QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
ý | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | Emerging growth company |
Page | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of goods sold | ( | ( | ( | ( | |||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general and administrative expenses | ( | ( | ( | ( | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Foreign exchange (losses) gains | ( | ( | ( | ( | |||||||||||||||||||
Other income (expense) – net | ( | ( | |||||||||||||||||||||
Income (loss) from affiliates | |||||||||||||||||||||||
Income (loss) before income tax | |||||||||||||||||||||||
Income tax (expense) benefit | ( | ( | ( | ( | |||||||||||||||||||
Net income (loss) | |||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Net income (loss) attributable to Bunge | $ | $ | $ | $ | |||||||||||||||||||
0 | 0 | ||||||||||||||||||||||
Earnings per common share—basic (Note 18) | |||||||||||||||||||||||
Net income (loss) attributable to Bunge common shareholders - basic | $ | $ | $ | $ | |||||||||||||||||||
Earnings per common share—diluted (Note 18) | |||||||||||||||||||||||
Net income (loss) attributable to Bunge common shareholders - diluted | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign exchange translation adjustment | ( | ||||||||||||||||||||||
Unrealized gains (losses) on designated hedges, net of tax (expense) benefit of $( | ( | ( | ( | ||||||||||||||||||||
Reclassification of net (gains) losses to net income, net of tax expense (benefit) of $( | ( | ( | ( | ||||||||||||||||||||
Total other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Total comprehensive income (loss) | ( | ||||||||||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests | ( | ( | |||||||||||||||||||||
Total comprehensive income (loss) attributable to Bunge | $ | $ | ( | $ | $ |
June 30, 2023 | December 31, 2022 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Trade accounts receivable (less allowances of $ | ||||||||||||||
Inventories (Note 5) | ||||||||||||||
Assets held for sale (Note 2) | ||||||||||||||
Other current assets (Note 6) | ||||||||||||||
Total current assets | ||||||||||||||
Property, plant and equipment, net | ||||||||||||||
Operating lease assets | ||||||||||||||
Goodwill | ||||||||||||||
Other intangible assets, net | ||||||||||||||
Investments in affiliates | ||||||||||||||
Deferred income taxes | ||||||||||||||
Other non-current assets (Note 7) | ||||||||||||||
Total assets | $ | $ | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Short-term debt (Note 13) | $ | $ | ||||||||||||
Current portion of long-term debt (Note 13) | ||||||||||||||
Trade accounts payable (includes $ | ||||||||||||||
Current operating lease obligations | ||||||||||||||
Liabilities held for sale (Note 2) | ||||||||||||||
Other current liabilities (Note 10) | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term debt (Note 13) | ||||||||||||||
Deferred income taxes | ||||||||||||||
Non-current operating lease obligations | ||||||||||||||
Other non-current liabilities (Note 16) | ||||||||||||||
Redeemable noncontrolling interest | ||||||||||||||
Equity (Note 17): | ||||||||||||||
Common shares, par value $ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive income (loss) (Note 17) | ( | ( | ||||||||||||
Treasury shares, at cost; 2023 and 2022 - | ( | ( | ||||||||||||
Total Bunge shareholders’ equity | ||||||||||||||
Noncontrolling interests | ||||||||||||||
Total equity | ||||||||||||||
Total liabilities, redeemable noncontrolling interest and equity | $ | $ |
Six Months Ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net income (loss) | $ | $ | ||||||||||||
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities: | ||||||||||||||
Impairment charges | ||||||||||||||
Foreign exchange (gain) loss on net debt | ( | ( | ||||||||||||
Bad debt expense | ||||||||||||||
Depreciation, depletion and amortization | ||||||||||||||
Share-based compensation expense | ||||||||||||||
Deferred income tax expense (benefit) | ( | |||||||||||||
(Gain) loss on sale of investments and property, plant and equipment | ( | |||||||||||||
Results from affiliates | ( | ( | ||||||||||||
Other, net | ||||||||||||||
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions: | ||||||||||||||
Trade accounts receivable | ( | |||||||||||||
Inventories | ( | ( | ||||||||||||
Secured advances to suppliers | ( | |||||||||||||
Trade accounts payable and accrued liabilities | ( | |||||||||||||
Advances on sales | ( | ( | ||||||||||||
Net unrealized (gains) losses on derivative contracts | ( | ( | ||||||||||||
Margin deposits | ( | ( | ||||||||||||
Recoverable and income taxes, net | ( | ( | ||||||||||||
Marketable securities | ||||||||||||||
Beneficial interest in securitized trade receivables | ( | |||||||||||||
Other, net | ( | |||||||||||||
Cash provided by (used for) operating activities | ( | |||||||||||||
INVESTING ACTIVITIES | ||||||||||||||
Payments made for capital expenditures | ( | ( | ||||||||||||
Proceeds from investments | ||||||||||||||
Payments for investments | ( | ( | ||||||||||||
Settlements of net investment hedges | ( | ( | ||||||||||||
Proceeds from beneficial interest in securitized trade receivables | ||||||||||||||
Proceeds from disposals of businesses and property, plant and equipment | ||||||||||||||
Payments for investments in affiliates | ( | ( | ||||||||||||
Other, net | ( | |||||||||||||
Cash provided by (used for) investing activities | ( | |||||||||||||
FINANCING ACTIVITIES | ||||||||||||||
Net change in short-term debt with maturities of three months or less | ( | |||||||||||||
Proceeds from short-term debt with maturities greater than three months | ||||||||||||||
Repayments of short-term debt with maturities greater than three months | ( | ( | ||||||||||||
Proceeds from long-term debt | ||||||||||||||
Repayments of long-term debt | ( | ( | ||||||||||||
Proceeds from the exercise of options for common shares | ||||||||||||||
Dividends paid to common and preference shareholders | ( | ( | ||||||||||||
Capital contributions from (Return of capital to) noncontrolling interest | ||||||||||||||
Sale of noncontrolling interest | ||||||||||||||
Other, net | ( | |||||||||||||
Cash provided by (used for) financing activities | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents, restricted cash, and cash held for sale | ||||||||||||||
Net increase (decrease) in cash and cash equivalents, restricted cash, and cash held for sale | ( | |||||||||||||
Cash and cash equivalents, restricted cash, and cash held for sale - beginning of period | ||||||||||||||
Cash and cash equivalents, restricted cash, and cash held for sale - end of period | $ | $ |
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, April 1, 2023 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares, $ | — | — | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends to noncontrolling interests on subsidiary common stock | — | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital contribution (return) from (to) noncontrolling interest | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares, including stock dividends | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ |
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, April 1, 2022 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | — | — | — | — | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares, $ | — | — | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends to noncontrolling interests on subsidiary common stock | — | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of noncontrolling interest | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares, including stock dividends | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2023 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares, $ | — | — | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends to noncontrolling interests on subsidiary common stock | — | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital contribution (return) from (to) noncontrolling interest | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common shares | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares, including stock dividends | — | — | — | — | ( | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ |
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, 2022 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares, $ | — | — | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends to noncontrolling interests on subsidiary common stock | — | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of noncontrolling interest | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of preference shares to common shares | — | ( | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares, including stock dividends | — | — | — | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ |
(US$ in millions) | June 30, 2023 | June 30, 2022 | ||||||
Cash and cash equivalents | $ | $ | ||||||
Restricted cash included in Other current assets | ||||||||
Total | $ | $ |
(US$ in millions) | |||||
Cash and cash equivalents | $ | ||||
Trade accounts receivable (less allowances of | |||||
Inventories | |||||
Other current assets | |||||
Property, plant and equipment, net | |||||
Goodwill & Other intangible assets, net | |||||
Other non-current assets | |||||
Impairment reserve | ( | ||||
Total assets | $ | ||||
Trade accounts payable and accrued liabilities | $ | ||||
Other current liabilities | |||||
Total liabilities | $ |
Six Months Ended June 30, 2023 | |||||||||||
Rollforward of the Allowance for Credit Losses (US$ in millions) | Short-term | Long-term (1) | Total | ||||||||
Allowance as of January 1, 2023 | $ | $ | $ | ||||||||
Current period provisions | |||||||||||
Recoveries | ( | ( | ( | ||||||||
Write-offs charged against the allowance | ( | ( | ( | ||||||||
Foreign exchange translation differences | |||||||||||
Allowance as of June 30, 2023 | $ | $ | $ |
Six Months Ended June 30, 2022 | |||||||||||
Rollforward of the Allowance for Credit Losses (US$ in millions) | Short-term | Long-term (1) | Total | ||||||||
Allowance as of January 1, 2022 | $ | $ | $ | ||||||||
Current period provisions | |||||||||||
Recoveries | ( | ( | |||||||||
Write-offs charged against the allowance | ( | ( | ( | ||||||||
Foreign exchange translation differences | ( | ||||||||||
Allowance as of June 30, 2022 | $ | $ | $ |
(US$ in millions) | June 30, 2023 | December 31, 2022 | ||||||
Receivables sold that were derecognized from Bunge's balance sheet | $ | $ | ||||||
Unsold receivables pledged to the administrative agent and included in Trade accounts receivable | $ | $ |
Six Months Ended June 30, | ||||||||
(US$ in millions) | 2023 | 2022 | ||||||
Gross receivables sold | $ | $ | ||||||
Proceeds received in cash related to transfers of receivables (1) | $ | $ | ||||||
Cash collections from customers on receivables previously sold | $ | $ | ||||||
Discounts related to gross receivables sold included in SG&A | $ | $ |
(US$ in millions) | June 30, 2023 | December 31, 2022 | ||||||
Agribusiness (1) | $ | $ | ||||||
Refined and Specialty Oils (2) | ||||||||
Milling (3) | ||||||||
Corporate and Other | ||||||||
Total | $ | $ |
(US$ in millions) | June 30, 2023 | December 31, 2022 | ||||||
Unrealized gains on derivative contracts, at fair value | $ | $ | ||||||
Prepaid commodity purchase contracts (1) | ||||||||
Secured advances to suppliers, net (2) | ||||||||
Recoverable taxes, net | ||||||||
Margin deposits | ||||||||
Marketable securities and other short-term investments (3) | ||||||||
Income taxes receivable | ||||||||
Prepaid expenses | ||||||||
Restricted cash | ||||||||
Other | ||||||||
Total | $ | $ |
(US$ in millions) | June 30, 2023 | December 31, 2022 | ||||||
Foreign government securities | $ | $ | ||||||
Equity securities | ||||||||
Other | ||||||||
Total | $ | $ |
(US$ in millions) | June 30, 2023 | December 31, 2022 | ||||||
Recoverable taxes, net (1) | $ | $ | ||||||
Judicial deposits (1) | ||||||||
Other long-term receivables, net (2) | ||||||||
Income taxes receivable (1) | ||||||||
Long-term investments (3) | ||||||||
Affiliate loans receivable | ||||||||
Long-term receivables from farmers in Brazil, net (1) | ||||||||
Unrealized gains on derivative contracts, at fair value | ||||||||
Other | ||||||||
Total | $ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||||||||
(US$ in millions) | Recorded Investment | Allowance | Recorded Investment | Allowance | |||||||||||||
For which an allowance has been provided: | |||||||||||||||||
Legal collection process (1) | $ | $ | $ | $ | |||||||||||||
Renegotiated amounts | |||||||||||||||||
For which no allowance has been provided: | |||||||||||||||||
Legal collection process (1) | — | — | |||||||||||||||
Renegotiated amounts (2) | — | — | |||||||||||||||
Other long-term receivables (3) | — | — | |||||||||||||||
Total | $ | $ | $ | $ |
Six Months Ended June 30, | ||||||||
(US$ in millions) | 2023 | 2022 | ||||||
Allowance as of January 1 | $ | $ | ||||||
Bad debt provisions | ||||||||
Recoveries | ( | ( | ||||||
Write-offs | ||||||||
Transfers | ||||||||
Foreign exchange translation | ||||||||
Allowance as of June 30 | $ | $ |
(US$ in millions) | June 30, 2023 | December 31, 2022 | |||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Trade accounts receivable | |||||||||||
Inventories | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Total assets | $ | $ | |||||||||
Current liabilities: | |||||||||||
Trade accounts payable and accrued liabilities | $ | $ | |||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Total liabilities | $ | $ |
(US$ in millions) | June 30, 2023 | December 31, 2022 | ||||||
Unrealized losses on derivative contracts, at fair value | $ | $ | ||||||
Accrued liabilities | ||||||||
Advances on sales (1) | ||||||||
Income tax payable | ||||||||
Other | ||||||||
Total | $ | $ |
Level | Description | Financial Instrument (Assets / Liabilities) | ||||||
Level 1 | Quoted prices (unadjusted) in active markets for identical assets or liabilities. | Exchange traded derivative contracts. Marketable securities in active markets. | ||||||
Level 2 | Observable inputs, including adjusted Level 1 quotes, quoted prices for similar assets or liabilities, quoted prices in markets that are less active than traded exchanges and other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | Exchange traded derivative contracts (less liquid markets). Readily marketable inventories. Over-the-counter ("OTC") commodity purchase and sales contracts. OTC derivatives whose value is determined using pricing models with inputs that are generally based on exchange traded prices, adjusted for location specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data. Marketable securities in less active markets. | ||||||
Level 3 | Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. | Assets and liabilities whose value is determined using proprietary pricing models, discounted cash flow methodologies or similar techniques. Assets and liabilities for which the determination of fair value requires significant management judgment or estimation. |
Fair Value Measurements at Reporting Date | |||||||||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
(US$ in millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash equivalents | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Readily marketable inventories (Note 5) | |||||||||||||||||||||||||||||
Trade accounts receivable (1) | |||||||||||||||||||||||||||||
Unrealized gain on derivative contracts (2): | |||||||||||||||||||||||||||||
Interest rate | |||||||||||||||||||||||||||||
Foreign exchange | |||||||||||||||||||||||||||||
Commodities | |||||||||||||||||||||||||||||
Freight | |||||||||||||||||||||||||||||
Energy | |||||||||||||||||||||||||||||
Credit | |||||||||||||||||||||||||||||
Other (3) | |||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Trade accounts payable (1) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Unrealized loss on derivative contracts (4): | |||||||||||||||||||||||||||||
Interest rate | |||||||||||||||||||||||||||||
Foreign exchange | |||||||||||||||||||||||||||||
Commodities | |||||||||||||||||||||||||||||
Freight | |||||||||||||||||||||||||||||
Energy | |||||||||||||||||||||||||||||
Credit | |||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended June 30, 2023 | |||||||||||||||||
(US$ in millions) | Readily Marketable Inventories | Derivatives, Net | Trade Accounts Payable | Other(2) | Total | ||||||||||||
Balance, April 1, 2023 | $ | $ | $ | ( | $ | $ | |||||||||||
( | |||||||||||||||||
Total gains and losses (realized/unrealized) included in Other income (expense) - net | — | — | — | ( | ( | ||||||||||||
Purchases | ( | ||||||||||||||||
Sales | ( | ( | ( | ||||||||||||||
Settlements | |||||||||||||||||
Transfers into Level 3 | ( | ||||||||||||||||
Transfers out of Level 3 | ( | ( | |||||||||||||||
Translation adjustment | ( | ||||||||||||||||
Balance, June 30, 2023 | $ | $ | $ | ( | $ | $ |
Three Months Ended June 30, 2022 | |||||||||||||||||
(US$ in millions) | Readily Marketable Inventories | Derivatives, Net | Trade Accounts Payable | Other (2) | Total | ||||||||||||
Balance, April 1, 2022 | $ | $ | $ | ( | $ | $ | |||||||||||
( | |||||||||||||||||
Total gains and losses (realized/unrealized) included in Other income (expense) - net | — | — | — | ( | ( | ||||||||||||
Purchases | ( | ||||||||||||||||
Sales | ( | ( | |||||||||||||||
Settlements | |||||||||||||||||
Transfers into Level 3 | ( | ||||||||||||||||
Transfers out of Level 3 | ( | ( | |||||||||||||||
Translation adjustment | ( | ( | |||||||||||||||
Balance, June 30, 2022 | $ | $ | $ | ( | $ | $ |
Six Months Ended June 30, 2023 | |||||||||||||||||
