Bermuda
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98-0231912
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(State or other jurisdiction of incorporation or
organization)
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(I.R.S. Employer Identification No.)
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50 Main Street, White Plains, New York
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10606
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
ý
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Accelerated filer
¨
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Non-accelerated filer
¨
(Do not check if a smaller
reporting company)
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Smaller reporting company
¨
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Emerging growth company
¨
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Page
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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Item 1.
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Item 1A.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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ITEM 1.
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FINANCIAL STATEMENTS
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
||||||||||||
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2017
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2016
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2017
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2016
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||||||||
Net sales
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$
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11,423
|
|
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$
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11,423
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|
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$
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34,189
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$
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30,880
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Cost of goods sold
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(10,933
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)
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(10,867
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)
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(32,884
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)
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(29,174
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)
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||||
Gross profit
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490
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556
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1,305
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1,706
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||||
Selling, general and administrative expenses
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(340
|
)
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(324
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)
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(1,046
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)
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(941
|
)
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||||
Interest income
|
|
9
|
|
|
13
|
|
|
29
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|
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37
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|
||||
Interest expense
|
|
(64
|
)
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(73
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)
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(191
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)
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(189
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)
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||||
Foreign exchange gains (losses)
|
|
1
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|
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(6
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)
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108
|
|
|
9
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||||
Other income (expense) – net
|
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25
|
|
|
4
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24
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(14
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)
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||||
Income (loss) from continuing operations before income tax
|
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121
|
|
|
170
|
|
|
229
|
|
|
608
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|
||||
Income tax (expense) benefit
|
|
(29
|
)
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(45
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)
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(2
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)
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(118
|
)
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||||
Income (loss) from continuing operations
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92
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|
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125
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|
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227
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|
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490
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|
||||
Income (loss) from discontinued operations, net of tax
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—
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5
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—
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(8
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)
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||||
Net income (loss)
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92
|
|
|
130
|
|
|
227
|
|
|
482
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|
||||
Net (income) loss attributable to noncontrolling interests
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—
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(12
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)
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(7
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)
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(8
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)
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||||
Net income (loss) attributable to Bunge
|
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92
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|
|
118
|
|
|
220
|
|
|
474
|
|
||||
Convertible preference share dividends and other obligations
|
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(8
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)
|
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(2
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)
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(25
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)
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(27
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)
|
||||
Net income (loss) available to Bunge common shareholders
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$
|
84
|
|
|
$
|
116
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$
|
195
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$
|
447
|
|
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|
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|
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|
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||||||||
Earnings per common share—basic (Note 17)
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||||
Net income (loss) from continuing operations
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$
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0.59
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|
$
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0.80
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$
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1.39
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$
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3.25
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Net income (loss) from discontinued operations
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—
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0.03
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(0.01
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)
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(0.06
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)
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||||||||
Net income (loss) attributable to Bunge common shareholders
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$
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0.59
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$
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0.83
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$
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1.38
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$
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3.19
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||||||||
Earnings per common share—diluted (Note 17)
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||||
Net income (loss) from continuing operations
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$
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0.59
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$
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0.79
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$
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1.38
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$
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3.24
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Net income (loss) from discontinued operations
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—
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0.04
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(0.01
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)
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(0.05
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)
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||||||||
Net income (loss) attributable to Bunge common shareholders
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$
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0.59
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$
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0.83
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$
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1.37
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$
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3.19
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Dividends declared per common share
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$
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0.46
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$
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0.42
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$
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1.34
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$
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1.22
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
||||||||||||
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2017
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2016
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2017
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2016
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||||||||
Net income (loss)
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$
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92
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$
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130
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$
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227
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$
|
482
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Other comprehensive income (loss):
|
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|
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Foreign exchange translation adjustment
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332
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(87
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)
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458
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|
|
898
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|
||||
Unrealized gains (losses) on designated cash flow and net investment hedges, net of tax (expense) benefit of nil and nil in 2017 and nil and $(1) in 2016
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(37
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)
