COVER PAGE
COVER PAGE - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 18, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-16625 | ||
Entity Registrant Name | BUNGE LIMITED | ||
Entity Incorporation, State or Country Code | D0 | ||
Entity Tax Identification Number | 98-0231912 | ||
Entity Address, Address Line One | 1391 Timberlake Manor Parkway | ||
Entity Address, City or Town | Chesterfield | ||
Entity Address, State or Province | MO | ||
Entity Address, Postal Zip Code | 63017 | ||
City Area Code | 314 | ||
Local Phone Number | 292-2000 | ||
Title of 12(b) Security | Common Shares, $0.01 par value per share | ||
Trading Symbol | BG | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 10,718 | ||
Entity Common Stock, Shares Outstanding | 141,302,184 | ||
Documents Incorporated by Reference | Portions of the proxy statement for the 2022 Annual General Meeting of Shareholders to be held on May 12, 2022 are incorporated by reference into Part III. | ||
Entity Central Index Key | 0001144519 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY |
AUDIT INFORMATION
AUDIT INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Firm ID | 34 |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | St. Louis, Missouri |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Net sales | $ 59,152 | $ 41,404 | $ 41,140 |
Cost of goods sold | (55,789) | (38,619) | (40,598) |
Gross profit | 3,363 | 2,785 | 542 |
Selling, general and administrative expenses | (1,234) | (1,358) | (1,351) |
Interest income | 48 | 22 | 31 |
Interest expense | (243) | (265) | (339) |
Foreign exchange (losses) gains — net | (38) | 150 | (117) |
Other income — net | 509 | 126 | 97 |
Income (loss) from affiliates | 160 | (47) | 40 |
Goodwill impairment | 0 | 0 | (108) |
Income (loss) from continuing operations before income tax | 2,565 | 1,413 | (1,205) |
Income tax expense | (398) | (248) | (86) |
Net income (loss) | 2,167 | 1,165 | (1,291) |
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests | (89) | (20) | 11 |
Net income (loss) attributable to Bunge | 2,078 | 1,145 | (1,280) |
Convertible preference share dividends and other obligations | (34) | (34) | (34) |
Adjustment of redeemable noncontrolling interest | 0 | 10 | (8) |
Net income (loss) available to Bunge common shareholders | $ 2,044 | $ 1,121 | $ (1,322) |
Earnings (loss) per common share—basic | |||
Net income (loss) attributable to Bunge common shareholders (in dollars per share) | $ 14.50 | $ 7.97 | $ (9.34) |
Earnings (loss) per common share—diluted | |||
Net income (loss) attributable to Bunge common shareholders (in dollars per share) | $ 13.64 | $ 7.71 | $ (9.34) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 2,167 | $ 1,165 | $ (1,291) | |
Other comprehensive income (loss): | ||||
Foreign exchange translation adjustment | [1] | (268) | (543) | 1,359 |
Unrealized (losses) gains on designated hedges, net of tax (expense) benefit of $(2), $4, and $(2) | (36) | (45) | 1 | |
Reclassification of realized net (gains) losses to net income, net of tax (benefit) expense of $(1), $(6), and $(2) | (4) | 14 | (19) | |
Pension adjustment, net of tax (expense) benefit of $(17), $(2), and $2 | 57 | 3 | (24) | |
Total other comprehensive (loss) income | (251) | (571) | 1,317 | |
Total comprehensive income | 1,916 | 594 | 26 | |
Less: comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests | (63) | (71) | 25 | |
Total comprehensive income attributable to Bunge | $ 1,853 | $ 523 | $ 51 | |
[1] | (1) The year ended December 31, 2019 included the release of cumulative translation adjustments upon the disposition of certain of the Company's foreign subsidiaries and equity-method investments of $1,493 million, which was recorded in Cost of goods sold, in the consolidated statements of income. There was no such release for the years ended December 31, 2021 and 2020. |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (PARENTHETICAL) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Unrealized (losses) gains on designated cash flow hedges, tax (expense) benefit | $ (2) | $ 4 | $ (2) |
Reclassification of realized net (gains) losses to net income, tax (benefit) expense | (1) | (6) | (2) |
Pension adjustment, tax (expense) benefit | $ (17) | (2) | 2 |
Foreign Currency Translation Adjustment | |||
Amount reclassified from accumulated other comprehensive income | $ 0 | $ 1,493 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 902 | $ 352 |
Trade accounts receivable (less allowances of $85 and $93) (Note 4) | 2,112 | 1,717 |
Inventories (Note 5) | 8,431 | 7,172 |
Assets held for sale (Note 2) | 264 | 672 |
Other current assets (Note 6) | 4,751 | 6,268 |
Total current assets | 16,460 | 16,181 |
Property, plant and equipment, net (Note 7) | 3,499 | 3,775 |
Operating lease assets (Note 27) | 912 | 868 |
Goodwill (Note 8) | 484 | 586 |
Other intangible assets, net (Note 9) | 431 | 529 |
Investments in affiliates (Note 11) | 764 | 631 |
Deferred income taxes (Note 14) | 550 | 339 |
Other non-current assets (Note 12) | 719 | 746 |
Total assets | 23,819 | 23,655 |
Current liabilities: | ||
Short-term debt (Note 17) | 673 | 2,828 |
Current portion of long-term debt (Note 18) | 504 | 8 |
Trade accounts payable (includes $568 and $294 carried at fair value) | 4,250 | 2,636 |
Current operating lease obligations (Note 27) | 350 | 235 |
Liabilities held for sale (Note 2) | 122 | 438 |
Other current liabilities (Note 13) | 3,425 | 4,840 |
Total current liabilities | 9,324 | 10,985 |
Long-term debt (Note 18) | 4,787 | 4,452 |
Deferred income taxes (Note 14) | 338 | 360 |
Non-current operating lease obligations (Note 27) | 506 | 581 |
Other non-current liabilities (Note 22) | 658 | 657 |
Redeemable noncontrolling interests (Note 23) | 381 | 415 |
Equity (Note 24): | ||
Convertible perpetual preference shares, par value $.01; authorized, issued and outstanding: 2021 and 2020—6,899,683 shares (liquidation preference $100 per share) | 690 | 690 |
Common shares, par value $.01; authorized—400,000,000 shares; issued and outstanding: 2021—141,057,414 shares, 2020—139,790,238 shares | 1 | 1 |
Additional paid-in capital | 5,590 | 5,408 |
Retained earnings | 8,979 | 7,236 |
Accumulated other comprehensive loss (Note 24) | (6,471) | (6,246) |
Treasury shares, at cost; 2021—16,726,697 and 2020—15,428,313 shares | (1,120) | (1,020) |
Total Bunge shareholders' equity | 7,669 | 6,069 |
Noncontrolling interests | 156 | 136 |
Total equity | 7,825 | 6,205 |
Total liabilities and equity | $ 23,819 | $ 23,655 |
CONSOLIDATED BALANCE SHEETS (PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, allowances | $ 85 | $ 93 |
Trade accounts payable, at fair value | $ 568 | $ 294 |
Convertible perpetual preference shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Convertible perpetual preference shares, authorized (in shares) | 6,899,683 | 6,899,683 |
Convertible perpetual preference shares, issued (in shares) | 6,899,683 | 6,899,683 |
Convertible perpetual preference shares, outstanding (in shares) | 6,899,683 | 6,899,683 |
Convertible perpetual preference shares, liquidation preference (in dollars per share) | $ 100 | $ 100 |
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) | 141,057,414 | 139,790,238 |
Common shares, outstanding (in shares) | 141,057,414 | 139,790,238 |
Treasury shares, at cost (in shares) | 16,726,697 | 15,428,313 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | |||
Net income (loss) | $ 2,167 | $ 1,165 | $ (1,291) |
Adjustments to reconcile net income to cash provided by (used for) operating activities: | |||
Impairment charges | 226 | 10 | 1,825 |
Foreign exchange loss (gain) on net debt | 78 | (206) | 139 |
Bad debt expense | 5 | 70 | 9 |
Depreciation, depletion and amortization | 424 | 435 | 548 |
Share-based compensation expense | 61 | 71 | 39 |
Deferred income tax (benefit) expense | (272) | 71 | (24) |
Gain on sale of investments and property, plant and equipment | (417) | (110) | (38) |
Other, net | (159) | 55 | (12) |
Changes in operating assets and liabilities, excluding the effects of acquisitions: | |||
Trade accounts receivable | (530) | (255) | (257) |
Inventories, including net unrealized mark-to-market gains | (1,301) | (2,298) | 504 |
Secured advances to suppliers | (48) | (162) | (100) |
Trade accounts payable | 1,594 | 97 | (498) |
Advances on sales | 32 | (11) | 15 |
Net unrealized loss (gain) on derivative contracts | 394 | (127) | (258) |
Margin deposits | 252 | (502) | 63 |
Recoverable and income taxes, net | 247 | 51 | 109 |
Accrued liabilities | 39 | 58 | 43 |
Marketable securities | (82) | 46 | (226) |
Beneficial interest in securitized trade receivables | (5,376) | (2,015) | (1,289) |
Other, net | (228) | 21 | (109) |
Cash used for operating activities | (2,894) | (3,536) | (808) |
INVESTING ACTIVITIES | |||
Payments made for capital expenditures | (399) | (365) | (524) |
Proceeds from investments | 171 | 305 | 449 |
Payments for investments | (308) | (337) | (393) |
Settlement of net investment hedges | (34) | 65 | (56) |
Proceeds from interest in securitized trade receivables | 5,234 | 1,943 | 1,312 |
Payments for beneficial interest in securitized trade receivables | (177) | 0 | 0 |
Proceeds from divestiture of businesses and disposal of property, plant and equipment | 647 | 194 | 729 |
Payments for investments in affiliates | (46) | (14) | (39) |
Proceeds from sale of investments in affiliates | 11 | 0 | 19 |
Other, net | 14 | 22 | 6 |
Cash provided by investing activities | 5,113 | 1,813 | 1,503 |
FINANCING ACTIVITIES | |||
Proceeds from short-term debt | 29,600 | 33,776 | 46,613 |
Repayments of short-term debt | (31,694) | (31,861) | (46,597) |
Proceeds from long-term debt | 1,001 | 2,401 | 5,244 |
Repayments of long-term debt | (4) | (2,114) | (5,698) |
Proceeds from the exercise of options for common shares | 116 | 9 | 17 |
Repurchases of common shares | (100) | (100) | 0 |
Dividends paid to preference shareholders | (34) | (34) | (34) |
Dividends paid to common shareholders | (289) | (282) | (283) |
Dividends paid to noncontrolling interests | (76) | (22) | (23) |
Acquisition of noncontrolling interest | (147) | 0 | 0 |
Other, net | (5) | (10) | (10) |
Cash (used for) provided by financing activities | (1,632) | 1,763 | (771) |
Effect of exchange rate changes on cash and cash equivalents, and restricted cash | (63) | 19 | 5 |
Net increase (decrease) in cash and cash equivalents, and restricted cash | 524 | 59 | (71) |
Cash and cash equivalents, and restricted cash - beginning of period | 381 | 322 | 393 |
Cash and cash equivalents, and restricted cash - end of period | $ 905 | $ 381 | $ 322 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($) $ in Millions | Total | Redeemable Non- Controlling Interests | Convertible Preference Shares | Common Shares | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Shares | Non- Controlling Interests | Impact of new accounting standards | Impact of new accounting standardsRetained Earnings | Impact of new accounting standardsAccumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2018 | $ 424 | |||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||
Net income (loss) | (15) | |||||||||||
Other comprehensive income (loss) | (12) | |||||||||||
Redemption value adjustment | 8 | |||||||||||
Dividends to noncontrolling interests on subsidiary common stock | (8) | |||||||||||
Ending balance at Dec. 31, 2019 | 397 | |||||||||||
Beginning balance (in shares) at Dec. 31, 2018 | 6,899,683 | 141,111,081 | ||||||||||
Beginning balance at Dec. 31, 2018 | $ 6,378 | $ 690 | $ 1 | $ 5,278 | $ 8,059 | $ (6,935) | $ (920) | $ 205 | $ 0 | $ 21 | $ (21) | |
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Net income (loss) | (1,276) | (1,280) | 4 | |||||||||
Other comprehensive income (loss) | 1,330 | 1,332 | (2) | |||||||||
Redemption value adjustment | (8) | (8) | ||||||||||
Acquisition of noncontrolling interest | (107) | (36) | (71) | |||||||||
Dividends on common shares | (283) | (283) | ||||||||||
Dividends on preference shares | (34) | (34) | ||||||||||
Dividends to noncontrolling interests on subsidiary common stock | (16) | (16) | ||||||||||
Capital contribution (return) from (to) noncontrolling interest | (4) | (4) | ||||||||||
Contribution from noncontrolling interest | 1 | 1 | ||||||||||
Share-based compensation expense | 39 | 39 | ||||||||||
Issuance of common shares, including stock dividends (in shares) | 702,061 | |||||||||||
Issuance of common shares, including stock dividends | 10 | 12 | (2) | |||||||||
Ending balance (in shares) at Dec. 31, 2019 | 6,899,683 | 141,813,142 | ||||||||||
Ending balance at Dec. 31, 2019 | 6,030 | $ 690 | $ 1 | 5,329 | 6,437 | (5,624) | (920) | 117 | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||
Net income (loss) | (3) | |||||||||||
Other comprehensive income (loss) | 42 | |||||||||||
Redemption value adjustment | (10) | |||||||||||
Dividends to noncontrolling interests on subsidiary common stock | (11) | |||||||||||
Ending balance at Dec. 31, 2020 | 415 | 415 | ||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Net income (loss) | 1,169 | 1,145 | 24 | |||||||||
Other comprehensive income (loss) | (613) | (622) | 9 | |||||||||
Redemption value adjustment | 10 | 10 | ||||||||||
Acquisition of noncontrolling interest | (42) | (38) | (4) | |||||||||
Dividends on common shares | (282) | (282) | ||||||||||
Dividends on preference shares | (34) | (34) | ||||||||||
Dividends to noncontrolling interests on subsidiary common stock | (10) | (10) | ||||||||||
Share-based compensation expense | 71 | 71 | ||||||||||
Repurchase of common shares (in shares) | (2,546,000) | |||||||||||
Repurchase of common shares | (100) | (100) | ||||||||||
Issuance of common shares, including stock dividends (in shares) | 523,096 | |||||||||||
Issuance of common shares, including stock dividends | 6 | 8 | (2) | |||||||||
Ending balance (in shares) at Dec. 31, 2020 | 6,899,683 | 139,790,238 | ||||||||||
Ending balance at Dec. 31, 2020 | 6,205 | $ 690 | $ 1 | 5,408 | 7,236 | (6,246) | (1,020) | 136 | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||
Net income (loss) | 61 | |||||||||||
Other comprehensive income (loss) | (26) | |||||||||||
Redemption value adjustment | 1 | |||||||||||
Dividends to noncontrolling interests on subsidiary common stock | (71) | |||||||||||
Disposition of noncontrolling interest in a subsidiary | 1 | |||||||||||
Ending balance at Dec. 31, 2021 | 381 | $ 381 | ||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Net income (loss) | 2,106 | 2,078 | 28 | |||||||||
Other comprehensive income (loss) | (225) | (225) | ||||||||||
Redemption value adjustment | (1) | (1) | ||||||||||
Dividends on common shares | (294) | (294) | ||||||||||
Dividends on preference shares | (34) | (34) | ||||||||||
Dividends to noncontrolling interests on subsidiary common stock | (5) | (5) | ||||||||||
Capital contribution (return) from (to) noncontrolling interest | (3) | (3) | ||||||||||
Acquisition of noncontrolling interest | (3) | (3) | ||||||||||
Share-based compensation expense | 61 | 61 | ||||||||||
Repurchase of common shares (in shares) | (1,298,384) | |||||||||||
Repurchase of common shares | (100) | (100) | ||||||||||
Issuance of common shares, including stock dividends (in shares) | 2,565,560 | |||||||||||
Issuance of common shares, including stock dividends | 118 | 122 | (4) | |||||||||
Ending balance (in shares) at Dec. 31, 2021 | 6,899,683 | 141,057,414 | ||||||||||
Ending balance at Dec. 31, 2021 | $ 7,825 | $ 690 | $ 1 | $ 5,590 | $ 8,979 | $ (6,471) | $ (1,120) | $ 156 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (PARENTHETICALS) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock dividends (in dollars per share) | $ 2.08 | $ 2 | $ 2 |
Preferred stock dividends (in dollars per share) | $ 4.875 | $ 4.875 | $ 4.875 |
NATURE OF BUSINESS, BASIS OF PR
NATURE OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES | NATURE OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES Description of Business —Bunge Limited, a Bermuda company, together with its consolidated subsidiaries and variable interest entities ("VIEs") in which it is considered the primary beneficiary, through which its businesses are conducted (collectively "Bunge" or "the Company"), is a leading global agribusiness and food company. Bunge's common shares trade on the New York Stock Exchange under the ticker symbol "BG." Bunge operates in four reportable segments: Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy. 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 such reporting segments 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 program, accounts receivable securitization activities, and certain income tax assets and liabilities. Agribusiness —Bunge's Agribusiness segment is an integrated, global business involved in the purchase, storage, transport, processing, and sale of agricultural commodities and commodity products. Bunge's agribusiness operations and assets are located in North America, South America, Europe, and Asia-Pacific with merchandising and distribution offices throughout the world. Bunge's Agribusiness segment also participates in related financial activities, such as offering trade structured finance, which leverages its international trade flows, providing risk management services to customers by assisting them with managing price exposure to agricultural commodities, foreign exchange and other financial instruments. Refined and Specialty Oils —Bunge's Refined and Specialty Oils segment produces and sells edible oil products, such as packaged and bulk oils and fats, shortenings, margarine, mayonnaise, and other products derived from the vegetable oil refining process, and refines and fractionates palm oil, palm kernel oil, coconut oil, and shea butter. Bunge's refined and specialty oils operations are located in North America, South America, Europe, Asia-Pacific, and Africa. Milling —Bunge's Milling segment primarily comprises wheat and corn milling businesses that purchase wheat and corn directly from farmers and dealers and process them into milled products for food processors, bakeries, brewers, snack food producers, and other customers. Bunge's wheat milling activities are primarily located in Mexico and Brazil. Corn milling activities are primarily located in the United States and Mexico. See Note 2- Acquisitions and Dispositions for additional information on Bunge's Mexican wheat milling activities. Sugar and Bioenergy —In December 2019, Bunge contributed its Brazilian sugar and bioenergy operations, forming the majority of its Sugar and Bioenergy segment, through which it produced and sold sugar and ethanol derived from sugarcane, as well as energy derived from the sugar and ethanol production process, into a joint venture with the Brazilian biofuels business of BP p.l.c. ("BP"). The joint venture, BP Bunge Bioenergia, in which Bunge has a 50% interest, operates on a stand-alone basis with a total of 11 mills located across the Southeast, North, and Midwest regions of Brazil. Following the formation of the joint venture Bunge no longer consolidates its Br azilian sugar and bioenergy operations in its consolidated financial statements, and accounts for its interest in the joint venture under the equity method of accounting. Basis of Presentation —The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The accounting policies used to prepare these financial statements are the same as those used to prepare the consolidated financial statements in prior years, except as described in these notes or for the adoption of new standards as outlined below. Principles of Consolidation —The accompanying consolidated financial statements include the accounts of Bunge, its subsidiaries and 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 exercises control. Equity investments in which Bunge has the ability to exercise significant influence but does not have a controlling financial interest are accounted for by the equity method of accounting. Investments in which Bunge does not exercise significant influence are accounted for at cost, or fair value if readily determinable. Intercompany accounts and transactions are eliminated. An enterprise is determined to be the primary beneficiary if it has a controlling financial interest, defined as (a) the power to direct the activities of a VIE that most significantly impact the economics of the VIE and (b) the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE's operations. Performance of that analysis requires the exercise of judgment. The VIE and consolidation assessments are revisited upon the occurrence of relevant reconsideration events. For VIEs in which Bunge is considered the primary beneficiary, the entities meet the definition of a business and the entities' assets can be used other than for the settlement of the VIE's obligations. Noncontrolling interests in subsidiaries related to Bunge's ownership interests of less than 100% are reported as Noncontrolling interests or Redeemable noncontrolling interests in the consolidated balance sheets. The noncontrolling ownership interests in Bunge's earnings, net of tax, is reported as Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests in the consolidated statements of income. Reclassifications —Effective July 1, 2021, the Company changed its reporting of certain income tax assets and liabilities to report such assets and liabilities within Corporate and Other rather than within its reportable segments, as further described in Note 28- Segment Information . Corresponding prior period amounts have been reclassified to conform to current period presentation. Effective January 1, 2021, the Company changed its segment reporting to align with its new value chain operational structure, as further described in Note 28- Segment Information . Corresponding prior period amounts have been reclassified to conform to current period presentation. Effective July 1, 2020, the Company changed its reporting of cash proceeds from and repayments of short-term debt with maturities of 90 days or less to separately present such cash proceeds and repayments in its consolidated statement of cash flows. Prior to July 1, 2020, the Company presented cash proceeds from and repayments of short-term debt with maturities of 90 days or less on a net basis. Prior period amounts have been reclassified to conform to current period presentation. Use of Estimates —The preparation of consolidated financial statements in conformity with U.S. GAAP requires Bunge to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes. Actual results could differ from those estimates. Offsetting —In the normal course of its operations the Company routinely enters into transactions resulting in the recognition of assets and liabilities stemming from unconditional obligations, for example trade receivables and trade payables, or conditional obligations, for example unrealized gains and losses on derivative contracts at fair value, with the same counterparty. The Company generally records all such assets and liabilities on a gross basis, even when they are subject to master netting agreements. However, the Company also engages in various trade structured finance activities to leverage the value of its global trade flows. These activities include programs under which Bunge 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 and other programs in which trade related payables are set-off against receivables, when all related assets and liabilities are subject to legally enforceable set-off agreements and the criteria of ASC 210-20, Offsetting , has been met. Cash inflows are 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 consolidated statements of cash flows. Translation of Foreign Currency Financial Statements —Bunge's reporting currency is the U.S. dollar. The functional currency of the majority of Bunge's foreign subsidiaries is their local currency. As such, amounts included in the consolidated statements of income (loss), comprehensive income (loss), cash flows, and changes in equity are translated using average exchange rates during each period. Assets and liabilities are translated at period-end exchange rates and resulting foreign currency translation adjustments are recorded in the consolidated balance sheets as a component of Accumulated other comprehensive loss. However, in accordance with U.S. GAAP, if a foreign entity's economy is determined to be highly inflationary, then the foreign entity's financial statements are remeasured as if the functional currency were the reporting currency. Foreign Currency Transactions —Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured into their respective functional currencies at exchange rates in effect at the balance sheet date. The resulting exchange gain or loss is included in Bunge's consolidated statements of income as Foreign exchange gains (losses) - net unless the remeasurement gain or loss relates to an intercompany transaction that is of a long-term investment nature and for which settlement is neither planned nor anticipated in the foreseeable future, in which case the remeasurement gain or loss is reported as a component of Accumulated other comprehensive loss in Bunge's consolidated balance sheets. Cash, Cash Equivalents, and Restricted Cash —Cash and cash equivalents include time deposits and readily marketable securities with original maturity dates of three months or less at the time of acquisition. Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statement of cash flows. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sums to the total of the same such amounts shown in the consolidated statements of cash flows. December 31, (US$ in millions) 2021 2020 2019 Cash and cash equivalents $ 902 $ 352 $ 320 Restricted cash included in other current assets 3 29 2 Total $ 905 $ 381 $ 322 Trade Accounts Receivable —Trade accounts receivable is stated at historical carrying amounts net of write-offs and allowances for uncollectible accounts. Bunge establishes allowances for uncollectible trade accounts receivable based on lifetime expected credit losses using an aging schedule for each pool of trade accounts receivable. Pools are determined based on risk characteristics such as the type of customer and geography. A default rate is derived using a provision matrix with data based on Bunge's historical receivables information. The default rate is then applied to the pool to determine the allowance for expected credit losses. Given the short term nature of the Company's trade accounts receivable, the default rate is only adjusted if significant changes in the credit profile of the portfolio are identified (e.g., poor crop years, credit issues at the country level, systematic risk), resulting in historic loss rates that are not representative of forecasted losses. Uncollectible accounts are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when the Company has determined that collection of the balance is unlikely. Specifically, in establishing appropriate default rates as of December 31, 2021 and 2020, the Company took into consideration expected impacts on its customers and other debtors in view of the COVID-19 pandemic, as well as other factors, which did not result in a material impact on the financial statements. Bunge records and reports accrued interest receivable within the same line item as the related trade accounts receivable. The allowance for expected credit losses is estimated on the amortized cost basis of the trade accounts receivable, including accrued interest receivable. Bunge recognizes credit loss expense when establishing an allowance for accrued interest receivable. Secured Advances to Suppliers —Secured advances to suppliers are stated at historical carrying amounts net of write-offs and allowances for uncollectible accounts. Secured advances to suppliers are expected to be settled through delivery of non-cash assets and as such, allowances are established when collection is not probable. Bunge establishes an allowance for secured advances to suppliers, generally farmers and resellers of grain, based on historical experience, farming economics and other market conditions, as well as specific customer collection issues. Uncollectible accounts are written off when a settlement is reached for an amount below the outstanding historical balance or when Bunge has determined that collection is unlikely. Secured advances to suppliers bear interest at contractual rates that reflect current market interest rates at the time of the transaction. There are no deferred fees or costs associated with these receivables. As a result, there are no imputed interest amounts to be amortized under the interest method. Interest income is calculated based on the terms of the individual agreements and is recognized on an accrual basis. Bunge follows accounting guidance on the disclosure of the credit quality of financing receivables and the allowance for credit losses, which requires information to be disclosed at disaggregated levels, defined as portfolio segments and classes. Under this guidance, a class of receivables is considered impaired, based on current information and events, if Bunge determines it probable that all amounts due under the original terms of the receivable will not be collected. Recognition of interest income is suspended once the borrower defaults on the originally scheduled delivery of agricultural commodities as the collection of future income is determined not to be probable. No additional interest income is accrued from the point of default until ultimate recovery, at which time amounts collected are credited first against the receivable and then to any unrecognized interest income. Inventories —Readily marketable inventories ("RMI") are agricultural commodity inventories, including soybeans, soybean meal, soybean oil, corn, and wheat that are readily convertible to cash because of their commodity characteristics, widely available markets, and international pricing mechanisms. All of Bunge's RMI are recorded at fair value. These agricultural commodity inventories have quoted prices in active markets, may be sold without significant further processing, and have predictable and insignificant disposal costs. Changes in the fair values of RMI are recognized in earnings as a component of Cost of goods sold. Inventories other than RMI are stated at the lower of cost or net realizable value by inventory product class. Cost is determined primarily using the weighted-average cost method. Fair Value Measurements —Bunge determines fair value based on the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Bunge determines the fair values of its RMI, derivatives, and certain other assets based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs are inputs based on market data obtained from sources independent of Bunge that reflect the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are inputs that are developed based on the best information available in circumstances that reflect Bunge's own assumptions based on market data and on assumptions that market participants would use in pricing the asset or liability. The fair value standard describes three levels within its hierarchy that may be used to measure fair value: 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 market). 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. Based on historical experience with Bunge’s suppliers and customers, Bunge’s own credit risk, and knowledge of current market conditions, Bunge does not view nonperformance risk to be a significant input to fair value for the majority of its forward commodity purchase and sale contracts. 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. Bunge’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. Bunge’s policy regarding the timing of transfers between levels, including both transfers into and transfers out of Level 3, is to measure and record the transfers at the end of the reporting period. The majority of Bunge's exchange-traded agricultural commodity futures are settled daily, generally through its clearing subsidiary, and therefore such futures are not included in the assets and liabilities that are accounted for at fair value on a recurring basis. Derivative Instruments and Hedging Activities —Bunge enters into derivative instruments to manage its exposure to movements associated with agricultural commodity prices, transportation costs, foreign currency exchange rates, interest rates, and energy costs. Bunge's use of these instruments is generally intended to mitigate exposure to market variables (see Note 16- Derivative Instruments and Hedging Activities ). Additionally, commodity contracts relating to forward sales of commodities in the Company’s Agribusiness segment, including soybeans, soybean meal and oil, corn, and wheat, are accounted for as derivatives at fair value under ASC 815 (see Revenue Recognition below). Generally, derivative instruments are recorded at fair value in Other current assets or Other current liabilities in Bunge's consolidated balance sheets. For derivatives designated as hedges, Bunge assesses at the inception of the hedge whether any such derivatives are highly effective in offsetting changes in the hedged items and, on an ongoing basis, qualitatively monitors whether that assertion is still met. The changes in fair values of derivative instruments designated as fair value hedges, along with the gains or losses on the related hedged items are recorded in earnings in the consolidated statements of income in the same caption as the hedged items. The changes in fair values of derivative instruments that are designated as cash flow hedges are recorded in Accumulated other comprehensive loss and are reclassified to earnings when the hedged cash flows affect earnings or when the hedge is no longer considered to be effective. In addition, Bunge may designate certain derivative instruments and non-derivative instruments as net investment hedges to hedge the exposure associated with its equity investments in foreign operations. When using forward derivative contracts as hedging instruments in a net investment hedge, all changes in the fair value of the derivative are recorded as a component of Accumulated other comprehensive loss in the consolidated balance sheets. Marketable Securities and Other Short-Term Investments —Bunge classifies its marketable debt securities and short-term investments as available-for-sale, held-to-maturity, or held-for-trading. Available-for-sale debt securities are reported at fair value with unrealized gains (losses) included in Accumulated other comprehensive loss. Held-to-maturity debt investments represent financial assets in which Bunge has the intent and ability to hold to maturity and are reported at amortized cost. Debt trading securities and all equity securities are recorded at fair value and are bought and held principally for selling them in the near term and therefore held for only a short period of time, with all gains (losses) included in Net income (loss). Bunge monitors its held-to-maturity investments for impairment periodically and recognizes an impairment charge when the decline in fair value of an investment is judged to be other than temporary. Recoverable Taxes —Recoverable taxes include value-added taxes paid upon the acquisition of raw materials and taxable services and other transactional taxes, which can be recovered in cash or as compensation against income taxes or other taxes owed by Bunge, primarily in Brazil and Europe. These recoverable tax payments are included in Other current assets or Other non-current assets based on their expected realization. In cases where Bunge determines that recovery is doubtful, recoverable taxes are reduced by allowances for the estimated unrecoverable amounts. Property, Plant and Equipment, Net —Property, plant and equipment, net is stated at cost less accumulated depreciation. Major improvements that extend either the life, capacity, efficiency, or improve the safety of an asset are capitalized, while maintenance and repairs are expensed as incurred. Costs related to legal obligations associated with the future retirement of capitalized assets are capitalized as part of the cost of the related asset. Bunge generally capitalizes eligible costs to acquire or develop internal-use software that are incurred during the application development stage. Interest costs on borrowings during construction/completion periods of major capital projects are also capitalized. Depreciation is computed based on the straight-line method over the estimated useful lives of the assets. Estimated useful lives for property, plant and equipment are as follows: Years Buildings 10 - 50 Machinery and equipment 7 - 25 Furniture, fixtures and other 3 - 20 Goodwill —Goodwill represents the cost in excess of the fair value of net assets acquired in a business acquisition. Goodwill is not amortized but is tested annually for impairment, or between annual tests if events or circumstances indicate potential impairment. Bunge's annual impairment testing is generally performed during the fourth quarter of its fiscal year. Goodwill is tested for impairment at the reporting unit level, which has been determined to be the Company's operating segments or one level below the operating segments in certain instances (see Note 8- Goodwill ). Other Intangible Assets —Finite-lived intangible assets primarily include trademarks, customer relationships and lists, port facility usage rights, and patents that are amortized on a straight-line basis over their contractual or legal lives, or their estimated useful lives where such lives are not determined by law or contract (see Note 9- Other Intangible Assets ). Impairment of Property, Plant and Equipment and Finite-Lived Intangible Assets —Bunge reviews its property, plant and equipment and finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. Bunge bases its evaluation of recoverability on such indicators as the nature, future economic benefits, and geographic locations of the assets, historical or future profitability measures, and other external market conditions. If these indicators result in the expected non-recoverability of the carrying amount of an asset or asset group, Bunge evaluates potential impairment using undiscounted estimated future cash flows. If such undiscounted future cash flows during the asset's remaining useful life are below its carrying value, a loss is recognized for the shortfall, measured by the present value of the estimated future cash flows or by third-party appraisals. Bunge records impairments related to property, plant and equipment and finite-lived intangible assets used in the processing of its products in Cost of goods sold in its consolidated statements of income. Any impairment of marketing or brand assets is recognized in Selling, general and administrative expenses in the consolidated statements of income (see Note 10- Impairments ). Property, plant and equipment and other finite-lived intangible assets to be sold or otherwise disposed of are reported at the lower of carrying amount or fair value less cost to sell. Investments in Affiliates —Bunge has investments in various unconsolidated joint ventures accounted for using the equity method, minus impairment. Bunge reviews its investments annually or when an event or circumstances indicate that a potential decline in value may be other than temporary. Bunge considers various factors in determining whether to recognize an impairment charge, including the length of time the fair value of the investment is expected to be below its carrying value, the financial condition, operating performance and near-term prospects of the affiliate, and Bunge's intent and ability to hold the investment for a period of time sufficient to allow for recovery of the fair value. (see Note 10- Impairments and Note 11- Investments in Affiliates ). Revenue Recognition —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). Additional information about the Company’s revenues can be found in Note 28- Segment Information . Revenue from commodity contracts (ASC 815) —Revenue from commodity contracts primarily relates to forward sales of commodities such as soybeans, soybean meal and oil, corn, and wheat accounted for as derivatives at fair value under ASC 815, primarily in the Company’s Agribusiness segment. These forward sales meet the definition of a derivative under ASC 815 as they have an underlying (e.g. the price of soybeans), a notional amount (e.g. metric tons), no initial net investment, and can be net settled since the commodity is readily convertible to cash. Bunge generally does not apply the normal purchase and normal sale exception available under ASC 815 to these contracts. Certain of the Company’s sales in its Refined and Specialty Oils and Milling segments also qualify as derivatives, primarily sales of commodities like bulk soybean and canola oil. Revenue from commodity contracts is recognized in Net sales for the contracted amount when the contracts are settled at a point in time by transferring control of the commodity to the customer, similarly to revenue recognized from contracts with customers under ASC 606. From inception through settlement, these forward sales arrangements are recorded at fair value under ASC 815 with unrealized gains and losses recognized in Cost of goods sold and carried on the consolidated balance sheets as current assets (see Note 6- Other Current Assets ) or current liabilities (see Note 13- Other Current Liabilities ), respectively. Further information about the fair value of these contracts is presented in Note 15- Fair Value Measurements . Revenue from contracts with customers (ASC 606) —Revenue from contracts with customers accounted for under ASC 606 is primarily generated in the Company's Refined and Specialty Oils and Milling segments through the sale of refined edible oil-based products such as packaged vegetable oils, shortenings, margarines, and mayonnaise; milled grain products such as wheat flours, bakery mixes, and corn-based products; and fertilizer products. These sales are accounted for under ASC 606 as these sales arrangements do not meet the criteria to be considered derivatives under ASC 815. These revenues are measured based on consideration specified in a contract with a customer and exclude sales taxes, discounts related to promotional programs, and amounts collected on behalf of third parties. The Company recognizes revenue from these contracts at a point in time when it satisfies a performance obligation by transferring control of a product to a customer, generally when legal title and risks and rewards transfer to the customer. Sales terms provide for transfer of title either at the time and point of shipment or at the time and point of delivery and acceptance of the product being sold. In contracts that do not specify the timing of transfer of legal title or transfer of significant risks and rewards of ownership, judgment is required in determining the timing of transfer of control. In such cases, the Company considers standard business practices and the relevant laws and regulations applicable to the transaction to determine when legal title or the significant risks and rewards of ownership are transferred. The transaction price is generally allocated to performance obligations on a relative standalone selling price basis. Standalone selling prices are estimated based on observable data of the Company’s sales of such products and services to similar customers and in similar circumstances on a standalone basis. In assessing whether to allocate variable consideration to a specific part of the contract, the Company considers the nature of the variable payment and whether it relates specifically to its efforts to satisfy a specific part of the contract. Variable consideration is generally known upon satisfaction of the performance obligation. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue producing transaction, that are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in Cost of goods sold. Warranties provided to customers are primarily assurance-type warranties on the fitness of purpose and merchantability of the Company’s goods and services. The Company does not provide service-type warranties to customers. Payment is generally due at the time of shipment or delivery, or within a specified time frame after shipment or delivery, which is generally 30-60 days. The Company’s contracts generally provide customers the right to reject any products that do not meet agreed quality specifications. Product returns and refunds are not material. Additionally, the Company recognizes revenue in the Agribusiness segment from ocean freight and port services over time, as the related services are performed. Performance obligations are typically completed within a fiscal quarter and any unearned revenue or accrued revenues are not material. Share-Based Compensation —Bunge maintains equity incentiv |
