Table of Contents


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
 
ýQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2017March 31, 2023
OR
¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from        to       
Commission File Number 001-16625
BUNGE LIMITED
(Exact name of registrant as specified in its charter)
Bermuda98-0231912
(State or other jurisdiction of incorporation or

organization)
(I.R.S. Employer Identification No.)
50 Main Street, White Plains, New York1391 Timberlake Manor Parkway10606
Chesterfield
Missouri63017
(Address of principal executive offices)(Zip Code)
(914) 684-2800(314) 292-2000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, $0.01 par value per shareBGNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ý  No  o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes  ý  No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerý
ý
Accelerated filer¨
☐
Non-accelerated filer¨
(Do not check if a smaller
reporting company)
☐
Smaller reporting company¨
☐
Emerging growth company¨
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Exchange Act   of 1934).  Yes    No  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).Act.  Yes  ¨☐  No  ý
As of October 25, 2017April 28, 2023, the number of common shares issuedoutstanding of the registrant was:
Common shares, par value $.01 per share: 140,625,046150,596,246


Table of Contents
BUNGE LIMITED
TABLE OF CONTENTS
Page
Item 1.
3
4
5
6
7
8
3233
Item 2.
3334
Item 3.
5047
Item 4.
5250
Item 1.
5351
Item 1A.
5351
Item 2.
5352
Item 3.
5352
Item 4.
5352
Item 5.
5352
Item 6.
5352
5453
5554

2
Table of Contents
PART I—I — FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
ITEM 1.    FINANCIAL STATEMENTS

BUNGE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited)
(U.S. dollars in millions, except per share data)
  Three Months Ended
September 30,		 Nine Months Ended
September 30,
  2017 2016 2017 2016
Net sales $11,423
 $11,423
 $34,189
 $30,880
Cost of goods sold (10,933) (10,867) (32,884) (29,174)
Gross profit 490
 556
 1,305
 1,706
Selling, general and administrative expenses (340) (324) (1,046) (941)
Interest income 9
 13
 29
 37
Interest expense (64) (73) (191) (189)
Foreign exchange gains (losses) 1
 (6) 108
 9
Other income (expense) – net 25
 4
 24
 (14)
Income (loss) from continuing operations before income tax 121
 170
 229
 608
Income tax (expense) benefit (29) (45) (2) (118)
Income (loss) from continuing operations 92
 125
 227
 490
Income (loss) from discontinued operations, net of tax —
 5
 —
 (8)
Net income (loss) 92
 130
 227
 482
Net (income) loss attributable to noncontrolling interests —

(12)
(7)
(8)
Net income (loss) attributable to Bunge 92
 118
 220
 474
Convertible preference share dividends and other obligations (8) (2) (25) (27)
Net income (loss) available to Bunge common shareholders $84
 $116
 $195
 $447
         
Earnings per common share—basic (Note 17)  
  
  
  
Net income (loss) from continuing operations $0.59
 $0.80
 $1.39
 $3.25
Net income (loss) from discontinued operations —
 0.03
 (0.01) (0.06)
         
Net income (loss) attributable to Bunge common shareholders $0.59
 $0.83
 $1.38
 $3.19
         
Earnings per common share—diluted (Note 17)  
  
  
  
Net income (loss) from continuing operations $0.59
 $0.79
 $1.38
 $3.24
Net income (loss) from discontinued operations —
 0.04
 (0.01) (0.05)
         
Net income (loss) attributable to Bunge common shareholders $0.59
 $0.83
 $1.37
 $3.19
         
Dividends declared per common share $0.46
 $0.42
 $1.34
 $1.22
Three Months Ended
March 31,
 20232022
Net sales$15,328 $15,880 
Cost of goods sold(14,147)(14,676)
Gross profit1,181 1,204 
Selling, general and administrative expenses(353)(308)
Interest income43 9 
Interest expense(112)(111)
Foreign exchange (losses) gains49 12 
Other income (expense) – net15 (47)
Income (loss) from affiliates19 45 
Income (loss) before income tax842 804 
Income tax (expense) benefit(183)(108)
Net income (loss)659 696 
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests(27)(8)
Net income (loss) attributable to Bunge$632 $688 
     
Earnings per common share—basic (Note 18)  
Net income (loss) attributable to Bunge common shareholders - basic$4.21 $4.83 
Earnings per common share—diluted (Note 18)  
Net income (loss) attributable to Bunge common shareholders - diluted$4.15 $4.48 
The accompanying notes are an integral part of these condensed consolidated financial statements.

3
Table of Contents
BUNGE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(U.S. dollars in millions)
 Three Months Ended
September 30,		 Nine Months Ended
September 30,		Three Months Ended
March 31,
 2017 2016 2017 2016 20232022
Net income (loss) $92
 $130
 $227
 $482
Net income (loss)$659 $696 
Other comprehensive income (loss):  
  
  
  
Other comprehensive income (loss):  
Foreign exchange translation adjustment 332
 (87) 458
 898
Foreign exchange translation adjustment125 389 
Unrealized gains (losses) on designated cash flow and net investment hedges, net of tax (expense) benefit of nil and nil in 2017 and nil and $(1) in 2016 (37) —
 (108) (339)
Unrealized gains (losses) on investments, net of tax (expense) benefit of nil and $(1) in 2017, nil and nil in 2016 —
 —
 1
 —
Reclassification of realized net losses (gains) to net income, net of tax expense (benefit) of $2 and $1 in 2017, nil and nil in 2016 (12) (13) (31) (13)
Pension adjustment, net of tax (expense) benefit of $(5) and $(1) in 2017, nil and nil in 2016 9
 1
 9
 1
Unrealized gains (losses) on designated hedges, net of tax (expense) benefit of $(1) in 2023 and $(2) in 2022Unrealized gains (losses) on designated hedges, net of tax (expense) benefit of $(1) in 2023 and $(2) in 2022(26)(117)
Reclassification of net (gains) losses to net income, net of tax expense (benefit) of zero in 2023 and $11 in 2022Reclassification of net (gains) losses to net income, net of tax expense (benefit) of zero in 2023 and $11 in 2022104 (29)
Total other comprehensive income (loss) 292
 (99) 329
 547
Total other comprehensive income (loss)203 243 
Total comprehensive income (loss) 384
 31
 556
 1,029
Total comprehensive income (loss)862 939 
Less: comprehensive (income) loss attributable to noncontrolling interests (3) (20) (20) (20)
Comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interestsComprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests(30)7 
Total comprehensive income (loss) attributable to Bunge $381
 $11
 $536
 $1,009
Total comprehensive income (loss) attributable to Bunge$832 $946 
The accompanying notes are an integral part of these condensed consolidated financial statements.



4
Table of Contents
BUNGE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(U.S. dollars in millions, except share data)
 September 30,
2017		 December 31,
2016		March 31,
2023		December 31,
2022
ASSETS  
  
ASSETS  
Current assets:  
  
Current assets:  
Cash and cash equivalents $389
 $934
Cash and cash equivalents$3,052 $1,104 
Time deposits under trade structured finance program (Note 5)
 —
 64
Trade accounts receivable (less allowances of $104 and $122) (Note 13) 1,867
 1,676
Inventories (Note 6) 5,848
 4,773
Other current assets (Note 7) 3,881
 3,645
Trade accounts receivable (less allowances of $89 and $90) (Note 4)Trade accounts receivable (less allowances of $89 and $90) (Note 4)2,789 2,829 
Inventories (Note 5)Inventories (Note 5)8,952 8,408 
Assets held for sale (Note 2)Assets held for sale (Note 2)— 36 
Other current assets (Note 6)Other current assets (Note 6)4,247 4,381 
Total current assets 11,985
 11,092
Total current assets19,040 16,758 
Property, plant and equipment, net 5,420
 5,099
Property, plant and equipment, net3,731 3,617 
Operating lease assetsOperating lease assets953 1,024 
Goodwill 515
 373
Goodwill478 470 
Other intangible assets, net 338
 336
Other intangible assets, net356 360 
Investments in affiliates 418
 373
Investments in affiliates1,129 1,012 
Deferred income taxes 548
 524
Deferred income taxes724 712 
Time deposits under trade structured finance program (Note 5) 313
 464
Other non-current assets (Note 8) 1,015
 927
Other non-current assets (Note 7)Other non-current assets (Note 7)699 627 
Total assets $20,552
 $19,188
Total assets$27,110 $24,580 
LIABILITIES AND EQUITY  
  
LIABILITIES AND EQUITY  
Current liabilities:  
  
Current liabilities:  
Short-term debt $1,021
 $257
Current portion of long-term debt (Note 12) 287
 938
Letter of credit obligations under trade structured finance program (Note 5) 313
 528
Trade accounts payable (includes $925 and $522 carried at fair value) 3,650
 3,485
Short-term debt (Note 13)Short-term debt (Note 13)$540 $546 
Current portion of long-term debt (Note 13)Current portion of long-term debt (Note 13)868 846 
Trade accounts payable (includes $1,006 and $643 carried at fair value) (Note 11)Trade accounts payable (includes $1,006 and $643 carried at fair value) (Note 11)5,476 4,386 
Current operating lease obligationsCurrent operating lease obligations408 425 
Liabilities held for sale (Note 2)Liabilities held for sale (Note 2)— 18 
Other current liabilities (Note 10) 2,197
 2,476
Other current liabilities (Note 10)3,116 3,379 
Total current liabilities 7,468
 7,684
Total current liabilities10,408 9,600 
Long-term debt (Note 12) 4,246
 3,069
Long-term debt (Note 13)Long-term debt (Note 13)4,312 3,259 
Deferred income taxes 246
 239
Deferred income taxes375 365 
Other non-current liabilities 842
 853
Commitments and contingencies (Note 15) 

 

Equity (Note 16):
  
  
Convertible perpetual preference shares, par value $.01; authorized, issued and outstanding: 2017 - 6,899,700 and 2016 – 6,900,000 shares (liquidation preference $100 per share) 690
 690
Common shares, par value $.01; authorized – 400,000,000 shares; issued and outstanding: 2017 – 140,608,657 shares, 2016 – 139,500,862 shares 1
 1
Non-current operating lease obligationsNon-current operating lease obligations490 547 
Other non-current liabilities (Note 16)Other non-current liabilities (Note 16)802 849 
Redeemable noncontrolling interestRedeemable noncontrolling interest4 4 
Equity (Note 17):
Equity (Note 17):
  
Common shares, par value $.01; authorized – 400,000,000 shares; issued and outstanding: 2023 – 150,585,513 shares, 2022 – 149,907,932 sharesCommon shares, par value $.01; authorized – 400,000,000 shares; issued and outstanding: 2023 – 150,585,513 shares, 2022 – 149,907,932 shares1 1 
Additional paid-in capital 5,223
 5,143
Additional paid-in capital6,688 6,692 
Retained earnings 8,214
 8,208
Retained earnings10,757 10,222 
Accumulated other comprehensive income (loss) (Note 16) (5,662) (5,978)
Treasury shares, at cost - 2017 and 2016 - 12,882,313 shares, respectively (920) (920)
Accumulated other comprehensive income (loss) (Note 17)Accumulated other comprehensive income (loss) (Note 17)(6,171)(6,371)
Treasury shares, at cost; 2023 and 2022 - 18,835,812 sharesTreasury shares, at cost; 2023 and 2022 - 18,835,812 shares(1,320)(1,320)
Total Bunge shareholders’ equity 7,546
 7,144
Total Bunge shareholders’ equity9,955 9,224 
Noncontrolling interests 204
 199
Noncontrolling interests764 732 
Total equity 7,750
 7,343
Total equity10,719 9,956 
Total liabilities and equity $20,552
 $19,188
Total liabilities, redeemable noncontrolling interest and equityTotal liabilities, redeemable noncontrolling interest and equity$27,110 $24,580 
The accompanying notes are an integral part of these condensed consolidated financial statements.

5
Table of Contents
BUNGE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(U.S. dollars in millions)
 Nine Months Ended
September 30,		Three Months Ended
March 31,
 2017 2016 20232022
OPERATING ACTIVITIES  
  
OPERATING ACTIVITIES  
Net income (loss) $227
 $482
Net income (loss)$659 $696 
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:  
  
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:  
Impairment charges 26
 17
Foreign exchange (gain) loss on net debt 28
 115
Foreign exchange (gain) loss on net debt(50)(116)
Bad debt expense 8
 16
Bad debt expense(1)5 
Depreciation, depletion and amortization 448
 402
Depreciation, depletion and amortization102 102 
Share-based compensation expense 27
 31
Share-based compensation expense17 16 
Deferred income tax (8) 105
Deferred income tax expense (benefit)Deferred income tax expense (benefit)11 (54)
(Gain) loss on sale of investments and property, plant and equipment(Gain) loss on sale of investments and property, plant and equipment(3)(1)
Other, net 14
 1
Other, net(5)2 
Changes in operating assets and liabilities, excluding the effects of acquisitions:  
  
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:  
Trade accounts receivable (200) 28
Trade accounts receivable5 (392)
Inventories (837) (487)Inventories(434)(2,350)
Secured advances to suppliers 101
 205
Secured advances to suppliers15 (52)
Trade accounts payable and accrued liabilities 265
 233
Trade accounts payable and accrued liabilities802 1,167 
Advances on sales (200) (157)Advances on sales(119)(30)
Net unrealized gain (loss) on derivative contracts 153
 (157)
Net unrealized (gains) losses on derivative contractsNet unrealized (gains) losses on derivative contracts(424)213 
Margin deposits (26) (44)Margin deposits141 (388)
Recoverable and income taxes, netRecoverable and income taxes, net128 (11)
Marketable securities (147) —
Marketable securities13 243 
Beneficial interest in securitized trade receivablesBeneficial interest in securitized trade receivables— (1,637)
Other, net (181) (155)Other, net74 (69)
Cash provided by (used for) operating activities (302) 635
Cash provided by (used for) operating activities931 (2,656)
INVESTING ACTIVITIES  
  
INVESTING ACTIVITIES  
Payments made for capital expenditures (485) (488)Payments made for capital expenditures(173)(106)
Acquisitions of businesses (net of cash acquired) (369) —
Proceeds from investments 398
 584
Proceeds from investments1 18 
Payments for investments (686) (515)Payments for investments(4)(54)
Settlement of net investment hedges (23) (210)
Settlements of net investment hedgesSettlements of net investment hedges— (1)
Proceeds from beneficial interest in securitized trade receivablesProceeds from beneficial interest in securitized trade receivables61 1,613 
Proceeds from disposals of businesses and property, plant and equipmentProceeds from disposals of businesses and property, plant and equipment159 — 
Payments for investments in affiliates (77) (24)Payments for investments in affiliates(94)— 
Other, net 8
 (14)Other, net95 (22)
Cash provided by (used for) investing activities (1,234) (667)Cash provided by (used for) investing activities45 1,448 
FINANCING ACTIVITIES  
  
FINANCING ACTIVITIES  
Net change in short-term debt with maturities of 90 days or less 596
 (128)
Proceeds from short-term debt with maturities greater than 90 days 360
 273
Repayments of short-term debt with maturities greater than 90 days (206) (292)
Net change in short-term debt with maturities of three months or lessNet change in short-term debt with maturities of three months or less7 990 
Proceeds from short-term debt with maturities greater than three monthsProceeds from short-term debt with maturities greater than three months154 491 
Repayments of short-term debt with maturities greater than three monthsRepayments of short-term debt with maturities greater than three months(158)(180)
Proceeds from long-term debt 6,502
 7,933
Proceeds from long-term debt1,000 30 
Repayments of long-term debt (6,100) (7,430)Repayments of long-term debt(1)(601)
Proceeds from the exercise of options for common shares 58
 —
Proceeds from the exercise of options for common shares3 32 
Repurchases of common shares —
 (200)
Dividends paid (207) (191)
Acquisition of noncontrolling interest —
 (39)
Dividends paid to common and preference shareholdersDividends paid to common and preference shareholders(94)(82)
Other, net (34) (28)Other, net(10)28 
Cash provided by (used for) financing activities 969
 (102)Cash provided by (used for) financing activities901 708 
Effect of exchange rate changes on cash and cash equivalents 22
 20
Net increase (decrease) in cash and cash equivalents (545) (114)
Cash and cash equivalents, beginning of period 934
 411
Cash and cash equivalents, end of period $389
 $297
Effect of exchange rate changes on cash and cash equivalents, restricted cash, and cash held for saleEffect of exchange rate changes on cash and cash equivalents, restricted cash, and cash held for sale28 1 
Net increase (decrease) in cash and cash equivalents, restricted cash, and cash held for saleNet increase (decrease) in cash and cash equivalents, restricted cash, and cash held for sale1,905 (499)
Cash and cash equivalents, restricted cash, and cash held for sale - beginning of periodCash and cash equivalents, restricted cash, and cash held for sale - beginning of period1,152 905 
Cash and cash equivalents, restricted cash, and cash held for sale - end of periodCash and cash equivalents, restricted cash, and cash held for sale - end of period$3,057 $406 
The accompanying notes are an integral part of these condensed consolidated financial statements.

6
Table of Contents
BUNGE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
(Unaudited)
(U.S. dollars in millions, except share data)

     Convertible
Preference Shares		 Common Shares            
  Redeemable
Non-
Controlling
Interests		  Shares Amount Shares Amount Additional
Paid-in
Capital		 Retained
Earnings		 Accumulated
Other
Comprehensive
Income (Loss)		 Treasury
Shares		 Non-
Controlling
Interests		 Total
Equity
Balance, January 1, 2017 $—
  6,900,000
 $690
 139,500,862
 $1
 $5,143
 $8,208
 $(5,978) $(920) $199
 $7,343
Net income (loss) —
  —
 —
 —
 —
 —
 220
 —
 —
 7
 227
Other comprehensive income (loss) —
  —
 —
 —
 —
 —
 —
 316
 —
 13
 329
Dividends on common shares —
  —
 —
 —
 —
 —
 (189) —
 —
 —
 (189)
Dividends on preference shares —
  —
 —
 —
 —
 —
 (25) —
 —
 —
 (25)
Dividends to noncontrolling interests on subsidiary common stock —
  —
 —
 —
 —
 —
 —
 —
 —
 (10) (10)
Noncontrolling decrease from redemption —
  —
 —
 —
 —
 —
 —
 —
 —
 (5) (5)
Share-based compensation expense —
  —
 —
 —
 —
 27
 —
 —
 —
 —
 27
Issuance of common shares —
  (300) —
 1,107,795
 —
 53
 —
 —
 —
 —
 53
Balance, September 30, 2017 $—
  6,899,700
 $690
 140,608,657
 $1
 $5,223
 $8,214
 $(5,662) $(920) $204
 $7,750
Convertible
Preference Shares		Common Shares
Redeemable
Non-
Controlling
Interests		SharesAmountSharesAmountAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Treasury
Shares		Non-
Controlling
Interests		Total
Equity
Balance, January 1, 2023$4 — $— 149,907,932 $1 $6,692 $10,222 $(6,371)$(1,320)$732 $9,956 
Net income (loss)— — — — — — 632 — — 27 659 
Other comprehensive income (loss)— — — — — — — 200 — 3 203 
Dividends on common shares, $0.625 per share— — — — — — (94)— — — (94)
Capital contribution (return) from (to) noncontrolling interest— — — — — — — — — 2 2 
Share-based compensation expense— — — — — 17 — — — — 17 
Issuance of common shares, including stock dividends— — — 677,581 — (21)(3)— — — (24)
Balance, March 31, 2023$4 — $— 150,585,513 $1 $6,688 $10,757 $(6,171)$(1,320)$764 $10,719 

     Convertible
Preference Shares		 Common Shares            
  Redeemable
Non-
Controlling
Interests		  Shares Amount Shares Amount Additional
Paid-in
Capital		 Retained
Earnings		 Accumulated
Other
Comprehensive
Income (Loss)		 Treasury
Shares		 Non-
Controlling
Interests		 Total
Equity
Balance, January 1, 2016 $37
  6,900,000
 $690
 142,483,467
 $1
 $5,105
 $7,725
 $(6,360) $(720) $211
 $6,652
Net income (loss) 1
  —
 —
 —
 —
 —
 474
 —
 —
 8
 482
Accretion of noncontrolling interest 2
  —
 —
 —
 —
 (2) —
 —
 —
 —
 (2)
Other comprehensive income (loss) (1)  —
 —
 —
 —
 —
 —
 535
 —
 12
 547
Dividends on common shares —
  —
 —
 —
 —
 —
 (170) —
 —
 —
 (170)
Dividends on preference shares —
  —
 —
 —
 —
 —
 (25) —
 —
 —
 (25)
Dividends to noncontrolling interests on subsidiary common stock —
  —
 —
 —
 —
 —
 —
 —
 —
 (7) (7)
Noncontrolling decrease from redemption —
  —
 —
 —
 —
 1
 —
 —
 —
 (8) (7)
Deconsolidation of a subsidiary —
  —
 —
 —
 —
 —
 —
 —
 —
 (22) (22)
Acquisition of noncontrolling interest (39)  —
 —
 —
 —
 —
 —
 —
 —
 —
 —
Share-based compensation expense —
  —
 —
 —
 —
 31
 —
 —
 —
 —
 31
Repurchase of common shares —
  —
 —
 (3,296,230) —
 —
 —
 —
 (200) —
 (200)
Issuance of common shares —
  —
 —
 265,539
 —
 (2) —
 —
 —
 —
 (2)
Balance, September 30, 2016 $—
  6,900,000
 $690
 139,452,776
 $1
 $5,133
 $8,004
 $(5,825) $(920) $194
 $7,277
 Convertible
Preference Shares		Common Shares
 Redeemable
Non-
Controlling
Interests		SharesAmountSharesAmountAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Treasury
Shares		Non-
Controlling
Interests		Total
Equity
Balance, January 1, 2022$381 6,899,683 $690 141,057,414 $1 $5,590 $8,979 $(6,471)$(1,120)$156 $7,825 
Net income (loss)4 — — — — — 688 — — 4 692 
Other comprehensive income (loss)(15)— — — — — — 258 — — 258 
Dividends on common shares, $0.525 per share— — — — — — (81)— — — (81)
Share-based compensation expense— — — — — 16 — — — — 16 
Conversion of preference shares to common shares— (6,899,683)(690)8,863,331 — 690 — — — — — 
Issuance of common shares, including stock dividends— — — 1,732,324 — 36 (5)— — — 31 
Balance, March 31, 2022$370 — $— 151,653,069 $1 $6,332 $9,581 $(6,213)$(1,120)$160 $8,741 

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

Table of Contents
BUNGE LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1.BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION
1.    BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION, AND SIGNIFICANT ACCOUNTING POLICIES
The accompanying unaudited condensed consolidated financial statements include the accounts of Bunge Limited (“Bunge”("Bunge" or the "Company"), its subsidiaries and variable interest entities (“VIEs”("VIEs") in which Bunge is considered to be the primary beneficiary, and as a result, include the assets, liabilities, revenues and expenses of all entities over which Bunge has a controlling financial interest. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“("U.S. GAAP”GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended (“("Exchange Act”Act"). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Securities and Exchange Commission (“SEC”("SEC") rules. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included. The condensed consolidated balance sheet at December 31, 20162022 has been derived from Bunge’s audited consolidated financial statements at that date. Operating results for the ninethree months ended September 30, 2017March 31, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2017.2023. The financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2016,2022, forming part of Bunge’s 20162022 Annual Report on Form 10-K filed with the SEC on February 28, 2017.24, 2023.
Effective January 1, 2023, the Company changed its reporting of cash proceeds from and repayments of short-term debt with maturities of three months or less to be presented on a net basis in its condensed consolidated statements of cash flows. Prior to January 1, 2023, the Company presented cash proceeds from and repayments of short-term debt with maturities of three months or less separately in its consolidated statements of cash flows. Prior period amounts have been reclassified to conform to current presentation.
2.ACCOUNTING PRONOUNCEMENTS
Ukraine-Russia War
On February 24, 2022, Russia initiated a military invasion of Ukraine (the "war"). Bunge’s Ukrainian operations comprise two oilseed crushing facilities, located in Mykolaiv and Dnipropetrovsk, a grain export terminal in Mykolaiv commercial seaport, numerous grain elevators, and an office in Kiev. The below outlines new accounting pronouncements issuedCompany also operates a corn milling facility in 2017, as well as updates on certain previously disclosed Accounting Standard Updates (“ASU”) not yet adopted.Ukraine via a joint venture. As of March 31, 2023, total assets and total liabilities associated with Bunge’s Ukrainian subsidiaries each comprise approximately 2% of Bunge’s consolidated Total assets and Total liabilities, respectively.
New Accounting Pronouncements — In August 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvement to Accounting for Hedging Activities, which better aligns hedge accounting with an organization’s risk managementBunge’s operational activities in Ukraine have steadily increased during recent months, but remain limited and are subject to Bunge's ability to perform activities safely. The scope, intensity, duration, and outcome of the ongoing war is uncertain, and any continuation or escalation of the war may have a material adverse effect on Bunge, including its financial statements. Ukrainian operations.
In addition, the ASU simplifiesthree months ended March 31, 2023, the applicationCompany recognized mark-to-market gains of hedge accounting guidance$10 million in areas where practice issues exist. The ASU is effectiveCost of goods sold in the condensed consolidated statements of income related to inventory recovered from its Mykolaiv and other facilities which had no carrying value as of December 31, 2022. No impairments or charges related to the war were recorded in the three months ended March 31, 2023. Please refer to Note 2 - Ukraine-Russia War, included in the Company's 2022 Annual Report on Form 10-K for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted, including interim periods within those years. Bunge is assessingfurther details regarding the impact of this standardthe war on its consolidatedBunge's financial statements.
Cash, Cash Equivalents and Restricted Cash
    Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the condensed consolidated statements of cash flows. The following table provides a reconciliation of cash and cash equivalents and restricted cash, reported within the condensed consolidated balance sheets, which sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.
(US$ in millions)March 31, 2023March 31, 2022
Cash and cash equivalents$3,052 $386 
Restricted cash included in Other current assets5 20 
Total$3,057 $406 
8
Table of Contents
Cash paid for income taxes, net of refunds received, was $39 million and $103 million for the three months ended March 31, 2023 and 2022, respectively. Cash paid for interest expense was $94 million and $122 million for the three months ended March 31, 2023 and 2022, respectively.
Recently Adopted Accounting Pronouncements
In May 2017,March 2020, the FASB��FASB issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848), to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting designed to ease the financial reporting burden related to reference rate reform. In December 2022, the FASB subsequently issued ASU 2017-10, Service Concession Arrangements (Topic 853): Determining the Customer2022-06, Deferral of the Operation Services. Topic 853 provides guidance for operating entities when they enter into a service concession arrangement with a public-sector grantor who both:
Controls or has the ability to modify or approve the services to be provided with the infrastructure and the related price
Controls, through ownership, beneficial entitlement, or otherwise, any residual interest in the infrastructure at the end of the term of the arrangement.
In a service concession arrangement within the scopeSunset Date of Topic 853,848, to ensure the operating entity should not account forrelief in Topic 848 covers the infrastructure asperiod of time during which a lease or as property, plant,significant number of modifications to eligible contracts and equipment. An operating entity should refer to other Topics to account for various aspects of a service concession arrangement. For example, an operating entity should account for revenue relating to construction, upgrade, or operation services in accordance with Topic 606, Revenue from Contracts with Customers.
hedging relationships may take place. The amendments in this ASU apply todefers the accounting by operating entities for service concession arrangements within the scopesunset date of Topic 853. These updates848 from December 31, 2022 to December 31, 2024, after which entities will no longer be effective when Bunge adoptspermitted to apply the updatesrelief in Topic 848. The Company is applying this guidance prospectively to Topic 606 on January 1, 2018. Theall eligible contract modifications through December 31, 2024. As of March 31, 2023, the adoption of this standardguidance has not had, and is not expected to have, a material impact on Bunge's condensed consolidated financial statements.
In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope
9
Table of Modification Accounting.Contents
2.    ACQUISITIONS AND DISPOSITIONS
Acquisitions
On April 14, 2023, Bunge, through its 80% ownership of Bunge Loders Croklaan joint venture with IOI Corporation Berhad, completed its purchase of Fuji Oils New Orleans, LLC's port-based refinery. The new guidance requires an entity to apply modification accounting to share-based payment awards only if the fair value, vesting conditions, or classification of the award as equity or liability changes as a result of a changerefinery is located in terms or conditions of the award. The amendmentsInternational-Matex Tank Terminals' Avondale Terminal, in this ASU are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted. The amendmentsAvondale, Louisiana in the ASU should be applied prospectively toUnited States. Cash consideration for the purchase included approximately $178 million, plus an award modified on or afteradditional de minimis sum for the adoption date. The adoption of this standard is not expected to have a material impact on Bunge's consolidated financial statements.

In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which changes the presentationvalue of net periodic benefit cost related to employer sponsored defined benefit plans and other postretirement benefits. Service cost should be included in the same income statement line item as other compensation costs arising from services rendered during the period, while other components of net periodic benefit pension cost should be presented separately outside of operating income. Additionally, only service costs may be capitalized in assets. The standard is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted. Entities should apply the guidanceworking capital acquired on the presentation of the components of net periodic benefit cost in the income statement retrospectively. The guidance limiting the capitalization of net periodic benefit cost in assets to the service cost component should be applied prospectively. The adoption of this standard is not expected to have a material impact on Bunge’s consolidated financial statements.
In February 2017, the FASB issued ASU 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. The new guidance clarifies the scope of Subtopic 610-20 on the sale or transfer of nonfinancial assets to noncustomers, including partial sales. The standard is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted. The new requirements may be implemented either retrospectively to each period presented in the financial statements, or retrospectively with a cumulative-effect adjustment to retained earnings at the date of initial application. The adoption of this standard is not expectedclosing.
Dispositions
Russian Oilseed Processing and Refining Operations Disposition
On September 16, 2022, Bunge signed an agreement to havesell its remaining Russian operations, primarily comprising an oilseed crushing and refining facility in Voronezh, southwest Russia (referred to as the "disposal group"), to Karen Vanetsyan (the "Buyer"), in exchange for a material impact on Bunge’s consolidated financial statements.
In January 2017,cash price approximately equal to the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The new guidance eliminates Step 2 from the goodwill impairment test. Instead an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The standard is effective for annual or interim impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted. The new requirements should be implemented on a prospective basis. The adoption of this standard is not expected to have a material impact on Bunge’s consolidated financial statements.
In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The amendments provide that when substantially all of the fairbook value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. Otherwise, to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output. The standard is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted. The new requirements should be implemented on a prospective basis. The adoption of this standard is not expected to have a material impact on Bunge’s consolidated financial statements.
In May 2014, the FASB amended ASC (Topic 605) Revenue Recognition and created ASC (Topic 606): Revenue from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. During 2016, the FASB issued additional implementation guidance and practical expedients in ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), ASU 2016-10, Revenue from Contracts with Customers(Topic 606),Identifying Performance Obligations and Licensing, ASU 2016-12, Revenue from Contracts with Customers(Topic 606): Narrow-Scope Improvements and Practical Expedients, and ASU 2016-20, Technical Corrections and Improvements to Topic 606,Revenue from Contracts with Customers, to improve the guidance. The changes will be effective with respect todisposal group's net assets. On January 9, 2023, Bunge as of January 1, 2018 and it is expected that the modified retrospective approach will be applied with a cumulative-effect adjustment to opening retained earnings. Management has completed its adoption assessment and does not expect a material impact on Bunge's results of operations, financial position or cash flows. This is due to the fact that the majority of Bunge's revenue streams apply fair value accounting and are not within the scope of this guidance and for revenue streams within the scope of this guidance, the current timing and measurement of revenue recognition is not expected to change significantly. Topic 606 also requires expanded disclosure, particularly as it relates to the disclosure of segment revenues.
Recently Adopted Accounting Pronouncements - In October 2016, the FASB issued ASU 2016-17: Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control, which provides that a single decision maker is not required to consider indirect interests held through related parties that are under common control with the decision maker to be equivalents of direct interests in their entity. Bunge adopted this ASU upon its effective date of January 1, 2017 and the adoption did not haveBuyer agreed to a material impact on Bunge's consolidated financial statements.