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—
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(108
|
)
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(339
|
)
|
||||
Unrealized gains (losses) on investments, net of tax (expense) benefit of nil and $(1) in 2017, nil and nil in 2016
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—
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—
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1
|
|
|
—
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|
||||
Reclassification of realized net losses (gains) to net income, net of tax expense (benefit) of $2 and $1 in 2017, nil and nil in 2016
|
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(12
|
)
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(13
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)
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(31
|
)
|
|
(13
|
)
|
||||
Pension adjustment, net of tax (expense) benefit of $(5) and $(1) in 2017, nil and nil in 2016
|
|
9
|
|
|
1
|
|
|
9
|
|
|
1
|
|
||||
Total other comprehensive income (loss)
|
|
292
|
|
|
(99
|
)
|
|
329
|
|
|
547
|
|
||||
Total comprehensive income (loss)
|
|
384
|
|
|
31
|
|
|
556
|
|
|
1,029
|
|
||||
Less: comprehensive (income) loss attributable to noncontrolling interests
|
|
(3
|
)
|
|
(20
|
)
|
|
(20
|
)
|
|
(20
|
)
|
||||
Total comprehensive income (loss) attributable to Bunge
|
|
$
|
381
|
|
|
$
|
11
|
|
|
$
|
536
|
|
|
$
|
1,009
|
|
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
ASSETS
|
|
|
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|
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Current assets:
|
|
|
|
|
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|
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Cash and cash equivalents
|
|
$
|
389
|
|
|
$
|
934
|
|
Time deposits under trade structured finance program (Note 5)
|
|
—
|
|
|
64
|
|
||
Trade accounts receivable (less allowances of $104 and $122) (Note 13)
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|
1,867
|
|
|
1,676
|
|
||
Inventories (Note 6)
|
|
5,848
|
|
|
4,773
|
|
||
Other current assets (Note 7)
|
|
3,881
|
|
|
3,645
|
|
||
Total current assets
|
|
11,985
|
|
|
11,092
|
|
||
Property, plant and equipment, net
|
|
5,420
|
|
|
5,099
|
|
||
Goodwill
|
|
515
|
|
|
373
|
|
||
Other intangible assets, net
|
|
338
|
|
|
336
|
|
||
Investments in affiliates
|
|
418
|
|
|
373
|
|
||
Deferred income taxes
|
|
548
|
|
|
524
|
|
||
Time deposits under trade structured finance program (Note 5)
|
|
313
|
|
|
464
|
|
||
Other non-current assets (Note 8)
|
|
1,015
|
|
|
927
|
|
||
Total assets
|
|
$
|
20,552
|
|
|
$
|
19,188
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
|
||
Short-term debt
|
|
$
|
1,021
|
|
|
$
|
257
|
|
Current portion of long-term debt (Note 12)
|
|
287
|
|
|
938
|
|
||
Letter of credit obligations under trade structured finance program (Note 5)
|
|
313
|
|
|
528
|
|
||
Trade accounts payable (includes $925 and $522 carried at fair value)
|
|
3,650
|
|
|
3,485
|
|
||
Other current liabilities (Note 10)
|
|
2,197
|
|
|
2,476
|
|
||
Total current liabilities
|
|
7,468
|
|
|
7,684
|
|
||
Long-term debt (Note 12)
|
|
4,246
|
|
|
3,069
|
|
||
Deferred income taxes
|
|
246
|
|
|
239
|
|
||
Other non-current liabilities
|
|
842
|
|
|
853
|
|
||
Commitments and contingencies (Note 15)
|
|
|
|
|
|
|
||
Equity
(Note 16):
|
|
|
|
|
|
|
||
Convertible perpetual preference shares, par value $.01; authorized, issued and outstanding: 2017 - 6,899,700 and 2016 – 6,900,000 shares (liquidation preference $100 per share)
|
|
690
|
|
|
690
|
|
||
Common shares, par value $.01; authorized – 400,000,000 shares; issued and outstanding: 2017 – 140,608,657 shares, 2016 – 139,500,862 shares
|
|
1
|
|
|
1
|
|
||
Additional paid-in capital
|
|
5,223
|
|
|
5,143
|
|
||
Retained earnings
|
|
8,214
|
|
|
8,208
|
|
||
Accumulated other comprehensive income (loss) (Note 16)
|
|
(5,662
|
)
|
|
(5,978
|
)
|
||
Treasury shares, at cost - 2017 and 2016 - 12,882,313 shares, respectively
|
|
(920
|
)
|
|
(920
|
)
|
||
Total Bunge shareholders’ equity
|
|
7,546
|
|
|
7,144
|
|
||
Noncontrolling interests
|
|
204
|
|
|
199
|
|
||
Total equity
|
|
7,750
|
|
|
7,343
|
|
||
Total liabilities and equity
|
|
$
|
20,552
|
|
|
$
|
19,188
|
|
|
|
Nine Months Ended
September 30, |
||||||
|
|
2017
|
|
2016
|
||||
OPERATING ACTIVITIES
|
|
|
|
|
|
|
||
Net income (loss)
|
|
$
|
227
|
|
|
$
|
482
|
|
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:
|
|
|
|
|
|
|
||
Impairment charges
|
|
26
|
|
|
17
|
|
||
Foreign exchange (gain) loss on net debt
|
|
28
|
|
|
115
|
|
||
Bad debt expense
|
|
8
|
|
|
16
|
|
||
Depreciation, depletion and amortization
|
|
448
|
|
|
402
|
|
||
Share-based compensation expense
|
|
27
|
|
|
31
|
|
||
Deferred income tax
|
|
(8
|
)
|
|
105
|
|
||
Other, net
|
|
14
|
|
|
1
|
|
||
Changes in operating assets and liabilities, excluding the effects of acquisitions:
|
|
|
|
|
|
|
||
Trade accounts receivable
|
|
(200
|
)
|
|
28
|
|
||
Inventories
|
|
(837
|
)
|
|
(487
|
)
|
||
Secured advances to suppliers
|
|
101
|
|
|
205
|
|
||
Trade accounts payable and accrued liabilities
|
|
265
|
|
|
233
|
|
||
Advances on sales
|
|
(200
|
)
|
|
(157
|
)
|
||
Net unrealized gain (loss) on derivative contracts
|
|
153
|
|
|
(157
|
)
|
||
Margin deposits
|
|
(26
|
)
|
|
(44
|
)
|
||
Marketable securities
|
|
(147
|
)
|
|
—
|
|
||
Other, net
|
|
(181
|
)
|
|
(155
|
)
|
||
Cash provided by (used for) operating activities
|
|
(302
|
)
|
|
635
|
|
||
INVESTING ACTIVITIES
|
|
|
|
|
|
|
||
Payments made for capital expenditures
|
|
(485
|
)
|
|
(488
|
)
|
||
Acquisitions of businesses (net of cash acquired)
|
|
(369
|
)
|
|
—
|
|
||
Proceeds from investments
|
|
398
|
|
|
584
|
|
||
Payments for investments
|
|
(686
|
)
|
|
(515
|
)
|
||
Settlement of net investment hedges
|
|
(23
|
)
|
|
(210
|
)
|
||
Payments for investments in affiliates
|
|
(77
|
)
|
|
(24
|
)
|
||
Other, net
|
|
8
|
|
|
(14
|
)
|
||
Cash provided by (used for) investing activities
|
|
(1,234
|
)
|
|
(667
|
)
|
||
FINANCING ACTIVITIES
|
|
|
|
|
|
|
||
Net change in short-term debt with maturities of 90 days or less
|
|
596
|
|
|
(128
|
)
|
||
Proceeds from short-term debt with maturities greater than 90 days
|
|
360
|
|
|
273
|
|
||
Repayments of short-term debt with maturities greater than 90 days
|
|
(206
|
)
|
|
(292
|
)
|
||
Proceeds from long-term debt
|
|
6,502
|
|
|
7,933
|
|
||
Repayments of long-term debt
|
|
(6,100
|
)
|
|
(7,430
|
)
|
||
Proceeds from the exercise of options for common shares
|
|
58
|
|
|
—
|
|
||
Repurchases of common shares
|
|
—
|
|
|
(200
|
)
|
||
Dividends paid
|
|
(207
|
)
|
|
(191
|
)
|
||
Acquisition of noncontrolling interest
|
|
—
|
|
|
(39
|
)
|
||
Other, net
|
|
(34
|
)
|
|
(28
|
)
|
||
Cash provided by (used for) financing activities
|
|
969
|
|
|
(102
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
|
22
|
|
|
20
|
|
||
Net increase (decrease) in cash and cash equivalents
|
|
(545
|
)
|
|
(114
|
)
|
||
Cash and cash equivalents, beginning of period
|
|
934
|
|
|
411
|
|
||
Cash and cash equivalents, end of period
|
|
$
|
389
|
|
|
$
|
297
|
|
|
|
|
|
|
Convertible
Preference Shares |
|
Common Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
Redeemable
Non- Controlling Interests |
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Additional
Paid-in Capital |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Treasury
Shares |
|
Non-
Controlling Interests |
|
Total
Equity |
||||||||||||||||||||
Balance, January 1, 2017
|
|
$
|
—
|
|
|
|
6,900,000
|
|
|
$
|
690
|
|
|
139,500,862
|
|
|
$
|
1
|
|
|
$
|
5,143
|
|
|
$
|
8,208
|
|
|
$
|
(5,978
|
)
|
|
$
|
(920
|
)
|
|
$
|
199
|
|
|
$
|
7,343
|
|
Net income (loss)
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
220
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
227
|
|
|||||||||
Other comprehensive income (loss)
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
316
|
|
|
—
|
|
|
13
|
|
|
329
|
|
|||||||||
Dividends on common shares
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(189
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(189
|
)
|
|||||||||
Dividends on preference shares
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25
|
)
|
|||||||||
Dividends to noncontrolling interests on subsidiary common stock
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(10
|
)
|
|||||||||
Noncontrolling decrease from redemption
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(5
|
)
|
|||||||||
Share-based compensation expense
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|||||||||
Issuance of common shares
|
|
—
|
|
|
|
(300
|
)
|
|
—
|
|
|
1,107,795
|
|
|
—
|
|
|
53
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53
|
|
|||||||||
Balance, September 30, 2017
|
|
$
|
—
|
|
|
|
6,899,700
|
|
|
$
|
690
|
|
|
140,608,657
|
|
|
$
|
1
|
|
|
$
|
5,223
|
|
|
$
|
8,214
|
|
|
$
|
(5,662
|
)
|
|
$
|
(920
|
)
|
|
$
|
204
|
|
|
$
|
7,750
|
|
|
|
|
|
|
Convertible
Preference Shares |
|
Common Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
Redeemable
Non- Controlling Interests |
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Additional
Paid-in Capital |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Treasury
Shares |
|
Non-
Controlling Interests |
|
Total
Equity |
||||||||||||||||||||
Balance, January 1, 2016
|
|
$
|
37
|
|
|
|
6,900,000
|
|
|
$
|
690
|
|
|
142,483,467
|
|
|
$
|
1
|
|
|
$
|
5,105
|
|
|
$
|
7,725
|
|
|
$
|
(6,360
|
)
|
|
$
|
(720
|
)
|
|
$
|
211
|
|
|
$
|
6,652
|
|
Net income (loss)
|
|
1
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
474
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
482
|
|
|||||||||
Accretion of noncontrolling interest
|
|
2
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|||||||||
Other comprehensive income (loss)
|
|
(1
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
535
|
|
|
—
|
|
|
12
|
|
|
547
|
|
|||||||||
Dividends on common shares
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(170
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(170
|
)
|
|||||||||
Dividends on preference shares
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25
|
)
|
|||||||||
Dividends to noncontrolling interests on subsidiary common stock
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|||||||||
Noncontrolling decrease from redemption
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
(7
|
)
|
|||||||||
Deconsolidation of a subsidiary
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
|
(22
|
)
|
|||||||||
Acquisition of noncontrolling interest
|
|
(39
|
)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Share-based compensation expense
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|||||||||
Repurchase of common shares
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
(3,296,230
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(200
|
)
|
|
—
|
|
|
(200
|
)
|
|||||||||
Issuance of common shares
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
265,539
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|||||||||
Balance, September 30, 2016
|
|
$
|
—
|
|
|
|
6,900,000
|
|
|
$
|
690
|
|
|
139,452,776
|
|
|
$
|
1
|
|
|
$
|
5,133
|
|
|
$
|
8,004
|
|
|
$
|
(5,825
|
)
|
|
$
|
(920
|
)
|
|
$
|
194
|
|
|
$
|
7,277
|
|
1.
|
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION
|
2.
|
ACCOUNTING PRONOUNCEMENTS
|
•
|
Controls or has the ability to modify or approve the services to be provided with the infrastructure and the related price
|
•
|
Controls, through ownership, beneficial entitlement, or otherwise, any residual interest in the infrastructure at the end of the term of the arrangement.
|
|
Severance and Other
|
|
Disposal of Assets
|
|
Professional
|
|
Total
|
||||||||
(US$ in millions)
|
Employee Benefit Costs
|
or Investments
|
Services
|
Charges
|
|||||||||||
Agribusiness Segment
|
$
|
4
|
|
|
$
|
17
|
|
|
$
|
3
|
|
|
$
|
24
|
|
Edible Oils Segment
|
2
|
|
|
1
|
|
|
1
|
|
|
4
|
|
||||
Milling Segment
|
1
|
|
|
1
|
|
|
1
|
|
|
3
|
|
||||
Sugar and Bioenergy Segment
|
—
|
|
|
1
|
|
|
1
|
|
|
2
|
|
||||
Total
|
$
|
7
|
|
|
$
|
20
|
|
|
$
|
6
|
|
|
$
|
33
|
|
4.
|
BUSINESS ACQUISITIONS
|
5.
|
TRADE STRUCTURED FINANCE PROGRAM
|
(US$ in millions)
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Current assets:
|
|
|
|
|
|
|
||
Carrying value of time deposits
|
|
$
|
—
|
|
|
$
|
64
|
|
Fair value (Level 2 measurement) of time deposits
|
|
$
|
—
|
|
|
$
|
64
|
|
|
|
|
|
|
||||
Non-current assets:
|
|
|
|
|
||||
Carrying value of time deposits
|
|
$
|
313
|
|
|
$
|
464
|
|
Fair value (Level 2 measurement) of time deposits
|
|
$
|
313
|
|
|
$
|
464
|
|
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Carrying value of letters of credit obligations
|
|
$
|
313
|
|
|
$
|
528
|
|
Fair value (Level 2 measurement) of letters of credit obligations
|
|
$
|
313
|
|
|
$
|
528
|
|
6.
|
INVENTORIES
|
(US$ in millions)
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Agribusiness
(1)
|
|
$
|
4,536
|
|
|
$
|
3,741
|
|
Edible Oil Products
(2)
|
|
442
|
|
|
404
|
|
||
Milling Products
|
|
187
|
|
|
167
|
|
||
Sugar and Bioenergy
(3)
|
|
583
|
|
|
406
|
|
||
Fertilizer
|
|
100
|
|
|
55
|
|
||
Total
|
|
$
|
5,848
|
|
|
$
|
4,773
|
|
|
(1)
|
Includes RMI of
$4,398 million
and
$3,593 million
at
September 30, 2017
and
December 31, 2016
, respectively. Of these amounts,
$3,351 million
and
$2,523 million
can be attributable to merchandising activities at
September 30, 2017
and
December 31, 2016
, respectively.