(US$ in millions) | Readily Marketable Inventories | Derivatives, Net | Trade Accounts Payable | Other(2) | Total | ||||||||||||
Balance, January 1, 2023 | $ | $ | $ | ( | $ | $ | |||||||||||
( | |||||||||||||||||
Total gains and losses (realized/unrealized) included in Other income (expense) - net | — | — | — | ( | ( | ||||||||||||
Purchases | ( | ||||||||||||||||
Sales | ( | ( | ( | ||||||||||||||
Settlements | |||||||||||||||||
Transfers into Level 3 | ( | ||||||||||||||||
Transfers out of Level 3 | ( | ||||||||||||||||
Translation adjustment | ( | ||||||||||||||||
Balance, June 30, 2023 | $ | $ | $ | ( | $ | $ |
Six Months Ended June 30, 2022 | |||||||||||||||||
(US$ in millions) | Readily Marketable Inventories | Derivatives, Net | Trade Accounts Payable | Other(2) | Total | ||||||||||||
Balance, January 1, 2022 | $ | $ | ( | $ | ( | $ | $ | ||||||||||
Total gains and losses (realized/unrealized) included in Other income (expense) - net | — | — | — | ( | $ | ( | |||||||||||
Purchases | ( | ||||||||||||||||
Sales | ( | ( | |||||||||||||||
Settlements | ( | ||||||||||||||||
Transfers into Level 3 | ( | ||||||||||||||||
Transfers out of Level 3 | ( | ( | ( | ||||||||||||||
Translation adjustment | ( | ( | ( | ||||||||||||||
Balance, June 30, 2022 | $ | $ | $ | ( | $ | $ |
(US$ in millions) | June 30, 2023 | December 31, 2022 | Unit of Measure | |||||||||||
Hedging instrument type: | ||||||||||||||
Fair value hedges of interest rate risk | ||||||||||||||
Interest rate swap - notional amount | $ | $ | $ Notional | |||||||||||
Cumulative adjustment to long-term debt from application of hedge accounting | $ | ( | $ | ( | $ Notional | |||||||||
Carrying value of hedged debt | $ | $ | $ Notional | |||||||||||
Fair value hedges of currency risk | ||||||||||||||
Cross currency swap | $ | $ | $ Notional | |||||||||||
Carrying value of hedged debt | $ | $ | $ Notional | |||||||||||
Cash flow hedges of currency risk | ||||||||||||||
Foreign currency forward - notional amount | $ | $ | $ Notional | |||||||||||
Foreign currency option - notional amount | $ | $ | $ Notional | |||||||||||
Net investment hedges | ||||||||||||||
Foreign currency forward - notional amount | $ | $ | $ Notional | |||||||||||
June 30, | December 31, | ||||||||||||||||
2023 | 2022 | Unit of Measure | |||||||||||||||
(US$ in millions) | Long | (Short) | Long | (Short) | |||||||||||||
Interest rate | |||||||||||||||||
Swaps | $ | $ | ( | $ | $ | ( | $ Notional | ||||||||||
Futures | $ | $ | ( | $ | $ | ( | $ Notional | ||||||||||
Forwards | $ | $ | ( | $ | $ | $ Notional | |||||||||||
Currency | |||||||||||||||||
Forwards | $ | $ | ( | $ | $ | ( | $ Notional | ||||||||||
Swaps | $ | $ | ( | $ | $ | ( | $ Notional | ||||||||||
Futures | $ | $ | ( | $ | $ | $ Notional | |||||||||||
Options | $ | $ | ( | $ | $ | ( | Delta | ||||||||||
Agricultural commodities | |||||||||||||||||
Forwards | ( | ( | Metric Tons | ||||||||||||||
Swaps | ( | Metric Tons | |||||||||||||||
Futures | ( | ( | Metric Tons | ||||||||||||||
Options | ( | ( | Metric Tons | ||||||||||||||
Ocean freight | |||||||||||||||||
FFA | ( | ( | Hire Days | ||||||||||||||
Natural gas | |||||||||||||||||
Forwards | ( | MMBtus | |||||||||||||||
Swaps | MMBtus | ||||||||||||||||
Futures | MMBtus | ||||||||||||||||
Options | MMBtus | ||||||||||||||||
Electricity | |||||||||||||||||
Futures | ( | Mwh | |||||||||||||||
Swaps | ( | ( | Mwh | ||||||||||||||
Energy - other | |||||||||||||||||
Swaps | Metric Tons | ||||||||||||||||
Futures | Metric Tons | ||||||||||||||||
Options | ( | Metric Tons | |||||||||||||||
Energy - CO2 | |||||||||||||||||
Futures | ( | Metric Tons | |||||||||||||||
Other | |||||||||||||||||
Swaps and futures | $ | $ | ( | $ | $ | ( | $ Notional |
Gain (Loss) Recognized in Income on Derivative Instruments | |||||||||||
Three Months Ended June 30, | |||||||||||
(US$ in millions) | 2023 | 2022 | |||||||||
Income statement classification | Type of derivative | ||||||||||
Net sales | |||||||||||
Hedge accounting | Foreign currency | $ | $ | ||||||||
Cost of goods sold | |||||||||||
Hedge accounting | Foreign currency | $ | ( | $ | |||||||
Economic hedges | Foreign currency | ( | |||||||||
Commodities | ( | ||||||||||
Other (1) | |||||||||||
Total Cost of goods sold | $ | $ | |||||||||
Selling, general & administrative | |||||||||||
Hedge Accounting | Foreign exchange | $ | $ | ||||||||
Interest expense | |||||||||||
Hedge accounting | Interest rate | $ | ( | $ | |||||||
Economic hedges | Interest rate | ||||||||||
Total Interest expense | $ | ( | $ | ||||||||
Foreign exchange (losses) gains | |||||||||||
Hedge accounting | Foreign currency | $ | ( | $ | ( | ||||||
Economic hedges | Foreign currency | ( | |||||||||
Total Foreign exchange (losses) gains | $ | ( | $ | ||||||||
Other comprehensive income (loss) | |||||||||||
Gains and losses on derivatives used as fair value hedges of foreign currency risk included in Other comprehensive income (loss) during the period | $ | $ | |||||||||
Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in Other comprehensive income (loss) during the period | $ | ( | $ | ||||||||
Gains and losses on derivatives used as net investment hedges included in Other comprehensive income (loss) during the period | $ | ( | $ | ||||||||
Amounts released from Accumulated other comprehensive income (loss) during the period | |||||||||||
Cash flow hedge of foreign currency risk | $ | $ | ( | ||||||||
Gain (Loss) Recognized in Income on Derivative Instruments | |||||||||||
Six months ended June 30, | |||||||||||
(US$ in millions) | 2023 | 2022 | |||||||||
Income statement classification | Type of derivative | ||||||||||
Net sales | |||||||||||
Hedge accounting | Foreign currency | $ | $ | ||||||||
Cost of goods sold | |||||||||||
Hedge accounting | Foreign currency | $ | $ | ||||||||
Economic hedges | Foreign currency | ||||||||||
Commodities | ( | ||||||||||
Other (1) | |||||||||||
Total Cost of goods sold | $ | $ | ( | ||||||||
Selling, general & administrative expenses | |||||||||||
Hedge Accounting | Foreign exchange | $ | $ | ||||||||
Interest expense | |||||||||||
Hedge accounting | Interest rate | $ | ( | $ | ( | ||||||
Economic hedges | Interest rate | ||||||||||
Total Interest expense | $ | ( | $ | ( | |||||||
Foreign exchange gains (losses) | |||||||||||
Hedge accounting | Foreign currency | $ | ( | $ | ( | ||||||
Economic hedges | Foreign currency | ( | |||||||||
Total Foreign exchange gains (losses) | $ | ( | $ | ||||||||
Other income (expense) | |||||||||||
Economic hedges | Interest rate | $ | $ | ||||||||
Other comprehensive income (loss) | |||||||||||
Gains and losses on derivatives used as fair value hedges of foreign currency risk included in Other comprehensive income (loss) during the period | $ | $ | |||||||||
Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in Other comprehensive income (loss) during the period | $ | ( | $ | ||||||||
Gains and losses on derivatives used as net investment hedges included in Other comprehensive income (loss) during the period | $ | ( | $ | ( | |||||||
Amounts released from Accumulated other comprehensive income (loss) during the period | |||||||||||
Cash flow hedge of foreign currency risk | $ | $ | ( |
June 30, 2023 | December 31, 2022 | ||||||||||||||||
(US$ in millions) | Carrying Value | Fair Value (Level 2) | Carrying Value | Fair Value (Level 2) | |||||||||||||
Long-term debt, including current portion | $ | $ | $ | $ |
(US$ in millions) | June 30, 2023 | December 31, 2022 | ||||||
Non-income tax claims | $ | $ | ||||||
Labor claims | ||||||||
Civil and other claims | ||||||||
Total | $ | $ |
(US$ in millions) | Years Examined | June 30, 2023 | December 31, 2022 | ||||||||
ICMS | 1990 to Present | $ | $ | ||||||||
PIS/COFINS | 2002 to Present | $ | $ |
(US$ in millions) | Recorded Liability | Maximum Potential Future Payments | ||||||
Unconsolidated affiliates guarantee (1) | $ | $ | ||||||
Residual value guarantee (2) | ||||||||
Russia disposition indemnity (3) | ||||||||
Other guarantees | ||||||||
Total | $ | $ |
(US$ in millions) | June 30, 2023 | December 31, 2022 | ||||||
Labor, legal, and other provisions | $ | $ | ||||||
Pension and post-retirement obligations | ||||||||
Uncertain income tax positions (1) | ||||||||
Unrealized losses on derivative contracts, at fair value (2) | ||||||||
Other | ||||||||
Total | $ | $ |
(US$ in millions) | Foreign Exchange Translation Adjustment | Deferred Gains (Losses) on Hedging Activities | Pension and Other Postretirement Liability Adjustments | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance, April 1, 2023 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Other comprehensive income (loss) before reclassifications | ( | |||||||||||||
Amount reclassified from accumulated other comprehensive income (loss) | ( | ( | ||||||||||||
Balance, June 30, 2023 | $ | ( | $ | ( | $ | ( | $ | ( |
(US$ in millions) | Foreign Exchange Translation Adjustment | Deferred Gains (Losses) on Hedging Activities | Pension and Other Postretirement Liability Adjustments | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance, April 1, 2022 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ||||||||||||
Amount reclassified from accumulated other comprehensive income (loss) | ( | ( | ||||||||||||
Balance, June 30, 2022 | $ | ( | $ | ( | $ | ( | $ | ( |
(US$ in millions) | Foreign Exchange Translation Adjustment | Deferred Gains (Losses) on Hedging Activities | Pension and Other Postretirement Liability Adjustments | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance, January 1, 2023 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Other comprehensive income (loss) before reclassifications | ( | |||||||||||||
Amount reclassified from accumulated other comprehensive income (loss) | ||||||||||||||
Balance, June 30, 2023 | $ | ( | $ | ( | $ | ( | $ | ( |
(US$ in millions) | Foreign Exchange Translation Adjustment | Deferred Gains (Losses) on Hedging Activities | Pension and Other Postretirement Liability Adjustments (1) | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance, January 1, 2022 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Other comprehensive income (loss) before reclassifications | ( | |||||||||||||
Amount reclassified from accumulated other comprehensive income (loss) (1) | ( | ( | ( | |||||||||||
Balance, June 30, 2022 | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(US$ in millions, except for share data) | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Net income (loss) attributable to Bunge common shareholders | $ | $ | $ | $ | |||||||||||||
Weighted-average number of common shares outstanding: | |||||||||||||||||
Basic | |||||||||||||||||
Effect of dilutive shares: | |||||||||||||||||
—stock options and awards (2) | |||||||||||||||||
—convertible preference shares (1) | |||||||||||||||||
Diluted | |||||||||||||||||
Earnings per common share: | |||||||||||||||||
Net income (loss) attributable to Bunge common shareholders—basic | $ | $ | $ | $ | |||||||||||||
Net income (loss) attributable to Bunge common shareholders—diluted | $ | $ | $ | $ |
Three Months Ended June 30, 2023 | |||||||||||||||||||||||
(US$ in millions) | Agribusiness | Refined and Specialty Oils | Milling | Sugar and Bioenergy | Corporate and Other | Eliminations | Total | ||||||||||||||||
Net sales to external customers | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||
Inter–segment revenues | — | ( | — | ||||||||||||||||||||
Cost of goods sold | ( | ( | ( | ( | ( | — | ( | ||||||||||||||||
Gross profit | ( | — | |||||||||||||||||||||
Selling, general and administrative expenses | ( | ( | ( | ( | ( | ||||||||||||||||||
Foreign exchange (losses) gains | ( | ( | ( | ( | |||||||||||||||||||
EBIT attributable to noncontrolling interests (1) | ( | ( | |||||||||||||||||||||
Other income (expense) - net | ( | ( | |||||||||||||||||||||
Income (loss) from affiliates | ( | ( | |||||||||||||||||||||
Total Segment EBIT (2) | ( | ||||||||||||||||||||||
Total assets |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||
(US$ in millions) | Agribusiness | Refined and Specialty Oils | Milling | Sugar and Bioenergy | Corporate and Other | Eliminations | Total | ||||||||||||||||
Net sales to external customers | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||
Inter–segment revenues | — | ( | — | ||||||||||||||||||||
Cost of goods sold | ( | ( | ( | ( | ( | — | ( | ||||||||||||||||
Gross profit | — | ||||||||||||||||||||||
Selling, general and administrative expenses | ( | ( | ( | ( | ( | ||||||||||||||||||
Foreign exchange (losses) gains | ( | ( | ( | ( | |||||||||||||||||||
EBIT attributable to noncontrolling interests (1) | ( | ( | ( | ( | |||||||||||||||||||
Other income (expense) - net | ( | ( | ( | ||||||||||||||||||||
Income (loss) from affiliates | |||||||||||||||||||||||
Total Segment EBIT (2) | ( | ||||||||||||||||||||||
Total assets |
Six Months Ended June 30, 2023 | |||||||||||||||||||||||
(US$ in millions) | Agribusiness | Refined and Specialty Oils | Milling | Sugar and Bioenergy | Corporate and Other | Eliminations | Total | ||||||||||||||||
Net sales to external customers | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||
Inter–segment revenues | — | ( | — | ||||||||||||||||||||
Cost of goods sold | ( | ( | ( | ( | ( | — | ( | ||||||||||||||||
Gross profit | ( | — | |||||||||||||||||||||
Selling, general and administrative expenses | ( | ( | ( | ( | ( | ||||||||||||||||||
Foreign exchange (losses) gains | ( | ( | ( | ( | |||||||||||||||||||
EBIT attributable to noncontrolling interests (1) | ( | ( | ( | ||||||||||||||||||||
Other income (expense) - net | ( | ( | |||||||||||||||||||||
Income (loss) from affiliates | ( | ( | |||||||||||||||||||||
Total Segment EBIT (2) | ( | ||||||||||||||||||||||
Total assets |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||
(US$ in millions) | Agribusiness | Refined and Specialty Oils | Milling | Sugar and Bioenergy | Corporate and Other | Eliminations | Total | ||||||||||||||||
Net sales to external customers | $ | $ | $ | $ | $ | $ | — | $ | |||||||||||||||
Inter–segment revenues | — | ( | — | ||||||||||||||||||||
Cost of goods sold | ( | ( | ( | ( | ( | — | ( | ||||||||||||||||
Gross profit | — | ||||||||||||||||||||||
Selling, general and administrative expenses | ( | ( | ( | ( | ( | ||||||||||||||||||
Foreign exchange (losses) gains | ( | ( | ( | ( | |||||||||||||||||||
EBIT attributable to noncontrolling interests (1) | ( | ( | ( | ( | ( | ||||||||||||||||||
Other income (expense) - net | ( | ( | ( | ||||||||||||||||||||
Income (loss) from affiliates | ( | ||||||||||||||||||||||
Total Segment EBIT (2) | ( | ||||||||||||||||||||||
Total assets |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(US$ in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net income (loss) attributable to Bunge | $ | $ | $ | $ | |||||||||||||||||||
Interest income | ( | ( | ( | ( | |||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Income tax expense (benefit) | |||||||||||||||||||||||
Noncontrolling interests' share of interest and tax | ( | ( | |||||||||||||||||||||
Total Segment EBIT | $ | $ | $ | $ |
Three Months Ended June 30, 2023 | ||||||||||||||||||||
(US$ in millions) | Agribusiness | Refined and Specialty Oils | Milling | Sugar and Bioenergy | Corporate and Other | Total | ||||||||||||||
Sales from commodity contracts (ASC 815) | $ | $ | $ | $ | $ | $ | ||||||||||||||
Sales from contracts with customers (ASC 606) | ||||||||||||||||||||
Net sales to external customers | $ | $ | $ | $ | $ | $ |
Three Months Ended June 30, 2022 | ||||||||||||||||||||
(US$ in millions) | Agribusiness | Refined and Specialty Oils | Milling | Sugar and Bioenergy | Corporate and Other | Total | ||||||||||||||
Sales from commodity contracts (ASC 815) | $ | $ | $ | $ | $ | $ | ||||||||||||||
Sales from contracts with customers (ASC 606) | ||||||||||||||||||||
Net sales to external customers | $ | $ | $ | $ | $ | $ |
Six Months Ended June 30, 2023 | ||||||||||||||||||||
(US$ in millions) | Agribusiness | Refined and Specialty Oils | Milling | Sugar and Bioenergy | Corporate and Other | Total | ||||||||||||||
Sales from commodity contracts (ASC 815) | $ | $ | $ | $ | $ | $ | ||||||||||||||
Sales from contracts with customers (ASC 606) | ||||||||||||||||||||
Net sales to external customers | $ | $ | $ | $ | $ | $ |
Six Months Ended June 30, 2022 | ||||||||||||||||||||
(US$ in millions) | Agribusiness | Refined and Specialty Oils | Milling | Sugar and Bioenergy | Corporate and Other | Total | ||||||||||||||
Sales from commodity contracts (ASC 815) | $ | $ | $ | $ | $ | $ | ||||||||||||||
Sales from contracts with customers (ASC 606) | ||||||||||||||||||||
Net sales to external customers | $ | $ | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(US$ in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net income (loss) attributable to Bunge | $ | 622 | $ | 206 | $ | 1,254 | $ | 894 | |||||||||||||||
Interest income | (40) | (11) | (83) | (20) | |||||||||||||||||||
Interest expense | 129 | 92 | 241 | 203 | |||||||||||||||||||
Income tax expense (benefit) | 198 | 36 | 381 | 144 | |||||||||||||||||||
Noncontrolling interests' share of interest and tax | 3 | (1) | 5 | (6) | |||||||||||||||||||
Total Segment EBIT | $ | 912 | $ | 322 | $ | 1,798 | $ | 1,215 | |||||||||||||||
Agribusiness Segment EBIT | 785 | 93 | 1,490 | 792 | |||||||||||||||||||
Refined and Specialty Oils Segment EBIT | 217 | 218 | 450 | 391 | |||||||||||||||||||
Milling Segment EBIT | 14 | 97 | 23 | 147 | |||||||||||||||||||
Core Segment EBIT | 1,016 | 408 | 1,963 | 1,330 | |||||||||||||||||||
Corporate and Other EBIT | (155) | (92) | (235) | (155) | |||||||||||||||||||
Sugar and Bioenergy Segment EBIT | 51 | 6 | 70 | 40 | |||||||||||||||||||
