v3.21.2

TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM (Tables) | 6 Months Ended
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Jun. 30, 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:
| Six Months Ended June 30, 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 | 17 |  | — |  | 17 |
Recoveries | (13) |  | (1) |  | (14) |
Write-offs charged against the allowance | (2) |  | — |  | (2) |
Foreign exchange translation differences | (1) |  | 1 |  | — |
Allowance as of June 30, 2021 | $ | 94 |  | $ | 51 |  | $ | 145 |
(1) Long-term portion of the allowance for credit losses included in Other non-current assets.
| Six Months Ended June 30, 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(2) | 42 |  | — |  | 42 |
Recoveries | (21) |  | (2) |  | (23) |
Write-offs charged against the allowance | (21) |  | — |  | (21) |
Foreign exchange translation differences | (13) |  | (12) |  | (25) |
Allowance as of June 30, 2020(2) | $ | 95 |  | $ | 51 |  | $ | 146 |
(1) Long-term portion of the allowance for credit losses included in Other non-current assets. (2) In addition to the above mentioned prior period provisions associated with lifetime expected credit losses, at June 30, 2020, the Company was engaged in collection proceedings with a customer in relation to an outstanding account receivable dating from 2015. During the three months ended June 30, 2020, Bunge recorded a $51 million bad debt reserve, within Selling, general and administrative expenses, as well as a $15 million legal provision, within Other income/expense – net, in its condensed consolidated statements of income in relation to the matter.
Assets that Continue to be Recognized, Transferred Financial Assets and Other Financial Assets Managed Together |
(US$ in millions) | June 30, 2021 | December 31, 2020
Receivables sold that were derecognized from Bunge's condensed consolidated balance sheet | $ | 1,227 |  | $ | 969 |
Deferred purchase price included in Other current assets | $ | 427 |  | $ | 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.
| Six Months Ended June 30,
(US$ in millions) | 2021 | 2020
Gross receivables sold | $ | 6,915 |  | $ | 4,942 |
Proceeds received in cash related to transfer of receivables | $ | 6,423 |  | $ | 4,759 |
Cash collections from customers on receivables previously sold | $ | 6,545 |  | $ | 4,389 |
Discounts related to gross receivables sold included in Selling, general and administrative expense | $ | 4 |  | $ | 6 |

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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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