|
(2)
|
Includes RMI of bulk soybean and canola oil in the aggregate amount of
$109 million
and
$123 million
at
September 30, 2017
and
December 31, 2016
, respectively.
|
(3)
|
Includes sugar RMI of
$195 million
and
$139 million
at
September 30, 2017
and
December 31, 2016
, respectively. Of these amounts,
$189 million
and
$139 million
can be attributable to merchandising activities at
September 30, 2017
and
December 31, 2016
, respectively.
|
7.
|
OTHER CURRENT ASSETS
|
(US$ in millions)
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Unrealized gains on derivative contracts, at fair value
|
|
$
|
1,024
|
|
|
$
|
1,327
|
|
Prepaid commodity purchase contracts
(1)
|
|
418
|
|
|
273
|
|
||
Secured advances to suppliers, net
(2)
|
|
377
|
|
|
601
|
|
||
Recoverable taxes, net
|
|
459
|
|
|
467
|
|
||
Margin deposits
|
|
277
|
|
|
251
|
|
||
Marketable securities, at fair value and other short-term investments
|
|
544
|
|
|
94
|
|
||
Deferred purchase price receivable, at fair value
(3)
|
|
123
|
|
|
87
|
|
||
Income taxes receivable
|
|
235
|
|
|
181
|
|
||
Prepaid expenses
|
|
147
|
|
|
148
|
|
||
Other
|
|
277
|
|
|
216
|
|
||
Total
|
|
$
|
3,881
|
|
|
$
|
3,645
|
|
|
(1)
|
Prepaid commodity purchase contracts represent advance payments against contracts for future delivery of specified quantities of agricultural commodities.
|
(2)
|
Bunge provides cash advances to suppliers, primarily Brazilian farmers of soybeans and sugarcane, to finance a portion of the suppliers’ production costs. Bunge 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 farmer’s crop is harvested and sold. The secured advances to farmers are reported net of allowances of
$1 million
at
September 30, 2017
and
$1 million
at
December 31, 2016
. There were no significant changes in the allowance at
September 30, 2017
and
December 31, 2016
, respectively.
|
(3)
|
Deferred purchase price receivable represents additional credit support for the investment conduits in Bunge’s accounts receivables sales program (see Note 13).
|
(US$ in millions)
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Foreign government securities
|
|
$
|
521
|
|
|
$
|
28
|
|
Corporate debt securities
|
|
21
|
|
|
57
|
|
||
Certificate of deposits/time deposits
|
|
—
|
|
|
7
|
|
||
Other
|
|
2
|
|
|
2
|
|
||
Total marketable securities and other short-term investments
|
|
$
|
544
|
|
|
$
|
94
|
|
8.
|
OTHER NON-CURRENT ASSETS
|
(US$ in millions)
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Recoverable taxes, net
(1)
|
|
$
|
142
|
|
|
$
|
139
|
|
Judicial deposits
(1)
|
|
143
|
|
|
129
|
|
||
Other long-term receivables
|
|
13
|
|
|
23
|
|
||
Income taxes receivable
(1)
|
|
294
|
|
|
261
|
|
||
Long-term investments
|
|
63
|
|
|
54
|
|
||
Affiliate loans receivable
|
|
26
|
|
|
25
|
|
||
Long-term receivables from farmers in Brazil, net
(1)
|
|
148
|
|
|
133
|
|
||
Other
|
|
186
|
|
|
163
|
|
||
Total
|
|
$
|
1,015
|
|
|
$
|
927
|
|
|
(1)
|
These non-current assets arise primarily from Bunge’s Brazilian operations and their realization could take several years.
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||
(US$ in millions)
|
|
Recorded
Investment
|
|
Allowance
|
|
Recorded
Investment
|
|
Allowance
|
||||||||
For which an allowance has been provided:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Legal collection process
(1)
|
|
$
|
102
|
|
|
$
|
87
|
|
|
$
|
84
|
|
|
$
|
78
|
|
Renegotiated amounts
(2)
|
|
27
|
|
|
24
|
|
|
36
|
|
|
31
|
|
||||
For which no allowance has been provided:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Legal collection process
(1)
|
|
77
|
|
|
—
|
|
|
60
|
|
|
—
|
|
||||
Renegotiated amounts
(2)
|
|
21
|
|
|
—
|
|
|
16
|
|
|
—
|
|
||||
Other long-term receivables
|
|
32
|
|
|
—
|
|
|
46
|
|
|
—
|
|
||||
Total
|
|
$
|
259
|
|
|
$
|
111
|
|
|
$
|
242
|
|
|
$
|
109
|
|
(1)
|
All amounts in legal process are considered past due upon initiation of legal action.
|
(2)
|
All renegotiated amounts are current on repayment terms.
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(US$ in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Beginning balance
|
|
$
|
109
|
|
|
$
|
111
|
|
|
$
|
109
|
|
|
$
|
100
|
|
Bad debt provisions
|
|
—
|
|
|
—
|
|
|
10
|
|
|
1
|
|
||||
Recoveries
|
|
(3
|
)
|
|
(2
|
)
|
|
(11
|
)
|
|
(11
|
)
|
||||
Transfers
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Foreign exchange translation
|
|
5
|
|
|
(1
|
)
|
|
3
|
|
|
18
|
|
||||
Ending balance
|
|
$
|
111
|
|
|
$
|
109
|
|
|
$
|
111
|
|
|
$
|
109
|
|
9.
|
INCOME TAXES
|
10.
|
OTHER CURRENT LIABILITIES
|
(US$ in millions)
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Unrealized losses on derivative contracts, at fair value
|
|
$
|
1,054
|
|
|
$
|
1,203
|
|
Accrued liabilities
|
|
663
|
|
|
548
|
|
||
Advances on sales
|
|
196
|
|
|
395
|
|
||
Other
|
|
284
|
|
|
330
|
|
||
Total
|
|
$
|
2,197
|
|
|
$
|
2,476
|
|
11.
|
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
|
|
|
Fair Value Measurements at Reporting Date
|
||||||||||||||||||||||||||||||
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||||||||||
(US$ in millions)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Readily marketable inventories (Note 6)
|
|
$
|
—
|
|
|
$
|
4,133
|
|
|
$
|
569
|
|
|
$
|
4,702
|
|
|
$
|
—
|
|
|
$
|
3,618
|
|
|
$
|
237
|
|
|
$
|
3,855
|
|
Trade accounts receivable
(1)
|
|
—
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
6
|
|
||||||||
Unrealized gain on designated derivative contracts
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest rate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||||
Foreign exchange
|
|
—
|
|
|
25
|
|
|
—
|
|
|
25
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
29
|
|
||||||||
Unrealized gain on undesignated derivative contracts
(2):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||||
Foreign exchange
|
|
—
|
|
|
416
|
|
|
—
|
|
|
416
|
|
|
—
|
|
|
312
|
|
|
—
|
|
|
312
|
|
||||||||
Commodities
|
|
107
|
|
|
406
|
|
|
19
|
|
|
532
|
|
|
421
|
|
|
431
|
|
|
96
|
|
|
948
|
|
||||||||
Freight
|
|
25
|
|
|
—
|
|
|
6
|
|
|
31
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
16
|
|
||||||||
Energy
|
|
20
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
23
|
|
|
1
|
|
|
—
|
|
|
24
|
|
||||||||
Deferred purchase price receivable (Note 13 )
|
|
—
|
|
|
123
|
|
|
—
|
|
|
123
|
|
|
—
|
|
|
87
|
|
|
—
|
|
|
87
|
|
||||||||
Other
(3)
|
|
14
|
|
|
684
|
|
|
—
|
|
|
698
|
|
|
18
|
|
|
108
|
|
|
—
|
|
|
126
|
|
||||||||
Total assets
|
|
$
|
166
|
|
|
$
|
5,793
|
|
|
$
|
594
|
|
|
$
|
6,553
|
|
|
$
|
478
|
|
|
$
|
4,594
|
|
|
$
|
333
|
|
|
$
|
5,405
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Trade accounts payable
(1)
|
|
$
|
—
|
|
|
$
|
676
|
|
|
$
|
249
|
|
|
$
|
925
|
|
|
$
|
—
|
|
|
$
|
478
|
|
|
$
|
44
|
|
|
$
|
522
|
|
Unrealized loss on designated derivative contracts
(4):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate
|
|
—
|
|
|
20
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
18
|
|
||||||||
Unrealized loss on undesignated derivative contracts
(4):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Foreign exchange
|
|
—
|
|
|
419
|
|
|
—
|
|
|
419
|
|
|
—
|
|
|
233
|
|
|
—
|
|
|
233
|
|
||||||||
Commodities
|
|
141
|
|
|
432
|
|
|
20
|
|
|
593
|
|
|
356
|
|
|
444
|
|
|
144
|
|
|
944
|
|
||||||||
Freight
|
|
19
|
|
|
—
|
|
|
5
|
|
|
24
|
|
|
14
|
|
|
—
|
|
|
1
|
|
|
15
|
|
||||||||
Energy
|
|
14
|
|
|
—
|
|
|
3
|
|
|
17
|
|
|
9
|
|
|
—
|
|
|
2
|
|
|
11
|
|
||||||||
Total liabilities
|
|
$
|
174
|
|
|
$
|
1,548
|
|
|
$
|
277
|
|
|
$
|
1,999
|
|
|
$
|
379
|
|
|
$
|
1,173
|
|
|
$
|
191
|
|
|
$
|
1,743
|
|
|
(1)
|
Trade accounts receivable and payable are generally stated at historical amounts, net of write-offs and allowances, with the exception of
$6 million
and
$925 million
, respectively, at
September 30, 2017
and
$6 million
and
$522 million
, respectively, at
December 31, 2016
, related to certain delivered inventory for which the receivable and payable fluctuate based on changes in commodity prices. 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. There are
nil
and
$5 million
included in other non-current assets at
September 30, 2017
and
December 31, 2016
, respectively.
