v3.20.2

SEGMENT INFORMATION | 9 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company's operations are organized, managed and classified into five reportable segments - Agribusiness, Edible Oil Products, Milling Products, Sugar and Bioenergy, and Fertilizer, 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. The Sugar & Bioenergy segment primarily comprises the net earnings in the Company’s 50% interest in BP Bunge Bioenergia, a joint venture formed in December 2019 through the combination of the Company’s Brazilian sugar and bioenergy operations, together with the Brazilian biofuels business of BP p.l.c. (“BP”). Prior to December 2019, the Company’s Sugar and Bioenergy results reflect its 100% ownership interest in the Brazilian sugarcane growing and milling, and sugarcane-based ethanol production activities contributed to the joint venture. The activities of the Fertilizer segment include port operations in Brazil and Argentina, and blending and retail operations in Argentina. 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, 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 September 30, 2020
(US$ in millions) |  | Agribusiness |  | Edible Oil Products |  | Milling Products |  | Sugar and Bioenergy |  | Fertilizer |  | Corporate and Other |  | Eliminations |  | Total
Net sales to external customers |  | $ | 7,108 |  |  | $ | 2,434 |  |  | $ | 416 |  |  | $ | 48 |  |  | $ | 153 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,159 |
Inter–segment revenues |  | 1,293 |  |  | 78 |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | (1,373) |  |  | — |
Foreign exchange gains (losses) |  | 59 |  |  | (3) |  |  | 1 |  |  | — |  |  | 1 |  |  | (4) |  |  | — |  |  | 54 |
Noncontrolling interests (1) |  | (2) |  |  | (2) |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | (5) |
Other income (expense) – net |  | 16 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 17 |
Income (loss) from affiliates |  | 18 |  |  | — |  |  | (1) |  |  | 18 |  |  | — |  |  | — |  |  | — |  |  | 35 |
Segment EBIT (2) |  | 299 |  |  | 76 |  |  | 16 |  |  | 23 |  |  | 29 |  |  | (92) |  |  | — |  |  | 351 |
Depreciation, depletion and amortization |  | (51) |  |  | (38) |  |  | (10) |  |  | — |  |  | (1) |  |  | (6) |  |  | — |  |  | (106) |
Total assets |  | 14,650 |  |  | 3,746 |  |  | 1,240 |  |  | 166 |  |  | 283 |  |  | 676 |  |  | — |  |  | 20,761 |
|  | Three Months Ended September 30, 2019
(US$ in millions) |  | Agribusiness |  | Edible Oil Products |  | Milling Products |  | Sugar and Bioenergy |  | Fertilizer |  | Corporate and Other |  | Eliminations |  | Total
Net sales to external customers |  | $ | 7,008 |  |  | $ | 2,319 |  |  | $ | 437 |  |  | $ | 381 |  |  | $ | 178 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,323 |
Inter–segment revenues |  | 1,225 |  |  | 37 |  |  | 1 |  |  | — |  |  | 8 |  |  | — |  |  | (1,271) |  |  | — |
Foreign exchange gains (losses) |  | (57) |  |  | 5 |  |  | — |  |  | (78) |  |  | — |  |  | 1 |  |  | — |  |  | (129) |
Noncontrolling interests (1) |  | 2 |  |  | (6) |  |  | — |  |  | (1) |  |  | (1) |  |  | — |  |  | — |  |  | (6) |