Non-core Segment EBIT | 51 | 6 | 70 | 40 | |||||||||||||||||||
Total Segment EBIT | $ | 912 | $ | 322 | $ | 1,798 | $ | 1,215 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
(US$ in millions, except volumes) | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||
Volumes (in thousand metric tons) | 18,257 | 19,490 | (6) | % | 36,643 | 39,560 | (7) | % | |||||||||||||||||||||||||||
Net sales | $ | 10,875 | $ | 12,747 | (15) | % | $ | 21,727 | $ | 23,978 | (9) | % | |||||||||||||||||||||||
Cost of goods sold | (9,878) | (12,431) | (21) | % | (19,922) | (22,798) | (13) | % | |||||||||||||||||||||||||||
Gross profit | 997 | 316 | 216 | % | 1,805 | 1,180 | 53 | % | |||||||||||||||||||||||||||
Selling, general and administrative expense | (151) | (119) | 27 | % | (283) | (240) | 18 | % | |||||||||||||||||||||||||||
Foreign exchange (losses) gains | (64) | (93) | 31 | % | (25) | (84) | 70 | % | |||||||||||||||||||||||||||
EBIT attributable to noncontrolling interests | 1 | (13) | 108 | % | (20) | (17) | (18) | % | |||||||||||||||||||||||||||
Other income (expense) – net | 7 | (14) | 150 | % | 18 | (77) | 123 | % | |||||||||||||||||||||||||||
Income (loss) from affiliates | (5) | 16 | (131) | % | (5) | 30 | (117) | % | |||||||||||||||||||||||||||
Total Agribusiness Segment EBIT | $ | 785 | $ | 93 | 744 | % | $ | 1,490 | $ | 792 | 88 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
(US$ in millions, except volumes) | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||
Volumes (in thousand metric tons) | 2,212 | 2,328 | (5) | % | 4,358 | 4,624 | (6) | % | |||||||||||||||||||||||||||
Net sales | $ | 3,601 | $ | 4,445 | (19) | % | $ | 7,489 | $ | 8,421 | (11) | % | |||||||||||||||||||||||
Cost of goods sold | (3,268) | (4,120) | (21) | % | (6,814) | (7,834) | (13) | % | |||||||||||||||||||||||||||
Gross profit | 333 | 325 | 2 | % | 675 | 587 | 15 | % | |||||||||||||||||||||||||||
Selling, general and administrative expense | (98) | (87) | 13 | % | (193) | (176) | 10 | % | |||||||||||||||||||||||||||
Foreign exchange (losses) gains | 5 | (8) | 163 | % | 10 | (8) | 225 | % | |||||||||||||||||||||||||||
EBIT attributable to noncontrolling interests | (7) | (7) | — | % | (11) | (4) | (175) | % | |||||||||||||||||||||||||||
Other income (expense) – net | (16) | (5) | 220 | % | (31) | (8) | 288 | % | |||||||||||||||||||||||||||
Income (loss) from affiliates | — | — | — | % | — | — | — | % | |||||||||||||||||||||||||||
Total Refined and Specialty Oils Segment EBIT | $ | 217 | $ | 218 | — | % | $ | 450 | $ | 391 | 15 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
(US$ in millions, except volumes) | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||
Volumes (in thousand metric tons) | 844 | 1,143 | (26) | % | 1,665 | 2,304 | (28) | % | |||||||||||||||||||||||||||
Net sales | $ | 490 | $ | 677 | (28) | % | $ | 1,005 | $ | 1,280 | (21) | % | |||||||||||||||||||||||
Cost of goods sold | (450) | (551) | (18) | % | (934) | (1,083) | (14) | % | |||||||||||||||||||||||||||
Gross profit | 40 | 126 | (68) | % | 71 | 197 | (64) | % | |||||||||||||||||||||||||||
Selling, general and administrative expense | (24) | (28) | (14) | % | (45) | (52) | (13) | % | |||||||||||||||||||||||||||
Foreign exchange (losses) gains | (1) | — | (100) | % | (1) | 3 | (133) | % | |||||||||||||||||||||||||||
EBIT attributable to noncontrolling interests | 1 | (1) | 200 | % | 1 | (1) | 200 | % | |||||||||||||||||||||||||||
Other income (expense) – net | (2) | — | (100) | % | (3) | — | (100) | % | |||||||||||||||||||||||||||
Income (loss) from affiliates | — | — | — | % | — | — | — | % | |||||||||||||||||||||||||||
Total Milling Segment EBIT | $ | 14 | $ | 97 | (86) | % | $ | 23 | $ | 147 | (84) | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
(US$ in millions) | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||
Net sales | $ | 11 | $ | 7 | 57 | % | $ | 20 | $ | 13 | 54 | % | |||||||||||||||||||||||
Cost of goods sold | (18) | (4) | 350 | % | (27) | (5) | 440 | % | |||||||||||||||||||||||||||
Gross profit | (7) | 3 | (333) | % | (7) | 8 | (188) | % | |||||||||||||||||||||||||||
Selling, general and administrative expense | (147) | (100) | 47 | % | (252) | (174) | 45 | % | |||||||||||||||||||||||||||
Foreign exchange (losses) gains | (6) | (9) | 33 | % | (1) | (9) | 89 | % | |||||||||||||||||||||||||||
EBIT attributable to noncontrolling interests | 1 | 1 | — | % | 1 | (11) | 109 | % | |||||||||||||||||||||||||||
Other income (expense) – net | 21 | 13 | 62 | % | 41 | 32 | 28 | % | |||||||||||||||||||||||||||
Income (loss) from affiliates | (17) | — | (100) | % | (17) | (1) | (1600) | % | |||||||||||||||||||||||||||
Total Corporate and Other EBIT | $ | (155) | $ | (92) | (68) | % | $ | (235) | $ | (155) | (52) | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
(US$ in millions) | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||
Net sales | $ | 72 | $ | 57 | 26 | % | $ | 136 | $ | 121 | 12 | % | |||||||||||||||||||||||
Cost of goods sold | (70) | (55) | 27 | % | (134) | (117) | 15 | % | |||||||||||||||||||||||||||
Gross profit | 2 | 2 | — | % | 2 | 4 | (50) | % | |||||||||||||||||||||||||||
Selling, general and administrative expense | — | — | — | % | — | — | — | ||||||||||||||||||||||||||||
Foreign exchange (losses) gains | — | — | — | % | — | — | — | ||||||||||||||||||||||||||||
EBIT attributable to noncontrolling interests | — | — | — | % | — | — | — | ||||||||||||||||||||||||||||
Other income (expense) – net | 2 | — | 100 | % | 2 | — | 100 | % | |||||||||||||||||||||||||||
Income (loss) from affiliates | 47 | 4 | 1075 | % | 66 | 36 | 83 | % | |||||||||||||||||||||||||||
Total Sugar and Bioenergy Segment EBIT | $ | 51 | $ | 6 | 750 | % | $ | 70 | $ | 40 | 75 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
(US$ in millions) | 2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||
Interest income | $ | 40 | $ | 11 | 264 | % | $ | 83 | $ | 20 | 315 | % | |||||||||||||||||||||||
Interest expense | (129) | (92) | 40 | % | (241) | (203) | 19 | % |
As of | |||||||||||||||||
US$ in millions, except current ratio | June 30, 2023 | June 30, 2022 | December 31, 2022 | ||||||||||||||
Cash and cash equivalents | $ | 1,330 | $ | 818 | $ | 1,104 | |||||||||||
Trade accounts receivable, net | 2,599 | 2,427 | 2,829 | ||||||||||||||
Inventories | 8,806 | 10,481 | 8,408 | ||||||||||||||
Other current assets(1) | 4,465 | 6,006 | 4,417 | ||||||||||||||
Total current assets | $ | 17,200 | $ | 19,732 | $ | 16,758 | |||||||||||
Short-term debt | $ | 667 | $ | 2,154 | $ | 546 | |||||||||||
Current portion of long-term debt | 4 | 1,303 | 846 | ||||||||||||||
Trade accounts payable | 4,248 | 5,347 | 4,386 | ||||||||||||||
Current operating lease obligations | 370 | 396 | 425 | ||||||||||||||
Other current liabilities(2) | 3,002 | 3,901 | 3,397 | ||||||||||||||
Total current liabilities | $ | 8,291 | $ | 13,101 | $ | 9,600 | |||||||||||
Working capital(3) | $ | 8,909 | $ | 6,631 | $ | 7,158 | |||||||||||
Current ratio(4) | 2.07 | 1.51 | 1.75 |
(US$ in millions) | Total Committed Capacity (2) | Borrowings Outstanding | ||||||||||||||||||||||||
Revolving Credit Facilities(1) | Maturities | June 30, 2023 | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Revolving credit facilities | ||||||||||||||||||||||||||
$1.1 Billion 364-day Revolving Credit Agreement | 2024 | $ | 1,100 | $ | — | $ | — | |||||||||||||||||||
$1.75 Billion 2024 Revolving Credit Facility | 2024 | 1,750 | — | — | ||||||||||||||||||||||
$1.95 Billion 5-year Revolving Credit Agreement | 2026 | 1,950 | — | — | ||||||||||||||||||||||
$865 Million 2026 Revolving Credit Facility | 2026 | 865 | — | — | ||||||||||||||||||||||
Total revolving credit facilities | $ | 5,665 | $ | — | $ | — | ||||||||||||||||||||
(US$ in millions) | Outstanding Balance at June 30, 2023 | Weighted Average Interest Rate at June 30, 2023 | Highest Balance Outstanding During Quarter Ended June 30, 2023 | Average Balance During Quarter Ended June 30, 2023 | Weighted Average Interest Rate During Quarter Ended June 30, 2023 | |||||||||||||||||||||||||||
Bank borrowings (1) | $ | 667 | 11.88 | % | $ | 667 | $ | 588 | 14.58 | % | ||||||||||||||||||||||
Commercial paper | — | — | % | — | — | — | % | |||||||||||||||||||||||||
Total | $ | 667 | $ | 667 | $ | 588 |
(US$ in millions) | June 30, 2023 | December 31, 2022 | ||||||||||||
Short-term debt: (1) | ||||||||||||||
Short-term debt (2) | $ | 667 | $ | 546 | ||||||||||
Current portion of long-term debt | 4 | 846 | ||||||||||||
Total short-term debt | 671 | 1,392 | ||||||||||||
Long-term debt: | ||||||||||||||
Term loan due 2024 - three-month TONAR plus 0.76% (Tranche A) | 212 | 232 | ||||||||||||
Term loan due 2024 - three-month SOFR plus 1.40% (Tranche B) | 90 | 90 | ||||||||||||
Term loan due 2025 - SOFR plus 0.90% | 750 | — | ||||||||||||
Term loan due 2027 - SOFR plus 1.125% | 250 | — | ||||||||||||
Term loan due 2028 - SOFR plus 1.325% | 249 | 249 | ||||||||||||
1.85% Senior Notes due 2023 - Euro(3) | — | 853 | ||||||||||||
1.63% Senior Notes due 2025 | 598 | 597 | ||||||||||||
3.25% Senior Notes due 2026 | 698 | 698 | ||||||||||||
3.75% Senior Notes due 2027 | 597 | 597 | ||||||||||||
2.75% Senior Notes due 2031 | 991 | 990 | ||||||||||||
Cumulative adjustment to long-term debt from application of hedge accounting | (324) | (341) | ||||||||||||
Other | 171 | 140 | ||||||||||||
Subtotal | 4,282 | 4,105 | ||||||||||||
Less: Current portion of long-term debt | (4) | (846) | ||||||||||||
Total long-term debt(4) | 4,278 | 3,259 | ||||||||||||
Total debt | $ | 4,949 | $ | 4,651 |
Short-term Debt (1) | Long-term Debt | Outlook | ||||||||||||||||||
Standard & Poor’s | A-2 | BBB+ | Positive | |||||||||||||||||
Moody’s | P-2 | Baa2 | Review for Upgrade | |||||||||||||||||
Fitch | BBB | Rating Watch Positive |
(US$ in millions) | June 30, 2023 | December 31, 2022 | ||||||||||||
Equity: | ||||||||||||||
Common shares | $ | 1 | $ | 1 | ||||||||||
Additional paid-in capital | 6,706 | 6,692 | ||||||||||||
Retained earnings | 11,279 | 10,222 | ||||||||||||
Accumulated other comprehensive income (loss) | (6,091) | (6,371) | ||||||||||||
Treasury shares, at cost; 2023 and 2022 - 18,835,812 shares | (1,320) | (1,320) | ||||||||||||
Total Bunge shareholders’ equity | 10,575 | 9,224 | ||||||||||||
Noncontrolling interest | 783 | 732 | ||||||||||||
Total equity | $ | 11,358 | $ | 9,956 |
Six Months Ended June 30, | ||||||||||||||
US$ in millions | 2023 | 2022 | ||||||||||||
Cash provided by (used for) operating activities | $ | 472 | $ | (4,457) | ||||||||||
Cash provided by (used for) investing activities | (384) | 2,867 | ||||||||||||
Cash provided by (used for) financing activities | 92 | 1,445 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents, restricted cash, and cash held for sale | 28 | 63 | ||||||||||||
Net increase (decrease) in cash and cash equivalents, restricted cash, and cash held for sale | $ | 208 | $ | (82) |
Six Months Ended June 30, | ||||||||||||||
US$ in millions | 2023 | 2022 | ||||||||||||
Cash provided by (used for) operating activities | $ | 472 | $ | (4,457) | ||||||||||
Proceeds from beneficial interest in securitized trade receivables (1) | 79 | 3,311 | ||||||||||||
Cash provided by (used for) operating activities, adjusted | $ | 551 | $ | (1,146) |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | |||||||||||||||||||||||||
(US$ in millions) | Value | Market Risk | Value | Market Risk | ||||||||||||||||||||||
Highest daily aggregated position value | $ | 459 | $ | (46) | $ | 1,809 | $ | (181) | ||||||||||||||||||
Lowest daily aggregated position value | $ | (377) | $ | (38) | $ | (416) | $ | (42) |
+++ | Business Combination Agreement, dated as of June 13, 2023, by and among Bunge Limited, Viterra Limited, and the Sellers listed therein (incorporated by reference from the Registrant’s Form 8-K filed June 15, 2023) | |||||||
First Supplemental Indenture, dated as of June 21, 2023, to Indenture relating to Bunge Limited Finance Corp.’s 3.25% Senior Notes due 2026, guaranteed by Bunge Limited, dated as of August 15, 2016 (incorporated by reference from the Registrant’s Form 8-K filed June 26, 2023) | ||||||||
First Supplemental Indenture, dated as of June 21, 2023, to Indenture relating to Bunge Limited Finance Corp.’s 3.75% Senior Notes due 2027, guaranteed by Bunge Limited, dated as of September 25, 2017 (incorporated by reference from the Registrant’s Form 8-K filed June 26, 2023) | ||||||||
First Supplemental Indenture, dated as of June 21, 2023, to Indenture relating to Bunge Limited Finance Corp.’s 1.63% Senior Notes due 2025, guaranteed by Bunge Limited, dated as of August 17, 2020 (incorporated by reference from the Registrant’s Form 8-K filed June 26, 2023) | ||||||||
First Supplemental Indenture, dated as of June 21, 2023, to Indenture relating to Bunge Limited Finance Corp.’s 2.75% Senior Notes due 2031, guaranteed by Bunge Limited, dated as of May 14, 2021 (incorporated by reference from the Registrant’s Form 8-K filed June 26, 2023) | ||||||||
First Amended and Restated Agreement to the $1.95 Billion 5-year Revolving Credit Agreement, dated as of June 21, 2023, by and among Bunge Limited Finance Corp., as Borrower, JPMorgan Chase Bank, N.A., as Administrative Agent, Citibank, N.A., as Syndication Agent, BNP Paribas, Coöperatieve Rabobank U.A., New York Branch, Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation and U.S. Bank National Association, as Co-Documentation Agents, and the several lenders from time to time parties thereto (incorporated by reference from the Registrant’s Form 8-K filed June 26, 2023) | ||||||||
First Amended and Restated Guaranty, dated as of June 21, 2023, by Bunge Limited and Bunge Global SA, as Guarantor, to JPMorgan Chase Bank, N.A., as Administrative Agent under the $1.95 Billion 5-year Revolving Credit Agreement incorporated as Exhibit 10.1 into this Quarterly Report on Form 10-Q (incorporated by reference from the Registrant’s Form 8-K filed June 26, 2023) | ||||||||
$1.365 billion Credit Agreement, dated as of June 21, 2023, by and among Bunge Limited Finance Corp., as Borrower, CoBank, ACB, as Administrative Agent and Lead Arranger, and the several lenders from time to time parties thereto (incorporated by reference from the Registrant’s 8-K filed on June 26, 2023) | ||||||||
Guaranty, dated as of June 21, 2023, by Bunge Limited and Bunge Global SA, as Guarantor, to CoBank, ACB, as Administrative Agent under the $1.365 billion Credit Agreement incorporated as Exhibit 10.3 into this Quarterly Report on Form 10-Q (incorporated by reference from the Registrant’s Form 8-K filed June 26, 2023) | ||||||||
Second Amendment to $375 million equivalent Term Loan Agreement due 2024, dated as of June 21, 2023, by and among Bunge Limited Finance Corp., as Borrower, Sumitomo Mitsui Banking Corporation, as Administrative Agent, and the several lenders from time to time parties thereto (incorporated by reference from the Registrant’s Form 8-K filed June 26, 2023) | ||||||||
Second Amended and Restated Guaranty, dated as of June 21, 2023, by Bunge Limited and Bunge Global SA, as Guarantor, to Sumitomo Mitsui Banking Corporation, as Administrative Agent under the $375 million equivalent Term Loan Agreement due 2024, as amended incorporated as Exhibit 10.5 into this Quarterly Report on Form 10-Q (incorporated by reference from the Registrant’s Form 8-K filed June 26, 2023) | ||||||||
$750 million First Amended and Restated Term Loan Agreement due 2025, dated as of June 21, 2023, by and among Bunge Limited Finance Corp., as Borrower, JPMorgan Chase Bank, N.A., as Administrative Agent, Sumitomo Mitsui Banking Corporation, Bank of America, N.A., BNP Paribas, Citibank, N.A., Coöperatieve Rabobank U.A., New York Branch, ING Bank N.V., JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd., PNC Bank, National Association, Royal Bank of Canada, The Toronto-Dominion Bank, New York Branch, Truist Bank, U.S. Bank National Association and Wells Fargo Bank, National Association, as Syndication Agents, and the several lenders from time to time parties thereto (incorporated by reference from the Registrant’s Form 8-K filed June 26, 2023) | ||||||||
First Amended and Restated Guaranty, dated as of June 21, 2023, by Bunge Limited and Bunge Global SA, as Guarantor, to JPMorgan Chase Bank, N.A., as Administrative Agent to the $750 million First Amended and Restated Term Loan Agreement due 2025 incorporated as Exhibit 10.7 into this Quarterly Report on Form 10-Q (incorporated by reference from the Registrant’s Form 8-K filed June 26, 2023) |
+++ | Second Amendment Agreement to the $1.75 Billion 2024 Revolving Credit Facility, dated as of June 21, 2023, by and among Bunge Finance Europe B.V., as Borrower, BNP Paribas, Crédit Agricole Corporate and Investment Bank, ING Bank N.V., Natixis and SMBC Bank International Plc as Arrangers, BNP Paribas, as Sustainability Co-ordinator, Natixis, as Lead Sustainability Co-ordinator, and Crédit Agricole Corporate and Investment Bank, as Agent, and certain lenders party thereto (incorporated by reference from the Registrant’s Form 8-K filed June 26, 2023) | |||||||
First Amended and Restated Guaranty, dated as of June 21, 2023, by Bunge Limited, as Guarantor, to Crédit Agricole Corporate and Investment Bank, as Administrative Agent to the $1.75 Billion 2024 Revolving Credit Facility Agreement dated as of December 16, 2021, as amended (incorporated by reference from the Registrant’s Form 8-K filed June 26, 2023) | ||||||||
