v3.20.2

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Hierarchy levels that may be used to measure fair value

The fair value standard describes three levels within its hierarchy that may be used to measure fair value.

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). Readily marketable inventories. Over-the-counter (‘‘OTC’’) commodity purchase and sale contracts. OTC derivatives whose value is determined using pricing models with inputs that are generally based on exchange traded prices, adjusted for location specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data. Marketable securities in less active markets.
Level 3			Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities.			Assets and liabilities whose value is determined using proprietary pricing models, discounted cash flow methodologies or similar techniques. Assets and liabilities for which the determination of fair value requires significant management judgment or estimation.

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
						June 30, 2020																																										December 31, 2019
(US$ in millions)						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Assets:
Readily marketable inventories(1) (Note 7)						$	—					$	4,310					$	596					$	4,906					$	—					$	3,703					$	231					$	3,934
Trade accounts receivable (2)						—						1						—						1						—						—						—						—
Unrealized gain on derivative contracts (3):												1
Interest rate						—						110						—						110						—						45						—						45
Foreign exchange						—						376						—						376						—						331						—						331
Commodities						44						827						13						884						34						481						9						524
Freight						36						—						3						39						10						—						—						10
Energy						34						—						—						34						56						—						—						56
Credit						—						1						—						1						—						—						—						—
Other (4)						24						307						—						331						47						370						—						417
Total assets						$	138					$	5,932					$	612					$	6,682					$	147					$	4,930					$	240					$	5,317
Liabilities:
Trade accounts payable (5)						$	—					$	427					$	133					$	560					$	—					$	347					$	31					$	378
Unrealized loss on derivative contracts (6):
Interest rate						—						16						—						16						—						4						—						4
Foreign exchange						—						629						—						629						—						257						—						257
Commodities						46						340						28						414						49						388						31						468
Freight						33						—						1						34						10						—						—						10
Energy						31						—						—						31						26						—						2						28
Total liabilities						$	110					$	1,412					$	162					$	1,684					$	85					$	996					$	64					$	1,145

(1)  At June 30, 2020, there were RMI totaling $99 million included in Assets held for sale.

(2)  These receivables are hybrid financial instruments for which Bunge has elected the fair value option.

(3)  Unrealized gains on derivative contracts are generally included in Other current assets. There were $106 million and $39 million included in Other non-current assets at June 30, 2020 and December 31, 2019, respectively. At June 30, 2020 and December 31, 2019, there were $11 million and zero, respectively, included in Assets held for sale.

(4) Other includes the fair values of marketable securities and investments in Other current assets and Other non-current assets.

(5) These payables are hybrid financial instruments for which the Company has elected the fair value option. At June 30, 2020 and December 31, 2019, there were $46 million and zero, respectively, included in Assets held for sale.

(6) Unrealized losses on derivative contracts are generally included in Other current liabilities. There are $1 million included in Other non-current liabilities at both June 30, 2020 and December 31, 2019, respectively. At June 30, 2020 and December 31, 2019, there were $7 million and zero, respectively, included in Assets held for sale.

Reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3)

The tables below present reconciliations for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2020 and 2019. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant.

						Three Months Ended June 30, 2020
(US$ in millions)						Readily Marketable Inventories						Derivatives, Net						Trade Accounts Payable						Total
Balance, April 1, 2020						$	619					$	(16)					$	(261)					$	342
Total gains and losses (realized/unrealized) included in cost of goods sold (1)						150						(10)						9						149
Purchases						668						—						(42)						626
Sales						(970)						—						—						(970)
Issuances						—						—						—						—
Settlements						—						18						107						125
Transfers into Level 3						277						7						(13)						271
Transfers out of Level 3						(148)						(12)						67						(93)
Balance, June 30, 2020						$	596					$	(13)					$	(133)					$	450

(1) Readily marketable inventories, derivatives, net and trade accounts payable, include gains/(losses) of $96 million, $(9) million and $8 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2020.

						Three Months Ended June 30, 2019
(US$ in millions)						Readily Marketable Inventories						Derivatives, Net						Trade Accounts Payable						Total
Balance, April 1, 2019						$	633					$	(2)					$	(397)					$	234
Total gains and losses (realized/unrealized) included in cost of goods sold (1)						145						(9)						7						143
Purchases						626						—						(71)						555
Sales						(764)						—						—						(764)
Issuances						—						(1)						—						(1)
Settlements						—						—						113						113
Transfers into Level 3						189						(2)						(2)						185
Transfers out of Level 3						(57)						—						15						(42)
Balance, June 30, 2019						$	772					$	(14)					$	(335)					$	423

(1) Readily marketable inventories, derivatives, net and trade accounts payable, includes gains/(losses) of $63 million, $(11) million and zero, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2019.

