COVER PAGE
COVER PAGE - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 20, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 000-56607 | ||
Entity Registrant Name | BUNGE GLOBAL SA | ||
Entity Incorporation, State or Country Code | V8 | ||
Entity Tax Identification Number | 98-1743397 | ||
Entity Address, Address Line One | Route de Florissant 13 | ||
Entity Address, Postal Zip Code | 1206 | ||
Entity Address, City or Town | Geneva | ||
Entity Address, Country | CH | ||
City Area Code | 314 | ||
Local Phone Number | 292-2000 | ||
Title of 12(b) Security | Registered Shares, $0.01 par value per share | ||
Trading Symbol | BG | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 14,134 | ||
Entity Common Stock, Shares Outstanding | 143,418,211 | ||
Documents Incorporated by Reference | Portions of the proxy statement for the 2024 Annual General Meeting of Shareholders (the "2024 Annual Meeting") to be held on May 15, 2024 are incorporated by reference into Part III. | ||
Entity Central Index Key | 0001996862 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY |
AUDIT INFORMATION
AUDIT INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 34 |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | St. Louis, Missouri |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 59,540 | $ 67,232 | $ 59,152 |
Cost of goods sold | (54,695) | (63,550) | (55,789) |
Gross profit | 4,845 | 3,682 | 3,363 |
Selling, general and administrative expenses | (1,715) | (1,369) | (1,234) |
Interest income | 148 | 71 | 48 |
Interest expense | (516) | (403) | (243) |
Foreign exchange gains (losses) — net | 20 | (11) | (38) |
Other income (expense) – net | 129 | (9) | 509 |
Income from affiliates | 140 | 105 | 160 |
Income before income tax | 3,051 | 2,066 | 2,565 |
Income tax expense | (714) | (388) | (398) |
Net income | 2,337 | 1,678 | 2,167 |
Net (income) attributable to noncontrolling interests and redeemable noncontrolling interests | (94) | (68) | (89) |
Net income attributable to Bunge | 2,243 | 1,610 | 2,078 |
Convertible preference share dividends and other obligations | 0 | 0 | (34) |
Net income available to Bunge shareholders - Basic | $ 2,243 | $ 1,610 | $ 2,044 |
Earnings per share—basic (Note 24) | |||
Net income attributable to Bunge shareholders—basic (in dollars per share) | $ 15.07 | $ 10.83 | $ 14.50 |
Earnings per share—diluted (Note 24) | |||
Net income attributable to Bunge shareholders —diluted (in dollars per share) | $ 14.87 | $ 10.51 | $ 13.64 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 2,337 | $ 1,678 | $ 2,167 |
Other comprehensive income (loss): | |||
Foreign exchange translation adjustment | 341 | 12 | (268) |
Unrealized losses on designated hedges, net of tax expense of $(3), $(2), and $(2) | (99) | (81) | (36) |
Pension adjustment, net of tax benefit (expense) of $3, $(5), and $(17) | (18) | 40 | 57 |
Reclassification of realized net losses (gains) to net income, net of tax expense (benefit) of $3, $12, and $(1) | 99 | 122 | (4) |
Total other comprehensive income (loss) | 323 | 93 | (251) |
Total comprehensive income | 2,660 | 1,771 | 1,916 |
Comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interests | (100) | (46) | (63) |
Comprehensive loss attributable to acquisition of redeemable noncontrolling interest | 0 | (15) | 0 |
Total comprehensive income attributable to Bunge | $ 2,560 | $ 1,710 | $ 1,853 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (PARENTHETICAL) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized (losses) gains on designated hedges, net of tax (expense) benefit | $ (3) | $ (2) | $ (2) |
Pension adjustment, net of tax benefit (expense) | 3 | (5) | (17) |
Reclassification of realized net losses (gains) to net income, net of tax expense (benefit) | $ 3 | $ 12 | $ (1) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 2,602 | $ 1,104 |
Trade accounts receivable (less allowances of $104 and $90) (Note 4) | 2,592 | 2,829 |
Inventories (Note 5) | 7,105 | 8,408 |
Assets held for sale (Note 2) | 1 | 36 |
Other current assets (Note 6) | 4,050 | 4,381 |
Total current assets | 16,350 | 16,758 |
Property, plant and equipment, net (Note 7) | 4,541 | 3,617 |
Operating lease assets (Note 26) | 926 | 1,024 |
Goodwill (Note 8) | 489 | 470 |
Other intangible assets, net (Note 9) | 398 | 360 |
Investments in affiliates (Note 11) | 1,280 | 1,012 |
Deferred income taxes (Note 14) | 773 | 712 |
Other non-current assets (Note 12) | 615 | 627 |
Total assets | 25,372 | 24,580 |
Current liabilities: | ||
Short-term debt (Note 17) | 797 | 546 |
Current portion of long-term debt (Note 18) | 5 | 846 |
Trade accounts payable (includes $823 and $643 carried at fair value) | 3,664 | 4,386 |
Current operating lease obligations (Note 26) | 308 | 425 |
Liabilities held for sale (Note 2) | 0 | 18 |
Other current liabilities (Note 13) | 2,913 | 3,379 |
Total current liabilities | 7,687 | 9,600 |
Long-term debt (Note 18) | 4,080 | 3,259 |
Deferred income taxes (Note 14) | 400 | 365 |
Non-current operating lease obligations (Note 26) | 566 | 547 |
Other non-current liabilities (Note 22) | 824 | 849 |
Redeemable noncontrolling interests | 1 | 4 |
Equity (Note 23): | ||
Registered shares, par value $0.01; authorized not issued—80,714,736 shares; conditionally authorized 32,285,894 shares; issued and outstanding: 145,319,668 shares at December 31, 2023 | 1 | 0 |
Common shares, par value $0.01; authorized—400,000,000 shares; issued and outstanding: 149,907,932 shares at December 31, 2022 | 0 | 1 |
Additional paid-in capital | 5,900 | 6,692 |
Retained earnings | 12,077 | 10,222 |
Accumulated other comprehensive loss (Note 23) | (6,054) | (6,371) |
Treasury shares, at cost; 2023—16,109,804 and 2022—18,835,812 shares | (1,073) | (1,320) |
Total Bunge shareholders' equity | 10,851 | 9,224 |
Noncontrolling interests | 963 | 732 |
Total equity | 11,814 | 9,956 |
Total liabilities, redeemable noncontrolling interest and equity | $ 25,372 | $ 24,580 |
CONSOLIDATED BALANCE SHEETS (PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Trade accounts receivable, allowances | $ 104 | $ 90 |
Trade accounts payable, at fair value | $ 823 | $ 643 |
Common shares, par value (in dollars per share) | $ 0.01 | |
Treasury shares, at cost (in shares) | 16,109,804 | 18,835,812 |
Registered Shares | ||
Registered shares, authorized not issued (in shares) | 80,714,736 | |
Registered shares, par value (in dollars per share) | $ 0.01 | |
Registered shares, conditionally authorized (in shares) | 32,285,894 | |
Registered shares, issued (in shares) | 145,319,668 | |
Registered shares, outstanding (in shares) | 145,319,668 | |
Common Shares | ||
Common shares, par value (in dollars per share) | $ 0.01 | |
Common shares, authorized (in shares) | 400,000,000 | |
Common shares, issued (in shares) | 149,907,932 | |
Common shares, outstanding (in shares) | 149,907,932 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING ACTIVITIES | |||
Net income | $ 2,337 | $ 1,678 | $ 2,167 |
Adjustments to reconcile net income to cash provided by (used for) operating activities: | |||
Impairment charges | 104 | 162 | 226 |
Foreign exchange (gain) loss on net debt | (281) | (101) | 78 |
Depreciation, depletion and amortization | 451 | 408 | 424 |
Share-based compensation expense | 69 | 65 | 61 |
Deferred income tax (benefit) expense | (1) | (119) | (272) |
Gain on sale of investments and property, plant and equipment | (4) | (6) | (417) |
Results from affiliates | (157) | (106) | (160) |
Other, net | 117 | 97 | 6 |
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions: | |||
Trade accounts receivable | 256 | (206) | (530) |
Inventories | 1,518 | (269) | (1,301) |
Secured advances to suppliers | (121) | (14) | (48) |
Trade accounts payable and accrued liabilities | (939) | 67 | 1,633 |
Advances on sales | (140) | 175 | 32 |
Net unrealized (gains) losses on derivative contracts | (366) | (31) | 394 |
Margin deposits | 173 | (242) | 252 |
Recoverable and income taxes, net | 202 | (94) | 247 |
Marketable securities | 23 | 325 | (82) |
Beneficial interest in securitized trade receivables | 0 | (6,940) | (5,376) |
Other, net | 67 | (398) | (228) |
Cash provided by (used for) operating activities | 3,308 | (5,549) | (2,894) |
INVESTING ACTIVITIES | |||
Payments made for capital expenditures | (1,122) | (555) | (399) |
Proceeds from investments | 49 | 326 | 171 |
Payments for investments | (69) | (321) | (308) |
Settlements of net investment hedges | (64) | (135) | (34) |
Proceeds from beneficial interest in securitized trade receivables | 87 | 6,824 | 5,234 |
Payments for beneficial interest in securitized trade receivables | 0 | 0 | (177) |
Proceeds from disposal of business and property, plant and equipment | 170 | 508 | 647 |
Payments for investments in affiliates | (136) | (55) | (46) |
Other, net | 76 | (93) | 25 |
Cash (used for) provided by investing activities | (1,009) | 6,499 | 5,113 |
FINANCING ACTIVITIES | |||
Net change in short-term debt with maturities of three months or less | 138 | 127 | (2,181) |
Proceeds from short-term debt with maturities greater than three months | 1,247 | 1,753 | 2,529 |
Repayments of short-term debt with maturities greater than three months | (987) | (1,856) | (2,442) |
Proceeds from long-term debt | 978 | 297 | 1,001 |
Repayments of long-term debt | (1,176) | (1,029) | (4) |
Proceeds from the exercise of options for common shares | 9 | 92 | 116 |
Repurchases of common shares | (600) | (200) | (100) |
Dividends paid to preference shareholders | 0 | (8) | (34) |
Dividends paid to registered or common shareholders | (383) | (341) | (289) |
Dividends paid to noncontrolling interests | (17) | (17) | (76) |
Sale of noncontrolling interest | 0 | 542 | 0 |
Acquisition of redeemable noncontrolling interest and noncontrolling interest | 0 | (102) | (147) |
Settlement of cross currency swap | (79) | 0 | 0 |
Other, net | 14 | (27) | (5) |
Cash used for financing activities | (856) | (769) | (1,632) |
Effect of exchange rate changes on cash and cash equivalents, restricted cash, and cash held for sale | 28 | 66 | (63) |
Net increase in cash and cash equivalents, restricted cash, and cash held for sale | 1,471 | 247 | 524 |
Cash and cash equivalents, restricted cash, and cash held for sale - beginning of period | 1,152 | 905 | 381 |
Cash and cash equivalents, restricted cash, and cash held for sale - end of period | $ 2,623 | $ 1,152 | $ 905 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($) $ in Millions | Total | Redeemable Non- Controlling Interests | Convertible Preference Shares | Common Shares | Registered Shares | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Shares | Non- Controlling Interests |
Increase (Decrease) in Stockholders' Equity | ||||||||||
Convertible perpetual preference shares, outstanding (in shares) | 6,899,683 | |||||||||
Beginning balance at Dec. 31, 2020 | $ 415 | |||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||
Net income (loss) | 61 | |||||||||
Other comprehensive income | (26) | |||||||||
Redemption value adjustment | 1 | |||||||||
Dividends to noncontrolling interests on subsidiary common stock | (71) | |||||||||
Disposition of noncontrolling interest in a subsidiary | (1) | |||||||||
Ending balance at Dec. 31, 2021 | 381 | |||||||||
Beginning balance (in shares) at Dec. 31, 2021 | 6,899,683 | |||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 139,790,238 | |||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 15,428,313 | |||||||||
Beginning balance at Dec. 31, 2020 | $ 6,205 | $ 690 | $ 1 | $ 5,408 | $ 7,236 | $ (6,246) | $ (1,020) | $ 136 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income | 2,106 | 2,078 | 28 | |||||||
Other comprehensive income | (225) | (225) | 0 | |||||||
Redemption value adjustment | (1) | (1) | 0 | |||||||
Dividends on common shares | (294) | (294) | ||||||||
Dividends on preference shares | (34) | (34) | ||||||||
Dividends to noncontrolling interests on subsidiary common stock | (5) | (5) | ||||||||
Capital (return) to noncontrolling interest | (3) | (3) | ||||||||
Acquisition of redeemable noncontrolling interest | (3) | (3) | 0 | |||||||
Share-based compensation expense | 61 | 61 | ||||||||
Repurchase of common shares (in shares) | (1,298,384) | 1,298,384 | ||||||||
Repurchase of common shares | (100) | $ (100) | ||||||||
Issuance of common shares, including stock dividends (in shares) | 2,565,560 | |||||||||
Issuance of registered or common shares, including stock dividends | 118 | 122 | (4) | |||||||
Ending balance (in shares) at Dec. 31, 2021 | 141,057,414 | |||||||||
Ending balance (in shares) at Dec. 31, 2021 | 16,726,697 | |||||||||
Ending balance at Dec. 31, 2021 | 7,825 | $ 690 | $ 1 | 5,590 | 8,979 | (6,471) | $ (1,120) | 156 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Convertible perpetual preference shares, outstanding (in shares) | 6,899,683 | |||||||||
Net income (loss) | 13 | |||||||||
Other comprehensive income | (24) | |||||||||
Redemption value adjustment | 1 | |||||||||
Dividends to noncontrolling interests on subsidiary common stock | 0 | |||||||||
Acquisition of noncontrolling interest (Note 11) | (367) | |||||||||
Ending balance at Dec. 31, 2022 | 4 | 4 | ||||||||
Beginning balance (in shares) at Dec. 31, 2022 | 0 | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income | 1,665 | 1,610 | 55 | |||||||
Other comprehensive income | 117 | 115 | 2 | |||||||
Redemption value adjustment | 0 | 0 | ||||||||
Dividends on common shares | (362) | (362) | ||||||||
Dividends to noncontrolling interests on subsidiary common stock | (17) | (17) | ||||||||
Contribution from noncontrolling interest | 6 | 6 | ||||||||
Sale of noncontrolling interest | 542 | 247 | 295 | |||||||
Acquisition of redeemable noncontrolling interest | 265 | 45 | 0 | (15) | 235 | |||||
Share-based compensation expense | 65 | 65 | ||||||||
Repurchase of common shares (in shares) | (2,109,115) | 2,109,115 | ||||||||
Repurchase of common shares | (200) | $ (200) | ||||||||
Conversion of preference shares to common shares (in shares) | (6,899,683) | 8,863,331 | ||||||||
Conversion of preference shares to common shares | $ (690) | 690 | ||||||||
Issuance of common shares, including stock dividends (in shares) | 2,096,302 | |||||||||
Issuance of registered or common shares, including stock dividends | $ 50 | 55 | (5) | |||||||
Ending balance (in shares) at Dec. 31, 2022 | 149,907,932 | 0 | ||||||||
Ending balance (in shares) at Dec. 31, 2022 | 18,835,812 | 18,835,812 | ||||||||
Ending balance at Dec. 31, 2022 | $ 9,956 | $ 0 | $ 1 | $ 0 | 6,692 | 10,222 | (6,371) | $ (1,320) | 732 | |
Increase (Decrease) in Stockholders' Equity | ||||||||||
Convertible perpetual preference shares, outstanding (in shares) | 0 | |||||||||
Net income (loss) | (1) | |||||||||
Other comprehensive income | 0 | |||||||||
Redemption value adjustment | (2) | |||||||||
Acquisition of noncontrolling interest (Note 11) | 0 | |||||||||
Ending balance at Dec. 31, 2023 | 1 | $ 1 | ||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income | 2,338 | 2,243 | 95 | |||||||
Other comprehensive income | 323 | 317 | 6 | |||||||
Redemption value adjustment | 2 | 2 | ||||||||
Dividends on common shares | (386) | (386) | ||||||||
Dividends to noncontrolling interests on subsidiary common stock | (17) | (17) | ||||||||
Contribution from noncontrolling interest | 56 | 56 | ||||||||
Acquisition of noncontrolling interest | 91 | 91 | ||||||||
Share-based compensation expense | 69 | 69 | ||||||||
Cancellation of common shares and issuance of registered shares (in shares) | (145,287,978) | 145,287,978 | ||||||||
Cancellation of common shares and issuance of registered shares | $ (1) | $ 1 | ||||||||
Cancellation of treasury shares (in shares) | 8,102,179 | |||||||||
Cancellation of treasury shares | (845) | $ 845 | ||||||||
Repurchase of common shares (in shares) | (5,407,861) | 5,407,861 | ||||||||
Repurchase of common shares | (600) | $ (600) | ||||||||
Issuance of common shares, including stock dividends (in shares) | 787,907 | 31,690 | (31,690) | |||||||
Issuance of registered or common shares, including stock dividends | $ (18) | (16) | (4) | $ 2 | ||||||
Ending balance (in shares) at Dec. 31, 2023 | 0 | 145,319,668 | ||||||||
Ending balance (in shares) at Dec. 31, 2023 | 16,109,804 | 16,109,804 | ||||||||
Ending balance at Dec. 31, 2023 | $ 11,814 | $ 0 | $ 1 | $ 5,900 | $ 12,077 | $ (6,054) | $ (1,073) | $ 963 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (PARENTHETICALS) - $ / shares | 12 Months Ended | ||||
Oct. 31, 2023 | Feb. 23, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||||
Dividends on common shares (in dollars per share) | $ 0.6625 | $ 2.6125 | $ 2.40 | $ 2.08 | |
Dividends on preferred shares (in dollars per share) | $ 1.21875 | $ 4.875 |
NATURE OF BUSINESS, BASIS OF PR
NATURE OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES | NATURE OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES Description of Business —On November 1, 2023, Bunge Global SA completed the change of jurisdiction of incorporation of its group holding company from Bermuda to Switzerland (the "Redomestication"). The Redomestication, as approved by our shareholders, was effected pursuant to a scheme of arrangement under Bermuda law. Each common share of Bunge Limited, par value $0.01 per share, was cancelled in exchange for an equal number of registered shares of Bunge Global SA, par value $0.01 per share (the "registered shares"). The registered shares began trading on the New York Stock Exchange (the "NYSE") under the symbol "BG" on November 1, 2023, which is the same symbol under which the Bunge Limited shares were previously traded. References to the term "shares" refer to Bunge Limited common shares prior to the Redomestication and to Bunge Global SA registered shares after the Redomestication, unless otherwise specified. See Note 23 – Equity for further information. Bunge Global SA, together with its consolidated subsidiaries and variable interest entities ("VIEs") in which it is considered the primary beneficiary, through which its businesses are conducted (collectively "Bunge" or "the Company"), is a leading global agribusiness and food company. Bunge operates in four reportable segments: Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy. Corporate and Other, which is not a reportable segment, includes salaries and overhead for corporate functions that are not allocated to the Company’s individual reporting segments because the operating performance of such reporting segments is evaluated by the Company's chief operating decision maker exclusive of these items, as well as certain other activities including Bunge Ventures, the Company's captive insurance program, accounts receivable securitization activities, and certain income tax assets and liabilities. Agribusiness —Bunge's Agribusiness segment is an integrated, global business involved in the purchase, storage, transport, processing, and sale of agricultural commodities and commodity products. Bunge's agribusiness operations and assets are located in North America, South America, Europe, and Asia-Pacific with merchandising and distribution offices throughout the world. Bunge's Agribusiness segment also participates in related financial activities, such as offering trade structured finance, which leverages its international trade flows, providing risk management services to customers by assisting them with managing price exposure to agricultural commodities, foreign exchange, and other financial instruments. Refined and Specialty Oils —Bunge's Refined and Specialty Oils segment produces and sells edible oil products, such as packaged and bulk oils and fats, shortenings, margarines, mayonnaise, and other products derived from the vegetable oil refining process, including renewable diesel feedstocks, and refines and fractionates palm oil, palm kernel oil, coconut oil, and shea butter. Bunge's refined and specialty oils operations are located in North America, South America, Europe, Asia-Pacific, and Africa. Milling —Bunge's Milling segment primarily comprises wheat and corn milling businesses that purchase wheat and corn directly from farmers and dealers and process them into milled products for food processors, bakeries, brewers, snack food producers, and other customers. Due to the completion of the sale of Bunge's Mexican wheat milling business during the third quarter of 2022, Bunge's wheat milling activities are now primarily located in Brazil. Corn milling activities are primarily located in the United States and Mexico. See Note 2- Acquisitions and Dispositions for additional information on the completed sale of Bunge's Mexican wheat milling activities. Sugar and Bioenergy — Bunge's Sugar and Bioenergy segment primarily consists of the Company's 50% ownership interest in the net earnings of BP Bunge Bioenergia, a joint venture with BP p.l.c. ("BP"). The joint venture is a leading company in the ethanol, biopower, and sugar market in Brazil. BP Bunge Bioenergia operates on a stand-alone basis with a total of 11 mills located across the Southeast, North, and Midwest regions of Brazil. Bunge accounts for its interest in the joint venture under the equity method of accounting. Argentina Bunge has significant operating subsidiaries in Argentina. Argentina has experienced hyperinflation, high fiscal deficit and negative Gross Domestic Product ("GDP") growth in recent quarters. Throughout 2023 and 2022, Argentina’s government has published multiple Emergency Decrees, certain of which have introduced preferential U.S. dollar to Argentine peso foreign exchange rates (collectively referred to as the "Export Programs"). Preferential exchange rates under the Export Programs are available exclusively during specific periods of time to be used on qualifying Argentine peso denominated purchases of certain commodities and payment of export duties. The Export Programs were aimed at boosting farmer selling and in turn commodity exports generating an influx of foreign currency. During the periods covered by the Export Programs, qualifying commodity prices in Argentine pesos were directly impacted by the preferential rates. Transactions related to these Export Programs were accounted for at the preferential rate. Ukraine-Russia War On February 24, 2022, Russia initiated a military invasion of Ukraine (the "war"). Bunge’s Ukrainian operations comprise two oilseed crushing facilities, located in Mykolaiv and Dnipropetrovsk, a grain export terminal in Mykolaiv commercial seaport, numerous grain elevators, and an office in Kiev. The Company also operates a corn milling facility in Ukraine via a joint venture. As of December 31, 2023, total assets and total liabilities associated with Bunge’s Ukrainian subsidiaries each comprise less than 3% of Bunge’s consolidated Total assets and Total liabilities, respectively. Bunge’s operational activities in Ukraine have steadily increased over the year, but remain limited and are subject to Bunge's ability to perform activities safely. On July 17, 2023, an agreement allowing the safe export of grain from three Ukrainian ports (Pivdennyi/Yuzhnvi, Odesa, and Chornomorsk; the "POC corridor") on the Black Sea expired. Following the termination of the POC corridor agreement, Russian attacks on key Ukrainian export infrastructure locations intensified. As of February 22, 2024, the termination of the POC corridor agreement and Russian attacks on key export infrastructure over the year have not significantly impacted Bunge's results of operations in Ukraine as alternative routes to export product are being effectively utilized. The scope, intensity, duration, and outcome of the ongoing war is uncertain, and any continuation or escalation of the war may have a material adverse effect on Bunge, including its Ukrainian operations. In the year ended December 31, 2023, the Company recognized mark-to-market gains of $29 million, respectively, in Cost of goods sold in the 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 year ended December 31, 2023. Basis of Presentation —The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The accounting policies used to prepare these financial statements are the same as those used to prepare the consolidated financial statements in prior years, except as described in these notes or for the adoption of new standards as outlined below. Principles of Consolidation —The accompanying consolidated financial statements include the accounts of Bunge, its subsidiaries and VIEs in which Bunge is considered to be the primary beneficiary and, as a result, include the assets, liabilities, revenues, and expenses of all entities over which Bunge exercises control. Equity investments in which Bunge has the ability to exercise significant influence but does not have a controlling financial interest are accounted for by the equity method of accounting. Investments in which Bunge does not exercise significant influence are accounted for at cost, or fair value if readily determinable. Intercompany accounts and transactions are eliminated. An enterprise is determined to be the primary beneficiary if it has a controlling financial interest, defined as (a) the power to direct the activities of a VIE that most significantly impact the economics of the VIE and (b) the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE's operations. Performance of that analysis requires the exercise of judgment. The primary beneficiary analysis must be continually reassessed and requires the exercise of judgement. VIE assessments are revisited upon the occurrence of relevant reconsideration events. Noncontrolling interests in subsidiaries related to Bunge's ownership interests of less than 100% are reported as Noncontrolling interests or Redeemable noncontrolling interests in the consolidated balance sheets. The noncontrolling ownership interests in Bunge's earnings, net of tax, is reported as Net (income) attributable to noncontrolling interests and redeemable noncontrolling interests in the consolidated statements of income. Reclassifications —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 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. Use of Estimates —The preparation of consolidated financial statements in conformity with U.S. GAAP requires Bunge to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes. Actual results could differ from those estimates. Offsetting —In the normal course of its operations the Company routinely enters into transactions resulting in the recognition of assets and liabilities stemming from unconditional obligations, for example trade receivables and trade payables, or conditional obligations, for example unrealized gains and losses on derivative contracts at fair value, with the same counterparty. The Company generally records all such assets and liabilities on a gross basis, even when they are subject to master netting agreements. However, the Company also engages in various trade structured finance activities to leverage the value of its global trade flows. These activities include programs under which Bunge generally obtains U.S. dollar and foreign currency denominated letters of credit ("LCs") from financial institutions, each based on an underlying commodity trade flow, and time deposits denominated in U.S. dollars and foreign currencies, as well as foreign exchange forward contracts and other programs in which trade related payables are set-off against receivables, when all related assets and liabilities are subject to legally enforceable set-off agreements and the criteria of ASC 210-20, Offsetting , has been met. Cash inflows are offset by the related cash outflows resulting from placement of the time deposits and repayment of the LCs. All cash flows related to the programs are included in operating activities in the consolidated statements of cash flows. Translation of Foreign Currency Financial Statements —Bunge's reporting currency is the U.S. dollar. The functional currency of the majority of Bunge's foreign subsidiaries is their local currency. As such, amounts included in the consolidated statements of income, comprehensive income, cash flows, and changes in equity are translated using average exchange rates during each period. Assets and liabilities are translated at period-end exchange rates and resulting foreign currency translation adjustments are recorded in the consolidated balance sheets as a component of Accumulated other comprehensive loss. However, in accordance with U.S. GAAP, if a foreign entity's economy is determined to be highly inflationary, then the foreign entity's financial statements are remeasured as if the functional currency were the reporting currency. Foreign Currency Transactions —Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured into their respective functional currencies at exchange rates in effect at the balance sheet date. The resulting exchange gain or loss is included in Bunge's consolidated statements of income as Foreign exchange gains (losses) - net unless the remeasurement gain or loss relates to an intercompany transaction that is of a long-term investment nature and for which settlement is neither planned nor anticipated in the foreseeable future, in which case the remeasurement gain or loss is reported as a component of Accumulated other comprehensive loss in Bunge's consolidated balance sheets. Cash, Cash Equivalents, Restricted Cash, and Cash held for sale —Cash and cash equivalents include time deposits and readily marketable securities with original maturity dates of three months or less at the time of acquisition. Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. The following table provides a reconciliation of cash, cash equivalents, restricted cash, and cash and cash equivalents in Assets held for sale reported within the consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows. December 31, (US$ in millions) 2023 2022 2021 Cash and cash equivalents $ 2,602 $ 1,104 $ 902 Restricted cash included in Other current assets 21 26 3 Cash and cash equivalents in Assets held for sale — 22 — Total $ 2,623 $ 1,152 $ 905 Trade Accounts Receivable —Trade accounts receivable is stated at historical carrying amounts net of write-offs and allowances for uncollectible accounts. Bunge establishes allowances for uncollectible trade accounts receivable based on lifetime expected credit losses using an aging schedule for each pool of trade accounts receivable. Pools are determined based on risk characteristics such as the type of customer and geography. A default rate is derived using a provision matrix with data based on Bunge's historical receivables information. The default rate is then applied to the pool to determine the allowance for expected credit losses. Given the short-term nature of the Company's trade accounts receivable, the default rate is only adjusted if significant changes in the credit profile of the portfolio are identified (e.g., poor crop years, credit issues at the country level, systematic risk), resulting in historic loss rates that are not representative of forecasted losses. Uncollectible accounts are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when the Company has determined that collection of the balance is unlikely. Bunge records and reports accrued interest receivable within the same line item as the related trade accounts receivable. The allowance for expected credit losses is estimated on the amortized cost basis of the trade accounts receivable, including accrued interest receivable. Bunge recognizes credit loss expense when establishing an allowance for accrued interest receivable. Secured Advances to Suppliers —Secured advances to suppliers are stated at historical carrying amounts net of write-offs and allowances for uncollectible accounts. Secured advances to suppliers are expected to be settled through delivery of non-cash assets and as such, allowances are established when collection is not probable. Bunge establishes an allowance for secured advances to suppliers, generally farmers and resellers of grain, based on historical experience, farming economics and other market conditions, as well as specific supplier collection issues. Uncollectible accounts are written off when a settlement is reached for an amount below the outstanding historical balance or when Bunge has determined that collection is unlikely. Secured advances to suppliers bear interest at contractual rates that reflect current market interest rates at the time of the transaction. There are no deferred fees or costs associated with these receivables. As a result, there are no imputed interest amounts to be amortized under the interest method. Interest income is calculated based on the terms of the individual agreements and is recognized on an accrual basis. Bunge follows accounting guidance on the disclosure of the credit quality of financing receivables and the allowance for credit losses, which requires information to be disclosed at disaggregated levels, defined as portfolio segments and classes. Under this guidance, a class of receivables is considered impaired, based on current information and events, if Bunge determines it probable that all amounts due under the original terms of the receivable will not be collected. Recognition of interest income is suspended once the borrower defaults on the originally scheduled delivery of agricultural commodities as the collection of future income is determined not to be probable. No additional interest income is accrued from the point of default until ultimate recovery, at which time amounts collected are credited first against the receivable and then to any unrecognized interest income. Inventories —Readily marketable inventories ("RMI") are agricultural commodity inventories, primarily including soybeans, soybean meal, soybean oil, corn, and wheat that are readily convertible to cash because of their commodity characteristics, widely available markets, and international pricing mechanisms. All of Bunge's RMI are recorded at fair value. These agricultural commodity inventories have quoted prices in active markets, may be sold without significant further processing, and have predictable and insignificant disposal costs. Changes in the fair values of RMI are recognized in earnings as a component of Cost of goods sold. Inventories other than RMI are stated at the lower of cost or net realizable value by inventory product class. Cost is determined primarily using the weighted-average cost method. Fair Value Measurements —Bunge determines fair value based on the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Bunge determines the fair values of its RMI, derivatives, and certain other assets based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs are inputs based on market data obtained from sources independent of Bunge that reflect the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are inputs that are developed based on the best information available in circumstances that reflect Bunge's own assumptions based on market data and on assumptions that market participants would use in pricing the asset or liability. The fair value standard describes three levels within its hierarchy that may be used to measure fair value: Level Description Financial Instrument (Assets / Liabilities) Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities. Exchange traded derivative contracts. Marketable securities in active markets. Level 2 Observable inputs, including adjusted Level 1 quotes, quoted prices for similar assets or liabilities, quoted prices in markets that are less active than traded exchanges and other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Exchange traded derivative contracts (less liquid market). Level 3 Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. Assets and liabilities whose value is determined using proprietary pricing models, discounted cash flow methodologies or similar techniques. Based on historical experience with Bunge’s suppliers and customers, Bunge’s own credit risk, and knowledge of current market conditions, Bunge does not view nonperformance risk to be a significant input to fair value for the majority of its forward commodity purchase and sale contracts. In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of input that is a significant component of the fair value measurement determines the placement of the entire fair value measurement in the hierarchy. Bunge’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy levels. Bunge’s policy regarding the timing of transfers between levels, including both transfers into and transfers out of Level 3, is to measure and record the transfers at the end of the reporting period. The majority of Bunge's exchange-traded agricultural commodity futures are settled daily, generally through its clearing subsidiary, and therefore such futures are not included in the assets and liabilities that are accounted for at fair value on a recurring basis. Derivative Instruments and Hedging Activities —Bunge enters into derivative instruments to manage its exposure to movements associated with agricultural commodity prices, transportation costs, foreign currency exchange rates, interest rates, and energy costs. Bunge's use of these instruments is generally intended to mitigate exposure to market variables (see Note 16- Derivative Instruments and Hedging Activities ). Additionally, commodity contracts relating to forward sales of commodities primarily in the Company’s Agribusiness segment, including but not limited to soybeans, soybean meal and oil, corn, and wheat, are accounted for as derivatives at fair value under ASC 815 (see Revenue Recognition below). Generally, derivative instruments are recorded at fair value in Other current assets or Other current liabilities in Bunge's consolidated balance sheets. For derivatives designated as hedges, Bunge assesses at the inception of the hedge whether any such derivatives are highly effective in offsetting changes in the hedged items and, on an ongoing basis, qualitatively monitors whether that assertion is still met. The changes in fair values of derivative instruments designated as fair value hedges, along with the gains or losses on the related hedged items are recorded in earnings in the consolidated statements of income in the same caption as the hedged items. The changes in fair values of derivative instruments that are designated as cash flow hedges are recorded in Accumulated other comprehensive loss and are reclassified to earnings when the hedged cash flows affect earnings or when the hedge is no longer considered to be effective. In addition, Bunge may designate certain derivative instruments and non-derivative instruments as net investment hedges to hedge the exposure associated with its equity investments in foreign operations. When using forward derivative contracts as hedging instruments in a net investment hedge, all changes in the fair value of the derivative are recorded as a component of Accumulated other comprehensive loss in the consolidated balance sheets. Marketable Securities and Other Short-Term Investments —Bunge classifies its marketable debt securities and short-term investments as available-for-sale, held-to-maturity, or held-for-trading. Available-for-sale debt securities are reported at fair value with unrealized gains (losses) included in Accumulated other comprehensive loss. Held-to-maturity debt investments represent financial assets in which Bunge has the intent and ability to hold to maturity and are reported at amortized cost. Debt trading securities and all equity securities are recorded at fair value and are bought and held principally for selling them in the near term and therefore held for only a short period of time, with all gains (losses) included in Net income. Bunge monitors its held-to-maturity investments for impairment periodically and recognizes an impairment charge when the decline in fair value of an investment is judged to be other than temporary. Recoverable Taxes —Recoverable taxes include value-added taxes paid upon the acquisition of raw materials and taxable services and other transactional taxes, which can be recovered in cash or as compensation against income taxes or other taxes owed by Bunge, primarily in Brazil and Europe. These recoverable tax payments are included in Other current assets or Other non-current assets based on their expected realization. In cases where Bunge determines that recovery is doubtful, recoverable taxes are reduced by allowances for the estimated unrecoverable amounts. Property, Plant and Equipment, Net —Property, plant and equipment, net is stated at cost less accumulated depreciation. Major improvements that extend either the life, capacity, efficiency, or improve the safety of an asset are capitalized, while maintenance and repairs are expensed as incurred. Costs related to legal obligations associated with the future retirement of capitalized assets are capitalized as part of the cost of the related asset. Bunge capitalizes eligible costs to acquire or develop internal-use software that are incurred during the application development stage. Interest costs on borrowings during construction/completion periods of major capital projects are also capitalized. Depreciation is computed based on the straight-line method over the estimated useful lives of the assets. Estimated useful lives for property, plant and equipment are as follows: Years Buildings 10 - 50 Machinery and equipment 3 - 25 Furniture, fixtures and other 3 - 20 Goodwill —Goodwill represents the cost in excess of the fair value of net assets acquired in a business acquisition. Goodwill is not amortized but is tested annually for impairment, or between annual tests if events or circumstances indicate potential impairment. Bunge's annual impairment testing is generally performed during the fourth quarter of its fiscal year. Goodwill is tested for impairment at the reporting unit level, which has been determined to be the Company's operating segments or one level below the operating segments in certain instances (see Note 8- Goodwill ). Other Intangible Assets —Finite-lived intangible assets primarily include trademarks, customer relationships and lists, port facility usage rights, licenses and patents that are amortized on a straight-line basis over their contractual or legal lives, or their estimated useful lives where such lives are not determined by law or contract (see Note 9- Other Intangible Assets ). Impairment of Property, Plant and Equipment and Finite-Lived Intangible Assets —Bunge reviews its property, plant and equipment and finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. Bunge bases its evaluation of recoverability on such indicators as the nature, future economic benefits, and geographic locations of the assets, historical or future profitability measures, and other external market conditions. If these indicators result in the expected non-recoverability of the carrying amount of an asset or asset group, Bunge evaluates potential impairment using undiscounted estimated future cash flows. If such undiscounted future cash flows during the asset's remaining useful life are below the asset's carrying value, a loss is recognized for the shortfall, measured by the present value of the estimated future cash flows or by third-party appraisals. Bunge records impairments related to property, plant and equipment and finite-lived intangible assets used in the processing of its products in Cost of goods sold in its consolidated statements of income. Any impairment of marketing or brand assets is recognized in Selling, general and administrative expenses ("SG&A") in the consolidated statements of income (see Note 10- Impairments ). Property, plant and equipment and other finite-lived intangible assets to be sold or otherwise disposed of are reported at the lower of carrying amount or fair value less cost to sell. Investments in Affiliates —Bunge has investments in various unconsolidated joint ventures accounted for using the equity method, minus impairment. Bunge reviews its investments annually or when an event or circumstances indicate that a potential decline in value may be other than temporary. Bunge considers various factors in determining whether to recognize an impairment charge, including the length of time the fair value of the investment is expected to be below its carrying value, the financial condition, operating performance and near-term prospects of the affiliate, and Bunge's intent and ability to hold the investment for a period of time sufficient to allow for recovery of the fair value (see Note 10- Impairments and Note 11- Investments in Affiliates and Variable Interest Entities ). Revenue Recognition —The Company’s revenue comprises sales from commodity contracts that are accounted for under ASC 815, Derivatives and Hedging ("ASC 815"), and sales of other products and services that are accounted for under ASC 606, Revenue from Contracts with Customers ("ASC 606"). Additional information about the Company’s revenues can be found in Note 27- Segment Information . Revenue from commodity contracts (ASC 815) —Revenue from commodity contracts primarily relates to forward sales of commodities including, but not limited to soybeans, soybean meal and oil, corn, and wheat accounted for as derivatives at fair value under ASC 815, primarily in the Company’s Agribusiness segment. These forward sales meet the definition of a derivative under ASC 815 as they have an underlying (e.g., the price of soybeans), a notional amount (e.g., metric tons), no initial net investment, and can be net settled since the commodity is readily convertible to cash. Bunge generally does not apply the normal purchase and normal sale exception available under ASC 815 to these contracts. Certain of the Company’s sales in its Refined and Specialty Oils and Milling segments also qualify as derivatives, primarily sales of commodities like bulk soybean and canola oil. Revenue from commodity contracts is recognized in Net sales for the contracted amount when the contracts are settled at a point in time by transferring control of the commodity to the customer, similarly to revenue recognized from contracts with customers under ASC 606. From inception through settlement, these forward sales arrangements are recorded at fair value under ASC 815 with unrealized gains and losses recognized in Cost of goods sold and carried on the consolidated balance sheets as current assets (see Note 6- Other Current Assets ) or current liabilities (see Note 13- Other Current Liabilities ), respectively. Further information about the fair value of these contracts is presented in Note 15- Fair Value Measurements . Revenue from contracts with customers (ASC 606) —Revenue from contracts with customers accounted for under ASC 606 is primarily generated in the Company's Refined and Specialty Oils and Milling segments through the sale of refined edible oil-based products such as packaged vegetable oils, shortenings, margarines, and mayonnaise; milled grain products such as wheat flours, bakery mixes, and corn-based products; and fertilizer products. These sales are accounted for under ASC 606 as these sales arrangements do not meet the criteria to be considered derivatives under ASC 815. These revenues are measured based on consideration specified in a contract with a customer and exclude sales taxes, discounts related to |