In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This update identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. Bunge adopted this ASU upon its effective date of January 1, 2017purchase price adjustment. The purchase price adjustment and the adoption did not have a material impact on Bunge's consolidated financial statements.
In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, which requires entities that measure inventory using the first-in, first-out or average cost methods to measure inventory at the lower of cost or net realizable value. Net realizable value is defined as estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. Bunge adopted this ASU upon its effective date of January 1, 2017 and the adoption did not have a material impact on Bunge's consolidated financial statements.
3. GLOBAL COMPETITIVENESS PROGRAM
In July 2017, Bunge announced a global competitiveness program (“GCP”) to improve its cost position and deliver increased value to shareholders. The GCP will,cumulative translation adjustment losses, among other things, rationalize Bunge’s cost structure and reengineer the way the company operates in order to reduce overhead costs. One of the GCP’s key objectives will be to streamline processes and consolidate back office functions to improve efficiency and scalability.
The GCP will comprise restructuring initiatives that may include the sale or disposal of long-lived assets, reduction of workforce and rationalization of certain investments. As Bunge continues to review its opportunities, certain charges may be recorded in earnings, including severance and other employee benefit costs, other costsitems related to the disposal group, resulted in a corresponding impairment loss on sale of assets or investments and costs related to professional services.
The table below sets forth, by segment, the types of costs recorded for the GCP during the three and nine months ended September 30, 2017.
 Severance and Other Disposal of Assets Professional Total
(US$ in millions)Employee Benefit Costsor InvestmentsServicesCharges
Agribusiness Segment$4
 $17
 $3
 $24
Edible Oils Segment2
 1
 1
 4
Milling Segment1
 1
 1
 3
Sugar and Bioenergy Segment—
 1
 1
 2
Total$7
 $20
 $6
 $33
For the costs recorded above, $2$103 million, were recordedrecognized in Cost of goods sold $18for the year ended December 31, 2022. On February 3, 2023, the transaction closed in accordance with the terms of the agreement with no material impact to the condensed consolidated statement of income for the three months ended March 31, 2023.

In connection with the transaction, Bunge agreed to indemnify the Buyer against certain legal claims involving Bunge's Russian subsidiary. Management has assessed the likelihood of any loss related to claims covered by the indemnity as remote, and recognized a liability in accordance with Accounting Standards Codification ("ASC") 460, Guarantees. See Note 15 - Commitments and Contingencies for more information.
The following table presents the book values of the major classes of assets and liabilities that were included in the disposal group at the closing date. Intercompany balances between the disposal group and other Bunge consolidated entities have been omitted. Assets included in the disposal group comprised $12 million were recordedand $21 million, reported under the Agribusiness segment and Refined and Specialty Oils segment, respectively. Liabilities included in Selling, general and administrative expenses,the disposal group comprised $6 million and $13 million, were recorded in Other income (expense) - net.reported under the Agribusiness segment and Refined and Specialty Oils segment, respectively.

On September 27, 2017, as part of the GCP, Bunge offered a voluntary early retirement program to certain U.S. based salaried employees. Those employees had until October 31, 2017 to accept or decline the offer. For those employees who accepted, Bunge will recognize severance and other employee benefit costs of approximately $36 million in the fourth quarter of 2017.

4.(US$ in millions)BUSINESS ACQUISITIONS
On September 12, 2017, Bunge announced that it entered into a definitive agreement to acquire a 70% ownership interest in IOI Loders Croklaan ("Loders") from IOI Corporation Berhad ("IOI") for approximately $946 million, comprising €297 million and $595 million in cash. The transaction expands Bunge's value-added capabilities, reach, and scale across core geographies to establish Bunge as a global leader in B2B oil solutions. Loders' portfolio includes a full range of palm and tropical oil-derived products with strength in confectionery, bakery and infant nutrition applications. Loders serves global food industry customers in more than 100 countries around the world. The transaction is expected to close in the first half of 2018, subject to customary closing conditions, including receipt of required regulatory approvals and the approval of a majority of IOI shareholders.
On February 28, 2017, Bunge acquired two oilseed processing plants and related operations in the Netherlands and France pursuant to an agreement with Cargill, Inc. Bunge paid a total purchase price of approximately $322 million. The purchase price allocation resulted in $109 million allocated to property, plant and equipment, $103 million to other net assets

and liabilities and $7 million to finite-lived intangible assets. The transaction also resulted in $103 million of goodwill allocated to Bunge’s agribusiness operations.
5.Cash and cash equivalentsTRADE STRUCTURED FINANCE PROGRAM$19
Trade accounts receivable (less allowances of zero)15
Inventories33
Other current assets14
Property, plant and equipment, net24
Goodwill & Other intangible assets, net10
Other non-current assets8
Impairment reserve(90)
Total assets$33
Trade accounts payable and accrued liabilities$3
Other current liabilities16
Total liabilities$19
Bunge



10
Table of Contents
3.    TRADE STRUCTURED FINANCE PROGRAM
The Company engages in various trade structured finance activities to leverage the value of its global trade flows across its operating regions. For the nine months ended September 30, 2017 and 2016, the net returns from these activities were $27 million and $45 million, respectively, and were included as a reduction of cost of goods sold in the accompanying condensed consolidated statements of income.flows. These activities include programs under which Bungethe Company generally obtains U.S. dollar-denominated letters of credit (“LCs”("LCs") (eachfrom financial institutions, each based on an underlying commodity trade flow) from financial institutionsflow, and time deposits denominated in either the local currency of the financial institutions' counterparties or in U.S. dollars, as well as foreign exchange forward contracts, and other programs in which trade related payables are set-off against receivables, all of which are subject to legally enforceable set-off agreements.
The table below summarizes the assets and liabilities included in the condensed consolidated balance sheets and the associated fair value amounts at September 30, 2017As of March 31, 2023 and December 31, 2016, related to the program.  The fair values approximated the carrying amount of the related financial instruments.
(US$ in millions) September 30,
2017		 December 31,
2016
Current assets:  
  
Carrying value of time deposits $—
 $64
Fair value (Level 2 measurement) of time deposits $—
 $64
     
Non-current assets:    
Carrying value of time deposits $313
 $464
Fair value (Level 2 measurement) of time deposits $313
 $464
     
Current liabilities:    
Carrying value of letters of credit obligations $313
 $528
Fair value (Level 2 measurement) of letters of credit obligations $313
 $528
As of September 30, 2017 and December 31, 2016,2022, time deposits and LCs of $6,766$5,585 million and $5,732$5,901 million, respectively, were presented net on the condensed consolidated balance sheets as the criteria of ASC 210-20, Offsetting, had been met. Additionally,The net losses and gains related to such activities are included as an adjustment to Cost of September 30, 2017goods sold in the accompanying condensed consolidated statements of income. At March 31, 2023 and December 31, 2016, receivables and trade payables of $896 million and nil, respectively, were presented net on the condensed consolidated balance sheets as the criteria of ASC 210-20, Offsetting, had been met. At September 30, 2017 and December 31, 2016,2022, time deposits, including those presented on a net basis, carried weighted-average interest rates of 2.84%4.58% and 2.36%3.46%, respectively. During the ninethree months ended September 30, 2017March 31, 2023 and 2016,2022, total net proceeds from issuances of LCs were $5,889$1,381 million and $5,165$1,609 million, respectively. These cash inflows arewere offset by the related cash outflows resulting from placement of the time deposits and repayment of the LCs. All cash flows related to the programs are included in operating activities in the condensed consolidated statements of cash flows.
As part of the trade structured finance activities, LCs may be sold to financial institutions on a discounted basis. Bunge does not service derecognized LCs. The terms of the sale may require the Company to continue to make periodic interest payments to financial institutions based on changes in the Secured Overnight Financing Rate ("SOFR") for a period of up to 365 days. Bunge’s payment obligation to financial institutions as part of the trade structured finance activities, reported in Other current liabilities, including any unrealized gain or loss on changes in SOFR is not significant as of March 31, 2023 or December 31, 2022. The notional amounts of LCs subject to continuing variable interest payments that have been derecognized from the Company's condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022 are included in Note 12 - Derivative Instruments And Hedging Activities. The net gain or loss included in Cost of goods sold resulting from the fair valuation of such variable interest rate obligations is not significant for the three month periods ended March 31, 2023 and 2022.

4.    TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM
Trade Accounts Receivable
Changes to the allowance for lifetime expected credit losses related to trade accounts receivable were as follows:
Three Months Ended March 31, 2023
Rollforward of the Allowance for Credit Losses (US$ in millions)Short-term
Long-term (1)
Total
Allowance as of January 1, 2023$90 $46 $136 
Current period provisions15 — 15 
Recoveries(17)— (17)
Write-offs charged against the allowance— (12)(12)
Foreign exchange translation differences1 — 1 
Allowance as of March 31, 2023$89 $34 $123 

(1)     Long-term portion of the allowance for credit losses included in Other non-current assets.
11
Table of Contents
6.INVENTORIES

Three Months Ended March 31, 2022
Rollforward of the Allowance for Credit Losses (US$ in millions)Short-term
Long-term (1)
Total
Allowance as of January 1, 2022$85 $47 $132 
Current period provisions15 — 15 
Recoveries(9)— (9)
Write-offs charged against the allowance(10)(2)(12)
Foreign exchange translation differences3 4 7 
Allowance as of March 31, 2022$84 $49 $133 
(1)     Long-term portion of the allowance for credit losses included in Other non-current assets.

Trade Receivables Securitization Program
Bunge and certain of its subsidiaries participate in a trade receivables securitization program (the "Program") with a financial institution, as administrative agent, and certain commercial paper conduit purchasers and committed purchasers (collectively, the "Purchasers"). Koninklijke Bunge B.V., a wholly owned subsidiary of Bunge, acts as master servicer, responsible for servicing and collecting the accounts receivable for the Program. The Program is designed to enhance Bunge’s financial flexibility by providing an additional source of liquidity for its operations.
Bunge may also, from time to time with the consent of the administrative agent, request one or more of the existing committed purchasers or new committed purchasers to increase the total commitments by an amount not to exceed $250 million pursuant to an accordion provision. The Program includes sustainability provisions, pursuant to which the applicable margin will be increased or decreased based on Bunge's performance relative to certain sustainability targets, including, but not limited to, science-based targets that define Bunge's climate goals within its operations and a commitment to a deforestation-free supply chain in 2025.
On November 16, 2022, Bunge and certain of its subsidiaries amended the Program from a deferred purchase price structure to a pledge structure. Under the new structure, Bunge Securitization B.V. ("BSBV"), a consolidated bankruptcy remote special purpose entity, transfers certain trade receivables to the Purchasers in exchange for a cash payment up to $1.1 billion and retains ownership of a population of unsold receivables. BSBV agrees to guaranty the collection of sold receivables and grants a lien to the administrative agent on all unsold receivables. Collections on unsold receivables and guarantee payments are classified as operating activities in Bunge’s condensed consolidated statements of cash flows.
At November 16, 2022, the effective date of the amended Program, $741 million of sold receivables were repurchased through a non-cash investing exchange of the Deferred Purchase Price ("DPP"). As of March 31, 2023, the Company had collected a total of $707 million of repurchased receivables, including $61 million collected in the first quarter of 2023, which are reported as Proceeds from beneficial interest in securitized trade receivables under investing activities in the consolidated statements of cash flows.

The Program will terminate on May 17, 2031; however, each committed purchaser's commitment to purchase trade receivables under the Program will terminate on May 17, 2025, unless extended for an additional period in accordance with the terms of the receivables transfer agreement.
(US$ in millions)March 31,
2023		December 31,
2022
Receivables sold that were derecognized from Bunge's balance sheet$1,100 $1,100 
Unsold receivables pledged to the administrative agent and included in Trade accounts receivable$645 $583 
Bunge's risk of loss following the sale of trade receivables is substantially the same as the previous DPP structure and limited to the assets of BSBV, primarily comprised of unsold receivables pledged to the administrative agent.

12
Table of Contents
    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.
Three Months Ended
March 31,
(US$ in millions)20232022
Gross receivables sold$3,635 $4,080 
Proceeds received in cash related to transfers of receivables (1)
$3,594 $3,511 
Cash collections from customers on receivables previously sold$3,635 $4,007 
Discounts related to gross receivables sold included in SG&A$13 $2 

(1)    Prior to November 16, 2022, the Company recognized these proceeds net of the DPP, consisting of a receivable from the Purchasers that entitled the Company to certain collections on the receivable. The Company recognized the collection of the DPP in net cash provided by investing activities in the condensed consolidated statements of cash flows. As a result of the November 16, 2022 amendment, Bunge reports collections on newly originated, unsold receivables held by BSBV as operating cash flows in the condensed consolidated statements of cash flows.

5.    INVENTORIES
Inventories by segment are presented below. Readily marketable inventories (“RMI”("RMI") are agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, palm oil, corn, and wheat carried at fair value because of their commodity characteristics, widely available markets, and international pricing mechanisms. The Company engages in trading and distribution, or merchandising activities, and part of RMI can be attributable to such activities and is not held for processing. All other inventories are carried at lower of cost or net realizable value.

(US$ in millions)March 31,
2023		December 31,
2022
Agribusiness (1)
$7,458 $6,756 
Refined and Specialty Oils (2)
1,148 1,316 
Milling (3)
341 332 
Corporate and Other5 4 
Total$8,952 $8,408 
(1)    Includes RMI of $6,954 million and $6,286 million at March 31, 2023, and December 31, 2022, respectively. Assets held for sale includes RMI of zero and $26 million at March 31, 2023, and December 31, 2022, respectively. Of these amounts, $5,731 million and $4,789 million can be attributable to merchandising activities at March 31, 2023, and December 31, 2022, respectively.
(2)    Includes RMI of $227 million and $271 million at March 31, 2023, and December 31, 2022, respectively.
(3)    Includes RMI of $50 million and $97 million at March 31, 2023, and December 31, 2022, respectively.
13
(US$ in millions) September 30,
2017		 December 31,
2016
Agribusiness (1)
 $4,536
 $3,741
Edible Oil Products (2)
 442
 404
Milling Products 187
 167
Sugar and Bioenergy (3)
 583
 406
Fertilizer 100
 55
Total $5,848
 $4,773
Table of Contents
6.    OTHER CURRENT ASSETS
(1)Includes RMI of $4,398 million and $3,593 million at September 30, 2017 and December 31, 2016, respectively.  Of these amounts, $3,351 million and $2,523 million can be attributable to merchandising activities at September 30, 2017 and December 31, 2016, respectively.
(2)Includes RMI of bulk soybean and canola oil in the aggregate amount of $109 million and $123 million at September 30, 2017 and December 31, 2016, respectively.
(3)Includes sugar RMI of $195 million and $139 million at September 30, 2017 and December 31, 2016, respectively. Of these amounts, $189 million and $139 million can be attributable to merchandising activities at September 30, 2017 and December 31, 2016, respectively.
7.OTHER CURRENT ASSETS
Other current assets consist of the following:
(US$ in millions)March 31,
2023		December 31,
2022
Unrealized gains on derivative contracts, at fair value$1,924 $1,597 
Prepaid commodity purchase contracts (1)
288 254 
Secured advances to suppliers, net (2)
330 365 
Recoverable taxes, net361 365 
Margin deposits653 791 
Marketable securities and other short-term investments (3)
97 119 
Income taxes receivable28 102 
Prepaid expenses289 376 
Restricted cash5 26 
Other272 386 
Total$4,247 $4,381 
(US$ in millions) September 30,
2017		 December 31,
2016
Unrealized gains on derivative contracts, at fair value $1,024
 $1,327
Prepaid commodity purchase contracts (1)
 418
 273
Secured advances to suppliers, net (2)
 377
 601
Recoverable taxes, net 459
 467
Margin deposits 277
 251
Marketable securities, at fair value and other short-term investments 544
 94
Deferred purchase price receivable, at fair value (3)
 123
 87
Income taxes receivable 235
 181
Prepaid expenses 147
 148
Other 277
 216
Total $3,881
 $3,645
(1)    Prepaid commodity purchase contracts represent advance payments against contracts for future deliveries of specified quantities of agricultural commodities.
(2)    The Company provides cash advances to suppliers, primarily Brazilian soybean farmers, to finance a portion of the suppliers’ production costs. The Company does not bear any of the costs or operational risks associated with the related growing activities. The advances are largely collateralized by future crops and physical assets of the suppliers, carry a local market interest rate, and settle when the farmers' crops are harvested and sold. The secured advances to farmers are reported net of allowances of $8 million and $7 million at March 31, 2023 and December 31, 2022, respectively.
(1)Prepaid commodity purchase contracts represent advance payments against contracts for future delivery of specified quantities of agricultural commodities.
(2)Bunge provides cash advances to suppliers, primarily Brazilian farmers of soybeans and sugarcane, to finance a portion of the suppliers’ production costs.  Bunge does not bear any of the costs or operational risks associated with the related growing crops.  The advances are largely collateralized by future crops and physical assets of the suppliers, carry a local market interest rate, and settle when the farmer’s crop is harvested and sold.  The secured advances to farmers are reported net of allowances of $1 million at September 30, 2017 and $1 million at December 31, 2016. There were no significant changes in the allowance at September 30, 2017 and December 31, 2016, respectively.
(-)Interest earned on secured advances to suppliers of $7 million and $7$6 million for the three months ended September 30, 2017March 31, 2023, and 2016, respectively, and $34 million and $25 million for the nine months ended September 30, 2017 and 2016,2022, respectively, is included in netNet sales in the condensed consolidated statements of income.
(3)Deferred purchase price receivable represents additional credit support for the investment conduits in Bunge’s accounts receivables sales program (see Note 13).

(3)Marketable Securitiessecurities and Other Short-Term Investmentsother short-term investments - BungeThe Company invests in foreign government securities, corporate debt securities, deposits, equity securities, and other securities. The following is a summary of amounts recorded onin the Company's condensed consolidated balance sheets foras marketable securities and other short-term investments.
(US$ in millions)March 31,
2023		December 31,
2022
Foreign government securities$55 $68 
Equity securities13 23 
Other29 28 
Total$97 $119 
(US$ in millions) September 30,
2017		 December 31,
2016
Foreign government securities $521
 $28
Corporate debt securities 21
 57
Certificate of deposits/time deposits —
 7
Other 2
 2
Total marketable securities and other short-term investments $544
 $94
As of September 30, 2017, totalMarch 31, 2023, and December 31, 2022, $67 million and $89 million, respectively, of marketable securities and other short-term investments includes $1 million of assets classified as available for sale, $541 million as tradingwere recorded at fair value. All other investments were recorded at cost, and $2 million as other short-term investments. As of December 31, 2016, total marketable securities and other short-term investments includes $22 million of assets classified as available for sale, $63 million as trading and $9 million as other short-term investments.  Held-to-maturity foreign government and corporate debt securities and certificate of deposits/time deposits are expected to be converted to cash within a twelve month period and are therefore classified as current. Duedue to the short termshort-term nature of these investments, their carrying value approximatesvalues approximated their fair value.values. For the three months ended March 31, 2023, and 2022, unrealized losses of $7 million and $102 million, respectively, have been recognized in Other income (expense) - net for investments held at March 31, 2023, and 2022.
14
Table of Contents
8.OTHER NON-CURRENT ASSETS
7.OTHER NON-CURRENT ASSETS
Other non-current assets consist of the following:
(US$ in millions)March 31,
2023		December 31,
2022
Recoverable taxes, net (1)
$34 $59 
Judicial deposits (1)
116 110 
Other long-term receivables, net (2)
15 16 
Income taxes receivable (1)
208 143 
Long-term investments (3)
167 163 
Affiliate loans receivable8 8 
Long-term receivables from farmers in Brazil, net (1)
44 32 
Unrealized gains on derivative contracts, at fair value1 1 
Other106 95 
Total$699 $627 
(US$ in millions) September 30,
2017		 December 31,
2016
Recoverable taxes, net (1)
 $142
 $139
Judicial deposits (1)
 143
 129
Other long-term receivables 13
 23
Income taxes receivable (1)
 294
 261
Long-term investments 63
 54
Affiliate loans receivable 26
 25
Long-term receivables from farmers in Brazil, net (1)
 148
 133
Other 186
 163
Total $1,015
 $927
(1)    A significant portion of these non-current assets arise from the Company’s Brazilian operations and their realization could take several years.
(2)    Net of allowances as described in Note 4 - Trade Accounts Receivable and Trade Receivables Securitization Program.
(3)    As of March 31, 2023, and December 31, 2022, $11 million and $9 million, respectively, of long-term investments are recorded at fair value.
(1)These non-current assets arise primarily from Bunge’s Brazilian operations and their realization could take several years.
Recoverable taxes, net - Recoverable taxes include value-added taxes paid upon the acquisition of property, plant and equipment, raw materials and taxable services, and other transactional taxes which can be recovered in cash or as compensation against income taxes, or other taxes Bunge may owe, primarily in Brazil and Europe. Recoverable taxes are reported net of allowancesallowances of $29$13 million and $32$14 million at September 30, 2017March 31, 2023, and December 31, 2016,2022, respectively.
Judicial deposits - Judicial deposits are funds that Bungethe Company has placed on deposit with the courts in Brazil. These funds are held in judicial escrow relating to certain legal proceedings pending legal resolution and bear interest at the SELICSelic rate, which is the benchmark rate of the Brazilian central bank.
Income taxes receivable - Income taxes receivable includesinclude overpayments of current income taxes plus accrued interest. These income tax prepayments are expected to be primarily utilizedused for the settlement of future income tax obligations. Income taxes receivable in Brazil bear interest at the SELICSelic rate.
Long-term investments - Long-term investments primarily comprise Bunge's noncontrolling equity investments in growth stage agribusiness and food companies held by Bunge Ventures.
Affiliate loans receivable - Affiliate loans receivable are primarily interest bearinginterest-bearing receivables from unconsolidated affiliates with a remaining maturitymaturities of greater than one year.
Long-term receivables from farmers in Brazil, net of reserves - Bunge The Company provides financing to farmers in Brazil, primarily through secured advances against farmer commitments to deliver agricultural commodities (primarily soybeans) upon harvest of the then-current year’s crop, and through credit sales of fertilizer to farmers. Certain such long-term receivables from farmers are originally recorded in Other current assets as prepaid commodity purchase contracts or secured advances to suppliers (see Note 6 - Other Current Assets) or Other non-current assets according to their maturity. Advances initially recorded in Other current assets are reclassified to Other non-current assets if collection issues arise and amounts become past due with resolution of such matters expected to take more than one year.

15
Table of Contents
The average recorded investment in long-term receivables from farmers in Brazil for the ninethree months ended September 30, 2017March 31, 2023, and the year ended December 31, 20162022, was $263$73 million and $235$90 million, respectively. The table below summarizes Bunge’sthe Company’s recorded investment in long-term receivables from farmers in Brazil and the related allowance amounts.
 March 31, 2023December 31, 2022
(US$ in millions)Recorded
Investment		AllowanceRecorded
Investment		Allowance
For which an allowance has been provided:    
Legal collection process (1)
$35 $35 $40 $34 
Renegotiated amounts2 2 2 2 
For which no allowance has been provided:    
Legal collection process (1)
24 — 19 — 
Renegotiated amounts (2)
9 — 7 — 
Other long-term receivables (3)
11 — — — 
Total$81 $37 $68 $36 
  September 30, 2017 December 31, 2016
(US$ in millions) 
Recorded
Investment
 Allowance 
Recorded
Investment
 Allowance
For which an allowance has been provided:  
  
  
  
Legal collection process (1)
 $102
 $87
 $84
 $78
Renegotiated amounts (2)
 27
 24
 36
 31
For which no allowance has been provided:  
  
  
  
Legal collection process (1)
 77
 —
 60
 —
Renegotiated amounts (2)
 21
 —
 16
 —
Other long-term receivables 32
 —
 46
 —
Total $259
 $111
 $242
 $109
(1)    All amounts in legal collection processes are considered past due upon initiation of legal action.
(1)All amounts in legal process are considered past due upon initiation of legal action.
(2)All renegotiated amounts are current on repayment terms.
(2)    These renegotiated amounts are current on repayment terms.
(3)    New advances expected to be realized through farmer commitments to deliver agricultural commodities in crop periods greater than twelve months from the balance sheet date. Such advances are reclassified from Other non-current assets to Other current assets in later periods depending on the expected date of their realization.
The table below summarizes the activity in the allowance for doubtful accounts related to long-term receivables from farmers in Brazil.
Three Months Ended
March 31,
(US$ in millions)20232022
Allowance as of January 1$36 $36 
Bad debt provisions— — 
Recoveries— (1)
Write-offs— — 
Transfers— — 
Foreign exchange translation1 7 
Allowance as of March 31$37 $42 

8.    VARIABLE INTEREST ENTITIES
Consolidated Variable Interest Entities
On May 1, 2022, Bunge completed a transaction with Chevron Corporation ("Chevron") to create a joint venture, Bunge Chevron Ag Renewables LLC (the "Joint Venture"), leveraging Bunge’s expertise in oilseed processing and farmer relationships, and Chevron’s expertise in fuels manufacturing and marketing, to help meet the demand for renewable fuels and to develop lower carbon intensity feedstocks.
The Joint Venture is a variable interest entity ("VIE") in which Bunge is considered to be the primary beneficiary because it is responsible for the day-to-day operating decisions of the Joint Venture as well as the marketing of the principal products, primarily soybean meal and oil produced and sold by the Joint Venture, among other factors.
The Joint Venture's assets can only be used to settle the Joint Venture’s own obligations and the Joint Venture’s creditors have no recourse to Bunge’s assets beyond Bunge’s maximum exposure to loss associated with the Joint Venture at any given time. The following table presents the values of the assets and liabilities associated with the Joint Venture, which are included in Bunge’s consolidated balance sheets as of March 31, 2023 and December 31, 2022. All amounts exclude intercompany balances, which have been eliminated upon consolidation.
16
Table of Contents
  Three Months Ended
September 30,		 Nine Months Ended
September 30,
(US$ in millions) 2017 2016 2017 2016
Beginning balance $109
 $111
 $109
 $100
Bad debt provisions —
 —
 10
 1
Recoveries (3) (2) (11) (11)
Transfers —
 1
 —
 1
Foreign exchange translation 5
 (1) 3
 18
Ending balance $111
 $109
 $111
 $109
For all other VIEs in which Bunge is considered the primary beneficiary, the entities meet the definition of a business, and the VIE's assets can be used other than for the settlement of the VIE’s obligations. As such these VIEs have been excluded from the below table.
(US$ in millions)March 31,
2023		December 31,
2022
Current assets:
Cash and cash equivalents$544 $528 
Trade accounts receivable1 — 
Inventories79 85 
Other current assets116 98 
Total current assets740 711 
Property, plant and equipment, net76 65 
Total assets$816 $776 
Current liabilities:
Trade accounts payable and accrued liabilities$52 $81 
Other current liabilities114 85 
Total current liabilities166 166 
Total liabilities$166 $166 
9.INCOME TAXES

For additional information on VIEs for which Bunge has determined it is not the primary beneficiary, along with the Company's related maximum exposure to losses associated with such investments, please refer to Note 12 - Investments in Affiliates and Variable Interest Entities, included in the Company's 2022 Annual Report on Form 10-K.

9.    INCOME TAXES
Income tax expense is provided on an interim basis based on management’s estimate of the annual effective income tax rate and includes the tax effects of certain discrete items, such as changes in tax laws or tax rates or other unusual or non-recurring tax adjustments in the interim period in which they occur. In addition, results from jurisdictions withprojecting a projected loss for the year or a year-to-date loss where no tax benefit can be recognized are excluded fromtreated discretely in the estimated annual effective tax rate.interim period in which they occur. The effective tax rate is highly dependent on the geographic distribution of Bunge’sthe Company’s worldwide earnings or losses and tax regulations in each jurisdiction. Management regularly monitors the assumptions used in estimating its annual effective tax rate, and adjusts estimates accordingly, including the realizability of deferred tax assets.assets, and adjusts estimates accordingly. Volatility in earnings results inwithin a taxing jurisdiction could result in a determination that additional valuation allowance adjustments may be warranted. While management does not currently believe any future valuation allowance adjustments will be significant,
Income tax expense for the actual results may be different and the impact of such amounts will be recorded in the period in which management's assessment changes.
For the ninethree months ended September 30, 2017March 31, 2023, and 2016, income tax expense related to continuing operations2022 was $2$183 million and $118$108 million, respectively, resulting in effective tax rates of 1% and 19%.respectively. The year-to-date effective tax rate of 1% in 2017 was primarily due to certain discrete items, including an income tax benefit of $32 million for a favorable resolution of income tax matters in Asia and an income tax benefit of $17 million related to a tax election in South America. The 2016 year-to-date effective tax rate of 19% was driven primarily by discrete items, including an income tax benefit of $60 million recorded for a change in estimate resulting from a tax election for North America and an income tax benefit of $11 million recorded for income tax refund claims in Europe, partially offset by an income tax charge of $(32) million recorded for an uncertain tax position related to Asia. Excluding the effect of these discrete items noted above, Bunge's effective tax rate for the ninethree months ended September 30, 2017 and 2016,March 31, 2023, was 22% and 26%, respectively.higher than the U.S. statutory rate of 21% primarily due to jurisdictional mix of earnings. The reduction in the effective tax rate

from 2016 for the three months ended March 31, 2022, was lower than the U.S. statutory rate of 21% primarily due to 2017, taking into account an exclusionjurisdictional mix of earnings and the discrete tax items noted above, is primarily attributable to favorable earnings mixrelease of valuation allowances in Europe and increased tax exempt income.
Bunge believes that it is reasonably possible that approximately $25 million of its unrecognized tax benefits may be recognized within the next twelve months as a result of the lapse of statute of limitations, or settlement with the tax authorities.Asia.
As a global enterprise, Bungethe Company files income tax returns that are subject to periodic examination and challenge by federal, state, and foreign tax authorities. In many jurisdictions, income tax examinations, including settlement negotiations or litigation, may take several years to finalize. The Company is currently under examination or litigation in various locations throughout the world. While it is difficult to predict the final outcome or timing of resolution of any particular matter, management believes that the condensed consolidated financial statements reflect the largest amount of tax benefit that is more likely than not to be realized.




