v3.21.1

OTHER NON-CURRENT ASSETS (Tables) | 3 Months Ended
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Mar. 31, 2021
Other Assets, Noncurrent [Abstract] |
Schedule of other non-current assets | Other non-current assets consist of the following:
(US$ in millions) | March 31, 2021 | December 31, 2020
Recoverable taxes, net (1) | $ | 109 |  | $ | 115 |
Judicial deposits (1) | 74 |  | 72 |
Other long-term receivables, net | 11 |  | 12 |
Income taxes receivable | 138 |  | 150 |
Long-term investments (2) | 144 |  | 136 |
Affiliate loans receivable | 16 |  | 15 |
Long-term receivables from farmers in Brazil, net (1) | 89 |  | 38 |
Unrealized gains on derivative contracts, at fair value | 65 |  | 111 |
Other | 89 |  | 97 |
Total | $ | 735 |  | $ | 746 |
(1) A significant portion of these non-current assets arise from the Company’s Brazilian operations and their realization could take several years. (2) As of March 31, 2021 and December 31, 2020, $12 million and $12 million, respectively, of long-term investments are recorded at fair value.
Summary of gross investment in long-term receivables and the related allowance amounts from Brazilian farmers | The table below summarizes the Company’s recorded investment in long-term receivables from farmers in Brazil and the related allowance amounts.
| March 31, 2021 |  | December 31, 2020
(US$ in millions) | Recorded Investment | Allowance |  | Recorded Investment | Allowance
For which an allowance has been provided: |  |  |  |  |
Legal collection process (1) | $ | 61 |  | $ | 53 |  |  | $ | 73 |  | $ | 60 |
Renegotiated amounts | 6 |  | 6 |  |  | 6 |  | 3 |
For which no allowance has been provided: |  |  |  |  |
Legal collection process (1) | 22 |  | — |  |  | 22 |  | — |
Renegotiated amounts (2) | 2 |  | — |  |  | — |  | — |
Other long-term receivables (3) | 57 |  | — |  |  | — |  | — |
Total | $ | 148 |  | $ | 59 |  |  | $ | 101 |  | $ | 63 |
(1) All amounts in legal process are considered past due upon initiation of legal action. (2) These renegotiated amounts are current on repayment terms. (3) New advances expected to be realized through farmer commitments to deliver agricultural commodities in crop periods greater than twelve months from the balance sheet date. Such advances are reclassified from Non-current assets to Current assets in later periods depending on the expected date of their realization.
Summary of the activity in the allowance for doubtful accounts related to long-term receivables from Brazilian farmers | The table below summarizes the activity in the allowance for doubtful accounts related to long-term receivables from farmers in Brazil.
| Three Months Ended March 31, |  |
(US$ in millions) | 2021 | 2020 |  |  |  |
Beginning balance | $ | 63 |  | $ | 96 |  |  |  |  |
Bad debt provisions | 2 |  | 2 |  |  |  |  |
Recoveries | — |  | (8) |  |  |  |  |
Transfers | — |  | — |  |  |  |  |
Foreign exchange translation | (6) |  | (22) |  |  |  |  |
Ending balance | $ | 59 |  | $ | 68 |  |  |  |  |

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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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