v3.10.0.1
SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2018
Segment Reporting [Abstract]  
Operating Segment Information
The segment revenues generated from these transfers are shown in the following table as “Inter-segment revenues.”
 
 
Three Months Ended September 30, 2018
(US$ in millions)
 
Agribusiness
 
Edible
Oil
Products
 
Milling
Products
 
Sugar and
Bioenergy
 
Fertilizer
 
Discontinued
Operations &
Unallocated (1)
 
Total
Net sales to external customers
 
$
7,905

 
$
2,298

 
$
427

 
$
629

 
$
153

 
$
—

 
$
11,412

Inter–segment revenues
 
1,162

 
38

 
—

 
—

 
1

 
(1,201
)
 
—

Foreign exchange gains (losses)
 
(23
)
 
(2
)
 
4

 
3

 
(2
)
 
—

 
(20
)
Noncontrolling interests (1)
 
(10
)
 
(1
)
 
—

 
1

 
(1
)
 
2

 
(9
)
Other income (expense) – net
 
(4
)
 
(1
)
 
(1
)
 
(1
)
 
—

 
(12
)
 
(19
)
Segment EBIT (2)
 
464

 
30

 
30

 
—

 
23

 
(12
)
 
535

Discontinued operations (3)
 
—

 
—

 
—

 
—

 
—

 
7

 
7

Depreciation, depletion and amortization
 
(61
)
 
(40
)
 
(15
)
 
(41
)
 
(2
)
 
—

 
(159
)
Total assets
 
13,767

 
3,926

 
1,498

 
1,763

 
345

 
147

 
21,446

 
 
Three Months Ended September 30, 2017
(US$ in millions)
 
Agribusiness
 
Edible
Oil
Products
 
Milling
Products
 
Sugar and
Bioenergy
 
Fertilizer
 
Discontinued
Operations &
Unallocated (1)
 
Total
Net sales to external customers
 
$
7,720

 
$
2,027

 
$
397

 
$
1,158

 
$
121

 
$
—

 
$
11,423

Inter–segment revenues
 
1,097

 
40

 
—

 
19

 
3

 
(1,159
)
 
—

Foreign exchange gains (losses)
 
1

 
—

 
—

 
1

 
(1
)
 
—

 
1

Noncontrolling interests (1)
 
2

 
(2
)
 
—

 
—

 
(1
)
 
1

 
—

Other income (expense) – net
 
24

 
(2
)
 
(1
)
 
4

 
—

 
—

 
25

Segment EBIT (2)
 
103

 
34

 
23

 
10

 
5

 
—

 
175

Discontinued operations (3)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Depreciation, depletion and amortization
 
(69
)
 
(27
)
 
(16
)
 
(51
)
 
(3
)
 
—

 
(166
)
Total assets
 
13,286

 
2,508

 
1,542

 
2,670

 
357

 
189

 
20,552


 
 
Nine Months Ended September 30, 2018
(US$ in millions)
 
Agribusiness
 
Edible
Oil
Products
 
Milling
Products
 
Sugar and
Bioenergy
 
Fertilizer
 
Discontinued
Operations &
Unallocated (1)
 
Total
Net sales to external customers
 
$
24,092

 
$
6,772

 
$
1,262

 
$
1,774

 
$
300

 
$
—

 
$
34,200

Inter–segment revenues
 
3,457

 
128

 
—

 
18

 
1

 
(3,604
)
 
—

Foreign exchange gains (losses)
 
(116
)
 
2

 
4

 
—

 
(6
)
 
—

 
(116
)
Noncontrolling interests (1)
 
(9
)
 
(6
)
 
—

 
1

 
(2
)
 
3

 
(13
)
Other income (expense) – net
 
42

 
(5
)
 
(3
)
 
(14
)
 
1

 
(12
)
 
9

Segment EBIT (2)
 
612

 
69

 
73

 
(87
)
 
12

 
(12
)
 
667

Discontinued operations (3)
 
—

 
—

 
—

 
—

 
—

 
12

 
12

Depreciation, depletion and amortization
 
(192
)
 
(113
)
 
(44
)
 
(108
)
 
(6
)
 
—

 
(463
)
Total assets
 
13,767

 
3,926

 
1,498

 
1,763

 
345

 
147

 
21,446

 
 
Nine Months Ended September 30, 2017
(US$ in millions)
 
Agribusiness
 
Edible
Oil
Products
 
Milling
Products
 
Sugar and
Bioenergy
 
Fertilizer
 
Discontinued
Operations &
Unallocated (1)
 
Total
Net sales to external customers
 
$
23,837

 
$
5,877

 
$
1,169

 
$
3,052

 
$
254

 
$
—

 
$
34,189

Inter–segment revenues
 
3,136

 
111

 
5

 
19

 
3

 
(3,274
)
 
—

Foreign exchange gains (losses)
 
93

 
4

 
(1
)
 
10

 
2

 
—

 
108

Noncontrolling interests (1)
 
(3
)
 
(5
)
 
—

 
—

 
(2
)
 
3

 
(7
)
Other income (expense) – net
 
27

 
—

 
(2
)
 
(1
)
 
—

 
—

 
24

Segment EBIT (2)
 
230

 
98

 
48

 
1

 
4

 
—

 
381

Discontinued operations (3)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Depreciation, depletion and amortization
 
(196
)
 
(77
)
 
(46
)
 
(120
)
 
(9
)
 
—

 
(448
)
Total assets
 
13,286

 
2,508

 
1,542

 
2,670

 
357

 
189

 
20,552

 

(1)
Includes noncontrolling interests share of interest and tax to reconcile to consolidated noncontrolling interest.
(2) 
Total segment earnings before interest and taxes (“EBIT”) is an operating performance measure used by Bunge’s management to evaluate segment operating activities. Bunge’s management believes total segment EBIT is a useful measure of operating profitability, since the measure allows for an evaluation of the performance of its segments without regard to its financing methods or capital structure. In addition, total segment EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industry. However, 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 U.S. GAAP financial measure. Further, 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. See the reconciliation of total segment EBIT to net income (loss) in the table below.
(3)
Represents net income (loss) from discontinued operations.
Reconciliation of Total Segment EBIT to net income attributable to Bunge
A reconciliation of total Segment EBIT to net income (loss) attributable to Bunge follows:
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(US$ in millions)
 
2018
 
2017
 
2018
 
2017
Total Segment EBIT from continuing operations
 
$
535

 
$
175

 
$
667

 
$
381

Interest income
 
7

 
9

 
21

 
29

Interest expense
 
(101
)
 
(64
)
 
(265
)
 
(191
)
Income tax (expense) benefit
 
(85
)
 
(29
)
 
(106
)
 
(2
)
Income (loss) from discontinued operations, net of tax
 
7

 
—

 
12

 
—

Noncontrolling interests' share of interest and tax
 
2

 
1

 
3

 
3

Net income (loss) attributable to Bunge
 
$
365

 
$
92

 
$
332

 
$
220
Net sales by product group to external customers
The following tables provide a disaggregation of net sales to external customers between sales from contracts with customers and sales from other arrangements:
 
 
Three Months Ended September 30, 2018
(US$ in millions)
 
Agribusiness
 
Edible
Oil
Products
 
Milling
Products
 
Sugar and
Bioenergy
 
Fertilizer
 
Total
Sales from other arrangements
 
7,641

 
492

 
22

 
431

 
—

 
8,586

Sales from contracts with customers
 
$
264

 
$
1,806

 
$
405

 
$
198

 
$
153

 
$
2,826

Net sales to external customers
 
7,905

 
2,298

 
427

 
629

 
153

 
11,412


 
 
Nine Months Ended September 30, 2018
(US$ in millions)
 
Agribusiness
 
Edible
Oil
Products
 
Milling
Products
 
Sugar and
Bioenergy
 
Fertilizer
 
Total
Sales from other arrangements
 
23,209

 
1,334

 
48

 
1,317

 
—

 
25,908

Sales from contracts with customers
 
$
883

 
$
5,438

 
$
1,214

 
$
457

 
$
300

 
$
8,292

Net sales to external customers
 
24,092

 
6,772

 
1,262

 
1,774

 
300

 
34,200