v3.21.2

TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM (Tables) | 9 Months Ended
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Sep. 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 were as follows:
| Nine Months Ended September 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 | 25 |  | — |  | 25 |
Recoveries | (20) |  | (1) |  | (21) |
Write-offs charged against the allowance | (3) |  | — |  | (3) |
Foreign exchange translation differences | (2) |  | (2) |  | (4) |
Allowance as of September 30, 2021 | $ | 93 |  | $ | 48 |  | $ | 141 |
(1) Long-term portion of the allowance for credit losses included in Other non-current assets.
| Nine Months Ended September 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) | 55 |  | — |  | 55 |
Recoveries | (31) |  | (2) |  | (33) |
Write-offs charged against the allowance | (24) |  | — |  | (24) |
Foreign exchange translation differences | (9) |  | (13) |  | (22) |
Allowance as of September 30, 2020(2) | $ | 99 |  | $ | 50 |  | $ | 149 |
(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, in 2020 the Company was engaged in collection proceedings with a customer in relation to an historical outstanding account receivable. During the nine months ended September 30, 2020, Bunge recorded a $51 million bad debt reserve, within Selling, general and administrative expenses, as well as a $15 million legal provision, within Other income/expense – net, in its condensed consolidated statements of income in relation to the matter. There was no impact to the condensed consolidated statement of income for the three months ended September 30, 2020.
Assets that Continue to be Recognized, Transferred Financial Assets and Other Financial Assets Managed Together |
(US$ in millions) | September 30, 2021 | December 31, 2020
Receivables sold that were derecognized from Bunge's condensed consolidated balance sheet | $ | 1,347 |  | $ | 969 |
Deferred purchase price included in Other current assets(1) | $ | 544 |  | $ | 177 |
(1) Bunge's risk of loss following the sale of the trade receivables is limited to the deferred purchase price (the “DPP”), included in Other current assets in the consolidated balance sheets (see Note 7- Other Current Assets). The DPP will be repaid in cash as receivables are collected, generally within 30 days. Delinquencies and credit losses on trade receivables sold under the Program were $3 million and $5 million at September 30, 2021 and December 31, 2020, respectively. The table below summarizes the cash flows and discounts of Bunge’s trade receivables associated with the Program. Servicing fees under the Program were not significant in any period.
| Nine Months Ended September 30,
(US$ in millions) | 2021 | 2020
Gross receivables sold | $ | 10,658 |  | $ | 7,663 |
Proceeds received in cash related to transfer of receivables | $ | 10,015 |  | $ | 7,452 |
Cash collections from customers on receivables previously sold | $ | 10,061 |  | $ | 6,662 |
Discounts related to gross receivables sold included in Selling, general and administrative expense | $ | 6 |  | $ | 8 |

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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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