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination, Asset Acquisition And Discontinued Operations and Disposal Groups [Abstract] | |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS Acquisitions Viterra Limited Business Combination Agreement On June 13, 2023, Bunge Limited entered into a definitive business combination agreement (the "Business Combination Agreement") with Viterra Limited ("Viterra") and its shareholders including certain affiliates of Glencore PLC, Canada Pension Plan Investment Board, and British Columbia Investment Management Corporation (collectively, the "Sellers"), to acquire Viterra in a stock and cash transaction (the "Acquisition"). Bunge shareholders approved the Acquisition at the Extraordinary General Meeting held October 5, 2023. The Acquisition of Viterra by Bunge will create an innovative global agribusiness company well positioned to meet the demands of increasingly complex markets and better serve farmers and end-customers. Under the terms of the Business Combination Agreement, Viterra shareholders are anticipated to receive approximately 65.6 million registered shares of Bunge, with an aggregate value of approximately $6.6 billion as of December 31, 2023 and receive approximately $2.0 billion in cash (collectively the "Transaction Consideration"), in return for 100% of the outstanding equity of Viterra. The determination of the final value of the Transaction Consideration will depend on the Company's share price at the time of closing. Upon completion of the transaction, the Sellers are expected to own approximately 30% of the combined Bunge company on a fully diluted basis, before giving effect to any share repurchases by Bunge occurring after June 13, 2023. In connection with the execution of the Business Combination Agreement, Bunge has secured a total of $8.0 billion in acquisition debt financing ("Acquisition Financing"). Bunge intends to use a portion of the Acquisition Financing to fund the cash portion of the Transaction Consideration, and the remainder for repayment of certain indebtedness of Viterra, which is expected to be repaid at closing and for the ongoing operations of the combined company following closing. See Note 18- Long-term Debt for further information. The Acquisition is anticipated to close as early as mid-2024, subject to the satisfaction of regulatory approvals and other customary closing conditions. The Business Combination Agreement may be terminated by mutual written consent of the parties and includes certain customary termination rights. If the Business Combination Agreement is terminated in connection with certain circumstances relating to the failure to obtain certain antitrust and competition clearances that are conditions to closing, Bunge would be obligated to pay the Sellers a fee of $400 million in the aggregate. Additionally, on June 12, 2023, in contemplation of the Business Combination Agreement, Bunge Limited's Board of Directors approved a $1.7 billion expansion of the existing share repurchase program for the repurchase of Bunge's issued and outstanding shares. Approximately $300 million remained outstanding under the existing program prior to the expansion of the program, resulting in an aggregate remaining program size of up to $2.0 billion of repurchases of Bunge's issued and outstanding shares. Under this program, Bunge repurchased 5,407,861 shares for $600 million during the year ended December 31, 2023. Therefore, as of December 31, 2023, $1.4 billion remains outstanding for repurchases under the program. See Note 23- Equity for further details on share repurchases. Espaçogrãos Grain Elevators On November 30, 2023, Bunge entered into purchase and sale agreements with Espaçogrãos to acquire three grain elevators and related assets ("Silos") for total cash consideration of approximately $85 million, inclusive of $35 million of advance payments expected prior to the close. Advance payments are refundable under certain conditions, including in the event closing does not occur. The Silos are located in the Brazilian cities of Nova Mutum, Matupa and Alta Floresta. The asset acquisitions are expected to close separately per each agreement in 2024 and 2025, subject to certain closing conditions. CJ Latam and Selecta Share Purchase Agreement On October 10, 2023, Bunge entered into a definitive share purchase agreement with CJ CheilJedang Corporation and STIC CJ Global Investment Corporate Partnership Private Equity Fund to acquire 100% of outstanding equity of CJ Latam Participações Ltda. and CJ Selecta S.A. (collectively, "CJ") for a total cash consideration of approximately $510 million to be adjusted for net debt, plus an additional sum in consideration for the value of net working capital. Operations of CJ primarily consist of an oilseed processing facility located in Brazil. Bunge expects to finance the transaction through cash from operations and existing financing facilities. The acquisition is expected to close in mid-2024, subject to customary closing conditions. Fuji Oils New Orleans, LLC Port Based Refinery On April 14, 2023, Bunge, through its 80% ownership of Bunge Loders Croklaan joint venture with IOI Corporation Berhad, completed its purchase of Fuji Oils New Orleans, LLC's port based refinery. The refinery is located in International-Matex Tank Terminals' Avondale Terminal, in Avondale, Louisiana in the United States. Cash consideration for the asset acquisition of $181 million was allocated to Property, plant and equipment, net ($220 million), inclusive of a finance lease right of use asset ($52 million), long-term finance lease obligations ($41 million) included in Long-term debt and Current portion of long-term debt, and other net working capital ($2 million). Dispositions Russian Oilseed Processing and Refining Operations Disposition On September 16, 2022, Bunge signed an agreement to sell its remaining Russian operations, primarily comprising an oilseed crushing and refining facility in Voronezh, southwest Russia (referred to as the "disposal group"), to Karen Vanetsyan (the "Buyer"), in exchange for a cash price approximately equal to the book value of the disposal group's net assets. On January 9, 2023, Bunge and the Buyer agreed to a purchase price adjustment. The purchase price adjustment and cumulative translation adjustment losses, among other items related to the disposal group, resulted in a corresponding impairment loss on sale of $103 million, recognized in Cost of goods sold for the year ended December 31, 2022. On February 3, 2023, the transaction closed in accordance with the terms of the agreement with no material impact to the consolidated statement of income for the year ended December 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 21- Commitments and Contingencies for more information. The following table presents the book values of the major classes of assets and liabilities that were included in the disposal group at the closing date. Intercompany balances between the disposal group and other Bunge consolidated entities have been omitted. Assets included in the disposal group comprised $12 million and $21 million, reported under the Agribusiness segment and Refined and Specialty Oils segment, respectively. Liabilities included in the disposal group comprised $6 million and $13 million, reported under the Agribusiness segment and Refined and Specialty Oils segment, respectively. (US$ in millions) Cash and cash equivalents $ 19 Trade accounts receivable (less allowances of zero) 15 Inventories 33 Other current assets 14 Property, plant and equipment, net 24 Goodwill & Other intangible assets, net 10 Other non-current assets 8 Impairment reserve (90) Total assets $ 33 Trade accounts payable and accrued liabilities $ 3 Other current liabilities 16 Total liabilities $ 19 Mexico Wheat Milling Disposition On October 12, 2021, Bunge entered into an agreement to sell substantially all of its wheat milling business in Mexico in exchange for cash proceeds approximately equal to the book value of property, plant and equipment, net, plus an additional sum in consideration for the value of net working capital to be transferred upon closing. Additionally, cumulative translation adjustments, among other items related to the disposal group, resulted in a corresponding impairment loss on sale of $170 million, recognized in Cost of goods sold for the year ended December 31, 2021. The Company also incurred a $30 million tax expense in connection with the disposal. On September 14, 2022, the transaction closed in accordance with the terms of the agreement. The following table presents the book values of the major classes of assets and liabilities that were included in the disposal group, reported under the Milling segment: (US$ in millions) Trade accounts receivable $ 73 Inventories 187 Other current assets 7 Property, plant and equipment, net 164 Operating lease assets 2 Goodwill & Other intangible assets, net 86 Impairment reserve (170) Total assets $ 349 Trade accounts payable $ 13 Current operating lease obligations 1 Other current liabilities 5 Total liabilities $ 19 US Grain Disposition On April 21, 2020, Bunge announced that it had entered into an agreement to sell a portfolio of interior grain elevators located in the United States. On July 9, 2021, the transaction closed in accordance with the terms of the agreement. Upon closing, Bunge received cash proceeds of $298 million in consideration for the book value of property, plant and equipment, net, plus an additional sum in consideration for the value of net working capital transferred on the date of closing, resulting in a gain on sale of $158 million recognized in Other (expense) income—net, for the year ended December 31, 2021. The following table presents the book values of the major classes of assets and liabilities that were included in the disposal group, reported under the Agribusiness segment: (US$ in millions) Inventories $ 111 Other current assets 155 Property, plant and equipment, net 128 Operating lease assets 6 Goodwill 6 Total assets $ 406 Trade accounts payable $ 43 Current operating lease obligations 1 Other current liabilities 6 Non-current lease obligations 5 Total liabilities $ 55 Rotterdam Oils Refinery Disposition On November 4, 2020, Bunge announced that its Bunge Loders Croklaan joint venture had entered into an agreement to sell its oil refinery located in Rotterdam, Netherlands. Bunge is leasing back the facility from the buyer in a phased transition through 2024 so that it can continue to supply its customers with its products. The transaction, accounted for as an asset sale, closed during the first quarter of 2021. The Company recorded a gain of $219 million on the sale, including the noncontrolling interest portion, which was recorded within Other (expense) income—net The following table presents the book values of the major classes of assets and liabilities that were included in the disposal group, reported under the Refined and Specialty Oils segment: (US$ in millions) Other current assets $ 3 Property, plant and equipment, net 94 Operating lease assets 6 Total assets $ 103 Current operating lease obligations $ 1 Other current liabilities 5 Deferred income taxes 7 Non-current lease obligations 5 Total liabilities $ 18 Mexico Oils Facility Disposition During 2021, Bunge completed the sale of its oils packaging facility in Queretaro, Mexico. The transaction primarily includes the location's property, plant and equipment and related processes. The Company recorded a gain of $19 million on the sale, which was recorded within Other (expense) income—net in the consolidated statement of income. The following table presents the book values of the major classes of assets included in the disposal group, reported under the Refined and Specialty Oils segment: (US$ in millions) Property, plant and equipment, net $ 7 Goodwill 1 Total assets $ 8 |
TRADE STRUCTURED FINANCE PROGRA
TRADE STRUCTURED FINANCE PROGRAM | 12 Months Ended |
Dec. 31, 2023 | |
Trade Structured Finance Program [Abstract] | |
TRADE STRUCTURED FINANCE PROGRAM | TRADE STRUCTURED FINANCE PROGRAM The Company engages in various trade structured finance activities to leverage the value of its global trade flows. These activities include programs under which Bunge generally obtains U.S. dollar and foreign currency denominated letters of credit ("LCs") from financial institutions, each based on an underlying commodity trade flow, and time deposits denominated in U.S. dollars and foreign currencies, as well as foreign exchange forward contracts, in which trade related payables are set-off against receivables, all of which are subject to legally enforceable set-off agreements. For the years ended December 31, 2023, 2022 and 2021, net returns from these activities were $36 million, $32 million, and $31 million, respectively, and were included as a reduction of Cost of goods sold in the accompanying consolidated statements of income. As of December 31, 2023 and 2022, time deposits and LCs of $6,880 million and $5,901 million, respectively, were presented net on the consolidated balance sheets as the criteria of ASC 210-20, Offsetting , had been met. At December 31, 2023 and 2022, time deposits, including those presented on a net basis, carried weighted-average interest rates of 5.77% and 3.46%, respectively. During the years ended December 31, 2023, 2022 and 2021, total net proceeds from issuances of LCs were $6,730 million, $5,826 million and $6,522 million, respectively. These cash inflows are offset by the related cash outflows resulting from placement of the time deposits and repayment of the LCs. All cash flows related to the programs are included in operating activities in the consolidated statements of cash flows. As part of the trade structured finance activities, LCs may be sold to financial institutions on a discounted basis. Bunge does not service derecognized LCs. The terms of the sale may require the Company to continue to make periodic interest payments to financial institutions based on changes in the Secured Overnight Financing Rate ("SOFR") for a period of up to one year. Bunge’s payment obligation to financial institutions as part of the trade structured finance activities, reported in Other current liabilities, including any unrealized gain or loss on changes in SOFR is not significant as of December 31, 2023 and 2022. The notional amounts of LCs subject to continuing variable interest payments that have been derecognized from the Company's consolidated balance sheets as of December 31, 2023 and 2022 are included in Note 16- Derivative Instruments and Hedging Activities . The net gain or loss included in Cost of goods sold resulting from the fair valuation of such variable interest rate obligations is not significant for the years ended December 31, 2023, 2022 and 2021. |
TRADE ACCOUNTS RECEIVABLE AND T
TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM | 12 Months Ended |
Dec. 31, 2023 | |
Transfers and Servicing [Abstract] | |
TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM | TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM Trade Accounts Receivable Changes to the allowance for expected credit losses related to Trade accounts receivable are as follows: Twelve Months Ended December 31, 2023 Rollforward of the Allowance for Credit Losses (US$ in millions) Short-term Long-term (1) Total Allowance as of January 1, 2023 $ 90 $ 46 $ 136 Current period provisions 71 — 71 Recoveries (57) (2) (59) Write-offs charged against the allowance (2) (13) (15) Transfers — — — Foreign exchange translation differences 2 1 3 Allowance as of December 31, 2023 $ 104 $ 32 $ 136 (1) Long-term portion of the allowance for credit losses is included in Other non-current assets. Twelve Months Ended December 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 provisions 65 1 66 Recoveries (39) (1) (40) Write-offs charged against the allowance (24) (3) (27) Transfers (2) 4 — 4 Foreign exchange translation differences (1) 2 1 Allowance as of December 31, 2022 $ 90 $ 46 $ 136 (1) Long-term portion of the allowance for credit losses is included in Other non-current assets. (2) Transfers represent an increase in the allowance on owned receivables resulting from the repurchase of receivables previously included in the trade receivables securitization program as a result of the November 16, 2022 amendment described below. 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. On December 18, 2023, Bunge and certain of its subsidiaries amended the Program which increased its aggregate size by $400 million to an aggregate of $1.5 billion and increased the size of the accordion feature by $750 million to $1 billion. The Program will terminate on May 17, 2031; however, each committed purchaser's commitment to purchase trade receivables under the Program will terminate earlier on December 17, 2024, with a feature that permits Bunge to request 364-day extensions. In addition, the December 18, 2023 amendment revised the premiums or discounts to such applicable margin tied to certain sustainability criteria, including, but not limited to, science-based targets ("SBTs") that define Bunge’s climate goals within its operations and a commitment to a deforestation-free supply chain in 2025. As the result of a June 21, 2023 Program amendment, Bunge Limited’s obligations as existing guarantor were automatically assigned to Bunge Global SA as successor guarantor, effective on November 1, 2023 following the completion of the Redomestication (see Note 1 - Nature of Business, Basis of Presentation, and Significant Accounting Policies ). The Program’s current pledge structure results from a November 16, 2022 amendment which replaced the existing deferred purchase price ("DPP") 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 the aggregate size of the Program. Bunge also 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 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 DPP. As of December 31, 2023, the Company had collected a total of $733 million of repurchased receivables, including $87 million collected in the year ended December 31, 2023, which are reported as Proceeds from beneficial interest in securitized trade receivables under investing activities in the consolidated statements of cash flows. December 31, (US$ in millions) 2023 2022 Receivables sold which were derecognized from Bunge's balance sheet $ 1,230 $ 1,100 Receivables pledged to the administrative agent and included in Trade accounts receivable $ 343 $ 583 Bunge's risk of loss following the sale of trade receivables is limited to the assets of BSBV, primarily comprised of unsold receivables pledged to the administrative agent. The table below summarizes the cash flows and discounts of Bunge's trade receivables associated with the Program. Servicing fees under the Program were not significant in any period. Years Ended December 31, (US$ in millions) 2023 2022 2021 Gross receivables sold $ 11,669 $ 17,248 $ 14,648 Proceeds received in cash related to transfer of receivables (1) $ 11,615 $ 16,340 $ 14,018 Cash collections from customers on receivables previously sold $ 11,539 $ 17,450 $ 14,230 Discounts related to gross receivables sold included in SG&A $ 54 $ 23 $ 7 (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 consolidated statements of cash flows. As a result of the November 16, 2022 amendment, Bunge will report collections on newly originated, unsold receivables held by BSBV as operating cash flows in the consolidated statements of cash flows. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventory by segment consists of the following: December 31, (US$ in millions) 2023 2022 Agribusiness $ 5,830 $ 6,756 Refined and Specialty Oils 1,096 1,316 Milling 175 332 Corporate and Other 4 4 Total $ 7,105 $ 8,408 RMI by segment consists of the following: December 31, (US$ in millions) 2023 2022 Agribusiness (1) $ 5,519 $ 6,286 Refined and Specialty Oils 302 271 Milling 16 97 Corporate and Other — — Total $ 5,837 $ 6,654 (1) Assets held for sale includes RMI of zero and $26 million at December 31, 2023 and 2022, respectively. The Company engages in trading and distribution, or merchandising activities. Included in RMI is $4,242 million and $4,789 million attributable to merchandising activities at December 31, 2023 and 2022, respectively. |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER CURRENT ASSETS | OTHER CURRENT ASSETS Other current assets consist of the following: December 31, (US$ in millions) 2023 2022 Unrealized gains on derivative contracts, at fair value $ 1,481 $ 1,597 Prepaid commodity purchase contracts (1) 320 254 Secured advances to suppliers, net (2) 462 365 Recoverable taxes, net 378 365 Margin deposits 618 791 Marketable securities and other short-term investments (3) 105 119 Income taxes receivable 54 102 Prepaid expenses 346 376 Restricted cash 21 26 Other 265 386 Total $ 4,050 $ 4,381 (1) Prepaid commodity purchase contracts represent advance payments against contracts for future delivery of specified quantities of agricultural commodities. The balance includes certain advance payments on contracts with various unconsolidated investees see Note 20- Related Party Transactions . (2) Bunge provides cash advances to suppliers, primarily Brazilian soybean farmers, to finance a portion of the suppliers' production costs, primarily to secure the origination of soybeans for Bunge's soybean processing facilities in Brazil. The balance includes certain advance payments on contracts with various unconsolidated investees see Note 20- Related Party Transactions . Bunge does not bear any of the costs or operational risks associated with growing the related crops. The ability of Bunge's counterparties to repay these amounts is affected by agricultural economic conditions in the relevant geography, which are in turn affected by commodity prices, currency exchange rates, crop input costs, and crop quality and yields. As a result, the advan ces are largely collateralized by future crops and physical assets of the suppliers, carry a local market interest rate, an d settle when the farmers' crops are harvested and sold. The secured advances to suppliers are reported net of allowances of $8 million a nd $7 million at December 31, 2023 and December 31, 2022, respectively. Bunge periodically evaluates the collectability of Bunge’s suppliers receivables and records allowances if Bunge determines that collection is doubtful. Bunge bases the Company’s determination of the allowance on analyses of the credit quality of individual accounts, also considering the economic and financial condition of the farming industry and other market conditions, as well as the value of any collateral related to amounts owed. Bunge continuously reviews defaulted supplier receivables for impairment on an individual account basis. Bunge considers all accounts in legal collection processes to be defaulted and past due. For such accounts, Bunge determines the allowance for uncollectible amounts based on the fair value of the associated collateral, net of estimated costs to sell. For all renegotiated accounts (current and past due), Bunge considers changes in farm economic conditions and other market conditions, Bunge’s historical experience related to renegotiated accounts, and the fair value of collateral in determining the allowance for doubtful accounts. Interest earned on secured advances to suppliers of $25 million , $22 million, and $26 million, for the years ended December 31, 2023, 2022, and 2021, respectively, is included in Net sales in the consolidated statements of income. (3) Marketable securities and other short-term investments—Bunge invests in foreign government securities, corporate debt securities, deposits, equity securities, and other securities. The following is a summary of amounts recorded in the consolidated balance sheets as marketable securities and other short-term investments. December 31, (US$ in millions) 2023 2022 Foreign government securities $ 39 $ 68 Equity securities 28 23 Other 38 28 Total marketable securities and other short-term investments $ 105 $ 119 As of December 31, 2023 and 2022, $67 million and $89 million, respectively, of marketable securities and other short-term investments are recorded at fair value. All other investments are recorded at cost, and due to the short-term nature of these investments, their carrying values approximate fair values. For the years ended December 31, 2023, 2022, and 2021, unrealized gains/(losses) of zero, $(140) million, and $47 million, respectively, have been recorded and recognized in Other income (expense) - net for investments held at December 31, 2023, 2022, and 2021. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net consist of the following: December 31, (US$ in millions) 2023 2022 Land $ 399 $ 342 Buildings 1,909 1,752 Machinery and equipment 5,262 4,576 Furniture, fixtures and other 640 583 Construction in progress 1,017 583 Gross book value 9,227 7,836 Less: accumulated depreciation and depletion (4,686) (4,219) Property, plant and equipment, net $ 4,541 $ 3,617 Bunge's paid and accrued capital expenditures amounted to $1,192 million, $593 million, and $437 million during the years ended December 31, 2023, 2022, and 2021, respectively. Included in these capitalized expenditures was capitalized interest on construction in progress of $19 million, $3 million, and $2 million for the years ended December 31, 2023, 2022, and 2021, respectively. Depreciation and depletion expense was $390 million, $363 million, and $376 million for the years ended December 31, 2023, 2022, and 2021, respectively. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | GOODWILL Bunge generally performs its annual goodwill impairment analysis during the fourth quarter. If events or indicators of impairment occur between annual impairment analyses, the Company performs an impairment analysis at that date. These events or circumstances could inc lude a significant change in the business climate, legal factors, operating performance indicators, competition, or the sale or disposition of a significant asset. In testing for a potential impairment of goodwill, the Company: (1) validates changes, if any, to its reporting units with goodwill balances; (2) allocates goodwill to its reporting units to which acquired goodwill relates; (3) determines the carrying value, or book value, of its reporting units; (4) estimates the fair value of each reporting unit using a discounted cash flow model and/or using market multiples; (5) compares the fair value of each reporting unit to its carrying value; and (6) if the estimated fair value of a reporting unit is less than the carrying value, the Company recognizes an impairment charge for such amount, not to exceed the total amount of goodwill allocated to that reporting unit. Critical estimates in the determination of fair value under both the income and market approach include, but are not limited to, assumptions about variables such as commodity prices, crop and related throughput and production volumes, profitability, future capital expenditures, other expenses, and discount rates, all of which are subject to a high degree of judgment. Changes in the carrying value of goodwill by segment for the years ended December 31, 2023 and 2022 are as follows: (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Total Cost: Balance at December 31, 2022 $ 203 $ 292 $ 85 $ — $ 580 Disposals — — — — — Foreign currency translation 8 8 4 — 20 Balance at December 31, 2023 211 300 89 — 600 Accumulated impairment losses: Balance at December 31, 2022 (2) (105) (3) — (110) Impairment charge for the period — — — — — Disposals — — — — — Foreign currency translation — (1) — — (1) Balance at December 31, 2023 (2) (106) (3) — (111) Net carrying value at December 31, 2023 $ 209 $ 194 $ 86 $ — $ 489 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Total Cost: Balance at December 31, 2021 $ 210 $ 313 $ 81 $ — $ 604 Reclassification to assets held for sale (1) (3) — — — (3) Disposals — — — — — Foreign currency translation (4) (21) 4 — (21) Balance at December 31, 2022 203 292 85 — 580 Accumulated impairment losses: Balance at December 31, 2021 (2) (115) (3) — (120) Impairment charge for the period — — — — — Disposals — — — — — Foreign currency translation — 10 — — 10 Balance at December 31, 2022 (2) (105) (3) — (110) Net carrying value at December 31, 2022 $ 201 $ 187 $ 82 $ — $ 470 (1) During the year ended December 31, 2022, the Company announced it had entered into an agreement to sell its operations in Russia. On February 3, 2023, the transaction closed in accordance with the terms of the agreement. Refer to Note 2- Acquisitions and Dispositions |
OTHER INTANGIBLE ASSETS
OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
OTHER INTANGIBLE ASSETS | OTHER INTANGIBLE ASSETS Other intangible assets, net are all finite-lived and consist of the following: December 31, (US$ in millions) 2023 2022 Gross carrying amount: Trademarks/brands $ 156 $ 151 Licenses 102 10 Port rights 68 63 Customer relationships 299 293 Patents 131 128 Other 37 41 793 686 Accumulated amortization: Trademarks/brands (122) (90) Licenses (10) (10) Port rights (21) (17) Customer relationships (133) (110) Patents (86) (73) Other (23) (26) (395) (326) Other intangible assets, net $ 398 $ 360 Amortization expense was $61 million, $41 million, and $48 million for the years ended December 31, 2023, 2022 and 2021, respectively. The estimated future amortization expense is as follows: $38 million for 2024; $39 million for 2025; $38 million for 2026; $38 million for 2027; and $31 million for 2028. During the year ended December 31, 2023, the Company discontinued its use of several trademarks, primarily consisting of trademarks acquired in Bunge's 2018 acquisition of Loders Croklaan. The discontinuation triggered a reassessment of the trademarks' estimated useful lives resulting in accelerated amortization through December 31, 2023. For the year ended December 31, 2023, accelerated amortization expense of $21 million was recorded to SG&A expenses within the Refined and Specialty Oils segment. For the year ended December 31, 2023, Net income attributable to Bunge included $12 million of expense (net of $5 million in tax expense) and Net income attributable to noncontrolling interests and redeemable noncontrolling interests included $3 million of expense (net of $1 million in tax expense) related to accelerated amortization. During the year ended December 31, 2022, the Company announced it had entered into an agreement to sell its remaining Russian operations. As a result of this transaction, $7 million of Other intangible assets, net have been transferred to Assets held for sale as of December 31, 2022. On February 3, 2023, the transaction closed in accordance with the terms of the agreement. Refer to Note 2- Acquisitions and Dispositions |
IMPAIRMENTS
IMPAIRMENTS | 12 Months Ended |
Dec. 31, 2023 | |
IMPAIRMENTS | |
IMPAIRMENTS | IMPAIRMENTS For the year ended December 31, 2023, Bunge recorded a pre-tax fixed asset impairment charge of $37 million in Cost of goods sold associated with a North America facility. The impairment charge was recorded to the Agribusiness segment. Bunge also recorded two impairment charges to Corporate and Other. First, a $20 million impairment charge, in Other Income (expense) - net, related to the full impairment of a long-term investment held in Other non-current assets. Second, Bunge recorded an impairment charge of $16 million in Income from affiliates associated with one of its equity method investments, see Note 11- Investments in Affiliates and Variable Interest Entities for further details. For the year ended December 31, 2022, Bunge recorded a pre-tax impairment charge of $103 million, in Cost of goods sold Note 2- Acquisitions and Dispositions ) as well as $2 million related to damaged sustained to the Company's Mykolaiv port facility in Ukraine as a result of the Ukraine-Russia war. The charge was recorded as $42 million charge to the Agribusiness segment, $52 million charge to the Refined and Specialty Oils segment, and the remaining portion of the impairment charge was recorded to Corporate and Other. Bunge also recorded impairment charges of $53 million in Income from affiliates associated with two of its equity method investments, see Note 11- Investments in Affiliates and Variable Interest Entities for further details. The impairment charge was recorded to Corporate and Other. For the year ended December 31, 2021, Bunge recorded a pre-tax impairment charge of $170 million, in Cost of goods sold Note 2- Acquisitions and Dispositions ). The charge was recorded in the Milling segment. This transaction was completed during the third quarter of 2022. Bunge also recorded pre-tax impairment charges of $50 million, which includes $15 million attributable to noncontrolling interests, in Cost of goods sold, related to an oils facility in China. The charge was recorded in the Refined and Specialty Oils segment. |
INVESTMENTS IN AFFILIATES AND V
INVESTMENTS IN AFFILIATES AND VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENTS IN AFFILIATES AND VARIABLE INTEREST ENTITIES | INVESTMENTS IN AFFILIATES AND VARIABLE INTEREST ENTITIES Bunge participates in various unconsolidated joint ventures and other investments accounted for using the equity method. The Company records its interest in the net earnings of its equity method investees, along with the amortization of basis differences, within Income from affiliates, in the consolidated statements of income. Basis differences represent differences between the cost of the investment and the underlying equity in net assets of the investment and are amortized over the lives of the related assets that gave rise to them. At December 31, 2023 and 2022, the aggregate of all basis differences was a credit of $56 million, including $95 million of amortizable basis difference, and $114 million, including $113 million of amortizable basis difference, respectively, primarily associated with BP Bunge Bioenergia. Certain significant equity method investments at December 31, 2023 are described below. Bunge allocates equity in earnings of affiliates to its reporting segments. Agribusiness Agricola Alvorada S.A. - Bunge has a 37% ownership interest in an agribusiness company in Brazil that complements its grain origination business. Agrofel Grãos e Insumos. - Bunge has a 30% ownership interest in an agricultural inputs reseller in Brazil that complements its soybean origination business. Complejo Agroindustrial Angostura S.A. ("CAIASA") - Bunge has a 33% ownership interest in an oilseed processing facility joint venture with Louis Dreyfus Company and Aceitera General Deheza S.A. ("AGD") in Paraguay. CoverCress Inc. - Bunge has a 22% ownership interest in a company that has developed a novel low carbon-intensity winter oilseed crop called CoverCress™. G3 Global Holding GP Inc. - Bunge has a 25% ownership interest in G3 Global Holding GP Inc., a joint venture with Saudi Agricultural and Livestock Investment Company ("SALIC") that operates grain facilities in Canada. Hosemillas Holdings S.A ("Hosemillas") - Bunge has a 20% ownership interest in a Uruguay holding company with operations and subsidiaries located in South America, including Brazil, Paraguay, Argentina, and Uruguay. Operations primarily focus on the processing and marketing of seeds as well as developing technology for genetic improvements of seeds. Navegações Unidas Tapajós S.A. ("Tapajos") - Bunge has a 50% ownership interest in Tapajos, a joint venture with Amaggi Exportaçao E Importaçao to operate inland waterway transportation between the municipalities of Itaituba and Barcarena, Brazil. The Tapajos complex is mainly dedicated to exporting soybeans and grains from Brazil. Sinagro Produtos Agropecuários S.A. ("Sinagro") - Bunge has a 33% ownership interest in a Brazilian distributor of agricultural inputs and originator of grains that complements Bunge's grain origination business. Terminais do Graneis do Guaruja ("TGG") - Bunge has a 57% ownership interest in TGG, a joint venture with Amaggi International Ltd. to operate a port terminal in Santos, Brazil, for the reception, storage and shipment of solid bulk cargoes. Terminal 6 S.A. and Terminal 6 Industrial S.A. - Bunge has a joint venture, Terminal 6 S.A., in Argentina with AGD for the operation of a port facility located in the Santa Fe province of Argentina. Bunge is also a party to a second joint venture with AGD, Terminal 6 Industrial S.A., which operates a crushing facility located adjacent to the port facility. Bunge owns 40% and 50%, respectively, of these joint ventures. Vietnam Agribusiness Holdings Ptd. Ltd ("VAH") - Bunge has a 50% ownership in VAH, with Wilmar International Limited ("Wilmar") owning the remaining 50%. VAH owns 100% of the shares of an oilseed processing facility in Vietnam. Sugar and Bioenergy BP Bunge Bioenergia - Bunge has a 50% ownership interest in BP Bunge Bioenergia, a joint venture with BP. BP Bunge Bioenergia is a leading company in the ethanol, biopower, and sugar market in Brazil. ProMaiz - Bunge has a 50% ownership interest in a corn wet milling facility joint venture with AGD in Argentina for the production of ethanol. Corporate and Other Australia Plant Proteins ("APP") - Bunge has a 22% ownership interest in a start-up manufacturer of novel protein ingredients in Australia that complements Bunge's existing businesses. See below for further details regarding impairment charges related to this investment in affiliate recorded during the years ended December 31, 2023 and December 31, 2022. Merit Functional Foods Corp. ("Merit") - Bunge has a 29% ownership interest in a start-up manufacturer of novel protein ingredients in Canada that complements Bunge's existing businesses. During the year ended December 31, 2023, Merit was placed in receivership by the Canadian court. See below for further details regarding impairment charges recorded during the year ended December 31, 2022. Summarized financial information, combined, for all of Bunge's equity method investees is as follows: December 31, (US$ in millions) 2023 2022 Current assets $ 4,755 $ 4,257 Noncurrent assets 4,345 3,612 Total assets $ 9,100 $ 7,869 Current liabilities $ 3,590 $ 2,978 Noncurrent liabilities 2,344 2,150 Total liabilities $ 5,934 $ 5,128 Years ended December 31, (US$ in millions) 2023 2022 2021 Net sales $ 12,529 $ 11,268 $ 9,441 Gross profit 907 953 832 Net income (loss) 283 312 358 Impairments of Equity Method Investments During the year ended December 31, 2022, the Company recorded total impairments of $53 million associated with its equity method and other equity investments in two start-up manufacturers of novel protein ingredients, Merit and APP. These impairments were determined through management's review of impairment indicators and consideration of the other-than temporary nature of such items. Impairment charges on both the equity method and other equity investments in Merit and APP were recorded to Income from affiliates within Corporate and Other. Further, during the year ended December 31, 2023, the Company recorded an additional impairment of $16 million associated with APP to Income from affiliates within Corporate and Other. This impairment was determined through management's review of impairment indicators and consideration of the other-than temporary nature of such items. As a result of the impairments, there is no carrying value associated with the equity method investments in Merit and APP at December 31, 2023. Consolidated Variable Interest Entities On September 19, 2023, Bunge entered into a fixed-priced call option agreement ("Option") to acquire the shares of Terminal de Granéis de Santa Catarina ("TGSC") with primary assets consisting of a grain port terminal currently under construction in South America strategically located near an existing Bunge facility. The agreement requires Bunge to make future installment payments for the Option which will be utilized, in part, to fund terminal construction. Required installment payments prior to the exercise of the Option are not material and are expected to be applied against the exercise price of the Option. TGSC is a variable interest entity ("VIE") as a result of having insufficient equity at risk. Bunge is the primary beneficiary due to a de facto agent relationship with the equity owner of TGSC and has consolidated the entity. As all of TGSC’s equity is held by a third-party, Bunge reflects all TGSC earnings and equity as attributable to noncontrolling interests in the consolidated statements of income and consolidated balance sheets, respectively. TGSC is not a business as defined by U.S. GAAP. Therefore, the non-cash transaction resulting in initial consolidation of TGSC in the third quarter of 2023 represents an asset acquisition. Positions recognized in the consolidated balance sheet upon initial consolidation consisted primarily of Other intangible assets, net - license ($87 million); Property, plant and equipment, net - construction-in-process ($36 million); Long-term debt ($35 million); and Noncontrolling interests ($91 million). Bunge did not recognize any gain or loss upon initial consolidation of TGSC. TGSC's assets can only be used to settle the entity’s own obligations and TGSC’s creditors have no recourse to Bunge’s assets beyond Bunge’s maximum exposure to loss associated with TGSC at any given time. On May 1, 2022, Bunge completed a transaction with Chevron to create a joint venture, Bunge Chevron Ag Renewables LLC (the "Joint Venture"), leveraging Bunge’s expertise in oilseed processing and farmer relationships, and Chevron’s expertise in fuels manufacturing and marketing, to help meet the demand for renewable fuels and to develop lower carbon intensity feedstocks. The Joint Venture is a VIE in which Bunge is considered to be the primary beneficiary because it is responsible for the day-to-day operating decisions of the Joint Venture as well as the marketing of the principal products, primarily soybean meal and oil produced and sold by the Joint Venture, among other factors. The Joint Venture's assets can only be used to settle the Joint Venture’s own obligations and the Joint Venture’s creditors have no recourse to Bunge’s assets beyond Bunge’s maximum exposure to loss associated with the Joint Venture at any given time. The following table presents the values of the assets and liabilities associated with the above listed VIEs in which Bunge is considered the primary beneficiary to the extent included in Bunge’s consolidated balance sheet as of December 31, 2023 and 2022 . All amounts exclude intercompany balances, which have been eliminated upon consolidation. For all other VIEs in which Bunge is considered the primary beneficiary, the entities meet the definition of a business, and the VIE's assets can be used other than for the settlement of the VIE’s obligations. As such these VIEs have been excluded from the below table. (US$ in millions) December 31, December 31, Current assets: Cash and cash equivalents $ 606 $ 528 Trade accounts receivable 1 — Inventories 76 85 Other current assets 146 98 Total current assets 829 711 Property, plant and equipment, net 196 65 Other intangible assets, net 91 — Total assets $ 1,116 $ 776 Current liabilities: Trade accounts payable and accrued liabilities $ 70 $ 81 Other current liabilities 143 85 Total current liabilities 213 166 Long-term debt 44 — Other non-current liabilities 5 — Total liabilities $ 262 $ 166 Non-Consolidated Variable Interest Entities Bunge holds investment interests in various entities, as described above, that are included in Investments in affiliates and Other non-current assets in the consolidated balance sheets. Certain of these investments, which are primarily reported in Bunge's Agribusiness segment and Corporate and Other, have been determined to be variable interest entities for which Bunge has determined it is not the primary beneficiary. Accordingly, these investments are not consolidated by Bunge. Bunge's exposure to loss related to these unconsolidated investments is $589 million and $472 million, respectively, as of December 31, 2023 and 2022. Bunge's exposure to loss primarily comprises Bunge's investments balance, third party guarantees, prepayments, and long term loans, assuming full loss of the investment balance and full payment of the guarantees regardless of the probability of such losses actually being incurred in accordance with US GAAP disclosure rules. See Note 21- Commitments and Contingencies |
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets, Noncurrent [Abstract] | |
OTHER NON-CURRENT ASSETS | OTHER NON-CURRENT ASSETS Other non-current assets consist of the following: December 31, (US$ in millions) 2023 2022 Recoverable taxes, net (1) $ 25 $ 59 Judicial deposits (1) 120 110 Other long-term receivables, net (2) 16 16 Income taxes receivable (1) 136 143 Long-term investments (3) 142 163 Affiliate loans receivable 8 8 Long-term receivables from farmers in Brazil, net (1) 43 32 Unrealized gains on derivative contracts, at fair value 1 1 Other 124 95 Total $ 615 $ 627 (1) A significant portion of these non-current assets arise primarily from Bunge's Brazilian operations and their realization could take several years. (2) Net of allowances as described in Note 4- Trade Accounts Receivable and Trade Receivable Securitization Program . (3) As of December 31, 2023 and 2022, $12 million and $9 million, respectively, of long-term investments were recorded at fair value. Recoverable taxes, net —Recoverable taxes are reported net of allowances of $13 million and $14 million at December 31, 2023 and 2022, respectively. Judicial deposits —Judicial deposits are funds that Bunge has placed on deposit with the courts in Brazil. These Brazilian funds are held in judicial escrow related to certain legal proceedings pending resolution and bear interest at the Selic rate, which is the benchmark rate of the Brazilian central bank. Income taxes receivable —Income taxes receivable include overpayments of current income taxes plus accrued interest. These income tax prepayments are expected to be used to settle future income tax obligations. Income taxes receivable in Brazil bear interest at the Selic rate. Long-term investments —Long-term investments primarily comprise Bunge's noncontrolling equity investments in growth stage agribusiness and food companies held by Bunge Ventures. Affiliate loans receivable —Affiliate loans receivable are primarily interest-bearing receivables from unconsolidated affiliates with remaining maturities of more than one year. Long-term receivables from farmers in Brazil, net —Bunge provides financing to farmers in Brazil, primarily through secured advances against farmer commitments to deliver agricultural commodities (primarily soybeans) upon harvest of the then-current year's crop, and through credit sales of fertilizer to farmers. The balance includes certain advance payments on contracts with various unconsolidated investees see Note 20- Related Party Transactions . Certain such long-term receivables from farmers are originally recorded in Other current assets as prepaid commodity purchase contracts or secured advances to suppliers (see Note 6- Other Current Assets ) or Other non-current assets according to their maturity. Advances initially recorded in Other current assets are reclassified to Other non-current assets if collection issues arise and amounts become past due with resolution of such matters expected to take more than one year. The average recorded investment in long-term receivables from farmers in Brazil for the years ended December 31, 2023 and 2022 was $88 million and $90 million, respectively. The table below summarizes Bunge's recorded investment in long-term receivables from farmers in Brazil and the related allowance amounts. December 31, 2023 December 31, 2022 (US$ in millions) Recorded Allowance Recorded Allowance For which an allowance has been provided: Legal collection process (1) $ 30 $ 30 $ 40 $ 34 Renegotiated amounts 2 1 2 2 For which no allowance has been provided: Legal collection process (1) 19 — 19 — Renegotiated amounts (2) 5 — 7 — Other long-term receivables (3) 18 — — — Total $ 74 $ 31 $ 68 $ 36 (1) All amounts in legal process are considered past due upon initiation of legal action. (2) These renegotiated amounts are current on repayment terms. (3) New advances expected to be realized through farmer commitments to deliver agricultural commodities in crop periods greater than twelve months from the balance sheet date. Such advances are reclassified from Other non-current assets to Other current assets in later periods depending on the expected date of their realization. The table below summarizes the activity in the allowance for doubtful accounts related to long-term receivables from farmers in Brazil. Year Ended December 31, (US$ in millions) 2023 2022 Allowance as of January 1 $ 36 $ 36 Bad debt provisions 2 4 Recoveries (5) (6) Write-offs (6) (1) Transfers 1 1 Foreign currency translation 3 2 Allowance as of December 31 $ 31 $ 36 |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