+++ | Twenty-Third Amendment to Receivables Transfer Agreement, dated as of June 21, 2023, among Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V., as Master Servicer and Subordinated Lender, Coöperatieve Rabobank U.A., as Administrative Agent, Committed Purchaser and Purchaser Agent and on behalf of its Conduit Purchaser, Bunge Limited, as Existing Performance Undertaking Provider, Bunge Global SA, as Successor Performance Undertaking Provider, Crédit Agricole Corporate & Investment Bank, as Sustainability Co-ordinator, and the Conduit Purchasers, Committed Purchasers and Purchaser Agents party thereto (incorporated by reference from the Registrant’s Form 8-K filed June 26, 2023) | |||||||
First Amended and Restated Performance and Indemnity Agreement, dated as of June 21, 2023, by and among Bunge Limited and Bunge Global SA, as Performance Undertaking Provider and Coöperatieve Rabobank U.A., as Administrative Agent to the Receivables Transfer Agreement dated June 1, 2011, as amended (incorporated by reference from the Registrant’s Form 8-K filed June 26, 2023) | ||||||||
$1.1 Billion 364-day Revolving Credit Agreement, dated June 21, 2023, by and among Bunge Limited Finance Corp., as Borrower, Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent, Sumitomo Mitsui Banking Corporation, as Syndication Agent, BNP Paribas, Citibank, N.A., Natixis, New York Branch and U.S. Bank National Association, as Co-Documentation Agents, and the several lenders from time to time parties thereto (incorporated by reference from the Registrant’s Form 8-K filed June 26, 2023) | ||||||||
Guaranty, dated as of June 21, 2023, by Bunge Limited and Bunge Global SA, as Guarantor, to Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent under the $1.1 Billion 364-day Revolving Credit Agreement incorporated as Exhibit 10.13 into this Quarterly Report on Form 10-Q (incorporated by reference from the Registrant’s Form 8-K filed June 26, 2023) | ||||||||
* | Subsidiary Issuers of Guaranteed Securities | |||||||
* | 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 | |||||||
* | 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 | |||||||
** | 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 | |||||||
** | 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 | |||||||
101 SCH | XBRL Taxonomy Extension Schema Document | |||||||
101 CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101 LAB | XBRL Taxonomy Extension Labels Linkbase Document | |||||||
101 PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
101 DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101 INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
BUNGE LIMITED | |||||||||||
Date: August 9, 2023 | By: | /s/ John W. Neppl | |||||||||
John W. Neppl | |||||||||||
Executive Vice President, Chief Financial Officer | |||||||||||
/s/ J. Matt Simmons, Jr. | |||||||||||
J. Matt Simmons, Jr. | |||||||||||
Controller and Principal Accounting Officer |
Name of Subsidiary Issuer | State of Formation of Issuer | Description of Registered Notes | |||||||||||||||
Bunge Limited Finance Corp. | Delaware | 1.63% Senior Notes due 2025 | |||||||||||||||
Bunge Limited Finance Corp. | Delaware | 3.25% Senior Notes due 2026 | |||||||||||||||
Bunge Limited Finance Corp. | Delaware | 3.75% Senior Notes due 2027 | |||||||||||||||
Bunge Limited Finance Corp. | Delaware | 2.75% Senior Notes Due 2031 |
/s/ Gregory A. Heckman | |||||
Gregory A. Heckman | |||||
Chief Executive Officer (Principal Executive Officer) |
/s/ John W. Neppl | |||||
John W. Neppl | |||||
Executive Vice President, Chief Financial Officer |
/s/ Gregory A. Heckman | |||||
Gregory A. Heckman | |||||
Chief Executive Officer (Principal Executive Officer) |
/s/ John W. Neppl | |||||
John W. Neppl | |||||
Executive Vice President, Chief Financial Officer |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 629 | $ 225 | $ 1,288 | $ 921 |
Other comprehensive income (loss): | ||||
Foreign exchange translation adjustment | 143 | (289) | 268 | 100 |
Unrealized gains (losses) on designated hedges, net of tax (expense) benefit of $(2) and $(3) in 2023 and zero and $(2) in 2022 | (66) | 47 | (92) | (70) |
Reclassification of net (gains) losses to net income, net of tax expense (benefit) of $(1) and $(1) in 2023 and $2 and $12 in 2022 | (1) | (5) | 103 | (34) |
Total other comprehensive income (loss) | 76 | (247) | 279 | (4) |
Total comprehensive income (loss) | 705 | (22) | 1,567 | 917 |
Comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests | (3) | 5 | (33) | 12 |
Total comprehensive income (loss) attributable to Bunge | $ 702 | $ (17) | $ 1,534 | $ 929 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parentheticals) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gains (losses) on designated hedges, tax benefit (expense) | $ (2) | $ 0 | $ (3) | $ (2) |
Reclassification of net (gains) losses to net income, tax expense (benefit) | $ (1) | $ 2 | $ (1) | $ 12 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, allowances | $ 97 | $ 90 |
Trade accounts payable at fair value | $ 1,095 | $ 643 |
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares, authorized (in shares) | 400,000,000 | 400,000,000 |
Common shares, issued (in shares) | 150,630,209 | 149,907,932 |
Common shares, outstanding (in shares) | 150,630,209 | 149,907,932 |
Treasury shares, at cost (in shares) | 18,835,812 | 18,835,812 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
May 11, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Statement of Stockholders' Equity [Abstract] | |||||
Dividends on common shares (in dollars per share) | $ 0.6625 | $ 0.6625 | $ 0.625 | $ 1.2875 | $ 1.15 |
BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION, AND SIGNIFICANT ACCOUNTING POLICIES |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION, AND SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION, AND SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed consolidated financial statements include the accounts of Bunge Limited ("Bunge" or the "Company"), its subsidiaries and variable interest entities ("VIEs") in which Bunge is considered to be the primary beneficiary, and as a result, include the assets, liabilities, revenues and expenses of all entities over which Bunge has a controlling financial interest. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended ("Exchange Act"). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Securities and Exchange Commission ("SEC") rules. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included. The condensed consolidated balance sheet at December 31, 2022 has been derived from Bunge’s audited consolidated financial statements at that date. Operating results for the six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023. The financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022, forming part of Bunge’s 2022 Annual Report on Form 10-K filed with the SEC on February 24, 2023. Effective January 1, 2023, the Company changed its reporting of cash proceeds from and repayments of short-term debt with maturities of three months or less to be presented on a net basis in its condensed consolidated statements of cash flows. Prior to January 1, 2023, the Company presented cash proceeds from and repayments of short-term debt with maturities of three months or less separately in its consolidated statements of cash flows. Prior period amounts have been reclassified to conform to current presentation. On April 9, 2023, Argentina’s government published Emergency Decree 194/2023 Programa de Incremento Exportador (the “Export Program”) which introduced a preferential U.S. dollar to Argentine peso foreign exchange rate available exclusively during the period between April 10, 2023 and May 31, 2023, payable to Argentinian farmers on qualifying Argentine peso denominated sales of certain commodities. The Export Program, and similar Argentinian government programs in 2022, is aimed at boosting farmer selling and in turn commodity exports. Please refer to Note 1 – Nature of Business, Basis of Presentation, and Significant Accounting Policies, included in the Company’s 2022 Annual Report on Form 10-K for further details on the 2022 government programs. Bunge is both a receiver of the preferential exchange rate for cash converted to Argentine pesos, as well as a payer of the same preferential rate on purchases of various commodities from farmers and related export duties. Transactions related to the Export Program were accounted for at the preferential rate. Ukraine-Russia War On February 24, 2022, Russia initiated a military invasion of Ukraine (the "war"). Bunge’s Ukrainian operations comprise two oilseed crushing facilities, located in Mykolaiv and Dnipropetrovsk, a grain export terminal in Mykolaiv commercial seaport, numerous grain elevators, and an office in Kiev. The Company also operates a corn milling facility in Ukraine via a joint venture. As of June 30, 2023, total assets and total liabilities associated with Bunge’s Ukrainian subsidiaries each comprise approximately 2% of Bunge’s consolidated Total assets and Total liabilities, respectively. Bunge’s operational activities in Ukraine have steadily increased during recent months, but remain limited and are subject to Bunge's ability to perform activities safely. On July 17, 2023, an agreement allowing the safe export of grain from three Ukrainian ports (Pivdennyi/Yuzhnvi, Odesa, and Chornomorsk; the "POC corridor") on the Black Sea expired. Following the termination of the POC corridor agreement, Russian attacks on key Ukrainian export infrastructure locations intensified. As of August 8, 2023, the termination of the POC corridor agreement and recent Russian attacks on key export infrastructure have not significantly impacted Bunge's operations in Ukraine. The scope, intensity, duration, and outcome of the ongoing war is uncertain, and any continuation or escalation of the war may have a material adverse effect on Bunge, including its Ukrainian operations. In the three and six months ended June 30, 2023, the Company recognized mark-to-market gains of $9 million and $19 million, respectively, in Cost of goods sold in the condensed consolidated statements of income related to inventory recovered from its Mykolaiv and other facilities which had no carrying value as of December 31, 2022. No impairments or charges related to the war were recorded in the three and six months ended June 30, 2023. Please refer to Note 2 - Ukraine-Russia War, included in the Company's 2022 Annual Report on Form 10-K for further details regarding the impact of the war on Bunge's financial statements. Cash, Cash Equivalents and Restricted Cash Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the condensed consolidated statements of cash flows. The following table provides a reconciliation of cash and cash equivalents and restricted cash, reported within the condensed consolidated balance sheets, which sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.
Cash paid for income taxes, net of refunds received, was $312 million and $260 million for the six months ended June 30, 2023 and 2022, respectively. Cash paid for interest expense was $242 million and $221 million for the six months ended June 30, 2023 and 2022, respectively. Recently Adopted Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848), to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting designed to ease the financial reporting burden related to reference rate reform. In December 2022, the FASB subsequently issued ASU 2022-06, Deferral of the Sunset Date of Topic 848, to ensure the relief in Topic 848 covers the period of time during which a significant number of modifications to eligible contracts and hedging relationships may take place. The ASU defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The Company is applying this guidance prospectively to all eligible contract modifications through December 31, 2024. As of June 30, 2023, Bunge has concluded the modification of all eligible contracts and the adoption of this guidance did not have a material impact on Bunge's condensed consolidated financial statements.
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ACQUISITIONS AND DISPOSITIONS |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Asset Acquisition And Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS Acquisitions Viterra Limited Business Combination Agreement On June 13, 2023, Bunge entered into a definitive business combination agreement (the "Agreement") with Viterra Limited ("Viterra") and its shareholders including certain affiliates of Glencore PLC, Canada Pension Plan Investment Board, and British Columbia Investment Management Corporation (collectively, the "Sellers"), to acquire Viterra in a stock and cash transaction. The acquisition of Viterra by Bunge will create an innovative global agribusiness company well positioned to meet the demands of increasingly complex markets and better serve farmers and end-customers. Under the terms of the Agreement, Viterra shareholders are anticipated to receive approximately 65.6 million of common shares of Bunge issued stock, with an aggregate value of approximately $6.2 billion as of June 30, 2023 and receive approximately $2.0 billion in cash (together, the "Transaction Consideration"), in return for 100% of the outstanding equity of Viterra. The determination of the final value of the Transaction Consideration will depend on the Company's stock price at the time of closing. Upon completion of the transaction, the Viterra sellers are expected to own approximately 30% of the combined Bunge company on a fully diluted basis, before giving effect to any future share repurchases by Bunge. In connection with the execution of the Agreement, Bunge has secured a total of $8.0 billion in acquisition debt financing ("Acquisition Financing"). Bunge intends to use a portion of the Acquisition Financing to fund the cash portion of the Transaction Consideration, and the remainder for repayment of certain indebtedness of Viterra, totaling approximately $6.6 billion, which is expected to be repaid at Closing and for the ongoing operations of the combined company following closing. See Note 13 - Debt for further information. The acquisition is expected to close in mid-2024, subject to Bunge shareholder approval and satisfaction of regulatory approvals and other customary closing conditions. The Agreement may be terminated by mutual written consent of the parties and includes certain customary termination rights. If the Agreement is terminated in connection with certain circumstances relating to the failure to obtain certain antitrust and competition clearances that are conditions to closing, Bunge would be obligated to pay the Sellers a fee of $400 million in the aggregate. Additionally, on June 12, 2023 in contemplation of the Agreement, Bunge's Board of Directors approved a $1.7 billion expansion of the existing share repurchase program for the repurchase of Bunge's issued and outstanding common shares. Approximately $300 million remained outstanding under the existing program prior to the expansion of the program, resulting in an aggregate of $2.0 billion that remains outstanding for repurchases under the program. See Note 17 - Equity for further details. Fuji Oils New Orleans, LLC Port Based Refinery On April 14, 2023, Bunge, through its 80% ownership of Bunge Loders Croklaan joint venture with IOI Corporation Berhad, completed its purchase of Fuji Oils New Orleans, LLC's port based refinery. The refinery is located in International-Matex Tank Terminals' Avondale Terminal, in Avondale, Louisiana in the United States. Cash consideration for the asset acquisition of $181 million was allocated to Property, plant and equipment, net ($220 million), inclusive of a finance lease right of use asset ($52 million), long-term finance lease obligations ($41 million) included in Long-term debt and Current portion of long-term debt, and other net working capital ($2 million). Dispositions Russian Oilseed Processing and Refining Operations Disposition On September 16, 2022, Bunge signed an agreement to sell its remaining Russian operations, primarily comprising an oilseed crushing and refining facility in Voronezh, southwest Russia (referred to as the "disposal group"), to Karen Vanetsyan (the "Buyer"), in exchange for a cash price approximately equal to the book value of the disposal group's net assets. On January 9, 2023, Bunge and the Buyer agreed to a purchase price adjustment. The purchase price adjustment and cumulative translation adjustment losses, among other items related to the disposal group, resulted in a corresponding impairment loss on sale of $103 million, recognized in Cost of goods sold for the year ended December 31, 2022. On February 3, 2023, the transaction closed in accordance with the terms of the agreement with no material impact to the condensed consolidated statement of income for the six months ended June 30, 2023. In connection with the transaction, Bunge agreed to indemnify the Buyer against certain legal claims involving Bunge's Russian subsidiary. Management has assessed the likelihood of any loss related to claims covered by the indemnity as remote, and recognized a liability in accordance with Accounting Standards Codification ("ASC") 460, Guarantees. See Note 15 - Commitments and Contingencies for more information. The following table presents the book values of the major classes of assets and liabilities that were included in the disposal group at the closing date. Intercompany balances between the disposal group and other Bunge consolidated entities have been omitted. Assets included in the disposal group comprised $12 million and $21 million, reported under the Agribusiness segment and Refined and Specialty Oils segment, respectively. Liabilities included in the disposal group comprised $6 million and $13 million, reported under the Agribusiness segment and Refined and Specialty Oils segment, respectively.
