v3.22.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company's operations are organized, managed, and classified into four reportable segments - Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy, based upon their similar economic characteristics, products and services offered, production processes, types and classes of customer, and distribution methods. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as Corporate and Other.
The Agribusiness reportable segment is characterized by both inputs and outputs being agricultural commodities and thus high volume and low margin. The Refined and Specialty Oils reportable segment involves the processing, production and marketing of products derived from vegetable oils. The Milling reportable segment involves the processing, production and marketing of products derived primarily from wheat and corn. The Sugar and Bioenergy reportable segment primarily comprises the net earnings in the Company’s 50% interest in BP Bunge Bioenergia, a joint venture with BP p.l.c. ("BP").
Corporate and Other includes salaries and overhead for corporate functions that are not allocated to the Company’s individual reporting segments because the operating performance of each reporting segment is evaluated by the Company's chief operating decision maker exclusive of these items, as well as certain other activities, including Bunge Ventures, as well as the Company's captive insurance activities, securitization program, and certain income tax assets and liabilities.
Transfers between segments are generally valued at market. Segment revenues generated from these transfers are shown in the following table as “Inter-segment revenues.”
Three Months Ended March 31, 2022
(US$ in millions)
AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherEliminationsTotal
Net sales to external customers$11,231 $3,976 $603 $64 $6 $— $15,880 
Inter–segment revenues2,487 112 375 — — (2,974)— 
Cost of goods sold(10,367)(3,714)(532)(62)(1)— (14,676)
Gross profit864 262 71 2 5 — 1,204 
Selling, general and administrative expenses(121)(89)(24)— (74)— (308)
Foreign exchange gains (losses)9 — 3 — — — 12 
EBIT attributable to noncontrolling interests (1)
(4)3 — — (12)— (13)
Other income (expense) - net(63)(3)— — 19 — (47)
Income (loss) from affiliates14 — — 32 (1)— 45 
Total Segment EBIT (2)
699 173 50 34 (63)— 893 
Total assets20,607 4,383 1,482 322 1,930 — 28,724 
Three Months Ended March 31, 2021
(US$ in millions)AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherEliminationsTotal
Net sales to external customers$9,791 $2,726 $390 $54 $— $— $12,961 
Inter–segment revenues1,466 102 93 — — (1,661)— 
Cost of goods sold(8,905)(2,491)(356)(54)(8)— (11,814)
Gross profit886 235 34 — (8)— 1,147 
Selling, general and administrative expenses(80)(86)(23)— (82)— (271)
Foreign exchange gains (losses)(8)2 (3)— (1)— (10)
EBIT attributable to noncontrolling interests (1)
(8)(79)— — — — (87)
Other income (expense) - net22 236 — — 5 — 263 
Income (loss) from affiliates24 — — 20 — — 44 
Total Segment EBIT (2)
836 308 8 20 (86)— 1,086 
Total assets18,244 3,713 1,245 129 1,202 — 24,533 
(1)     Include noncontrolling interests' share of interest and tax with EBIT attributable to noncontrolling interests in order to reconcile to consolidated Noncontrolling interests.
(2)     Total segment earnings before interest and taxes ("EBIT") is an operating performance measure used by Bunge’s management to evaluate segment operating activities. Bunge’s management believes Total Segment EBIT is a useful measure of operating profitability, since the measure allows for an evaluation of the performance of its segments without regard to its financing methods or capital structure. In addition, Total Segment EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industry. However, Total Segment EBIT is a non-GAAP financial measure and is not intended to replace Net income (loss) attributable to Bunge, the most directly comparable U.S. GAAP financial measure. Further, Total Segment EBIT is not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss) or any other measure of consolidated operating results under U.S. GAAP. See the reconciliation of Total Segment EBIT to Net income (loss) attributable to Bunge in the table below.
A reconciliation of Net income (loss) attributable to Bunge to Total Segment EBIT follows:
Three Months Ended
March 31,
(US$ in millions)20222021
Net income (loss) attributable to Bunge$688 $831 
Interest income(9)(9)
Interest expense111 73 
Income tax expense (benefit)108 192 
Noncontrolling interests' share of interest and tax(5)(1)
Total Segment EBIT from continuing operations$893 $1,086 
The Company’s Net sales comprise sales from commodity contracts accounted for under ASC 815, Derivatives and Hedging (ASC 815) and sales of other products and services accounted for under ASC 606, Revenue from Contracts with Customers (ASC 606). The following tables provide a disaggregation of Net sales to external customers between sales from contracts with customers and sales from other arrangements:
Three Months Ended March 31, 2022
(US$ in millions)AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherTotal
Sales from other arrangements$10,567 $251 $62 $63 $— $10,943 
Sales from contracts with customers664 3,725 541 1 6 4,937 
Net sales to external customers$11,231 $3,976 $603 $64 $6 $15,880 
Three Months Ended March 31, 2021
(US$ in millions)AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherTotal
Sales from other arrangements$9,359 $186 $(6)$54 $— $9,593 
Sales from contracts with customers432 2,540 396 — — 3,368 
Net sales to external customers$9,791 $2,726 $390 $54 $— $12,961