OTHER CURRENT LIABILITIES | OTHER CURRENT LIABILITIES Other current liabilities consist of the following: December 31, (US$ in millions) 2023 2022 Unrealized losses on derivative contracts at fair value $ 1,038 $ 1,570 Accrued liabilities 865 755 Advances on sales (1) 463 601 Income tax payable 238 156 Other 309 297 Total $ 2,913 $ 3,379 (1) |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Bunge operates globally and is subject to the tax laws and regulations of numerous tax jurisdictions and authorities as well as tax agreements and treaties among these jurisdictions. Bunge's income tax provision is impacted by, among other factors, changes in tax laws, regulations, agreements and treaties, currency exchange rates and Bunge's profitability in each tax jurisdiction. Bunge has elected to use the U.S. federal income tax rate to reconcile the actual provision for income taxes. The components of Income before income tax are as follows: Year Ended December 31, (US$ in millions) 2023 2022 2021 United States $ 1,180 $ 1,036 $ 754 Non-United States 1,871 1,030 1,811 Total $ 3,051 $ 2,066 $ 2,565 The components of the Income tax expense are as follows: Year Ended December 31, (US$ in millions) 2023 2022 2021 Current: United States $ 218 $ 217 $ 169 Non-United States 497 290 501 715 507 670 Deferred: United States 46 29 10 Non-United States (47) (148) (282) (1) (119) (272) Total $ 714 $ 388 $ 398 Reconciliation of Income tax expense if computed at the U.S. federal income tax rate to Bunge's reported Income tax expense is as follows: Year Ended December 31, (US$ in millions) 2023 2022 2021 Income before income tax $ 3,051 $ 2,066 $ 2,565 Income tax rate 21% 21% 21% Income tax expense at the U.S. Federal tax rate 641 434 539 Adjustments to derive effective tax rate: Foreign earnings taxed at different statutory rates 142 (75) (99) Valuation allowances (30) (21) 29 Fiscal incentives (1) (76) (65) (83) Foreign exchange on monetary items (5) 31 21 Tax rate changes 18 12 (4) Non-deductible expenses 40 51 38 Uncertain tax positions 20 (9) 33 Equity distributions, net — — (4) Inflation adjustments (32) (61) (19) Incremental tax on future distributions 25 30 (6) State taxes 22 18 17 Impairment of Russian operations — 25 — Participation exemption - Loders Rotterdam sale — — (53) Swiss tax credits, net (2) (90) — — Other 39 18 (11) Income tax expense $ 714 $ 388 $ 398 (1) Fiscal incentives predominantly relate to investment incentives in Brazil that are exempt from Brazilian income tax. (2) During 2023, Bunge was granted tax credits in Switzerland that expire through 2032, and recorded a net benefit for the amount that Bunge believes is more likely than not to be realized prior to expiration. The primary components of the deferred tax assets and liabilities and the related valuation allowances are as follows: December 31, (US$ in millions) 2023 2022 Deferred income tax assets: Net operating loss carryforwards $ 655 $ 717 Operating lease obligations 140 100 Employee benefits 47 46 Tax credit carryforwards 454 22 Inventories 19 10 Accrued expenses and other 238 247 Total deferred tax assets 1,553 1,142 Less valuation allowances (590) (269) Deferred tax assets, net of valuation allowance 963 873 Deferred income tax liabilities: Property, plant and equipment 323 283 Operating lease assets 143 99 Undistributed earnings of affiliates 12 16 Investments 12 10 Intangibles 100 118 Total deferred tax liabilities 590 526 Net deferred tax assets $ 373 $ 347 As of December 31, 2023, Bunge has determined it has unremitted earnings that are considered to be indefinitely reinvested of approximately $1.7 billion, and accordingly, no provision for income taxes has been made. If these earnings were distributed in the form of dividends or otherwise, Bunge would be subject to income taxes in the form of withholding taxes to the recipient for an amount of approximately $100 million. At December 31, 2023, Bunge's pre-tax loss carryforwards totaled $2.3 billion, of which $2.1 billion have no expiration, including loss carryforwards of $1.3 billion in Brazil. While loss carryforwards in Brazil can be carried forward indefinitely, annual utilization is limited to 30% of taxable income calculated on an entity by entity basis as Brazil tax law does not allow consolidated tax filings. At December 31, 2022, Bunge's pre-tax loss carryforwards totaled $2.4 billion, of which $2.3 billion have no expiration, including loss carryforwards of $1.3 billion in Brazil. The decrease in pre-tax loss carryforwards from 2022 to 2023 is primarily attributable to the Company’s utilization of losses in certain jurisdictions during the year. The remaining tax loss carryforwards expire at various periods beginning in 2024 through the year 2043. At December 31, 2023, Bunge’s tax credit carryforwards totaled $454 million, of which $440 million expire between 2029 and 2032, $10 million expire between 2024 and 2026, and $4 million have no expiration. At December 31, 2022, Bunge’s tax credit carryforwards totaled $22 million. Income Tax Valuation Allowances —Bunge records valuation allowances when current evidence does not suggest that some portion or all of its deferred tax assets will be realized. The ultimate realization of deferred tax assets depends primarily on Bunge's ability to generate sufficient timely future income of the appropriate character in the appropriate taxing jurisdiction. As of December 31, 2023 and 2022, Bunge has recorded valuation allowances of $590 million and $269 million, respectively. The net increase of $321 million is primarily attributable to valuation allowance established on tax credits generated during the year where Bunge believes a portion of the deferred tax asset is more likely than not to be realized. Unrecognized Tax Benefits —ASC 740, Income Taxes ("ASC 740") requires applying a "more likely than not" threshold to the recognition and de-recognition of tax benefits. Accordingly, Bunge recognizes the amount of tax benefit that has a greater than 50 percent likelihood of being ultimately realized upon settlement. At December 31, 2023 and 2022, respectively, Bunge had recorded unrecognized tax benefits of $68 million and $59 million in Other non-current liabilities in the consolidated balance sheets. During 2023, 2022 and 2021, respectively, Bunge recognized less than $1 million, $(7) million and $4 million of interest and penalty charges in Income tax expense in the consolidated statements of income. At December 31, 2023 and 2022, respectively, Bunge had recorded accrued interest and penalties of $10 million and $9 million in Other non-current liabilities in the consolidated balance sheets. A reconciliation of the beginning and ending amounts of unrecognized tax benefits follows: (US$ in millions) 2023 2022 2021 Balance at January 1, $ 298 $ 329 $ 320 Additions based on tax positions related to the current year 13 20 14 Additions based on tax positions related to prior years 12 2 22 Reductions for tax positions of prior years (1) (206) (27) — Settlements with tax authorities — (9) (2) Expiration of statute of limitations (5) (1) (3) Foreign currency translation 9 (16) (22) Balance at December 31, $ 121 $ 298 $ 329 (1) Reduction of tax position in Spain resulting from the conclusion of an appeals process. This decrease had no impact on the consolidated statement of income or the consolidated balance sheet as the position was not previously recognized under ASC 740. Bunge believes that it is reasonably possible that approximately $8 million of its unrecognized tax benefits may be recognized by the end of 2024 as a result of a lapse of the statute of limitations. Bunge, through its subsidiaries, files income tax returns in the United States (federal and various states) and non-United States regions. The table below reflects the tax years for which Bunge is subject to income tax examinations by tax authorities in significant tax regions: Open Tax Years North America 2015 - 2023 South America 2016 - 2023 Europe, Middle East, and Africa 2017 - 2023 Asia-Pacific 2012 - 2023 As of December 31, 2023, Bunge's Brazilian subsidiaries have received income tax and penalty assessments through 2018 of approximately R$5.3 billion (approximately $1.1 billion) plus applicable interest on the outstanding amount. Bunge has recorded unrecognized tax benefits related to these assessments of R$12 million (approximately $3 million) as of December 31, 2023. Management, in consultation with external legal advisors, believes that it is more likely than not that Bunge will prevail on the proposed assessments (with the exception of unrecognized tax benefits discussed above) in Brazil and is vigorously defending its position against these assessments. Bunge made cash income tax payments, net of refunds received, of $655 million, $570 million and $531 million during the years ended December 31, 2023, 2022, and 2021, respectively. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Bunge's various financial instruments include certain components of working capital such as trade accounts receivable and trade accounts payable. Additionally, Bunge uses short- and long-term debt to fund operating requirements. Trade accounts receivable, Trade accounts payable and Short-term debt are generally stated at their carrying value, which is a reasonable estimate of fair value. See Note 3- Trade Structured Finance Program for trade structured finance program, Note 12- Other Non-Current Assets for long-term receivables from farmers in Brazil, net and other long-term investments, Note 17- Short-term Debt and Credit Facilities for Short-term debt, Note 18- Long-term Debt for Long-term debt, and Note 19- Employee Benefit Plans for employee benefit plans. Bunge's financial instruments also include derivative instruments and marketable securities, which are stated at fair value. For a definition of fair value and the associated fair value levels, refer to Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies. The following table sets forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis. Fair Value Measurements at Reporting Date December 31, 2023 December 31, 2022 (US$ in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 315 $ 149 $ — $ 464 $ — $ 81 $ — $ 81 Readily marketable inventories ( Note 5 ) — 5,175 662 5,837 — 6,268 412 6,680 Trade accounts receivable (1) — 1 — 1 — 7 — 7 Unrealized gain on derivative contracts (2) : Interest rate — 12 — 12 — 3 — 3 Foreign exchange — 253 — 253 1 378 — 379 Commodities 198 737 88 1,023 136 763 101 1,000 Freight 80 — — 80 80 — — 80 Energy 114 — — 114 128 2 — 130 Credit — — — — — 5 — 5 Other (3) 40 39 — 79 33 40 27 100 Total assets $ 747 $ 6,366 $ 750 $ 7,863 $ 378 $ 7,547 $ 540 $ 8,465 Liabilities: Trade accounts payable (1) $ — $ 591 $ 232 $ 823 $ — $ 513 $ 130 $ 643 Unrealized loss on derivative contracts (4) : Interest rate 1 273 — 274 — 344 — 344 Foreign exchange — 223 — 223 1 461 — 462 Commodities 166 417 17 600 127 731 50 908 Freight 68 — — 68 28 — — 28 Energy 132 1 — 133 153 6 — 159 Credit — — — — — 1 — 1 Total liabilities $ 367 $ 1,505 $ 249 $ 2,121 $ 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 i n Other current assets. There were $1 million and $1 million included in Other non-current assets at December 31, 2023 and 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 $260 million and $332 million included in Other non-current liabilities at December 31, 2023 and 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 exchan ge quotations, broker or dealer quotations, or market transactions in either listed or OTC markets with appropriate adjustments for differences in local markets where the Company's inventories are located. In such cases, the inventory is classified within Level 2. Certain inventories may utilize significant unobservable data related to local market adjustments to determine fair value. In such cases, the inventory is classified as Level 3. If the Company used different methods or factors to determine fair values, amounts reported as unrealized gains and losses on derivative contracts and RMI at fair value in the consolidated balance sheets and consolidated statements of income could differ. Additionally, if market conditions change subsequent to the reporting date, amounts reported in future periods as unrealized gains and losses on derivative contracts and RMI at fair value in the consolidated balance sheets and consolidated statements of income could differ. Derivatives —The majority of exchange traded futures and options contracts and exchange cleared contracts are valued based on unadjusted quoted prices in active markets and are classified within Level 1. The majority of the Company’s exchange-traded agricultural commodity futures are cash-settled on a daily basis and, therefore, are not included in these tables. The Company's forward commodity purchase and sales contracts are classified as derivatives along with other OTC derivative instruments relating primarily to freight, energy, foreign exchange and interest rates and are classified within Level 2 or Level 3, as described below. The Company estimates fair values based on exchange quoted prices, adjusted as appropriate for differences in local markets. These differences are generally valued using inputs from broker or dealer quotations or market transactions in either the listed or OTC markets. In such cases, these derivative contracts are classified within Level 2. OTC derivative contracts include swaps, options, and structured transactions that are generally fair valued using quantitative models that require the use of multiple market inputs including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not highly active, other observable inputs relevant to the asset or liability, and market inputs corroborated by correlation or other means. These valuation models include inputs such as interest rates, prices, and indices to generate continuous yield or pricing curves and volatility factors. Where observable inputs are available for substantially the full term of the asset or liability, the instrument is categorized in Level 2. Certain OTC derivatives trade in less active markets with less availability of pricing information and certain structured transactions can require internally developed model inputs that might not be observable in or corroborated by the market. Marketable securities and investments —Comprise foreign government treasury securities, corporate debt securities, deposits, equity securities, and other investments. Bunge analyzes how the prices are derived and determines whether the prices are liquid or less liquid tradable prices. Marketable securities and investments with liquid prices are valued using prices from publicly available sources and classified as Level 1. Marketable securities and investments with less-liquid prices are valued using third-party quotes or internally developed models and classified as Level 2 or Level 3 as described below. Level 3 Measurements The following relates to assets and liabilities measured at fair value on a recurring basis using Level 3 measurements. An instrument may transfer into or out of Level 3 due to inputs becoming either observable or unobservable. Level 3 Measurements —Transfers in and/or out of Level 3 represent existing assets or liabilities that were either previously categorized as a higher level for which the inputs to the model became unobservable or assets and liabilities that were previously classified as Level 3 for which the lowest significant input became observable during the period. Bunge's policy regarding the timing of transfers between levels is to record the transfers at the end of the reporting period. Level 3 Readily marketable inventories and Trade accounts payable —The significant unobservable inputs resulting in Level 3 classification for RMI, physically settled forward purchase and sales contracts, and Trade accounts payable relate to certain management estimations regarding costs of transportation and other local market or location-related adjustments, primarily freight related adjustments in the interior of Brazil and the lack of market corroborated information in Canada. In both situations, the Company uses proprietary information such as purchase and sales contracts and contracted prices to value freight, premiums and discounts in its contracts. Movements in the price of these unobservable inputs alone would not be expected to have a material effect on the Company's financial statements as these contracts do not typically exceed one future crop cycle. Level 3 Derivatives —Level 3 derivative instrument fair value measurements utilizes both market observable and unobservable inputs. 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 years ended December 31, 2023 and 2022. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant. Year Ended December 31, 2023 (US$ in millions) Readily Marketable Inventories Derivatives, Net Trade Other (2) Total Balance, January 1, 2023 $ 412 $ 51 $ (130) $ 27 $ 360 Total gains and losses (realized/unrealized) included in Cost of goods sold (1) 988 (18) 32 — 1,002 Total gains and losses (realized/unrealized) included in Other income (expense) - net — — — (1) (1) Purchases 5,336 — (473) — 4,863 Sales (7,697) — — (14) (7,711) Settlements — — 426 — 426 Transfers into Level 3 1,958 48 (113) — 1,893 Transfers out of Level 3 (388) (10) 50 (12) (360) Translation adjustment 53 — (24) — 29 Balance, December 31, 2023 $ 662 $ 71 $ (232) $ — $ 501 (1) Readily marketa ble inventori es, derivatives, net, and trade accounts payable include gains/(losses) of $978 million, $(30) million and $32 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at December 31, 2023. (2) Comprises the fair values of marketable securities and investments in Other current assets. Certain inputs to the valuation of these securities became observable during the year ended December 31, 2023, resulting in the remaining balance being transferred out of Level 3. Year Ended December 31, 2022 (US$ in millions) Readily Marketable Inventories Derivatives, Net Trade Other (2) Total Balance, January 1, 2022 $ 205 $ (31) $ (23) $ — $ 151 Total gains and losses (realized/unrealized) included in Cost of goods sold (1) 665 81 52 — 798 Total gains and losses (realized/unrealized) included in Foreign exchange gains (losses) — — — (7) (7) Total gains and losses (realized/unrealized) included in Other income (expense) - net — — — (86) (86) Purchases 4,487 — (522) — 3,965 Sales (6,811) — — — (6,811) Settlements — — 531 (100) 431 Transfers into Level 3 2,568 24 (434) 218 2,376 Transfers out of Level 3 (616) (23) 230 — (409) Translation Adjustment (86) — 36 2 (48) Balance, December 31, 2022 $ 412 $ 51 $ (130) $ 27 $ 360 (1) Readily marketable inventories, derivatives, net, and trade accounts payable (2) Comprises the fair values of marketable securities and investments in Other current assets. Included within Other income (expense) - net of the consolidated statements of income are $52 million in mark-to-market losses related to securities still held at December 31, 2022. |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company uses derivative instruments to manage several market risks, such as interest rate, foreign currency rate, and commodity risk. Some of the hedges the Company enters into qualify for hedge accounting ("Hedge Accounting Derivatives") and some, while intended as economic hedges, do not qualify or are not designated for hedge accounting ("Economic Hedge Derivatives"). As these derivatives impact the financial statements in different ways, they are discussed separately below. Hedge Accounting Derivatives - The Company uses derivatives in qualifying hedge accounting relationships to manage certain of its interest rate, foreign currency, and commodity risks. In executing these hedge strategies, the Company primarily relies on the shortcut and critical terms match methods in designing its hedge accounting strategy, which results in little to no net earnings impact for these hedge relationships. The Company monitors these relationships on a quarterly basis and performs a quantitative analysis to validate the assertion that the hedges are highly effective if there are changes to the hedged item or hedging derivative. Fair value hedges - These derivatives are used to hedge the effect of interest rate and currency exchange rate changes on certain long-term debt. Under fair value hedge accounting, the derivative is measured at fair value and the carrying value of hedged debt is adjusted for the change in value related to the exposure being hedged, with both adjustments offset to earnings. In other words, the earnings effect of an increase in the fair value of the derivative will be substantially offset by the earnings effect of the increase in the carrying value of the hedged debt. The net impact of fair value hedge accounting for interest rate swaps is recognized in Interest expense. For cross currency swaps, the changes in currency risk on the derivative are recognized in Foreign exchange gains (losses) - net, and the changes in interest rate risk are recognized in Interest expense. Changes in basis risk are held in Accumulated other comprehensive loss until realized through the coupon. Cash flow hedges of currency risk - The Company manages currency risk on certain forecasted purchases, sales, and selling, general and administrative expenses with currency forwards. The change in the value of the forward is classified in Accumulated other comprehensive loss until the transaction affects earnings, at which time the change in value of the currency forward is reclassified to Net sales, Cost of goods sold, or Selling, general and administrative expenses. These hedges mature at various times through December 2024. Of the amount currently in Accumulated other comprehensive loss, $2 million of deferred losses is expected to be reclassified to earnings in the next twelve months. Net investment hedges - The Company hedges the currency risk of certain of its foreign subsidiaries with currency forwards for which the currency risk is remeasured through Accumulated other comprehensive loss. For currency forwards, the forward method is used. The change in the value of the forward is classified in Accumulated other comprehensive loss until the transaction affects earnings by way of either sale or substantial liquidation of the foreign subsidiary. The table below provides information about the balance sheet values of hedged items and the notional amount of derivatives used in hedging strategies. The notional amount of the derivative is the number of units of the underlying (for example, the notional principal amount of the debt in an interest rate swap). The notional amount is used to compute interest or other payment streams to be made under the contract and is a measure of the Company’s level of activity. The Company discloses derivative notional amounts on a gross basis. (US$ in millions) December 31, 2023 December 31, 2022 Unit of Hedging instrument type: Fair value hedges of interest rate risk Interest rate swap - notional amount $ 2,900 $ 3,753 $ Notional Cumulative adjustment to long-term debt from application of hedge accounting $ (260) $ (341) $ Notional Carrying value of hedged debt $ 2,625 $ 3,394 $ Notional Fair value hedges of currency risk Carrying value of hedged debt $ — $ 232 $ Notional Cross currency swap - notional amount $ — $ 232 $ Notional Cash flow hedges of currency risk Foreign currency forward - notional amount $ 54 $ 310 $ Notional Foreign currency option - notional amount $ 99 $ 108 $ Notional Net investment hedges Foreign currency forward - notional amount $ 1,112 $ 495 $ Notional Economic Hedge Derivatives - In addition to using derivatives in qualifying hedge relationships, the Company enters into derivatives to economically hedge its exposure to a variety of market risks it incurs in the normal course of operations. Interest rate derivatives are used to hedge exposures to the Company's financial instrument portfolios and debt issuances. The impact of changes in fair value of these instruments is primarily presented in Interest expense. Currency derivatives are used to hedge the balance sheet and commercial exposures that arise from the Company's global operations. The impact of changes in fair value of these instruments is presented in Cost of goods sold when hedging commercial exposures and Foreign exchange gains (losses) - net when hedging monetary exposures. Agricultural commodity derivatives are used primarily to manage exposures related to the Company's inventory and forward purchase and sales contracts. Contracts to purchase agricultural commodities generally relate to current or future crop years for delivery periods quoted by regulated commodity exchanges. Contracts for the sale of agricultural commodities generally do not extend beyond one future crop cycle. The impact of changes in fair value of these instruments is presented in Cost of goods sold. The Company uses derivative instruments referred to as forward freight agreements ("FFA") and FFA options to hedge portions of its current and anticipated ocean freight costs. The impact of changes in fair value of these instruments is presented in Cost of goods sold. The Company uses energy derivative instruments to manage its exposure to volatility in energy costs. Hedges may be entered into for natural gas, electricity, coal and fuel oil, including bunker fuel. The impact of changes in fair value of these instruments is presented in Cost of goods sold. The Company may also enter into other derivatives, including credit default swaps, carbon emission derivatives and equity derivatives to manage exposure to credit risk and broader macroeconomic risks, respectively. The impact of changes in fair value of these instruments is presented in Cost of goods sold. The table below summarizes the volume of economic derivatives as of December 31, 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. December 31, December 31, 2023 2022 Unit of (US$ in millions) Long (Short) Long (Short) Interest rate Swaps $ 935 $ (1,465) $ 387 $ (1,267) $ Notional Futures $ — $ (612) $ — $ (97) $ Notional Forwards $ 416 $ (416) $ — $ — $ Notional Options $ — $ (3) $ — $ — $ Notional Currency Forwards $ 8,808 $ (10,356) $ 9,819 $ (9,682) $ Notional Swaps $ 1,357 $ (324) $ 2,441 $ (2,876) $ Notional Futures $ — $ (2) $ 11 $ — $ Notional Options $ 5 $ (5) $ — $ (102) Delta Agricultural commodities Forwards 25,588,125 (34,163,143) 20,493,679 (27,766,763) Metric Tons Swaps — — — (1,864,262) Metric Tons Futures — (1,224,688) — (4,092,772) Metric Tons Options 29,420 (615,937) 1,025 (216,647) Metric Tons Ocean freight FFA — (4,965) — (11,197) Hire Days Natural gas Forwards 300 — — — MMBtus Swaps 778,436 — 1,460,190 — MMBtus Futures 12,715,588 — 5,250,393 — MMBtus Options — (2,923,438) — — MMBtus Electricity Futures — (281,511) — — Mwh Swaps — — 22,987 (8,619) Mwh Energy - other Swaps 202,716 — 175,784 — Metric Tons Futures — — 1,320,881 — Metric Tons Options 40,920 — — — Metric Tons Energy - CO2 Futures 675,000 — — (38,000) Metric Tons Options 400,000 — — — Metric Tons Other Swaps and futures $ 100 $ (106) $ 20 $ (50) $ Notional The Effect of Derivative Instruments and Hedge Accounting on the Consolidated Statements of Income The tables below summarize the net effect of derivative instruments and hedge accounting on the consolidated statements of income for the years ended December 31, 2023, 2022, and 2021. Gain (Loss) Recognized in Year Ended December 31, (US$ in millions) 2023 2022 2021 Income statement classification Type of derivative Net sales Hedge accounting Foreign currency $ 8 $ 7 $ 2 Cost of goods sold Hedge accounting Foreign currency 1 5 — Economic hedges Foreign currency 437 396 (7) Commodities 462 (751) (1,749) Other (1) 60 82 44 Total Cost of goods sold $ 960 $ (268) $ (1,712) Selling, general & administrative Hedge accounting Foreign currency $ 1 $ (2) $ — Interest expense Hedge accounting Interest rate $ (134) $ (33) $ 30 Economic hedges Interest rate 6 — 1 Total Interest expense $ (128) $ (33) $ 31 Foreign exchange gains (losses) - net Hedge accounting Foreign currency $ (27) $ (30) $ (28) Economic hedges Foreign currency 28 115 64 Total Foreign exchange gains (losses) - net $ 1 $ 85 $ 36 Other income (expense) - net Economic hedges Interest rate $ 1 $ 2 $ 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 $ 3 $ 1 $ (1) Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in other comprehensive income (loss) during the period $ (3) $ 57 $ 2 Gains and losses on derivatives used as net investment hedges included in other comprehensive (loss) income during the period $ (99) $ (139) $ (16) Amounts released from Accumulated other comprehensive loss during the period Cash flow hedge of foreign currency risk $ (3) $ (8) $ (3) (1) Other includes the results from freight, energy, and other derivatives. |
SHORT-TERM DEBT AND CREDIT FACI
SHORT-TERM DEBT AND CREDIT FACILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Short-Term Debt [Abstract] | |
SHORT-TERM DEBT AND CREDIT FACILITIES | SHORT-TERM DEBT AND CREDIT FACILITIES Bunge's short-term borrowings are typically sourced from various banking institutions and the U.S. commercial paper market. Bunge also borrows from time to time in local currencies in various foreign jurisdictions. Interest expense includes facility commitment fees, amortization of deferred financing costs, the impact of designated interest rate hedges, and charges on certain lending transactions. The weighted-average interest rate on short-term borrowings at December 31, 2023 and 2022 was 8.36% and 15.53%, respectively. December 31, (US$ in millions) 2023 2022 Commercial paper program $ — $ — Revolving credit facilities — — Short-term lines of credit, variable interest rates from 2.00% to 155.00% (3) 797 546 Total short-term debt (1) (2) $ 797 $ 546 (1) Includes $179 million and $207 million of local currency borrowings in certain European, South American, and Asia-Pacific countries at a weighted average interest rate of 15.30% and 32.12% as of December 31, 2023 and December 31, 2022, respectively. (2) Includes secured debt of $196 million and $54 million at December 31, 2023 and December 31, 2022, respectively. (3) Variable interest rate range on short-term lines of credit as of December 31, 2023. Prior to June 21, 2023, Bunge conducted most of its third party financing activities through a centralized financing structure that included a master trust (the "Bunge Master Trust"). On June 21, 2023, Bunge terminated the Bunge Master Trust in accordance with a termination and lien release agreement in order to simplify the legal framework around its capital structure. Post termination of the Bunge Master Trust, Bunge continues to conduct most of its third party financing activities centrally through 100% owned finance subsidiaries which carry full, unconditional guarantees of the parent company. In connection with the termination of the Bunge Master Trust, Bunge amended its existing credit agreements and related guarantees to remove all references and provisions related to the Bunge Master Trust, as well as made amendments to certain credit facilities as discussed further below. Also on June 21, 2023, Bunge entered into an unsecured $1.1 billion 364-day revolving credit agreement (the "$1.1 Billion 2024 Credit Agreement") with a group of lenders, maturing on June 19, 2024. Bunge may from time to time request one or more of the existing or new lenders to increase the total participations under the $1.1 Billion 2024 Credit Agreement by an aggregate amount up to $250 million, subject to lender approval, pursuant to an accordion provision. Borrowings will bear interest at Secured Overnight Financing Rate ("SOFR") plus a SOFR adjustment and applicable margin as defined in the $1.1 Billion 2024 Credit Agreement. The $1.1 Billion 2024 Credit Agreement replaced an existing $1.1 billion 364-day revolving credit agreement scheduled to mature July 14, 2023. Bunge had no borrowings outstanding at December 31, 2023, and December 31, 2022, under the $1.1 Billion 2024 Credit Agreement and the predecessor agreement, respectively. Further, on June 21, 2023, Bunge amended its $1.35 billion 5-year revolving credit agreement to increase total commitments under the facility to $1.95 billion (the "$1.95 Billion Credit Agreement"). Bunge may from time to time request one or more of the existing or new lenders to increase the total participations under the $1.95 Billion Credit Agreement by an aggregate amount up to $1.5 billion pursuant to an accordion provision. Borrowings will bear interest at SOFR plus a SOFR adjustment and applicable margin as defined in the $1.95 Billion Credit Agreement. Bunge had no borrowings outstanding at December 31, 2023, and December 31, 2022, under the $1.95 Billion Credit Agreement and the predecessor agreement, respectively. Bunge had no borrowings outstanding at December 31, 2023, and December 31, 2022, under the unsecured $865 million Revolving Credit Facility (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. On October 6, 2023, Bunge terminated the unsecured $1.75 billion revolving credit facility, set to mature on December 16, 2024 ("Terminated $1.75 Billion Revolving Credit Facility"). Bunge replaced the Terminated $1.75 Billion Revolving Credit Facility by entering into an unsecured $1.75 billion revolving credit facility ("$1.75 Billion Revolving Credit Facility"), with a group of lenders, maturing on October 6, 2026. 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 in an amount not to exceed $1.75 billion pursuant to an accordion provision. Bunge has the option to request an extension of the maturity date of the $1.75 Billion Revolving Credit Facility for two additional one-year periods. Borrowings under the $1.75 Billion Revolving Credit Facility will bear interest at SOFR plus a SOFR adjustment, which will vary from 0.05% to 0.25% based on the tenor of the interest period selected, plus a margin, which will vary from 0.25% to 0.90%, based on the senior long-term unsecured debt rating provided by Moody’s Investors Services Inc. ("Moody’s") and S&P Global Ratings ("S&P"). The applicable margin is also subject to certain premiums or discounts tied to certain sustainability criteria, including, but not limited to, SBTs that define Bunge’s climate goals within its operations and a commitment to eliminate deforestation in its supply chains in 2025. Bunge had no borrowings outstanding at December 31, 2023, and December 31, 2022, under the unsecured $1.75 Billion Revolving Credit Facility and the predecessor agreement, respectively. 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 consolidated statements of cash flows. At December 31, 2023, Bunge had $5,665 million unused and available committed borrowing capacity comprising committed revolving credit facilities with a number of financial institutions. At December 31, 2022, Bunge had $6,665 million unused and available committed borrowing capacity comprised of committed revolving credit facilities and the commercial paper program with a number of financial institutions, totaling $5,665 million, and $1,000 million in committed unsecured delayed draw term loans (see Note 18- Long-term Debt) . On June 21, 2023, Bunge terminated its existing $600 million asset-backed commercial paper program and its related liquidity and letter of credit facilities. To continue access to the commercial paper market, Bunge established a new $1 billion unsecured corporate commercial paper program (the "$1 Billion Commercial Paper Program"). S&P and Moody's assigned short-term ratings of A-2 and P-2, respectively. The short-term credit ratings of the $1 Billion Commercial Paper Program require Bunge to keep same day unused committed borrowing capacity under its long-term committed credit facilities in an amount greater or equal to the amount of commercial paper issued and outstanding. The $1 Billion Commercial Paper Program has no maturity date. At December 31, 2023, there were no borrowings outstanding under the $1 Billion Commercial Paper Program. At December 31, 2022, there were no borrowings outstanding under Bunge’s prior commercial paper program and its related liquidity and letter of credit facilities. Borrowings under the $1 Billion Commercial Paper Program typically have an original maturity of three months or less, resulting in net presentation of proceeds and repayments of short-term debt in the consolidated statements of cash flows. In addition to the committed facilities discussed above, from time to time, Bunge Global SA and/or its financing subsidiaries may enter into uncommitted bilateral short-term credit lines as necessary based on its financing requirements. At December 31, 2023 and 2022, there were no borrowings 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 $797 million and $546 million in short-term borrowings outstanding from local bank lines of credit at December 31, 2023 and 2022, respectively, to support working capital requirements. The original maturity of borrowings under uncommitted bilateral credit lines and local bank lines of credit varies based upon the Company's financing objectives. As a result, proceeds and repayments of such credit lines may be presented on a net basis, or separately, in the consolidated statements of cash flows as dictated by the borrowing's original maturity. Bunge's credit facilities require it to comply with specified financial covenants related to minimum current ratio, a maximum debt to capitalization ratio, and limitations on secured indebtedness. Bunge was in compliance with these covenants at December 31, 2023. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt obligations are summarized below. Variable interest rates are as of December 31, 2023. December 31, (US$ in millions) 2023 2022 Term loan due 2024 - three-month TONAR plus 0.75% (Tranche A) (1) $ — $ 232 Term loan due 2024 - three-month SOFR plus 1.40% (Tranche B) (1) — 90 Term loan due 2025 - SOFR plus 0.90% 750 — Term loan due 2027 - SOFR plus 1.125% 250 — Term loan due 2028 - SOFR plus 1.325% 249 249 1.85% Senior Notes due 2023—Euro (2) — 853 1.63% Senior Notes due 2025 598 597 3.25% Senior Notes due 2026 698 698 3.75% Senior Notes due 2027 597 597 2.75% Senior Notes due 2031 991 990 Cumulative adjustment to long-term debt from application of hedge accounting (260) (341) Other 212 140 Subtotal 4,085 4,105 Less: Current portion of long-term debt (3) (5) (846) Total long-term debt (4) $ 4,080 $ 3,259 (1) On October 6, 2023, Bunge prepaid and terminated its 5-year term loan agreement due in 2024. (2) Upon maturity in June 2023, Bunge repaid the principal and accrued interest due on all of the issued and outstanding 1.85% Senior Notes - Euro. (3) Includes secured debt of $4 million and $2 million at December 31, 2023 and December 31, 2022, respectively. (4) Includes secured debt of $100 million and $21 million at December 31, 2023 and December 31, 2022, respectively. The fair values of long-term debt, including current portion, are calculated based on interest rates currently available on comparable maturities to companies with credit standing similar to that of Bunge. The carrying amounts and fair values of long-term debt are as follows: December 31, 2023 December 31, 2022 (US$ in millions) Carrying Fair Value Carrying Fair Value Long-term debt, including current portion $ 4,085 $ 4,125 $ 4,105 $ 4,148 As described in Note 2- Acquisitions and Dispositions , Bunge has secured a total of $8.0 billion in Acquisition Financing in the form of a $7.7 billion financing commitment from a consortium of lenders, arranged by Sumitomo Mitsui Banking Corporation and a $300 million 5-year delayed draw term loan from CoBank and the U.S. farm credit system executed July 7, 2023 that may be drawn upon the closing of the Acquisition. The $7.7 billion financing commitment is in the form of a three tranche term loan maturing 364-days, 2-years and 3-years from closing of the Acquisition. On August 5, 2022, Bunge entered into an unsecured $250 million delayed draw term loan (the "$250 Million February 2023 Delayed Draw Term Loan") with a group of lenders that was required to be drawn by February 2, 2023. The $250 Million February 2023 Delayed Draw Term Loan bears interest at SOFR plus a credit spread adjustment and applicable margin, as defined in the $250 Million February 2023 Delayed Draw Term Loan agreement. The $250 Million February 2023 Delayed Draw Term Loan was drawn on February 2, 2023 and matures on August 5, 2027. On July 26, 2022, and later amended on October 7, 2022, Bunge entered into an unsecured $750 million delayed draw term loan (the "$750 Million Delayed Draw Term Loan") with a group of lenders giving Bunge the option to draw the loan by January 25, 2023. The $750 Million Delayed Draw Term Loan bears interest at SOFR plus a 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. On February 23, 2022, Bunge issued a notice of redemption for all of the issued and outstanding 4.35% Senior Notes due March 15, 2024. The redemption of the 4.35% Senior Notes occurred on March 10, 2022. In connection with the redemption, for the year ended December 31, 2022, the Company recorded a $47 million charge within Interest expense, of which $31 million related to a "make-whole" provision based on the sum of the present values of the remaining scheduled payments of principal and interest on the 4.35% Senior Notes, plus accrued and unpaid interest as of the March 10, 2022 redemption date, and $16 million related to the recognition of unrealized mark-to-market losses on terminated and de-designated interest rate hedges. Certain of Bunge's term loans require it to comply with specified financial covenants related to minimum current ratio, a maximum debt to capitalization ratio, and limitations on secured indebtedness. Bunge was in compliance with these covenants at December 31, 2023. Certain property, plant and equipment, and investments in consolidated subsidiaries having a net carrying value of approximately $125 million at December 31, 2023 have been mortgaged or otherwise collateralized against long-term debt, including current portion, of $104 million at December 31, 2023. Principal Maturities —Principal maturities of long-term debt at December 31, 2023 are as follows: (US$ in millions) 2024 $ 9 2025 1,438 2026 704 2027 879 2028 256 Thereafter 1,075 Total (1) $ 4,361 (1) Includes components of long-term debt attributable to unamortized premiums of $16 million and excludes components of long-term debt attributable to fair value hedge accounting of $260 million. Includes principal maturities of long-term debt attributable to finance leases, see Note 26- Leases for a separate breakout of finance lease maturities. During the years ended December 31, 2023, 2022, and 2021, Bunge paid interest, net of interest capitalized, of $507 million, $403 million, and $285 million, respectively. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Certain of Bunge's United States, Canadian, European, Asian, and Brazilian-based subsidiaries sponsor defined benefit pension plans covering substantially all employees of such subsidiaries. The plans provide benefits primarily based on participant salaries and lengths of service. The funding policies for Bunge's defined benefit pension plans are determined in accordance with statutory funding requirements. The most significant defined benefit plan is in the United States. Certain of Bunge's United States and Brazilian-based subsidiaries have benefit plans to provide postretirement healthcare benefits to eligible retired employees of those subsidiaries. The plans require minimum retiree contributions and define the maximum amount the subsidiaries will be obligated to pay under the plans. Bunge's policy is to fund these costs as they become payable. Plan amendments and pension liability adjustments —On September 19, 2017, Bunge approved changes to certain U.S. defined benefit pension plans. As a result, these plans were closed to new employees hired on or after January 1, 2018 and future benefit accruals for existing participants ceased effective January 1, 2023. Plan Settlements — On June 30, 2023, the Company approved a one-time lump sum offering to participants in certain of Bunge's defined benefit North American pension plans who had separated from the Company as of December 31, 2022 and whose benefits in the plan had fully vested. The respective payments were substantially completed during September 2023. The payments, which were paid from plan assets as settlement of respective benefit obligations, resulted in a $22 million decrease in benefit obligations and the reclassification of an unamortized gain of less than $1 million from Accumulated other comprehensive loss, which was recorded in Other income (expense) - net on the consolidated statements of income. 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 first quarter of 2022, the Company recorded a $41 million pretax gain within Other income (expense) - net in its consolidated statements of income, comprising a $4 million settlement of the related defined benefit plan obligations as well as the reclassification of $37 million in unamortized actuarial gains from Accumulated other comprehensive loss. Of this pretax gain, $12 million was attributable to Redeemable non-controlling interests. Plan Transfers In and Out — There were no significant transfers into or out of Bunge's employee benefit plans during the years ended December 31, 2023 or 2022. Cost of Benefit Plans —Service cost is recognized in a period determined as the actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during that period. Interest cost is the amount recognized in a period determined as the increase in the projected benefit obligation due to the passage of time. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets. Amortization of net loss represents the recognition in net periodic cost over several periods of amounts previously recognized in Other comprehensive income. Service cost is included in the same income statement line item as other compensation costs arising from services rendered during the period, while the other components of net periodic benefit pension cost are presented separately in Other (expense) income- net. The components of net periodic benefit costs for defined benefit pension plans and postretirement benefit plans are as follows: Pension Benefits Postretirement Benefits (US$ in millions) 2023 2022 2021 2023 2022 2021 Service cost $ 10 $ 29 $ 46 $ — $ — $ — Interest cost 41 30 30 4 3 3 Expected return on plan assets (46) (52) (54) — — — Amortization of prior service cost — — 1 — — — Amortization of net loss 3 5 8 (1) — — Curtailment loss/(gain) — (4) — — — — Settlement loss/(gain) recognized — (36) 2 — — — Net periodic benefit costs $ 8 $ (28) $ 33 $ 3 $ 3 $ 3 Assumptions used in Postretirement Be nefits Calculations —At December 31, 2023, an 8.8% annual rate of increase in the per capita cost of c overed healthcare benefits was assumed for 2023 postretirement benefit plan measurement purposes, decreasing to 8.2% by 2048, a nd remaining at th at level thereafter. At December 31, 2022, an 7.7% annual rate of increase in the per capita cost of covered healthcare benefits was assumed for 2022 postretirement benefit plan measurement purposes, decreasing to 7.1% by 2048, and remaining at that level thereafter. The weighted-average actuarial assumptions used in determining the benefit obligation under the defined benefit pension and postretirement benefit plans are as follows: Pension Benefits Postretirement Benefits 2023 2022 2023 2022 Discount rate 4.8 % 5.2 % 9.2 % 9.6 % Increase in future compensation levels 2.2 % 2.4 % N/A N/A The weighted-average actuarial assumptions used in determining the net periodic benefit cost under the defined benefit pension and postretirement benefit plans are as follows: Pension Benefits Postretirement Benefits 2023 2022 2021 2023 2022 2021 Discount rate 5.2 % 2.5 % 2.1 % 9.6 % 7.5 % 5.7 % Expected long-term rate of return on assets 6.5 % 5.0 % 4.5 % N/A N/A N/A Increase in future compensation levels 2.4 % 3.2 % 3.2 % N/A N/A N/A The sponsoring subsidiaries select the expected long-term rate of return on assets in consultation with their investment advisors and actuaries. These rates are intended to reflect the average rates of earnings expected on the funds invested or to be invested to provide required plan benefits. The plans are assumed to continue in effect as long as assets are expected to be invested. In estimating the expected long-term rate of return on assets, appropriate consideration is given to historical performance for the major asset classes held, or anticipated to be held, by the applicable plan trusts and to current forecasts of future rates of return for those asset classes. Cash flows and expenses are taken into consideration to the extent that the expected returns would be affected by them. As assets are generally held in qualified trusts, anticipated returns are not reduced for taxes. For certain of Bunge’s plans, the discount rate is determined by 1) the yield on a hypothetical bond portfolio for which the cash flow effectively settles the year-by-year projected benefit cash flows or 2) matching either the duration or the expected cash flows for the pension plans to a hypothetical yield curve developed on a region-specific basis using a portfolio of available high quality, non-callable, make-whole corporate bonds. Pension Benefit Obligations and Funded Status — The following table sets forth in aggregate the changes in the defined benefit pension and postretirement benefit plans' benefit obligations, assets and funded status at December 31, 2023 and 2022. A measurement date of December 31 was used for all plans. Pension Benefits Postretirement Benefits (US$ in millions) 2023 2022 2023 2022 Change in benefit obligations: Benefit obligation at the beginning of year $ 812 $ 1,380 $ 36 $ 42 Service cost 10 29 — — Interest cost 41 30 4 3 Plan curtailments — (2) — — Actuarial (gain) loss, net 31 (311) (4) (9) Employee contributions 4 3 — — Plan settlements (10) (246) — — Benefits paid (59) (39) (3) (2) Expenses paid (5) (3) — — Impact of foreign exchange rates 12 (29) 2 2 Benefit obligation at the end of year $ 836 $ 812 $ 35 $ 36 Change in plan assets: Fair value of plan assets at the beginning of year $ 706 $ 1,223 $ — $ — Actual return on plan assets 51 (224) — — Employer contributions 13 19 3 2 Employee contributions 4 3 — — Plan settlements (10) (247) — — Benefits paid (59) (39) (3) (2) Expenses paid (5) (3) — — Impact of foreign exchange rates 11 (26) — — Fair value of plan assets at the end of year $ 711 $ 706 $ — $ — Unfunded status and net amounts recognized: Plan assets less than benefit obligation $ (125) $ (106) $ (35) $ (36) Net liability recognized in the balance sheet $ (125) $ (106) $ (35) $ (36) Amounts recognized in the balance sheet consist of: Non-current assets $ 24 $ 21 $ — $ — Current liabilities (9) (7) (5) (4) Non-current liabilities (140) (120) (30) (32) Net liability recognized $ (125) $ (106) $ (35) $ (36) Included in Accumulated other comprehensive loss are the following amounts, net of tax and excluding noncontrolling interest, which have not been recognized in net periodic benefit costs: Pension Benefits Postretirement Benefits (US$ in millions) 2023 2022 2023 2022 Net actuarial (loss) gain $ (129) $ (109) $ 6 $ 4 Prior service credit 3 3 — — Total accumulated other comprehensive (loss) income $ (126) $ (106) $ 6 $ 4 Bunge has aggregated certain defined benefit pension plans for which the projected benefit obligations exceeds the fair value of related plan assets with pension plans for which the fair value of plan assets exceeds related projected benefit obligations. The following table provides aggregated information about pension plans with a projected benefit obligation in excess of plan assets: Pension Benefits (US$ in millions) 2023 2022 Projected benefit obligation $ 713 $ 699 Fair value of plan assets $ 564 $ 572 The accumulated benefit obligation for the defined pension benefit plans was $818 million a nd $799 million at December 31, 2023 and 2022, respectively. The following table summarizes information related to aggregated defined benefit pension plans with an accumulated benefit obligation in excess of plan assets: Pension Benefits (US$ in millions) 2023 2022 Projected benefit obligation $ 713 $ 609 Accumulated benefit obligation $ 697 $ 604 Fair value of plan assets $ 564 $ 484 Pension Benefit Plan Assets —The objective of the plans' trust funds is to sufficiently diversify plan assets to maintain a reasonable level of risk without imprudently sacrificing returns. For pension plans in the United States (the "US plans"), Bunge has an outside investment advisory firm to implement a liability-driven investment strategy intended to increase the duration of pension plan assets to better match the duration of pension benefit obligations. This strategy is intended to increase the interest rate and credit spread liability hedge ratios and reduce the funded status volatility of the US plans. For the largest US plan, derivatives are used primarily to manage risk and hedge plan li abilities while maintaining liquidity. As part of this strategy, the plan is required to hold cash collateral associated with certain derivatives. Target asset allocations are based on a glide path approach, which allocates more plan assets to immunizing assets, such as intermediate and long duration fixed income instruments, which are intended to match the duration and amount of the expected liabilities, and less to growth assets, such as public equities, non-core fixed income instruments and real assets, as the funded status of the plans improve. Target asset allocations are generally 70-90% to immunizing assets and 10-30% to growth assets. For pension plans outside of the United States, the plans’ trust funds utilize a target asset allocation of approximately 30% fixed income securities, approximately 35% equities and approximately 35% in real estate and other alternative investment vehicles. Bunge implements its investment strategy through a combination of passive and actively managed strategies, including, but not limited to mutual funds, collective trust funds, and collective investment trusts. The Company's policy is not to invest plan assets in Bunge Global SA shares. Plan investments are stated at fair value or net asset value ("NAV"). For a further definition of fair value and the associated fair value levels, refer to Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies . The fair values of Bunge's defined benefit pension plans' assets at the measurement date, by category, are as follows: December 31, 2023 (US$ in millions) Level 1 Level 2 Level 3 Total Cash $ 45 $ — $ — $ 45 Mutual funds - equities (1) 62 — — 62 Mutual funds - fixed income (2) 41 31 — 72 Other (3) 3 45 6 54 Total $ 151 $ 76 $ 6 $ 233 Collective pooled funds (4) $ — $ — $ — $ 478 Total investments measured at NAV as a practical expedient — — — 478 Total $ 151 $ 76 $ 6 $ 711 December 31, 2022 (US$ in millions) Level 1 Level 2 Level 3 Total Cash $ 58 $ — $ — $ 58 Mutual funds - equities (1) 61 — — 61 Mutual funds - fixed income (2) 28 10 — 38 Other (3) 2 43 6 51 Total $ 149 $ 53 $ 6 $ 208 Collective pooled funds (4) $ — $ — $ — $ 498 Total investments measured at NAV as a practical expedient — — — 498 Total $ 149 $ 53 $ 6 $ 706 (1) This category represents a portfolio of equity investments comprised of equity index funds that invest in U.S. equities and non-U.S. equities. The U.S. equities are comprised of investments focusing on large, mid and small cap companies and non-U.S. equities are comprised of international, emerging markets, and real estate investment trusts. (2) This category represents a portfolio of fixed income investments in mutual funds comprised of investment grade U.S. government bonds and notes, foreign government bonds, and corporate bonds from diverse industries. (3) This category represents a portfolio consisting of a mixture of hedge funds, investments in certain government and municipal securities, bonds, real estate, and insurance contracts. (4) Collective pooled funds are typically collective trusts valued at NAV that are calculated by the investment manager or sponsor of the fund and have daily or monthly liquidity. Using the practical expedient in ASC 820 - Fair Value Measurements , these investments are not categorized within the fair value hierarchy, but are included in the table above so that they can be reconciled to the line items presented in the consolidated balance sheets. Bunge expects to contri bute $24 million and $4 million to its d efined benefit pension and postretirement benefit plans, respectively, in 2024. The following benefit payments, which reflect future service as appropriate, are expected to be paid in relation to defined benefit pension and postretirement benefit plans: (US$ in millions) Pension Postretirement 2024 $ 54 $ 4 2025 54 4 2026 55 4 2027 55 4 2028 54 4 Next five years 268 17 Employee Defined Contribution Plans —Bunge also makes contributions to qualified defined contribution plans for eligible employees. Contributions to these plans amount ed to $43 million , $28 million , and $17 million during the years ended December 31, 2023, 2022, and 2021, respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Bunge purchases agricultural commodity products from certain of its unconsolidated investees and other related parties. Such related party purchases comprised appro ximatel y 9% or less of total Cost of goods sold for each of the years ended December 31, 2023, 2022, and 2021. Bunge also sells agricultural commodity products to certain of its unconsolidated investees and other related parties. Such related party sales comprised approximately 1% or less of total Net sales for each of the years ended December 31, 2023, 2022, and 2021. In addition, Bunge receives services from and provides services to its unconsolidated investees, including tolling, port handling, administrative support, and other services. During the years ended December 31, 2023, 2022, and 2021, such services were not material to the Company's consolidated results. At December 31, 2023 and 2022, receivables related to the above related party transactions comprised approximatel y 3% or less of total Trade accounts receivable, net. At December 31, 2023 and 2022, payables related to the above related party transactions comprised approximately 5% or less of total Trade accounts payable. Further, as referenced in Note 6- Other Current Assets and Note 12- Other Non-Current Assets , Bunge provides certain advance payments for future delivery of specified quantities of agricultural commodities and advances to its unconsolidated investees. At December 31, 2023 and 2022, advances to unconsolidated investees comprised approximat ely 3% or less of total Other current assets and 5% or le ss of total Other non-current assets. Bunge believes all transaction values to be similar to those that would be conducted with third parties. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Bunge is party to claims and lawsuits, primarily non-income tax and labor claims in South America, arising in the normal course of business. Bunge is also involved from time to time in various contract, antitrust, environmental litigation and remediation, and other litigation, claims, government investigations and legal proceedings. The ability to predict the ultimate outcome of such matters involves judgments, estimates, and inherent uncertainties. Bunge records liabilities related to legal matters when the exposure item becomes probable and can be reasonably estimated. Bunge management does not expect these matters to have a material adverse effect on Bunge’s financial condition, results of operations, or liquidity. However, these matters are subject to inherent uncertainties and there exists the remote possibility that a liability arising from these matters could have a material adverse impact in the period the uncertainties are resolved should the liability substantially exceed the amount of provisions included in the consolidated balance sheets. Included in Other non-current liabilities at December 31, 2023 and 2022 are the following amounts related to these matters: December 31, (US$ in millions) 2023 2022 Non-income tax claims $ 19 $ 20 Labor claims 66 76 Civil and other claims 114 105 Total $ 199 $ 201 Brazil indirect taxes - non-income tax claims - These tax claims relate to claims against Bunge’s Brazilian subsidiaries, primarily value-added tax claims (ICMS, ISS, IPI and PIS/COFINS) plus applicable interest and penalties on the outstanding amount. As of December 31, 2023, the Brazilian federal and state authorities have concluded examinations of the ICMS and PIS/COFINS tax returns and have issued outstanding claims. The Company continues to evaluate the merits of each of these claims and will recognize them if and when loss is considered probable. The outstanding claims comprise the following: December 31, (US$ in millions) Years Examined 2023 2022 ICMS 1990 to Present $ 212 $ 215 PIS/COFINS 2002 to Present $ 438 $ 347 Labor claims — The labor claims are principally against Bunge’s Brazilian subsidiaries. The labor claims primarily relate to dismissals, severance, health and safety, salary adjustments, and supplementary retirement benefits. Civil and other claims — The civil and other claims relate to various disputes with third parties, including suppliers, and customers. Guarantees —Bunge has issued or was a party to the following guarantees at December 31, 2023: (US$ in millions) Recorded Liability Maximum Unconsolidated affiliates guarantee (1) $ — $ 94 Residual value guarantee (2) — 388 Russia disposition indemnity (3) 9 235 Other guarantees — 14 Total $ 9 $ 731 (1) Bunge has issued guarantees to certain financial institutions related to debt of certain of its unconsolidated affiliates. The terms of the guarantees are equal to the terms of the related financings, which have maturity dates through 2034. There are no recourse provisions or collateral that would enable Bunge to recover any amounts paid under these guarantees. In addition, certain Bunge subsidiaries have guaranteed the obligations of certain of their unconsolidated affiliates and in connection therewith have secured their guarantee obligations through a pledge to the financial institutions of certain of their unconsolidated affiliates' shares plus loans receivable from the unconsolidated affiliates in the event that the guaranteed obligations are enforced. Based on the a mounts drawn under guaranteed debt facilities of unconsolidated affiliates at December 31, 2023, Bunge's potential liability was $83 million, and it has recorded less than $1 million of o b ligations 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 December 31, 2023, no obligation has been recorded related to these guarantees. Any obligation recorded would be re cognized in Current operating lease obligations or Non-current operating lease obligations. (3) On February 3, 2023, Bunge agreed to indemnify the buyer of its Russian operations against certain existing legal claims involving Bunge's former Russian subsidiary. The indemnity expires on February 2, 2030. As of December 31, 2023, Bunge recorded a $9 million obligation related to this indemnity within Other non-current liabilities. Bunge Global SA has provided a guarantee to the Director of the Illinois Department of Agriculture as Trustee for Bunge North America, Inc. ("BNA"), an indirect wholly-owned subsidiary, which guarantees all amounts due and owing by BNA to grain producers and/or depositors in the State of Illinois who have delivered commodities to BNA's Illinois facilities. Commitments —At December 31, 2023, Bunge had approximately $283 million of purchase commitments related to inventories, $507 million of freight supply agreements for ocean freight vessels and railroad freight lines not accounted for as leases, $97 million of power supply contracts, $219 million of contractual commitments related to construction in progress, and $509 million of other purchase commitments and obligations, such as take-or-pay contracts, throughput contracts, and debt commitment fees. Bunge has also entered into standby letters of credit and surety bonds with financial institutions primarily relating to the guarantee of our future performance on certain contracts. Amounts on outstanding standby letter of credit agreements and surety bonds aggregated to $1,858 million and $1,592 million as of December 31, 2023 and 2022, respectively. |
