FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
|
9 Months Ended |
Sep. 30, 2018 |
|---|
| Financial Instruments And Fair Value Measurements [Abstract] |
|
| Schedule of assets and liabilities accounted for at fair value on a recurring basis |
The following table sets forth, by level, Bunge’s assets and liabilities that were accounted for at fair value on a recurring basis. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting Date | | | September 30, 2018 | | December 31, 2017 | (US$ in millions) | | Level 1 | | Level 2 | | Level 3 | | Total | | Level 1 | | Level 2 | | Level 3 | | Total | Assets: | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Readily marketable inventories (Note 6) | | $ | — |
| | $ | 4,760 |
| | $ | 946 |
| | $ | 5,706 |
| | $ | — |
| | $ | 3,691 |
| | $ | 365 |
| | $ | 4,056 |
| Trade accounts receivable (1) | | — |
| | 5 |
| | — |
| | 5 |
| | — |
| | 5 |
| | — |
| | 5 |
| Unrealized gain on designated derivative contracts (2): | | | | | | |
| | |
| | |
| | |
| | |
| | |
| Interest rate | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Foreign exchange | | — |
| | 53 |
| | — |
| | 53 |
| | — |
| | 18 |
| | — |
| | 18 |
| Unrealized gain on undesignated derivative contracts (2): | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Interest rate | | — |
| | 3 |
| | — |
| | 3 |
| | — |
| | 4 |
| | — |
| | 4 |
| Foreign exchange | | 1 |
| | 668 |
| | — |
| | 669 |
| | — |
| | 321 |
| | — |
| | 321 |
| Commodities | | 112 |
| | 612 |
| | 32 |
| | 756 |
| | 115 |
| | 389 |
| | 19 |
| | 523 |
| Freight | | 9 |
| | — |
| | 12 |
| | 21 |
| | 18 |
| | — |
| | 8 |
| | 26 |
| Energy | | 27 |
| | 1 |
| | — |
| | 28 |
| | 18 |
| | — |
| | — |
| | 18 |
| Deferred purchase price receivable (Note 13) | | — |
| | 114 |
| | — |
| | 114 |
| | — |
| | 107 |
| | — |
| | 107 |
| Other (3) | | 62 |
| | 64 |
| | — |
| | 126 |
| | 15 |
| | 234 |
| | — |
| | 249 |
| Total assets | | $ | 211 |
| | $ | 6,280 |
| | $ | 990 |
| | $ | 7,481 |
| | $ | 166 |
| | $ | 4,769 |
| | $ | 392 |
| | $ | 5,327 |
| Liabilities: | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Trade accounts payable (1) | | $ | — |
| | $ | 361 |
| | $ | 94 |
| | $ | 455 |
| | $ | — |
| | $ | 467 |
| | $ | 116 |
| | $ | 583 |
| Unrealized loss on designated derivative contracts (4): | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Interest rate | | — |
| | 69 |
| | — |
| | 69 |
| | — |
| | 31 |
| | — |
| | 31 |
| Foreign exchange | | — |
| | 51 |
| | — |
| | 51 |
| | — |
| | 2 |
| | — |
| | 2 |
| Unrealized loss on undesignated derivative contracts (4): | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Interest rate | | — |
| | 2 |
| | — |
| | 2 |
| | — |
| | 1 |
| | — |
| | 1 |
| Foreign exchange | | — |
| | 675 |
| | — |
| | 675 |
| | 1 |
| | 430 |
| | — |
| | 431 |
| Commodities | | 201 |
| | 501 |
| | 37 |
| | 739 |
| | 141 |
| | 271 |
| | 20 |
| | 432 |
| Freight | | 20 |
| | — |
| | 11 |
| | 31 |
| | 15 |
| | — |
| | 3 |
| | 18 |
| Energy | | 11 |
| | — |
| | 1 |
| | 12 |
| | 9 |
| | 2 |
| | 2 |
| | 13 |
| Total liabilities | | $ | 232 |
| | $ | 1,659 |
| | $ | 143 |
| | $ | 2,034 |
| | $ | 166 |
| | $ | 1,204 |
| | $ | 141 |
| | $ | 1,511 |
|
| | (1) | 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. |
| | (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 $88 million and $31 million included in other non-current liabilities at September 30, 2018 and December 31, 2017, respectively. |
|
| Reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) |
The tables below present reconciliations for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2018 and 2017. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant. | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2018 | (US$ in millions) | | Derivatives, Net | | Readily Marketable Inventories | | Trade Accounts Receivable/ (Payable), Net | | Total | Balance, July 1, 2018 | | $ | 16 |