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS Assets held for sale Mexico Wheat Milling Disposition On October 12, 2021, Bunge entered into an agreement to sell substantially all of its wheat milling business in Mexico in exchange for cash proceeds approximately equal to the book value of Property, plant and equipment, net, plus an additional sum in consideration for the value of net working capital to be transferred upon closing. Additionally, cumulative translation adjustments, among other items related to the disposal group, resulted in a corresponding impairment loss on sale of $170 million, recognized in Cost of goods sold for the year ended December 31, 2021. The agreement is expected to close in the second quarter of 2022 and is subject to regulatory approval and customary closing conditions. The following table presents the disposal group's major classes of assets and liabilities included in Assets held for sale and Liabilities held for sale, respectively, on the consolidated balance sheet at December 31, 2021, reported under the Milling segment: (US$ in millions) December 31, Trade accounts receivable $ 67 Inventories 106 Other current assets 15 Property, plant and equipment, net 157 Operating lease assets 3 Goodwill & Other intangible assets, net 86 Impairment reserve (170) Assets held for sale (1) $ 264 Trade accounts payable $ 109 Current operating lease obligations 3 Other current liabilities 10 Liabilities held for sale $ 122 (1) Assets held for sale excludes approximately $155 million of cumulative translation adjustments on non-current assets included in the Mexico wheat milling disposal group. Dispositions US Grain Disposition On April 21, 2020, Bunge announced that it had entered into an agreement to sell a portfolio of interior grain elevators located in the United States. On July 9, 2021, the transaction closed in accordance with the terms of the agreement. Upon closing, Bunge received cash proceeds of $298 million in consideration for the book value of property, plant and equipment, net, plus an additional sum in consideration for the value of net working capital transferred on the date of closing, resulting in a gain on sale of $158 million recognized in Other income — net, for the year ended December 31, 2021. The following table presents the book values of the major classes of assets and liabilities that were included in the disposal group, reported under the Agribusiness segment: (US$ in millions) Inventories $ 111 Other current assets 155 Property, plant and equipment, net 128 Operating lease assets 6 Goodwill 6 Assets $ 406 Trade accounts payable $ 43 Current operating lease obligations 1 Other current liabilities 6 Non-current lease obligations 5 Liabilities $ 55 Rotterdam Oils Refinery Disposition On November 4, 2020, Bunge announced that its Bunge Loders Croklaan joint venture had entered into an agreement to sell its oil refinery located in Rotterdam, Netherlands. Bunge is leasing back the facility from the buyer in a phased transition through 2024 so that it can continue to supply its customers with its products. The transaction, accounted for as an asset sale, closed during the first quarter of 2021. The Company recorded a gain of $219 million on the sale, including the noncontrolling interest portion, which was recorded within Other income — net, in the consolidated statement of income for the year ended December 31, 2021. The following table presents the book values of the major classes of assets and liabilities that were included in the disposal group, reported under the Refined and Specialty Oils segment: (US$ in millions) Other current assets $ 3 Property, plant and equipment, net 94 Operating lease assets 6 Assets $ 103 Current operating lease obligations $ 1 Other current liabilities 5 Deferred income taxes 7 Non-current lease obligations 5 Liabilities $ 18 Mexico Oils Facility Disposition During 2021, Bunge completed the sale of its oils packaging facility in Queretaro, Mexico. The transaction primarily includes the location's property, plant and equipment and related processes. The Company recorded a gain of $19 million on the sale, which was recorded within Other income — net in the consolidated statement of income. The following table presents the book values of the major classes of assets included in the disposal group, reported under the Refined and Specialty Oils reportable segment: (US$ in millions) Property, plant and equipment, net $ 7 Goodwill 1 Assets $ 8 Brazilian Margarine and Mayonnaise On December 20, 2019, Bunge announced that it had entered into an agreement to sell its margarine and mayonnaise assets in Brazil to a third party. The transaction included three production plants and certain related brands. The sale was completed during the fourth quarter of 2020. The Company record ed $98 million gain on the sale within Other income—net in the consolidated statement o f income. The following table presents the book values of the major classes of assets and liabilities that were included in the disposal group, reported under the Refined and Specialty Oils segment: (US$ in millions) Inventories $ 24 Property, plant and equipment, net 33 Other intangible assets, net 3 Assets $ 60 Other current liabilities $ 5 Liabilities $ 5 Woodland, California Rice Mill On November 10, 2020, Bunge announced that it had agreed to sell its rice mill in Woodland, California, together with related working capital, for $25 million. The sale was finalized during the fourth quarter of 2020, and as the sale price, net of applicable transaction costs, substantially equaled net book value, n o material gain or loss was recorded on the sale. The following table presents the book values of the major classes of assets and liabilities that were included in the disposal group, which were reported under the Milling segment: (US$ in millions) Accounts receivable $ 1 Inventories 10 Other current assets 11 Property, plant and equipment, net 16 Assets $ 38 Trade accounts payable $ 14 Liabilities $ 14 BP Bunge Bioenergia Formation On December 2, 2019, Bunge and BP completed the formation of BP Bunge Bioenergia, the Brazilian bioenergy joint venture that combined their Brazilian bioenergy and sugarcane ethanol businesses. Pursuant to the business combination agreement, the Company and BP contributed their respective interests in their Brazilian sugar and bioenergy operations to the joint venture. The Company received cash proceeds of $775 million in the transaction, comprising $700 million in respect of non-recourse debt of the Company assumed by the joint venture at closing, and an additional $75 million from BP, before customary closing adjustments. The Company used the proceeds to reduce outstanding indebtedness under its credit facilities. The joint venture agreements provide for certain exit rights of the parties, including private sale rights beginning 18 months after closing and the ability by the Company to trigger an initial public offering of the joint venture after two years from closing, enabling future monetization potential. The Company recognized an impairment charge and loss on sale in its Sugar and Bioenergy segment, principally related to the recognition of cumulative currency translation effects, of $1,524 million, recorded in Cost of goods sold, $49 million recorder in Other income - net, and $2 million recorded in Selling, general and administrative expenses, for the year ended December 31, 2019. As a result of this transaction, commencing December 2, 2019, Bunge ceased to consolidate its Brazilian sugar and bioenergy operations in its consolidated financial statements, instead accounting for its interest in the joint venture under the equity method of accounting. |
TRADE STRUCTURED FINANCE PROGRA
TRADE STRUCTURED FINANCE PROGRAM | 12 Months Ended |
Dec. 31, 2021 | |
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. For the years ended December 31, 2021, 2020 and 2019, net returns from these activities were $31 million, $25 million and $27 million, respectively, and were included as a reduction of Cost of goods sold in the accompanying consolidated statements of income. These activities include programs under which Bunge generally obtains U.S. dollar-denominated letters of credit ("LCs") from financial institutions, each based on an underlying commodity trade flow, 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 December 31, 2021 and 2020, time deposits and LCs of $6,543 million and $4,715 million, respectively, were presented net on the consolidated balance sheets as the criteria of ASC 210-20, Offsetting , had been met. At December 31, 2021 and 2020, time deposits, including those presented on a net basis, carried weighted-average interest rates of 1.08% and 1.87%, respectively. During the years ended December 31, 2021, 2020 and 2019, total net proceeds from issuances of LCs were $6,522 million, $4,654 million and $3,318 million, respectively. These cash inflows are offset by the related cash outflows resulting from placement of the time deposits and repayment of the LCs. All cash flows related to the programs are included in operating activities in the consolidated statements of cash flows. As part of the trade structured finance activities, LCs may be sold to financial institutions on a discounted basis. Bunge does not service derecognized LCs. The terms of the sale may require the Company to continue to make periodic interest payments to financial institutions based on changes in interest rates for a period of up to 365 days. Bunge’s payment obligation to financial institutions as part of the trade structured finance activities, including any unrealized gain or loss on changes in interest rates, is included in Other current liabilities and is not significant as of December 31, 2021 and 2020. The notional amounts of LCs subject to continuing variable interest payments that have been derecognized from the Company's consolidated balance sheets as of December 31, 2021 and 2020 are included in Note 16- Derivative Instruments and Hedging Activities . The net gain or loss included in Cost of goods sold resulting from the fair valuation of such variable interest rate obligations is not significant for the years ended December 31, 2021, 2020 and 2019. |
TRADE ACCOUNTS RECEIVABLE AND T
TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM | 12 Months Ended |
Dec. 31, 2021 | |
Transfers and Servicing [Abstract] | |
TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM | TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM Trade Accounts Receivable Changes to the allowance for expected credit losses related to Trade accounts receivable are as follows: Twelve Months Ended December 31, 2021 Rollforward of the Allowance for Credit Losses (US$ in millions) Short-term Long-term (1) Total Allowance as of January 1, 2021 $ 93 $ 51 $ 144 Current period provisions 35 — 35 Recoveries (31) (2) (33) Write-offs charged against the allowance (9) — (9) Foreign exchange translation differences (3) (2) (5) Allowance as of December 31, 2021 $ 85 $ 47 $ 132 (1) Long-term portion of the allowance for credit losses is included in Other non-current assets. Twelve Months Ended December 31, 2020 Rollforward of the Allowance for Credit Losses (US$ in millions) Short-term Long-term (1) Total Allowance as of January 1, 2020 $ 108 $ 65 $ 173 Current period provisions (2) 64 — 64 Recoveries (46) (3) (49) Write-offs charged against the allowance (27) — (27) Foreign exchange translation differences (6) (11) (17) Allowance as of December 31, 2020 (2) $ 93 $ 51 $ 144 (1) Long-term portion of the allowance for credit losses is included in Other non-current assets. (2 ) In addition to the above mentioned current period provisions associated with expected credit losses, during the first half of the year ended December 31, 2020 the Company settled ongoing litigation with a customer in relation to an historic outstanding account receivable, resulting in the Company recording a $51 million bad debt expense, within Selling, general and administrative expenses, as well as a $15 million l egal provision, within Other income – net, in its consolidated statement of income. 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") that provides for funding of up to $925 million agai nst receivables sold into the Program. Bunge may from time to time, with the consent of the administrative agent, request one or more of the committed purchasers to increase the total commitments by an amount not to exceed $75 million, pursuant to a $200 million accordion provision, of which $125 million was exercised by the Company on October 6, 2021, thereby increasing the funding commitment from $800 million to the current $925 million level. The Program is designed to enhance Bunge's financial flexibility by providing an additional source of liquidity for its operations. In connection with the Program, certain of Bunge's U.S. and non-U.S. subsidiaries that originate trade receivables may sell eligible receivables in their entirety on a revolving basis to a consolidated bankruptcy remote special purpose entity, Bunge Securitization B.V. ("BSBV") formed under the laws of the Netherlands. BSBV in turn sells such purchased trade receivables to the administrative agent (acting on behalf of the Purchasers) pursuant to a receivables transfer agreement. In connection with these sales of accounts receivable, Bunge receives a portion of the proceeds up front and an additional amount upon the collection of the underlying receivables. Koninklijke Bunge B.V., a wholly owned subsidiary of Bunge, act s as master servicer, responsible for servicing and collecting the accounts receivable for the Program. On May 17, 2021, Bunge and certain of its subsidiaries renewed and amended the Program. As a result, the Program terminates on May 17, 2031. However, each committed purchaser's commitment to purchase trade receivables under the Program will terminate on May 17, 2024, unless extended for an additional period in accordance with the terms of the receivables transfer agreement. December 31, (US$ in millions) 2021 2020 Receivables sold which were derecognized from Bunge's balance sheet $ 1,426 $ 969 Deferred purchase price included in Other current assets $ 496 $ 177 Bunge's risk of loss following the sale of the trade receivables is limited to the deferred purchase price (the "DPP"), included in Other current assets in the cons olidated balance sheets (see Note 6- Other Current Assets ). The DPP will be repaid in cash as receivables are collected, generally within 30 days. Provisions for d elinquencies and credit losses on trade receivables sold under the Program as of December 31, 2021, 2020 and 2019 were $5 million, $5 million, and $5 million, respectively. The table below summarizes the cash flows and discounts of Bunge's trade receivables associated with the Program. Servicing fees under the Program were not significant in any period. Years Ended December 31, (US$ in millions) 2021 2020 2019 Gross receivables sold $ 14,648 $ 10,964 $ 10,120 Proceeds received in cash related to transfer of receivables $ 14,018 $ 10,648 $ 9,868 Cash collections from customers on receivables previously sold $ 14,230 $ 9,746 $ 8,434 Discounts related to gross receivables sold included in SG&A $ 7 $ 10 $ 15 Non-cash activity for the program in the reporting period is represented by the difference between gross receivables sold and cash collections from customers on receivables previously sold. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories by segment are presented below. 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. December 31, (US$ in millions) 2021 2020 Agribusiness (1) $ 6,800 $ 6,019 Refined and Specialty Oils (2) 1,310 885 Milling (3) 319 268 Corporate and Other 2 — Total (4) $ 8,431 $ 7,172 (1) Includes RMI of $6,490 million and $5,735 million at December 31, 2021 and 2020, respectively. Assets held for sale includes RMI of zero and $365 million at December 31, 2021 and 2020, respectively. Of the total RMI, $4,857 million and $4,369 million can be attributable to merchandising activities at December 31, 2021 and 2020, respectively. (2) Includes RMI of $257 million and $174 million at December 31, 2021 and 2020, respectively. (3) Includes RMI of $122 million and $52 million at December 31, 2021 and 2020, respectively. (4) Includes net unrealized mark-to-market gains of $427 million and $762 million at December 31, 2021 and 2020, respectively. Cost of goods sold included net unrealized mark-to-market gains of $86 million, $582 million, and $281 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER CURRENT ASSETS | OTHER CURRENT ASSETS Other current assets consist of the following: December 31, (US$ in millions) 2021 2020 Unrealized gains on derivative contracts, at fair value $ 1,630 $ 3,555 Prepaid commodity purchase contracts (1) 186 174 Secured advances to suppliers, net (2) 375 380 Recoverable taxes, net 347 385 Margin deposits 569 817 Marketable securities and other short-term investments (4) 520 346 Deferred purchase price receivable (3) 496 177 Income taxes receivable 47 27 Prepaid expenses 380 231 Restricted cash 3 29 Other 198 147 Total $ 4,751 $ 6,268 (1) Prepaid commodity purchase contracts represent advance payments against contracts for future delivery of specified quantities of agricultural commodities. (2) Bunge provides cash advances to suppliers, primarily Brazilian soybean farmers, to finance a portion of the suppliers' production costs, primarily to secure the origination of soybeans for Bunge's soybean processing facilities in Brazil. Bunge does not bear any of the costs or operational risks associated with growing the related crops. The ability of Bunge's counterparties to repay these amounts is affected by agricultural economic conditions in the relevant geography, which are, in turn, affected by commodity prices, currency exchange rates, crop input costs and crop quality and yields. As a result, the advan ces are largely collateralized by future crops and physical assets of the suppliers, carry a local market interest rate, an d settle when the farmers' crops are harvested and sold. The secured advances to farmers are reported net of allowances of $3 million a nd $2 million at December 31, 2021 and December 31, 2020, respectively. Bunge periodically evaluates the collectability of Bunge’s farmer receivables and records allowances if Bunge determines that collection is doubtful. Bunge bases the Company’s determination of the allowance of analyses of the credit quality of individual accounts, also considering the economic and financial condition of the farming industry and other market conditions, as well as the value of any collateral related to amounts owed. Bunge continuously reviews defaulted farmer receivables for impairment on an individual account basis. Bunge considers all accounts in legal collections processes to be defaulted and past due. For such accounts, Bunge determines the allowance for uncollectible amounts based on the fair value of the associated collateral, net of estimated costs to sell. For all renegotiated accounts (current and past due), Bunge considers changes in farm economic condition and other market conditions, Bunge’s historical experience related to renegotiated accounts, and the fair value of collateral in determining the allowance for doubtful accounts. Interest earned on secured advances to suppliers of $26 million , $31 million, and $26 million, for the years ended December 31, 2021, 2020 and 2019, respectively, is included in Net sales in the consolidated statements of income. (3) Deferred purchase price receivable represents additional credit support for the Purchasers in Bunge's trade receivables securitization program (see Note 4- Trade Accounts Receivable and Trade Receivable Securitization Program ). (4) Marketable securities and other short-term investments—Bunge invests in foreign government securities, corporate debt securities, deposits, equity securities, and other securities. The following is a summary of amounts recorded in the consolidated balance sheets as marketable securities and other short-term investments. December 31, (US$ in millions) 2021 2020 Foreign government securities $ 261 $ 207 Corporate debt securities 158 136 Equity securities 60 — Other 41 3 Total marketable securities and other short-term investments $ 520 $ 346 As of December 31, 2021 and 2020, $479 million and $343 million, respectively, of marketable securities and other short-term investments are recorded at fair value. All other investments are recorded at cost, and due to the short-term nature of these investments, their carrying values approximate fair values. For the years ended December 31, 2021, 2020 and 2019, unrealized gains of $47 million, $18 million, and $32 million, respectively, have been recorded and recognized in Other income - net for investments held at December 31, 2021, 2020, and 2019. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: December 31, (US$ in millions) 2021 2020 Land $ 342 $ 359 Buildings 1,738 1,894 Machinery and equipment 4,508 4,586 Furniture, fixtures and other 601 594 Construction in progress 330 249 Gross book value 7,519 7,682 Less: accumulated depreciation and depletion (4,020) (3,907) Total property, plant and equipment, net $ 3,499 $ 3,775 Bunge's capital expenditures amounted to $437 million, $384 million, and $528 million during the years ended December 31, 2021, 2020 and 2019, respectively. Included in these capitalized expenditures was capitalized interest on construction in progress of $2 million, $1 million, and $1 million for the years ended December 31, 2021, 2020 and 2019, respectively. Depreciation and depletion expense was $376 million, $384 million and $489 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | GOODWILL Bunge generally performs its annual goodwill impairment analysis during the fourth quarter. If events or indicators of impairment occur between annual impairment analyses, the Company performs an impairment analysis at that date. These events or circumstances could inc lude a significant change in the business climate, legal factors, operating performance indicators, competition, or the sale or disposition of a significant asset. In testing for a potential impairment of goodwill, the Company: (1) validates changes, if any, to its reporting units with goodwill balances; (2) allocates goodwill to its reporting units to which acquired goodwill relates; (3) determines the carrying value, or book value, of its reporting units; (4) estimates the fair value of each reporting unit using a discounted cash flow model and/or using market multiples; (5) compares the fair value of each reporting unit to its carrying value; and (6) if the estimated fair value of a reporting unit is less than the carrying value, the Company recognizes an impairment charge for such amount, not to exceed the total amount of goodwill allocated to that reporting unit. Critical estimates in the determination of fair value under the income approach include, but are not limited to, assumptions about variables such as commodity prices, crop and related throughput and production volumes, p rofitability, future capital expenditures, other expenses, and discount rates, all of which are subject to a high degree of judgment. Changes in the carrying value of goodwill by segment for the years ended December 31, 2021 and 2020 are as follows: (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Total Cost: Balance at December 31, 2020 $ 224 $ 326 $ 156 $ — $ 706 Reclassification to assets held for sale (1) — — (69) — (69) Disposals (1) (1) — — (2) Foreign currency translation (13) (12) (6) — (31) Balance at December 31, 2021 210 313 81 — 604 Accumulated impairment losses: Balance at December 31, 2020 (2) (115) (3) — (120) Impairment charge for the period — — — — — Disposals — — — — — Foreign currency translation — — — — — Balance at December 31, 2021 (2) (115) (3) — (120) Net carrying value at December 31, 2021 $ 208 $ 198 $ 78 $ — $ 484 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Total Cost: Balance at December 31, 2019 $ 231 $ 327 $ 179 $ — $ 737 Additions — — — — — Disposals (6) (8) (1) — (15) Foreign currency translation (1) 7 (22) — (16) Balance at December 31, 2020 224 326 156 — 706 Accumulated impairment losses: Balance at December 31, 2019 (2) (121) (3) — (126) Impairment charge for the period — — — — — Disposals (3) — 8 — — 8 Foreign currency translation — (2) — — (2) Balance at December 31, 2020 (2) (115) (3) — (120) Net carrying value at December 31, 2020 $ 222 $ 211 $ 153 $ — $ 586 (1) During the year ended December 31, 2021, the Company announced it had entered into an agreement to sell substantially all of its wheat milling business in Mexico. Refer to Note 2- Acquisitions and Dispositions for details. |
OTHER INTANGIBLE ASSETS
OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
OTHER INTANGIBLE ASSETS | OTHER INTANGIBLE ASSETS Other intangible assets are all finite-lived and consist of the following: December 31, (US$ in millions) 2021 2020 Gross carrying amount: Trademarks/brands $ 169 $ 199 Licenses 12 11 Port rights 59 63 Customer relationships 308 359 Patents 134 143 Other 56 60 738 835 Accumulated amortization: Trademarks/brands (90) (101) Licenses (11) (10) Port rights (14) (12) Customer relationships (94) (96) Patents (65) (57) Other (33) (30) (307) (306) Other intangible assets, net $ 431 $ 529 Amortization expense was $48 million, $49 million, and $55 million for the years ended December 31, 2021, 2020 and 2019, respectively. The estimated future amortization expense is as follows: $43 million for 2022; $43 million for 2023; $42 million for 2024; $41 million for 2025; and $41 million for 2026. During 2019, Bunge recorded an impairment charge of $11 million related to a customer relationship intangible asset in its Milling segment. During the year ended December 31, 2021, the Company announced it had entered into an agreement to sell substantially all of its wheat milling business in Mexico. As a result of this transaction, $17 million of Other intangible assets, net have been transferred to Assets held for sale of December 31, 2021. Refer to Note 2- Acquisitions and Dispositions for details. |
IMPAIRMENTS
IMPAIRMENTS | 12 Months Ended |
Dec. 31, 2021 | |
IMPAIRMENTS | |
IMPAIRMENTS | IMPAIRMENTS For the year ended December 31, 2021, Bunge recorded a pre-tax impairment charge of $170 million, in Cost of goods sold, related to the classification of our Mexican wheat milling business as held-for-sale (see Note 2- Acquisitions and Dispositions ). The charge was recorded in the Milling segment. Bunge also recorded pre-tax impairment charges of $50 million, which includes $15 million attributable to noncontrolling interests, in Cost of goods sold, related to an oils facility in China. The charge was recorded in the Refined and Specialty Oils segment. For the year ended December 31, 2019, Bunge recorded pre-tax impairment charges of $1,825 million, of which $37 million, $1,678 million and $110 million are recorded in Selling, general and administrative expenses, Cost of goods sold, and Other income—net, respectively, in its consolidated statement of income. These amounts are primarily made up of $1,526 million relating to the contribution of the Company's Brazilian sugar and bioenergy operations to the BP Bunge Bioenergia joint venture, $158 million relating to the impairment of property, plant and equipment and right-of-use assets, primarily associated with portfolio rationalization initiatives, $108 million related to a goodwill impairment charge associated with the acquisition of Loders, $22 million related to the relocation of the Company's global headquarters, and an $11 million intangible asset impairment charge. The charges were recorded in the following segments; $1,535 million to Sugar and Bioenergy, $148 million to Refined and Specialty Oils, $91 million to Agribusiness, $28 million to Milling, and $22 million to Corporate and Other. |
INVESTMENTS IN AFFILIATES
INVESTMENTS IN AFFILIATES | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENTS IN AFFILIATES | INVESTMENTS IN AFFILIATES Bunge participates in various unconsolidated joint ventures and other investments accounted for using the equity method. The Company records its interest in the net earnings of its equity method investees, along with the amortization of basis differences, within Income (loss) from affiliates, in the consolidated statements of income. Basis differences represent differences between the cost of the investment and the underlying equity in net assets of the investment and are amortized over the lives of the related assets that gave rise to them. At December 31, 2021 and 2020, the aggregate of all basis differences was a credit of $169 million, including $144 million of amortizable basis difference, and $205 million, including $136 million of amortizable basis difference, respectively, primarily associated with BP Bunge Bioenergia. Certain significant equity method investments at December 31, 2021 are described below. Bunge allocates equity in earnings of affiliates to its reporting segments. Agribusiness Agricola Alvorada S.A. - Bunge has a 37% ownership interest in an agribusiness company in Brazil that complements its grain origination business. Agrofel Grãos e Insumos. - Bunge has a 30% ownership interest in an agricultural inputs reseller in Brazil that complements its soybean origination business. Complejo Agroindustrial Angostura S.A. ("CAIASA") - Bunge has a 33% ownership interest in an oilseed processing facility joint venture with Louis Dreyfus Company and Aceitera General Deheza S.A. ("AGD") in Paraguay. G3 Global Holding GP Inc. - Bunge has a 25% ownership interest in G3 Global Holding GP Inc., a joint venture with Saudi Agricultural and Livestock Investment Company ("SALIC") that operates grain facilities in Canada. Navegações Unidas Tapajós S.A. ("Tapajos") - Bunge has a 50% ownership interest in Tapajos, a joint venture with Amaggi Exportaçao E Importaçao to operate inland waterway transportation between the municipalities of Itaituba and Barcarena, Brazil. The Tapajos complex is mainly dedicated to exporting soybeans and grains from Brazil. Terminais do Graneis do Guaruja ("TGG") - Bunge has a 57% ownership interest in TGG, a joint venture with Amaggi International Ltd. to operate a port terminal in Santos, Brazil, for the reception, storage and shipment of solid bulk cargoes. Terminal 6 S.A. and Terminal 6 Industrial S.A. - Bunge has a joint venture, Terminal 6 S.A., in Argentina with AGD for the operation of a port facility located in the Santa Fe province of Argentina. Bunge is also a party to a second joint venture with AGD, Terminal 6 Industrial S.A., that operates a crushing facility located adjacent to the port facility. Bunge owns 40% and 50%, respectively, of these joint ventures. Vietnam Agribusiness Holdings Ptd. Ltd ("VAH") - Bunge has a 50% ownership in VAH, with Wilmar International Limited ("Wilmar") owning the remaining 50%. VAH owns 100% of the shares of an oilseed processing facility in Vietnam. Sugar and Bioenergy BP Bunge Bioenergia - Bunge has a 50% ownership interest in BP Bunge Bioenergia, a joint venture with BP plc. BP Bunge Bioenergia is a leading company in the ethanol, biopower, and sugar market in Brazil. ProMaiz - Bunge has a 50% ownership interest in a corn wet milling facility joint venture with AGD in Argentina for the production of ethanol. Corporate and Other Australia Plant Proteins - Bunge has a 22% ownership interest in a plant-based protein ingredients company in Australia that complements Bunge's existing businesses. Merit Functional Foods Corp. - Bunge has a 29% ownership interest in a plant-based protein ingredients company in Canada that complements Bunge's existing businesses. Summarized financial information, combined, for all of Bunge's equity method investees is as follows: December 31, (US$ in millions) 2021 2020 Current assets $ 3,416 $ 2,266 Noncurrent assets 3,446 3,391 Total assets $ 6,862 $ 5,657 Current liabilities $ 2,373 $ 1,351 Noncurrent liabilities 2,156 2,233 Total liabilities $ 4,529 $ 3,584 Years ended December 31, (US$ in millions) 2021 2020 2019 Net sales $ 9,441 $ 6,310 $ 3,611 Gross profit 832 577 359 Net income (loss) 358 (28) 95 Variable Interest Entities Bunge holds investment interests in various entities, as described above, that are included in Investments in affiliates and Other non-current assets in the consolidated balance sheets. Certain of these investments, which are primarily reported in Bunge's Agribusiness segment, have been determined to be variable interest entities for which Bunge has determined it is not the primary beneficiary. Accordingly, these investments are not consolidated by Bunge. Bunge's exposure to loss related to these unconsolidated investments is $487 million and $449 million, respectively, as of December 31, 2021 and 2020. Bunge's exposure to loss primarily comprises Bunge's investments in affiliates balance, third party guarantees, and long term loans, assuming full loss of the investment balance and full payment of the guarantees regardless of the probability of such losses actually being incurred in accordance with US GAAP disclosure rules. See Note 21- Commitments and Contingencies . On January 6, 2021, Bunge entered into a series of agreements to acquire a minority interest and certain intellectual property, licensing, and distribution rights in Australian Plant Proteins, a variable interest entity, for $35 million. The Company's exposure to loss related to this unconsolidated investment is primarily limited to the book value of the investment. |
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets, Noncurrent [Abstract] | |
OTHER NON-CURRENT ASSETS | OTHER NON-CURRENT ASSETS Other non-current assets consist of the following: December 31, (US$ in millions) 2021 2020 Recoverable taxes, net (1) $ 66 $ 115 Judicial deposits (1) 89 72 Other long-term receivables, net (3) 11 12 Income taxes receivable (1) 139 150 Long-term investments (2) 196 136 Affiliate loans receivable 16 15 Long-term receivables from farmers in Brazil, net (1) 33 38 Unrealized gains on derivative contracts, at fair value 49 111 Other 120 97 Total $ 719 $ 746 (1) These non-current assets arise primarily from Bunge's Brazilian operations and their realization could take several years. (2) As of December 31, 2021 and 2020, $12 million and $12 million, respectively, of long-term investments were recorded at fair value. (3) Net of allowances as described in Note 4- Trade Accounts Receivable and Trade Receivable Securitization Program. Recoverable taxes, net —Recoverable taxes are reported net of allowances of $18 million and $17 million at December 31, 2021 and 2020, respectively. Judicial deposits —Judicial deposits are funds that Bunge has placed on deposit with the courts in Brazil. These Brazilian funds are held in judicial escrow related 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 used to settle future income tax obligations. Income taxes receivable in Brazil bear interest at the Selic rate. Affiliate loans receivable —Affiliate loans receivable are primarily interest-bearing receivables from unconsolidated affiliates with remaining maturities of more than one year. Long-term receivables from farmers in Brazil, net —Bunge 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 ) and reclassified to Other non-current assets when collection issues with farmers arise and amounts become past due with resolution of matters expected to take more than one year. The average recorded investment in long-term receivables from farmers in Brazil for the years ended December 31, 2021 and 2020 was $92 million and $132 million, respectively. The table below summarizes Bunge's recorded investment in long-term receivables from farmers in Brazil and the related allowance amounts. December 31, 2021 December 31, 2020 (US$ in millions) Recorded Allowance Recorded Allowance For which an allowance has been provided: Legal collection process (1) $ 42 $ 35 $ 73 $ 60 Renegotiated amounts 3 1 6 3 For which no allowance has been provided: Legal collection process (1) 20 — 22 — Renegotiated amounts (2) 2 — — — Other long-term receivables 2 — — — Total $ 69 $ 36 $ 101 $ 63 (1) All amounts in legal process are considered past due upon initiation of legal action. (2) These renegotiated amounts are current on repayment terms. The table below summarizes the activity in the allowance for doubtful accounts related to long-term receivables from farmers in Brazil. Year Ended December 31, (US$ in millions) 2021 2020 Beginning balance $ 63 $ 96 Bad debt provisions 3 12 Recoveries (23) (16) Write-offs (4) (7) Foreign currency translation (3) (22) Ending balance $ 36 $ 63 |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
OTHER CURRENT LIABILITIES | OTHER CURRENT LIABILITIES Other current liabilities consist of the following: December 31, (US$ in millions) 2021 2020 Accrued liabilities $ 689 $ 652 Unrealized losses on derivative contracts at fair value 1,713 3,226 Advances on sales (1) 437 406 Payables for purchase of shares (2) — 149 Income tax payable 168 57 Other 418 350 Total $ 3,425 $ 4,840 (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 our 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. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Bunge operates globally and is subject to the tax laws and regulations of numerous tax jurisdictions and authorities as well as tax agreements and treaties among these jurisdictions. Bunge's income tax provision is impacted by, among other factors, changes in tax laws, regulations, agreements and treaties, currency exchange rates and Bunge's profitability in each tax jurisdiction. Bunge has elected to use the U.S. federal income tax rate to reconcile the actual provision for income taxes. The components of Income (loss) from continuing operations before income tax are as follows: Year Ended December 31, (US$ in millions) 2021 2020 2019 United States $ 754 $ 207 $ (4) Non-United States 1,811 1,206 (1,201) Total $ 2,565 $ 1,413 $ (1,205) The components of the Income tax expense are: Year Ended December 31, (US$ in millions) 2021 2020 2019 Current: United States $ 169 $ (4) $ 32 Non-United States 501 181 78 670 177 110 Deferred: United States 10 33 (25) Non-United States (282) 38 1 (272) 71 (24) Total $ 398 $ 248 $ 86 Reconciliation of Income tax expense if computed at the U.S. Federal income tax rate to Bunge's reported Income tax expense is as follows: Year Ended December 31, (US$ in millions) 2021 2020 2019 Income (loss) from continuing operations before income tax $ 2,565 $ 1,413 $ (1,205) Income tax rate 21 % 21 % 21 % Income tax expense at the U.S. Federal tax rate 539 297 (253) Adjustments to derive effective tax rate: Foreign earnings taxed at different statutory rates (99) (18) (66) Valuation allowances 29 (27) 66 Fiscal incentives (1) (83) (43) (43) Foreign exchange on monetary items 21 29 12 Tax rate changes (4) 3 (8) Non-deductible expenses 19 16 11 Uncertain tax positions 33 (11) (29) Equity distributions, net (4) — (7) Transition tax — — (11) Incremental tax on future distributions (6) 6 — State taxes 17 (4) 3 Goodwill impairment - Loders — — 28 Losses on Brazilian sugar and bioenergy contribution to joint venture — — 379 Participation exemption - Loders Rotterdam sale (53) — — Other (11) — 4 Income tax expense $ 398 $ 248 $ 86 (1) Fiscal incentives predominantly relate to investment incentives in Brazil that are exempt from Brazilian income tax. The primary components of the deferred tax assets and liabilities and the related valuation allowances are as follows: December 31, (US$ in millions) 2021 2020 Deferred income tax assets: Net operating loss carryforwards $ 660 $ 598 Operating lease obligations 86 155 Employee benefits 48 59 Tax credit carryforwards 23 40 Inventories 23 — Accrued expenses and other 195 142 Total deferred tax assets 1,035 994 Less valuation allowances (297) (316) Deferred tax assets, net of valuation allowance 738 678 Deferred income tax liabilities: Property, plant and equipment 272 291 Operating lease assets 86 153 Undistributed earnings of affiliates 20 17 Investments 18 15 Intangibles 130 149 Inventories — 74 Total deferred tax liabilities 526 699 Net deferred tax assets (liabilities) $ 212 $ (21) As of December 31, 2021, Bunge has determined it has unremitted earnings that are considered to be indefinitely reinvested of approximately $1 billion, and accordingly, no provision for income taxes has been made. If these earnings were distributed in the form of dividends or otherwise, Bunge would be subject to income taxes in the form of withholding taxes to the recipient for an amount of approximately $50 million. At December 31, 2021, Bunge's pre-tax loss carryforwards totaled $2,245 million, of which $2,111 million have no expiration, including loss carryforwards of $1,060 million in Brazil. While loss carryforwards in Brazil can be carried forward indefinitely, annual utilization is limited to 30% of taxable income calculated on an entity by entity basis as Brazil tax law does not allow consolidated tax filings. At December 31, 2020, Bunge’s pre-tax loss carryforwards totaled $2,166 million, of which $1,778 million had no expiration, including loss carryforwards of $870 million in Brazil. The increase in pre-tax loss carryforwards from 2020 to 2021 is primarily attributable to the Company’s generation of losses in certain jurisdictions during the year. The remaining tax loss carryforwards expire at various periods beginning in 2022 through the year 2039. Income Tax Valuation Allowances —Bunge records valuation allowances when current evidence does not suggest that some portion or all of its deferred tax assets will be realized. The ultimate realization of deferred tax assets depends primarily on Bunge's ability to generate sufficient timely future income of the appropriate character in the appropriate taxing jurisdiction. As of December 31, 2021 and 2020, Bunge has recorded valuation allowances of $297 million and $316 million, respectively. The net decrease of $19 million is primarily attributable to currency translation adjustments during the year. Unrecognized Tax Benefits —ASC Topic 740 requires applying a "more likely than not" threshold to the recognition and de-recognition of tax benefits. Accordingly, Bunge recognizes the amount of tax benefit that has a greater than 50 percent likelihood of being ultimately realized upon settlement. At December 31, 2021 and 2020, respectively, Bunge had recorded unrecognized tax benefits of $73 million and $50 million in Other non-current liabilities and $8 million and $2 million in Other current liabilities in its consolidated balance sheets. During 2021, 2020 and 2019, respectively, Bunge recognized $4 million, $2 million and $(11) million of interest and penalty charges in Income tax expense in the consolidated statements of income. At December 31, 2021 and 2020, respectively, Bunge had recorded accrued interest and penalties of $14 million and $12 million in Other non-current liabilities and $2 million and $1 million in Other current liabilities in the consolidated balance sheets. A reconciliation of the beginning and ending amounts of unrecognized tax benefits follows: (US$ in millions) 2021 2020 2019 Balance at January 1, $ 320 $ 311 $ 390 Additions based on tax positions related to the current year 14 3 2 Additions based on tax positions related to prior years 22 1 7 Reductions for tax positions of prior years — (1) (27) Settlements with tax authorities (2) (4) (26) Expiration of statute of limitations (3) (15) (11) Reductions due to dispositions — — (19) Foreign currency translation (22) 25 (5) Balance at December 31, $ 329 $ 320 $ 311 Bunge believes that it is reasonably possible that approximately $10 million of its unrecognized tax benefits may be recognized by the end of 2022 as a result of a lapse of the statute of limitations or resolution with the tax authorities. Bunge, through its subsidiaries, files income tax returns in the United States (federal and various states) and non-United States regions. The table below reflects the tax years for which Bunge is subject to income tax examinations by tax authorities in significant tax regions: Open Tax Years North America 2013 - 2021 South America 2015 - 2021 Europe 2015 - 2021 Asia-Pacific 2006 - 2021 As of December 31, 2021, Bunge's Brazilian subsidiaries have received income tax and penalty assessments through 2016 of approximately 5,475 million Brazilian reais (approximately $981 million) plus applicable interest on the outstanding amount. Bunge has recorded unrecognized tax benefits related to these assessments of 19 million Brazilian reais (approximately $3 million) as of December 31, 2021. As of December 31, 2021, Bunge’s Argentina subsidiary had received income tax and penalty assessments relating to 2006 through 2016 of approximately 4,069 million Argentine pesos (approximately $40 million) plus applicable interest on the outstanding amount. Management, in consultation with external legal advisors, believes that it is more likely than not that Bunge will prevail on the proposed assessments (with the exception of unrecognized tax benefits discussed above) in Brazil and Argentina and is vigorously defending its position against these assessments. Bunge made cash income tax payments, net of refunds received, of $531 million, $140 million and $123 million during the years ended December 31, 2021, 2020, and 2019, respectively. In October 2021, the Organization for Economic Co-operations and Development (the "OECD") released an outline that describes the conceptual agreement between 136 countries on fundamental reforms to international tax rules. The outline provides for two primary "Pillars"; however, only Pillar Two, which provides for a global minimum corporate tax rate of 15%, |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Bunge's various financial instruments include certain components of working capital such as trade accounts receivable and trade accounts payable. Additionally, Bunge uses short- and long-term debt to fund operating requirements. Trade accounts receivable, trade accounts payable and short-term debt are each stated at their carrying value, which is a reasonable estimate of fair value. See Note 3- Trade Structured Finance Program for trade structured finance program, Note 12- Other Non-Current Assets for long-term receivables from farmers in Brazil, net and other long-term investments, Note 17- Short-term Debt and Credit Facilities for short-term debt, Note 18- Long-term Debt for long-term debt, and Note 19- Employee Benefit Plans for employee benefit plans. Bunge's financial instruments also include derivative instruments and marketable securities, which are stated at fair value. For a definition of fair value and the associated fair value levels, refer to Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies. The following table sets forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis. Fair Value Measurements at Reporting Date December 31, 2021 December 31, 2020 (US$ in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Readily marketable inventories ( Note 5 ) $ — $ 6,664 $ 205 $ 6,869 $ — $ 6,118 $ 208 $ 6,326 Trade accounts receivable (1) — 1 — 1 — 5 — 5 Unrealized gain on derivative contracts (2) : Interest rate — 49 — 49 — 100 — 100 Foreign exchange — 340 — 340 3 531 — 534 Commodities 63 1,055 34 1,152 191 2,783 63 3,037 Freight 79 5 — 84 14 — — 14 Energy 44 4 — 48 44 — — 44 Credit — 6 — 6 — — — — Equity 1 — — 1 — — — — Other (3) 91 406 — 497 15 352 — 367 Total assets $ 278 $ 8,530 $ 239 $ 9,047 $ 267 $ 9,889 $ 271 $ 10,427 Liabilities: Trade accounts payable (4) $ — $ 545 $ 23 $ 568 $ — $ 285 $ 9 $ 294 Unrealized loss on derivative contracts (5) : Interest rate — 47 — 47 — 15 — 15 Foreign exchange — 309 — 309 — 701 — 701 Commodities 98 1,051 65 1,214 232 2,187 71 2,490 Freight 162 — — 162 16 — — 16 Energy 29 1 — 30 12 — — 12 Credit — 1 — 1 — — — — Total liabilities $ 289 $ 1,954 $ 88 $ 2,331 $ 260 $ 3,188 $ 80 $ 3,528 (1) These receivables are hybrid financial instruments for which Bunge has elected the fair value option. (2) Unrealized gains on derivative contracts are generally included i n Other current assets. There were $49 million and $111 million included in Other non-current assets at December 31, 2021 and 2020, respectively. There were $2 million and $63 million included in Assets held for sale at December 31, 2021 and 2020, respectively. (3) Other primarily includes the fair values of marketable securities and investments in Other current assets and Other non-current assets. (4) These payables are hybrid financial instruments for which the Company has elected the fair value option. There were zero and $40 million included in Liabilities held for sale at December 31, 2021 and 2020, respectively. (5) Unrealized losses on derivative contracts are generally included in Other current liabilities. There were $49 million and $7 million included in Other non-current liabilities at December 31, 2021 and 2020, respectively. There were $1 million and $2 million included in Liabilities held for sale at December 31, 2021 and 2020, respectively. Readily marketable inventories —RMI reported at fair value are valued based on commodity futures exchan ge 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 consolidated balance sheets and 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 consolidated balance sheets and 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 sale contracts are classified as derivatives along with other OTC derivative instruments relating primarily 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 that 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 government treasury securities, corporate debt 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 and classified as level 2. Level 3 Measurements The following relates to assets and liabilities measured at fair value on a recurring basis using Level 3 measurements. An instrument may transfer into or out of Level 3 due to inputs becoming either observable or unobservable. See Note 10- Impairments , for assets measured at fair value on a nonrecurring basis using Level 3 inputs. Level 3 Readily marketable inventories and other —The significant unobservable inputs resulting in Level 3 classification for RMI, physically settled forward purchase and sale 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 sale contracts and contracted prices to value freight, premiums and discounts in its contracts. Movements in the price of these unobservable inputs alone would not 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. 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 years ended December 31, 2021 and 2020. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant. Year Ended December 31, 2021 (US$ in millions) Readily Marketable Inventories Derivatives, Net Trade Total Balance, January 1, 2021 $ 208 $ (8) $ (9) $ 191 Total gains and losses (realized/unrealized) included in Cost of goods sold (1) 431 2 27 460 Purchases 3,344 3 (252) 3,095 Sales (5,095) — — (5,095) Issuances — (2) — (2) Settlements — (49) 217 168 Transfers into Level 3 1,656 (17) (213) 1,426 Transfers out of Level 3 (339) 40 207 (92) Balance, December 31, 2021 $ 205 $ (31) $ (23) $ 151 1) Readily marketa ble inventories, derivatives, net and trade accounts payable include gains/(losses) of $475 million, $(48) million and $27 million, respectively, th at are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at December 31, 2021. Year Ended December 31, 2020 (US$ in millions) Readily Marketable Inventories Derivatives, Net Trade Total Balance, January 1, 2020 $ 231 $ (24) $ (31) $ 176 Total gains and losses (realized/unrealized) included in Cost of goods sold (1) 748 (24) 19 743 Purchases 2,183 3 (298) 1,888 Sales (3,202) — — (3,202) Issuances — (3) — (3) Settlements — 22 230 252 Transfers into Level 3 1,044 13 (77) 980 Transfers out of Level 3 (796) 5 148 (643) Balance, December 31, 2020 $ 208 $ (8) $ (9) $ 191 1) Readily marketable inventories, derivatives, net and trade accounts payable, includes gains/(losses) of $544 million, $(29) 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 December 31, 2020. |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2021 | |