OTHER NON-CURRENT LIABILITIES
OTHER NON-CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
OTHER NON-CURRENT LIABILITIES | OTHER NON-CURRENT LIABILITIES Other non-current liabilities consist of the following: December 31, (US$ in millions) 2023 2022 Labor, legal and other provisions $ 218 $ 205 Pension and post-retirement obligations (1) 170 152 Uncertain income tax positions (2) 68 59 Unrealized losses on derivative contracts, at fair value (3) 260 332 Other 108 101 Total $ 824 $ 849 (1) See Note 19- Employee Benefit Plans. (2) See Note 14- Income Taxes. (3) See Note 15- Fair Value Measurements. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
EQUITY | EQUITY Redomestication — In connection with the Redomestication noted in Note 1- Nature of Business, Basis of Presentation, and Significant Accounting Policies , one registered share, par value $0.01 per share, of Bunge Global SA was exchanged for, each issued and outstanding Bunge Limited common share, par value $0.01 per share. In connection with the non-cash exchange, Bunge Global SA acquired 16,141,494 treasury shares which, following the Redomestication, are available for future use in satisfying Bunge’s obligations to deliver registered shares. Treasury Shares — In connection with the Redomestication noted in Note 1- Nature of Business, Basis of Presentation, and Significant Accounting Policies , 8,102,179 shares held in treasury with an acquisition cost of $845 million were cancelled in a non-cash transaction to comply with the Swiss Code limitation on issuer’s holding of registered share capital. Share Repurchase Program — On June 12, 2023, Bunge Limited's Board of Directors approved the expansion of an existing $500 million program for the repurchase of our issued and outstanding common shares. At the time, approximately $300 million of capacity for the repurchase of Bunge Limited common shares remained available under the existing program and Bunge Limited's Board of Directors approved the expansion of the program by an additional $1.7 billion, for an aggregate unutilized capacity of $2.0 billion at June 12, 2023. The program continues to have an indefinite term. During the twelve months ended December 31, 2023, Bunge repurchased 5,407,861 shares for $600 million. As of December 31, 2023, 7,516,976 shares were repurchased for $800 million and $1.4 billion remained outstanding for repurchases under the program. Subsequent to the consolidated balance sheet date, from December 31, 2023 through February 21, 2024, Bunge repurchased an additional 3,319,987 shares for $301 million. Therefore, as of February 21, 2024, 10,836,963 shares were repurchased for $1.1 billion and $1.1 billion remains outstanding for repurchases under the program. Cumulative Convertible Perpetual Preference Shares — Effective March 23, 2022, (the "Conversion Date"), in accordance with the terms of the certificate of designation governing the 4.875% Cumulative Convertible Perpetual Preference Shares (“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. There were 6,898,268 convertible preference shares issued and outstanding prior to the conversion, which resulted in the issuance of 8,861,515 new common shares of the Company. Additionally, in the first quarter of 2022, prior to the conversion, 1,415 convertible preference shares were voluntarily converted by preference shareholders into 1,816 common shares. As a result of this conversion, no convertible preference shares were issued or outstanding as of December 31, 2023, and December 31, 2022, and all rights of the former holders of the convertible preference shares terminated, as of March 23, 2022. Dividends on the convertible preference shares ceased to accrue on the Conversion Date. Accordingly, holders of the convertible preference shares were not entitled to receive the $1.21875 per share dividend declared by the Company in respect of the convertible preference shares on February 23, 2022, and payable to holders of record on May 15, 2022. Dividends on registered or common shares —On October 31, 2023, the Company's Board of Directors declared a dividend of $0.6625 per share, payable on March 1, 2024, to shareholders of record on February 16, 2024. During the twelve months ended December 31, 2023, the Company's Board of Directors declared total dividends on shares of $2.6125 per share. Dividend distributions occurring after the Redomestication are at the discretion of the Board of Directors and the approval of shareholders at a general meeting in accordance with Swiss law. Upon approval by shareholders, the obligation will be reflected in Other current liabilities with a corresponding reduction in Retained earnings in the consolidated balance sheet. Bunge expects to make dividend distributions in four equal quarterly installments on dates determined by the Board of Directors. Accumulated other comprehensive loss Attributable to Bunge —The following table summarizes the balances of related after-tax components of Accumulated other comprehensive loss attributable to Bunge: (US$ in millions) Foreign Exchange Translation Adjustment (1) Deferred Pension and Accumulated Other Comprehensive Balance, January 1, 2021 $ (5,857) $ (215) $ (174) $ (6,246) Other comprehensive (loss) income before reclassifications (236) (36) 51 (221) Amount reclassified from Accumulated other comprehensive loss — (3) (1) (4) Net-current period other comprehensive (loss) income (236) (39) 50 (225) Balance, December 31, 2021 (6,093) (254) (124) (6,471) Other comprehensive income (loss) before reclassifications 26 (81) 40 (15) Acquisition of redeemable noncontrolling interest (15) — — (15) Amount reclassified from Accumulated other comprehensive loss (2) 156 (8) (18) 130 Net-current period other comprehensive income (loss) 167 (89) 22 100 Balance, December 31, 2022 (5,926) (343) (102) (6,371) Other comprehensive income (loss) before reclassifications 335 (99) (18) 218 Amount reclassified from Accumulated other comprehensive loss (3) 102 (3) — 99 Net-current period other comprehensive income (loss) 437 (102) (18) 317 Balance, December 31, 2023 $ (5,489) $ (445) $ (120) $ (6,054) (1) Bunge has significant operating subsidiaries in Brazil, Argentina, North America, Europe, and Asia-Pacific. The functional currency of Bunge's subsidiaries is generally the local currency. The assets and liabilities of these subsidiaries are translated into U.S. dollars from the local currency at month-end exchange rates, and the resulting foreign currency translation gains (losses) are recorded in the consolidated balance sheets as a component of Accumulated other comprehensive loss. (2) 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 twelve months ended December 31, 2022, the Company reclassified $27 million (net of $10 million tax expense) in unamortized actuarial gains from Accumulated other comprehensive 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). The year ended December 31, 2022 also included the release of cumulative translation adjustments upon the disposition of substantially all of its wheat milling business in Mexico of $158 million, which had been previously reserved through Cost of goods sold, in the consolidated statements of income in the year ended December 31, 2021 (see Note 2- Acquisitions and Dispositions ). (3) The year ended December 31, 2023 included the release of cumulative translation adjustments upon the disposition of all of its Russian operations of $103 million, which had been previously reserved through Cost of goods sold, in the consolidated statements of income in the year ended December 31, 2022 (see Note 2- Acquisitions and Dispositions |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Share information provided below, including references to Net income available to Bunge shareholders, Weighted-average number of shares outstanding, and Earnings per share have been calculated based on Bunge’s common shares prior to the Redomestication and Bunge’s registered shares after the Redomestication. The following table sets forth the computation of basic and diluted earnings per share: Year Ended December 31, (US$ in millions, except for share data) 2023 2022 2021 Net income $ 2,337 $ 1,678 $ 2,167 Net (income) attributable to noncontrolling interests and redeemable noncontrolling interests (94) (68) (89) Income attributable to Bunge 2,243 1,610 2,078 Convertible preference share dividends — — (34) Net income available to Bunge shareholders - Basic $ 2,243 $ 1,610 $ 2,044 Add back convertible preference share dividends — — 34 Net income available to Bunge shareholders - Diluted $ 2,243 $ 1,610 $ 2,078 Weighted-average number of shares outstanding: Basic 148,804,387 148,712,251 141,015,388 Effect of dilutive shares: —stock options and awards (1) 1,983,530 2,455,629 2,520,420 —convertible preference shares (2) — 1,966,874 8,830,904 Diluted 150,787,917 153,134,754 152,366,712 Earnings per share: Net income attributable to Bunge shareholders—basic $ 15.07 $ 10.83 $ 14.50 Net income attributable to Bunge shareholders—diluted $ 14.87 $ 10.51 $ 13.64 (1) The weighted-average shares outstanding-diluted exclude less than 1 million contingently issuable restricted stock units, which were not dilutive and not included in the computation of earnings per share for the years ended December 31, 2023, 2022, and 2021. (2) Effective March 23, 2022, 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. Accordingly, holders of the convertible preference shares were not entitled to receive the $1.21875 per share dividend declared by the Company in respect of the convertible preference shares on February 23, 2022, and payable to holders of record on May 15, 2022, and no convertible preference shares were issued or outstanding as of December 31, 2023 and December 31, 2022. Refer to Note 23- Equity for further information. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION In connection with the Redomestication effective as of November 1, 2023, Bunge amended the Bunge Equity Incentive Plan (the "2016 EIP"), the Bunge 2009 Equity Incentive Plan, and the 2017 Non-Employee Directors Equity Incentive Plan (the "2017 NED Plan" or collectively, referred to as the "Plans") to provide for the issuance of registered shares instead of common shares in connection with the awards under the Plans. Additionally, the amendments to the Plans include changes to comply with Swiss law regarding minimum payment for shares, share sourcing, the form of shares, data protection, and forfeiture of restricted shares along with modifying the vesting provision on the 2017 NED Plan for separation. For the years ended December 31, 2023, 2022, and 2021, Bunge recognized approximately $69 million, $65 million, and $61 million, respectively, of total compensation expense related to its stock option and restricted stock unit equity awards. During the years ended December 31, 2023, 2022, and 2021, Bunge granted equity awards under the 2016 EIP, a shareholder approved plan. Under the 2016 EIP, the Compensation Committee of Bunge's Board of Directors may grant equity-based awards to officers, employees, consultants, and independent contractors in the form of stock options, restricted stock units (performance-based or time-based) or other equity-based awards. Shares issued under the 2016 EIP may result from, in whole or in part, the capital band referenced in Bunge's articles of association, treasury shares, or shares reacquired by the Company in any manner, or a combination thereof. Stock Option Awards—Options to purchase Bunge registered shares are granted with an exercise price equal to the grant date fair market value of Bunge registered shares, vest over service periods that generally range from one Any awards previously granted will continue to vest as awarded. Restricted Stock Units—Restricted stock units ("RSUs") give recipients the right to receive shares of Bunge registered shares upon the lapse of related restrictions determined by the Compensation Committee. The Company has two types of RSUs: time-based restricted stock units ("TBRSUs") and performance-based restricted stock units ("PBRSUs"). Restrictions on TBRSUs are based on continued service by the recipient through the designated term. Restrictions on PBRSUs are based on the achievement of certain performance targets, including earnings per share, return on invested capital, and relative total shareholder return, with the number of PBRSUs earned varying based on the level of achievement against these performance targets. Compensation expense is recognized on a straight-line basis over the vesting period for restricted stock units. RSUs generally vest over periods ranging from one Under the 2017 NED Plan, the Compensation Committee may grant equity-based awards to non-employee directors of Bunge Global SA. Awards may consist of restricted stock, restricted stock units, deferred restricted stock units, and non-statutory stock options. Restricted stock units granted to non-employee directors generally vest on the first anniversary of the grant date, provided the director continues to serve on the Board until such date, and are settled in shares of Bunge registered shares. At the time of settlement, a participant holding a vested restricted stock unit is also entitled to receive corresponding accrued dividend distribution equivalent share payments. The fair value of each stock option granted under any of the Plans is estimated on the grant date using the Black-Scholes-Merton option pricing model, utilizing inputs such as the expected volatility of Bunge registered shares, historical employee exercise behavior, the expected outstanding option term, and the risk-free interest rate associated with U.S. Treasury zero-coupon bonds. A summary of option activity under the Plans for the year ended December 31, 2023 is presented below: Options Shares Weighted-Average Weighted-Average Aggregate Outstanding at January 1, 2023 1,855,681 $ 56.22 Exercised (146,827) 68.89 Forfeited or expired (2,725) 76.04 Outstanding at December 31, 2023 (1) 1,706,129 55.01 4.77 $ 78 Exercisable at December 31, 2023 1,706,129 $ 55.01 4.77 $ 78 (1) Includes 15,020 options to be cash settled. The total intrinsic value of options exercised during the years ended December 31, 2023, 2022, and 2021 was approximately $5 million, $44 million, and $30 million, respectively. A summary of restricted stock unit activity under the Plans for the year ended December 31, 2023 is presented below. Restricted Stock Units Shares Weighted-Average Time-based restricted stock units at January 1, 2023 1,055,479 $ 80.30 TBRSUs Granted 474,491 98.11 Vested/issued (1) (316,329) 51.39 Forfeited (47,037) 93.45 Time-based restricted stock units at December 31, 2023 (2) (3) 1,166,604 $ 94.97 Performance-based restricted stock units at January 1, 2023 807,673 $ 78.68 PBRSUs Granted 230,448 103.79 Additional PBRSUs granted on achievement of performance targets 323,981 42.80 Vested/issued (1) (674,986) 44.76 Forfeited (12,712) 105.84 Performance-based restricted stock units at December 31, 2023 (2) 674,404 $ 103.47 Total restricted stock units at December 31, 2023 (2) 1,841,008 $ 98.08 (1) During the year ended December 31, 2023, Bunge issued a total of 687,444 common and registered shares, net of shares withheld to cover taxes, including related shares representing accrued dividends, with a weighted-average fair value of $46.62 per share upon vesting of TBRSUs and PBRSUs. (2) Includes accrued unvested dividends, which are payable in Bunge's registered shares upon vesting of underlying restricted stock units. (3) Includes 17,145 TBRSUs to be cash settled. At December 31, 2023, there was approximately $83 million of total unrecognized compensation cost related to restricted stock units granted under the Plans, which is expected to be recognized over the next three years years. The total grant date fair value of restricted stock units vested during the year ended December 31, 2023 was approximately $46 million. Registered Shares Reserved for Share-Based Awards —The 2017 NED Plan and the 2016 EIP provide that 320,000 and 10,900,000 registered shares, respectively, are to be reserved for grants of stock options, restricted stock units and other awards under the plans. During 2021, Bunge shareholders approved an increase to the 2017 NED Plan of 200,000 shares, which is reflected in the figures above. At December 31, 2023, 150,669 and 2,692,269 registered shares were available for future grants under the 2017 NED Plan and the 2016 EIP, respectively. No shares are currently available for grant under any other Bunge Global SA equity incentive plan. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
LEASES | LEASES The Company routinely leases storage facilities, transportation equipment, land, and office facilities which are typically classified as operating leases. The accounting for some of the Company's leases may require significant judgment when determining whether a contract is or contains a lease, the lease term, and the likelihood of renewal or termination options. Leases with an initial term of more than 12 months are recognized on the balance sheet as right-of-use assets (Operating lease assets) and lease liabilities for the obligation to make payments under such leases (Current operating lease obligations and Non-current operating lease obligations). As of the lease commencement date, the lease liability is initially measured as the present value of lease payments not yet paid. The lease asset is initially measured equal to the lease liability and adjusted for lease payments made at or before lease commencement (e.g., prepaid rent), lease incentives, and any initial direct costs. Over time, the lease liability is reduced for lease payments made and the lease asset is reduced through expense, classified as either Cost of goods sold or Selling, general and administrative expense depending upon the nature of the lease. Lease assets are subject to review for impairment in a manner consistent with property, plant and equipment. Leases with an initial term of 12 months or less ("short-term leases") are not recorded on the consolidated balance sheets and the related lease expense is recognized on a straight-line basis over the lease term. The Company’s operating leases range in length of term, with a weighted average remaining lease term of 8.2 years , and a maximum remaining term of 88 years for one water rights lease . Renewal options are generally exercisable solely at the Company’s discretion. When a renewal option is reasonably certain to be exercised, such additional terms are considered when calculating the associated operating lease asset and liability. When determining the lease liability at commencement of the lease, the present value of lease payments is generally based on the Company’s incremental borrowing rate determined using a portfolio approach and the Company’s inc remental cost of debt, adjusted to arrive at the rate in the applicable country and for the applicable term of the lease, as the rate implicit in the lease is generally not readily determinable. As of December 31, 2023, such weighted average discount rate on operating leases was 5.0% . Certain of the Company’s freight supply agreements for ocean freight vessels and rail cars may include rental payments that are variable in nature. Variable payments on time charter agreements for ocean freight vessels under freight supply agreements are dependent on then current market daily hire rates. Variable payments for certain rail cars can be based on volumes, and in some cases, benchmark interest rates. All such variable payments, other than those that depend on an index or rate, are not included in the calculation of the associated operating lease asset or liability subsequent to the inception date of the associated lease and are recorded as expense in the period in which the adjustment to the variable payment obligation is incurred. Certain of the Company’s lease agreements related to railcars and barges contain residual value guarantees (see Note 21- Commitments and Contingencies ). None of the Company’s lease agreements contain material restrictive covenants. The components of lease expense were as follows: Year Ended December 31, (US$ in millions) 2023 2022 Operating lease cost $ 507 $ 479 Short-term lease cost 747 1,485 Variable lease cost 47 69 Total lease cost $ 1,301 $ 2,033 The table below presents the finance lease-related assets and liabilities recorded on the consolidated balance sheets: December 31, (US$ in millions) 2023 2022 Property, plant and equipment $ 124 $ 67 Less: accumulated depreciation and depletion (36) (30) Property, plant and equipment, net $ 88 $ 37 Current portion of long-term debt $ 3 $ 1 Long-term debt 57 16 Total finance lease liabilities $ 60 $ 17 Supplemental cash flow information related to leases was as follows: Year Ended December 31, (US$ in millions) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating lease liability principal payments $ 506 $ 480 Supplemental non-cash information: Right-of-use assets obtained in exchange for lease obligations (1) $ 403 $ 567 (1) Comprises both operating and finance lease obligations. Maturities of operating and finance lease liabilities as of December 31, 2023 were as follows: (US$ in millions) Operating leases Finance leases 2024 $ 338 $ 6 2025 190 6 2026 155 5 2027 90 5 2028 49 4 Thereafter 264 77 Total lease payments (1) 1,086 103 Less imputed interest (212) (43) Present value of lease liabilities, as separately presented on the consolidated balance sheet $ 874 $ 60 (1) Minimum lease payments have not been reduced by minimum sublease income receipts of $115 million due in future periods under non-cancelable subleases as of December 31, 2023. Non-cancelable subleases primarily relate to agreements with third parties for the use of portions of certain facilities with remaining sublease terms of up to six years. Additionally, from time to time, the Company may enter into re-let agreements to sell the right to use ocean freight vessels under time charter agreements when excess capacity is available. Sublease income, generally recorded within Net sales, was $176 million and $335 million for the years ended December 31, 2023 and December 31, 2022, respectively. two |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company's operations are organized, managed, and classified into four reportable segments - Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy, organized based upon their similar economic characteristics, products and services offered, production processes, types and classes of customer, and distribution methods. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as Corporate and Other. The Agribusiness segment is characterized by both inputs and outputs being agricultural commodities and thus high volume and low margin. The Refined and Specialty Oils segment involves the processing, production, and marketing of products derived from vegetable oils. The Milling segment involves the processing, production, and marketing of products derived primarily from wheat and corn. The Sugar & Bioenergy segment primarily comprises the net earnings from the Company’s 50% interest in BP Bunge Bioenergia, a joint venture with BP. Corporate and Other includes salaries and overhead for corporate functions that are not allocated to the Company’s individual reporting segments because the operating performance of each reporting segment is evaluated by the Company's chief operating decision maker exclusive of these items, as well as certain other activities including Bunge Ventures, the Company's captive insurance activities, accounts receivable securitization activities, and certain income tax assets and liabilities. Transfers between the segments are generally valued at market. The segment revenues generated from these transfers are shown in the following table as "Inter-segment revenues." As of, and for the year ended, December 31, 2023 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Eliminations Total Net sales to external customers $ 42,764 $ 14,603 $ 1,896 $ 235 $ 42 $ — $ 59,540 Inter–segment revenues 8,360 176 175 — — (8,711) — Foreign exchange gains - net — 7 1 — 12 — 20 EBIT - Noncontrolling interests (1) (70) (21) 1 — 4 — (86) Other income (expense) – net 126 (65) (7) 2 73 — 129 Income (loss) from affiliates 1 — (1) 157 (17) — 140 Segment EBIT (2) 2,786 865 66 164 (548) — 3,333 Depreciation, depletion and amortization (217) (179) (33) — (22) — (451) Total assets 16,000 3,969 984 471 3,948 — 25,372 Capital expenditures 551 429 45 — 97 — 1,122 As of, and for the year ended, December 31, 2022 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Eliminations Total Net sales to external customers $ 47,700 $ 16,850 $ 2,388 $ 259 $ 35 $ — $ 67,232 Inter–segment revenues 10,200 306 564 — — (11,070) — Foreign exchange gains (losses) – net 2 (14) 4 2 (5) — (11) EBIT - Noncontrolling interests (1) (45) (12) (1) — (9) — (67) Other (expense) income – net (67) (29) 1 2 84 — (9) Income (loss) from affiliates 67 — — 93 (55) — 105 Segment EBIT (3) 1,715 746 162 105 (397) — 2,331 Depreciation, depletion and amortization (203) (146) (32) — (27) — (408) Total assets 16,486 3,886 1,195 334 2,679 — 24,580 Capital expenditures 312 169 30 — 44 — 555 As of, and for the year ended, December 31, 2021 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Eliminations Total Net sales to external customers $ 43,636 $ 13,332 $ 1,909 $ 270 $ 5 $ — $ 59,152 Inter–segment revenues 8,134 456 192 — — (8,782) — Foreign exchange losses – net (24) (1) (2) — (11) — (38) EBIT - Noncontrolling interests (1) (28) (73) (1) — 3 — (99) Other income – net 215 239 — 1 54 — 509 Income (loss) from affiliates 56 — (2) 106 — — 160 Segment EBIT (4) 2,290 666 (74) 112 (333) — 2,661 Depreciation, depletion and amortization (206) (149) (39) — (30) — (424) Total assets 15,989 4,152 1,323 211 2,144 — 23,819 Capital expenditures 236 92 28 — 43 — 399 (1) Includes Net (income) attributable to noncontrolling interests and redeemable noncontrolling interests adjusted for noncontrolling interests' share of interest and taxes. (2) 2023 EBIT includes a mark-to-market gain of $29 million, recorded in Cost of goods sold, related to inventory recovered from Bunge's Mykolaiv and other facilities in Ukraine; $37 million of fixed asset impairment charges in North America, recorded in Cost of goods sold; $17 million of amortization charges, at Bunge's 80% share, recorded in SG&A, primarily related to the discontinuance of the Loders Croklaan trademark; $114 million of acquisition and integration costs, recorded in SG&A, related to the announced Business Combination Agreement with Viterra; $20 million impairment charge, recorded in Other income (expense) - net, related to the full impairment of a long-term investment held in Other non-current assets; and a $16 million impairment charge, recorded in Income from affiliates, related to a minority investment in Australian Plant Proteins, a start-up manufacturer of novel protein ingredients. (3) 2022 EBIT includes $80 million of charges resulting from the Ukraine-Russia war, recorded in Cost of goods sold, primarily related to losses associated with inventories physically located in occupied territories in Ukraine or in difficult to access locations with high costs of recovery; $106 million of charges on the classification of our Russian oilseed processing business as held-for-sale, recorded in Cost of goods sold; a $29 million gain, at Bunge's then-70% share, related to the settlement of one of the Company’s international defined benefit pension plans, recorded in Other income (expense) - net; and $53 million of charges related to the impairment of two equity investments, recorded in Income from affiliates. (4) 2021 EBIT includes a $158 million gain on sale of a portfolio of interior grain elevators located in the United States (U.S. Grain Disposition), recorded in Other income (expense) - net; $170 million in gains on sales of assets, comprising a $151 million gain on sale of our Rotterdam Oils Refinery, at Bunge’s then-70% share, and a $19 million gain on sale of an oils packaging facility in Mexico, both recorded in Other income (expense) - net; a $35 million fixed asset impairment charge, at Bunge’s then-70% share, recorded in Cost of goods sold; and a $170 million expense related to the classification of our Mexican wheat milling business as held-for-sale, recorded in Cost of goods sold. Total segment earnings before interest and taxes ("EBIT") is an operating performance measure used by Bunge's management to evaluate segment operating activities. Bunge's management believes total segment EBIT is a useful measure of operating profitability, since the measure allows for an evaluation of the performance of its segments without regard to its financing methods or capital structure. In addition, EBIT is a financial measure that is widely used by analysts and investors in Bunge's industries. A reconciliation of Net income attributable to Bunge to Total segment EBIT follows: Year Ended December 31, (US$ in millions) 2023 2022 2021 Net income attributable to Bunge $ 2,243 $ 1,610 $ 2,078 Interest income (148) (71) (48) Interest expense 516 403 243 Income tax expense 714 388 398 Noncontrolling interests' share of interest and tax 8 1 (10) Total segment EBIT from continuing operations $ 3,333 $ 2,331 $ 2,661 Net sales by product group to external customers were as follows: Year Ended December 31, (US$ in millions) 2023 2022 2021 Agribusiness Processing Products $ 31,298 $ 32,804 $ 29,610 Agribusiness Merchandising Products 11,466 14,896 14,026 Refined and Specialty Oil Products 14,603 16,850 13,332 Milling Products 1,896 2,388 1,909 Sugar and Bioenergy Products 235 259 270 Other Products 42 35 5 Total $ 59,540 $ 67,232 $ 59,152 Geographic area information for Net sales to external customers, determined based on the location of the subsidiary making the sale, and long-lived assets follows: Year Ended December 31, (US$ in millions) 2023 2022 2021 Net sales to external customers: Europe $ 24,333 $ 26,089 $ 22,249 United States 15,819 16,939 14,660 Asia-Pacific 10,098 13,829 12,334 Brazil 4,771 5,487 4,520 Argentina 1,386 1,576 2,669 Canada 2,606 2,431 1,839 Rest of world 527 881 881 Total $ 59,540 $ 67,232 $ 59,152 Year Ended December 31, (US$ in millions) 2023 2022 Long-lived assets: (1) Europe $ 1,090 $ 955 United States 1,733 1,235 Asia-Pacific 386 378 Brazil 775 545 Argentina 188 157 Canada 367 334 Rest of world 2 13 Total $ 4,541 $ 3,617 (1) Long-lived assets comprise Property, plant and equipment, net. As further described in Note 1- Nature of Business, Basis of Presentation and Significant Accounting Policies , 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): Year Ended December 31, 2023 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Total Sales from commodity contracts (ASC 815) $ 40,331 $ 997 $ 152 $ 229 $ — $ 41,709 Sales from contracts with customers (ASC 606) 2,433 13,606 1,744 6 42 17,831 Net sales to external customers $ 42,764 $ 14,603 $ 1,896 $ 235 $ 42 $ 59,540 Year Ended December 31, 2022 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Total Sales from commodity contracts (ASC 815) $ 44,553 $ 1,198 $ 154 $ 253 $ — $ 46,158 Sales from contracts with customers (ASC 606) 3,147 15,652 2,234 6 35 21,074 Net sales to external customers $ 47,700 $ 16,850 $ 2,388 $ 259 $ 35 $ 67,232 Year Ended December 31, 2021 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Total Sales from commodity contracts (ASC 815) $ 41,032 $ 1,024 $ 21 $ 264 $ — $ 42,341 Sales from contracts with customers (ASC 606) 2,604 12,308 1,888 6 5 16,811 Net sales to external customers $ 43,636 $ 13,332 $ 1,909 $ 270 $ 5 $ 59,152 |
QUARTERLY FINANCIAL INFORMATION
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Quarter (US$ in millions, except per share data) First Second Third Fourth Year 2023 Net sales $ 15,328 $ 15,049 $ 14,227 $ 14,936 $ 59,540 Gross profit 1,181 1,365 1,045 1,254 4,845 Net income 659 629 389 660 2,337 Net income attributable to Bunge 632 622 373 616 2,243 Earnings per share—basic (1) Net income attributable to Bunge shareholders - basic $ 4.21 $ 4.13 $ 2.50 $ 4.24 $ 15.07 Earnings per share—diluted (1) Net income attributable to Bunge shareholders - diluted $ 4.15 $ 4.09 $ 2.47 $ 4.18 $ 14.87 2022 Net sales $ 15,880 $ 17,933 $ 16,759 $ 16,660 $ 67,232 Gross profit 1,204 772 888 818 3,682 Net income 696 225 383 374 1,678 Net income attributable to Bunge 688 206 380 336 1,610 Earnings per share—basic (1) Net income attributable to Bunge shareholders - basic $ 4.83 $ 1.36 $ 2.52 $ 2.24 $ 10.83 Earnings per share—diluted (1) Net income attributable to Bunge shareholders - diluted $ 4.48 $ 1.34 $ 2.49 $ 2.21 $ 10.51 (1) Earnings per share attributable to Bunge shareholders for both basic and diluted is computed independently for each period presented. As a result, the sum of the quarterly earnings per share for the years ended December 31, 2023 and 2022 may not equal the total computed for the year. See Note 24- Earnings per Share for further details. |
SCHEDULE II-VALUATION AND QUALI
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II-Valuation and Qualifying Accounts | Schedule II—Valuation and Qualifying Accounts (US$ in millions) Description Balance at Charged to Charged to other accounts (b) Deductions Balance at FOR THE YEAR ENDED Allowances for doubtful accounts (a) $ 144 35 (5) (42) (c) $ 132 Allowances for secured advances to suppliers $ 45 6 (3) (9) $ 39 Allowances for recoverable taxes $ 58 4 (3) (15) $ 44 Income tax valuation allowances $ 316 95 (49) (65) $ 297 FOR THE YEAR ENDED Allowances for doubtful accounts (a) $ 132 66 5 (67) (c) $ 136 Allowances for secured advances to suppliers $ 39 13 3 (12) $ 43 Allowances for recoverable taxes $ 44 3 1 (12) $ 36 Income tax valuation allowances $ 297 17 (7) (38) $ 269 FOR THE YEAR ENDED Allowances for doubtful accounts (a) $ 136 71 3 (74) (c) $ 136 Allowances for secured advances to suppliers $ 43 9 3 (16) $ 39 Allowances for recoverable taxes $ 36 14 2 (17) $ 35 Income tax valuation allowances $ 269 391 2 (72) $ 590 (a) Includes allowance for doubtful accounts for current and non-current trade accounts receivables. (b) Consists primarily of foreign currency translation adjustments. (c) Includes write-offs of uncollectible accounts and recoveries. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||||||||||
Net income attributable to Bunge | $ 616 | $ 373 | $ 622 | $ 632 | $ 336 | $ 380 | $ 206 | $ 688 | $ 2,243 | $ 1,610 | $ 2,078 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
NATURE OF BUSINESS, BASIS OF _2
NATURE OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation —The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The accounting policies used to prepare these financial statements are the same as those used to prepare the consolidated financial statements in prior years, except as described in these notes or for the adoption of new standards as outlined below. Principles of Consolidation —The accompanying consolidated financial statements include the accounts of Bunge, its subsidiaries and VIEs in which Bunge is considered to be the primary beneficiary and, as a result, include the assets, liabilities, revenues, and expenses of all entities over which Bunge exercises control. Equity investments in which Bunge has the ability to exercise significant influence but does not have a controlling financial interest are accounted for by the equity method of accounting. Investments in which Bunge does not exercise significant influence are accounted for at cost, or fair value if readily determinable. Intercompany accounts and transactions are eliminated. An enterprise is determined to be the primary beneficiary if it has a controlling financial interest, defined as (a) the power to direct the activities of a VIE that most significantly impact the economics of the VIE and (b) the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE's operations. Performance of that analysis requires the exercise of judgment. The primary beneficiary analysis must be continually reassessed and requires the exercise of judgement. VIE assessments are revisited upon the occurrence of relevant reconsideration events. Noncontrolling interests in subsidiaries related to Bunge's ownership interests of less than 100% are reported as Noncontrolling interests or Redeemable noncontrolling interests in the consolidated balance sheets. The noncontrolling ownership interests in Bunge's earnings, net of tax, is reported as Net (income) attributable to noncontrolling interests and redeemable noncontrolling interests in the consolidated statements of income. |
Reclassifications | Reclassifications |
Use of Estimates | Use of Estimates —The preparation of consolidated financial statements in conformity with U.S. GAAP requires Bunge to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes. Actual results could differ from those estimates. |
Offsetting | Offsetting —In the normal course of its operations the Company routinely enters into transactions resulting in the recognition of assets and liabilities stemming from unconditional obligations, for example trade receivables and trade payables, or conditional obligations, for example unrealized gains and losses on derivative contracts at fair value, with the same counterparty. The Company generally records all such assets and liabilities on a gross basis, even when they are subject to master netting agreements. However, the Company also engages in various trade structured finance activities to leverage the value of its global trade flows. These activities include programs under which Bunge generally obtains U.S. dollar and foreign currency denominated letters of credit ("LCs") from financial institutions, each based on an underlying commodity trade flow, and time deposits denominated in U.S. dollars and foreign currencies, as well as foreign exchange forward contracts and other programs in which trade related payables are set-off against receivables, when all related assets and liabilities are subject to legally enforceable set-off agreements and the criteria of ASC 210-20, Offsetting , has been met. Cash inflows are offset by the related cash outflows resulting from placement of the time deposits and repayment of the LCs. All cash flows related to the programs are included in operating activities in the consolidated statements of cash flows. |
Translation of Foreign Currency Financial Statements and Foreign Currency Transactions | Translation of Foreign Currency Financial Statements —Bunge's reporting currency is the U.S. dollar. The functional currency of the majority of Bunge's foreign subsidiaries is their local currency. As such, amounts included in the consolidated statements of income, comprehensive income, cash flows, and changes in equity are translated using average exchange rates during each period. Assets and liabilities are translated at period-end exchange rates and resulting foreign currency translation adjustments are recorded in the consolidated balance sheets as a component of Accumulated other comprehensive loss. However, in accordance with U.S. GAAP, if a foreign entity's economy is determined to be highly inflationary, then the foreign entity's financial statements are remeasured as if the functional currency were the reporting currency. Foreign Currency Transactions |
Cash and Cash Equivalents | Cash, Cash Equivalents, Restricted Cash, and Cash held for sale |
Restricted Cash, and Cash held for sale | Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. |
Trade Accounts Receivable and Secured Advances to Suppliers | Trade Accounts Receivable —Trade accounts receivable is stated at historical carrying amounts net of write-offs and allowances for uncollectible accounts. Bunge establishes allowances for uncollectible trade accounts receivable based on lifetime expected credit losses using an aging schedule for each pool of trade accounts receivable. Pools are determined based on risk characteristics such as the type of customer and geography. A default rate is derived using a provision matrix with data based on Bunge's historical receivables information. The default rate is then applied to the pool to determine the allowance for expected credit losses. Given the short-term nature of the Company's trade accounts receivable, the default rate is only adjusted if significant changes in the credit profile of the portfolio are identified (e.g., poor crop years, credit issues at the country level, systematic risk), resulting in historic loss rates that are not representative of forecasted losses. Uncollectible accounts are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when the Company has determined that collection of the balance is unlikely. Bunge records and reports accrued interest receivable within the same line item as the related trade accounts receivable. The allowance for expected credit losses is estimated on the amortized cost basis of the trade accounts receivable, including accrued interest receivable. Bunge recognizes credit loss expense when establishing an allowance for accrued interest receivable. Secured Advances to Suppliers —Secured advances to suppliers are stated at historical carrying amounts net of write-offs and allowances for uncollectible accounts. Secured advances to suppliers are expected to be settled through delivery of non-cash assets and as such, allowances are established when collection is not probable. Bunge establishes an allowance for secured advances to suppliers, generally farmers and resellers of grain, based on historical experience, farming economics and other market conditions, as well as specific supplier collection issues. Uncollectible accounts are written off when a settlement is reached for an amount below the outstanding historical balance or when Bunge has determined that collection is unlikely. Secured advances to suppliers bear interest at contractual rates that reflect current market interest rates at the time of the transaction. There are no deferred fees or costs associated with these receivables. As a result, there are no imputed interest amounts to be amortized under the interest method. Interest income is calculated based on the terms of the individual agreements and is recognized on an accrual basis. Bunge follows accounting guidance on the disclosure of the credit quality of financing receivables and the allowance for credit losses, which requires information to be disclosed at disaggregated levels, defined as portfolio segments and classes. Under this guidance, a class of receivables is considered impaired, based on current information and events, if Bunge determines it probable that all amounts due under the original terms of the receivable will not be collected. Recognition of interest income is suspended once the borrower defaults on the originally scheduled delivery of agricultural commodities as the collection of future income is determined not to be probable. No additional interest income is accrued from the point of default until ultimate recovery, at which time amounts collected are credited first against the receivable and then to any unrecognized interest income. |
Inventories | Inventories —Readily marketable inventories ("RMI") are agricultural commodity inventories, primarily including soybeans, soybean meal, soybean oil, corn, and wheat that are readily convertible to cash because of their commodity characteristics, widely available markets, and international pricing mechanisms. All of Bunge's RMI are recorded at fair value. These agricultural commodity inventories have quoted prices in active markets, may be sold without significant further processing, and have predictable and insignificant disposal costs. Changes in the fair values of RMI are recognized in earnings as a component of Cost of goods sold. Inventories other than RMI are stated at the lower of cost or net realizable value by inventory product class. Cost is determined primarily using the weighted-average cost method. |