| | $ | 1,225 |
| | $ | (265 | ) | | $ | 976 |
| Total gains and (losses), realized/unrealized included in cost of goods sold | | (12 | ) | | 80 |
| | 4 |
| | 72 |
| Purchases | | — |
| | 317 |
| | (31 | ) | | 286 |
| Sales | | — |
| | (898 | ) | | — |
| | (898 | ) | Issuances | | (2 | ) | | — |
| | — |
| | (2 | ) | Settlements | | (2 | ) | | — |
| | 231 |
| | 229 |
| Transfers into Level 3 | | (5 | ) | | 255 |
| | (1 | ) | | 249 |
| Transfers out of Level 3 | | — |
| | (33 | ) | | (32 | ) | | (65 | ) | Balance, September 30, 2018 | | $ | (5 | ) | | $ | 946 |
| | $ | (94 | ) | | $ | 847 |
|
Derivatives, net, readily marketable inventories, and trade accounts receivable/payable net, include gains/(losses) of $(19) million, $50 million and $0 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2018. | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2017 | (US$ in millions) | | Derivatives, Net | | Readily Marketable Inventories | | Trade Accounts Receivable/ (Payable), Net | | Total | Balance, July 1, 2017 | | $ | — |
| | $ | 623 |
| | $ | (453 | ) | | $ | 170 |
| Total gains and (losses), realized/unrealized included in cost of goods sold | | (4 | ) | | 23 |
| | (2 | ) | | 17 |
| Purchases | | 3 |
| | 233 |
| | (5 | ) | | 231 |
| Sales | | — |
| | (443 | ) | | — |
| | (443 | ) | Issuances | | (3 | ) | | — |
| | — |
| | (3 | ) | Settlements | | (1 | ) | | — |
| | 214 |
| | 213 |
| Transfers into Level 3 | | (1 | ) | | 162 |
| | (4 | ) | | 157 |
| Transfers out of Level 3 | | 3 |
| | (29 | ) | | 1 |
| | (25 | ) | Balance, September 30, 2017 | | $ | (3 | ) | | $ | 569 |
| | $ | (249 | ) | | $ | 317 |
|
Derivatives, net, readily marketable inventories, and trade accounts receivable/payable net, includes gains/(losses) of $(2) million, $11 million and $(3) million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2017. | | | | | | | | | | | | | | | | | |
|
| Nine Months Ended September 30, 2018 | (US$ in millions) |
| Derivatives,
Net |
| Readily
Marketable
Inventories |
| Trade
Accounts
Receivable/
(Payable), Net |
| Total | Balance, January 1, 2018 |
| $ | 2 |
|
| $ | 365 |
|
| $ | (116 | ) |
| $ | 251 |
| Total gains and losses (realized/unrealized) included in cost of goods sold |
| (1 | ) |
| 189 |
|
| 17 |
|
| 205 |
| Purchases |
| 10 |
|
| 1,462 |
|
| (282 | ) |
| 1,190 |
| Sales |
| — |
|
| (1,444 | ) |
| — |
|
| (1,444 | ) | Issuances |
| (11 | ) |
| — |
|
| — |
|
| (11 | ) | Settlements |
| 5 |
|
| — |
|
| 381 |
|
| 386 |
| Transfers into Level 3 |
| (9 | ) |
| 530 |
|
| (80 | ) |
| 441 |
| Transfers out of Level 3 |
| (1 | ) |
| (156 | ) |
| (14 | ) |
| (171 | ) | Balance, September 30, 2018 |
| $ | (5 | ) |
| $ | 946 |
|
| $ | (94 | ) |
| $ | 847 |
|
Derivatives, net, readily marketable inventories, and trade accounts receivable/payable net, include gains/(losses) of $(17) million, $31 million and $0 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2018. | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2017 | (US$ in millions) | | Derivatives,
Net | | Readily
Marketable
Inventories | | Trade
Accounts
Receivable/
(Payable), Net | | Total | Balance, January 1, 2017 | | $ | (51 | ) | | $ | 237 |
| | $ | (44 | ) | | $ | 142 |
| Total gains and losses (realized/unrealized) included in cost of goods sold | | (36 | ) | | 95 |
| | 9 |
| | 68 |
| Purchases | | 8 |
| | 1,376 |
| | (460 | ) | | 924 |
| Sales | | — |
| | (1,472 | ) | | — |
| | (1,472 | ) | Issuances | | (8 | ) | | — |
| | — |
| | (8 | ) | Settlements | | 70 |
| | — |
| | 305 |
| | 375 |
| Transfers into Level 3 | | (8 | ) | | 503 |
| | (59 | ) | | 436 |
| Transfers out of Level 3 | | 22 |
| | (170 | ) | | — |
| | (148 | ) | Balance, September 30, 2017 | | $ | (3 | ) | | $ | 569 |
| | $ | (249 | ) | | $ | 317 |
|
