v3.23.1

VARIABLE INTEREST ENTITIES | 3 Months Ended
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Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES Consolidated Variable Interest Entities On May 1, 2022, Bunge completed a transaction with Chevron Corporation ("Chevron") to create a joint venture, Bunge Chevron Ag Renewables LLC (the "Joint Venture"), leveraging Bunge’s expertise in oilseed processing and farmer relationships, and Chevron’s expertise in fuels manufacturing and marketing, to help meet the demand for renewable fuels and to develop lower carbon intensity feedstocks. The Joint Venture is a variable interest entity ("VIE") in which Bunge is considered to be the primary beneficiary because it is responsible for the day-to-day operating decisions of the Joint Venture as well as the marketing of the principal products, primarily soybean meal and oil produced and sold by the Joint Venture, among other factors. The Joint Venture's assets can only be used to settle the Joint Venture’s own obligations and the Joint Venture’s creditors have no recourse to Bunge’s assets beyond Bunge’s maximum exposure to loss associated with the Joint Venture at any given time. The following table presents the values of the assets and liabilities associated with the Joint Venture, which are included in Bunge’s consolidated balance sheets as of March 31, 2023 and December 31, 2022. All amounts exclude intercompany balances, which have been eliminated upon consolidation. For all other VIEs in which Bunge is considered the primary beneficiary, the entities meet the definition of a business, and the VIE's assets can be used other than for the settlement of the VIE’s obligations. As such these VIEs have been excluded from the below table.
(US$ in millions) | March 31, 2023 |  | December 31, 2022
Current assets: |  |  |
Cash and cash equivalents | $ | 544 |  |  | $ | 528 |
Trade accounts receivable | 1 |  |  | — |
Inventories | 79 |  |  | 85 |
Other current assets | 116 |  |  | 98 |
Total current assets | 740 |  |  | 711 |
Property, plant and equipment, net | 76 |  |  | 65 |
Total assets | $ | 816 |  |  | $ | 776 |
Current liabilities: |  |  |
Trade accounts payable and accrued liabilities | $ | 52 |  |  | $ | 81 |
Other current liabilities | 114 |  |  | 85 |
Total current liabilities | 166 |  |  | 166 |
Total liabilities | $ | 166 |  |  | $ | 166 |
For additional information on VIEs for which Bunge has determined it is not the primary beneficiary, along with the Company's related maximum exposure to losses associated with such investments, please refer to Note 12 - Investments in Affiliates and Variable Interest Entities, included in the Company's 2022 Annual Report on Form 10-K.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI https://asc.fasb.org/topic&trid=2197479 + Details
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