Fair Value Measurements | Fair Value Measurements —Bunge determines fair value based on the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Bunge determines the fair values of its RMI, derivatives, and certain other assets based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs are inputs based on market data obtained from sources independent of Bunge that reflect the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are inputs that are developed based on the best information available in circumstances that reflect Bunge's own assumptions based on market data and on assumptions that market participants would use in pricing the asset or liability. The fair value standard describes three levels within its hierarchy that may be used to measure fair value: Level Description Financial Instrument (Assets / Liabilities) Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities. Exchange traded derivative contracts. Marketable securities in active markets. Level 2 Observable inputs, including adjusted Level 1 quotes, quoted prices for similar assets or liabilities, quoted prices in markets that are less active than traded exchanges and other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Exchange traded derivative contracts (less liquid market). Level 3 Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. Assets and liabilities whose value is determined using proprietary pricing models, discounted cash flow methodologies or similar techniques. Based on historical experience with Bunge’s suppliers and customers, Bunge’s own credit risk, and knowledge of current market conditions, Bunge does not view nonperformance risk to be a significant input to fair value for the majority of its forward commodity purchase and sale contracts. In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of input that is a significant component of the fair value measurement determines the placement of the entire fair value measurement in the hierarchy. Bunge’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy levels. Bunge’s policy regarding the timing of transfers between levels, including both transfers into and transfers out of Level 3, is to measure and record the transfers at the end of the reporting period. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities —Bunge enters into derivative instruments to manage its exposure to movements associated with agricultural commodity prices, transportation costs, foreign currency exchange rates, interest rates, and energy costs. Bunge's use of these instruments is generally intended to mitigate exposure to market variables (see Note 16- Derivative Instruments and Hedging Activities ). Additionally, commodity contracts relating to forward sales of commodities primarily in the Company’s Agribusiness segment, including but not limited to soybeans, soybean meal and oil, corn, and wheat, are accounted for as derivatives at fair value under ASC 815 (see Revenue Recognition below). Generally, derivative instruments are recorded at fair value in Other current assets or Other current liabilities in Bunge's consolidated balance sheets. For derivatives designated as hedges, Bunge assesses at the inception of the hedge whether any such derivatives are highly effective in offsetting changes in the hedged items and, on an ongoing basis, qualitatively monitors whether that assertion is still met. The changes in fair values of derivative instruments designated as fair value hedges, along with the gains or losses on the related hedged items are recorded in earnings in the consolidated statements of income in the same caption as the hedged items. The changes in fair values of derivative instruments that are designated as cash flow hedges are recorded in Accumulated other comprehensive loss and are reclassified to earnings when the hedged cash flows affect earnings or when the hedge is no longer considered to be effective. In addition, Bunge may designate certain derivative instruments and non-derivative instruments as net investment hedges to hedge the exposure associated with its equity investments in foreign operations. When using forward derivative contracts as hedging instruments in a net investment hedge, all changes in the fair value of the derivative are recorded as a component of Accumulated other comprehensive loss in the consolidated balance sheets. |
Marketable Securities and Other Short-Term Investments | Marketable Securities and Other Short-Term Investments —Bunge classifies its marketable debt securities and short-term investments as available-for-sale, held-to-maturity, or held-for-trading. Available-for-sale debt securities are reported at fair value with unrealized gains (losses) included in Accumulated other comprehensive loss. Held-to-maturity debt investments represent financial assets in which Bunge has the intent and ability to hold to maturity and are reported at amortized cost. Debt trading securities and all equity securities are recorded at fair value and are bought and held principally for selling them in the near term and therefore held for only a short period of time, with all gains (losses) included in Net income. Bunge monitors its held-to-maturity investments for impairment periodically and recognizes an impairment charge when the decline in fair value of an investment is judged to be other than temporary. |
Recoverable Taxes | Recoverable Taxes —Recoverable taxes include value-added taxes paid upon the acquisition of raw materials and taxable services and other transactional taxes, which can be recovered in cash or as compensation against income taxes or other taxes owed by Bunge, primarily in Brazil and Europe. These recoverable tax payments are included in Other current assets or Other non-current assets based on their expected realization. In cases where Bunge determines that recovery is doubtful, recoverable taxes are reduced by allowances for the estimated unrecoverable amounts. |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net —Property, plant and equipment, net is stated at cost less accumulated depreciation. Major improvements that extend either the life, capacity, efficiency, or improve the safety of an asset are capitalized, while maintenance and repairs are expensed as incurred. Costs related to legal obligations associated with the future retirement of capitalized assets are capitalized as part of the cost of the related asset. Bunge capitalizes eligible costs to acquire or develop internal-use software that are incurred during the application development stage. Interest costs on borrowings during construction/completion periods of major capital projects are also capitalized. Depreciation is computed based on the straight-line method over the estimated useful lives of the assets. Estimated useful lives for property, plant and equipment are as follows: Years Buildings 10 - 50 Machinery and equipment 3 - 25 Furniture, fixtures and other 3 - 20 |
Goodwill | Goodwill —Goodwill represents the cost in excess of the fair value of net assets acquired in a business acquisition. Goodwill is not amortized but is tested annually for impairment, or between annual tests if events or circumstances indicate potential impairment. Bunge's annual impairment testing is generally performed during the fourth quarter of its fiscal year. Goodwill is tested for impairment at the reporting unit level, which has been determined to be the Company's operating segments or one level below the operating segments in certain instances (see Note 8- Goodwill ). Bunge generally performs its annual goodwill impairment analysis during the fourth quarter. If events or indicators of impairment occur between annual impairment analyses, the Company performs an impairment analysis at that date. These events or circumstances could inc lude a significant change in the business climate, legal factors, operating performance indicators, competition, or the sale or disposition of a significant asset. In testing for a potential impairment of goodwill, the Company: (1) validates changes, if any, to its reporting units with goodwill balances; (2) allocates goodwill to its reporting units to which acquired goodwill relates; (3) determines the carrying value, or book value, of its reporting units; (4) estimates the fair value of each reporting unit using a discounted cash flow model and/or using market multiples; (5) compares the fair value of each reporting unit to its carrying value; and (6) if the estimated fair value of a reporting unit is less than the carrying value, the Company recognizes an impairment charge for such amount, not to exceed the total amount of goodwill allocated to that reporting unit. Critical estimates in the determination of fair value under both the income and market approach include, but are not limited to, assumptions about variables such as commodity prices, crop and related throughput and production volumes, profitability, future capital expenditures, other expenses, and discount rates, all of which are subject to a high degree of judgment. |
Other Intangible Assets | Other Intangible Assets —Finite-lived intangible assets primarily include trademarks, customer relationships and lists, port facility usage rights, licenses and patents that are amortized on a straight-line basis over their contractual or legal lives, or their estimated useful lives where such lives are not determined by law or contract (see Note 9- Other Intangible Assets ). |
Impairment of Property, Plant and Equipment and Finite Lived Intangible Assets | Impairment of Property, Plant and Equipment and Finite-Lived Intangible Assets —Bunge reviews its property, plant and equipment and finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. Bunge bases its evaluation of recoverability on such indicators as the nature, future economic benefits, and geographic locations of the assets, historical or future profitability measures, and other external market conditions. If these indicators result in the expected non-recoverability of the carrying amount of an asset or asset group, Bunge evaluates potential impairment using undiscounted estimated future cash flows. If such undiscounted future cash flows during the asset's remaining useful life are below the asset's carrying value, a loss is recognized for the shortfall, measured by the present value of the estimated future cash flows or by third-party appraisals. Bunge records impairments related to property, plant and equipment and finite-lived intangible assets used in the processing of its products in Cost of goods sold in its consolidated statements of income. Any impairment of marketing or brand assets is recognized in Selling, general and administrative expenses ("SG&A") in the consolidated statements of income (see Note 10- Impairments ). Property, plant and equipment and other finite-lived intangible assets to be sold or otherwise disposed of are reported at the lower of carrying amount or fair value less cost to sell. |
Investments in Affiliates | Investments in Affiliates —Bunge has investments in various unconsolidated joint ventures accounted for using the equity method, minus impairment. Bunge reviews its investments annually or when an event or circumstances indicate that a potential decline in value may be other than temporary. Bunge considers various factors in determining whether to recognize an impairment charge, including the length of time the fair value of the investment is expected to be below its carrying value, the financial condition, operating performance and near-term prospects of the affiliate, and Bunge's intent and ability to hold the investment for a period of time sufficient to allow for recovery of the fair value (see Note 10- Impairments and Note 11- Investments in Affiliates and Variable Interest Entities ). |
Revenue Recognition | Revenue Recognition —The Company’s revenue comprises sales from commodity contracts that are accounted for under ASC 815, Derivatives and Hedging ("ASC 815"), and sales of other products and services that are accounted for under ASC 606, Revenue from Contracts with Customers ("ASC 606"). Additional information about the Company’s revenues can be found in Note 27- Segment Information . Revenue from commodity contracts (ASC 815) —Revenue from commodity contracts primarily relates to forward sales of commodities including, but not limited to soybeans, soybean meal and oil, corn, and wheat accounted for as derivatives at fair value under ASC 815, primarily in the Company’s Agribusiness segment. These forward sales meet the definition of a derivative under ASC 815 as they have an underlying (e.g., the price of soybeans), a notional amount (e.g., metric tons), no initial net investment, and can be net settled since the commodity is readily convertible to cash. Bunge generally does not apply the normal purchase and normal sale exception available under ASC 815 to these contracts. Certain of the Company’s sales in its Refined and Specialty Oils and Milling segments also qualify as derivatives, primarily sales of commodities like bulk soybean and canola oil. Revenue from commodity contracts is recognized in Net sales for the contracted amount when the contracts are settled at a point in time by transferring control of the commodity to the customer, similarly to revenue recognized from contracts with customers under ASC 606. From inception through settlement, these forward sales arrangements are recorded at fair value under ASC 815 with unrealized gains and losses recognized in Cost of goods sold and carried on the consolidated balance sheets as current assets (see Note 6- Other Current Assets ) or current liabilities (see Note 13- Other Current Liabilities ), respectively. Further information about the fair value of these contracts is presented in Note 15- Fair Value Measurements . Revenue from contracts with customers (ASC 606) —Revenue from contracts with customers accounted for under ASC 606 is primarily generated in the Company's Refined and Specialty Oils and Milling segments through the sale of refined edible oil-based products such as packaged vegetable oils, shortenings, margarines, and mayonnaise; milled grain products such as wheat flours, bakery mixes, and corn-based products; and fertilizer products. These sales are accounted for under ASC 606 as these sales arrangements do not meet the criteria to be considered derivatives under ASC 815. These revenues are measured based on consideration specified in a contract with a customer and exclude sales taxes, discounts related to promotional programs, and amounts collected on behalf of third parties. The Company recognizes revenue from these contracts at a point in time when it satisfies a performance obligation by transferring control of a product to a customer, generally when legal title and risks and rewards transfer to the customer. Sales terms provide for transfer of title either at the time and point of shipment or at the time and point of delivery and acceptance of the product being sold. In contracts that do not specify the timing of transfer of legal title or transfer of significant risks and rewards of ownership, judgment is required in determining the timing of transfer of control. In such cases, the Company considers standard business practices and the relevant laws and regulations applicable to the transaction to determine when legal title or the significant risks and rewards of ownership are transferred. The transaction price is generally allocated to performance obligations on a relative standalone selling price basis. Standalone selling prices are estimated based on observable data of the Company’s sales of such products and services to similar customers and in similar circumstances on a standalone basis. In assessing whether to allocate variable consideration to a specific part of the contract, the Company considers the nature of the variable payment and whether it relates specifically to its efforts to satisfy a specific part of the contract. Variable consideration is generally known upon satisfaction of the performance obligation. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue producing transaction, which are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in Cost of goods sold. Warranties provided to customers are primarily assurance-type warranties on the fitness of purpose and merchantability of the Company’s goods and services. The Company does not provide service-type warranties to customers. Payment is generally due at the time of shipment or delivery, or within a specified time frame after shipment or delivery, which is generally 30-60 days. The Company’s contracts generally provide customers the right to reject any products that do not meet agreed quality specifications. Product returns and refunds are not material. |
Share-Based Compensation | Share-Based Compensation —Bunge maintains equity incentive plans for its employees and non-employee directors (see Note 25- Share-based Compensation ). Bunge accounts for share-based compensation based on the grant date fair value. Share-based compensation expense is recognized on a straight-line basis over the requisite service period. |
Income Taxes | Income Taxes —Income tax expenses and benefits are recognized based on the tax laws and regulations in the jurisdictions in which Bunge's subsidiaries operate. The provision for income taxes includes income taxes currently payable and deferred income taxes resulting from temporary differences between the carrying amounts of existing assets and liabilities in Bunge's consolidated financial statements and their respective tax bases. Deferred tax assets are reduced by valuation allowances if current evidence indicates that it is not "more likely than not" that the deferred tax asset will be realized. Accrued interest and penalties related to unrecognized tax benefits are recognized in Income tax expense in the consolidated statements of income (see Note 14- Income Taxes ). |
Research and Development | Research and Development |
Government Assistance | Governmental Assistance —Government grants are accounted for by analogy to International Accounting Standard 20, Accounting for Government Grants and Disclosure of Government Assistance , and are recognized at fair value when there is reasonable assurance that the established conditions will be met and the benefit will be received. Benefits are recognized either as a reduction of taxes payable or a credit in earnings. Bunge qualifies for business incentives from governmental entities at various localities in which the Company operates. These programs primarily consist of tax incentives and cash grants designed to promote regional social and economic development or to incentivize production of clean energy. Regional social and economic development —Bunge receives tax credits from foreign state governments on the sale of eligible products. The program is valid through 2032 and contains recapture features if Bunge fails to meet program requirements, including job creation and production levels. For the years ended December 31, 2023 and December 31, 2022, Bunge recorded program tax credits of $176 million and $205 million in Net sales in the consolidated statements of income. At December 31, 2023 and December 31, 2022, Bunge recognized a $13 million and $17 million reduction to Other current liabilities in the consolidated balance sheets related to benefits not yet realized, respectively. Clean energy Cost of goods sold |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848), to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting designed to ease the financial reporting burden related to reference rate reform. In December 2022, the FASB subsequently issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 , to ensure the relief in Topic 848 covers the period of time during which a significant number of modifications to eligible contracts and hedging relationships may take place. The ASU defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. As of December 31, 2023, Bunge has concluded the modification of all eligible contracts and the adoption of this guidance did not have a material impact on Bunge's consolidated financial statements. New Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) . The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The new requirements apply to all entities subject to income taxes and will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively and early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures (Topic 280) . The standard requires incremental disclosures related to reportable segments, including disaggregated expense information and the title and position of the company's chief operating decision maker ("CODM"), as identified for purposes of segment determination. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the changes to the segment reporting guidance on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements. |
NATURE OF BUSINESS, BASIS OF _3
NATURE OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, restricted cash, and cash and cash equivalents in Assets held for sale reported within the consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows. December 31, (US$ in millions) 2023 2022 2021 Cash and cash equivalents $ 2,602 $ 1,104 $ 902 Restricted cash included in Other current assets 21 26 3 Cash and cash equivalents in Assets held for sale — 22 — Total $ 2,623 $ 1,152 $ 905 |
Schedule of Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, restricted cash, and cash and cash equivalents in Assets held for sale reported within the consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows. December 31, (US$ in millions) 2023 2022 2021 Cash and cash equivalents $ 2,602 $ 1,104 $ 902 Restricted cash included in Other current assets 21 26 3 Cash and cash equivalents in Assets held for sale — 22 — Total $ 2,623 $ 1,152 $ 905 |
Schedule of Useful Lives for Property, Plant and Equipment | Estimated useful lives for property, plant and equipment are as follows: Years Buildings 10 - 50 Machinery and equipment 3 - 25 Furniture, fixtures and other 3 - 20 |
ACQUISITIONS AND DISPOSITIONS (
ACQUISITIONS AND DISPOSITIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination, Asset Acquisition And Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Dispositions | The following table presents the book values of the major classes of assets and liabilities that were included in the disposal group at the closing date. Intercompany balances between the disposal group and other Bunge consolidated entities have been omitted. Assets included in the disposal group comprised $12 million and $21 million, reported under the Agribusiness segment and Refined and Specialty Oils segment, respectively. Liabilities included in the disposal group comprised $6 million and $13 million, reported under the Agribusiness segment and Refined and Specialty Oils segment, respectively. (US$ in millions) Cash and cash equivalents $ 19 Trade accounts receivable (less allowances of zero) 15 Inventories 33 Other current assets 14 Property, plant and equipment, net 24 Goodwill & Other intangible assets, net 10 Other non-current assets 8 Impairment reserve (90) Total assets $ 33 Trade accounts payable and accrued liabilities $ 3 Other current liabilities 16 Total liabilities $ 19 (US$ in millions) Trade accounts receivable $ 73 Inventories 187 Other current assets 7 Property, plant and equipment, net 164 Operating lease assets 2 Goodwill & Other intangible assets, net 86 Impairment reserve (170) Total assets $ 349 Trade accounts payable $ 13 Current operating lease obligations 1 Other current liabilities 5 Total liabilities $ 19 The following table presents the book values of the major classes of assets and liabilities that were included in the disposal group, reported under the Agribusiness segment: (US$ in millions) Inventories $ 111 Other current assets 155 Property, plant and equipment, net 128 Operating lease assets 6 Goodwill 6 Total assets $ 406 Trade accounts payable $ 43 Current operating lease obligations 1 Other current liabilities 6 Non-current lease obligations 5 Total liabilities $ 55 The following table presents the book values of the major classes of assets and liabilities that were included in the disposal group, reported under the Refined and Specialty Oils segment: (US$ in millions) Other current assets $ 3 Property, plant and equipment, net 94 Operating lease assets 6 Total assets $ 103 Current operating lease obligations $ 1 Other current liabilities 5 Deferred income taxes 7 Non-current lease obligations 5 Total liabilities $ 18 The following table presents the book values of the major classes of assets included in the disposal group, reported under the Refined and Specialty Oils segment: (US$ in millions) Property, plant and equipment, net $ 7 Goodwill 1 Total assets $ 8 |
TRADE ACCOUNTS RECEIVABLE AND_2
TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Transfers and Servicing [Abstract] | |
Schedule of Changes to the Allowance for Expected Credit Losses | Changes to the allowance for expected credit losses related to Trade accounts receivable are as follows: Twelve Months Ended December 31, 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 provisions 71 — 71 Recoveries (57) (2) (59) Write-offs charged against the allowance (2) (13) (15) Transfers — — — Foreign exchange translation differences 2 1 3 Allowance as of December 31, 2023 $ 104 $ 32 $ 136 (1) Long-term portion of the allowance for credit losses is included in Other non-current assets. Twelve Months Ended December 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 provisions 65 1 66 Recoveries (39) (1) (40) Write-offs charged against the allowance (24) (3) (27) Transfers (2) 4 — 4 Foreign exchange translation differences (1) 2 1 Allowance as of December 31, 2022 $ 90 $ 46 $ 136 (1) Long-term portion of the allowance for credit losses is included in Other non-current assets. (2) |
Schedule of Cash Flows and Discounts of Trade Receivables Securitization Program | December 31, (US$ in millions) 2023 2022 Receivables sold which were derecognized from Bunge's balance sheet $ 1,230 $ 1,100 Receivables pledged to the administrative agent and included in Trade accounts receivable $ 343 $ 583 The table below summarizes the cash flows and discounts of Bunge's trade receivables associated with the Program. Servicing fees under the Program were not significant in any period. Years Ended December 31, (US$ in millions) 2023 2022 2021 Gross receivables sold $ 11,669 $ 17,248 $ 14,648 Proceeds received in cash related to transfer of receivables (1) $ 11,615 $ 16,340 $ 14,018 Cash collections from customers on receivables previously sold $ 11,539 $ 17,450 $ 14,230 Discounts related to gross receivables sold included in SG&A $ 54 $ 23 $ 7 (1) |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories by Segment | Inventory by segment consists of the following: December 31, (US$ in millions) 2023 2022 Agribusiness $ 5,830 $ 6,756 Refined and Specialty Oils 1,096 1,316 Milling 175 332 Corporate and Other 4 4 Total $ 7,105 $ 8,408 RMI by segment consists of the following: December 31, (US$ in millions) 2023 2022 Agribusiness (1) $ 5,519 $ 6,286 Refined and Specialty Oils 302 271 Milling 16 97 Corporate and Other — — Total $ 5,837 $ 6,654 (1) Assets held for sale includes RMI of zero and $26 million at December 31, 2023 and 2022, respectively. The Company engages in trading and distribution, or merchandising activities. Included in RMI is $4,242 million and $4,789 million attributable to merchandising activities at December 31, 2023 and 2022, respectively. |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets consist of the following: December 31, (US$ in millions) 2023 2022 Unrealized gains on derivative contracts, at fair value $ 1,481 $ 1,597 Prepaid commodity purchase contracts (1) 320 254 Secured advances to suppliers, net (2) 462 365 Recoverable taxes, net 378 365 Margin deposits 618 791 Marketable securities and other short-term investments (3) 105 119 Income taxes receivable 54 102 Prepaid expenses 346 376 Restricted cash 21 26 Other 265 386 Total $ 4,050 $ 4,381 (1) Prepaid commodity purchase contracts represent advance payments against contracts for future delivery of specified quantities of agricultural commodities. The balance includes certain advance payments on contracts with various unconsolidated investees see Note 20- Related Party Transactions . (2) Bunge provides cash advances to suppliers, primarily Brazilian soybean farmers, to finance a portion of the suppliers' production costs, primarily to secure the origination of soybeans for Bunge's soybean processing facilities in Brazil. The balance includes certain advance payments on contracts with various unconsolidated investees see Note 20- Related Party Transactions . Bunge does not bear any of the costs or operational risks associated with growing the related crops. The ability of Bunge's counterparties to repay these amounts is affected by agricultural economic conditions in the relevant geography, which are in turn affected by commodity prices, currency exchange rates, crop input costs, and crop quality and yields. As a result, the advan ces are largely collateralized by future crops and physical assets of the suppliers, carry a local market interest rate, an d settle when the farmers' crops are harvested and sold. The secured advances to suppliers are reported net of allowances of $8 million a nd $7 million at December 31, 2023 and December 31, 2022, respectively. Bunge periodically evaluates the collectability of Bunge’s suppliers receivables and records allowances if Bunge determines that collection is doubtful. Bunge bases the Company’s determination of the allowance on analyses of the credit quality of individual accounts, also considering the economic and financial condition of the farming industry and other market conditions, as well as the value of any collateral related to amounts owed. Bunge continuously reviews defaulted supplier receivables for impairment on an individual account basis. Bunge considers all accounts in legal collection processes to be defaulted and past due. For such accounts, Bunge determines the allowance for uncollectible amounts based on the fair value of the associated collateral, net of estimated costs to sell. For all renegotiated accounts (current and past due), Bunge considers changes in farm economic conditions and other market conditions, Bunge’s historical experience related to renegotiated accounts, and the fair value of collateral in determining the allowance for doubtful accounts. Interest earned on secured advances to suppliers of $25 million , $22 million, and $26 million, for the years ended December 31, 2023, 2022, and 2021, respectively, is included in Net sales in the consolidated statements of income. (3) Marketable securities and other short-term investments—Bunge invests in foreign government securities, corporate debt securities, deposits, equity securities, and other securities. The following is a summary of amounts recorded in the consolidated balance sheets as marketable securities and other short-term investments. December 31, (US$ in millions) 2023 2022 Foreign government securities $ 39 $ 68 Equity securities 28 23 Other 38 28 Total marketable securities and other short-term investments $ 105 $ 119 As of December 31, 2023 and 2022, $67 million and $89 million, respectively, of marketable securities and other short-term investments are recorded at fair value. All other investments are recorded at cost, and due to the short-term nature of these investments, their carrying values approximate fair values. For the years ended December 31, 2023, 2022, and 2021, unrealized gains/(losses) of zero, $(140) million, and $47 million, respectively, have been recorded and recognized in Other income (expense) - net for investments held at December 31, 2023, 2022, and 2021. |
Schedule of Marketable Securities and Other Short-Term Investments | The following is a summary of amounts recorded in the consolidated balance sheets as marketable securities and other short-term investments. December 31, (US$ in millions) 2023 2022 Foreign government securities $ 39 $ 68 Equity securities 28 23 Other 38 28 Total marketable securities and other short-term investments $ 105 $ 119 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment, net consist of the following: December 31, (US$ in millions) 2023 2022 Land $ 399 $ 342 Buildings 1,909 1,752 Machinery and equipment 5,262 4,576 Furniture, fixtures and other 640 583 Construction in progress 1,017 583 Gross book value 9,227 7,836 Less: accumulated depreciation and depletion (4,686) (4,219) Property, plant and equipment, net $ 4,541 $ 3,617 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in the Carrying Amount of Goodwill by Segment | Changes in the carrying value of goodwill by segment for the years ended December 31, 2023 and 2022 are as follows: (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Total Cost: Balance at December 31, 2022 $ 203 $ 292 $ 85 $ — $ 580 Disposals — — — — — Foreign currency translation 8 8 4 — 20 Balance at December 31, 2023 211 300 89 — 600 Accumulated impairment losses: Balance at December 31, 2022 (2) (105) (3) — (110) Impairment charge for the period — — — — — Disposals — — — — — Foreign currency translation — (1) — — (1) Balance at December 31, 2023 (2) (106) (3) — (111) Net carrying value at December 31, 2023 $ 209 $ 194 $ 86 $ — $ 489 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Total Cost: Balance at December 31, 2021 $ 210 $ 313 $ 81 $ — $ 604 Reclassification to assets held for sale (1) (3) — — — (3) Disposals — — — — — Foreign currency translation (4) (21) 4 — (21) Balance at December 31, 2022 203 292 85 — 580 Accumulated impairment losses: Balance at December 31, 2021 (2) (115) (3) — (120) Impairment charge for the period — — — — — Disposals — — — — — Foreign currency translation — 10 — — 10 Balance at December 31, 2022 (2) (105) (3) — (110) Net carrying value at December 31, 2022 $ 201 $ 187 $ 82 $ — $ 470 (1) During the year ended December 31, 2022, the Company announced it had entered into an agreement to sell its operations in Russia. On February 3, 2023, the transaction closed in accordance with the terms of the agreement. Refer to Note 2- Acquisitions and Dispositions |
OTHER INTANGIBLE ASSETS (Tables
OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Other Intangible Assets | Other intangible assets, net are all finite-lived and consist of the following: December 31, (US$ in millions) 2023 2022 Gross carrying amount: Trademarks/brands $ 156 $ 151 Licenses 102 10 Port rights 68 63 Customer relationships 299 293 Patents 131 128 Other 37 41 793 686 Accumulated amortization: Trademarks/brands (122) (90) Licenses (10) (10) Port rights (21) (17) Customer relationships (133) (110) Patents (86) (73) Other (23) (26) (395) (326) Other intangible assets, net $ 398 $ 360 |
INVESTMENTS IN AFFILIATES AND_2
INVESTMENTS IN AFFILIATES AND VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Summarized Information of Equity Method Investments | Summarized financial information, combined, for all of Bunge's equity method investees is as follows: December 31, (US$ in millions) 2023 2022 Current assets $ 4,755 $ 4,257 Noncurrent assets 4,345 3,612 Total assets $ 9,100 $ 7,869 Current liabilities $ 3,590 $ 2,978 Noncurrent liabilities 2,344 2,150 Total liabilities $ 5,934 $ 5,128 Years ended December 31, (US$ in millions) 2023 2022 2021 Net sales $ 12,529 $ 11,268 $ 9,441 Gross profit 907 953 832 Net income (loss) 283 312 358 |
Schedule of Variable Interest Entities | As such these VIEs have been excluded from the below table. (US$ in millions) December 31, December 31, Current assets: Cash and cash equivalents $ 606 $ 528 Trade accounts receivable 1 — Inventories 76 85 Other current assets 146 98 Total current assets 829 711 Property, plant and equipment, net 196 65 Other intangible assets, net 91 — Total assets $ 1,116 $ 776 Current liabilities: Trade accounts payable and accrued liabilities $ 70 $ 81 Other current liabilities 143 85 Total current liabilities 213 166 Long-term debt 44 — Other non-current liabilities 5 — Total liabilities $ 262 $ 166 |
OTHER NON-CURRENT ASSETS (Table
OTHER NON-CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets, Noncurrent [Abstract] | |
Schedule of Other Non-Current Assets | Other non-current assets consist of the following: December 31, (US$ in millions) 2023 2022 Recoverable taxes, net (1) $ 25 $ 59 Judicial deposits (1) 120 110 Other long-term receivables, net (2) 16 16 Income taxes receivable (1) 136 143 Long-term investments (3) 142 163 Affiliate loans receivable 8 8 Long-term receivables from farmers in Brazil, net (1) 43 32 Unrealized gains on derivative contracts, at fair value 1 1 Other 124 95 Total $ 615 $ 627 (1) A significant portion of these non-current assets arise primarily from Bunge's Brazilian operations and their realization could take several years. (2) Net of allowances as described in Note 4- Trade Accounts Receivable and Trade Receivable Securitization Program . (3) |
Schedule of Long-Term Receivables | The table below summarizes Bunge's recorded investment in long-term receivables from farmers in Brazil and the related allowance amounts. December 31, 2023 December 31, 2022 (US$ in millions) Recorded Allowance Recorded Allowance For which an allowance has been provided: Legal collection process (1) $ 30 $ 30 $ 40 $ 34 Renegotiated amounts 2 1 2 2 For which no allowance has been provided: Legal collection process (1) 19 — 19 — Renegotiated amounts (2) 5 — 7 — Other long-term receivables (3) 18 — — — Total $ 74 $ 31 $ 68 $ 36 (1) All amounts in legal process are considered past due upon initiation of legal action. (2) These renegotiated amounts are current on repayment terms. (3) New advances expected to be realized through farmer commitments to deliver agricultural commodities in crop periods greater than twelve months from the balance sheet date. Such advances are reclassified from Other non-current assets to Other current assets in later periods depending on the expected date of their realization. |
Schedule of Activity in the Allowance for Doubtful Accounts Related to Long-Term Receivables | The table below summarizes the activity in the allowance for doubtful accounts related to long-term receivables from farmers in Brazil. Year Ended December 31, (US$ in millions) 2023 2022 Allowance as of January 1 $ 36 $ 36 Bad debt provisions 2 4 Recoveries (5) (6) Write-offs (6) (1) Transfers 1 1 Foreign currency translation 3 2 Allowance as of December 31 $ 31 $ 36 |
OTHER CURRENT LIABILITIES (Tabl
OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities consist of the following: December 31, (US$ in millions) 2023 2022 Unrealized losses on derivative contracts at fair value $ 1,038 $ 1,570 Accrued liabilities 865 755 Advances on sales (1) 463 601 Income tax payable 238 156 Other 309 297 Total $ 2,913 $ 3,379 (1) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income From Continuing Operations Before Income Tax | The components of Income before income tax are as follows: Year Ended December 31, (US$ in millions) 2023 2022 2021 United States $ 1,180 $ 1,036 $ 754 Non-United States 1,871 1,030 1,811 Total $ 3,051 $ 2,066 $ 2,565 |
Schedule of Components of Income Tax Expense (Benefit) | The components of the Income tax expense are as follows: Year Ended December 31, (US$ in millions) 2023 2022 2021 Current: United States $ 218 $ 217 $ 169 Non-United States 497 290 501 715 507 670 Deferred: United States 46 29 10 Non-United States (47) (148) (282) (1) (119) (272) Total $ 714 $ 388 $ 398 |
Schedule of Reconciliation of Income Tax Expense (Benefit) | Reconciliation of Income tax expense if computed at the U.S. federal income tax rate to Bunge's reported Income tax expense is as follows: Year Ended December 31, (US$ in millions) 2023 2022 2021 Income before income tax $ 3,051 $ 2,066 $ 2,565 Income tax rate 21% 21% 21% Income tax expense at the U.S. Federal tax rate 641 434 539 Adjustments to derive effective tax rate: Foreign earnings taxed at different statutory rates 142 (75) (99) Valuation allowances (30) (21) 29 Fiscal incentives (1) (76) (65) (83) Foreign exchange on monetary items (5) 31 21 Tax rate changes 18 12 (4) Non-deductible expenses 40 51 38 Uncertain tax positions 20 (9) 33 Equity distributions, net — — (4) Inflation adjustments (32) (61) (19) Incremental tax on future distributions 25 30 (6) State taxes 22 18 17 Impairment of Russian operations — 25 — Participation exemption - Loders Rotterdam sale — — (53) Swiss tax credits, net (2) (90) — — Other 39 18 (11) Income tax expense $ 714 $ 388 $ 398 (1) Fiscal incentives predominantly relate to investment incentives in Brazil that are exempt from Brazilian income tax. (2) During 2023, Bunge was granted tax credits in Switzerland that expire through 2032, and recorded a net benefit for the amount that Bunge believes is more likely than not to be realized prior to expiration. |
Schedule of Components of Deferred Tax Assets and Liabilities and Related Valuation Allowances | The primary components of the deferred tax assets and liabilities and the related valuation allowances are as follows: December 31, (US$ in millions) 2023 2022 Deferred income tax assets: Net operating loss carryforwards $ 655 $ 717 Operating lease obligations 140 100 Employee benefits 47 46 Tax credit carryforwards 454 22 Inventories 19 10 Accrued expenses and other 238 247 Total deferred tax assets 1,553 1,142 Less valuation allowances (590) (269) Deferred tax assets, net of valuation allowance 963 873 Deferred income tax liabilities: Property, plant and equipment 323 283 Operating lease assets 143 99 Undistributed earnings of affiliates 12 16 Investments 12 10 Intangibles 100 118 Total deferred tax liabilities 590 526 Net deferred tax assets $ 373 $ 347 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits follows: (US$ in millions) 2023 2022 2021 Balance at January 1, $ 298 $ 329 $ 320 Additions based on tax positions related to the current year 13 20 14 Additions based on tax positions related to prior years 12 2 22 Reductions for tax positions of prior years (1) (206) (27) — Settlements with tax authorities — (9) (2) Expiration of statute of limitations (5) (1) (3) Foreign currency translation 9 (16) (22) Balance at December 31, $ 121 $ 298 $ 329 |
Schedule of Tax Years Subject to Income Tax Examination by Tax Authorities | The table below reflects the tax years for which Bunge is subject to income tax examinations by tax authorities in significant tax regions: Open Tax Years North America 2015 - 2023 South America 2016 - 2023 Europe, Middle East, and Africa 2017 - 2023 Asia-Pacific 2012 - 2023 As of December 31, 2023, the Brazilian federal and state authorities have concluded examinations of the ICMS and PIS/COFINS tax returns and have issued outstanding claims. The Company continues to evaluate the merits of each of these claims and will recognize them if and when loss is considered probable. The outstanding claims comprise the following: December 31, (US$ in millions) Years Examined 2023 2022 ICMS 1990 to Present $ 212 $ 215 PIS/COFINS 2002 to Present $ 438 $ 347 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Accounted for at Fair Value on a Recurring Basis | The following table sets forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis. Fair Value Measurements at Reporting Date December 31, 2023 December 31, 2022 (US$ in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 315 $ 149 $ — $ 464 $ — $ 81 $ — $ 81 Readily marketable inventories ( Note 5 ) — 5,175 662 5,837 — 6,268 412 6,680 Trade accounts receivable (1) — 1 — 1 — 7 — 7 Unrealized gain on derivative contracts (2) : Interest rate — 12 — 12 — 3 — 3 Foreign exchange — 253 — 253 1 378 — 379 Commodities 198 737 88 1,023 136 763 101 1,000 Freight 80 — — 80 80 — — 80 Energy 114 — — 114 128 2 — 130 Credit — — — — — 5 — 5 Other (3) 40 39 — 79 33 40 27 100 Total assets $ 747 $ 6,366 $ 750 $ 7,863 $ 378 $ 7,547 $ 540 $ 8,465 Liabilities: Trade accounts payable (1) $ — $ 591 $ 232 $ 823 $ — $ 513 $ 130 $ 643 Unrealized loss on derivative contracts (4) : Interest rate 1 273 — 274 — 344 — 344 Foreign exchange — 223 — 223 1 461 — 462 Commodities 166 417 17 600 127 731 50 908 Freight 68 — — 68 28 — — 28 Energy 132 1 — 133 153 6 — 159 Credit — — — — — 1 — 1 Total liabilities $ 367 $ 1,505 $ 249 $ 2,121 $ 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 i n Other current assets. There were $1 million and $1 million included in Other non-current assets at December 31, 2023 and 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 $260 million |
Schedule of Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | The tables below present reconciliations for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2023 and 2022. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant. Year Ended December 31, 2023 (US$ in millions) Readily Marketable Inventories Derivatives, Net Trade Other (2) Total Balance, January 1, 2023 $ 412 $ 51 $ (130) $ 27 $ 360 Total gains and losses (realized/unrealized) included in Cost of goods sold (1) 988 (18) 32 — 1,002 Total gains and losses (realized/unrealized) included in Other income (expense) - net — — — (1) (1) Purchases 5,336 — (473) — 4,863 Sales (7,697) — — (14) (7,711) Settlements — — 426 — 426 Transfers into Level 3 1,958 48 (113) — 1,893 Transfers out of Level 3 (388) (10) 50 (12) (360) Translation adjustment 53 — (24) — 29 Balance, December 31, 2023 $ 662 $ 71 $ (232) $ — $ 501 (1) Readily marketa ble inventori es, derivatives, net, and trade accounts payable include gains/(losses) of $978 million, $(30) million and $32 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at December 31, 2023. (2) Comprises the fair values of marketable securities and investments in Other current assets. Certain inputs to the valuation of these securities became observable during the year ended December 31, 2023, resulting in the remaining balance being transferred out of Level 3. Year Ended December 31, 2022 (US$ in millions) Readily Marketable Inventories Derivatives, Net Trade Other (2) Total Balance, January 1, 2022 $ 205 $ (31) $ (23) $ — $ 151 Total gains and losses (realized/unrealized) included in Cost of goods sold (1) 665 81 52 — 798 Total gains and losses (realized/unrealized) included in Foreign exchange gains (losses) — — — (7) (7) Total gains and losses (realized/unrealized) included in Other income (expense) - net — — — (86) (86) Purchases 4,487 — (522) — 3,965 Sales (6,811) — — — (6,811) Settlements — — 531 (100) 431 Transfers into Level 3 2,568 24 (434) 218 2,376 Transfers out of Level 3 (616) (23) 230 — (409) Translation Adjustment (86) — 36 2 (48) Balance, December 31, 2022 $ 412 $ 51 $ (130) $ 27 $ 360 (1) Readily marketable inventories, derivatives, net, and trade accounts payable (2) Comprises the fair values of marketable securities and investments in Other current assets. Included within Other income (expense) - net of the consolidated statements of income are $52 million in mark-to-market losses related to securities still held at December 31, 2022. |
Schedule of Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | The tables below present reconciliations for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2023 and 2022. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant. Year Ended December 31, 2023 (US$ in millions) Readily Marketable Inventories Derivatives, Net Trade Other (2) Total Balance, January 1, 2023 $ 412 $ 51 $ (130) $ 27 $ 360 Total gains and losses (realized/unrealized) included in Cost of goods sold (1) 988 (18) 32 — 1,002 Total gains and losses (realized/unrealized) included in Other income (expense) - net — — — (1) (1) Purchases 5,336 — (473) — 4,863 Sales (7,697) — — (14) (7,711) Settlements — — 426 — 426 Transfers into Level 3 1,958 48 (113) — 1,893 Transfers out of Level 3 (388) (10) 50 (12) (360) Translation adjustment 53 — (24) — 29 Balance, December 31, 2023 $ 662 $ 71 $ (232) $ — $ 501 (1) Readily marketa ble inventori es, derivatives, net, and trade accounts payable include gains/(losses) of $978 million, $(30) million and $32 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at December 31, 2023. (2) Comprises the fair values of marketable securities and investments in Other current assets. Certain inputs to the valuation of these securities became observable during the year ended December 31, 2023, resulting in the remaining balance being transferred out of Level 3. Year Ended December 31, 2022 (US$ in millions) Readily Marketable Inventories Derivatives, Net Trade Other (2) Total Balance, January 1, 2022 $ 205 $ (31) $ (23) $ — $ 151 Total gains and losses (realized/unrealized) included in Cost of goods sold (1) 665 81 52 — 798 Total gains and losses (realized/unrealized) included in Foreign exchange gains (losses) — — — (7) (7) Total gains and losses (realized/unrealized) included in Other income (expense) - net — — — (86) (86) Purchases 4,487 — (522) — 3,965 Sales (6,811) — — — (6,811) Settlements — — 531 (100) 431 Transfers into Level 3 2,568 24 (434) 218 2,376 Transfers out of Level 3 (616) (23) 230 — (409) Translation Adjustment (86) — 36 2 (48) Balance, December 31, 2022 $ 412 $ 51 $ (130) $ 27 $ 360 (1) Readily marketable inventories, derivatives, net, and trade accounts payable (2) Comprises the fair values of marketable securities and investments in Other current assets. Included within Other income (expense) - net of the consolidated statements of income are $52 million in mark-to-market losses related to securities still held at December 31, 2022. |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Outstanding Derivative Instruments | The notional amount is used to compute interest or other payment streams to be made under the contract and is a measure of the Company’s level of activity. The Company discloses derivative notional amounts on a gross basis. (US$ in millions) December 31, 2023 December 31, 2022 Unit of Hedging instrument type: Fair value hedges of interest rate risk Interest rate swap - notional amount $ 2,900 $ 3,753 $ Notional Cumulative adjustment to long-term debt from application of hedge accounting $ (260) $ (341) $ Notional Carrying value of hedged debt $ 2,625 $ 3,394 $ Notional Fair value hedges of currency risk Carrying value of hedged debt $ — $ 232 $ Notional Cross currency swap - notional amount $ — $ 232 $ Notional Cash flow hedges of currency risk Foreign currency forward - notional amount $ 54 $ 310 $ Notional Foreign currency option - notional amount $ 99 $ 108 $ Notional Net investment hedges Foreign currency forward - notional amount $ 1,112 $ 495 $ Notional The table below summarizes the volume of economic derivatives as of December 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. December 31, December 31, 2023 2022 Unit of (US$ in millions) Long (Short) Long (Short) Interest rate Swaps $ 935 $ (1,465) $ 387 $ (1,267) $ Notional Futures $ — $ (612) $ — $ (97) $ Notional Forwards $ 416 $ (416) $ — $ — $ Notional Options $ — $ (3) $ — $ — $ Notional Currency Forwards $ 8,808 $ (10,356) $ 9,819 $ (9,682) $ Notional Swaps $ 1,357 $ (324) $ 2,441 $ (2,876) $ Notional Futures $ — $ (2) $ 11 $ — $ Notional Options $ 5 $ (5) $ — $ (102) Delta Agricultural commodities Forwards 25,588,125 (34,163,143) 20,493,679 (27,766,763) Metric Tons Swaps — — — (1,864,262) Metric Tons Futures — (1,224,688) — (4,092,772) Metric Tons Options 29,420 (615,937) 1,025 (216,647) Metric Tons Ocean freight FFA — (4,965) — (11,197) Hire Days Natural gas Forwards 300 — — — MMBtus Swaps 778,436 — 1,460,190 — MMBtus Futures 12,715,588 — 5,250,393 — MMBtus Options — (2,923,438) — — MMBtus Electricity Futures — (281,511) — — Mwh Swaps — — 22,987 (8,619) Mwh Energy - other Swaps 202,716 — 175,784 — Metric Tons Futures — — 1,320,881 — Metric Tons Options 40,920 — — — Metric Tons Energy - CO2 Futures 675,000 — — (38,000) Metric Tons Options 400,000 — — — Metric Tons Other Swaps and futures $ 100 $ (106) $ 20 $ (50) $ Notional |