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 rate, and commodity risk. Some of the hedges the Company enters into qualify for hedge accounting ("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 an increase in the fair value of the derivative will be substantially offset by the earnings effect of the increase 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) - net, and the changes in interest rate risk are recognized in Interest expense. Changes in basis risk are held in Accumulated other comprehensive loss until realized through the coupon. Cash flow hedges of currency risk - The Company manages currency risk on certain forecasted purchases, sales, and selling, general and administrative expenses with currency forwards. The change in the value of the forward is classified in Accumulated other comprehensive 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 December 2022. Of the amount currently in Accumulated other comprehensive loss, $3 million of deferred losses is expected to be reclassified to earnings in the next twelve months. Net investment hedges - The Company hedges the currency risk of certain of its foreign subsidiaries with currency forwards and intercompany loans for which the currency risk is remeasured through Accumulated other comprehensive loss. For currency forwards, the forward method is used. The change in the value of the forward is classified in Accumulated other comprehensive loss until the transaction affects earnings by way of either sale or substantial liquidation of the foreign subsidiary. The table below provides information about the balance sheet values of hedged items and the notional amount of derivatives used in hedging strategies. The notional amount of the derivative is the number of units of the underlying (for example, the notional principal amount of the debt in an interest rate swap). The notional amount is used to compute interest or other payment streams to be made under the contract and is a measure of the Company’s level of activity. The Company discloses derivative notional amounts on a gross basis. (US$ in millions) December 31, 2021 December 31, 2020 Unit of Hedging instrument type: Fair value hedges of interest rate risk Carrying value of hedged debt $ 3,990 $ 2,465 $ Notional Cumulative adjustment to long-term debt from application of hedge accounting $ — $ 92 $ Notional Interest rate swap - notional amount $ 4,006 $ 2,382 $ Notional Fair value hedges of currency risk Carrying value of hedged debt $ 267 $ 297 $ Notional Cross currency swap - notional amount $ 267 $ 297 $ Notional Cash flow hedges of currency risk Foreign currency forward - notional amount $ 148 $ 182 $ Notional Foreign currency option - notional amount $ 60 $ 90 $ Notional Net investment hedges Foreign currency forward - notional amount $ 1,020 $ 1,875 $ Notional 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 gains (losses) - net 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 ("FFA") 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 and equity derivatives to manage exposure to credit risk and broader macroeconomic risks, respectively. 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 December 31, 2021 and December 31, 2020. For those contracts traded bilaterally through the over-the-counter markets (e.g., forwards, forward rate agreements ("FRA"), FFAs, and swaps), the gross position is provided. For exchange traded (e.g., futures and options) and cleared positions (e.g., energy swaps), the net position is provided. December 31, December 31, 2021 2020 Unit of Long (Short) Long (Short) Interest rate Swaps $ 2,924 $ (2,506) $ 1,989 $ (1,418) $ Notional FRAs $ — $ — $ 1,216 $ (805) $ Notional Currency Forwards $ 12,961 $ (14,065) $ 11,272 $ (13,171) $ Notional Swaps $ 1,362 $ (1,422) $ 422 $ (413) $ Notional Futures $ — $ (8) $ — $ (55) $ Notional Options $ 88 $ (106) $ 100 $ (142) Delta Agricultural commodities Forwards 29,329,244 (34,810,969) 38,332,313 (39,743,593) Metric Tons Swaps 33,250 (502,652) — (1,700,972) Metric Tons Futures — (7,221,848) — (11,422,365) Metric Tons Options 218,106 (116,370) — (280,240) Metric Tons Ocean freight FFA 12,010 (18,723) 3,055 — Hire Days FFA options 548 — — — Hire Days Natural gas Swaps 1,764,455 — 1,040,284 — MMBtus Futures 5,147,500 — 7,210,000 — MMBtus Electricity Swaps 670,973 (256,949) — — Mwh Energy - other Swaps 741,307 (426,476) 413,542 — Metric Tons Other Swaps and futures $ 20 $ (585) $ 30 $ (30) $ Notional The Effect of Derivative Instruments and Hedge Accounting on the Consolidated Statements of Income The tables below summarize the net effect of derivative instruments and hedge accounting on the consolidated statements of income for the years ended December 31, 2021, 2020 and 2019. Gain (Loss) Recognized in Year Ended December 31, (US$ in millions) 2021 2020 2019 Income statement classification Type of derivative Net sales Hedge accounting Foreign currency $ 2 $ (14) $ (3) Cost of goods sold Hedge accounting Commodities — — 20 Economic hedges Foreign currency (7) (1,250) 172 Commodities (1,749) (225) (50) Other (1) 44 42 46 Total Cost of goods sold $ (1,712) $ (1,433) $ 188 Interest expense Hedge accounting Interest rate $ 30 $ 15 $ (12) Economic hedges Interest rate 1 (1) (10) Total Interest expense $ 31 $ 14 $ (22) Foreign exchange gains (losses) - net Hedge accounting Foreign currency $ (28) $ 27 $ 11 Economic hedges Foreign currency 64 (261) 33 Total Foreign exchange gains (losses) - net $ 36 $ (234) $ 44 Other income Economic hedges Interest rate 1 — — Total Other income $ 1 $ — $ — 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 $ (1) $ (1) $ (1) Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in other comprehensive income (loss) during the period (2) $ 2 $ (5) $ 15 Gains and losses on derivatives used as cash flow hedges of commodity price risk included in other comprehensive income (loss) during the period $ — $ — $ 20 Gains and losses on derivatives used as net investment hedges included in other comprehensive income (loss) during the period $ (16) $ 41 $ (47) Foreign currency gains and losses on intercompany loans used as net investment hedges included in other comprehensive income (loss) during the period $ — $ (67) $ 17 Amounts released from Accumulated other comprehensive loss during the period Cash flow hedge of foreign currency risk $ (3) $ 3 $ (5) Cash flow hedge of commodity risk $ — $ — $ (20) (1) Other includes the results from freight, energy and other derivatives. (2) Includes $(21) million , $(38) million and zero Bunge share of other comprehensive income (loss) related to cash flow hedges associated with the Company's equity investment in BP Bunge Bioenergia for the years ended December 31, 2021, 2020 and 2019. |
SHORT-TERM DEBT AND CREDIT FACI
SHORT-TERM DEBT AND CREDIT FACILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Short-term Debt [Abstract] | |
SHORT-TERM DEBT AND CREDIT FACILITIES | SHORT-TERM DEBT AND CREDIT FACILITIES Bunge's short-term borrowings are typically sourced from various banking institutions and the U.S. commercial paper market. Bunge also borrows from time to time in local currencies in various foreign jurisdictions. Interest expense includes facility commitment fees, amortization of deferred financing costs, the impact of designated interest rate hedges, and charges on certain lending transactions. The weighted-average interest rate on short-term borrowings at December 31, 2021 and 2020 was 19.62% and 5.49%, respectively. December 31, (US$ in millions) 2021 2020 Commercial paper program $ — $ 549 Revolving credit facilities — 944 Short-term lines of credit, variable interest rates from 0.56% to 42.50% 673 1,335 Total short-term debt (1) (2) $ 673 $ 2,828 (1) Includes $566 million and $558 million of local currency borrowings in certain European, South American and Asia-Pacific countries at a local currency based weighted average interest rate of 23.14% and 24.54% as of December 31, 2021 and December 31, 2020, respectively. (2) Includes secured debt of $41 million and zero at December 31, 2021 and December 31, 2020, respectively. Bunge has a $600 million commercial paper program, which is supported by an identical amount of committed back-up bank credit lines (the "Liquidity Facility") provided by banks that are rated at least A-1 by Standard & Poor’s and P-1 by Moody’s Investor Services. The cost of borrowing under the Liquidity Facility would typically be higher than the cost of issuing under Bunge's commercial paper program. At December 31, 2021, there were no borrowings outstanding under the commercial paper program and no borrowings outstanding under the Liquidity Facility. At December 31, 2020, there were $549 million of borrowings outstanding under the commercial paper program and no borrowings outstanding under the Liquidity Facility. The Liquidity Facility is Bunge's only revolving credit facility that requires lenders to maintain minimum credit ratings. On July 16, 2021, Bunge amended and extended the Liquidity Facility to July 16, 2026. On July 16, 2021, Bunge entered into an unsecured $1 billion 364-day Revolving Credit Agreement (the "$1 Billion Credit Agreement") with a group of lenders, maturing on July 15, 2022. Bunge may from time to time request one or more of the existing or new lenders to increase the total participations under the $1 Billion Credit Agreement by an aggregate amount up to $250 million pursuant to an accordion provision. Borrowings will bear interest at LIBOR plus an applicable margin, as defined in the $1 Billion Credit Agreement. The $1 Billion Credit Agreement replaced the $1.25 billion 364-day Revolving Credit Agreement that was set to mature on October 21, 2021. Bunge had no borrowings outstanding at December 31, 2021 under the $1 Billion Credit Agreement. On July 16, 2021, Bunge entered into an unsecured committed $1.35 billion 5-year Revolving Credit Agreement (the "$1.35 Billion Credit Agreement") with a group of lenders, maturing July 16, 2026. Bunge may, from time to time, request one or more of the existing or new lenders to increase the total commitments under the $1.35 Billion Credit Agreement by an aggregate amount up to $200 million pursuant to an accordion provision. Borrowings will bear interest at LIBOR plus an applicable margin, as defined in the $1.35 Billion Credit Agreement. The $1.35 Billion Credit Agreement replaced the $1.1 billion five-year syndicated revolving credit agreement that was set to mature on December 14, 2023. Bunge had no borrowings outstanding at December 31, 2021 under the $1.35 Billion Credit Agreement. On October 29, 2021, Bunge entered into an 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 LIBOR plus an applicable margin, as defined in the $865 Million 2026 Facility. The $865 Million 2026 Facility replaced the $865 million revolving credit facility that was set to mature on September 6, 2022. Bunge had no borrowings outstanding at December 31, 2021 under the $865 Million 2026 Facility. On December 16, 2021, Bunge entered into an 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, recently established science based targets that define Bunge's climate goals within its operations and a commitment to eliminate deforestation in its supply chains by 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 set forth in the $1.75 Billion Revolving Credit Facility. Borrowings under the $1.75 Billion Revolving Credit Facility will bear interest at LIBOR plus a margin, which will vary from 0.30% to 1.30%, based on the senior long-term unsecured debt ratings provided by Moody’s Investors Services Inc. and S&P Global Ratings. Bunge will also pay a fee that will vary from 0.10% to 0.40% based on its utilization of the Revolving Credit Facility. The $1.75 Billion Revolving Credit Facility replaced the $1.75 billion revolving credit facility that was set to mature on December 12, 2022. There were no borrowings outstanding at December 31, 2021 under the $1.75 Billion Revolving Credit Facility. At December 31, 2021, Bunge had $5,815 million unused and available committed borrowing capacity comprising committed revolving credit facilities and the commercial paper program, totaling $5,565 million with a number of financial institutions, in addition to a committed unsecured $250 million delayed draw term loan (see Note 18- Long-term Debt) . At December 31, 2020, Bunge had total committed revolving credit facilities of $5,565 million with a number of financial institutions, of which $4,072 million was unused and available. In addition to the committed facilities discussed above, from time to time, Bunge Limited and/or its financing subsidiaries enter into uncommitted bilateral short-term credit lines as necessary based on its financing requirements. At December 31, 2021 and 2020, there were zero and $550 million borrowings outstanding, respectively, 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 $673 million and $785 million in short-term borrowings outstanding from local bank lines of credit at December 31, 2021 and 2020, respectively, to support working capital requirements. On February 25, 2021, Bunge entered into an unsecured $250 million 364-day term loan (the "$250 Million Term Loan"), scheduled to mature on February 24, 2022. On October 29, 2021 Bunge prepaid the outstanding balance of the $250 Million Term Loan. On February 23, 2021, Bunge entered into an unsecured $125 million 364-day term loan (the "$125 Million Term Loan"), scheduled to mature on February 22, 2022. On July 16, 2021 Bunge prepaid the outstanding balance of the $125 Million Term Loan. Bunge's credit facilities require it to comply with specified financial covenants related to minimum net worth, minimum current ratio, a maximum debt to capitalization ratio, and limitations on secured indebtedness. Bunge was in compliance with these covenants at December 31, 2021. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt obligations are summarized below. December 31, (US$ in millions) 2021 2020 Term loan due 2024 - three-month Yen LIBOR plus 0.75% (Tranche A) (3) $ 267 $ 297 Term loan due 2024 - three-month LIBOR plus 1.30% (Tranche B) 89 89 3.00% Senior Notes due 2022 399 399 1.85% Senior Notes due 2023—Euro 906 982 4.35% Senior Notes due 2024 598 597 1.63% Senior Notes due 2025 596 595 3.25% Senior Notes due 2026 697 696 3.75% Senior Notes due 2027 596 595 2.75% Senior Notes due 2031 989 — Other 154 210 Subtotal 5,291 4,460 Less: Current portion of long-term debt (1) (504) (8) Total long-term debt (2) $ 4,787 $ 4,452 (1) Includes secured debt of $2 million and $1 million at December 31, 2021 and December 31, 2020, respectively. (2) Includes secured debt of $50 million and $5 million at December 31, 2021 and December 31, 2020, respectively. (3) Effective January 1, 2022, the three-month Yen LIBOR rate was discontinued and replaced by the Tokyo Overnight Average Rate ("TONAR" or "TONA"). The fair values of long-term debt, including current portion, are calculated based on interest rates currently available on comparable maturities to companies with credit standing similar to that of Bunge. The carrying amounts and fair values of long-term debt are as follows: December 31, 2021 December 31, 2020 (US$ in millions) Carrying Fair Value Carrying Fair Value Long-term debt, including current portion $ 5,291 $ 5,489 $ 4,460 $ 4,646 On May 14, 2021, Bunge completed the sale and issuance of $1 billion aggregate principal amount of 2.750% unsecured senior notes (the "2.75% Senior Notes") due May 14, 2031. The 2.75% Senior Notes are fully and unconditionally guaranteed by Bunge. The offering was made pursuant to a shelf registration statement on Form S-3 (Registration No. 333-231083) filed by the Company and its 100% owned finance subsidiary Bunge Limited Finance Corp. with the U.S. Securities and Exchange Commission. Interest on the 2.75% Senior Notes is payable semi-annually in arrears in November and May of each year, commencing on November 14, 2021. At any time prior to February 14, 2031 (three months before maturity of the 2.75% Senior Notes), the Company may elect to redeem and repay the 2.75% Senior Notes, at any time in whole, or from time to time in part, at a redemption price substantially equal to 100% of the principal amount of the 2.75% Senior Notes being redeemed on the redemption date. The net proceeds of the offering were approximately $990 million after deducting underwriting commissions, the original issue discount and offering fees and expenses payable by Bunge. Bunge used the net proceeds from this offering for general corporate purposes, including the repayment of certain short-term debt. On October 29, 2021, Bunge entered into an unsecured $250 million delayed draw term loan (the "$250 Million Delayed Draw Term Loan") with a group of lenders that is required to be drawn by October 29, 2022. The $250 Million Delayed Draw Term Loan will bear interest at LIBOR plus an applicable margin, as defined in the $250 Million Delayed Draw Term Loan. The $250 Million Delayed Draw Term Loan matures on October 29, 2028 and was not d rawn as of December 31, 2021. Certain property, plant and equipment, and investments in consolidated subsidiaries having a net carrying value of approximately $54 million at December 31, 2021 have been mortgaged or otherwise collateralized against long-term debt of $50 million at December 31, 2021. Principal Maturities —Principal maturities of long-term debt at December 31, 2021 are as follows: (US$ in millions) 2022 $ 508 2023 945 2024 959 2025 601 2026 700 Thereafter 1,603 Total (1) $ 5,316 (1) Includes components of long-term debt attributable to unamortized premiums of $26 million and excludes components of long-term debt attributable to fair value hedge accounting of $1 million. Certain of Bunge's term loans require it to comply with specified financial covenants related to minimum net worth, minimum current ratio, a maximum debt to capitalization ratio, and limitations on secured indebtedness. Bunge was in compliance with these covenants at December 31, 2021. During the years ended December 31, 2021, 2020 and 2019, Bunge paid interest, net of interest capitalized, of $285 million, $264 million, and $327 million, respectively. On February 23, 2022, Bunge Limited delivered a redemption notice for all of its 4.35% senior notes due 2024 (2024 Notes) pursuant to the terms of indenture governing the 2024 Notes. Following such redemption, which is expected to be completed during the first quarter of 2022, the 2024 Notes will be cancelled and will no longer be outstanding. Additionally, the Company will recognize a one-time charge of approximately $40 million to $50 million within Interest expense during the first quarter of 2022 comprising the sum of the “make whole” provision payable in respect of the early redemption and the recognition of unrealized mark-to-market losses on related, designated interest rate hedges. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Certain of Bunge's United States, Canadian, European, Asian and Brazilian-based subsidiaries sponsor defined benefit pension plans covering substantially all employees of such subsidiaries. The plans provide benefits primarily based on participant salaries and lengths of service. The funding policies for Bunge's defined benefit pension plans are determined in accordance with statutory funding requirements. The most significant defined benefit plan is in the United States. Certain of Bunge's United States and Brazilian-based subsidiaries have benefit plans to provide postretirement healthcare benefits to eligible retired employees of those subsidiaries. The plans require minimum retiree contributions and define the maximum amount the subsidiaries will be obligated to pay under the plans. Bunge's policy is to fund these costs as they become payable. Plan amendments and pension liability adjustments - On September 19, 2017, Bunge approved changes to certain U.S. defined benefit pension plans. These changes freeze the plans for future benefit accruals effective January 1, 2023, and these plans are closed for participation for employees hired on or after January 1, 2018. Plan Settlements - Subsequent to the balance sheet date, 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 will account for the multi-employer plan similar to a defined contribution plan, giving rise to a settlement of the related defined-benefit plan obligations. In connection with the settlement, during the first quarter of 2022 the Company expects to record a $3 million decrease in recorded benefit obligations and to reclassify a pretax unamortized gain of approximately $38 million, including amounts attributable to non-controlling interests, from Other comprehensive income to Other income - net in the consolidated statement of income. On July 17, 2020, the Company approved a one-time lump sum offering to certain participants in Bunge's defined benefit U.S. Pe nsion Plan who had separated from the Company as of December 31, 2019 and whose benefits in the plan had fully vested. The respective payments were completed during the fourth qua rter of 2020. The payments, which were paid from plan assets as settlement of respective benefit obligations, resulted in an $88 million decrease in benefit obligations and the reclassification of an unamortized loss of $12 million from Other comprehensive income, which was recorded in Other income - net on the consolidated statement of income. In addition, during the year ended December 31, 2020, the Company incurred a small settlement in respect of one of its international plans, resulting in the reclassification of an unamortized loss of $4 million from Other comprehensive income, which was also recorded in Other income - net on the consolidated statement of income. On July 24, 2020, the Company made a one-time cash contribution payment to its U.S. defined benefit pension plans of $65 million for the year ended December 31, 2020. Plan Transfers In and Out - There were no significant transfers into or out of Bunge's employee benefit plans during the years ended December 31, 2021 or 2020. Cost of Benefit Plans - Service cost is recognized in a period determined as the actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during that period. Interest cost is the amount recognized in a period determined as the increase in the projected benefit obligation due to the passage of time. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets. Amortization of net loss represents the recognition in net periodic cost over several periods of amounts previously recognized in Other comprehensive income (loss). Service cost is included in the same income statement line item as other compensation costs arising from services rendered during the period, while the other components of net periodic benefit pension cost are presented separately in Other income, net. The components of net periodic benefit costs for defined benefit pension plans and postretirement benefit plans are as follows: Pension Benefits Postretirement Benefits (US$ in millions) 2021 2020 2019 2021 2020 2019 Service cost $ 46 $ 45 $ 38 $ — $ — $ — Interest cost 30 38 43 3 3 5 Expected return on plan assets (54) (51) (47) — — — Amortization of prior service cost 1 1 2 — — — Amortization of net loss 8 8 9 — — — Curtailment loss — — 2 — — — Settlement loss recognized 2 16 — — — — Special termination benefit — — 1 — — — Net periodic benefit costs $ 33 $ 57 $ 48 $ 3 $ 3 $ 5 Assumptions used in Postretirement Be nefits Calculations - At December 31, 2021, a 7.2% annual rate of increase in the per capita cost of c overed healthcare benefits was assumed for 2021 postretirement benefit plan measurement purposes, decreasing to 6.6% by 2038, a nd remaining at th at level thereafter. At December 31, 2020, a 6.8% annual rate of increase in the per capita cost of covered healthcare benefits was assumed for 2020 postretirement benefit plan measurement purposes, decreasing to 6.6% by 2038, and remaining at that level thereafter. The weighted-average actuarial assumptions used in determining the benefit obligation under the defined benefit pension and postretirement benefit plans are as follows: Pension Benefits Postretirement Benefits 2021 2020 2021 2020 Discount rate 2.5 % 2.1 % 7.5 % 5.7 % Increase in future compensation levels 3.2 % 3.2 % N/A N/A The weighted-average actuarial assumptions used in determining the net periodic benefit cost under the defined benefit pension and postretirement benefit plans are as follows: Pension Benefits Postretirement Benefits 2021 2020 2019 2021 2020 2019 Discount rate 2.1 % 2.8 % 3.7 % 5.7 % 6.1 % 8.3 % Expected long-term rate of return on assets 4.5 % 4.7 % 5.1 % N/A N/A N/A Increase in future compensation levels 3.2 % 3.2 % 3.2 % N/A N/A N/A The sponsoring subsidiaries select the expected long-term rate of return on assets in consultation with their investment advisors and actuaries. These rates are intended to reflect the average rates of earnings expected on the funds invested or to be invested to provide required plan benefits. The plans are assumed to continue in effect as long as assets are expected to be invested. In estimating the expected long-term rate of return on assets, appropriate consideration is given to historical performance for the major asset classes held, or anticipated to be held, by the applicable plan trusts and to current forecasts of future rates of return for those asset classes. Cash flows and expenses are taken into consideration to the extent that the expected returns would be affected by them. As assets are generally held in qualified trusts, anticipated returns are not reduced for taxes. For certain of Bunge’s plans, the discount rate is determined by 1) the yield on a hypothetical bond portfolio for which the cash flow effectively settles the year-by-year projected benefit cash flows or 2) matching either the duration or the expected cash flows for the pension plans to a hypothetical yield curve developed on a region-specific basis using a portfolio of available high quality, non-callable, make-whole corporate bonds. Pension Benefit Obligations and Funded Status - The following table sets forth in aggregate the changes in the defined benefit pension and postretirement benefit plans' benefit obligations, assets and funded status at December 31, 2021 and 2020. A measurement date of December 31 was used for all plans. Pension Benefits Postretirement Benefits (US$ in millions) 2021 2020 2021 2020 Change in benefit obligations: Benefit obligation at the beginning of year $ 1,453 $ 1,388 $ 50 $ 56 Service cost 46 45 — — Interest cost 30 38 3 3 Plan amendments (6) — — (1) Plan curtailments — (1) — — Actuarial (gain) loss, net (57) 84 (4) 7 Employee contributions 3 3 — 1 Plan settlements (15) (108) — — Benefits paid (40) (35) (4) (6) Expenses paid (3) (2) — — Impact of foreign exchange rates (31) 41 (3) (10) Benefit obligation at the end of year $ 1,380 $ 1,453 $ 42 $ 50 Change in plan assets: Fair value of plan assets at the beginning of year $ 1,232 $ 1,114 $ — $ — Actual return on plan assets 49 145 — — Employer contributions 22 84 4 5 Employee contributions 3 3 — 1 Plan settlements (15) (108) — — Benefits paid (40) (35) (4) (6) Expenses paid (3) (2) — — Impact of foreign exchange rates (25) 31 — — Fair value of plan assets at the end of year $ 1,223 $ 1,232 $ — $ — Unfunded status and net amounts recognized: Plan assets less than benefit obligation $ (157) $ (221) $ (42) $ (50) Net liability recognized in the balance sheet $ (157) $ (221) $ (42) $ (50) Amounts recognized in the balance sheet consist of: Non-current assets $ 38 $ 15 $ — $ — Current liabilities (6) (6) (4) (4) Non-current liabilities (189) (230) (38) (46) Net liability recognized $ (157) $ (221) $ (42) $ (50) Included in Accumulated other comprehensive loss for pension benefits at December 31, 2021 are the following amounts, net of tax and excluding noncontrolling interest, that have not yet been recognized in n et periodic benefit costs: unrecognized prior service credit of $3 million, and unrecognized actuarial loss of $123 million. Included in Accumulated other comprehensive loss for postretirement healthcare benefits at December 31, 2021 is the following amount, net of tax and excluding noncontrolling interest, that has not yet been recognized in net periodic benefit costs: unrecognized actuarial loss of $4 million. Bunge has aggregated certain defined benefit pension plans for which the projected benefit obligations exceeds the fair value of related plan assets with pension plans for which the fair value of plan assets exceeds related projected benefit obligations. The following table provides aggregated information about pension plans with a projected benefit obligation in excess of plan assets: Pension Benefits (US$ in millions) 2021 2020 Projected benefit obligation $ 585 $ 641 Fair value of plan assets $ 390 $ 405 The accumulated benefit obligation for the defined pension benefit plans was $1,332 million a nd $1,371 million at December 31, 2021 and 2020, respectively. The following table summarizes information related to aggregated defined benefit pension plans with an accumulated benefit obligation in excess of plan assets: Pension Benefits (US$ in millions) 2021 2020 Projected benefit obligation $ 306 $ 618 Accumulated benefit obligation $ 291 $ 557 Fair value of plan assets $ 115 $ 383 Pension Benefit Plan Assets —The objective of the plans' trust funds is to sufficiently diversify plan assets to maintain a reasonable level of risk without imprudently sacrificing returns. For pension plans in the United States (the "US plans"), in 2020, Bunge hired an outside investment advisory firm to implement a liability-driven investment strategy intended to increase the interest rate and credit risk hedge ratios and increase the duration of pension plan assets to better match the pension benefit obligations. This strategy is intended to reduce the funded status volatility of the US plans. For the largest US plan, derivatives are used primarily to manage risk and hedge plan li abilities while maintaining liquidity. As part of this strategy, the plan is required to hold cash collateral associated with certain derivatives. Target asset allocations are based on a glide path approach, which allocates more plan assets to immunizing assets, such as intermediate and long duration fixed income instruments and treasury strips, which are intended to match the duration and amount of the expected liabilities, and less to growth assets, such as public equities, non-core fixed income instruments and real assets, as the funded status of the plans improve. Target asset allocations are generally 70-80% to immunizing assets and 20-30% to growth assets. For pension plans outside of the United States, the plans’ trust funds utilize a target asset allocation of approximately 60% fixed income securities and approximately 40% equities. Bunge implements its investment strategy through a combination of passive and actively managed mutual funds, collective trust funds, and collective investment trusts. The Company's policy is not to invest plan assets in Bunge Limited shares. Plan investments are stated at fair value or net asset value (NAV). For a further definition of fair value and the associated fair value levels, refer to Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies . The fair values of Bunge's defined benefit pension plans' assets at the measurement date, by category, are as follows: December 31, 2021 (US$ in millions) Total Level 1 Level 2 Level 3 Cash $ 42 $ 42 $ — $ — Mutual funds - equities (1) 208 208 — — Mutual funds - fixed income (2) 178 167 11 — Other (3) 92 10 75 7 Total $ 520 $ 427 $ 86 $ 7 Collective pooled funds (4) $ 703 $ — $ — $ — Total investments measured at NAV as a practical expedient 703 — — — Total $ 1,223 $ 427 $ 86 $ 7 December 31, 2020 (US$ in millions) Total Level 1 Level 2 Level 3 Cash $ 87 $ 87 $ — $ — Mutual funds - equities (1) 183 183 — — Mutual funds - fixed income (2) 197 159 38 — Other (3) 77 31 33 13 Total $ 544 $ 460 $ 71 $ 13 Collective pooled funds (4) $ 688 $ — $ — $ — Total investments measured at NAV as a practical expedient 688 — — — Total $ 1,232 $ 460 $ 71 $ 13 (1) This category represents a portfolio of equity investments comprised of equity index funds that invest in U.S. equities and non-U.S. equities. The U.S. equities are comprised of investments focusing on large, mid and small cap companies and non-U.S. equities are comprised of international, emerging markets, and real estate investment trusts. (2) This category represents a portfolio of fixed income investments in mutual funds comprised of investment grade U.S. government bonds and notes, foreign government bonds, and corporate bonds from diverse industries. (3) This category represents a portfolio consisting of a mixture of hedge funds, investments in certain government and municipal securities, bonds, real estate and insurance contracts. (4) Collective pooled funds are typically collective trusts valued at their net asset values (NAVs) that are calculated by the investment manager or sponsor of the fund and have daily or monthly liquidity. Using the practical expedient in ASC 820 - Fair Value Measurements , these investments are not categorized within the fair value hierarchy, but are included in the table above so that they can be reconciled to the line items presented in the consolidated balance sheets. Bunge expects to contri bute $21 million and $4 million to its d efined benefit pension and postretirement benefit plans, respectively, in 2022. The following benefit payments, which reflect future service as appropriate, are expected to be paid in relation to defined benefit pension and postretirement benefit plans: (US$ in millions) Pension Postretirement 2022 $ 53 $ 4 2023 54 4 2024 55 4 2025 56 4 2026 57 4 Next five years 293 19 Employee Defined Contribution Plans —Bunge also makes contributions to qualified defined contribution plans for eligible employees. Contributions to these plans amount ed to $17 million, $16 million , and $16 million during the years ended December 31, 2021, 2020 and 2019, respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Bunge purchases agricultural commodity products from certain of its unconsolidated investees and other related parties. Such related party purchases comprised appro ximately 6% or less of total Cost of goods sold for each of the years ended December 31, 2021, 2020, and 2019. 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 each of the years ended December 31, 2021, 2020, and 2019. In addition, Bunge receives services from and provides services to its unconsolidated investees, including tolling, port handling, administrative support, and other services. During the years ended December 31, 2021, 2020, and 2019, such services were not material to the Company's consolidated results. At December 31, 2021 and 2020, receivables related to the above related party transactions comprised approximately 2% or less of total Trade accounts receivable. At December 31, 2021 and 2020, payables related to the above related party transactions comprised approximately 5% or less of total Trade accounts payable. Bunge believes all transaction values to be similar to those that would be conducted with third parties. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
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 the uncertainties are resolved should the liability substantially exceed the amount of provisions included in the consolidated balance sheets. Included in Other non-current liabilities at December 31, 2021 and 2020 are the following amounts related to these matters: December 31, (US$ in millions) 2021 2020 Non-income tax claims $ 15 $ 20 Labor claims 72 54 Civil and other claims 95 96 Total $ 182 $ 170 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). In August 2017, a law was published, authorizing the states to grant amnesty for tax debts arising from existing tax benefits granted without previous authorization and to maintain such existing benefits still in force for up to 15 years. In December 2017, a further law was published to regulate the existing law referenced above, which endorsed the past incentives granted by the Brazilian states. The states have validated their incentives in accordance with this legislation. As Bunge has not received any tax assessment from the states that granted these incentives or benefits related to their validity, no liability has been recorded in the consolidated financial statements. On October 8, 2020, the Company was notified that the Brazilian Federal Court of Appeal ruled in favor of the Company in a case against Brazilian tax authorities regarding the right to exclude the value of ICMS from the PIS/COFINS tax basis. The ruling allowed the Company the right to recover amounts unduly paid from August 2009 through December 2020. As a result of the favorable decision, Bunge recorded pre-tax recoveries of R$260 million (approximately $49 million) primarily in 2020 for the recovery of taxes, recognized in Net sales, consistent with how the expense was originally incurred, in the consolidated statements of income. Realization of these benefits occurred through income tax credits applied to the Company's 2021 Brazil federal tax liability. As of December 31, 2021, the Brazilian federal and state authorities have concluded examinations of the ICMS and PIS/COFINS tax returns and have issued outstanding claims. The Company continues to evaluate the merits of each of these claims and will recognize them if and when loss is considered probable. The outstanding claims comprise the following: December 31, (US$ in millions) Years Examined 2021 2020 ICMS 1990 to Present $ 222 $ 191 PIS/COFINS 2004 through 2016 $ 228 $ 208 Argentina Export Tax — Since 2010, the Argentine tax authorities have been conducting a review of income and other taxes paid by exporters and processors of cereals and other agricultural commodities in the country. In that regard, Bunge has been subject to a number of assessments, proceedings and claims related to its activities. During 2011, Bunge’s subsidiary in Argentina paid $112 million of accrued export tax obligations under protest and challenged the claim. During 2020, the Argentine Supreme Court ruled in favor of Bunge in the first case of these interest charges declaring that they shall be declared extinguished. However, this tax claim is divided into a number of individual controversies that are pending at the Supreme Court, the Federal Court of Appeals or the Tax Court. 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. During the first quarter of 2017, Bunge received a notice from the Brazilian Administrative Council for Economic Defense ("CADE") initiating an administrative proceeding against its Brazilian subsidiary and two of its employees, certain of its former employees, several other companies in the Brazilian wheat milling industry, and others for alleged anticompetitive activities in the north and northeast of Brazil. This proceeding was put on hold due to a court injunction obtained by one of the defendants in a case related to the application of the statute of limitations. Additionally, in the second quarter of 2018, Bunge received a notification from CADE that it has extended the scope of an existing administrative proceeding relating to alleged anticompetitive practices in the Rio Grande port in Brazil to include certain of Bunge's Brazilian subsidiaries and certain former employees of those subsidiaries. Bunge is defending against these administrative proceedings and, if unsuccessful in its defense, can further litigate the proceedings via the judicial courts. Therefore, Bunge cannot at this time reasonably predict the ultimate outcome in the judicial courts of the cases or sanctions, if any, that may be imposed. Guarantees —Bunge has issued or was a party to the following guarantees at December 31, 2021: (US$ in millions) Maximum Unconsolidated affiliates guarantee (1) $ 244 Residual value guarantee (2) 271 Other guarantees 7 Total $ 522 (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 the a mounts drawn under such debt facilities at December 31, 2021, Bunge's potential liability was $234 million , and it has recorded a $7 million ob ligation related to these guarantees within Other non-current liabilities. (2) Bunge has issued guarantees to certain financial institutions which 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 2022 through 2028. At December 31, 2021, no obligation has been recorded related to these guarantees. Any obligation recorded would be re cognized in Current operating lease obligations or Non-current operating lease obligations. 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. Commitments —At December 31, 2021, Bunge had approximately $426 million of purchase commitments related to inventories, $231 million of freight supply agreements not accounted for as leases, $101 million of power supply contracts, $72 million of contractual commitments related to construction in progress, and $215 million of other purchase commitments and obligations, such as take-or-pay contracts, throughput contracts, and debt commitment fees. Bunge has also entered into standby letters of credit and surety bonds with financial institutions primarily relating to the guarantee of our future performance on certain contracts. Amounts on outstanding standby letter of credit agreements and surety bonds aggregated to $1,405 million and $1,226 million as of December 31, 2021 and 2020, respectively. |
OTHER NON-CURRENT LIABILITIES
OTHER NON-CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
OTHER NON-CURRENT LIABILITIES | OTHER NON-CURRENT LIABILITIES December 31, (US$ in millions) 2021 2020 Labor, legal and other provisions $ 187 $ 175 Pension and post-retirement obligations (1) 227 276 Uncertain income tax positions (2) 73 50 Unrealized losses on derivative contracts, at fair value (3) 49 7 Other 122 149 Total $ 658 $ 657 (1) See Note 19- Employee Benefit Plans. (2) See Note 14- Income Taxes. (3) See Note 15- Fair Value Measurements. |
REDEEMABLE NONCONTROLLING INTER
REDEEMABLE NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2021 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract] | |