|
(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
$20 million
and
$18 million
included in other non-current liabilities at
September 30, 2017
and
December 31, 2016
, respectively.
|
|
|
Three Months Ended September 30, 2017
|
||||||||||||||
(US$ 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
|
|
|
|
Three Months Ended September 30, 2016
|
||||||||||||||
(US$ in millions)
|
|
Derivatives,
Net
|
|
Readily
Marketable
Inventories
|
|
Trade
Accounts
Receivable/
Payable, Net
|
|
Total
|
||||||||
Balance, July 1, 2016
|
|
$
|
127
|
|
|
$
|
917
|
|
|
$
|
(188
|
)
|
|
$
|
856
|
|
Total gains and (losses), realized/unrealized included in cost of goods sold
|
|
(120
|
)
|
|
12
|
|
|
7
|
|
|
(101
|
)
|
||||
Purchases
|
|
—
|
|
|
171
|
|
|
(8
|
)
|
|
163
|
|
||||
Sales
|
|
—
|
|
|
(517
|
)
|
|
—
|
|
|
(517
|
)
|
||||
Issuances
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Settlements
|
|
(37
|
)
|
|
—
|
|
|
95
|
|
|
58
|
|
||||
Transfers into Level 3
|
|
(5
|
)
|
|
208
|
|
|
—
|
|
|
203
|
|
||||
Transfers out of Level 3
|
|
(1
|
)
|
|
(499
|
)
|
|
51
|
|
|
(449
|
)
|
||||
Balance, September 30, 2016
|
|
$
|
(36
|
)
|
|
$
|
292
|
|
|
$
|
(43
|
)
|
|
$
|
213
|
|
|
|
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
|
|
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||
(US$ in millions)
|
|
Derivatives,
Net
|
|
Readily
Marketable
Inventories
|
|
Trade Accounts
Receivable/
Payable, Net
|
|
Total
|
||||||||
Balance, January 1, 2016
|
|
$
|
167
|
|
|
$
|
245
|
|
|
$
|
(44
|
)
|
|
$
|
368
|
|
Total gains and losses (realized/unrealized) included in cost of goods sold
|
|
(87
|
)
|
|
143
|
|
|
15
|
|
|
71
|
|
||||
Purchases
|
|
—
|
|
|
904
|
|
|
(220
|
)
|
|
684
|
|
||||
Sales
|
|
—
|
|
|
(1,022
|
)
|
|
—
|
|
|
(1,022
|
)
|
||||
Issuances
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||
Settlements
|
|
(110
|
)
|
|
—
|
|
|
195
|
|
|
85
|
|
||||
Transfers into Level 3
|
|
(7
|
)
|
|
569
|
|
|
(59
|
)
|
|
503
|
|
||||
Transfers out of Level 3
|
|
2
|
|
|
(547
|
)
|
|
70
|
|
|
(475
|
)
|
||||
Balance, September 30, 2016
|
|
$
|
(36
|
)
|
|
$
|
292
|
|
|
$
|
(43
|
)
|
|
$
|
213
|
|
|
|
Three Months Ended
|
||||||||||||||
(US$ in millions)
|
|
Derivatives,
Net
|
|
Readily
Marketable
Inventories
|
|
Trade Accounts
Receivable and
Payable, Net
|
|
Total
|
||||||||
Changes in unrealized gains and (losses) relating to assets and liabilities held at September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of goods sold
|
|
$
|
(2
|
)
|
|
$
|
11
|
|
|
$
|
(3
|
)
|
|
$
|
6
|
|
Changes in unrealized gains and (losses) relating to assets and liabilities held at September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of goods sold
|
|
$
|
(127
|
)
|
|
$
|
(12
|
)
|
|
$
|
2
|
|
|
$
|
(137
|
)
|
|
|
Nine Months Ended
|
||||||||||||||
(US$ in millions)
|
|
Derivatives,
Net
|
|
Readily
Marketable
Inventories
|
|
Trade Accounts
Receivable and
Payable, Net
|
|
Total
|
||||||||
Changes in unrealized gains and (losses) relating to assets and liabilities held at September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of goods sold
|
|
$
|
(6
|
)
|
|
$
|
(19
|
)
|
|
$
|
3
|
|
|
$
|
(22
|
)
|
Changes in unrealized gains and (losses) relating to assets and liabilities held at September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of goods sold
|
|
$
|
9
|
|
|
$
|
(26
|
)
|
|
$
|
1
|
|
|
$
|
(16
|
)
|
Notional
Amount of Hedged Obligation |
|
Notional
Amount of Derivative |
|
Maturity Date
|
|
Payment
Weighted Average Rate Payable |
|
Fixed Rate
Receivable |
|||||
$
|
500
|
|
|
$
|
500
|
|
|
November 24, 2020
|
|
3 month LIBOR plus 1.91%
|
|
3.50
|
%
|
€
|
800
|
|
|
€
|
800
|
|
|
June 16, 2023
|
|
6 month EURIBOR plus 1.64%
|
|
1.85
|
%
|
$
|
550
|
|
|
$
|
550
|
|
|
August 15, 2026
|
|
3 month LIBOR plus 1.12%
|
|
3.25
|
%
|
|
|
September 30, 2017
|
|||||||||
|
|
Exchange Traded
|
|
|
|
|
|
|
|||
|
|
Net (Short)
|
|
Non-exchange Traded
|
|
Unit of
|
|||||
(US$ in millions)
|
|
& Long
|
|
(Short)
|
|
Long
|
|
Measure
|
|||
Interest Rate
|
|
|
|
|
|
|
|
|
|||
Swaps
|
|
—
|
|
|
(1,574
|
)
|
|
—
|
|
|
Notional
|
Forward Rate Agreements
|
|
—
|
|
|
(800
|
)
|
|
—
|
|
|
Notional
|
|
|
September 30, 2017
|
||||||||||||
|
|
Exchange Traded
|
|
|
|
|
|
|
||||||
|
|
Net (Short)
|
|
Non-exchange Traded
|
|
Unit of
|
||||||||
(US$ in millions)
|
|
& Long
|
|
(Short)
|
|
Long
|
|
Measure
|
||||||
Foreign Exchange
|
|
|
|
|
|
|
|
|
|
|
|
|||
Options
|
|
$
|
—
|
|
|
$
|
(368
|
)
|
|
$
|
430
|
|
|
Delta
|
Forwards
|
|
—
|
|
|
(10,824
|
)
|
|
10,548
|
|
|
Notional
|
|||
Futures
|
|
(10
|
)
|
|
|
|
|
|
|
|
Notional
|
|||
Swaps
|
|
—
|
|
|
(552
|
)
|
|
593
|
|
|
Notional
|
|
|
September 30, 2017
|
|||||||||
|
|
Exchange Traded
|
|
|
|
|
|
|
|||
|
|
Net (Short)
|
|
Non-exchange Traded
|
|
Unit of
|
|||||
|
|
& Long
|
|
(Short)
|
|
Long
|
|
Measure
|
|||
Agricultural Commodities
|
|
|
|
|
|
|
|
|
|
|
|
Futures
|
|
2,244,228
|
|
|
—
|
|
|
—
|
|
|
Metric Tons
|
Options
|
|
63,027
|
|
|
—
|
|
|
—
|
|
|
Metric Tons
|
Forwards
|
|
—
|
|
|
(31,604,107
|
)
|
|
22,381,787
|
|
|
Metric Tons
|
Swaps
|
|
—
|
|
|
(6,483,877
|
)
|
|
300,458
|
|
|
Metric Tons
|
|
|
September 30, 2017
|
|||||||||
|
|
Exchange Cleared
|
|
|
|
|
|
|
|||
|
|
Net (Short)
|
|
Non-exchange Cleared
|
|
Unit of
|
|||||
|
|
& Long
|
|
(Short)
|
|
Long
|
|
Measure
|
|||
Ocean Freight
|
|
|
|
|
|
|
|
|
|
|
|
FFA
|
|
(2,098
|
)
|
|
—
|
|
|
—
|
|
|
Hire Days
|
FFA Options
|
|
315
|
|
|
—
|
|
|
—
|
|
|
Hire Days
|
|
(1)
|
Million British Thermal Units ("MMBtus") are standard units of measurement used to denote an amount of natural gas.
|
|
|
|
|
Gain or (Loss) Recognized in
Income on Derivative Instruments
|
||||||
|
|
|
|
Nine Months Ended September 30,
|
||||||
(US$ in millions)
|
|
Location
|
|
2017
|
|
2016
|
||||
Designated Derivative Contracts:
|
|
|
|
|
|
|
|
|
||
Interest Rate
|
|
Interest expense
|
|
$
|
11
|
|
|
$
|
3
|
|
Total
|
|
|
|
$
|
11
|
|
|
$
|
3
|
|
Undesignated Derivative Contracts:
|
|
|
|
|
|
|
|
|
||
Interest Rate
|
|
Interest income (expense)
|
|
$
|
—
|
|
|
$
|
(4
|
)
|
Foreign Exchange
|
|
Foreign exchange gains (losses)
|
|
82
|
|
|
262
|
|
||
Foreign Exchange
|
|
Cost of goods sold
|
|
62
|
|
|
646
|
|
||
Commodities
|
|
Cost of goods sold
|
|
514
|
|
|
(531
|
)
|
||
Freight
|
|
Cost of goods sold
|
|
4
|
|
|
(1
|
)
|
||
Energy
|
|
Cost of goods sold
|
|
(6
|
)
|
|
12
|
|
||
Total
|
|
|
|
$
|
656
|
|
|
$
|
384
|
|
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||
|
|
Notional
|
|
Gain or
(Loss)
Recognized in
Accumulated
|
|
Gain or (Loss)
Reclassified from
Accumulated OCI into
Income
(1)
|
|
Gain or (Loss) Recognized
in Income on Derivatives
|
||||||||||||
(US$ in millions)
|
|
Amount
|
|
OCI
(1)
|
|
Location
|
|
Amount
|
|
Location
|
|
Amount
(2)
|
||||||||
Cash Flow Hedge:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign exchange
(3)
|
|
$
|
339
|
|
|
$
|
15
|
|
|
Foreign exchange gains (losses)
|
|
$
|
27
|
|
|
Foreign exchange gains (losses)
|
|
$
|
—
|
|
Total
|
|
$
|
339
|
|
|
$
|
15
|
|
|
|
|
$
|
27
|
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net Investment Hedge:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign currency denominated debt
(4)
|
|
$
|
786
|
|
|
$
|
(101
|
)
|
|
Foreign currency denominated debt
|
|
$
|
—
|
|
|
Foreign currency denominated debt
|
|
$
|
—
|
|
Foreign exchange
(3)
|
|
516
|
|
|
(21
|
)
|
|
Foreign exchange gains (losses)
|
|
—
|
|
|
Foreign exchange gains (losses)
|
|
—
|
|
||||
Total
|
|
$
|
1,302
|
|
|
$
|
(122
|
)
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
(1)
|
The gain (loss) recognized in OCI relates to the effective portion of the hedging relationship. At
September 30, 2017
, Bunge expects to reclassify into income in the next
12
months the full
$15 million
of after-tax gain (loss) related to its foreign exchange cash flow hedges and
nil
for net investment hedges.