Schedule of Effect of Derivative Instruments Designated as Fair Value Hedges and Undesignated Derivative Instruments on Condensed Consolidated Statements of Income | The tables below summarize the net effect of derivative instruments and hedge accounting on the consolidated statements of income for the years ended December 31, 2023, 2022, and 2021. Gain (Loss) Recognized in Year Ended December 31, (US$ in millions) 2023 2022 2021 Income statement classification Type of derivative Net sales Hedge accounting Foreign currency $ 8 $ 7 $ 2 Cost of goods sold Hedge accounting Foreign currency 1 5 — Economic hedges Foreign currency 437 396 (7) Commodities 462 (751) (1,749) Other (1) 60 82 44 Total Cost of goods sold $ 960 $ (268) $ (1,712) Selling, general & administrative Hedge accounting Foreign currency $ 1 $ (2) $ — Interest expense Hedge accounting Interest rate $ (134) $ (33) $ 30 Economic hedges Interest rate 6 — 1 Total Interest expense $ (128) $ (33) $ 31 Foreign exchange gains (losses) - net Hedge accounting Foreign currency $ (27) $ (30) $ (28) Economic hedges Foreign currency 28 115 64 Total Foreign exchange gains (losses) - net $ 1 $ 85 $ 36 Other income (expense) - net Economic hedges Interest rate $ 1 $ 2 $ 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 $ 3 $ 1 $ (1) Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in other comprehensive income (loss) during the period $ (3) $ 57 $ 2 Gains and losses on derivatives used as net investment hedges included in other comprehensive (loss) income during the period $ (99) $ (139) $ (16) Amounts released from Accumulated other comprehensive loss during the period Cash flow hedge of foreign currency risk $ (3) $ (8) $ (3) (1) Other includes the results from freight, energy, and other derivatives. |
SHORT-TERM DEBT AND CREDIT FA_2
SHORT-TERM DEBT AND CREDIT FACILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Short-Term Debt [Abstract] | |
Schedule of Short-Term Debt | December 31, (US$ in millions) 2023 2022 Commercial paper program $ — $ — Revolving credit facilities — — Short-term lines of credit, variable interest rates from 2.00% to 155.00% (3) 797 546 Total short-term debt (1) (2) $ 797 $ 546 (1) Includes $179 million and $207 million of local currency borrowings in certain European, South American, and Asia-Pacific countries at a weighted average interest rate of 15.30% and 32.12% as of December 31, 2023 and December 31, 2022, respectively. (2) Includes secured debt of $196 million and $54 million at December 31, 2023 and December 31, 2022, respectively. (3) Variable interest rate range on short-term lines of credit as of December 31, 2023. |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt obligations are summarized below. Variable interest rates are as of December 31, 2023. December 31, (US$ in millions) 2023 2022 Term loan due 2024 - three-month TONAR plus 0.75% (Tranche A) (1) $ — $ 232 Term loan due 2024 - three-month SOFR plus 1.40% (Tranche B) (1) — 90 Term loan due 2025 - SOFR plus 0.90% 750 — Term loan due 2027 - SOFR plus 1.125% 250 — Term loan due 2028 - SOFR plus 1.325% 249 249 1.85% Senior Notes due 2023—Euro (2) — 853 1.63% Senior Notes due 2025 598 597 3.25% Senior Notes due 2026 698 698 3.75% Senior Notes due 2027 597 597 2.75% Senior Notes due 2031 991 990 Cumulative adjustment to long-term debt from application of hedge accounting (260) (341) Other 212 140 Subtotal 4,085 4,105 Less: Current portion of long-term debt (3) (5) (846) Total long-term debt (4) $ 4,080 $ 3,259 (1) On October 6, 2023, Bunge prepaid and terminated its 5-year term loan agreement due in 2024. (2) Upon maturity in June 2023, Bunge repaid the principal and accrued interest due on all of the issued and outstanding 1.85% Senior Notes - Euro. (3) Includes secured debt of $4 million and $2 million at December 31, 2023 and December 31, 2022, respectively. (4) Includes secured debt of $100 million and $21 million at December 31, 2023 and December 31, 2022, respectively. |
Schedule of Carrying Amounts and Fair Values of Long-Term Debt | The carrying amounts and fair values of long-term debt are as follows: December 31, 2023 December 31, 2022 (US$ in millions) Carrying Fair Value Carrying Fair Value Long-term debt, including current portion $ 4,085 $ 4,125 $ 4,105 $ 4,148 |
Schedule of Principal Maturities of Long-Term Debt | Principal maturities of long-term debt at December 31, 2023 are as follows: (US$ in millions) 2024 $ 9 2025 1,438 2026 704 2027 879 2028 256 Thereafter 1,075 Total (1) $ 4,361 (1) Includes components of long-term debt attributable to unamortized premiums of $16 million and excludes components of long-term debt attributable to fair value hedge accounting of $260 million. Includes principal maturities of long-term debt attributable to finance leases, see Note 26- Leases |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Benefit Costs | The components of net periodic benefit costs for defined benefit pension plans and postretirement benefit plans are as follows: Pension Benefits Postretirement Benefits (US$ in millions) 2023 2022 2021 2023 2022 2021 Service cost $ 10 $ 29 $ 46 $ — $ — $ — Interest cost 41 30 30 4 3 3 Expected return on plan assets (46) (52) (54) — — — Amortization of prior service cost — — 1 — — — Amortization of net loss 3 5 8 (1) — — Curtailment loss/(gain) — (4) — — — — Settlement loss/(gain) recognized — (36) 2 — — — Net periodic benefit costs $ 8 $ (28) $ 33 $ 3 $ 3 $ 3 |
Schedule of Weighted-Average Assumptions Used in Determining the Benefit Obligations | The weighted-average actuarial assumptions used in determining the benefit obligation under the defined benefit pension and postretirement benefit plans are as follows: Pension Benefits Postretirement Benefits 2023 2022 2023 2022 Discount rate 4.8 % 5.2 % 9.2 % 9.6 % Increase in future compensation levels 2.2 % 2.4 % N/A N/A |
Schedule of Weighted-Average Assumptions Used in Determining the Net Periodic Benefit Costs | The weighted-average actuarial assumptions used in determining the net periodic benefit cost under the defined benefit pension and postretirement benefit plans are as follows: Pension Benefits Postretirement Benefits 2023 2022 2021 2023 2022 2021 Discount rate 5.2 % 2.5 % 2.1 % 9.6 % 7.5 % 5.7 % Expected long-term rate of return on assets 6.5 % 5.0 % 4.5 % N/A N/A N/A Increase in future compensation levels 2.4 % 3.2 % 3.2 % N/A N/A N/A |
Schedule of Changes in the Defined Benefit Pension and Postretirement Benefit Plans' Benefit Obligations, Assets and Funded Status of Plans Recognized in the Balance Sheet | The following table sets forth in aggregate the changes in the defined benefit pension and postretirement benefit plans' benefit obligations, assets and funded status at December 31, 2023 and 2022. A measurement date of December 31 was used for all plans. Pension Benefits Postretirement Benefits (US$ in millions) 2023 2022 2023 2022 Change in benefit obligations: Benefit obligation at the beginning of year $ 812 $ 1,380 $ 36 $ 42 Service cost 10 29 — — Interest cost 41 30 4 3 Plan curtailments — (2) — — Actuarial (gain) loss, net 31 (311) (4) (9) Employee contributions 4 3 — — Plan settlements (10) (246) — — Benefits paid (59) (39) (3) (2) Expenses paid (5) (3) — — Impact of foreign exchange rates 12 (29) 2 2 Benefit obligation at the end of year $ 836 $ 812 $ 35 $ 36 Change in plan assets: Fair value of plan assets at the beginning of year $ 706 $ 1,223 $ — $ — Actual return on plan assets 51 (224) — — Employer contributions 13 19 3 2 Employee contributions 4 3 — — Plan settlements (10) (247) — — Benefits paid (59) (39) (3) (2) Expenses paid (5) (3) — — Impact of foreign exchange rates 11 (26) — — Fair value of plan assets at the end of year $ 711 $ 706 $ — $ — Unfunded status and net amounts recognized: Plan assets less than benefit obligation $ (125) $ (106) $ (35) $ (36) Net liability recognized in the balance sheet $ (125) $ (106) $ (35) $ (36) Amounts recognized in the balance sheet consist of: Non-current assets $ 24 $ 21 $ — $ — Current liabilities (9) (7) (5) (4) Non-current liabilities (140) (120) (30) (32) Net liability recognized $ (125) $ (106) $ (35) $ (36) |
Schedule of After-Tax Components of Accumulated Other Comprehensive Income (Loss) Attributable to Bunge | Included in Accumulated other comprehensive loss are the following amounts, net of tax and excluding noncontrolling interest, which have not been recognized in net periodic benefit costs: Pension Benefits Postretirement Benefits (US$ in millions) 2023 2022 2023 2022 Net actuarial (loss) gain $ (129) $ (109) $ 6 $ 4 Prior service credit 3 3 — — Total accumulated other comprehensive (loss) income $ (126) $ (106) $ 6 $ 4 (US$ in millions) Foreign Exchange Translation Adjustment (1) Deferred Pension and Accumulated Other Comprehensive Balance, January 1, 2021 $ (5,857) $ (215) $ (174) $ (6,246) Other comprehensive (loss) income before reclassifications (236) (36) 51 (221) Amount reclassified from Accumulated other comprehensive loss — (3) (1) (4) Net-current period other comprehensive (loss) income (236) (39) 50 (225) Balance, December 31, 2021 (6,093) (254) (124) (6,471) Other comprehensive income (loss) before reclassifications 26 (81) 40 (15) Acquisition of redeemable noncontrolling interest (15) — — (15) Amount reclassified from Accumulated other comprehensive loss (2) 156 (8) (18) 130 Net-current period other comprehensive income (loss) 167 (89) 22 100 Balance, December 31, 2022 (5,926) (343) (102) (6,371) Other comprehensive income (loss) before reclassifications 335 (99) (18) 218 Amount reclassified from Accumulated other comprehensive loss (3) 102 (3) — 99 Net-current period other comprehensive income (loss) 437 (102) (18) 317 Balance, December 31, 2023 $ (5,489) $ (445) $ (120) $ (6,054) (1) Bunge has significant operating subsidiaries in Brazil, Argentina, North America, Europe, and Asia-Pacific. The functional currency of Bunge's subsidiaries is generally the local currency. The assets and liabilities of these subsidiaries are translated into U.S. dollars from the local currency at month-end exchange rates, and the resulting foreign currency translation gains (losses) are recorded in the consolidated balance sheets as a component of Accumulated other comprehensive loss. (2) 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 twelve months ended December 31, 2022, the Company reclassified $27 million (net of $10 million tax expense) in unamortized actuarial gains from Accumulated other comprehensive 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). The year ended December 31, 2022 also included the release of cumulative translation adjustments upon the disposition of substantially all of its wheat milling business in Mexico of $158 million, which had been previously reserved through Cost of goods sold, in the consolidated statements of income in the year ended December 31, 2021 (see Note 2- Acquisitions and Dispositions ). (3) The year ended December 31, 2023 included the release of cumulative translation adjustments upon the disposition of all of its Russian operations of $103 million, which had been previously reserved through Cost of goods sold, in the consolidated statements of income in the year ended December 31, 2022 (see Note 2- Acquisitions and Dispositions |
Schedule of Accumulated Benefit Obligation In Excess Of Plan Assets | The following table provides aggregated information about pension plans with a projected benefit obligation in excess of plan assets: Pension Benefits (US$ in millions) 2023 2022 Projected benefit obligation $ 713 $ 699 Fair value of plan assets $ 564 $ 572 Pension Benefits (US$ in millions) 2023 2022 Projected benefit obligation $ 713 $ 609 Accumulated benefit obligation $ 697 $ 604 Fair value of plan assets $ 564 $ 484 |
Schedule of Fair Values Of Defined Pension Plan Assets | The fair values of Bunge's defined benefit pension plans' assets at the measurement date, by category, are as follows: December 31, 2023 (US$ in millions) Level 1 Level 2 Level 3 Total Cash $ 45 $ — $ — $ 45 Mutual funds - equities (1) 62 — — 62 Mutual funds - fixed income (2) 41 31 — 72 Other (3) 3 45 6 54 Total $ 151 $ 76 $ 6 $ 233 Collective pooled funds (4) $ — $ — $ — $ 478 Total investments measured at NAV as a practical expedient — — — 478 Total $ 151 $ 76 $ 6 $ 711 December 31, 2022 (US$ in millions) Level 1 Level 2 Level 3 Total Cash $ 58 $ — $ — $ 58 Mutual funds - equities (1) 61 — — 61 Mutual funds - fixed income (2) 28 10 — 38 Other (3) 2 43 6 51 Total $ 149 $ 53 $ 6 $ 208 Collective pooled funds (4) $ — $ — $ — $ 498 Total investments measured at NAV as a practical expedient — — — 498 Total $ 149 $ 53 $ 6 $ 706 (1) This category represents a portfolio of equity investments comprised of equity index funds that invest in U.S. equities and non-U.S. equities. The U.S. equities are comprised of investments focusing on large, mid and small cap companies and non-U.S. equities are comprised of international, emerging markets, and real estate investment trusts. (2) This category represents a portfolio of fixed income investments in mutual funds comprised of investment grade U.S. government bonds and notes, foreign government bonds, and corporate bonds from diverse industries. (3) This category represents a portfolio consisting of a mixture of hedge funds, investments in certain government and municipal securities, bonds, real estate, and insurance contracts. (4) Collective pooled funds are typically collective trusts valued at NAV that are calculated by the investment manager or sponsor of the fund and have daily or monthly liquidity. Using the practical expedient in ASC 820 - Fair Value Measurements , these investments are not categorized within the fair value hierarchy, but are included in the table above so that they can be reconciled to the line items presented in the consolidated balance sheets. |
Schedule of Estimated Future Benefit Payments | The following benefit payments, which reflect future service as appropriate, are expected to be paid in relation to defined benefit pension and postretirement benefit plans: (US$ in millions) Pension Postretirement 2024 $ 54 $ 4 2025 54 4 2026 55 4 2027 55 4 2028 54 4 Next five years 268 17 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Liabilities Related to General Claims and Lawsuits Included in Other Non-Current Liabilities | Included in Other non-current liabilities at December 31, 2023 and 2022 are the following amounts related to these matters: December 31, (US$ in millions) 2023 2022 Non-income tax claims $ 19 $ 20 Labor claims 66 76 Civil and other claims 114 105 Total $ 199 $ 201 |
Schedule of Tax Examinations Against Brazilian Subsidiaries | The table below reflects the tax years for which Bunge is subject to income tax examinations by tax authorities in significant tax regions: Open Tax Years North America 2015 - 2023 South America 2016 - 2023 Europe, Middle East, and Africa 2017 - 2023 Asia-Pacific 2012 - 2023 As of December 31, 2023, the Brazilian federal and state authorities have concluded examinations of the ICMS and PIS/COFINS tax returns and have issued outstanding claims. The Company continues to evaluate the merits of each of these claims and will recognize them if and when loss is considered probable. The outstanding claims comprise the following: December 31, (US$ in millions) Years Examined 2023 2022 ICMS 1990 to Present $ 212 $ 215 PIS/COFINS 2002 to Present $ 438 $ 347 |
Schedule of Maximum Potential Future Payments Related to Guarantees | Guarantees —Bunge has issued or was a party to the following guarantees at December 31, 2023: (US$ in millions) Recorded Liability Maximum Unconsolidated affiliates guarantee (1) $ — $ 94 Residual value guarantee (2) — 388 Russia disposition indemnity (3) 9 235 Other guarantees — 14 Total $ 9 $ 731 (1) Bunge has issued guarantees to certain financial institutions related to debt of certain of its unconsolidated affiliates. The terms of the guarantees are equal to the terms of the related financings, which have maturity dates through 2034. There are no recourse provisions or collateral that would enable Bunge to recover any amounts paid under these guarantees. In addition, certain Bunge subsidiaries have guaranteed the obligations of certain of their unconsolidated affiliates and in connection therewith have secured their guarantee obligations through a pledge to the financial institutions of certain of their unconsolidated affiliates' shares plus loans receivable from the unconsolidated affiliates in the event that the guaranteed obligations are enforced. Based on the a mounts drawn under guaranteed debt facilities of unconsolidated affiliates at December 31, 2023, Bunge's potential liability was $83 million, and it has recorded less than $1 million of o b ligations 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 December 31, 2023, no obligation has been recorded related to these guarantees. Any obligation recorded would be re cognized in Current operating lease obligations or Non-current operating lease obligations. (3) On February 3, 2023, Bunge agreed to indemnify the buyer of its Russian operations against certain existing legal claims involving Bunge's former Russian subsidiary. The indemnity expires on February 2, 2030. As of December 31, 2023, Bunge recorded a $9 million obligation related to this indemnity within Other non-current liabilities. |
OTHER NON-CURRENT LIABILITIES (
OTHER NON-CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Non-Current Liabilities | December 31, (US$ in millions) 2023 2022 Labor, legal and other provisions $ 218 $ 205 Pension and post-retirement obligations (1) 170 152 Uncertain income tax positions (2) 68 59 Unrealized losses on derivative contracts, at fair value (3) 260 332 Other 108 101 Total $ 824 $ 849 (1) See Note 19- Employee Benefit Plans. (2) See Note 14- Income Taxes. (3) See Note 15- Fair Value Measurements. |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of After-Tax Components of Accumulated Other Comprehensive Income (Loss) Attributable to Bunge | Included in Accumulated other comprehensive loss are the following amounts, net of tax and excluding noncontrolling interest, which have not been recognized in net periodic benefit costs: Pension Benefits Postretirement Benefits (US$ in millions) 2023 2022 2023 2022 Net actuarial (loss) gain $ (129) $ (109) $ 6 $ 4 Prior service credit 3 3 — — Total accumulated other comprehensive (loss) income $ (126) $ (106) $ 6 $ 4 (US$ in millions) Foreign Exchange Translation Adjustment (1) Deferred Pension and Accumulated Other Comprehensive Balance, January 1, 2021 $ (5,857) $ (215) $ (174) $ (6,246) Other comprehensive (loss) income before reclassifications (236) (36) 51 (221) Amount reclassified from Accumulated other comprehensive loss — (3) (1) (4) Net-current period other comprehensive (loss) income (236) (39) 50 (225) Balance, December 31, 2021 (6,093) (254) (124) (6,471) Other comprehensive income (loss) before reclassifications 26 (81) 40 (15) Acquisition of redeemable noncontrolling interest (15) — — (15) Amount reclassified from Accumulated other comprehensive loss (2) 156 (8) (18) 130 Net-current period other comprehensive income (loss) 167 (89) 22 100 Balance, December 31, 2022 (5,926) (343) (102) (6,371) Other comprehensive income (loss) before reclassifications 335 (99) (18) 218 Amount reclassified from Accumulated other comprehensive loss (3) 102 (3) — 99 Net-current period other comprehensive income (loss) 437 (102) (18) 317 Balance, December 31, 2023 $ (5,489) $ (445) $ (120) $ (6,054) (1) Bunge has significant operating subsidiaries in Brazil, Argentina, North America, Europe, and Asia-Pacific. The functional currency of Bunge's subsidiaries is generally the local currency. The assets and liabilities of these subsidiaries are translated into U.S. dollars from the local currency at month-end exchange rates, and the resulting foreign currency translation gains (losses) are recorded in the consolidated balance sheets as a component of Accumulated other comprehensive loss. (2) 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 twelve months ended December 31, 2022, the Company reclassified $27 million (net of $10 million tax expense) in unamortized actuarial gains from Accumulated other comprehensive 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). The year ended December 31, 2022 also included the release of cumulative translation adjustments upon the disposition of substantially all of its wheat milling business in Mexico of $158 million, which had been previously reserved through Cost of goods sold, in the consolidated statements of income in the year ended December 31, 2021 (see Note 2- Acquisitions and Dispositions ). (3) The year ended December 31, 2023 included the release of cumulative translation adjustments upon the disposition of all of its Russian operations of $103 million, which had been previously reserved through Cost of goods sold, in the consolidated statements of income in the year ended December 31, 2022 (see Note 2- Acquisitions and Dispositions |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings per Common Share | The following table sets forth the computation of basic and diluted earnings per share: Year Ended December 31, (US$ in millions, except for share data) 2023 2022 2021 Net income $ 2,337 $ 1,678 $ 2,167 Net (income) attributable to noncontrolling interests and redeemable noncontrolling interests (94) (68) (89) Income attributable to Bunge 2,243 1,610 2,078 Convertible preference share dividends — — (34) Net income available to Bunge shareholders - Basic $ 2,243 $ 1,610 $ 2,044 Add back convertible preference share dividends — — 34 Net income available to Bunge shareholders - Diluted $ 2,243 $ 1,610 $ 2,078 Weighted-average number of shares outstanding: Basic 148,804,387 148,712,251 141,015,388 Effect of dilutive shares: —stock options and awards (1) 1,983,530 2,455,629 2,520,420 —convertible preference shares (2) — 1,966,874 8,830,904 Diluted 150,787,917 153,134,754 152,366,712 Earnings per share: Net income attributable to Bunge shareholders—basic $ 15.07 $ 10.83 $ 14.50 Net income attributable to Bunge shareholders—diluted $ 14.87 $ 10.51 $ 13.64 (1) The weighted-average shares outstanding-diluted exclude less than 1 million contingently issuable restricted stock units, which were not dilutive and not included in the computation of earnings per share for the years ended December 31, 2023, 2022, and 2021. (2) Effective March 23, 2022, 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. Accordingly, holders of the convertible preference shares were not entitled to receive the $1.21875 per share dividend declared by the Company in respect of the convertible preference shares on February 23, 2022, and payable to holders of record on May 15, 2022, and no convertible preference shares were issued or outstanding as of December 31, 2023 and December 31, 2022. Refer to Note 23- Equity for further information. |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | A summary of option activity under the Plans for the year ended December 31, 2023 is presented below: Options Shares Weighted-Average Weighted-Average Aggregate Outstanding at January 1, 2023 1,855,681 $ 56.22 Exercised (146,827) 68.89 Forfeited or expired (2,725) 76.04 Outstanding at December 31, 2023 (1) 1,706,129 55.01 4.77 $ 78 Exercisable at December 31, 2023 1,706,129 $ 55.01 4.77 $ 78 (1) Includes 15,020 options to be cash settled. |
Schedule of Restricted Stock Unit Activity | A summary of restricted stock unit activity under the Plans for the year ended December 31, 2023 is presented below. Restricted Stock Units Shares Weighted-Average Time-based restricted stock units at January 1, 2023 1,055,479 $ 80.30 TBRSUs Granted 474,491 98.11 Vested/issued (1) (316,329) 51.39 Forfeited (47,037) 93.45 Time-based restricted stock units at December 31, 2023 (2) (3) 1,166,604 $ 94.97 Performance-based restricted stock units at January 1, 2023 807,673 $ 78.68 PBRSUs Granted 230,448 103.79 Additional PBRSUs granted on achievement of performance targets 323,981 42.80 Vested/issued (1) (674,986) 44.76 Forfeited (12,712) 105.84 Performance-based restricted stock units at December 31, 2023 (2) 674,404 $ 103.47 Total restricted stock units at December 31, 2023 (2) 1,841,008 $ 98.08 (1) During the year ended December 31, 2023, Bunge issued a total of 687,444 common and registered shares, net of shares withheld to cover taxes, including related shares representing accrued dividends, with a weighted-average fair value of $46.62 per share upon vesting of TBRSUs and PBRSUs. (2) Includes accrued unvested dividends, which are payable in Bunge's registered shares upon vesting of underlying restricted stock units. (3) |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | The components of lease expense were as follows: Year Ended December 31, (US$ in millions) 2023 2022 Operating lease cost $ 507 $ 479 Short-term lease cost 747 1,485 Variable lease cost 47 69 Total lease cost $ 1,301 $ 2,033 |
Leases, Supplemental Balance Sheet Information Related to Finance Lease | The table below presents the finance lease-related assets and liabilities recorded on the consolidated balance sheets: December 31, (US$ in millions) 2023 2022 Property, plant and equipment $ 124 $ 67 Less: accumulated depreciation and depletion (36) (30) Property, plant and equipment, net $ 88 $ 37 Current portion of long-term debt $ 3 $ 1 Long-term debt 57 16 Total finance lease liabilities $ 60 $ 17 |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Year Ended December 31, (US$ in millions) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating lease liability principal payments $ 506 $ 480 Supplemental non-cash information: Right-of-use assets obtained in exchange for lease obligations (1) $ 403 $ 567 (1) |
Schedule of Maturities of Operating Lease Liabilities | Maturities of operating and finance lease liabilities as of December 31, 2023 were as follows: (US$ in millions) Operating leases Finance leases 2024 $ 338 $ 6 2025 190 6 2026 155 5 2027 90 5 2028 49 4 Thereafter 264 77 Total lease payments (1) 1,086 103 Less imputed interest (212) (43) Present value of lease liabilities, as separately presented on the consolidated balance sheet $ 874 $ 60 (1) Minimum lease payments have not been reduced by minimum sublease income receipts of $115 million due in future periods under non-cancelable subleases as of December 31, 2023. Non-cancelable subleases primarily relate to agreements with third parties for the use of portions of certain facilities with remaining sublease terms of up to six years. Additionally, from time to time, the Company may enter into re-let agreements to sell the right to use ocean freight vessels under time charter agreements when excess capacity is available. |
Schedule of Maturities of Finance Lease Liabilities | Maturities of operating and finance lease liabilities as of December 31, 2023 were as follows: (US$ in millions) Operating leases Finance leases 2024 $ 338 $ 6 2025 190 6 2026 155 5 2027 90 5 2028 49 4 Thereafter 264 77 Total lease payments (1) 1,086 103 Less imputed interest (212) (43) Present value of lease liabilities, as separately presented on the consolidated balance sheet $ 874 $ 60 (1) Minimum lease payments have not been reduced by minimum sublease income receipts of $115 million due in future periods under non-cancelable subleases as of December 31, 2023. Non-cancelable subleases primarily relate to agreements with third parties for the use of portions of certain facilities with remaining sublease terms of up to six years. Additionally, from time to time, the Company may enter into re-let agreements to sell the right to use ocean freight vessels under time charter agreements when excess capacity is available. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segment Information | The segment revenues generated from these transfers are shown in the following table as "Inter-segment revenues." As of, and for the year ended, December 31, 2023 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Eliminations Total Net sales to external customers $ 42,764 $ 14,603 $ 1,896 $ 235 $ 42 $ — $ 59,540 Inter–segment revenues 8,360 176 175 — — (8,711) — Foreign exchange gains - net — 7 1 — 12 — 20 EBIT - Noncontrolling interests (1) (70) (21) 1 — 4 — (86) Other income (expense) – net 126 (65) (7) 2 73 — 129 Income (loss) from affiliates 1 — (1) 157 (17) — 140 Segment EBIT (2) 2,786 865 66 164 (548) — 3,333 Depreciation, depletion and amortization (217) (179) (33) — (22) — (451) Total assets 16,000 3,969 984 471 3,948 — 25,372 Capital expenditures 551 429 45 — 97 — 1,122 As of, and for the year ended, December 31, 2022 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Eliminations Total Net sales to external customers $ 47,700 $ 16,850 $ 2,388 $ 259 $ 35 $ — $ 67,232 Inter–segment revenues 10,200 306 564 — — (11,070) — Foreign exchange gains (losses) – net 2 (14) 4 2 (5) — (11) EBIT - Noncontrolling interests (1) (45) (12) (1) — (9) — (67) Other (expense) income – net (67) (29) 1 2 84 — (9) Income (loss) from affiliates 67 — — 93 (55) — 105 Segment EBIT (3) 1,715 746 162 105 (397) — 2,331 Depreciation, depletion and amortization (203) (146) (32) — (27) — (408) Total assets 16,486 3,886 1,195 334 2,679 — 24,580 Capital expenditures 312 169 30 — 44 — 555 As of, and for the year ended, December 31, 2021 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Eliminations Total Net sales to external customers $ 43,636 $ 13,332 $ 1,909 $ 270 $ 5 $ — $ 59,152 Inter–segment revenues 8,134 456 192 — — (8,782) — Foreign exchange losses – net (24) (1) (2) — (11) — (38) EBIT - Noncontrolling interests (1) (28) (73) (1) — 3 — (99) Other income – net 215 239 — 1 54 — 509 Income (loss) from affiliates 56 — (2) 106 — — 160 Segment EBIT (4) 2,290 666 (74) 112 (333) — 2,661 Depreciation, depletion and amortization (206) (149) (39) — (30) — (424) Total assets 15,989 4,152 1,323 211 2,144 — 23,819 Capital expenditures 236 92 28 — 43 — 399 (1) Includes Net (income) attributable to noncontrolling interests and redeemable noncontrolling interests adjusted for noncontrolling interests' share of interest and taxes. (2) 2023 EBIT includes a mark-to-market gain of $29 million, recorded in Cost of goods sold, related to inventory recovered from Bunge's Mykolaiv and other facilities in Ukraine; $37 million of fixed asset impairment charges in North America, recorded in Cost of goods sold; $17 million of amortization charges, at Bunge's 80% share, recorded in SG&A, primarily related to the discontinuance of the Loders Croklaan trademark; $114 million of acquisition and integration costs, recorded in SG&A, related to the announced Business Combination Agreement with Viterra; $20 million impairment charge, recorded in Other income (expense) - net, related to the full impairment of a long-term investment held in Other non-current assets; and a $16 million impairment charge, recorded in Income from affiliates, related to a minority investment in Australian Plant Proteins, a start-up manufacturer of novel protein ingredients. (3) 2022 EBIT includes $80 million of charges resulting from the Ukraine-Russia war, recorded in Cost of goods sold, primarily related to losses associated with inventories physically located in occupied territories in Ukraine or in difficult to access locations with high costs of recovery; $106 million of charges on the classification of our Russian oilseed processing business as held-for-sale, recorded in Cost of goods sold; a $29 million gain, at Bunge's then-70% share, related to the settlement of one of the Company’s international defined benefit pension plans, recorded in Other income (expense) - net; and $53 million of charges related to the impairment of two equity investments, recorded in Income from affiliates. (4) 2021 EBIT includes a $158 million gain on sale of a portfolio of interior grain elevators located in the United States (U.S. Grain Disposition), recorded in Other income (expense) - net; $170 million in gains on sales of assets, comprising a $151 million gain on sale of our Rotterdam Oils Refinery, at Bunge’s then-70% share, and a $19 million gain on sale of an oils packaging facility in Mexico, both recorded in Other income (expense) - net; a $35 million fixed asset impairment charge, at Bunge’s then-70% share, recorded in Cost of goods sold; and a $170 million expense related to the classification of our Mexican wheat milling business as held-for-sale, recorded in Cost of goods sold. |
Schedule of Reconciliation of total segment EBIT to net income attributable to Bunge | A reconciliation of Net income attributable to Bunge to Total segment EBIT follows: Year Ended December 31, (US$ in millions) 2023 2022 2021 Net income attributable to Bunge $ 2,243 $ 1,610 $ 2,078 Interest income (148) (71) (48) Interest expense 516 403 243 Income tax expense 714 388 398 Noncontrolling interests' share of interest and tax 8 1 (10) Total segment EBIT from continuing operations $ 3,333 $ 2,331 $ 2,661 |
Schedule of Net sales by product group to external customers | Net sales by product group to external customers were as follows: Year Ended December 31, (US$ in millions) 2023 2022 2021 Agribusiness Processing Products $ 31,298 $ 32,804 $ 29,610 Agribusiness Merchandising Products 11,466 14,896 14,026 Refined and Specialty Oil Products 14,603 16,850 13,332 Milling Products 1,896 2,388 1,909 Sugar and Bioenergy Products 235 259 270 Other Products 42 35 5 Total $ 59,540 $ 67,232 $ 59,152 Year Ended December 31, 2023 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Total Sales from commodity contracts (ASC 815) $ 40,331 $ 997 $ 152 $ 229 $ — $ 41,709 Sales from contracts with customers (ASC 606) 2,433 13,606 1,744 6 42 17,831 Net sales to external customers $ 42,764 $ 14,603 $ 1,896 $ 235 $ 42 $ 59,540 Year Ended December 31, 2022 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Total Sales from commodity contracts (ASC 815) $ 44,553 $ 1,198 $ 154 $ 253 $ — $ 46,158 Sales from contracts with customers (ASC 606) 3,147 15,652 2,234 6 35 21,074 Net sales to external customers $ 47,700 $ 16,850 $ 2,388 $ 259 $ 35 $ 67,232 Year Ended December 31, 2021 (US$ in millions) Agribusiness Refined and Specialty Oils Milling Sugar and Corporate & Other Total Sales from commodity contracts (ASC 815) $ 41,032 $ 1,024 $ 21 $ 264 $ — $ 42,341 Sales from contracts with customers (ASC 606) 2,604 12,308 1,888 6 5 16,811 Net sales to external customers $ 43,636 $ 13,332 $ 1,909 $ 270 $ 5 $ 59,152 |
Schedule of Geographic Area Information for Net Sales to External Customers, Determined Based on the Location of the Subsidiary Making the Sale, and Long-Lived Assets | Geographic area information for Net sales to external customers, determined based on the location of the subsidiary making the sale, and long-lived assets follows: Year Ended December 31, (US$ in millions) 2023 2022 2021 Net sales to external customers: Europe $ 24,333 $ 26,089 $ 22,249 United States 15,819 16,939 14,660 Asia-Pacific 10,098 13,829 12,334 Brazil 4,771 5,487 4,520 Argentina 1,386 1,576 2,669 Canada 2,606 2,431 1,839 Rest of world 527 881 881 Total $ 59,540 $ 67,232 $ 59,152 Year Ended December 31, (US$ in millions) 2023 2022 Long-lived assets: (1) Europe $ 1,090 $ 955 United States 1,733 1,235 Asia-Pacific 386 378 Brazil 775 545 Argentina 188 157 Canada 367 334 Rest of world 2 13 Total $ 4,541 $ 3,617 (1) |
QUARTERLY FINANCIAL INFORMATI_2
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information (Unaudited) | Quarter (US$ in millions, except per share data) First Second Third Fourth Year 2023 Net sales $ 15,328 $ 15,049 $ 14,227 $ 14,936 $ 59,540 Gross profit 1,181 1,365 1,045 1,254 4,845 Net income 659 629 389 660 2,337 Net income attributable to Bunge 632 622 373 616 2,243 Earnings per share—basic (1) Net income attributable to Bunge shareholders - basic $ 4.21 $ 4.13 $ 2.50 $ 4.24 $ 15.07 Earnings per share—diluted (1) Net income attributable to Bunge shareholders - diluted $ 4.15 $ 4.09 $ 2.47 $ 4.18 $ 14.87 2022 Net sales $ 15,880 $ 17,933 $ 16,759 $ 16,660 $ 67,232 Gross profit 1,204 772 888 818 3,682 Net income 696 225 383 374 1,678 Net income attributable to Bunge 688 206 380 336 1,610 Earnings per share—basic (1) Net income attributable to Bunge shareholders - basic $ 4.83 $ 1.36 $ 2.52 $ 2.24 $ 10.83 Earnings per share—diluted (1) Net income attributable to Bunge shareholders - diluted $ 4.48 $ 1.34 $ 2.49 $ 2.21 $ 10.51 (1) Earnings per share attributable to Bunge shareholders for both basic and diluted is computed independently for each period presented. As a result, the sum of the quarterly earnings per share for the years ended December 31, 2023 and 2022 may not equal the total computed for the year. See Note 24- Earnings per Share for further details. |
NATURE OF BUSINESS, BASIS OF _4
NATURE OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES - NARRATIVE (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) segment mill $ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) | Nov. 01, 2023 $ / shares | |
Description of Business | ||||
Common shares, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Registered shares, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Number of reportable segments | segment | 4 | |||
Principles of Consolidation | ||||
Maximum percentage ownership for interests reported as noncontrolling interests in subsidiaries | 100% | |||
Research and Development | ||||
Research and development expenses | $ 35 | $ 33 | $ 33 | |
Government assistance, statement of income or comprehensive income [Extensible Enumeration] | Cost of Goods and Services Sold, Net sales | |||
Ukraine | International Conflicts | ||||
Research and Development | ||||
Inventory write-down, reversal | $ 29 | |||
Tax Credits | Foreign Tax Authority | ||||
Research and Development | ||||
Amount of government assistance | 176 | 205 | ||
Clean Energy | ||||
Research and Development | ||||
Amount of government assistance | 24 | 19 | ||
Current Liabilities | Tax Credits | Foreign Tax Authority | ||||
Research and Development | ||||
Amount of government assistance | 13 | 17 | ||
Trade Accounts Payable | Clean Energy | ||||
Research and Development | ||||
Amount of government assistance | $ 10 | |||
Trade accounts receivable | Clean Energy | ||||
Research and Development | ||||
Amount of government assistance | $ 1 | |||
Buildings | Minimum | ||||
Principles of Consolidation | ||||
Useful lives for property, plant and equipment | 10 years | |||
Buildings | Maximum | ||||
Principles of Consolidation | ||||
Useful lives for property, plant and equipment | 50 years | |||
Machinery and equipment | Minimum | ||||
Principles of Consolidation | ||||
Useful lives for property, plant and equipment | 3 years | |||
Machinery and equipment | Maximum | ||||
Principles of Consolidation | ||||
Useful lives for property, plant and equipment | 25 years | |||
Furniture, fixtures and other | Minimum | ||||
Principles of Consolidation | ||||
Useful lives for property, plant and equipment | 3 years | |||
Furniture, fixtures and other | Maximum | ||||
Principles of Consolidation | ||||
Useful lives for property, plant and equipment | 20 years | |||
BP Bunge Bioenergia | ||||
Description of Business | ||||
Ownership interest (as a percent) | 50% | |||
Number of sugar mills in Brazil | mill | 11 |
NATURE OF BUSINESS, BASIS OF _5
NATURE OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES - CASH, CASH EQUIVALENTS AND RESTRICTED CASH RECONCILIATION (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Cash and cash equivalents | $ 2,602 | $ 1,104 | $ 902 |
Restricted cash included in Other current assets | 21 | 26 | 3 |
Cash and cash equivalents in Assets held for sale | 0 | 22 | 0 |
Total | $ 2,623 | $ 1,152 | $ 905 |
ACQUISITIONS AND DISPOSITIONS -
ACQUISITIONS AND DISPOSITIONS - Narrative (Details) $ in Millions | 12 Months Ended | 26 Months Ended | ||||||||||
Nov. 30, 2023 USD ($) | Oct. 10, 2023 USD ($) | Jun. 13, 2023 USD ($) shares | Apr. 14, 2023 USD ($) | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) shares | Jul. 07, 2023 USD ($) | Jun. 12, 2023 USD ($) | Jun. 11, 2023 USD ($) | Jul. 09, 2021 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Stock repurchase program, increase in authorized amount | $ 1,700 | |||||||||||
Stock repurchase program, remaining authorized repurchase amount | $ 1,400 | $ 1,400 | 300 | |||||||||
Authorized amount of issued and outstanding shares available for repurchase | $ 2,000 | $ 500 | ||||||||||
Disposal group, not discontinued operation, gain (loss) on disposal, statement of income or comprehensive income[Extensible Enumeration] | Other income (expense) – net | |||||||||||
Agribusiness | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Total assets | 12 | 12 | ||||||||||
Liabilities held for sale | 6 | 6 | ||||||||||
Refined and Specialty Oils | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Total assets | 21 | 21 | ||||||||||
Liabilities held for sale | 13 | 13 | ||||||||||
Disposed of by Sale, Not Discontinued Operations | Russia Oilseed Processing | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Total assets | $ 33 | $ 33 | ||||||||||
Disposed of by Sale, Not Discontinued Operations | Mexico Wheat Milling | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Impairment loss on sale | $ 170 | |||||||||||
Tax effect on disposal | 30 | |||||||||||
Disposed of by Sale, Not Discontinued Operations | US Grain | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Liabilities held for sale | 55 | |||||||||||
Gain (loss) on disposal | 158 | |||||||||||
Proceeds from disposal | $ 298 | |||||||||||
Disposed of by Sale, Not Discontinued Operations | US Grain | Agribusiness | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Gain (loss) on disposal | 158 | |||||||||||
Disposed of by Sale, Not Discontinued Operations | Rotterdam Oils Refinery | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Liabilities held for sale | 18 | |||||||||||
Gain (loss) on disposal | 219 | |||||||||||
Disposed of by Sale, Not Discontinued Operations | Mexico Oils Facility | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Gain (loss) on disposal | $ 19 | |||||||||||
Maximum | Disposed of by Sale, Not Discontinued Operations | Russia Oilseed Processing | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Impairment loss on sale | $ 103 | |||||||||||
Bunge Loders Croklaan Joint Venture | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership interest (as a percent) | 80% | |||||||||||
Espaçogrãos Grain Elevators | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Asset acquisition, consideration transferred | $ 85 | |||||||||||
Advanced payments | $ 35 | |||||||||||
CJ Latam Participacoes Ltda. and CJ Selecta S.A. | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Asset acquisition, consideration transferred | $ 510 | |||||||||||
Asset acquisition, percentage of voting interests acquired | 1 | |||||||||||
Fuji Oils New Orleans, LLC Port-Based Refinery | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Payments for asset acquisitions | $ 181 | |||||||||||
Asset acquisition, recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment | 220 | |||||||||||
Asset acquisition, recognized identifiable assets acquired and liabilities assumed, capital leased assets | 52 | |||||||||||
Asset acquisition, recognized identifiable assets acquired and liabilities assumed, noncurrent liabilities, finance lease, liability | 41 | |||||||||||
Asset acquisition, recognized identifiable assets acquired and liabilities assumed, other net working capital | $ 2 | |||||||||||
Common Shares | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Repurchase of shares (in shares) | shares | 5,407,861 | 7,516,976 | ||||||||||
Repurchase of shares for the period | $ 600 | $ 800 | ||||||||||
Viterra Limited | Bunge Limited | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership interest by minority shareholder | 30% | |||||||||||
Viterra Limited | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Business combination, consideration transferred, equity interests issued and issuable shares | shares | 65,600,000 | |||||||||||
Business combination, consideration transferred, equity interests issued and issuable | 6,600 | |||||||||||
Business acquisition in cash | $ 2,000 | |||||||||||
Aggregate principal amount | $ 8,000 | |||||||||||
Business acquisitions, contract terms, termination fees | $ 400 | $ 400 |
ACQUISITIONS AND DISPOSITIONS_2
ACQUISITIONS AND DISPOSITIONS - COMPOSITION OF ASSETS AND LIABILITIES HELD FOR SALE (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total assets | $ 1 | $ 36 | |
Total liabilities | 0 | 18 | |
Disposed of by Sale, Not Discontinued Operations | Russia Oilseed Processing | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash and cash equivalents | 19 | ||
Trade accounts receivable | 15 | ||
Inventories | 33 | ||
Other current assets | 14 | ||
Property, plant and equipment, net | 24 | ||
Goodwill & Other intangible assets, net | 10 | ||
Other non-current assets | 8 | ||
Impairment reserve | (90) | ||
Total assets | 33 | ||
Trade accounts payable and accrued liabilities | 3 | ||
Other current liabilities | 16 | ||
Total liabilities | $ 19 | ||
Disposed of by Sale, Not Discontinued Operations | Mexico Wheat Milling | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Trade accounts receivable | 73 | ||
Inventories | 187 | ||
Other current assets | 7 | ||
Property, plant and equipment, net | 164 | ||
Operating lease assets | 2 | ||
Goodwill & Other intangible assets, net | 86 | ||
Impairment reserve | (170) | ||
Total assets | 349 | ||
Trade accounts payable and accrued liabilities | 13 | ||
Current operating lease obligations | 1 | ||
Other current liabilities | 5 | ||
Total liabilities | $ 19 | ||
Disposed of by Sale, Not Discontinued Operations | US Grain | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Inventories | $ 111 | ||
Other current assets | 155 | ||
Property, plant and equipment, net | 128 | ||
Operating lease assets | 6 | ||
Goodwill | 6 | ||
Total assets | 406 | ||
Trade accounts payable and accrued liabilities | 43 | ||
Current operating lease obligations | 1 | ||
Other current liabilities | 6 | ||
Non-current lease obligations | 5 | ||
Total liabilities | 55 | ||
Disposed of by Sale, Not Discontinued Operations | Rotterdam Oils Refinery | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Other current assets | 3 | ||
Property, plant and equipment, net | 94 | ||
Operating lease assets | 6 | ||
Total assets | 103 | ||
Current operating lease obligations | 1 | ||
Other current liabilities | 5 | ||
Deferred income taxes | 7 | ||
Non-current lease obligations | 5 | ||
Total liabilities | 18 | ||
Disposed of by Sale, Not Discontinued Operations | Mexico Oils Facility | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Property, plant and equipment, net | 7 | ||
Goodwill | 1 | ||
Total assets | $ 8 |
TRADE STRUCTURED FINANCE PROG_2
TRADE STRUCTURED FINANCE PROGRAM (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
TRADE STRUCTURED FINANCE PROGRAM | |||
Net return from activities including fair value changes | $ 36 | $ 32 | $ 31 |
Weighted-average interest rate of time deposits (as a percent) | 5.77% | 3.46% | |
Total net proceeds from issuances of LCs | $ 6,730 | $ 5,826 | $ 6,522 |
Time Deposits and LCs Presented Net on the Consolidated Balance Sheets | |||
TRADE STRUCTURED FINANCE PROGRAM | |||
Face value of time deposits, LCs, and foreign exchange contracts | $ 6,880 | $ 5,901 | |
Time Deposits and LCs Presented Net on the Consolidated Balance Sheets | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||
TRADE STRUCTURED FINANCE PROGRAM | |||
Sale of letters of credit | 1 year |
TRADE ACCOUNTS RECEIVABLE AND_3
TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM - Allowance Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 136 | $ 132 |
Current period provisions | 71 | 66 |
Recoveries | (59) | (40) |
Write-offs charged against the allowance | (15) | (27) |
Transfers | 0 | 4 |
Foreign exchange translation differences | 3 | 1 |
Ending balance | 136 | 136 |
Short-term | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 90 | 85 |
Current period provisions | 71 | 65 |
Recoveries | (57) | (39) |
Write-offs charged against the allowance | (2) | (24) |
Transfers | 0 | 4 |
Foreign exchange translation differences | 2 | (1) |
Ending balance | 104 | 90 |
Long-term | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 46 | 47 |
Current period provisions | 0 | 1 |
Recoveries | (2) | (1) |
Write-offs charged against the allowance | (13) | (3) |
Transfers | 0 | 0 |
Foreign exchange translation differences | 1 | 2 |
Ending balance | $ 32 | $ 46 |
TRADE ACCOUNTS RECEIVABLE AND_4
TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM - NARRATIVE (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 18, 2023 | Dec. 17, 2023 | Dec. 31, 2023 | Nov. 16, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Increase in maximum funding amount under trade receivables securitization program | $ 1,500 | $ 400 | ||
Maximum funding under trade receivables securitization program | $ 1,000 | $ 750 | ||
Bunge Securitization B.V. | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Repurchased non-cash investing exchange | $ 741 | |||
Repurchased receivables collected | $ 733 | |||
Repurchased receivables | $ 87 |
TRADE ACCOUNTS RECEIVABLE AND_5
TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM - Trade Receivables Securitization Program (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts Receivable Securitization Facilities Disclosures | |||
Receivables pledged to the administrative agent and included in Trade accounts receivable | $ 343 | $ 583 | |
Bunge Securitization B.V. | |||
Accounts Receivable Securitization Facilities Disclosures | |||
Receivables sold which were derecognized from Bunge's balance sheet | 1,230 | 1,100 | |
Gross receivables sold | 11,669 | 17,248 | $ 14,648 |
Proceeds received in cash related to transfer of receivables | 11,615 | 16,340 | 14,018 |
Cash collections from customers on receivables previously sold | 11,539 | 17,450 | 14,230 |
Discounts related to gross receivables sold included in SG&A | $ 54 | $ 23 | $ 7 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
INVENTORIES | ||
Inventories | $ 7,105 | $ 8,408 |
Readily marketable inventories at fair value | 5,837 | 6,654 |
Corporate & Other | ||
INVENTORIES | ||
Inventories | 4 | 4 |
Readily marketable inventories at fair value | 0 | 0 |
Agribusiness | ||
INVENTORIES | ||
Readily marketable inventories included in assets held for sale. | 0 | 26 |
Agribusiness | Merchandising Activities | ||
INVENTORIES | ||
Readily marketable inventories at fair value | 4,242 | 4,789 |
Agribusiness | Operating | ||
INVENTORIES | ||
Inventories | 5,830 | 6,756 |
Readily marketable inventories at fair value | 5,519 | 6,286 |
Refined and Specialty Oils | Operating | ||
INVENTORIES | ||
Inventories | 1,096 | 1,316 |
Readily marketable inventories at fair value | 302 | 271 |
Milling | Operating | ||
INVENTORIES | ||
Inventories | 175 | 332 |
Readily marketable inventories at fair value | $ 16 | $ 97 |
OTHER CURRENT ASSETS - COMPONEN
OTHER CURRENT ASSETS - COMPONENTS OF OTHER CURRENT ASSETS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Current Assets: | |||
Unrealized gains on derivative contracts, at fair value | $ 1,481 | $ 1,597 | |
Prepaid commodity purchase contracts | 320 | 254 | |
Secured advances to suppliers, net | 462 | 365 | |
Recoverable taxes, net | 378 | 365 | |
Margin deposits | 618 | 791 | |
Marketable securities and other short-term investments | 105 | 119 | |
Income taxes receivable | 54 | 102 | |
Prepaid expenses | 346 | 376 | |
Restricted cash | 21 | 26 | $ 3 |
Other | 265 | 386 | |
Total | 4,050 | 4,381 | |
Allowance on secured advance to farmers | 8 | 7 | |
Interest earned on secured advances to suppliers | $ 25 | $ 22 | $ 26 |
OTHER CURRENT ASSETS - MARKETAB
OTHER CURRENT ASSETS - MARKETABLE SECURITIES AND OTHER SHORT-TERM INVESTMENTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Marketable Securities and Other Short-Term Investments | |||
Total marketable securities and other short-term investments | $ 105 | $ 119 | |
Marketable securities at fair value | 67 | 89 | |
