FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (TABLES)
|
9 Months Ended |
Sep. 30, 2016 |
| Derivative Instruments |
|
| Schedule of assets and liabilities accounted for at fair value on a recurring basis |
|
|
|
Fair Value Measurements at Reporting Date
|
|
|
|
|
September 30, 2016
|
|
December 31, 2015
|
|
|
(US$ in millions)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Readily marketable inventories (Note 5)
|
|
$
|
—
|
|
$
|
3,929
|
|
$
|
292
|
|
$
|
4,221
|
|
$
|
—
|
|
$
|
3,421
|
|
$
|
245
|
|
$
|
3,666
|
|
|
Trade accounts receivable(1)
|
|
—
|
|
9
|
|
—
|
|
9
|
|
—
|
|
6
|
|
—
|
|
6
|
|
|
Unrealized gain on designated derivative contracts(2):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate
|
|
—
|
|
18
|
|
—
|
|
18
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Foreign exchange
|
|
—
|
|
33
|
|
—
|
|
33
|
|
—
|
|
30
|
|
—
|
|
30
|
|
|
Unrealized gain on undesignated derivative contracts (2):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate
|
|
—
|
|
1
|
|
—
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Foreign exchange
|
|
—
|
|
341
|
|
—
|
|
341
|
|
9
|
|
176
|
|
—
|
|
185
|
|
|
Commodities
|
|
695
|
|
789
|
|
112
|
|
1,596
|
|
252
|
|
696
|
|
220
|
|
1,168
|
|
|
Freight
|
|
33
|
|
—
|
|
—
|
|
33
|
|
65
|
|
—
|
|
—
|
|
65
|
|
|
Energy
|
|
15
|
|
—
|
|
—
|
|
15
|
|
7
|
|
—
|
|
1
|
|
8
|
|
|
Deferred purchase price receivable (Note 12 )
|
|
—
|
|
104
|
|
—
|
|
104
|
|
—
|
|
79
|
|
—
|
|
79
|
|
|
Other (3)
|
|
30
|
|
195
|
|
—
|
|
225
|
|
68
|
|
176
|
|
—
|
|
244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
773
|
|
$
|
5,419
|
|
$
|
404
|
|
$
|
6,596
|
|
$
|
401
|
|
$
|
4,584
|
|
$
|
466
|
|
$
|
5,451
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade accounts payable(1)
|
|
$
|
—
|
|
$
|
525
|
|
$
|
43
|
|
$
|
568
|
|
$
|
—
|
|
$
|
399
|
|
$
|
44
|
|
$
|
443
|
|
|
Unrealized loss on designated derivative contracts (4):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3
|
|
—
|
|
3
|
|
|
Foreign exchange
|
|
—
|
|
2
|
|
—
|
|
2
|
|
—
|
|
15
|
|
—
|
|
15
|
|
|
Unrealized loss on undesignated derivative contracts (4):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Foreign exchange
|
|
—
|
|
387
|
|
—
|
|
387
|
|
1
|
|
605
|
|
—
|
|
606
|
|
|
Commodities
|
|
839
|
|
557
|
|
145
|
|
1,541
|
|
402
|
|
304
|
|
52
|
|
758
|
|
|
Freight
|
|
25
|
|
—
|
|
1
|
|
26
|
|
56
|
|
—
|
|
—
|
|
56
|
|
|
Energy
|
|
9
|
|
1
|
|
2
|
|
12
|
|
31
|
|
—
|
|
2
|
|
33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
$
|
873
|
|
$
|
1,472
|
|
$
|
191
|
|
$
|
2,536
|
|
$
|
490
|
|
$
|
1,326
|
|
$
|
98
|
|
$
|
1,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
| |
Trade accounts receivable and payable are generally stated at historical amounts, net of write-offs and allowances, with the exception of $9 million and $568 million, at September 30, 2016 and $6 million and $443 million at December 31, 2015, respectively, related to certain delivered inventory for which the receivable and payable, respectively, fluctuate based on changes in commodity prices. These receivables and payables are hybrid financial instruments for which Bunge has elected the fair value option. |
|
(2)
| |
Unrealized gains on designated and undesignated derivative contracts are generally included in other current assets. There are no such amounts included in other non-current assets at September 30, 2016 and December 31, 2015, respectively. |
