v3.20.2

SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
Operating Segment Information | 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.
Reconciliation of Total Segment EBIT to net income attributable to Bunge | 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) |
Net sales by product group to external customers | 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 Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
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