v3.21.2

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Operating Segment Information

Segment revenues generated from these transfers are shown in the following table as “Inter-segment revenues.”

			Three Months Ended June 30, 2021
(US$ in millions)			Agribusiness			Refined and Specialty Oils			Milling			Sugar and Bioenergy			Corporate and Other			Eliminations			Total
Net sales to external customers			$	11,654		$	3,198		$	471		$	68		$	—		$	—		$	15,391
Inter–segment revenues			2,045			125			15			—			—			(2,185)			—
Cost of goods sold			(11,244)			(3,003)			(414)			(67)			2			—			(14,726)
Gross profit			410			195			57			1			2			—			665
Selling, general and administrative expenses			(114)			(90)			(25)			—			(68)			—			(297)
Foreign exchange gains (losses)			36			1			2			—			(4)			—			35
EBIT attributable to noncontrolling interests (1)			(3)			(5)			—			—			—			—			(8)
Other income (expense) - net			24			1			—			—			10			—			35
Income (loss) from affiliates			11			—			—			18			—			—			29
Total Segment EBIT (2)			364			102			34			19			(60)			0			459
Depreciation, depletion and amortization			50			38			11			—			7			—			106
Total assets			18,541			4,096			1,370			171			907			—			25,085

			Three Months Ended June 30, 2020
(US$ in millions)			Agribusiness			Refined and Specialty Oils			Milling			Sugar and Bioenergy			Corporate and Other			Eliminations			Total
Net sales to external customers			$	6,925		$	2,129		$	382		$	26		$	—		$	—		$	9,462
Inter–segment revenues			1,262			50			3			—			—			(1,315)			—
Cost of goods sold			(6,018)			(1,983)			(329)			(26)			(1)			—			(8,357)
Gross profit			907			146			53			—			(1)			—			1,105
Selling, general and administrative expenses			(109)			(89)			(28)			—			(120)			—			(346)
Foreign exchange gains (losses)			31			(4)			—			—			—			—			27
EBIT attributable to noncontrolling interests (1)			(8)			—			—			—			—			—			(8)
Other income (expense) - net			31			(2)			—			—			(2)			—			27
Income (loss) from affiliates			21			—			—			(88)			—			—			(67)
Total Segment EBIT (2)			873			51			25			(88)			(123)			0			738
Depreciation, depletion and amortization			50			37			11			—			6			—			104
Total assets			13,356			3,350			1,180			154			519			—			18,559

			Six Months Ended June 30, 2021
(US$ in millions)			Agribusiness			Refined and Specialty Oils			Milling			Sugar and Bioenergy			Corporate and Other			Eliminations			Total
Net sales to external customers			$	21,444		$	5,924		$	862		$	122		$	—		$	—		$	28,352
Inter–segment revenues			$	3,511		$	227		$	108		$	—		$	—		$	(3,846)		$	—
Cost of goods sold			(20,149)			(5,494)			(771)			(120)			(6)			—			(26,540)
Gross profit			1,295			430			91			2			(6)			—			1,812
Selling, general and administrative expenses			(194)			(176)			(48)			—			(150)			—			(568)
Foreign exchange gains (losses)			29			2			—			—			(6)			—			25
EBIT attributable to noncontrolling interests (1)			(11)			(83)			(1)			—			—			—			(95)
Other income (expense) - net			46			237			—			—			15			—			298
Income (loss) from affiliates			35			—			—			37			1			—			73
Total Segment EBIT (2)			1,200			410			42			39			(146)			—			1,545
Depreciation, depletion and amortization			102			75			21			—			14			—			212
Total assets			18,541			4,096			1,370			171			907			—			25,085

			Six Months Ended June 30, 2020
(US$ in millions)			Agribusiness			Edible Oil Products			Milling Products			Sugar and Bioenergy			Corporate and Other			Eliminations			Total
Net sales to external customers			$	13,307		$	4,455		$	797		$	76		$	—		$	—		$	18,635
Inter–segment revenues			2,468			93			5			—			—			(2,566)			—
Cost of goods sold			(12,403)			(4,180)			(697)			(74)			(2)			—			(17,356)
Gross profit			904			275			100			2			(2)			—			1,279
Selling, general and administrative expenses			(218)			(183)			(54)			(1)			(185)			—			(641)
Foreign exchange gains (losses)			19			3			(2)			—			1			—			21
EBIT attributable to noncontrolling interests (1)			(5)			5			—			—			—			—			—
Other income (expense) - net			24			(2)			(1)			—			(1)			—			20
Income (loss) from affiliates			28			—			—			(139)			—			—			(111)
Total Segment EBIT (2)			752			98			43			(138)			(187)			—			568
Depreciation, depletion and amortization			107			74			23			—			13			—			217
Total assets			13,356			3,350			1,180			154			519			—			18,559

(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.

Reconciliation of Total Segment EBIT to net income attributable to Bunge

A reconciliation of Total Segment EBIT to Net income (loss) attributable to Bunge follows:

			Three Months Ended June 30,									Six Months Ended June 30,
(US$ in millions)			2021			2020						2021						2020
Net income (loss) attributable to Bunge			$	362		$	516					$	1,194					$	332
Interest income			(6)			(6)						(15)						(13)
Interest expense			54			62						127						139
Income tax expense (benefit)			50			168						242						113
Noncontrolling interests' share of interest and tax			(1)			(2)						(3)						(3)
Total Segment EBIT from continuing operations			$	459		$	738					$	1,545					$	568

Net sales by product group to external customers

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 June 30, 2021
(US$ in millions)			Agribusiness			Refined and Specialty Oils			Milling			Sugar and Bioenergy			Total
Sales from other arrangements			$	11,128		$	243		$	6		$	67		$	11,444
Sales from contracts with customers			526			2,955			465			1			3,947
Net sales to external customers			$	11,654		$	3,198		$	471		$	68		$	15,391

			Three Months Ended June 30, 2020
(US$ in millions)			Agribusiness			Refined and Specialty Oils			Milling			Sugar and Bioenergy			Total
Sales from other arrangements			$	6,612		$	497		$	14		$	24		$	7,147
Sales from contracts with customers			313			1,632			368			2			2,315
Net sales to external customers			$	6,925		$	2,129		$	382		$	26		$	9,462

			Six Months Ended June 30, 2021
(US$ in millions)			Agribusiness			Refined and Specialty Oils			Milling			Sugar and Bioenergy			Total
Sales from other arrangements			$	20,486		$	429		$	—		$	120		$	21,035
Sales from contracts with customers			958			5,495			862			2			7,317
Net sales to external customers			$	21,444		$	5,924		$	862		$	122		$	28,352

			Six Months Ended June 30, 2020
(US$ in millions)			Agribusiness			Refined and Specialty Oils			Milling			Sugar and Bioenergy			Total
Sales from other arrangements			$	12,695		$	989		$	30		$	70		$	13,784
Sales from contracts with customers			612			3,466			767			6			4,851
Net sales to external customers			$	13,307		$	4,455		$	797		$	76		$	18,635

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Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information.

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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