REDEEMABLE NONCONTROLLING INTERESTS | REDEEMABLE NONCONTROLLING INTERESTS In connection with the acquisition of a 70% ownership interest in Loders, the Company has entered into a put/call arrangement with the Loders' minority shareholder and may be required or elect to purchase the additional 30% ownership interest in Loders within a specified time frame. The Company classifies these redeemable equity securities outside of permanent stockholders’ equity as the equity securities are redeemable at the option of the holder. The carrying amount of redeemable noncontrolling interests is the greater of: (i) the initial carrying amount, increased or decreased for the noncontrolling interests’ share of net income or loss, equity capital contributions and distributions or (ii) the redemption value. Any resulting increases in the redemption amount, in excess of the initial carrying amount, increased or decreased for the noncontrolling interests’ share of net income or loss, equity capital contributions and distributions, are affected via a charge against Retained earnings. Additionally, any such charges to Retained earnings will affect Net income (loss) available to Bunge common shareholders as part of Bunge's calculation of earnings per common share. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
EQUITY | EQUITY Share Repurchase Program —In May 2015, Bunge established a program for the repurchase of up to $500 million of Bunge's issued and outstanding common shares. Under this program, 1,298,384 common shares were repurchased for $100 million during the year ended December 31, 2021, and 2,546,000 common shares were repurchased for $100 million during the year ended December 31, 2020. Total repurchases under the program from its inception in May 2015 through December 31, 2021 were 8,551,824 shares for $500 million, thereby completing the program. Effective October 25, 2021, Bunge's Board of Directors approved a new program for the repurchase of up to $500 million of its issued and outstanding common shares. The program has no expiration date, and there have been no repurchases under this program as of December 31, 2021. Cumulative Convertible Perpetual Preference Shares —Bunge has 6,899,683, 4.875% cumulative convertible perpetual preference shares ("convertible preference shares"), par value $0.01 outstanding at December 31, 2021. Each convertible preference share has an initial liquidation preference of $100 per share plus accumulated unpaid dividends up to a maximum of an additional $25 per share. As a result of adjustments made to the initial conversion price because cash dividends paid on Bunge Limited's common shares exceeded certain specified thresholds, each convertible preference share is convertible at any time at the holder's option into approximately 1.2799 common shares based on a conversion price of $78.1322 per convertible preference share, subject in each case to certain specified anti-dilution adjustments (which repre sents 8,830,904 Bung e Limited common shares at December 31, 2021). At any time, if the closing market price of Bunge's common shares equals or exceeds 130% of the conversion price of the convertible preference shares for 20 trading days within any period of 30 consecutive trading days (including the last trading day of such period), Bunge may elect to cause all outstanding convertible preference shares to be automatically converted into the number of common shares that are issuable at the conversion price. The convertible preference shares are not redeemable by Bunge at any time. The convertible preference shares accrue dividends at an annual rate of 4.875%. Dividends are cumulative from the date of issuance and are payable, quarterly in arrears, on each March 1, June 1, September 1, and December 1, when, and if declared by Bunge's Board of Directors. The dividends may be paid in cash, common shares, or a combination thereof. Accumulated unpaid dividends on the convertible preference shares do not bear interest. In each of the years ended December 31, 2021, 2020 and 2019, Bunge recorded $34 million of dividend s, paid in cash, on its convertible preference shares. Accumulated other comprehensive loss Attributable to Bunge —The following table summarizes the balances of related after-tax components of Accumulated other comprehensive loss attributable to Bunge: (US$ in millions) Foreign Exchange Translation Adjustment (1) Deferred Pension and Accumulated Other Comprehensive Balance January 1, 2019 $ (6,637) $ (145) (153) (6,935) Other comprehensive (loss) income before reclassifications (119) 1 (24) (142) Amount reclassified from accumulated other comprehensive loss 1,493 (26) (14) 1,453 Net-current period other comprehensive income (loss) 1,374 (25) (38) 1,311 Balance, December 31, 2019 (5,263) $ (170) (191) (5,624) Other comprehensive (loss) income before reclassifications (594) (45) 3 (636) Amount reclassified from Accumulated other comprehensive loss — — 14 14 Net-current period other comprehensive (loss) income (594) (45) 17 (622) Balance, December 31, 2020 (5,857) $ (215) (174) (6,246) Other comprehensive (loss) income before reclassifications (236) (36) 51 (221) Amount reclassified from Accumulated other comprehensive loss — (3) (1) (4) Net-current period other comprehensive (loss) income (236) (39) 50 (225) Balance, December 31, 2021 $ (6,093) $ (254) $ (124) $ (6,471) |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2021 | |
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: Year Ended December 31, (US$ in millions, except for share data) 2021 2020 2019 Net income (loss) $ 2,167 $ 1,165 $ (1,291) Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests (89) (20) 11 Income (loss) attributable to Bunge 2,078 1,145 (1,280) Convertible preference share dividends (34) (34) (34) Adjustment of redeemable noncontrolling interest (1) — 10 (8) Net income (loss) available to Bunge common shareholders - Basic $ 2,044 $ 1,121 $ (1,322) Add back convertible preference share dividends 34 34 — Net income (loss) available to Bunge common shareholders - Diluted $ 2,078 $ 1,155 $ (1,322) Weighted-average number of common shares outstanding: Basic 141,015,388 140,693,658 141,492,289 Effect of dilutive shares: —stock options and awards (2) 2,520,420 312,907 — —convertible preference shares (3) 8,830,904 8,683,251 — Diluted 152,366,712 149,689,816 141,492,289 Earnings (loss) per common share: Net income (loss) attributable to Bunge common shareholders—basic $ 14.50 $ 7.97 $ (9.34) Net income (loss) attributable to Bunge common shareholders—diluted $ 13.64 $ 7.71 $ (9.34) (1) The redemption value adjustment of the Company's redeemable noncontrolling interest is (deducted from) added to Income (loss) attributable to Bunge as discussed further in Note 23- Redeemable Noncontrolling Interest. (2) The weighted-average common shares outstanding-diluted excludes approximately 1 million, 6 million, and 7 million stock options and contingently issuable restricted stock units, which were not dilutive and not included in the computation of earnings per share for the years ended December 31, 2021, 2020, and 2019, respectively. (3) Weighted-average common shares outstanding-diluted for the year ended December 31, 2019 excludes approximately 8 million weighted-average common shares that are issuable upon conversion of the convertible preference shares that were not dilutive and not included in the weighted-average number of common shares outstanding. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION For the years ended December 31, 2021, 2020, and 2019, Bunge recognized approximately $61 million, $71 million, and $39 million, respectively, of total compensation expense related to its stock option and restricted stock unit equity awards. During the years ended December 31, 2021, 2020, and 2019, Bunge granted equity awards under the 2016 Equity Incentive Plan (the "2016 EIP"), a shareholder approved plan. Under the 2016 EIP, the Compensation Committee of Bunge's Board of Directors may grant equity-based awards to officers, employees, consultants and independent contractors in the form of stock options, restricted stock units (performance-based or time-based) or other equity-based awards. Shares issued under the 2016 EIP may consist, in whole or in part, of authorized and unissued shares, treasury shares, or shares reacquired by the Company in any manner, or a combination thereof. Stock Option Awards—Options to purchase Bunge Limited common shares are granted with an exercise price equal to the grant date fair market value of Bunge common stock, vest over service periods that generally range from one Any awards previously granted will continue to vest as awarded. Restricted Stock Units—Restricted stock units ("RSUs") give recipients the right to receive shares of Bunge common stock upon the lapse of related restrictions determined by the Compensation Committee. The Company has two types of RSUs: time-based restricted stock units ("TBRSUs") and performance-based restricted stock units ("PBRSUs"). Restrictions on TBRSUs are based on continued service by the recipient through the designated term. Restrictions on PBRSUs are based on the achievement of certain performance targets, including earnings per share, return on invested capital, and relative total shareholder return, with the number of PBRSUs earned varying based on the level of achievement against these performance targets. Compensation expense is recognized on a straight-line basis over the vesting period for restricted stock units. RSUs generally vest over periods ranging from one Bunge also established the Bunge Limited 2017 Non-Employee Directors Equity Incentive Plan (the "2017 NED Plan"), a shareholder approved plan. Under the 2017 NED Plan, the Compensation Committee may grant equity-based awards to non-employee directors of Bunge Limited. Awards may consist of restricted stock, restricted stock units, deferred restricted stock units and non-statutory stock options. Restricted stock units granted to non-employee directors generally vest on the first anniversary of the grant date, provided the director continues to serve on the Board until such date, and are settled in shares of Bunge Limited common stock. At the time of settlement, a participant holding a vested restricted stock unit is also entitled to receive corresponding accrued dividend equivalent share payments. The fair value of each stock option granted under any of Bunge's equity incentive plans is estimated on the grant date using the Black-Scholes-Merton option pricing model. Assumptions for the three most recent years are noted in the following table. The expected volatility of Bunge's common shares is a weighted average of historical volatility calculated using the daily closing price of Bunge's shares up to the grant date and implied volatilities on open option contracts on Bunge's stock as of the grant date. Bunge uses historical employee exercise behavior for valuation purposes. The expected option term of granted options represents the period of time that the granted options are expected to be outstanding based on historical experience and giving consideration for the contractual terms, vesting periods and expectations of future employee behavior. The risk-free interest rate is based on U.S. Treasury zero-coupon bonds with a term equal to the expected option term of the respective grants and grant dates. December 31, Assumptions: 2021 (1) 2020 2019 Expected option term (in years) — 6.69 5.97 Expected dividend yield — % 4.64 % 3.81 % Expected volatility — % 27.42 % 25.91 % Risk-free interest rate — % 0.70 % 2.36 % (1) No options granted during 2021 as Bunge ceased awarding stock options to employees beginning January 1, 2021. A summary of option activity under the plans for the year ended December 31, 2021 is presented below: Options Shares Weighted-Average Weighted-Average Aggregate Outstanding at January 1, 2021 5,397,349 $ 64.92 Exercised (1,983,574) 68.06 Forfeited or expired (214,520) 75.15 Outstanding at December 31, 2021 (1) 3,199,255 62.28 5.23 $ 99 Exercisable at December 31, 2021 2,473,059 $ 66.94 4.45 $ 65 (1) Includes 53,160 options to be cash settled. The weighted-average grant date fair value of options granted during the years ended December 31, 2020 and 2019 was $5.89 and $9.07, respectively. There were no options granted during the year ended December 31, 2021. The total intrinsic value of options exercised during the years ended December 31, 2021, 2020 and 2019 was approximately $30 million, $2 million and $1 million, respectively. At December 31, 2021, $2 million of total unrecognized compensation cost related to non-vested stock options granted under the equity incentive plan is expected to be recognized over the next two years. A summary of restricted stock unit activity under Bunge's plans for the year ended December 31, 2021 is presented below. Restricted Stock Units Shares Weighted-Average Time-based restricted stock units at January 1, 2021 1,098,596 $ 51.06 TBRSUs Granted 469,589 79.15 Vested/issued (1) (431,377) 57.54 Forfeited (25,520) 53.61 Time-based restricted stock units at December 31, 2021 (2) (3) 1,111,288 $ 60.38 Performance-based restricted stock units at January 1, 2021 909,357 $ 54.01 PBRSUs Granted 313,447 85.15 Additional PBRSUs granted on achievement of performance targets 172,716 75.99 Vested/issued (1) (373,476) 75.99 Forfeited (9,691) 47.38 Performance-based restricted stock units at December 31, 2021 (2) 1,012,353 59.36 Total restricted stock units at December 31, 2021 (2) 2,123,641 $ 59.89 (1) During the year ended December 31, 2021, Bunge issued a total of 598,486 common shares, net of common shares withheld to cover taxes, including related common shares representing accrued dividends, with a weighted-average fair value of $66.10 per share upon vesting of TBRSUs and PBRSUs. (2) Includes accrued unvested dividends, which are payable in Bunge's common shares upon vesting of underlying restricted stock units. (3) Includes 15,111 TBRSUs to be cash settled. At December 31, 2021, there was approximately $78 million of total unrecognized compensation cost related to restricted stock units granted under the equity incentive plans, which is expected to be recognized over the next two years. The total fair value of restricted stock units vested during the year ended December 31, 2021 was approximately $53 million. Common Shares Reserved for Share-Based Awards —The 2017 NED Plan and the 2016 EIP provide that 320,000 and 10,900,000 common shares, respectively, are to be reserved for grants of stock options, restricted stock units and other awards under the plans. During 2021, Bunge shareholders approved an increase to the 2017 NED Plan of 200,000 common shares, and during 2020, Bunge shareholders approved an increase to the 2016 EIP of 5,100,000 common shares. At December 31, 2021, 196,808 and 4,529,371 common shares were available for future grants under the 2017 NED Plan and the 2016 EIP, respectively. No shares are currently available for grant under any other Bunge Limited equity incentive plan. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
LEASES | LEASES The Company routinely leases storage facilities, transportation equipment, land, and office facilities which are typically classified as operating leases. The accounting for some of the Company's leases may require significant judgment when determining whether a contract is or contains a lease, the lease term, and the likelihood of renewal or termination options. Leases with an initial term of more than 12 months are recognized on the balance sheet as right-of-use assets (Operating lease assets) and lease liabilities for the obligation to make payments under such leases (Current operating lease obligations and Non-current operating lease obligations). As of the lease commencement date, the lease liability is initially measured as the present value of lease payments not yet paid. The lease asset is initially measured equal to the lease liability and adjusted for lease payments made at or before lease commencement (e.g., prepaid rent), lease incentives, and any initial direct costs. Over time, the lease liability is reduced for lease payments made and the lease asset is reduced through expense, classified as either Cost of goods sold or Selling, general and administrative expense depending upon the nature of the lease. Lease assets are subject to review for impairment in a manner consistent with Property, plant and equipment. Leases with an initial term of 12 months or less ("short-term leases") are not recorded on the consolidated balance sheets and the related lease expense is recognized on a straight-line basis over the lease term. The Company’s leases range in length of term, with a weighted average remaining lease term of 4.0 years , but with one water rights lease for up to 90 years. Renewal options are generally exercisable solely at the Company’s discretion. When a renewal option is reasonably certain to be exercised, such additional terms are considered when calculating the associated operating lease asset and liability. When determining the lease liability at commencement of the lease, the present value of lease payments is based on the Company’s incremental borrowing rate determined using a portfolio approach and the Company’s inc remental cost of debt, adjusted to arrive at the rate in the applicable country and for the applicable term of the lease, as the rate implicit in the lease is generally not readily determinable. As of December 31, 2021, such weighted average discount rate was 3.3% . Certain of the Company’s freight supply agreements for ocean freight vessels and rail cars may include rental payments that are variable in nature. Variable payments on time charter agreements for ocean freight vessels under freight supply agreements are dependent on then current market daily hire rates. Variable payments for certain rail cars can be based on volumes, and in some cases, benchmark interest rates. All such variable payments, other than those that depend on an index or rate, are not included in the calculation of the associated operating lease asset or liability subsequent to the inception date of the associated lease and are recorded as expense in the period in which the adjustment to the variable payment obligation is incurred. Certain of the Company’s lease agreements related to railcars and barges contain residual value guarantees (see Note 21- Commitments and Contingencies ). None of the Company’s lease agreements contain material restrictive covenants. The components of lease expense were as follows: Year Ended December 31, (US$ in millions) 2021 2020 Operating lease cost $ 343 $ 279 Short-term lease cost 1,439 637 Variable lease cost 79 10 Sublease income (309) (82) Total lease cost $ 1,552 $ 844 Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating lease liability principal payments $ 343 $ 279 Supplemental non-cash information: Right-of-use assets obtained in exchange for lease obligations $ 384 $ 309 Maturities of lease liabilities for operating leases as of December 31, 2021, are as follows: (US$ in millions) 2022 $ 372 2023 227 2024 127 2025 73 2026 53 Thereafter 78 Total lease payments (1) 930 Less imputed interest (71) Present value of lease liabilities $ 859 Less present value of lease liabilities held for sale (3) Present value of lease liabilities, as separately presented on the consolidated balance sheet $ 856 (1) Minimum lease payments have not been reduced by minimum sublease income receipts of $31 million due in future periods under non-cancelable subleases as of December 31, 2021. Non-cancelable subleases primarily relate to agreements with third parties for the use of portions of certain facilities with remaining sublease terms of approximately four years , as well as an agreement in which the Company subleases storage tanks with remaining sublease terms of approximately four years . Additionally, from time to time, the Company may enter into re-let agreements to sell the right to use ocean freight vessels under time charter agreements when excess capacity is available. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Effective January 1, 2021, the Company changed its reporting segments to align with its new value chain operational structure. Additionally, effective July 1, 2021, the company changed its reporting of certain income tax assets and liabilities to report such assets and liabilities within Corporate and Other rather than within the reportable segments in its new value chain operational structure. Prior period amounts have been reclassified to conform to current presentation for these changes in reporting; see Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies. The Company's operations are organized, managed and classified into four reportable segments - Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy, organized 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 & Bioenergy segment primarily comprises the net earnings from the Company’s 50% interest in BP Bunge Bioenergia, a joint venture formed in December 2019 through the combination of the Company’s Brazilian sugar and bioenergy operations, together with the Brazilian biofuels business of BP p.l.c. ("BP"). Prior to December 2019, the Company’s Sugar and Bioenergy results reflect its 100% ownership interest in the Brazilian sugarcane growing and milling, and sugarcane-based ethanol production activities contributed to the joint venture. 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 such reporting segments 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 program, accounts receivable securitization activities, and certain income tax assets and liabilities. Transfers between the segments are generally valued at market. The segment revenues generated from these transfers are shown in the following table as "Inter-segment revenues." As of, and for the year ended, December 31, 2021 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Eliminations Total Net sales to external customers $ 43,636 $ 13,332 $ 1,909 $ 270 $ 5 $ — $ 59,152 Inter–segment revenues 8,134 456 192 — — (8,782) — Foreign exchange gains (losses) – net (24) (1) (2) — (11) — (38) EBIT - Noncontrolling interests (1) (28) (73) (1) — 3 — (99) Other income – net 215 239 — 1 54 — 509 Income (loss) from affiliates 56 — (2) 106 — — 160 Segment EBIT (2) 2,290 666 (74) 112 (333) — 2,661 Depreciation, depletion and amortization (206) (149) (39) — (30) — (424) Total assets 15,989 4,152 1,323 211 2,144 — 23,819 Capital Expenditures 236 92 28 — 43 — 399 As of, and for the year ended, December 31, 2020 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Eliminations Total Net sales to external customers $ 30,047 $ 9,599 $ 1,616 $ 142 $ — $ — $ 41,404 Inter–segment revenues 5,123 266 252 — — (5,641) — Foreign exchange gains (losses) – net 150 (2) 4 — (2) — 150 EBIT - Noncontrolling interests (1) (21) (2) — — — — (23) Other income (expense) – net 42 95 (1) 2 (12) — 126 Income (loss) from affiliates 47 — (1) (92) (1) — (47) Segment EBIT (3) 1,560 440 91 (87) (371) — 1,633 Depreciation, depletion and amortization (211) (149) (45) — (30) — (435) Total assets 17,453 3,629 1,256 160 1,157 — 23,655 Capital Expenditures 202 106 22 13 22 — 365 As of, and for the year ended, December 31, 2019 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Eliminations Total Net sales to external customers $ 28,920 $ 9,193 $ 1,739 $ 1,288 $ — $ — $ 41,140 Inter–segment revenues 4,784 153 11 1 — (4,949) — Foreign exchange gains (losses) – net (36) (1) 6 (89) 3 — (117) EBIT - Noncontrolling interests (1) 1 7 (2) — — — 6 Other income (expense) – net 65 (121) 22 (66) 89 — (11) Income (loss) from affiliates 42 — — (1) (1) — 40 Segment EBIT (4) 737 121 96 (1,597) (248) — (891) Depreciation, depletion and amortization (239) (155) (54) (72) (28) — (548) Total assets 11,727 3,479 1,339 434 1,338 — 18,317 Capital Expenditures 220 149 24 118 13 — 524 (1) Includes Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests adjusted for noncontrolling interests' share of interest and taxes. (2) 2021 EBIT includes a $158 million gain in the Agribusiness segment on the sale of a portfolio of interior grain elevators located in the United States (U.S. Grain Disposition), recorded in Other income - net, $170 million in gains in the Refined and Specialty Oils segment on sales of assets, comprised of a $151 million gain on sale of our Rotterdam Oils Refinery, at Bunge’s 70% share, and a $19 million gain on sale of an oils packaging facility in Mexico, both recorded in Other income - net, a $35 million fixed asset impairment charge in the Refined and Specialty Oils segment, at Bunge’s 70% share, recorded in Cost of goods sold, and $170 million of expense in the Milling segment related to the classification of our Mexican wheat milling business as held-for-sale, recorded in Cost of goods sold. (3) 2020 EBIT includes a $98 million gain in the Refined and Specialty Oils segment in Brazil, on the sale of certain margarine and mayonnaise assets, recorded in Other income-net. (4) 2019 EBIT includes a $55 million loss in the Sugar & Bioenergy segment, $49 million in Brazil and $6 million in North America, due to the dispositions of certain subsidiaries and equity investments, recorded in Other income-net. Additionally, 2019 EBIT includes a $19 million gain in the Milling segment on the sale of certain Brazilian wheat milling assets, recorded in Other income-net. Bunge also recorded pre-tax impairment charges of $1,825 million, of which $37 million, $1,678 million and $110 million are recorded in Selling, general and administrative expenses, Cost of goods sold and Other income—net, respectively. Of these pre-tax impairment charges, $1,535 million was allocated to Sugar and Bioenergy, $148 million to Refined and Specialty Oils, $91 million to Agribusiness, $28 million to Milling, and $22 million to Corporate - Other. Total segment earnings before interest and taxes ("EBIT") is an operating performance measure used by Bunge's management to evaluate segment operating activities. Bunge's management believes total segment EBIT is a useful measure of operating profitability, since the measure allows for an evaluation of the performance of its segments without regard to its financing methods or capital structure. In addition, EBIT is a financial measure that is widely used by analysts and investors in Bunge's industries. A reconciliation of Net income (loss) attributable to Bunge to Total segment EBIT follows: Year Ended December 31, (US$ in millions) 2021 2020 2019 Net income (loss) attributable to Bunge $ 2,078 $ 1,145 $ (1,280) Interest income (48) (22) (31) Interest expense 243 265 339 Income tax expense 398 248 86 Noncontrolling interests' share of interest and tax (10) (3) (5) Total segment EBIT from continuing operations $ 2,661 $ 1,633 $ (891) Net sales by product group to external customers were as follows: Year Ended December 31, (US$ in millions) 2021 2020 2019 Agricultural Commodity Products $ 43,636 $ 30,047 $ 28,920 Refined and Specialty Oil Products 13,332 9,599 9,193 Wheat Milling Products 1,326 978 1,057 Corn Milling Products 583 638 682 Sugar and Bioenergy Products 270 142 1,288 Other Products 5 — — Total $ 59,152 $ 41,404 $ 41,140 Geographic area information for Net sales to external customers, determined based on the location of the subsidiary making the sale, and long-lived assets follows: Year Ended December 31, (US$ in millions) 2021 2020 2019 Net sales to external customers: Europe $ 22,249 $ 14,998 $ 15,278 United States 14,660 10,494 9,147 Asia-Pacific 12,334 8,564 8,019 Brazil 4,520 4,396 5,195 Argentina 2,669 817 1,015 Canada 1,839 1,314 1,246 Rest of world 881 821 1,240 Total $ 59,152 $ 41,404 $ 41,140 Year Ended December 31, (US$ in millions) 2021 2020 Long-lived assets: (1) Brazil $ 490 $ 508 United States 1,143 1,112 Europe 1,009 1,063 Asia-Pacific 394 446 Canada 307 300 Argentina 141 131 Rest of world 15 215 Total $ 3,499 $ 3,775 (1) Long-lived assets comprise Property, plant and equipment, net. 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 contracts with customers and sales from other arrangements: Year Ended December 31, 2021 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Total Sales from other arrangements $ 41,032 $ 1,024 $ 21 $ 264 $ — $ 42,341 Sales from contracts with customers 2,604 12,308 1,888 6 5 16,811 Net sales to external customers $ 43,636 $ 13,332 $ 1,909 $ 270 $ 5 $ 59,152 Year Ended December 31, 2020 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Total Sales from other arrangements $ 28,559 $ 2,142 $ 31 $ 139 $ — $ 30,871 Sales from contracts with customers 1,488 7,457 1,585 3 — 10,533 Net sales to external customers $ 30,047 $ 9,599 $ 1,616 $ 142 $ — $ 41,404 Year Ended December 31, 2019 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Total Sales from other arrangements $ 27,456 $ 1,953 $ 72 $ 729 $ — $ 30,210 Sales from contracts with customers 1,464 7,240 1,667 559 — 10,930 Net sales to external customers $ 28,920 $ 9,193 $ 1,739 $ 1,288 $ — $ 41,140 |
QUARTERLY FINANCIAL INFORMATION
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Quarter (US$ in millions, except per share data) First Second Third Fourth Year 2021 Net sales $ 12,961 $ 15,391 $ 14,117 $ 16,683 $ 59,152 Gross profit 1,147 665 862 689 3,363 Net income (loss) 917 369 649 232 2,167 Net income (loss) attributable to Bunge 831 362 653 231 2,078 Earnings (loss) per common share—basic (1) Net income (loss) attributable to Bunge common shareholders $ 5.86 $ 2.50 $ 4.56 $ 1.58 $ 14.50 Earnings (loss) per common share—diluted (1) Net income (loss) attributable to Bunge common shareholders $ 5.52 $ 2.37 $ 4.28 $ 1.52 $ 13.64 2020 Net sales $ 9,173 $ 9,462 $ 10,159 $ 12,610 $ 41,404 Gross profit 174 1,105 602 904 2,785 Net income (loss) (193) 522 267 569 1,165 Net income (loss) attributable to Bunge (184) 516 262 551 1,145 Earnings (loss) per common share—basic (1) Net income (loss) attributable to Bunge common shareholders $ (1.46) $ 3.62 $ 1.90 $ 3.94 $ 7.97 Earnings (loss) per common share—diluted (1) Net income (loss) attributable to Bunge common shareholders $ (1.46) $ 3.47 $ 1.84 $ 3.74 $ 7.71 (1) Earnings per share attributable to Bunge common shareholders for both basic and diluted is computed independently for each period presented. As a result, the sum of the quarterly earnings per share for the years ended December 31, 2021 and 2020 may not equal the total computed for the year. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENTS On February 21, 2022, Bunge entered into a series of agreements with Chevron Corporation to form a joint venture to, among other things, help meet the demand for renewable fuels and to develop lower carbon intensity feedstocks. Bunge will contribute certain property, plant and equipment related to two of its soybean processing facilities and Chevron Corporation will contribute an approximately equal value of cash and working capital to the newly formed joint venture. The joint venture agreements are subject to customary closing conditions, including regulatory approval. As of the date of issuance of this Annual Report on Form 10-K, Bunge is monitoring the military conflict involving Russia and Ukraine. Bunge maintains operations in both countries, which represent key international grain originating regions. The outcome of the ongoing conflict is uncertain. Bunge's operations in Ukraine have been interrupted and a continuation of the conflict may have a material adverse effect on Bunge's Ukrainian operations. At December 31, 2021, Bunge had total assets and total liabilities of $681 million and $484 million, respectively, in Ukraine. Additionally, in response to the conflict, the United States, other North Atlantic Treaty Organization member states, as well as non-member states, have announced targeted economic sanctions on Russia, certain Russian citizens and enterprises. The continuation of the conflict may trigger a series of additional economic and other sanctions enacted by the United States, other North Atlantic Treaty Organization member states, and other countries. As Bunge maintains operations in Russia, any such sanctions may also result in an adverse effect on Bunge's Russian operations. At December 31, 2021, Bunge had total assets and total liabilities of $121 million and $36 million, respectively, in Russia. |
SCHEDULE II-VALUATION AND QUALI
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II-Valuation and Qualifying Accounts | Schedule II—Valuation and Qualifying Accounts (US$ in millions) Description Balance at Charged to Charged to other accounts (b) Deductions Balance at FOR THE YEAR ENDED Allowances for doubtful accounts (a) $ 185 38 (2) (49) (c) $ 172 Allowances for secured advances to suppliers $ 70 7 (3) (8) $ 66 Allowances for recoverable taxes $ 37 52 — (11) $ 78 Income tax valuation allowances $ 766 66 (28) (400) $ 404 FOR THE YEAR ENDED Allowances for doubtful accounts (a) $ 172 115 (16) (127) (c) $ 144 Allowances for secured advances to suppliers $ 66 14 (15) (20) $ 45 Allowances for recoverable taxes $ 78 13 (17) (16) $ 58 Income tax valuation allowances $ 404 49 (22) (115) $ 316 FOR THE YEAR ENDED Allowances for doubtful accounts (a) $ 144 35 (5) (42) (c) $ 132 Allowances for secured advances to suppliers $ 45 6 (3) (9) $ 39 Allowances for recoverable taxes $ 58 4 (3) (15) $ 44 Income tax valuation allowances $ 316 95 (49) (65) $ 297 (a) Includes allowance for doubtful accounts for current and non-current trade accounts receivables. (b) Consists primarily of foreign currency translation adjustments. (c) Includes write-offs of uncollectible accounts and recoveries. |
NATURE OF BUSINESS, BASIS OF _2
NATURE OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation —The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The accounting policies used to prepare these financial statements are the same as those used to prepare the consolidated financial statements in prior years, except as described in these notes or for the adoption of new standards as outlined below. Principles of Consolidation —The accompanying consolidated financial statements include the accounts of Bunge, its subsidiaries and 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 exercises control. Equity investments in which Bunge has the ability to exercise significant influence but does not have a controlling financial interest are accounted for by the equity method of accounting. Investments in which Bunge does not exercise significant influence are accounted for at cost, or fair value if readily determinable. Intercompany accounts and transactions are eliminated. An enterprise is determined to be the primary beneficiary if it has a controlling financial interest, defined as (a) the power to direct the activities of a VIE that most significantly impact the economics of the VIE and (b) the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE's operations. Performance of that analysis requires the exercise of judgment. The VIE and consolidation assessments are revisited upon the occurrence of relevant reconsideration events. For VIEs in which Bunge is considered the primary beneficiary, the entities meet the definition of a business and the entities' assets can be used other than for the settlement of the VIE's obligations. Noncontrolling interests in subsidiaries related to Bunge's ownership interests of less than 100% are reported as Noncontrolling interests or Redeemable noncontrolling interests in the consolidated balance sheets. The noncontrolling ownership interests in Bunge's earnings, net of tax, is reported as Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests in the consolidated statements of income. |
Reclassifications | Reclassifications —Effective July 1, 2021, the Company changed its reporting of certain income tax assets and liabilities to report such assets and liabilities within Corporate and Other rather than within its reportable segments, as further described in Note 28- Segment Information . Corresponding prior period amounts have been reclassified to conform to current period presentation. Effective January 1, 2021, the Company changed its segment reporting to align with its new value chain operational structure, as further described in Note 28- Segment Information . Corresponding prior period amounts have been reclassified to conform to current period presentation. |
Use of Estimates | Use of Estimates —The preparation of consolidated financial statements in conformity with U.S. GAAP requires Bunge to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes. Actual results could differ from those estimates. |
Offsetting | Offsetting —In the normal course of its operations the Company routinely enters into transactions resulting in the recognition of assets and liabilities stemming from unconditional obligations, for example trade receivables and trade payables, or conditional obligations, for example unrealized gains and losses on derivative contracts at fair value, with the same counterparty. The Company generally records all such assets and liabilities on a gross basis, even when they are subject to master netting agreements. However, the Company also engages in various trade structured finance activities to leverage the value of its global trade flows. These activities include programs under which Bunge 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 and other programs in which trade related payables are set-off against receivables, when all related assets and liabilities are subject to legally enforceable set-off agreements and the criteria of ASC 210-20, Offsetting , has been met. Cash inflows are 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 consolidated statements of cash flows. |
Translation of Foreign Currency Financial Statements and Foreign Currency Transactions | Translation of Foreign Currency Financial Statements —Bunge's reporting currency is the U.S. dollar. The functional currency of the majority of Bunge's foreign subsidiaries is their local currency. As such, amounts included in the consolidated statements of income (loss), comprehensive income (loss), cash flows, and changes in equity are translated using average exchange rates during each period. Assets and liabilities are translated at period-end exchange rates and resulting foreign currency translation adjustments are recorded in the consolidated balance sheets as a component of Accumulated other comprehensive loss. However, in accordance with U.S. GAAP, if a foreign entity's economy is determined to be highly inflationary, then the foreign entity's financial statements are remeasured as if the functional currency were the reporting currency. |
Cash and Cash Equivalents | Cash, Cash Equivalents, and Restricted Cash—Cash and cash equivalents include time deposits and readily marketable securities with original maturity dates of three months or less at the time of acquisition. |
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 consolidated statement of cash flows. |
Trade Accounts Receivable and Secured Advances to Suppliers | Trade Accounts Receivable —Trade accounts receivable is stated at historical carrying amounts net of write-offs and allowances for uncollectible accounts. Bunge establishes allowances for uncollectible trade accounts receivable based on lifetime expected credit losses using an aging schedule for each pool of trade accounts receivable. Pools are determined based on risk characteristics such as the type of customer and geography. A default rate is derived using a provision matrix with data based on Bunge's historical receivables information. The default rate is then applied to the pool to determine the allowance for expected credit losses. Given the short term nature of the Company's trade accounts receivable, the default rate is only adjusted if significant changes in the credit profile of the portfolio are identified (e.g., poor crop years, credit issues at the country level, systematic risk), resulting in historic loss rates that are not representative of forecasted losses. Uncollectible accounts are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when the Company has determined that collection of the balance is unlikely. Specifically, in establishing appropriate default rates as of December 31, 2021 and 2020, the Company took into consideration expected impacts on its customers and other debtors in view of the COVID-19 pandemic, as well as other factors, which did not result in a material impact on the financial statements. Bunge records and reports accrued interest receivable within the same line item as the related trade accounts receivable. The allowance for expected credit losses is estimated on the amortized cost basis of the trade accounts receivable, including accrued interest receivable. Bunge recognizes credit loss expense when establishing an allowance for accrued interest receivable. Secured Advances to Suppliers —Secured advances to suppliers are stated at historical carrying amounts net of write-offs and allowances for uncollectible accounts. Secured advances to suppliers are expected to be settled through delivery of non-cash assets and as such, allowances are established when collection is not probable. Bunge establishes an allowance for secured advances to suppliers, generally farmers and resellers of grain, based on historical experience, farming economics and other market conditions, as well as specific customer collection issues. Uncollectible accounts are written off when a settlement is reached for an amount below the outstanding historical balance or when Bunge has determined that collection is unlikely. Secured advances to suppliers bear interest at contractual rates that reflect current market interest rates at the time of the transaction. There are no deferred fees or costs associated with these receivables. As a result, there are no imputed interest amounts to be amortized under the interest method. Interest income is calculated based on the terms of the individual agreements and is recognized on an accrual basis. Bunge follows accounting guidance on the disclosure of the credit quality of financing receivables and the allowance for credit losses, which requires information to be disclosed at disaggregated levels, defined as portfolio segments and classes. Under this guidance, a class of receivables is considered impaired, based on current information and events, if Bunge determines it probable that all amounts due under the original terms of the receivable will not be collected. Recognition of interest income is suspended once the borrower defaults on the originally scheduled delivery of agricultural commodities as the collection of future income is determined not to be probable. No additional interest income is accrued from the point of default until ultimate recovery, at which time amounts collected are credited first against the receivable and then to any unrecognized interest income. |
Inventories | Inventories —Readily marketable inventories ("RMI") are agricultural commodity inventories, including soybeans, soybean meal, soybean oil, corn, and wheat that are readily convertible to cash because of their commodity characteristics, widely available markets, and international pricing mechanisms. All of Bunge's RMI are recorded at fair value. These agricultural commodity inventories have quoted prices in active markets, may be sold without significant further processing, and have predictable and insignificant disposal costs. Changes in the fair values of RMI are recognized in earnings as a component of Cost of goods sold. Inventories other than RMI are stated at the lower of cost or net realizable value by inventory product class. Cost is determined primarily using the weighted-average cost method. |
Fair Value Measurements | Fair Value Measurements —Bunge determines fair value based on the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Bunge determines the fair values of its RMI, derivatives, and certain other assets based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs are inputs based on market data obtained from sources independent of Bunge that reflect the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are inputs that are developed based on the best information available in circumstances that reflect Bunge's own assumptions based on market data and on assumptions that market participants would use in pricing the asset or liability. The fair value standard describes three levels within its hierarchy that may be used to measure fair value: 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 market). 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. Based on historical experience with Bunge’s suppliers and customers, Bunge’s own credit risk, and knowledge of current market conditions, Bunge does not view nonperformance risk to be a significant input to fair value for the majority of its forward commodity purchase and sale contracts. 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. Bunge’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. Bunge’s policy regarding the timing of transfers between levels, including both transfers into and transfers out of Level 3, is to measure and record the transfers at the end of the reporting period. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities —Bunge enters into derivative instruments to manage its exposure to movements associated with agricultural commodity prices, transportation costs, foreign currency exchange rates, interest rates, and energy costs. Bunge's use of these instruments is generally intended to mitigate exposure to market variables (see Note 16- Derivative Instruments and Hedging Activities ). Additionally, commodity contracts relating to forward sales of commodities in the Company’s Agribusiness segment, including soybeans, soybean meal and oil, corn, and wheat, are accounted for as derivatives at fair value under ASC 815 (see Revenue Recognition below). Generally, derivative instruments are recorded at fair value in Other current assets or Other current liabilities in Bunge's consolidated balance sheets. For derivatives designated as hedges, Bunge assesses at the inception of the hedge whether any such derivatives are highly effective in offsetting changes in the hedged items and, on an ongoing basis, qualitatively monitors whether that assertion is still met. The changes in fair values of derivative instruments designated as fair value hedges, along with the gains or losses on the related hedged items are recorded in earnings in the consolidated statements of income in the same caption as the hedged items. The changes in fair values of derivative instruments that are designated as cash flow hedges are recorded in Accumulated other comprehensive loss and are reclassified to earnings when the hedged cash flows affect earnings or when the hedge is no longer considered to be effective. In addition, Bunge may designate certain derivative instruments and non-derivative instruments as net investment hedges to hedge the exposure associated with its equity investments in foreign operations. When using forward derivative contracts as hedging instruments in a net investment hedge, all changes in the fair value of the derivative are recorded as a component of Accumulated other comprehensive loss in the consolidated balance sheets. |
