v3.23.2

SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company's operations are organized, managed, and classified into four reportable segments - Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy, based upon their similar economic characteristics, products and services offered, production processes, types and classes of customer, and distribution methods. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as Corporate and Other. The Agribusiness segment is characterized by both inputs and outputs being agricultural commodities and thus high volume and low margin. The Refined and Specialty Oils segment involves the processing, production, and marketing of products derived from vegetable oils. The Milling segment involves the processing, production, and marketing of products derived primarily from wheat and corn. The Sugar and Bioenergy reportable segment primarily comprises the net earnings in the Company’s 50% interest in BP Bunge Bioenergia, a joint venture with BP p.l.c. ("BP"). Corporate and Other includes salaries and overhead for corporate functions that are not allocated to the Company’s individual reporting segments because the operating performance of each reporting segment is evaluated by the Company's chief operating decision maker exclusive of these items, as well as certain other activities including Bunge Ventures, the Company's captive insurance activities, securitization program, and certain income tax assets and liabilities. Transfers between segments are generally valued at market. Segment revenues generated from these transfers are shown in the following table as “Inter-segment revenues.”
| Three Months Ended June 30, 2023
(US$ in millions) | Agribusiness | Refined and Specialty Oils | Milling | Sugar and Bioenergy | Corporate and Other | Eliminations | Total
Net sales to external customers | $ | 10,875 |  | $ | 3,601 |  | $ | 490 |  | $ | 72 |  | $ | 11 |  | $ | — |  | $ | 15,049 |
Inter–segment revenues | 1,999 |  | 56 |  | — |  | — |  | — |  | (2,055) |  | — |
Cost of goods sold | (9,878) |  | (3,268) |  | (450) |  | (70) |  | (18) |  | — |  | (13,684) |
Gross profit | 997 |  | 333 |  | 40 |  | 2 |  | (7) |  | — |  | 1,365 |
Selling, general and administrative expenses | (151) |  | (98) |  | (24) |  | — |  | (147) |  | — |  | (420) |
Foreign exchange (losses) gains | (64) |  | 5 |  | (1) |  | — |  | (6) |  | — |  | (66) |
EBIT attributable to noncontrolling interests (1) | 1 |  | (7) |  | 1 |  | — |  | 1 |  | — |  | (4) |
Other income (expense) - net | 7 |  | (16) |  | (2) |  | 2 |  | 21 |  | — |  | 12 |
Income (loss) from affiliates | (5) |  | — |  | — |  | 47 |  | (17) |  | — |  | 25 |
Total Segment EBIT (2) | 785 |  | 217 |  | 14 |  | 51 |  | (155) |  | — |  | 912 |
Total assets | 17,789 |  | 3,883 |  | 1,086 |  | 382 |  | 2,572 |  | — |  | 25,712 |
| Three Months Ended June 30, 2022
(US$ in millions) | Agribusiness | Refined and Specialty Oils | Milling | Sugar and Bioenergy | Corporate and Other | Eliminations | Total
Net sales to external customers | $ | 12,747 |  | $ | 4,445 |  | $ | 677 |  | $ | 57 |  | $ | 7 |  | $ | — |  | $ | 17,933 |
Inter–segment revenues | 2,892 |  | 86 |  | 92 |  | — |  | — |  | (3,070) |  | — |
Cost of goods sold | (12,431) |  | (4,120) |  | (551) |  | (55) |  | (4) |  | — |  | (17,161) |
Gross profit | 316 |  | 325 |  | 126 |  | 2 |  | 3 |  | — |  | 772 |
Selling, general and administrative expenses | (119) |  | (87) |  | (28) |  | — |  | (100) |  | — |  | (334) |
Foreign exchange (losses) gains | (93) |  | (8) |  | — |  | — |  | (9) |  | — |  | (110) |