17
Table of Contents
10.OTHER CURRENT LIABILITIES
10.    OTHER CURRENT LIABILITIES
Other current liabilities consist of the following:
(US$ in millions)March 31,
2023		December 31,
2022
Unrealized losses on derivative contracts, at fair value$1,477 $1,570 
Accrued liabilities612 755 
Advances on sales (1)
485 601 
Income tax payable249 156 
Other293 297 
Total$3,116 $3,379 
(1)    The Company records advances on sales when cash payments are received in advance of the Company’s performance and recognizes revenue once the related performance obligation is completed. Advances on sales are impacted by the seasonality of Bunge's business, including the timing of harvests in the northern and southern hemispheres, and amounts at each balance sheet date will generally be recognized in earnings within twelve months or less.

11.    FAIR VALUE MEASUREMENTS
(US$ in millions) September 30,
2017		 December 31,
2016
Unrealized losses on derivative contracts, at fair value $1,054
 $1,203
Accrued liabilities 663
 548
Advances on sales 196
 395
Other 284
 330
Total $2,197
 $2,476
11.FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Bunge’sBunge's various financial instruments include certain components of working capital such as cash and cash equivalents, trade accounts receivable and trade accounts payable. Additionally, Bunge uses shortshort- and long-term debt to fund operating requirements. Cash and cash equivalents, tradeTrade accounts receivable, trade accounts payable, and short-term debt are generally stated at their carrying value, which is a reasonable estimate of fair value. See Note 133 - Trade Structured Finance Program for deferred purchase price receivable (“DPP”) related to sales of trade receivables, structured finance program, Note 87 - Other Non-Current Assets for long-term receivables from farmers in Brazil, net and other long-term investments, and Note 1213 - Debt for long-term debt. Bunge’sBunge's financial instruments also include derivative instruments and marketable securities, which are stated at fair value.
The majorityfair value standard describes three levels within its hierarchy that may be used to measure fair value.
LevelDescriptionFinancial Instrument (Assets / Liabilities)
Level 1Quoted prices (unadjusted) in active markets for identical assets or liabilities.Exchange traded derivative contracts.

Marketable securities in active markets.
Level 2Observable inputs, including adjusted Level 1 quotes, quoted prices for similar assets or liabilities, quoted prices in markets that are less active than traded exchanges and other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.Exchange traded derivative contracts (less liquid markets).

Readily marketable inventories.

Over-the-counter ("OTC") commodity purchase and sales contracts.

OTC derivatives whose value is determined using pricing models with inputs that are generally based on exchange traded prices, adjusted for location specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data.

Marketable securities in less active markets.
Level 3Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities.Assets and liabilities whose value is determined using proprietary pricing models, discounted cash flow methodologies or similar techniques.

Assets and liabilities for which the determination of fair value requires significant management judgment or estimation.
In many cases, a valuation technique used to measure fair value includes inputs from multiple levels 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 table below.  Assets and liabilities are classified in their entirety based on thefair value hierarchy. The lowest level of input that is a significant component of the fair value measurement.measurement determines the placement of the entire fair value measurement in the hierarchy. The lowest levelCompany’s assessment of the significance of a particular input is considered Level 3.to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy levels.

For a further definition of fair value and the associated fair value levels, refer to Note 16 - Fair Value Measurements, included in the Company's 2022 Annual Report on Form 10-K.
18
Table of Contents
The following table sets forth, by level, Bunge’sthe Company’s assets and liabilities that were accounted for at fair value on a recurring basis.
  Fair Value Measurements at Reporting Date
  September 30, 2017 December 31, 2016
(US$ in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Assets:  
  
  
  
  
  
  
  
Readily marketable inventories (Note 6) $—
 $4,133
 $569
 $4,702
 $—
 $3,618
 $237
 $3,855
Trade accounts receivable (1)
 —
 6
 —
 6
 —
 6
 —
 6
Unrealized gain on designated derivative contracts(2):
    
  
  
  
  
  
  
Interest rate —
 —
 —
 —
 —
 1
 —
 1
Foreign exchange —
 25
 —
 25
 —
 29
 —
 29
Unrealized gain on undesignated derivative contracts (2):
  
  
  
  
  
  
  
  
Interest rate —
 —
 —
 —
 —
 1
 —
 1
Foreign exchange —
 416
 —
 416
 —
 312
 —
 312
Commodities 107
 406
 19
 532
 421
 431
 96
 948
Freight 25
 —
 6
 31
 16
 —
 —
 16
Energy 20
 —
 —
 20
 23
 1
 —
 24
Deferred purchase price receivable (Note 13 ) —
 123
 —
 123
 —
 87
 —
 87
Other (3)
 14
 684
 —
 698
 18
 108
 —
 126
Total assets $166
 $5,793
 $594
 $6,553
 $478
 $4,594
 $333
 $5,405
Liabilities:  
  
  
  
  
  
  
  
Trade accounts payable (1)
 $—
 $676
 $249
 $925
 $—
 $478
 $44
 $522
Unrealized loss on designated derivative contracts (4):
  
  
  
  
  
  
  
  
Interest rate —
 20
 —
 20
 —
 18
 —
 18
Unrealized loss on undesignated derivative contracts (4):
  
  
  
  
  
  
  
  
Interest rate —
 1
 —
 1
 —
 —
 —
 —
Foreign exchange —
 419
 —
 419
 —
 233
 —
 233
Commodities 141
 432
 20
 593
 356
 444
 144
 944
Freight 19
 —
 5
 24
 14
 —
 1
 15
Energy 14
 —
 3
 17
 9
 —
 2
 11
Total liabilities $174
 $1,548
 $277
 $1,999
 $379
 $1,173
 $191
 $1,743
 Fair Value Measurements at Reporting Date
 March 31, 2023December 31, 2022
(US$ in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:        
Cash equivalents$255 $596 $— $851 $— $81 $— $81 
Readily marketable inventories (Note 5)— 5,923 1,308 7,231 — 6,268 412 6,680 
Trade accounts receivable (1)
— 11 — 11 — 7 — 7 
Unrealized gain on derivative contracts (2):
      
Interest rate— 6 — 6 — 3 — 3 
Foreign exchange1 418 — 419 1 378 — 379 
Commodities188 1,047 83 1,318 136 763 101 1,000 
Freight70 — — 70 80 — — 80 
Energy99 3 — 102 128 2 — 130 
Credit— 10 — 10 — 5 — 5 
Other (3)
24 27 27 78 33 40 27 100 
Total assets$637 $8,041 $1,418 $10,096 $378 $7,547 $540 $8,465 
Liabilities:        
Trade accounts payable (1)
$— $512 $494 $1,006 $— $513 $130 $643 
Unrealized loss on derivative contracts (4):
        
Interest rate— 282 — 282 — 344 — 344 
Foreign exchange1 400 — 401 1 461 — 462 
Commodities160 704 36 900 127 731 50 908 
Freight47 — — 47 28 — — 28 
Energy113 9 — 122 153 6 — 159 
Credit— — — — — 1 — 1 
Total liabilities$321 $1,907 $530 $2,758 $309 $2,056 $180 $2,545 
(1)    These receivables and payables are hybrid financial instruments for which Bunge has elected the fair value option as they are derived from purchases and sales of agricultural commodity products in the normal course of business.
(2)    Unrealized gains on derivative contracts are generally included in Other current assets. There were $1 million and $1 million included in Other non-current assets at March 31, 2023, and December 31, 2022, respectively.
(3)    Other includes the fair values of marketable securities and investments in Other current assets and Other non-current assets.
(4)    Unrealized losses on derivative contracts are generally included in Other current liabilities. There were $275 million and $332 million included in Other non-current liabilities at March 31, 2023, and December 31, 2022, respectively.
Cash equivalents —Cash equivalents primarily includes money market funds and commercial paper investments. Bunge analyzes how the prices are derived and determines whether the prices are liquid or less liquid tradable prices. Cash equivalents with liquid prices are valued using prices from publicly available sources and classified as Level 1. Cash equivalents with less-liquid prices are valued using third-party quotes or pricing models and classified as Level 2.
Readily marketable inventories—RMI reported at fair value are valued based on commodity futures exchange quotations, broker or dealer quotations, or market transactions in either listed or OTC markets with appropriate adjustments for differences in local markets where the Company's inventories are located. In such cases, the inventory is classified within Level 2. Certain inventories may utilize significant unobservable data related to local market adjustments to determine fair value. In such cases, the inventory is classified as Level 3.
If the Company used different methods or factors to determine fair values, amounts reported as unrealized gains and losses on derivative contracts and RMI at fair value in the condensed consolidated balance sheets and condensed consolidated statements of income could differ. Additionally, if market conditions change subsequent to the reporting date, amounts reported
19
(1)Trade accounts receivable and payable are generally stated at historical amounts, net of write-offs and allowances, with the exception of $6 million and $925 million, respectively, at September 30, 2017 and $6 million and $522 million, respectively, at December 31, 2016, related to certain delivered inventory for which the receivable and payable fluctuate based on changes in commodity prices. These receivables and payables are hybrid financial instruments for which Bunge has elected the fair value option.
(2)Unrealized gains on designated and undesignated derivative contracts are generally included in other current assets. There are nil and $5 million included in other non-current assets at September 30, 2017 and December 31, 2016, respectively.
(3)Other includes the fair values of marketable securities and investments in other current assets and other non-current assets.

Table of Contents
(4)Unrealized losses on designated and undesignated derivative contracts are generally included in other current liabilities. There are $20 million and $18 million included in other non-current liabilities at September 30, 2017 and December 31, 2016, respectively.
in future periods as unrealized gains and losses on derivative contracts and RMI at fair value in the condensed consolidated balance sheets and condensed consolidated statements of income could differ.
Derivatives— ExchangeThe 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. Bunge’sThe 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 salesales contracts are classified as derivatives along with other OTC derivative instruments, primarily relating primarily to freight, energy, foreign exchange and interest rates, and are classified within Level 2 or Level 3 as described below. BungeThe 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 valued atgenerally fair value generally determinedvalued using quantitative models that require the use of multiple market inputs including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets which are not highly active, other observable inputs relevant to the asset or liability, and market inputs corroborated by correlation or other means. These valuation models include inputs such as interest rates, prices, and indices, to generate continuous yield or pricing curves and volatility factors. Where observable inputs are available for substantially the full term of the asset or liability, the instrument is categorized in Level 2. Certain OTC derivatives trade in less active markets with less availability of pricing information and certain structured transactions can require internally developed model inputs that might not be observable in or corroborated by the market.  When unobservable inputs have a significant impact on

Marketable securities and investments—Comprise foreign government securities, corporate debt securities, deposits, equity securities, and other investments. Bunge analyzes how the measurement of fair value,prices are derived and determines whether the instrument is categorized in Level 3.
Exchange tradedprices are liquid or cleared derivative contractsless liquid tradable prices. Marketable securities and investments with liquid prices are valued using prices from publicly available sources and classified inas Level 1. Transfers of assetsMarketable securities and liabilities into and/or out of Level 1 occur infrequently.  Transfers into Level 1 would generally only be expected to occur when an exchange cleared derivative contract historicallyinvestments with less-liquid prices are valued using a valuation modelthird-party quotes or pricing models and classified as the result of a lack of observable inputs becomes sufficiently observable, resulting in the valuation price being essentially the exchange traded price.  There were no significant transfersLevel 2 or Level 3 as described below.
Level 3 Measurements
The following relates to Level 3 measurements. An instrument may transfer into or out of Level 1 during the periods presented.3 due to inputs becoming either observable or unobservable.
Readily marketable inventories — RMI reported at fair value are valued based on commodity futures exchange quotations, broker or dealer quotations, or market transactions in either listed or OTC markets with appropriate adjustments for differences in local markets where Bunge’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 Bunge used different methods or factors to determine fair values, amounts reported as unrealized gains and losses on derivative contracts and RMI at fair value in the condensed consolidated balance sheets and condensed consolidated statements of income could differ.  Additionally, if market conditions change subsequent to the reporting date, amounts reported in future periods as unrealized gains and losses on derivative contracts and RMI at fair value in the condensed consolidated balance sheets and condensed consolidated statements of income could differ.
Level 3 Measurements—Transfers in and/or out of Level 3 represent existing assets or liabilities that were either previously categorized as a higher level for which the inputs to the model became unobservable or assets and liabilities that were previously classified as Level 3 for which the lowest significant input became observable during the period. Bunge’sBunge's policy regarding the timing of transfers between levels is to record the transfers at the beginningend of the reporting period.
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.  In addition, with the exception of the exchange cleared instruments, Bunge is exposed to loss in the event of the non-performance by counterparties on OTC derivative instruments and forward purchase and sale contracts.  Adjustments are made to fair values on occasions when non-performance risk is determined to represent a significant input in Bunge’s fair value determination.  These adjustments are based on Bunge’s estimate of the potential loss in the event of counterparty non-performance. Bunge did not have significant adjustments related to non-performance by derivative counterparties at September 30, 2017 and December 31, 2016, respectively.
Level 3 Readily marketable inventories and othertrade accounts payable—The significant unobservable inputs resulting in Level 3 classification for RMI, physically settled forward purchase and salesales contracts, and trade accounts receivable and payable, net, 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, Bungethe Company uses proprietary information such as purchase and salesales contracts and contracted prices for

to value freight, premiums and discounts to valuein its contracts. Movements in the priceprices of these unobservable inputs alone would not have a material effect on Bunge’sthe Company's financial statements as these contracts do not typically exceed one future crop cycle.
Level 3 Derivatives—Level 3 derivative instruments utilize both market observable and unobservable inputs within the fair value measurements. These inputs include commodity prices, price volatility, interest rates, volumes, and locations.
Level 3 Others—primarily relates to marketable securities and investments valued using third-party quotes or pricing models with inputs based on similar securities adjusted to reflect management’s best estimate of the specific characteristics of the securities held by the Company. Such inputs represent a significant component of the fair value of the securities held by the Company, resulting in the securities being classified as Level 3.
The tables below present reconciliations for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and nine months ended September 30, 2017March 31, 2023, and 2016.2022. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant.
20
Table of Contents
 Three Months Ended September 30, 2017Three Months Ended March 31, 2023
(US$ in millions) 
Derivatives,
Net
 
Readily
Marketable
Inventories
 
Trade
Accounts
Receivable/
Payable, Net
 Total(US$ in millions)Readily
Marketable
Inventories		Derivatives,
Net		Trade
Accounts
Payable
Other(2)
Total
Balance, July 1, 2017 $—
 $623
 $(453) $170
Total gains and (losses), realized/unrealized included in cost of goods sold (4) 23
 (2) 17
Balance, January 1, 2023Balance, January 1, 2023$412 $51 $(130)$27 $360 
Total gains and losses (realized/unrealized) included in cost of goods sold (1)
Total gains and losses (realized/unrealized) included in cost of goods sold (1)
173 (15)9 — 167 
Purchases 3
 233
 (5) 231
Purchases1,644 — (340)— 1,304 
Sales —
 (443) —
 (443)Sales(1,743)— — — (1,743)
Issuances (3) —
 —
 (3)Issuances— — — — — 
Settlements (1) —
 214
 213
Settlements— — 40 — 40 
Transfers into Level 3 (1) 162
 (4) 157
Transfers into Level 3838 3 (71)— 770 
Transfers out of Level 3 3
 (29) 1
 (25)Transfers out of Level 3(21)8 — — (13)
Balance, September 30, 2017 $(3) $569
 $(249) $317
Translation adjustmentTranslation adjustment5 — (2)— 3 
Balance, March 31, 2023Balance, March 31, 2023$1,308 $47 $(494)$27 $888 
  Three Months Ended September 30, 2016
(US$ in millions) 
Derivatives,
Net
 
Readily
Marketable
Inventories
 
Trade
Accounts
Receivable/
Payable, Net
 Total
Balance, July 1, 2016 $127
 $917
 $(188) $856
Total gains and (losses), realized/unrealized included in cost of goods sold (120) 12
 7
 (101)
Purchases —
 171
 (8) 163
Sales —
 (517) —
 (517)
Issuances —
 —
 —
 —
Settlements (37) —
 95
 58
Transfers into Level 3 (5) 208
 —
 203
Transfers out of Level 3 (1) (499) 51
 (449)
Balance, September 30, 2016 $(36) $292
 $(43) $213
  Nine Months Ended September 30, 2017
(US$ in millions) 
Derivatives,
Net
 
Readily
Marketable
Inventories
 
Trade Accounts
Receivable/
Payable, Net
 Total
Balance, January 1, 2017 $(51) $237
 $(44) $142
Total gains and losses (realized/unrealized) included in cost of goods sold (36) 95
 9
 68
Purchases 8
 1,376
 (460) 924
Sales —
 (1,472) —
 (1,472)
Issuances (8) —
 —
 (8)
Settlements 70
 —
 305
 375
Transfers into Level 3 (8) 503
 (59) 436
Transfers out of Level 3 22
 (170) —
 (148)
Balance, September 30, 2017 $(3) $569
 $(249) $317

  Nine Months Ended September 30, 2016
(US$ in millions) 
Derivatives,
Net
 
Readily
Marketable
Inventories
 
Trade Accounts
Receivable/
Payable, Net
 Total
Balance, January 1, 2016 $167
 $245
 $(44) $368
Total gains and losses (realized/unrealized) included in cost of goods sold (87) 143
 15
 71
Purchases —
 904
 (220) 684
Sales —
 (1,022) —
 (1,022)
Issuances (1) —
 —
 (1)
Settlements (110) —
 195
 85
Transfers into Level 3 (7) 569
 (59) 503
Transfers out of Level 3 2
 (547) 70
 (475)
Balance, September 30, 2016 $(36) $292
 $(43) $213
The tables below summarize changes(1)    Readily marketable inventories, derivatives, net, and trade accounts payable, include gains/(losses) of $215 million, $(6) million and $9 million, respectively, that are attributable to the change in unrealized gains or gains/(losses) recorded in earnings during the three and nine months ended September 30, 2017 and 2016 forrelating to Level 3 assets and liabilities that werestill held at September 30, 2017March 31, 2023.
(2)    Comprises the fair values of marketable securities and 2016.
  Three Months Ended
(US$ in millions) 
Derivatives,
Net
 
Readily
Marketable
Inventories
 
Trade Accounts
Receivable and
Payable, Net
 Total
Changes in unrealized gains and (losses) relating to assets and liabilities held at September 30, 2017  
  
  
  
Cost of goods sold $(2) $11
 $(3) $6
Changes in unrealized gains and (losses) relating to assets and liabilities held at September 30, 2016  
  
  
  
Cost of goods sold $(127) $(12) $2
 $(137)
  Nine Months Ended
(US$ in millions) 
Derivatives,
Net
 
Readily
Marketable
Inventories
 
Trade Accounts
Receivable and
Payable, Net
 Total
Changes in unrealized gains and (losses) relating to assets and liabilities held at September 30, 2017  
  
  
  
Cost of goods sold $(6) $(19) $3
 $(22)
Changes in unrealized gains and (losses) relating to assets and liabilities held at September 30, 2016  
  
  
  
Cost of goods sold $9
 $(26) $1
 $(16)
Derivative Instruments
Interest rate derivatives — Bunge may use various interest rate derivatives for the purposeinvestments in Other current assets. Included within Other income (expense) - net of managing certain of its interest rate exposures. The interest rate swaps used by Bunge as hedging instruments have been recorded at fair value in the condensed consolidated balance sheets with changesstatements of income are zero mark-to-market gains/(losses) related to securities still held at March 31, 2023.
Three Months Ended March 31, 2022
(US$ in millions)Readily
Marketable
Inventories		Derivatives,
Net		Trade
Accounts Payable
Other (2)
Total
Balance, January 1, 2022$205 $(31)$(23)— $151 
Total gains and losses (realized/unrealized) included in cost of goods sold (1)
135 36 15 — 186 
Total gains and losses (realized/unrealized) included in Other income (expense) - net— — — (64)(64)
Purchases1,246 — (366)— 880 
Sales(1,377)— — — (1,377)
Issuances— — — — — 
Settlements— — 273 (84)189 
Transfers into Level 3964 22 (345)218 859 
Transfers out of Level 3(47)1 — — (46)
Translation adjustment5 (1)(1)— 3 
Balance, March 31, 2022$1,131 $27 $(447)$70 $781 
(1)    Readily marketable inventories, derivatives, net, and trade accounts payable, includes gains/(losses) of $83 million, $52 million and $15 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at March 31, 2022.
(2)    Comprises the fair value recordedvalues of marketable securities and investments in earnings. Additionally, the carrying amountOther current assets. Included within Other income (expense) - net of the associated hedged debt is adjusted through earnings for changesconsolidated statements of income are $32 million in the fair value arising from changes in benchmark interest rates. No ineffectiveness is recognized on the hedging relationships, as they have been determinedgains/(losses) related to be perfectly effective.

As of September 30, 2017, Bunge had several fixed-to-variable interest rate swap agreements that were designated as fair value hedges. Below is a summary of Bunge’s current interest rate swap agreements designated as fair value hedging instruments as of September 30, 2017.
Notional
Amount of
Hedged Obligation
Notional
Amount of
Derivative
Maturity Date
Payment
Weighted Average
Rate Payable
Fixed Rate
Receivable
$500
 $500
 November 24, 2020 3 month LIBOR plus 1.91% 3.50%
€800
 €800
 June 16, 2023 6 month EURIBOR plus 1.64% 1.85%
$550
 $550
 August 15, 2026 3 month LIBOR plus 1.12% 3.25%
Bunge may also enter into various interest rate derivatives that do not qualify for hedge accounting and, therefore, Bunge has not designated these as hedging instruments for accounting purposes. These interest rate derivatives have been recordedsecurities still held at fair value in the condensed consolidated balance sheets with changes in fair value recorded in earnings. Below is a summary of Bunge's outstanding interest rate derivatives that do not qualify for hedge accounting.
March 31, 2022.
September 30, 2017
Exchange Traded
Net (Short)Non-exchange TradedUnit of
(US$ in millions)& Long(Short)LongMeasure
Interest Rate
Swaps—
(1,574)—
Notional
Forward Rate Agreements—
(800
)—
Notional


21
Table of Contents
12.    DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The Company uses derivative instruments to manage several market risks, such as interest rate, foreign currency, and commodity risk. Some of those hedges the Company enters into qualify for hedge accounting in the financial statements (Hedge Accounting Derivatives) and some, while intended as economic hedges, do not qualify or are not designated for hedge accounting (Economic Hedge Derivatives). As these derivatives impact the financial statements in different ways, they are discussed separately below.
Hedge Accounting Derivatives - The Company uses derivatives in qualifying hedge accounting relationships to manage certain of its interest rate, foreign currency, and commodity risks. In executing these hedge strategies, the Company primarily relies on the shortcut and critical terms match methods in designing its hedge accounting strategy, which results in little to no net earnings impact for these hedge relationships. The Company monitors these relationships on a quarterly basis and performs a quantitative analysis to validate the assertion that the hedges are highly effective if there are changes to the hedged item or hedging derivative.
Fair value hedges - These derivatives are used to hedge the effect of interest rate and currency exchange rate changes on certain long-term debt. Under fair value hedge accounting, the derivative is measured at fair value and the carrying value of hedged debt is adjusted for the change in value related to the exposure being hedged, with both adjustments offset to earnings. In other words, the earnings effect of a change in the fair value of the derivative will be substantially offset by the earnings effect of the change in the carrying value of the hedged debt. The net impact of fair value hedge accounting for interest rate swaps is recognized in Interest expense. For cross currency swaps the changes in currency risk on the derivative are recognized in Foreign exchange derivativesgains (losses), and hedging activitiesthe changes in interest rate risk are recognized in Interest expense. Changes in basis risk are held in Accumulated other comprehensive income (loss) until realized through the coupon.
Cash flow hedges of currency risk - Bunge may use a combinationThe Company manages currency risk on certain forecasted sales, purchases, selling, general and administrative expenses, and recognized assets and liabilities with currency forwards. The change in the value of the forward is held in Accumulated other comprehensive income (loss) until the transaction affects earnings, at which time the change in value of the currency forward is reclassified to Net sales, Cost of goods sold, or Selling, general and administrative expenses. These hedges mature at various foreign exchange derivativestimes through March 2024. Of the amount currently in Accumulated other comprehensive income (loss), $4 million of deferred losses is expected to mitigatebe reclassified to earnings in the risk from exchange rate fluctuations in connection with certain commercial and balance sheet exposures. The foreign exchange forward and option contracts may be designated as cash flow hedges. Bunge may also use netnext twelve months.
Net investment hedges to partially offset - The Company hedges the translation adjustments arising from the remeasurementcurrency risk of its investments in certain of its foreign subsidiaries.
Foreign exchangesubsidiaries with currency forwards for which the currency risk is also managedremeasured through the use of foreign currency debt. Bunge has 800 million euro senior unsecured euro-denominated notes of which 697 million euro is designated and is effective as a net investment hedge of euro-denominated assets. Accordingly, foreign currency transaction gains or losses due to spot rate fluctuations on the euro-denominated debt instruments are included in foreign currency translation adjustment withinAccumulated other comprehensive income (loss) ("OCI").
Bunge assesses, both at For currency forwards, the inceptionforward method is used. The change in the value of the hedge relationship and on an ongoing basis, whetherforward is classified in Accumulated other comprehensive income (loss) until the derivatives that are used in hedge transactions are highly effective in offsetting changes intransaction affects earnings by way of either sale or substantial liquidation of the hedged items. No ineffectiveness is recognized on the hedging relationships that have been determined to be perfectly effective.foreign subsidiary.
The table below summarizesprovides 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.
22
Table of open foreign exchange positions.
Contents
  September 30, 2017
  Exchange Traded      
  Net (Short) Non-exchange Traded Unit of
(US$ in millions) & Long (Short) Long Measure
Foreign Exchange  
  
  
  
Options $—
 $(368) $430
 Delta
Forwards —
 (10,824) 10,548
 Notional
Futures (10) 

 

 Notional
Swaps —
 (552) 593
 Notional
(US$ in millions)March 31,
2023		December 31, 2022Unit of
Measure
Hedging instrument type:
Fair value hedges of interest rate risk
Interest rate swap - notional amount$3,770 $3,753 $ Notional
Cumulative adjustment to long-term debt from application of hedge accounting$(279)$(341)$ Notional
Carrying value of hedged debt$3,474 $3,394 $ Notional
Fair value hedges of currency risk
Cross currency swap$231 $232 $ Notional
Carrying value of hedged debt$231 $232 $ Notional
Cash flow hedges of currency risk
Foreign currency forward - notional amount$247 $310 $ Notional
Foreign currency option - notional amount$81 $108 $ Notional
Net investment hedges
Foreign currency forward - notional amount$482 $495 $ Notional
CommodityEconomic Hedge Derivatives -In addition to using derivatives - Bunge uses various commodity derivative instrumentsin qualifying hedge relationships, the Company enters into derivatives to manageeconomically hedge its exposure to movements associated with agricultural commodity prices. Bunge generally uses exchange traded futuresa 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 options contracts to minimize the effectsdebt issuances. The impact of changes in fair value of these instruments is primarily presented in Interest expense.
Currency derivatives are used to hedge the pricesbalance sheet and commercial exposures that arise from the Company's global operations. The impact of agricultural commodities on its agriculturalchanges in fair value of these instruments is presented in Cost of goods sold when hedging commercial exposures and Foreign exchange (losses) gains when hedging monetary exposures.
Agricultural commodity inventoriesderivatives are used primarily to manage the Company's inventory and forward purchase and sale contracts, but may also enter into OTC commodity transactions, including swaps, which are settled in cash at maturity or termination based on exchange-quoted futures prices. Forward purchase and sale contracts are primarily settled through delivery of agricultural commodities. While Bunge considers these exchange traded futures and forward purchase and sale

contracts to be effective economic hedges, Bunge does not designate or account for its commodity contracts as accounting hedges. The forward contracts require performance of both Bunge and the contract counterparty in future periods.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 table below summarizes the volumes of open agricultural commodity derivative contracts.
  September 30, 2017
  Exchange Traded      
  Net (Short) Non-exchange Traded Unit of
  & Long (Short) Long Measure
Agricultural Commodities  
  
  
  
Futures 2,244,228
 —
 —
 Metric Tons
Options 63,027
 —
 —
 Metric Tons
Forwards —
 (31,604,107) 22,381,787
 Metric Tons
Swaps —
 (6,483,877) 300,458
 Metric Tons
Ocean freight derivatives — Bunge may useCompany uses derivative instruments referred to as forward freight forward agreements ("FFA"FFAs") and FFA options to hedge portions of its current and anticipated ocean freight costs. ChangesThe impact of changes in the fair valuesvalue of ocean freightthese 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, that are not designated as hedges are recordedincluding credit default swaps, carbon emission derivatives and equity derivatives to manage its exposure to credit risk and broader macroeconomic risks, respectively. The impact of changes in earnings. There were no designated accounting hedges at September 30, 2017 and December 31, 2016.fair value of these instruments is presented in Cost of goods sold.