Derivatives, net, readily marketable inventories, and trade accounts receivable/payable net, includes gains/(losses) of $(6) million, $(19) million and $3 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2017. |
| Reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) |
The tables below present reconciliations for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2018 and 2017. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant. | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2018 | (US$ in millions) | | Derivatives, Net | | Readily Marketable Inventories | | Trade Accounts Receivable/ (Payable), Net | | Total | Balance, July 1, 2018 | | $ | 16 |
| | $ | 1,225 |
| | $ | (265 | ) | | $ | 976 |
| Total gains and (losses), realized/unrealized included in cost of goods sold | | (12 | ) | | 80 |
| | 4 |
| | 72 |
| Purchases | | — |
| | 317 |
| | (31 | ) | | 286 |
| Sales | | — |
| | (898 | ) | | — |
| | (898 | ) | Issuances | | (2 | ) | | — |
| | — |
| | (2 | ) | Settlements | | (2 | ) | | — |
| | 231 |
| | 229 |
| Transfers into Level 3 | | (5 | ) | | 255 |
| | (1 | ) | | 249 |
| Transfers out of Level 3 | | — |
| | (33 | ) | | (32 | ) | | (65 | ) | Balance, September 30, 2018 | | $ | (5 | ) | | $ | 946 |
| | $ | (94 | ) | | $ | 847 |
|
Derivatives, net, readily marketable inventories, and trade accounts receivable/payable net, include gains/(losses) of $(19) million, $50 million and $0 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2018. | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2017 | (US$ in millions) | | Derivatives, Net | | Readily Marketable Inventories | | Trade Accounts Receivable/ (Payable), Net | | Total | Balance, July 1, 2017 | | $ | — |
| | $ | 623 |
| | $ | (453 | ) | | $ | 170 |
| Total gains and (losses), realized/unrealized included in cost of goods sold | | (4 | ) | | 23 |
| | (2 | ) | | 17 |
| Purchases | | 3 |
| | 233 |
| | (5 | ) | | 231 |
| Sales | | — |
| | (443 | ) | | — |
| | (443 | ) | Issuances | | (3 | ) | | — |
| | — |
| | (3 | ) | Settlements | | (1 | ) | | — |
| | 214 |
| | 213 |
| Transfers into Level 3 | | (1 | ) | | 162 |
| | (4 | ) | | 157 |
| Transfers out of Level 3 | | 3 |
| | (29 | ) | | 1 |
| | (25 | ) | Balance, September 30, 2017 | | $ | (3 | ) | | $ | 569 |
| | $ | (249 | ) | | $ | 317 |
|
Derivatives, net, readily marketable inventories, and trade accounts receivable/payable net, includes gains/(losses) of $(2) million, $11 million and $(3) million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2017. | | | | | | | | | | | | | | | | | |
|
| Nine Months Ended September 30, 2018 | (US$ in millions) |
| Derivatives,
Net |
| Readily
Marketable
Inventories |
| Trade
Accounts
Receivable/
(Payable), Net |
| Total | Balance, January 1, 2018 |
| $ | 2 |
|
| $ | 365 |
|
| $ | (116 | ) |
| $ | 251 |
| Total gains and losses (realized/unrealized) included in cost of goods sold |
| (1 | ) |
| 189 |
|
| 17 |
|
| 205 |
| Purchases |
| 10 |
|
| 1,462 |
|
| (282 | ) |
| 1,190 |
| Sales |
| — |
|
| (1,444 | ) |
| — |
|
| (1,444 | ) | Issuances |
| (11 | ) |
| — |
|
| — |
|
| (11 | ) | Settlements |
| 5 |
|
| — |
|
| 381 |
|
| 386 |
| Transfers into Level 3 |
| (9 | ) |
| 530 |
|
| (80 | ) |
| 441 |
| Transfers out of Level 3 |
| (1 | ) |
| (156 | ) |
| (14 | ) |
| (171 | ) | Balance, September 30, 2018 |
| $ | (5 | ) |
| $ | 946 |
|
| $ | (94 | ) |
| $ | 847 |
|
Derivatives, net, readily marketable inventories, and trade accounts receivable/payable net, include gains/(losses) of $(17) million, $31 million and $0 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2018. | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2017 | (US$ in millions) | | Derivatives,
Net | | Readily
Marketable
Inventories | | Trade
Accounts
Receivable/
(Payable), Net | | Total | Balance, January 1, 2017 | | $ | (51 | ) | | $ | 237 |
| | $ | (44 | ) | | $ | 142 |