EBIT attributable to noncontrolling interests (1) | (13) |  | (7) |  | (1) |  | — |  | 1 |  | — |  | (20) |
Other income (expense) - net | (14) |  | (5) |  | — |  | — |  | 13 |  | — |  | (6) |
Income (loss) from affiliates | 16 |  | — |  | — |  | 4 |  | — |  | — |  | 20 |
Total Segment EBIT (2) | 93 |  | 218 |  | 97 |  | 6 |  | (92) |  | — |  | 322 |
Total assets | 18,889 |  | 4,616 |  | 1,488 |  | 376 |  | 2,050 |  | — |  | 27,419 |
| Six Months Ended June 30, 2023
(US$ in millions) | Agribusiness | Refined and Specialty Oils | Milling | Sugar and Bioenergy | Corporate and Other | Eliminations | Total
Net sales to external customers | $ | 21,727 |  | $ | 7,489 |  | $ | 1,005 |  | $ | 136 |  | $ | 20 |  | $ | — |  | $ | 30,377 |
Inter–segment revenues | 4,155 |  | 93 |  | 164 |  | — |  | — |  | (4,412) |  | — |
Cost of goods sold | (19,922) |  | (6,814) |  | (934) |  | (134) |  | (27) |  | — |  | (27,831) |
Gross profit | 1,805 |  | 675 |  | 71 |  | 2 |  | (7) |  | — |  | 2,546 |
Selling, general and administrative expenses | (283) |  | (193) |  | (45) |  | — |  | (252) |  | — |  | (773) |
Foreign exchange (losses) gains | (25) |  | 10 |  | (1) |  | — |  | (1) |  | — |  | (17) |
EBIT attributable to noncontrolling interests (1) | (20) |  | (11) |  | 1 |  | — |  | 1 |  | — |  | (29) |
Other income (expense) - net | 18 |  | (31) |  | (3) |  | 2 |  | 41 |  | — |  | 27 |
Income (loss) from affiliates | (5) |  | — |  | — |  | 66 |  | (17) |  | — |  | 44 |
Total Segment EBIT (2) | 1,490 |  | 450 |  | 23 |  | 70 |  | (235) |  | — |  | 1,798 |
Total assets | 17,789 |  | 3,883 |  | 1,086 |  | 382 |  | 2,572 |  | — |  | 25,712 |
| Six Months Ended June 30, 2022
(US$ in millions) | Agribusiness | Refined and Specialty Oils | Milling | Sugar and Bioenergy | Corporate and Other | Eliminations | Total
Net sales to external customers | $ | 23,978 |  | $ | 8,421 |  | $ | 1,280 |  | $ | 121 |  | $ | 13 |  | $ | — |  | $ | 33,813 |
Inter–segment revenues | 5,379 |  | 198 |  | 467 |  | — |  | — |  | (6,044) |  | — |
Cost of goods sold | (22,798) |  | (7,834) |  | (1,083) |  | (117) |  | (5) |  | — |  | (31,837) |
Gross profit | 1,180 |  | 587 |  | 197 |  | 4 |  | 8 |  | — |  | 1,976 |
Selling, general and administrative expenses | (240) |  | (176) |  | (52) |  | — |  | (174) |  | — |  | (642) |
Foreign exchange (losses) gains | (84) |  | (8) |  | 3 |  | — |  | (9) |  | — |  | (98) |
EBIT attributable to noncontrolling interests (1) | (17) |  | (4) |  | (1) |  | — |  | (11) |  | — |  | (33) |
Other income (expense) - net | (77) |  | (8) |  | — |  | — |  | 32 |  | — |  | (53) |
Income (loss) from affiliates | 30 |  | — |  | — |  | 36 |  | (1) |  | — |  | 65 |
Total Segment EBIT (2) | 792 |  | 391 |  | 147 |  | 40 |  | (155) |  | — |  | 1,215 |
Total assets | 18,889 |  | 4,616 |  | 1,488 |  | 376 |  | 2,050 |  | — |  | 27,419 |
(1) Include noncontrolling interests' share of interest and tax with EBIT attributable to noncontrolling interests in order to reconcile to consolidated Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests. (2) Total Segment earnings before interest and taxes ("EBIT") is an operating performance measure used by Bunge’s management to evaluate segment operating activities. Bunge’s management believes Total Segment EBIT is a useful measure of operating profitability, since the measure allows for an evaluation of the performance of its segments without regard to its financing methods or capital structure. In addition, EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industry. Total Segment EBIT is a non-GAAP financial measure and is not