v3.23.1

TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM | 3 Months Ended
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Mar. 31, 2023
Transfers and Servicing [Abstract] |
TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM | TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM 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. Trade Receivables Securitization Program Bunge and certain of its subsidiaries participate in a trade receivables securitization program (the "Program") with a financial institution, as administrative agent, and certain commercial paper conduit purchasers and committed purchasers (collectively, the "Purchasers"). Koninklijke Bunge B.V., a wholly owned subsidiary of Bunge, acts as master servicer, responsible for servicing and collecting the accounts receivable for the Program. The Program is designed to enhance Bunge’s financial flexibility by providing an additional source of liquidity for its operations. Bunge may also, from time to time with the consent of the administrative agent, request one or more of the existing committed purchasers or new committed purchasers to increase the total commitments by an amount not to exceed $250 million pursuant to an accordion provision. The Program includes sustainability provisions, pursuant to which the applicable margin will be increased or decreased based on Bunge's performance relative to certain sustainability targets, including, but not limited to, science-based targets that define Bunge's climate goals within its operations and a commitment to a deforestation-free supply chain in 2025. On November 16, 2022, Bunge and certain of its subsidiaries amended the Program from a deferred purchase price structure to a pledge structure. Under the new structure, Bunge Securitization B.V. ("BSBV"), a consolidated bankruptcy remote special purpose entity, transfers certain trade receivables to the Purchasers in exchange for a cash payment up to $1.1 billion and retains ownership of a population of unsold receivables. BSBV agrees to guaranty the collection of sold receivables and grants a lien to the administrative agent on all unsold receivables. Collections on unsold receivables and guarantee payments are classified as operating activities in Bunge’s condensed consolidated statements of cash flows. At November 16, 2022, the effective date of the amended Program, $741 million of sold receivables were repurchased through a non-cash investing exchange of the Deferred Purchase Price ("DPP"). As of March 31, 2023, the Company had collected a total of $707 million of repurchased receivables, including $61 million collected in the first quarter of 2023, which are reported as Proceeds from beneficial interest in securitized trade receivables under investing activities in the consolidated statements of cash flows. The Program will terminate on May 17, 2031; however, each committed purchaser's commitment to purchase trade receivables under the Program will terminate on May 17, 2025, unless extended for an additional period in accordance with the terms of the receivables transfer agreement.
(US$ 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 |
Bunge's risk of loss following the sale of trade receivables is substantially the same as the previous DPP structure and limited to the assets of BSBV, primarily comprised of unsold receivables pledged to the administrative agent. 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 The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -Subparagraph (c)(3) -URI 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