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TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM
 6 Months Ended
Jun. 30, 2024
Transfers and Servicing [Abstract]  
TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM
Trade Accounts Receivable
Changes to the allowance for expected credit losses related to Trade accounts receivable were as follows:
Six Months Ended June 30, 2024
Rollforward of the Allowance for Credit Losses (US$ in millions)Short-term
Long-term (1)
Total
Allowance as of January 1, 2024$104 $32 $136 
Current period provisions25 — 25 
Recoveries(26)— (26)
Write-offs charged against the allowance(7)(1)(8)
Foreign exchange translation differences(4)(3)(7)
Allowance as of June 30, 2024
$92 $28 $120 

(1)     Long-term portion of the allowance for credit losses is included in Other non-current assets.

Six Months Ended June 30, 2023
Rollforward of the Allowance for Credit Losses (US$ in millions)Short-term
Long-term (1)
Total
Allowance as of January 1, 2023$90 $46 $136 
Current period provisions39 — 39 
Recoveries(33)(1)(34)
Write-offs charged against the allowance(1)(12)(13)
Foreign exchange translation differences2 1 3 
Allowance as of June 30, 2023
$97 $34 $131 
(1)     Long-term portion of the allowance for credit losses is included in Other non-current assets.

Trade Receivables Securitization Program
Bunge and certain of its subsidiaries participate in a trade receivables securitization program (the "Program") with a financial institution, as administrative agent, and certain commercial paper conduit purchasers and committed purchasers (collectively, the "Purchasers"). Koninklijke Bunge B.V., a wholly owned subsidiary of Bunge, acts as master servicer, responsible for servicing and collecting the accounts receivable for the Program. The Program is designed to enhance Bunge’s financial flexibility by providing an additional source of liquidity for its operations.
The Program provides for funding of up to $1.5 billion and from time to time with the consent of the administrative agent, Bunge may request one or more of the existing committed purchasers or new committed purchasers to increase the total commitments by an amount not to exceed $1 billion pursuant to an accordion provision. The Program will terminate on May 17, 2031; however, each committed purchaser's commitment to purchase trade receivables under the Program will terminate earlier on December 17, 2024, with a feature that permits Bunge to request 364-day extensions. The Program includes sustainability provisions, pursuant to which the applicable margin will be increased or decreased based on Bunge's performance relative to certain sustainability targets, including, but not limited to, science-based targets ("SBTs") that define Bunge's climate goals within its operations and a commitment to a deforestation-free supply chain in 2025.
Under the Program's pledge structure, Bunge Securitization B.V. ("BSBV"), a consolidated bankruptcy remote special purpose entity, transfers certain trade receivables to the Purchasers in exchange for a cash payment up to the aggregate size of the Program. Bunge also retains ownership of a population of unsold receivables. BSBV agrees to guaranty the collection of sold receivables and grants a lien to the administrative agent on all unsold receivables. Collections on unsold receivables and guarantee payments are classified as operating activities in Bunge’s condensed consolidated statements of cash flows.

(US$ in millions)June 30,
2024		December 31,
2023
Receivables sold which were derecognized from Bunge's balance sheet
$1,161 $1,230 
Receivables pledged to the administrative agent and included in Trade accounts receivable
$249 $343 
Bunge's risk of loss following the sale of trade receivables is limited to the assets of BSBV, primarily comprised of unsold receivables pledged to the administrative agent.
    The table below summarizes the cash flows and discounts of Bunge’s trade receivables associated with the Program. Servicing fees under the Program were not significant in any period.
Six Months Ended
June 30,
(US$ in millions)20242023
Gross receivables sold$5,724 $6,901 
Proceeds received in cash related to transfers of receivables
$5,704 $6,872 
Cash collections from customers on receivables previously sold $5,793 $6,901 
Discounts related to gross receivables sold included in Selling, general & administrative expenses$20 $29