23
Table of Contents
The table below summarizes the open oceanvolume of economic derivatives as of March 31, 2023 and December 31, 2022. For those contracts traded bilaterally through the over-the-counter markets (e.g., forwards, forward rate agreements ("FRA"), and swaps), the gross position is provided. For exchange traded (e.g., futures, FFAs, and options) and cleared positions (e.g., energy swaps), the net position is provided.
 March 31,December 31, 
 20232022Unit of
Measure
(US$ in millions)Long(Short)Long(Short)
Interest rate    
   Swaps$56 $(1,361)$387 $(1,267)$ Notional
   Futures$— $(264)$— $(97)$ Notional
   Forwards$1,316 $(1,027)$— $— $ Notional
Currency
   Forwards$9,146 $(11,459)$9,819 $(9,682)$ Notional
   Swaps$2,729 $(2,166)$2,441 $(2,876)$ Notional
   Futures$— $(9)$11 $— $ Notional
   Options$1 $(97)$— $(102)Delta
Agricultural commodities
   Forwards28,366,935 (32,290,827)20,493,679 (27,766,763)Metric Tons
   Swaps— (1,864,265)— (1,864,262)Metric Tons
   Futures— (3,790,759)— (4,092,772)Metric Tons
   Options137,095 (350,844)1,025 (216,647)Metric Tons
Ocean freight
   FFA— (10,880)— (11,197)Hire Days
Natural gas
   Forwards50,110 (50,111)— — MMBtus
   Swaps649,763 — 1,460,190 — MMBtus
   Futures26,061,635 — 5,250,393 — MMBtus
Electricity
   Swaps187,304 (70,239)22,987 (8,619)Mwh
Energy - other
   Swaps161,435 — 175,784 — Metric Tons
   Futures— — 1,320,881 — Metric Tons
Energy - CO2
   Futures203,000 — — (38,000)Metric Tons
Other
Swaps and futures$10 $(65)$20 $(50)$ Notional
24
Table of Contents

The Effect of Derivative Instruments and Hedge Accounting on the Condensed Consolidated Statements of Income
The tables below summarize the net effect of derivative instruments and hedge accounting on the condensed consolidated statements of income for the three months ended March 31, 2023 and 2022.
  Gain (Loss) Recognized in
Income on Derivative Instruments
  Three Months Ended March 31,
(US$ in millions)20232022
Income statement classificationType of derivative
Net sales
Hedge accountingForeign currency$1 $2 
Cost of goods sold
Hedge accountingForeign currency$1 $— 
Economic hedgesForeign currency84 493 
Commodities396 (1,255)
Other (1)
(9)80 
     Total Cost of goods sold $472 $(682)
Selling, general & administrative
Hedge AccountingForeign exchange$— $— 
Interest expense
Hedge accountingInterest rate$(33)$(6)
   Economic hedgesInterest rate2 — 
     Total Interest expense $(31)$(6)
Foreign exchange (losses) gains
   Hedge accountingForeign currency$(2)$(12)
   Economic hedgesForeign currency33 59 
     Total Foreign exchange (losses) gains$31 $47 
Other income (expense)
Economic hedgesInterest rate$1 $— 
Other comprehensive income (loss)
Gains and losses on derivatives used as fair value hedges of foreign currency risk included in other comprehensive income (loss) during the period$— $— 
Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in other comprehensive income (loss) during the period$(5)$32 
Gains and losses on derivatives used as net investment hedges included in other comprehensive income (loss) during the period
$(21)$(149)
Amounts released from accumulated other comprehensive income (loss) during the period
   Cash flow hedge of foreign currency risk$(1)$(2)
(1)    Other includes results from freight, positions.
energy and other derivatives.
September 30, 2017
Exchange Cleared
Net (Short)Non-exchange ClearedUnit of
& Long(Short)LongMeasure
Ocean Freight


FFA(2,098)—
—
Hire Days
FFA Options315
—
—
Hire Days
Energy derivatives — Bunge may use various energy derivative instruments to manage its exposure to volatility in energy costs.  Energy costs incurred in Bunge's operations include electricity, natural gas, coal, and fuel oil, including bunker fuel.
The table below summarizes the open energy positions.
September 30, 2017
Exchange Traded / Cleared
Net (Short)Non-exchange TradedUnit of
& Long(Short)Long
Measure (1)
Natural Gas


Futures4,553,161
—
—
MMBtus
Swaps—
—
635,687
MMBtus
Energy—Other


Futures351,786
—
—
Metric Tons
Forwards—
—
6,048,869
Metric Tons
Swaps227,600
—
—
Metric Tons
(1)Million British Thermal Units ("MMBtus") are standard units of measurement used to denote an amount of natural gas.


The Effect of Financial Instruments on the Condensed Consolidated Statements of Income
The table below summarizes the net effect of derivative instruments that are designated as fair value hedges and the related hedged items, and also derivative instruments that are undesignated on the condensed consolidated statements of income for the nine months ended September 30, 2017 and 2016.
    
Gain or (Loss) Recognized in
Income on Derivative Instruments
    Nine Months Ended September 30,
(US$ in millions) Location 2017 2016
Designated Derivative Contracts:    
  
Interest Rate Interest expense $11
 $3
Total   $11
 $3
Undesignated Derivative Contracts:    
  
Interest Rate Interest income (expense) $—
 $(4)
Foreign Exchange Foreign exchange gains (losses) 82
 262
Foreign Exchange Cost of goods sold 62
 646
Commodities Cost of goods sold 514
 (531)
Freight Cost of goods sold 4
 (1)
Energy Cost of goods sold (6) 12
Total   $656
 $384
The table below summarizes the effect of derivative instruments that are designated and qualify as cash flow and net investment hedges on the condensed consolidated statement of income for the nine months ended September 30, 2017.
  Nine Months Ended September 30, 2017
  Notional 
Gain or
(Loss)
Recognized in
Accumulated
 
Gain or (Loss)
Reclassified from
Accumulated OCI into
Income (1)
 
Gain or (Loss) Recognized
in Income on Derivatives
(US$ in millions) Amount 
OCI (1)
 Location Amount Location 
Amount (2)
Cash Flow Hedge:  
  
    
    
Foreign exchange (3)
 $339
 $15
 Foreign exchange gains (losses) $27
 Foreign exchange gains (losses) $—
Total $339
 $15
   $27
   $—
             
Net Investment Hedge:  
  
    
    
Foreign currency denominated debt (4)
 $786
 $(101) Foreign currency denominated debt $—
 Foreign currency denominated debt $—
Foreign exchange (3)
 516
 (21) Foreign exchange gains (losses) —
 Foreign exchange gains (losses) —
Total $1,302
 $(122)   $—
   $—
(1)The gain (loss) recognized in OCI relates to the effective portion of the hedging relationship.  At September 30, 2017, Bunge expects to reclassify into income in the next 12 months the full $15 million of after-tax gain (loss) related to its foreign exchange cash flow hedges and nil for net investment hedges.
(2)There was no gain or loss recognized in income relating to the ineffective portion of the hedging relationships or relating to amounts excluded from the assessment of hedge effectiveness.
(3)The foreign exchange contracts mature at various dates through June 2018.
(4)
The euro-denominated loans mature in 2023.

The table below summarizes the effect of derivative instruments that are designated and qualify as cash flow and net investment hedges on the condensed consolidated statement of income for the nine months ended September 30, 2016.
  Nine Months Ended September 30, 2016
  Notional Gain or
(Loss)
Recognized in
Accumulated		 
Gain or (Loss)
Reclassified from
Accumulated OCI into
Income (1)
 
Gain or (Loss) Recognized
in Income on Derivatives
(US$ in millions) Amount 
OCI (1)
 Location Amount Location 
Amount (2)
Cash Flow Hedge:  
  
    
    
Foreign exchange (3)
 $166
 $43
 Foreign exchange gains (losses) $13
 Foreign exchange gains (losses) $—
Total $166
 $43
   $13
   $—
             
Net Investment Hedge:  
  
    
    
Foreign currency denominated debt (4)
 $663
 $1
 Foreign currency denominated debt $—
 Foreign currency denominated debt $—
Foreign exchange (3)
 653
 (384) Foreign exchange gains (losses) —
 Foreign exchange gains (losses) —
Total $1,316
 $(383)   $—
   $—
(1)The gain or (loss) recognized in OCI relates to the effective portion of the hedging relationship.  At September 30, 2016, Bunge expected to reclassify into income in the next 12 months approximately $31 million of after-tax gains (losses) related to its foreign exchange cash flow hedges and nil for net investment hedges.
(2)There was no gain or loss recognized in income relating to the ineffective portion of the hedging relationships or relating to amounts excluded from the assessment of hedge effectiveness.
(3)The foreign exchange contracts mature at various dates through 2018.
(4)
The euro-denominated loans mature in 2023.
12.DEBT

25
Table of Contents
13.DEBT
Bunge’s $600 million commercial paper program is supported by an identical amount of committed back-up bank credit lines (the “Liquidity Facility”"Liquidity Facility") providedprovided by banks that are rated at least A-1 by Standard & Poor’s Financial ServicesS&P Global Ratings and P-1 by Moody’s Investors Service. The cost of borrowing under the Liquidity Facility would typically be higher than the cost of issuing under Bunge’s commercial paper program. At September 30, 2017,March 31, 2023, and December 31, 2022, there were no borrowings outstanding under the commercial paper program and no borrowings under the Liquidity Facility.
In connection with Bunge entering into a definitive agreementFacility, respectively. The Liquidity Facility is Bunge's only revolving credit facility that requires lenders to acquire a 70% ownership interest in IOI Loders Croklaan from IOI Corporation Berhad (the “Loders Acquisition”),maintain minimum credit ratings. The Liquidity Facility is set to expire on September 12, 2017, Bunge entered into an unsecured $900 million term loan agreement. Following the completion of the offering of senior notes described below, on and effective as of September 25, 2017, Bunge terminated the loan agreement.  No funds had been drawn under the loan agreement as of the date of termination.
September 25, 2017, Bunge completed the sale and issuance of $400 million aggregate principal amount of 3.00% unsecured senior notes due September 25, 2022, and $600 million aggregate principal amount of 3.75% unsecured senior notes due September 25, 2027. The senior notes are fully and unconditionally guaranteed by Bunge Limited. The offering was made pursuant to a registration statement filed with the U.S. Securities and Exchange Commission. Interest on the senior notes is payable semi-annually in arrears in March and September of each year, commencing on March 25, 2018. The net proceeds of the offering were approximately $989 million after deducting underwriting commissions and offering expenses.  Bunge intends to use the net proceeds from this offering to fund the purchase price for the Loders Acquisition. Pending the closing of the Loders Acquisition, the net proceeds from the offering were used to repay outstanding indebtedness of Bunge.
On September 6, 2017, Bunge entered into an amendment agreement to its unsecured $865 million Amended and Restated Credit Agreement, dated as of June 17, 2014 (the “Credit Agreement”). The amendment agreement extends the maturity date of the Credit Agreement to September 6, 2022. The amendment agreement also lowers the range of margin

applicable to Bunge’s borrowings under the Credit Agreement.July 16, 2026. Borrowings under the commercial paper program typically have an original maturity of three months or less, resulting in net presentation of proceeds and repayments of short-term debt in the condensed consolidated statements of cash flows.
Bunge had no borrowings outstanding at March 31, 2023, under the unsecured $1.1 billion 364-day Revolving Credit Agreement (the "$1.1 Billion Credit Agreement"), with a group of lenders, entered into on July 15, 2022, and maturing on July 14, 2023. Bunge may from time-to-time request one or more of the existing or new lenders to increase the total participations under the $1.1 Billion Credit Agreement by an aggregate amount up to $250 million pursuant to an accordion provision. Borrowings will bear interest at the SOFR plus a credit spread adjustment and applicable margin, as defined in the $1.1 Billion Credit Agreement.
Bunge had no borrowings outstanding at March 31, 2023, and December 31, 2022, under the 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.
Bunge had no borrowings outstanding at March 31, 2023, and December 31, 2022, under the unsecured $865 million Revolving Credit Agreement (the "$865 Million 2026 Facility") with a group of lenders, set to mature on October 29, 2026. Borrowings will bear interest at SOFR plus a credit spread adjustment and applicable margin, as defined in the $865 Million 2026 Facility.
Bunge had no borrowings outstanding at March 31, 2023, and December 31, 2022, under the unsecured $1.75 billion Revolving Credit Facility ("$1.75 Billion Revolving Credit Facility"), set to mature on December 16, 2024. The interest rate under the $1.75 Billion Revolving Credit Facility is tied to certain sustainability criteria, including, but not limited to, science-based targets that define Bunge's climate goals within its operations and a commitment to a deforestation-free supply chain in 2025. Bunge may from time to time, with the consent of the agent, request one or more of the existing lenders or new lenders to increase the total commitments by an amount not to exceed $250 million pursuant to an accordion provision. Borrowings under the $1.75 Billion Revolving Credit Facility will bear interest at Term SOFR plus a credit spread adjustment, which will vary from 1.00%0.30% to 1.75% per annum, based on the credit ratings of Bunge's senior long-term unsecured debt. Amounts under the Credit Agreement that remain undrawn are subject to a commitment fee payable quarterly based on the average undrawn portion of the Credit Agreement at rates ranging from 0.125% to 0.275%1.30%, based on the credit ratings of Bunge’s senior long-term unsecured debt.debt ratings provided by Moody’s Investors Service 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 $1.75 Billion Revolving Credit Facility.
Borrowings under the committed revolving credit facilities described above typically have an original maturity of three months or less, resulting in net presentation of proceeds and repayments of short-term debt in the condensed consolidated statements of cash flows.
At March 31, 2023, Bunge had $75$5,665 million of borrowings outstanding at September 30, 2017 under the Credit Agreement.
At September 30, 2017, Bunge had $4,740 million of unused and available committed borrowing capacity under itscomprised of committed revolving credit facilities totaling $5,015 millionand the commercial paper program with a number of lendingfinancial institutions. At December 31, 2022, Bunge had $6,665 million unused and available committed borrowing capacity comprised of committed revolving credit facilities and the commercial paper program with a number of financial institutions, totaling $5,665 million, and $1,000 million in committed unsecured delayed draw term loans, as discussed below.
In addition to committed facilities, from time to time, Bunge Limited and/or its financing subsidiaries enter into uncommitted bilateral short-term credit lines as necessary based on financing requirements. At March 31, 2023, and December 31, 2022, there were no borrowings, respectively, outstanding under these bilateral short-term credit lines. Loans under such credit lines are non-callable by the respective lenders. In addition, Bunge's operating companies had $540 million and $546 million in short-term borrowings outstanding under local bank lines of credit at March 31, 2023, and December 31, 2022, respectively, to support working capital requirements. The original maturity of borrowings under uncommitted bilateral credit lines and local bank lines of credit varies based upon the Company's financing objectives. As a result, proceeds and repayments of such credit lines may be presented on a net basis, or separately, in the condensed consolidated statements of cash flows as dictated by the borrowing's original maturity.
26
Table of Contents
The fair value of Bunge’s long-term debt, including current portion, is calculated based on interest rates currently available on comparable maturities to companies with credit standing similar to that of Bunge. The carrying amounts and fair valuevalues of long-term debt are as follows:
 March 31, 2023December 31, 2022
(US$ in millions)Carrying
Value		Fair Value
(Level 2)		Carrying
Value		Fair Value
(Level 2)
Long-term debt, including current portion$5,180 $5,221 $4,105 $4,148 
  September 30, 2017 December 31, 2016
(US$ in millions) 
Carrying
Value
 
Fair Value
(Level 2)
 Carrying
Value		 Fair Value
(Level 2)
Long-term debt, including current portion $4,533
 $4,714
 $4,007
 $4,163
13.TRADE RECEIVABLES SECURITIZATION PROGRAM
On August 5, 2022, Bunge and certain of its subsidiaries participate in a $700entered into an unsecured $250 million trade receivables securitization programdelayed draw term loan (the “Program”"$250 million February 2023 Delayed Draw Term Loan") with a financial institution,group of lenders that was required to be drawn by February 2, 2023. The $250 million February 2023 Delayed Draw Term Loan bears interest at SOFR plus a credit spread adjustment and applicable margin, as administrative agent,defined in the $250 million February 2023 Delayed Draw Term Loan agreement. The $250 million February 2023 Delayed Draw Term Loan was drawn on February 2, 2023 and certain commercial paper conduit purchasersmatures on August 5, 2027.
On July 26, 2022, and committed purchasers that provides for fundinglater amended on October 7, 2022, Bunge entered into an unsecured $750 million delayed draw term loan (the "$750 Million Delayed Draw Term Loan") with a group of uplenders giving Bunge the option to $700 million against receivables sold intodraw the Program.loan by January 25, 2023. The $750 Million Delayed Draw Term Loan bears interest at SOFR plus a credit spread adjustment and applicable margin, as defined in the $750 Million Delayed Draw Term Loan agreement. The $750 Million Delayed Draw Term Loan was drawn on January 25, 2023 and matures on October 24, 2025.
The table below summarizes the cash flows and discounts of Bunge’s trade receivables associated with the Program. Servicing fees under the Program were not significant in any period.
  Nine Months Ended
September 30,
(US$ in millions) 2017 2016
Gross receivables sold $7,074
 $6,624
Proceeds received in cash related to transfer of receivables $6,811
 $6,439
Cash collections from customers on receivables previously sold $6,827
 $6,461
Discounts related to gross receivables sold included in SG&A $6
 $4
     
(US$ in millions) September 30,
2017		 December 31,
2016
Receivables sold which were derecognized on Bunge balance sheet $738
 $628
Deferred purchase price included in other current assets $123
 $87
14.14.    RELATED PARTY TRANSACTIONS

Notes receivable - Bunge holds a note receivable from Navegações Unidas Tapajós S.A., a 50% equity method investment in Brazil, having a carrying value of $24 million at September 30, 2017, which matures in June 2019, with interest based on 80% of CDI, the average one‑day interbank deposit rate in Brazil.
Bunge holds a note receivable from Solazyme Bunge Renewable Oils Cooperatief U.A., a 49.9% equity method investment in Brazil, having a carrying value of $9 million at September 30, 2017, which matures in January 2018, with an interest rate based on 100% of CDI, the average one-day interbank deposit rate in Brazil.
In addition, Bunge held notes receivables from other related parties totaling $3 million at September 30, 2017.
Notes payable - Bunge holds a note payable with its affiliate Bunge SCF Grain LLC, a 50% equity method investment, with a carrying value of $9 million at September 30, 2017. This note matures on March 31, 2019 with an interest rate based on LIBOR and is included in other long‑term liabilities in Bunge’s condensed consolidated balance sheet.
Other - Bunge purchased soybeans and otherpurchases agricultural commodity products and received port services from certain of its unconsolidated investees totaling $182 million and $255 millionother related parties. Such related party purchases comprised approximately 9% or less of total Cost of goods sold for the three months ended September 30, 2017March 31, 2023, and 2016, respectively, and $682 million and $724 million for the nine months ended September 30, 2017 and 2016, respectively.2022. Bunge also sold soybeans and othersells agricultural commodity products and provided port services to certain of its unconsolidated investees totaling

$76 million and $89 millionother related parties. Such related party sales comprised approximately 2% or less of total Net sales for the three months ended September 30, 2017March 31, 2023, and 2016, respectively,2022.
In addition, Bunge receives services from and $387 millionprovides services to its unconsolidated investees and $218 million forother related parties, including tolling, port handling, administrative support, and other services. For the ninethree months ended September 30, 2017March 31, 2023, and 2016, respectively.2022, such services were not material to the Company's consolidated results.
At March 31, 2023, and December 31, 2022, receivables related to the above related party transactions comprised approximately 1% or less of total Trade accounts receivable. At March 31, 2023, and December 31, 2022, 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.

15.    COMMITMENTS AND CONTINGENCIES
Bunge is party to a large number of claims and lawsuits, primarily non-income tax and labor claims in Brazil and non-income tax claims in Argentina,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 its general claims and lawsuitslegal 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 of anthat a liability arising from these matters could have a material adverse impact on Bunge’s position in the period in which the uncertainties are resolved wherebyshould the settlement of the identified contingencies couldliability substantially exceed the amount of provisions included in the condensed consolidated balance sheets. Information regarding the claims appears in Bunge’s Report on Form 10-K for the year ended December 31, 2022. Included in otherOther non-current liabilities at September 30, 2017as of March 31, 2023, and December 31, 20162022, are the following amounts related to these matters:
27
Table of Contents
(US$ in millions) September 30,
2017		 December 31,
2016		(US$ in millions)March 31,
2023		December 31,
2022
Non-income tax claims $176
 $170
Non-income tax claims$20 $20 
Labor claims 96
 82
Labor claims73 76 
Civil and other claims 94
 98
Civil and other claims106 105 
Total $366
 $350
Total$199 $201 
Non-incomeBrazil Indirect Taxes - non-income tax claims - These tax claims relate principally to claims against Bunge’s Brazilian subsidiaries, primarily value addedvalue-added tax claims (ICMS, ISS, IPI and PIS/COFINS).
The determinationCompany continues to evaluate the merits of the manner in which various Brazilian federal, stateoutstanding claims from examinations of ICMS and municipal taxes apply to the operations of Bunge is subject to varying interpretations arising from the complex nature of BrazilianPIS/COFINS tax law. In addition to the matter discussed below, Bunge monitors other potential claims in Brazil regarding these value-added taxes. In particular, Bunge monitors thereturns concluded by Brazilian federal and state governments’ responses to recent Brazilian Supreme Court decisions invalidating on constitutional grounds certain ICMS incentives and benefits granted by various states. While Bunge was not a recipient of any of the incentives and benefits that were the subject of these Supreme Court decisions, it has received other similar tax incentives and benefits which are being challenged before the Supreme Court. Bunge has not received any tax assessment from the states that granted these incentives or benefits related to their validity and, based on Bunge's evaluation of this matter as required by U.S. GAAP, no liability has been recorded in the consolidated financial statements.
On February 13, 2015, Brazil’s Supreme Federal Court ruled in a leading case that certain state ICMS tax credits for staple foods (including soy oil, margarine, and mayonnaise and wheat flours) are unconstitutional. Bunge, like other companies in the Brazilian food industry, is involved in several administrative and judicial disputes with Brazilian states regarding these tax credits. While the leading case does not involve Bunge and each case is unique in facts and circumstances and applicable state law, the ruling has general precedent authority in lower court cases. Based on management’s review of the ruling (without considering the future success of any potential clarification or modulation of the ruling) and its general application to Bunge’s pending cases, management recorded a liability of 468 million Brazilian reais (approximately $177 million), plus applicable interest, as of December 31, 2014. Since 2015, Bunge settled a portion of its outstanding liabilities in amnesty programs in certain Brazilian states. As of September 30, 2017, the accrued liability was 407 million Brazilian reais (approximately $128 million), plus applicable interest.
As of September 30, 2017, the Brazilian state authorities have concluded examinations of the ICMS tax returns from 1990 to the present and have issued over 1,300 assessments to Bunge totaling approximately 1,060 million Brazilian reais (approximately $335 million as of September 30, 2017),  plus applicable interest and penalties on the outstanding amount.  As of December 31, 2016, the claims were approximately 797 million Brazilian reais (approximately $252 million), plus applicable interest and penalties.  Management intends to continue to vigorously defend against its pending state cases.  Management, in consultation with external legal advisors, has established appropriate reserves for potential exposures.
As of September 30, 2017 the Brazilian authorities have concluded examinations of the PIS COFINS tax returns and issued assessments to Bunge relating to years 2004 through 2011. As of September 30, 2017, the cumulative claims for 2004 through 2011 were approximately 550 million Brazilian reais (approximately $174 million), plus applicable interest and penalties. As of December 31, 2016, the cumulative claims were approximately 510 million Brazilian reais (approximately $161 million), plus applicable interest and penalties. Management, in consultation with external legal advisors, has established appropriate reserves for potential exposures.
Since 2010, the Argentine tax authorities have been conducting a review of income and other taxes paid by exporterswill recognize them if and processors of cereals and other agricultural commodities inwhen loss is considered probable. The outstanding claims comprise the country. In that regard, Bunge has been subject to a numberfollowing:

(US$ in millions)Years ExaminedMarch 31, 2023December 31, 2022
ICMS1990 to Present$218 $215 
PIS/COFINS2002 to Present$354 $347 
of assessments, proceedings and claims related to its activities. In 2011, Bunge’s subsidiary in Argentina paid $112 million of accrued export tax obligations under protest and preserved its rights with respect to such payment. In 2012, the Argentine tax authorities further assessed interest on these payments, which as of September 30, 2017, totaled approximately $255 million. In 2012, the Argentine government suspended Bunge’s Argentine subsidiary from a registry of grain traders. While the suspension has not had a material adverse effect on Bunge’s business in Argentina, these actions have resulted in additional administrative requirements and increased logistical costs on domestic grain shipments within Argentina. Bunge is challenging these actions in the Argentine courts.
Labor claims — The labor claims are principally claims against Bunge’s Brazilian subsidiaries. The labor claims primarily relate to dismissals, severance, health and safety, salary adjustments, and supplementary retirement benefits.
Civil and other claims— The civil and other claims relate to various disputes with third parties, including suppliers and customers.
During the first quarter of 2016, Bunge received a notice from the Brazilian Administrative Council for Economic Defense initiating an administrative proceeding against its Brazilian subsidiary and two of its employees, certain of its former employees, several other companies in the Brazilian wheat milling industry and others for alleged anticompetitive activities in the north and northeast of Brazil. Bunge is defending against this action; however, the proceedings are at an early stage and Bunge cannot, at this time, reasonably predict the ultimate outcome of the proceedings or sanctions, if any, which may be imposed.
Guarantees — Bunge has issued or was a party to the following guarantees at September 30, 2017:
(US$ in millions) 
Maximum
Potential
Future
Payments
Unconsolidated affiliates financing (1) (2)
 $169
Residual value guarantee (3)
 227
Total $396
March 31, 2023:
(1)(US$ in millions)Bunge issued guarantees to certain financial institutions related to debt of certain of its unconsolidated affiliates. The terms of the guarantees are equal to the terms of the related financings which have maturity dates in 2017 through 2022. There are no recourse provisions or collateral that would enable Bunge to recover any amounts paid under these guarantees. At September 30, 2017, Bunge recorded no obligation related to these guarantees.Maximum
Potential
Future
Payments
Unconsolidated affiliates guarantee (1)
$105
Residual value guarantee (2)
Bunge issued guarantees to certain third parties related to performance of its unconsolidated affiliates. The terms of the guarantees are equal to the completion date of a port terminal which is expected to be completed in 2020. There are no recourse provisions or collateral that would enable Bunge to recover any amounts paid under these guarantees. At September 30, 2017, Bunge recorded no obligation related to these guarantees.
338
Russia disposition indemnity (3)
Bunge issued235
Other guarantees to certain financial institutions which are party to certain operating lease arrangements for railcars and barges. These guarantees provide for a minimum residual value to be received by the lessor at conclusion of the lease term. These leases expire at various dates from 2018 through 2021. At September 30, 2017, Bunge’s recorded obligation related to these guarantees was $3 million.10
Total$688
(1)    Bunge has issued guarantees to certain financial institutions related to debt of certain of its unconsolidated affiliates. The terms of the guarantees are equal to the terms of the related financings, which have maturity dates through 2034. There are no recourse provisions or collateral that would enable Bunge to recover any amounts paid under these guarantees. In addition, certain Bunge subsidiaries have guaranteed the obligations of certain of their unconsolidated affiliates and in connection therewith have secured their guarantee obligations through a pledge to the financial institutions of certain of their unconsolidated affiliates' shares plus loans receivable from the unconsolidated affiliates in the event that the guaranteed obligations are enforced. Based on amounts drawn under such debt facilities at March 31, 2023, Bunge's potential liability was $81 million, and it has recorded less than $1 million obligation related to these guarantees within Other non-current liabilities.
(2)    Bunge has issued guarantees to certain financial institutions that are party to certain operating lease arrangements for railcars, barges, and buildings. These guarantees provide for a minimum residual value to be received by the lessor at the conclusion of the lease term. These leases expire at various dates from 2024 through 2029. At March 31, 2023, no obligation has been recorded related to these guarantees. Any obligation recorded would be recognized in Current operating lease obligations or Non-current operating lease obligations.
(3)    On February 3, 2023, Bunge agreed to indemnify the buyer of its Russian operations against certain existing legal claims involving Bunge's Russian subsidiary. The indemnity expires on February 2, 2030. As of March 31, 2023, Bunge recorded a $9 million obligation related to this indemnity within Other non-current liabilities.
Bunge Limited has provided a guarantee to the Director of the Illinois Department of Agriculture as Trustee for Bunge North America, Inc. (“BNA”("BNA"), an indirect wholly‑ownedwholly-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.
In addition, Bunge Limited has provided full and unconditional parent level guarantees
28
Table of Contents
16.    OTHER NON-CURRENT LIABILITIES
Other non-current liabilities consist of the outstanding indebtedness under certain credit facilities entered into, and senior notes issued, by its subsidiaries.  As of September 30, 2017, Bunge’s condensed consolidated balance sheet includes debt with a carrying amount of $5,229 million related to these guarantees.  This debt includes the senior notes issued by two of Bunge’s 100% owned finance subsidiaries, Bunge Limited Finance Corp. and Bunge Finance Europe, B.V.  There are largely no restrictions on the ability of Bunge Limited Finance Corp. and Bunge Finance Europe B.V. or any other Bunge subsidiary to transfer funds to Bunge Limited.following:
(US$ in millions)March 31,
2023		December 31,
2022
Labor, legal, and other provisions$205 $205 
Pension and post-retirement obligations150 152 
Uncertain income tax positions (1)
61 59 
Unrealized losses on derivative contracts, at fair value (2)
275 332 
Other111 101 
Total$802 $849 
16.EQUITY
(1)See Note 9 - Income Taxes.
(2)See Note 11- Fair Value Measurements.
17.    EQUITY
Share repurchase program - In May 2015, Bunge established — During October 2021, Bunge's Board of Directors approved a program for the repurchase of up to $500 million of Bunge’sBunge's issued and outstanding common shares. The program has no expiration date. Bunge did not repurchase anyTo date under the program, 2,109,115 common shares during the quarter and nine months ended September 30, 2017. Bungewere repurchased 3,296,230 common shares in 2016

under this program for $200 million. TotalAs of March 31, 2023, $300 million remains outstanding for repurchases under the program from its inception were 4,707,440program.
Dividends on common shares for $300 million.— On February 22, 2023, Bunge announced that the Company's Board of Directors had declared a dividend of $0.625 per common share, payable on June 2, 2023, to shareholders of record on May 19, 2023.
Pension liability adjustment - On September 19, 2017, Bunge approved changes to certain U.S. defined benefit pension plans (“Plans”). The changes were announced on September 26, 2017 to all U.S. employees of Bunge. These changes will freeze the Plans for future benefit accruals effective January 1, 2023, and these Plans will be closed for participation for employees hired on or after January 1, 2018. As a result, Bunge recognized a curtailment gain associated with the Plans’ freeze and as such, the projected benefit obligations for these Plans were remeasured as of September 30, 2017. At September 30, 2017, a $31 million pension curtailment gain and $18 million remeasurement loss were recognized and recorded in OCI.
Accumulated other comprehensive income (loss) attributable to Bunge — The following table summarizes the balances of related after-tax components of accumulatedAccumulated other comprehensive income (loss) attributable to Bunge.Bunge:
(US$ in millions)Foreign Exchange
Translation
Adjustment		Deferred
Gains (Losses)
on Hedging
Activities		Pension and Other
Postretirement
Liability
Adjustments		Accumulated
Other
Comprehensive
Income (Loss)
Balance, January 1, 2023$(5,926)$(343)$(102)$(6,371)
Other comprehensive income (loss) before reclassifications122 (26)— 96 
Amount reclassified from accumulated other comprehensive income (loss)103 1 — 104 
Balance, March 31, 2023$(5,701)$(368)$(102)$(6,171)
(US$ in millions)Foreign Exchange
Translation
Adjustment		Deferred
Gains (Losses)
on Hedging
Activities
Pension and Other
Postretirement
Liability
Adjustments (1)
Accumulated
Other
Comprehensive
Income (Loss)
Balance, January 1, 2022$(6,093)$(254)$(124)$(6,471)
Other comprehensive income (loss) before reclassifications396 (117)— 279 
Amount reclassified from accumulated other comprehensive income (loss)— (2)(19)(21)
Balance, March 31, 2022$(5,697)$(373)$(143)$(6,213)
(US$ in millions) 
Foreign Exchange
Translation
Adjustment
 
