v3.20.2

TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM (Tables)

9 Months Ended

Sep. 30, 2020

Transfers and Servicing [Abstract]

Changes to the Allowance for Lifetime Expected Credit Losses Related to Accounts Receivable

Changes to the allowance for lifetime expected credit losses related to trade accounts receivable are as follows:

Rollforward of the Allowance for Credit Losses (US$ in millions)			Short-term			Long-term (1)			Total
Allowance as of January 1, 2020			$	108		$	65		$	173
Current period provisions (2)			55			—			55
Recoveries			(31)			(2)			(33)
Write-offs charged against the allowance			(24)			—			(24)
Foreign exchange translation differences			(9)			(13)			(22)
Allowance as of September 30, 2020 (2)			$	99		$	50		$	149

(1)     Long-term portion of the allowance for credit losses included in Other non-current assets.

(2) In addition to the above mentioned current period provisions associated with lifetime expected credit losses, in 2020 the Company was engaged in collection proceedings with a customer in relation to an outstanding account receivable dating from 2015. For the nine months ended September 30, 2020, Bunge recorded a $51 million bad debt reserve, within Selling, general and administrative expenses, as well as a $15 million legal provision, within Other income (expense) – net, in its condensed consolidated statement of income in relation to the matter. There was no impact to the condensed consolidated statement of income for the three months ended September 30, 2020. As the litigation is ongoing, it is at least reasonably possible that the estimated amount of the loss will change in the near term.

Assets that Continue to be Recognized, Transferred Financial Assets and Other Financial Assets Managed Together

(US$ in millions)						September 30, 2020						December 31, 2019
Receivables sold which were derecognized from Bunge's balance sheet						$	885					$	801
Deferred purchase price included in other current assets						$	118					$	105

    The table below summarizes the cash flows and discounts of Bunge’s trade receivables associated with the Program. Servicing fees under the Program were not significant in any period.

						Nine Months Ended September 30,
(US$ in millions)						2020						2019
Gross receivables sold						$	7,663					$	7,287
Proceeds received in cash related to transfer of receivables						$	7,452					$	7,069
Cash collections from customers on receivables previously sold						$	6,662					$	5,949
Discounts related to gross receivables sold included in SG&A						$	8					$	12

X

- Definition

Tabular disclosure of allowance for credit loss on accounts receivable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919249-210447

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- Definition

Tabular disclosure of transferred financial assets that continue to be recognized and other financial assets that it manages together with them. Includes, but is not limited to, delinquencies and credit losses, after recoveries.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 4
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107314-111719

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