v3.21.1

TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM (Tables) | 3 Months Ended
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Mar. 31, 2021
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:
| Three Months Ended March 31, 2021
Rollforward of the Allowance for Credit Losses (US$ in millions) | Short-term | Long-term (1) | Total
Allowance as of January 1, 2021 | $ | 93 |  | $ | 51 |  | $ | 144 |
Current period provisions | 7 |  | — |  | 7 |
Recoveries | (9) |  | — |  | (9) |
Write-offs charged against the allowance | (1) |  | — |  | (1) |
Foreign exchange translation differences | (2) |  | (3) |  | (5) |
Allowance as of March 31, 2021 | $ | 88 |  | $ | 48 |  | $ | 136 |
(1) Long-term portion of the allowance for credit losses included in Other non-current assets.
| Three Months Ended March 31, 2020
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 | 13 |  | — |  | 13 |
Write-offs charged against the allowance | (1) |  | — |  | (1) |
Foreign exchange translation differences | (3) |  | (10) |  | (13) |
Allowance as of March 31, 2020 | $ | 117 |  | $ | 55 |  | $ | 172 |
(1) Long-term portion of the allowance for credit losses included in Other non-current assets.
Assets that Continue to be Recognized, Transferred Financial Assets and Other Financial Assets Managed Together |
(US$ in millions) | March 31, 2021 | December 31, 2020
Receivables sold that were derecognized from Bunge's balance sheet | $ | 1,074 |  | $ | 969 |
Deferred purchase price included in other current assets | $ | 235 |  | $ | 177 |
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.
| Three Months Ended March 31,
(US$ in millions) | 2021 | 2020
Gross receivables sold | $ | 3,345 |  | $ | 2,634 |
Proceeds received in cash related to transfer of receivables | $ | 3,067 |  | $ | 2,485 |
Cash collections from customers on receivables previously sold | $ | 3,324 |  | $ | 2,341 |
Discounts related to gross receivables sold included in Selling, general and administrative expense | $ | 2 |  | $ | 3 |

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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 + Details
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