|
(2)
|
There was
no
gain or loss recognized in income relating to the ineffective portion of the hedging relationships or relating to amounts excluded from the assessment of hedge effectiveness.
|
(3)
|
The foreign exchange contracts mature at various dates through
June
2018
.
|
(4)
|
The
euro
-denominated loans mature in
2023
.
|
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||||||
|
|
Notional
|
|
Gain or
(Loss) Recognized in Accumulated |
|
Gain or (Loss)
Reclassified from
Accumulated OCI into
Income
(1)
|
|
Gain or (Loss) Recognized
in Income on Derivatives
|
||||||||||||
(US$ in millions)
|
|
Amount
|
|
OCI
(1)
|
|
Location
|
|
Amount
|
|
Location
|
|
Amount
(2)
|
||||||||
Cash Flow Hedge:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign exchange
(3)
|
|
$
|
166
|
|
|
$
|
43
|
|
|
Foreign exchange gains (losses)
|
|
$
|
13
|
|
|
Foreign exchange gains (losses)
|
|
$
|
—
|
|
Total
|
|
$
|
166
|
|
|
$
|
43
|
|
|
|
|
$
|
13
|
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net Investment Hedge:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign currency denominated debt
(4)
|
|
$
|
663
|
|
|
$
|
1
|
|
|
Foreign currency denominated debt
|
|
$
|
—
|
|
|
Foreign currency denominated debt
|
|
$
|
—
|
|
Foreign exchange
(3)
|
|
653
|
|
|
(384
|
)
|
|
Foreign exchange gains (losses)
|
|
—
|
|
|
Foreign exchange gains (losses)
|
|
—
|
|
||||
Total
|
|
$
|
1,316
|
|
|
$
|
(383
|
)
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
(1)
|
The gain or (loss) recognized in OCI relates to the effective portion of the hedging relationship. At
September 30, 2016
, Bunge expected to reclassify into income in the next
12
months approximately
$31 million
of after-tax gains (losses) related to its foreign exchange cash flow hedges and
nil
for net investment hedges.
|
(2)
|
There was
no
gain or loss recognized in income relating to the ineffective portion of the hedging relationships or relating to amounts excluded from the assessment of hedge effectiveness.
|
(3)
|
The foreign exchange contracts mature at various dates through
2018
.
|
(4)
|
The
euro-
denominated loans mature in
2023
.
|
12.
|
DEBT
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||
(US$ in millions)
|
|
Carrying
Value
|
|
Fair Value
(Level 2)
|
|
Carrying
Value |
|
Fair Value
(Level 2) |
||||||||
Long-term debt, including current portion
|
|
$
|
4,533
|
|
|
$
|
4,714
|
|
|
$
|
4,007
|
|
|
$
|
4,163
|
|
13.
|
TRADE RECEIVABLES SECURITIZATION PROGRAM
|
|
|
Nine Months Ended
September 30, |
||||||
(US$ in millions)
|
|
2017
|
|
2016
|
||||
Gross receivables sold
|
|
$
|
7,074
|
|
|
$
|
6,624
|
|
Proceeds received in cash related to transfer of receivables
|
|
$
|
6,811
|
|
|
$
|
6,439
|
|
Cash collections from customers on receivables previously sold
|
|
$
|
6,827
|
|
|
$
|
6,461
|
|
Discounts related to gross receivables sold included in SG&A
|
|
$
|
6
|
|
|
$
|
4
|
|
|
|
|
|
|
||||
(US$ in millions)
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Receivables sold which were derecognized on Bunge balance sheet
|
|
$
|
738
|
|
|
$
|
628
|
|
Deferred purchase price included in other current assets
|
|
$
|
123
|
|
|
$
|
87
|
|
14.
|
RELATED PARTY TRANSACTIONS
|
(US$ in millions)
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Non-income tax claims
|
|
$
|
176
|
|
|
$
|
170
|
|
Labor claims
|
|
96
|
|
|
82
|
|
||
Civil and other claims
|
|
94
|
|
|
98
|
|
||
Total
|
|
$
|
366
|
|
|
$
|
350
|
|
(US$ in millions)
|
|
Maximum
Potential
Future
Payments
|
||
Unconsolidated affiliates financing
(1) (2)
|
|
$
|
169
|
|
Residual value guarantee
(3)
|
|
227
|
|
|
Total
|
|
$
|
396
|
|
|
(1)
|
Bunge issued guarantees to certain financial institutions related to debt of certain of its unconsolidated affiliates. The terms of the guarantees are equal to the terms of the related financings which have maturity dates in
2017 through 2022
. There are no recourse provisions or collateral that would enable Bunge to recover any amounts paid under these guarantees. At
September 30, 2017
, Bunge recorded
no
obligation related to these guarantees.
|
(2)
|
Bunge issued guarantees to certain third parties related to performance of its unconsolidated affiliates. The terms of the guarantees are equal to the completion date of a port terminal which is
expected to be completed in 2020
. There are no recourse provisions or collateral that would enable Bunge to recover any amounts paid under these guarantees. At
September 30, 2017
, Bunge recorded
no
obligation related to these guarantees.
|
(3)
|
Bunge issued guarantees to certain financial institutions which are party to certain operating lease arrangements for railcars and barges. These guarantees provide for a minimum residual value to be received by the lessor at conclusion of the lease term. These leases expire at various dates from
2018 through 2021
. At
September 30, 2017
, Bunge’s recorded obligation related to these guarantees was
$3 million
.
|
16.
|
EQUITY
|
(US$ in millions)
|
|
Foreign Exchange
Translation
Adjustment
|
|
Deferred
Gains (Losses)
on Hedging
Activities
|
|
Pension and Other
Postretirement
Liability
Adjustments
|
|
Unrealized
Gains (Losses)
on
Investments
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||||
Balance, July 1, 2017
|
|
$
|
(5,618
|
)
|
|
$
|
(192
|
)
|
|
$
|
(145
|
)
|
|
$
|
4
|
|
|
$
|
(5,951
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
329
|
|
|
(37
|
)
|
|
9
|
|
|
—
|
|
|
301
|
|
|||||
Amount reclassified from accumulated other comprehensive income
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(4
|
)
|
|
(12
|
)
|
|||||
Balance, September 30, 2017
|
|
$
|
(5,289
|
)
|
|
$
|
(237
|
)
|
|
$
|
(136
|
)
|
|
$
|
—
|
|
|
$
|
(5,662
|
)
|
(US$ in millions)
|
|
Foreign Exchange
Translation Adjustment |
|
Deferred
Gains (Losses) on Hedging Activities |
|
Pension and Other
Postretirement Liability Adjustments |
|
Unrealized
Gains (Losses) on Investments |
|
Accumulated
Other Comprehensive Income (Loss) |
||||||||||
Balance, July 1, 2016
|
|
$
|
(5,462
|
)
|
|
$
|
(125
|
)
|
|
$
|
(134
|
)
|
|
$
|
3
|
|
|
$
|
(5,718
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
(95
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
|
(94
|
)
|
|||||
Amount reclassified from accumulated other comprehensive income
|
|
—
|
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|||||
Balance, September 30, 2016
|
|
$
|
(5,557
|
)
|
|
$
|
(138
|
)
|
|
$
|
(133
|
)
|
|
$
|
3
|
|
|
$
|
(5,825
|
)
|
(US$ in millions)
|
|
Foreign Exchange
Translation Adjustment |
|
Deferred
Gains (Losses) on Hedging Activities |
|
Pension and Other
Postretirement Liability Adjustments |
|
Unrealized
Gains (Losses) on Investments |
|
Accumulated
Other Comprehensive Income (Loss) |
||||||||||
Balance, January 1, 2017
|
|
$
|
(5,734
|
)
|
|
$
|
(102
|
)
|
|
$
|
(145
|
)
|
|
$
|
3
|
|
|
$
|
(5,978
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
445
|
|
|
(108
|
)
|
|
9
|
|
|
1
|
|
|
347
|
|
|||||
Amount reclassified from accumulated other comprehensive income
|
|
—
|
|
|
(27
|
)
|
|
—
|
|
|
(4
|
)
|
|
(31
|
)
|
|||||
Balance, September 30, 2017
|
|
$
|
(5,289
|
)
|
|
$
|
(237
|
)
|
|
$
|
(136
|
)
|
|
$
|
—
|
|
|
$
|
(5,662
|
)
|
(US$ in millions)
|
|
Foreign Exchange
Translation Adjustment |
|
Deferred
Gains (Losses) on Hedging Activities |
|
Pension and Other
Postretirement Liability Adjustments |
|
Unrealized
Gains (Losses) on Investments |
|
Accumulated
Other Comprehensive Income (Loss) |
||||||||||
Balance, January 1, 2016
|
|
$
|
(6,443
|
)
|
|
$
|
214
|
|
|
$
|
(134
|
)
|
|
$
|
3
|
|
|
$
|
(6,360
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
886
|
|
|
(339
|
)
|
|
1
|
|
|
—
|
|
|
548
|
|
|||||
Amount reclassified from accumulated other comprehensive income
|
|
—
|
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|||||
Balance, September 30, 2016
|
|
$
|
(5,557
|
)
|
|
$
|
(138
|
)
|
|
$
|
(133
|
)
|
|
$
|
3
|
|
|
$
|
(5,825
|
)
|
17.
