v3.23.3
BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION, AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION, AND SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION, AND SIGNIFICANT ACCOUNTING POLICIES
The accompanying unaudited condensed consolidated financial statements include the accounts of Bunge Limited ("Bunge" or the "Company"), its subsidiaries and variable interest entities ("VIEs") in which Bunge is considered to be the primary beneficiary, and as a result, include the assets, liabilities, revenues and expenses of all entities over which Bunge has a controlling financial interest. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended ("Exchange Act"). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Securities and Exchange Commission ("SEC") rules. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included. The condensed consolidated balance sheet at December 31, 2022 has been derived from Bunge’s audited consolidated financial statements at that date. Operating results for the nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023. The financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022, forming part of Bunge’s 2022 Annual Report on Form 10-K filed with the SEC on February 24, 2023.
Effective January 1, 2023, the Company changed its reporting of cash proceeds from and repayments of short-term debt with maturities of three months or less to be presented on a net basis in its condensed consolidated statements of cash flows. Prior to January 1, 2023, the Company presented cash proceeds from and repayments of short-term debt with maturities of three months or less separately in its consolidated statements of cash flows. Prior period amounts have been reclassified to conform to current presentation.
On December 8, 2022, Bunge announced the Company's intention to change the place of incorporation of Bunge's ultimate parent company from Bermuda to Switzerland (the "Redomestication"). Bunge shareholders approved the Redomestication at the Extraordinary General Meeting held on October 5, 2023. Bunge expects the Redomestication to occur in the fourth quarter of 2023, subject to various conditions. Please refer to the Company's definitive proxy statement filed with the SEC on August 7, 2023 for further details.
Throughout 2023 and 2022, Argentina’s government has published multiple Emergency Decrees (collectively referred to as the “Export Programs”) which have introduced preferential U.S. dollar to Argentine peso foreign exchange rates available exclusively during specific periods of time and payable to Argentinian farmers on qualifying Argentine peso denominated sales of certain commodities. The Export Programs are aimed at boosting farmer selling and in turn commodity exports. Bunge is both a receiver of the preferential exchange rate for cash converted to Argentine pesos, as well as a payer of the same preferential rate on purchases of various commodities from farmers and related export duties. Transactions related to these Export Programs were accounted for at the preferential rate. Please refer to Note 1 – Nature of Business, Basis of Presentation, and Significant Accounting Policies, included in the Company’s 2022 Annual Report on Form 10-K for further details on the 2022 Export Programs.
Cash, Cash Equivalents, Restricted Cash, and Cash held for sale Cash, Cash Equivalents and Restricted Cash Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the condensed consolidated statements of cash flows.
Recently Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements    
In March 2020, the FASB issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848), to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting designed to ease the financial reporting burden related to reference rate reform. In December 2022, the FASB subsequently issued ASU 2022-06, Deferral of the Sunset Date of Topic 848, to ensure the relief in Topic 848 covers the period of time during which a significant number of modifications to eligible contracts and hedging relationships may take place. The ASU defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The Company is applying this guidance prospectively to all eligible contract modifications through December 31, 2024. As of September 30, 2023, Bunge has concluded the modification of all eligible contracts and the adoption of this guidance did not have a material impact on Bunge's condensed consolidated financial statements.