v3.23.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Derivative Instruments The notional amount is used to compute interest or other payment streams to be made under the contract and is a measure of the Company’s level of activity. The Company discloses derivative notional amounts on a gross basis.
(US$ in millions)March 31,
2023		December 31, 2022Unit of
Measure
Hedging instrument type:
Fair value hedges of interest rate risk
Interest rate swap - notional amount$3,770 $3,753 $ Notional
Cumulative adjustment to long-term debt from application of hedge accounting$(279)$(341)$ Notional
Carrying value of hedged debt$3,474 $3,394 $ Notional
Fair value hedges of currency risk
Cross currency swap$231 $232 $ Notional
Carrying value of hedged debt$231 $232 $ Notional
Cash flow hedges of currency risk
Foreign currency forward - notional amount$247 $310 $ Notional
Foreign currency option - notional amount$81 $108 $ Notional
Net investment hedges
Foreign currency forward - notional amount$482 $495 $ Notional
The table below summarizes the volume of economic derivatives as of March 31, 2023 and December 31, 2022. For those contracts traded bilaterally through the over-the-counter markets (e.g., forwards, forward rate agreements ("FRA"), and swaps), the gross position is provided. For exchange traded (e.g., futures, FFAs, and options) and cleared positions (e.g., energy swaps), the net position is provided.
 March 31,December 31, 
 20232022Unit of
Measure
(US$ in millions)Long(Short)Long(Short)
Interest rate    
   Swaps$56 $(1,361)$387 $(1,267)$ Notional
   Futures$— $(264)$— $(97)$ Notional
   Forwards$1,316 $(1,027)$— $— $ Notional
Currency
   Forwards$9,146 $(11,459)$9,819 $(9,682)$ Notional
   Swaps$2,729 $(2,166)$2,441 $(2,876)$ Notional
   Futures$— $(9)$11 $— $ Notional
   Options$1 $(97)$— $(102)Delta
Agricultural commodities
   Forwards28,366,935 (32,290,827)20,493,679 (27,766,763)Metric Tons
   Swaps— (1,864,265)— (1,864,262)Metric Tons
   Futures— (3,790,759)— (4,092,772)Metric Tons
   Options137,095 (350,844)1,025 (216,647)Metric Tons
Ocean freight
   FFA— (10,880)— (11,197)Hire Days
Natural gas
   Forwards50,110 (50,111)— — MMBtus
   Swaps649,763 — 1,460,190 — MMBtus
   Futures26,061,635 — 5,250,393 — MMBtus
Electricity
   Swaps187,304 (70,239)22,987 (8,619)Mwh
Energy - other
   Swaps161,435 — 175,784 — Metric Tons
   Futures— — 1,320,881 — Metric Tons
Energy - CO2
   Futures203,000 — — (38,000)Metric Tons
Other
Swaps and futures$10 $(65)$20 $(50)$ Notional
Schedule of Effect of Derivative Instruments Designated as Fair Value Hedges and Undesignated Derivative Instruments on Condensed Consolidated Statements of Income
The tables below summarize the net effect of derivative instruments and hedge accounting on the condensed consolidated statements of income for the three months ended March 31, 2023 and 2022.
  Gain (Loss) Recognized in
Income on Derivative Instruments
  Three Months Ended March 31,
(US$ in millions)20232022
Income statement classificationType of derivative
Net sales
Hedge accountingForeign currency$1 $2 
Cost of goods sold
Hedge accountingForeign currency$1 $— 
Economic hedgesForeign currency84 493 
Commodities396 (1,255)
Other (1)
(9)80 
     Total Cost of goods sold $472 $(682)
Selling, general & administrative
Hedge AccountingForeign exchange$— $— 
Interest expense
Hedge accountingInterest rate$(33)$(6)
   Economic hedgesInterest rate2 — 
     Total Interest expense $(31)$(6)
Foreign exchange (losses) gains
   Hedge accountingForeign currency$(2)$(12)
   Economic hedgesForeign currency33 59 
     Total Foreign exchange (losses) gains$31 $47 
Other income (expense)
Economic hedgesInterest rate$1 $— 
Other comprehensive income (loss)
Gains and losses on derivatives used as fair value hedges of foreign currency risk included in other comprehensive income (loss) during the period$— $— 
Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in other comprehensive income (loss) during the period $(5)$32 
Gains and losses on derivatives used as net investment hedges included in other comprehensive income (loss) during the period
$(21)$(149)
Amounts released from accumulated other comprehensive income (loss) during the period
   Cash flow hedge of foreign currency risk$(1)$(2)
(1)    Other includes results from freight, energy and other derivatives.