v3.20.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATIONThe Company's operations are organized, managed and classified into five reportable segments - Agribusiness, Edible Oil Products, Milling Products, Sugar and Bioenergy, and Fertilizer, which are 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. See Note 1 - Basis of Presentation, Principles Of Consolidation, And Significant Accounting Policies.
The Agribusiness segment is characterized by both inputs and outputs being agricultural commodities and thus high volume and low margin. The Edible Oil Products segment involves the processing, production and marketing of products derived from vegetable oils. The Milling Products segment involves the processing, production and marketing of products derived primarily from wheat and corn. Up until December 2019, when the Company contributed its Brazilian sugar and bioenergy operations forming the majority of its Sugar and Bioenergy segment into a joint venture with the Brazilian biofuels business of BP p.l.c., the Sugar and Bioenergy segment primarily involved sugarcane growing and milling in Brazil, as well as sugarcane-based ethanol production and corn-based ethanol investments and related activities. The activities of the Fertilizer segment include port operations in Brazil and Argentina and blending and retail operations in Argentina.
Corporate & Other includes salaries and overhead for corporate functions that are not allocated to the Company’s individual reporting segments because 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, and securitization activities.
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.”
Three Months Ended June 30, 2020
(US$ in millions)
AgribusinessEdible
Oil
Products		Milling
Products		Sugar and
Bioenergy		Fertilizer
Corporate and Other (1)
EliminationsTotal
Net sales to external customers$6,810  $2,128  $381  $26  $117  $—  $—  $9,462  
Inter–segment revenues1,256  44  —  —  1  —  (1,301) —  
Foreign exchange gains (losses)30  (4) 1  —  —  —  —  27  
Noncontrolling interests (1)
(6) —  —  —  —  —  —  (6) 
Other income (expense) – net30  (1) —  —  —  (2) —  27  
Income (loss) from affiliates18  —  —  (85) —  —  —  (67) 
Segment EBIT (2)
843  51  30  (85) 19  (120) —  738  
Depreciation, depletion and amortization(50) (37) (11) —  (1) (5) —  (104) 
Total assets12,566  3,615  1,240  176  320  642  —  18,559  
Three Months Ended June 30, 2019
(US$ in millions)AgribusinessEdible
Oil
Products		Milling
Products		Sugar and
Bioenergy		Fertilizer
Corporate and Other (1)
EliminationsTotal
Net sales to external customers$7,068  $2,206  $430  $284  $108  $—  $—  $10,096  
Inter–segment revenues1,078  41  —  1  18  —  (1,138) —  
Foreign exchange gains (losses)(10) (3) 1  1  —  —  —  (11) 
Noncontrolling interests (1)
1  —  —  1  —  —  —  2  
Other income (expense) – net25  (2) 8  (2) (1) 153  —  181  
Income (loss) from affiliates7  —  —  (1) —  —  —  6  
Segment EBIT (2)
209  43  25  (5) 6  76  —  354  
Depreciation, depletion and amortization(62) (39) (13) (36) (1) (5) —  (156) 
Total assets12,010  3,914  1,508  1,922  345  725  —  20,424  
Six Months Ended June 30, 2020
(US$ in millions)AgribusinessEdible
Oil
Products		Milling
Products		Sugar and
Bioenergy		Fertilizer
Corporate and Other (1)
EliminationsTotal
Net sales to external customers$13,139  $4,452  $797  $76  $171  $—  $—  $18,635  
Inter–segment revenues2,463  87  —  —  1  —  (2,551) —  
Foreign exchange gains (losses)17  3  —  —  —  1  —  21  
Noncontrolling interests (1)
(4) 7  —  —  —  —  —  3  
Other income (expense) – net24  (2) (1) —  —  (1) —  20  
Income (loss) from affiliates25  —  —  (136) —  —  —  (111) 
Segment EBIT (2)
716  97  48  (135) 24  (182) —  568  
Depreciation, depletion and amortization(107) (74) (23) —  (3) (10) —  (217) 
Total assets12,566  3,615  1,240  176  320  642  —  18,559  
Six Months Ended June 30, 2019
(US$ in millions)AgribusinessEdible
Oil
Products		Milling
Products		Sugar and
Bioenergy		Fertilizer
Corporate and Other (1)
EliminationsTotal
Net sales to external customers$13,987  $4,445  $856  $569  $177  $—  $—  $20,034  
Inter–segment revenues2,246  73  —  1  20  —  (2,340) —  
Foreign exchange gains (losses)(19) (1) 3  (2) —  1  —  (18) 
Noncontrolling interests (1)
3  (6) —  —  —  —  —  (3) 
Other income (expense) – net49  (5) 6  (2) (1) 158  —  205  
Income (loss) from affiliates14  —  —  (1) —  —  —  13  
Segment EBIT (2)
350  102  47  (24) 8  22  —  505  
Depreciation, depletion and amortization(122) (78) (26) (55) (3) (10) —  (294) 
Total assets12,010  3,914  1,508  1,922  345  725  —  20,424  
(1)  Include noncontrolling interests share of interest and tax to reconcile to consolidated Noncontrolling interests.