Deferred
Gains (Losses)
on Hedging
Activities
 
Pension and Other
Postretirement
Liability
Adjustments
 
Unrealized
Gains (Losses)
on
Investments
 
Accumulated
Other
Comprehensive
Income (Loss)
Balance, July 1, 2017 $(5,618) $(192) $(145) $4
 $(5,951)
Other comprehensive income (loss) before reclassifications 329
 (37) 9
 —
 301
Amount reclassified from accumulated other comprehensive income —
 (8) —
 (4) (12)
Balance, September 30, 2017 $(5,289) $(237) $(136) $—
 $(5,662)
(US$ in millions) Foreign Exchange
Translation
Adjustment		 Deferred
Gains (Losses)
on Hedging
Activities		 Pension and Other
Postretirement
Liability
Adjustments		 Unrealized
Gains (Losses)
on
Investments		 Accumulated
Other
Comprehensive
Income (Loss)
Balance, July 1, 2016 $(5,462) $(125) $(134) $3
 $(5,718)
Other comprehensive income (loss) before reclassifications (95) —
 1
 —
 (94)
Amount reclassified from accumulated other comprehensive income —
 (13) —
 —
 (13)
Balance, September 30, 2016 $(5,557) $(138) $(133) $3
 $(5,825)
(US$ in millions) Foreign Exchange
Translation
Adjustment		 Deferred
Gains (Losses)
on Hedging
Activities		 Pension and Other
Postretirement
Liability
Adjustments		 Unrealized
Gains (Losses)
on
Investments		 Accumulated
Other
Comprehensive
Income (Loss)
Balance, January 1, 2017 $(5,734) $(102) $(145) $3
 $(5,978)
Other comprehensive income (loss) before reclassifications 445
 (108) 9
 1
 347
Amount reclassified from accumulated other comprehensive income —
 (27) —
 (4) (31)
Balance, September 30, 2017 $(5,289) $(237) $(136) $—
 $(5,662)
(US$ in millions) Foreign Exchange
Translation
Adjustment		 Deferred
Gains (Losses)
on Hedging
Activities		 Pension and Other
Postretirement
Liability
Adjustments		 Unrealized
Gains (Losses)
on
Investments		 Accumulated
Other
Comprehensive
Income (Loss)
Balance, January 1, 2016 $(6,443) $214
 $(134) $3
 $(6,360)
Other comprehensive income (loss) before reclassifications 886
 (339) 1
 —
 548
Amount reclassified from accumulated other comprehensive income —
 (13) —
 —
 (13)
Balance, September 30, 2016 $(5,557) $(138) $(133) $3
 $(5,825)

17.EARNINGS PER COMMON SHARE
(1)On February 28, 2022, the Company, together with plan participants and related employee unions, agreed to the transition of one of the Company's international defined benefit pension plans to a multi-employer pension plan. Following the transition, the Company accounts for the multi-employer plan similar to a defined contribution plan, resulting in full settlement of the related defined benefit plan obligations.
In connection with the settlement, during the three months ended March 31, 2022, the Company reclassified $27 million (net of $10 million tax expense) in unamortized actuarial gains from Accumulated other comprehensive income (loss), of which $19 million was attributable to Bunge (net of $7 million in tax expense), and $8 million was attributable to redeemable non-controlling interest (net of $3 million in tax expense).
29
Table of Contents
18.    EARNINGS PER COMMON SHARE
The following table sets forth the computation of basic and diluted earnings per common share.
Three Months Ended
March 31,
(US$ in millions, except for share data)20232022
Net income (loss) attributable to Bunge common shareholders$632 $688 
Weighted-average number of common shares outstanding: 
Basic150,079,448 142,516,888 
Effect of dilutive shares:  
—stock options and awards (2)
2,184,544 3,127,275 
—convertible preference shares (1)
— 7,976,765 
Diluted152,263,992 153,620,928 
Earnings per common share:
Net income (loss) attributable to Bunge common shareholders—basic$4.21 $4.83 
Net income (loss) attributable to Bunge common shareholders—diluted$4.15 $4.48 
  Three Months Ended
September 30,		 Nine Months Ended
September 30,
(US$ in millions, except for share data) 2017 2016 2017 2016
Income (loss) from continuing operations $92
 $125
 $227
 $490
Net (income) loss attributable to noncontrolling interests —
 (12) (7) (8)
Income (loss) from continuing operations attributable to Bunge 92
 113
 220
 482
Other redeemable obligations (1)
 —
 6
 —
 (2)
Convertible preference share dividends (8) (8) (25) (25)
Income (loss) from discontinued operations, net of tax —
 5
 —
 (8)
Net income (loss) available to Bunge common shareholders $84
 $116
 $195
 $447
         
Weighted-average number of common shares outstanding:  
  
  
  
Basic 140,601,605
 139,444,320
 140,276,421
 139,969,200
Effect of dilutive shares:  
  
  
  
—stock options and awards 954,694
 483,525
 1,008,169
 341,890
—convertible preference shares —
 —
 —
 7,909,470
Diluted (2)
 141,556,299
 139,927,845
 141,284,590
 148,220,560
         
Basic earnings per common share:        
Net income (loss) from continuing operations $0.59
 $0.80
 $1.39
 $3.25
Net income (loss) from discontinued operations —
 0.03
 (0.01) (0.06)
Net income (loss) attributable to Bunge common shareholders—basic $0.59
 $0.83
 $1.38
 $3.19
         
Diluted earnings per common share:        
Net income (loss) from continuing operations $0.59
 $0.79
 $1.38
 $3.24
Net income (loss) from discontinued operations —
 0.04
 (0.01) (0.05)
Net income (loss) attributable to Bunge common shareholders—diluted $0.59
 $0.83
 $1.37
 $3.19
(1)    Effective March 23, 2022, (the "Conversion Date"), in accordance with the terms of the certificate of designation governing the convertible preference shares, all of the Company's issued and outstanding convertible preference shares were automatically converted into 1.2846 common shares of the Company, par value $0.01 per share. As a result of this conversion, dividends on the convertible preference shares ceased to accrue on the Conversion Date.
(1)Accretion of redeemable noncontrolling interest of $6(2)    The weighted-average common shares outstanding-diluted exclude less than one million gain and $2 million loss for the three and nine months ended September 30, 2016, respectively, related to a non-fair value variable put arrangement whereby the noncontrolling interest holder could require Bunge to purchase the remaining shares of an oilseed processing operation in Central and Eastern Europe. Accretion for the respective periods include the effect of losses incurred by the operations for the three and nine months ended September 30, 2016. In the second quarter of 2016, Bunge exercised its call option. This transaction concluded in September 2016.
(2)Approximately 3 million outstanding stock options and contingently issuable restricted stock units were not dilutive and not included in the weighted-average number of common shares outstanding for the three and nine months ended September 30, 2017. Approximately 8 million weighted-average common shares that are issuable upon conversion of the convertible preference shares were not dilutive and not included in the weighted-average number of common shares outstanding for the three and nine months ended September 30, 2017.
Approximately 4 million outstanding stock options and contingently issuable restricted stock units, which were not dilutive and not included in the weighted-average numbercomputation of common shares outstandingearnings per share for the three and nine months ended September 30, 2016. Approximately 8 million weighted-average common shares that are issuable upon conversioneach of

the convertible preference shares were not dilutive and not included in the weighted-average number of common shares outstanding for the three months ended September 30, 2016.March 31, 2023, and 2022.

18.SEGMENT INFORMATION
Bunge has five
19.    SEGMENT INFORMATION
The Company's operations are organized, managed, and classified into four reportable segments - Agribusiness, Edible Oil Products,Refined and Specialty Oils, Milling, Products,and Sugar and Bioenergy, and Fertilizer, which are organized based upon their similar economic characteristics, and are similar in nature of products and services offered, the nature of production processes, types and the type and classclasses 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 Edible Oil ProductsRefined and Specialty Oils segment involves the processing, production, and marketing of products derived from vegetable oils. The Milling Products segment involves the processing, production, and marketing of products derived primarily from wheat and corn. The Sugar and Bioenergy reportable segment involves sugarcane growing and milling in Brazil, sugar trading and merchandising in various countries, as well as sugarcane-based ethanol production and corn-based ethanol investments and related activities. Followingprimarily comprises the classification of the Brazilian fertilizer distribution and North American fertilizer businesses as discontinued operations, the activities of the Fertilizer segment include its port operations in Brazil and Argentina and its blending and retail operations in Argentina.
The “Discontinued Operations & Unallocated” columnnet earnings in the following table contains the reconciliation between the totalsCompany’s 50% interest in BP Bunge Bioenergia, a joint venture with BP p.l.c. ("BP").
Corporate and Other includes salaries and overhead for reportable segments and Bunge consolidated totals, which consist primarily of amounts attributable to discontinued operations, corporate itemsfunctions that are not allocated to the Company’s individual reporting segments because the operating segments,performance of each reporting segment is evaluated by the Company's chief operating decision maker exclusive of these items, as well as certain other activities including Bunge Ventures, the Company's captive insurance activities, securitization program, and inter-segment eliminations. certain income tax assets and liabilities.
Transfers between the segments are generally valued at market. The segmentSegment revenues generated from these transfers are shown in the following table as “Inter-segment revenues”.revenues.”
30
Table of Contents
  Three Months Ended September 30, 2017
(US$ in millions) Agribusiness 
Edible
Oil
Products
 
Milling
Products
 
Sugar and
Bioenergy
 Fertilizer 
Discontinued
Operations &
Unallocated (1)
 Total
Net sales to external customers $7,720
 $2,027
 $397
 $1,158
 $121
 $—
 $11,423
Inter–segment revenues 1,097
 40
 —
 19
 3
 (1,159) —
Foreign exchange gains (losses) 1
 —
 —
 1
 (1) —
 1
Noncontrolling interests (1)
 2
 (2) —
 —
 (1) 1
 —
Other income (expense) – net 24
 (2) (1) 4
 —
 —
 25
Segment EBIT (2)
 103
 34
 23
 10
 5
 —
 175
Discontinued operations (3)
 —
 —
 —
 —
 —
 —
 —
Depreciation, depletion and amortization (69) (27) (16) (51) (3) —
 (166)
Total assets $13,286
 $2,508
 $1,542
 $2,670
 $357
 $189
 $20,552
Three Months Ended March 31, 2023
(US$ in millions)AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherEliminationsTotal
Net sales to external customers$10,852 $3,888 $515 $64 $9 $— $15,328 
Inter–segment revenues2,156 37 164 — — (2,357)— 
Cost of goods sold(10,044)(3,546)(484)(64)(9)— (14,147)
Gross profit808 342 31 — — — 1,181 
Selling, general and administrative expenses(132)(95)(21)— (105)— (353)
Foreign exchange (losses) gains39 5 — — 5 — 49 
EBIT attributable to noncontrolling interests (1)
(21)(4)— — — — (25)
Other income (expense) - net11 (15)(1)— 20 — 15 
Income (loss) from affiliates— — — 19 — — 19 
Total Segment EBIT (2)
705 233 9 19 (80)— 886 
Total assets17,366 3,656 1,157 334 4,597 — 27,110 
  Three Months Ended September 30, 2016
(US$ in millions) Agribusiness Edible
Oil
Products		 Milling
Products		 Sugar and
Bioenergy		 Fertilizer 
Discontinued
Operations &
Unallocated (1)
 Total
Net sales to external customers $8,063
 $1,727
 $430
 $1,074
 $129
 $—
 $11,423
Inter–segment revenues 972
 29
 —
 8
 —
 (1,009) —
Foreign exchange gains (losses) (7) —
 —
 2
 (1) —
 (6)
Noncontrolling interests (1)
 (13) (2) —
 —
 (2) 5
 (12)
Other income (expense) – net 11
 (3) (1) (4) 1
 —
 4
Segment EBIT (2)
 83
 34
 52
 35
 9
 —
 213
Discontinued operations (3)
 —
 —
 —
 —
 —
 5
 5
Depreciation, depletion and amortization (61) (24) (16) (45) (3) —
 (149)
Total assets $12,396
 $2,030
 $1,508
 $3,532
 $352
 $227
 $20,045

  Nine Months Ended September 30, 2017
(US$ in millions) Agribusiness Edible
Oil
Products		 Milling
Products		 Sugar and
Bioenergy		 Fertilizer 
Discontinued
Operations &
Unallocated (1)
 Total
Net sales to external customers $23,837
 $5,877
 $1,169
 $3,052
 $254
 $—
 $34,189
Inter—segment revenues 3,136
 111
 5
 19
 3
 (3,274) —
Foreign exchange gains (losses) 93
 4
 (1) 10
 2
 —
 108
Noncontrolling interests (1)
 (3) (5) —
 —
 (2) 3
 (7)
Other income (expense) – net 28
 (1) (2) (1) —
 —
 24
Segment EBIT (2)
 230
 98
 48
 1
 4
 —
 381
Discontinued operations (3)
 —
 —
 —
 —
 —
 —
 —
Depreciation, depletion and amortization (196) (77) (46) (120) (9) —
 (448)
Total assets $13,286
 $2,508
 $1,542
 $2,670
 $357
 $189
 $20,552
  Nine Months Ended September 30, 2016
(US$ in millions) Agribusiness Edible
Oil
Products		 Milling
Products		 Sugar and
Bioenergy		 Fertilizer 
Discontinued
Operations &
Unallocated (1)
 Total
Net sales to external customers $21,870
 $4,958
 $1,243
 $2,541
 $268
 $—
 $30,880
Inter–segment revenues 2,822
 80
 1
 10
 —
 (2,913) —
Foreign exchange gains (losses) 13
 (2) (5) 5
 (2) —
 9
Noncontrolling interests (1)
 (13) (5) —
 —
 (2) 12
 (8)
Other income (expense) – net 5
 (4) (3) (13) 1
 —
 (14)
Segment EBIT (2)
 533
 66
 107
 21
 13
 —
 740
Discontinued operations (3)
 —
 —
 —
 —
 —
 (8) (8)
Depreciation, depletion and amortization (174) (69) (47) (103) (9) —
 (402)
Total assets $12,396
 $2,030
 $1,508
 $3,532
 $352
 $227
 $20,045
Three Months Ended March 31, 2022
(US$ in millions)AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherEliminationsTotal
Net sales to external customers$11,231 $3,976 $603 $64 $6 $— $15,880 
Inter–segment revenues2,487 112 375 — — (2,974)— 
Cost of goods sold(10,367)(3,714)(532)(62)(1)— (14,676)
Gross profit864 262 71 2 5 — 1,204 
Selling, general and administrative expenses(121)(89)(24)— (74)— (308)
Foreign exchange (losses) gains9 — 3 — — — 12 
EBIT attributable to noncontrolling interests (1)
(4)3 — — (12)— (13)
Other income (expense) - net(63)(3)— — 19 — (47)
Income (loss) from affiliates14 — — 32 (1)— 45 
Total Segment EBIT (2)
699 173 50 34 (63)— 893 
Total assets20,607 4,383 1,482 322 1,930 — 28,724 
(1)Includes noncontrolling interests share of interest and tax to reconcile to consolidated noncontrolling interest.
(2) Total segment earnings before interest and taxes (“EBIT”) is an operating performance measure used by Bunge’s management to evaluate segment operating activities. Bunge’s management believes total segment EBIT is a useful measure of operating profitability, since the measure allows for an evaluation of the performance of its segments without regard to its financing methods or capital structure. In addition, total segment EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industry. However, total segment EBIT is a non-GAAP financial measure and is not intended to replace net income (loss) attributable to Bunge, the most directly comparable U.S. GAAP financial measure. Further, total segment EBIT is not a measure of consolidated operating results under U.S.GAAP and should not be considered as an alternative to net income (loss) or any other measure of consolidated operating results under U.S. GAAP. See the reconciliation of total segment EBIT to net income (loss) in the table below.
(3)Represents net income (loss) from discontinued operations.

A reconciliation(1) Include noncontrolling interests' share of totalinterest and tax with EBIT attributable to noncontrolling interests in order to reconcile to consolidated Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests.
(2) Total segment earnings before interest and taxes ("EBIT") is an operating performance measure used by Bunge’s management to evaluate segment operating activities. Bunge’s management believes Total Segment EBIT is a useful measure of operating profitability, since the measure allows for an evaluation of the performance of its segments without regard to netits financing methods or capital structure. In addition, EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industry. Total Segment EBIT is a non-GAAP financial measure and is not intended to replace Net income (loss) attributable to Bunge, the most directly comparable U.S. GAAP financial measure. Further, Total Segment EBIT is not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss) or any other measure of consolidated operating results under U.S. GAAP. See the reconciliation of Total Segment EBIT to Net income (loss) attributable to Bunge in the table below.
31
Table of Contents
A reconciliation of Net income (loss) attributable to Bunge to Total Segment EBIT follows:
Three Months Ended
March 31,
(US$ in millions)20232022
Net income (loss) attributable to Bunge$632 $688 
Interest income(43)(9)
Interest expense112 111 
Income tax expense (benefit)183 108 
Noncontrolling interests' share of interest and tax2 (5)
Total Segment EBIT$886 $893 
The Company’s revenue comprises sales from commodity contracts that are accounted for under ASC 815, Derivatives and Hedging (ASC 815)and sales of other products and services that are accounted for under ASC 606, Revenue from Contracts with Customers (ASC 606). The following tables provide a disaggregation of Net sales to external customers between sales from commodity contracts (ASC 815) and sales from contracts with customers (ASC 606):
Three Months Ended March 31, 2023
(US$ in millions)AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherTotal
Sales from commodity contracts (ASC 815)$10,288 $178 $74 $64 $— $10,604 
Sales from contracts with customers (ASC 606)564 3,710 441 — 9 4,724 
Net sales to external customers$10,852 $3,888 $515 $64 $9 $15,328 
Three Months Ended March 31, 2022
(US$ in millions)AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherTotal
Sales from commodity contracts (ASC 815)$10,567 $251 $62 $63 $— $10,943 
Sales from contracts with customers (ASC 606)664 3,725 541 1 6 4,937 
Net sales to external customers$11,231 $3,976 $603 $64 $6 $15,880 

32
  Three Months Ended
September 30,		 Nine Months Ended
September 30,
(US$ in millions) 2017 2016 2017 2016
Total Segment EBIT from continuing operations $175
 $213
 $381
 $740
Interest income 9
 13
 29
 37
Interest expense (64) (73) (191) (189)
Income tax (expense) benefit (29) (45) (2) (118)
Income (loss) from discontinued operations, net of tax —
 5
 —
 (8)
Noncontrolling interests' share of interest and tax 1
 5
 3
 12
Net income (loss) attributable to Bunge $92
 $118
 $220
 $474

Table of Contents
Cautionary Statement Regarding Forward Looking Statements
This report contains both historical and forward looking statements. All statements, other than statements of historical fact are, or may be deemed to be, forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). These forward looking statements are not based on historical facts, but rather reflect our current expectations and projections about our future results, performance, prospects and opportunities. We have tried to identify these forward looking statements by using words including “may,” “will,” “should,” “could,” “expect,” “anticipate,” “believe,” “plan,” “intend,” “estimate,” “continue” and similar expressions. These forward looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause our actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward looking statements. The following importantThese factors among others, could affectinclude the risks, uncertainties, trends and other factors described in our Form 10-K, Form 10-Q, and Form 8-K reports (including all amendments to those reports) and include: the impact on our employees, operations, and facilities from the war in Ukraine and the resulting economic and other sanctions imposed on Russia, including the impact on Bunge resulting from the continuation and/or escalation of the war and sanctions against Russia; the effect of weather conditions and the impact of crop and animal disease on our business; the impact of global and regional economic, agricultural, financial and commodities market, political, social and health conditions; changes in governmental policies and laws affecting our business, including agricultural and trade policies, financial performance,markets regulation and environmental, tax and biofuels regulation; the impact of seasonality; the impact of government policies and regulations; the outcome of pending regulatory and legal proceedings; our ability to complete, integrate and benefit from acquisitions, divestitures, joint ventures and strategic alliances; the impact of industry conditions, including fluctuations in supply, demand and prices for agricultural commodities and other raw materials and products usedthat we sell and use in our business, fluctuations in energy and freight costs and competitive developments in our industries; the effectseffectiveness of weather conditionsour capital allocation plans, funding needs and financing sources; the outbreakeffectiveness of cropour risk management strategies; operational risks, including industrial accidents, natural disasters, pandemics or epidemics and animal diseasecybersecurity incidents; changes in foreign exchange policy or rates; the impact of our dependence on our business; global and regional agricultural, economic, financial and commodities market, political, social and health conditions; the outcome of pending regulatory and legal proceedings;third parties; our ability to complete, integrateattract and benefit from acquisitions, dispositions, joint venturesretain executive management and strategic alliances; our ability to achieve the efficiencies, savings and other benefits anticipated from our cost reduction, margin improvement and other business optimization initiatives; changes in government policies, laws and regulations affecting our business, including agricultural and trade policies, tax regulations and biofuels legislation;key personnel; and other factors affecting our business generally.
The forward looking statements included in this report are made only as of the date of this report, and except as otherwise required by federal securities law, we do not have any obligation to publicly update or revise any forward looking statements to reflect subsequent events or circumstances.
You should refer to “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2016,2022, filed with the SEC on February 28, 2017,24, 2023, and “Part II — Item 1A. Risk Factors” in this Quarterly Report on Form 10-Q for a more detailed discussion of these factors.

33
Table of Contents


ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Third
First Quarter 20172023 Overview

You should refer to “Item 7."Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations - Factors Affecting Operating ResultsResults" in our Annual Report on Form 10-K for the year ended December 31, 20162022, for a discussion of key factors affecting operating results in each of our business segments. In addition, you should refer to “Item"Item 9A, Controls and Procedures”Procedures" in our Annual Report on Form 10-K for the year ended December 31, 20162022, and to “Item"Item 4, Controls and Procedures”Procedures" in this Quarterly Report on Form 10-Q for the period ended September 30, 2017March 31, 2023, for a discussion of our internal controls over financial reporting.

Non-U.S. GAAP Financial Measures

Total segment earnings before interest and taxes (“EBIT”("EBIT") is an operating performance measure used by Bunge’s management to evaluate segment operating activities. Bunge also uses Core Segment EBIT, Non-core Segment EBIT and Total Segment EBIT to evaluate the operating performance of Bunge’s Core reportable segments, Non-core reportable segments, and Total reportable segments together with Corporate and Other. Core Segment EBIT is the aggregate of the EBIT of each of Bunge’s Agribusiness, Refined and Specialty Oils, and Milling segments. Non-core Segment EBIT is the EBIT of Bunge’s Sugar & Bioenergy segment. Total Segment EBIT is the aggregate of the EBIT of Bunge’s Core and Non-core reportable segments, together with Corporate and Other. Bunge’s management believes total segmentCore Segment EBIT, is aNon-core Segment EBIT, and Total Segment EBIT are useful measuremeasures of operating profitability since the measure allowsmeasures allow for an evaluation of the performance of its segments without regard to its financing methods or capital structure. In addition, EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industry. Total Segment EBIT is a non-U.S. GAAP financial measure and is not intended to replace netNet income (loss) attributable to Bunge, the most directly comparable U.S. GAAP financial measure. Further, Total Segment EBIT excludes EBIT attributable to noncontrolling interests and is not a measure of consolidated operating results under U.S.GAAPU.S. GAAP and should not be considered as an alternative to netNet income (loss) or any other measure of consolidated operating results under U.S. GAAP. See the reconciliation of Total Segment EBIT to net income (loss) attributable to Bunge below.

Segment Overview

Agribusiness - EBIT for the third quarter of 2017 was $103 million compared to $83 million in the third quarter of 2016. The increase was primarily driven by improvements in our South American grain origination operations, contributions from our Financial Services Group and effective risk management in our soybean processing operations that more than offset lower crush margins.
Edible oil products -EBIT for the third quarter of 2017 was $34 million compared to $34 million in the third quarter of 2016.Increases to gross profit from acquisitions in Europe and Argentina and increased volumes in Asia were offset by charges related to our Global Competitiveness Program (“GCP”).
Milling products - EBIT for the third quarter of 2017 was $23 million compared to $52 million in the third quarter of 2016. Lower gross profit was driven by continued weak economic conditions and lower demand for wheat products in Brazil and Mexico. Additionally, the third quarter of 2016 included a recovery of $14 million in Brazilian import taxes related to prior years.
Sugar and Bioenergy - EBIT for the third quarter of 2017 was $10 million compared to $35 million in the third quarter of 2016. Our sugarcane milling, trading and merchandising operations were impacted by lower sugar and ethanol prices, lower sales volumes and decreased trading and risk management results compared to the third quarter 2016.
Fertilizer - EBIT for the third quarter of 2017 was $5 million compared to $9 million in the third quarter of 2016.A decrease in gross profit from lower margins in Argentina was partially offset by decreases in SG&A expenses compared to the third quarter of 2016.
Segment Results
Three Months Ended September 30, 2017 Compared to Three Months Ended September 30, 2016

Net Income (Loss) Attributable to Bunge - For the quarter ended September 30, 2017, net income attributable to Bunge decreased by $26 million to $92 million from $118 million in the quarter ended September 30, 2016. This decrease resulted primarily from a decrease in segment EBIT of $38 million, particularly in milling products and sugar and bioenergy.

Income Tax Expense - In the quarter ended September 30, 2017, income tax expense was $29 million compared to $45 million in the quarter ended September 30, 2016. The effective tax rate in the third quarter was 24% compared to 26% in the third quarter of 2016. The lower effective tax rate in 2017 was primarily due to favorable earnings mix and increased tax-exempt income on a lower base of pretax income.
A summary of certain items in our condensed consolidated statements of income and volumes by reportable segment for the periods indicated is set forth below.
  Three Months Ended
September 30,
(US$ in millions, except volumes) 2017 2016
Volumes (in thousands of metric tons):  
  
Agribusiness 37,316
 35,079
Edible oil products 1,945
 1,762
Milling products 1,127
 1,153
Sugar and Bioenergy 2,696
 2,304
Fertilizer 422
 417
     
Net sales:  
  
Agribusiness $7,720
 $8,063
Edible oil products 2,027
 1,727
Milling products 397
 430
Sugar and Bioenergy 1,158
 1,074
Fertilizer 121
 129
Total $11,423
 $11,423
     
Cost of goods sold:  
  
Agribusiness $(7,459) $(7,797)
Edible oil products (1,902) (1,610)
Milling products (338) (341)
Sugar and Bioenergy (1,122) (1,007)
Fertilizer (112) (112)
Total $(10,933) $(10,867)
     
Gross profit:  
  
Agribusiness $261
 $266
Edible oil products 125
 117
Milling products 59
 89
Sugar and Bioenergy 36
 67
Fertilizer 9
 17
Total $490
 $556
     
Selling, general and administrative expenses:  
  
Agribusiness $(187) $(174)
Edible oil products (87) (77)
Milling products (33) (36)
Sugar and Bioenergy (31) (31)
Fertilizer (2) (6)
Total $(340) $(324)
     

Foreign exchange gains (losses):  
  
Agribusiness $1
 $(7)
Edible oil products —
 —
Milling products —
 —
Sugar and Bioenergy 1
 2
Fertilizer (1) (1)
Total $1
 $(6)
     
Noncontrolling interest losses (gains):  
  
Agribusiness $2
 $(13)
Edible oil products (2) (2)
Milling products —
 —
Sugar and Bioenergy —
 —
Fertilizer (1) (2)
Total $(1) $(17)
     
Other income (expense) - net:  
  
Agribusiness $24
 $11
Edible oil products (2) (3)
Milling products (1) (1)
Sugar and Bioenergy 4
 (4)
Fertilizer —
 1
Total $25
 $4
     
Segment EBIT:  
  
Agribusiness $103
 $83
Edible oil products 34
 34
Milling products 23
 52
Sugar and Bioenergy 10
 35
Fertilizer 5
 9
Total $175
 $213
A reconciliation of Net income (loss) attributable to Bunge to Total Segment EBIT follows:
below.
  Three Months Ended
September 30,
(US$ in millions) 2017 2016
Net income (loss) attributable to Bunge $92
 $118
Interest income (9) (13)
Interest expense 64
 73
Income tax expense (benefit) 29
 45
(Income) loss from discontinued operations, net of tax —
 (5)
Noncontrolling interest's share of interest and tax (1) (5)
Total Segment EBIT $175
 $213

Agribusiness Segment - Agribusiness segment net sales decreasedCash provided by 4%(used for) operating activities, adjusted is calculated by including the Proceeds from beneficial interests in securitized trade receivables with Cash provided by (used for) operating activities. Cash provided by (used for) operating activities, adjusted is a non-U.S. GAAP financial measure and is not intended to $7.7 billion inreplace Cash provided by (used for) operating activities, the third quartermost directly comparable U.S. GAAP financial measure. Our management believes presentation of 2017, comparedthis measure allows investors to $8.1 billion in the third quarter of 2016. An increase in volumes in Brazil from larger corn and soybean crops was primarily offset by lower commodity prices.


