v3.20.2

OTHER CURRENT ASSETS (Tables)

9 Months Ended

Sep. 30, 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)						September 30, 2020						December 31, 2019
Unrealized gains on derivative contracts, at fair value						$	2,258					$	927
Prepaid commodity purchase contracts (1)						303						153
Secured advances to suppliers, net (2)						339						346
Recoverable taxes, net						322						476
Margin deposits						654						285
Marketable securities, at fair value, and other short-term investments						294						393
Deferred purchase price receivable(3)						118						105
Income taxes receivable						27						37
Prepaid expenses						200						221
Other						214						170
Total						$	4,729					$	3,113

(1)    Prepaid commodity purchase contracts represent advance payments against contracts for future deliveries 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 September 30, 2020 and $1 million at December 31, 2019.

    Interest earned on secured advances to suppliers of $6 million for the three months ended September 30, 2020 and 2019, and $24 million and $19 million for the nine months ended September 30, 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)						September 30, 2020						December 31, 2019
Foreign government securities						$	129					$	212
Corporate debt securities						151						161
Equity securities						—						14
Other						14						6
Total						$	294					$	393

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Tabular disclosure of investment.

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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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