Unrealized gain (loss) on investments | 0 | (140) | $ 47 |
Foreign government securities | |||
Marketable Securities and Other Short-Term Investments | |||
Total marketable securities and other short-term investments | 39 | 68 | |
Equity securities | |||
Marketable Securities and Other Short-Term Investments | |||
Total marketable securities and other short-term investments | 28 | 23 | |
Other | |||
Marketable Securities and Other Short-Term Investments | |||
Total marketable securities and other short-term investments | $ 38 | $ 28 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment | |||
Gross book value | $ 9,227 | $ 7,836 | |
Less: accumulated depreciation and depletion | (4,686) | (4,219) | |
Property, plant and equipment, net | 4,541 | 3,617 | |
Capitalized expenditures | 1,192 | 593 | $ 437 |
Capitalized interest on construction in progress | 19 | 3 | 2 |
Depreciation and depletion expense | 390 | 363 | $ 376 |
Land | |||
Property, Plant and Equipment | |||
Gross book value | 399 | 342 | |
Buildings | |||
Property, Plant and Equipment | |||
Gross book value | 1,909 | 1,752 | |
Machinery and equipment | |||
Property, Plant and Equipment | |||
Gross book value | 5,262 | 4,576 | |
Furniture, fixtures and other | |||
Property, Plant and Equipment | |||
Gross book value | 640 | 583 | |
Construction in progress | |||
Property, Plant and Equipment | |||
Gross book value | $ 1,017 | $ 583 |
GOODWILL (Details)
GOODWILL (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill | ||
Goodwill, gross at beginning of period | $ 580 | $ 604 |
Reclassification to assets held for sale | (3) | |
Disposals | 0 | 0 |
Foreign currency translation | 20 | (21) |
Goodwill, gross at end of period | 600 | 580 |
Accumulated impairment losses, beginning of the period | (110) | (120) |
Goodwill impairment | 0 | 0 |
Disposals | 0 | 0 |
Foreign currency translation | (1) | 10 |
Accumulated impairment losses, end of the period | (111) | (110) |
Net carrying value | 489 | 470 |
Agribusiness | ||
Goodwill | ||
Goodwill, gross at beginning of period | 203 | 210 |
Reclassification to assets held for sale | (3) | |
Disposals | 0 | 0 |
Foreign currency translation | 8 | (4) |
Goodwill, gross at end of period | 211 | 203 |
Accumulated impairment losses, beginning of the period | (2) | (2) |
Goodwill impairment | 0 | 0 |
Disposals | 0 | 0 |
Foreign currency translation | 0 | 0 |
Accumulated impairment losses, end of the period | (2) | (2) |
Net carrying value | 209 | 201 |
Refined and Specialty Oil Products | ||
Goodwill | ||
Goodwill, gross at beginning of period | 292 | 313 |
Reclassification to assets held for sale | 0 | |
Disposals | 0 | 0 |
Foreign currency translation | 8 | (21) |
Goodwill, gross at end of period | 300 | 292 |
Accumulated impairment losses, beginning of the period | (105) | (115) |
Goodwill impairment | 0 | 0 |
Disposals | 0 | 0 |
Foreign currency translation | (1) | 10 |
Accumulated impairment losses, end of the period | (106) | (105) |
Net carrying value | 194 | 187 |
Milling | ||
Goodwill | ||
Goodwill, gross at beginning of period | 85 | 81 |
Reclassification to assets held for sale | 0 | |
Disposals | 0 | 0 |
Foreign currency translation | 4 | 4 |
Goodwill, gross at end of period | 89 | 85 |
Accumulated impairment losses, beginning of the period | (3) | (3) |
Goodwill impairment | 0 | 0 |
Disposals | 0 | 0 |
Foreign currency translation | 0 | 0 |
Accumulated impairment losses, end of the period | (3) | (3) |
Net carrying value | 86 | 82 |
Sugar and Bioenergy | ||
Goodwill | ||
Goodwill, gross at beginning of period | 0 | 0 |
Reclassification to assets held for sale | 0 | |
Disposals | 0 | 0 |
Foreign currency translation | 0 | 0 |
Goodwill, gross at end of period | 0 | 0 |
Accumulated impairment losses, beginning of the period | 0 | 0 |
Goodwill impairment | 0 | 0 |
Disposals | 0 | 0 |
Foreign currency translation | 0 | 0 |
Accumulated impairment losses, end of the period | 0 | 0 |
Net carrying value | $ 0 | $ 0 |
OTHER INTANGIBLE ASSETS (Detail
OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Intangible Assets, Net | |||
Gross carrying amount: | $ 793 | $ 686 | |
Accumulated amortization: | (395) | (326) | |
Other intangible assets, net | 398 | 360 | |
Aggregate amortization expense | 61 | 41 | $ 48 |
Estimated future aggregate amortization expense, next year | 38 | ||
Estimated future aggregate amortization expense in two years | 39 | ||
Estimated future aggregate amortization expense in three years | 38 | ||
Estimated future aggregate amortization expense in four years | 38 | ||
Estimated future aggregate amortization expense in five years | 31 | ||
Selling, general, and administrative expenses | 1,715 | 1,369 | 1,234 |
Income tax expense | 714 | 388 | $ 398 |
Refined and Specialty Oils Segment | |||
Other Intangible Assets, Net | |||
Aggregate amortization expense | 21 | ||
Refined and Specialty Oils Segment | Net Income (Loss) Attributable to Parent | |||
Other Intangible Assets, Net | |||
Aggregate amortization expense | 12 | ||
Refined and Specialty Oils Segment | Income Tax Expense (Benefit) | |||
Other Intangible Assets, Net | |||
Aggregate amortization expense | 5 | ||
Refined and Specialty Oils Segment | Net Income (Loss) Attributable to Noncontrolling Interest | |||
Other Intangible Assets, Net | |||
Aggregate amortization expense | 3 | ||
Refined and Specialty Oils Segment | Income Tax Expense (Benefit) Attributable to Noncontrolling Interest | |||
Other Intangible Assets, Net | |||
Aggregate amortization expense | 1 | ||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | |||
Other Intangible Assets, Net | |||
Transfers to assets held for sale | 7 | ||
Trademarks/brands | |||
Other Intangible Assets, Net | |||
Gross carrying amount: | 156 | 151 | |
Accumulated amortization: | (122) | (90) | |
Licenses | |||
Other Intangible Assets, Net | |||
Gross carrying amount: | 102 | 10 | |
Accumulated amortization: | (10) | (10) | |
Port rights | |||
Other Intangible Assets, Net | |||
Gross carrying amount: | 68 | 63 | |
Accumulated amortization: | (21) | (17) | |
Customer relationships | |||
Other Intangible Assets, Net | |||
Gross carrying amount: | 299 | 293 | |
Accumulated amortization: | (133) | (110) | |
Patents | |||
Other Intangible Assets, Net | |||
Gross carrying amount: | 131 | 128 | |
Accumulated amortization: | (86) | (73) | |
Other | |||
Other Intangible Assets, Net | |||
Gross carrying amount: | 37 | 41 | |
Accumulated amortization: | $ (23) | $ (26) |
IMPAIRMENTS - CHARGES (Details)
IMPAIRMENTS - CHARGES (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) charge | Dec. 31, 2022 USD ($) investment | Dec. 31, 2021 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Impairment charges | $ 104 | $ 162 | $ 226 |
Equity method investment, number of affiliates associated | 2 | 2 | |
Equity method investment, other than temporary impairment | $ 53 | ||
Impairment, long-lived asset, held-for-use, statement of income or comprehensive income [Extensible Enumeration] | Cost of Goods and Services Sold | ||
Merit Functional Foods Corp. | |||
Restructuring Cost and Reserve [Line Items] | |||
Impairment charges | $ 53 | ||
Ukraine | International Conflicts | |||
Restructuring Cost and Reserve [Line Items] | |||
Impairment, long-lived asset, held-for-use | 2 | ||
Agribusiness | |||
Restructuring Cost and Reserve [Line Items] | |||
Impairment charges | $ 20 | ||
Agribusiness | Cost of Goods Sold | |||
Restructuring Cost and Reserve [Line Items] | |||
Impairment charges | $ 37 | ||
Refined and Specialty Oil Products | China Oil Facility | |||
Restructuring Cost and Reserve [Line Items] | |||
Impairment charges | 35 | ||
Refined and Specialty Oil Products | China Oil Facility | Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | |||
Restructuring Cost and Reserve [Line Items] | |||
Impairment charges | 50 | ||
Refined and Specialty Oil Products | China Oil Facility | Net Income (Loss) Attributable to Noncontrolling Interest | |||
Restructuring Cost and Reserve [Line Items] | |||
Impairment charges | 15 | ||
Russia Oilseed Processing | Agribusiness | |||
Restructuring Cost and Reserve [Line Items] | |||
Impairment, long-lived asset, held-for-use | 42 | ||
Russia Oilseed Processing | Refined and Specialty Oil Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Impairment, long-lived asset, held-for-use | 52 | ||
Held-for-Sale | Russia Oilseed Processing | Milling | |||
Restructuring Cost and Reserve [Line Items] | |||
Loss on disposal | $ 103 | $ 170 | |
Impairment, long-lived asset, held-for-use, statement of income or comprehensive income [Extensible Enumeration] | Cost of Goods and Services Sold |
INVESTMENTS IN AFFILIATES AND_3
INVESTMENTS IN AFFILIATES AND VARIABLE INTEREST ENTITIES - NARRATIVE (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments in Affiliates | ||||
Aggregate of all basis differences | $ 56 | $ 114 | ||
Impairment charges | 104 | 162 | $ 226 | |
Equity method investment, other than temporary impairment | 53 | |||
Capitalized expenditures | 1,192 | 593 | $ 437 | |
Maximum exposure to loss | 589 | 472 | ||
Equity Method Investment, Amortizable Basis Difference Between Carrying Amount and Underlying Equity | 95 | 113 | ||
Terminal de Graneis de Santa Catarina | ||||
Investments in Affiliates | ||||
Other intangible assets, net | $ 87 | |||
Capitalized expenditures | 36 | |||
Long-term debt | 35 | |||
Noncontrolling interests | $ 91 | |||
Corporate & Other | ||||
Investments in Affiliates | ||||
Equity method investment, other than temporary impairment | 16 | |||
Agribusiness | ||||
Investments in Affiliates | ||||
Impairment charges | $ 20 | |||
BP Bunge Bioenergia | ||||
Investments in Affiliates | ||||
Ownership interest (as a percent) | 50% | |||
BP Bunge Bioenergia | Sugar and Bioenergy | ||||
Investments in Affiliates | ||||
Ownership interest (as a percent) | 50% | |||
Agricola Alvorada S.A. | Agribusiness | ||||
Investments in Affiliates | ||||
Ownership interest (as a percent) | 37% | |||
Agrofel Grãos e Insumos | Agribusiness | ||||
Investments in Affiliates | ||||
Ownership interest (as a percent) | 30% | |||
Caiasa - Complejo Agroindustrial Angostura S.A | Agribusiness | ||||
Investments in Affiliates | ||||
Ownership interest (as a percent) | 33% | |||
CoverCress Inc | Agribusiness | ||||
Investments in Affiliates | ||||
Ownership interest (as a percent) | 22% | |||
G3 | Agribusiness | ||||
Investments in Affiliates | ||||
Ownership interest (as a percent) | 25% | |||
Navegacoes Unidas Tapajos S.A. | Agribusiness | ||||
Investments in Affiliates | ||||
Ownership interest (as a percent) | 50% | |||
Sinagro Produtos Agropecuários S.A. | Agribusiness | ||||
Investments in Affiliates | ||||
Ownership interest (as a percent) | 33% | |||
Terminais do Graneis do Guaruja("TGG") | Agribusiness | ||||
Investments in Affiliates | ||||
Ownership interest (as a percent) | 57% | |||
T6 port facility | Agribusiness | ||||
Investments in Affiliates | ||||
Ownership interest (as a percent) | 40% | |||
T6 Industrial crushing facility | Agribusiness | ||||
Investments in Affiliates | ||||
Ownership interest (as a percent) | 50% | |||
Vietnam Agribusiness Holdings Ptd, Ltd (VAH) | Agribusiness | ||||
Investments in Affiliates | ||||
Ownership interest (as a percent) | 50% | |||
Vietnam Agribusiness Holdings Ptd, Ltd (VAH) | Agribusiness | Wilmar International Limited | ||||
Investments in Affiliates | ||||
Ownership interest (as a percent) | 50% | |||
Oilseed Processing Facility In Vietnam | Vietnam Agribusiness Holdings Ptd, Ltd (VAH) | ||||
Investments in Affiliates | ||||
Ownership interest (as a percent) | 100% | |||
ProMaiz | Sugar and Bioenergy | ||||
Investments in Affiliates | ||||
Ownership interest (as a percent) | 50% | |||
Australia Plant Proteins | Corporate & Other | ||||
Investments in Affiliates | ||||
Ownership interest (as a percent) | 22% | |||
Merit Functional Foods Corp. | ||||
Investments in Affiliates | ||||
Impairment charges | $ 53 | |||
Merit Functional Foods Corp. | Corporate & Other | ||||
Investments in Affiliates | ||||
Ownership interest (as a percent) | 29% | |||
Hosemillas | Agribusiness | ||||
Investments in Affiliates | ||||
Ownership interest (as a percent) | 20% |
INVESTMENTS IN AFFILIATES AND_4
INVESTMENTS IN AFFILIATES AND VARIABLE INTEREST ENTITIES - SUMMARIZED FINANCIAL INFORMATION (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity Method Investment, Summarized Financial Information, Assets [Abstract] | |||||||||||
Current assets | $ 16,350 | $ 16,758 | $ 16,350 | $ 16,758 | |||||||
Total assets | 25,372 | 24,580 | 25,372 | 24,580 | $ 23,819 | ||||||
Current liabilities | 7,687 | 9,600 | 7,687 | 9,600 | |||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||||||||
Net sales | 14,936 | $ 14,227 | $ 15,049 | $ 15,328 | 16,660 | $ 16,759 | $ 17,933 | $ 15,880 | 59,540 | 67,232 | 59,152 |
Gross profit | 1,254 | 1,045 | 1,365 | 1,181 | 818 | 888 | 772 | 1,204 | 4,845 | 3,682 | 3,363 |
Net income | 660 | $ 389 | $ 629 | $ 659 | 374 | $ 383 | $ 225 | $ 696 | 2,337 | 1,678 | 2,167 |
Equity Method Investees | |||||||||||
Equity Method Investment, Summarized Financial Information, Assets [Abstract] | |||||||||||
Current assets | 4,755 | 4,257 | 4,755 | 4,257 | |||||||
Noncurrent assets | 4,345 | 3,612 | 4,345 | 3,612 | |||||||
Total assets | 9,100 | 7,869 | 9,100 | 7,869 | |||||||
Current liabilities | 3,590 | 2,978 | 3,590 | 2,978 | |||||||
Noncurrent liabilities | 2,344 | 2,150 | 2,344 | 2,150 | |||||||
Total liabilities | $ 5,934 | $ 5,128 | 5,934 | 5,128 | |||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||||||||
Net sales | 12,529 | 11,268 | 9,441 | ||||||||
Gross profit | 907 | 953 | 832 | ||||||||
Net income | $ 283 | $ 312 | $ 358 |
INVESTMENTS IN AFFILIATES AND_5
INVESTMENTS IN AFFILIATES AND VARIABLE INTEREST ENTITIES - SCHEDULE OF VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | |||
Cash and cash equivalents | $ 2,602 | $ 1,104 | $ 902 |
Trade accounts receivable | 2,592 | 2,829 | |
Inventories | 7,105 | 8,408 | |
Other current assets | 4,050 | 4,381 | |
Total current assets | 16,350 | 16,758 | |
Property, plant and equipment, net | 4,541 | 3,617 | |
Total assets | 25,372 | 24,580 | $ 23,819 |
Current liabilities: | |||
Trade accounts payable and accrued liabilities | 3,664 | 4,386 | |
Other current liabilities | 2,913 | 3,379 | |
Total current liabilities | 7,687 | 9,600 | |
Long-term debt | 4,085 | 4,105 | |
Other non-current liabilities (Note 22) | 824 | 849 | |
Variable Interest Entity, Primary Beneficiary | |||
Current assets: | |||
Cash and cash equivalents | 606 | 528 | |
Trade accounts receivable | 1 | 0 | |
Inventories | 76 | 85 | |
Other current assets | 146 | 98 | |
Total current assets | 829 | 711 | |
Property, plant and equipment, net | 196 | 65 | |
Other intangible assets, net | 91 | 0 | |
Total assets | 1,116 | 776 | |
Current liabilities: | |||
Trade accounts payable and accrued liabilities | 70 | 81 | |
Other current liabilities | 143 | 85 | |
Total current liabilities | 213 | 166 | |
Long-term debt | 44 | 0 | |
Other non-current liabilities (Note 22) | 5 | 0 | |
Liabilities | $ 262 | $ 166 |
OTHER NON-CURRENT ASSETS - COMP
OTHER NON-CURRENT ASSETS - COMPOSITION (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recoverable taxes, net | $ 25 | $ 59 |
Judicial deposits | 120 | 110 |
Other long-term receivables, net | 16 | 16 |
Income taxes receivable | 136 | 143 |
Long-term investments | 142 | 163 |
Unrealized gains on derivative contracts, at fair value | 1 | 1 |
Other | 124 | 95 |
Total | 615 | 627 |
Fair value of long term investments | 12 | 9 |
Allowance for recoverable taxes | $ 13 | 14 |
Minimum initial maturity of affiliate loans receivable | 1 year | |
Related Party | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Long-term receivables from farmers in Brazil, net | $ 8 | 8 |
Nonrelated Party | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Long-term receivables from farmers in Brazil, net | $ 43 | $ 32 |
OTHER NON-CURRENT ASSETS - RECE
OTHER NON-CURRENT ASSETS - RECEIVABLES FROM FARMERS IN BRAZIL (Details) - Long-Term Receivables - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Recorded Investment | |||
Average recorded investment in long-term receivables | $ 88 | $ 90 | |
Total | 74 | 68 | |
Allowance | 31 | 36 | $ 36 |
Legal Collection Process | |||
Recorded Investment | |||
Recorded investment for which an allowance has been provided | 30 | 40 | |
Recorded investment for which no allowance has been provided | 19 | 19 | |
Allowance | 30 | 34 | |
Renegotiated Amounts | |||
Recorded Investment | |||
Recorded investment for which an allowance has been provided | 2 | 2 | |
Recorded investment for which no allowance has been provided | 5 | 7 | |
Allowance | 1 | 2 | |
Other Long-Term Receivables | |||
Recorded Investment | |||
Recorded investment for which no allowance has been provided | $ 18 | $ 0 |
OTHER NON-CURRENT ASSETS - ALLO
OTHER NON-CURRENT ASSETS - ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) - Long-Term Receivables - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Allowance for Doubtful Accounts Related to Long Term Receivables | ||
Allowance as of January 1 | $ 36 | $ 36 |
Bad debt provisions | 2 | 4 |
Recoveries | (5) | (6) |
Write-offs | (6) | (1) |
Transfers | 1 | 1 |
Foreign currency translation | 3 | 2 |
Allowance as of December 31 | $ 31 | $ 36 |
OTHER CURRENT LIABILITIES (Deta
OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Unrealized losses on derivative contracts at fair value | $ 1,038 | $ 1,570 |
Accrued liabilities | 865 | 755 |
Advances of sales | 463 | 601 |
Income tax payable | 238 | 156 |
Other | 309 | 297 |
Total | $ 2,913 | $ 3,379 |
INCOME TAXES - COMPONENTS (Deta
INCOME TAXES - COMPONENTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Components of Income From Operations Before Income Tax | |||
United States | $ 1,180 | $ 1,036 | $ 754 |
Non-United States | 1,871 | 1,030 | 1,811 |
Income before income tax | 3,051 | 2,066 | 2,565 |
Current: | |||
United States | 218 | 217 | 169 |
Non-United States | 497 | 290 | 501 |
Total | 715 | 507 | 670 |
Deferred: | |||
United States | 46 | 29 | 10 |
Non-United States | (47) | (148) | (282) |
Total | (1) | (119) | (272) |
Total | $ 714 | $ 388 | $ 398 |
INCOME TAXES - INCOME TAX RATE
INCOME TAXES - INCOME TAX RATE RECONCILIATION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Income Tax (Expense) Benefit | |||
Income before income tax | $ 3,051 | $ 2,066 | $ 2,565 |
Income tax rate (as percent) | 21% | 21% | 21% |
Income tax expense at the U.S. Federal tax rate | $ 641 | $ 434 | $ 539 |
Adjustments to derive effective tax rate: | |||
Foreign earnings taxed at different statutory rates | 142 | (75) | (99) |
Valuation allowances | (30) | (21) | 29 |
Fiscal incentives | (76) | (65) | (83) |
Foreign exchange on monetary items | (5) | 31 | 21 |
Tax rate changes | 18 | 12 | (4) |
Non-deductible expenses | 40 | 51 | 38 |
Uncertain tax positions | 20 | (9) | 33 |
Equity distributions, net | 0 | 0 | (4) |
Inflation adjustments | (32) | (61) | (19) |
Incremental tax on future distributions | 25 | 30 | (6) |
State taxes | 22 | 18 | 17 |
Impairment of Russian operations | 0 | 25 | 0 |
Participation exemption - Loders Rotterdam sale | 0 | 0 | (53) |
Swiss tax credits, net | (90) | 0 | 0 |
Other | 39 | 18 | (11) |
Total | $ 714 | $ 388 | $ 398 |
INCOME TAXES - DEFERRED TAX ASS
INCOME TAXES - DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred income tax assets: | ||
Net operating loss carryforwards | $ 655 | $ 717 |
Operating lease obligations | 140 | 100 |
Employee benefits | 47 | 46 |
Tax credit carryforwards | 454 | 22 |
Inventories | 19 | 10 |
Accrued expenses and other | 238 | 247 |
Total deferred tax assets | 1,553 | 1,142 |
Less valuation allowances | (590) | (269) |
Deferred tax assets, net of valuation allowance | 963 | 873 |
Deferred income tax liabilities: | ||
Property, plant and equipment | 323 | 283 |
Operating lease assets | 143 | 99 |
Undistributed earnings of affiliates | 12 | 16 |
Investments | 12 | 10 |
Intangibles | 100 | 118 |
Total deferred tax liabilities | 590 | 526 |
Net deferred tax assets | $ 373 | $ 347 |
INCOME TAXES - NARRATIVE (Detai
INCOME TAXES - NARRATIVE (Details) R$ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 BRL (R$) | Dec. 31, 2020 USD ($) | |
Income Taxes | |||||
Foreign unremitted earnings indefinitely reinvested | $ 1,700 | ||||
Income tax withholdings on undistributed earnings if earnings were to be distributed | 100 | ||||
Net operating loss carryforwards | 2,300 | $ 2,400 | |||
Indefinite-lived loss carryforwards | $ 2,100 | 2,300 | |||
Maximum percentage of annual utilization of carryforward of loss | 30% | ||||
Tax credit carryforwards | 22 | ||||
Valuation allowances | $ 590 | 269 | |||
Increase in valuation allowance | 321 | ||||
Unrecognized tax benefits | 121 | 298 | $ 329 | $ 320 | |
Interest and penalty charges in income tax expense (benefit) | 1 | (7) | 4 | ||
Unrecognized tax benefits, recognized by the end of year | 8 | ||||
Cash income tax payments | 655 | 570 | $ 531 | ||
General Business Tax Credit Carryforward | |||||
Income Taxes | |||||
Tax credit carryforwards | 454 | ||||
Tax credit carryforward not subject to expiration | 4 | ||||
Tax Year Between 2029 and 2032 | General Business Tax Credit Carryforward | |||||
Income Taxes | |||||
Tax credit carryforwards | 440 | ||||
Tax Year Between 2024 and 2026 | General Business Tax Credit Carryforward | |||||
Income Taxes | |||||
Tax credit carryforwards | 10 | ||||
Other Non-Current Liabilities | |||||
Income Taxes | |||||
Unrecognized tax benefits | 68 | 59 | |||
Accrued interest and penalties | 10 | 9 | |||
Brazil | |||||
Income Taxes | |||||
Indefinite-lived loss carryforwards | $ 1,300 | 1,300 | |||
Brazil | Income Tax Examination Through Year 2018 | |||||
Income Taxes | |||||
Unrecognized tax benefits | 3 | R$ 12 | |||
Total proposed adjustments | $ 1,100 | R$ 5300 |
INCOME TAXES - RECONCILIATION O
INCOME TAXES - RECONCILIATION OF UNRECOGNIZED TAX BENEFITS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits | |||
Balance at the beginning of the period | $ 298 | $ 329 | $ 320 |
Additions based on tax positions related to the current year | 13 | 20 | 14 |
Additions based on tax positions related to prior years | 12 | 2 | 22 |
Reductions for tax positions of prior years (1) | (206) | (27) | 0 |
Settlements with tax authorities | 0 | (9) | (2) |
Expiration of statute of limitations | (5) | (1) | (3) |
Foreign currency translation | 9 | (16) | (22) |
Balance at the end of the period | $ 121 | $ 298 | $ 329 |
FAIR VALUE MEASUREMENTS - ASSET
FAIR VALUE MEASUREMENTS - ASSETS AND LIABILITIES AT FAIR VALUE (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Readily marketable inventories (Note 5) | $ 5,837 | $ 6,654 |
Unrealized gains on derivative contracts, at fair value | 1,481 | 1,597 |
Liabilities: | ||
Trade accounts payable | 823 | 643 |
Unrealized loss on derivative contracts | 1,038 | 1,570 |
Other Noncurrent Assets | ||
Liabilities: | ||
Unrealized gains (losses) on derivative contracts | 1 | 1 |
Other Non-Current Liabilities | ||
Liabilities: | ||
Unrealized gains (losses) on derivative contracts | (260) | (332) |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets: | ||
Cash equivalents | 464 | 81 |
Readily marketable inventories (Note 5) | 5,837 | 6,680 |
Trade accounts receivable | 1 | 7 |
Total assets | 7,863 | 8,465 |
Liabilities: | ||
Trade accounts payable | 823 | 643 |
Total liabilities | 2,121 | 2,545 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Hedge accounting | Interest rate | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 12 | 3 |
Liabilities: | ||
Unrealized loss on derivative contracts | 274 | 344 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Hedge accounting | Foreign exchange | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 253 | 379 |
Liabilities: | ||
Unrealized loss on derivative contracts | 223 | 462 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Economic hedges | ||
Assets: | ||
Other | 79 | 100 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Economic hedges | Commodities | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 1,023 | 1,000 |
Liabilities: | ||
Unrealized loss on derivative contracts | 600 | 908 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Economic hedges | Freight | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 80 | 80 |
Liabilities: | ||
Unrealized loss on derivative contracts | 68 | 28 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Economic hedges | Energy | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 114 | 130 |
Liabilities: | ||
Unrealized loss on derivative contracts | 133 | 159 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Economic hedges | Credit | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 0 | 5 |
Liabilities: | ||
Unrealized loss on derivative contracts | 0 | 1 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 1 | ||
Assets: | ||
Cash equivalents | 315 | 0 |
Readily marketable inventories (Note 5) | 0 | 0 |
Trade accounts receivable | 0 | 0 |
Total assets | 747 | 378 |
Liabilities: | ||
Trade accounts payable | 0 | 0 |
Total liabilities | 367 | 309 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 1 | Hedge accounting | Interest rate | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 0 | 0 |
Liabilities: | ||
Unrealized loss on derivative contracts | 1 | 0 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 1 | Hedge accounting | Foreign exchange | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 0 | 1 |
Liabilities: | ||
Unrealized loss on derivative contracts | 0 | 1 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 1 | Economic hedges | ||
Assets: | ||
Other | 40 | 33 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 1 | Economic hedges | Commodities | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 198 | 136 |
Liabilities: | ||
Unrealized loss on derivative contracts | 166 | 127 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 1 | Economic hedges | Freight | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 80 | 80 |
Liabilities: | ||
Unrealized loss on derivative contracts | 68 | 28 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 1 | Economic hedges | Energy | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 114 | 128 |
Liabilities: | ||
Unrealized loss on derivative contracts | 132 | 153 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 1 | Economic hedges | Credit | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 0 | 0 |
Liabilities: | ||
Unrealized loss on derivative contracts | 0 | 0 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | ||
Assets: | ||
Cash equivalents | 149 | 81 |
Readily marketable inventories (Note 5) | 5,175 | 6,268 |
Trade accounts receivable | 1 | 7 |
Total assets | 6,366 | 7,547 |
Liabilities: | ||
Trade accounts payable | 591 | 513 |
Total liabilities | 1,505 | 2,056 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Hedge accounting | Interest rate | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 12 | 3 |
Liabilities: | ||
Unrealized loss on derivative contracts | 273 | 344 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Hedge accounting | Foreign exchange | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 253 | 378 |
Liabilities: | ||
Unrealized loss on derivative contracts | 223 | 461 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Economic hedges | ||
Assets: | ||
Other | 39 | 40 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Economic hedges | Commodities | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 737 | 763 |
Liabilities: | ||
Unrealized loss on derivative contracts | 417 | 731 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Economic hedges | Freight | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 0 | 0 |
Liabilities: | ||
Unrealized loss on derivative contracts | 0 | 0 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Economic hedges | Energy | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 0 | 2 |
Liabilities: | ||
Unrealized loss on derivative contracts | 1 | 6 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Economic hedges | Credit | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 0 | 5 |
Liabilities: | ||
Unrealized loss on derivative contracts | 0 | 1 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 3 | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Readily marketable inventories (Note 5) | 662 | 412 |
Trade accounts receivable | 0 | 0 |
Total assets | 750 | 540 |
Liabilities: | ||
Trade accounts payable | 232 | 130 |
Total liabilities | 249 | 180 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 3 | Hedge accounting | Interest rate | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 0 | 0 |
Liabilities: | ||
Unrealized loss on derivative contracts | 0 | 0 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 3 | Hedge accounting | Foreign exchange | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 0 | 0 |
Liabilities: | ||
Unrealized loss on derivative contracts | 0 | 0 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 3 | Economic hedges | ||
Assets: | ||
Other | 0 | 27 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 3 | Economic hedges | Commodities | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 88 | 101 |
Liabilities: | ||
Unrealized loss on derivative contracts | 17 | 50 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 3 | Economic hedges | Freight | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 0 | 0 |
Liabilities: | ||
Unrealized loss on derivative contracts | 0 | 0 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 3 | Economic hedges | Energy | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 0 | 0 |
Liabilities: | ||
Unrealized loss on derivative contracts | 0 | 0 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 3 | Economic hedges | Credit | ||
Assets: | ||
Unrealized gains on derivative contracts, at fair value | 0 | 0 |
Liabilities: | ||
Unrealized loss on derivative contracts | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - RECON
FAIR VALUE MEASUREMENTS - RECONCILIATION FOR ASSETS AND LIABILITIES MEASURE AT FAIR VALUE USING LEVEL 3 (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total | ||
Balance at beginning of period | $ 360 | $ 151 |
Purchases | 4,863 | 3,965 |
Sales | (7,711) | (6,811) |
Settlements | 426 | 431 |
Transfers into Level 3 | 1,893 | 2,376 |
Transfers out of Level 3 | (360) | (409) |
Translation adjustment | 29 | (48) |
Balance at end of period | 501 | 360 |
Cost of goods sold | ||
Total | ||
Total gains and losses (realized/unrealized) included in cost of goods sold | $ 1,002 | $ 798 |
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income [Extensible Enumeration] | Cost of Goods and Services Sold | Cost of Goods and Services Sold |
Foreign exchange gains (losses) - net | ||
Total | ||
Total gains and losses (realized/unrealized) included in cost of goods sold | $ (7) | |
Total gains and losses (realized/unrealized) included in Other income (expense) - net | ||
Total | ||
Total gains and losses (realized/unrealized) included in cost of goods sold | $ (1) | (86) |
Total gains and losses (realized/unrealized) included in Other income (expense) - net | Ukraine | Government and Corporate Debt Securities, Non-US | International Conflicts | ||
Trade Accounts Payable | ||
Total gains and losses (realized/unrealized) included in cost of goods sold | (52) | |
Readily Marketable Inventories | ||
Readily Marketable Inventories | ||
Balance at beginning of period | 412 | 205 |
Total gains and losses (realized/unrealized) included in cost of goods sold | 988 | 665 |
Purchases | 5,336 | 4,487 |
Sales | (7,697) | (6,811) |
Settlements | 0 | 0 |
Transfers into Level 3 | 1,958 | 2,568 |
Transfers out of Level 3 | (388) | (616) |
Translation adjustment | 53 | (86) |
Balance at end of period | 662 | 412 |
Total | ||
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities | 978 | $ 724 |
Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income [Extensible Enumeration] | Cost of Goods and Services Sold | |
Derivatives, Net | ||
Derivatives, Net | ||
Balance at beginning of period | 51 | $ (31) |
Total gains and losses (realized/unrealized) included in cost of goods sold | (18) | 81 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Transfers into Level 3 | 48 | 24 |
Transfers out of Level 3 | (10) | (23) |
Translation adjustment | 0 | 0 |
Balance at end of period | 71 | 51 |
Total | ||
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities | (30) | $ 66 |
Derivatives, Net | Cost of goods sold | ||
Total | ||
Fair value, net derivative asset (liability), recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income [Extensible Enumeration] | Cost of Goods and Services Sold | |
Trade Accounts Payable | ||
Trade Accounts Payable | ||
Balance at beginning of period | (130) | $ (23) |
Purchases | (473) | (522) |
Sales | 0 | 0 |
Settlements | 426 | 531 |
Transfers into Level 3 | (113) | (434) |
Transfers out of Level 3 | 50 | 230 |
Translation adjustment | (24) | 36 |
Balance at end of period | (232) | (130) |
Total | ||
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities | 32 | 47 |
Trade Accounts Payable | Cost of goods sold | ||
Trade Accounts Payable | ||
Total gains and losses (realized/unrealized) included in cost of goods sold | 32 | 52 |
Other | ||
Trade Accounts Payable | ||
Balance at beginning of period | 27 | |
Purchases | 0 | |
Sales | (14) | |
Settlements | 0 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | (12) | |
Translation adjustment | 0 | 2 |
Balance at end of period | 0 | 27 |
Total | ||
Balance at beginning of period | 27 | 0 |
Total gains and losses (realized/unrealized) included in cost of goods sold | 0 | |
Purchases | 0 | |
Sales | 0 | |
Settlements | (100) | |
Transfers into Level 3 | 218 | |
Transfers out of Level 3 | 0 | |
Balance at end of period | 27 | |
Other | Cost of goods sold | ||
Trade Accounts Payable | ||
Total gains and losses (realized/unrealized) included in cost of goods sold | 0 | |
Other | Foreign exchange gains (losses) - net | ||
Trade Accounts Payable | ||
Total gains and losses (realized/unrealized) included in cost of goods sold | (7) | |
Other | Total gains and losses (realized/unrealized) included in Other income (expense) - net | ||
Trade Accounts Payable | ||
Total gains and losses (realized/unrealized) included in cost of goods sold | $ (1) | $ (86) |
DERIVATIVE INSTRUMENTS AND HE_3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - DERIVATIVE POSITIONS (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) MMBTU MWh day t | Dec. 31, 2022 USD ($) MMBTU MWh day t | |
Interest rate | Long | Swaps | ||
Derivative | ||
Notional amount of derivative | $ 935 | $ 387 |
Interest rate | Long | Futures | ||
Derivative | ||
Notional amount of derivative | 0 | 0 |
Interest rate | Long | Forwards | ||
Derivative | ||
Notional amount of derivative | 416 | 0 |
Interest rate | Long | Options | ||
Derivative | ||
Notional amount of derivative | 0 | 0 |
Interest rate | (Short) | Swaps | ||
Derivative | ||
Notional amount of derivative | 1,465 | 1,267 |
Interest rate | (Short) | Futures | ||
Derivative | ||
Notional amount of derivative | 612 | 97 |
Interest rate | (Short) | Forwards | ||
Derivative | ||
Notional amount of derivative | 416 | 0 |
Interest rate | (Short) | Options | ||
Derivative | ||
Notional amount of derivative | 3 | 0 |
Currency | Long | Swaps | ||
Derivative | ||
Notional amount of derivative | 1,357 | 2,441 |
Currency | Long | Futures | ||
Derivative | ||
Notional amount of derivative | 0 | 11 |
Currency | Long | Forwards | ||
Derivative | ||
Notional amount of derivative | 8,808 | 9,819 |
Currency | Long | Options | ||
Derivative | ||
Delta amount of derivative | 5 | 0 |
Currency | (Short) | Swaps | ||
Derivative | ||
Notional amount of derivative | 324 | 2,876 |
Currency | (Short) | Futures | ||
Derivative | ||
Notional amount of derivative | 2 | 0 |
Currency | (Short) | Forwards | ||
Derivative | ||
Notional amount of derivative | 10,356 | 9,682 |
Currency | (Short) | Options | ||
Derivative | ||
Delta amount of derivative | $ 5 | $ 102 |
Agricultural commodities | Long | Swaps | ||
Derivative | ||
Nonmonetary notional amount of derivatives | t | 0 | 0 |
Agricultural commodities | Long | Futures | ||
Derivative | ||
Nonmonetary notional amount of derivatives | t | 0 | 0 |
Agricultural commodities | Long | Forwards | ||
Derivative | ||
Nonmonetary notional amount of derivatives | t | 25,588,125 | 20,493,679 |
Agricultural commodities | Long | Options | ||
Derivative | ||
Nonmonetary notional amount of derivatives | t | 29,420 | 1,025 |
Agricultural commodities | (Short) | Swaps | ||
Derivative | ||
Nonmonetary notional amount of derivatives | t | 0 | 1,864,262 |
Agricultural commodities | (Short) | Futures | ||
Derivative | ||
Nonmonetary notional amount of derivatives | t | 1,224,688 | 4,092,772 |
Agricultural commodities | (Short) | Forwards | ||
Derivative | ||
Nonmonetary notional amount of derivatives | t | 34,163,143 | 27,766,763 |
Agricultural commodities | (Short) | Options | ||
Derivative | ||
Nonmonetary notional amount of derivatives | t | 615,937 | 216,647 |
Ocean freight | Long | FFA | ||
Derivative | ||
Nonmonetary notional amount of derivatives | day | 0 | 0 |
Ocean freight | (Short) | FFA | ||
Derivative | ||
Nonmonetary notional amount of derivatives | day | 4,965 | 11,197 |
Natural gas | Long | Swaps | ||
Derivative | ||
Nonmonetary notional amount of derivatives | MMBTU | 778,436 | 1,460,190 |
Natural gas | Long | Futures | ||
Derivative | ||
Nonmonetary notional amount of derivatives | MMBTU | 12,715,588 | 5,250,393 |
Natural gas | Long | Forwards | ||
Derivative | ||
Nonmonetary notional amount of derivatives | MMBTU | 300 | 0 |
Natural gas | Long | Options | ||
Derivative | ||
Nonmonetary notional amount of derivatives | MMBTU | 0 | 0 |
Natural gas | (Short) | Swaps | ||
Derivative | ||
Nonmonetary notional amount of derivatives | MMBTU | 0 | 0 |
Natural gas | (Short) | Futures | ||
Derivative | ||
Nonmonetary notional amount of derivatives | MMBTU | 0 | 0 |
Natural gas | (Short) | Forwards | ||
Derivative | ||
Nonmonetary notional amount of derivatives | MMBTU | 0 | 0 |
Natural gas | (Short) | Options | ||
Derivative | ||
Nonmonetary notional amount of derivatives | MMBTU | 2,923,438 | 0 |
Electricity | Long | Swaps | ||
Derivative | ||
Nonmonetary notional amount of derivatives | MWh | 0 | 22,987 |
Electricity | Long | Futures | ||
Derivative | ||
Nonmonetary notional amount of derivatives | MWh | 0 | 0 |
Electricity | (Short) | Swaps | ||
Derivative | ||
Nonmonetary notional amount of derivatives | MWh | 0 | 8,619 |
Electricity | (Short) | Futures | ||
Derivative | ||
Nonmonetary notional amount of derivatives | MWh | 281,511 | 0 |
Energy - other | Long | Swaps | ||
Derivative | ||
Nonmonetary notional amount of derivatives | t | 202,716 | 175,784 |
Energy - other | Long | Futures | ||
Derivative | ||
Nonmonetary notional amount of derivatives | t | 0 | 1,320,881 |
Energy - other | Long | Options | ||
Derivative | ||
Nonmonetary notional amount of derivatives | t | 40,920 | 0 |
Energy - other | (Short) | Swaps | ||
Derivative | ||
Nonmonetary notional amount of derivatives | t | 0 | 0 |
Energy - other | (Short) | Futures | ||
Derivative | ||
Nonmonetary notional amount of derivatives | t | 0 | 0 |
Energy - other | (Short) | Options | ||
Derivative | ||
Nonmonetary notional amount of derivatives | t | 0 | 0 |
Energy - CO2 | Long | Futures | ||
Derivative | ||
Nonmonetary notional amount of derivatives | t | 675,000 | 0 |
Energy - CO2 | Long | Options | ||
Derivative | ||
Nonmonetary notional amount of derivatives | t | 400,000 | 0 |
Energy - CO2 | (Short) | Futures | ||
Derivative | ||
Nonmonetary notional amount of derivatives | t | 0 | 38,000 |
Energy - CO2 | (Short) | Options | ||
Derivative | ||
Nonmonetary notional amount of derivatives | t | 0 | 0 |
Other | Long | Swaps and futures | ||
Derivative | ||
Notional amount of derivative | $ 100 | $ 20 |
Other | (Short) | Swaps and futures | ||
Derivative | ||
Notional amount of derivative | 106 | 50 |
Fair Value Hedging | Interest rate | ||
Derivative | ||
Notional amount of derivative | 2,900 | 3,753 |
Cumulative adjustment to long-term debt from application of hedge accounting | (260) | (341) |
Carrying value of hedged debt | 2,625 | 3,394 |
Fair Value Hedging | Currency | ||
Derivative | ||
Notional amount of derivative | 0 | 232 |
Carrying value of hedged debt | 0 | 232 |
Cash Flow Hedges | Currency | ||
Derivative | ||
Amounts expected to be reclassified from AOCI to earnings in the next twelve months | 2 | |
Cash Flow Hedges | Currency | Forwards | ||
Derivative | ||
Notional amount of derivative | 54 | 310 |
Cash Flow Hedges | Currency | Options | ||
Derivative | ||
Notional amount of derivative | 99 | 108 |
Net Investment Hedges | Currency | ||
Derivative | ||
Notional amount of derivative | $ 1,112 | $ 495 |
DERIVATIVE INSTRUMENTS AND HE_4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - EFFECT OF DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cost of goods sold | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) recognized in income on derivative instruments | $ 960 | $ (268) | $ (1,712) |
Interest expense | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) recognized in income on derivative instruments | (128) | (33) | 31 |
Foreign exchange gains (losses) - net | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) recognized in income on derivative instruments | 1 | 85 | 36 |
Foreign Currency | |||
Derivative Instruments, Gain (Loss) | |||
Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in other comprehensive income (loss) during the period | (3) | 57 | 2 |
Foreign Currency | Fair Value Hedging | |||
Derivative Instruments, Gain (Loss) | |||
Gains and losses on derivatives used as net investment hedges and foreign currency risk included in other comprehensive income (loss) during the period | 3 | 1 | (1) |
Foreign Currency | Net Investment Hedges | |||
Derivative Instruments, Gain (Loss) | |||
Gains and losses on derivatives used as net investment hedges and foreign currency risk included in other comprehensive income (loss) during the period | (99) | (139) | (16) |
Foreign Currency | Cash Flow Hedges | |||
Derivative Instruments, Gain (Loss) | |||
Cash flow hedge of foreign currency risk | (3) | (8) | (3) |
Hedge accounting | Foreign Currency | Net sales | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) on hedge accounting | 8 | 7 | 2 |
Hedge accounting | Foreign Currency | Cost of goods sold | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) on hedge accounting | 1 | 5 | 0 |
Hedge accounting | Foreign Currency | Selling, general & administrative | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) on hedge accounting | 1 | (2) | 0 |
Hedge accounting | Foreign Currency | Foreign exchange gains (losses) - net | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) on hedge accounting | (27) | (30) | (28) |
Hedge accounting | Interest rate | Interest expense | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) on hedge accounting | (134) | (33) | 30 |
Economic hedges | Foreign Currency | Cost of goods sold | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) on economic hedges | 437 | 396 | (7) |
Economic hedges | Foreign Currency | Foreign exchange gains (losses) - net | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) on economic hedges | 28 | 115 | 64 |
Economic hedges | Commodities | Cost of goods sold | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) on economic hedges | 462 | (751) | (1,749) |
Economic hedges | Other | Cost of goods sold | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) on economic hedges | 60 | 82 | 44 |
Economic hedges | Interest rate | Interest expense | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) on economic hedges | 6 | 0 | 1 |
Economic hedges | Interest rate | Other income (expense) - net | |||
Derivative Instruments, Gain (Loss) | |||
Gain (loss) on economic hedges | $ 1 | $ 2 | $ 1 |
SHORT-TERM DEBT AND CREDIT FA_3
SHORT-TERM DEBT AND CREDIT FACILITIES - NARRATIVE (Details) | Oct. 06, 2023 USD ($) term_extension | Jun. 21, 2023 USD ($) | Jun. 20, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Aug. 05, 2022 USD ($) | Oct. 29, 2021 USD ($) |
Lines of Credit: | |||||||
Short-term borrowings weighted-average interest rate (as a percent) | 8.36% | 15.53% | |||||
Short-term debt (Note 17) | $ 797,000,000 | $ 546,000,000 | |||||
Delayed Draw Loan | |||||||
Lines of Credit: | |||||||
Aggregate principal amount | 1,000,000,000 | $ 250,000,000 | |||||
Line of Credit | |||||||
Lines of Credit: | |||||||
Line of credit facility, maximum borrowing capacity | 5,665,000,000 | ||||||
Unused and available committed borrowing capacity | 5,665,000,000 | 6,665,000,000 | |||||
Commercial Paper And Letter Of Credit Facilities | |||||||
Lines of Credit: | |||||||
Commercial paper | $ 600,000,000 | 0 | |||||
Commercial paper program | |||||||
Lines of Credit: | |||||||
Short-term debt (Note 17) | 0 | 0 | |||||
Aggregate principal amount | 1,000,000,000 | 1,000,000,000 | |||||
Commercial paper | 0 | ||||||
Bilateral Short-Term Credit Line | |||||||
Lines of Credit: | |||||||
Short-term debt (Note 17) | 0 | 0 | |||||
Local Bank Line of Credit | |||||||
Lines of Credit: | |||||||
Short-term debt (Note 17) | 797,000,000 | 546,000,000 | |||||
Revolving Credit Facility | Revolving Credit Facility Maturing June 2024 | Line of Credit | |||||||
Lines of Credit: | |||||||
Line of credit facility, maximum borrowing capacity | $ 1,100,000,000 | 0 | |||||
Term of debt | 364 days | ||||||
Additional lender request | $ 250,000,000 | ||||||
Revolving Credit Facility | Revolving Credit Facility Maturing July 2023 | Line of Credit | |||||||
Lines of Credit: | |||||||
Line of credit facility, maximum borrowing capacity | $ 1,100,000,000 | 0 | |||||
Term of debt | 364 days | ||||||
Revolving Credit Facility | Revolving Credit Facility Maturing July 2026 | Line of Credit | |||||||
Lines of Credit: | |||||||
Line of credit facility, maximum borrowing capacity | $ 1,950,000,000 | $ 1,350,000,000 | 0 | 0 | |||
Term of debt | 5 years | ||||||
Additional lender request | $ 1,500,000,000 | ||||||
Revolving Credit Facility | Revolving Credit Facility Maturing October 2026 | Line of Credit | |||||||
Lines of Credit: | |||||||
Line of credit facility, maximum borrowing capacity | $ 865,000,000 | ||||||
Short-term debt (Note 17) | 0 | 0 | |||||
Revolving Credit Facility | Revolving Credit Facility Maturing December 2024 | Line of Credit | |||||||
Lines of Credit: | |||||||
Line of credit facility, maximum borrowing capacity | $ 1,750,000,000 | $ 0 | $ 0 | ||||
Line of credit facility, number of debt extension options | term_extension | 2 | ||||||
Line of credit facility, extension term | 1 year | ||||||
Revolving Credit Facility | Revolving Credit Facility Maturing December 2024 | Line of Credit | Minimum | |||||||
Lines of Credit: | |||||||
Unused commitment fee (percent) | 0.25% | ||||||
Revolving Credit Facility | Revolving Credit Facility Maturing December 2024 | Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||
Lines of Credit: | |||||||
Basis spread on variable rate | 0.05% | ||||||
Revolving Credit Facility | Revolving Credit Facility Maturing December 2024 | Line of Credit | Maximum | |||||||
Lines of Credit: | |||||||
Unused commitment fee (percent) | 0.90% | ||||||
Revolving Credit Facility | Revolving Credit Facility Maturing December 2024 | Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||
Lines of Credit: | |||||||
Basis spread on variable rate | 0.25% |
SHORT-TERM DEBT AND CREDIT FA_4
SHORT-TERM DEBT AND CREDIT FACILITIES - SUMMARY (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Lines of Credit: | ||
Short-term debt | $ 797 | $ 546 |
Short-term borrowings weighted-average interest rate (as a percent) | 8.36% | 15.53% |
Commercial paper program | ||
Lines of Credit: | ||
Short-term debt | $ 0 | $ 0 |
Revolving credit facilities | ||
Lines of Credit: | ||
Short-term debt | 0 | 0 |
Unsecured, Variable Interest Rate | ||
Lines of Credit: | ||
Short-term debt | $ 797 | 546 |
Unsecured, Variable Interest Rate | Minimum | ||
Lines of Credit: | ||
Variable interest rate | 2% | |
Unsecured, Variable Interest Rate | Maximum | ||
Lines of Credit: | ||
Variable interest rate | 155% | |
Unsecured Local Currency Borrowings In High Interest Rate Jurisdictions | ||
Lines of Credit: | ||
Short-term debt | $ 179 | $ 207 |
Short-term borrowings weighted-average interest rate (as a percent) | 15.30% | 32.12% |
Secured Debt | ||
Lines of Credit: | ||
Short-term debt | $ 196 | $ 54 |
LONG-TERM DEBT - OUTSTANDING (D
LONG-TERM DEBT - OUTSTANDING (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Feb. 23, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 06, 2023 | Mar. 10, 2022 | |
Long-term debt obligations | ||||||
Subtotal | $ 4,085 | $ 4,105 | ||||
Less: Current portion of long-term debt | (5) | (846) | ||||
Total long-term debt | 4,080 | 3,259 | ||||
Interest expense | 516 | 403 | $ 243 | |||
Secured Debt | ||||||
Long-term debt obligations | ||||||
Less: Current portion of long-term debt | (4) | (2) | ||||
Total long-term debt | 100 | 21 | ||||
Term loan due 2024 - three-month TONAR plus 0.75% (Tranche A) | ||||||
Long-term debt obligations | ||||||
Subtotal | $ 0 | 232 | ||||
Term loan due 2024 - three-month TONAR plus 0.75% (Tranche A) | TONAR | ||||||
Long-term debt obligations | ||||||
Basis spread on variable rate | 0.75% | |||||
Term loan due 2024 - three-month LIBOR plus 1.40% (Tranche B) | ||||||
Long-term debt obligations | ||||||
Subtotal | $ 0 | 90 | ||||
Term loan due 2024 - three-month LIBOR plus 1.40% (Tranche B) | SOFR | ||||||
Long-term debt obligations | ||||||
Basis spread on variable rate | 1.40% | |||||
Term loan due 2025 - SOFR plus 0.90% | ||||||
Long-term debt obligations | ||||||
Subtotal | $ 750 | 0 | ||||
Term loan due 2025 - SOFR plus 0.90% | SOFR | ||||||
Long-term debt obligations | ||||||
Basis spread on variable rate | 0.90% | |||||
Term loan due 2027 - SOFR plus 1.125% | ||||||
Long-term debt obligations | ||||||
Subtotal | $ 250 | 0 | ||||
Term loan due 2027 - SOFR plus 1.125% | SOFR | ||||||
Long-term debt obligations | ||||||
Basis spread on variable rate | 1.125% | |||||
Term loan due 2028 - SOFR plus 1.325% | SOFR | ||||||
Long-term debt obligations | ||||||
Basis spread on variable rate | 1.325% | |||||
Subtotal | $ 249 | 249 | ||||
1.85% Senior Notes due 2023—Euro | Euro | ||||||
Long-term debt obligations | ||||||
Interest rate | 1.85% | |||||
Subtotal | $ 0 | 853 | ||||
1.63% Senior Notes due 2025 | ||||||
Long-term debt obligations | ||||||
Interest rate | 1.63% | |||||
Subtotal | $ 598 | 597 | ||||
3.25% Senior Notes due 2026 | ||||||
Long-term debt obligations | ||||||
Interest rate | 3.25% | |||||
Subtotal | $ 698 | 698 | ||||
3.75% Senior Notes due 2027 | ||||||
Long-term debt obligations | ||||||
Interest rate | 3.75% | |||||
Subtotal | $ 597 | 597 | ||||
2.75% Senior Notes due 2031 | ||||||
Long-term debt obligations | ||||||
Interest rate | 2.75% | |||||
Subtotal | $ 991 | 990 | ||||
Cumulative adjustment to long-term debt from application of hedge accounting | ||||||
Long-term debt obligations | ||||||
Cumulative adjustment to long-term debt from application of hedge accounting | (260) | (341) | ||||
Other | ||||||
Long-term debt obligations | ||||||
Subtotal | $ 212 | 140 | ||||
Term Loan | ||||||
Long-term debt obligations | ||||||
Long-term debt, term | 5 years | |||||