Cost of goods sold decreased by 4%, substantially in line with the decreases in net sales noted above. Additionally, the third quarter was impacted by higher industrial costs and depreciation from the acquisition of oilseed processing facilities in Western Europe in the first quarter of 2017 compared to the third quarter of 2016.

Despite overall increased volumes, gross profit decreased by $5 million in the third quarter of 2017, from $266 million in the third quarter of 2016. The benefits of stronger contributions from risk management and increased farmer selling in South America during the early part of the quarter only partially offset the impacts of compressed margins acrossview our operations from excess supply and impacts to logistics costs from adverse weather conditions in our North American grain origination business.

SG&A expenses increased $13 million to $187 million in the third quarter of 2017. The increase includes impairment charges of $4 million for intangible assets related to patents for aluminum phosphate technology, one-time employee separation costs of $4 million and professional services charges of $3 million related to our GCP. The increase also included added general and administrative expenses in Europe for acquisitions made in the fourth quarter of 2016 and the first quarter of 2017, and was partially offset by lower professional services costs.

Foreign exchange results in the third quarter of 2017 were gains of $1 million, compared to losses of $7 million in the third quarter of 2016, primarily driven by foreign currency hedges, which were offset by losses on U.S. dollar-denominated loans to fund operations.

Other income (expenses) - net was income of $24 million in the third quarter of 2017, compared to income of $11 million in the third quarter of 2016. The third quarter of 2017 included stronger contributions from our Financial Services Group offset by a $13 million impairment charge related to our Indonesian palm oil plantation affiliate. The third quarter of 2016 included income generated by certain non-consolidated investments; primarily in our transportation and logistics affiliates in Brazil and the United States.

Segment EBIT increased by $20 million to $103 million in the third quarter of 2017 from $83 million in the third quarter of 2016. Increased volumes in Brazil from larger corn and soybean crops, effective risk management in our soybean processing operations, improvements in our South American grain origination operations and contributions from our Financial Services Group more than offset impacts from lower commodity prices and crush margins and charges related to our GCP and increased general and administrative expenses from acquisitions made in Europe during the fourth quarter of 2016 and the first quarter of 2017.

Edible Oil Products Segment - Edible oil products segment net sales increased by 17% in the third quarter of 2017 to $2.0 billion, compared to $1.7 billion in the third quarter of 2016, resulting primarily from a 10% increase in volumes, driven by the acquisitions of two edible oil production facilities in Europe, our recent acquisition of an edible oil production facility in Argentina and increased volumes in Asia from an earlier start of the Diwali holiday season.

Cost of goods sold in the third quarter of 2017 increased 18% fromcash generating performance using the same period of 2016, which ismeasure that management uses in line with the increase in net sales noted above,evaluating financial and primarily driven by the impact of the recent acquisitionsbusiness performance and increased volumes in Asia.trends.

Executive Summary
Gross profit in the third quarter of 2017 increased to $125 million compared to $117 million for the third quarter of 2016. The increase was primarily driven by higher volumes.

SG&A expenses increased by 13% to $87 million in the third quarter of 2017 compared with $77 million in the same period a year ago. The increase primarily related to added general and administrative expenses in Europe and Argentina from new acquisitions. Additionally, the third quarter of 2017 included impairment charges of $2 million for intangible assets related to patents for aluminum phosphate technology and professional services charges of $1 million related to our GCP.

Segment EBIT of $34 million for the third quarter of 2017, was equal to the third quarter of 2016. Increases to gross profit from acquisitions in Argentina and Europe and increased volumes in Asia were offset by charges related to our GCP during the third quarter of 2017, and higher SG&A from our new acquisitions.

Milling Products Segment - Milling products segment net sales were $397 million in the third quarter of 2017, 8% lower compared to $430 million for the same period a year ago, resulting primarily from a 2% decrease in volumes driven by continued weak economic conditions and lower demand for wheat products in Brazil and Mexico.


Cost of goods sold decreased by 1% to $338 million for the third quarter of 2017 from $341 million in the third quarter of 2016, primarily driven by lower commodity prices in wheat, our primary raw material. In addition, the third quarter was impacted by $1 million of severance and other employee benefit costs related to our GCP and the third quarter of 2016 included a recovery of $14 million in Brazilian import taxes paid in prior years.

Gross profit decreased by 34% to $59 million in the third quarter of 2017, down from $89 million in the third quarter of 2016, primarily due to increased competition and competitive pricing in Brazil driven by challenging macro-economic conditions, the large domestic wheat crop that reduced margins and lower volume.

SG&A expenses decreased to $33 million in the third quarter of 2017 from $36 million in 2016 from lower spending in Brazil and Mexico. The decrease was partially offset by impairment charges of $1 million for intangible assets related to patents for aluminum phosphate technology and professional services charges of $1 million related to our GCP.

Segment EBIT decreased to $23 million in the third quarter of 2017, from $52 million last year, primarily as a result of lower gross profit driven by continued weak economic conditions and lower demand for wheat products in Brazil. The third quarter of 2016 included a recovery of $14 million in Brazilian import taxes paid in prior years.

Sugar and Bioenergy Segment - Sugar and Bioenergy segment net sales increased 8% to $1.2 billion in the third quarter of 2017 compared to $1.1 billion in the same quarter last year. The increase in net sales was primarily driven by trading and merchandising sales volumes.

Cost of goods sold increased 11% in the third quarter of 2017 compared to the same period of 2016, which is in line with the increase in net sales. The third quarter of 2017 results also included $8 million of indirect tax credits and $6 million of severance and restructuring charges related to our industrial operations.

Gross profit decreased to $36 million in the third quarter of 2017 from $67 million reported in the third quarter of 2016, primarily due to lower prices and lower sales volumes in our sugar milling operations and weaker contributions from risk management opportunities in our sugar trading & merchandising operations.

SG&A expenses of $31 million in the third quarter of 2017 were flat compared to the same period of 2016, primarily due to lower amortization expense in the quarter, offset by impairment charges of $1 million for intangible assets related to patents for aluminum phosphate technology and professional services charges of $1 million related to our GCP in the third quarter of 2017.

Foreign exchange results in the third quarter of 2017 were $1 million compared to $2 million in the same period of 2016. These results relate primarily to foreign currency hedges.

Segment EBIT decreased to $10 million in the third quarter of 2017 from $35 million in the third quarter of 2016, primarily due to lower prices and lower sales volumes in our sugar milling operations and weaker contributions from risk management opportunities in our sugar trading & merchandising operations. The third quarter results were also impacted by $6 million of severance and restructuring charges related to our industrial operations, $2 million of SG&A charges related to our GCP, $3 million of losses from our renewable oils affiliate in Brazil and $8 million of indirect tax credits.

Fertilizer Segment - Fertilizer segment net sales were $121 million in the third quarter of 2017 compared to $129 million in the third quarter of 2016, with no significant change in volumes.

Cost of goods sold were $112 million in the third quarter of 2017, consistent with the third quarter of 2016.

Gross profit decreased by $8 million to $9 million in the third quarter of 2017, down from $17 million in the comparable period of 2016. The decrease was primarily driven by lower margins in Argentina.

SG&A expenses were $2 million in the third quarter of 2017, compared to $6 million in the comparable period of 2016, primarily due to a reduction of bad debt expense.

Segment EBIT decreased by $4 million to $5 million in the third quarter of 2017 as compared to $9 million in the same period a year ago. The decrease in gross profit from lower margins in Argentina was offset by decreases in SG&A expenses compared to third quarter of 2016.

Interest - A summary of consolidated interest income and expense follows:

  Three Months Ended
September 30,
(US$ in millions) 2017 2016
Interest income $9
 $13
Interest expense (64) (73)

Interest income decreased to $9 million in the third quarter of 2017 compared to $13 million in the third quarter of 2016. Interest expense decreased primarily due to impacts from interest rate hedges.

Discontinued Operations - Discontinued operations results for the third quarter of 2017 were nil, compared to income of $5 million, net of tax, in the third quarter of 2016. Results in 2017 were primarily driven by the recovery of bad debt provisions and interest received related to long-term receivables from farmers that offset ongoing administrative expenses, income taxes and foreign exchange losses.

Nine Months Ended September 30, 2017 Compared to Nine Months Ended September 30, 2016
Net Income (Loss) Attributable to Bunge - For the ninethree months ended September 30, 2017, netMarch 31, 2023, Net income attributable to Bunge decreased by $254was $632 million, a decrease of $56 million compared to $220$688 million from $474 millionfor the three months ended March 31, 2022. The decrease for the three months ended March 31, 2023, was due to higher income tax expense as discussed further below and lower Segment EBIT in our Non-core segment and Corporate and Other activities, as further discussed in the nineSegment Overview & Results of Operations section below.
Earnings Per Common Share - Diluted - For the three months ended September 30, 2016. This decrease resulted primarily fromMarch 31, 2023, Net income attributable to Bunge common shareholders, diluted, was $4.15 per share, a decrease in segmentof $0.33 per share, compared to income of $4.48 per share for the three months ended March 31, 2022.
EBIT - For the three months ended March 31, 2023, Total Segment EBIT was $886 million, a decrease of $7 million compared to Total Segment EBIT of $359$893 million particularlyfor the three months ended March 31, 2022. The decrease in agribusiness,Total Segment EBIT for the three months ended March 31, 2023, was due to lower Segment EBIT in our Non-core segment and Corporate and Other activities, partially offset by decreaseshigher Segment EBIT in losses from discontinued operations and income tax expense.our Core segments, as further discussed in the Segment Overview & Results of Operations section below.
Income Tax Expense(Expense) Benefit - InIncome tax expense was $183 million for the ninethree months ended September 30, 2017, income tax (expense) / benefit was $(2) millionMarch 31, 2023 compared to income tax expense of $(118)$108 million infor the ninethree months ended September 30, 2016.March 31, 2022. The effectiveincrease was primarily
34
Table of Contents
due to an unfavorable earnings mix in 2023, as well as higher tax rate for the nine months ended September 30, 2017, decreased to 1%benefits in 2022 from releases of valuation allowances in Europe and Asia.
Liquidity and Capital Resources – At March 31, 2023, working capital, which equals Total current assets less Total current liabilities, was $8,632 million, an increase of $1,602 million, compared to 19%working capital of $7,030 million at March 31, 2022, and an increase of $1,474 million, compared to working capital of $7,158 million at December 31, 2022. The increases in the nine months ended September 30, 2016.   The lower tax rate in 2017 wasworking capital at March 31, 2023, compared to March 31, 2022, and December 31, 2022, were primarily due to a higher cash and cash equivalents balance, driven by strong operating cash flows, which is managed in accordance with our investment policy, the objectives of which are to preserve the principal value of our cash assets, maintain a high degree of liquidity, and deliver competitive returns subject to prevailing market conditions.
Segment Overview & Results of Operations
Our operations are organized, managed and classified into four reportable segments based upon their similar economic characteristics, nature of products and services offered, production processes, types and classes of customer, and distribution methods. We further organize these reportable segments into Core operations and Non-core operations. Core operations comprise our Agribusiness, Refined and Specialty Oils, and Milling segments. Non-core operations comprise our Sugar & Bioenergy segment, which itself primarily comprises the Company’s 50% interest in the net earnings of BP Bunge Bioenergia, a joint venture with BP p.l.c. ("BP").
Our remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as Corporate and Other. Corporate and Other includes salaries and overhead for corporate functions that are not allocated to our individual reportable segments because the operating performance of each reportable segment is evaluated by the Company's chief operating decision maker exclusive of these items, as well as certain discrete items,other activities including anBunge Ventures, the Company's captive insurance activities, securitization program, and certain income tax benefitassets and liabilities.
35
Table of $32 million for a favorable resolution of income tax matters in Asia and an income tax benefit of $17 million related to a prior year tax election in South America. The 2016 year-to-date effective tax rate of 19% was driven primarily due to certain discrete items including an income tax benefit of $60 million recorded for a change in estimate resulting from a tax election for North America and an income tax benefit of $11 million recorded for income tax refund claims in Europe, partially offset by an income tax charge of $(32) million recorded for an uncertain tax position related to Asia. Excluding the effect of these discrete items noted above, our effective tax rate for the nine months ended September 30, 2017, and 2016, was 22% and 26%, respectively. The reduction in the effective tax rate from 2016, after taking into account the discrete tax items noted above, is primarily attributable to favorable earnings mix and increased tax-exempt income applied on a lower base of pretax income.Contents
A summary of certain items in our condensed consolidated statements of income and volumes by reportable segment for the periods indicated is set forth below.
  Nine Months Ended
September 30,
(US$ in millions, except volumes) 2017
2016
Volumes (in thousands of metric tons):  

 
Agribusiness 108,512
 101,776
Edible oil products 5,681
 5,106
Milling products 3,300
 3,395
Sugar and Bioenergy 6,677
 6,343
Fertilizer 830
 832
     
Net sales:  
  
Agribusiness $23,837
 $21,870
Edible oil products 5,877
 4,958
Milling products 1,169
 1,243
Sugar and Bioenergy 3,052
 2,541
Fertilizer 254
 268
Total $34,189
 $30,880
     

Cost of goods sold:  
  
Agribusiness $(23,141) $(20,831)
Edible oil products (5,518) (4,642)
Milling products (1,014) (1,031)
Sugar and Bioenergy (2,974) (2,433)
Fertilizer (237) (237)
Total $(32,884) $(29,174)
     
Gross profit:  
  
Agribusiness $696
 $1,039
Edible oil products 359
 316
Milling products 155
 212
Sugar and Bioenergy 78
 108
Fertilizer 17
 31
Total $1,305
 $1,706
     
Selling, general and administrative expenses:  
  
Agribusiness $(585) $(511)
Edible oil products (258) (238)
Milling products (103) (97)
Sugar and Bioenergy (87) (80)
Fertilizer (13) (15)
Total $(1,046) $(941)
     
Foreign exchange gains (losses):  
  
Agribusiness $93
 $13
Edible oil products 4
 (2)
Milling products (1) (5)
Sugar and Bioenergy 10
 5
Fertilizer 2
 (2)
Total $108
 $9
     
Noncontrolling interest losses (gains):  
  
Agribusiness $(3) $(13)
Edible oil products (5) (5)
Milling products —
 —
Sugar and Bioenergy —
 —
Fertilizer (2) (2)
Total $(10) $(20)
     
Other income (expense) - net:  
  
Agribusiness (1)
 $28
 $5
Edible oil products (1) (4)
Milling products (2) (3)
Sugar and Bioenergy (1) (13)
Fertilizer —
 1
Total $24
 $(14)

     
Segment EBIT:    
Agribusiness $230
 $533
Edible oil products 98
 66
Milling products 48
 107
Sugar and Bioenergy 1
 21
Fertilizer 4
 13
Total $381
 $740

A reconciliation of Net income (loss) attributable to Bunge to Total Segment EBIT follows:
Three Months Ended
March 31,
(US$ in millions)20232022
Net income (loss) attributable to Bunge$632 $688 
Interest income(43)(9)
Interest expense112 111 
Income tax expense (benefit)183 108 
Noncontrolling interests' share of interest and tax2 (5)
Total Segment EBIT$886 $893 
Agribusiness Segment EBIT705 699 
Refined and Specialty Oils Segment EBIT233 173 
Milling Segment EBIT9 50 
Core Segment EBIT947 922 
Corporate and Other EBIT(80)(63)
Sugar and Bioenergy Segment EBIT19 34 
Non-core Segment EBIT19 34 
Total Segment EBIT$886 $893 
  Nine Months Ended
September 30,
(US$ in millions) 2017 2016
Net income (loss) attributable to Bunge $220
 $474
Interest income (29) (37)
Interest expense 191
 189
Income tax expense (benefit) 2
 118
(Income) loss from discontinued operations, net of tax —
 8
Noncontrolling interest's share of interest and tax (3) (12)
Total Segment EBIT $381
 $740


Core Segments

Agribusiness Segment -
Three Months Ended
March 31,
(US$ in millions, except volumes)20232022% Change
Volumes (in thousand metric tons)18,386 20,070 (8)%
Net sales$10,852 $11,231 (3)%
Cost of goods sold(10,044)(10,367)(3)%
Gross profit808 864 (6)%
Selling, general and administrative expense(132)(121)9 %
Foreign exchange (losses) gains39 9 333 %
EBIT attributable to noncontrolling interests(21)(4)425 %
Other income (expense) – net11 (63)117 %
Income (loss) from affiliates— 14 (100)%
Total Agribusiness Segment EBIT$705 $699 1 %

Three Months Ended March 31, 2023 Compared to Three Months Ended March 31, 2022
Agribusiness segment Net sales decreased 3%, to $10,852 million for the three months ended March 31, 2023. The net decrease was primarily due to the following:
•In Processing, Net sales increased 4%, primarily due to higher average sales prices in all regions except for South America, resulting from strong protein and oil demand in our soy oilseed processing business. The above increase was partially offset by 9% to $23.8 billion in the nine months ended September 30, 2017, compared to $21.9 billion in the nine months ended September 30, 2016. Volumes overall increased 7% compared to the nine months ended September 30, 2016. Higher crushlower volumes in Europeour European softseed business, primarily due to reduced activity at our
36
Table of Contents
Ukrainian facilities as a result of the Ukraine-Russia war as well as completion of the sale of our new crush plant in Ukraine which startedRussian operations in the second quarter of 2016, the recent acquisition of two oilseed crushing facilities in Western Europe in the first quarter of 2017 and increased volumes in Brazil2023.
•In Merchandising, Net sales decreased 17%, primarily due to larger soybeanlower volumes and lower average sales prices in our global oils and corn crops ledbusinesses, resulting from a reduction of global commodity prices relative to the increase in net sales compared to 2016.

Cost of goods sold increased by 11%, aligned withhigher price environment following the increases in net sales noted above. In addition, cost of goods sold for the nine months ended September 30, 2017, was impacted by higher industrial costs and depreciation from the recent acquisitions in Europe and an 11% appreciationonset of the Brazilian real against the U.S. dollar in the nine months ended September 30, 2017 compared to 2016.

Gross profit decreased to $696 million in the nine months ended September 30, 2017, from $1.0 billion in the nine months ended September 30, 2016, primarily driven by the combination of farmer retention and increased competition in South AmericaUkraine-Russia war, which impacted margins in our grain origination, oilseed processing and trading and distribution businesses and limited contributions from risk management due to a lack of positioning opportunities.

SG&A expenses increased $74 million to $585 million in the nine months ended September 30, 2017, which represented a 14% increase from the $511 million in the same period last year. This increase included added general and administrative expenses in Europe related to new acquisitions andexacerbated an 11% appreciation of the Brazilian real against the U.S. dollar in the nine months ended September 30, 2016. The increase also included a $9 million credit adjustment in Brazil, $7 million of transaction related costs associated with the acquisition of two oilseed processing facilities in Europe that will not repeat, $4 million of impairment charges for intangible assets related to patents for aluminum phosphate technology, $4 million of one-time employee separation costs and $3 million of professional services charges related to our GCP.These increases were partially offset by cost savings and operating efficiencies in the nine months ended September 30, 2017.
Foreign exchange results in the nine months ended September 30, 2017 were gains of $93 million, compared to gains of $13 million in the nine months ended September 30, 2016. These results were primarily driven by gains on U.S. dollar-denominated loans to fund operations and foreign exchange gains realized due to the appreciation of the Chinese renminbi in our oilseed processing business in Asia.


Other income (expenses) - net was income of $28 million in the nine months ended September 30, 2017, compared to gains of $5 million in the nine months ended September 30, 2016. Results for the nine months ended September 30, 2017 included income earned in our Financial Services Group, offset by a $13 million impairment of our palm oil plantation affiliate in Indonesia. Results for the nine months ended September 30, 2016 included an impairment charge of $12 million on intangible assets related to certain patents of intellectual property.

Segment EBIT decreased by $303 million to $230 million in the nine months ended September 30, 2017 from $533 million in the nine months ended September 30, 2016. This decrease was primarily driven by slow farmer selling in South America, which impacted margins in our grain origination, oilseed processing and trading distribution businesses, and lower contribution from risk management activities in the nine months ended September 30, 2017. Also contributing to lower EBIT, were the impact on costs from the appreciation of the Brazilian real against the U.S. dollar as compared to the nine months ended September 30, 2016, transaction costs related to the acquisition of two oilseed crushing facilities in Western Europe and the increase of general and administrative expenses for recent acquisitions and certain charges related to our GCP. These were partially offset by foreign exchange gains in our edible oil production businesses in Europe and Asia compared to 2016.

Edible Oil Products Segment - Edible oil products segment net sales increased by 19% in the nine months ended September 30, 2017 to $5.9 billion, compared to $5.0 billion in the nine months ended September 30, 2016, resulting primarily from an 11% increase in volumes, driven by our acquisitions of two edible oil production facilities in Europe, recent acquisition of an edible oil production facility in Argentina and increased volumes in Asia.

Cost of goods sold in the nine months ended September 30, 2017 increased 19% from the same period of 2016, which is in line with the increase in net sales noted above, and primarily driven by the impact of the recent acquisitions in Europe and Argentina compared to the nine months ended September 30, 2016.

Gross profit in the nine months ended September 30, 2017 increased to $359 million compared to $316 million for the nine months ended September 30, 2016. The increase was primarily driven by stronger volumes and margins in Brazil and increases in Europe and Argentina from our recent acquisitions, offset in part by lower refining and packaging margins in the U.S. due to increased competition.

SG&A expenses increased by 8% to $258 million in the nine months ended September 30, 2017 compared with $238 million in the same period a year ago. The increase includes impairment charges of $2 million for intangible assets related to patents for aluminum phosphate technology and professional services charges of $1 million related to our GCP and acquisition related costs and increased general and administrative expenses associated with our recent acquisitions.

Foreign exchange results in the nine months ended September 30, 2017 were income of $4 million, compared to losses of $2 million in 2016 related to foreign exchange gains on debt and derivative instruments and hedges.

Segment EBIT increased to $98 million for the nine months ended September 30, 2017, up from $66 million in the nine months ended September 30, 2016, primarily from higher margins and volumes in our Brazil business and increased volumes with acquisitions in Argentina and Europe. The increases were partially offset by the one-time charges related to our GCP.

Milling Products Segment - Milling products segment net sales were $1.2 billion in the nine months ended September 30, 2017, compared to $1.2 billion from the same period a year ago resulting primarily from a 3% decrease in volumes driven by weak macro-economic conditions and pressure from the record wheat crop in Brazil, which increased local competition, and softer demand for flour in Mexico compared to the nine months ended September 30, 2016.

already tight commodity supply environment.
Cost of goods sold decreased by 2%3%, to $1,014$10,044 million for the ninethree months ended September 30, 2017 from $1,031March 31, 2023. The net decrease was primarily due to the following:
•In Processing, Cost of goods sold increased 3%, primarily due to higher sales, as noted in Net sales above, as well as increased industrial input costs, in particular labor and energy, due to inflationary pressures. These factors were partially offset by more favorable mark-to-market results, lack of recurring losses in relation to the Ukraine-Russia war and a $10 million benefit in the ninethree months ended September 30, 2016,March 31, 2023 from the recognition of mark-to-market gains related to the recovery of inventories in Ukraine primarily from our Mykolaiv facility.
•In Merchandising, Cost of goods sold decreased 15%, primarily due to the lower volumes and the lower average commodity prices, as noted in Net sales above and certain losses sustained in the prior year related to the Ukraine-Russia war, partially offset by less favorable mark-to-market results.
Foreign exchange (losses) gains - net were a gain of $39 million for the three months ended March 31, 2023, compared to a gain of $9 million for three months ended March 31, 2022. The $39 million net gain in the current year was the result of gains in our Processing business, primarily due to the impact of the weakening U.S. dollar on U.S. dollar-denominated loans payable in non-U.S. functional currency operations, partially offset by a current year reduction in our Bunge Financial Services business (Merchandising).
Other income (expense) - net was income of $11 million for the three months ended March 31, 2023, compared to expense of $63 million for the three months ended March 31, 2022. The increase was primarily due to prior year losses on marketable securities and other short-term investments following the onset of the Ukraine-Russia war.
Segment EBIT increased 1%, to $705 million for the three months ended March 31, 2023. The net increase was primarily due to the following:
•In Processing, an increase of 16% was primarily due to higher Gross profit and foreign exchange gains as described above, partially offset by higher SG&A.
•In Merchandising, a decrease of 54% was primarily due to lower Gross profit, partially offset by Other income (expense) - net as described above.
Refined and Specialty Oils Segment
Three Months Ended
March 31,
(US$ in millions, except volumes)20232022% Change
Volumes (in thousand metric tons)2,146 2,296 (7)%
Net sales$3,888 $3,976 (2)%
Cost of goods sold(3,546)(3,714)(5)%
Gross profit342 262 31 %
Selling, general and administrative expense(95)(89)7 %
Foreign exchange (losses) gains5 — 100 %
EBIT attributable to noncontrolling interests(4)3 (233)%
Other income (expense) – net(15)(3)400 %
Income (loss) from affiliates— — — %
Total Refined and Specialty Oils Segment EBIT$233 $173 35 %

37
Table of Contents
Three Months Ended March 31, 2023 Compared to Three Months Ended March 31, 2022
Refined and Specialty Oils segment Net sales decreased 2%, to $3,888 million for the three months ended March 31, 2023. The decrease was primarily due to lower sales volumes in all regions except North America, driven by the 2022 partial expiration of leased capacity at the Rotterdam facility as well as the sale of our Russian operations in the first quarter of 2023. The decrease is partially offset by higher prices and volumes in North America, driven by strong food and renewable feedstock oil demand, as well as higher prices in Europe.
Cost of goods sold decreased 5%, to $3,546 million for the three months ended March 31, 2023. The decrease was primarily due to lower volumes in Brazil.all regions except North America, as described for Net sales above, as well as effective management of supply chains and more favorable mark-to-market results. The nine months ended September 30, 2017, was impacteddecrease is partially offset by $1 million of severanceincreased industrial input costs, in particular labor and other employee benefit costs related to our GCP andenergy, during the nine months ended September 30, 2016, included a recovery of $14 million in Brazilian import taxes paid in prior years.

Gross profit decreased by 27% to $155 million in the nine months ended of 2017, down from $212 million in the nine months ended September 30, 2016, primarily due to increased competition and competitive pricing in Brazil that reduced margins and lower volume and unfavorable product mix in Mexico.

SG&A expenses increased to $103 million in the nine months ended September 30, 2017 from $97 million, primarily due to the 11% appreciation of the Brazilian real against the U.S. dollar compared to the nine months ended

September 30, 2016, $1 million of impairment charges for intangible assets and $1 million of professional services charges related to our GCP.

current year.
Segment EBIT decreasedincreased 35%, to $48$233 million infor the ninethree months ended September 30, 2017, from $107 million last year as a result of lower gross profit driven by continued weak economic conditions and lower demand for wheat products in Brazil and Mexico. In addition, the nine months ended September 30, 2016 included a recovery of $14 million in Brazilian import taxes paid in prior years.

Sugar and Bioenergy Segment - Sugar and Bioenergy segment net sales increased to $3.1 billion in the nine months ended September 30, 2017 compared to $2.5 billion in the same period last year.March 31, 2023. The 20% increase in sales was primarily driven by higher sugar sales volumes and an 11% appreciation of the Brazilian real against the U.S. dollar which positively impacted domestic sales of sugar and ethanol in Brazil when converted into U.S. dollar.

Cost of goods sold increased 22% in the nine months ended September 30, 2017 compared to the same period September 30, 2016, primarily due to higher sales volumes and the appreciation of the Brazilian real compared to the U.S. dollar. Results for the nine months ended September 30, 2017 also included $15 million of severance and restructuring charges related to our industrial operations and $8 million of indirect tax credits.

Gross profit as described above.
Milling Segment

Three Months Ended
March 31,
(US$ in millions, except volumes)20232022% Change
Volumes (in thousand metric tons)821 1,161 (29)%
Net sales$515 $603 (15)%
Cost of goods sold(484)(532)(9)%
Gross profit31 71 (56)%
Selling, general and administrative expense(21)(24)(13)%
Foreign exchange (losses) gains— 3 (100)%
EBIT attributable to noncontrolling interests— — — %
Other income (expense) – net(1)— 100 %
Income (loss) from affiliates— — — %
Total Milling Segment EBIT$9 $50 (82)%

Three Months Ended March 31, 2023 Compared to Three Months Ended March 31, 2022
Milling segment Net sales decreased 15%, to $78 million in the nine months ended September 30, 2017 from the $108 million reported in the nine months ended September 30, 2016. Higher sales volumes and $8 million related to indirect tax credits were offset by lower margins in our sugar trading and merchandising business and $15 million in severance and restructuring charges. Results and related development costs associated with our renewable oils affiliate in Brazil were a loss of $15$515 million for the ninethree months ended September 30, 2017.

SG&A expenses increased by 9% to $87 million in the nine months ended September 30, 2017 from $80 million in the comparable period September 30, 2016, primarily due to the 11% appreciation of the Brazilian real and by impairment charges of $1 million for intangible assets related to patents for aluminum phosphate technology and professional services charges of $1 million related to our GCP.

Foreign exchange results in the nine months ended September 30, 2017 were $10 million compared to $5 million in the same period September 30, 2016. These results relate primarily to gains on foreign currency hedges.

Segment EBIT decreased to $1 million in the nine months ended September 30, 2017 from $21 million in the nine months ended September 30, 2016, as higher sugar sales volumes along with foreign exchange gains and indirect tax credits were offset by lower margins in our sugar trading and merchandising business, $16 million in severance and restructuring charges and $1 million of impairment charges related to our GCP.

Fertilizer Segment - Fertilizer segment net sales decreased 5% to $254 million in the nine months ended September 30, 2017, compared to $268 million in the nine months ended September 30, 2016,March 31, 2023. The decrease was primarily due to lower export volumes and lower prices in Argentina compared to nine months ended 2016.

our North American wheat milling business, driven by the completion of the sale of our Mexican wheat milling business in the third quarter of 2022.
Cost of goods sold decreased 9%, to $484 million for the ninethree months ended September 30, 2017 were $237 million, unchanged comparedMarch 31, 2023. The decrease was primarily due to lower volumes, as described for Net sales above, due to the ninesale of our Mexican wheat milling business in the third quarter of 2022, partially offset by mark-to-market losses in South America as a result of decreases in commodity prices.
Segment EBIT decreased 82%, to $9 million for the three months ended September 30, 2016.