|
EARNINGS PER COMMON SHARE
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(US$ in millions, except for share data)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Income (loss) from continuing operations
|
|
$
|
92
|
|
|
$
|
125
|
|
|
$
|
227
|
|
|
$
|
490
|
|
Net (income) loss attributable to noncontrolling interests
|
|
—
|
|
|
(12
|
)
|
|
(7
|
)
|
|
(8
|
)
|
||||
Income (loss) from continuing operations attributable to Bunge
|
|
92
|
|
|
113
|
|
|
220
|
|
|
482
|
|
||||
Other redeemable obligations
(1)
|
|
—
|
|
|
6
|
|
|
—
|
|
|
(2
|
)
|
||||
Convertible preference share dividends
|
|
(8
|
)
|
|
(8
|
)
|
|
(25
|
)
|
|
(25
|
)
|
||||
Income (loss) from discontinued operations, net of tax
|
|
—
|
|
|
5
|
|
|
—
|
|
|
(8
|
)
|
||||
Net income (loss) available to Bunge common shareholders
|
|
$
|
84
|
|
|
$
|
116
|
|
|
$
|
195
|
|
|
$
|
447
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
|
140,601,605
|
|
|
139,444,320
|
|
|
140,276,421
|
|
|
139,969,200
|
|
||||
Effect of dilutive shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
—stock options and awards
|
|
954,694
|
|
|
483,525
|
|
|
1,008,169
|
|
|
341,890
|
|
||||
—convertible preference shares
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,909,470
|
|
||||
Diluted
(2)
|
|
141,556,299
|
|
|
139,927,845
|
|
|
141,284,590
|
|
|
148,220,560
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) from continuing operations
|
|
$
|
0.59
|
|
|
$
|
0.80
|
|
|
$
|
1.39
|
|
|
$
|
3.25
|
|
Net income (loss) from discontinued operations
|
|
—
|
|
|
0.03
|
|
|
(0.01
|
)
|
|
(0.06
|
)
|
||||
Net income (loss) attributable to Bunge common shareholders—basic
|
|
$
|
0.59
|
|
|
$
|
0.83
|
|
|
$
|
1.38
|
|
|
$
|
3.19
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per common share:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) from continuing operations
|
|
$
|
0.59
|
|
|
$
|
0.79
|
|
|
$
|
1.38
|
|
|
$
|
3.24
|
|
Net income (loss) from discontinued operations
|
|
—
|
|
|
0.04
|
|
|
(0.01
|
)
|
|
(0.05
|
)
|
||||
Net income (loss) attributable to Bunge common shareholders—diluted
|
|
$
|
0.59
|
|
|
$
|
0.83
|
|
|
$
|
1.37
|
|
|
$
|
3.19
|
|
|
(1)
|
Accretion of redeemable noncontrolling interest of
$6 million
gain and
$2 million
loss for the
three and nine
months ended
September 30, 2016
, respectively, related to a non-fair value variable put arrangement whereby the noncontrolling interest holder could require Bunge to purchase the remaining shares of an oilseed processing operation in Central and Eastern Europe. Accretion for the respective periods include the effect of losses incurred by the operations for the
three and nine
months ended
September 30, 2016
. In the second quarter of
2016
, Bunge exercised its call option. This transaction concluded in September 2016.
|
(2)
|
Approximately
3 million
outstanding stock options and contingently issuable restricted stock units were not dilutive and not included in the weighted-average number of common shares outstanding for the
three and nine
months ended
September 30, 2017
. Approximately
8 million
weighted-average common shares that are issuable upon conversion of the convertible preference shares were not dilutive and not included in the weighted-average number of common shares outstanding for the three and nine months ended
September 30, 2017
.
|
18.
|
SEGMENT INFORMATION
|
|
|
Three Months Ended September 30, 2017
|
||||||||||||||||||||||||||
(US$ 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
|
|
|
|
Three Months Ended September 30, 2016
|
||||||||||||||||||||||||||
(US$ in millions)
|
|
Agribusiness
|
|
Edible
Oil Products |
|
Milling
Products |
|
Sugar and
Bioenergy |
|
Fertilizer
|
|
Discontinued
Operations &
Unallocated
(1)
|
|
Total
|
||||||||||||||
Net sales to external customers
|
|
$
|
8,063
|
|
|
$
|
1,727
|
|
|
$
|
430
|
|
|
$
|
1,074
|
|
|
$
|
129
|
|
|
$
|
—
|
|
|
$
|
11,423
|
|
Inter–segment revenues
|
|
972
|
|
|
29
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
(1,009
|
)
|
|
—
|
|
|||||||
Foreign exchange gains (losses)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
2
|
|
|
(1
|
)
|
|
—
|
|
|
(6
|
)
|
|||||||
Noncontrolling interests
(1)
|
|
(13
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
5
|
|
|
(12
|
)
|
|||||||
Other income (expense) – net
|
|
11
|
|
|
(3
|
)
|
|
(1
|
)
|
|
(4
|
)
|
|
1
|
|
|
—
|
|
|
4
|
|
|||||||
Segment EBIT
(2)
|
|
83
|
|
|
34
|
|
|
52
|
|
|
35
|
|
|
9
|
|
|
—
|
|
|
213
|
|
|||||||
Discontinued operations
(3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
5
|
|
|||||||
Depreciation, depletion and amortization
|
|
(61
|
)
|
|
(24
|
)
|
|
(16
|
)
|
|
(45
|
)
|
|
(3
|
)
|
|
—
|
|
|
(149
|
)
|
|||||||
Total assets
|
|
$
|
12,396
|
|
|
$
|
2,030
|
|
|
$
|
1,508
|
|
|
$
|
3,532
|
|
|
$
|
352
|
|
|
$
|
227
|
|
|
$
|
20,045
|
|
|
|
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
|
|
28
|
|
|
(1
|
)
|
|
(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
|
|
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||||||||||||||
(US$ in millions)
|
|
Agribusiness
|
|
Edible
Oil Products |
|
Milling
Products |
|
Sugar and
Bioenergy |
|
Fertilizer
|
|
Discontinued
Operations & Unallocated (1) |
|
Total
|
||||||||||||||
Net sales to external customers
|
|
$
|
21,870
|
|
|
$
|
4,958
|
|
|
$
|
1,243
|
|
|
$
|
2,541
|
|
|
$
|
268
|
|
|
$
|
—
|
|
|
$
|
30,880
|
|
Inter–segment revenues
|
|
2,822
|
|
|
80
|
|
|
1
|
|
|
10
|
|
|
—
|
|
|
(2,913
|
)
|
|
—
|
|
|||||||
Foreign exchange gains (losses)
|
|
13
|
|
|
(2
|
)
|
|
(5
|
)
|
|
5
|
|
|
(2
|
)
|
|
—
|
|
|
9
|
|
|||||||
Noncontrolling interests
(1)
|
|
(13
|
)
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
12
|
|
|
(8
|
)
|
|||||||
Other income (expense) – net
|
|
5
|
|
|
(4
|
)
|
|
(3
|
)
|
|
(13
|
)
|
|
1
|
|
|
—
|
|
|
(14
|
)
|
|||||||
Segment EBIT
(2)
|
|
533
|
|
|
66
|
|
|
107
|
|
|
21
|
|
|
13
|
|
|
—
|
|
|
740
|
|
|||||||
Discontinued operations
(3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
(8
|
)
|
|||||||
Depreciation, depletion and amortization
|
|
(174
|
)
|
|
(69
|
)
|
|
(47
|
)
|
|
(103
|
)
|
|
(9
|
)
|
|
—
|
|
|
(402
|
)
|
|||||||
Total assets
|
|
$
|
12,396
|
|
|
$
|
2,030
|
|
|
$
|
1,508
|
|
|
$
|
3,532
|
|
|
$
|
352
|
|
|
$
|
227
|
|
|
$
|
20,045
|
|
|
(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.
