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PORTFOLIO RATIONALIZATION INITIATIVES | 3 Months Ended
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Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract] |
PORTFOLIO RATIONALIZATION INITIATIVES | PORTFOLIO RATIONALIZATION INITIATIVES US Grain Disposition On April 21, 2020, Bunge announced that it had entered into an agreement to sell a portfolio of interior grain elevators located in the United States, in exchange for cash proceeds of $300 million plus working capital, subject to customary closing adjustments. In connection with this agreement, the Company classified the assets and liabilities to be sold, which are reported under the Agribusiness reportable segment, as held for sale in its condensed consolidated financial statements as of March 31, 2021. The following table presents the disposal group's major classes of assets and liabilities included in Assets held for sale and Liabilities held for sale, respectively, on the condensed consolidated balance sheets at March 31, 2021:
(US$ in millions) | March 31, 2021 |
Inventories | $ | 190 |  |
Other current assets | 92 |  |
Property, plant and equipment, net | 127 |  |
Operating lease assets | 7 |  |
Goodwill | 9 |  |
Assets held for sale | $ | 425 |  |
Trade accounts payable | $ | 73 |  |
Current operating lease obligations | 1 |  |
Other current liabilities | 3 |  |
Non-current operating lease obligations | 7 |  |
Liabilities held for sale | $ | 84 |  |
Rotterdam Oils Refinery Disposition On November 4, 2020, Bunge announced that its Bunge Loders Croklaan joint venture had entered into an agreement to sell its oil refinery located in Rotterdam, Netherlands. Bunge will lease back the facility from the buyer in a phased transition through 2024 so that it can continue to supply its customers with its products. The transaction, accounted for as an asset sale, closed during the first quarter of 2021. The Company recorded a gain of $219 million on the sale, which was recorded within Other income (expense)—net on the condensed consolidated statement of income. The following table presents the book value of the major classes of assets and liabilities included in the disposal group, which was reported under the Refined and Specialty Oils reportable segment:
(US$ in millions) |  |  |
Other current assets | $ | 3 |  |  |
Property, plant and equipment, net | 94 |  |  |
Operating lease assets | 6 |  |  |
Assets | $ | 103 |  |  |
Current operating lease obligations | $ | 1 |  |  |
Other current liabilities | 5 |  |  |
Deferred income taxes | 7 |  |  |
Non-current lease obligations | 5 |  |  |
Liabilities | $ | 18 |  |  |
Mexico Oils Facility Disposition During the quarter ended March 31, 2021, Bunge completed the sale of its oils packaging facility in Queretaro, Mexico. The transaction primarily includes the location's property, plant and equipment and related processes. The Company recorded a gain of $19 million on the sale, which was recorded within Other income (expense)—net on the condensed consolidated statement of income. The following table presents the book value of the major classes of assets included in the disposal group, which was reported under the Refined and Specialty Oils repo rtable segment.
(US$ in millions) |  |
Property, plant and equipment, net | $ | 7 |  |
Goodwill | 1 |  |
Assets | $ | 8 |  |

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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