v3.20.2

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2020

Financial Instruments And Fair Value Measurements [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
						September 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)						$	—					$	5,042					$	463					$	5,505					$	—					$	3,703					$	231					$	3,934
Trade accounts receivable (2)						—						2						—						2						—						—						—						—
Unrealized gain on derivative contracts (3):												1
Interest rate						—						116						—						116						—						45						—						45
Foreign exchange						2						440						—						442						—						331						—						331
Commodities						103						1,681						18						1,802						34						481						9						524
Freight						29						—						1						30						10						—						—						10
Energy						28						—						—						28						56						—						—						56
Credit						—						2						—						2						—						—						—						—
Other (4)						10						281						—						291						47						370						—						417
Total assets						$	172					$	7,564					$	482					$	8,218					$	147					$	4,930					$	240					$	5,317
Liabilities:
Trade accounts payable (5)						$	—					$	359					$	60					$	419					$	—					$	347					$	31					$	378
Unrealized loss on derivative contracts (6):
Interest rate						—						21						—						21						—						4						—						4
Foreign exchange						—						801						—						801						—						257						—						257
Commodities						95						1,164						56						1,315						49						388						31						468
Freight						24						—						—						24						10						—						—						10
Energy						25						—						—						25						26						—						2						28
Total liabilities						$	144					$	2,345					$	116					$	2,605					$	85					$	996					$	64					$	1,145

(1)     At September 30, 2020, there were RMI totaling $151 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 $108 million and $39 million included in Other non-current assets at September 30, 2020 and December 31, 2019, respectively. At September 30, 2020 and December 31, 2019, there were $55 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 September 30, 2020 and December 31, 2019, there were $43 million and zero, respectively, included in Liabilities held for sale.

(6)    Unrealized losses on derivative contracts are generally included in Other current liabilities. There are $20 million and $1 million included in Other non-current liabilities at September 30, 2020 and December 31, 2019, respectively. At September 30, 2020 and December 31, 2019, there were $2 million and zero, respectively, included in Liabilities 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 nine months ended September 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 September 30, 2020
(US$ in millions)						Readily Marketable Inventories						Derivatives, Net						Trade Accounts Payable						Total
Balance, July 1, 2020						$	596					$	(13)					$	(133)					$	450
Total gains and losses (realized/unrealized) included in cost of goods sold (1)						268						(36)						2						234
Purchases						532						2						(19)						515
Sales						(814)						—						—						(814)
Issuances						—						(1)						—						(1)
Settlements						—						15						53						68
Transfers into Level 3						201						(2)						(4)						195
Transfers out of Level 3						(320)						(2)						41						(281)
Balance, September 30, 2020						$	463					$	(37)					$	(60)					$	366

(1) Readily marketable inventories, derivatives, net and trade accounts payable, include gains/(losses) of $174 million, $(37) million and $2 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2020.

						Three Months Ended September 30, 2019
(US$ in millions)						Readily Marketable Inventories						Derivatives, Net						Trade Accounts Payable						Total
Balance, July 1, 2019						$	772					$	(14)					$	(335)					$	423
Total gains and losses (realized/unrealized) included in cost of goods sold (1)						81						—						1						82
Purchases						329						—						(14)						315
Sales						(744)						—						—						(744)
Issuances						—						—						—						—
Settlements						—						2						158						160
Transfers into Level 3						213						1						(1)						213
Transfers out of Level 3						(68)						—						1						(67)
Balance, September 30, 2019						$	583					$	(11)					$	(190)					$	382

(1)    Readily marketable inventories, derivatives, net and trade accounts payable, includes gains/(losses) of $60 million, $(1) million and zero, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2019.

						Nine Months Ended September 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)						583						(33)						15						565
Purchases						1,877						3						(296)						1,584
Sales						(2,410)						—						—						(2,410)
Issuances						—						(3)						—						(3)
Settlements						—						15						221						236
Transfers into Level 3						748						8						(77)						679
Transfers out of Level 3						(566)						(3)						108						(461)
Balance, September 30, 2020						$	463					$	(37)					$	(60)					$	366

(1) Readily marketable inventories, derivatives, net and trade accounts payable, include gains/(losses) of $334 million, $(33) million and $15 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2020.

						Nine Months Ended September 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)						263						(6)						14						271
Purchases						1,654						—						(446)						1,208
Sales						(2,077)						—						—						(2,077)
Issuances						—						(1)						—						(1)
Settlements						—						2						303						305
Transfers into Level 3						678						—						(30)						648
Transfers out of Level 3						(181)						—						16						(165)
Balance, September 30, 2019						$	583					$	(11)					$	(190)					$	382

(1) Readily marketable inventories, derivatives, net and trade accounts payable, include gains/(losses) of $160 million, $(10) million and zero, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 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 nine months ended September 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 September 30, 2020
(US$ in millions)						Readily Marketable Inventories						Derivatives, Net						Trade Accounts Payable						Total
Balance, July 1, 2020						$	596					$	(13)					$	(133)					$	450
Total gains and losses (realized/unrealized) included in cost of goods sold (1)						268						(36)						2						234
Purchases						532						2						(19)						515
Sales						(814)						—						—						(814)
Issuances						—						(1)						—						(1)
Settlements						—						15						53						68
Transfers into Level 3						201						(2)						(4)						195
Transfers out of Level 3						(320)						(2)						41						(281)
Balance, September 30, 2020						$	463					$	(37)					$	(60)					$	366

(1) Readily marketable inventories, derivatives, net and trade accounts payable, include gains/(losses) of $174 million, $(37) million and $2 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2020.

						Three Months Ended September 30, 2019
(US$ in millions)						Readily Marketable Inventories						Derivatives, Net						Trade Accounts Payable						Total
Balance, July 1, 2019						$	772					$	(14)					$	(335)					$	423
Total gains and losses (realized/unrealized) included in cost of goods sold (1)						81						—						1						82
Purchases						329						—						(14)						315
Sales						(744)						—						—						(744)
Issuances						—						—						—						—
Settlements						—						2						158						160
Transfers into Level 3						213						1						(1)						213
Transfers out of Level 3						(68)						—						1						(67)
Balance, September 30, 2019						$	583					$	(11)					$	(190)					$	382

(1)    Readily marketable inventories, derivatives, net and trade accounts payable, includes gains/(losses) of $60 million, $(1) million and zero, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2019.

						Nine Months Ended September 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)						583						(33)						15						565
Purchases						1,877						3						(296)						1,584
Sales						(2,410)						—						—						(2,410)
Issuances						—						(3)						—						(3)
Settlements						—						15						221						236
Transfers into Level 3						748						8						(77)						679
Transfers out of Level 3						(566)						(3)						108						(461)
Balance, September 30, 2020						$	463					$	(37)					$	(60)					$	366

(1) Readily marketable inventories, derivatives, net and trade accounts payable, include gains/(losses) of $334 million, $(33) million and $15 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2020.

						Nine Months Ended September 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)						263						(6)						14						271
Purchases						1,654						—						(446)						1,208
Sales						(2,077)						—						—						(2,077)
Issuances						—						(1)						—						(1)
Settlements						—						2						303						305
Transfers into Level 3						678						—						(30)						648
Transfers out of Level 3						(181)						—						16						(165)
Balance, September 30, 2019						$	583					$	(11)					$	(190)					$	382

(1) Readily marketable inventories, derivatives, net and trade accounts payable, include gains/(losses) of $160 million, $(10) million and zero, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2019.

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- Definition

Financial Instruments And Fair Value Measurements [Abstract]

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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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