v3.23.1

TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM (Tables) | 3 Months Ended
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Mar. 31, 2023
Transfers and Servicing [Abstract] |
Schedule of Changes to the Allowance for Lifetime Expected Credit Losses Related to Trade Accounts Receivable | Changes to the allowance for lifetime expected credit losses related to trade accounts receivable were as follows:
| Three Months Ended March 31, 2023
Rollforward of the Allowance for Credit Losses (US$ in millions) | Short-term | Long-term (1) | Total
Allowance as of January 1, 2023 | $ | 90 |  | $ | 46 |  | $ | 136 |
Current period provisions | 15 |  | — |  | 15 |
Recoveries | (17) |  | — |  | (17) |
Write-offs charged against the allowance | — |  | (12) |  | (12) |
Foreign exchange translation differences | 1 |  | — |  | 1 |
Allowance as of March 31, 2023 | $ | 89 |  | $ | 34 |  | $ | 123 |
(1) Long-term portion of the allowance for credit losses included in Other non-current assets.
| 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.
Schedule of Assets that Continue to be Recognized, Transferred Financial Assets and Other Financial Assets Managed Together |
(US$ in millions) | March 31, 2023 | December 31, 2022
Receivables sold that were derecognized from Bunge's balance sheet | $ | 1,100 |  | $ | 1,100 |
Unsold receivables pledged to the administrative agent and included in Trade accounts receivable | $ | 645 |  | $ | 583 |
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) | 2023 | 2022
Gross receivables sold | $ | 3,635 |  | $ | 4,080 |
Proceeds received in cash related to transfers of receivables (1) | $ | 3,594 |  | $ | 3,511 |
Cash collections from customers on receivables previously sold | $ | 3,635 |  | $ | 4,007 |
Discounts related to gross receivables sold included in SG&A | $ | 13 |  | $ | 2 |
(1) Prior to November 16, 2022, the Company recognized these proceeds net of the DPP, consisting of a receivable from the Purchasers that entitled the Company to certain collections on the receivable. The Company recognized the collection of the DPP in net cash provided by investing activities in the condensed consolidated statements of cash flows. As a result of the November 16, 2022 amendment, Bunge reports collections on newly originated, unsold receivables held by BSBV as operating cash flows in the condensed consolidated statements of cash flows.

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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 https://asc.fasb.org/extlink&oid=121570589&loc=d3e107314-111719 + Details
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