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TRADE STRUCTURED FINANCE PROGRAM |
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Jun. 30, 2023 | |
Trade Structured Finance Program [Abstract] | |
TRADE STRUCTURED FINANCE PROGRAM | TRADE STRUCTURED FINANCE PROGRAM The Company engages in various trade structured finance activities to leverage the value of its global trade flows. These activities include programs under which the Company generally obtains U.S. dollar-denominated letters of credit ("LCs") from financial institutions, each based on an underlying commodity trade flow, and time deposits denominated in either the local currency of the financial institutions' counterparties or in U.S. dollars, as well as foreign exchange forward contracts, in which trade related payables are set-off against receivables, all of which are subject to legally enforceable set-off agreements. As of June 30, 2023 and December 31, 2022, time deposits and LCs of $5,212 million and $5,901 million, respectively, were presented net on the condensed consolidated balance sheets as the criteria of ASC 210-20, Offsetting, had been met. The net losses and gains related to such activities are included as an adjustment to Cost of goods sold in the accompanying condensed consolidated statements of income. As of June 30, 2023 and December 31, 2022, time deposits, including those presented on a net basis, carried weighted-average interest rates of 5.40% and 3.46%, respectively. During the six months ended June 30, 2023 and 2022, total net proceeds from issuances of LCs were $3,035 million and $3,689 million, respectively. These cash inflows were offset by the related cash outflows resulting from placement of the time deposits and repayment of the LCs. All cash flows related to the programs are included in operating activities in the condensed consolidated statements of cash flows. As part of the trade structured finance activities, LCs may be sold to financial institutions on a discounted basis. Bunge does not service derecognized LCs. The terms of the sale may require the Company to continue to make periodic interest payments to financial institutions based on changes in the Secured Overnight Financing Rate ("SOFR") for a period of up to 365 days. Bunge’s payment obligation to financial institutions as part of the trade structured finance activities, reported in Other current liabilities, including any unrealized gain or loss on changes in SOFR is not significant as of June 30, 2023 or December 31, 2022. The notional amounts of LCs subject to continuing variable interest payments that have been derecognized from the Company's condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022 are included in Note 12 - Derivative Instruments And Hedging Activities. The net gain or loss included in Cost of goods sold resulting from the fair valuation of such variable interest rate obligations is not significant for the three and six month periods ended June 30, 2023 and 2022.
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TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM |
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Transfers and Servicing [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM | TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM Trade Accounts Receivable Changes to the allowance for lifetime expected credit losses related to Trade accounts receivable were as follows:
(1) Long-term portion of the allowance for credit losses is included in Other non-current assets.
(1) Long-term portion of the allowance for credit losses is included in Other non-current assets. Trade Receivables Securitization Program Bunge and certain of its subsidiaries participate in a trade receivables securitization program (the "Program") with a financial institution, as administrative agent, and certain commercial paper conduit purchasers and committed purchasers (collectively, the "Purchasers"). Koninklijke Bunge B.V., a wholly owned subsidiary of Bunge, acts as master servicer, responsible for servicing and collecting the accounts receivable for the Program. The Program is designed to enhance Bunge’s financial flexibility by providing an additional source of liquidity for its operations. Bunge may also, from time to time with the consent of the administrative agent, request one or more of the existing committed purchasers or new committed purchasers to increase the total commitments by an amount not to exceed $250 million pursuant to an accordion provision. The Program includes sustainability provisions, pursuant to which the applicable margin will be increased or decreased based on Bunge's performance relative to certain sustainability targets, including, but not limited to, science-based targets that define Bunge's climate goals within its operations and a commitment to a deforestation-free supply chain in 2025. On June 21, 2023, Bunge and its finance subsidiaries terminated the Bunge Master Trust and amended the Program to remove all references and all provisions related to the Bunge Master Trust and to automatically assign Bunge Limited’s obligations as existing guarantor to Bunge Global SA as successor guarantor, effective at the completion of the redomestication (see Note 13 - Debt). In addition, MUFG Bank, Ltd. and Gotham Funding Corporation were added as a Purchaser under the Program. On November 16, 2022, Bunge and certain of its subsidiaries amended the Program from a deferred purchase price structure to a pledge structure. Under the new structure, Bunge Securitization B.V. ("BSBV"), a consolidated bankruptcy remote special purpose entity, transfers certain trade receivables to the Purchasers in exchange for a cash payment up to $1.1 billion and retains ownership of a population of unsold receivables. BSBV agrees to guaranty the collection of sold receivables and grants a lien to the administrative agent on all unsold receivables. Collections on unsold receivables and guarantee payments are classified as operating activities in Bunge’s condensed consolidated statements of cash flows. At November 16, 2022, the effective date of the amended Program, $741 million of sold receivables were repurchased through a non-cash investing exchange of the Deferred Purchase Price ("DPP"). As of June 30, 2023, the Company had collected a total of $725 million of repurchased receivables, including $79 million collected in the first six months of 2023, which are reported as Proceeds from beneficial interest in securitized trade receivables under investing activities in the consolidated statements of cash flows. The Program will terminate on May 17, 2031; however, each committed purchaser's commitment to purchase trade receivables under the Program will terminate earlier on May 17, 2025, unless extended for an additional period in accordance with the terms of the receivables transfer agreement.
Bunge's risk of loss following the sale of trade receivables is limited to the assets of BSBV, primarily comprised of unsold receivables pledged to the administrative agent. The table below summarizes the cash flows and discounts of Bunge’s trade receivables associated with the Program. Servicing fees under the Program were not significant in any period.
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INVENTORIES |
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | INVENTORIESInventories by segment are presented below. Readily marketable inventories ("RMI") are agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, palm oil, corn, and wheat carried at fair value because of their commodity characteristics, widely available markets, and international pricing mechanisms. The Company engages in trading and distribution, or merchandising activities, and part of RMI can be attributable to such activities and is not held for processing. All other inventories are carried at lower of cost or net realizable value.
(1) Includes RMI of $6,956 million and $6,286 million at June 30, 2023, and December 31, 2022, respectively. Assets held for sale includes RMI of zero and $26 million at June 30, 2023, and December 31, 2022, respectively. Of these amounts, $5,898 million and $4,789 million can be attributable to merchandising activities at June 30, 2023, and December 31, 2022, respectively. (2) Includes RMI of $217 million and $271 million at June 30, 2023, and December 31, 2022, respectively. (3) Includes RMI of $23 million and $97 million at June 30, 2023, and December 31, 2022, respectively.
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OTHER CURRENT ASSETS |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER CURRENT ASSETS | OTHER CURRENT ASSETS Other current assets consist of the following:
(1) Prepaid commodity purchase contracts represent advance payments against contracts for future deliveries of specified quantities of agricultural commodities. (2) The Company provides cash advances to suppliers, primarily Brazilian soybean farmers, to finance a portion of the suppliers’ production costs. The Company does not bear any of the costs or operational risks associated with the related growing activities. The advances are largely collateralized by future crops and physical assets of the suppliers, carry a local market interest rate, and settle when the farmers' crops are harvested and sold. The secured advances to farmers are reported net of allowances of $8 million and $7 million at June 30, 2023 and December 31, 2022, respectively. (-) Interest earned on secured advances to suppliers of $4 million and $6 million for the three months ended June 30, 2023, and 2022, respectively, and $11 million and $12 million for the six months ended June 30, 2023 and 2022 is included in Net sales in the condensed consolidated statements of income. (3) Marketable securities and other short-term investments - The Company invests in foreign government securities, corporate debt securities, deposits, equity securities, and other securities. The following is a summary of amounts recorded in the Company's condensed consolidated balance sheets as marketable securities and other short-term investments.
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OTHER NON-CURRENT ASSETS |
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Other Assets, Noncurrent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER NON-CURRENT ASSETS | OTHER NON-CURRENT ASSETS Other non-current assets consist of the following:
(1) A significant portion of these non-current assets arise from the Company’s Brazilian operations and their realization could take several years. (2) Net of allowances as described in Note 4 - Trade Accounts Receivable and Trade Receivables Securitization Program. (3) As of June 30, 2023, and December 31, 2022, $10 million and $9 million, respectively, of long-term investments are recorded at fair value. Recoverable taxes, net - Recoverable taxes include value-added taxes paid upon the acquisition of property, plant and equipment, raw materials and taxable services, and other transactional taxes which can be recovered in cash or as compensation against income taxes, or other taxes Bunge may owe, primarily in Brazil and Europe. Recoverable taxes are reported net of allowances of $13 million and $14 million at June 30, 2023, and December 31, 2022, respectively. Judicial deposits - Judicial deposits are funds the Company has placed on deposit with the courts in Brazil. These funds are held in judicial escrow relating to certain legal proceedings pending resolution and bear interest at the Selic rate, which is the benchmark rate of the Brazilian central bank. Income taxes receivable - Income taxes receivable include overpayments of current income taxes plus accrued interest. These income tax prepayments are expected to be primarily used for the settlement of future income tax obligations. Income taxes receivable in Brazil bear interest at the Selic rate. Long-term investments - Long-term investments primarily comprise Bunge's noncontrolling equity investments in growth stage agribusiness and food companies held by Bunge Ventures. Affiliate loans receivable - Affiliate loans receivable are primarily interest-bearing receivables from unconsolidated affiliates with remaining maturities of greater than one year. Long-term receivables from farmers in Brazil, net - The Company provides financing to farmers in Brazil, primarily through secured advances against farmer commitments to deliver agricultural commodities (primarily soybeans) upon harvest of the then-current year’s crop, and through credit sales of fertilizer to farmers. Certain such long-term receivables from farmers are originally recorded in Other current assets as prepaid commodity purchase contracts or secured advances to suppliers (see Note 6 - Other Current Assets) or Other non-current assets according to their maturity. Advances initially recorded in Other current assets are reclassified to Other non-current assets if collection issues arise and amounts become past due with resolution of such matters expected to take more than one year. The average recorded investment in long-term receivables from farmers in Brazil for the six months ended June 30, 2023, and the year ended December 31, 2022, was $102 million and $90 million, respectively. The table below summarizes the Company’s recorded investment in long-term receivables from farmers in Brazil and the related allowance amounts.
(1) All amounts in legal collection processes are considered past due upon initiation of legal action. (2) These renegotiated amounts are current on repayment terms. (3) New advances expected to be realized through farmer commitments to deliver agricultural commodities in crop periods greater than twelve months from the balance sheet date. Such advances are reclassified from Other non-current assets to Other current assets in later periods depending on the expected date of their realization. The table below summarizes the activity in the allowance for doubtful accounts related to long-term receivables from farmers in Brazil.
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INVESTMENTS IN AFFILIATES AND VARIABLE INTEREST ENTITIES |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENTS IN AFFILIATES AND VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES Impairment of Equity Method Investment During the six months ended June 30, 2023, the Company recorded an impairment of $16 million associated with its equity method investment in Australia Plant Proteins ("APP"), a start-up manufacturer of novel protein ingredients. The impairment was determined through management's review of impairment indicators and consideration of the other-than temporary nature of such items. Impairment charges were recorded to Income (loss) from affiliates within Corporate and Other. As a result of the impairment, there is no carrying value associated with the equity method investment in APP at June 30, 2023. Consolidated Variable Interest Entities On May 1, 2022, Bunge completed a transaction with Chevron Corporation ("Chevron") to create a joint venture, Bunge Chevron Ag Renewables LLC (the "Joint Venture"), leveraging Bunge’s expertise in oilseed processing and farmer relationships, and Chevron’s expertise in fuels manufacturing and marketing, to help meet the demand for renewable fuels and to develop lower carbon intensity feedstocks. The Joint Venture is a variable interest entity ("VIE") in which Bunge is considered to be the primary beneficiary because it is responsible for the day-to-day operating decisions of the Joint Venture as well as the marketing of the principal products, primarily soybean meal and oil produced and sold by the Joint Venture, among other factors. The Joint Venture's assets can only be used to settle the Joint Venture’s own obligations and the Joint Venture’s creditors have no recourse to Bunge’s assets beyond Bunge’s maximum exposure to loss associated with the Joint Venture at any given time. The following table presents the values of the assets and liabilities associated with the Joint Venture, which are included in Bunge’s condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022. All amounts exclude intercompany balances, which have been eliminated upon consolidation. For all other VIEs in which Bunge is considered the primary beneficiary, the entities meet the definition of a business, and the VIE's assets can be used other than for the settlement of the VIE’s obligations. As such these VIEs have been excluded from the below table.
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INCOME TAXES |
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Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income tax expense is provided on an interim basis based on management’s estimate of the annual effective income tax rate and includes the tax effects of certain discrete items, such as changes in tax laws or tax rates or other unusual or non-recurring tax adjustments in the interim period in which they occur. In addition, results from jurisdictions projecting a loss for the year where no tax benefit can be recognized are treated discretely in the interim period in which they occur. The effective tax rate is highly dependent on the geographic distribution of the Company’s worldwide earnings or losses and tax regulations in each jurisdiction. Management regularly monitors the assumptions used in estimating its annual effective tax rate, including the realizability of deferred tax assets, and adjusts estimates accordingly. Volatility in earnings within a taxing jurisdiction could result in a determination that additional valuation allowance adjustments may be warranted. Income tax expense for the three and six months ended June 30, 2023 was $198 million and $381 million, respectively. Income tax expense for the three and six months ended June 30, 2022 was $36 million and $144 million, respectively. The effective tax rate for the three and six months ended June 30, 2023, was higher than the U.S. statutory rate of 21% primarily due to jurisdictional mix of earnings. The effective tax rate for the three months ended June 30, 2022, was lower than the U.S. statutory rate of 21% primarily due to jurisdictional mix of earnings, and the effective tax rate for the six months ended June 30, 2022 was lower than the U.S. statutory rate of 21%, primarily due to jurisdictional mix of earnings, incentives in South America, and the release of valuation allowances in Europe and Asia. As a global enterprise, the Company files income tax returns that are subject to periodic examination and challenge by federal, state, and foreign tax authorities. In many jurisdictions, income tax examinations, including settlement negotiations or litigation, may take several years to finalize. The Company is currently under examination or litigation in various locations throughout the world. While it is difficult to predict the outcome or timing of resolution of any particular matter, management believes that the condensed consolidated financial statements reflect the largest amount of tax benefit that is more likely than not to be realized.
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OTHER CURRENT LIABILITIES |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER CURRENT LIABILITIES | OTHER CURRENT LIABILITIES Other current liabilities consist of the following:
(1) The Company records advances on sales when cash payments are received in advance of the Company’s performance and recognizes revenue once the related performance obligation is completed. Advances on sales are impacted by the seasonality of Bunge's business, including the timing of harvests in the northern and southern hemispheres, and amounts at each balance sheet date will generally be recognized in earnings within twelve months or less.
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FAIR VALUE MEASUREMENTS |
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Financial Instruments And Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Bunge's various financial instruments include certain components of working capital such as Trade accounts receivable and Trade accounts payable. Additionally, Bunge uses short- and long-term debt to fund operating requirements. Trade accounts receivable, Trade accounts payable, and Short-term debt are generally stated at their carrying value, which is a reasonable estimate of fair value. See Note 3 - Trade Structured Finance Program for trade structured finance program, Note 7 - Other Non-Current Assets for long-term receivables from farmers in Brazil, net and other long-term investments, and Note 13 - Debt for Long-term debt. Bunge's financial instruments also include derivative instruments and marketable securities, which are stated at fair value. The fair value standard describes three levels within its hierarchy that may be used to measure fair value.
In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of input that is a significant component of the fair value measurement determines the placement of the entire fair value measurement in the hierarchy. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy levels. For a further definition of fair value and the associated fair value levels, refer to Note 16 - Fair Value Measurements, included in the Company's 2022 Annual Report on Form 10-K. The following table sets forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis.
(1) These receivables and payables are hybrid financial instruments for which Bunge has elected the fair value option as they are derived from purchases and sales of agricultural commodity products in the normal course of business. (2) Unrealized gains on derivative contracts are generally included in Other current assets. There were $1 million and $1 million included in Other non-current assets at June 30, 2023, and December 31, 2022, 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 derivative contracts are generally included in Other current liabilities. There were $324 million and $332 million included in Other non-current liabilities at June 30, 2023, and December 31, 2022, respectively. Cash equivalents —Cash equivalents primarily includes money market funds and commercial paper investments. Bunge analyzes how the prices are derived and determines whether the prices are liquid or less liquid tradable prices. Cash equivalents with liquid prices are valued using prices from publicly available sources and classified as Level 1. Cash equivalents with less liquid prices are valued using third-party quotes or pricing models and classified as Level 2. Readily marketable inventories—RMI reported at fair value are valued based on commodity futures exchange quotations, broker or dealer quotations, or market transactions in either listed or OTC markets with appropriate adjustments for differences in local markets where the Company's inventories are located. In such cases, the inventory is classified within Level 2. Certain inventories may utilize significant unobservable data related to local market adjustments to determine fair value. In such cases, the inventory is classified as Level 3. If the Company used different methods or factors to determine fair values, amounts reported as unrealized gains and losses on derivative contracts and RMI at fair value in the condensed consolidated balance sheets and condensed consolidated statements of income could differ. Additionally, if market conditions change subsequent to the reporting date, amounts reported in future periods as unrealized gains and losses on derivative contracts and RMI at fair value in the condensed consolidated balance sheets and condensed consolidated statements of income could differ. Derivatives—The majority of exchange traded futures and options contracts and exchange cleared contracts are valued based on unadjusted quoted prices in active markets and are classified within Level 1. The majority of the Company’s exchange traded agricultural commodity futures are cash-settled on a daily basis and, therefore, are not included in these tables. The Company's forward commodity purchase and sales contracts are classified as derivatives along with other OTC derivative instruments, primarily relating to freight, energy, foreign exchange and interest rates, and are classified within Level 2 or Level 3 as described below. The Company estimates fair values based on exchange quoted prices, adjusted as appropriate for differences in local markets. These differences are generally valued using inputs from broker or dealer quotations, or market transactions in either the listed or OTC markets. In such cases, these derivative contracts are classified within Level 2. OTC derivative contracts include swaps, options, and structured transactions that are generally fair valued using quantitative models that require the use of multiple market inputs including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets which are not highly active, other observable inputs relevant to the asset or liability, and market inputs corroborated by correlation or other means. These valuation models include inputs such as interest rates, prices, and indices, to generate continuous yield or pricing curves and volatility factors. Where observable inputs are available for substantially the full term of the asset or liability, the instrument is categorized in Level 2. Certain OTC derivatives trade in less active markets with less availability of pricing information and certain structured transactions can require internally developed model inputs that might not be observable in or corroborated by the market. Marketable securities and investments—Comprise foreign government securities, corporate debt securities, deposits, equity securities, and other investments. Bunge analyzes how the prices are derived and determines whether the prices are liquid or less liquid tradable prices. Marketable securities and investments with liquid prices are valued using prices from publicly available sources and classified as Level 1. Marketable securities and investments with less liquid prices are valued using third-party quotes or pricing models and classified as Level 2 or Level 3 as described below. Level 3 Measurements The following relates to Level 3 measurements. An instrument may transfer into or out of Level 3 due to inputs becoming either observable or unobservable. Level 3 Measurements—Transfers in and/or out of Level 3 represent existing assets or liabilities that were either previously categorized as a higher level for which the inputs to the model became unobservable or assets and liabilities that were previously classified as Level 3 for which the lowest significant input became observable during the period. Bunge's policy regarding the timing of transfers between levels is to record the transfers at the end of the reporting period. Level 3 Readily marketable inventories and Trade accounts payable—The significant unobservable inputs resulting in Level 3 classification for RMI, physically settled forward purchase and sales contracts, and Trade accounts payable, relate to certain management estimations regarding costs of transportation and other local market or location-related adjustments, primarily freight related adjustments in the interior of Brazil and the lack of market corroborated information in Canada. In both situations, the Company uses proprietary information such as purchase and sales contracts and contracted prices to value freight, premiums and discounts in its contracts. Movements in the prices of these unobservable inputs alone would not be expected to have a material effect on the Company's financial statements as these contracts do not typically exceed one future crop cycle. Level 3 Derivatives—Level 3 derivative instruments utilize both market observable and unobservable inputs within the fair value measurements. These inputs include commodity prices, price volatility, interest rates, volumes, and locations. Level 3 Others—primarily relates to marketable securities and investments valued using third-party quotes or pricing models with inputs based on similar securities adjusted to reflect management’s best estimate of the specific characteristics of the securities held by the Company. Such inputs represent a significant component of the fair value of the securities held by the Company, resulting in the securities being classified as Level 3. The tables below present reconciliations for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2023, and 2022. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant.