Marketable Securities and Other Short-Term Investments | Marketable Securities and Other Short-Term Investments —Bunge classifies its marketable debt securities and short-term investments as available-for-sale, held-to-maturity, or held-for-trading. Available-for-sale debt securities are reported at fair value with unrealized gains (losses) included in Accumulated other comprehensive loss. Held-to-maturity debt investments represent financial assets in which Bunge has the intent and ability to hold to maturity and are reported at amortized cost. Debt trading securities and all equity securities are recorded at fair value and are bought and held principally for selling them in the near term and therefore held for only a short period of time, with all gains (losses) included in Net income (loss). Bunge monitors its held-to-maturity investments for impairment periodically and recognizes an impairment charge when the decline in fair value of an investment is judged to be other than temporary. |
Recoverable Taxes | Recoverable Taxes —Recoverable taxes include value-added taxes paid upon the acquisition of raw materials and taxable services and other transactional taxes, which can be recovered in cash or as compensation against income taxes or other taxes owed by Bunge, primarily in Brazil and Europe. These recoverable tax payments are included in Other current assets or Other non-current assets based on their expected realization. In cases where Bunge determines that recovery is doubtful, recoverable taxes are reduced by allowances for the estimated unrecoverable amounts. |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net —Property, plant and equipment, net is stated at cost less accumulated depreciation. Major improvements that extend either the life, capacity, efficiency, or improve the safety of an asset are capitalized, while maintenance and repairs are expensed as incurred. Costs related to legal obligations associated with the future retirement of capitalized assets are capitalized as part of the cost of the related asset. Bunge generally capitalizes eligible costs to acquire or develop internal-use software that are incurred during the application development stage. Interest costs on borrowings during construction/completion periods of major capital projects are also capitalized. Depreciation is computed based on the straight-line method over the estimated useful lives of the assets. Estimated useful lives for property, plant and equipment are as follows: Years Buildings 10 - 50 Machinery and equipment 7 - 25 Furniture, fixtures and other 3 - 20 |
Goodwill | Goodwill —Goodwill represents the cost in excess of the fair value of net assets acquired in a business acquisition. Goodwill is not amortized but is tested annually for impairment, or between annual tests if events or circumstances indicate potential impairment. Bunge's annual impairment testing is generally performed during the fourth quarter of its fiscal year. Goodwill is tested for impairment at the reporting unit level, which has been determined to be the Company's operating segments or one level below the operating segments in certain instances (see Note 8- Goodwill ). Bunge generally performs its annual goodwill impairment analysis during the fourth quarter. If events or indicators of impairment occur between annual impairment analyses, the Company performs an impairment analysis at that date. These events or circumstances could inc lude a significant change in the business climate, legal factors, operating performance indicators, competition, or the sale or disposition of a significant asset. In testing for a potential impairment of goodwill, the Company: (1) validates changes, if any, to its reporting units with goodwill balances; (2) allocates goodwill to its reporting units to which acquired goodwill relates; (3) determines the carrying value, or book value, of its reporting units; (4) estimates the fair value of each reporting unit using a discounted cash flow model and/or using market multiples; (5) compares the fair value of each reporting unit to its carrying value; and (6) if the estimated fair value of a reporting unit is less than the carrying value, the Company recognizes an impairment charge for such amount, not to exceed the total amount of goodwill allocated to that reporting unit. Critical estimates in the determination of fair value under the income approach include, but are not limited to, assumptions about variables such as commodity prices, crop and related throughput and production volumes, p rofitability, future capital expenditures, other expenses, and discount rates, all of which are subject to a high degree of judgment. |
Other Intangible Assets | Other Intangible Assets —Finite-lived intangible assets primarily include trademarks, customer relationships and lists, port facility usage rights, and patents that are amortized on a straight-line basis over their contractual or legal lives, or their estimated useful lives where such lives are not determined by law or contract (see Note 9- Other Intangible Assets ). |
Impairment of Property, Plant and Equipment and Finite Lived Intangible Assets | Impairment of Property, Plant and Equipment and Finite-Lived Intangible Assets —Bunge reviews its property, plant and equipment and finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. Bunge bases its evaluation of recoverability on such indicators as the nature, future economic benefits, and geographic locations of the assets, historical or future profitability measures, and other external market conditions. If these indicators result in the expected non-recoverability of the carrying amount of an asset or asset group, Bunge evaluates potential impairment using undiscounted estimated future cash flows. If such undiscounted future cash flows during the asset's remaining useful life are below its carrying value, a loss is recognized for the shortfall, measured by the present value of the estimated future cash flows or by third-party appraisals. Bunge records impairments related to property, plant and equipment and finite-lived intangible assets used in the processing of its products in Cost of goods sold in its consolidated statements of income. Any impairment of marketing or brand assets is recognized in Selling, general and administrative expenses in the consolidated statements of income (see Note 10- Impairments ). Property, plant and equipment and other finite-lived intangible assets to be sold or otherwise disposed of are reported at the lower of carrying amount or fair value less cost to sell. |
Investments in Affiliates | Investments in Affiliates —Bunge has investments in various unconsolidated joint ventures accounted for using the equity method, minus impairment. Bunge reviews its investments annually or when an event or circumstances indicate that a potential decline in value may be other than temporary. Bunge considers various factors in determining whether to recognize an impairment charge, including the length of time the fair value of the investment is expected to be below its carrying value, the financial condition, operating performance and near-term prospects of the affiliate, and Bunge's intent and ability to hold the investment for a period of time sufficient to allow for recovery of the fair value. (see Note 10- Impairments and Note 11- Investments in Affiliates ). |
Revenue Recognition | Revenue Recognition —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). Additional information about the Company’s revenues can be found in Note 28- Segment Information . Revenue from commodity contracts (ASC 815) —Revenue from commodity contracts primarily relates to forward sales of commodities such as soybeans, soybean meal and oil, corn, and wheat accounted for as derivatives at fair value under ASC 815, primarily in the Company’s Agribusiness segment. These forward sales meet the definition of a derivative under ASC 815 as they have an underlying (e.g. the price of soybeans), a notional amount (e.g. metric tons), no initial net investment, and can be net settled since the commodity is readily convertible to cash. Bunge generally does not apply the normal purchase and normal sale exception available under ASC 815 to these contracts. Certain of the Company’s sales in its Refined and Specialty Oils and Milling segments also qualify as derivatives, primarily sales of commodities like bulk soybean and canola oil. Revenue from commodity contracts is recognized in Net sales for the contracted amount when the contracts are settled at a point in time by transferring control of the commodity to the customer, similarly to revenue recognized from contracts with customers under ASC 606. From inception through settlement, these forward sales arrangements are recorded at fair value under ASC 815 with unrealized gains and losses recognized in Cost of goods sold and carried on the consolidated balance sheets as current assets (see Note 6- Other Current Assets ) or current liabilities (see Note 13- Other Current Liabilities ), respectively. Further information about the fair value of these contracts is presented in Note 15- Fair Value Measurements . Revenue from contracts with customers (ASC 606) —Revenue from contracts with customers accounted for under ASC 606 is primarily generated in the Company's Refined and Specialty Oils and Milling segments through the sale of refined edible oil-based products such as packaged vegetable oils, shortenings, margarines, and mayonnaise; milled grain products such as wheat flours, bakery mixes, and corn-based products; and fertilizer products. These sales are accounted for under ASC 606 as these sales arrangements do not meet the criteria to be considered derivatives under ASC 815. These revenues are measured based on consideration specified in a contract with a customer and exclude sales taxes, discounts related to promotional programs, and amounts collected on behalf of third parties. The Company recognizes revenue from these contracts at a point in time when it satisfies a performance obligation by transferring control of a product to a customer, generally when legal title and risks and rewards transfer to the customer. Sales terms provide for transfer of title either at the time and point of shipment or at the time and point of delivery and acceptance of the product being sold. In contracts that do not specify the timing of transfer of legal title or transfer of significant risks and rewards of ownership, judgment is required in determining the timing of transfer of control. In such cases, the Company considers standard business practices and the relevant laws and regulations applicable to the transaction to determine when legal title or the significant risks and rewards of ownership are transferred. The transaction price is generally allocated to performance obligations on a relative standalone selling price basis. Standalone selling prices are estimated based on observable data of the Company’s sales of such products and services to similar customers and in similar circumstances on a standalone basis. In assessing whether to allocate variable consideration to a specific part of the contract, the Company considers the nature of the variable payment and whether it relates specifically to its efforts to satisfy a specific part of the contract. Variable consideration is generally known upon satisfaction of the performance obligation. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue producing transaction, that are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in Cost of goods sold. Warranties provided to customers are primarily assurance-type warranties on the fitness of purpose and merchantability of the Company’s goods and services. The Company does not provide service-type warranties to customers. Payment is generally due at the time of shipment or delivery, or within a specified time frame after shipment or delivery, which is generally 30-60 days. The Company’s contracts generally provide customers the right to reject any products that do not meet agreed quality specifications. Product returns and refunds are not material. |
Share-Based Compensation | Share-Based Compensation —Bunge maintains equity incentive plans for its employees and non-employee directors (see Note 26- Share-based Compensation ). Bunge accounts for share-based compensation based on the grant date fair value. Share-based compensation expense is recognized on a straight-line basis over the requisite service period. |
Income Taxes | Income Taxes —Income tax expenses and benefits are recognized based on the tax laws and regulations in the jurisdictions in which Bunge's subsidiaries operate. Under Bermuda law, Bunge is not required to pay taxes in Bermuda on either income or capital gains. The provision for income taxes includes income taxes currently payable and deferred income taxes arising as a result of temporary differences between the carrying amounts of existing assets and liabilities in Bunge's financial statements and their respective tax bases. Deferred tax assets are reduced by valuation allowances if current evidence does not suggest that the deferred tax asset will be realized. Accrued interest and penalties related to unrecognized tax benefits are recognized in Income tax (expense) benefit in the consolidated statements of income (see Note 14- Income Taxes ). |
Research and Development | Research and Development—Research and development costs are expensed as incurred. |
New and Recently Adopted Accounting Pronouncements | New Accounting Pronouncements In November 2021, the Financial Accounting Standards Board ("FASB") issued ASU 2021-10, Government Assistance (Topic 832) - Disclosures by Business Entities About Government Assistance , which requires annual disclosures for transactions with a government authority that are accounted for by applying a grant or contribution accounting model by analogy. The guidance is effective for annual periods beginning after December 15, 2021, with early adoption permitted. The guidance may be applied either prospectively or retrospectively to all transactions within the scope of the amendments that are reflected in financial statements at the date of initial application and new transactions that are entered into after the date of initial application. The Company is currently evaluating the impact of this standard on its consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40), which simplifies the accounting for convertible instruments and contracts in an entity’s own equity. The guidance also addresses how convertible instruments are accounted for in the diluted earnings per share calculation and requires enhanced disclosures about the terms of convertible instruments and contracts in an entity’s own equity. Either a modified retrospective method of transition or a fully retrospective method of transition is permissible for the adoption of this standard. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted no earlier than the fiscal year beginning after December 15, 2020. The Company continues to evaluate, but does not expect this standard to have an impact on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting , with subsequent updates through ASU 2021-01, which collectively provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting, to ease the financial reporting burden related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance is effective upon issuance and is to be applied prospectively from any date beginning March 12, 2020 through December 31, 2022. In March 2021, the Financial Conduct Authority ("FCA") announced that most LIBOR settings will be discontinued after December 31, 2021, except for certain USD LIBOR settings which will continue through to June 30, 2023. In September 2021, the FCA further announced that it will require the LIBOR benchmark administrator to publish sterling and Japanese yen LIBOR settings under a synthetic methodology based on term risk-free rates for the duration of 2022. These synthetic LIBOR settings will be available only for use in legacy contracts and are not for use in new business. Bunge has utilized the relief provided by Topic 848 to ensure financial reporting results reflect the intended continuation of such contracts and arrangements during the period of the market-wide transition to alternative reference rates. The expedients allow an eligible modified contract to be accounted for and presented as a continuation of the existing contract. The Company has identified its LIBOR-based contracts that will be impacted by the cessation of LIBOR. To prepare for this change, the Company is actively working with counterparties to incorporate fallback language in negotiated contracts, in addition to incorporating non-LIBOR reference rate and fallback language, when applicable, in new contracts. The evaluation and modification of contracts is ongoing. As such, the Company continues to evaluate the impacts of this standard on its consolidated financial statements. Recently Adopted Accounting Pronouncements On January 1, 2021, the Company adopted ASU 2019-12, Income Taxes (Topic 740)- Simplifying the Accounting for Income Taxes , which reduces complexity in the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The adoption of this guidance did not have a material impact on Bunge's consolidated financial statements. On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) , which introduced a new accounting model, referred to as the current expected credit losses ("CECL") model, for estimating credit losses on certain financial instruments and which expands the disclosure requirements for estimating such credit losses. Under the new model, an entity is required to estimate the credit losses expected over the life of an exposure (or pool of exposures). The guidance also amends the current impairment model for debt securities classified as available-for-sale. The Company adopted the guidance under a modified-retrospective approach with a cumulative effect adjustment to opening retained earnings. The adoption of this standard did not have a material impact on Bunge's consolidated financial statements. |
NATURE OF BUSINESS, BASIS OF _3
NATURE OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of cash and cash equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sums to the total of the same such amounts shown in the consolidated statements of cash flows. December 31, (US$ in millions) 2021 2020 2019 Cash and cash equivalents $ 902 $ 352 $ 320 Restricted cash included in other current assets 3 29 2 Total $ 905 $ 381 $ 322 |
Restrictions on cash and cash equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sums to the total of the same such amounts shown in the consolidated statements of cash flows. December 31, (US$ in millions) 2021 2020 2019 Cash and cash equivalents $ 902 $ 352 $ 320 Restricted cash included in other current assets 3 29 2 Total $ 905 $ 381 $ 322 |
Schedule of useful lives for property, plant and equipment | Estimated useful lives for property, plant and equipment are as follows: Years Buildings 10 - 50 Machinery and equipment 7 - 25 Furniture, fixtures and other 3 - 20 |
ACQUISITIONS AND DISPOSITIONS (
ACQUISITIONS AND DISPOSITIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Dispositions | The following table presents the disposal group's major classes of assets and liabilities included in Assets held for sale and Liabilities held for sale, respectively, on the consolidated balance sheet at December 31, 2021, reported under the Milling segment: (US$ in millions) December 31, Trade accounts receivable $ 67 Inventories 106 Other current assets 15 Property, plant and equipment, net 157 Operating lease assets 3 Goodwill & Other intangible assets, net 86 Impairment reserve (170) Assets held for sale (1) $ 264 Trade accounts payable $ 109 Current operating lease obligations 3 Other current liabilities 10 Liabilities held for sale $ 122 (1) Assets held for sale excludes approximately $155 million of cumulative translation adjustments on non-current assets included in the Mexico wheat milling disposal group. The following table presents the book values of the major classes of assets and liabilities that were included in the disposal group, reported under the Agribusiness segment: (US$ in millions) Inventories $ 111 Other current assets 155 Property, plant and equipment, net 128 Operating lease assets 6 Goodwill 6 Assets $ 406 Trade accounts payable $ 43 Current operating lease obligations 1 Other current liabilities 6 Non-current lease obligations 5 Liabilities $ 55 The following table presents the book values of the major classes of assets and liabilities that were included in the disposal group, reported under the Refined and Specialty Oils segment: (US$ in millions) Other current assets $ 3 Property, plant and equipment, net 94 Operating lease assets 6 Assets $ 103 Current operating lease obligations $ 1 Other current liabilities 5 Deferred income taxes 7 Non-current lease obligations 5 Liabilities $ 18 The following table presents the book values of the major classes of assets included in the disposal group, reported under the Refined and Specialty Oils reportable segment: (US$ in millions) Property, plant and equipment, net $ 7 Goodwill 1 Assets $ 8 The following table presents the book values of the major classes of assets and liabilities that were included in the disposal group, reported under the Refined and Specialty Oils segment: (US$ in millions) Inventories $ 24 Property, plant and equipment, net 33 Other intangible assets, net 3 Assets $ 60 Other current liabilities $ 5 Liabilities $ 5 The following table presents the book values of the major classes of assets and liabilities that were included in the disposal group, which were reported under the Milling segment: (US$ in millions) Accounts receivable $ 1 Inventories 10 Other current assets 11 Property, plant and equipment, net 16 Assets $ 38 Trade accounts payable $ 14 Liabilities $ 14 |
TRADE ACCOUNTS RECEIVABLE AND_2
TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Transfers and Servicing [Abstract] | |
Changes to the allowance for expected credit losses | Changes to the allowance for expected credit losses related to Trade accounts receivable are as follows: Twelve Months Ended December 31, 2021 Rollforward of the Allowance for Credit Losses (US$ in millions) Short-term Long-term (1) Total Allowance as of January 1, 2021 $ 93 $ 51 $ 144 Current period provisions 35 — 35 Recoveries (31) (2) (33) Write-offs charged against the allowance (9) — (9) Foreign exchange translation differences (3) (2) (5) Allowance as of December 31, 2021 $ 85 $ 47 $ 132 (1) Long-term portion of the allowance for credit losses is included in Other non-current assets. Twelve Months Ended December 31, 2020 Rollforward of the Allowance for Credit Losses (US$ in millions) Short-term Long-term (1) Total Allowance as of January 1, 2020 $ 108 $ 65 $ 173 Current period provisions (2) 64 — 64 Recoveries (46) (3) (49) Write-offs charged against the allowance (27) — (27) Foreign exchange translation differences (6) (11) (17) Allowance as of December 31, 2020 (2) $ 93 $ 51 $ 144 (1) Long-term portion of the allowance for credit losses is included in Other non-current assets. (2 ) In addition to the above mentioned current period provisions associated with expected credit losses, during the first half of the year ended December 31, 2020 the Company settled ongoing litigation with a customer in relation to an historic outstanding account receivable, resulting in the Company recording a $51 million bad debt expense, within Selling, general and administrative expenses, as well as a $15 million l |
Summary of cash flows and discounts of trade receivables securitization program | December 31, (US$ in millions) 2021 2020 Receivables sold which were derecognized from Bunge's balance sheet $ 1,426 $ 969 Deferred purchase price included in Other current assets $ 496 $ 177 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. Years Ended December 31, (US$ in millions) 2021 2020 2019 Gross receivables sold $ 14,648 $ 10,964 $ 10,120 Proceeds received in cash related to transfer of receivables $ 14,018 $ 10,648 $ 9,868 Cash collections from customers on receivables previously sold $ 14,230 $ 9,746 $ 8,434 Discounts related to gross receivables sold included in SG&A $ 7 $ 10 $ 15 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories by segment | Inventories by segment are presented below. 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. December 31, (US$ in millions) 2021 2020 Agribusiness (1) $ 6,800 $ 6,019 Refined and Specialty Oils (2) 1,310 885 Milling (3) 319 268 Corporate and Other 2 — Total (4) $ 8,431 $ 7,172 (1) Includes RMI of $6,490 million and $5,735 million at December 31, 2021 and 2020, respectively. Assets held for sale includes RMI of zero and $365 million at December 31, 2021 and 2020, respectively. Of the total RMI, $4,857 million and $4,369 million can be attributable to merchandising activities at December 31, 2021 and 2020, respectively. (2) Includes RMI of $257 million and $174 million at December 31, 2021 and 2020, respectively. (3) Includes RMI of $122 million and $52 million at December 31, 2021 and 2020, respectively. (4) Includes net unrealized mark-to-market gains of $427 million and $762 million at December 31, 2021 and 2020, respectively. Cost of goods sold included net unrealized mark-to-market gains of $86 million, $582 million, and $281 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of other current assets | Other current assets consist of the following: December 31, (US$ in millions) 2021 2020 Unrealized gains on derivative contracts, at fair value $ 1,630 $ 3,555 Prepaid commodity purchase contracts (1) 186 174 Secured advances to suppliers, net (2) 375 380 Recoverable taxes, net 347 385 Margin deposits 569 817 Marketable securities and other short-term investments (4) 520 346 Deferred purchase price receivable (3) 496 177 Income taxes receivable 47 27 Prepaid expenses 380 231 Restricted cash 3 29 Other 198 147 Total $ 4,751 $ 6,268 (1) Prepaid commodity purchase contracts represent advance payments against contracts for future delivery of specified quantities of agricultural commodities. (2) Bunge provides cash advances to suppliers, primarily Brazilian soybean farmers, to finance a portion of the suppliers' production costs, primarily to secure the origination of soybeans for Bunge's soybean processing facilities in Brazil. Bunge does not bear any of the costs or operational risks associated with growing the related crops. The ability of Bunge's counterparties to repay these amounts is affected by agricultural economic conditions in the relevant geography, which are, in turn, affected by commodity prices, currency exchange rates, crop input costs and crop quality and yields. As a result, the advan ces are largely collateralized by future crops and physical assets of the suppliers, carry a local market interest rate, an d settle when the farmers' crops are harvested and sold. The secured advances to farmers are reported net of allowances of $3 million a nd $2 million at December 31, 2021 and December 31, 2020, respectively. Bunge periodically evaluates the collectability of Bunge’s farmer receivables and records allowances if Bunge determines that collection is doubtful. Bunge bases the Company’s determination of the allowance of analyses of the credit quality of individual accounts, also considering the economic and financial condition of the farming industry and other market conditions, as well as the value of any collateral related to amounts owed. Bunge continuously reviews defaulted farmer receivables for impairment on an individual account basis. Bunge considers all accounts in legal collections processes to be defaulted and past due. For such accounts, Bunge determines the allowance for uncollectible amounts based on the fair value of the associated collateral, net of estimated costs to sell. For all renegotiated accounts (current and past due), Bunge considers changes in farm economic condition and other market conditions, Bunge’s historical experience related to renegotiated accounts, and the fair value of collateral in determining the allowance for doubtful accounts. Interest earned on secured advances to suppliers of $26 million , $31 million, and $26 million, for the years ended December 31, 2021, 2020 and 2019, respectively, is included in Net sales in the consolidated statements of income. (3) Deferred purchase price receivable represents additional credit support for the Purchasers in Bunge's trade receivables securitization program (see Note 4- Trade Accounts Receivable and Trade Receivable Securitization Program ). |
Summary of marketable securities and other short-term investments | The following is a summary of amounts recorded in the consolidated balance sheets as marketable securities and other short-term investments. December 31, (US$ in millions) 2021 2020 Foreign government securities $ 261 $ 207 Corporate debt securities 158 136 Equity securities 60 — Other 41 3 Total marketable securities and other short-term investments $ 520 $ 346 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | Property, plant and equipment consist of the following: December 31, (US$ in millions) 2021 2020 Land $ 342 $ 359 Buildings 1,738 1,894 Machinery and equipment 4,508 4,586 Furniture, fixtures and other 601 594 Construction in progress 330 249 Gross book value 7,519 7,682 Less: accumulated depreciation and depletion (4,020) (3,907) Total property, plant and equipment, net $ 3,499 $ 3,775 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of changes in the carrying amount of goodwill by segment | Changes in the carrying value of goodwill by segment for the years ended December 31, 2021 and 2020 are as follows: (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Total Cost: Balance at December 31, 2020 $ 224 $ 326 $ 156 $ — $ 706 Reclassification to assets held for sale (1) — — (69) — (69) Disposals (1) (1) — — (2) Foreign currency translation (13) (12) (6) — (31) Balance at December 31, 2021 210 313 81 — 604 Accumulated impairment losses: Balance at December 31, 2020 (2) (115) (3) — (120) Impairment charge for the period — — — — — Disposals — — — — — Foreign currency translation — — — — — Balance at December 31, 2021 (2) (115) (3) — (120) Net carrying value at December 31, 2021 $ 208 $ 198 $ 78 $ — $ 484 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Total Cost: Balance at December 31, 2019 $ 231 $ 327 $ 179 $ — $ 737 Additions — — — — — Disposals (6) (8) (1) — (15) Foreign currency translation (1) 7 (22) — (16) Balance at December 31, 2020 224 326 156 — 706 Accumulated impairment losses: Balance at December 31, 2019 (2) (121) (3) — (126) Impairment charge for the period — — — — — Disposals (3) — 8 — — 8 Foreign currency translation — (2) — — (2) Balance at December 31, 2020 (2) (115) (3) — (120) Net carrying value at December 31, 2020 $ 222 $ 211 $ 153 $ — $ 586 (1) During the year ended December 31, 2021, the Company announced it had entered into an agreement to sell substantially all of its wheat milling business in Mexico. Refer to Note 2- Acquisitions and Dispositions for details. |
OTHER INTANGIBLE ASSETS (Tables
OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of other intangible assets | Other intangible assets are all finite-lived and consist of the following: December 31, (US$ in millions) 2021 2020 Gross carrying amount: Trademarks/brands $ 169 $ 199 Licenses 12 11 Port rights 59 63 Customer relationships 308 359 Patents 134 143 Other 56 60 738 835 Accumulated amortization: Trademarks/brands (90) (101) Licenses (11) (10) Port rights (14) (12) Customer relationships (94) (96) Patents (65) (57) Other (33) (30) (307) (306) Other intangible assets, net $ 431 $ 529 |
INVESTMENTS IN AFFILIATES (Tabl
INVESTMENTS IN AFFILIATES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summarized Information of Equity Method Investments | Summarized financial information, combined, for all of Bunge's equity method investees is as follows: December 31, (US$ in millions) 2021 2020 Current assets $ 3,416 $ 2,266 Noncurrent assets 3,446 3,391 Total assets $ 6,862 $ 5,657 Current liabilities $ 2,373 $ 1,351 Noncurrent liabilities 2,156 2,233 Total liabilities $ 4,529 $ 3,584 Years ended December 31, (US$ in millions) 2021 2020 2019 Net sales $ 9,441 $ 6,310 $ 3,611 Gross profit 832 577 359 Net income (loss) 358 (28) 95 |
OTHER NON-CURRENT ASSETS (Table
OTHER NON-CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets, Noncurrent [Abstract] | |
Schedule of other non-current assets | Other non-current assets consist of the following: December 31, (US$ in millions) 2021 2020 Recoverable taxes, net (1) $ 66 $ 115 Judicial deposits (1) 89 72 Other long-term receivables, net (3) 11 12 Income taxes receivable (1) 139 150 Long-term investments (2) 196 136 Affiliate loans receivable 16 15 Long-term receivables from farmers in Brazil, net (1) 33 38 Unrealized gains on derivative contracts, at fair value 49 111 Other 120 97 Total $ 719 $ 746 (1) These non-current assets arise primarily from Bunge's Brazilian operations and their realization could take several years. (2) As of December 31, 2021 and 2020, $12 million and $12 million, respectively, of long-term investments were recorded at fair value. (3) Net of allowances as described in Note 4- Trade Accounts Receivable and Trade Receivable Securitization Program. |
Summary of recorded investment in long-term receivables and the related allowance amounts from Brazilian farmers | The table below summarizes Bunge's recorded investment in long-term receivables from farmers in Brazil and the related allowance amounts. December 31, 2021 December 31, 2020 (US$ in millions) Recorded Allowance Recorded Allowance For which an allowance has been provided: Legal collection process (1) $ 42 $ 35 $ 73 $ 60 Renegotiated amounts 3 1 6 3 For which no allowance has been provided: Legal collection process (1) 20 — 22 — Renegotiated amounts (2) 2 — — — Other long-term receivables 2 — — — Total $ 69 $ 36 $ 101 $ 63 (1) All amounts in legal process are considered past due upon initiation of legal action. (2) These renegotiated amounts are current on repayment terms. |
Summary 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. Year Ended December 31, (US$ in millions) 2021 2020 Beginning balance $ 63 $ 96 Bad debt provisions 3 12 Recoveries (23) (16) Write-offs (4) (7) Foreign currency translation (3) (22) Ending balance $ 36 $ 63 |
OTHER CURRENT LIABILITIES (Tabl
OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of other current liabilities | Other current liabilities consist of the following: December 31, (US$ in millions) 2021 2020 Accrued liabilities $ 689 $ 652 Unrealized losses on derivative contracts at fair value 1,713 3,226 Advances on sales (1) 437 406 Payables for purchase of shares (2) — 149 Income tax payable 168 57 Other 418 350 Total $ 3,425 $ 4,840 (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 our 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. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of income from continuing operations before income tax | The components of Income (loss) from continuing operations before income tax are as follows: Year Ended December 31, (US$ in millions) 2021 2020 2019 United States $ 754 $ 207 $ (4) Non-United States 1,811 1,206 (1,201) Total $ 2,565 $ 1,413 $ (1,205) |
Components of income tax expense (benefit) | The components of the Income tax expense are: Year Ended December 31, (US$ in millions) 2021 2020 2019 Current: United States $ 169 $ (4) $ 32 Non-United States 501 181 78 670 177 110 Deferred: United States 10 33 (25) Non-United States (282) 38 1 (272) 71 (24) Total $ 398 $ 248 $ 86 |
Reconciliation of income tax expense (benefit) | Reconciliation of Income tax expense if computed at the U.S. Federal income tax rate to Bunge's reported Income tax expense is as follows: Year Ended December 31, (US$ in millions) 2021 2020 2019 Income (loss) from continuing operations before income tax $ 2,565 $ 1,413 $ (1,205) Income tax rate 21 % 21 % 21 % Income tax expense at the U.S. Federal tax rate 539 297 (253) Adjustments to derive effective tax rate: Foreign earnings taxed at different statutory rates (99) (18) (66) Valuation allowances 29 (27) 66 Fiscal incentives (1) (83) (43) (43) Foreign exchange on monetary items 21 29 12 Tax rate changes (4) 3 (8) Non-deductible expenses 19 16 11 Uncertain tax positions 33 (11) (29) Equity distributions, net (4) — (7) Transition tax — — (11) Incremental tax on future distributions (6) 6 — State taxes 17 (4) 3 Goodwill impairment - Loders — — 28 Losses on Brazilian sugar and bioenergy contribution to joint venture — — 379 Participation exemption - Loders Rotterdam sale (53) — — Other (11) — 4 Income tax expense $ 398 $ 248 $ 86 (1) Fiscal incentives predominantly relate to investment incentives in Brazil that are exempt from Brazilian income tax. |
Components of deferred tax assets and liabilities and related valuation allowances | The primary components of the deferred tax assets and liabilities and the related valuation allowances are as follows: December 31, (US$ in millions) 2021 2020 Deferred income tax assets: Net operating loss carryforwards $ 660 $ 598 Operating lease obligations 86 155 Employee benefits 48 59 Tax credit carryforwards 23 40 Inventories 23 — Accrued expenses and other 195 142 Total deferred tax assets 1,035 994 Less valuation allowances (297) (316) Deferred tax assets, net of valuation allowance 738 678 Deferred income tax liabilities: Property, plant and equipment 272 291 Operating lease assets 86 153 Undistributed earnings of affiliates 20 17 Investments 18 15 Intangibles 130 149 Inventories — 74 Total deferred tax liabilities 526 699 Net deferred tax assets (liabilities) $ 212 $ (21) |
Reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits follows: (US$ in millions) 2021 2020 2019 Balance at January 1, $ 320 $ 311 $ 390 Additions based on tax positions related to the current year 14 3 2 Additions based on tax positions related to prior years 22 1 7 Reductions for tax positions of prior years — (1) (27) Settlements with tax authorities (2) (4) (26) Expiration of statute of limitations (3) (15) (11) Reductions due to dispositions — — (19) Foreign currency translation (22) 25 (5) Balance at December 31, $ 329 $ 320 $ 311 |
Tax years subject to income tax examination by tax authorities | The table below reflects the tax years for which Bunge is subject to income tax examinations by tax authorities in significant tax regions: Open Tax Years North America 2013 - 2021 South America 2015 - 2021 Europe 2015 - 2021 Asia-Pacific 2006 - 2021 As of December 31, 2021, the Brazilian federal and state authorities have concluded examinations of the ICMS and PIS/COFINS tax returns and have issued outstanding claims. The Company continues to evaluate the merits of each of these claims and will recognize them if and when loss is considered probable. The outstanding claims comprise the following: December 31, (US$ in millions) Years Examined 2021 2020 ICMS 1990 to Present $ 222 $ 191 PIS/COFINS 2004 through 2016 $ 228 $ 208 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
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. Fair Value Measurements at Reporting Date December 31, 2021 December 31, 2020 (US$ in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Readily marketable inventories ( Note 5 ) $ — $ 6,664 $ 205 $ 6,869 $ — $ 6,118 $ 208 $ 6,326 Trade accounts receivable (1) — 1 — 1 — 5 — 5 Unrealized gain on derivative contracts (2) : Interest rate — 49 — 49 — 100 — 100 Foreign exchange — 340 — 340 3 531 — 534 Commodities 63 1,055 34 1,152 191 2,783 63 3,037 Freight 79 5 — 84 14 — — 14 Energy 44 4 — 48 44 — — 44 Credit — 6 — 6 — — — — Equity 1 — — 1 — — — — Other (3) 91 406 — 497 15 352 — 367 Total assets $ 278 $ 8,530 $ 239 $ 9,047 $ 267 $ 9,889 $ 271 $ 10,427 Liabilities: Trade accounts payable (4) $ — $ 545 $ 23 $ 568 $ — $ 285 $ 9 $ 294 Unrealized loss on derivative contracts (5) : Interest rate — 47 — 47 — 15 — 15 Foreign exchange — 309 — 309 — 701 — 701 Commodities 98 1,051 65 1,214 232 2,187 71 2,490 Freight 162 — — 162 16 — — 16 Energy 29 1 — 30 12 — — 12 Credit — 1 — 1 — — — — Total liabilities $ 289 $ 1,954 $ 88 $ 2,331 $ 260 $ 3,188 $ 80 $ 3,528 (1) These receivables are hybrid financial instruments for which Bunge has elected the fair value option. (2) Unrealized gains on derivative contracts are generally included i n Other current assets. There were $49 million and $111 million included in Other non-current assets at December 31, 2021 and 2020, respectively. There were $2 million and $63 million included in Assets held for sale at December 31, 2021 and 2020, respectively. (3) Other primarily includes the fair values of marketable securities and investments in Other current assets and Other non-current assets. (4) These payables are hybrid financial instruments for which the Company has elected the fair value option. There were zero and $40 million included in Liabilities held for sale at December 31, 2021 and 2020, respectively. (5) Unrealized losses on derivative contracts are generally included in Other current liabilities. There were $49 million and $7 million included in Other non-current liabilities at December 31, 2021 and 2020, respectively. There were $1 million and $2 million included in Liabilities held for sale at December 31, 2021 and 2020, respectively. |
Reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | The tables below present reconciliations for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2021 and 2020. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant. Year Ended December 31, 2021 (US$ in millions) Readily Marketable Inventories Derivatives, Net Trade Total Balance, January 1, 2021 $ 208 $ (8) $ (9) $ 191 Total gains and losses (realized/unrealized) included in Cost of goods sold (1) 431 2 27 460 Purchases 3,344 3 (252) 3,095 Sales (5,095) — — (5,095) Issuances — (2) — (2) Settlements — (49) 217 168 Transfers into Level 3 1,656 (17) (213) 1,426 Transfers out of Level 3 (339) 40 207 (92) Balance, December 31, 2021 $ 205 $ (31) $ (23) $ 151 1) Readily marketa ble inventories, derivatives, net and trade accounts payable include gains/(losses) of $475 million, $(48) million and $27 million, respectively, th at are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at December 31, 2021. Year Ended December 31, 2020 (US$ in millions) Readily Marketable Inventories Derivatives, Net Trade Total Balance, January 1, 2020 $ 231 $ (24) $ (31) $ 176 Total gains and losses (realized/unrealized) included in Cost of goods sold (1) 748 (24) 19 743 Purchases 2,183 3 (298) 1,888 Sales (3,202) — — (3,202) Issuances — (3) — (3) Settlements — 22 230 252 Transfers into Level 3 1,044 13 (77) 980 Transfers out of Level 3 (796) 5 148 (643) Balance, December 31, 2020 $ 208 $ (8) $ (9) $ 191 1) Readily marketable inventories, derivatives, net and trade accounts payable, includes gains/(losses) of $544 million, $(29) million and $19 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at December 31, 2020. |
Reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | The tables below present reconciliations for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2021 and 2020. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant. Year Ended December 31, 2021 (US$ in millions) Readily Marketable Inventories Derivatives, Net Trade Total Balance, January 1, 2021 $ 208 $ (8) $ (9) $ 191 Total gains and losses (realized/unrealized) included in Cost of goods sold (1) 431 2 27 460 Purchases 3,344 3 (252) 3,095 Sales (5,095) — — (5,095) Issuances — (2) — (2) Settlements — (49) 217 168 Transfers into Level 3 1,656 (17) (213) 1,426 Transfers out of Level 3 (339) 40 207 (92) Balance, December 31, 2021 $ 205 $ (31) $ (23) $ 151 1) Readily marketa ble inventories, derivatives, net and trade accounts payable include gains/(losses) of $475 million, $(48) million and $27 million, respectively, th at are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at December 31, 2021. Year Ended December 31, 2020 (US$ in millions) Readily Marketable Inventories Derivatives, Net Trade Total Balance, January 1, 2020 $ 231 $ (24) $ (31) $ 176 Total gains and losses (realized/unrealized) included in Cost of goods sold (1) 748 (24) 19 743 Purchases 2,183 3 (298) 1,888 Sales (3,202) — — (3,202) Issuances — (3) — (3) Settlements — 22 230 252 Transfers into Level 3 1,044 13 (77) 980 Transfers out of Level 3 (796) 5 148 (643) Balance, December 31, 2020 $ 208 $ (8) $ (9) $ 191 1) Readily marketable inventories, derivatives, net and trade accounts payable, includes gains/(losses) of $544 million, $(29) million and $19 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at December 31, 2020. |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of outstanding derivative instruments | The notional amount is used to compute interest or other payment streams to be made under the contract and is a measure of the Company’s level of activity. The Company discloses derivative notional amounts on a gross basis. (US$ in millions) December 31, 2021 December 31, 2020 Unit of Hedging instrument type: Fair value hedges of interest rate risk Carrying value of hedged debt $ 3,990 $ 2,465 $ Notional Cumulative adjustment to long-term debt from application of hedge accounting $ — $ 92 $ Notional Interest rate swap - notional amount $ 4,006 $ 2,382 $ Notional Fair value hedges of currency risk Carrying value of hedged debt $ 267 $ 297 $ Notional Cross currency swap - notional amount $ 267 $ 297 $ Notional Cash flow hedges of currency risk Foreign currency forward - notional amount $ 148 $ 182 $ Notional Foreign currency option - notional amount $ 60 $ 90 $ Notional Net investment hedges Foreign currency forward - notional amount $ 1,020 $ 1,875 $ Notional The table below summarizes the volume of economic derivatives as of December 31, 2021 and December 31, 2020. For those contracts traded bilaterally through the over-the-counter markets (e.g., forwards, forward rate agreements ("FRA"), FFAs, and swaps), the gross position is provided. For exchange traded (e.g., futures and options) and cleared positions (e.g., energy swaps), the net position is provided. December 31, December 31, 2021 2020 Unit of Long (Short) Long (Short) Interest rate Swaps $ 2,924 $ (2,506) $ 1,989 $ (1,418) $ Notional FRAs $ — $ — $ 1,216 $ (805) $ Notional Currency Forwards $ 12,961 $ (14,065) $ 11,272 $ (13,171) $ Notional Swaps $ 1,362 $ (1,422) $ 422 $ (413) $ Notional Futures $ — $ (8) $ — $ (55) $ Notional Options $ 88 $ (106) $ 100 $ (142) Delta Agricultural commodities Forwards 29,329,244 (34,810,969) 38,332,313 (39,743,593) Metric Tons Swaps 33,250 (502,652) — (1,700,972) Metric Tons Futures — (7,221,848) — (11,422,365) Metric Tons Options 218,106 (116,370) — (280,240) Metric Tons Ocean freight FFA 12,010 (18,723) 3,055 — Hire Days FFA options 548 — — — Hire Days Natural gas Swaps 1,764,455 — 1,040,284 — MMBtus Futures 5,147,500 — 7,210,000 — MMBtus Electricity Swaps 670,973 (256,949) — — Mwh Energy - other Swaps 741,307 (426,476) 413,542 — Metric Tons Other Swaps and futures $ 20 $ (585) $ 30 $ (30) $ Notional |