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(US$ in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Total Segment EBIT from continuing operations
|
|
$
|
175
|
|
|
$
|
213
|
|
|
$
|
381
|
|
|
$
|
740
|
|
Interest income
|
|
9
|
|
|
13
|
|
|
29
|
|
|
37
|
|
||||
Interest expense
|
|
(64
|
)
|
|
(73
|
)
|
|
(191
|
)
|
|
(189
|
)
|
||||
Income tax (expense) benefit
|
|
(29
|
)
|
|
(45
|
)
|
|
(2
|
)
|
|
(118
|
)
|
||||
Income (loss) from discontinued operations, net of tax
|
|
—
|
|
|
5
|
|
|
—
|
|
|
(8
|
)
|
||||
Noncontrolling interests' share of interest and tax
|
|
1
|
|
|
5
|
|
|
3
|
|
|
12
|
|
||||
Net income (loss) attributable to Bunge
|
|
$
|
92
|
|
|
$
|
118
|
|
|
$
|
220
|
|
|
$
|
474
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
|
Three Months Ended
September 30, |
||||||
(US$ in millions, except volumes)
|
|
2017
|
|
2016
|
||||
Volumes (in thousands of metric tons):
|
|
|
|
|
|
|
||
Agribusiness
|
|
37,316
|
|
|
35,079
|
|
||
Edible oil products
|
|
1,945
|
|
|
1,762
|
|
||
Milling products
|
|
1,127
|
|
|
1,153
|
|
||
Sugar and Bioenergy
|
|
2,696
|
|
|
2,304
|
|
||
Fertilizer
|
|
422
|
|
|
417
|
|
||
|
|
|
|
|
||||
Net sales:
|
|
|
|
|
|
|
||
Agribusiness
|
|
$
|
7,720
|
|
|
$
|
8,063
|
|
Edible oil products
|
|
2,027
|
|
|
1,727
|
|
||
Milling products
|
|
397
|
|
|
430
|
|
||
Sugar and Bioenergy
|
|
1,158
|
|
|
1,074
|
|
||
Fertilizer
|
|
121
|
|
|
129
|
|
||
Total
|
|
$
|
11,423
|
|
|
$
|
11,423
|
|
|
|
|
|
|
||||
Cost of goods sold:
|
|
|
|
|
|
|
||
Agribusiness
|
|
$
|
(7,459
|
)
|
|
$
|
(7,797
|
)
|
Edible oil products
|
|
(1,902
|
)
|
|
(1,610
|
)
|
||
Milling products
|
|
(338
|
)
|
|
(341
|
)
|
||
Sugar and Bioenergy
|
|
(1,122
|
)
|
|
(1,007
|
)
|
||
Fertilizer
|
|
(112
|
)
|
|
(112
|
)
|
||
Total
|
|
$
|
(10,933
|
)
|
|
$
|
(10,867
|
)
|
|
|
|
|
|
||||
Gross profit:
|
|
|
|
|
|
|
||
Agribusiness
|
|
$
|
261
|
|
|
$
|
266
|
|
Edible oil products
|
|
125
|
|
|
117
|
|
||
Milling products
|
|
59
|
|
|
89
|
|
||
Sugar and Bioenergy
|
|
36
|
|
|
67
|
|
||
Fertilizer
|
|
9
|
|
|
17
|
|
||
Total
|
|
$
|
490
|
|
|
$
|
556
|
|
|
|
|
|
|
||||
Selling, general and administrative expenses:
|
|
|
|
|
|
|
||
Agribusiness
|
|
$
|
(187
|
)
|
|
$
|
(174
|
)
|
Edible oil products
|
|
(87
|
)
|
|
(77
|
)
|
||
Milling products
|
|
(33
|
)
|
|
(36
|
)
|
||
Sugar and Bioenergy
|
|
(31
|
)
|
|
(31
|
)
|
||
Fertilizer
|
|
(2
|
)
|
|
(6
|
)
|
||
Total
|
|
$
|
(340
|
)
|
|
$
|
(324
|
)
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
||||||
(US$ in millions)
|
|
2017
|
|
2016
|
||||
Net income (loss) attributable to Bunge
|
|
$
|
92
|
|
|
$
|
118
|
|
Interest income
|
|
(9
|
)
|
|
(13
|
)
|
||
Interest expense
|
|
64
|
|
|
73
|
|
||
Income tax expense (benefit)
|
|
29
|
|
|
45
|
|
||
(Income) loss from discontinued operations, net of tax
|
|
—
|
|
|
(5
|
)
|
||
Noncontrolling interest's share of interest and tax
|
|
(1
|
)
|
|
(5
|
)
|
||
Total Segment EBIT
|
|
$
|
175
|
|
|
$
|
213
|
|
|
|
Nine Months Ended
September 30, |
||||||
(US$ in millions, except volumes)
|
|
2017
|
|
2016
|
||||
Volumes (in thousands of metric tons):
|
|
|
|
|
|
|
||
Agribusiness
|
|
108,512
|
|
|
101,776
|
|
||
Edible oil products
|
|
5,681
|
|
|
5,106
|
|
||
Milling products
|
|
3,300
|
|
|
3,395
|
|
||
Sugar and Bioenergy
|
|
6,677
|
|
|
6,343
|
|
||
Fertilizer
|
|
830
|
|
|
832
|
|
||
|
|
|
|
|
||||
Net sales:
|
|
|
|
|
|
|
||
Agribusiness
|
|
$
|
23,837
|
|
|
$
|
21,870
|
|
Edible oil products
|
|
5,877
|
|
|
4,958
|
|
||
Milling products
|
|
1,169
|
|
|
1,243
|
|
||
Sugar and Bioenergy
|
|
3,052
|
|
|
2,541
|
|
||
Fertilizer
|
|
254
|
|
|
268
|
|
||
Total
|
|
$
|
34,189
|
|
|
$
|
30,880
|
|
|
|
|
|
|
Cost of goods sold:
|
|
|
|
|
|
|
||
Agribusiness
|
|
$
|
(23,141
|
)
|
|
$
|
(20,831
|
)
|
Edible oil products
|
|
(5,518
|
)
|
|
(4,642
|
)
|
||
Milling products
|
|
(1,014
|
)
|
|
(1,031
|
)
|
||
Sugar and Bioenergy
|
|
(2,974
|
)
|
|
(2,433
|
)
|
||
Fertilizer
|
|
(237
|
)
|
|
(237
|
)
|
||
Total
|
|
$
|
(32,884
|
)
|
|
$
|
(29,174
|
)
|
|
|
|
|
|
||||
Gross profit:
|
|
|
|
|
|
|
||
Agribusiness
|
|
$
|
696
|
|
|
$
|
1,039
|
|
Edible oil products
|
|
359
|
|
|
316
|
|
||
Milling products
|
|
155
|
|
|
212
|
|
||
Sugar and Bioenergy
|
|
78
|
|
|
108
|
|
||
Fertilizer
|
|
17
|
|
|
31
|
|
||
Total
|
|
$
|
1,305
|
|
|
$
|
1,706
|
|
|
|
|
|
|
||||
Selling, general and administrative expenses:
|
|
|
|
|
|
|
||
Agribusiness
|
|
$
|
(585
|
)
|
|
$
|
(511
|
)
|
Edible oil products
|
|
(258
|
)
|
|
(238
|
)
|
||
Milling products
|
|
(103
|
)
|
|
(97
|
)
|
||
Sugar and Bioenergy
|
|
(87
|
)
|
|
(80
|
)
|
||
Fertilizer
|
|
(13
|
)
|
|
(15
|
)
|
||
Total
|
|
$
|
(1,046
|
)
|
|
$
|
(941
|
)
|
|
|
|
|
|
||||
Foreign exchange gains (losses):
|
|
|
|
|
|
|
||
Agribusiness
|
|
$
|
93
|
|
|
$
|
13
|
|
Edible oil products
|
|
4
|
|
|
(2
|
)
|
||
Milling products
|
|
(1
|
)
|
|
(5
|
)
|
||
Sugar and Bioenergy
|
|
10
|
|
|
5
|
|
||
Fertilizer
|
|
2
|
|
|
(2
|
)
|
||
Total
|
|
$
|
108
|
|
|
$
|
9
|
|
|
|
|
|
|
||||
Noncontrolling interest losses (gains):
|
|
|
|
|
|
|
||
Agribusiness
|
|
$
|
(3
|
)
|
|
$
|
(13
|
)
|
Edible oil products
|
|
(5
|
)
|
|
(5
|
)
|
||
Milling products
|
|
—
|
|
|
—
|
|
||
Sugar and Bioenergy
|
|
—
|
|
|
—
|
|
||
Fertilizer
|
|
(2
|
)
|
|
(2
|
)
|
||
Total
|
|
$
|
(10
|
)
|
|
$
|
(20
|
)
|
|
|
|
|
|
||||
Other income (expense) - net:
|
|
|
|
|
|
|
||
Agribusiness
(1)
|
|
$
|
28
|
|
|
$
|
5
|
|
Edible oil products
|
|
(1
|
)
|
|
(4
|
)
|
||
Milling products
|
|
(2
|
)
|
|
(3
|
)
|
||
Sugar and Bioenergy
|
|
(1
|
)
|
|
(13
|
)
|
||
Fertilizer
|
|
—
|
|
|
1
|
|
||
Total
|
|
$
|
24
|
|
|
$
|
(14
|
)
|
|
|
|
|
|
||||
Segment EBIT:
|
|
|
|
|
||||
Agribusiness
|
|
$
|
230
|
|
|
$
|
533
|
|
Edible oil products
|
|
98
|
|
|
66
|
|
||
Milling products
|
|
48
|
|
|
107
|
|
||
Sugar and Bioenergy
|
|
1
|
|
|
21
|
|
||
Fertilizer
|
|
4
|
|
|
13
|
|
||
Total
|
|
$
|
381
|
|
|
$
|
740
|
|
|
|
Nine Months Ended
September 30, |
||||||
(US$ in millions)
|
|
2017
|
|
2016
|
||||
Net income (loss) attributable to Bunge
|
|
$
|
220
|
|
|
$
|
474
|
|
Interest income
|
|
(29
|
)
|
|
(37
|
)
|
||
Interest expense
|
|
191
|
|
|
189
|
|
||
Income tax expense (benefit)
|
|
2
|
|
|
118
|
|
||
(Income) loss from discontinued operations, net of tax
|
|
—
|
|
|
8
|
|
||
Noncontrolling interest's share of interest and tax
|
|
(3
|
)
|
|
(12
|
)
|
||
Total Segment EBIT
|
|
$
|
381
|
|
|
$
|
740
|
|
(US$ in millions)
|
|
|
|
Total Committed
Capacity
|
|
Borrowings Outstanding
|
||||||||
Commercial Paper Program
and Revolving Credit Facilities
|
|
Maturities
|
|
September 30,
2017 |
|
September 30,
2017 |
|
December 31,
2016 |
||||||
Commercial paper
|
|
2019
|
|
$
|
600
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Long-term revolving credit facilities
(1)
|
|
2018 - 2022
|
|
4,415
|
|
|
275
|
|
|
—
|
|
|||
Total
|
|
|
|
$
|
5,015
|
|
|
$
|
275
|
|
|
$
|
—
|
|
|
(1)
|
Borrowings under the revolving credit facilities that have maturities greater than one year from the date of the condensed consolidated balance sheets are classified as long-term debt, consistent with the long-term maturity of the underlying facilities. However, individual borrowings under the revolving credit facilities are generally short-term in nature, bear interest at variable rates and can be repaid or renewed as each such individual borrowing matures.