(1) , include gains/(losses) of $219 million, $(32) million and $9 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2023. (2) Comprises the fair values of marketable securities and investments in Other current assets. Included within Other income (expense) - net of the condensed consolidated statements of income are $16 million mark-to-market losses related to securities still held at June 30, 2023.
(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, includes gains/(losses) of $84 million, $(25) million and $17 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2022. (2) Comprises the fair values of marketable securities and investments in Other current assets. Included within Other income (expense) - net of the condensed consolidated statements of income are $5 million in gains related to securities still held at June 30, 2022.
(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, include gains/(losses) of $444 million, $(42) million and $19 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2023. (2) Comprises the fair values of marketable securities and investments in Other current assets. Included within Other income (expense) - net of the condensed consolidated statements of income are $16 million mark-to-market losses related to securities still held at June 30, 2023.
(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, includes gains/(losses) of $167 million, $26 million and $27 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2022. (2) Comprises the fair values of marketable securities and investments in Other current assets. Included within Other income (expense) - net of the condensed consolidated statements of income are $37 million in gains related to securities still held at June 30, 2022.
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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company uses derivative instruments to manage several market risks, such as interest rate, foreign currency, and commodity risk. Some of those hedges the Company enters into qualify for hedge accounting in the financial statements (Hedge Accounting Derivatives) and some, while intended as economic hedges, do not qualify or are not designated for hedge accounting (Economic Hedge Derivatives). As these derivatives impact the financial statements in different ways, they are discussed separately below. Hedge Accounting Derivatives - The Company uses derivatives in qualifying hedge accounting relationships to manage certain of its interest rate, foreign currency, and commodity risks. In executing these hedge strategies, the Company primarily relies on the shortcut and critical terms match methods in designing its hedge accounting strategy, which results in little to no net earnings impact for these hedge relationships. The Company monitors these relationships on a quarterly basis and performs a quantitative analysis to validate the assertion that the hedges are highly effective if there are changes to the hedged item or hedging derivative. Fair value hedges - These derivatives are used to hedge the effect of interest rate and currency exchange rate changes on certain long-term debt. Under fair value hedge accounting, the derivative is measured at fair value and the carrying value of hedged debt is adjusted for the change in value related to the exposure being hedged, with both adjustments offset to earnings. In other words, the earnings effect of a change in the fair value of the derivative will be substantially offset by the earnings effect of the change in the carrying value of the hedged debt. The net impact of fair value hedge accounting for interest rate swaps is recognized in Interest expense. For cross currency swaps the changes in currency risk on the derivative are recognized in Foreign exchange gains (losses), and the changes in interest rate risk are recognized in Interest expense. Changes in basis risk are held in Accumulated other comprehensive income (loss) until realized through the coupon. Cash flow hedges of currency risk - The Company manages currency risk on certain forecasted sales, purchases, selling, general and administrative expenses, and recognized assets and liabilities with currency forwards. The change in the value of the forward is held in Accumulated other comprehensive income (loss) until the transaction affects earnings, at which time the change in value of the currency forward is reclassified to Net sales, Cost of goods sold, or Selling, general and administrative expenses. These hedges mature at various times through June 2024. Of the amount currently in Accumulated other comprehensive income (loss), $4 million of deferred losses is expected to be reclassified to earnings in the next twelve months. Net investment hedges - The Company hedges the currency risk of certain of its foreign subsidiaries with currency forwards for which the currency risk is remeasured through Accumulated other comprehensive income (loss). For currency forwards, the forward method is used. The change in the value of the forward is classified in Accumulated other comprehensive income (loss) until the transaction affects earnings by way of either sale or substantial liquidation of the foreign subsidiary. The table below provides information about the balance sheet values of hedged items and the notional amount of derivatives used in hedging strategies. The notional amount of the derivative is the number of units of the underlying (for example, the notional principal amount of the debt in an interest rate swap). The notional amount is used to compute interest or other payment streams to be made under the contract and is a measure of the Company’s level of activity. The Company discloses derivative notional amounts on a gross basis.
Economic Hedge Derivatives - In addition to using derivatives in qualifying hedge relationships, the Company enters into derivatives to economically hedge its exposure to a variety of market risks it incurs in the normal course of operations. Interest rate derivatives are used to hedge exposures to the Company's financial instrument portfolios and debt issuances. The impact of changes in fair value of these instruments is primarily presented in Interest expense. Currency derivatives are used to hedge the balance sheet and commercial exposures that arise from the Company's global operations. The impact of changes in fair value of these instruments is presented in Cost of goods sold when hedging commercial exposures and Foreign exchange (losses) gains when hedging monetary exposures. Agricultural commodity derivatives are used primarily to manage the Company's inventory and forward purchase and sales contracts. Contracts to purchase agricultural commodities generally relate to current or future crop years for delivery periods quoted by regulated commodity exchanges. Contracts for the sale of agricultural commodities generally do not extend beyond one future crop cycle. The impact of changes in fair value of these instruments is presented in Cost of goods sold. The Company uses derivative instruments referred to as forward freight agreements ("FFAs") and FFA options to hedge portions of its current and anticipated ocean freight costs. The impact of changes in fair value of these instruments is presented in Cost of goods sold. The Company uses energy derivative instruments to manage its exposure to volatility in energy costs. Hedges may be entered into for natural gas, electricity, coal and fuel oil, including bunker fuel. The impact of changes in fair value of these instruments is presented in Cost of goods sold. The Company may also enter into other derivatives, including credit default swaps, carbon emission derivatives and equity derivatives to manage its exposure to credit risk and broader macroeconomic risks. The impact of changes in fair value of these instruments is presented in Cost of goods sold. The table below summarizes the volume of economic derivatives as of June 30, 2023 and December 31, 2022. For those contracts traded bilaterally through the over-the-counter markets (e.g., forwards, forward rate agreements ("FRA"), and swaps), the gross position is provided. For exchange traded (e.g., futures, FFAs, and options) and cleared positions (e.g., energy swaps), the net position is provided.
The Effect of Derivative Instruments and Hedge Accounting on the Condensed Consolidated Statements of Income The tables below summarize the net effect of derivative instruments and hedge accounting on the condensed consolidated statements of income for the three and six months ended June 30, 2023 and 2022.
(1) Other includes results from freight, energy and other derivatives.
(1) Other includes results from freight, energy and other derivatives.
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DEBT |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT Prior to June 21, 2023, Bunge conducted most of its third party financing activities through a centralized financing structure that included a master trust (the “Bunge Master Trust”). On June 21, 2023, Bunge terminated the Bunge Master Trust in accordance with a termination and lien release agreement in order to simplify the legal framework around its capital structure. Post termination of the Bunge Master Trust, Bunge will continue to conduct most of its third party financing activities centrally through 100% owned finance subsidiaries which carry full, unconditional guarantees of the parent company. In connection with the termination of the Bunge Master Trust, Bunge amended its existing credit agreements and related guarantees to remove all references and provisions related to the Bunge Master Trust, as well as made amendments to certain credit facilities as discussed further below. Also on June 21, 2023, Bunge entered into an unsecured $1.1 billion 364-day revolving credit agreement (the “$1.1 Billion 2024 Credit Agreement”) with a group of lenders, maturing on June 19, 2024. Bunge may from time to time request one or more of the existing or new lenders to increase the total participations under the $1.1 Billion 2024 Credit Agreement by an aggregate amount up to $250 million, subject to lender approval, pursuant to an accordion provision. Borrowings will bear interest at Secured Overnight Financing Rate (“SOFR”) plus a SOFR adjustment and applicable margin as defined in the $1.1 Billion 2024 Credit Agreement. The $1.1 Billion 2024 Credit Agreement replaced an existing $1.1 billion 364-day revolving credit agreement scheduled to mature July 14, 2023. Bunge had no borrowings outstanding at June 30, 2023, and December 31, 2022, under the $1.1 Billion 2024 Credit Agreement and the predecessor agreement, respectively. Further, on June 21, 2023, Bunge amended its $1.35 billion 5-year revolving credit agreement to increase total commitments under the facility to $1.95 billion (the “$1.95 Billion Credit Agreement"). Bunge may from time to time request one or more of the existing or new lenders to increase the total participations under the $1.95 Billion Credit Agreement by an aggregate amount up to $1.5 billion pursuant to an accordion provision. Borrowings will bear interest at SOFR plus a SOFR adjustment and applicable margin as defined in the $1.95 Billion Credit Agreement. Bunge had no borrowings outstanding at June 30, 2023, and December 31, 2022, under the $1.95 billion Credit Agreement. Bunge had no borrowings outstanding at June 30, 2023, and December 31, 2022, under the unsecured $865 million Revolving Credit Agreement (the "$865 Million 2026 Facility") with a group of lenders, set to mature on October 29, 2026. Borrowings will bear interest at SOFR plus a SOFR adjustment and applicable margin, as defined in the $865 Million 2026 Facility. Bunge had no borrowings outstanding at June 30, 2023, and December 31, 2022, under the unsecured $1.75 billion revolving credit facility ("$1.75 Billion Revolving Credit Facility"), set to mature on December 16, 2024. The interest rate under the $1.75 Billion Revolving Credit Facility is tied to certain sustainability criteria, including, but not limited to, science-based targets that define Bunge's climate goals within its operations and a commitment to a deforestation-free supply chain in 2025. Bunge may from time to time, with the consent of the agent, request one or more of the existing lenders or new lenders to increase the total commitments by an amount not to exceed $250 million pursuant to an accordion provision. Borrowings under the $1.75 Billion Revolving Credit Facility will bear interest at SOFR plus a SOFR adjustment, which will vary from 0.30% to 1.30%, based on the senior long-term unsecured debt ratings provided by Moody’s Investors Service and Standard & Poor's Global Ratings. Bunge will also pay a fee that will vary from 0.10% to 0.40% based on its utilization of the $1.75 Billion Revolving Credit Facility. Borrowings under the committed revolving credit facilities described above typically have an original maturity of three months or less, resulting in net presentation of proceeds and repayments of short-term debt in the condensed consolidated statements of cash flows. At June 30, 2023, Bunge had $5,665 million unused and available committed borrowing capacity comprised of committed revolving credit facilities with a number of financial institutions. At December 31, 2022, Bunge had $6,665 million unused and available committed borrowing capacity comprised of committed revolving credit facilities and the commercial paper program with a number of financial institutions, totaling $5,665 million, and $1,000 million in committed unsecured delayed draw term loans, as discussed below. On June 21, 2023, Bunge terminated its existing $600 million asset-backed commercial paper program and its related liquidity and letter of credit facilities. To continue access to the commercial paper market, Bunge established a new $1 billion unsecured corporate commercial paper program (the “$1 Billion Commercial Paper Program”). Standard & Poor's and Moody's assigned short-term ratings of A-2 and P-2, respectively. The short-term credit ratings of the $1 Billion Commercial Paper Program require Bunge to keep same day unused committed borrowing capacity under its long-term committed credit facilities in an amount greater or equal to the amount of commercial paper issued and outstanding. The $1 Billion Commercial Paper Program has no maturity date. At June 30, 2023, there were no borrowings outstanding under the $1 Billion Commercial Paper Program. At December 31, 2022, there were no borrowings outstanding under Bunge’s prior commercial paper program and its related liquidity and letter of credit facilities. Borrowings under the $1 Billion Commercial Paper Program typically have an original maturity of three months or less, resulting in net presentation of proceeds and repayments of short-term debt in the condensed consolidated statements of cash flows. In addition to committed facilities, from time to time, Bunge Limited and/or its financing subsidiaries enter into uncommitted bilateral short-term credit lines as necessary based on financing requirements. At June 30, 2023, and December 31, 2022, there were no borrowings, respectively, outstanding under these bilateral short-term credit lines. Loans under such credit lines are non-callable by the respective lenders. In addition, Bunge's operating companies had $667 million and $546 million in short-term borrowings outstanding under local bank lines of credit at June 30, 2023, and December 31, 2022, respectively, to support working capital requirements. The original maturity of borrowings under uncommitted bilateral credit lines and local bank lines of credit varies based upon the Company's financing objectives. As a result, proceeds and repayments of such credit lines may be presented on a net basis, or separately, in the condensed consolidated statements of cash flows as dictated by the borrowing's original maturity. The fair value of Bunge’s long-term debt, including current portion, is calculated based on interest rates currently available on comparable maturities to companies with credit standing similar to that of Bunge. The carrying amounts and fair values of long-term debt are as follows:
Upon maturity in June 2023, Bunge repaid the principal and accrued interest due on its issued and outstanding 800 million Euro 1.85% Senior Notes. On August 5, 2022, Bunge entered into an unsecured $250 million delayed draw term loan (the "$250 Million February 2023 Delayed Draw Term Loan") with a group of lenders that was required to be drawn by February 2, 2023. The $250 million February 2023 Delayed Draw Term Loan bears interest at SOFR plus a SOFR adjustment and applicable margin, as defined in the $250 million February 2023 Delayed Draw Term Loan agreement. The $250 million February 2023 Delayed Draw Term Loan was drawn on February 2, 2023 and matures on August 5, 2027. On July 26, 2022, and later amended on October 7, 2022, Bunge entered into an unsecured $750 million delayed draw term loan (the "$750 Million Delayed Draw Term Loan") with a group of lenders giving Bunge the option to draw the loan by January 25, 2023. The $750 Million Delayed Draw Term Loan bears interest at SOFR plus a SOFR adjustment and applicable margin, as defined in the $750 Million Delayed Draw Term Loan agreement. The $750 Million Delayed Draw Term Loan was drawn on January 25, 2023 and matures on October 24, 2025. As described in Note 2 - Acquisitions and Dispositions, Bunge has secured a total of $8.0 billion in Acquisition Financing in the form of a $7.7 billion financing commitment from a consortium of lenders, arranged by Sumitomo Mitsui Banking Corporation and a $300 million 5-year delayed draw term loan from CoBank and the U.S. farm credit system executed July 7, 2023 that may be drawn upon the closing of the acquisition. The $7.7 billion financing commitment is in the form of a three tranche term loan maturing 364-days, 2-years and 3-years from closing of the acquisition.
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RELATED PARTY TRANSACTIONS |
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Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONSBunge purchases agricultural commodity products from certain of its unconsolidated investees and other related parties. Such related party purchases comprised approximately 8% or less of total Cost of goods sold for the three and six months ended June 30, 2023, and 2022. Bunge also sells agricultural commodity products to certain of its unconsolidated investees and other related parties. Such related party sales comprised approximately 2% or less of total Net sales for the three and six months ended June 30, 2023, and 2022. In addition, Bunge receives services from and provides services to its unconsolidated investees and other related parties, including tolling, port handling, administrative support, and other services. For the three and six months ended June 30, 2023, and 2022, such services were not material to the Company's consolidated results. At June 30, 2023, and December 31, 2022, receivables related to the above related party transactions comprised approximately 1% or less of total Trade accounts receivable. At June 30, 2023, and December 31, 2022, payables related to the above related party transactions comprised approximately 4% or less of total Trade accounts payable. Bunge believes all transaction values to be similar to those that would be conducted with third parties.
