v3.20.2
SEGMENT INFORMATION
 9 Months Ended
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)
AgribusinessEdible
Oil
Products		Milling
Products		Sugar and
Bioenergy		FertilizerCorporate and OtherEliminationsTotal
Net sales to external customers$7,108 $2,434 $416 $48 $153 $— $— $10,159 
Inter–segment revenues1,293 78 — 1 1 — (1,373)— 
Foreign exchange gains (losses)59 (3)1 — 1 (4)— 54 
Noncontrolling interests (1)
(2)(2)— — (1)— — (5)
Other income (expense) – net16 (1)— — — 2 — 17 
Income (loss) from affiliates18 — (1)18 — — — 35 
Segment EBIT (2)
299 76 16 23 29 (92)— 351 
Depreciation, depletion and amortization(51)(38)(10)— (1)(6)— (106)
Total assets14,650 3,746 1,240 166 283 676 — 20,761 
Three Months Ended September 30, 2019
(US$ in millions)AgribusinessEdible
Oil
Products		Milling
Products		Sugar and
Bioenergy		FertilizerCorporate and OtherEliminationsTotal
Net sales to external customers$7,008 $2,319 $437 $381 $178 $— $— $10,323 
Inter–segment revenues1,225 37 1 — 8 — (1,271)— 
Foreign exchange gains (losses)(57)5 — (78)— 1 — (129)
Noncontrolling interests (1)
2 (6)— (1)(1)— — (6)
Other income (expense) – net16 (13)(3)3 1 (8)— (4)
Income (loss) from affiliates10 — — (2)— — — 8 
Segment EBIT (2)
107 59 14 (1,543)22 (99)— (1,440)
Depreciation, depletion and amortization(61)(38)(13)(15)(2)(5)— (134)
Total assets11,717 3,829 1,431 275 375 1,007 — 18,634 
Nine Months Ended September 30, 2020
(US$ in millions)AgribusinessEdible
Oil
Products		Milling
Products		Sugar and
Bioenergy		FertilizerCorporate and OtherEliminationsTotal
Net sales to external customers$20,247 $6,886 $1,213 $124 $324 $— $— $28,794 
Inter–segment revenues3,756 164 — 1 2 — (3,923)— 
Foreign exchange gains (losses)76 — 1 — 1 (3)— 75 
Noncontrolling interests (1)
(6)5 — (1)— — — (2)
Other income (expense) – net40 (3)(1)— — 1 — 37 
Income (loss) from affiliates43 — (1)(118)— — — (76)
Segment EBIT (2)
1,015 173 64 (112)53 (274)— 919 
Depreciation, depletion and amortization(158)(112)(33)— (4)(16)— (323)
Total assets14,650 3,746 1,240 166 283 676 — 20,761 
Nine Months Ended September 30, 2019
(US$ in millions)AgribusinessEdible
Oil
Products		Milling
Products		Sugar and
Bioenergy		FertilizerCorporate and OtherEliminationsTotal
Net sales to external customers$20,995 $6,764 $1,293 $950 $355 $— $— $30,357 
Inter–segment revenues3,471 110 1 1 28 — (3,611)— 
Foreign exchange gains (losses)(76)4 3 (80)— 2 — (147)
Noncontrolling interests (1)
5 (12)— (1)(1)— — (9)
Other income (expense) – net65 (18)3 1 — 150 — 201 
Income (loss) from affiliates24 — — (3)— — — 21 
Segment EBIT (2)
457 161 61 (1,567)30 (77)— (935)
Depreciation, depletion and amortization(182)(116)(39)(70)(5)(16)— (428)
Total assets11,717 3,829 1,431 275 375 1,007 — 18,634 
(1)     Include noncontrolling interests' share of interest and tax to reconcile to consolidated Noncontrolling interests.
(2)     Total segment earnings before interest and taxes (“EBIT”) is an operating performance measure used by Bunge’s management to evaluate segment operating activities. Bunge’s management believes Total Segment EBIT is a useful measure of operating profitability, since the measure allows for an evaluation of the performance of its segments without regard to its financing methods or capital structure. In addition, Total Segment EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industry. However, Total Segment EBIT is a non-GAAP financial measure and is not intended to replace Net income (loss) attributable to Bunge, the most directly comparable U.S. GAAP financial measure. Further, Total Segment EBIT is not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss) or any other measure of consolidated operating results under U.S. GAAP. See the reconciliation of Total Segment EBIT to Net income (loss) attributable to Bunge in the table below.
A reconciliation of Total Segment EBIT to Net income (loss) attributable to Bunge follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(US$ in millions)2020201920202019
Net income (loss) attributable to Bunge$262 $(1,488)$594 $(1,229)
Interest income(5)(8)(18)(22)
Interest expense56 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)AgribusinessEdible
Oil
Products		Milling
Products		Sugar and
Bioenergy		FertilizerTotal
Sales from other arrangements$6,864 $560 $16 $46 $— $7,486 
Sales from contracts with customers244 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)AgribusinessEdible
Oil
Products		Milling
Products		Sugar and
Bioenergy		FertilizerTotal
Sales from other arrangements$6,776 $526 $15 $200 $— $7,517 
Sales from contracts with customers232 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)AgribusinessEdible
Oil
Products		Milling
Products		Sugar and
Bioenergy		FertilizerTotal
Sales from other arrangements$19,559 $1,551 $45 $116 $— $21,271 
Sales from contracts with customers688 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)AgribusinessEdible
Oil
Products		Milling
Products		Sugar and
Bioenergy		FertilizerTotal
Sales from other arrangements$20,335 $1,438 $50 $556 $— $22,379 
Sales from contracts with customers660 5,326 1,243 394 355 7,978 
Net sales to external customers$20,995 $6,764 $1,293 $950 $355 $30,357