v3.22.1

TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM (Tables) | 3 Months Ended
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Mar. 31, 2022
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:
| Three Months Ended March 31, 2022
Rollforward of the Allowance for Credit Losses (US$ in millions) | Short-term | Long-term (1) | Total
Allowance as of January 1, 2022 | $ | 85 |  | $ | 47 |  | $ | 132 |
Current period provisions | 15 |  | — |  | 15 |
Recoveries | (9) |  | — |  | (9) |
Write-offs charged against the allowance | (10) |  | (2) |  | (12) |
Foreign exchange translation differences | 3 |  | 4 |  | 7 |
Allowance as of March 31, 2022 | $ | 84 |  | $ | 49 |  | $ | 133 |
(1) Long-term portion of the allowance for credit losses included in Other non-current assets.
| Three Months Ended March 31, 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 | 7 |  | — |  | 7 |
Recoveries | (9) |  | — |  | (9) |
Write-offs charged against the allowance | (1) |  | — |  | (1) |
Foreign exchange translation differences | (2) |  | (3) |  | (5) |
Allowance as of March 31, 2021 | $ | 88 |  | $ | 48 |  | $ | 136 |
(1) Long-term portion of the allowance for credit losses included in Other non-current assets.
Assets that Continue to be Recognized, Transferred Financial Assets and Other Financial Assets Managed Together |
(US$ in millions) | March 31, 2022 | December 31, 2021
Receivables sold that were derecognized from Bunge's condensed consolidated balance sheet (1) | $ | 1,625 |  | $ | 1,426 |
Deferred purchase price included in Other current assets(1) (2) | $ | 521 |  | $ | 496 |
(1) As of March 31, 2022, receivables sold that were derecognized from Bunge's condensed consolidated balance sheet, less the deferred purchase price ("DPP"), net of provisions for delinquencies, equaled the maximum facility size under the Program of $1.1 billion. Of this amount, $925 million has already been received by the Company at the March 31, 2022 balance sheet date, with the remaining $175 million, representing the increase in aggregate size of the facility on amendment of the Program, effective March 31, 2022, to be received on the Program's next monthly settlement date of April 19, 2022. (2) Bunge's risk of loss following the sale of the trade receivables is limited to the DPP, included in Other current assets in the condensed consolidated balance sheets (see Note 7- Other Current Assets). The DPP will be repaid in cash as receivables are collected, generally within 30 days of collection. Provisions for delinquencies and credit losses on trade receivables sold under the Program were $4 million and $5 million at March 31, 2022 and December 31, 2021, respectively. The table below summarizes the cash flows and discounts of Bunge’s trade receivables associated with the Program. Servicing fees under the Program were not significant in any period.
| Three Months Ended March 31,
(US$ in millions) | 2022 | 2021
Gross receivables sold | $ | 4,080 |  | $ | 3,345 |
Proceeds received in cash related to transfer of receivables | $ | 3,511 |  | $ | 3,067 |
Cash collections from customers on receivables previously sold | $ | 4,007 |  | $ | 3,324 |
Discounts related to gross receivables sold included in Selling, general and administrative expense | $ | 2 |  | $ | 2 |

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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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