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COMMITMENTS AND CONTINGENCIES |
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Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Bunge is party to claims and lawsuits, primarily non-income tax and labor claims in South America, arising in the normal course of business. Bunge is also involved from time to time in various contract, antitrust, environmental litigation and remediation, and other litigation, claims, government investigations, and legal proceedings. The ability to predict the ultimate outcome of such matters involves judgments, estimates and inherent uncertainties. Bunge records liabilities related to legal matters when the exposure item becomes probable and can be reasonably estimated. Bunge management does not expect these matters to have a material adverse effect on Bunge’s financial condition, results of operations, or liquidity. However, these matters are subject to inherent uncertainties and there exists the remote possibility that a liability arising from these matters could have a material adverse impact in the period in which the uncertainties are resolved should the liability substantially exceed the amount of provisions included in the condensed consolidated balance sheets. Information regarding the claims appears in Bunge’s Report on Form 10-K for the year ended December 31, 2022. Included in Other non-current liabilities as of June 30, 2023, and December 31, 2022, are the following amounts related to these matters:
Brazil Indirect Taxes - non-income tax claims - These tax claims relate to claims against Bunge’s Brazilian subsidiaries, primarily value-added tax claims (ICMS, ISS, IPI and PIS/COFINS). The Company continues to evaluate the merits of outstanding claims from examinations of ICMS and PIS/COFINS tax returns concluded by Brazilian federal and state tax authorities and will recognize them if and when loss is considered probable. The outstanding claims comprise the following:
Labor claims — The labor claims are principally against Bunge’s Brazilian subsidiaries. The labor claims primarily relate to dismissals, severance, health and safety, salary adjustments, and supplementary retirement benefits. Civil and other claims — The civil and other claims relate to various disputes with third parties, including suppliers and customers. Guarantees — Bunge has issued or was a party to the following guarantees at June 30, 2023:
(1) Bunge has 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 through 2034. There are no recourse provisions or collateral that would enable Bunge to recover any amounts paid under these guarantees. In addition, certain Bunge subsidiaries have guaranteed the obligations of certain of their unconsolidated affiliates and in connection therewith have secured their guarantee obligations through a pledge to the financial institutions of certain of their unconsolidated affiliates' shares plus loans receivable from the unconsolidated affiliates in the event that the guaranteed obligations are enforced. Based on amounts drawn under such debt facilities at June 30, 2023, Bunge's potential liability was $50 million, and it has recorded less than $1 million obligation related to these guarantees within Other non-current liabilities. (2) Bunge has issued guarantees to certain financial institutions that are party to certain operating lease arrangements for railcars, barges, and buildings. 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 2024 through 2029. At June 30, 2023, no obligation has been recorded related to these guarantees. Any obligation recorded would be recognized in Current operating lease obligations or Non-current operating lease obligations. (3) On February 3, 2023, Bunge agreed to indemnify the buyer of its Russian operations against certain existing legal claims involving Bunge's Russian subsidiary. The indemnity expires on February 2, 2030. As of June 30, 2023, Bunge recorded a $9 million obligation related to this indemnity within Other non-current liabilities. Bunge Limited has provided a guarantee to the Director of the Illinois Department of Agriculture as Trustee for Bunge North America, Inc. ("BNA"), an indirect wholly-owned subsidiary, which guarantees all amounts due and owing by BNA to grain producers and/or depositors in the State of Illinois who have delivered commodities to BNA’s Illinois facilities.
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OTHER NON-CURRENT LIABILITIES |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | OTHER NON-CURRENT LIABILITIES Other non-current liabilities consist of the following:
(1)See Note 9 - Income Taxes. (2)See Note 11- Fair Value Measurements.
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EQUITY |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY | EQUITY Share repurchase program — As noted in Note 2 - Acquisitions and Dispositions, on June 12, 2023, Bunge's Board of Directors approved the expansion of the existing program for the repurchase of Bunge’s issued and outstanding common shares. At the time, approximately $300 million of capacity for the repurchase of Bunge common shares remained available under the existing program and Bunge's Board of Directors approved the expansion of the program by an additional $1.7 billion, for an aggregate purchase price of $2.0 billion. The program continues to have an indefinite term. To date under the program, 2,109,115 common shares were repurchased for $200 million. As of June 30, 2023, $2.0 billion remains outstanding for repurchases under the program. Dividends on common shares — On May 11, 2023, Bunge announced that the Company's Board of Directors had declared a dividend of $0.6625 per common share, payable on September 1, 2023, to shareholders of record on August 18, 2023. The $0.6625 per common share dividend represents a $0.0375, or 6%, increase from the Company's previous quarterly cash dividend of $0.625. During the six months ended June 30, 2023, the Company's Board of Directors declared total dividends on common shares of $1.2875 per common share. Accumulated other comprehensive income (loss) attributable to Bunge — The following table summarizes the balances of related after-tax components of Accumulated other comprehensive income (loss) attributable to Bunge:
(1)On February 28, 2022, the Company, together with plan participants and related employee unions, agreed to the transition of one of the Company's international defined benefit pension plans to a multi-employer pension plan. Following the transition, the Company accounts for the multi-employer plan similar to a defined contribution plan, resulting in full settlement of the related defined benefit plan obligations. In connection with the settlement, during the six months ended June 30, 2022, the Company reclassified $27 million (net of $10 million tax expense) in unamortized actuarial gains from Accumulated other comprehensive income (loss), of which $19 million was attributable to Bunge (net of $7 million in tax expense), and $8 million was attributable to redeemable non-controlling interest (net of $3 million in tax expense).
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EARNINGS PER COMMON SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE The following table sets forth the computation of basic and diluted earnings per common share.
(1) Effective March 23, 2022, (the "Conversion Date"), in accordance with the terms of the certificate of designation governing the convertible preference shares, all of the Company's issued and outstanding convertible preference shares were automatically converted into 1.2846 common shares of the Company, par value $0.01 per share. As a result of this conversion, dividends on the convertible preference shares ceased to accrue on the Conversion Date. (2) The weighted-average common shares outstanding-diluted exclude less than one million stock options and contingently issuable restricted stock units, which were not dilutive and not included in the computation of earnings per share for each of the three and six months ended June 30, 2023, and 2022.
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SEGMENT INFORMATION |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION The Company's operations are organized, managed, and classified into four reportable segments - Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy, based upon their similar economic characteristics, products and services offered, production processes, types and classes of customer, and distribution methods. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as Corporate and Other. The Agribusiness segment is characterized by both inputs and outputs being agricultural commodities and thus high volume and low margin. The Refined and Specialty Oils segment involves the processing, production, and marketing of products derived from vegetable oils. The Milling segment involves the processing, production, and marketing of products derived primarily from wheat and corn. The Sugar and Bioenergy reportable segment primarily comprises the net earnings in the Company’s 50% interest in BP Bunge Bioenergia, a joint venture with BP p.l.c. ("BP"). Corporate and Other includes salaries and overhead for corporate functions that are not allocated to the Company’s individual reporting segments because the operating performance of each reporting segment is evaluated by the Company's chief operating decision maker exclusive of these items, as well as certain other activities including Bunge Ventures, the Company's captive insurance activities, securitization program, and certain income tax assets and liabilities. Transfers between segments are generally valued at market. Segment revenues generated from these transfers are shown in the following table as “Inter-segment revenues.”
(1) Include noncontrolling interests' share of interest and tax with EBIT attributable to noncontrolling interests in order to reconcile to consolidated Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests. (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, EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industry. 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) attributable to Bunge in the table below. A reconciliation of Net income (loss) attributable to Bunge to Total Segment EBIT follows:
The Company’s revenue comprises sales from commodity contracts that are accounted for under ASC 815, Derivatives and Hedging (ASC 815) and sales of other products and services that are accounted for under ASC 606, Revenue from Contracts with Customers (ASC 606). The following tables provide a disaggregation of Net sales to external customers between sales from commodity contracts (ASC 815) and sales from contracts with customers (ASC 606):
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BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION, AND SIGNIFICANT ACCOUNTING POLICIES (Policies) |
6 Months Ended |
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Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION, AND SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION, AND SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed consolidated financial statements include the accounts of Bunge Limited ("Bunge" or the "Company"), its subsidiaries and variable interest entities ("VIEs") in which Bunge is considered to be the primary beneficiary, and as a result, include the assets, liabilities, revenues and expenses of all entities over which Bunge has a controlling financial interest. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended ("Exchange Act"). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Securities and Exchange Commission ("SEC") rules. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included. The condensed consolidated balance sheet at December 31, 2022 has been derived from Bunge’s audited consolidated financial statements at that date. Operating results for the six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023. The financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022, forming part of Bunge’s 2022 Annual Report on Form 10-K filed with the SEC on February 24, 2023. Effective January 1, 2023, the Company changed its reporting of cash proceeds from and repayments of short-term debt with maturities of three months or less to be presented on a net basis in its condensed consolidated statements of cash flows. Prior to January 1, 2023, the Company presented cash proceeds from and repayments of short-term debt with maturities of three months or less separately in its consolidated statements of cash flows. Prior period amounts have been reclassified to conform to current presentation. On April 9, 2023, Argentina’s government published Emergency Decree 194/2023 Programa de Incremento Exportador (the “Export Program”) which introduced a preferential U.S. dollar to Argentine peso foreign exchange rate available exclusively during the period between April 10, 2023 and May 31, 2023, payable to Argentinian farmers on qualifying Argentine peso denominated sales of certain commodities. The Export Program, and similar Argentinian government programs in 2022, is aimed at boosting farmer selling and in turn commodity exports. Please refer to Note 1 – Nature of Business, Basis of Presentation, and Significant Accounting Policies, included in the Company’s 2022 Annual Report on Form 10-K for further details on the 2022 government programs. Bunge is both a receiver of the preferential exchange rate for cash converted to Argentine pesos, as well as a payer of the same preferential rate on purchases of various commodities from farmers and related export duties. Transactions related to the Export Program were accounted for at the preferential rate.
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Cash, Cash Equivalents, Restricted Cash, and Cash held for sale | Cash, Cash Equivalents and Restricted Cash Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the condensed consolidated statements of cash flows. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848), to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting designed to ease the financial reporting burden related to reference rate reform. In December 2022, the FASB subsequently issued ASU 2022-06, Deferral of the Sunset Date of Topic 848, to ensure the relief in Topic 848 covers the period of time during which a significant number of modifications to eligible contracts and hedging relationships may take place. The ASU defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The Company is applying this guidance prospectively to all eligible contract modifications through December 31, 2024. As of June 30, 2023, Bunge has concluded the modification of all eligible contracts and the adoption of this guidance did not have a material impact on Bunge's condensed consolidated financial statements.
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BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION, AND SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash, reported within the condensed consolidated balance sheets, which sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.
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Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents and restricted cash, reported within the condensed consolidated balance sheets, which sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.
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ACQUISITIONS AND DISPOSITIONS (Tables) |
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Business Combination, Asset Acquisition And Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities of the disposal group | The following table presents the book values of the major classes of assets and liabilities that were included in the disposal group at the closing date. Intercompany balances between the disposal group and other Bunge consolidated entities have been omitted. Assets included in the disposal group comprised $12 million and $21 million, reported under the Agribusiness segment and Refined and Specialty Oils segment, respectively. Liabilities included in the disposal group comprised $6 million and $13 million, reported under the Agribusiness segment and Refined and Specialty Oils segment, respectively.
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TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM (Tables) |
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Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes to the Allowance for Lifetime Expected Credit Losses Related to Trade Accounts Receivable | Changes to the allowance for lifetime expected credit losses related to Trade accounts receivable were as follows:
(1) Long-term portion of the allowance for credit losses is included in Other non-current assets.
(1) Long-term portion of the allowance for credit losses is included in Other non-current assets.
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Schedule of Assets that Continue to be Recognized, Transferred Financial Assets and Other Financial Assets Managed Together |
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INVENTORIES (Tables) |
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories by Segment | Inventories by segment are presented below. Readily marketable inventories ("RMI") are agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, palm oil, corn, and wheat carried at fair value because of their commodity characteristics, widely available markets, and international pricing mechanisms. The Company engages in trading and distribution, or merchandising activities, and part of RMI can be attributable to such activities and is not held for processing. All other inventories are carried at lower of cost or net realizable value.
(1) Includes RMI of $6,956 million and $6,286 million at June 30, 2023, and December 31, 2022, respectively. Assets held for sale includes RMI of zero and $26 million at June 30, 2023, and December 31, 2022, respectively. Of these amounts, $5,898 million and $4,789 million can be attributable to merchandising activities at June 30, 2023, and December 31, 2022, respectively. (2) Includes RMI of $217 million and $271 million at June 30, 2023, and December 31, 2022, respectively. (3) Includes RMI of $23 million and $97 million at June 30, 2023, and December 31, 2022, respectively.
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OTHER CURRENT ASSETS (Tables) |
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Current Assets | Other current assets consist of the following:
(1) Prepaid commodity purchase contracts represent advance payments against contracts for future deliveries of specified quantities of agricultural commodities. (2) The Company provides cash advances to suppliers, primarily Brazilian soybean farmers, to finance a portion of the suppliers’ production costs. The Company does not bear any of the costs or operational risks associated with the related growing activities. The advances are largely collateralized by future crops and physical assets of the suppliers, carry a local market interest rate, and settle when the farmers' crops are harvested and sold. The secured advances to farmers are reported net of allowances of $8 million and $7 million at June 30, 2023 and December 31, 2022, respectively. (-) Interest earned on secured advances to suppliers of $4 million and $6 million for the three months ended June 30, 2023, and 2022, respectively, and $11 million and $12 million for the six months ended June 30, 2023 and 2022 is included in Net sales in the condensed consolidated statements of income. (3) Marketable securities and other short-term investments - The Company invests in foreign government securities, corporate debt securities, deposits, equity securities, and other securities. The following is a summary of amounts recorded in the Company's condensed consolidated balance sheets as marketable securities and other short-term investments.
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Schedule of Marketable Securities and Other Short-Term Investments |
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OTHER NON-CURRENT ASSETS (Tables) |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets, Noncurrent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Non-Current Assets | Other non-current assets consist of the following:
(1) A significant portion of these non-current assets arise from the Company’s Brazilian operations and their realization could take several years. (2) Net of allowances as described in Note 4 - Trade Accounts Receivable and Trade Receivables Securitization Program. (3) As of June 30, 2023, and December 31, 2022, $10 million and $9 million, respectively, of long-term investments are recorded at fair value.
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Schedule of Gross Investment in Long-Term Receivables and the Related Allowance Amounts from Brazilian Farmers | The table below summarizes the Company’s recorded investment in long-term receivables from farmers in Brazil and the related allowance amounts.
(1) All amounts in legal collection processes are considered past due upon initiation of legal action. (2) These renegotiated amounts are current on repayment terms. (3) New advances expected to be realized through farmer commitments to deliver agricultural commodities in crop periods greater than twelve months from the balance sheet date. Such advances are reclassified from Other non-current assets to Other current assets in later periods depending on the expected date of their realization.
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Schedule of the Activity in the Allowance for Doubtful Accounts Related to Long-Term Receivables from Brazilian Farmers | The table below summarizes the activity in the allowance for doubtful accounts related to long-term receivables from farmers in Brazil.
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INVESTMENTS IN AFFILIATES AND VARIABLE INTEREST ENTITIES (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | For all other VIEs in which Bunge is considered the primary beneficiary, the entities meet the definition of a business, and the VIE's assets can be used other than for the settlement of the VIE’s obligations. As such these VIEs have been excluded from the below table.
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OTHER CURRENT LIABILITIES (Tables) |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Current Liabilities | Other current liabilities consist of the following:
(1) The Company records advances on sales when cash payments are received in advance of the Company’s performance and recognizes revenue once the related performance obligation is completed. Advances on sales are impacted by the seasonality of Bunge's business, including the timing of harvests in the northern and southern hemispheres, and amounts at each balance sheet date will generally be recognized in earnings within twelve months or less.
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FAIR VALUE MEASUREMENTS (Tables) |
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Financial Instruments And Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Hierarchy Levels that may be Used to Measure Fair Value | The fair value standard describes three levels within its hierarchy that may be used to measure fair value.
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Schedule of Assets and Liabilities Accounted for at Fair Value on a Recurring Basis | The following table sets forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis.
(1) These receivables and payables are hybrid financial instruments for which Bunge has elected the fair value option as they are derived from purchases and sales of agricultural commodity products in the normal course of business. (2) Unrealized gains on derivative contracts are generally included in Other current assets. There were $1 million and $1 million included in Other non-current assets at June 30, 2023, and December 31, 2022, 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 derivative contracts are generally included in Other current liabilities. There were $324 million and $332 million included in Other non-current liabilities at June 30, 2023, and December 31, 2022, respectively.
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Schedule of Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | The tables below present reconciliations for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2023, and 2022. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant.
(1) , include gains/(losses) of $219 million, $(32) million and $9 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2023. (2) Comprises the fair values of marketable securities and investments in Other current assets. Included within Other income (expense) - net of the condensed consolidated statements of income are $16 million mark-to-market losses related to securities still held at June 30, 2023.
(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, includes gains/(losses) of $84 million, $(25) million and $17 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2022. (2) Comprises the fair values of marketable securities and investments in Other current assets. Included within Other income (expense) - net of the condensed consolidated statements of income are $5 million in gains related to securities still held at June 30, 2022.
(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, include gains/(losses) of $444 million, $(42) million and $19 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2023. (2) Comprises the fair values of marketable securities and investments in Other current assets. Included within Other income (expense) - net of the condensed consolidated statements of income are $16 million mark-to-market losses related to securities still held at June 30, 2023.
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Schedule of Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | The tables below present reconciliations for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2023, and 2022. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant.
(1) , include gains/(losses) of $219 million, $(32) million and $9 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2023. (2) Comprises the fair values of marketable securities and investments in Other current assets. Included within Other income (expense) - net of the condensed consolidated statements of income are $16 million mark-to-market losses related to securities still held at June 30, 2023.
(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, includes gains/(losses) of $84 million, $(25) million and $17 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2022. (2) Comprises the fair values of marketable securities and investments in Other current assets. Included within Other income (expense) - net of the condensed consolidated statements of income are $5 million in gains related to securities still held at June 30, 2022.