Senior Notes 4.35 Percent Due 2024 [Member] | Senior Notes | ||||||
Long-term debt obligations | ||||||
Interest rate | 4.35% | 4.35% | ||||
Interest expense | 47 | |||||
Extinguishment of debt | $ 31 | |||||
Unrealized mark-to-market losses on terminated and de-designated interest rate hedges | $ 16 |
LONG-TERM DEBT - FAIR VALUE (De
LONG-TERM DEBT - FAIR VALUE (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Carrying Value | ||
Debt | ||
Long-term debt, including current portion | $ 4,085 | $ 4,105 |
Fair Value (Level 2) | Level 2 | ||
Debt | ||
Long-term debt, including current portion | $ 4,125 | $ 4,148 |
LONG-TERM DEBT - NARRATIVE (Det
LONG-TERM DEBT - NARRATIVE (Details) | 12 Months Ended | ||||||
Jul. 07, 2023 USD ($) tranche | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 06, 2023 | Aug. 05, 2022 USD ($) | Jul. 26, 2022 USD ($) | |
Debt | |||||||
Long-term debt | $ 4,085,000,000 | $ 4,105,000,000 | |||||
Interest paid, net of capitalization | 507,000,000 | 403,000,000 | $ 285,000,000 | ||||
Subsidiaries | Collateralized Debt Obligations | |||||||
Debt | |||||||
Land, property, equipment and investments mortgaged, net carrying value | 125,000,000 | ||||||
Long-term debt | $ 104,000,000 | ||||||
Term Loan | |||||||
Debt | |||||||
Long-term debt, term | 5 years | ||||||
Delayed Draw Loan | |||||||
Debt | |||||||
Aggregate principal amount | $ 1,000,000,000 | $ 250,000,000 | |||||
Delayed Draw Loan | $750 Million Delayed Draw Term Loan | |||||||
Debt | |||||||
Aggregate principal amount | $ 750,000,000 | ||||||
Sumitomo Mitsui Banking Corporation | |||||||
Debt | |||||||
Aggregate principal amount | $ 7,700,000,000 | ||||||
Number Of tranches | tranche | 3 | ||||||
Sumitomo Mitsui Banking Corporation | Debt Instrument, Tranche One | |||||||
Debt | |||||||
Term of debt | 364 days | ||||||
Sumitomo Mitsui Banking Corporation | Debt Instrument, Tranche Two | |||||||
Debt | |||||||
Term of debt | 2 years | ||||||
Sumitomo Mitsui Banking Corporation | Debt Instrument, Tranche Three | |||||||
Debt | |||||||
Term of debt | 3 years | ||||||
CoBank and U.S. Farm Credit System | Delayed Draw Loan | |||||||
Debt | |||||||
Aggregate principal amount | $ 300,000,000 | ||||||
Term of debt | 5 years | ||||||
Viterra Limited | |||||||
Debt | |||||||
Aggregate principal amount | $ 8,000,000,000 |
LONG-TERM DEBT - PRINCIPAL MATU
LONG-TERM DEBT - PRINCIPAL MATURITIES (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Principal Maturities of Long-Term Debt | |
2024 | $ 9 |
2025 | 1,438 |
2026 | 704 |
2027 | 879 |
2028 | 256 |
Thereafter | 1,075 |
Total | 4,361 |
Deferred financing fees | 16 |
Changes in long-term debt attributable to fair value hedge | $ 260 |
EMPLOYEE BENEFIT PLANS - NARRAT
EMPLOYEE BENEFIT PLANS - NARRATIVE (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Employee defined contribution plans | $ 43 | $ 28 | $ 17 | ||
Pension Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Decrease in benefit obligation due to settlement | $ 22 | $ (4) | |||
Reclass of unamortized gain (loss) from other comprehensive income | $ 1 | (37) | |||
Net transfers in (out) | 0 | 0 | |||
Prior service credit | 3 | 3 | |||
Unrecognized actuarial loss, net of tax | 129 | 109 | |||
Employer contributions | 13 | $ 19 | |||
Estimated contribution by employer, next fiscal year | $ 24 | ||||
Pension Benefits | Total gains and losses (realized/unrealized) included in Other income (expense) - net | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Reclass of unamortized gain (loss) from other comprehensive income | 41 | ||||
Pension Benefits | Total gains and losses (realized/unrealized) included in Other income (expense) - net | Non- Controlling Interests | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
After tax gain recorded in adjustment of redeemable noncontrolling interests | $ 12 | ||||
Pension Benefits | Immunizing Assets | Minimum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target asset allocation (as a percent) | 70% | ||||
Pension Benefits | Immunizing Assets | Maximum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target asset allocation (as a percent) | 90% | ||||
Pension Benefits | Growth Assets | Minimum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target asset allocation (as a percent) | 10% | ||||
Pension Benefits | Growth Assets | Maximum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target asset allocation (as a percent) | 30% | ||||
Pension Benefits | Mutual Funds - Fixed Income | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target asset allocation (as a percent) | 30% | ||||
Pension Benefits | Equities Mutual Funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target asset allocation (as a percent) | 35% | ||||
Pension Benefits | Real Estate | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target asset allocation (as a percent) | 35% | ||||
Postretirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Annual rate of increase in the per capita cost of covered health care benefits assumed (as a percent) | 8.80% | 7.70% | |||
Decreased annual rate of increase in the per capita cost of covered healthcare and thereafter (as a percent) | 8.20% | 7.10% | |||
Prior service credit | $ 0 | $ 0 | |||
Unrecognized actuarial loss, net of tax | (6) | (4) | |||
Employer contributions | 3 | $ 2 | |||
Estimated contribution by employer, next fiscal year | $ 4 |
EMPLOYEE BENEFIT PLANS - PERIOD
EMPLOYEE BENEFIT PLANS - PERIODIC BENEFIT COSTS AND ASSUMPTIONS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits | |||
Net Periodic Benefit Costs: | |||
Service cost | $ 10 | $ 29 | $ 46 |
Interest cost | 41 | 30 | 30 |
Expected return on plan assets | (46) | (52) | (54) |
Amortization of prior service cost | 0 | 0 | 1 |
Amortization of net loss | 3 | 5 | 8 |
Curtailment loss/(gain) | 0 | (4) | 0 |
Settlement loss/(gain) recognized | 0 | (36) | 2 |
Net periodic benefit costs | $ 8 | $ (28) | $ 33 |
Weighted-Average Assumptions to Determine Benefit Obligations | |||
Discount rate | 4.80% | 5.20% | |
Increase in future compensation levels | 2.20% | 2.40% | |
Weighted-Average Assumptions to Determine the Net Periodic Benefit Cost | |||
Discount rate | 5.20% | 2.50% | 2.10% |
Expected long-term rate of return on assets | 6.50% | 5% | 4.50% |
Increase in future compensation levels | 2.40% | 3.20% | 3.20% |
Postretirement Benefits | |||
Net Periodic Benefit Costs: | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 4 | 3 | 3 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of net loss | (1) | 0 | 0 |
Curtailment loss/(gain) | 0 | 0 | 0 |
Settlement loss/(gain) recognized | 0 | 0 | 0 |
Net periodic benefit costs | $ 3 | $ 3 | $ 3 |
Weighted-Average Assumptions to Determine Benefit Obligations | |||
Discount rate | 9.20% | 9.60% | |
Weighted-Average Assumptions to Determine the Net Periodic Benefit Cost | |||
Discount rate | 9.60% | 7.50% | 5.70% |
EMPLOYEE BENEFIT PLANS - CHANGE
EMPLOYEE BENEFIT PLANS - CHANGES IN OBLIGATIONS, ASSETS AND FUNDED STATUS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in benefit obligations: | |||
Benefit obligation at the beginning of year | $ 152 | ||
Benefit obligation at the end of year | 170 | $ 152 | |
Pension Benefits | |||
Change in benefit obligations: | |||
Benefit obligation at the beginning of year | 812 | 1,380 | |
Service cost | 10 | 29 | $ 46 |
Interest cost | 41 | 30 | 30 |
Plan curtailments | 0 | (2) | |
Actuarial (gain) loss, net | 31 | (311) | |
Employee contributions | 4 | 3 | |
Plan settlements | (10) | (246) | |
Benefits paid | (59) | (39) | |
Expenses paid | (5) | (3) | |
Impact of foreign exchange rates | 12 | (29) | |
Benefit obligation at the end of year | 836 | 812 | 1,380 |
Change in plan assets: | |||
Fair value of plan assets at the beginning of year | 706 | 1,223 | |
Actual return on plan assets | 51 | (224) | |
Employer contributions | 13 | 19 | |
Employee contributions | 4 | 3 | |
Plan settlements | (10) | (247) | |
Benefits paid | (59) | (39) | |
Expenses paid | (5) | (3) | |
Impact of foreign exchange rates | 11 | (26) | |
Fair value of plan assets at the end of year | 711 | 706 | 1,223 |
Unfunded status and net amounts recognized: | |||
Plan assets less than benefit obligation | (125) | (106) | |
Net liability recognized in the balance sheet | (125) | (106) | |
Amounts recognized in the balance sheet consist of: | |||
Non-current assets | 24 | 21 | |
Current liabilities | (9) | (7) | |
Non-current liabilities | (140) | (120) | |
Net liability recognized | (125) | (106) | |
Postretirement Benefits | |||
Change in benefit obligations: | |||
Benefit obligation at the beginning of year | 36 | 42 | |
Service cost | 0 | 0 | 0 |
Interest cost | 4 | 3 | 3 |
Plan curtailments | 0 | 0 | |
Actuarial (gain) loss, net | (4) | (9) | |
Employee contributions | 0 | 0 | |
Plan settlements | 0 | 0 | |
Benefits paid | (3) | (2) | |
Expenses paid | 0 | 0 | |
Impact of foreign exchange rates | 2 | 2 | |
Benefit obligation at the end of year | 35 | 36 | 42 |
Change in plan assets: | |||
Fair value of plan assets at the beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 3 | 2 | |
Employee contributions | 0 | 0 | |
Plan settlements | 0 | 0 | |
Benefits paid | (3) | (2) | |
Expenses paid | 0 | 0 | |
Impact of foreign exchange rates | 0 | 0 | |
Fair value of plan assets at the end of year | 0 | 0 | $ 0 |
Unfunded status and net amounts recognized: | |||
Plan assets less than benefit obligation | (35) | (36) | |
Net liability recognized in the balance sheet | (35) | (36) | |
Amounts recognized in the balance sheet consist of: | |||
Non-current assets | 0 | 0 | |
Current liabilities | (5) | (4) | |
Non-current liabilities | (30) | (32) | |
Net liability recognized | $ (35) | $ (36) |
EMPLOYEE BENEFIT PLANS - ACCMUL
EMPLOYEE BENEFIT PLANS - ACCMULATED OTHER COMPREHENSUVE LOSS (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total accumulated other comprehensive (loss) income | $ (6,054) | $ (6,371) |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | (129) | (109) |
Prior service credit | 3 | 3 |
Total accumulated other comprehensive (loss) income | (126) | (106) |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | 6 | 4 |
Prior service credit | 0 | 0 |
Total accumulated other comprehensive (loss) income | $ 6 | $ 4 |
EMPLOYEE BENEFIT PLANS - PROJEC
EMPLOYEE BENEFIT PLANS - PROJECTED AND ACCUMULATED BENEFIT OBLIGATIONS (Details) - Pension Benefits - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Pension Plans with Projected Benefit Obligations in Excess of Fair Value of Plan Assets | ||
Projected benefit obligation | $ 713 | $ 699 |
Fair value of plan assets | 564 | 572 |
Accumulated benefit obligation | 818 | 799 |
Information Relating to Aggregated Defined Benefit Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets | ||
Projected benefit obligation | 713 | 609 |
Accumulated benefit obligation | 697 | 604 |
Fair value of plan assets | $ 564 | $ 484 |
EMPLOYEE BENEFIT PLANS - PLAN A
EMPLOYEE BENEFIT PLANS - PLAN ASSETS AND FUTURE PAYMENTS (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Pension Benefits | |||
Employee Benefit Plans | |||
Fair value of plan assets | $ 711 | $ 706 | $ 1,223 |
Estimated Future Benefit Payments | |||
2024 | 54 | ||
2025 | 54 | ||
2026 | 55 | ||
2027 | 55 | ||
2028 | 54 | ||
Next five years | 268 | ||
Pension Benefits | Total | |||
Employee Benefit Plans | |||
Fair value of plan assets | 233 | 208 | |
Pension Benefits | Cash | |||
Employee Benefit Plans | |||
Fair value of plan assets | 45 | 58 | |
Pension Benefits | Mutual funds - equities | |||
Employee Benefit Plans | |||
Fair value of plan assets | 62 | 61 | |
Pension Benefits | Mutual Funds - Fixed Income | |||
Employee Benefit Plans | |||
Fair value of plan assets | 72 | 38 | |
Pension Benefits | Other | |||
Employee Benefit Plans | |||
Fair value of plan assets | 54 | 51 | |
Pension Benefits | Total | |||
Employee Benefit Plans | |||
Fair value of plan assets | 478 | 498 | |
Pension Benefits | Collective pooled funds | |||
Employee Benefit Plans | |||
Fair value of plan assets | 478 | 498 | |
Pension Benefits | Level 1 | |||
Employee Benefit Plans | |||
Fair value of plan assets | 151 | 149 | |
Pension Benefits | Level 1 | Total | |||
Employee Benefit Plans | |||
Fair value of plan assets | 151 | 149 | |
Pension Benefits | Level 1 | Cash | |||
Employee Benefit Plans | |||
Fair value of plan assets | 45 | 58 | |
Pension Benefits | Level 1 | Mutual funds - equities | |||
Employee Benefit Plans | |||
Fair value of plan assets | 62 | 61 | |
Pension Benefits | Level 1 | Mutual Funds - Fixed Income | |||
Employee Benefit Plans | |||
Fair value of plan assets | 41 | 28 | |
Pension Benefits | Level 1 | Other | |||
Employee Benefit Plans | |||
Fair value of plan assets | 3 | 2 | |
Pension Benefits | Level 1 | Total | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 1 | Collective pooled funds | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 2 | |||
Employee Benefit Plans | |||
Fair value of plan assets | 76 | 53 | |
Pension Benefits | Level 2 | Total | |||
Employee Benefit Plans | |||
Fair value of plan assets | 76 | 53 | |
Pension Benefits | Level 2 | Cash | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 2 | Mutual funds - equities | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 2 | Mutual Funds - Fixed Income | |||
Employee Benefit Plans | |||
Fair value of plan assets | 31 | 10 | |
Pension Benefits | Level 2 | Other | |||
Employee Benefit Plans | |||
Fair value of plan assets | 45 | 43 | |
Pension Benefits | Level 2 | Total | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 2 | Collective pooled funds | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | |||
Employee Benefit Plans | |||
Fair value of plan assets | 6 | 6 | |
Pension Benefits | Level 3 | Total | |||
Employee Benefit Plans | |||
Fair value of plan assets | 6 | 6 | |
Pension Benefits | Level 3 | Cash | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | Mutual funds - equities | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | Mutual Funds - Fixed Income | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | Other | |||
Employee Benefit Plans | |||
Fair value of plan assets | 6 | 6 | |
Pension Benefits | Level 3 | Total | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | Collective pooled funds | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | 0 | |
Postretirement Benefits | |||
Employee Benefit Plans | |||
Fair value of plan assets | 0 | $ 0 | $ 0 |
Estimated Future Benefit Payments | |||
2024 | 4 | ||
2025 | 4 | ||
2026 | 4 | ||
2027 | 4 | ||
2028 | 4 | ||
Next five years | $ 17 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - Related Party | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Product Concentration Risk | Maximum | Cost of Goods Sold | |||
Related Party Transactions | |||
Related party transactions (percent) | 9% | 9% | 9% |
Product Concentration Risk | Maximum | Net Sales | |||
Related Party Transactions | |||
Related party transactions (percent) | 1% | 1% | 1% |
Supplier | Other Current Assets | |||
Related Party Transactions | |||
Related party transactions (percent) | 3% | 3% | |
Supplier | Other Noncurrent Assets | |||
Related Party Transactions | |||
Related party transactions (percent) | 5% | 5% | |
Supplier | Maximum | Trade Accounts Payable | |||
Related Party Transactions | |||
Related party transactions (percent) | 5% | 5% | |
Customer | Maximum | Accounts Receivable | |||
Related Party Transactions | |||
Related party transactions (percent) | 3% | 3% |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loss Contingencies and Guarantees | ||
Non-income tax claims | $ 199 | $ 201 |
Recorded Liability | 9 | |
Maximum Potential Future Payments | 731 | |
Outstanding letters of credit and surety bonds | 1,858 | 1,592 |
Inventories | ||
Loss Contingencies and Guarantees | ||
Long-term purchase commitment | 283 | |
Freight Supply Agreements | ||
Loss Contingencies and Guarantees | ||
Long-term purchase commitment | 507 | |
Power supply Contracts | ||
Loss Contingencies and Guarantees | ||
Long-term purchase commitment | 97 | |
Construction In Progress | ||
Loss Contingencies and Guarantees | ||
Long-term purchase commitment | 219 | |
Other Purchase Commitments | ||
Loss Contingencies and Guarantees | ||
Long-term purchase commitment | 509 | |
Non-income tax claims | ||
Loss Contingencies and Guarantees | ||
Non-income tax claims | 19 | 20 |
Labor claims | ||
Loss Contingencies and Guarantees | ||
Non-income tax claims | 66 | 76 |
Civil and other claims | ||
Loss Contingencies and Guarantees | ||
Non-income tax claims | 114 | 105 |
ICMS | Brazil | 1990 to Present | ||
Loss Contingencies and Guarantees | ||
Total assessment | 212 | 215 |
PIS/COFINS | Brazil | 2002 to Present | ||
Loss Contingencies and Guarantees | ||
Total assessment | 438 | $ 347 |
Unconsolidated affiliates guarantee | ||
Loss Contingencies and Guarantees | ||
Recorded Liability | 0 | |
Maximum Potential Future Payments | 94 | |
Obligation related to outstanding guarantees | 1 | |
Potential liability | 83 | |
Residual value guarantee | ||
Loss Contingencies and Guarantees | ||
Recorded Liability | 0 | |
Maximum Potential Future Payments | 388 | |
Obligation related to outstanding guarantees | 0 | |
Russia Disposition Guarantee | ||
Loss Contingencies and Guarantees | ||
Recorded Liability | 9 | |
Maximum Potential Future Payments | 235 | |
Other guarantees | ||
Loss Contingencies and Guarantees | ||
Recorded Liability | 0 | |
Maximum Potential Future Payments | $ 14 |
OTHER NON-CURRENT LIABILITIES_2
OTHER NON-CURRENT LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Labor, legal and other provisions | $ 218 | $ 205 |
Pension and post-retirement obligations | 170 | 152 |
Uncertain income tax positions | 68 | 59 |
Unrealized loss on derivative contracts, at fair value | 260 | 332 |
Other | 108 | 101 |
Other non-current liabilities (Note 22) | $ 824 | $ 849 |
EQUITY - REDOMESTICATION (Detai
EQUITY - REDOMESTICATION (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Nov. 01, 2023 | Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |||
Registered shares, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Treasury shares exchanged (in shares) | 16,141,494 |
EQUITY - TREASURY SHARES (Detai
EQUITY - TREASURY SHARES (Details) - Treasury Shares $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) shares | |
Equity, Class of Treasury Stock [Line Items] | |
Cancellation of treasury shares | $ | $ 845 |
Cancellation of treasury shares (in shares) | shares | (8,102,179) |
EQUITY - SHARE REPURCHASE PROGR
EQUITY - SHARE REPURCHASE PROGRAM (Details) - USD ($) $ in Millions | 2 Months Ended | 12 Months Ended | 26 Months Ended | 28 Months Ended | ||
Feb. 21, 2024 | Dec. 31, 2023 | Dec. 31, 2023 | Feb. 21, 2024 | Jun. 12, 2023 | Jun. 11, 2023 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Authorized amount of issued and outstanding shares available for repurchase | $ 2,000 | $ 500 | ||||
Stock repurchase program, remaining authorized repurchase amount | $ 1,400 | $ 1,400 | 300 | |||
Stock repurchase program, increase in authorized amount | $ 1,700 | |||||
Subsequent Event | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchase program, remaining authorized repurchase amount | $ 1,100 | $ 1,100 | ||||
Shares | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Repurchase of shares (in shares) | 5,407,861 | 7,516,976 | ||||
Repurchase of shares for the period | $ 600 | $ 800 | ||||
Shares | Subsequent Event | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Repurchase of shares (in shares) | 3,319,987 | 10,836,963 | ||||
Repurchase of shares for the period | $ 301 | $ 1,100 |
EQUITY - CUMULATIVE CONVERTIBLE
EQUITY - CUMULATIVE CONVERTIBLE PERPETUAL PREFERENCE SHARES (Details) | 3 Months Ended | 12 Months Ended | |||
Mar. 23, 2022 $ / shares shares | Feb. 23, 2022 $ / shares | Mar. 31, 2022 shares | Dec. 31, 2021 $ / shares | Mar. 22, 2022 shares | |
Class of Stock [Line Items] | |||||
Dividends on preferred shares (in dollars per share) | $ / shares | $ 1.21875 | $ 4.875 | |||
Convertible Preference Shares | |||||
Class of Stock [Line Items] | |||||
Convertible perpetual preference shares, outstanding (in shares) | 8,861,515 | 6,898,268 | |||
Convertible Perpetual Preference Shares | |||||
Class of Stock [Line Items] | |||||
Convertible preference shares accrued dividends (as a percent) | 4.875% | ||||
Convertible preference share, common shares issued upon conversion | 1.2846 | ||||
Convertible perpetual preference shares, par value (in dollars per share) | $ / shares | $ 0.01 | ||||
Convertible Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Conversion of stock, shares converted (in shares) | 1,415 | ||||
Common Shares | |||||
Class of Stock [Line Items] | |||||
Convertible preferred stock, shares issued upon conversion (in shares) | 1,816 |
EQUITY - DIVIDENDS ON COMMON SH
EQUITY - DIVIDENDS ON COMMON SHARES (Details) - $ / shares | 12 Months Ended | |||
Oct. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | ||||
Dividends on common shares (in dollars per share) | $ 0.6625 | $ 2.6125 | $ 2.40 | $ 2.08 |
EQUITY - AOCI (Details)
EQUITY - AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 9,224 | ||
Other comprehensive (loss) income before reclassifications | 218 | $ (15) | $ (221) |
Acquisition of redeemable noncontrolling interest | 0 | (15) | 0 |
Amount reclassified from Accumulated other comprehensive loss | 99 | 130 | (4) |
Net-current period other comprehensive income (loss) | 317 | 100 | (225) |
Ending balance | 10,851 | 9,224 | |
Cumulative translation adjustments | 103 | ||
MEXICO | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Cumulative translation adjustments | 158 | ||
Pension Benefits | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Pre-tax gain recorded in other income (expense) - net | 27 | ||
Pre-tax gain recorded in other income (expense), tax expense | 10 | ||
Accumulated Other Comprehensive Loss | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (6,371) | (6,471) | (6,246) |
Ending balance | (6,054) | (6,371) | (6,471) |
Foreign Currency Translation Adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (5,926) | (6,093) | (5,857) |
Other comprehensive (loss) income before reclassifications | 335 | 26 | (236) |
Acquisition of redeemable noncontrolling interest | (15) | ||
Amount reclassified from Accumulated other comprehensive loss | 102 | 156 | 0 |
Net-current period other comprehensive income (loss) | 437 | 167 | (236) |
Ending balance | (5,489) | (5,926) | (6,093) |
Deferred Gains (Losses) on Hedging Activities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (343) | (254) | (215) |
Other comprehensive (loss) income before reclassifications | (99) | (81) | (36) |
Acquisition of redeemable noncontrolling interest | 0 | ||
Amount reclassified from Accumulated other comprehensive loss | (3) | (8) | (3) |
Net-current period other comprehensive income (loss) | (102) | (89) | (39) |
Ending balance | (445) | (343) | (254) |
Pension and Other Postretirement Liability Adjustments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (102) | (124) | (174) |
Other comprehensive (loss) income before reclassifications | (18) | 40 | 51 |
Acquisition of redeemable noncontrolling interest | 0 | ||
Amount reclassified from Accumulated other comprehensive loss | 0 | (18) | (1) |
Net-current period other comprehensive income (loss) | (18) | 22 | 50 |
Ending balance | $ (120) | (102) | $ (124) |
Parent | Pension Benefits | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Pre-tax gain recorded in other income (expense) - net | 19 | ||
Pre-tax gain recorded in other income (expense), tax expense | 7 | ||
Non- Controlling Interests | Pension Benefits | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Pre-tax gain recorded in other income (expense) - net | 8 | ||
Pre-tax gain recorded in other income (expense), tax expense | $ 3 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Feb. 23, 2022 $ / shares | Dec. 31, 2023 USD ($) $ / shares | Sep. 30, 2023 USD ($) $ / shares | Jun. 30, 2023 USD ($) $ / shares | Mar. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | Sep. 30, 2022 USD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares | Mar. 31, 2022 USD ($) $ / shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Mar. 23, 2022 $ / shares | |
Earnings Per Share | |||||||||||||
Net income | $ 660 | $ 389 | $ 629 | $ 659 | $ 374 | $ 383 | $ 225 | $ 696 | $ 2,337 | $ 1,678 | $ 2,167 | ||
Net (income) attributable to noncontrolling interests and redeemable noncontrolling interests | (94) | (68) | (89) | ||||||||||
Net income attributable to Bunge | $ 616 | $ 373 | $ 622 | $ 632 | $ 336 | $ 380 | $ 206 | $ 688 | 2,243 | 1,610 | 2,078 | ||
Convertible preference share dividends | 0 | 0 | (34) | ||||||||||
Net income available to Bunge shareholders - Basic | 2,243 | 1,610 | 2,044 | ||||||||||
Add back convertible preference share dividends | 0 | 0 | 34 | ||||||||||
Net income available to Bunge shareholders - Diluted | $ 2,243 | $ 1,610 | $ 2,078 | ||||||||||
Weighted-average number of shares outstanding: | |||||||||||||
Basic (in shares) | shares | 148,804,387 | 148,712,251 | 141,015,388 | ||||||||||
Effect of dilutive shares: | |||||||||||||
—stock options and awards (in shares) | shares | 1,983,530 | 2,455,629 | 2,520,420 | ||||||||||
—convertible preference shares (in shares) | shares | 0 | 1,966,874 | 8,830,904 | ||||||||||
Diluted (in shares) | shares | 150,787,917 | 153,134,754 | 152,366,712 | ||||||||||
Earnings per share: | |||||||||||||
Net income attributable to Bunge shareholders—basic (in dollars per share) | $ / shares | $ 4.24 | $ 2.50 | $ 4.13 | $ 4.21 | $ 2.24 | $ 2.52 | $ 1.36 | $ 4.83 | $ 15.07 | $ 10.83 | $ 14.50 | ||
Net income attributable to Bunge shareholders —diluted (in dollars per share) | $ / shares | $ 4.18 | $ 2.47 | $ 4.09 | $ 4.15 | $ 2.21 | $ 2.49 | $ 1.34 | $ 4.48 | $ 14.87 | $ 10.51 | 13.64 | ||
Dividends on preferred shares (in dollars per share) | $ / shares | $ 1.21875 | $ 4.875 | |||||||||||
Convertible Perpetual Preference Shares | |||||||||||||
Earnings per share: | |||||||||||||
Convertible preference share, common shares issued upon conversion | 1.2846 | ||||||||||||
Convertible perpetual preference shares, par value (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||
Stock Options and Contingently Issuable Restricted Stock Units | |||||||||||||
Earnings per share: | |||||||||||||
Antidilutive shares excluded from computation of EPS (in shares) | shares | 1,000,000 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation | |||
Share-based compensation expense | $ 69 | $ 65 | $ 61 |
Stock Option Awards | |||
Shares | |||
Outstanding at beginning of period (in shares) | 1,855,681 | ||
Exercised (in shares) | (146,827) | ||
Forfeited or expired (in shares) | (2,725) | ||
Outstanding at end of period (in shares) | 1,706,129 | 1,855,681 | |
Exercisable at end of period (in shares) | 1,706,129 | ||
Weighted-Average Exercise Price | |||
Outstanding balance at beginning of period (in dollars per share) | $ 56.22 | ||
Exercised (in dollars per share) | 68.89 | ||
Forfeited or expired (in dollars per share) | 76.04 | ||
Outstanding balance at end of period (in dollars per share) | 55.01 | $ 56.22 | |
Exercisable balance at end of period (in dollars per share) | $ 55.01 | ||
Weighted-Average Remaining Contractual Term | |||
Outstanding , weighted-average remaining contractual term | 4 years 9 months 7 days | ||
Exercisable, weighted-average remaining contractual term | 4 years 9 months 7 days | ||
Aggregate Intrinsic Value | |||
Outstanding at end of period | $ 78 | ||
Exercisable at end of period | $ 78 | ||
Additional disclosures | |||
Number of shares to be cash settled (in shares) | 15,020 | ||
Total intrinsic value of options exercised | $ 5 | $ 44 | $ 30 |
Restricted Stock Units | |||
Unrecognized Compensation Cost | |||
Total unrecognized compensation related to non-vested awards (in dollars) | $ 83 | ||
Period of recognition of total unrecognized compensation related to non-vested shares | 3 years | ||
Restricted Stock Units | |||
Restricted stock units outstanding at end of period (in shares) | 1,841,008 | ||
Weighted- Grant-Date Fair Value | |||
Restricted stock units outstanding at end of period (in dollars per share) | $ 98.08 | ||
Restricted Stock Units, Additional Activity Information | |||
Common and registered shares issued, net of shares withheld to cover taxes (in shares) | 687,444 | ||
Common and registered shares issued, net of shares withheld to cover taxes, weighted-average fair value (in dollars per share) | $ 46.62 | ||
Total fair value of restricted stock units vested | $ 46 | ||
Time-Based Restricted Stock Units | |||
Restricted Stock Units | |||
Restricted stock units outstanding at beginning of period (in shares) | 1,055,479 | ||
Granted (in shares) | 474,491 | ||
Vested/issued (in shares) | (316,329) | ||
Forfeited/cancelled (in shares) | (47,037) | ||
Restricted stock units outstanding at end of period (in shares) | 1,166,604 | 1,055,479 | |
Weighted- Grant-Date Fair Value | |||
Restricted stock units outstanding at beginning of period (in dollars per share) | $ 80.30 | ||
Granted (in dollars per share) | 98.11 | ||
Vested/issued (in dollars per share) | 51.39 | ||
Forfeited/cancelled (in dollars per share) | 93.45 | ||
Restricted stock units outstanding at end of period (in dollars per share) | $ 94.97 | $ 80.30 | |
Restricted Stock Units, Additional Activity Information | |||
Number of shares to be cash settled (in shares) | 17,145 | ||
Performance-Based Restricted Stock Units | |||
Restricted Stock Units | |||
Restricted stock units outstanding at beginning of period (in shares) | 807,673 | ||
Granted (in shares) | 230,448 | ||
Vested/issued (in shares) | (674,986) | ||
Forfeited/cancelled (in shares) | (12,712) | ||
Restricted stock units outstanding at end of period (in shares) | 674,404 | 807,673 | |
Weighted- Grant-Date Fair Value | |||
Restricted stock units outstanding at beginning of period (in dollars per share) | $ 78.68 | ||
Granted (in dollars per share) | 103.79 | ||
Vested/issued (in dollars per share) | 44.76 | ||
Forfeited/cancelled (in dollars per share) | 105.84 | ||
Restricted stock units outstanding at end of period (in dollars per share) | $ 103.47 | $ 78.68 | |
Additional Performance Based Stock Units | |||
Restricted Stock Units | |||
Granted (in shares) | 323,981 | ||
Weighted- Grant-Date Fair Value | |||
Granted (in dollars per share) | $ 42.80 | ||
2016 EIP | Registered Shares | |||
Shares Reserved for Share-Based Awards | |||
Registered shares reserved for grant of stock options, stock awards and other awards (in shares) | 10,900,000 | ||
Registered shares available for future grants (in shares) | 2,692,269 | ||
2016 EIP | Stock Option Awards | |||
Share-Based Compensation | |||
Expiration period of award | 10 years | ||
2016 EIP | Stock Option Awards | Minimum | |||
Share-Based Compensation | |||
Vesting period | 1 year | ||
2016 EIP | Stock Option Awards | Maximum | |||
Share-Based Compensation | |||
Vesting period | 3 years | ||
2016 EIP | Restricted Stock Units | Minimum | |||
Share-Based Compensation | |||
Vesting period | 1 year | ||
2016 EIP | Restricted Stock Units | Maximum | |||
Share-Based Compensation | |||
Vesting period | 3 years | ||
2017 Directors' Plan | Registered Shares | |||
Shares Reserved for Share-Based Awards | |||
Registered shares reserved for grant of stock options, stock awards and other awards (in shares) | 320,000 | ||
Number of additional shares authorized (in shares) | 200,000 | ||
Registered shares available for future grants (in shares) | 150,669 |
LEASES - NARRATIVE (Details)
LEASES - NARRATIVE (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lessee, Lease, Description [Line Items] | ||
Average remaining lease term | 8 years 2 months 12 days | |
Weighted average discount rate | 5% | |
Sublease income receipts due in future periods | $ 115 | |
Sublease income | $ 176 | $ 335 |
Land | Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 88 years | |
Certain Facilities | ||
Lessee, Lease, Description [Line Items] | ||
Sublease term | 6 years | |
Ocean Freight Vessels | ||
Lessee, Lease, Description [Line Items] | ||
Operating leases that have not yet commenced | $ 364 | |
Ocean Freight Vessels | Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Term of lease, not yet commenced | 2 years | |
Ocean Freight Vessels | Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Term of lease, not yet commenced | 7 years |
LEASES - COMPONENTS OF LEASE EX
LEASES - COMPONENTS OF LEASE EXPENSE (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Operating lease cost | $ 507 | $ 479 |
Short-term lease cost | 747 | 1,485 |
Variable lease cost | 47 | 69 |
Total lease cost | $ 1,301 | $ 2,033 |
LEASES - SUPPLEMENTAL BALANCE S
LEASES - SUPPLEMENTAL BALANCE SHEET INFORMATION (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Property, plant and equipment | $ 124 | $ 67 |
Less: accumulated depreciation and depletion | (36) | (30) |
Property, plant and equipment, net | 88 | 37 |
Current portion of long-term debt (Note 18) | 3 | 1 |
Long-term debt (Note 18) | 57 | 16 |
Total finance lease liabilities | $ 60 | $ 17 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment, net (Note 7) | Property, plant and equipment, net (Note 7) |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current portion of long-term debt (Note 18) | Current portion of long-term debt (Note 18) |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term debt (Note 18) | Long-term debt (Note 18) |
LEASES - SUPPLEMENTAL CASH FLOW
LEASES - SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating lease liability principal payments | $ 506 | $ 480 |
Supplemental non-cash information: | ||
Right-of-use assets obtained in exchange for lease obligations | $ 403 | $ 567 |
LEASES - MATURITIES OF LEASE LI
LEASES - MATURITIES OF LEASE LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Operating leases | ||
2024 | $ 338 | |
2025 | 190 | |
2026 | 155 | |
2027 | 90 | |
2028 | 49 | |
Thereafter | 264 | |
Total lease payments | 1,086 | |
Less imputed interest | (212) | |
Present value of lease liabilities, as separately presented on the consolidated balance sheet | 874 | |
Finance leases | ||
2024 | 6 | |
2025 | 6 | |
2026 | 5 | |
2027 | 5 | |
2028 | 4 | |
Thereafter | 77 | |
Total lease payments | 103 | |
Less imputed interest | (43) | |
Present value of lease liabilities, as separately presented on the consolidated balance sheet | $ 60 | $ 17 |
SEGMENT INFORMATION - FINANCIAL
SEGMENT INFORMATION - FINANCIAL INFORMATION BY SEGMENT (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) investment pensionPlan | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) investment pensionPlan | Dec. 31, 2021 USD ($) | Apr. 14, 2023 | |
Segment Reporting Information | ||||||||||||
Number of reportable segments | segment | 4 | |||||||||||
Operating Segment Information | ||||||||||||
Net sales to external customers | $ 14,936 | $ 14,227 | $ 15,049 | $ 15,328 | $ 16,660 | $ 16,759 | $ 17,933 | $ 15,880 | $ 59,540 | $ 67,232 | $ 59,152 | |
Foreign exchange gains (losses) — net | 20 | (11) | (38) | |||||||||
EBIT - Noncontrolling interests | (86) | (67) | (99) | |||||||||
Other income – net | 129 | (9) | 509 | |||||||||
Income from affiliates | 140 | 105 | 160 | |||||||||
Segment EBIT | 3,333 | 2,331 | 2,661 | |||||||||
Depreciation, depletion and amortization | (451) | (408) | (424) | |||||||||
Total assets | 25,372 | 24,580 | 25,372 | 24,580 | 23,819 | |||||||
Capital expenditures | 1,122 | 555 | 399 | |||||||||
Impairment charges | 104 | 162 | 226 | |||||||||
Inventories (Note 5) | 7,105 | $ 8,408 | 7,105 | 8,408 | ||||||||
Income tax expense | 714 | $ 388 | 398 | |||||||||
Viterra Limited | ||||||||||||
Operating Segment Information | ||||||||||||
Integration related costs | 114 | |||||||||||
Pension Benefits | Foreign Plan | ||||||||||||
Operating Segment Information | ||||||||||||
Number of defined pension plans | pensionPlan | 1 | 1 | ||||||||||
Cost of goods sold | ||||||||||||
Operating Segment Information | ||||||||||||
Inventory adjustments | $ 29 | 29 | ||||||||||
Impairment charges | 37 | |||||||||||
Other Income (Expense) | ||||||||||||
Operating Segment Information | ||||||||||||
Impairment charges | 20 | |||||||||||
Income (Loss) from Affiliates | ||||||||||||
Operating Segment Information | ||||||||||||
Impairment charges | 16 | $ 53 | ||||||||||
Selling, general & administrative | ||||||||||||
Operating Segment Information | ||||||||||||
Amortization | $ 17 | |||||||||||
Disposed of by Sale, Not Discontinued Operations | US Grain | ||||||||||||
Operating Segment Information | ||||||||||||
Gain (loss) on disposal | 158 | |||||||||||
Disposed of by Sale, Not Discontinued Operations | Rotterdam Oils Refinery | ||||||||||||
Operating Segment Information | ||||||||||||
Gain (loss) on disposal | 219 | |||||||||||
Disposed of by Sale, Not Discontinued Operations | Mexico Oils Facility | ||||||||||||
Operating Segment Information | ||||||||||||
Gain (loss) on disposal | 19 | |||||||||||
BP Bunge Bioenergia | ||||||||||||
Segment Reporting Information | ||||||||||||
Ownership interest (as a percent) | 50% | 50% | ||||||||||
Russian Oilseed | Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Segment Reporting Information | ||||||||||||
Ownership interest (as a percent) | 70% | 70% | ||||||||||
Operating Segment Information | ||||||||||||
Gain (loss) on disposal | $ 29 | |||||||||||
Number of unconsolidated affiliates | investment | 2 | 2 | ||||||||||
Bunge Loders Croklaan Joint Venture | ||||||||||||
Segment Reporting Information | ||||||||||||
Ownership interest (as a percent) | 80% | |||||||||||
Inter-segment Revenues | ||||||||||||
Operating Segment Information | ||||||||||||
Net sales to external customers | $ (8,711) | $ (11,070) | (8,782) | |||||||||
Foreign exchange gains (losses) — net | 0 | 0 | 0 | |||||||||
EBIT - Noncontrolling interests | 0 | 0 | 0 | |||||||||
Other income – net | 0 | 0 | 0 | |||||||||
Income from affiliates | 0 | 0 | 0 | |||||||||
Segment EBIT | 0 | 0 | 0 | |||||||||
Depreciation, depletion and amortization | 0 | 0 | 0 | |||||||||
Total assets | $ 0 | $ 0 | 0 | 0 | 0 | |||||||
Capital expenditures | 0 | 0 | 0 | |||||||||
Corporate & Other | ||||||||||||
Operating Segment Information | ||||||||||||
Net sales to external customers | 42 | 35 | 5 | |||||||||
Foreign exchange gains (losses) — net | 12 | (5) | (11) | |||||||||
EBIT - Noncontrolling interests | 4 | (9) | 3 | |||||||||
Other income – net | 73 | 84 | 54 | |||||||||
Income from affiliates | (17) | (55) | 0 | |||||||||
Segment EBIT | (548) | (397) | (333) | |||||||||
Depreciation, depletion and amortization | (22) | (27) | (30) | |||||||||
Total assets | 3,948 | 2,679 | 3,948 | 2,679 | 2,144 | |||||||
Capital expenditures | 97 | 44 | 43 | |||||||||
Inventories (Note 5) | 4 | 4 | 4 | 4 | ||||||||
Agribusiness | ||||||||||||
Operating Segment Information | ||||||||||||
Impairment charges | 20 | |||||||||||
Agribusiness | Disposed of by Sale, Not Discontinued Operations | US Grain | ||||||||||||
Operating Segment Information | ||||||||||||
Gain (loss) on disposal | 158 | |||||||||||
Agribusiness | Operating | ||||||||||||
Operating Segment Information | ||||||||||||
Net sales to external customers | 42,764 | 47,700 | 43,636 | |||||||||
Foreign exchange gains (losses) — net | 0 | 2 | (24) | |||||||||
EBIT - Noncontrolling interests | (70) | (45) | (28) | |||||||||
Other income – net | 126 | (67) | 215 | |||||||||
Income from affiliates | 1 | 67 | 56 | |||||||||
Segment EBIT | 2,786 | 1,715 | 2,290 | |||||||||
Depreciation, depletion and amortization | (217) | (203) | (206) | |||||||||
Total assets | 16,000 | 16,486 | 16,000 | 16,486 | 15,989 | |||||||
Capital expenditures | 551 | 312 | 236 | |||||||||
Inventories (Note 5) | 5,830 | 6,756 | 5,830 | 6,756 | ||||||||
Agribusiness | Inter-segment Revenues | ||||||||||||
Operating Segment Information | ||||||||||||
Net sales to external customers | (8,360) | (10,200) | (8,134) | |||||||||
Refined and Specialty Oils | Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Operating Segment Information | ||||||||||||
Gain (loss) on disposal | 170 | |||||||||||
Refined and Specialty Oils | Disposed of by Sale, Not Discontinued Operations | Rotterdam Oils Refinery | ||||||||||||
Operating Segment Information | ||||||||||||
Gain (loss) on disposal | 151 | |||||||||||
Refined and Specialty Oils | Disposed of by Sale, Not Discontinued Operations | Mexico Oils Facility | ||||||||||||
Operating Segment Information | ||||||||||||
Gain (loss) on disposal | $ 19 | |||||||||||
Refined and Specialty Oils | Rotterdam Oils Refinery | Disposed of by Sale, Not Discontinued Operations | Rotterdam Oils Refinery | ||||||||||||
Segment Reporting Information | ||||||||||||
Ownership interest (as a percent) | 70% | |||||||||||
Refined and Specialty Oils | China Oil Facility | ||||||||||||
Segment Reporting Information | ||||||||||||
Ownership interest (as a percent) | 70% | |||||||||||
Operating Segment Information | ||||||||||||
Impairment charges | $ 35 | |||||||||||
Refined and Specialty Oils | Operating | ||||||||||||
Operating Segment Information | ||||||||||||
Net sales to external customers | 14,603 | 16,850 | 13,332 | |||||||||
Foreign exchange gains (losses) — net | 7 | (14) | (1) | |||||||||
EBIT - Noncontrolling interests | (21) | (12) | (73) | |||||||||
Other income – net | (65) | (29) | 239 | |||||||||
Income from affiliates | 0 | 0 | 0 | |||||||||
Segment EBIT | 865 | 746 | 666 | |||||||||
Depreciation, depletion and amortization | (179) | (146) | (149) | |||||||||
Total assets | 3,969 | 3,886 | 3,969 | 3,886 | 4,152 | |||||||
Capital expenditures | 429 | 169 | 92 | |||||||||
Refined and Specialty Oils | Inter-segment Revenues | ||||||||||||
Operating Segment Information | ||||||||||||
Net sales to external customers | (176) | (306) | (456) | |||||||||
Milling | Held-for-Sale | Mexico Wheat Milling | ||||||||||||
Operating Segment Information | ||||||||||||
Gain (loss) on disposal | (170) | |||||||||||
Milling | Operating | ||||||||||||
Operating Segment Information | ||||||||||||
Net sales to external customers | 1,896 | 2,388 | 1,909 | |||||||||
Foreign exchange gains (losses) — net | 1 | 4 | (2) | |||||||||
EBIT - Noncontrolling interests | 1 | (1) | (1) | |||||||||
Other income – net | (7) | 1 | 0 | |||||||||
Income from affiliates | (1) | 0 | (2) | |||||||||
Segment EBIT | 66 | 162 | (74) | |||||||||
Depreciation, depletion and amortization | (33) | (32) | (39) | |||||||||
Total assets | 984 | 1,195 | 984 | 1,195 | 1,323 | |||||||
Capital expenditures | 45 | 30 | 28 | |||||||||
Inventories (Note 5) | $ 175 | 332 | 175 | 332 | ||||||||
Milling | Inter-segment Revenues | ||||||||||||
Operating Segment Information | ||||||||||||
Net sales to external customers | $ (175) | (564) | (192) | |||||||||
Sugar and Bioenergy | BP Bunge Bioenergia | ||||||||||||
Segment Reporting Information | ||||||||||||
Ownership interest (as a percent) | 50% | 50% | ||||||||||
Sugar and Bioenergy | Operating | ||||||||||||
Operating Segment Information | ||||||||||||
Net sales to external customers | $ 235 | 259 | 270 | |||||||||
Foreign exchange gains (losses) — net | 0 | 2 | 0 | |||||||||
EBIT - Noncontrolling interests | 0 | 0 | 0 | |||||||||
Other income – net | 2 | 2 | 1 | |||||||||
Income from affiliates | 157 | 93 | 106 | |||||||||
Segment EBIT | 164 | 105 | 112 | |||||||||
Depreciation, depletion and amortization | 0 | 0 | 0 | |||||||||
Total assets | $ 471 | $ 334 | 471 | 334 | 211 | |||||||
Capital expenditures | 0 | 0 | 0 | |||||||||
Sugar and Bioenergy | Inter-segment Revenues | ||||||||||||
Operating Segment Information | ||||||||||||
Net sales to external customers | $ 0 | 0 | $ 0 | |||||||||
Ukraine and Russia War | Held-for-Sale | ||||||||||||
Operating Segment Information | ||||||||||||
Gain (loss) on disposal | 80 | |||||||||||
Ukraine | Russian Oilseed | Held-for-Sale | ||||||||||||
Operating Segment Information | ||||||||||||
Impairment charges | $ 106 |
SEGMENT INFORMATION - NET INCOM
SEGMENT INFORMATION - NET INCOME TO SEGMENT EBIT (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of total segment EBIT | |||||||||||
Net income attributable to Bunge | $ 616 | $ 373 | $ 622 | $ 632 | $ 336 | $ 380 | $ 206 | $ 688 | $ 2,243 | $ 1,610 | $ 2,078 |
Interest income | (148) | (71) | (48) | ||||||||
Interest expense | 516 | 403 | 243 | ||||||||
Income tax expense | 714 | 388 | 398 | ||||||||
Noncontrolling interests' share of interest and tax | 8 | 1 | (10) | ||||||||
Total segment EBIT from continuing operations | $ 3,333 | $ 2,331 | $ 2,661 |
SEGMENT INFORMATION - SALES BY
SEGMENT INFORMATION - SALES BY PRODUCT GROUP (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from External Customer [Line Items] | |||||||||||
Total | $ 14,936 | $ 14,227 | $ 15,049 | $ 15,328 | $ 16,660 | $ 16,759 | $ 17,933 | $ 15,880 | $ 59,540 | $ 67,232 | $ 59,152 |
Agribusiness Processing Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total | 31,298 | 32,804 | 29,610 | ||||||||
Agribusiness Merchandising Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total | 11,466 | 14,896 | 14,026 | ||||||||
Refined and Specialty Oil Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total | 14,603 | 16,850 | 13,332 | ||||||||
Milling | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total | 1,896 | 2,388 | 1,909 | ||||||||
Sugar and Bioenergy Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total | 235 | 259 | 270 | ||||||||
Other Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total | $ 42 | $ 35 | $ 5 |
SEGMENT INFORMATION - GEOGRAPHI
SEGMENT INFORMATION - GEOGRAPHIC AREA INFORMATION (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
External Customers | |||||||||||
Total | $ 14,936 | $ 14,227 | $ 15,049 | $ 15,328 | $ 16,660 | $ 16,759 | $ 17,933 | $ 15,880 | $ 59,540 | $ 67,232 | $ 59,152 |
Long-lived Assets | |||||||||||
Long-lived assets | 4,541 | 3,617 | 4,541 | 3,617 | |||||||
Europe | |||||||||||
External Customers | |||||||||||
Total | 24,333 | 26,089 | 22,249 | ||||||||
Long-lived Assets | |||||||||||
Long-lived assets | 1,090 | 955 | 1,090 | 955 | |||||||
United States | |||||||||||
External Customers | |||||||||||
Total | 15,819 | 16,939 | 14,660 | ||||||||
Long-lived Assets | |||||||||||
Long-lived assets | 1,733 | 1,235 | 1,733 | 1,235 | |||||||
Asia-Pacific | |||||||||||
External Customers | |||||||||||
Total | 10,098 | 13,829 | 12,334 | ||||||||
Long-lived Assets | |||||||||||
Long-lived assets | 386 | 378 | 386 | 378 | |||||||
Brazil | |||||||||||
External Customers | |||||||||||
Total | 4,771 | 5,487 | 4,520 | ||||||||
Long-lived Assets | |||||||||||
Long-lived assets | 775 | 545 | 775 | 545 | |||||||
Argentina | |||||||||||
External Customers | |||||||||||
Total | 1,386 | 1,576 | 2,669 | ||||||||
Long-lived Assets | |||||||||||
Long-lived assets | 188 | 157 | 188 | 157 | |||||||
Canada | |||||||||||
External Customers | |||||||||||
Total | 2,606 | 2,431 | 1,839 | ||||||||
Long-lived Assets | |||||||||||
Long-lived assets | 367 | 334 | 367 | 334 | |||||||
Rest of world | |||||||||||
External Customers | |||||||||||
Total | 527 | 881 | $ 881 | ||||||||
Long-lived Assets | |||||||||||
Long-lived assets | $ 2 | $ 13 | $ 2 | $ 13 |
SEGMENT INFORMATION - NET SALES
SEGMENT INFORMATION - NET SALES TO EXTERNAL CUSTOMERS (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from External Customer [Line Items] | |||||||||||
Sales from commodity contracts (ASC 815) | $ 41,709 | $ 46,158 | $ 42,341 | ||||||||
Sales from contracts with customers (ASC 606) | 17,831 | 21,074 | 16,811 | ||||||||
Net sales to external customers | $ 14,936 | $ 14,227 | $ 15,049 | $ 15,328 | $ 16,660 | $ 16,759 | $ 17,933 | $ 15,880 | 59,540 | 67,232 | 59,152 |
Operating | Agribusiness | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Sales from commodity contracts (ASC 815) | 40,331 | 44,553 | 41,032 | ||||||||
Sales from contracts with customers (ASC 606) | 2,433 | 3,147 | 2,604 | ||||||||
Net sales to external customers | 42,764 | 47,700 | 43,636 | ||||||||
Operating | Refined and Specialty Oils | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Sales from commodity contracts (ASC 815) | 997 | 1,198 | 1,024 | ||||||||
Sales from contracts with customers (ASC 606) | 13,606 | 15,652 | 12,308 | ||||||||
Net sales to external customers | 14,603 | 16,850 | 13,332 | ||||||||
Operating | Milling | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Sales from commodity contracts (ASC 815) | 152 | 154 | 21 | ||||||||
Sales from contracts with customers (ASC 606) | 1,744 | 2,234 | 1,888 | ||||||||
Net sales to external customers | 1,896 | 2,388 | 1,909 | ||||||||
Operating | Sugar and Bioenergy | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Sales from commodity contracts (ASC 815) | 229 | 253 | 264 | ||||||||
Sales from contracts with customers (ASC 606) | 6 | 6 | 6 | ||||||||
Net sales to external customers | 235 | 259 | 270 | ||||||||
Corporate & Other | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Sales from commodity contracts (ASC 815) | 0 | 0 | 0 | ||||||||
Sales from contracts with customers (ASC 606) | 42 | 35 | 5 | ||||||||
Net sales to external customers | $ 42 | $ 35 | $ 5 |
QUARTERLY FINANCIAL INFORMATI_3
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 14,936 | $ 14,227 | $ 15,049 | $ 15,328 | $ 16,660 | $ 16,759 | $ 17,933 | $ 15,880 | $ 59,540 | $ 67,232 | $ 59,152 |
Gross profit | 1,254 | 1,045 | 1,365 | 1,181 | 818 | 888 | 772 | 1,204 | 4,845 | 3,682 | 3,363 |
Net income | 660 | 389 | 629 | 659 | 374 | 383 | 225 | 696 | 2,337 | 1,678 | 2,167 |
Net income attributable to Bunge | $ 616 | $ 373 | $ 622 | $ 632 | $ 336 | $ 380 | $ 206 | $ 688 | $ 2,243 | $ 1,610 | $ 2,078 |
Earnings per share—basic (Note 24) | |||||||||||
Net income attributable to Bunge shareholders (in dollars per share) | $ 4.24 | $ 2.50 | $ 4.13 | $ 4.21 | $ 2.24 | $ 2.52 | $ 1.36 | $ 4.83 | $ 15.07 | $ 10.83 | $ 14.50 |
Earnings per share—diluted (Note 24) | |||||||||||
Net income attributable to Bunge shareholders - diluted (in dollars per share) | $ 4.18 | $ 2.47 | $ 4.09 | $ 4.15 | $ 2.21 | $ 2.49 | $ 1.34 | $ 4.48 | $ 14.87 | $ 10.51 | $ 13.64 |
SCHEDULE II-VALUATION AND QUA_2
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowances for Doubtful Accounts | |||
Movement in Valuation Allowances and Reserves | |||
Balance at beginning of period | $ 136 | $ 132 | $ 144 |
Charged to costs and expenses | 71 | 66 | 35 |
Charged to other accounts | 3 | 5 | (5) |
Deductions from reserves | (74) | (67) | (42) |
Balance at end of period | 136 | 136 | 132 |
Allowances for secured advances to suppliers | |||
Movement in Valuation Allowances and Reserves | |||
Balance at beginning of period | 43 | 39 | 45 |
Charged to costs and expenses | 9 | 13 | 6 |
Charged to other accounts | 3 | 3 | (3) |
Deductions from reserves | (16) | (12) | (9) |
Balance at end of period | 39 | 43 | 39 |
Allowances for recoverable taxes | |||
Movement in Valuation Allowances and Reserves | |||
Balance at beginning of period | 36 | 44 | 58 |
Charged to costs and expenses | 14 | 3 | 4 |
Charged to other accounts | 2 | 1 | (3) |
Deductions from reserves | (17) | (12) | (15) |
Balance at end of period | 35 | 36 | 44 |
Income tax valuation allowances | |||
Movement in Valuation Allowances and Reserves | |||
Balance at beginning of period | 269 | 297 | 316 |
Charged to costs and expenses | 391 | 17 | 95 |
Charged to other accounts | 2 | (7) | (49) |
Deductions from reserves | (72) | (38) | (65) |
Balance at end of period | $ 590 | $ 269 | $ 297 |