Other Current Assets
The following table sets forth the items in other current assets:
|
| | | | | | | |
| December 31, 2013 | | December 31, 2012 |
| (In millions) |
| | | |
Unrealized gains on derivative contracts | $ | 969 |
| | $ | 1,381 |
|
Deferred receivables consideration | 757 |
| | 900 |
|
Customer omnibus receivable | 1,298 |
| | 1,093 |
|
Financing receivables - net (1) | 576 |
| | 724 |
|
Other current assets | 2,750 |
| | 2,450 |
|
| $ | 6,350 |
| | $ | 6,548 |
|
(1) The Company provides financing to suppliers, primarily Brazilian farmers, to finance a portion of the suppliers’ production costs. The Company does not bear any of the costs or risks associated with the related growing crops. The receivables 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 amounts are reported net of allowances of $15 million and $16 million at December 31, 2013 and 2012, respectively. Changes in the allowance for 2013 included an increase of $2 million for additional bad debt provisions and a reduction in the allowance for write-offs and adjustments of $1 million and $2 million, respectively. Changes in the allowance for 2012 included an increase of $3 million for additional bad debt provisions and a reduction in the allowance for adjustments of $2 million. Interest earned on financing receivables of $26 million, $29 million, $15 million, $12 million, $26 million, and $22 million for the years ended December 31, 2013 and 2012, the six months ended December 31, 2012 and 2011 and the years ended June 30, 2012 and 2011, respectively, is included in interest income in the consolidated statements of earnings.