Other income (expense) – net |  | 16 |  |  | (13) |  |  | (3) |  |  | 3 |  |  | 1 |  |  | (8) |  |  | — |  |  | (4) |
Income (loss) from affiliates |  | 10 |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | 8 |
Segment EBIT (2) |  | 107 |  |  | 59 |  |  | 14 |  |  | (1,543) |  |  | 22 |  |  | (99) |  |  | — |  |  | (1,440) |
Depreciation, depletion and amortization |  | (61) |  |  | (38) |  |  | (13) |  |  | (15) |  |  | (2) |  |  | (5) |  |  | — |  |  | (134) |
Total assets |  | 11,717 |  |  | 3,829 |  |  | 1,431 |  |  | 275 |  |  | 375 |  |  | 1,007 |  |  | — |  |  | 18,634 |
|  | Nine Months Ended September 30, 2020
(US$ in millions) |  | Agribusiness |  | Edible Oil Products |  | Milling Products |  | Sugar and Bioenergy |  | Fertilizer |  | Corporate and Other |  | Eliminations |  | Total
Net sales to external customers |  | $ | 20,247 |  |  | $ | 6,886 |  |  | $ | 1,213 |  |  | $ | 124 |  |  | $ | 324 |  |  | $ | — |  |  | $ | — |  |  | $ | 28,794 |
Inter–segment revenues |  | 3,756 |  |  | 164 |  |  | — |  |  | 1 |  |  | 2 |  |  | — |  |  | (3,923) |  |  | — |
Foreign exchange gains (losses) |  | 76 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | (3) |  |  | — |  |  | 75 |
Noncontrolling interests (1) |  | (6) |  |  | 5 |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | (2) |
Other income (expense) – net |  | 40 |  |  | (3) |  |  | (1) |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 37 |
Income (loss) from affiliates |  | 43 |  |  | — |  |  | (1) |  |  | (118) |  |  | — |  |  | — |  |  | — |  |  | (76) |
Segment EBIT (2) |  | 1,015 |  |  | 173 |  |  | 64 |  |  | (112) |  |  | 53 |  |  | (274) |  |  | — |  |  | 919 |
Depreciation, depletion and amortization |  | (158) |  |  | (112) |  |  | (33) |  |  | — |  |  | (4) |  |  | (16) |  |  | — |  |  | (323) |
Total assets |  | 14,650 |  |  | 3,746 |  |  | 1,240 |  |  | 166 |  |  | 283 |  |  | 676 |  |  | — |  |  | 20,761 |
|  | Nine Months Ended September 30, 2019
(US$ in millions) |  | Agribusiness |  | Edible Oil Products |  | Milling Products |  | Sugar and Bioenergy |  | Fertilizer |  | Corporate and Other |  | Eliminations |  | Total
Net sales to external customers |  | $ | 20,995 |  |  | $ | 6,764 |  |  | $ | 1,293 |  |  | $ | 950 |  |  | $ | 355 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,357 |
Inter–segment revenues |  | 3,471 |  |  | 110 |  |  | 1 |  |  | 1 |  |  | 28 |  |  | — |  |  | (3,611) |  |  | — |
Foreign exchange gains (losses) |  | (76) |  |  | 4 |  |  | 3 |  |  | (80) |  |  | — |  |  | 2 |  |  | — |  |  | (147) |
Noncontrolling interests (1) |  | 5 |  |  | (12) |  |  | — |  |  | (1) |  |  | (1) |  |  | — |  |  | — |  |  | (9) |
Other income (expense) – net |  | 65 |  |  | (18) |  |  | 3 |  |  | 1 |  |  | — |  |  | 150 |  |  | — |  |  | 201 |
Income (loss) from affiliates |  | 24 |  |  | — |  |  | — |  |  | (3) |  |  | — |  |  | — |  |  | — |  |  | 21 |
Segment EBIT (2) |  | 457 |  |  | 161 |  |  | 61 |  |  | (1,567) |  |  | 30 |  |  | (77) |  |  | — |  |  | (935) |
Depreciation, depletion and amortization |  | (182) |  |  | (116) |  |  | (39) |  |  | (70) |  |  | (5) |  |  | (16) |  |  | — |  |  | (428) |
Total assets |  | 11,717 |  |  | 3,829 |  |  | 1,431 |  |  | 275 |  |  | 375 |  |  | 1,007 |  |  | — |  |  | 18,634 |
