v3.22.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 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 June 30, 2022
(US$ in millions)
AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherEliminationsTotal
Net sales to external customers$12,747 $4,445 $677 $57 $7 $— $17,933 
Inter–segment revenues2,892 86 92 — — (3,070)— 
Cost of goods sold(12,431)(4,120)(551)(55)(4)— (17,161)
Gross profit316 325 126 2 3 — 772 
Selling, general and administrative expenses(119)(87)(28)— (100)— (334)
Foreign exchange gains (losses)(93)(8)— — (9)— (110)
EBIT attributable to noncontrolling interests (1)
(13)(7)(1)— 1 — (20)
Other income (expense) - net(14)(5)— — 13 — (6)
Income (loss) from affiliates16 — — 4 — — 20 
Total Segment EBIT (2)
93 218 97 6 (92)— 322 
Total assets18,889 4,616 1,488 376 2,050 — 27,419 
Three Months Ended June 30, 2021
(US$ in millions)AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherEliminationsTotal
Net sales to external customers$11,654 $3,198 $471 $68 $— $— $15,391 
Inter–segment revenues2,045 125 15 — — (2,185)— 
Cost of goods sold(11,244)(3,003)(414)(67)2 — (14,726)
Gross profit410 195 57 1 2 — 665 
Selling, general and administrative expenses(114)(90)(25)— (68)— (297)
Foreign exchange gains (losses)36 1 2 — (4)— 35 
EBIT attributable to noncontrolling interests (1)
(3)(5)— — — — (8)
Other income (expense) - net24 1 — — 10 — 35 
Income (loss) from affiliates11 — — 18 — — 29 
Total Segment EBIT (2)
364 102 34 19 (60)— 459 
Total assets18,046 4,061 1,362 171 1,445 — 25,085 
Six Months Ended June 30, 2022
(US$ in millions)AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherEliminationsTotal
Net sales to external customers$23,978 $8,421 $1,280 $121 $13 $— $33,813 
Inter–segment revenues5,379 198 467 — — (6,044)— 
Cost of goods sold(22,798)(7,834)(1,083)(117)(5)— (31,837)
Gross profit1,180 587 197 4 8 — 1,976 
Selling, general and administrative expenses(240)(176)(52)— (174)— (642)
Foreign exchange gains (losses)(84)(8)3 — (9)— (98)
EBIT attributable to noncontrolling interests (1)
(17)(4)(1)— (11)— (33)
Other income (expense) - net(77)(8)— — 32 — (53)
Income (loss) from affiliates30 — — 36 (1)— 65 
Total Segment EBIT (2)
792 391 147 40 (155)— 1,215 
Total assets18,889 4,616 1,488 376 2,050 — 27,419 
Six Months Ended June 30, 2021
(US$ in millions)AgribusinessEdible
Oil
Products		Milling
Products		Sugar and
Bioenergy		Corporate and OtherEliminationsTotal
Net sales to external customers$21,444 $5,924 $862 $122 $— $— $28,352 
Inter–segment revenues3,511 227 108 — — (3,846)— 
Cost of goods sold(20,149)(5,494)(771)(120)(6)— (26,540)
Gross profit1,295 430 91 2 (6)— 1,812 
Selling, general and administrative expenses(194)(176)(48)— (150)— (568)
Foreign exchange gains (losses)29 2 — — (6)— 25 
EBIT attributable to noncontrolling interests (1)
(11)(83)(1)— — — (95)
Other income (expense) - net46 237 — — 15 — 298 
Income (loss) from affiliates35 — — 37 1 — 73 
Total Segment EBIT (2)
1,200 410 42 39 (146)— 1,545 
Total assets18,046 4,061 1,362 171 1,445 — 25,085 
(1)     Include noncontrolling interests' share of interest and tax with EBIT attributable to noncontrolling interests in order to reconcile to consolidated Net (income) loss attributable to noncontrolling interests and redeemable 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
June 30,		Six Months Ended
June 30,
(US$ in millions)2022202120222021
Net income (loss) attributable to Bunge$206 $362 $894 $1,194 
Interest income(11)(6)(20)(15)
Interest expense92 54 203 127 
Income tax expense (benefit)36 50 144 242 
Noncontrolling interests' share of interest and tax(1)(1)(6)(3)
Total Segment EBIT from continuing operations$322 $459 $1,215 $1,545 
The Company’s Net sales comprise sales from commodity contracts accounted for under ASC 815, Derivatives and Hedging (ASC 815) and sales of other products and services accounted for under ASC 606, Revenue from Contracts with Customers (ASC 606). The following tables provide a disaggregation of Net sales to external customers between sales from contracts with customers and sales from other arrangements:
Three Months Ended June 30, 2022
(US$ in millions)AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherTotal
Sales from other arrangements$11,929 $379 $47 $56 $— $12,411 
Sales from contracts with customers818 4,066 630 1 7 5,522 
Net sales to external customers$12,747 $4,445 $677 $57 $7 $17,933 
Three Months Ended June 30, 2021
(US$ in millions)AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherTotal
Sales from other arrangements$11,128 $243 $6 $67 $— $11,444 
Sales from contracts with customers526 2,955 465 1 — 3,947 
Net sales to external customers$11,654 $3,198 $471 $68 $— $15,391 
Six Months Ended June 30, 2022
(US$ in millions)AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherTotal
Sales from other arrangements$22,496 $630 $109 $119 $— $23,354 
Sales from contracts with customers1,482 7,791 1,171 2 13 10,459 
Net sales to external customers$23,978 $8,421 $1,280 $121 $13 $33,813 
Six Months Ended June 30, 2021
(US$ in millions)AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherTotal
Sales from other arrangements$20,486 $429 $— $120 $— $21,035 
Sales from contracts with customers958 5,495 862 2 — 7,317 
Net sales to external customers$21,444 $5,924 $862 $122 $— $28,352