v3.23.2

FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Jun. 30, 2023
Financial Instruments And Fair Value Measurements [Abstract] |
Schedule of Hierarchy Levels that may be Used to Measure Fair Value | The fair value standard describes three levels within its hierarchy that may be used to measure fair value.
Level | Description | Financial Instrument (Assets / Liabilities)
Level 1 | Quoted prices (unadjusted) in active markets for identical assets or liabilities. | Exchange traded derivative contracts. Marketable securities in active markets.
Level 2 | Observable inputs, including adjusted Level 1 quotes, quoted prices for similar assets or liabilities, quoted prices in markets that are less active than traded exchanges and other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | Exchange traded derivative contracts (less liquid markets). Readily marketable inventories. Over-the-counter ("OTC") commodity purchase and sales contracts. OTC derivatives whose value is determined using pricing models with inputs that are generally based on exchange traded prices, adjusted for location specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data. Marketable securities in less active markets.
Level 3 | Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. | Assets and liabilities whose value is determined using proprietary pricing models, discounted cash flow methodologies or similar techniques. Assets and liabilities for which the determination of fair value requires significant management judgment or estimation.
Schedule of Assets and Liabilities Accounted for at Fair Value on a Recurring Basis | The following table sets forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis.
|  | Fair Value Measurements at Reporting Date
|  | June 30, 2023 |  | December 31, 2022
(US$ in millions) |  | Level 1 | Level 2 | Level 3 | Total |  | Level 1 | Level 2 | Level 3 | Total
Assets: |  |  |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 115 |  | $ | 185 |  | $ | — |  | $ | 300 |  |  | $ | — |  | $ | 81 |  | $ | — |  | $ | 81 |
Readily marketable inventories (Note 5) |  | — |  | 5,812 |  | 1,384 |  | 7,196 |  |  | — |  | 6,268 |  | 412 |  | 6,680 |
Trade accounts receivable (1) |  | — |  | 9 |  | — |  | 9 |  |  | — |  | 7 |  | — |  | 7 |
Unrealized gain on derivative contracts (2): |  |  |  |  |  |  |  |  |  |
Interest rate |  | 6 |  | 7 |  | — |  | 13 |  |  | — |  | 3 |  | — |  | 3 |
Foreign exchange |  | — |  | 566 |  | — |  | 566 |  |  | 1 |  | 378 |  | — |  | 379 |
Commodities |  | 165 |  | 915 |  | 60 |  | 1,140 |  |  | 136 |  | 763 |  | 101 |  | 1,000 |
Freight |  | 98 |  | — |  | — |  | 98 |  |  | 80 |  | — |  | — |  | 80 |
Energy |  | 42 |  | 2 |  | — |  | 44 |  |  | 128 |  | 2 |  | — |  | 130 |
Credit |  | — |  | 5 |  | — |  | 5 |  |  | — |  | 5 |  | — |  | 5 |
Other (3) |  | 24 |  | 21 |  | 11 |  | 56 |  |  | 33 |  | 40 |  | 27 |  | 100 |
Total assets |  | $ | 450 |  | $ | 7,522 |  | $ | 1,455 |  | $ | 9,427 |  |  | $ | 378 |  | $ | 7,547 |  | $ | 540 |  | $ | 8,465 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Trade accounts payable (1) |  | $ | — |  | $ | 658 |  | $ | 437 |  | $ | 1,095 |  |  | $ | — |  | $ | 513 |  | $ | 130 |  | $ | 643 |
Unrealized loss on derivative contracts (4): |  |  |  |  |  |  |  |  |  |
Interest rate |  | 4 |  | 333 |  | — |  | 337 |  |  | — |  | 344 |  | — |  | 344 |
Foreign exchange |  | — |  | 433 |  | — |  | 433 |  |  | 1 |  | 461 |  | — |  | 462 |
Commodities |  | 145 |  | 846 |  | 51 |  | 1,042 |  |  | 127 |  | 731 |  | 50 |  | 908 |
Freight |  | 42 |  | — |  | — |  | 42 |  |  | 28 |  | — |  | — |  | 28 |
Energy |  | 39 |  | 5 |  | — |  | 44 |  |  | 153 |  | 6 |  | — |  | 159 |
Credit |  | — |  | — |  | — |  | — |  |  | — |  | 1 |  | — |  | 1 |
Total liabilities |  | $ | 230 |  | $ | 2,275 |  | $ | 488 |  | $ | 2,993 |  |  | $ | 309 |  | $ | 2,056 |  | $ | 180 |  | $ | 2,545 |
(1) These receivables and payables are hybrid financial instruments for which Bunge has elected the fair value option as they are derived from purchases and sales of agricultural commodity products in the normal course of business. (2) Unrealized gains on derivative contracts are generally included in Other current assets. There were $1 million and $1 million included in Other non-current assets at June 30, 2023, and December 31, 2022, respectively. (3) Other includes the fair values of marketable securities and investments in Other current assets and Other non-current assets. (4) Unrealized losses on derivative contracts are generally included in Other current liabilities. There were $324 million and $332 million included in Other non-current liabilities at June 30, 2023, and December 31, 2022, respectively.
