued operations (4) |  | — |  | — |  | — |  | — |  | — |  | (4 | ) | (4 | )
Depreciation, depletion and amortization |  | (59 | ) | (23 | ) | (17 | ) | (39 | ) | (3 | ) | — |  | (141 | )
Total assets |  | $ | 14,655 |  | $ | 2,013 |  | $ | 1,503 |  | $ | 3,410 |  | $ | 330 |  | $ | 184 |  | $ | 22,095 |
Three Months Ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
June 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales to external customers |  | $ | 7,744 |  | $ | 1,667 |  | $ | 409 |  | $ | 881 |  | $ | 81 |  | $ | — |  | $ | 10,782 |
Inter—segment revenues |  | 801 |  | 44 |  | — |  | — |  | — |  | (845 | ) | — |
Gross profit |  | 360 |  | 85 |  | 57 |  | 25 |  | 8 |  | — |  | 535 |
Foreign exchange gains (losses) |  | 26 |  | (1 | ) | (2 | ) | (7 | ) | — |  | — |  | 16 |
Noncontrolling interests (1) |  | (13 | ) | (1 | ) | — |  | — |  | — |  | 7 |  | (7 | )
Other income (expense) — net |  | (8 | ) | — |  | (1 | ) | — |  | — |  | — |  | (9 | )
Segment EBIT (2) (3) |  | 164 |  | (6 | ) | 20 |  | (12 | ) | 1 |  | — |  | 167 |
Discontinued operations (4) |  | — |  | — |  | — |  | — |  | — |  | 1 |  | 1 |
Depreciation, depletion and amortization |  | (57 | ) | (21 | ) | (12 | ) | (53 | ) | (4 | ) | — |  | (147 | )
Total assets |  | $ | 13,047 |  | $ | 2,121 |  | $ | 1,153 |  | $ | 2,485 |  | $ | 396 |  | $ | 227 |  | $ | 19,429 |
|  |  |  | Edible |  |  |  |  |  |  |  | Discontinued |  |  |
Six Months Ended |  |  |  | Oil |  | Milling |  | Sugar and |  |  |  | Operations & |  |  |
June 30, 2016 |  | Agribusiness |  | Products |  | Products |  | Bioenergy |  | Fertilizer |  | Unallocated (1) |  | Total |
Net sales to external customers |  | $ | 13,807 |  | $ | 3,231 |  | $ | 813 |  | $ | 1,467 |  | $ | 139 |  | $ | — |  | $ | 19,457 |
Inter—segment revenues |  | 1,849 |  | 51 |  | 1 |  | 2 |  | — |  | (1,903 | ) | — |
Gross profit |  | 773 |  | 199 |  | 123 |  | 41 |  | 14 |  | — |  | 1,150 |
Foreign exchange gains (losses) |  | 20 |  | (2 | ) | (5 | ) | 3 |  | (1 | ) | — |  | 15 |
Noncontrolling interests (1) |  | — |  | (3 | ) | — |  | — |  | — |  | 7 |  | 4 |
Other income (expense) — net |  | (6 | ) | (1 | ) | (2 | ) | (9 | ) | — |  | — |  | (18 | )
Segment EBIT (2)(3) |  | 450 |  | 32 |  | 55 |  | (14 | ) | 4 |  | — |  | 527 |
Discontinued operations (4) |  | — |  | — |  | — |  | — |  | — |  | (13 | ) | (13 | )
Depreciation, depletion and amortization |  | (114 | ) | (45 | ) | (31 | ) | (58 | ) | (6 | ) | — |  | (254 | )
Total assets |  | $ | 14,655 |  | $ | 2,013 |  | $ | 1,503 |  | $ | 3,410 |  | $ | 330 |  | $ | 184 |  | $ | 22,095 |
Six Months Ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
June 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales to external customers |  | $ | 15,655 |  | $ | 3,315 |  | $ | 855 |  | $ | 1,628 |  | $ | 135 |  | $ | — |  | $ | 21,588 |
Inter—segment revenues |  | 1,571 |  | 82 |  | 36 |  | 3 |  | — |  | (1,692 | ) | — |
Gross profit |  | 866 |  | 199 |  | 127 |  | 46 |  | 7 |  | — |  | 1,245 |
Foreign exchange gains (losses) |  | 24 |  | 4 |  | (4 | ) | (15 | ) | — |  | — |  | 9 |
Noncontrolling interests (1) |  | (11 | ) | (3 | ) | — |  | — |  | — |  | 10 |  | (4 | )
Other income (expense) — net |  | — |  | — |  | (2 | ) | (6 | ) | — |  | — |  | (8 | )
Segment EBIT (2) (3) |  | 494 |  | 30 |  | 56 |  | (35 | ) | (5 | ) | — |  | 540 |
Discontinued operations (4) |  | — |  | — |  | — |  | — |  | — |  | 15 |  | 15 |
Depreciation, depletion and amortization |  | (115 | ) | (43 | ) | (23 | ) | (78 | ) | (8 | ) | — |  | (267 | )
Total assets |  | $ | 13,047 |  | $ | 2,121 |  | $ | 1,153 |  | $ | 2,485 |  | $ | 396 |  | $ | 227 |  | $ | 19,429 |
| (1) |  | Includes noncontrolling interests share of interest and tax to reconcile to consolidated noncontrolling interest and discontinued operations of Brazilian fertilizer distribution business and certain asset management operations.
| (2) |  | Bunge uses total segment earnings before interest and taxes (“Total Segment EBIT”) to evaluate Bunge’s operating performance. Total Segment EBIT is the aggregate of each of our five reportable segments’ earnings before interest and taxes. Total Segment EBIT is a non-GAAP financial measure and is not intended to replace net income (loss) attributable to Bunge, the most directly comparable GAAP financial measure. Bunge’s management believes Total Segment EBIT is a useful measure of its reportable segments’ operating profitability, since the measure allows for an evaluation of segment performance without regard to its financing methods or capital structure. For this reason, operating performance measures such as Total Segment EBIT are widely used by analysts and investors in Bunge’s industries. Total Segment EBIT is not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to net income (loss) or any other measure of consolidated operating results under U.S. GAAP.
| (3) |  | Includes a pre-tax, non-cash impairment charge of $12 million in other income (expense) – net recorded in the second quarter of 2016, related to intangible assets of certain patents of intellectual property. Includes a pre-tax, non-cash impairment charge of $15 million in cost of goods sold recorded in the second quarter of 2015, related to the announced closure of Bunge’s oil packaging plant in the United States.
| (4) |  | Represents net income (loss) from discontinued operations.
A reconciliation of Total Segment EBIT to net income attributable to Bunge follows:
|  | Three Months Ended |  | Six Months Ended |
|  | June 30, |  | June 30, |
(US$ in millions) |  | 2016 |  | 2015 |  | 2016 |  | 2015 |
Total Segment EBIT from continuing operations |  | $ | 205 |  | $ | 167 |  | $ | 527 |  | $ | 540 |
Interest income |  | 14 |  | 13 |  | 24 |  | 24 |
Interest expense |  | (59 | ) | (57 | ) | (116 | ) | (110 | )
Income tax (expense) benefit |  | (39 | ) | (45 | ) | (73 | ) | (130 | )
Income (loss) from discontinued operations, net of tax |  | (4 | ) | 1 |  | (13 | ) | 15 |
Noncontrolling interests’ share of interest and tax |  | 4 |  | 7 |  | 7 |  | 10 |
Net income (loss) attributable to Bunge |  | $ | 121 |  | $ | 86 |  | $ | 356 |  | $ | 349 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
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