|
(3)
| |
Other includes the fair values of marketable securities and investments in other current assets and other non-current assets. |
|
(4)
| |
Unrealized losses on designated and undesignated derivative contracts are generally included in other current liabilities. There are no such amounts included in other non-current liabilities at September 30, 2016 and December 31, 2015, respectively. |
|
| Reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) |
|
|
|
Level 3 Instruments
|
|
|
|
|
Fair Value Measurements
|
|
|
|
|
Three Months Ended September 30, 2016
|
|
|
|
|
|
|
Readily
|
|
Trade Accounts
|
|
|
|
|
|
|
Derivatives,
|
|
Marketable
|
|
Receivable/
|
|
|
|
|
(US$ in millions)
|
|
Net (1)
|
|
Inventories
|
|
Payable, Net(2)
|
|
Total
|
|
|
Balance, July 01, 2016
|
|
$
|
127
|
|
$
|
917
|
|
$
|
(188
|
)
|
$
|
856
|
|
|
Total gains and (losses), realized/unrealized included in cost of goods sold
|
|
(120
|
)
|
12
|
|
7
|
|
(101
|
)
|
|
Purchases
|
|
—
|
|
171
|
|
(8
|
)
|
163
|
|
|
Sales
|
|
—
|
|
(517
|
)
|
—
|
|
(517
|
)
|
|
Issuances
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Settlements
|
|
(37
|
)
|
—
|
|
95
|
|
58
|
|
|
Transfers into Level 3
|
|
(5
|
)
|
208
|
|
—
|
|
203
|
|
|
Transfers out of Level 3
|
|
(1
|
)
|
(499
|
)
|
51
|
|
(449
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2016
|
|
$
|
(36
|
)
|
$
|
292
|
|
$
|
(43
|
)
|
$
|
213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2015
|
|
|
|
|
|
|
Readily
|
|
Trade Accounts
|
|
|
|
|
|
|
Derivatives,
|
|
Marketable
|
|
Receivable/
|
|
|
|
|
(US$ in millions)
|
|
Net (1)
|
|
Inventories
|
|
Payable, Net (2)
|
|
Total
|
|
|
Balance, July 01, 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
|
|
|
|
|
Nine Months Ended September 30, 2016
|
|
|
|
|
|
|
Readily
|
|
Trade Accounts
|
|
|
|
|
|
|
Derivatives,
|
|
Marketable
|
|
Receivable/
|
|
|
|
|
(US$ in millions)
|
|
Net (1)
|
|
Inventories
|
|
Payable, Net(2)
|
|
Total
|
|
|
Balance, January 01, 2016
|
|
$
|
167
|
|
$
|
245
|
|
$
|
(44
|
)
|
$
|
368
|
|
|
Total gains and losses (realized/unrealized) included in cost of goods sold
|
|
(87
|
)
|
143
|
|
15
|
|
71
|
|
|
Purchases
|
|
—
|
|
904
|
|
(220
|
)
|
684
|
|
|
Sales
|
|
—
|
|
(1,022
|
)
|
—
|
|
(1,022
|
)
|
|
Issuances
|
|
(1
|
)
|
—
|
|
—
|
|
(1
|
)
|
|
Settlements
|
|
(110
|
)
|
—
|
|
195
|
|
85
|
|
|
Transfers into Level 3
|
|
(7
|
)
|
569
|
|
(59
|
)
|
503
|
|
|
Transfers out of Level 3
|
|
2
|
|
(547
|
)
|
70
|
|
(475
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2016
|
|
$
|
(36
|
)
|
$
|
292
|
|
$
|
(43
|
)
|
$
|
213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 01, 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. |
|
| 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, 2016
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
$
|
(127
|
)
|
$
|
(12
|
)
|
$
|
2
|
|
$
|
(137
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in unrealized gains and (losses) relating to assets and liabilities held at September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
$
|
(35
|
)
|
$
|
24
|
|
$
|
(20
|
)
|
$
|
(31
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2016
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
$
|
9
|
|
$
|
(26
|
)
|
$
|
1
|
|
$
|
(16
|
)
|
|
Changes in unrealized gains and (losses) relating to assets and liabilities held at September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
$
|
18
|
|
$
|
15
|
|
$
|
(2
|
)
|
$
|
31
|
|
|
(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
|
|
2016
|
|
2015
|
|
|
Designated Derivative Contracts:
|
|
|
|
|
|
|
|
|
Interest Rate
|
|
Interest income/Interest expense
|
|
$
|
3
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
3
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undesignated Derivative Contracts:
|
|
|
|
|
|
|
|
|
Interest Rate
|
|
Interest income (expense)
|
|
$
|
(4
|
)
|
$
|
(1
|
)
|
|
Foreign Exchange
|
|
Foreign exchange gains (losses)
|
|
$
|
262
|
|
$
|
(356
|
)
|
|
Foreign Exchange
|
|
Cost of goods sold
|
|
646
|
|
(814
|
)
|
|
Commodities
|
|
Cost of goods sold
|
|
(531
|
)
|
1,086
|
|
|
Freight
|
|
Cost of goods sold
|
|
(1
|
)
|
10
|
|
|
Energy
|
|
Cost of goods sold
|
|
12
|
|
(9
|
)
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
384
|
|
$
|
(84
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of effect of financial instruments designated as cash flow and net investment hedges |
|
|
|
Nine Months Ended September 30, 2016
|
|
|
|
|
|
|
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)
|
|
$
|
166
|
|
$
|
43
|
|
Foreign exchange gains (losses)
|
|
$
|
13
|
|
Foreign exchange gains (losses)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
166
|
|
$
|
43
|
|
|
|
$
|
13
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Hedge:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency denominated debt (3)
|
|
$
|
663
|
|
$
|
1
|
|
Foreign currency denominated debt
|
|
$
|
—
|
|
Foreign currency denominated debt
|
|
$
|
—
|
|
|
Foreign Exchange (3)
|
|
$
|
653
|
|
$
|
(384
|
)
|
Foreign exchange gains (losses)
|
|
$
|
—
|
|
Foreign exchange gains (losses)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
1,316
|
|
$
|
(383
|
)
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
| |
The gain (loss) recognized relates to the effective portion of the hedging relationship. At September 30, 2016, Bunge expects to reclassify into income in the next 12 months approximately $31 million of after-tax gain related to its foreign exchange cash flow hedges and zero for net investment hedges. |
|
(2)
| |
There was no gain or loss recognized in income relating to the ineffective portion of the hedging relationships or relating to amounts excluded from the assessment of hedge effectiveness. |
|
(3)
| |
The foreign exchange contracts mature at various dates through 2023. |
|
|
|
Nine Months Ended September 30, 2015
|
|
|
|
|
|
|
Gain or
|
|
Gain or (Loss)
|
|
|
|
|
|
|
|
|
|
|
(Loss)
|
|
Reclassified from
|
|
|
|
|
|
|
|
|
|
|
Recognized in
|
|
Accumulated OCI into
|
|
Gain or (Loss) Recognized
|
|
|
|
|
Notional
|
|
Accumulated
|
|
Income (1)
|
|
in Income on Derivatives
|
|
|
(US$ 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 or (loss) recognized relates to the effective portion of the hedging relationship. At September 30, 2015, Bunge expected to reclassify into income in the next 12 months approximately ($41) million of after-tax losses related to its foreign exchange cash flow hedges and zero 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 2015 and 2020. |
|
| Interest rate |
|
| Derivative Instruments |
|
| Summary of outstanding derivative instruments |
Below is a summary of Bunge’s current interest rate swap agreements designated as fair value hedge agreements as of September 30, 2016.
|
Notional
|
|
Notional
|
|
|
|
|
|
|
|
Weighted
|
|
|
Amount of
|
|
Amount of
|
|
|
|
|
|
Weighted Average
|
|
Average Rate
|
|
|
Hedged Obligation
|
|
Derivative
|
|
Effective Date
|
|
Maturity Date
|
|
Rate Payable (1)
|
|
Receivable (2)
|
|
|
$
|
500
|
|
$
|
500
|
|
November 24, 2015
|
|
November 24, 2020
|
|
3 month LIBOR plus 1.9058%
|
|
3.50
|
%
|
|
€
|
600
|
|
€
|
600
|
|
June 16, 2016
|
|
June 16, 2023
|
|
6 month EURIBOR plus 1.6778%
|
|
1.85
|
%
|
|
(1)
| |
Interest is payable in arrears semi-annually. |
|
(2)
| |
Interest is receivable in arrears semi-annually for U.S. dollar interest rate swap and annually for Euro interest rate swap. |
|
| Foreign exchange |
|
| Derivative Instruments |
|
| Summary of outstanding derivative instruments |
|
|
|
September 30, 2016
|
|
|
|
|
Exchange Traded
|
|
|
|
|
|
|
|
|
|
|
Net (Short)
|
|
Non-exchange Traded
|
|
Unit of
|
|
|
(US$ in millions)
|
|
& Long (1)
|
|
(Short) (2)
|
|
Long (2)
|
|
Measure
|
|
|
Foreign Exchange
|
|
|
|
|
|
|
|
|
|
|
Options
|
|
$
|
—
|
|
$
|
(844
|
)
|
$
|
697
|
|
Delta
|
|
|
Forwards
|
|
—
|
|
(7,730
|
)
|
4,876
|
|
Notional
|
|
|
Futures
|
|
(107
|
)
|
—
|
|
—
|
|
Notional
|
|
|
Swaps
|
|
—
|
|
(195
|
)
|
357
|
|
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, 2016
|
|
|
|
|
Exchange Traded and Cleared
|
|
|
|
|
|
|
|
|
|
|
Net (Short) &
|
|
Non-exchange Traded
|
|
Unit of
|
|
|
|
|
Long (1)
|
|
(Short) (2)
|
|
Long (2)
|
|
Measure
|
|
|
Agricultural Commodities
|
|
|
|
|
|
|
|
|
|
|
Futures
|
|
(1,961,645
|
)
|
—
|
|
—
|
|
Metric Tons
|
|
|
Options
|
|
98,239
|
|
—
|
|
—
|
|
Metric Tons
|
|
|
Forwards
|
|
—
|
|
(32,581,367
|
)
|
26,878,507
|
|
Metric Tons
|
|
|
Swaps
|
|
—
|
|
(8,215,554
|
)
|
1,043,987
|
|
Metric Tons
|
|
|
(1)
| |
Exchange traded and cleared 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, 2016
|
|
|
|
|
Exchange Cleared
|
|
|
|
|
|
|
|
|
|
|
Net (Short) &
|
|
Non-exchange Cleared
|
|
Unit of
|
|
|
|
|
Long (1)
|
|
(Short) (2)
|
|
Long (2)
|
|
Measure
|
|
|
Ocean Freight
|
|
|
|
|
|
|
|
|
|
|
FFA
|
|
(850
|
)
|
—
|
|
—
|
|
Hire Days
|
|
|
FFA Options
|
|
(284
|
)
|
—
|
|
—
|
|
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, 2016
|
|
|
|
|
Exchange Traded
|
|
|
|
|
|
|
|
|
|
|
Net (Short) &
|
|
Non-exchange Cleared
|
|
Unit of
|
|
|
|
|
Long (1)
|
|
(Short) (2)
|
|
Long (2)
|
|
Measure (3)
|
|
|
Natural Gas (3)
|
|
|
|
|
|
|
|
|
|
|
Futures
|
|
2,695,000
|
|
—
|
|
—
|
|
MMBtus
|
|
|
Swaps
|
|
—
|
|
—
|
|
2,655,893
|
|
MMBtus
|
|
|
Options
|
|
—
|
|
—
|
|
—
|
|
MMBtus
|
|
|
Energy - Electricity(3)
|
|
|
|
|
|
|
|
|
|
|
Swaps
|
|
—
|
|
(48,000
|
)
|
—
|
|
MWh
|
|
|
Energy—Other
|
|
|
|
|
|
|
|
|
|
|
Futures
|
|
440
|
|
—
|
|
—
|
|
Metric Tons
|
|
|
Forwards
|
|
—
|
|
—
|
|
9,218,608
|
|
Metric Tons
|
|
|
Swaps
|
|
188,600
|
|
—
|
|
—
|
|
Metric Tons
|
|
|
Options
|
|
7,906
|
|
—
|
|
—
|
|
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)
| |
Megawatt hours (MWh) and Million British Thermal Units (MMBtus) are the standard units of measurement used to denote an amount of electricity and natural gas, respectively. |
|