Schedule of Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | The tables below present reconciliations for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2023, and 2022. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant.
| Three Months Ended June 30, 2023
(US$ in millions) | Readily Marketable Inventories | Derivatives, Net | Trade Accounts Payable | Other(2) | Total
Balance, April 1, 2023 | $ | 1,308 |  | $ | 47 |  | $ | (494) |  | $ | 27 |  | $ | 888 |
Total gains and losses (realized/unrealized) included in Cost of goods sold (1) | 192 |  | (56) |  | 9 |  | — |  | 145 |
Total gains and losses (realized/unrealized) included in Other income (expense) - net | — |  | — |  | — |  | (2) |  | (2) |
Purchases | 1,377 |  | — |  | (89) |  | — |  | 1,288 |
Sales | (1,846) |  | — |  | — |  | (14) |  | (1,860) |
Settlements | — |  | — |  | 131 |  | — |  | 131 |
Transfers into Level 3 | 312 |  | 26 |  | (10) |  | — |  | 328 |
Transfers out of Level 3 | (18) |  | (8) |  | 42 |  | — |  | 16 |
Translation adjustment | 59 |  | — |  | (26) |  | — |  | 33 |
Balance, June 30, 2023 | $ | 1,384 |  | $ | 9 |  | $ | (437) |  | $ | 11 |  | $ | 967 |
(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, include gains/(losses) of $219 million, $(32) million and $9 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2023. (2) Comprises the fair values of marketable securities and investments in Other current assets. Included within Other income (expense) - net of the condensed consolidated statements of income are $16 million mark-to-market losses related to securities still held at June 30, 2023.
| Three Months Ended June 30, 2022
(US$ in millions) | Readily Marketable Inventories | Derivatives, Net | Trade Accounts Payable | Other (2) | Total
Balance, April 1, 2022 | $ | 1,131 |  | $ | 27 |  | $ | (447) |  | $ | 70 |  | $ | 781 |
Total gains and losses (realized/unrealized) included in Cost of goods sold (1) | 35 |  | (9) |  | 18 |  | — |  | 44 |
Total gains and losses (realized/unrealized) included in Other income (expense) - net | — |  | — |  | — |  | (5) |  | (5) |
Purchases | 856 |  | — |  | (80) |  | — |  | 776 |
Sales | (1,310) |  | — |  | — |  | — |  | (1,310) |
Settlements | — |  | — |  | 52 |  | — |  | 52 |
Transfers into Level 3 | 451 |  | 7 |  | (2) |  | — |  | 456 |
Transfers out of Level 3 | (131) |  | (15) |  | 146 |  | — |  | — |
Translation adjustment | (91) |  | — |  | 42 |  | 1 |  | (48) |
Balance, June 30, 2022 | $ | 941 |  | $ | 10 |  | $ | (271) |  | $ | 66 |  | $ | 746 |
(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, includes gains/(losses) of $84 million, $(25) million and $17 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2022. (2) Comprises the fair values of marketable securities and investments in Other current assets. Included within Other income (expense) - net of the condensed consolidated statements of income are $5 million in gains related to securities still held at June 30, 2022.