						Six Months Ended June 30, 2020
(US$ in millions)						Readily Marketable Inventories						Derivatives, Net						Trade Accounts Payable						Total
Balance, January 1, 2020						$	231					$	(24)					$	(31)					$	176
Total gains and losses (realized/unrealized) included in cost of goods sold (1)						314						3						14						331
Purchases						1,346						2						(278)						1,070
Sales						(1,596)						—						—						(1,596)
Issuances						—						(2)						—						(2)
Settlements						—						—						168						168
Transfers into Level 3						547						10						(73)						484
Transfers out of Level 3						(246)						(2)						67						(181)
Balance, June 30, 2020						$	596					$	(13)					$	(133)					$	450

(1) Readily marketable inventories, derivatives, net and trade accounts payable, include gains/(losses) of $169 million, $5 million and $13 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2020.

						Six Months Ended June 30, 2019
(US$ in millions)						Readily Marketable Inventories						Derivatives, Net						Trade Accounts Payable						Total
Balance, January 1, 2019						$	246					$	(6)					$	(47)					$	193
Total gains and losses (realized/unrealized) included in cost of goods sold (1)						183						(7)						12						188
Purchases						1,325						—						(432)						893
Sales						(1,334)						—						—						(1,334)
Issuances						—						(1)						—						(1)
Settlements						—						—						145						145
Transfers into Level 3						465						—						(28)						437
Transfers out of Level 3						(113)						—						15						(98)
Balance, June 30, 2019						$	772					$	(14)					$	(335)					$	423

(1) Readily marketable inventories, derivatives, net and trade accounts payable, include gains/(losses) of $99 million, $(6) million and zero, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2019.

Reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3)

The tables below present reconciliations for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2020 and 2019. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant.

						Three Months Ended June 30, 2020
(US$ in millions)						Readily Marketable Inventories						Derivatives, Net						Trade Accounts Payable						Total
Balance, April 1, 2020						$	619					$	(16)					$	(261)					$	342
Total gains and losses (realized/unrealized) included in cost of goods sold (1)						150						(10)						9						149
Purchases						668						—						(42)						626
Sales						(970)						—						—						(970)
Issuances						—						—						—						—
Settlements						—						18						107						125
Transfers into Level 3						277						7						(13)						271
Transfers out of Level 3						(148)						(12)						67						(93)
Balance, June 30, 2020						$	596					$	(13)					$	(133)					$	450

(1) Readily marketable inventories, derivatives, net and trade accounts payable, include gains/(losses) of $96 million, $(9) million and $8 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2020.

						Three Months Ended June 30, 2019
(US$ in millions)						Readily Marketable Inventories						Derivatives, Net						Trade Accounts Payable						Total
Balance, April 1, 2019						$	633					$	(2)					$	(397)					$	234
Total gains and losses (realized/unrealized) included in cost of goods sold (1)						145						(9)						7						143
Purchases						626						—						(71)						555
Sales						(764)						—						—						(764)
Issuances						—						(1)						—						(1)
Settlements						—						—						113						113
Transfers into Level 3						189						(2)						(2)						185
Transfers out of Level 3						(57)						—						15						(42)
Balance, June 30, 2019						$	772					$	(14)					$	(335)					$	423

(1) Readily marketable inventories, derivatives, net and trade accounts payable, includes gains/(losses) of $63 million, $(11) million and zero, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2019.

						Six Months Ended June 30, 2020
(US$ in millions)						Readily Marketable Inventories						Derivatives, Net						Trade Accounts Payable						Total
Balance, January 1, 2020						$	231					$	(24)					$	(31)					$	176
Total gains and losses (realized/unrealized) included in cost of goods sold (1)						314						3						14						331
Purchases						1,346						2						(278)						1,070
Sales						(1,596)						—						—						(1,596)
Issuances						—						(2)						—						(2)
Settlements						—						—						168						168
Transfers into Level 3						547						10						(73)						484
Transfers out of Level 3						(246)						(2)						67						(181)
Balance, June 30, 2020						$	596					$	(13)					$	(133)					$	450

(1) Readily marketable inventories, derivatives, net and trade accounts payable, include gains/(losses) of $169 million, $5 million and $13 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2020.

						Six Months Ended June 30, 2019
(US$ in millions)						Readily Marketable Inventories						Derivatives, Net						Trade Accounts Payable						Total
Balance, January 1, 2019						$	246					$	(6)					$	(47)					$	193
Total gains and losses (realized/unrealized) included in cost of goods sold (1)						183						(7)						12						188
Purchases						1,325						—						(432)						893
Sales						(1,334)						—						—						(1,334)
Issuances						—						(1)						—						(1)
Settlements						—						—						145						145
Transfers into Level 3						465						—						(28)						437
Transfers out of Level 3						(113)						—						15						(98)
Balance, June 30, 2019						$	772					$	(14)					$	(335)					$	423

(1) Readily marketable inventories, derivatives, net and trade accounts payable, include gains/(losses) of $99 million, $(6) million and zero, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2019.

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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