March 31, 2023. The decrease was primarily due to lower Gross profit resulting from mark-to-market losses in South America, as described above.
38
Table of Contents
Corporate and Other
Three Months Ended
March 31,
(US$ in millions, except volumes)20232022% Change
Net sales$9 $6 50 %
Cost of goods sold(9)(1)800 %
Gross profit— 5 (100)%
Selling, general and administrative expense(105)(74)42 %
Foreign exchange (losses) gains5 — 100 %
EBIT attributable to noncontrolling interests— (12)(100)%
Other income (expense) – net20 19 5 %
Income (loss) from affiliates— (1)(100)%
Total Corporate and Other EBIT$(80)$(63)(27)%

Three Months Ended March 31, 2023 Compared to Three Months Ended March 31, 2022
Corporate and Other EBIT decreased by $1427%, to a loss of $80 million to $17 million infor the ninethree months ended September 30, 2017, from $31 million in the comparable period September 30, 2016.March 31, 2023. The decrease was primarily driven by increased expenses in SG&A associated with growth initiatives, including various digital transformation strategies, as well as, a prior year gain of $29 million, at Bunge's then-70% share, related to the settlement of one of the Company's international defined benefit pension plans. The decrease was partially offset by lower volumesunrealized mark-to-market losses in our venture capital unit, Bunge Ventures.

Non-core Segment

Sugar and lower margins in Argentina from higher raw material costs.Bioenergy Segment

Three Months Ended
March 31,
(US$ in millions, except volumes)20232022% Change
Net sales$64 $64 — %
Cost of goods sold(64)(62)3 %
Gross profit— 2 (100)%
Selling, general and administrative expense— — — %
Foreign exchange (losses) gains— — — %
EBIT attributable to noncontrolling interests— — — %
Other income (expense) – net— — — %
Income (loss) from affiliates19 32 (41)%
Total Sugar and Bioenergy Segment EBIT$19 $34 (44)%

Three Months Ended March 31, 2023 Compared to Three Months Ended March 31, 2022
Segment EBIT decreased by $944%, to $19 million to $4 million infor the ninethree months ended September 30, 2017March 31, 2023. The decrease was due to less favorable results from $13 millionour investment in the same periodBP Bunge Bioenergia, resulting from lower ethanol sales prices and higher costs and a year ago, primarily drivenreduction of foreign exchange gains on remeasurement of U.S. dollar denominated debt, partially offset by lower volumes and margins in 2017 when compared to the nine months ended September 30, 2016.higher ethanol sales volumes.

39
Table of Contents


Interest - A summary of consolidated interest income and expense follows:

Three Months Ended
March 31,
(US$ in millions)20232022% Change
Interest income$43 $9 378 %
Interest expense(112)(111)1 %
  Nine Months Ended
September 30,
(US$ in millions) 2017 2016
Interest income $29
 $37
Interest expense (191) (189)

Interest income decreased $8increased 378%, to $43 million between 2017 and 2016.for the three months ended March 31, 2023. Interest expense remained relatively unchanged comparedincreased by 1%, to nine months of 2016.

Discontinued Operations - Discontinued operations results$112 million for the ninethree months ended September 30, 2017 were nil, comparedMarch 31, 2023. The decrease in net interest expense was due to higher interest income as a lossresult of $8 million, netsignificantly higher investments of tax,cash equivalents in the same periodcurrent year, as 2016.

Results improvedwell as, a prior year charge of $47 million recognized in 2017 primarily driven byInterest expense in the recoverycondensed consolidated statements of bad debt provisions related to long-term receivables from farmers that offset ongoing administrative expenses and lower foreign exchange losses comparedincome due to the same periodearly redemption of all issued and outstanding 4.35% Senior Notes due March 2024, partially offset by higher variable interest rates on debt in 2016.the current period.
Liquidity and Capital Resources
Liquidity
Our main financial objectives are to prudently manage financial risks, ensure consistent access to liquidity and minimize cost of capital in order to efficiently finance our business and maintain balance sheet strength. We generally finance our ongoing operations with cash flows generated from operations, issuanceissuances of commercial paper, borrowings under various bilateral and syndicated revolving credit facilities, term loans, and proceeds from the issuance of senior notes. Acquisitions and long-lived assets are generally financed with a combination of equity and long-term debt.
OurWorking Capital
As of
US$ in millions, except current ratioMarch 31, 2023March 31, 2022December 31, 2022
Cash and cash equivalents$3,052 $386 $1,104 
Trade accounts receivable, net2,789 2,564 2,829 
Inventories8,952 10,988 8,408 
Other current assets(1)
4,247 6,952 4,417 
Total current assets$19,040 $20,890 $16,758 
Short-term debt$540 $1,937 $546 
Current portion of long-term debt868 503 846 
Trade accounts payable5,476 5,836 4,386 
Current operating lease obligations408 377 425 
Other current liabilities(2)
3,116 5,207 3,397 
Total current liabilities$10,408 $13,860 $9,600 
Working capital(3)
$8,632 $7,030 $7,158 
Current ratio(4)
1.83 1.51 1.75 
(1)    Comprises Assets held for sale and Other current assets.
(2)    Comprises Liabilities held for sale and Other current liabilities.
(3)    Working capital is Total current assets less Total current liabilities.
(4)    Current ratio which is a widely used measure of liquidity and is defined asrepresents Total current assets divided by Total current liabilities,liabilities.
Working capital was 1.60 and 1.44$8,632 million at September 30, 2017 andMarch 31, 2023, an increase of $1,474 million from working capital of $7,158 million at December 31, 2016, respectively.2022, and an increase of $1,602 million from working capital of $7,030 million at March 31, 2022.
Cash and Cash Equivalents - Cash and cash equivalents were $389 million and $934$3,052 million at September 30, 2017 andMarch 31, 2023, an increase of $1,948 million from $1,104 million at December 31, 2016, respectively.2022, and an increase of $2,666 million from $386 million at March 31, 2022. Cash balances are managed in accordance with our investment policy, the objectives of which are to preserve the principal value of our cash assets, maintain a high degree of liquidity, and deliver competitive returns subject to
40
Table of Contents
prevailing market conditions. Cash balances are typically invested in short termshort-term deposits, money market funds, and commercial paper programs with highly-rated financial institutions and in U.S. government securities. Please refer to the Cash Flows section of this report, below, for details regarding the primary factors giving rise to the change in Cash and cash equivalents during the three months ended March 31, 2023.
Readily Marketable Trade accounts receivable, net - Trade accounts receivable, net were $2,789 million at March 31, 2023, a decrease of $40 million from $2,829 million at December 31, 2022, and an increase of $225 million from $2,564 million at March 31, 2022. The decrease from December 31, 2022, was primarily due to decreased Net sales in the current period driven by factors described in the Segment Overview & Results of Operations above. The increase from March 31, 2022, was primarily due to the change in the Trade Receivables Securitization Program structure, as described in Note 4 - Trade Accounts Receivable and Trade Receivables Securitization Program to our condensed consolidated financial statements, which results in inclusion of receivables pledged to the administrative agent in Trade accounts receivable.
Inventories (“RMI”) - Inventories were $8,952 million at March 31, 2023, an increase of $544 million from $8,408 million at December 31, 2022, and a decrease of $2,036 million from $10,988 million at March 31, 2022. The increase from December 31, 2022, was due to higher volumes as of March 31, 2023, partially offset by lower average commodity prices, while the decrease from March 31, 2022, relates to lower average commodity prices as of March 31, 2023.
RMI arecomprise agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, corn, wheat and sugarwheat that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms. Total RMI in our Agribusiness segment are reported at fair value and were $4,398was$7,231 million, $6,680 million, and $3,593$8,875 at March 31, 2023, December 31, 2022, and March 31, 2022, respectively (see Note 5 - Inventories to our condensed consolidated financial statements).
Other current assets - Other current assets were $4,247 million at September 30, 2017 andMarch 31, 2023, a decrease of $170 million from $4,417 million at December 31, 2016, respectively. Of these amounts $3,3512022, and a decrease of $2,705 million and $2,523from $6,952 million were attributable to merchandising activities at September 30, 2017 andMarch 31, 2022. The decrease from December 31, 2016, respectively. RMI at fair value2022, was primarily due to a reduction of prepaid expenses as a result of an Argentinian Export Program offered temporarily in late November through the end of December 2022, a reduction to income taxes receivable, as well as a decrease in Assets held for sale due to the completion of the sale of our Russian operations. The decreases were partially offset by higher unrealized gains on derivative contracts. The decrease from March 31, 2022, was primarily due to significantly lower unrealized gains on derivative contracts, a decrease in deferred purchase price receivable as a result of restructuring our trade receivables securitization program during the fourth quarter of 2022 (see Note 4 - Trade Accounts Receivable and Trade Receivables Securitization Program to our condensed consolidated financial statements), lower margin deposits, a reduction in Assets held for sale following the sale of our Mexico wheat milling business in the aggregate amountsecond half of $109 million2022, and $123a decrease in marketable securities and other short-term investments.
Short-term debt - Short-term debt, including the Current portion of long-term debt, was $1,408 million at September 30, 2017 andMarch 31, 2023, an increase of $16 million from $1,392 million at December 31, 2016, respectively,2022, and a decrease of $1,032 million from $2,440 million at March 31, 2022. The higher Short-term debt levels at March 31, 2023, compared to December 31, 2022 were included in our Edible Oil Products segment inventories. RMI at fair valuedue to higher working capital funding requirements, and the lower Short-term debt levels compared to March 31, 2022, were due to lower inventory funding requirements, partially offset by an increase in the Sugar and Bioenergy segmentCurrent portion of long-term debt associated with our 1.85% Senior Notes, due 2023.
Trade accounts payable - Trade accounts payable were $195 million and $139$5,476 million at September 30, 2017 andMarch 31, 2023, an increase of $1,090 million from $4,386 million at December 31, 2016, respectively. Of these amounts, $1892022, and a decrease of $360 million and $139from $5,836 million at September 30, 2017 andMarch 31, 2022. The increase from December 31, 2016, respectively, can be attributed2022 was primarily due to higher inventory volumes during the current period and timing of purchases, and the decrease from March 31, 2022, was primarily due to lower average inventory prices during the current period.
Other current liabilities - Other current liabilities were $3,116 million at March 31, 2023, a decrease of $281 million from $3,397 million at December 31, 2022, and a decrease of $2,091 million from $5,207 million at March 31, 2022. The decrease from December 31, 2022, was primarily due to lower unrealized losses on derivative contracts during the current period. The decrease from March 31, 2022, was primarily due to significantly lower unrealized losses on derivative contracts and a reduction in Liabilities held for sale following the sale of our merchandising business.Mexico wheat milling business in the second half of 2022.
Debt
Financing Arrangements and Outstanding Indebtedness - We conduct most of our financing activities through a centralized financing structure that provides the companyCompany with efficient access to debt and capital markets. This structure includes a master trust, the primary assets of which consist ofcomprise intercompany loans made to Bunge Limited and its
41
Table of Contents
subsidiaries. Certain of Bunge Limited’s 100% owned finance subsidiaries, including Bunge Limited Finance Corp., Bunge Finance Europe B.V., and Bunge Asset Funding Corp., fund the master trust with short and long-term debt obtained from third parties, including through our commercial paper program and certain credit facilities, as well as the issuance of senior notes. Borrowings by these finance subsidiaries carry full, unconditional guarantees by Bunge Limited.
Revolving Credit Facilities - At September 30, 2017,March 31, 2023, we had approximately $5,015$5,665 million of aggregateunused and available committed borrowing capacity, under ourcomprised of committed revolving credit facilities and the commercial paper program and various revolving bilateral and syndicated credit facilities, of which $4,740

million was unused and available.program. The following table summarizes these facilities as of the periods presented:
(US$ in millions)   
Total Committed
Capacity
 Borrowings Outstanding
Commercial Paper Program
and Revolving Credit Facilities
 Maturities September 30,
2017		 September 30,
2017		 December 31,
2016
Commercial paper 2019 $600
 $—
 $—
Long-term revolving credit facilities (1)
 2018 - 2022 4,415
 275
 —
Total   $5,015
 $275
 $—
(US$ in millions) Total Committed
Capacity		Borrowings Outstanding
Commercial Paper Program and Revolving Credit Facilities(1)
MaturitiesMarch 31,
2023		March 31,
2023		December 31,
2022
Commercial paper2026$600 $— $— 
Revolving credit facilities
$1.1 Billion 364-day Revolving Credit Agreement20231,100 — — 
$1.75 Billion 2024 Revolving Credit Facility20241,750 — — 
$1.35 Billion 5-year Revolving Credit Agreement20261,350 — — 
$865 Million 2026 Revolving Credit Facility2026865 — — 
Total revolving credit facilities$5,065 $— $— 
Total $5,665 $— $— 
(1)See Note 13 - Debt for further information on these programs.

Short and long-term debt - Our short and long-term debt increased by $1,069 million to $5,720 million at March 31, 2023, from $4,651 million at December 31, 2022, primarily due to the draws on our $250 Million February 2023 Delayed Draw Term Loan and $750 Million Delayed Draw Term Loan. For the three months ended March 31, 2023, our average short and long-term debt outstanding was approximately $5,335 million, compared to approximately $6,042 million for the three months ended March 31, 2022. Our Long-term debt balance, including the Current portion of long-term debt, was $5,180 million at March 31, 2023, an increase of $1,075 million, compared to $4,105 million at December 31, 2022. The increase was primarily due to the draws on our $250 Million February 2023 Delayed Draw Term Loan and $750 Million Delayed Draw Term Loan.
The following table summarizes our short-term debt at March 31, 2023.
(US$ in millions)
Outstanding
Balance at
March 31, 2023
Weighted Average
Interest Rate at
March 31, 2023
Highest Balance
Outstanding During
Quarter Ended March 31, 2023
Average Balance
During Quarter Ended
March 31, 2023
Weighted Average
Interest Rate
During Quarter Ended March 31, 2023
Bank borrowings (1)
$540 19.76 %$546 $516 16.81 %
Commercial paper— — %— — — %
Total$540 $546 $516 
(1)
Borrowings under the revolving credit facilities that have maturities greater than one year from the date of the condensed consolidated balance sheets are classified as long-term debt, consistent with the long-term maturity of the underlying facilities. However, individual borrowings under the revolving credit facilities are generally short-term in nature, bear interest at variable rates and can be repaid or renewed as each such individual borrowing matures.
On September 6, 2017, we entered into an amendment agreement to our unsecured $865(1)    Includes $257 million Amendedof local currency bank borrowings in certain Central and Restated Credit Agreement, datedEastern European, South American, and Asia-Pacific countries at a weighted average interest rate of 35.12% as of June 17, 2014 (the “Credit Agreement”). The amendment agreement extends the maturity date of the Credit Agreement to September 6, 2022. The amendment agreement also lowers the range of margin applicable to our borrowings under the Credit Agreement. Borrowings under the Credit Agreement will bear interest at LIBOR plus a margin, which will vary from 1.00% to 1.75% per annum, based on the credit ratings of our senior long-term unsecured debt. Amounts under the Credit Agreement that remain undrawn are subject to a commitment fee payable quarterly based on the average undrawn portion of the Credit Agreement at rates ranging from 0.125% to 0.275%, based on the credit ratings of our senior long-term unsecured debt. We had $75 million of borrowings outstanding September 30, 2017 under the Credit Agreement.March 31, 2023.
We had no borrowings outstanding at September 30, 2017 under our three-year unsecured bilateral revolving credit facilities (the “Facilities”) totaling $700 million, which are maturing at various dates in June and September, 2019. Borrowings under these Facilities bear interest at LIBOR plus a margin, which will vary from 0.65% to 1.40% per annum based on the credit ratings of our senior long-term unsecured debt. Amounts under the Facilities that remain undrawn are subject to a commitment fee payable at a rate ranging from 0.20% to 0.25%.
We had $200 million of borrowings outstanding at September 30, 2017 under our $1,750 million unsecured syndicated revolving credit facility (the ‘‘Facility’’) with certain lenders party thereto maturing August 10, 2018. Borrowings under the Facility bear interest at LIBOR plus a margin, which will vary from 0.35% to 1.35% per annum, based on the credit ratings of our senior long-term unsecured debt. We also pay a fee that varies from 0.10% to 0.40% per annum, based on the utilization of the Facility. Amounts under the Facility that remain undrawn are subject to a commitment fee payable quarterly in arrears at a rate of 35% of the margin specified above, which varies based on the rating level at each quarterly payment date. We may, fromFrom time to time, with the consent of the facility agent, request one or more of the existing lenders or new lenders to increase the total commitments under the Facility by up to $250 million pursuant to an accordion provision.
We had no borrowings outstanding at September 30, 2017 under our $1,100 million five-year unsecured syndicated revolving credit agreement (the ‘‘Credit Agreement’’) with certain lenders party thereto, maturing November 20, 2019. Borrowings under the Credit Agreement bear interest at LIBOR plus a margin, which will vary from 1.00% to 1.75% per annum based on the credit ratings of our senior long-term unsecured debt (‘‘Rating Level’’). Amounts under the Credit Agreement that remain undrawn are subject to a commitment fee ranging from 0.10% to 0.25%, varying based on the Rating Level.
Our commercial paper program is supported by committed back-up bank credit lines (the ‘‘Liquidity Facility’’) equal to the amount of the commercial paper program provided by lending institutions that are required to be 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 issuance under our commercial paper program. At September 30, 2017, no borrowings were outstanding under the commercial paper program and no borrowings outstanding under the Liquidity Facility. The Liquidity Facility is our only revolving credit facility that requires lenders to maintain minimum credit ratings.
In addition to committed credit facilities, from time to time, we, through our financing subsidiaries, we enter into bilateral short-term credit lines as necessary based on our financing requirements. At September 30, 2017March 31, 2023, there were $395 million ofno borrowings outstanding under these bilateral short-term credit lines.

Short In addition, Bunge's operating companies had $540 million and long-term debt - Our short$546 million in short-term borrowings outstanding from local bank lines of credit at March 31, 2023, and long-term debt increased by $1,290 million at September 30, 2017 from December 31, 2016, primarily due2022, respectively, to funding ofsupport working capital financing requirements. For the nine month period ended September 30, 2017, our average short and long-term debt outstanding was approximately $5,438 million compared to approximately $5,183 million for the nine months ended at September 30, 2016. Our long-term debt balance was $4,533 million at September 30, 2017 compared to $4,007 million at December 31, 2016. The following table summarizes our short-term debt at September 30, 2017.
(US$ in millions) Outstanding
Balance at
Quarter End		 Weighted
Average
Interest
Rate at
Quarter End (1)		 Highest
Balance
Outstanding
During
Quarter (1)		 Average
Balance
During Quarter (1)		 Weighted
Average
Interest
Rate
During
Quarter (1)
Bank borrowings $1,021
 3.59% $1,450
 $1,298
 3.06%
Commercial paper —
 —
 595
 273
 1.42%
Total $1,021
 3.59% $2,045
 $1,571
 2.78%
(1)Includes $179 million of local currency borrowings in certain Central and Eastern European, South American, African and Asia Pacific countries at a weighted average interest rate of 11.60% as of September 30, 2017.
In connection withOn August 5, 2022, Bunge entering into a definitive agreement to acquire a 70% ownership interest in IOI Loders Croklaan from IOI Corporation Berhad (the “Loders Acquisition”), on September 12, 2017, we entered into an unsecured $900$250 million delayed draw term loan (the "$250 Million February 2023 Delayed Draw Term Loan") with a group of lenders that is required to be drawn by February 2, 2023. The $250 Million February 2023 Delayed Draw Term Loan will bear interest at SOFR plus a credit spread adjustment and
42
Table of Contents
applicable margin, as defined in the $250 Million February 2023 Delayed Draw Term Loan agreement. FollowingThe $250 Million February 2023 Delayed Draw Term Loan was drawn on February 2, 2023 and matures on August 5, 2027.
On July 26, 2022, and later amended on October 7, 2022, Bunge entered into an unsecured $750 million delayed draw term loan (the "$750 Million Delayed Draw Term Loan") with a group of lenders giving Bunge the completion of the offering of senior notes described below, effective as of September 25, 2017, we terminatedoption to draw the loan by January 25, 2023. The $750 Million Delayed Draw Term Loan will bear interest at SOFR plus a credit spread adjustment and applicable margin, as defined in the $750 Million Delayed Draw Term Loan agreement. No funds had beenThe $750 Million Delayed Draw Term Loan was drawn under the loan agreement as of the date of termination.
On Septemberon January 25, 2017, we completed the sale2023 and issuance of $400 million aggregate principal amount of 3.00% unsecured senior notes due September 25, 2022 and $600 million aggregate principal amount of 3.75% unsecured senior notes due September 25, 2027. The senior notes are fully and unconditionally guaranteed by Bunge Limited. The offering was made pursuant to a registration statement filed with the U.S. Securities and Exchange Commission. Interestmatures on the senior notes is payable semi-annually in arrears in March and September of each year, commencing on March 25, 2018. The net proceeds of the offering were approximately $989 million after deducting underwriting commissions and offering expenses.  We intend to use the net proceeds from this offering to fund the purchase price for the Loders Acquisition. Pending the closing of the Loders Acquisition, the net proceeds from the offering were used to repay outstanding indebtedness of Bunge.October 24, 2025.
The following table summarizes our short and long-term indebtedness:

(US$ in millions) September 30,
2017
December 31,
2016
Short-term debt: (1)
  
  
Short-term debt (2)
 $1,021
 $257
Current portion of long-term debt 287
 938
Total short-term debt 1,308
 1,195
Long-term debt (3):
  
  
     
Revolving credit facilities expiry 2018 200
 —
Term loan due 2019 - three-month Yen LIBOR plus 0.75% (Tranche A) 253
 243
Term loan due 2019 - fixed Yen interest rate of 0.96% (Tranche B) 53
 51
Term loan due 2019 - three-month LIBOR plus 1.30% (Tranche C) 85
 85
Revolving credit facility expiry 2022 (4)
 75
 —
5.90% Senior Notes due 2017 —
 250
3.20% Senior Notes due 2017 —
 600
8.50% Senior Notes due 2019 600
 600
3.50% Senior Notes due 2020 497
 497
3.00% Senior Notes due 2022 397
 —
1.85% Senior Notes due 2023 - Euro
 945
 843
3.25% Senior Notes due 2026 694
 694
3.75% Senior Notes due 2027 594
 —
Other 140
 144
Subtotal 4,533
 4,007
Less: Current portion of long-term debt (287) (938)
Total long-term debt 4,246
 3,069
Total debt $5,554
 $4,264
(US$ in millions)March 31,
2023		December 31,
2022
Short-term debt: (1)
 
Short-term debt (2)
$540 $546 
Current portion of long-term debt868 846 
Total short-term debt1,408 1,392 
Long-term debt:  
Term loan due 2024 - three-month TONAR plus 0.76% (Tranche A)231 232 
Term loan due 2024 - three-month LIBOR plus 1.30% (Tranche B)90 90 
Term loan due 2025 - SOFR plus 0.975%750 — 
Term loan due 2027 - SOFR plus 1.25%250 — 
Term loan due 2028 - SOFR plus 1.45%249 249 
1.85% Senior Notes due 2023 - Euro
870 853 
1.63% Senior Notes due 2025598 597 
3.25% Senior Notes due 2026698 698 
3.75% Senior Notes due 2027597 597 
2.75% Senior Notes due 2031991 990 
Cumulative adjustment to long-term debt from application of hedge accounting(279)(341)
Other135 140 
Subtotal5,180 4,105 
Less: Current portion of long-term debt(868)(846)
Total long-term debt(3)
4,312 3,259 
Total debt$5,720 $4,651 
(1)
Includes secured debt of $7 million and $7 million at September 30, 2017 and December 31, 2016, respectively.
(2)
Includes $179 million and $148 million of local currency borrowings in certain Central and Eastern European, South American, African and Asia-Pacific countries at a weighted average interest rate of 11.60% and 13.63% as of September 30, 2017 and December 31, 2016, respectively.
(3)
Includes secured debt of $35 million and $34 million at September 30, 2017 and December 31, 2016, respectively.
(4) On September 6, 2017, Bunge entered into an amendment agreement to its unsecured $865(1)    Includes secured debt of $86 million Amended and Restated Credit Agreement, dated$56 million at March 31, 2023, and December 31, 2022, respectively.
(2)    Includes $257 million and $207 million of local currency borrowings in certain European, South American, and Asia-Pacific countries at a weighted average interest rate of 35.12% and 32.12% as of June 17, 2014, which extends the maturity date to September 6, 2022.March 31, 2023, and December 31, 2022, respectively.

(3)    Includes secured debt of $18 million and $21 million at March 31, 2023, and December 31, 2022, respectively.

Credit Ratings— Bunge’s debt ratings and outlook by major credit rating agencies at September 30, 2017 wasMarch 31, 2023, were as follows:
Short-term
Debt (1)
Long-term

Debt
Outlook
Standard & Poor’sA-1BBBStablePositive
Moody’sP-1Baa2NegativeStable
Fitch
F1BBBStablePositive
(1)Short-term debt rating applies only to Bunge Asset Funding Corp., the issuer under our commercial paper program.
(1)    Short-term debt rating applies only to Bunge Asset Funding Corp., the issuer under our commercial paper program.

43
Table of Contents
Our debt agreements do not have any credit rating downgrade triggers that would accelerate maturity of our debt. However, credit rating downgrades would increase our borrowing costs under our syndicated credit facilities and, depending on their severity, could impede our ability to obtain credit facilities or access the capital markets in the future on competitive

terms. A significant increase in our borrowing costs could impair our ability to compete effectively in our business relative to competitors with higher credit ratings.
Our credit facilities and certain senior notes require us to comply with specified financial covenants including minimum net worth, minimum current ratio, a maximum debt to capitalization ratio and limitations on secured indebtedness. We were in compliance with these covenants as of September 30, 2017.March 31, 2023.
Trade Receivable Securitization Program - Bunge and certain of its subsidiaries participate in $700 million trade receivables securitization program, which terminates on May 26, 2021. However, each committed purchaser’s commitment to fund trade receivables sold under the Program will terminate on May 26, 2019 unless extended in accordance with the terms of the receivables transfer agreement.
Equity
Total equity is set forth in the following table:
(US$ in millions)March 31,
2023		December 31, 2022
Equity:  
Common shares$1 $1 
Additional paid-in capital6,688 6,692 
Retained earnings10,757 10,222 
Accumulated other comprehensive income (loss)(6,171)(6,371)
Treasury shares, at cost; 2023 and 2022 - 18,835,812 shares(1,320)(1,320)
Total Bunge shareholders’ equity9,955 9,224 
Noncontrolling interest764 732 
Total equity$10,719 $9,956 
(US$ in millions) September 30,
2017
December 31, 2016
Equity:  
  
Convertible perpetual preference shares $690
 $690
Common shares 1
 1
Additional paid-in capital 5,223
 5,143
Retained earnings 8,214
 8,208
Accumulated other comprehensive income (5,662) (5,978)
Treasury shares, at cost - 2017 and 2016 - 12,882,313 shares, respectively (920) (920)
Total Bunge shareholders’ equity 7,546
 7,144
Noncontrolling interest 204
 199
Total equity $7,750
 $7,343
Total Bunge shareholders’ equity was $7,546$9,955 million at September 30, 2017March 31, 2023, compared to $7,144$9,224 million at December 31, 2016.2022, an increase of $731 million. The increase in shareholders’ equity was primarily due to cumulative translation gains$632 million of $445 million and $220 million netNet income attributable to Bunge, for the nine months ended September 30, 2017. These increases were$200 million of Other comprehensive income, as described in Note 17 - Equity, $17 million of stock-based compensation expense, partially offset by $94 million of declared dividends to common shareholders and preferred shareholders$24 million from the issuance of $189common shares under our share based compensation programs.
Share repurchase program - During October 2021, our Board of Directors approved a program for the repurchase of up to $500 million of our issued and $25 million, respectively.
Noncontrolling interest increased to $204 million at September 30, 2017 from $199 million at December 31, 2016, primarily due to income attributable to our noncontrolling interest entities and the effect of currency translation, partially offset by dividends to noncontrolling interests.
outstanding common shares. The program has no expiration date. To date under this program, 2,109,115 common shares were repurchased for $200 million. As of September 30, 2017, we had 6,899,700 of 4.875% cumulative convertible perpetual preference sharesMarch 31, 2023, $300 million remains outstanding with an aggregate liquidation preference of $690 million. Each convertible perpetual preference share has an initial liquidation preference of $100, which will be adjusted for any accumulated and unpaid dividends. The convertible perpetual preference shares carry an annual dividend of $4.875 per share payable quarterly. As a result of adjustments made torepurchases under the initial conversion price because cash dividends paid on Bunge Limited’s common shares exceeded certain specified thresholds, each convertible perpetual preference share is convertible, at the holder’s option, at any time into 1.1640 Bunge Limited common shares, based on the conversion price of $85.91 per share, subject to certain additional anti-dilution adjustments (which represents 8,031,251 Bunge Limited common shares at September 30, 2017). At any time, if the closing price of our common shares equals or exceeds 130% of the conversion price for 20 trading days during any consecutive 30 trading days (including the last trading day of such period), we may elect to cause the convertible perpetual preference shares to be automatically converted into Bunge Limited common shares at the then-prevailing conversion price. The convertible perpetual preference shares are not redeemable by us at any time.program.

Cash Flows
Three Months Ended
March 31,
US$ in millions20232022
Cash provided by (used for) operating activities$931 $(2,656)
Cash provided by (used for) investing activities45 1,448 
Cash provided by (used for) financing activities901 708 
Effect of exchange rate changes on cash and cash equivalents, restricted cash, and cash held for sale28 1 
Net increase (decrease) in cash and cash equivalents, restricted cash, and cash held for sale$1,905 $(499)
Our cash flows from operations vary depending on, among other items, the market prices and timing of the purchasepurchases and salesales of our inventories. Generally, during periods when commodity prices are rising, our Agribusiness operations require increased use of cash to support working capital to acquire inventories and fund daily settlement requirements on exchange traded futures that we use to minimize price risk related to purchases and sales of our inventories.
For
44
Table of Contents
During the ninethree months ended September 30, 2017,March 31, 2023, our cash and cash equivalents, decreasedrestricted cash, and cash held for sale increased by $545$1,905 million, reflecting the net effect of cash flows from operating, investing and financing activities. This comparescompared to a decrease of $114$499 million in cash and cash equivalentsduring the three months ended March 31, 2022.
Operating: Cash provided by operating activities was $931 million for the ninethree months ended September 30, 2016.

