v3.23.2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 6 Months Ended
--- | ---
Jun. 30, 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) | June 30, 2023 | December 31, 2022 | Unit of Measure
Hedging instrument type: |  |  |
Fair value hedges of interest rate risk |  |  |
| Interest rate swap - notional amount | $ | 2,900 |  | $ | 3,753 |  | $ Notional
| Cumulative adjustment to long-term debt from application of hedge accounting | $ | (324) |  | $ | (341) |  | $ Notional
| Carrying value of hedged debt | $ | 2,559 |  | $ | 3,394 |  | $ Notional
Fair value hedges of currency risk |  |  |
| Cross currency swap | $ | 212 |  | $ | 232 |  | $ Notional
| Carrying value of hedged debt | $ | 212 |  | $ | 232 |  | $ Notional
Cash flow hedges of currency risk |  |  |
| Foreign currency forward - notional amount | $ | 61 |  | $ | 310 |  | $ Notional
| Foreign currency option - notional amount | $ | 66 |  | $ | 108 |  | $ Notional
Net investment hedges |  |  |
| Foreign currency forward - notional amount | $ | 725 |  | $ | 495 |  | $ Notional
The table below summarizes the volume of economic derivatives as of June 30, 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.
| June 30, | December 31, |
| 2023 | 2022 | Unit of Measure
(US$ in millions) | Long | (Short) | Long | (Short)
Interest rate |  |  |  |  |
Swaps | $ | 79 |  | $ | (1,675) |  | $ | 387 |  | $ | (1,267) |  | $ Notional
Futures | $ | — |  | $ | (416) |  | $ | — |  | $ | (97) |  | $ Notional
Forwards | $ | 650 |  | $ | (896) |  | $ | — |  | $ | — |  | $ Notional
Currency |  |  |  |  |
Forwards | $ | 9,735 |  | $ | (12,003) |  | $ | 9,819 |  | $ | (9,682) |  | $ Notional
Swaps | $ | 2,776 |  | $ | (1,407) |  | $ | 2,441 |  | $ | (2,876) |  | $ Notional
Futures | $ | — |  | $ | (10) |  | $ | 11 |  | $ | — |  | $ Notional
Options | $ | 36 |  | $ | (25) |  | $ | — |  | $ | (102) |  | Delta
Agricultural commodities |  |  |  |  |
Forwards | 33,130,064 |  | (34,407,272) |  | 20,493,679 |  | (27,766,763) |  | Metric Tons
Swaps | — |  | — |  | — |  | (1,864,262) |  | Metric Tons
Futures | — |  | (9,522,764) |  | — |  | (4,092,772) |  | Metric Tons
Options | 210,894 |  | (948,005) |  | 1,025 |  | (216,647) |  | Metric Tons
Ocean freight |  |  |  |  |
FFA | — |  | (8,905) |  | — |  | (11,197) |  | Hire Days
Natural gas |  |  |  |  |
Forwards | 24,619 |  | (24,620) |  | — |  | — |  | MMBtus
Swaps | 580,095 |  | — |  | 1,460,190 |  | — |  | MMBtus
Futures | 6,037,280 |  | — |  | 5,250,393 |  | — |  | MMBtus
Options | 419,540 |  | — |  | — |  | — |  | MMBtus
Electricity |  |  |  |  |
Futures | — |  | (73,496) |  | — |  | — |  | Mwh
Swaps | 28,800 |  | (10,800) |  | 22,987 |  | (8,619) |  | Mwh
Energy - other |  |  |  |  |
Swaps | 170,736 |  | — |  | 175,784 |  | — |  | Metric Tons
Futures | — |  | — |  | 1,320,881 |  | — |  | Metric Tons
Options | — |  | (13,640) |  | — |  | — |  | Metric Tons
Energy - CO2 |  |  |  |  |
Futures | 355,000 |  | — |  | — |  | (38,000) |  | Metric Tons
Other |  |  |  |  |
Swaps and futures | $ | 10 |  | $ | (45) |  | $ | 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 and six months ended June 30, 2023 and 2022.
|  | Gain (Loss) Recognized in Income on Derivative Instruments
|  | Three Months Ended June 30,
(US$ in millions) |  | 2023 | 2022
Income statement classification | Type of derivative |  |
Net sales |  |  |
Hedge accounting | Foreign currency | $ | 4 |  | $ | 5 |
Cost of goods sold |  |  |
Hedge accounting | Foreign currency | $ | (1) |  | $ | — |
Economic hedges | Foreign currency | 324 |  | (70) |
| Commodities | (32) |  | 638 |
| Other (1) | 16 |  | 9 |
Total Cost of goods sold |  | $ | 307 |  | $ | 577 |
Selling, general & administrative |  |  |
Hedge Accounting | Foreign exchange | $ | 1 |  | $ | — |
Interest expense |  |  |
Hedge accounting | Interest rate | $ | (35) |  | $ | 3 |
Economic hedges | Interest rate | 5 |  | — |
Total Interest expense |  | $ | (30) |  | $ | 3 |
Foreign exchange (losses) gains |  |  |
Hedge accounting | Foreign currency | $ | (19) |  | $ | (25) |
Economic hedges | Foreign currency | (39) |  | 57 |
Total Foreign exchange (losses) gains |  | $ | (58) |  | $ | 32 |
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 | $ | — |  | $ | 2 |
Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in Other comprehensive income (loss) during the period | $ | (26) |  | $ | 4 |
Gains and losses on derivatives used as net investment hedges included in Other comprehensive income (loss) during the period | $ | (40) |  | $ | 41 |
Amounts released from Accumulated other comprehensive income (loss) during the period |  |
Cash flow hedge of foreign currency risk | $ | 1 |  | $ | (5) |
(1) Other includes results from freight, energy and other derivatives.
|  | Gain (Loss) Recognized in Income on Derivative Instruments
|  | Six months ended June 30,
(US$ in millions) |  | 2023 | 2022
Income statement classification | Type of derivative |  |
Net sales |  |  |
Hedge accounting | Foreign currency | $ | 5 |  | $ | 7 |
Cost of goods sold |  |  |
Hedge accounting | Foreign currency | $ | — |  | $ | — |
Economic hedges | Foreign currency | 408 |  | 423 |
| Commodities | 364 |  | (618) |
| Other (1) | 7 |  | 90 |
Total Cost of goods sold |  | $ | 779 |  | $ | (105) |
Selling, general & administrative expenses |  |  |
Hedge Accounting | Foreign exchange | $ | 1 |  | $ | — |
Interest expense |  |  |
Hedge accounting | Interest rate | $ | (68) |  | $ | (4) |
Economic hedges | Interest rate | 6 |  | 1 |
Total Interest expense |  | $ | (62) |  | $ | (3) |
Foreign exchange gains (losses) |  |  |
Hedge accounting | Foreign currency | $ | (21) |  | $ | (37) |
Economic hedges | Foreign currency | (6) |  | 116 |
Total Foreign exchange gains (losses) |  | $ | (27) |  | $ | 79 |
Other income (expense) |  |  |
Economic hedges | Interest rate | $ | 1 |  | $ | 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 | $ | — |  | $ | 2 |
Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in Other comprehensive income (loss) during the period | $ | (31) |  | $ | 36 |
Gains and losses on derivatives used as net investment hedges included in Other comprehensive income (loss) during the period | $ | (61) |  | $ | (108) |
Amounts released from Accumulated other comprehensive income (loss) during the period |  |
Cash flow hedge of foreign currency risk | $ | — |  | $ | (7) |
(1) Other includes results from freight, energy and other derivatives.

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

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration