v3.7.0.1

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2017

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
		March 31, 2017												December 31, 2016
(US$ in millions)		Level 1			Level 2			Level 3			Total			Level 1			Level 2			Level 3			Total
Assets:
Readily marketable inventories (Note 5)		$	—		$	3,394		$	743		$	4,137		$	—		$	3,618		$	237		$	3,855
Trade accounts receivable(1)		—			8			—			8			—			6			—			6
Unrealized gain on designated derivative contracts(2):
Interest rate		—			—			—			—			—			1			—			1
Foreign exchange		—			37			—			37			—			29			—			29
Unrealized gain on undesignated derivative contracts (2):
Interest rate		—			1			—			1			—			1			—			1
Foreign exchange		5			463			—			468			—			312			—			312
Commodities		629			692			46			1,367			421			431			96			948
Freight		28			—			5			33			16			—			—			16
Energy		17			—			—			17			23			1			—			24
Deferred purchase price receivable (Note 12 )		—			95			—			95			—			87			—			87
Other (3)		28			415			—			443			18			108			—			126
Total assets		$	707		$	5,105		$	794		$	6,606		$	478		$	4,594		$	333		$	5,405
Liabilities:
Trade accounts payable(1)		$	—		$	636		$	372		$	1,008		$	—		$	478		$	44		$	522
Unrealized loss on designated derivative contracts (4):
Interest rate		—			27			—			27			—			18			—			18
Foreign exchange		—			1			—			1			—			—			—			—
Unrealized loss on undesignated derivative contracts (4):
Foreign exchange		3			267			—			270			—			233			—			233
Commodities		615			486			116			1,217			356			444			144			944
Freight		26			—			5			31			14			—			1			15
Energy		17			—			2			19			9			—			2			11
Total liabilities		$	661		$	1,417		$	495		$	2,573		$	379		$	1,173		$	191		$	1,743

(1) Trade accounts receivable and payable are generally stated at historical amounts, net of write-offs and allowances, with the exception of $8 million and $1,008 million, at March 31, 2017 and $6 million and $522 million at December 31, 2016, 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 $16 million and $5 million included in other non-current assets at March 31, 2017 and December 31, 2016, 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 $27 million and $18 million included in other non-current liabilities at March 31, 2017 and December 31, 2016, 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 March 31, 2017
					Readily			Trade Accounts
		Derivatives,			Marketable			Receivable/
(US$ in millions)		Net (1)			Inventories			Payable, Net(2)			Total
Balance, January 1, 2017		$	(51	)	$	237		$	(44	)	$	142
Total gains and (losses), realized/unrealized included in cost of goods sold		(59		)	(14		)	7			(66		)
Purchases		4			764			(331		)	437
Sales		—			(372		)	—			(372		)
Issuances		(2		)	—			—			(2		)
Settlements		17			—			—			17
Transfers into Level 3		(4		)	184			(3		)	177
Transfers out of Level 3		23			(56		)	(1		)	(34		)
Balance, March 31, 2017		$	(72	)	$	743		$	(372	)	$	299

(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 March 31, 2016
					Readily			Trade Accounts
		Derivatives,			Marketable			Receivable/
(US$ in millions)		Net (1)			Inventories			Payable, Net (2)			Total
Balance, January 1, 2016		$	167		$	245		$	(44	)	$	368
Total gains and (losses), realized/unrealized included in cost of goods sold		(85		)	11			5			(69		)
Purchases		—			537			(195		)	342
Sales		—			(248		)	—			(248		)
Issuances		—			—			—			—
Settlements		(66		)	—			—			(66		)
Transfers into Level 3		—			192			(57		)	135
Transfers out of Level 3		—			(7		)	—			(7		)
Balance, March 31, 2016		$	16		$	730		$	(291	)	$	455

(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 March 31, 2017
Cost of goods sold		$	(54	)	$	(13	)	$	2		$	(65	)
Changes in unrealized gains and (losses) relating to assets and liabilities held at March 31, 2016
Cost of goods sold		$	(79	)	$	(24	)	$	1		$	(102	)

(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 consolidated statements of income

				Gain or (Loss) Recognized in
				Income on Derivative Instruments
				Three Months Ended March 31,
(US$ in millions)		Location		2017			2016
Designated Derivative Contracts:
Interest Rate		Interest income (expense)		$	5		$	—
Total				$	5		$	—
Undesignated Derivative Contracts:
Foreign Exchange		Foreign exchange gains (losses)		$	77		$	147
Foreign Exchange		Cost of goods sold		92			242
Commodities		Cost of goods sold		270			(230		)
Freight		Cost of goods sold		(8		)	(6		)
Energy		Cost of goods sold		(10		)	(1		)
Total				$	421		$	152

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

		Three Months Ended March 31, 2017
					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)		$	153		$	5		Foreign exchange gains (losses)		$	2		Foreign exchange gains (losses)		$	—
Total		$	153		$	5				$	2				$	—
Net Investment Hedge:
Foreign Currency denominated debt (4)		$	881		$	(12	)	Foreign currency denominated debt		$	—		Foreign currency denominated debt		$	—
Total		$	881		$	(12	)			$	—				$	—

(1) The gain (loss) recognized relates to the effective portion of the hedging relationship.  At March 31, 2017, Bunge expects to reclassify into income in the next 12 months approximately $5 million of after-tax gain (loss) 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 relating to amounts excluded from the assessment of hedge effectiveness.

(3) The foreign exchange contracts mature at various dates through January 2018.

(4) The euro denominated loans mature in 2023.

		Three Months Ended March 31, 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)		$	145		$	16		Foreign exchange gains (losses)		$	(6	)	Foreign exchange gains (losses)		$	—
Total		$	145		$	16				$	(6	)			$	—
Net Investment Hedge:
Foreign Exchange (3)		$	1,878		$	(200	)	Foreign exchange gains (losses)		$	—		Foreign exchange gains (losses)		$	—
Total		$	1,878		$	(200	)			$	—				$	—

(1) The gain or (loss) recognized relates to the effective portion of the hedging relationship.  At March 31, 2016, Bunge expected to reclassify into income in the next 12 months approximately $16 million of 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 relating to amounts excluded from the assessment of hedge effectiveness.

(3) The foreign exchange contracts matured at various dates through 2020.

Interest rate

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

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 March 31, 2017.

Notional
Amount of				Notional						Payment
Hedged				Amount of						Weighted Average		Fixed Rate
Obligation				Derivative				Maturity Date		Rate Payable		Receivable
$	500			$	500			November 24, 2020		3 month LIBOR plus 1.91%		3.50	%
euro		800		euro		800		June 16, 2023		6 month EURIBOR plus 1.64%		1.85	%
$	550			$	550			August 15, 2026		3 month LIBOR plus 1.12%		3.25	%

		March  31, 2017
		Exchange Traded
		Net (Short)			Non-exchange Traded						Unit of
(US$ in millions)		& Long (1)			(Short) (2)			Long (2)			Measure
Interest Rate
Futures		$	—		$	—		$	—		Notional
Swaps		—			(2,048		)	1,476			Notional
Forward Rate Agreements		—			—			825			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.

Foreign exchange

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Summary of outstanding derivative instruments

		March  31, 2017
		Exchange Traded
		Net (Short)			Non-exchange Traded						Unit of
(US$ in millions)		& Long (1)			(Short) (2)			Long (2)			Measure
Foreign Exchange
Options		$	—		$	(230	)	$	157		Delta
Forwards		—			(9,515		)	8,341			Notional
Futures		(90		)	—			—			Notional
Swaps		—			(265		)	389			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

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Summary of outstanding derivative instruments

		March 31, 2017
		Exchange Traded
		Net (Short) &		Non-exchange Traded				Unit of
		Long (1)		(Short) (2)		Long (2)		Measure
Agricultural Commodities
Futures		768,446		—		—		Metric Tons
Options		(968,475	)	—		—		Metric Tons
Forwards		—		(35,909,050	)	26,296,335		Metric Tons
Swaps		30,000		(6,932,933	)	1,768,321		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

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Summary of outstanding derivative instruments

		March 31, 2017
		Exchange Cleared
		Net (Short) &		Non-exchange Cleared				Unit of
		Long (1)		(Short) (2)		Long (2)		Measure
Ocean Freight
FFA		1,264		—		—		Hire Days
FFA Options		(985	)	—		—		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

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Summary of outstanding derivative instruments

		March 31, 2017
		Exchange Traded
		Net (Short) &		Non-exchange Cleared				Unit of
		Long (1)		(Short) (2)		Long (2)		Measure (3)
Natural Gas (3)
Futures		5,167,500		—		—		MMBtus
Swaps		—		—		1,236,469		MMBtus
Options		—		—		—		MMBtus
Energy—Other
Futures		(4,454	)	—		—		Metric Tons
Forwards		—		—		6,255,869		Metric Tons
Swaps		271,900		—		—		Metric Tons
Options		(403	)	—		—		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”) are standard units of measurement used to denote an amount electricity and natural gas, respectively.

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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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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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