Summary 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 consolidated statements of income for the years ended December 31, 2021, 2020 and 2019. Gain (Loss) Recognized in Year Ended December 31, (US$ in millions) 2021 2020 2019 Income statement classification Type of derivative Net sales Hedge accounting Foreign currency $ 2 $ (14) $ (3) Cost of goods sold Hedge accounting Commodities — — 20 Economic hedges Foreign currency (7) (1,250) 172 Commodities (1,749) (225) (50) Other (1) 44 42 46 Total Cost of goods sold $ (1,712) $ (1,433) $ 188 Interest expense Hedge accounting Interest rate $ 30 $ 15 $ (12) Economic hedges Interest rate 1 (1) (10) Total Interest expense $ 31 $ 14 $ (22) Foreign exchange gains (losses) - net Hedge accounting Foreign currency $ (28) $ 27 $ 11 Economic hedges Foreign currency 64 (261) 33 Total Foreign exchange gains (losses) - net $ 36 $ (234) $ 44 Other income Economic hedges Interest rate 1 — — Total Other income $ 1 $ — $ — 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 $ (1) $ (1) $ (1) Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in other comprehensive income (loss) during the period (2) $ 2 $ (5) $ 15 Gains and losses on derivatives used as cash flow hedges of commodity price risk included in other comprehensive income (loss) during the period $ — $ — $ 20 Gains and losses on derivatives used as net investment hedges included in other comprehensive income (loss) during the period $ (16) $ 41 $ (47) Foreign currency gains and losses on intercompany loans used as net investment hedges included in other comprehensive income (loss) during the period $ — $ (67) $ 17 Amounts released from Accumulated other comprehensive loss during the period Cash flow hedge of foreign currency risk $ (3) $ 3 $ (5) Cash flow hedge of commodity risk $ — $ — $ (20) (1) Other includes the results from freight, energy and other derivatives. (2) Includes $(21) million , $(38) million and zero Bunge share of other comprehensive income (loss) related to cash flow hedges associated with the Company's equity investment in BP Bunge Bioenergia for the years ended December 31, 2021, 2020 and 2019. |
SHORT-TERM DEBT AND CREDIT FA_2
SHORT-TERM DEBT AND CREDIT FACILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Short-term Debt [Abstract] | |
Short-term debt | December 31, (US$ in millions) 2021 2020 Commercial paper program $ — $ 549 Revolving credit facilities — 944 Short-term lines of credit, variable interest rates from 0.56% to 42.50% 673 1,335 Total short-term debt (1) (2) $ 673 $ 2,828 (1) Includes $566 million and $558 million of local currency borrowings in certain European, South American and Asia-Pacific countries at a local currency based weighted average interest rate of 23.14% and 24.54% as of December 31, 2021 and December 31, 2020, respectively. (2) Includes secured debt of $41 million and zero at December 31, 2021 and December 31, 2020, respectively. |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term debt obligations are summarized below. December 31, (US$ in millions) 2021 2020 Term loan due 2024 - three-month Yen LIBOR plus 0.75% (Tranche A) (3) $ 267 $ 297 Term loan due 2024 - three-month LIBOR plus 1.30% (Tranche B) 89 89 3.00% Senior Notes due 2022 399 399 1.85% Senior Notes due 2023—Euro 906 982 4.35% Senior Notes due 2024 598 597 1.63% Senior Notes due 2025 596 595 3.25% Senior Notes due 2026 697 696 3.75% Senior Notes due 2027 596 595 2.75% Senior Notes due 2031 989 — Other 154 210 Subtotal 5,291 4,460 Less: Current portion of long-term debt (1) (504) (8) Total long-term debt (2) $ 4,787 $ 4,452 (1) Includes secured debt of $2 million and $1 million at December 31, 2021 and December 31, 2020, respectively. (2) Includes secured debt of $50 million and $5 million at December 31, 2021 and December 31, 2020, respectively. (3) Effective January 1, 2022, the three-month Yen LIBOR rate was discontinued and replaced by the Tokyo Overnight Average Rate ("TONAR" or "TONA"). |
Schedule of carrying amounts and fair values of long-term debt | The carrying amounts and fair values of long-term debt are as follows: December 31, 2021 December 31, 2020 (US$ in millions) Carrying Fair Value Carrying Fair Value Long-term debt, including current portion $ 5,291 $ 5,489 $ 4,460 $ 4,646 |
Principal maturities of long-term debt | Principal maturities of long-term debt at December 31, 2021 are as follows: (US$ in millions) 2022 $ 508 2023 945 2024 959 2025 601 2026 700 Thereafter 1,603 Total (1) $ 5,316 (1) Includes components of long-term debt attributable to unamortized premiums of $26 million and excludes components of long-term debt attributable to fair value hedge accounting of $1 million. |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Components of net periodic benefit costs | The components of net periodic benefit costs for defined benefit pension plans and postretirement benefit plans are as follows: Pension Benefits Postretirement Benefits (US$ in millions) 2021 2020 2019 2021 2020 2019 Service cost $ 46 $ 45 $ 38 $ — $ — $ — Interest cost 30 38 43 3 3 5 Expected return on plan assets (54) (51) (47) — — — Amortization of prior service cost 1 1 2 — — — Amortization of net loss 8 8 9 — — — Curtailment loss — — 2 — — — Settlement loss recognized 2 16 — — — — Special termination benefit — — 1 — — — Net periodic benefit costs $ 33 $ 57 $ 48 $ 3 $ 3 $ 5 |
Schedule of weighted-average assumptions used in determining the benefit obligations | The weighted-average actuarial assumptions used in determining the benefit obligation under the defined benefit pension and postretirement benefit plans are as follows: Pension Benefits Postretirement Benefits 2021 2020 2021 2020 Discount rate 2.5 % 2.1 % 7.5 % 5.7 % Increase in future compensation levels 3.2 % 3.2 % N/A N/A |
Schedule of weighted-average assumptions used in determining the net periodic benefit costs | The weighted-average actuarial assumptions used in determining the net periodic benefit cost under the defined benefit pension and postretirement benefit plans are as follows: Pension Benefits Postretirement Benefits 2021 2020 2019 2021 2020 2019 Discount rate 2.1 % 2.8 % 3.7 % 5.7 % 6.1 % 8.3 % Expected long-term rate of return on assets 4.5 % 4.7 % 5.1 % N/A N/A N/A Increase in future compensation levels 3.2 % 3.2 % 3.2 % N/A N/A N/A |
Changes in the defined benefit pension and postretirement benefit plans' benefit obligations, assets and funded status of plans recognized in the balance sheet | The following table sets forth in aggregate the changes in the defined benefit pension and postretirement benefit plans' benefit obligations, assets and funded status at December 31, 2021 and 2020. A measurement date of December 31 was used for all plans. Pension Benefits Postretirement Benefits (US$ in millions) 2021 2020 2021 2020 Change in benefit obligations: Benefit obligation at the beginning of year $ 1,453 $ 1,388 $ 50 $ 56 Service cost 46 45 — — Interest cost 30 38 3 3 Plan amendments (6) — — (1) Plan curtailments — (1) — — Actuarial (gain) loss, net (57) 84 (4) 7 Employee contributions 3 3 — 1 Plan settlements (15) (108) — — Benefits paid (40) (35) (4) (6) Expenses paid (3) (2) — — Impact of foreign exchange rates (31) 41 (3) (10) Benefit obligation at the end of year $ 1,380 $ 1,453 $ 42 $ 50 Change in plan assets: Fair value of plan assets at the beginning of year $ 1,232 $ 1,114 $ — $ — Actual return on plan assets 49 145 — — Employer contributions 22 84 4 5 Employee contributions 3 3 — 1 Plan settlements (15) (108) — — Benefits paid (40) (35) (4) (6) Expenses paid (3) (2) — — Impact of foreign exchange rates (25) 31 — — Fair value of plan assets at the end of year $ 1,223 $ 1,232 $ — $ — Unfunded status and net amounts recognized: Plan assets less than benefit obligation $ (157) $ (221) $ (42) $ (50) Net liability recognized in the balance sheet $ (157) $ (221) $ (42) $ (50) Amounts recognized in the balance sheet consist of: Non-current assets $ 38 $ 15 $ — $ — Current liabilities (6) (6) (4) (4) Non-current liabilities (189) (230) (38) (46) Net liability recognized $ (157) $ (221) $ (42) $ (50) |
Schedule of accumulated benefit obligation in excess of plan assets | The following table provides aggregated information about pension plans with a projected benefit obligation in excess of plan assets: Pension Benefits (US$ in millions) 2021 2020 Projected benefit obligation $ 585 $ 641 Fair value of plan assets $ 390 $ 405 Pension Benefits (US$ in millions) 2021 2020 Projected benefit obligation $ 306 $ 618 Accumulated benefit obligation $ 291 $ 557 Fair value of plan assets $ 115 $ 383 |
Fair values of defined pension plan assets | The fair values of Bunge's defined benefit pension plans' assets at the measurement date, by category, are as follows: December 31, 2021 (US$ in millions) Total Level 1 Level 2 Level 3 Cash $ 42 $ 42 $ — $ — Mutual funds - equities (1) 208 208 — — Mutual funds - fixed income (2) 178 167 11 — Other (3) 92 10 75 7 Total $ 520 $ 427 $ 86 $ 7 Collective pooled funds (4) $ 703 $ — $ — $ — Total investments measured at NAV as a practical expedient 703 — — — Total $ 1,223 $ 427 $ 86 $ 7 December 31, 2020 (US$ in millions) Total Level 1 Level 2 Level 3 Cash $ 87 $ 87 $ — $ — Mutual funds - equities (1) 183 183 — — Mutual funds - fixed income (2) 197 159 38 — Other (3) 77 31 33 13 Total $ 544 $ 460 $ 71 $ 13 Collective pooled funds (4) $ 688 $ — $ — $ — Total investments measured at NAV as a practical expedient 688 — — — Total $ 1,232 $ 460 $ 71 $ 13 (1) This category represents a portfolio of equity investments comprised of equity index funds that invest in U.S. equities and non-U.S. equities. The U.S. equities are comprised of investments focusing on large, mid and small cap companies and non-U.S. equities are comprised of international, emerging markets, and real estate investment trusts. (2) This category represents a portfolio of fixed income investments in mutual funds comprised of investment grade U.S. government bonds and notes, foreign government bonds, and corporate bonds from diverse industries. (3) This category represents a portfolio consisting of a mixture of hedge funds, investments in certain government and municipal securities, bonds, real estate and insurance contracts. (4) Collective pooled funds are typically collective trusts valued at their net asset values (NAVs) that are calculated by the investment manager or sponsor of the fund and have daily or monthly liquidity. Using the practical expedient in ASC 820 - Fair Value Measurements , these investments are not categorized within the fair value hierarchy, but are included in the table above so that they can be reconciled to the line items presented in the consolidated balance sheets. |
Estimated future benefit payments | The following benefit payments, which reflect future service as appropriate, are expected to be paid in relation to defined benefit pension and postretirement benefit plans: (US$ in millions) Pension Postretirement 2022 $ 53 $ 4 2023 54 4 2024 55 4 2025 56 4 2026 57 4 Next five years 293 19 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Liabilities related to general claims and lawsuits included in other non-current liabilities | Included in Other non-current liabilities at December 31, 2021 and 2020 are the following amounts related to these matters: December 31, (US$ in millions) 2021 2020 Non-income tax claims $ 15 $ 20 Labor claims 72 54 Civil and other claims 95 96 Total $ 182 $ 170 |
Summary of tax examinations against Brazilian subsidiaries | The table below reflects the tax years for which Bunge is subject to income tax examinations by tax authorities in significant tax regions: Open Tax Years North America 2013 - 2021 South America 2015 - 2021 Europe 2015 - 2021 Asia-Pacific 2006 - 2021 As of December 31, 2021, the Brazilian federal and state authorities have concluded examinations of the ICMS and PIS/COFINS tax returns and have issued outstanding claims. The Company continues to evaluate the merits of each of these claims and will recognize them if and when loss is considered probable. The outstanding claims comprise the following: December 31, (US$ in millions) Years Examined 2021 2020 ICMS 1990 to Present $ 222 $ 191 PIS/COFINS 2004 through 2016 $ 228 $ 208 |
Maximum potential future payments related to guarantees | Guarantees —Bunge has issued or was a party to the following guarantees at December 31, 2021: (US$ in millions) Maximum Unconsolidated affiliates guarantee (1) $ 244 Residual value guarantee (2) 271 Other guarantees 7 Total $ 522 (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 the a mounts drawn under such debt facilities at December 31, 2021, Bunge's potential liability was $234 million , and it has recorded a $7 million ob ligation related to these guarantees within Other non-current liabilities. (2) Bunge has issued guarantees to certain financial institutions which are party to certain operating lease arrangements for railcars, barges and buildings. These guarantees provide for a minimum residual value to be received by the lessor at the conclusion of the lease term. These leases expire at various dates from 2022 through 2028. At December 31, 2021, no obligation has been recorded related to these guarantees. Any obligation recorded would be re cognized in Current |
OTHER NON-CURRENT LIABILITIES (
OTHER NON-CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Summary of other non-current liabilities | December 31, (US$ in millions) 2021 2020 Labor, legal and other provisions $ 187 $ 175 Pension and post-retirement obligations (1) 227 276 Uncertain income tax positions (2) 73 50 Unrealized losses on derivative contracts, at fair value (3) 49 7 Other 122 149 Total $ 658 $ 657 (1) See Note 19- Employee Benefit Plans. (2) See Note 14- Income Taxes. (3) See Note 15- Fair Value Measurements. |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 loss attributable to Bunge: (US$ in millions) Foreign Exchange Translation Adjustment (1) Deferred Pension and Accumulated Other Comprehensive Balance January 1, 2019 $ (6,637) $ (145) (153) (6,935) Other comprehensive (loss) income before reclassifications (119) 1 (24) (142) Amount reclassified from accumulated other comprehensive loss 1,493 (26) (14) 1,453 Net-current period other comprehensive income (loss) 1,374 (25) (38) 1,311 Balance, December 31, 2019 (5,263) $ (170) (191) (5,624) Other comprehensive (loss) income before reclassifications (594) (45) 3 (636) Amount reclassified from Accumulated other comprehensive loss — — 14 14 Net-current period other comprehensive (loss) income (594) (45) 17 (622) Balance, December 31, 2020 (5,857) $ (215) (174) (6,246) Other comprehensive (loss) income before reclassifications (236) (36) 51 (221) Amount reclassified from Accumulated other comprehensive loss — (3) (1) (4) Net-current period other comprehensive (loss) income (236) (39) 50 (225) Balance, December 31, 2021 $ (6,093) $ (254) $ (124) $ (6,471) |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted earnings per common share | The following table sets forth the computation of basic and diluted earnings per common share: Year Ended December 31, (US$ in millions, except for share data) 2021 2020 2019 Net income (loss) $ 2,167 $ 1,165 $ (1,291) Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests (89) (20) 11 Income (loss) attributable to Bunge 2,078 1,145 (1,280) Convertible preference share dividends (34) (34) (34) Adjustment of redeemable noncontrolling interest (1) — 10 (8) Net income (loss) available to Bunge common shareholders - Basic $ 2,044 $ 1,121 $ (1,322) Add back convertible preference share dividends 34 34 — Net income (loss) available to Bunge common shareholders - Diluted $ 2,078 $ 1,155 $ (1,322) Weighted-average number of common shares outstanding: Basic 141,015,388 140,693,658 141,492,289 Effect of dilutive shares: —stock options and awards (2) 2,520,420 312,907 — —convertible preference shares (3) 8,830,904 8,683,251 — Diluted 152,366,712 149,689,816 141,492,289 Earnings (loss) per common share: Net income (loss) attributable to Bunge common shareholders—basic $ 14.50 $ 7.97 $ (9.34) Net income (loss) attributable to Bunge common shareholders—diluted $ 13.64 $ 7.71 $ (9.34) (1) The redemption value adjustment of the Company's redeemable noncontrolling interest is (deducted from) added to Income (loss) attributable to Bunge as discussed further in Note 23- Redeemable Noncontrolling Interest. (2) The weighted-average common shares outstanding-diluted excludes approximately 1 million, 6 million, and 7 million stock options and contingently issuable restricted stock units, which were not dilutive and not included in the computation of earnings per share for the years ended December 31, 2021, 2020, and 2019, respectively. (3) Weighted-average common shares outstanding-diluted for the year ended December 31, 2019 excludes approximately 8 million weighted-average common shares that are issuable upon conversion of the convertible preference shares that were not dilutive and not included in the weighted-average number of common shares outstanding. |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Assumptions used to estimate fair value of stock options | The risk-free interest rate is based on U.S. Treasury zero-coupon bonds with a term equal to the expected option term of the respective grants and grant dates. December 31, Assumptions: 2021 (1) 2020 2019 Expected option term (in years) — 6.69 5.97 Expected dividend yield — % 4.64 % 3.81 % Expected volatility — % 27.42 % 25.91 % Risk-free interest rate — % 0.70 % 2.36 % (1) No options granted during 2021 as Bunge ceased awarding stock options to employees beginning January 1, 2021. |
Summary of stock option activity | A summary of option activity under the plans for the year ended December 31, 2021 is presented below: Options Shares Weighted-Average Weighted-Average Aggregate Outstanding at January 1, 2021 5,397,349 $ 64.92 Exercised (1,983,574) 68.06 Forfeited or expired (214,520) 75.15 Outstanding at December 31, 2021 (1) 3,199,255 62.28 5.23 $ 99 Exercisable at December 31, 2021 2,473,059 $ 66.94 4.45 $ 65 (1) Includes 53,160 options to be cash settled. |
Summary of restricted stock unit activity | A summary of restricted stock unit activity under Bunge's plans for the year ended December 31, 2021 is presented below. Restricted Stock Units Shares Weighted-Average Time-based restricted stock units at January 1, 2021 1,098,596 $ 51.06 TBRSUs Granted 469,589 79.15 Vested/issued (1) (431,377) 57.54 Forfeited (25,520) 53.61 Time-based restricted stock units at December 31, 2021 (2) (3) 1,111,288 $ 60.38 Performance-based restricted stock units at January 1, 2021 909,357 $ 54.01 PBRSUs Granted 313,447 85.15 Additional PBRSUs granted on achievement of performance targets 172,716 75.99 Vested/issued (1) (373,476) 75.99 Forfeited (9,691) 47.38 Performance-based restricted stock units at December 31, 2021 (2) 1,012,353 59.36 Total restricted stock units at December 31, 2021 (2) 2,123,641 $ 59.89 (1) During the year ended December 31, 2021, Bunge issued a total of 598,486 common shares, net of common shares withheld to cover taxes, including related common shares representing accrued dividends, with a weighted-average fair value of $66.10 per share upon vesting of TBRSUs and PBRSUs. (2) Includes accrued unvested dividends, which are payable in Bunge's common shares upon vesting of underlying restricted stock units. |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Components of lease expense | The components of lease expense were as follows: Year Ended December 31, (US$ in millions) 2021 2020 Operating lease cost $ 343 $ 279 Short-term lease cost 1,439 637 Variable lease cost 79 10 Sublease income (309) (82) Total lease cost $ 1,552 $ 844 |
Supplemental cash flow information related to leases | Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating lease liability principal payments $ 343 $ 279 Supplemental non-cash information: Right-of-use assets obtained in exchange for lease obligations $ 384 $ 309 |
Maturities of lease liabilities | Maturities of lease liabilities for operating leases as of December 31, 2021, are as follows: (US$ in millions) 2022 $ 372 2023 227 2024 127 2025 73 2026 53 Thereafter 78 Total lease payments (1) 930 Less imputed interest (71) Present value of lease liabilities $ 859 Less present value of lease liabilities held for sale (3) Present value of lease liabilities, as separately presented on the consolidated balance sheet $ 856 (1) Minimum lease payments have not been reduced by minimum sublease income receipts of $31 million due in future periods under non-cancelable subleases as of December 31, 2021. Non-cancelable subleases primarily relate to agreements with third parties for the use of portions of certain facilities with remaining sublease terms of approximately four years , as well as an agreement in which the Company subleases storage tanks with remaining sublease terms of approximately four years . Additionally, from time to time, the Company may enter into re-let agreements to sell the right to use ocean freight vessels under time charter agreements when excess capacity is available. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Operating Segment Information | The segment revenues generated from these transfers are shown in the following table as "Inter-segment revenues." As of, and for the year ended, December 31, 2021 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Eliminations Total Net sales to external customers $ 43,636 $ 13,332 $ 1,909 $ 270 $ 5 $ — $ 59,152 Inter–segment revenues 8,134 456 192 — — (8,782) — Foreign exchange gains (losses) – net (24) (1) (2) — (11) — (38) EBIT - Noncontrolling interests (1) (28) (73) (1) — 3 — (99) Other income – net 215 239 — 1 54 — 509 Income (loss) from affiliates 56 — (2) 106 — — 160 Segment EBIT (2) 2,290 666 (74) 112 (333) — 2,661 Depreciation, depletion and amortization (206) (149) (39) — (30) — (424) Total assets 15,989 4,152 1,323 211 2,144 — 23,819 Capital Expenditures 236 92 28 — 43 — 399 As of, and for the year ended, December 31, 2020 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Eliminations Total Net sales to external customers $ 30,047 $ 9,599 $ 1,616 $ 142 $ — $ — $ 41,404 Inter–segment revenues 5,123 266 252 — — (5,641) — Foreign exchange gains (losses) – net 150 (2) 4 — (2) — 150 EBIT - Noncontrolling interests (1) (21) (2) — — — — (23) Other income (expense) – net 42 95 (1) 2 (12) — 126 Income (loss) from affiliates 47 — (1) (92) (1) — (47) Segment EBIT (3) 1,560 440 91 (87) (371) — 1,633 Depreciation, depletion and amortization (211) (149) (45) — (30) — (435) Total assets 17,453 3,629 1,256 160 1,157 — 23,655 Capital Expenditures 202 106 22 13 22 — 365 As of, and for the year ended, December 31, 2019 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Eliminations Total Net sales to external customers $ 28,920 $ 9,193 $ 1,739 $ 1,288 $ — $ — $ 41,140 Inter–segment revenues 4,784 153 11 1 — (4,949) — Foreign exchange gains (losses) – net (36) (1) 6 (89) 3 — (117) EBIT - Noncontrolling interests (1) 1 7 (2) — — — 6 Other income (expense) – net 65 (121) 22 (66) 89 — (11) Income (loss) from affiliates 42 — — (1) (1) — 40 Segment EBIT (4) 737 121 96 (1,597) (248) — (891) Depreciation, depletion and amortization (239) (155) (54) (72) (28) — (548) Total assets 11,727 3,479 1,339 434 1,338 — 18,317 Capital Expenditures 220 149 24 118 13 — 524 (1) Includes Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests adjusted for noncontrolling interests' share of interest and taxes. (2) 2021 EBIT includes a $158 million gain in the Agribusiness segment on the sale of a portfolio of interior grain elevators located in the United States (U.S. Grain Disposition), recorded in Other income - net, $170 million in gains in the Refined and Specialty Oils segment on sales of assets, comprised of a $151 million gain on sale of our Rotterdam Oils Refinery, at Bunge’s 70% share, and a $19 million gain on sale of an oils packaging facility in Mexico, both recorded in Other income - net, a $35 million fixed asset impairment charge in the Refined and Specialty Oils segment, at Bunge’s 70% share, recorded in Cost of goods sold, and $170 million of expense in the Milling segment related to the classification of our Mexican wheat milling business as held-for-sale, recorded in Cost of goods sold. (3) 2020 EBIT includes a $98 million gain in the Refined and Specialty Oils segment in Brazil, on the sale of certain margarine and mayonnaise assets, recorded in Other income-net. (4) 2019 EBIT includes a $55 million loss in the Sugar & Bioenergy segment, $49 million in Brazil and $6 million in North America, due to the dispositions of certain subsidiaries and equity investments, recorded in Other income-net. Additionally, 2019 EBIT includes a $19 million gain in the Milling segment on the sale of certain Brazilian wheat milling assets, recorded in Other income-net. Bunge also recorded pre-tax impairment charges of $1,825 million, of |
Reconciliation of total segment EBIT to net income attributable to Bunge | A reconciliation of Net income (loss) attributable to Bunge to Total segment EBIT follows: Year Ended December 31, (US$ in millions) 2021 2020 2019 Net income (loss) attributable to Bunge $ 2,078 $ 1,145 $ (1,280) Interest income (48) (22) (31) Interest expense 243 265 339 Income tax expense 398 248 86 Noncontrolling interests' share of interest and tax (10) (3) (5) Total segment EBIT from continuing operations $ 2,661 $ 1,633 $ (891) |
Net sales by product group to external customers | Net sales by product group to external customers were as follows: Year Ended December 31, (US$ in millions) 2021 2020 2019 Agricultural Commodity Products $ 43,636 $ 30,047 $ 28,920 Refined and Specialty Oil Products 13,332 9,599 9,193 Wheat Milling Products 1,326 978 1,057 Corn Milling Products 583 638 682 Sugar and Bioenergy Products 270 142 1,288 Other Products 5 — — Total $ 59,152 $ 41,404 $ 41,140 |
Geographic area information for net sales to external customers, determined based on the location of the subsidiary making the sale, and long-lived assets | Geographic area information for Net sales to external customers, determined based on the location of the subsidiary making the sale, and long-lived assets follows: Year Ended December 31, (US$ in millions) 2021 2020 2019 Net sales to external customers: Europe $ 22,249 $ 14,998 $ 15,278 United States 14,660 10,494 9,147 Asia-Pacific 12,334 8,564 8,019 Brazil 4,520 4,396 5,195 Argentina 2,669 817 1,015 Canada 1,839 1,314 1,246 Rest of world 881 821 1,240 Total $ 59,152 $ 41,404 $ 41,140 Year Ended December 31, (US$ in millions) 2021 2020 Long-lived assets: (1) Brazil $ 490 $ 508 United States 1,143 1,112 Europe 1,009 1,063 Asia-Pacific 394 446 Canada 307 300 Argentina 141 131 Rest of world 15 215 Total $ 3,499 $ 3,775 |
Disaggregation of net sales to external customers | The following tables provide a disaggregation of Net sales to external customers between sales from contracts with customers and sales from other arrangements: Year Ended December 31, 2021 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Total Sales from other arrangements $ 41,032 $ 1,024 $ 21 $ 264 $ — $ 42,341 Sales from contracts with customers 2,604 12,308 1,888 6 5 16,811 Net sales to external customers $ 43,636 $ 13,332 $ 1,909 $ 270 $ 5 $ 59,152 Year Ended December 31, 2020 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Total Sales from other arrangements $ 28,559 $ 2,142 $ 31 $ 139 $ — $ 30,871 Sales from contracts with customers 1,488 7,457 1,585 3 — 10,533 Net sales to external customers $ 30,047 $ 9,599 $ 1,616 $ 142 $ — $ 41,404 Year Ended December 31, 2019 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Total Sales from other arrangements $ 27,456 $ 1,953 $ 72 $ 729 $ — $ 30,210 Sales from contracts with customers 1,464 7,240 1,667 559 — 10,930 Net sales to external customers $ 28,920 $ 9,193 $ 1,739 $ 1,288 $ — $ 41,140 |
QUARTERLY FINANCIAL INFORMATI_2
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarter (US$ in millions, except per share data) First Second Third Fourth Year 2021 Net sales $ 12,961 $ 15,391 $ 14,117 $ 16,683 $ 59,152 Gross profit 1,147 665 862 689 3,363 Net income (loss) 917 369 649 232 2,167 Net income (loss) attributable to Bunge 831 362 653 231 2,078 Earnings (loss) per common share—basic (1) Net income (loss) attributable to Bunge common shareholders $ 5.86 $ 2.50 $ 4.56 $ 1.58 $ 14.50 Earnings (loss) per common share—diluted (1) Net income (loss) attributable to Bunge common shareholders $ 5.52 $ 2.37 $ 4.28 $ 1.52 $ 13.64 2020 Net sales $ 9,173 $ 9,462 $ 10,159 $ 12,610 $ 41,404 Gross profit 174 1,105 602 904 2,785 Net income (loss) (193) 522 267 569 1,165 Net income (loss) attributable to Bunge (184) 516 262 551 1,145 Earnings (loss) per common share—basic (1) Net income (loss) attributable to Bunge common shareholders $ (1.46) $ 3.62 $ 1.90 $ 3.94 $ 7.97 Earnings (loss) per common share—diluted (1) Net income (loss) attributable to Bunge common shareholders $ (1.46) $ 3.47 $ 1.84 $ 3.74 $ 7.71 (1) Earnings per share attributable to Bunge common shareholders for both basic and diluted is computed independently for each period presented. As a result, the sum of the quarterly earnings per share for the years ended December 31, 2021 and 2020 may not equal the total computed for the year. |
NATURE OF BUSINESS, BASIS OF _4
NATURE OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES - ADDITIONAL INFORMATION (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2019mill | Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Description of Business | ||||
Number of reportable segments | segment | 4 | |||
Principles of Consolidation | ||||
Maximum percentage ownership for interests reported as noncontrolling interests in subsidiaries | 100.00% | |||
Research and Development | ||||
Research and development expenses | $ | $ 33 | $ 24 | $ 15 | |
Buildings | Minimum | ||||
Principles of Consolidation | ||||
Useful lives for property, plant and equipment | 10 years | |||
Buildings | Maximum | ||||
Principles of Consolidation | ||||
Useful lives for property, plant and equipment | 50 years | |||
Machinery and equipment | Minimum | ||||
Principles of Consolidation | ||||
Useful lives for property, plant and equipment | 7 years | |||
Machinery and equipment | Maximum | ||||
Principles of Consolidation | ||||
Useful lives for property, plant and equipment | 25 years | |||
Furniture, fixtures and other | Minimum | ||||
Principles of Consolidation | ||||
Useful lives for property, plant and equipment | 3 years | |||
Furniture, fixtures and other | Maximum | ||||
Principles of Consolidation | ||||
Useful lives for property, plant and equipment | 20 years | |||
BP Bunge Bioenergia | ||||
Description of Business | ||||
Ownership interest (as a percent) | 50.00% | |||
Number of sugar mills in Brazil | mill | 11 |
NATURE OF BUSINESS, BASIS OF _5
NATURE OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES - CASH, CASH EQUIVALENTS AND RESTRICTED CASH RECONCILIATION (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 902 | $ 352 | $ 320 | |
Restricted cash included in other current assets | 3 | 29 | 2 | |
Total | $ 905 | $ 381 | $ 322 | $ 393 |
ACQUISITIONS AND DISPOSITIONS -
ACQUISITIONS AND DISPOSITIONS - COMPOSITION OF ASSETS AND LIABILITIES HELD FOR SALE (Details) $ in Millions | Dec. 02, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 09, 2021USD ($) | Nov. 10, 2020USD ($) | Dec. 20, 2019processingPlant |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Impairment reserve | $ (170) | |||||||
Assets | $ 672 | 264 | $ 672 | |||||
Liabilities | 438 | 122 | 438 | |||||
Impairment charges | 226 | 10 | $ 1,825 | |||||
Cost of goods sold | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Impairment charges | 1,678 | |||||||
Other income (expense) | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Impairment charges | 110 | |||||||
Selling, general and administrative expenses | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Impairment charges | 37 | |||||||
Brazilian Sugar And Bioenergy Joint Venture | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from transaction | $ 775 | |||||||
Minimum timing private sale rights | 18 months | |||||||
Minimum timing of initial public offering after closing | 2 years | |||||||
Brazilian Sugar And Bioenergy Joint Venture | Cost of goods sold | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Impairment charges | 1,524 | |||||||
Brazilian Sugar And Bioenergy Joint Venture | Other income (expense) | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Impairment charges | 49 | |||||||
Brazilian Sugar And Bioenergy Joint Venture | Selling, general and administrative expenses | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Impairment charges | $ 2 | |||||||
Brazilian Sugar And Bioenergy Joint Venture | BP | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from transaction | $ 75 | |||||||
Brazilian Sugar And Bioenergy Joint Venture | Non-recourse debt | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from transaction | $ 700 | |||||||
Held-for-Sale | Mexico Wheat Milling | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain (loss) on disposal | (170) | |||||||
Trade accounts receivable | 67 | |||||||
Inventories | 106 | |||||||
Other current assets | 15 | |||||||
Property, plant and equipment, net | 157 | |||||||
Operating lease assets | 3 | |||||||
Goodwill & Other intangible assets, net | 86 | |||||||
Assets | 264 | |||||||
Trade accounts payable | 109 | |||||||
Current operating lease obligations | 3 | |||||||
Other current liabilities | 10 | |||||||
Liabilities | 122 | |||||||
Cumulative translation adjustments | 155 | |||||||
Held-for-Sale | US Grain | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Inventories | 111 | |||||||
Other current assets | 155 | |||||||
Property, plant and equipment, net | 128 | |||||||
Operating lease assets | 6 | |||||||
Goodwill | 6 | |||||||
Assets | 406 | |||||||
Trade accounts payable | 43 | |||||||
Current operating lease obligations | 1 | |||||||
Other current liabilities | 6 | |||||||
Non-current lease obligations | 5 | |||||||
Liabilities | 55 | |||||||
Held-for-Sale | Brazilian Margarine and Mayonnaise | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of production plants | processingPlant | 3 | |||||||
Disposed of by Sale, Not Discontinued Operations | US Grain | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from disposal | $ 298 | |||||||
Gain (loss) on disposal | 158 | |||||||
Disposed of by Sale, Not Discontinued Operations | Rotterdam Oils Refinery | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain (loss) on disposal | 219 | |||||||
Other current assets | 3 | |||||||
Property, plant and equipment, net | 94 | |||||||
Operating lease assets | 6 | |||||||
Assets | 103 | |||||||
Current operating lease obligations | 1 | |||||||
Other current liabilities | 5 | |||||||
Deferred income taxes | 7 | |||||||
Non-current lease obligations | 5 | |||||||
Liabilities | 18 | |||||||
Disposed of by Sale, Not Discontinued Operations | Mexico Oils Facility | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain (loss) on disposal | 19 | |||||||
Property, plant and equipment, net | 7 | |||||||
Goodwill | 1 | |||||||
Assets | $ 8 | |||||||
Disposed of by Sale, Not Discontinued Operations | Brazilian Margarine and Mayonnaise | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain (loss) on disposal | 98 | |||||||
Inventories | 24 | 24 | ||||||
Property, plant and equipment, net | 33 | 33 | ||||||
Other intangible assets, net | 3 | 3 | ||||||
Assets | 60 | 60 | ||||||
Other current liabilities | 5 | 5 | ||||||
Liabilities | 5 | 5 | ||||||
Disposed of by Sale, Not Discontinued Operations | Woodland, California Rice Mill | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from disposal | $ 25 | |||||||
Trade accounts receivable | 1 | 1 | ||||||
Inventories | 10 | 10 | ||||||
Other current assets | 11 | 11 | ||||||
Property, plant and equipment, net | 16 | 16 | ||||||
Assets | 38 | 38 | ||||||
Trade accounts payable | 14 | 14 | ||||||
Liabilities | $ 14 | $ 14 |
TRADE STRUCTURED FINANCE PROG_2
TRADE STRUCTURED FINANCE PROGRAM (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
TRADE STRUCTURED FINANCE PROGRAM | |||
Net return from activities including fair value changes | $ 31 | $ 25 | $ 27 |
Weighted-average interest rate of time deposits (as a percent) | 1.08% | 1.87% | |
Total net proceeds from issuances of LCs | $ 6,522 | $ 4,654 | $ 3,318 |
Time deposits and LCs presented net on the consolidated balance sheets | |||
TRADE STRUCTURED FINANCE PROGRAM | |||
Face value of time deposits, LCs, and foreign exchange contracts | $ 6,543 | $ 4,715 |
TRADE ACCOUNTS RECEIVABLE AND_3
TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM - Allowance Rollforward (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 173 | $ 144 | $ 173 |
Current period provisions | 35 | 64 | |
Recoveries | (33) | (49) | |
Write-offs charged against the allowance | (9) | (27) | |
Foreign exchange translation differences | (5) | (17) | |
Ending balance | 132 | 144 | |
Agribusiness | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Current period provisions | 51 | ||
Legal provision | 15 | ||
Short-term | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 108 | 93 | 108 |
Current period provisions | 35 | 64 | |
Recoveries | (31) | (46) | |
Write-offs charged against the allowance | (9) | (27) | |
Foreign exchange translation differences | (3) | (6) | |
Ending balance | 85 | 93 | |
Long-term | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 65 | 51 | 65 |
Current period provisions | 0 | 0 | |
Recoveries | (2) | (3) | |
Write-offs charged against the allowance | 0 | 0 | |
Foreign exchange translation differences | (2) | (11) | |
Ending balance | $ 47 | $ 51 |
TRADE ACCOUNTS RECEIVABLE AND_4
TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM - Trade Receivables Securitization Program (Details) - Bunge Securitization B.V. - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 06, 2021 | Oct. 05, 2021 | |
Accounts Receivable Securitization Facilities Disclosures | |||||
Maximum funding under trade receivables securitization program | $ 925 | $ 925 | $ 800 | ||
New commitments not to exceed | 75 | ||||
Accordion provision | 200 | $ 125 | |||
Receivables sold which were derecognized from Bunge's balance sheet | 1,426 | $ 969 | |||
Deferred purchase price included in Other current assets | $ 496 | 177 | |||
Payment term for receivables | 30 days | ||||
Delinquencies and credit losses on trade receivables sold | $ 5 | 5 | $ 5 | ||
Gross receivables sold | 14,648 | 10,964 | 10,120 | ||
Proceeds received in cash related to transfer of receivables | 14,018 | 10,648 | 9,868 | ||
Cash collections from customers on receivables previously sold | 14,230 | 9,746 | 8,434 | ||
Discounts related to gross receivables sold included in SG&A | $ 7 | $ 10 | $ 15 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INVENTORIES | |||
Inventories | $ 8,431 | $ 7,172 | |
Unrealized gains in inventory from mark-to-market adjustments | 427 | 762 | |
Unrealized gains included in cost of goods sold from mark-to-market adjustments to inventory | 86 | 582 | $ 281 |
Corporate & Other | |||
INVENTORIES | |||
Inventories | 2 | 0 | |
Agribusiness | |||
INVENTORIES | |||
Inventories | 6,800 | 6,019 | |
Readily marketable inventories at fair value | 6,490 | 5,735 | |
Readily marketable inventories included in assets held for sale. | 0 | 365 | |
Agribusiness | Merchandising Activities | |||
INVENTORIES | |||
Readily marketable inventories at fair value | 4,857 | 4,369 | |
Refined and Specialty Oils | |||
INVENTORIES | |||
Inventories | 1,310 | 885 | |
Readily marketable inventories at fair value | 257 | 174 | |
Milling | |||
INVENTORIES | |||
Inventories | 319 | 268 | |
Readily marketable inventories at fair value | $ 122 | $ 52 |
OTHER CURRENT ASSETS - COMPONEN
OTHER CURRENT ASSETS - COMPONENTS OF OTHER CURRENT ASSETS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Current Assets: | |||
Unrealized gains on derivative contracts, at fair value | $ 1,630 | $ 3,555 | |
Prepaid commodity purchase contracts | 186 | 174 | |
Secured advances to suppliers, net | 375 | 380 | |
Recoverable taxes, net | 347 | 385 | |
Margin deposits | 569 | 817 | |
Marketable securities and other short-term investments | 520 | 346 | |
Deferred purchase price receivable | 496 | 177 | |
Income taxes receivable | 47 | 27 | |
Prepaid expenses | 380 | 231 | |
Restricted cash | 3 | 29 | $ 2 |
Other | 198 | 147 | |
Total | 4,751 | 6,268 | |
Allowance on secured advance to farmers | 3 | 2 | |
Interest earned on secured advances to suppliers | $ 26 | $ 31 | $ 26 |
OTHER CURRENT ASSETS - MARKETAB
OTHER CURRENT ASSETS - MARKETABLE SECURITIES AND OTHER SHORT-TERM INVESTMENTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Marketable Securities and Other Short-Term Investments | |||
Total marketable securities and other short-term investments | $ 520 | $ 346 | |
Marketable securities at fair value | 479 | 343 | |
Unrealized gain on investments | 47 | 18 | $ 32 |
Foreign government securities | |||
Marketable Securities and Other Short-Term Investments | |||
Total marketable securities and other short-term investments | 261 | 207 | |
Corporate debt securities | |||
Marketable Securities and Other Short-Term Investments | |||
Total marketable securities and other short-term investments | 158 | 136 | |
Equity securities | |||
Marketable Securities and Other Short-Term Investments | |||
Total marketable securities and other short-term investments | 60 | 0 | |
Other | |||
Marketable Securities and Other Short-Term Investments | |||
Total marketable securities and other short-term investments | $ 41 | $ 3 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment | |||
Gross book value | $ 7,519 | $ 7,682 | |
Less: accumulated depreciation and depletion | (4,020) | (3,907) | |
Total property, plant and equipment, net | 3,499 | 3,775 | |
Capitalized expenditures | 437 | 384 | $ 528 |
Capitalized interest on construction in progress | 2 | 1 | 1 |
Depreciation and depletion expense | 376 | 384 | $ 489 |
Land | |||
Property, Plant and Equipment | |||
Gross book value | 342 | 359 | |
Buildings | |||
Property, Plant and Equipment | |||
Gross book value | 1,738 | 1,894 | |
Machinery and equipment | |||
Property, Plant and Equipment | |||
Gross book value | 4,508 | 4,586 | |
Furniture, fixtures and other | |||
Property, Plant and Equipment | |||
Gross book value | 601 | 594 | |
Construction in progress | |||
Property, Plant and Equipment | |||
Gross book value | $ 330 | $ 249 |
GOODWILL (Details)
GOODWILL (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill | |||
Goodwill, gross at beginning of period | $ 706,000,000 | $ 737,000,000 | |
Reclassification to assets held for sale | (69,000,000) | ||
Additions | 0 | ||
Disposals | (2,000,000) | (15,000,000) | |
Foreign currency translation | (31,000,000) | (16,000,000) | |
Goodwill, gross at end of period | 604,000,000 | 706,000,000 | $ 737,000,000 |
Accumulated impairment losses, beginning of the period | (120,000,000) | (126,000,000) | |
Goodwill impairment | 0 | 0 | (108,000,000) |
Disposals | 0 | 8,000,000 | |
Foreign currency translation | 0 | (2,000,000) | |
Accumulated impairment losses, end of the period | (120,000,000) | (120,000,000) | (126,000,000) |
Net carrying value | 484,000,000 | 586,000,000 | |
Agribusiness | |||
Goodwill | |||
Goodwill, gross at beginning of period | 224,000,000 | 231,000,000 | |
Reclassification to assets held for sale | 0 | ||
Additions | 0 | ||
Disposals | (1,000,000) | (6,000,000) | |
Foreign currency translation | (13,000,000) | (1,000,000) | |
Goodwill, gross at end of period | 210,000,000 | 224,000,000 | 231,000,000 |
Accumulated impairment losses, beginning of the period | (2,000,000) | (2,000,000) | |
Goodwill impairment | 0 | 0 | |
Disposals | 0 | 0 | |
Foreign currency translation | 0 | 0 | |
Accumulated impairment losses, end of the period | (2,000,000) | (2,000,000) | (2,000,000) |
Net carrying value | 208,000,000 | 222,000,000 | |
Refined and Specialty Oil Products | |||
Goodwill | |||
Goodwill, gross at beginning of period | 326,000,000 | 327,000,000 | |
Reclassification to assets held for sale | 0 | ||
Additions | 0 | ||
Disposals | (1,000,000) | (8,000,000) | |
Foreign currency translation | (12,000,000) | 7,000,000 | |
Goodwill, gross at end of period | 313,000,000 | 326,000,000 | 327,000,000 |
Accumulated impairment losses, beginning of the period | (115,000,000) | (121,000,000) | |
Goodwill impairment | 0 | 0 | |
Disposals | 0 | 8,000,000 | |
Foreign currency translation | 0 | (2,000,000) | |
Accumulated impairment losses, end of the period | (115,000,000) | (115,000,000) | (121,000,000) |
Net carrying value | 198,000,000 | 211,000,000 | |
Milling | |||
Goodwill | |||
Goodwill, gross at beginning of period | 156,000,000 | 179,000,000 | |
Reclassification to assets held for sale | (69,000,000) | ||
Additions | 0 | ||
Disposals | 0 | (1,000,000) | |
Foreign currency translation | (6,000,000) | (22,000,000) | |
Goodwill, gross at end of period | 81,000,000 | 156,000,000 | 179,000,000 |
Accumulated impairment losses, beginning of the period | (3,000,000) | (3,000,000) | |
Goodwill impairment | 0 | 0 | |
Disposals | 0 | 0 | |
Foreign currency translation | 0 | 0 | |
Accumulated impairment losses, end of the period | (3,000,000) | (3,000,000) | (3,000,000) |
Net carrying value | 78,000,000 | 153,000,000 | |
Sugar and Bioenergy | |||
Goodwill | |||
Goodwill, gross at beginning of period | 0 | 0 | |
Reclassification to assets held for sale | 0 | ||
Additions | 0 | ||
Disposals | 0 | 0 | |
Foreign currency translation | 0 | 0 | |