intended to replace Net income (loss) attributable to Bunge, the most directly comparable U.S. GAAP financial measure. Further, Total Segment EBIT is not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss) or any other measure of consolidated operating results under U.S. GAAP. See the reconciliation of Total Segment EBIT to Net income (loss) attributable to Bunge in the table below. A reconciliation of Net income (loss) attributable to Bunge to Total Segment EBIT follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(US$ in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Net income (loss) attributable to Bunge | $ | 622 |  |  | $ | 206 |  |  | $ | 1,254 |  |  | $ | 894 |
Interest income | (40) |  |  | (11) |  |  | (83) |  |  | (20) |
Interest expense | 129 |  |  | 92 |  |  | 241 |  |  | 203 |
Income tax expense (benefit) | 198 |  |  | 36 |  |  | 381 |  |  | 144 |
Noncontrolling interests' share of interest and tax | 3 |  |  | (1) |  |  | 5 |  |  | (6) |
Total Segment EBIT | $ | 912 |  |  | $ | 322 |  |  | $ | 1,798 |  |  | $ | 1,215 |
The Company’s revenue comprises sales from commodity contracts that are accounted for under ASC 815, Derivatives and Hedging (ASC 815) and sales of other products and services that are accounted for under ASC 606, Revenue from Contracts with Customers (ASC 606). The following tables provide a disaggregation of Net sales to external customers between sales from commodity contracts (ASC 815) and sales from contracts with customers (ASC 606):
| Three Months Ended June 30, 2023
(US$ in millions) | Agribusiness | Refined and Specialty Oils | Milling | Sugar and Bioenergy | Corporate and Other | Total
Sales from commodity contracts (ASC 815) | $ | 10,293 |  | $ | 262 |  | $ | 41 |  | $ | 70 |  | $ | — |  | $ | 10,666 |
Sales from contracts with customers (ASC 606) | 582 |  | 3,339 |  | 449 |  | 2 |  | 11 |  | 4,383 |
Net sales to external customers | $ | 10,875 |  | $ | 3,601 |  | $ | 490 |  | $ | 72 |  | $ | 11 |  | $ | 15,049 |
| Three Months Ended June 30, 2022
(US$ in millions) | Agribusiness | Refined and Specialty Oils | Milling | Sugar and Bioenergy | Corporate and Other | Total
Sales from commodity contracts (ASC 815) | $ | 11,929 |  | $ | 379 |  | $ | 47 |  | $ | 56 |  | $ | — |  | $ | 12,411 |
Sales from contracts with customers (ASC 606) | 818 |  | 4,066 |  | 630 |  | 1 |  | 7 |  | 5,522 |
Net sales to external customers | $ | 12,747 |  | $ | 4,445 |  | $ | 677 |  | $ | 57 |  | $ | 7 |  | $ | 17,933 |
| Six Months Ended June 30, 2023
(US$ in millions) | Agribusiness | Refined and Specialty Oils | Milling | Sugar and Bioenergy | Corporate and Other | Total
Sales from commodity contracts (ASC 815) | $ | 20,582 |  | $ | 440 |  | $ | 115 |  | $ | 134 |  | $ | — |  | $ | 21,271 |
Sales from contracts with customers (ASC 606) | 1,145 |  | 7,049 |  | 890 |  | 2 |  | 20 |  | 9,106 |
Net sales to external customers | $ | 21,727 |  | $ | 7,489 |  | $ | 1,005 |  | $ | 136 |  | $ | 20 |  | $ | 30,377 |
| Six Months Ended June 30, 2022
(US$ in millions) | Agribusiness | Refined and Specialty Oils | Milling | Sugar and Bioenergy | Corporate and Other | Total
Sales from commodity contracts (ASC 815) | $ | 22,496 |  | $ | 630 |  | $ | 109 |  | $ | 119 |  | $ | — |  | $ | 23,354 |
Sales from contracts with customers (ASC 606) | 1,482 |  | 7,791 |  | 1,171 |  | 2 |  | 13 |  | 10,459 |
Net sales to external customers | $ | 23,978 |  | $ | 8,421 |  | $ | 1,280 |  | $ | 121 |  | $ | 13 |  | $ | 33,813 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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