v3.21.1

DEBT | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
DEBT | DEBT Bunge’s commercial paper program is supported by an identical amount of committed back-up bank credit lines (the “Liquidity Facility”) provide d by banks that are rated at least A-1 by Standard & Poor’s Financial Services and P-1 by Moody’s Investors Service. The cost of borrowing under the Liquidity Facility would typically be higher than the cost of issuing under Bunge’s commercial paper program. At March 31, 2021, there were no borrowings outstanding under the commercial paper program and no borrowings under the Liquidity Facility, and at December 31, 2020, $549 million of borrowings were outstanding under the commercial paper program and no borrowings were outstanding under the Liquidity Facility. The Liquidity Facility is Bunge's only revolving credit facility that requires lenders to maintain minimum credit ratings. On February 23, 2021, Bunge entered into an unsecured $375 million 364-day Revolving Credit Agreement (the “$375 million Credit Agreement”) with a lender. The $375 million Credit Agreement will bear interest at LIBOR plus an applicable margin, as defined in the $375 million Credit Agreement. The $375 million Credit Agreement matures on February 22, 2022, and there were no borrowings outstanding under this facility as of March 31, 2021. At March 31, 2021, Bunge had total committed credit facilities of $5,940 million with a number of financial institutions, of which $5,840 million was unused and available. At December 31, 2020, Bunge had total c ommitted credit facilities of $5,565 million with a number of financial institutions, of which $4,072 million was unused and available. In addition to committed facilities, from time to time, Bunge Limited and/or its financing subsidiaries enter into uncommitted bilateral short-term credit lines as necessary based on its financing requirements. At March 31, 2021 and December 31, 2020 there were $1,250 million and $550 million borrowings, respectively, outstanding under these bilateral short-term credit lines. Loans under such credit lines are non-callable by the respective lenders. In addition, Bunge's operating companies had $981 million and $785 million in short-term borrowings outstanding under local bank lines of credit at March 31, 2021 and December 31, 2020, respectively, to support working capital requirements. On February 25, 2021, Bunge entered into an unsecured syndicated $250 million 364-day term loan (the “$250 Million Term Loan”) with a group of lenders. The $250 Million Term Loan bears interest at LIBOR plus an applicable margin, as defined in the $250 Million Term Loan. The $250 Million Term Loan matures on February 24, 2022 and was fully drawn as of March 31, 2021. On February 23, 2021, Bunge entered into an unsecured $125 million 364-day term loan (the “$125 Million Term Loan”) with a lender. The $125 Million Term Loan bears interest at LIBOR plus an applicable margin, as defined in the $125 Million Term Loan. The $125 Million Term Loan matures on February 22, 2022, and was fully drawn as of March 31, 2021. The fair value of Bunge’s long-term debt is based on interest rates currently available on comparable maturities to companies with credit standing similar to that of Bunge. The carrying amounts and fair value of long-term debt are as follows:
| March 31, 2021 |  | December 31, 2020
(US$ in millions) | Carrying Value | Fair Value (Level 2) |  |  |  | Carrying Value | Fair Value (Level 2) |  |
Long-term debt, including current portion | $ | 4,350 |  | $ | 4,546 |  |  |  |  | $ | 4,460 |  | $ | 4,646 |  |  |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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