(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, include gains/(losses) of $444 million, $(42) million and $19 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2023. (2) Comprises the fair values of marketable securities and investments in Other current assets. Included within Other income (expense) - net of the condensed consolidated statements of income are $16 million mark-to-market losses related to securities still held at June 30, 2023.
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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Derivative Instruments | The notional amount is used to compute interest or other payment streams to be made under the contract and is a measure of the Company’s level of activity. The Company discloses derivative notional amounts on a gross basis.
The table below summarizes the volume of economic derivatives as of June 30, 2023 and December 31, 2022. For those contracts traded bilaterally through the over-the-counter markets (e.g., forwards, forward rate agreements ("FRA"), and swaps), the gross position is provided. For exchange traded (e.g., futures, FFAs, and options) and cleared positions (e.g., energy swaps), the net position is provided.
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Schedule of Effect of Derivative Instruments Designated as Fair Value Hedges and Undesignated Derivative Instruments on Condensed Consolidated Statements of Income | The tables below summarize the net effect of derivative instruments and hedge accounting on the condensed consolidated statements of income for the three and six months ended June 30, 2023 and 2022.
(1) Other includes results from freight, energy and other derivatives.
(1) Other includes results from freight, energy and other derivatives.
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DEBT (Tables) |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Amounts and Fair Values of Long-Term Debt | The carrying amounts and fair values of long-term debt are as follows:
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COMMITMENTS AND CONTINGENCIES (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Liabilities Related to General Claims and Lawsuits Included in Other Non-Current Liabilities | Included in Other non-current liabilities as of June 30, 2023, and December 31, 2022, are the following amounts related to these matters:
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Schedule of Tax Examinations Against Brazilian Subsidiaries | The Company continues to evaluate the merits of outstanding claims from examinations of ICMS and PIS/COFINS tax returns concluded by Brazilian federal and state tax authorities and will recognize them if and when loss is considered probable. The outstanding claims comprise the following:
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Schedule of Maximum Potential Future Payments Related to Guarantees | Bunge has issued or was a party to the following guarantees at June 30, 2023:
(1) Bunge has 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 through 2034. There are no recourse provisions or collateral that would enable Bunge to recover any amounts paid under these guarantees. In addition, certain Bunge subsidiaries have guaranteed the obligations of certain of their unconsolidated affiliates and in connection therewith have secured their guarantee obligations through a pledge to the financial institutions of certain of their unconsolidated affiliates' shares plus loans receivable from the unconsolidated affiliates in the event that the guaranteed obligations are enforced. Based on amounts drawn under such debt facilities at June 30, 2023, Bunge's potential liability was $50 million, and it has recorded less than $1 million obligation related to these guarantees within Other non-current liabilities. (2) Bunge has issued guarantees to certain financial institutions that are party to certain operating lease arrangements for railcars, barges, and buildings. 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 2024 through 2029. At June 30, 2023, no obligation has been recorded related to these guarantees. Any obligation recorded would be recognized in Current operating lease obligations or Non-current operating lease obligations. (3) On February 3, 2023, Bunge agreed to indemnify the buyer of its Russian operations against certain existing legal claims involving Bunge's Russian subsidiary. The indemnity expires on February 2, 2030. As of June 30, 2023, Bunge recorded a $9 million obligation related to this indemnity within Other non-current liabilities.
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OTHER NON-CURRENT LIABILITIES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Non-Current Liabilities | Other non-current liabilities consist of the following:
(1)See Note 9 - Income Taxes. (2)See Note 11- Fair Value Measurements.
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EQUITY (Tables) |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of After-Tax Components of Accumulated Other Comprehensive Income (Loss) Attributable to Bunge | The following table summarizes the balances of related after-tax components of Accumulated other comprehensive income (loss) attributable to Bunge:
(1)On February 28, 2022, the Company, together with plan participants and related employee unions, agreed to the transition of one of the Company's international defined benefit pension plans to a multi-employer pension plan. Following the transition, the Company accounts for the multi-employer plan similar to a defined contribution plan, resulting in full settlement of the related defined benefit plan obligations. In connection with the settlement, during the six months ended June 30, 2022, the Company reclassified $27 million (net of $10 million tax expense) in unamortized actuarial gains from Accumulated other comprehensive income (loss), of which $19 million was attributable to Bunge (net of $7 million in tax expense), and $8 million was attributable to redeemable non-controlling interest (net of $3 million in tax expense).
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EARNINGS PER COMMON SHARE (Tables) |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Computation of Basic and Diluted Earnings per Common Share | The following table sets forth the computation of basic and diluted earnings per common share.
(1) Effective March 23, 2022, (the "Conversion Date"), in accordance with the terms of the certificate of designation governing the convertible preference shares, all of the Company's issued and outstanding convertible preference shares were automatically converted into 1.2846 common shares of the Company, par value $0.01 per share. As a result of this conversion, dividends on the convertible preference shares ceased to accrue on the Conversion Date. (2) The weighted-average common shares outstanding-diluted exclude less than one million stock options and contingently issuable restricted stock units, which were not dilutive and not included in the computation of earnings per share for each of the three and six months ended June 30, 2023, and 2022.
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SEGMENT INFORMATION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Segment Information | Segment revenues generated from these transfers are shown in the following table as “Inter-segment revenues.”
(1) Include noncontrolling interests' share of interest and tax with EBIT attributable to noncontrolling interests in order to reconcile to consolidated Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests. (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, EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industry. 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) attributable to Bunge in the table below.
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Schedule of Reconciliation of Total Segment EBIT to Net Income Attributable to Bunge | A reconciliation of Net income (loss) attributable to Bunge to Total Segment EBIT follows:
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Schedule of Net Sales by Product Group to External Customers |
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BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION, AND SIGNIFICANT ACCOUNTING POLICIES - NARRATIVE (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
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Description Of Business [Abstract] | |||
Cash paid for taxes, net of refunds | $ 312 | $ 260 | |
Cash paid for interest expense | 242 | $ 221 | |
Ukraine | International Conflicts | |||
Description Of Business [Abstract] | |||
Inventory write-down, reversal | $ 9 | $ 19 | |
Ukraine | Liabilities, Total | Geographic Concentration Risk | International Conflicts | |||
Description Of Business [Abstract] | |||
Related party purchase and sales composition (percent) | 2.00% | ||
Ukraine | Assets, Total | Geographic Concentration Risk | International Conflicts | |||
Description Of Business [Abstract] | |||
Related party purchase and sales composition (percent) | 2.00% |
BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION, AND SIGNIFICANT ACCOUNTING POLICIES - RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Cash and cash equivalents | $ 1,330 | $ 1,104 | $ 818 |
Restricted cash included in Other current assets | 30 | $ 26 | 5 |
Total | $ 1,360 | $ 823 |
ACQUISITIONS AND DISPOSITIONS - COMPOSITION OF ASSETS AND LIABILITIES HELD FOR SALE (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Trade accounts receivable, allowances | $ 97 | $ 90 |
Total liabilities | 0 | $ 18 |
Disposal Group | Russia Oilseed Processing | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | 19 | |
Trade accounts receivable (less allowances of zero) | 15 | |
Trade accounts receivable, allowances | 0 | |
Inventories | 33 | |
Other current assets | 14 | |
Property, plant and equipment, net | 24 | |
Goodwill & Other intangible assets, net | 10 | |
Other non-current assets | 8 | |
Impairment reserve | (90) | |
Total assets | 33 | |
Trade accounts payable and accrued liabilities | 3 | |
Other current liabilities | 16 | |
Total liabilities | $ 19 |
TRADE STRUCTURED FINANCE PROGRAM (Details) - USD ($) $ in Millions |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
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Trade structured finance program | |||
Weighted-average interest rate of time deposits (as a percent) | 5.40% | 3.46% | |
Total net proceeds from issuances of LCs | $ 3,035 | $ 3,689 | |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||
Trade structured finance program | |||
Term to cover changes in variable rate | 365 days | ||
Time Deposits and LC's Presented Net in the Balance Sheet | |||
Trade structured finance program | |||
Face value of time deposits and LCs | $ 5,212 | $ 5,901 |
TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM - NARRATIVE (Details) - Bunge Securitization B.V. - USD ($) $ in Millions |
6 Months Ended | ||
---|---|---|---|
Nov. 16, 2022 |
Jun. 30, 2023 |
Mar. 31, 2022 |
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Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accordion provision | $ 250 | ||
Accounts receivable, sale | $ 1,100 | ||
Repurchased non-cash investing exchange | $ 741 | ||
Repurchased receivables | $ 725 | ||
Repurchased receivables collected | $ 79 |
TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM - CONSIDERATION (Details) - Bunge Securitization B.V. - USD ($) $ in Millions |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
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Accounts Receivable Securitization Facilities Disclosures | |||
Receivables sold that were derecognized from Bunge's balance sheet | $ 1,100 | $ 1,100 | |
Unsold receivables pledged to the administrative agent and included in Trade accounts receivable | 504 | $ 583 | |
Gross receivables sold | 6,901 | $ 8,585 | |
Proceeds received in cash related to transfers of receivables | 6,872 | 7,876 | |
Cash collections from customers on receivables previously sold | 6,901 | 8,372 | |
Discounts related to gross receivables sold included in SG&A | $ 29 | $ 6 |
INVENTORIES (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
INVENTORIES | ||
Inventories | $ 8,806 | $ 8,408 |
Corporate and Other | ||
INVENTORIES | ||
Inventories | 5 | 4 |
Agribusiness | ||
INVENTORIES | ||
Inventories | 7,468 | 6,756 |
Readily marketable inventories at fair value | 6,956 | 6,286 |
Readily marketable inventories included in assets held for sale. | 0 | 26 |
Agribusiness | Merchandising Activities | ||
INVENTORIES | ||
Readily marketable inventories at fair value | 5,898 | 4,789 |
Refined and Specialty Oils | ||
INVENTORIES | ||
Inventories | 1,072 | 1,316 |
Readily marketable inventories at fair value | 217 | 271 |
Milling | ||
INVENTORIES | ||
Inventories | 261 | 332 |
Readily marketable inventories at fair value | $ 23 | $ 97 |
OTHER CURRENT ASSETS - SUMMARY OF OTHER CURRENT ASSETS (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
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Other Current Assets: | |||||
Unrealized gains on derivative contracts, at fair value | $ 1,865 | $ 1,865 | $ 1,597 | ||
Prepaid commodity purchase contracts | 421 | 421 | 254 | ||
Secured advances to suppliers, net | 252 | 252 | 365 | ||
Recoverable taxes, net | 372 | 372 | 365 | ||
Margin deposits | 809 | 809 | 791 | ||
Marketable securities and other short-term investments | 73 | 73 | 119 | ||
Income taxes receivable | 68 | 68 | 102 | ||
Prepaid expenses | 269 | 269 | 376 | ||
Restricted cash | 30 | $ 5 | 30 | $ 5 | 26 |
Other | 306 | 306 | 386 | ||
Total | 4,465 | 4,465 | 4,381 | ||
Allowance on secured advance to farmers | 8 | 8 | $ 7 | ||
Interest earned on secured advances to suppliers | $ 4 | $ 6 | $ 11 | $ 12 |
OTHER CURRENT ASSETS - MARKETABLE SECURITIES AND OTHER SHORT-TERM INVESTMENTS (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
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Net Investment Income [Line Items] | |||||
Total | $ 73 | $ 73 | $ 119 | ||
Marketable securities at fair value | 46 | 46 | 89 | ||
Unrealized gains (losses) | 1 | $ (18) | (6) | $ (119) | |
Foreign government securities | |||||
Net Investment Income [Line Items] | |||||
Total | 32 | 32 | 68 | ||
Equity securities | |||||
Net Investment Income [Line Items] | |||||
Total | 13 | 13 | 23 | ||
Other | |||||
Net Investment Income [Line Items] | |||||
Total | $ 28 | $ 28 | $ 28 |
OTHER NON-CURRENT ASSETS - COMPOSITION (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recoverable taxes, net | $ 35 | $ 59 |
Judicial deposits | 125 | 110 |
Other long-term receivables, net | 15 | 16 |
Income taxes receivable | 207 | 143 |
Long-term investments | 167 | 163 |
Long-term receivables from farmers in Brazil, net | 46 | 32 |
Unrealized gains on derivative contracts, at fair value | 1 | 1 |
Other | 121 | 95 |
Total | 725 | 627 |
Long term investments at fair value | 10 | 9 |
Allowance for recoverable taxes | $ 13 | 14 |
Minimum initial maturity of affiliate loans receivable | 1 year | |
Related parties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other long-term receivables, net | $ 8 | $ 8 |
OTHER NON-CURRENT ASSETS - RECEIVABLES FROM FARMERS IN BRAZIL AND ALLOWANCE AMOUNTS (Details) - Long-term receivables - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
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Recorded Investment | ||||
Average recorded investment in long-term receivables | $ 102 | $ 90 | ||
Total | 84 | 68 | ||
Allowance | 38 | 36 | $ 37 | $ 36 |
Legal collection process | ||||
Recorded Investment | ||||
Recorded investment for which an allowance has been provided | 37 | 40 | ||
Recorded investment for which no allowance has been provided | 24 | 19 | ||
Allowance | 37 | 34 | ||
Renegotiated amounts | ||||
Recorded Investment | ||||
Recorded investment for which an allowance has been provided | 1 | 2 | ||
Recorded investment for which no allowance has been provided | 5 | 7 | ||
Allowance | 1 | 2 | ||
Other long-term receivables | ||||
Recorded Investment | ||||
Recorded investment for which no allowance has been provided | $ 17 | $ 0 |
OTHER NON-CURRENT ASSETS - ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) - Long-term receivables - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
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Financing Receivable, Allowance for Credit Loss | ||
Allowance as of January 1 | $ 36 | $ 36 |
Bad debt provisions | 0 | 1 |
Recoveries | (1) | (3) |
Write-offs | 0 | 0 |
Transfers | 0 | 0 |
Foreign exchange translation | 3 | 3 |
Allowance as of June 30 | $ 38 | $ 37 |
INVESTMENTS IN AFFILIATES AND VARIABLE INTEREST ENTITIES - NARRATIVE (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
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Variable Interest Entity [Line Items] | ||
Impairment charges | $ 22 | $ 0 |
Australia Plant Proteins | ||
Variable Interest Entity [Line Items] | ||
Impairment charges | $ 16 |
INCOME TAXES (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
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Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 198 | $ 36 | $ 381 | $ 144 |
OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Unrealized losses on derivative contracts, at fair value | $ 1,574 | $ 1,570 |
Accrued liabilities | 638 | 755 |
Advances on sales | 380 | 601 |
Income tax payable | 63 | 156 |
Other | 347 | 297 |
Total | $ 3,002 | $ 3,379 |
Debt - CARRYING AMOUNTS AND FAIR VALUES OF LONG-TERM DEBT (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Carrying Value | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | $ 4,282 | $ 4,105 |
Fair Value | Level 2 | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | $ 4,290 | $ 4,148 |
RELATED PARTY TRANSACTIONS (Details) - Related parties - Less than |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
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Product Concentration Risk | Cost of Goods Sold | |||||
Related Party Transactions | |||||
Related party purchase and sales composition (percent) | 8.00% | 8.00% | 8.00% | 8.00% | |
Product Concentration Risk | Net Sales | |||||
Related Party Transactions | |||||
Related party purchase and sales composition (percent) | 2.00% | 2.00% | 2.00% | 2.00% | |
Customer Concentration | Accounts Receivable | |||||
Related Party Transactions | |||||
Related party purchase and sales composition (percent) | 1.00% | 1.00% | |||
Supplier Concentration | Trade Accounts Payable Benchmark | |||||
Related Party Transactions | |||||
Related party purchase and sales composition (percent) | 4.00% | 4.00% |
OTHER NON-CURRENT LIABILITIES (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Labor, legal, and other provisions | $ 216 | $ 205 |
Pension and post-retirement obligations | 149 | 152 |
Uncertain income tax positions | 67 | 59 |
Unrealized loss on derivative contracts, at fair value | 324 | 332 |
Other | 115 | 101 |
Total | $ 871 | $ 849 |
EQUITY - NARRATIVE (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
May 11, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 12, 2023 |
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Class of Stock [Line Items] | ||||||
Remaining authorized repurchase amount | $ 2,000 | $ 2,000 | $ 300 | |||
Stock repurchase program, increase in authorized amount | 1,700 | |||||
Authorized amount of issued and outstanding common shares available for repurchase | $ 2,000 | |||||
Dividends on common shares (in dollars per share) | $ 0.6625 | $ 0.6625 | $ 0.625 | $ 1.2875 | $ 1.15 | |
Increase in dividends declared on common stock (in dollars per share) | 0.0375 | |||||
Percentage increase in dividends declared on common stock | 6.00% | |||||
Common Shares | ||||||
Class of Stock [Line Items] | ||||||
Repurchase of common shares for the period | $ 200 | $ 200 | ||||
Repurchase of common shares (in shares) | 2,109,115 | 2,109,115 |
SEGMENT INFORMATION - NARRATIVE (Details) |
6 Months Ended |
---|---|
Jun. 30, 2023
segment
| |
Segment Reporting Information | |
Number of reportable segments | 4 |
Sugar and Bioenergy | BP Bunge Bioenergia | |
Segment Reporting Information | |
Equity method investment, ownership percentage | 50.00% |
SEGMENT INFORMATION - NET INCOME TO SEGMENT EBIT (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Reconciliation of total segment EBIT: | ||||
Net income (loss) attributable to Bunge | $ 622 | $ 206 | $ 1,254 | $ 894 |
Interest income | (40) | (11) | (83) | (20) |
Interest expense | 129 | 92 | 241 | 203 |
Income tax expense (benefit) | 198 | 36 | 381 | 144 |
Noncontrolling interests' share of interest and tax | 3 | (1) | 5 | (6) |
Total Segment EBIT | $ 912 | $ 322 | $ 1,798 | $ 1,215 |
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