| Six Months Ended June 30, 2023
(US$ in millions) | Readily Marketable Inventories | Derivatives, Net | Trade Accounts Payable | Other(2) | Total
Balance, January 1, 2023 | $ | 412 |  | $ | 51 |  | $ | (130) |  | $ | 27 |  | $ | 360 |
Total gains and losses (realized/unrealized) included in Cost of goods sold (1) | 365 |  | (71) |  | 18 |  | — |  | 312 |
Total gains and losses (realized/unrealized) included in Other income (expense) - net | — |  | — |  | — |  | (2) |  | (2) |
Purchases | 3,021 |  | — |  | (429) |  | — |  | 2,592 |
Sales | (3,589) |  | — |  | — |  | (14) |  | (3,603) |
Settlements | — |  | — |  | 171 |  | — |  | 171 |
Transfers into Level 3 | 1,150 |  | 29 |  | (81) |  | — |  | 1,098 |
Transfers out of Level 3 | (39) |  | — |  | 42 |  | — |  | 3 |
Translation adjustment | 64 |  | — |  | (28) |  | — |  | 36 |
Balance, June 30, 2023 | $ | 1,384 |  | $ | 9 |  | $ | (437) |  | $ | 11 |  | $ | 967 |
(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, include gains/(losses) of $444 million, $(42) million and $19 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2023. (2) Comprises the fair values of marketable securities and investments in Other current assets. Included within Other income (expense) - net of the condensed consolidated statements of income are $16 million mark-to-market losses related to securities still held at June 30, 2023.
| Six Months Ended June 30, 2022
(US$ in millions) | Readily Marketable Inventories | Derivatives, Net | Trade Accounts Payable | Other(2) | Total
Balance, January 1, 2022 | $ | 205 |  | $ | (31) |  | $ | (23) |  | $ | — |  | $ | 151 |
Total gains and losses (realized/unrealized) included in Cost of goods sold (1) | 170 |  | 28 |  | 33 |  | — |  | 231 |
Total gains and losses (realized/unrealized) included in Other income (expense) - net | — |  | — |  | — |  | (69) |  | $ | (69) |
Purchases | 2,102 |  | — |  | (446) |  | — |  | 1,656 |
Sales | (2,687) |  | — |  | — |  | — |  | (2,687) |
Settlements | — |  | — |  | 325 |  | (84) |  | 241 |
Transfers into Level 3 | 1,415 |  | 28 |  | (347) |  | 218 |  | 1,314 |
Transfers out of Level 3 | (178) |  | (14) |  | 146 |  | — |  | (46) |
Translation adjustment | (86) |  | (1) |  | 41 |  | 1 |  | (45) |
Balance, June 30, 2022 | $ | 941 |  | $ | 10 |  | $ | (271) |  | $ | 66 |  | $ | 746 |
Schedule of Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | The tables below present reconciliations for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2023, and 2022. These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant.
| Three Months Ended June 30, 2023
(US$ in millions) | Readily Marketable Inventories | Derivatives, Net | Trade Accounts Payable | Other(2) | Total
Balance, April 1, 2023 | $ | 1,308 |  | $ | 47 |  | $ | (494) |  | $ | 27 |  | $ | 888 |
Total gains and losses (realized/unrealized) included in Cost of goods sold (1) | 192 |  | (56) |  | 9 |  | — |  | 145 |
Total gains and losses (realized/unrealized) included in Other income (expense) - net | — |  | — |  | — |  | (2) |  | (2) |
Purchases | 1,377 |  | — |  | (89) |  | — |  | 1,288 |
Sales | (1,846) |  | — |  | — |  | (14) |  | (1,860) |
Settlements | — |  | — |  | 131 |  | — |  | 131 |
Transfers into Level 3 | 312 |  | 26 |  | (10) |  | — |  | 328 |
Transfers out of Level 3 | (18) |  | (8) |  | 42 |  | — |  | 16 |
Translation adjustment | 59 |  | — |  | (26) |  | — |  | 33 |
Balance, June 30, 2023 | $ | 1,384 |  | $ | 9 |  | $ | (437) |  | $ | 11 |  | $ | 967 |
(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, include gains/(losses) of $219 million, $(32) million and $9 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2023. (2) Comprises the fair values of marketable securities and investments in Other current assets. Included within Other income (expense) - net of the condensed consolidated statements of income are $16 million mark-to-market losses related to securities still held at June 30, 2023.
