v3.23.2

INVESTMENTS IN AFFILIATES AND VARIABLE INTEREST ENTITIES | 6 Months Ended
--- | ---
Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENTS IN AFFILIATES AND VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES Impairment of Equity Method Investment During the six months ended June 30, 2023, the Company recorded an impairment of $16 million associated with its equity method investment in Australia Plant Proteins ("APP"), a start-up manufacturer of novel protein ingredients. The impairment was determined through management's review of impairment indicators and consideration of the other-than temporary nature of such items. Impairment charges were recorded to Income (loss) from affiliates within Corporate and Other. As a result of the impairment, there is no carrying value associated with the equity method investment in APP at June 30, 2023. 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 condensed consolidated balance sheets as of June 30, 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) | June 30, 2023 |  | December 31, 2022
Current assets: |  |  |
Cash and cash equivalents | $ | 569 |  |  | $ | 528 |
Trade accounts receivable | 1 |  |  | — |
Inventories | 68 |  |  | 85 |
Other current assets | 91 |  |  | 98 |
Total current assets | 729 |  |  | 711 |
Property, plant and equipment, net | 100 |  |  | 65 |
Total assets | $ | 829 |  |  | $ | 776 |
Current liabilities: |  |  |
Trade accounts payable and accrued liabilities | $ | 62 |  |  | $ | 81 |
Other current liabilities | 90 |  |  | 85 |
Total current liabilities | 152 |  |  | 166 |
Total liabilities | $ | 152 |  |  | $ | 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.

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent + Details
Name: | us-gaap_VariableInterestEntityDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration