v3.22.1

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2022

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
						March 31, 2022															December 31, 2021
(US$ in millions)						Level 1			Level 2			Level 3			Total						Level 1			Level 2			Level 3			Total
Assets:
Readily marketable inventories (Note 6)						$	—		$	7,744		$	1,131		$	8,875					$	—		$	6,664		$	205		$	6,869
Trade accounts receivable (1)						—			3			—			3						—			1			—			1
Unrealized gain on derivative contracts (2):
Interest rate						—			9			—			9						—			49			—			49
Foreign exchange						3			902			—			905						—			340			—			340
Commodities						144			1,602			126			1,872						63			1,055			34			1,152
Freight						105			7			—			112						79			5			—			84
Energy						266			19			—			285						44			4			—			48
Credit						—			4			—			4						—			6			—			6
Equity						—			—			—			—						1			—			—			1
Other (3)						92			87			70			249						91			406			—			497
Total assets						$	610		$	10,377		$	1,327		$	12,314					$	278		$	8,530		$	239		$	9,047
Liabilities:
Trade accounts payable (1)						$	—		$	544		$	447		$	991					$	—		$	545		$	23		$	568
Unrealized loss on derivative contracts (4):
Interest rate						—			157			—			157						—			47			—			47
Foreign exchange						—			604			—			604						—			309			—			309
Commodities						143			2,263			99			2,505						98			1,051			65			1,214
Freight						201			—			—			201						162			—			—			162
Energy						196			—			—			196						29			1			—			30
Credit						—			—			—			—						—			1			—			1
Total liabilities						$	540		$	3,568		$	546		$	4,654					$	289		$	1,954		$	88		$	2,331

(1)     These receivables and payables 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.

(2)     Unrealized gains on derivative contracts are generally included in Other current assets. There were $32 million and $49 million included in Other non-current assets at March 31, 2022 and December 31, 2021, respectively. There were $1 million and $2 million included in Assets held for sale at March 31, 2022 and December 31, 2021, respectively.

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

(4)    Unrealized losses on derivative contracts are generally included in Other current liabilities. There were $158 million and $49 million included in Other non-current liabilities at March 31, 2022 and December 31, 2021, respectively. There were zero and $1 million included in Liabilities held for sale at March 31, 2022 and December 31, 2021, 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 months ended March 31, 2022 and 2021. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant.

			Three Months Ended March 31, 2022
(US$ in millions)			Readily Marketable Inventories			Derivatives, Net			Trade Accounts Payable			Other(2)			Total
Balance, January 1, 2022			$	205		$	(31)		$	(23)		$	—		$	151
Total gains and losses (realized/unrealized) included in cost of goods sold (1)			135			36			15			—			186
Total gains and losses (realized/unrealized) included in Other income (expense) – net			—			—			—			(64)			(64)
Purchases			1,246			—			(366)			—			880
Sales			(1,377)			—			—			—			(1,377)
Issuances			—			—			—			—			—
Settlements			—			—			273			(84)			189
Transfers into Level 3			964			22			(345)			218			859
Transfers out of Level 3			(47)			1			—			—			(46)
Translation adjustment			5			(1)			(1)			—			3
Balance, March 31, 2022			$	1,131		$	27		$	(447)		$	70		$	781

(1) Readily marketable inventories, derivatives, net and trade accounts payable, include gains/(losses) of $83 million, $52 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 March 31, 2022.

(2) Comprises the fair values of marketable securities and investments in Other current assets. Included within Other income (expense) - net of the condensed consolidated statements of income are $32 million in gains/(losses) related to securities still held at March 31, 2022.

			Three Months Ended March 31, 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)			254			(112)			3			145
Purchases			540			3			(185)			358
Sales			(762)			—			—			(762)
Issuances			—			(2)			—			(2)
Settlements			—			34			—			34
Transfers into Level 3			446			(25)			(159)			262
Transfers out of Level 3			(57)			42			137			122
Translation adjustment			—			—			—			—
Balance, March 31, 2021			$	629		$	(68)		$	(213)		$	348

(1)    Readily marketable inventories, derivatives, net and trade accounts payable, includes gains/(losses) of $130 million, $(125) million and $3 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at March 31, 2021.

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 months ended March 31, 2022 and 2021. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant.

			Three Months Ended March 31, 2022
(US$ in millions)			Readily Marketable Inventories			Derivatives, Net			Trade Accounts Payable			Other(2)			Total
Balance, January 1, 2022			$	205		$	(31)		$	(23)		$	—		$	151
Total gains and losses (realized/unrealized) included in cost of goods sold (1)			135			36			15			—			186
Total gains and losses (realized/unrealized) included in Other income (expense) – net			—			—			—			(64)			(64)
Purchases			1,246			—			(366)			—			880
Sales			(1,377)			—			—			—			(1,377)
Issuances			—			—			—			—			—
Settlements			—			—			273			(84)			189
Transfers into Level 3			964			22			(345)			218			859
Transfers out of Level 3			(47)			1			—			—			(46)
Translation adjustment			5			(1)			(1)			—			3
Balance, March 31, 2022			$	1,131		$	27		$	(447)		$	70		$	781

(1) Readily marketable inventories, derivatives, net and trade accounts payable, include gains/(losses) of $83 million, $52 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 March 31, 2022.

(2) Comprises the fair values of marketable securities and investments in Other current assets. Included within Other income (expense) - net of the condensed consolidated statements of income are $32 million in gains/(losses) related to securities still held at March 31, 2022.

			Three Months Ended March 31, 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)			254			(112)			3			145
Purchases			540			3			(185)			358
Sales			(762)			—			—			(762)
Issuances			—			(2)			—			(2)
Settlements			—			34			—			34
Transfers into Level 3			446			(25)			(159)			262
Transfers out of Level 3			(57)			42			137			122
Translation adjustment			—			—			—			—
Balance, March 31, 2021			$	629		$	(68)		$	(213)		$	348

(1)    Readily marketable inventories, derivatives, net and trade accounts payable, includes gains/(losses) of $130 million, $(125) million and $3 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at March 31, 2021.

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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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