v3.20.1
OTHER NON-CURRENT ASSETS
 3 Months Ended
Mar. 31, 2020
Other Assets, Noncurrent [Abstract]  
OTHER NON-CURRENT ASSETS OTHER NON-CURRENT ASSETS
Other non-current assets consist of the following:
(US$ in millions)
 
March 31,
2020
 
December 31,
2019
Recoverable taxes, net (1)
 
$
68

 
$
48

Judicial deposits (1)
 
85

 
106

Other long-term receivables
 
4

 
6

Income taxes receivable 
 
187

 
208

Long-term investments
 
88

 
83

Affiliate loans receivable
 
18

 
29

Long-term receivables from farmers in Brazil, net (1)
 
87

 
69

Other
 
185

 
129

Total
 
$
722

 
$
678

(1)
These non-current assets arise primarily from the Company’s Brazilian operations and their realization could take several years.
Recoverable taxes, net - Recoverable taxes are reported net of allowances of $31 million and $41 million at March 31, 2020 and December 31, 2019, respectively.
Judicial deposits - Judicial deposits are funds the Company has placed on deposit with the courts in Brazil. These funds are held in judicial escrow relating to certain legal proceedings pending resolution and bear interest at the SELIC rate, which is the benchmark rate of the Brazilian central bank.
Income taxes receivable - Income taxes receivable include overpayments of current income taxes plus accrued interest. These income tax prepayments are expected to be primarily utilized for settlement of future income tax obligations. Income taxes receivable in Brazil bear interest at the SELIC rate.
Affiliate loans receivable - Affiliate loans receivable are primarily interest-bearing receivables from unconsolidated affiliates with a remaining maturity of greater than one year.
Long-term receivables from farmers in Brazil, net - The Company provides financing to farmers in Brazil, primarily through secured advances against farmer commitments to deliver agricultural commodities (primarily soybeans) upon harvest of the then-current year’s crop and through credit sales of fertilizer to farmers. Certain such long-term receivables from farmers are originally recorded in other current assets as prepaid commodity contracts or secured advances to suppliers (see Note 8 - Other Current Assets) and reclassified to other non-current assets when collection issues with farmers arise and amounts become past due with resolution of such matters expected to take more than one year.
The average recorded investment in long-term receivables from farmers in Brazil for the three months ended March 31, 2020 and the year ended December 31, 2019 was $168 million and $186 million, respectively.  The table below summarizes the Company’s recorded investment in long-term receivables from farmers in Brazil and the related allowance amounts.
 
 
March 31, 2020
 
December 31, 2019
(US$ in millions)
 
Recorded
Investment
 
Allowance
 
Recorded
Investment
 
Allowance
For which an allowance has been provided:
 
 

 
 

 
 

 
 

Legal collection process (1)
 
$
71

 
$
60

 
$
95

 
$
85

Renegotiated amounts
 
8

 
8

 
11

 
11

For which no allowance has been provided:
 
 

 
 

 
 

 
 

Legal collection process (1)
 
37

 
—

 
50

 
—

Renegotiated amounts (2)
 
4

 
—

 
5

 
—

Other long-term receivables
 
35

 
—

 
4

 
—

Total
 
$
155

 
$
68

 
$
165

 
$
96


(1)
All amounts in legal process are considered past due upon initiation of legal action.
(2)
All renegotiated amounts are current on repayment terms.
The table below summarizes the activity in the allowance for doubtful accounts related to long-term receivables from farmers in Brazil.
 
 
Three Months Ended
March 31,
(US$ in millions)
 
2020
 
2019
Beginning balance
 
$
96

 
$
106

Bad debt provisions
 
2

 
1

Recoveries
 
(8
)
 
(1
)
Foreign exchange translation
 
(22
)
 
(1
)
Ending balance
 
$
68

 
$
105