v3.21.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Effective January 1, 2021, the Company changed its reporting segments to align with its new value chain operational structure. See Note 1 - Basis of Presentation, Principles of Consolidation, And Significant Accounting Policies.
The Company's operations are now organized, managed and classified into four reportable segments - Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy, based upon their similar economic characteristics, products and services offered, production processes, types and classes of customer, and distribution methods. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as Corporate and Other.
The Agribusiness reportable segment is characterized by both inputs and outputs being agricultural commodities and thus high volume and low margin. The Refined and Specialty Oils reportable segment involves the processing, production and marketing of products derived from vegetable oils. The Milling reportable segment involves the processing, production and marketing of products derived primarily from wheat and corn. The Sugar and Bioenergy reportable segment primarily comprises the net earnings in the Company’s 50% interest in BP Bunge Bioenergia, a joint venture with BP p.l.c. (“BP”).
Corporate and Other includes salaries and overhead for corporate functions that are not allocated to the Company’s individual reporting segments because the operating performance of each reporting segment is evaluated by the Company's chief operating decision maker exclusive of these items, as well as certain other activities including Bunge Ventures, the Company's captive insurance, and securitization activities.
Transfers between segments are generally valued at market. Segment revenues generated from these transfers are shown in the following table as “Inter-segment revenues.”
Three Months Ended March 31, 2021
(US$ in millions)
AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherEliminationsTotal
Net sales to external customers$9,791 $2,726 $390 $54 $— $— $12,961 
Inter–segment revenues1,466 102 93 — — (1,661)— 
Cost of goods sold(8,905)(2,491)(356)(54)(8)— (11,814)
Gross profit886 235 34 — (8)— 1,147 
Selling, general and administrative expenses(80)(86)(23)— (82)— (271)
Foreign exchange gains (losses)(8)2 (3)— (1)— (10)
EBIT attributable to noncontrolling interests (1)
(8)(79)— — — — (87)
Other income (expense) - net22 236 — — 5 — 263 
Income (loss) from affiliates24 — — 20 — — 44 
Total Segment EBIT (2)
836 308 8 20 (86)01,086 
Depreciation, depletion and amortization(51)(37)(11)— (7)— (106)
Total assets18,584 3,745 1,252 129 823 — 24,533 
Three Months Ended March 31, 2020
(US$ in millions)AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherEliminationsTotal
Net sales to external customers$6,382 $2,325 $416 $50 $— $— $9,173 
Inter–segment revenues1,207 43 2 — — (1,252)— 
Cost of goods sold(6,385)(2,197)(368)(48)(1)— (8,999)
Gross profit(3)128 48 2 (1)— 174 
Selling, general and administrative expenses(109)(94)(26)(1)(65)— (295)
Foreign exchange gains (losses)(12)7 (3)— 2 — (6)
EBIT attributable to noncontrolling interests (1)
2 6 — — — — 8 
Other income (expense) - net(8)— (1)— — — (9)
Income (loss) from affiliates9 — — (51)— — (42)
Total Segment EBIT (2)
(121)47 18 (50)(64)0(170)
Depreciation, depletion and amortization(57)(37)(12)— (7)— (113)
Total assets13,054 3,330 1,214 303 695 — 18,596 
(1)     Include noncontrolling interests' share of interest and tax with EBIT attributable to noncontrolling interests in order to reconcile to consolidated Noncontrolling interests.
(2)     Total segment earnings before interest and taxes (“EBIT”) is an operating performance measure used by Bunge’s management to evaluate segment operating activities. Bunge’s management believes Total Segment EBIT is a useful measure of operating profitability, since the measure allows for an evaluation of the performance of its segments without regard to its financing methods or capital structure. In addition, Total Segment EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industry. However, Total Segment EBIT is a non-GAAP financial measure and is not intended to replace Net income (loss) attributable to Bunge, the most directly comparable U.S. GAAP financial measure. Further, Total Segment EBIT is not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss) or any other measure of consolidated operating results under U.S. GAAP. See the reconciliation of Total Segment EBIT to Net income (loss) attributable to Bunge in the table below.
A reconciliation of Total Segment EBIT to Net income (loss) attributable to Bunge follows:
Three Months Ended
March 31,
(US$ in millions)20212020
Net income (loss) attributable to Bunge$831 $(184)
Interest income(9)(7)
Interest expense73 77 
Income tax expense (benefit)192 (55)
Noncontrolling interests' share of interest and tax(1)(1)
Total Segment EBIT from continuing operations$1,086 $(170)
The Company’s Net sales comprises sales from commodity contracts that are accounted for under ASC 815, Derivatives and Hedging (ASC 815) and sales of other products and services that are accounted for under ASC 606, Revenue from Contracts with Customers (ASC 606). The following tables provide a disaggregation of Net sales to external customers between sales from contracts with customers and sales from other arrangements:
Three Months Ended March 31, 2021
(US$ in millions)AgribusinessRefined and Specialty Oils
Milling (1)
Sugar and
Bioenergy		Total
Sales from other arrangements$9,359 $186 $(6)$54 $9,593 
Sales from contracts with customers432 2,540 396 — 3,368 
Net sales to external customers$9,791 $2,726 $390 $54 $12,961 
(1)         Sales from other arrangements impacted by indirect taxes associated with intercompany sales activity.
Three Months Ended March 31, 2020
(US$ in millions)AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Total
Sales from other arrangements$6,084 $491 $16 $47 $6,638 
Sales from contracts with customers298 1,834 400 3 2,535 
Net sales to external customers$6,382 $2,325 $416 $50 $9,173