Goodwill, gross at end of period | 0 | 0 | 0 |
Accumulated impairment losses, beginning of the period | 0 | 0 | |
Goodwill impairment | 0 | 0 | |
Disposals | 0 | 0 | |
Foreign currency translation | 0 | 0 | |
Accumulated impairment losses, end of the period | 0 | 0 | $ 0 |
Net carrying value | $ 0 | $ 0 |
OTHER INTANGIBLE ASSETS (Detail
OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Intangible Assets, Net | |||
Gross carrying amount: | $ 738 | $ 835 | |
Accumulated amortization: | (307) | (306) | |
Other intangible assets, net | 431 | 529 | |
Aggregate amortization expense | 48 | 49 | $ 55 |
Estimated future aggregate amortization expense, next year | 43 | ||
Estimated future aggregate amortization expense in two years | 43 | ||
Estimated future aggregate amortization expense in three years | 42 | ||
Estimated future aggregate amortization expense in four years | 41 | ||
Estimated future aggregate amortization expense in five years | 41 | ||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | |||
Other Intangible Assets, Net | |||
Transfers to assets held for sale | 17 | ||
Trademarks/brands | |||
Other Intangible Assets, Net | |||
Gross carrying amount: | 169 | 199 | |
Accumulated amortization: | (90) | (101) | |
Licenses | |||
Other Intangible Assets, Net | |||
Gross carrying amount: | 12 | 11 | |
Accumulated amortization: | (11) | (10) | |
Port rights | |||
Other Intangible Assets, Net | |||
Gross carrying amount: | 59 | 63 | |
Accumulated amortization: | (14) | (12) | |
Customer relationships | |||
Other Intangible Assets, Net | |||
Gross carrying amount: | 308 | 359 | |
Accumulated amortization: | (94) | (96) | |
Customer relationships | Milling | |||
Other Intangible Assets, Net | |||
Impairment of intangible assets | $ 11 | ||
Patents | |||
Other Intangible Assets, Net | |||
Gross carrying amount: | 134 | 143 | |
Accumulated amortization: | (65) | (57) | |
Other | |||
Other Intangible Assets, Net | |||
Gross carrying amount: | 56 | 60 | |
Accumulated amortization: | $ (33) | $ (30) |
IMPAIRMENTS - CHARGES (Details)
IMPAIRMENTS - CHARGES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Impairments | |||
Pre-tax, impairment charges | $ 226 | $ 10 | $ 1,825 |
Goodwill impairment | 0 | 0 | 108 |
Intangible asset impairment | 11 | ||
Corporate & Other | |||
Impairments | |||
Pre-tax, impairment charges | 22 | ||
Relocation of global headquarters | |||
Impairments | |||
Pre-tax, impairment charges | 22 | ||
Loders | |||
Impairments | |||
Goodwill impairment | 108 | ||
Milling | |||
Impairments | |||
Pre-tax, impairment charges | 28 | ||
Goodwill impairment | 0 | 0 | |
Milling | Held-for-Sale | US Grain | |||
Impairments | |||
Loss on disposal | 170 | ||
Refined and Specialty Oil Products | |||
Impairments | |||
Pre-tax, impairment charges | 148 | ||
Goodwill impairment | 0 | 0 | |
Sugar and Bioenergy | |||
Impairments | |||
Pre-tax, impairment charges | 1,535 | ||
Goodwill impairment | 0 | 0 | |
Agribusiness | |||
Impairments | |||
Pre-tax, impairment charges | 91 | ||
Goodwill impairment | 0 | $ 0 | |
Agribusiness | Property, plant and equipment at a port | Poland | |||
Impairments | |||
Property, plant and equipment impairment | 158 | ||
China Oil Facility | Refined and Specialty Oil Products | |||
Impairments | |||
Pre-tax, impairment charges | 50 | ||
China Oil Facility | Refined and Specialty Oil Products | Non- Controlling Interests | |||
Impairments | |||
Pre-tax, impairment charges | 15 | ||
BP Bunge Bioenergia | Sugar and Bioenergy | |||
Impairments | |||
Pre-tax, impairment charges | 1,526 | ||
Selling, general and administrative expenses | |||
Impairments | |||
Pre-tax, impairment charges | 37 | ||
Cost of goods sold | |||
Impairments | |||
Pre-tax, impairment charges | 1,678 | ||
Cost of goods sold | China Oil Facility | Refined and Specialty Oil Products | |||
Impairments | |||
Pre-tax, impairment charges | $ 35 | ||
Other income (expense) | |||
Impairments | |||
Pre-tax, impairment charges | $ 110 |
INVESTMENTS IN AFFILIATES - NAR
INVESTMENTS IN AFFILIATES - NARRATIVE (Details) R$ in Millions, $ in Millions | Jan. 18, 2022USD ($) | Jan. 18, 2022BRL (R$) | Jan. 06, 2021USD ($) | Jan. 18, 2022BRL (R$) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019 |
Investments in Affiliates | |||||||
Maximum exposure to loss | $ 487 | $ 449 | |||||
Payments to acquire business interest | $ 35 | ||||||
Agricola Alvorada S.A. | Agribusiness | |||||||
Investments in Affiliates | |||||||
Ownership interest (as a percent) | 37.00% | ||||||
Agrofel Grãos e Insumos | Agribusiness | |||||||
Investments in Affiliates | |||||||
Ownership interest (as a percent) | 30.00% | ||||||
Caiasa - Complejo Agroindustrial Angostura S.A | Agribusiness | |||||||
Investments in Affiliates | |||||||
Ownership interest (as a percent) | 33.00% | ||||||
G3 | Agribusiness | |||||||
Investments in Affiliates | |||||||
Ownership interest (as a percent) | 25.00% | ||||||
Navegacoes Unidas Tapajos S.A. | Agribusiness | |||||||
Investments in Affiliates | |||||||
Ownership interest (as a percent) | 50.00% | ||||||
Terminais do Graneis do Guaruja("TGG") | Agribusiness | |||||||
Investments in Affiliates | |||||||
Ownership interest (as a percent) | 57.00% | ||||||
T6 port facility | Agribusiness | |||||||
Investments in Affiliates | |||||||
Ownership interest (as a percent) | 40.00% | ||||||
T6 Industrial crushing facility | Agribusiness | |||||||
Investments in Affiliates | |||||||
Ownership interest (as a percent) | 50.00% | ||||||
VAH | Agribusiness | |||||||
Investments in Affiliates | |||||||
Ownership interest (as a percent) | 50.00% | ||||||
VAH | Agribusiness | Wilmar International Limited | |||||||
Investments in Affiliates | |||||||
Ownership interest (as a percent) | 50.00% | ||||||
Oilseed Processing Facility In Vietnam | VAH | |||||||
Investments in Affiliates | |||||||
Ownership interest (as a percent) | 100.00% | ||||||
BP Bunge Bioenergia | |||||||
Investments in Affiliates | |||||||
Aggregate of all basis differences | $ 169 | 205 | |||||
Amortizable basis difference | $ 144 | $ 136 | |||||
Ownership interest (as a percent) | 50.00% | ||||||
BP Bunge Bioenergia | Sugar and Bioenergy | |||||||
Investments in Affiliates | |||||||
Ownership interest (as a percent) | 50.00% | 100.00% | |||||
ProMaiz | Sugar and Bioenergy | |||||||
Investments in Affiliates | |||||||
Ownership interest (as a percent) | 50.00% | ||||||
Australia Plant Proteins | Corporate & Other | |||||||
Investments in Affiliates | |||||||
Ownership interest (as a percent) | 22.00% | ||||||
Merit Functional Foods Corp. | Corporate & Other | |||||||
Investments in Affiliates | |||||||
Ownership interest (as a percent) | 29.00% | ||||||
Sinagro Produtos Agropecuários S.A. | Subsequent Event | |||||||
Investments in Affiliates | |||||||
Maximum exposure to loss | $ 93 | ||||||
Payments to acquire business interest | $ 45 | R$ 251 | |||||
Equity holding percentage | 33.00% | 33.00% | |||||
Guarantee | $ 145 | R$ 800 | |||||
Sinagro Produtos Agropecuários S.A. | Subsequent Event | Maximum | |||||||
Investments in Affiliates | |||||||
Guarantee | $ 48 |
INVESTMENTS IN AFFILIATES - SUM
INVESTMENTS IN AFFILIATES - SUMMARIZED FINANCIAL INFORMATION (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity Method Investment, Summarized Financial Information, Assets [Abstract] | |||||||||||
Current assets | $ 16,460 | $ 16,181 | $ 16,460 | $ 16,181 | |||||||
Total assets | 23,819 | 23,655 | 23,819 | 23,655 | $ 18,317 | ||||||
Current liabilities | 9,324 | 10,985 | 9,324 | 10,985 | |||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||||||||
Net sales | 16,683 | $ 14,117 | $ 15,391 | $ 12,961 | 12,610 | $ 10,159 | $ 9,462 | $ 9,173 | 59,152 | 41,404 | 41,140 |
Gross profit | 689 | 862 | 665 | 1,147 | 904 | 602 | 1,105 | 174 | 3,363 | 2,785 | 542 |
Net income (loss) | 232 | $ 649 | $ 369 | $ 917 | 569 | $ 267 | $ 522 | $ (193) | 2,167 | 1,165 | (1,291) |
Equity Method Investees | |||||||||||
Equity Method Investment, Summarized Financial Information, Assets [Abstract] | |||||||||||
Current assets | 3,416 | 2,266 | 3,416 | 2,266 | |||||||
Noncurrent assets | 3,446 | 3,391 | 3,446 | 3,391 | |||||||
Total assets | 6,862 | 5,657 | 6,862 | 5,657 | |||||||
Current liabilities | 2,373 | 1,351 | 2,373 | 1,351 | |||||||
Noncurrent liabilities | 2,156 | 2,233 | 2,156 | 2,233 | |||||||
Total liabilities | $ 4,529 | $ 3,584 | 4,529 | 3,584 | |||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||||||||
Net sales | 9,441 | 6,310 | 3,611 | ||||||||
Gross profit | 832 | 577 | 359 | ||||||||
Net income (loss) | $ 358 | $ (28) | $ 95 |
OTHER NON-CURRENT ASSETS - COMP
OTHER NON-CURRENT ASSETS - COMPOSITION (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Other Assets, Noncurrent [Abstract] | ||
Recoverable taxes, net | $ 66 | $ 115 |
Judicial deposits | 89 | 72 |
Other long-term receivables, net | 11 | 12 |
Income taxes receivable | 139 | 150 |
Long-term investments | 196 | 136 |
Affiliate loans receivable | 16 | 15 |
Long-term receivables from farmers in Brazil, net | 33 | 38 |
Unrealized gains on derivative contracts, at fair value | 49 | 111 |
Other | 120 | 97 |
Total | 719 | 746 |
Fair value of long term investments | 12 | 12 |
Allowance for recoverable taxes | $ 18 | $ 17 |
OTHER NON-CURRENT ASSETS - RECE
OTHER NON-CURRENT ASSETS - RECEIVABLES FROM FARMERS IN BRAZIL (Details) - Long-term receivables - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Aging of non-defaulted and renegotiated amounts | ||
Average recorded investment in long-term receivables | $ 92 | $ 132 |
Recorded Investment | ||
Total | 69 | 101 |
Allowance | 36 | 63 |
Legal collection process | ||
Recorded Investment | ||
For which an allowance has been provided | 42 | 73 |
For which no allowance has been provided | 20 | 22 |
Allowance | 35 | 60 |
Renegotiated amounts | ||
Recorded Investment | ||
For which an allowance has been provided | 3 | 6 |
For which no allowance has been provided | 2 | 0 |
Allowance | 1 | 3 |
Other long-term receivables | ||
Recorded Investment | ||
For which no allowance has been provided | $ 2 | $ 0 |
OTHER NON-CURRENT ASSETS - ALLO
OTHER NON-CURRENT ASSETS - ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) - Long-term receivables - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for Doubtful Accounts Related to Long Term Receivables | ||
Beginning balance | $ 63 | $ 96 |
Bad debt provisions | 3 | 12 |
Recoveries | (23) | (16) |
Write-offs | (4) | (7) |
Foreign currency translation | (3) | (22) |
Ending balance | $ 36 | $ 63 |
OTHER CURRENT LIABILITIES (Deta
OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Accrued liabilities | $ 689 | $ 652 |
Unrealized losses on derivative contracts at fair value | 1,713 | 3,226 |
Advances of sales | 437 | 406 |
Payable for purchase of shares | 0 | 149 |
Income tax payable | 168 | 57 |
Other | 418 | 350 |
Total | $ 3,425 | $ 4,840 |
INCOME TAXES - COMPONENTS (Deta
INCOME TAXES - COMPONENTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Components of Income From Operations Before Income Tax | |||
United States | $ 754 | $ 207 | $ (4) |
Non-United States | 1,811 | 1,206 | (1,201) |
Income (loss) from continuing operations before income tax | 2,565 | 1,413 | (1,205) |
Current: | |||
United States | 169 | (4) | 32 |
Non-United States | 501 | 181 | 78 |
Total | 670 | 177 | 110 |
Deferred: | |||
United States | 10 | 33 | (25) |
Non-United States | (282) | 38 | 1 |
Total | (272) | 71 | (24) |
Total | $ 398 | $ 248 | $ 86 |
INCOME TAXES - INCOME TAX RATE
INCOME TAXES - INCOME TAX RATE RECONCILIATION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Income Tax (Expense) Benefit | |||
Income (loss) from continuing operations before income tax | $ 2,565 | $ 1,413 | $ (1,205) |
Income tax rate (as percent) | 21.00% | 21.00% | 21.00% |
Income tax expense at the U.S. Federal tax rate | $ 539 | $ 297 | $ (253) |
Adjustments to derive effective tax rate: | |||
Foreign earnings taxed at different statutory rates | (99) | (18) | (66) |
Valuation allowances | 29 | (27) | 66 |
Fiscal incentives | (83) | (43) | (43) |
Foreign exchange on monetary items | 21 | 29 | 12 |
Tax rate changes | (4) | 3 | (8) |
Non-deductible expenses | 19 | 16 | 11 |
Uncertain tax positions | 33 | (11) | (29) |
Equity distributions, net | (4) | 0 | (7) |
Transition tax | 0 | 0 | (11) |
Incremental tax on future distributions | (6) | 6 | 0 |
State taxes | 17 | (4) | 3 |
Goodwill impairment - Loders | 0 | 0 | 28 |
Losses on Brazilian sugar and bioenergy contribution to joint venture | 0 | 0 | 379 |
Participation exemption - Loders Rotterdam sale | (53) | 0 | 0 |
Other | (11) | 0 | 4 |
Total | $ 398 | $ 248 | $ 86 |
INCOME TAXES - DEFERRED TAX ASS
INCOME TAXES - DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred income tax assets: | ||
Net operating loss carryforwards | $ 660 | $ 598 |
Operating lease obligations | 86 | 155 |
Employee benefits | 48 | 59 |
Tax credit carryforwards | 23 | 40 |
Inventories | 23 | 0 |
Accrued expenses and other | 195 | 142 |
Total deferred tax assets | 1,035 | 994 |
Less valuation allowances | (297) | (316) |
Deferred tax assets, net of valuation allowance | 738 | 678 |
Deferred income tax liabilities: | ||
Property, plant and equipment | 272 | 291 |
Operating lease assets | 86 | 153 |
Undistributed earnings of affiliates | 20 | 17 |
Investments | 18 | 15 |
Intangibles | 130 | 149 |
Inventories | 0 | 74 |
Total deferred tax liabilities | 526 | 699 |
Net deferred tax assets | $ 212 | |
Net deferred tax liabilities | $ (21) |
INCOME TAXES - NARRATIVE (Detai
INCOME TAXES - NARRATIVE (Details) R$ in Millions, $ in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021BRL (R$) | Dec. 31, 2021ARS ($) | Dec. 31, 2018USD ($) | |
Income Taxes | ||||||
Foreign unremitted earnings indefinitely reinvested | $ 1,000 | |||||
Income tax withholdings on undistributed earnings if earnings were to be distributed | 50 | |||||
Net operating loss carryforwards | 2,245 | $ 2,166 | ||||
Indefinite-lived loss carryforwards | $ 2,111 | 1,778 | ||||
Maximum percentage of annual utilization of carryforward of loss | 30.00% | |||||
Valuation allowances | $ 297 | 316 | ||||
Decrease in valuation allowance | 19 | |||||
Unrecognized tax benefits | 329 | 320 | $ 311 | $ 390 | ||
Interest and penalty charges in income tax expense (benefit) | 4 | 2 | (11) | |||
Unrecognized tax benefits, recognized by the end of year | 10 | |||||
Cash income tax payments | 531 | 140 | $ 123 | |||
Tax year 2006 through 2009 | ||||||
Income Taxes | ||||||
Income tax assessments | 40 | $ 4,069 | ||||
Other non-current liabilities | ||||||
Income Taxes | ||||||
Unrecognized tax benefits | 73 | 50 | ||||
Accrued interest and penalties | 14 | 12 | ||||
Current liabilities | ||||||
Income Taxes | ||||||
Unrecognized tax benefits | 8 | 2 | ||||
Accrued interest and penalties | 2 | 1 | ||||
Brazil | ||||||
Income Taxes | ||||||
Indefinite-lived loss carryforwards | 1,060 | $ 870 | ||||
Brazil | Income tax examination through year 2012 | ||||||
Income Taxes | ||||||
Unrecognized tax benefits | 3 | R$ 19 | ||||
Total proposed adjustments | $ 981 | R$ 5475 |
INCOME TAXES - RECONCILIATION O
INCOME TAXES - RECONCILIATION OF UNRECOGNIZED TAX BENEFITS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits | |||
Balance at the beginning of the period | $ 320 | $ 311 | $ 390 |
Additions based on tax positions related to the current year | 14 | 3 | 2 |
Additions based on tax positions related to prior years | 22 | 1 | 7 |
Reductions for tax positions of prior years | 0 | (1) | (27) |
Settlements with tax authorities | (2) | (4) | (26) |
Expiration of statute of limitations | (3) | (15) | (11) |
Reductions due to dispositions | 0 | 0 | (19) |
Foreign currency translation | (22) | 25 | (5) |
Balance at the end of the period | $ 329 | $ 320 | $ 311 |
FAIR VALUE MEASUREMENTS - ASSET
FAIR VALUE MEASUREMENTS - ASSETS AND LIABILITIES AT FAIR VALUE (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Liabilities: | ||
Trade accounts payable | $ 568 | $ 294 |
Unrealized loss on derivative contracts | 1,713 | 3,226 |
Held-for-sale | ||
Assets: | ||
Unrealized gain on derivative contracts | 2 | 63 |
Liabilities: | ||
Trade accounts payable | 0 | 40 |
Unrealized loss on derivative contracts | 1 | 2 |
Other noncurrent assets | ||
Liabilities: | ||
Unrealized gains (losses) on derivative contracts | 49 | 111 |
Other non-current liabilities | ||
Liabilities: | ||
Unrealized gains (losses) on derivative contracts | (49) | (7) |
Assets and liabilities measured at fair value on a recurring basis | ||
Assets: | ||
Readily marketable inventories | 6,869 | 6,326 |
Trade accounts receivable | 1 | 5 |
Total assets | 9,047 | 10,427 |
Liabilities: | ||
Trade accounts payable | 568 | 294 |
Total liabilities | 2,331 | 3,528 |
Assets and liabilities measured at fair value on a recurring basis | Hedge accounting | Interest rate | ||
Assets: | ||
Unrealized gain on derivative contracts | 49 | 100 |
Liabilities: | ||
Unrealized loss on derivative contracts | 47 | 15 |
Assets and liabilities measured at fair value on a recurring basis | Hedge accounting | Foreign exchange | ||
Assets: | ||
Unrealized gain on derivative contracts | 340 | 534 |
Liabilities: | ||
Unrealized loss on derivative contracts | 309 | 701 |
Assets and liabilities measured at fair value on a recurring basis | Economic hedges | ||
Assets: | ||
Other | 497 | 367 |
Assets and liabilities measured at fair value on a recurring basis | Economic hedges | Commodities | ||
Assets: | ||
Unrealized gain on derivative contracts | 1,152 | 3,037 |
Liabilities: | ||
Unrealized loss on derivative contracts | 1,214 | 2,490 |
Assets and liabilities measured at fair value on a recurring basis | Economic hedges | Freight | ||
Assets: | ||
Unrealized gain on derivative contracts | 84 | 14 |
Liabilities: | ||
Unrealized loss on derivative contracts | 162 | 16 |
Assets and liabilities measured at fair value on a recurring basis | Economic hedges | Energy | ||
Assets: | ||
Unrealized gain on derivative contracts | 48 | 44 |
Liabilities: | ||
Unrealized loss on derivative contracts | 30 | 12 |
Assets and liabilities measured at fair value on a recurring basis | Economic hedges | Credit | ||
Assets: | ||
Unrealized gain on derivative contracts | 6 | 0 |
Liabilities: | ||
Unrealized loss on derivative contracts | 1 | 0 |
Assets and liabilities measured at fair value on a recurring basis | Economic hedges | Equity | ||
Assets: | ||
Unrealized gain on derivative contracts | 1 | 0 |
Assets and liabilities measured at fair value on a recurring basis | Level 1 | ||
Assets: | ||
Readily marketable inventories | 0 | 0 |
Trade accounts receivable | 0 | 0 |
Total assets | 278 | 267 |
Liabilities: | ||
Trade accounts payable | 0 | 0 |
Total liabilities | 289 | 260 |
Assets and liabilities measured at fair value on a recurring basis | Level 1 | Hedge accounting | Interest rate | ||
Assets: | ||
Unrealized gain on derivative contracts | 0 | 0 |
Liabilities: | ||
Unrealized loss on derivative contracts | 0 | 0 |
Assets and liabilities measured at fair value on a recurring basis | Level 1 | Hedge accounting | Foreign exchange | ||
Assets: | ||
Unrealized gain on derivative contracts | 0 | 3 |
Liabilities: | ||
Unrealized loss on derivative contracts | 0 | 0 |
Assets and liabilities measured at fair value on a recurring basis | Level 1 | Economic hedges | ||
Assets: | ||
Other | 91 | 15 |
Assets and liabilities measured at fair value on a recurring basis | Level 1 | Economic hedges | Commodities | ||
Assets: | ||
Unrealized gain on derivative contracts | 63 | 191 |
Liabilities: | ||
Unrealized loss on derivative contracts | 98 | 232 |
Assets and liabilities measured at fair value on a recurring basis | Level 1 | Economic hedges | Freight | ||
Assets: | ||
Unrealized gain on derivative contracts | 79 | 14 |
Liabilities: | ||
Unrealized loss on derivative contracts | 162 | 16 |
Assets and liabilities measured at fair value on a recurring basis | Level 1 | Economic hedges | Energy | ||
Assets: | ||
Unrealized gain on derivative contracts | 44 | 44 |
Liabilities: | ||
Unrealized loss on derivative contracts | 29 | 12 |
Assets and liabilities measured at fair value on a recurring basis | Level 1 | Economic hedges | Credit | ||
Assets: | ||
Unrealized gain on derivative contracts | 0 | 0 |
Liabilities: | ||
Unrealized loss on derivative contracts | 0 | 0 |
Assets and liabilities measured at fair value on a recurring basis | Level 1 | Economic hedges | Equity | ||
Assets: | ||
Unrealized gain on derivative contracts | 1 | 0 |
Assets and liabilities measured at fair value on a recurring basis | Level 2 | ||
Assets: | ||
Readily marketable inventories | 6,664 | 6,118 |
Trade accounts receivable | 1 | 5 |
Total assets | 8,530 | 9,889 |
Liabilities: | ||
Trade accounts payable | 545 | 285 |
Total liabilities | 1,954 | 3,188 |
Assets and liabilities measured at fair value on a recurring basis | Level 2 | Hedge accounting | Interest rate | ||
Assets: | ||
Unrealized gain on derivative contracts | 49 | 100 |
Liabilities: | ||
Unrealized loss on derivative contracts | 47 | 15 |
Assets and liabilities measured at fair value on a recurring basis | Level 2 | Hedge accounting | Foreign exchange | ||
Assets: | ||
Unrealized gain on derivative contracts | 340 | 531 |
Liabilities: | ||
Unrealized loss on derivative contracts | 309 | 701 |
Assets and liabilities measured at fair value on a recurring basis | Level 2 | Economic hedges | ||
Assets: | ||
Other | 406 | 352 |
Assets and liabilities measured at fair value on a recurring basis | Level 2 | Economic hedges | Commodities | ||
Assets: | ||
Unrealized gain on derivative contracts | 1,055 | 2,783 |
Liabilities: | ||
Unrealized loss on derivative contracts | 1,051 | 2,187 |
Assets and liabilities measured at fair value on a recurring basis | Level 2 | Economic hedges | Freight | ||
Assets: | ||
Unrealized gain on derivative contracts | 5 | 0 |
Liabilities: | ||
Unrealized loss on derivative contracts | 0 | 0 |
Assets and liabilities measured at fair value on a recurring basis | Level 2 | Economic hedges | Energy | ||
Assets: | ||
Unrealized gain on derivative contracts | 4 | 0 |
Liabilities: | ||
Unrealized loss on derivative contracts | 1 | 0 |
Assets and liabilities measured at fair value on a recurring basis | Level 2 | Economic hedges | Credit | ||
Assets: | ||
Unrealized gain on derivative contracts | 6 | 0 |
Liabilities: | ||
Unrealized loss on derivative contracts | 1 | 0 |
Assets and liabilities measured at fair value on a recurring basis | Level 2 | Economic hedges | Equity | ||
Assets: | ||
Unrealized gain on derivative contracts | 0 | 0 |
Assets and liabilities measured at fair value on a recurring basis | Level 3 | ||
Assets: | ||
Readily marketable inventories | 205 | 208 |
Trade accounts receivable | 0 | 0 |
Total assets | 239 | 271 |
Liabilities: | ||
Trade accounts payable | 23 | 9 |
Total liabilities | 88 | 80 |
Assets and liabilities measured at fair value on a recurring basis | Level 3 | Hedge accounting | Interest rate | ||
Assets: | ||
Unrealized gain on derivative contracts | 0 | 0 |
Liabilities: | ||
Unrealized loss on derivative contracts | 0 | 0 |
Assets and liabilities measured at fair value on a recurring basis | Level 3 | Hedge accounting | Foreign exchange | ||
Assets: | ||
Unrealized gain on derivative contracts | 0 | 0 |
Liabilities: | ||
Unrealized loss on derivative contracts | 0 | 0 |
Assets and liabilities measured at fair value on a recurring basis | Level 3 | Economic hedges | ||
Assets: | ||
Other | 0 | 0 |
Assets and liabilities measured at fair value on a recurring basis | Level 3 | Economic hedges | Commodities | ||
Assets: | ||
Unrealized gain on derivative contracts | 34 | 63 |
Liabilities: | ||
Unrealized loss on derivative contracts | 65 | 71 |
Assets and liabilities measured at fair value on a recurring basis | Level 3 | Economic hedges | Freight | ||
Assets: | ||
Unrealized gain on derivative contracts | 0 | 0 |
Liabilities: | ||
Unrealized loss on derivative contracts | 0 | 0 |
Assets and liabilities measured at fair value on a recurring basis | Level 3 | Economic hedges | Energy | ||
Assets: | ||
Unrealized gain on derivative contracts | 0 | 0 |
Liabilities: | ||
Unrealized loss on derivative contracts | 0 | 0 |
Assets and liabilities measured at fair value on a recurring basis | Level 3 | Economic hedges | Credit | ||
Assets: | ||
Unrealized gain on derivative contracts | 0 | 0 |
Liabilities: | ||
Unrealized loss on derivative contracts | 0 | 0 |
Assets and liabilities measured at fair value on a recurring basis | Level 3 | Economic hedges | Equity | ||
Assets: | ||
Unrealized gain on derivative contracts | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - RECON
FAIR VALUE MEASUREMENTS - RECONCILIATION FOR ASSETS AND LIABILITIES MEASURE AT FAIR VALUE USING LEVEL 3 (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Total | ||
Balance at beginning of period | $ 191 | $ 176 |
Purchases | 3,095 | 1,888 |
Sales | (5,095) | (3,202) |
Issuances | (2) | (3) |
Settlements | 168 | 252 |
Transfers into Level 3 | 1,426 | 980 |
Transfers out of Level 3 | (92) | (643) |
Balance at end of period | 151 | 191 |
Cost of goods sold | ||
Total | ||
Total gains and losses (realized/unrealized) included in cost of goods sold | 460 | 743 |
Readily Marketable Inventories | ||
Readily Marketable Inventories | ||
Balance at beginning of period | 208 | 231 |
Purchases | 3,344 | 2,183 |
Sales | (5,095) | (3,202) |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Transfers into Level 3 | 1,656 | 1,044 |
Transfers out of Level 3 | (339) | (796) |
Balance at end of period | 205 | 208 |
Total | ||
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities | 475 | 544 |
Readily Marketable Inventories | Cost of goods sold | ||
Readily Marketable Inventories | ||
Total gains and losses (realized/unrealized) included in cost of goods sold | 431 | 748 |
Derivatives, Net | ||
Derivatives, Net | ||
Balance at beginning of period | (8) | (24) |
Purchases | 3 | 3 |
Sales | 0 | 0 |
Issuances | (2) | (3) |
Settlements | (49) | 22 |
Transfers into Level 3 | (17) | 13 |
Transfers out of Level 3 | 40 | 5 |
Balance at end of period | (31) | (8) |
Total | ||
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities | (48) | (29) |
Derivatives, Net | Cost of goods sold | ||
Derivatives, Net | ||
Total gains and losses (realized/unrealized) included in cost of goods sold | 2 | (24) |
Trade Accounts Payable | ||
Trade Accounts Receivable/ Payable, Net | ||
Balance at beginning of period | (9) | (31) |
Purchases | (252) | (298) |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 217 | 230 |
Transfers into Level 3 | (213) | (77) |
Transfers out of Level 3 | 207 | 148 |
Balance at end of period | (23) | (9) |
Total | ||
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities | 27 | 19 |
Trade Accounts Payable | Cost of goods sold | ||
Trade Accounts Receivable/ Payable, Net | ||
Total gains and losses (realized/unrealized) included in cost of goods sold | $ 27 | $ 19 |
DERIVATIVE INSTRUMENTS AND HE_3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - DERIVATIVE POSITIONS (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)MMBTUMWhdayt | Dec. 31, 2020USD ($)MWhMMBTUdayt | Dec. 31, 2019USD ($) | |
Interest rate | Long | Swaps | |||
Derivative | |||
Notional amount of derivative | $ 2,924 | $ 1,989 | |
Interest rate | Long | Forward Rate Agreements | |||
Derivative | |||
Notional amount of derivative | 0 | 1,216 | |
Interest rate | (Short) | Swaps | |||
Derivative | |||
Notional amount of derivative | 2,506 | 1,418 | |
Interest rate | (Short) | Forward Rate Agreements | |||
Derivative | |||
Notional amount of derivative | 0 | 805 | |
Currency | Long | Swaps | |||
Derivative | |||
Notional amount of derivative | 1,362 | 422 | |
Currency | Long | Forwards | |||
Derivative | |||
Notional amount of derivative | 12,961 | 11,272 | |
Currency | Long | Futures | |||
Derivative | |||
Notional amount of derivative | 0 | 0 | |
Currency | Long | Options | |||
Derivative | |||
Delta amount of derivative | 88 | 100 | |
Currency | (Short) | Swaps | |||
Derivative | |||
Notional amount of derivative | 1,422 | 413 | |
Currency | (Short) | Forwards | |||
Derivative | |||
Notional amount of derivative | 14,065 | 13,171 | |
Currency | (Short) | Futures | |||
Derivative | |||
Notional amount of derivative | 8 | 55 | |
Currency | (Short) | Options | |||
Derivative | |||
Delta amount of derivative | $ 106 | $ 142 | |
Agricultural commodities | Long | Swaps | |||
Derivative | |||
Nonmonetary notional amount of derivatives | t | 33,250 | 0 | |
Agricultural commodities | Long | Forwards | |||
Derivative | |||
Nonmonetary notional amount of derivatives | t | 29,329,244 | 38,332,313 | |
Agricultural commodities | Long | Futures | |||
Derivative | |||
Nonmonetary notional amount of derivatives | t | 0 | 0 | |
Agricultural commodities | Long | Options | |||
Derivative | |||
Nonmonetary notional amount of derivatives | t | 218,106 | 0 | |
Agricultural commodities | (Short) | Swaps | |||
Derivative | |||
Nonmonetary notional amount of derivatives | t | 502,652 | 1,700,972 | |
Agricultural commodities | (Short) | Forwards | |||
Derivative | |||
Nonmonetary notional amount of derivatives | t | 34,810,969 | 39,743,593 | |
Agricultural commodities | (Short) | Futures | |||
Derivative | |||
Nonmonetary notional amount of derivatives | t | 7,221,848 | 11,422,365 | |
Agricultural commodities | (Short) | Options | |||
Derivative | |||
Nonmonetary notional amount of derivatives | t | 116,370 | 280,240 | |
Ocean freight | Long | Forwards | |||
Derivative | |||
Nonmonetary notional amount of derivatives | day | 12,010 | 3,055 | |
Ocean freight | Long | Options | |||
Derivative | |||
Nonmonetary notional amount of derivatives | day | 548 | 0 | |
Ocean freight | (Short) | Forwards | |||
Derivative | |||
Nonmonetary notional amount of derivatives | day | 18,723 | 0 | |
Ocean freight | (Short) | Options | |||
Derivative | |||
Nonmonetary notional amount of derivatives | day | 0 | 0 | |
Natural gas | Long | Swaps | |||
Derivative | |||
Nonmonetary notional amount of derivatives | MMBTU | 1,764,455 | 1,040,284 | |
Natural gas | Long | Futures | |||
Derivative | |||
Nonmonetary notional amount of derivatives | MMBTU | 5,147,500 | 7,210,000 | |
Natural gas | (Short) | Swaps | |||
Derivative | |||
Nonmonetary notional amount of derivatives | MMBTU | 0 | 0 | |
Natural gas | (Short) | Futures | |||
Derivative | |||
Nonmonetary notional amount of derivatives | MMBTU | 0 | 0 | |
Energy - other | Long | Swaps | |||
Derivative | |||
Nonmonetary notional amount of derivatives | t | 741,307 | 413,542 | |
Energy - other | (Short) | Swaps | |||
Derivative | |||
Nonmonetary notional amount of derivatives | t | 426,476 | 0 | |
Other | Long | Swaps and futures | |||
Derivative | |||
Notional amount of derivative | $ 20 | $ 30 | |
Other | (Short) | Swaps and futures | |||
Derivative | |||
Notional amount of derivative | $ 585 | $ 30 | |
Electricity Derivatives | Long | Swaps | |||
Derivative | |||
Nonmonetary notional amount of derivatives | MWh | 670,973 | 0 | |
Electricity Derivatives | (Short) | Swaps | |||
Derivative | |||
Nonmonetary notional amount of derivatives | MWh | 256,949 | 0 | |
Fair Value Hedging | Interest rate | |||
Derivative | |||
Carrying value of hedged debt | $ 3,990 | $ 2,465 | |
Cumulative adjustment to long-term debt from application of hedge accounting | 0 | 92 | |
Notional amount of derivative | 4,006 | 2,382 | |
Fair Value Hedging | Currency | |||
Derivative | |||
Carrying value of hedged debt | 267 | 297 | |
Notional amount of derivative | 267 | 297 | |
Cash Flow Hedges | |||
Derivative | |||
Cash flow hedge of foreign currency risk | 3 | ||
Cash Flow Hedges | Currency | |||
Derivative | |||
Cash flow hedge of foreign currency risk | (3) | 3 | $ (5) |
Cash Flow Hedges | Currency | Forwards | |||
Derivative | |||
Notional amount of derivative | 148 | 182 | |
Cash Flow Hedges | Currency | Options | |||
Derivative | |||
Notional amount of derivative | 60 | 90 | |
Cash Flow Hedges | Agricultural commodities | |||
Derivative | |||
Cash flow hedge of foreign currency risk | 0 | 0 | $ (20) |
Net Investment Hedges | Currency | |||
Derivative | |||
Notional amount of derivative | $ 1,020 | $ 1,875 |
DERIVATIVE INSTRUMENTS AND HE_4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - EFFECT OF DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flow Hedges | |||
Derivative Instruments, Gain (Loss) | |||
Cash flow hedge of foreign currency risk | $ 3 | ||
Cost of goods sold | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) recognized in income on derivative instruments | (1,712) | $ (1,433) | $ 188 |
Interest expense | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) recognized in income on derivative instruments | 31 | 14 | (22) |
Foreign exchange gains (losses) - net | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) recognized in income on derivative instruments | 36 | (234) | 44 |
Other income | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) recognized in income on derivative instruments | 1 | 0 | 0 |
Foreign currency | |||
Derivative Instruments, Gain (Loss) | |||
Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in other comprehensive income (loss) during the period | 2 | (5) | 15 |
Foreign currency | Fair Value Hedging | |||
Derivative Instruments, Gain (Loss) | |||
Gains and losses on derivatives used as net investment hedges and foreign currency risk included in other comprehensive income (loss) during the period | (1) | (1) | (1) |
Foreign currency | Net Investment Hedges | |||
Derivative Instruments, Gain (Loss) | |||
Gains and losses on derivatives used as net investment hedges and foreign currency risk included in other comprehensive income (loss) during the period | (16) | 41 | (47) |
Foreign currency | Cash Flow Hedges | |||
Derivative Instruments, Gain (Loss) | |||
Cash flow hedge of foreign currency risk | (3) | 3 | (5) |
Foreign currency | Cash Flow Hedges | BP Bunge Bioenergia | |||
Derivative Instruments, Gain (Loss) | |||
Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in other comprehensive income (loss) during the period | (21) | (38) | 0 |
Commodities | |||
Derivative Instruments, Gain (Loss) | |||
Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in other comprehensive income (loss) during the period | 0 | 0 | 20 |
Commodities | Cash Flow Hedges | |||
Derivative Instruments, Gain (Loss) | |||
Cash flow hedge of foreign currency risk | 0 | 0 | (20) |
Foreign currency | Net Investment Hedges | |||
Derivative Instruments, Gain (Loss) | |||
Foreign currency gains and losses on intercompany loans used as net investment hedges included in other comprehensive income (loss) during the period | 0 | (67) | 17 |
Hedge accounting | Foreign currency | Net sales | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) on hedge accounting | 2 | (14) | (3) |
Hedge accounting | Foreign currency | Foreign exchange gains (losses) - net | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) on hedge accounting | (28) | 27 | 11 |
Hedge accounting | Commodities | Cost of goods sold | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) on hedge accounting | 0 | 0 | 20 |
Hedge accounting | Interest rate | Interest expense | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) on hedge accounting | 30 | 15 | (12) |
Economic hedges | Foreign currency | Cost of goods sold | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) on economic hedges | (7) | (1,250) | 172 |
Economic hedges | Foreign currency | Foreign exchange gains (losses) - net | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) on economic hedges | 64 | (261) | 33 |
Economic hedges | Commodities | Cost of goods sold | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) on economic hedges | (1,749) | (225) | (50) |
Economic hedges | Other | Cost of goods sold | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) on economic hedges | 44 | 42 | 46 |
Economic hedges | Interest rate | Interest expense | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) on economic hedges | 1 | (1) | (10) |
Economic hedges | Interest rate | Other income | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) on economic hedges | $ 1 | $ 0 | $ 0 |
SHORT-TERM DEBT AND CREDIT FA_3
SHORT-TERM DEBT AND CREDIT FACILITIES - SUMMARY (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Lines of Credit: | ||
Short-term debt | $ 673 | $ 2,828 |
Short-term borrowings weighted-average interest rate (as a percent) | 19.62% | 5.49% |
Commercial paper | ||
Lines of Credit: | ||
Short-term debt | $ 0 | $ 549 |
Revolving credit facilities | ||
Lines of Credit: | ||
Short-term debt | 0 | 944 |
Unsecured, variable interest rate | ||
Lines of Credit: | ||
Short-term debt | $ 673 | 1,335 |
Unsecured, variable interest rate | Minimum | ||
Lines of Credit: | ||
Variable interest rate | 0.56% | |
Unsecured, variable interest rate | Maximum | ||
Lines of Credit: | ||
Variable interest rate | 42.50% | |
Unsecured local currency borrowings in high interest rate jurisdictions | ||
Lines of Credit: | ||
Short-term debt | $ 566 | $ 558 |
Short-term borrowings weighted-average interest rate (as a percent) | 23.14% | 24.54% |
Secured Debt | ||
Lines of Credit: | ||
Short-term debt | $ 41 | $ 0 |
SHORT-TERM DEBT AND CREDIT FA_4
SHORT-TERM DEBT AND CREDIT FACILITIES - NARRATIVE (Details) - USD ($) | Dec. 16, 2021 | Jul. 16, 2021 | Jul. 15, 2021 | Feb. 25, 2021 | Feb. 23, 2021 | Dec. 31, 2021 | Oct. 29, 2021 | Oct. 28, 2021 | Dec. 31, 2020 |
Lines of Credit: | |||||||||
Short-term debt | $ 673,000,000 | $ 2,828,000,000 | |||||||
Delayed Draw Loan | |||||||||
Lines of Credit: | |||||||||
Aggregate principal amount | 250,000,000 | $ 250,000,000 | |||||||
Commercial paper | |||||||||
Lines of Credit: | |||||||||
Commercial paper | 0 | 549,000,000 | |||||||
Short-term debt | 0 | 549,000,000 | |||||||
Commercial paper | Maximum | |||||||||
Lines of Credit: | |||||||||
Commercial paper | 600,000,000 | ||||||||
Liquidity Facility | |||||||||
Lines of Credit: | |||||||||
Borrowings outstanding | 0 | 0 | |||||||
Line of Credit | |||||||||
Lines of Credit: | |||||||||
Maximum borrowing capacity | 5,565,000,000 | 5,565,000,000 | |||||||
Unused and available committed borrowing capacity | 5,815,000,000 | ||||||||
Debt instrument unused and available borrowing capacity amount | 4,072,000,000 | ||||||||
Line of Credit | Revolving Credit Facility | Revolving Credit Facility Maturing July 2022 | |||||||||
Lines of Credit: | |||||||||
Maximum borrowing capacity | $ 1,000,000,000 | ||||||||
Term of debt | 364 days | ||||||||
Additional lender request | $ 250,000,000 | ||||||||
Short-term debt | 0 | ||||||||
Line of Credit | Revolving Credit Facility | Revolving Credit Facility Maturing 2021 | |||||||||
Lines of Credit: | |||||||||
Maximum borrowing capacity | $ 1,250,000,000 | ||||||||
Term of debt | 364 days | ||||||||
Line of Credit | Revolving Credit Facility | Revolving Credit Facility Maturing 2026 | |||||||||
Lines of Credit: | |||||||||
Maximum borrowing capacity | $ 1,350,000,000 | ||||||||
Term of debt | 5 years | ||||||||
Additional lender request | $ 200,000,000 | ||||||||
Short-term debt | 0 | ||||||||
Line of Credit | Revolving Credit Facility | Revolving Credit Facility Maturing 2023 | |||||||||
Lines of Credit: | |||||||||
Maximum borrowing capacity | $ 1,100,000,000 | ||||||||
Term of debt | 5 years | ||||||||
Line of Credit | Revolving Credit Facility | Revolving Credit Facility Maturing October 2026 | |||||||||
Lines of Credit: | |||||||||
Maximum borrowing capacity | $ 865,000,000 | ||||||||
Short-term debt | 0 | ||||||||
Line of Credit | Revolving Credit Facility | Revolving Credit Facility Maturing September 2022 | |||||||||
Lines of Credit: | |||||||||
Maximum borrowing capacity | $ 865,000,000 | ||||||||
Line of Credit | Revolving Credit Facility | Revolving Credit Facility Maturing 2022 | |||||||||
Lines of Credit: | |||||||||
Maximum borrowing capacity | $ 1,750,000,000 | ||||||||
Short-term debt | 0 | ||||||||
Maximum additional commitments that may be made available | $ 250,000,000 | ||||||||
Line of Credit | Revolving Credit Facility | Revolving Credit Facility Maturing 2022 | Minimum | |||||||||
Lines of Credit: | |||||||||
Unused commitment fee (percent) | 0.10% | ||||||||
Line of Credit | Revolving Credit Facility | Revolving Credit Facility Maturing 2022 | Minimum | LIBOR | |||||||||
Lines of Credit: | |||||||||
Basis spread on variable rate | 0.30% | ||||||||
Line of Credit | Revolving Credit Facility | Revolving Credit Facility Maturing 2022 | Maximum | |||||||||
Lines of Credit: | |||||||||
Unused commitment fee (percent) | 0.40% | ||||||||
Line of Credit | Revolving Credit Facility | Revolving Credit Facility Maturing 2022 | Maximum | LIBOR | |||||||||
Lines of Credit: | |||||||||
Basis spread on variable rate | 1.30% | ||||||||
Bilateral Short-Term Credit Line | |||||||||
Lines of Credit: | |||||||||
Short-term debt | 0 | 550,000,000 | |||||||
Local Bank Line of Credit | |||||||||
Lines of Credit: | |||||||||
Short-term debt | $ 673,000,000 | $ 785,000,000 | |||||||
Term Loan | |||||||||
Lines of Credit: | |||||||||
Term of debt | 364 days | 364 days | |||||||
Aggregate principal amount | $ 250,000,000 | $ 125,000,000 |
LONG-TERM DEBT - OUTSTANDING (D
LONG-TERM DEBT - OUTSTANDING (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Long-term debt obligations | ||
Subtotal | $ 5,291 | $ 4,460 |
Less: Current portion of long-term debt | (504) | (8) |
Total long-term debt | 4,787 | 4,452 |
Secured Debt | ||
Long-term debt obligations | ||
Less: Current portion of long-term debt | (2) | (1) |
Total long-term debt | 50 | 5 |
Term loan due 2024 - three-month Yen LIBOR plus 0.75% (Tranche A) (3) | ||
Long-term debt obligations | ||
Subtotal | $ 267 | 297 |
Term loan due 2024 - three-month Yen LIBOR plus 0.75% (Tranche A) (3) | Yen LIBOR | ||
Long-term debt obligations | ||
Basis spread on variable rate | 0.75% | |
Term loan due 2024 - three-month LIBOR plus 1.30% (Tranche B) | ||
Long-term debt obligations | ||
Subtotal | $ 89 | 89 |
Term loan due 2024 - three-month LIBOR plus 1.30% (Tranche B) | LIBOR | ||
Long-term debt obligations | ||
Basis spread on variable rate | 1.30% | |
3.00% Senior Notes due 2022 | ||
Long-term debt obligations | ||
Interest rate | 3.00% | |
Subtotal | $ 399 | 399 |
1.85% Senior Notes due 2023—Euro | Euro | ||
Long-term debt obligations | ||
Interest rate | 1.85% | |
Subtotal | $ 906 | 982 |
4.35% Senior Notes due 2024 | ||
Long-term debt obligations | ||
Interest rate | 4.35% | |
Subtotal | $ 598 | 597 |
1.63% Senior Notes due 2025 | ||
Long-term debt obligations | ||
Interest rate | 1.63% | |
Subtotal | $ 596 | 595 |
3.25% Senior Notes due 2026 | ||
Long-term debt obligations | ||
Interest rate | 3.25% | |
Subtotal | $ 697 | 696 |
3.75% Senior Notes due 2027 | ||
Long-term debt obligations | ||
Interest rate | 3.75% | |
Subtotal | $ 596 | 595 |
2.75% Senior Notes due 2031 | ||
Long-term debt obligations | ||
Interest rate | 2.75% | |
Subtotal | $ 989 | 0 |
Other | ||
Long-term debt obligations | ||
Subtotal | $ 154 | $ 210 |
LONG-TERM DEBT - FAIR VALUE (De
LONG-TERM DEBT - FAIR VALUE (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Carrying Value | ||
Debt | ||
Long-term debt, including current portion | $ 5,291 | $ 4,460 |
Fair value | Level 2 | ||
Debt | ||
Long-term debt, including current portion | $ 5,489 | $ 4,646 |
LONG-TERM DEBT - NARRATIVE (Det
LONG-TERM DEBT - NARRATIVE (Details) - USD ($) | May 14, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 23, 2022 | Oct. 29, 2021 |
Debt | |||||||
Amount outstanding | $ 5,291,000,000 | $ 4,460,000,000 | |||||
Interest paid, net of capitalization | 285,000,000 | 264,000,000 | $ 327,000,000 | ||||
Subsidiaries | Collateralized debt obligations | |||||||
Debt | |||||||
Land, property, equipment and investments mortgaged, net carrying value | 54,000,000 | ||||||
Amount outstanding | 50,000,000 | ||||||
Subsidiaries | Bunge Limited Finance Corp. | |||||||
Debt | |||||||
Ownership interest (in percent) | 100.00% | ||||||
Delayed Draw Loan | |||||||
Debt | |||||||
Aggregate principal amount | $ 250,000,000 | $ 250,000,000 | |||||
Unsecured Senior Notes Due May 14, 2031 | Senior Notes | |||||||
Debt | |||||||
Aggregate principal amount | $ 1,000,000,000 | ||||||
Interest rate | 2.75% | ||||||
Proceeds from unsecured note payable | $ 990,000,000 | ||||||
4.35% Senior Notes due 2024 | |||||||
Debt | |||||||
Interest rate | 4.35% | ||||||
Amount outstanding | $ 598,000,000 | $ 597,000,000 | |||||
4.35% Senior Notes due 2024 | Forecast [Member] | Minimum | |||||||
Debt | |||||||
Interest expense | $ 40,000,000 | ||||||
4.35% Senior Notes due 2024 | Forecast [Member] | Maximum | |||||||
Debt | |||||||
Interest expense | $ 50,000,000 | ||||||
4.35% Senior Notes due 2024 | Subsequent Event | |||||||
Debt | |||||||
Interest rate | 4.35% |
LONG-TERM DEBT - PRINCIPAL MATU
LONG-TERM DEBT - PRINCIPAL MATURITIES (Details) $ in Millions | Dec. 31, 2021USD ($) |
Principal Maturities of Long-Term Debt | |
2022 | $ 508 |
2023 | 945 |
2024 | 959 |
2025 | 601 |
2026 | 700 |
Thereafter | 1,603 |
Total | 5,316 |
Changes in long-term debt attributable to fair value hedge | 1 |
Deferred financing fees | $ 26 |
EMPLOYEE BENEFIT PLANS - NARRAT
EMPLOYEE BENEFIT PLANS - NARRATIVE (Details) - USD ($) $ in Millions | Jul. 24, 2020 | Mar. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Employee defined contribution plans | $ 17 | $ 16 | $ 16 | |||
Pension Benefits | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Decrease in benefit obligation due to settlement | $ 88 | |||||
Reclass of unamortized loss from other comprehensive income | 12 | |||||
Employer contributions | $ 65 | 22 | 84 | |||
Net transfers in (out) | 0 | 0 | ||||
Unrecognized prior service cost, net of tax | 3 | |||||
Unrecognized actuarial loss, net of tax | 123 | |||||
Estimated contribution by employer, next fiscal year | $ 21 | |||||
Pension Benefits | Forecast [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Decrease in benefit obligation due to settlement | $ 3 | |||||
Reclass of unamortized loss from other comprehensive income | $ 38 | |||||
Pension Benefits | Mutual funds - fixed income | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target asset allocation (as a percent) | 60.00% | |||||
Pension Benefits | Equities Mutual funds | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target asset allocation (as a percent) | 40.00% | |||||
Pension Benefits | Immunizing Assets | Minimum | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target asset allocation (as a percent) | 70.00% | |||||