(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) attributable to Bunge in the table below. A reconciliation of Total Segment EBIT to Net income (loss) attributable to Bunge follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(US$ in millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Net income (loss) attributable to Bunge |  | $ | 262 |  |  | $ | (1,488) |  |  | $ | 594 |  |  | $ | (1,229) |
Interest income |  | (5) |  |  | (8) |  |  | (18) |  |  | (22) |
Interest expense |  | 56 |  |  | 86 |  |  | 195 |  |  | 249 |
Income tax expense (benefit) |  | 38 |  |  | (28) |  |  | 151 |  |  | 70 |
Noncontrolling interests' share of interest and tax |  | — |  |  | (2) |  |  | (3) |  |  | (3) |
Total Segment EBIT from continuing operations |  | $ | 351 |  |  | $ | (1,440) |  |  | $ | 919 |  |  | $ | (935) |
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 September 30, 2020
(US$ in millions) |  | Agribusiness |  | Edible Oil Products |  | Milling Products |  | Sugar and Bioenergy |  | Fertilizer |  | Total
Sales from other arrangements |  | $ | 6,864 |  |  | $ | 560 |  |  | $ | 16 |  |  | $ | 46 |  |  | $ | — |  |  | $ | 7,486 |
Sales from contracts with customers |  | 244 |  |  | 1,874 |  |  | 400 |  |  | 2 |  |  | 153 |  |  | 2,673 |
Net sales to external customers |  | $ | 7,108 |  |  | $ | 2,434 |  |  | $ | 416 |  |  | $ | 48 |  |  | $ | 153 |  |  | $ | 10,159 |
|  | Three Months Ended September 30, 2019
(US$ in millions) |  | Agribusiness |  | Edible Oil Products |  | Milling Products |  | Sugar and Bioenergy |  | Fertilizer |  | Total
Sales from other arrangements |  | $ | 6,776 |  |  | $ | 526 |  |  | $ | 15 |  |  | $ | 200 |  |  | $ | — |  |  | $ | 7,517 |
Sales from contracts with customers |  | 232 |  |  | 1,793 |  |  | 422 |  |  | 181 |  |  | 178 |  |  | 2,806 |
Net sales to external customers |  | $ | 7,008 |  |  | $ | 2,319 |  |  | $ | 437 |  |  | $ | 381 |  |  | $ | 178 |  |  | $ | 10,323 |
|  | Nine Months Ended September 30, 2020
(US$ in millions) |  | Agribusiness |  | Edible Oil Products |  | Milling Products |  | Sugar and Bioenergy |  | Fertilizer |  | Total
Sales from other arrangements |  | $ | 19,559 |  |  | $ | 1,551 |  |  | $ | 45 |  |  | $ | 116 |  |  | $ | — |  |  | $ | 21,271 |
Sales from contracts with customers |  | 688 |  |  | 5,335 |  |  | 1,168 |  |  | 8 |  |  | 324 |  |  | 7,523 |
Net sales to external customers |  | $ | 20,247 |  |  | $ | 6,886 |  |  | $ | 1,213 |  |  | $ | 124 |  |  | $ | 324 |  |  | $ | 28,794 |
|  | Nine Months Ended September 30, 2019
(US$ in millions) |  | Agribusiness |  | Edible Oil Products |  | Milling Products |  | Sugar and Bioenergy |  | Fertilizer |  | Total
Sales from other arrangements |  | $ | 20,335 |  |  | $ | 1,438 |  |  | $ | 50 |  |  | $ | 556 |  |  | $ | — |  |  | $ | 22,379 |
Sales from contracts with customers |  | 660 |  |  | 5,326 |  |  | 1,243 |  |  | 394 |  |  | 355 |  |  | 7,978 |
Net sales to external customers |  | $ | 20,995 |  |  | $ | 6,764 |  |  | $ | 1,293 |  |  | $ | 950 |  |  | $ | 355 |  |  | $ | 30,357 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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