(2)  Total segment earnings before interest and taxes (“EBIT”) is an operating performance measure used by Bunge’s management to evaluate segment operating activities. Bunge’s management believes total Segment EBIT is a useful measure of operating profitability, since the measure allows for an evaluation of the performance of its segments without regard to its financing methods or capital structure. In addition, total Segment EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industry. However, total Segment EBIT is a non-GAAP financial measure and is not intended to replace Net income (loss) attributable to Bunge, the most directly comparable U.S. GAAP financial measure. Further, total Segment EBIT is not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss) or any other measure of consolidated operating results under U.S. GAAP. See the reconciliation of total Segment EBIT to Net income (loss) in the table below.
A reconciliation of total Segment EBIT to Net income (loss) attributable to Bunge follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(US$ in millions)2020201920202019
Net income (loss) attributable to Bunge$516  $214  $332  $259  
Interest income(6) (7) (13) (14) 
Interest expense62  88  139  163  
Income tax expense (benefit)168  60  113  98  
Noncontrolling interests' share of interest and tax(2) (1) (3) (1) 
Total Segment EBIT from continuing operations$738  $354  $568  $505  
The Company’s revenue comprises sales from commodity contracts that are accounted for under ASC 815, Derivatives and Hedging (ASC 815) and sales of other products and services that are accounted for under ASC 606, Revenue from Contracts with Customers (ASC 606). The following tables provide a disaggregation of Net sales to external customers between sales from contracts with customers and sales from other arrangements:
Three Months Ended June 30, 2020
(US$ in millions)AgribusinessEdible
Oil
Products		Milling
Products		Sugar and
Bioenergy		FertilizerTotal
Sales from other arrangements$6,611  $498  $15  $23  $—  $7,147  
Sales from contracts with customers199  1,630  366  3  117  2,315  
Net sales to external customers$6,810  $2,128  $381  $26  $117  $9,462  
Three Months Ended June 30, 2019
(US$ in millions)AgribusinessEdible
Oil
Products		Milling
Products		Sugar and
Bioenergy		FertilizerTotal
Sales from other arrangements$6,842  $453  $20  $151  $—  $7,466  
Sales from contracts with customers226  1,753  410  133  108  2,630  
Net sales to external customers$7,068  $2,206  $430  $284  $108  $10,096  
Six Months Ended June 30, 2020
(US$ in millions)AgribusinessEdible
Oil
Products		Milling
Products		Sugar and
Bioenergy		FertilizerTotal
Sales from other arrangements$12,695  $990  $30  $70  $—  $13,785  
Sales from contracts with customers444  3,462  767  6  171  4,850  
Net sales to external customers$13,139  $4,452  $797  $76  $171  $18,635  
Six Months Ended June 30, 2019
(US$ in millions)AgribusinessEdible
Oil
Products		Milling
Products		Sugar and
Bioenergy		FertilizerTotal
Sales from other arrangements$13,559  $912  $35  $356  $—  $14,862  
Sales from contracts with customers428  3,533  821  213  177  5,172  
Net sales to external customers$13,987  $4,445  $856  $569  $177  $20,034