| Total gains and losses (realized/unrealized) included in cost of goods sold | | (36 | ) | | 95 |
| | 9 |
| | 68 |
| Purchases | | 8 |
| | 1,376 |
| | (460 | ) | | 924 |
| Sales | | — |
| | (1,472 | ) | | — |
| | (1,472 | ) | Issuances | | (8 | ) | | — |
| | — |
| | (8 | ) | Settlements | | 70 |
| | — |
| | 305 |
| | 375 |
| Transfers into Level 3 | | (8 | ) | | 503 |
| | (59 | ) | | 436 |
| Transfers out of Level 3 | | 22 |
| | (170 | ) | | — |
| | (148 | ) | Balance, September 30, 2017 | | $ | (3 | ) | | $ | 569 |
| | $ | (249 | ) | | $ | 317 |
|
Derivatives, net, readily marketable inventories, and trade accounts receivable/payable net, includes gains/(losses) of $(6) million, $(19) million and $3 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2017. |
| Summary of outstanding derivative instruments |
The table below provides information about the balance sheet values of hedged items and the notional amount of derivatives used in hedging strategies. | | | | | | | | | (US$ in millions) | September 30, 2018 | December 31, 2017 | Hedging instrument type: | | | Fair value hedges of interest rate risk | | | | Carrying value of hedged debt | $ | 2,198 |
| $ | 2,071 |
| | Cumulative adjustment to long-term debt from application of hedge accounting | $ | (69 | ) | $ | (31 | ) | | Interest rate swap - notional amount | $ | 2,276 |
| $ | 2,109 |
| | | | | Fair value hedges of currency risk | | | | Carrying value of hedged debt | $ | 304 |
| $ | — |
| | Cumulative adjustment to long-term debt from application of hedge accounting | $ | — |
| $ | — |
| | Cross currency swap - notional amount | $ | 304 |
| $ | — |
| | | | | Cash flow hedges of currency risk | | | | Foreign currency forward - notional amount | $ | 58 |
| $ | 237 |
| | | | | Net investment hedges | | | | Foreign currency forward - notional amount | $ | 1,040 |
| $ | 1,000 |
| | Carrying value of non-derivative hedging instrument | $ | 922 |
| $ | 725 |
|
The table below summarizes the volume of economic derivatives as of September 30, 2018 and 2017. For those contracts traded bilaterally through the over-the-counter markets (e.g., forwards, forward rate agreements ("FRA") and swaps), the gross position is provided. For exchange traded (e.g., futures, FFAs and options) and cleared positions (e.g., energy swaps), the net position is provided for positions on the same exchange. | | | | | | | | | | | | | | | | September 30, | | | 2018 | 2017 | Unit of Measure | (US$ in millions) | Long | (Short) | Long | (Short) | Interest rate | |
| | |
| |
| | Swaps | $ | 2,429 |
| $ | (123 | ) | $ | — |
| $ | (1,574 | ) | $ Notional | Futures | $ | — |
| $ | (2 | ) | $ | — |
| $ | — |
| $ Notional | FRA | $ | 339 |
| $ | (339 | ) | $ | — |
| $ | (800 | ) | $ Notional | Currency | | | | | | Forwards | $ | 13,559 |
| $ | (12,703 | ) | $ | 10,548 |
| $ | (10,824 | ) | $ Notional | Swaps | $ | 253 |
| $ | (601 | ) | $ | 593 |
| $ | (552 | ) | $ Notional | Futures | $ | — |
| $ | (134 | ) | $ | — |
| $ | (10 | ) | $ Notional | Options | $ | 828 |
| $ | (791 | ) | $ | 430 |
| $ | (368 | ) | Delta | Agricultural commodities | | | | | | Forwards | 31,629,110 |
| (31,649,079 | ) | 22,381,787 |
| (31,604,107 | ) | Metric Tons | Swaps | 277,869 |
| (9,901,922 | ) | 300,458 |
| (6,483,877 | ) | Metric Tons | Futures | 2,348,833 |
| — |
| 2,244,228 |
| — |
| Metric Tons | Options | 1,025,532 |
| — |
| 63,027 |
| — |
| Metric Tons | Ocean freight | | | | | | FFA | — |
| (5,837 | ) | — |
| (2,098 | ) | Hire Days | FFA options | 566 |
| — |
| 315 |
| — |
| Hire Days | Natural gas | | | | | | Swaps | 1,290,974 |
| — |
| 635,687 |
| — |
| MMBtus | Futures | 973,161 |
| — |
| 4,553,161 |
| — |
| MMBtus | Energy - other | | | | | | Forwards | 5,536,690 |
| — |
| 6,048,869 |
| — |
| Metric Tons | Futures | — |
| (21,408 | ) | 351,786 |
| — |
| Metric Tons | Swaps | 208,200 |
| — |
| 227,600 |