Pension Benefits | Immunizing Assets | Maximum | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target asset allocation (as a percent) | 80.00% | |||||
Pension Benefits | Growth Assets | Minimum | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target asset allocation (as a percent) | 20.00% | |||||
Pension Benefits | Growth Assets | Maximum | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target asset allocation (as a percent) | 30.00% | |||||
International Plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Reclass of unamortized loss from other comprehensive income | $ 4 | |||||
Postretirement Benefits | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Employer contributions | $ 4 | $ 5 | ||||
Annual rate of increase in the per capita cost of covered health care benefits assumed (as a percent) | 6.80% | 7.20% | 6.80% | |||
Decreased annual rate of increase in the per capita cost of covered healthcare by 2038 and thereafter (as a percent) | 6.60% | 6.60% | 6.60% | |||
Unrecognized actuarial loss, net of tax | $ 4 | |||||
Estimated contribution by employer, next fiscal year | $ 4 |
EMPLOYEE BENEFIT PLANS - PERIOD
EMPLOYEE BENEFIT PLANS - PERIODIC BENEFIT COSTS AND ASSUMPTIONS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | |||
Net Periodic Benefit Costs: | |||
Service cost | $ 46 | $ 45 | $ 38 |
Interest cost | 30 | 38 | 43 |
Expected return on plan assets | (54) | (51) | (47) |
Amortization of prior service cost | 1 | 1 | 2 |
Amortization of net loss | 8 | 8 | 9 |
Curtailment loss | 0 | 0 | 2 |
Settlement loss recognized | 2 | 16 | 0 |
Special termination benefit | 0 | 0 | 1 |
Net periodic benefit costs | $ 33 | $ 57 | $ 48 |
Weighted-Average Assumptions to Determine Benefit Obligations | |||
Discount rate (as a percent) | 2.50% | 2.10% | |
Increase in future compensation levels (as a percent) | 3.20% | 3.20% | |
Weighted-Average Assumptions to Determine the Net Periodic Benefit Cost | |||
Discount rate (as a percent) | 2.10% | 2.80% | 3.70% |
Expected long-term rate of return on assets (as a percent) | 4.50% | 4.70% | 5.10% |
Increase in future compensation levels (as a percent) | 3.20% | 3.20% | 3.20% |
Postretirement Benefits | |||
Net Periodic Benefit Costs: | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 3 | 3 | 5 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of net loss | 0 | 0 | 0 |
Curtailment loss | 0 | 0 | 0 |
Settlement loss recognized | 0 | 0 | 0 |
Special termination benefit | 0 | 0 | 0 |
Net periodic benefit costs | $ 3 | $ 3 | $ 5 |
Weighted-Average Assumptions to Determine Benefit Obligations | |||
Discount rate (as a percent) | 7.50% | 5.70% | |
Weighted-Average Assumptions to Determine the Net Periodic Benefit Cost | |||
Discount rate (as a percent) | 5.70% | 6.10% | 8.30% |
EMPLOYEE BENEFIT PLANS - CHANGE
EMPLOYEE BENEFIT PLANS - CHANGES IN OBLIGATIONS, ASSETS AND FUNDED STATUS (Details) - USD ($) $ in Millions | Jul. 24, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Change in benefit obligations: | ||||
Benefit obligation at the beginning of year | $ 276 | |||
Benefit obligation at the end of year | 227 | $ 276 | ||
Pension Benefits | ||||
Change in benefit obligations: | ||||
Benefit obligation at the beginning of year | 1,453 | 1,388 | ||
Service cost | 46 | 45 | $ 38 | |
Interest cost | 30 | 38 | 43 | |
Plan amendments | (6) | 0 | ||
Plan curtailments | 0 | (1) | ||
Actuarial (gain) loss, net | (57) | 84 | ||
Employee contributions | 3 | 3 | ||
Plan settlements | (15) | (108) | ||
Benefits paid | (40) | (35) | ||
Expenses paid | (3) | (2) | ||
Impact of foreign exchange rates | (31) | 41 | ||
Benefit obligation at the end of year | 1,380 | 1,453 | 1,388 | |
Change in plan assets: | ||||
Fair value of plan assets at the beginning of year | 1,232 | 1,114 | ||
Actual return on plan assets | 49 | 145 | ||
Employer contributions | $ 65 | 22 | 84 | |
Employee contributions | 3 | 3 | ||
Plan settlements | (15) | (108) | ||
Benefits paid | (40) | (35) | ||
Expenses paid | (3) | (2) | ||
Impact of foreign exchange rates | (25) | 31 | ||
Fair value of plan assets at the end of year | 1,223 | 1,232 | 1,114 | |
Unfunded status and net amounts recognized: | ||||
Plan assets less than benefit obligation | (157) | (221) | ||
Net liability recognized in the balance sheet | (157) | (221) | ||
Amounts recognized in the balance sheet consist of: | ||||
Non-current assets | 38 | 15 | ||
Current liabilities | (6) | (6) | ||
Non-current liabilities | (189) | (230) | ||
Net liability recognized | (157) | (221) | ||
Postretirement Benefits | ||||
Change in benefit obligations: | ||||
Benefit obligation at the beginning of year | 50 | 56 | ||
Service cost | 0 | 0 | 0 | |
Interest cost | 3 | 3 | 5 | |
Plan amendments | 0 | (1) | ||
Plan curtailments | 0 | 0 | ||
Actuarial (gain) loss, net | (4) | 7 | ||
Employee contributions | 0 | 1 | ||
Plan settlements | 0 | 0 | ||
Benefits paid | (4) | (6) | ||
Expenses paid | 0 | 0 | ||
Impact of foreign exchange rates | (3) | (10) | ||
Benefit obligation at the end of year | 42 | 50 | 56 | |
Change in plan assets: | ||||
Fair value of plan assets at the beginning of year | 0 | 0 | ||
Actual return on plan assets | 0 | 0 | ||
Employer contributions | 4 | 5 | ||
Employee contributions | 0 | 1 | ||
Plan settlements | 0 | 0 | ||
Benefits paid | (4) | (6) | ||
Expenses paid | 0 | 0 | ||
Impact of foreign exchange rates | 0 | 0 | ||
Fair value of plan assets at the end of year | 0 | 0 | $ 0 | |
Unfunded status and net amounts recognized: | ||||
Plan assets less than benefit obligation | (42) | (50) | ||
Net liability recognized in the balance sheet | (42) | (50) | ||
Amounts recognized in the balance sheet consist of: | ||||
Non-current assets | 0 | 0 | ||
Current liabilities | (4) | (4) | ||
Non-current liabilities | (38) | (46) | ||
Net liability recognized | $ (42) | $ (50) |
EMPLOYEE BENEFIT PLANS - PROJEC
EMPLOYEE BENEFIT PLANS - PROJECTED AND ACCUMULATED BENEFIT OBLIGATIONS (Details) - Pension Benefits - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Pension Plans with Projected Benefit Obligations in Excess of Fair Value of Plan Assets | ||
Projected benefit obligation | $ 585 | $ 641 |
Fair value of plan assets | 390 | 405 |
Accumulated benefit obligation | 1,332 | 1,371 |
Information Relating to Aggregated Defined Benefit Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets | ||
Projected benefit obligation | 306 | 618 |
Accumulated benefit obligation | 291 | 557 |
Fair value of plan assets | $ 115 | $ 383 |
EMPLOYEE BENEFIT PLANS - PLAN A
EMPLOYEE BENEFIT PLANS - PLAN ASSETS AND FUTURE PAYMENTS (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Pension Benefits | |||
Employee Benefit Plans | |||
Fair value of plan assets | $ 1,223 | $ 1,232 | $ 1,114 |
Estimated Future Benefit Payments | |||
2022 | 53 | ||
2023 | 54 | ||
2024 | 55 | ||
2025 | 56 | ||
2026 | 57 | ||
Next five years | 293 | ||
Pension Benefits | Total | |||
Employee Benefit Plans | |||
Fair value of plan assets | 520 | 544 | |
Pension Benefits | Cash | |||
Employee Benefit Plans | |||
Fair value of plan assets | 42 | 87 | |
Pension Benefits | Mutual funds - equities | |||
Employee Benefit Plans | |||
Fair value of plan assets | 208 | 183 | |
Pension Benefits | Mutual funds - fixed income | |||
Employee Benefit Plans | |||
Fair value of plan assets | 178 | 197 | |
Pension Benefits | Other | |||
Employee Benefit Plans | |||
Fair value of plan assets | 92 | 77 | |
Pension Benefits | Total | |||
Employee Benefit Plans | |||
Fair value of plan assets | 703 | 688 | |
Pension Benefits | Collective pooled funds | |||
Employee Benefit Plans | |||
Fair value of plan assets | 703 | 688 | |
Pension Benefits | Level 1 | |||
Employee Benefit Plans | |||
Fair value of plan assets | 427 | 460 | |
Pension Benefits | Level 1 | Total | |||
Employee Benefit Plans | |||
Fair value of plan assets | 427 | 460 | |
Pension Benefits | Level 1 | Cash | |||
Employee Benefit Plans | |||
Fair value of plan assets | 42 | 87 | |
Pension Benefits | Level 1 | Mutual funds - equities | |||
Employee Benefit Plans | |||
Fair value of plan assets | 208 | 183 | |
Pension Benefits | Level 1 | Mutual funds - fixed income | |||
Employee Benefit Plans | |||
Fair value of plan assets | 167 | 159 | |
Pension Benefits | Level 1 | Other | |||
Employee Benefit Plans | |||
Fair value of plan assets | 10 | 31 | |
Pension Benefits | Level 1 | Total | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 1 | Collective pooled funds | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 2 | |||
Employee Benefit Plans | |||
Fair value of plan assets | 86 | 71 | |
Pension Benefits | Level 2 | Total | |||
Employee Benefit Plans | |||
Fair value of plan assets | 86 | 71 | |
Pension Benefits | Level 2 | Cash | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 2 | Mutual funds - equities | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 2 | Mutual funds - fixed income | |||
Employee Benefit Plans | |||
Fair value of plan assets | 11 | 38 | |
Pension Benefits | Level 2 | Other | |||
Employee Benefit Plans | |||
Fair value of plan assets | 75 | 33 | |
Pension Benefits | Level 2 | Total | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 2 | Collective pooled funds | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | |||
Employee Benefit Plans | |||
Fair value of plan assets | 7 | 13 | |
Pension Benefits | Level 3 | Total | |||
Employee Benefit Plans | |||
Fair value of plan assets | 7 | 13 | |
Pension Benefits | Level 3 | Cash | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | Mutual funds - equities | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | Mutual funds - fixed income | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | Other | |||
Employee Benefit Plans | |||
Fair value of plan assets | 7 | 13 | |
Pension Benefits | Level 3 | Total | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | Collective pooled funds | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | 0 | |
Postretirement Benefits | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | $ 0 | $ 0 |
Estimated Future Benefit Payments | |||
2022 | 4 | ||
2023 | 4 | ||
2024 | 4 | ||
2025 | 4 | ||
2026 | 4 | ||
Next five years | $ 19 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - Maximum - Unconsolidated Investees and Other Related Parties | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplier | Cost of goods sold | |||
Related Party Transactions | |||
Related party transactions (percent) | 6.00% | 6.00% | 6.00% |
Supplier | Trade Accounts Payable | |||
Related Party Transactions | |||
Related party transactions (percent) | 5.00% | 5.00% | |
Customer | Net sales | |||
Related Party Transactions | |||
Related party transactions (percent) | 2.00% | 2.00% | 2.00% |
Customer | Accounts Receivable | |||
Related Party Transactions | |||
Related party transactions (percent) | 2.00% | 2.00% |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) R$ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020BRL (R$) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2017employee | |
Loss Contingencies and Guarantees | |||||
Loss contingency accrual, at carrying value | $ 170,000,000 | $ 182,000,000 | $ 170,000,000 | ||
Maximum potential future payments related to guarantees | 522,000,000 | ||||
Outstanding letters of credit and surety bonds | 1,226,000,000 | 1,405,000,000 | 1,226,000,000 | ||
Brazil | |||||
Loss Contingencies and Guarantees | |||||
Number of employees under administrative proceedings | employee | 2 | ||||
Non-income tax claims | |||||
Loss Contingencies and Guarantees | |||||
Loss contingency accrual, at carrying value | 20,000,000 | 15,000,000 | 20,000,000 | ||
Labor claims | |||||
Loss Contingencies and Guarantees | |||||
Loss contingency accrual, at carrying value | 54,000,000 | 72,000,000 | 54,000,000 | ||
Civil and other claims | |||||
Loss Contingencies and Guarantees | |||||
Loss contingency accrual, at carrying value | 96,000,000 | 95,000,000 | 96,000,000 | ||
ICMS tax liability | Brazil | |||||
Loss Contingencies and Guarantees | |||||
Pre-tax recoveries | $ 49,000,000 | R$ 260 | |||
ICMS tax liability | Tax return examination 1990 to Present | Brazil | |||||
Loss Contingencies and Guarantees | |||||
Total assessment | 222,000,000 | 191,000,000 | |||
PIS COFINS liability | Tax return examination 2004 To 2016 | Brazil | |||||
Loss Contingencies and Guarantees | |||||
Total assessment | 228,000,000 | $ 208,000,000 | |||
Unconsolidated affiliates guarantee | |||||
Loss Contingencies and Guarantees | |||||
Maximum potential future payments related to guarantees | 244,000,000 | ||||
Potential liability | 234,000,000 | ||||
Obligation related to outstanding guarantees | 7,000,000 | ||||
Residual value guarantee | |||||
Loss Contingencies and Guarantees | |||||
Maximum potential future payments related to guarantees | 271,000,000 | ||||
Obligation related to outstanding guarantees | 0 | ||||
Other guarantees | |||||
Loss Contingencies and Guarantees | |||||
Maximum potential future payments related to guarantees | 7,000,000 | ||||
Inventories | |||||
Loss Contingencies and Guarantees | |||||
Long-term purchase commitment | 426,000,000 | ||||
Power supply contracts | |||||
Loss Contingencies and Guarantees | |||||
Long-term purchase commitment | 101,000,000 | ||||
Construction in progress | |||||
Loss Contingencies and Guarantees | |||||
Long-term purchase commitment | 72,000,000 | ||||
Freight supply agreements | |||||
Loss Contingencies and Guarantees | |||||
Long-term purchase commitment | 231,000,000 | ||||
Other purchase commitments | |||||
Loss Contingencies and Guarantees | |||||
Long-term purchase commitment | $ 215,000,000 |
OTHER NON-CURRENT LIABILITIES_2
OTHER NON-CURRENT LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Labor, legal and other provisions | $ 187 | $ 175 |
Pension and post-retirement obligations | 227 | 276 |
Uncertain income tax positions | 73 | 50 |
Unrealized loss on derivative contracts, at fair value | 49 | 7 |
Other | 122 | 149 |
Other non-current liabilities (Note 22) | $ 658 | $ 657 |
REDEEMABLE NONCONTROLLING INT_2
REDEEMABLE NONCONTROLLING INTERESTS (Details) - Loders | Mar. 01, 2018 |
Redeemable Noncontrolling Interest [Line Items] | |
Interest acquired (as a percent) | 70.00% |
Loders | |
Redeemable Noncontrolling Interest [Line Items] | |
Ownership interest by minority shareholder | 30.00% |
EQUITY - SHARE REPURCHASE PROGR
EQUITY - SHARE REPURCHASE PROGRAM (Details) - USD ($) | 12 Months Ended | 80 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Oct. 25, 2021 | May 31, 2015 | |
Common Shares | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Authorized amount of issued and outstanding common shares available for repurchase | $ 500,000,000 | ||||
Repurchase of common shares (in shares) | 1,298,384 | 2,546,000 | 8,551,824 | ||
Repurchase of common shares for the period | $ 100,000,000 | $ 100,000,000 | $ 500,000,000 | ||
Common Stock Issued and Outstanding | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Authorized amount of issued and outstanding common shares available for repurchase | $ 500,000,000 |
EQUITY - CUMULATIVE CONVERTIBLE
EQUITY - CUMULATIVE CONVERTIBLE PERPETUAL PREFERENCE SHARES (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021USD ($)day$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018shares | |
Class of Stock [Line Items] | ||||
Convertible perpetual preference shares, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Convertible perpetual preference shares, liquidation preference (in dollars per share) | $ 100 | $ 100 | ||
Dividends on preference shares | $ | $ 34 | $ 34 | $ 34 | |
Convertible perpetual preference shares | ||||
Class of Stock [Line Items] | ||||
Convertible preference shares accrued dividends (as a percent) | 4.875% | |||
Convertible perpetual preference shares, par value (in dollars per share) | $ 0.01 | |||
Convertible perpetual preference shares, liquidation preference (in dollars per share) | 100 | |||
Liquidation preference (in dollars per share) | $ 25 | |||
Convertible preference share, common shares issued upon conversion, at any time before mandatory conversion date | 1.2799 | |||
Conversion price, convertible preference share (in dollars per share) | $ 78.1322 | |||
Convertible preference shares, aggregate common shares issued if converted at current conversion rate | shares | 8,830,904 | |||
Target ratio of closing share price to conversion price as a condition for conversion or redemption of Convertible Notes (as a percent) | 130.00% | |||
Number of trading days that share price is over a specified threshold to trigger conversion of the notes | day | 20 | |||
The consecutive trading days which must occur to trigger the conversion of the notes | day | 30 | |||
Convertible Preference Shares | ||||
Class of Stock [Line Items] | ||||
Convertible perpetual preference shares, outstanding (in shares) | shares | 6,899,683 | 6,899,683 | 6,899,683 | 6,899,683 |
EQUITY - AOCI (Details)
EQUITY - AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 6,205 | $ 6,030 | $ 6,378 |
Ending balance | 7,825 | 6,205 | 6,030 |
Foreign Currency Translation Adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (5,857) | (5,263) | (6,637) |
Other comprehensive (loss) income before reclassifications | (236) | (594) | (119) |
Amount reclassified from accumulated other comprehensive loss | 0 | 0 | 1,493 |
Net-current period other comprehensive (loss) income | (236) | (594) | 1,374 |
Ending balance | (6,093) | (5,857) | (5,263) |
Deferred Gains (Losses) on Hedging Activities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (215) | (170) | (145) |
Other comprehensive (loss) income before reclassifications | (36) | (45) | 1 |
Amount reclassified from accumulated other comprehensive loss | (3) | 0 | (26) |
Net-current period other comprehensive (loss) income | (39) | (45) | (25) |
Ending balance | (254) | (215) | (170) |
Pension and Other Postretirement Liability Adjustments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (174) | (191) | (153) |
Other comprehensive (loss) income before reclassifications | 51 | 3 | (24) |
Amount reclassified from accumulated other comprehensive loss | (1) | 14 | (14) |
Net-current period other comprehensive (loss) income | 50 | 17 | (38) |
Ending balance | (124) | (174) | (191) |
Accumulated Other Comprehensive Income (Loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (6,246) | (5,624) | (6,935) |
Other comprehensive (loss) income before reclassifications | (221) | (636) | (142) |
Amount reclassified from accumulated other comprehensive loss | (4) | 14 | 1,453 |
Net-current period other comprehensive (loss) income | (225) | (622) | 1,311 |
Ending balance | $ (6,471) | $ (6,246) | $ (5,624) |
EARNINGS PER COMMON SHARE (Deta
EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Computation of basic and diluted earnings per common share | |||||||||||
Net income (loss) | $ 232 | $ 649 | $ 369 | $ 917 | $ 569 | $ 267 | $ 522 | $ (193) | $ 2,167 | $ 1,165 | $ (1,291) |
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests | (89) | (20) | 11 | ||||||||
Net income (loss) attributable to Bunge | $ 231 | $ 653 | $ 362 | $ 831 | $ 551 | $ 262 | $ 516 | $ (184) | 2,078 | 1,145 | (1,280) |
Convertible preference share dividends and other obligations | (34) | (34) | (34) | ||||||||
Adjustment of redeemable noncontrolling interest | 0 | 10 | (8) | ||||||||
Net income (loss) available to Bunge common shareholders | 2,044 | 1,121 | (1,322) | ||||||||
Add back convertible preference share dividends | 34 | 34 | 0 | ||||||||
Net income (loss) available to Bunge common shareholders - Diluted | $ 2,078 | $ 1,155 | $ (1,322) | ||||||||
Weighted-average number of common shares outstanding: | |||||||||||
Basic (in shares) | 141,015,388 | 140,693,658 | 141,492,289 | ||||||||
Effect of dilutive shares: | |||||||||||
—stock options and awards (in shares) | 2,520,420 | 312,907 | 0 | ||||||||
—convertible preference shares (in shares) | 8,830,904 | 8,683,251 | 0 | ||||||||
Diluted (in shares) | 152,366,712 | 149,689,816 | 141,492,289 | ||||||||
Earnings per common share: | |||||||||||
Net income (loss) attributable to Bunge common shareholders—basic (in dollars per share) | $ 1.58 | $ 4.56 | $ 2.50 | $ 5.86 | $ 3.94 | $ 1.90 | $ 3.62 | $ (1.46) | $ 14.50 | $ 7.97 | $ (9.34) |
Net income (loss) attributable to Bunge common shareholders—diluted (in dollars per share) | $ 1.52 | $ 4.28 | $ 2.37 | $ 5.52 | $ 3.74 | $ 1.84 | $ 3.47 | $ (1.46) | $ 13.64 | $ 7.71 | $ (9.34) |
Convertible Preference Shares | |||||||||||
Effect of dilutive shares: | |||||||||||
—convertible preference shares (in shares) | 8,000,000 | ||||||||||
Stock options and contingently issuable restricted stock units | |||||||||||
Earnings per common share: | |||||||||||
Antidilutive shares excluded from computation of EPS (in shares) | 1,000,000 | 6,000,000 | 7,000,000 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-Based Compensation | |||
Share-based compensation expense | $ 61 | $ 71 | $ 39 |
Stock option awards | |||
Fair Value Assumptions | |||
Expected option term (in years) | 6 years 8 months 8 days | 5 years 11 months 19 days | |
Expected dividend yield | 4.64% | 3.81% | |
Expected volatility | 27.42% | 25.91% | |
Risk-free interest rate | 0.70% | 2.36% | |
Shares | |||
Outstanding at beginning of period (in shares) | 5,397,349 | ||
Exercised (in shares) | (1,983,574) | ||
Forfeited or expired (in shares) | (214,520) | ||
Outstanding at end of period (in shares) | 3,199,255 | 5,397,349 | |
Exercisable at end of period (in shares) | 2,473,059 | ||
Weighted-Average Exercise Price | |||
Outstanding balance at beginning of period (in dollars per share) | $ 64.92 | ||
Exercised (in dollars per share) | 68.06 | ||
Forfeited or expired (in dollars per share) | 75.15 | ||
Outstanding balance at end of period (in dollars per share) | 62.28 | $ 64.92 | |
Exercisable balance at end of period (in dollars per share) | $ 66.94 | ||
Weighted-Average Remaining Contractual Term | |||
Outstanding , Weighted-Average Remaining Contractual Term | 5 years 2 months 23 days | ||
Exercisable, Weighted-Average Remaining Contractual Term | 4 years 5 months 12 days | ||
Aggregate Intrinsic Value | |||
Outstanding at end of period (in dollars) | $ 99 | ||
Exercisable at end of period (in dollars) | $ 65 | ||
Additional disclosures | |||
Number of shares to be cash settled (in shares) | 53,160 | ||
Weighted-average grant date fair value (in dollars per share) | $ 5.89 | $ 9.07 | |
Total intrinsic value of options exercised (in dollars) | $ 30 | $ 2 | $ 1 |
Unrecognized Compensation Cost | |||
Total unrecognized compensation related to non-vested awards (in dollars) | $ 2 | ||
Period of recognition of total unrecognized compensation related to non-vested shares | 2 years | ||
Restricted stock units | |||
Unrecognized Compensation Cost | |||
Total unrecognized compensation related to non-vested awards (in dollars) | $ 78 | ||
Period of recognition of total unrecognized compensation related to non-vested shares | 2 years | ||
Restricted Stock Units | |||
Restricted stock units outstanding at end of period (in shares) | 2,123,641 | ||
Weighted- Grant-Date Fair Value | |||
Restricted stock units outstanding at end of period (in dollars per share) | $ 59.89 | ||
Restricted Stock Units, Additional Activity Information | |||
Common shares issued, net of common shares withheld to cover taxes (in shares) | 598,486 | ||
Common shares issued, net of common shares withheld to cover taxes, weighted-average fair value (in dollars per share) | $ 66.10 | ||
Total fair value of restricted stock units vested | $ 53 | ||
Time-based restricted stock units | |||
Restricted Stock Units | |||
Restricted stock units outstanding at beginning of period (in shares) | 1,098,596 | ||
Granted (in shares) | 469,589 | ||
Vested/issued (in shares) | (431,377) | ||
Forfeited/cancelled (in shares) | (25,520) | ||
Restricted stock units outstanding at end of period (in shares) | 1,111,288 | 1,098,596 | |
Weighted- Grant-Date Fair Value | |||
Restricted stock units outstanding at beginning of period (in dollars per share) | $ 51.06 | ||
Granted (in dollars per share) | 79.15 | ||
Vested/issued (in dollars per share) | 57.54 | ||
Forfeited/cancelled (in dollars per share) | 53.61 | ||
Restricted stock units outstanding at end of period (in dollars per share) | $ 60.38 | $ 51.06 | |
Restricted Stock Units, Additional Activity Information | |||
Number of shares to be cash settled (in shares) | 15,111 | ||
Performance-based restricted stock units | |||
Restricted Stock Units | |||
Restricted stock units outstanding at beginning of period (in shares) | 909,357 | ||
Granted (in shares) | 313,447 | ||
Vested/issued (in shares) | (373,476) | ||
Forfeited/cancelled (in shares) | (9,691) | ||
Restricted stock units outstanding at end of period (in shares) | 1,012,353 | 909,357 | |
Weighted- Grant-Date Fair Value | |||
Restricted stock units outstanding at beginning of period (in dollars per share) | $ 54.01 | ||
Granted (in dollars per share) | 85.15 | ||
Vested/issued (in dollars per share) | 75.99 | ||
Forfeited/cancelled (in dollars per share) | 47.38 | ||
Restricted stock units outstanding at end of period (in dollars per share) | $ 59.36 | $ 54.01 | |
Additional Performance Based Stock Units | |||
Restricted Stock Units | |||
Granted (in shares) | 172,716 | ||
Weighted- Grant-Date Fair Value | |||
Granted (in dollars per share) | $ 75.99 | ||
2016 EIP | |||
Common Shares Reserved for Share-Based Awards | |||
Common shares reserved for grant of stock options, stock awards and other awards (in shares) | 10,900,000 | ||
Number of additional shares authorized (in shares) | 5,100,000 | ||
Common shares available for future grants (in shares) | 4,529,371 | ||
2016 EIP | Stock option awards | |||
Share-Based Compensation | |||
Expiration period of award | 10 years | ||
2016 EIP | Stock option awards | Minimum | |||
Share-Based Compensation | |||
Vesting period | 1 year | ||
2016 EIP | Stock option awards | Maximum | |||
Share-Based Compensation | |||
Vesting period | 3 years | ||
2016 EIP | Restricted stock units | Minimum | |||
Share-Based Compensation | |||
Vesting period | 1 year | ||
2016 EIP | Restricted stock units | Maximum | |||
Share-Based Compensation | |||
Vesting period | 3 years | ||
2017 Directors' Plan | |||
Common Shares Reserved for Share-Based Awards | |||
Common shares reserved for grant of stock options, stock awards and other awards (in shares) | 320,000 | ||
Number of additional shares authorized (in shares) | 200,000 | ||
Common shares available for future grants (in shares) | 196,808 |
LEASES - NARRATIVE (Details)
LEASES - NARRATIVE (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Lessee, Lease, Description [Line Items] | |
Average remaining lease term | 4 years |
Weighted average discount rate | 3.30% |
Sublease income receipts due in future periods | $ 31 |
Sublease term | 4 years |
Land | Maximum | |
Lessee, Lease, Description [Line Items] | |
Lease term | 90 years |
Certain Facilities | |
Lessee, Lease, Description [Line Items] | |
Sublease term | 4 years |
Ocean Freight Vessels | |
Lessee, Lease, Description [Line Items] | |
Operating leases that have not yet commenced | $ 12 |
Sublease income, not yet commenced | $ 46 |
Term of lease, not yet commenced | 2 years |
LEASES - COMPONENTS OF LEASE EX
LEASES - COMPONENTS OF LEASE EXPENSE (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 343 | $ 279 |
Short-term lease cost | 1,439 | 637 |
Variable lease cost | 79 | 10 |
Sublease income | (309) | (82) |
Total lease cost | $ 1,552 | $ 844 |
LEASES - SUPPLEMENTAL CASH FLOW
LEASES - SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating lease liability principal payments | $ 343 | $ 279 |
Supplemental non-cash information: | ||
Right-of-use assets obtained in exchange for lease obligations | $ 384 | $ 309 |
LEASES - MATURITIES OF LEASE LI
LEASES - MATURITIES OF LEASE LIABILITIES (Details) $ in Millions | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 372 |
2023 | 227 |
2024 | 127 |
2025 | 73 |
2026 | 53 |
Thereafter | 78 |
Total lease payments | 930 |
Less imputed interest | (71) |
Present value of lease liabilities | 859 |
Less present value of lease liabilities held for sale | (3) |
Present value of lease liabilities, as separately presented on the consolidated balance sheet | $ 856 |
SEGMENT INFORMATION - FINANCIAL
SEGMENT INFORMATION - FINANCIAL INFORMATION BY SEGMENT (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting Information | |||||||||||
Number of reportable segments | segment | 4 | ||||||||||
Operating Segment Information | |||||||||||
Net sales to external customers | $ 16,683 | $ 14,117 | $ 15,391 | $ 12,961 | $ 12,610 | $ 10,159 | $ 9,462 | $ 9,173 | $ 59,152 | $ 41,404 | $ 41,140 |
Foreign exchange (losses) gains — net | (38) | 150 | (117) | ||||||||
EBIT - Noncontrolling interests | (99) | (23) | 6 | ||||||||
Other income — net | 509 | 126 | 97 | ||||||||
Other income – net | (11) | ||||||||||
Income (loss) from affiliates | 160 | (47) | 40 | ||||||||
Segment EBIT | 2,661 | 1,633 | (891) | ||||||||
Depreciation, depletion and amortization | (424) | (435) | (548) | ||||||||
Total assets | $ 23,819 | 23,655 | 23,819 | 23,655 | 18,317 | ||||||
Capital Expenditures | 399 | 365 | 524 | ||||||||
Impairment charges | 226 | 10 | 1,825 | ||||||||
Disposed of by Sale, Not Discontinued Operations | US Grain | |||||||||||
Operating Segment Information | |||||||||||
Gain (loss) on disposal | 158 | ||||||||||
Disposed of by Sale, Not Discontinued Operations | Rotterdam Oils Refinery | |||||||||||
Operating Segment Information | |||||||||||
Gain (loss) on disposal | 219 | ||||||||||
Disposed of by Sale, Not Discontinued Operations | Mexico Oils Facility | |||||||||||
Operating Segment Information | |||||||||||
Gain (loss) on disposal | 19 | ||||||||||
Held-for-Sale | Mexico Wheat Milling | |||||||||||
Operating Segment Information | |||||||||||
Gain (loss) on disposal | $ (170) | ||||||||||
BP Bunge Bioenergia | |||||||||||
Segment Reporting Information | |||||||||||
Ownership interest (as a percent) | 50.00% | 50.00% | |||||||||
Selling, general and administrative expenses | |||||||||||
Operating Segment Information | |||||||||||
Impairment charges | 37 | ||||||||||
Cost of goods sold | |||||||||||
Operating Segment Information | |||||||||||
Impairment charges | 1,678 | ||||||||||
Other income (expense) | |||||||||||
Operating Segment Information | |||||||||||
Impairment charges | 110 | ||||||||||
Inter-segment Revenues | |||||||||||
Operating Segment Information | |||||||||||
Net sales to external customers | $ (8,782) | (5,641) | (4,949) | ||||||||
Foreign exchange (losses) gains — net | 0 | 0 | 0 | ||||||||
EBIT - Noncontrolling interests | 0 | 0 | 0 | ||||||||
Other income — net | 0 | 0 | |||||||||
Other income – net | 0 | ||||||||||
Income (loss) from affiliates | 0 | 0 | 0 | ||||||||
Segment EBIT | 0 | 0 | 0 | ||||||||
Depreciation, depletion and amortization | 0 | 0 | 0 | ||||||||
Total assets | $ 0 | 0 | 0 | 0 | 0 | ||||||
Capital Expenditures | 0 | 0 | 0 | ||||||||
Corporate & Other | |||||||||||
Operating Segment Information | |||||||||||
Net sales to external customers | 5 | 0 | 0 | ||||||||
Foreign exchange (losses) gains — net | (11) | (2) | 3 | ||||||||
EBIT - Noncontrolling interests | 3 | 0 | 0 | ||||||||
Other income — net | 54 | (12) | |||||||||
Other income – net | 89 | ||||||||||
Income (loss) from affiliates | 0 | (1) | (1) | ||||||||
Segment EBIT | (333) | (371) | (248) | ||||||||
Depreciation, depletion and amortization | (30) | (30) | (28) | ||||||||
Total assets | 2,144 | 1,157 | 2,144 | 1,157 | 1,338 | ||||||
Capital Expenditures | 43 | 22 | 13 | ||||||||
Impairment charges | 22 | ||||||||||
Agribusiness | |||||||||||
Operating Segment Information | |||||||||||
Net sales to external customers | 43,636 | 30,047 | 28,920 | ||||||||
Impairment charges | 91 | ||||||||||
Agribusiness | Other income (expense) | Disposed of by Sale, Not Discontinued Operations | US Grain | |||||||||||
Operating Segment Information | |||||||||||
Gain (loss) on disposal | 158 | ||||||||||
Agribusiness | Inter-segment Revenues | |||||||||||
Operating Segment Information | |||||||||||
Net sales to external customers | (8,134) | (5,123) | (4,784) | ||||||||
Agribusiness | Operating | |||||||||||
Operating Segment Information | |||||||||||
Net sales to external customers | 43,636 | 30,047 | 28,920 | ||||||||
Foreign exchange (losses) gains — net | (24) | 150 | (36) | ||||||||
EBIT - Noncontrolling interests | (28) | (21) | 1 | ||||||||
Other income — net | 215 | 42 | |||||||||
Other income – net | 65 | ||||||||||
Income (loss) from affiliates | 56 | 47 | 42 | ||||||||
Segment EBIT | 2,290 | 1,560 | 737 | ||||||||
Depreciation, depletion and amortization | (206) | (211) | (239) | ||||||||
Total assets | $ 15,989 | 17,453 | 15,989 | 17,453 | 11,727 | ||||||
Capital Expenditures | 236 | 202 | 220 | ||||||||
Refined and Specialty Oils | |||||||||||
Operating Segment Information | |||||||||||
Net sales to external customers | $ 13,332 | 9,599 | 9,193 | ||||||||
Impairment charges | 148 | ||||||||||
Refined and Specialty Oils | Disposed of by Sale, Not Discontinued Operations | Rotterdam Oils Refinery | |||||||||||
Segment Reporting Information | |||||||||||
Ownership interest (as a percent) | 70.00% | 70.00% | |||||||||
Refined and Specialty Oils | China Oil Facility | |||||||||||
Segment Reporting Information | |||||||||||
Ownership interest (as a percent) | 70.00% | 70.00% | |||||||||
Operating Segment Information | |||||||||||
Impairment charges | $ 50 | ||||||||||
Refined and Specialty Oils | Cost of goods sold | China Oil Facility | |||||||||||
Operating Segment Information | |||||||||||
Impairment charges | 35 | ||||||||||
Refined and Specialty Oils | Other income (expense) | Disposed of by Sale, Not Discontinued Operations | |||||||||||
Operating Segment Information | |||||||||||
Gain (loss) on disposal | 170 | ||||||||||
Refined and Specialty Oils | Other income (expense) | Disposed of by Sale, Not Discontinued Operations | Rotterdam Oils Refinery | |||||||||||
Operating Segment Information | |||||||||||
Gain (loss) on disposal | 151 | ||||||||||
Refined and Specialty Oils | Other income (expense) | Disposed of by Sale, Not Discontinued Operations | Mexico Oils Facility | |||||||||||
Operating Segment Information | |||||||||||
Gain (loss) on disposal | 19 | ||||||||||
Refined and Specialty Oils | Inter-segment Revenues | |||||||||||
Operating Segment Information | |||||||||||
Net sales to external customers | (456) | (266) | (153) | ||||||||
Refined and Specialty Oils | Operating | |||||||||||
Operating Segment Information | |||||||||||
Net sales to external customers | 13,332 | 9,599 | 9,193 | ||||||||
Foreign exchange (losses) gains — net | (1) | (2) | (1) | ||||||||
EBIT - Noncontrolling interests | (73) | (2) | 7 | ||||||||
Other income — net | 239 | 95 | |||||||||
Other income – net | (121) | ||||||||||
Income (loss) from affiliates | 0 | 0 | 0 | ||||||||
Segment EBIT | 666 | 440 | 121 | ||||||||
Depreciation, depletion and amortization | (149) | (149) | (155) | ||||||||
Total assets | $ 4,152 | 3,629 | 4,152 | 3,629 | 3,479 | ||||||
Capital Expenditures | 92 | 106 | 149 | ||||||||
Milling | |||||||||||
Operating Segment Information | |||||||||||
Net sales to external customers | 1,909 | 1,616 | 1,739 | ||||||||
Impairment charges | 28 | ||||||||||
Milling | Held-for-Sale | US Grain | |||||||||||
Operating Segment Information | |||||||||||
Gain (loss) on disposal | (170) | ||||||||||
Milling | Cost of goods sold | Held-for-Sale | Mexico Wheat Milling | |||||||||||
Operating Segment Information | |||||||||||
Gain (loss) on disposal | (170) | ||||||||||
Milling | Inter-segment Revenues | |||||||||||
Operating Segment Information | |||||||||||
Net sales to external customers | (192) | (252) | (11) | ||||||||
Milling | Operating | |||||||||||
Operating Segment Information | |||||||||||
Net sales to external customers | 1,909 | 1,616 | 1,739 | ||||||||
Foreign exchange (losses) gains — net | (2) | 4 | 6 | ||||||||
EBIT - Noncontrolling interests | (1) | 0 | (2) | ||||||||
Other income — net | 0 | (1) | |||||||||
Other income – net | 22 | ||||||||||
Income (loss) from affiliates | (2) | (1) | 0 | ||||||||
Segment EBIT | (74) | 91 | 96 | ||||||||
Depreciation, depletion and amortization | (39) | (45) | (54) | ||||||||
Total assets | $ 1,323 | 1,256 | 1,323 | 1,256 | 1,339 | ||||||
Capital Expenditures | 28 | 22 | 24 | ||||||||
Sugar and Bioenergy | |||||||||||
Operating Segment Information | |||||||||||
Net sales to external customers | $ 270 | 142 | 1,288 | ||||||||
Impairment charges | $ 1,535 | ||||||||||
Sugar and Bioenergy | BP Bunge Bioenergia | |||||||||||
Segment Reporting Information | |||||||||||
Ownership interest (as a percent) | 50.00% | 50.00% | 100.00% | ||||||||
Operating Segment Information | |||||||||||
Impairment charges | $ 1,526 | ||||||||||
Sugar and Bioenergy | Other income (expense) | |||||||||||
Operating Segment Information | |||||||||||
Segment EBIT | (55) | ||||||||||
Sugar and Bioenergy | Inter-segment Revenues | |||||||||||
Operating Segment Information | |||||||||||
Net sales to external customers | $ 0 | 0 | (1) | ||||||||
Sugar and Bioenergy | Operating | |||||||||||
Operating Segment Information | |||||||||||
Net sales to external customers | 270 | 142 | 1,288 | ||||||||
Foreign exchange (losses) gains — net | 0 | 0 | (89) | ||||||||
EBIT - Noncontrolling interests | 0 | 0 | 0 | ||||||||
Other income — net | 1 | 2 | |||||||||
Other income – net | (66) | ||||||||||
Income (loss) from affiliates | 106 | (92) | (1) | ||||||||
Segment EBIT | 112 | (87) | (1,597) | ||||||||
Depreciation, depletion and amortization | 0 | 0 | (72) | ||||||||
Total assets | $ 211 | $ 160 | 211 | 160 | 434 | ||||||
Capital Expenditures | 0 | 13 | 118 | ||||||||
Sugar and Bioenergy | Corporate & Other | |||||||||||
Operating Segment Information | |||||||||||
Net sales to external customers | 5 | 0 | 0 | ||||||||
Brazil | |||||||||||
Operating Segment Information | |||||||||||
Net sales to external customers | $ 4,520 | 4,396 | 5,195 | ||||||||
Brazil | Refined and Specialty Oils | Other income (expense) | |||||||||||
Operating Segment Information | |||||||||||
Segment EBIT | $ 98 | ||||||||||
Brazil | Milling | Other income (expense) | |||||||||||
Operating Segment Information | |||||||||||
Segment EBIT | 19 | ||||||||||
Brazil | Sugar and Bioenergy | Other income (expense) | |||||||||||
Operating Segment Information | |||||||||||
Segment EBIT | (49) | ||||||||||
North America | Sugar and Bioenergy | Other income (expense) | |||||||||||
Operating Segment Information | |||||||||||
Segment EBIT | $ (6) |
SEGMENT INFORMATION - NET INCOM
SEGMENT INFORMATION - NET INCOME (LOSS) TO SEGMENT EBIT (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information | |||||||||||
Net income (loss) attributable to Bunge | $ 231 | $ 653 | $ 362 | $ 831 | $ 551 | $ 262 | $ 516 | $ (184) | $ 2,078 | $ 1,145 | $ (1,280) |
Interest income | (48) | (22) | (31) | ||||||||
Interest expense | 243 | 265 | 339 | ||||||||
Income tax expense | 398 | 248 | 86 | ||||||||
Noncontrolling interests' share of interest and tax | (10) | (3) | (5) | ||||||||
Total segment EBIT from continuing operations | 2,661 | 1,633 | (891) | ||||||||
Corporate & Other | |||||||||||
Segment Reporting Information | |||||||||||
Total segment EBIT from continuing operations | $ (333) | $ (371) | $ (248) |
SEGMENT INFORMATION - SALES BY
SEGMENT INFORMATION - SALES BY PRODUCT GROUP (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from External Customer [Line Items] | |||||||||||
Total | $ 16,683 | $ 14,117 | $ 15,391 | $ 12,961 | $ 12,610 | $ 10,159 | $ 9,462 | $ 9,173 | $ 59,152 | $ 41,404 | $ 41,140 |
Agricultural Commodity Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total | 43,636 | 30,047 | 28,920 | ||||||||
Refined and Specialty Oil Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total | 13,332 | 9,599 | 9,193 | ||||||||
Wheat Milling Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total | 1,326 | 978 | 1,057 | ||||||||
Corn Milling Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total | 583 | 638 | 682 | ||||||||
Sugar and Bioenergy Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total | 270 | 142 | 1,288 | ||||||||
Other Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total | $ 5 | $ 0 | $ 0 |
SEGMENT INFORMATION - GEOGRAPHI
SEGMENT INFORMATION - GEOGRAPHIC AREA INFORMATION (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
External Customers | |||||||||||
Total | $ 16,683 | $ 14,117 | $ 15,391 | $ 12,961 | $ 12,610 | $ 10,159 | $ 9,462 | $ 9,173 | $ 59,152 | $ 41,404 | $ 41,140 |
Long-lived Assets | |||||||||||
Long-lived assets | 3,499 | 3,775 | 3,499 | 3,775 | |||||||
Europe | |||||||||||
External Customers | |||||||||||
Total | 22,249 | 14,998 | 15,278 | ||||||||
Long-lived Assets | |||||||||||
Long-lived assets | 1,009 | 1,063 | 1,009 | 1,063 | |||||||
United States | |||||||||||
External Customers | |||||||||||
Total | 14,660 | 10,494 | 9,147 | ||||||||
Long-lived Assets | |||||||||||
Long-lived assets | 1,143 | 1,112 | 1,143 | 1,112 | |||||||
Asia-Pacific | |||||||||||
External Customers | |||||||||||
Total | 12,334 | 8,564 | 8,019 | ||||||||
Long-lived Assets | |||||||||||
Long-lived assets | 394 | 446 | 394 | 446 | |||||||
Brazil | |||||||||||
External Customers | |||||||||||
Total | 4,520 | 4,396 | 5,195 | ||||||||
Long-lived Assets | |||||||||||
Long-lived assets | 490 | 508 | 490 | 508 | |||||||
Argentina | |||||||||||
External Customers | |||||||||||
Total | 2,669 | 817 | 1,015 | ||||||||
Long-lived Assets | |||||||||||
Long-lived assets | 141 | 131 | 141 | 131 | |||||||
Canada | |||||||||||
External Customers | |||||||||||
Total | 1,839 | 1,314 | 1,246 | ||||||||
Long-lived Assets | |||||||||||
Long-lived assets | 307 | 300 | 307 | 300 | |||||||
Rest of world | |||||||||||
External Customers | |||||||||||
Total | 881 | 821 | $ 1,240 | ||||||||
Long-lived Assets | |||||||||||
Long-lived assets | $ 15 | $ 215 | $ 15 | $ 215 |
SEGMENT INFORMATION - NET SALES
SEGMENT INFORMATION - NET SALES TO EXTERNAL CUSTOMERS (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from External Customer [Line Items] | |||||||||||
Sales from other arrangements | $ 42,341 | $ 30,871 | $ 30,210 | ||||||||
Sales from contracts with customers | 16,811 | 10,533 | 10,930 | ||||||||
Net sales to external customers | $ 16,683 | $ 14,117 | $ 15,391 | $ 12,961 | $ 12,610 | $ 10,159 | $ 9,462 | $ 9,173 | 59,152 | 41,404 | 41,140 |
Corporate & Other | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales to external customers | 5 | 0 | 0 | ||||||||
Agribusiness | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Sales from other arrangements | 41,032 | 28,559 | 27,456 | ||||||||
Sales from contracts with customers | 2,604 | 1,488 | 1,464 | ||||||||
Net sales to external customers | 43,636 | 30,047 | 28,920 | ||||||||
Refined and Specialty Oils | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Sales from other arrangements | 1,024 | 2,142 | 1,953 | ||||||||
Sales from contracts with customers | 12,308 | 7,457 | 7,240 | ||||||||
Net sales to external customers | 13,332 | 9,599 | 9,193 | ||||||||
Milling | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Sales from other arrangements | 21 | 31 | 72 | ||||||||
Sales from contracts with customers | 1,888 | 1,585 | 1,667 | ||||||||
Net sales to external customers | 1,909 | 1,616 | 1,739 | ||||||||
Sugar and Bioenergy | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Sales from other arrangements | 264 | 139 | 729 | ||||||||
Sales from contracts with customers | 6 | 3 | 559 | ||||||||
Net sales to external customers | 270 | 142 | 1,288 | ||||||||
Sugar and Bioenergy | Corporate & Other | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Sales from other arrangements | 0 | 0 | 0 | ||||||||
Sales from contracts with customers | 5 | 0 | 0 | ||||||||
Net sales to external customers | $ 5 | $ 0 | $ 0 |
QUARTERLY FINANCIAL INFORMATI_3
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 16,683 | $ 14,117 | $ 15,391 | $ 12,961 | $ 12,610 | $ 10,159 | $ 9,462 | $ 9,173 | $ 59,152 | $ 41,404 | $ 41,140 |
Gross profit | 689 | 862 | 665 | 1,147 | 904 | 602 | 1,105 | 174 | 3,363 | 2,785 | 542 |
Net income (loss) | 232 | 649 | 369 | 917 | 569 | 267 | 522 | (193) | 2,167 | 1,165 | (1,291) |
Net income (loss) attributable to Bunge | $ 231 | $ 653 | $ 362 | $ 831 | $ 551 | $ 262 | $ 516 | $ (184) | $ 2,078 | $ 1,145 | $ (1,280) |
Earnings (loss) per common share—basic | |||||||||||
Net income (loss) attributable to Bunge common shareholders (in dollars per share) | $ 1.58 | $ 4.56 | $ 2.50 | $ 5.86 | $ 3.94 | $ 1.90 | $ 3.62 | $ (1.46) | $ 14.50 | $ 7.97 | $ (9.34) |
Earnings (loss) per common share—diluted | |||||||||||
Net income (loss) attributable to Bunge common shareholders (in dollars per share) | $ 1.52 | $ 4.28 | $ 2.37 | $ 5.52 | $ 3.74 | $ 1.84 | $ 3.47 | $ (1.46) | $ 13.64 | $ 7.71 | $ (9.34) |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | |||
Assets | $ 23,819 | $ 23,655 | $ 18,317 |
Ukraine | |||
Subsequent Event [Line Items] | |||
Assets | 681 | ||
Liabilities | 484 | ||
Russia | |||
Subsequent Event [Line Items] | |||
Assets | 121 | ||
Liabilities | $ 36 |
SCHEDULE II-VALUATION AND QUA_2
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowances for doubtful accounts | |||
Movement in Valuation Allowances and Reserves | |||
Balance at beginning of period | $ 144 | $ 172 | $ 185 |
Charged to costs and expenses | 35 | 115 | 38 |
Charged to other accounts | (5) | (16) | (2) |
Deductions from reserves | (42) | (127) | (49) |
Balance at end of period | 132 | 144 | 172 |
Allowances for secured advances to suppliers | |||
Movement in Valuation Allowances and Reserves | |||
Balance at beginning of period | 45 | 66 | 70 |
Charged to costs and expenses | 6 | 14 | 7 |
Charged to other accounts | (3) | (15) | (3) |
Deductions from reserves | (9) | (20) | (8) |
Balance at end of period | 39 | 45 | 66 |
Allowances for recoverable taxes | |||
Movement in Valuation Allowances and Reserves | |||
Balance at beginning of period | 58 | 78 | 37 |
Charged to costs and expenses | 4 | 13 | 52 |
Charged to other accounts | (3) | (17) | 0 |
Deductions from reserves | (15) | (16) | (11) |
Balance at end of period | 44 | 58 | 78 |
Income tax valuation allowances | |||
Movement in Valuation Allowances and Reserves | |||
Balance at beginning of period | 316 | 404 | 766 |
Charged to costs and expenses | 95 | 49 | 66 |
Charged to other accounts | (49) | (22) | (28) |
Deductions from reserves | (65) | (115) | (400) |
Balance at end of period | $ 297 | $ 316 | $ 404 |