v3.23.3

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Operating Segment Information

Segment revenues generated from these transfers are shown in the following table as “Inter-segment revenues.”

			Three Months Ended September 30, 2023
(US$ in millions)			Agribusiness			Refined and Specialty Oils			Milling			Sugar and Bioenergy			Corporate and Other			Eliminations			Total
Net sales to external customers			$	10,082		$	3,601		$	479		$	56		$	9		$	—		$	14,227
Inter–segment revenues			2,139			45			—			—			—			(2,184)			—
Cost of goods sold			(9,437)			(3,249)			(429)			(54)			(13)			—			(13,182)
Gross profit			645			352			50			2			(4)			—			1,045
Selling, general and administrative expenses			(145)			(98)			(25)			(1)			(178)			—			(447)
Foreign exchange (losses) gains			(52)			(2)			—			1			6			—			(47)
EBIT attributable to noncontrolling interests (1)			(9)			(6)			—			—			1			—			(14)
Other income (expense) - net			36			(19)			(2)			—			(7)			—			8
Income (loss) from affiliates			(14)			—			—			53			—			—			39
Total Segment EBIT (2)			461			227			23			55			(182)			—			584
Total assets			16,660			3,849			972			469			3,183			—			25,133

			Three Months Ended September 30, 2022
(US$ in millions)			Agribusiness			Refined and Specialty Oils			Milling			Sugar and Bioenergy			Corporate and Other			Eliminations			Total
Net sales to external customers			$	11,741		$	4,302		$	631		$	74		$	11		$	—		$	16,759
Inter–segment revenues			2,520			54			13			—			—			(2,587)			—
Cost of goods sold			(11,109)			(4,070)			(586)			(72)			(34)			—			(15,871)
Gross profit			632			232			45			2			(23)			—			888
Selling, general and administrative expenses			(135)			(86)			(26)			—			(90)			—			(337)
Foreign exchange (losses) gains			(35)			(6)			—			—			(11)			—			(52)
EBIT attributable to noncontrolling interests (1)			3			(3)			(1)			—			—			—			(1)
Other income (expense) - net			6			(9)			1			2			40			—			40
Income (loss) from affiliates			10			—			—			20			—			—			30
Total Segment EBIT (2)			481			128			19			24			(84)			—			568
Total assets			17,193			4,190			1,058			360			1,991			—			24,792

			Nine Months Ended September 30, 2023
(US$ in millions)			Agribusiness			Refined and Specialty Oils			Milling			Sugar and Bioenergy			Corporate and Other			Eliminations			Total
Net sales to external customers			$	31,809		$	11,090		$	1,484		$	192		$	29		$	—		$	44,604
Inter–segment revenues			6,294			138			164			—			—			(6,596)			—
Cost of goods sold			(29,359)			(10,063)			(1,363)			(188)			(40)			—			(41,013)
Gross profit			2,450			1,027			121			4			(11)			—			3,591
Selling, general and administrative expenses			(428)			(291)			(70)			(1)			(430)			—			(1,220)
Foreign exchange (losses) gains			(77)			8			(1)			1			5			—			(64)
EBIT attributable to noncontrolling interests (1)			(29)			(17)			1			—			2			—			(43)
Other income (expense) - net			54			(50)			(5)			2			34			—			35
Income (loss) from affiliates			(19)			—			—			119			(17)			—			83
Total Segment EBIT (2)			1,951			677			46			125			(417)			—			2,382
Total assets			16,660			3,849			972			469			3,183			—			25,133

			Nine Months Ended September 30, 2022
(US$ in millions)			Agribusiness			Refined and Specialty Oils			Milling			Sugar and Bioenergy			Corporate and Other			Eliminations			Total
Net sales to external customers			$	35,719		$	12,723		$	1,911		$	195		$	24		$	—		$	50,572
Inter–segment revenues			7,899			252			480			—			—			(8,631)			—
Cost of goods sold			(33,907)			(11,904)			(1,669)			(189)			(39)			—			(47,708)
Gross profit			1,812			819			242			6			(15)			—			2,864
Selling, general and administrative expenses			(375)			(262)			(78)			(1)			(263)			—			(979)
Foreign exchange (losses) gains			(119)			(14)			2			—			(19)			—			(150)
EBIT attributable to noncontrolling interests (1)			(14)			(7)			(1)			—			(11)			—			(33)
Other income (expense) - net			(71)			(17)			2			2			71			—			(13)
Income (loss) from affiliates			41			—			(1)			56			(1)			—			95
Total Segment EBIT (2)			1,274			519			166			63			(238)			—			1,784
Total assets			17,193			4,190			1,058			360			1,991			—			24,792

(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.

Schedule of Reconciliation of Total Segment EBIT to Net Income Attributable to Bunge

A reconciliation of Net income (loss) attributable to Bunge to Total Segment EBIT follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
(US$ in millions)			2023						2022						2023						2022
Net income (loss) attributable to Bunge			$	373					$	380					$	1,627					$	1,274
Interest income			(38)						(30)						(121)						(50)
Interest expense			133						103						374						306
Income tax expense (benefit)			114						113						495						257
Noncontrolling interests' share of interest and tax			2						2						7						(3)
Total Segment EBIT			$	584					$	568					$	2,382					$	1,784

Schedule of Net Sales by Product Group to External Customers

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 September 30, 2023
(US$ in millions)			Agribusiness			Refined and Specialty Oils			Milling			Sugar and Bioenergy			Corporate and Other			Total
Sales from commodity contracts (ASC 815)			$	9,491		$	305		$	23		$	53		$	—		$	9,872
Sales from contracts with customers (ASC 606)			591			3,296			456			3			9			4,355
Net sales to external customers			$	10,082		$	3,601		$	479		$	56		$	9		$	14,227

			Three Months Ended September 30, 2022
(US$ in millions)			Agribusiness			Refined and Specialty Oils			Milling			Sugar and Bioenergy			Corporate and Other			Total
Sales from commodity contracts (ASC 815)			$	10,900		$	333		$	26		$	72		$	—		$	11,331
Sales from contracts with customers (ASC 606)			841			3,969			605			2			11			5,428
Net sales to external customers			$	11,741		$	4,302		$	631		$	74		$	11		$	16,759

			Nine Months Ended September 30, 2023
(US$ in millions)			Agribusiness			Refined and Specialty Oils			Milling			Sugar and Bioenergy			Corporate and Other			Total
Sales from commodity contracts (ASC 815)			$	30,073		$	745		$	138		$	187		$	—		$	31,143
Sales from contracts with customers (ASC 606)			1,736			10,345			1,346			5			29			13,461
Net sales to external customers			$	31,809		$	11,090		$	1,484		$	192		$	29		$	44,604

			Nine Months Ended September 30, 2022
(US$ in millions)			Agribusiness			Refined and Specialty Oils			Milling			Sugar and Bioenergy			Corporate and Other			Total
Sales from commodity contracts (ASC 815)			$	33,396		$	963		$	135		$	191		$	—		$	34,685
Sales from contracts with customers (ASC 606)			2,323			11,760			1,776			4			24			15,887
Net sales to external customers			$	35,719		$	12,723		$	1,911		$	195		$	24		$	50,572

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Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information.

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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