| Three Months Ended June 30, 2022
(US$ in millions) | Readily Marketable Inventories | Derivatives, Net | Trade Accounts Payable | Other (2) | Total
Balance, April 1, 2022 | $ | 1,131 |  | $ | 27 |  | $ | (447) |  | $ | 70 |  | $ | 781 |
Total gains and losses (realized/unrealized) included in Cost of goods sold (1) | 35 |  | (9) |  | 18 |  | — |  | 44 |
Total gains and losses (realized/unrealized) included in Other income (expense) - net | — |  | — |  | — |  | (5) |  | (5) |
Purchases | 856 |  | — |  | (80) |  | — |  | 776 |
Sales | (1,310) |  | — |  | — |  | — |  | (1,310) |
Settlements | — |  | — |  | 52 |  | — |  | 52 |
Transfers into Level 3 | 451 |  | 7 |  | (2) |  | — |  | 456 |
Transfers out of Level 3 | (131) |  | (15) |  | 146 |  | — |  | — |
Translation adjustment | (91) |  | — |  | 42 |  | 1 |  | (48) |
Balance, June 30, 2022 | $ | 941 |  | $ | 10 |  | $ | (271) |  | $ | 66 |  | $ | 746 |
(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, includes gains/(losses) of $84 million, $(25) million and $17 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2022. (2) Comprises the fair values of marketable securities and investments in Other current assets. Included within Other income (expense) - net of the condensed consolidated statements of income are $5 million in gains related to securities still held at June 30, 2022.
| Six Months Ended June 30, 2023
(US$ in millions) | Readily Marketable Inventories | Derivatives, Net | Trade Accounts Payable | Other(2) | Total
Balance, January 1, 2023 | $ | 412 |  | $ | 51 |  | $ | (130) |  | $ | 27 |  | $ | 360 |
Total gains and losses (realized/unrealized) included in Cost of goods sold (1) | 365 |  | (71) |  | 18 |  | — |  | 312 |
Total gains and losses (realized/unrealized) included in Other income (expense) - net | — |  | — |  | — |  | (2) |  | (2) |
Purchases | 3,021 |  | — |  | (429) |  | — |  | 2,592 |
Sales | (3,589) |  | — |  | — |  | (14) |  | (3,603) |
Settlements | — |  | — |  | 171 |  | — |  | 171 |
Transfers into Level 3 | 1,150 |  | 29 |  | (81) |  | — |  | 1,098 |
Transfers out of Level 3 | (39) |  | — |  | 42 |  | — |  | 3 |
Translation adjustment | 64 |  | — |  | (28) |  | — |  | 36 |
Balance, June 30, 2023 | $ | 1,384 |  | $ | 9 |  | $ | (437) |  | $ | 11 |  | $ | 967 |
(1) Readily marketable inventories, derivatives, net, and Trade accounts payable, include gains/(losses) of $444 million, $(42) million and $19 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at June 30, 2023. (2) Comprises the fair values of marketable securities and investments in Other current assets. Included within Other income (expense) - net of the condensed consolidated statements of income are $16 million mark-to-market losses related to securities still held at June 30, 2023.
| Six Months Ended June 30, 2022
(US$ in millions) | Readily Marketable Inventories | Derivatives, Net | Trade Accounts Payable | Other(2) | Total
Balance, January 1, 2022 | $ | 205 |  | $ | (31) |  | $ | (23) |  | $ | — |  | $ | 151 |
Total gains and losses (realized/unrealized) included in Cost of goods sold (1) | 170 |  | 28 |  | 33 |  | — |  | 231 |
Total gains and losses (realized/unrealized) included in Other income (expense) - net | — |  | — |  | — |  | (69) |  | $ | (69) |
Purchases | 2,102 |  | — |  | (446) |  | — |  | 1,656 |
Sales | (2,687) |  | — |  | — |  | — |  | (2,687) |
Settlements | — |  | — |  | 325 |  | (84) |  | 241 |
Transfers into Level 3 | 1,415 |  | 28 |  | (347) |  | 218 |  | 1,314 |
Transfers out of Level 3 | (178) |  | (14) |  | 146 |  | — |  | (46) |
Translation adjustment | (86) |  | (1) |  | 41 |  | 1 |  | (45) |
Balance, June 30, 2022 | $ | 941 |  | $ | 10 |  | $ | (271) |  | $ | 66 |  | $ | 746 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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