|
(US$ in millions)
|
|
Outstanding
Balance at Quarter End |
|
Weighted
Average Interest Rate at Quarter End (1) |
|
Highest
Balance Outstanding During Quarter (1) |
|
Average
Balance During Quarter (1) |
|
Weighted
Average Interest Rate During Quarter (1) |
||||||||
Bank borrowings
|
|
$
|
1,021
|
|
|
3.59
|
%
|
|
$
|
1,450
|
|
|
$
|
1,298
|
|
|
3.06
|
%
|
Commercial paper
|
|
—
|
|
|
—
|
|
|
595
|
|
|
273
|
|
|
1.42
|
%
|
|||
Total
|
|
$
|
1,021
|
|
|
3.59
|
%
|
|
$
|
2,045
|
|
|
$
|
1,571
|
|
|
2.78
|
%
|
|
(1)
|
Includes
$179 million
of local currency borrowings in certain Central and Eastern European, South American, African and Asia Pacific countries at a weighted average interest rate of
11.60%
as of
September 30, 2017
.
|
(US$ in millions)
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Short-term debt:
(1)
|
|
|
|
|
|
|
||
Short-term debt
(2)
|
|
$
|
1,021
|
|
|
$
|
257
|
|
Current portion of long-term debt
|
|
287
|
|
|
938
|
|
||
Total short-term debt
|
|
1,308
|
|
|
1,195
|
|
||
Long-term debt
(3):
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Revolving credit facilities expiry 2018
|
|
200
|
|
|
—
|
|
||
Term loan due 2019 - three-month Yen LIBOR plus 0.75% (Tranche A)
|
|
253
|
|
|
243
|
|
||
Term loan due 2019 - fixed Yen interest rate of 0.96% (Tranche B)
|
|
53
|
|
|
51
|
|
||
Term loan due 2019 - three-month LIBOR plus 1.30% (Tranche C)
|
|
85
|
|
|
85
|
|
||
Revolving credit facility expiry 2022
(4)
|
|
75
|
|
|
—
|
|
||
5.90% Senior Notes due 2017
|
|
—
|
|
|
250
|
|
||
3.20% Senior Notes due 2017
|
|
—
|
|
|
600
|
|
||
8.50% Senior Notes due 2019
|
|
600
|
|
|
600
|
|
||
3.50% Senior Notes due 2020
|
|
497
|
|
|
497
|
|
||
3.00% Senior Notes due 2022
|
|
397
|
|
|
—
|
|
||
1.85% Senior Notes due 2023 -
Euro
|
|
945
|
|
|
843
|
|
||
3.25% Senior Notes due 2026
|
|
694
|
|
|
694
|
|
||
3.75% Senior Notes due 2027
|
|
594
|
|
|
—
|
|
||
Other
|
|
140
|
|
|
144
|
|
||
Subtotal
|
|
4,533
|
|
|
4,007
|
|
||
Less: Current portion of long-term debt
|
|
(287
|
)
|
|
(938
|
)
|
||
Total long-term debt
|
|
4,246
|
|
|
3,069
|
|
||
Total debt
|
|
$
|
5,554
|
|
|
$
|
4,264
|
|
|
(1)
|
Includes secured debt of
$7 million
and
$7 million
at
September 30, 2017
and
December 31, 2016
, respectively.
|
(2)
|
Includes
$179 million
and
$148 million
of local currency borrowings in certain Central and Eastern European, South American, African and Asia-Pacific countries at a weighted average interest rate of
11.60%
and
13.63%
as of
September 30, 2017
and
December 31, 2016
, respectively.
|
(3)
|
Includes secured debt of
$35 million
and
$34 million
at
September 30, 2017
and
December 31, 2016
, respectively.
|
|
|
Short-term
Debt
(1)
|
|
Long-term
Debt
|
|
Outlook
|
Standard & Poor’s
|
|
A-1
|
|
BBB
|
|
Stable
|
Moody’s
|
|
P-1
|
|
Baa2
|
|
Negative
|
Fitch
|
|
F1
|
|
BBB
|
|
Stable
|
|
(1)
|
Short-term debt rating applies only to Bunge Asset Funding Corp., the issuer under our commercial paper program.
|
(US$ in millions)
|
|
September 30,
2017 |
|
December 31, 2016
|
||||
Equity:
|
|
|
|
|
|
|
||
Convertible perpetual preference shares
|
|
$
|
690
|
|
|
$
|
690
|
|
Common shares
|
|
1
|
|
|
1
|
|
||
Additional paid-in capital
|
|
5,223
|
|
|
5,143
|
|
||
Retained earnings
|
|
8,214
|
|
|
8,208
|
|
||
Accumulated other comprehensive income
|
|
(5,662
|
)
|
|
(5,978
|
)
|
||
Treasury shares, at cost - 2017 and 2016 - 12,882,313 shares, respectively
|
|
(920
|
)
|
|
(920
|
)
|
||
Total Bunge shareholders’ equity
|
|
7,546
|
|
|
7,144
|
|
||
Noncontrolling interest
|
|
204
|
|
|
199
|
|
||
Total equity
|
|
$
|
7,750
|
|
|
$
|
7,343
|
|
(US$ in millions)
|
|
Maximum
Potential
Future
Payments
|
||
Unconsolidated affiliates financing
(1)(2)
|
|
$
|
169
|
|
Residual value guarantee
(3)
|
|
227
|
|
|
Total
|
|
$
|
396
|
|
|
(1)
|
We issued guarantees to certain financial institutions related to debt of certain of our unconsolidated affiliates. The terms of the guarantees are equal to the terms of the related financings which have maturity dates in
2017 through 2022
. There are no recourse provisions or collateral that would enable us to recover any amounts paid under these guarantees. At
September 30, 2017
, we recorded
no
obligation related to these guarantees.
|
(2)
|
We issued guarantees to certain third parties related to performance of our unconsolidated affiliates. The term of the guarantees are equal to the completion date of a port terminal which is
expected to be completed in 2020
. There are no recourse provisions or collateral that would enable us to recover any amounts paid under these guarantees. At
September 30, 2017
, we recorded
no
obligation related to these guarantees.
|
(3)
|
We issued guarantees to certain financial institutions which are party to certain operating lease arrangements for railcars and barges. These guarantees provide for a minimum residual value to be received by the lessor at the conclusion of the lease term. These leases expire at various dates from
2018 through 2021
. At
September 30, 2017
, our recorded obligation related to these guarantees was
$3 million
.
|
|
|
Nine Months Ended
September 30, 2017 |
|
Year Ended
December 31, 2016 |
||||||||||||
(US$ in millions)
|
|
Value
|
|
Market
Risk
|
|
Value
|
|
Market
Risk
|
||||||||
Highest daily aggregated position value
|
|
$
|
685
|
|
|
$
|
(69
|
)
|
|
$
|
1,207
|
|
|
$
|
(121
|
)
|
Lowest daily aggregated position value
|
|
$
|
(711
|
)
|
|
$
|
(71
|
)
|
|
$
|
(682
|
)
|
|
$
|
(68
|
)
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
ITEM 4.
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MINE SAFETY DISCLOSURES
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ITEM 5.
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OTHER INFORMATION
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ITEM 6.
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EXHIBITS
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BUNGE LIMITED
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Date: November 1, 2017
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By:
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/s/ Thomas M. Boehlert
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Thomas M. Boehlert
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Chief Financial Officer
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/s/ J. Matt Simmons, Jr.
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J. Matt Simmons, Jr.
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Controller and Principal Accounting Officer
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Form of Executive Change of Control Agreement.
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Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002
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Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002
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Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002
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Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002
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101
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The following financial information from Bunge Limited’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2017 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Statements of Comprehensive Income (Loss), (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, (v) the Condensed Consolidated Statements of Changes in Equity and Redeemable Noncontrolling Interests, and (vi) the Notes to the Condensed Consolidated Financial Statements.*
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*
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Filed herewith.
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ITEM 5.
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OTHER INFORMATION
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1.
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I have reviewed this report on Form 10-Q of Bunge Limited (the “registrant”);
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a.
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designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b.
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designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c.
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evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d.
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disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:
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a.
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all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b.
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any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/s/ Soren Schroder
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Soren Schroder
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Chief Executive Officer
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1.
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I have reviewed this report on Form 10-Q of Bunge Limited (the “registrant”);
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a.
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designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b.
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designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c.
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evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d.
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disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:
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a.
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all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b.
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any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/s/ Thomas M. Boehlert
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Thomas M. Boehlert
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Chief Financial Officer
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(1)
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The accompanying Report of the Company on Form 10-Q for the quarter ended
September 30, 2017
(the “
Report
”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ Soren Schroder
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Soren Schroder
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Chief Executive Officer
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(1)
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The accompanying Report of the Company on Form 10-Q for the quarter ended
September 30, 2017
(the “
Report
”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ Thomas M. Boehlert
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Thomas M. Boehlert
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Chief Financial Officer
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