v3.20.1

OTHER CURRENT ASSETS (Tables)

3 Months Ended

Mar. 31, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of other current assets

Other current assets consist of the following:

(US$ in millions)		March 31, 2020				December 31, 2019
Unrealized gains on derivative contracts, at fair value		$	1,639			$	927
Prepaid commodity purchase contracts (1)		198				153
Secured advances to suppliers, net (2)		299				346
Recoverable taxes, net		339				476
Margin deposits		486				285
Marketable securities, at fair value, and other short-term investments		284				393
Deferred purchase price receivable(3)		112				105
Income taxes receivable		24				37
Prepaid expenses		221				221
Other		187				170
Total		$	3,789			$	3,113

(1) Prepaid commodity purchase contracts represent advance payments against contracts for future delivery of specified quantities of agricultural commodities.

(2) The Company provides cash advances to suppliers, primarily Brazilian farmers of soybeans, to finance a portion of the suppliers’ production costs.  The Company does not bear any of the costs or operational risks associated with the related growing crops.  The advances are largely collateralized by future crops and physical assets of the suppliers, carry a local market interest rate, and settle when the farmers' crops are harvested and sold.  The secured advances to farmers are reported net of allowances of $1 million at March 31, 2020 and $1 million at December 31, 2019.

Interest earned on secured advances to suppliers of $12 million and $7 million for the three months ended March 31, 2020 and 2019, respectively, is included in net sales in the condensed consolidated statements of income.

(3)

Deferred purchase price receivable represents additional credit support for the investment conduits in the Company’s trade receivables securitization program (see Note 6 - Trade Accounts Receivable and Trade Receivable Securitization Program).

Summary of marketable securities and other short-term investments

The following is a summary of amounts recorded in the Company's condensed consolidated balance sheets as marketable securities and other short-term investments.

(US$ in millions)		March 31, 2020				December 31, 2019
Foreign government securities		$	145			$	212
Corporate debt securities		124				161
Equity securities		9				14
Other		6				6
Total		$	284			$	393

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Tabular disclosure of investment.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 325
-URI http://asc.fasb.org/topic&trid=2197064

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 321
-URI http://asc.fasb.org/topic&trid=75115024

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-URI http://asc.fasb.org/topic&trid=2196965

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