CashMarch 31, 2023, an increase of $3,587 million, compared to cash used for operating activities was $302of $2,656 million for the ninethree months ended September 30, 2017March 31, 2022. The increase was primarily due to net changes in working capital and decreased beneficial interest in securitized trade receivables, driven by lower average commodity prices as well a change in structure of the securitization program as discussed further below.
Three Months Ended
March 31,
US$ in millions20232022
Cash provided by (used for) operating activities$931 $(2,656)
Proceeds from beneficial interest in securitized trade receivables (1)
61 1,613 
Cash provided by (used for) operating activities, adjusted$992 $(1,043)
(1)    On November 16, 2022, Bunge and certain of its subsidiaries amended its trade receivables securitization program from a deferred purchase price structure to a pledge structure, see Note 4 - Trade Accounts Receivable and Trade Receivables Securitization Program to our condensed consolidated financial statements for further details.

Cash provided by (used for) operating activities, adjusted for the proceeds from beneficial interests in securitized trade receivables, was cash provided of $992 million for the three months ended March 31, 2023, compared to cash provided by operating activitiesused of $635$1,043 million for the ninethree months ended September 30, 2016. Net cash outflows for operating activitiesMarch 31, 2022. The increase was primarily due to net changes in working capital, driven by lower foraverage commodity prices, during the ninethree months ended September 30, 2017, principally due to increased working capital and lower net income, including adjustments for non-cash items,March 31, 2023 compared to the ninethree months ended September 30, 2016.March 31, 2022.
Certain of our non-U.S. operating subsidiaries are primarily funded with U.S. dollar-denominated debt, while currency risk is hedged with U.S. dollar-denominated assets. The functional currency of our operating subsidiaries is generally the local currency. The financial statements of our subsidiaries are calculated in the functional currency, and when the local currency is the functional currency, translated into U.S. dollars. U.S. dollar-denominated loans are remeasured into their respective functional currencies at exchange rates at the applicable balance sheet date. Also, certain of our U.S. dollar functional operating subsidiaries outside the U.S. are partially funded with local currency borrowings, while the currency risk is hedged with local currency denominated assets. The financial statements of our subsidiaries are calculatedLocal currency loans in theU.S. dollar functional currency and whensubsidiaries outside the local currency is the functional currency, translated into U.S. dollar. U.S. dollar-denominated loans are remeasured into their respective functional currencies at exchange rates at the applicable balance sheet date. Local currency loans are remeasured into U.S. dollardollars at the exchange rate aton the applicable balance sheet date. The resulting gain or loss is included in our condensed consolidated statements of income as foreignForeign exchange gains or losses.(losses) gains. For the ninethree months ended September 30, 2017 and 2016,March 31, 2023, we recorded a foreign exchange losscurrency gain on our debt of $28$50 million, and for the three months ended March 31, 2022, we recorded a lossforeign currency gain on our debt of $115$116 million, respectively, which were included as adjustments to reconcile netNet income to cash used forCash provided by (used for) operating activities in the line item “ForeignForeign exchange (gain) loss on net debt”debt in our condensed consolidated statements of cash flows. This adjustment isThese adjustments are required becauseas the cash flow impacts of these gains orand losses are non-cash items and will representthat arise from financing activities when the subsidiary repays the underlying debt and therefore will have no impact on cash flows from operations.
Investing: Cash used forprovided by investing activities was $1,234$45 million for the three months ended March 31, 2023, a decrease of $1,403 million, compared to cash provided by investing activities of $1,448 million for the three months ended March 31, 2022. The decrease was primarily due to lower net proceeds from beneficial interests in securitized trade receivables as a result of the change in the nineprogram structure discussed above, partially offset by proceeds received on the sale of our Russian operations during the three months ended September 30, 2017 compared to $667 million in the nine months ended September 30, 2016. For the nine months ended September 30, 2017, payments were made for capital expenditures of $485 million, primarily related to upgrade and expansion of an export terminal in the U.S., replanting of sugarcane for our industrial sugar business, the expansion of one crushing facility in Brazil and upgrade of our crush facility in Italy. In addition, we acquired two oilseed processing plants in the Netherlands and France for $318 million, and an olive oil and seed oil producer in Turkey for $23 million, net of cash acquired. For the nine months ended September 30, 2016, payments made for capital expenditures were $488 million, primarily related to upgrade and expansion of an export terminal in the U.S., replanting of sugarcane for our industrial sugar business in Brazil and continued construction of a wheat milling facility in Brazil. We also had settlement of net investment hedges of $210 million in the nine months ended September 30, 2016.March 31, 2023.
Financing: Cash provided by financing activities was $969$901 million infor the ninethree months ended September 30, 2017,March 31, 2023, an increase of $193 million, compared to cash used forprovided by financing activities of $102$708 million for the three months ended March 31, 2022. During the three months ended March 31, 2023, we received net cash proceeds of short and long-term debt of $1,002 million, primarily from delayed term draw loans of $750 million and $250 million, and paid $94 million in dividends to common shareholders. During the ninethree months ended September 30, 2016. In the nine months ended September 30, 2017, theMarch 31, 2022, we received net increasecash proceeds from short and long-term debt of $1,152$730 million, borrowings primarily reflected higher working capital needs to fund acquisitions and finance capital expenditures. In addition, we paid $82 million in dividends of $207 million to our common shareholders and holderspreferred shareholders.

45
Table of our convertible preference shares. In the nine months ended September 30, 2016, we paid dividends of $191 million to our common shareholders and holders of our convertible preference shares. Further, in connection with our common share repurchase program, in 2016 we purchased 3,296,230 of our common shares at a cost of $200 million.Contents
Off-Balance Sheet Arrangements
Guarantees
Please refer to Note 15 - We have issued or were a party to the following guarantees at September 30, 2017:
(US$ in millions) 
Maximum
Potential
Future
Payments
Unconsolidated affiliates financing (1)(2)
 $169
Residual value guarantee (3)
 227
Total $396
(1)
We issued guarantees to certain financial institutions related to debt of certain of our unconsolidated affiliates. The terms of the guarantees are equal to the terms of the related financings which have maturity dates in 2017 through 2022. There are no recourse provisions or collateral that would enable us to recover any amounts paid under these guarantees. At September 30, 2017, we recorded no obligation related to these guarantees.
(2)
We issued guarantees to certain third parties related to performance of our unconsolidated affiliates. The term of the guarantees are equal to the completion date of a port terminal which is expected to be completed in 2020. There are no recourse provisions or collateral that would enable us to recover any amounts paid under these guarantees. At September 30, 2017, we recorded no obligation related to these guarantees.

(3)
We issued guarantees to certain financial institutions which are party to certain operating lease arrangements for railcars and barges. These guarantees provide for a minimum residual value to be received by the lessor at the conclusion of the lease term. These leases expire at various dates from 2018 through 2021. At September 30, 2017, our recorded obligation related to these guarantees was $3 million.
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 Commitments and owing by BNA, Contingencies to grain producers and/or depositors in the State of Illinois who have delivered commodities to BNA’s Illinois facilities.
In addition, Bunge Limited has provided full and unconditional parent level guarantees of the outstanding indebtedness under certain credit facilities entered into and senior notes issued by its 100% owned subsidiaries. At September 30, 2017, debt with a carrying amount of $5,229 million related to these guarantees is included in our condensed consolidated balance sheet. This debt includes the senior notes issued by twofinancial statements fordetails concerning our off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of our 100% owned finance subsidiaries, Bunge Limited Finance Corp. and Bunge Finance Europe B.V. There are no significant restrictions on the ability of Bunge Limited Finance Corp. and Bunge Finance Europe B.V.operations, liquidity, capital expenditures or any other of our subsidiaries to transfer funds to Bunge Limited.capital resources.

Dividends
We paid a regular quarterly cash dividend of $0.46$0.625 per share on September 5, 2017March 2, 2023, to common shareholders of record on August 22, 2017. In addition, we paidFebruary 16, 2023. On February 23, 2023, Bunge announced that the Company's Board of Directors had declared a quarterly dividend of $1.21875$0.625 per common share, payable on our cumulative convertible perpetual preference shares on September 1, 2017June 2, 2023, to shareholders of record on August 15, 2017. On August 8, 2017, we announced that our Board of Directors had approved a regular quarterly cash dividend of $0.46 per common share. The dividend will be payable on December 4, 2017 to common shareholders of record on November 20, 2017. We also announced on August 8, 2017 that we will pay a quarterly cash dividend of $1.21875 per share on our cumulative convertible perpetual preference shares on December 1, 2017 to shareholders of record on November 15, 2017.May 19, 2023.

Critical Accounting Policies and Estimates
Critical accounting policies are defined as those policies that are significant to our financial condition and results of operations and require management to exercise significant judgment. For a complete discussion of our accounting policies, see Note 1 to our Annual Report on Form 10-K for the year ended December 31, 2016,2022, filed with the Securities and Exchange Commission. There were no material changes to Bunge’s critical accounting policies during the nine months ended September 30, 2017.Commission on February 24, 2023. For recent accounting pronouncements refer to Note 21 - Basis of Presentation, Principles of Consolidation, And Significant Accounting Policies, to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q.


46
Table of Contents
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Risk Management
As a result of our global operating, investing and financing activities, we are exposed to changes in, among other things, agricultural commodity prices, transportation costs, foreign currency exchange rates, interest rates, and energy costs, and inflationary pressures, which may affect our results of operations and financial position. We actively monitor and manage these various market risks associated with our business activities. Our risk management decisions take place in various locations, but exposure limits are centrally set and monitored, operating under a global governance framework. Our corporate risk management group analyzes and monitors various risk exposures globally. Additionally, our Board of Directors’ FinanceDirectors' Enterprise Risk Management Committee and our internal Management Risk Policy Committee overseesoversee our global market risk governance framework, including all risk management policies and limits.
We use derivative instruments for the purpose of managing the exposures associated with commodity prices, transportation costs, foreign currency exchange rates, interest rates, and energy costs, and for positioning our overall portfolio relative to potentialexpected market movements in accordance with established policies and procedures. We enter into derivative instruments primarily with major financial institutions, commodity exchanges in the case of commodity futures and options or approved exchange clearing shipping companiesand major financial institutions in the case of ocean freight. While these derivative instruments are subject to fluctuations in value, for hedged exposures those fluctuations are generally offset by the changes in the fair value of the underlying exposures. The derivative instruments that we use for hedging purposes are intended to reduce the volatility onof our results of operations; however,operations. However, they can occasionally result in earnings volatility, which may be material. See Note 1112 - Derivative Instruments And Hedging Activities to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q for a more detailed discussion of our use of derivative instruments.
Credit and Counterparty Risk
Through our normal business activities, we are subject to significant credit and counterparty risks that arise through normal commercial sales and purchases, including forward commitments to buy or sell, and through various other over-the-counter ("OTC") derivative instruments that we utilizeuse to manage risks inherent in our business activities. We define credit and counterparty risk as a potential financial loss due to the failure of a counterparty to honor its obligations. The exposure is measured based upon several factors, including unpaid accounts receivable from counterparties, andas well as unrealized gains from forward purchase or sales contracts and OTC derivative instruments (including forward purchase and sale contracts).instruments. Credit and counterparty risk also includes sovereign credit risk. We actively monitor credit and counterparty risk through regular reviews of exposures and credit analysis by the localregional credit staff andteams, as well as a review by various localglobal and corporate committees whichthat monitor credit and counterparty performance. We record provisions for counterparty losses from time to time as a result of our credit and counterparty analysis.
During periods of tight conditions in global credit markets, downturns in regional or global economic conditions, and/or significant price volatility, credit and counterparty risks are heightened.heightened, such as during 2023 when concerns about the financial condition of a number of banking institutions in the United States and globally developed and resulted in government and regulatory intervention. Although our counterparty risk and exposure to these financial institutions has been de minimis, we continue to monitor our exposure to all financial institution counterparties. This increased risk is monitored through, among other things, exposure reporting, increased communication with key counterparties, management reviews, and a specific focus on counterparties or groups of counterparties that we may determine as high risk. In addition, we may limit new credit extensionsWe have reduced exposures and associated position limits in certain cases and reduced our use of non-exchange cleared derivative instruments.cases.
Commodities Risk
We operate in many areas of the food industry, from agricultural raw materials to the production and sale of branded food products. As a result, we purchase and produce various materials, many of which are agricultural commodities, includingincluding: soybeans, soybean oil, soybean meal, palm oil (from crude to various degrees of refined products), softseeds (including sunflower seed, rapeseed and canola) and related oil and meal derived from them, wheat, barley, shea nut, and corn. In addition, we grow and purchase sugarcane to produce sugar, ethanol and electricity. Agricultural commodities are subject to price fluctuations due to a number of unpredictable factors, including inflationary pressures, that may create price risk. As described above, we are also subject to the risk of counterparty non-performance under forward purchase or saleand sales contracts. From time to time, we have experienced instances of counterparty non-performance including as a result of significant declines in counterparty profitability under these contracts due to significant movements in commodity prices between the time the contracts were executedentered into and the contractual forward delivery period.
We enter into various derivative contracts with the primary objective of managing our exposure to adverse price movements in the agricultural commodities used and produced in our business operations. We have established policies that limit the amount of unhedged fixed price agricultural commodity positions permissible for our operating companies, which are generally a combination of volumevolumetric, drawdown, and value-at-risk (“VaR”("VaR") limits. We measure and review our net commodities positioncommodity
47
Table of Contents
positions on a daily basis. BungeWe also employs stress testingemploy stress-testing techniques in order to quantify itsour exposures to price and liquidity risks under non-normal or event driven market conditions.
Our daily net agricultural commodity position consists of inventory, forward purchase and salesales contracts, and OTC and exchange tradedexchange-traded derivative instruments, including those used to hedge portions of our production requirements. The fair value of that position is a summation of the fair values calculated forof each agricultural commodity, calculated by valuing all of our commodity positions for the period at quoted market prices, for the period where available, or by utilizing a close proxy. VaR is calculated on the net position and

monitored at the 95% confidence interval. In addition, scenario analysis and stress testing are performed. For example, one measure of market risk is estimated as the potential loss in fair value resulting from a hypothetical 10% adverse change in prices. The results of this analysis, which may differ from actual results, are as follows:
 Nine Months Ended
September 30, 2017		 Year Ended
December 31, 2016		Three Months Ended
March 31, 2023		Year Ended
December 31, 2022
(US$ in millions) Value 
Market
Risk
 Value 
Market
Risk
(US$ in millions)ValueMarket
Risk		ValueMarket
Risk
Highest daily aggregated position value $685
 $(69) $1,207
 $(121)Highest daily aggregated position value$459 $(46)$1,809 $(181)
Lowest daily aggregated position value $(711) $(71) $(682) $(68)Lowest daily aggregated position value$(377)$(38)$(416)$(42)

Ocean Freight Risk
Ocean freight represents a significant portion of our operating costs. The market price for ocean freight varies depending on the supply and demand for ocean vessels, global economic conditions, inflationary pressure, and other factors. We enter into time charter agreements for time on ocean freight vessels based on forecasted requirements for the purpose of transporting agricultural commodities. Our time charter agreements generally have terms ranging from two months to approximately sevenfive years. We use financial derivatives, generally freight forward agreements, to hedge portions of our ocean freight costs. The ocean freight derivatives are included in otherOther current assets and otherOther current liabilities on the condensed consolidated balance sheets at fair value.
Energy Risk
We purchase various energy commodities such as electricity, natural gas and bunker fuel, thatwhich are used to operate our manufacturing facilities and ocean freight vessels. TheThese energy commodities are subject to price risk.risk, including inflationary pressures. We use financial derivatives, including exchange traded and OTC swaps and options for various purposes, including to manage our exposure to volatility in energy costs.costs and market prices. These energy derivatives are included in otherOther current assets and otherOther current liabilities on the condensed consolidated balance sheets at fair value.
Currency Risk
Our global operations require active participation in foreign exchange markets. Our primary foreign currency exposures are the Brazilian real, Canadian dollar, the euroEuro, and other European currencies, the Argentine peso, and the Chinese yuan/renminbi. To reduce the risk arising from foreign exchange rate fluctuations, we enter into derivative instruments, such as foreign currency forward contracts, swaps and options. The changes in market value of such contracts have a high correlation to the price changes in the related currency exposures. The potential loss in fair value forof such net currency positionpositions resulting from a hypothetical 10% adverse change in foreign currency exchange rates as of September 30, 2017March 31, 2023, was not material.
When determining our exposure, we exclude intercompany loans that are deemed to be permanently invested. The repaymentsRepayments of permanently invested intercompany loans are notneither planned ornor anticipated in the foreseeable future and are therefore are treated as analogous to equity for accounting purposes. As a result, the foreign exchange gains and losses on these borrowings are excluded from the determination of netNet income (loss) and recorded as a component of accumulatedAccumulated other comprehensive income (loss) in the condensed consolidated balance sheets. Included in otherOther comprehensive income (loss) are foreign exchange lossesgains of $101$106 million for the ninethree months ended September 30, 2017March 31, 2023, and foreign exchange losses of $257$1 million for the year ended December 31, 20162022, related to permanently invested intercompany loans. Activity in the three months ended March 31, 2023 includes reclassification of $85 million in foreign exchange losses from Other comprehensive income (loss) to net income, net of tax of zero, related to the sale of Bunge's Russian operations. See Note 2 - Acquisitions and Dispositions to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q for more information.
48
Table of Contents
Interest Rate Risk
We have debt in fixed and floating rate instruments. We are exposed to market risk due to changes in interest rates.rates, including inflationary pressures. We may enter into interest rate swap agreements to manage our interest rate exposure related to our debt portfolio.
The aggregate fair value of our short and long-term debt, based on market yields at September 30, 2017,March 31, 2023, was $5,735$5,761 million, with a carrying value of $5,554$5,720 million. There was no significant change in our interest rate risk at September 30, 2017.as of March 31, 2023.
A hypothetical 100 basis point increase in the interest yields on our senior notefixed rate debt and related interest rate swaps at September 30, 2017March 31, 2023, would result in a decrease of approximately $83$10 million in the fair value of our debt.debt and interest rate swaps. Similarly, a decrease of 100 basis points in the interest yields on our fixed rate debt and interest rate swaps at September 30, 2017March 31, 2023, would cause an increasea decrease of approximately $83$3 million in the fair value of our debt.debt and interest rate swaps.
A hypothetical 1%100 basis point change in the applicable reference rate, such as SOFR or LIBOR, would result in a change of approximately $37$60 million in our interest expense on our variable rate debt at September 30, 2017.March 31, 2023. Some of our variable rate debt is denominated in currencies other than in U.S. dollars and is indexed to non-U.S. dollar-based interest rate indices, such as EURIBOR and TJLPTLP, and certain benchmark rates in local bank markets. As such, the hypothetical 1%100 basis point change in interest rate ignores the potential impact of any currency movements. See Part I, “Item 1A. Risk Factors” in our 2022 Annual Report on Form 10-K for a discussion of certain risks related to interest rates.

Inflation Risk
Inflationary factors generally affect us by increasing our labor and overhead costs, as well as costs associated with certain risks identified above, which may adversely affect our results of operations and financial position. We have historically been able to recover the impacts of inflation through sales price increases, however we cannot reasonably estimate our ability to successfully recover any impact of inflation through price increases in the future. Our inability to do so could harm our results of operations and financial position.
Derivative Instruments
Foreign Exchange Derivatives—We use a combination of foreign exchange forward, swap, futures and options contracts in certain of our operations to mitigate the risk of exchange rate fluctuations in connection with certain commercial and balance sheet exposures. The foreign exchange forward swap and option contracts may be designated as cash flow hedges or fair value hedges. We may also use net investment hedges to partially offset the translation adjustments arising from the remeasurement of our investment in certain of our foreign subsidiaries.
We assess, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedge transactions are highly effective in offsetting changes in the hedged items.
Interest Rate Derivatives—We may enter into interest rate swap agreements for the purpose of managing certain of our interest rate exposures. Interest rate swaps used by us as hedging instruments are recorded at fair value in the consolidated balance sheets with changes in fair value recorded contemporaneously in earnings. Certain of these agreements may be designated as fair value hedges. In such instances, the carrying amount of the associated hedged debt is also adjusted through earnings for changes in fair value arising from changes in benchmark interest rates. We may also enter into interest rate basis swap agreements that do not qualify as hedges for accounting purposes. The impact of changes in fair value of interest rate swap agreements is primarily presented in Interest expense.
Commodity Derivatives—We primarily use derivative instruments to manage our exposure to movements associated with agricultural commodity prices. We generally use exchange-traded futures and options contracts to minimize the effects of changes in the prices of agricultural commodities held as inventories or subject to forward purchase and sales contracts, but may also enter into OTC commodity transactions, including swaps, which are settled in cash at maturity or termination based on exchange-quoted futures prices. Changes in fair values of exchange-traded futures contracts, representing the unrealized gains and/or losses on these instruments, are settled daily, generally through our 100% owned futures clearing subsidiary. Forward purchase and sales contracts are primarily settled through delivery of agricultural commodities. While we consider these exchange-traded futures and forward purchase and sales contracts to be effective economic hedges, we do not designate or account for the majority of our commodity contracts as hedges. Changes in fair values of these contracts and related RMI are included in Cost of goods sold in the condensed consolidated statements of income. The forward contracts require performance of both us and the contract counterparty in future periods. 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.
49
Table of Contents
Ocean Freight Derivatives—We use derivative instruments referred to as freight forward agreements, or FFAs, and FFA options to hedge portions of our current and anticipated ocean freight costs. Changes in the fair values of ocean freight derivatives are recorded in Cost of goods sold.
Energy Derivatives—We use derivative instruments for various purposes, including to manage our exposure to volatility in energy costs and our exposure to market prices related to the sale of biofuels. Our operations use substantial amounts of energy, including natural gas, coal, and fuel oil, including bunker fuel. Changes in the fair values of energy derivatives are recorded in Cost of goods sold.
Other Derivatives—We may also enter into other derivatives, including credit default swaps and equity derivatives, to manage our 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.
For more information, see Note 12 - Derivative Instruments And Hedging Activities to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q.

ITEM 4.CONTROLS AND PROCEDURES
ITEM 4.CONTROLS AND PROCEDURES
Disclosure Controls and Procedures - Disclosure controls and procedures are the controls and other procedures that are designed to provide reasonable assurance that information required to be disclosed by thean issuer in the reports that it files or submits under the Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including the principal executive and principal financial officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.
As of September 30, 2017,March 31, 2023, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as that term is defined in Exchange Act Rules 13a-15(e) and 15d-15(e), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of the end of the period covered by this Quarterly Report on Form 10-Q.
Internal ControlsControl Over Financial Reporting - There have been no changes in the Company’s internal controlscontrol over financial reporting during the third quarter ended September 30, 2017,March 31, 2023, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. However, we continue to migrate certain processes from across our operations to shared business service models in order to consolidate back-office functions while standardizing our processes and financial systems globally. These initiatives are not in response to any identified deficiency or weakness in our internal controls over financial reporting. We plan to continue these initiatives in phases over the next several years and, accordingly, we have and will continue to align and streamline the design and operation of our internal controls over financial reporting, as necessary, to accommodate modifications to our business processes and accounting procedures. Specifically, during the three months ended March 31, 2023, we have continued migrating certain of our financial reporting systems in Argentina to our South American Enterprise Resource Planning (ERP) system, a process that is expected to carry on for several months, and which may result in changes to our internal controls over financial reporting relating to our Argentinian operations.

Additionally, management performed an evaluation of the impacts of the Ukraine-Russia War on our internal controls over financial reporting. In doing so management noted that, as a result of the war, we are currently unable to perform certain of our Ukrainian internal controls over financial reporting, primarily relating to on-site physical inspections of certain of our operating facilities, due to safety concerns, particularly in areas of active conflict. Additionally, some of our Ukrainian employees have been forced to relocate to other countries or safer locations elsewhere within Ukraine. In response, management has implemented compensating controls, including using third party contractors to carry out visual inspections of the physical condition of our assets held at Ukrainian facilities, as well as certain other internal controls over financial reporting capable of being performed on a remote basis.

50
Table of Contents
PART II.
INFORMATION
ITEM 1.LEGAL PROCEEDINGS
ITEM 1.LEGAL PROCEEDINGS
From time to time, we are involved in litigation that we consider to be ordinary and other claims, investigations and proceedings incidental to our business. While the outcome of pending legal actionsthese matters cannot be predicted with certainty, we believe the outcome of these proceedings, net of established reserves, will not have a material adverse effect on our consolidated financial position, results of operations or liquidity.
For a discussion of certaincertain legal andand tax matters relating to Argentinasee Note 15 - Commitments and Brazil, see Notes 9 and 15Contingencies to our condensed consolidated financial statements included as part of this Quarterly Report on Form 10-Q. Additionally, we are a party to a large number of labor, and civil and other claims, primarily relating to our Brazilian operations. We have reserved an aggregate of $90$73 million and $73$106 million, for labor and civil claims, respectively, as of September 30, 2017.March 31, 2023. The labor claims primarily relate to dismissals, severance, health and safety, salary adjustments and supplementary retirement benefits. The civil claims relate to various legal proceedings and disputes, including disputes with suppliers and customers and include approximately 95 million Brazilian reais (approximately $30 million as of September 30, 2017) related to a legacy environmental claim in Brazil..

ITEM 1A.RISK FACTORS
ITEM 1A.    RISK FACTORS
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our 20162022 Annual Report on Form 10-K, which could materially affect our business, financial condition or future results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. Following are material updates to the risk factors previously disclosed in our 2022 Annual Report on Form 10-K:
We are subject to global and regional economic downturns and related risks.
The level of demand for our products is affected by global and regional demographic and macroeconomic conditions, including population growth rates and changes in standards of living. A significant downturn in global economic growth, or recessionary conditions in major geographic regions, may lead to reduced demand for agricultural commodities and food products, which could adversely affect our business and results of operations. Further, deteriorating economic and political conditions in our major markets, such as inflation, increased unemployment, decreases in disposable income, declines in consumer confidence, uncertainty about economic stability, or economic slowdowns or recessions, could cause a decrease in demand for our products.
Additionally, weak global economic conditions and adverse conditions in global financial and capital markets, including rising interest rates and constraints on the availability of credit, have in the past adversely affected, and may in the future adversely affect, the financial condition and creditworthiness of the financial institutions that serve as our lenders and as counterparties to the over-the-counter derivative instruments we use to manage risks and some of our customers, suppliers, and other counterparties, which in turn may negatively impact our financial condition and results of operations. Recently, concerns have arisen with respect to the financial condition of a number of banking organizations in the United States and globally. Although our exposure has been de minimis to these financial institutions, we continue to monitor our counterparty exposure. See "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Item 3. Quantitative and Qualitative Disclosures About Market Risk" for more information.
In 2022 and continuing into 2023, the United States has reported and is continuing to report high inflation rates and weaker GDP growth, with some economists forecasting a continuation of these conditions for the remainder of 2023. Brazil is experiencing a slowing GDP growth rate coupled with relatively high interest rates as it emerges from the COVID-19 pandemic, which may result in an uncertain economic and political environment that could in turn lead to reduced demand for our refined and specialty oils and milling products in the country. Additionally, a slowdown in China's economy over a prolonged period, including as a result of continuing impacts of COVID-19, population decline and other factors, could lead to reduced global demand for agricultural commodities. To the extent that such economic and political conditions negatively impact consumer and business confidence and consumption patterns or volumes, our business and results of operations could be significantly and adversely affected.
51
Table of Contents

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.

ITEM 3.DEFAULTS UPON SENIOR SECURITIES
ITEM 3.    DEFAULTS UPON SENIOR SECURITIES
None.

ITEM 4.MINE SAFETY DISCLOSURES
ITEM 4.    MINE SAFETY DISCLOSURES
Not applicable.

ITEM 5.
ITEM 5.    OTHER INFORMATION
To enhance retention and align with market practice, on November 1, 2017, the Company entered into executive change of control severance agreements (the “agreements”) with its executive officers, including the named executive officers identified in the Company’s proxy statement (other than Soren Schroder, the Company’s Chief Executive Officer, whose existing employment agreement contains a change of control provision).
The agreements, which reflect a double trigger change of control provision, provide for cash severance benefits if the executive’s employment is terminated by the Company without “cause” or by the individual for “good reason,” in each case before the second anniversary of a “change of control” of the Company, as those terms are defined in the agreements. The agreements provide that, upon a qualifying termination, the executive would be entitled to a lump sum payment equal to (i) 24 months of the executive’s base salary in effect immediately prior to the termination date, and (ii) an amount equal to two times the executive’s annual target bonus for the year in which the termination occurs.None.
In addition, the executive will be entitled to receive accelerated vesting of all outstanding equity awards, with any stock options remaining exercisable for the remainder of their full term, and with unvested performance-based equity awards deemed vested at the greater of (i) actual performance or (ii) target levels with respect to performance goals or other vesting criteria.
The agreements provide that the Company’s obligations to pay severance benefits under the agreements is subject to the execution by the executive of a general release of claims against the Company and contain an 18-month non-competition covenant. The agreements do not provide for a tax gross-up.
The foregoing is a summary of the terms of the change of control agreements and does not purport to be complete. This summary is qualified in its entirety by reference to the form of change of control agreement filed as an exhibit to this Quarterly Report on Form 10-Q.
ITEM 6.EXHIBITS
ITEM 6.EXHIBITS
(a) The exhibits in the accompanying Exhibit Index on page E-1 are filed or furnished as part of this Quarterly Report.


52
Table of Contents
EXHIBIT INDEX
*Subsidiary Issuers of Guaranteed Securities
*Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002
*Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002
**Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002
**Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002
101 SCHXBRL Taxonomy Extension Schema Document
101 CALXBRL Taxonomy Extension Calculation Linkbase Document
101 LABXBRL Taxonomy Extension Labels Linkbase Document
101 PREXBRL Taxonomy Extension Presentation Linkbase Document
101 DEFXBRL Taxonomy Extension Definition Linkbase Document
101 INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
*Filed herewith.
**Furnished herewith.

E-1

53
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BUNGE LIMITED
Date: November 1, 2017May 3, 2023By:/s/ Thomas M. BoehlertJohn W. Neppl
Thomas M. BoehlertJohn W. Neppl
Executive Vice President, Chief Financial Officer
/s/ J. Matt Simmons, Jr.
J. Matt Simmons, Jr.
Controller and Principal Accounting Officer

EXHIBIT INDEX
10.1
Form of Executive Change of Control Agreement.
31.1
Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002
31.2
Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002
32.1
Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002
32.2
Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002
101
The following financial information from Bunge Limited’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2017 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Statements of Comprehensive Income (Loss), (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, (v) the Condensed Consolidated Statements of Changes in Equity and Redeemable Noncontrolling Interests, and (vi) the Notes to the Condensed Consolidated Financial Statements.*
54
*Filed herewith.
E-1


55