v3.21.2

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Financial Instruments And Fair Value Measurements [Abstract]

Hierarchy Levels that may be Used to Measure Fair Value

The fair value standard describes three levels within its hierarchy that may be used to measure fair value.

Level			Description			Financial Instrument (Assets / Liabilities)
Level 1			Quoted prices (unadjusted) in active markets for identical assets or liabilities.			Exchange traded derivative contracts. Marketable securities in active markets.
Level 2			Observable inputs, including adjusted Level 1 quotes, quoted prices for similar assets or liabilities, quoted prices in markets that are less active than traded exchanges and other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.			Exchange traded derivative contracts (less liquid markets). Readily marketable inventories. Over-the-counter (‘‘OTC’’) commodity purchase and sale contracts. OTC derivatives whose value is determined using pricing models with inputs that are generally based on exchange traded prices, adjusted for location specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data. Marketable securities in less active markets.
Level 3			Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities.			Assets and liabilities whose value is determined using proprietary pricing models, discounted cash flow methodologies or similar techniques. Assets and liabilities for which the determination of fair value requires significant management judgment or estimation.

Schedule of Assets and Liabilities Accounted for at Fair Value on a Recurring Basis

The following table sets forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis.

						Fair Value Measurements at Reporting Date
						September 30, 2021															December 31, 2020
(US$ in millions)						Level 1			Level 2			Level 3			Total						Level 1			Level 2			Level 3			Total
Assets:
Readily marketable inventories(1) (Note 6)						$	—		$	6,203		$	302		$	6,505					$	—		$	6,118		$	208		$	6,326
Trade accounts receivable (2)						—			—			—			—						—			5			—			5
Unrealized gain on derivative contracts (3):
Interest rate						—			65			—			65						—			100			—			100
Foreign exchange						—			315			—			315						3			531			—			534
Commodities						134			1,196			56			1,386						191			2,783			63			3,037
Freight						206			6			—			212						14			—			—			14
Energy						105			1			—			106						44			—			—			44
Credit						—			4			—			4						—			—			—			—
Other (4)						67			392			—			459						15			352			—			367
Total assets						$	512		$	8,182		$	358		$	9,052					$	267		$	9,889		$	271		$	10,427
Liabilities:
Trade accounts payable (5)						$	—		$	604		$	51		$	655					$	—		$	285		$	9		$	294
Unrealized loss on derivative contracts (6):
Interest rate						—			32			—			32						—			15			—			15
Foreign exchange						—			383			—			383						—			701			—			701
Commodities						183			1,327			60			1,570						232			2,187			71			2,490
Freight						248			—			—			248						16			—			—			16
Energy						72			1			—			73						12			—			—			12
Total liabilities						$	503		$	2,347		$	111		$	2,961					$	260		$	3,188		$	80		$	3,528

(1)     At September 30, 2021 and December 31, 2020, RMI totaling zero and $365 million, respectively, were included in Assets held for sale.

(2)     These receivables are hybrid financial instruments for which Bunge has elected the fair value option as they are derived from purchases and sales of agricultural commodity products in the normal course of business.

(3)     Unrealized gains on derivative contracts are generally included in Other current assets. There were $56 million and $111 million included in Other non-current assets at September 30, 2021 and December 31, 2020, respectively. There were zero and $63 million included in Assets held for sale at September 30, 2021 and December 31, 2020, respectively.

(4)    Other includes the fair values of marketable securities and investments in Other current assets and Other non-current assets.

(5)    These payables are hybrid financial instruments for which the Company has elected the fair value option as they are derived from purchases and sales of agricultural commodity products in the normal course of business. At September 30, 2021 and December 31, 2020, there were zero and $40 million, respectively, included in Liabilities held for sale.

(6)    Unrealized losses on derivative contracts are generally included in Other current liabilities. There were $28 million and $7 million included in Other non-current liabilities at September 30, 2021 and December 31, 2020, respectively. There were zero and $2 million included in Liabilities held for sale at September 30, 2021 and December 31, 2020, respectively.

Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)

The tables below present reconciliations for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and nine months ended September 30, 2021 and 2020. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant.

			Three Months Ended September 30, 2021
(US$ in millions)			Readily Marketable Inventories			Derivatives, Net			Trade Accounts Payable			Total
Balance, July 1, 2021			$	492		$	(20)		$	(92)		$	380
Total gains and losses (realized/unrealized) included in cost of goods sold (1)			87			10			7			104
Purchases			596			—			(13)			583
Sales			(1,011)			—			—			(1,011)
Issuances			—			—			—			—
Settlements			—			—			36			36
Transfers into Level 3			349			8			(24)			333
Transfers out of Level 3			(211)			(2)			35			(178)
Balance, September 30, 2021			$	302		$	(4)		$	(51)		$	247

(1) Readily marketable inventories, derivatives, net and trade accounts payable, include gains/(losses) of $84 million, $15 million and $7 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2021.

			Three Months Ended September 30, 2020
(US$ in millions)			Readily Marketable Inventories			Derivatives, Net			Trade Accounts Payable			Total
Balance, July 1, 2020			$	596		$	(13)		$	(133)		$	450
Total gains and losses (realized/unrealized) included in cost of goods sold (1)			268			(36)			2			234
Purchases			532			2			(19)			515
Sales			(814)			—			—			(814)
Issuances			—			(1)			—			(1)
Settlements			—			15			53			68
Transfers into Level 3			201			(2)			(4)			195
Transfers out of Level 3			(320)			(2)			41			(281)
Balance, September 30, 2020			$	463		$	(37)		$	(60)		$	366

(1)    Readily marketable inventories, derivatives, net and trade accounts payable, includes gains/(losses) of $174 million, $(37) million and $2 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2020.

			Nine Months Ended September 30, 2021
(US$ in millions)			Readily Marketable Inventories			Derivatives, Net			Trade Accounts Payable			Total
Balance, January 1, 2021			$	208		$	(8)		$	(9)		$	191
Total gains and losses (realized/unrealized) included in cost of goods sold (1)			356			30			15			401
Purchases			1,670			3			(238)			1,435
Sales			(2,866)			—			—			(2,866)
Issuances			—			(2)			—			(2)
Settlements			—			(49)			209			160
Transfers into Level 3			1,248			(17)			(212)			1,019
Transfers out of Level 3			(314)			39			184			(91)
Balance, September 30, 2021			$	302		$	(4)		$	(51)		$	247

(1) Readily marketable inventories, derivatives, net and trade accounts payable, include gains/(losses) of $347 million, $(19) million and $15 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2021.

			Nine Months Ended September 30, 2020
(US$ in millions)			Readily Marketable Inventories			Derivatives, Net			Trade Accounts Payable			Total
Balance, January 1, 2020			$	231		$	(24)		$	(31)		$	176
Total gains and losses (realized/unrealized) included in cost of goods sold (1)			583			(33)			15			565
Purchases			1,877			3			(296)			1,584
Sales			(2,410)			—			—			(2,410)
Issuances			—			(3)			—			(3)
Settlements			—			15			221			236
Transfers into Level 3			748			8			(77)			679
Transfers out of Level 3			(566)			(3)			108			(461)
Balance, September 30, 2020			$	463		$	(37)		$	(60)		$	366

(1)    Readily marketable inventories, derivatives, net and trade accounts payable, includes gains/(losses) of $334 million, $(33) million and $15 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2020.

Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)

The tables below present reconciliations for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and nine months ended September 30, 2021 and 2020. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant.

			Three Months Ended September 30, 2021
(US$ in millions)			Readily Marketable Inventories			Derivatives, Net			Trade Accounts Payable			Total
Balance, July 1, 2021			$	492		$	(20)		$	(92)		$	380
Total gains and losses (realized/unrealized) included in cost of goods sold (1)			87			10			7			104
Purchases			596			—			(13)			583
Sales			(1,011)			—			—			(1,011)
Issuances			—			—			—			—
Settlements			—			—			36			36
Transfers into Level 3			349			8			(24)			333
Transfers out of Level 3			(211)			(2)			35			(178)
Balance, September 30, 2021			$	302		$	(4)		$	(51)		$	247

(1) Readily marketable inventories, derivatives, net and trade accounts payable, include gains/(losses) of $84 million, $15 million and $7 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2021.

			Three Months Ended September 30, 2020
(US$ in millions)			Readily Marketable Inventories			Derivatives, Net			Trade Accounts Payable			Total
Balance, July 1, 2020			$	596		$	(13)		$	(133)		$	450
Total gains and losses (realized/unrealized) included in cost of goods sold (1)			268			(36)			2			234
Purchases			532			2			(19)			515
Sales			(814)			—			—			(814)
Issuances			—			(1)			—			(1)
Settlements			—			15			53			68
Transfers into Level 3			201			(2)			(4)			195
Transfers out of Level 3			(320)			(2)			41			(281)
Balance, September 30, 2020			$	463		$	(37)		$	(60)		$	366

(1)    Readily marketable inventories, derivatives, net and trade accounts payable, includes gains/(losses) of $174 million, $(37) million and $2 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2020.

			Nine Months Ended September 30, 2021
(US$ in millions)			Readily Marketable Inventories			Derivatives, Net			Trade Accounts Payable			Total
Balance, January 1, 2021			$	208		$	(8)		$	(9)		$	191
Total gains and losses (realized/unrealized) included in cost of goods sold (1)			356			30			15			401
Purchases			1,670			3			(238)			1,435
Sales			(2,866)			—			—			(2,866)
Issuances			—			(2)			—			(2)
Settlements			—			(49)			209			160
Transfers into Level 3			1,248			(17)			(212)			1,019
Transfers out of Level 3			(314)			39			184			(91)
Balance, September 30, 2021			$	302		$	(4)		$	(51)		$	247

(1) Readily marketable inventories, derivatives, net and trade accounts payable, include gains/(losses) of $347 million, $(19) million and $15 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2021.

			Nine Months Ended September 30, 2020
(US$ in millions)			Readily Marketable Inventories			Derivatives, Net			Trade Accounts Payable			Total
Balance, January 1, 2020			$	231		$	(24)		$	(31)		$	176
Total gains and losses (realized/unrealized) included in cost of goods sold (1)			583			(33)			15			565
Purchases			1,877			3			(296)			1,584
Sales			(2,410)			—			—			(2,410)
Issuances			—			(3)			—			(3)
Settlements			—			15			221			236
Transfers into Level 3			748			8			(77)			679
Transfers out of Level 3			(566)			(3)			108			(461)
Balance, September 30, 2020			$	463		$	(37)		$	(60)		$	366

(1)    Readily marketable inventories, derivatives, net and trade accounts payable, includes gains/(losses) of $334 million, $(33) million and $15 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at September 30, 2020.

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- Definition

Financial Instruments And Fair Value Measurements [Abstract]

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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