| — |
| Metric Tons |
|
| Summary of effect of derivative instruments designated as fair value hedges and undesignated derivative instruments on condensed consolidated statements of income |
The tables below summarize the net effect of derivative instruments on the condensed consolidated statements of income for the three and nine months ended September 30, 2018 and 2017. | | | | | | | | | | | Gain (Loss) Recognized in
Income on Derivative Instruments | | | Three Months Ended September 30, | (US$ in millions) | | 2018 | 2017 | Income statement classification | Type of derivative | | | Net sales | | | | Hedge accounting | Foreign currency | $ | (1 | ) | $ | — |
| | | | | Cost of goods sold | | | | Hedge accounting | Foreign currency | $ | — |
| $ | — |
| Economic hedges | Foreign currency | (32 | ) | 80 |
| | Commodities | 313 |
| 102 |
| | Freight | 8 |
| 7 |
| | Energy | 6 |
| 7 |
| Total Cost of goods sold | | $ | 295 |
| $ | 196 |
| | | | | Interest expense | | | | Hedge accounting | Interest rate | $ | (3 | ) | $ | 3 |
| | | | | Foreign exchange gains (losses) | | | | Hedge accounting | Foreign currency | $ | (6 | ) | $ | — |
| Economic hedges | Foreign currency | 46 |
| 60 |
| Total Foreign exchange gains (losses) | | $ | 40 |
| $ | 60 |
| | | | | Other comprehensive income (loss) | | | | Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in other comprehensive income (loss) during the period | $ | 3 |
| $ | 14 |
| Gains and losses on derivatives used as net investment hedges included in other comprehensive income (loss) during the period | $ | 1 |
| $ | (19 | ) | Foreign currency gains and losses on intercompany loans used as net investment hedges included in other comprehensive income (loss) during the period | $ | 7 |
| $ | (31 | ) | Gains and losses on derivatives used as fair value hedges of foreign currency risk included in other comprehensive income (loss) during the period
| $ | — |
| $ | — |
| | | | Amounts released from accumulated other comprehensive income (loss) during the period | | | Cash flow hedge of foreign currency risk | $ | — |
| $ | 10 |
|
| | | | | | | | | | | Gain (Loss) Recognized in
Income on Derivative Instruments | | | Nine Months Ended September 30, | (US$ in millions) | | 2018 | 2017 | Income statement classification | Type of derivative | | | Net sales | | | | Hedge accounting | Foreign currency | $ | (2 | ) | $ | — |
| | | | | Cost of goods sold | | | | Hedge accounting | Foreign currency | $ | 1 |
| $ | — |
| Economic hedges | Foreign currency | (446 | ) | 62 |
| | Commodities | 485 |
| 514 |
| | Freight | (13 | ) | 4 |
| | Energy | 27 |
| (6 | ) | Total Cost of goods sold | | $ | 54 |
| $ | 574 |
| | | | | Interest expense | | | | Hedge accounting | Interest rate | $ | (3 | ) | $ | 11 |
| | | | | Foreign exchange gains (losses) | | | | Hedge accounting | Foreign currency | $ | (18 | ) | $ | — |
| Economic hedges | Foreign currency | 2 |
| 82 |
| Total Foreign exchange gains (losses) | | $ | (16 | ) | $ | 82 |
| | | | | Other comprehensive income (loss) | | | | Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in other comprehensive income (loss) during the period | $ | (2 | ) | $ | 15 |
| Gains and losses on derivatives used as net investment hedges included in other comprehensive income (loss) during the period | $ | 134 |
| $ | (21 | ) | Foreign currency gains and losses on intercompany loans used as net investment hedges included in other comprehensive income (loss) during the period | $ | 42 |
| $ | (101 | ) | Gains and losses on derivatives used as fair value hedges of foreign currency risk included in other comprehensive income (loss) during the period
| $ | (1 | ) | $ | — |
| | | | Amounts released from accumulated other comprehensive income (loss) during the period | | | Cash flow hedge of foreign currency risk | $ | (1 | ) | $ | 27 |
|
|