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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Derivative Instruments

The notional amount is used to compute interest or other payment streams to be made under the contract and is a measure of the Company’s level of activity. The Company discloses derivative notional amounts on a gross basis.

(US$ in millions)						June 30, 2024			December 31, 2023			Unit of Measure
Hedging instrument type:
Fair value hedges of interest rate risk
			Interest rate swap - notional amount			$	2,900		$	2,900		$ Notional
			Cumulative adjustment to long-term debt from application of hedge accounting			$	(281)		$	(260)		$ Notional
			Carrying value of hedged debt			$	2,607		$	2,625		$ Notional
Cash flow hedges of currency risk
			Foreign currency forward - notional amount			$	13		$	54		$ Notional
			Foreign currency option - notional amount			$	114		$	99		$ Notional
Net investment hedges
			Foreign currency forward - notional amount			$	1,136		$	1,112		$ Notional

The table below summarizes the volume of economic derivatives as of June 30, 2024, and December 31, 2023. For those contracts traded bilaterally through the over-the-counter markets (e.g., forwards, forward rate agreements ("FRA"), and swaps), the gross position is provided. For exchange traded (e.g., futures, FFAs, and options) and cleared positions (e.g., energy swaps), the net position is provided.

			June 30,						December 31,
			2024						2023						Unit of Measure
(US$ in millions)			Long			(Short)			Long			(Short)
Interest rate
Swaps			$	520		$	(1,413)		$	935		$	(1,465)		$ Notional
Futures			$	—		$	(346)		$	—		$	(612)		$ Notional
Forwards			$	—		$	—		$	416		$	(416)		$ Notional
Options			$	—		$	—		$	—		$	(3)		$ Notional
Currency
Forwards			$	8,890		$	(11,189)		$	8,808		$	(10,356)		$ Notional
Swaps			$	2,257		$	(1,225)		$	1,357		$	(324)		$ Notional
Futures			$	—		$	(2)		$	—		$	(2)		$ Notional
Options			$	36		$	(54)		$	5		$	(5)		Delta
Agricultural commodities
Forwards			21,704,818			(29,689,276)			25,588,125			(34,163,143)			Metric Tons
Futures			—			(6,057,113)			—			(1,224,688)			Metric Tons
Options			260,259			(48,931)			29,420			(615,937)			Metric Tons
Ocean freight
FFA			—			(15,766)			—			(4,965)			Hire Days
Natural gas
Forwards			500			—			300			—			MMBtus
Swaps			2,045,261			—			778,436			—			MMBtus
Futures			13,477,273			—			12,715,588			—			MMBtus
Options			—			(4,409,938)			—			(2,923,438)			MMBtus
Electricity
Futures			—			(63,853)			—			(281,511)			Mwh
Energy - other
Swaps			190,560			—			202,716			—			Metric Tons
Futures			838,860			—			—			—			Metric Tons
Options			—			—			40,920			—			Metric Tons
Energy - CO2
Futures			56,000			—			675,000			—			Metric Tons
Options			—			(75,000)			400,000			—			Metric Tons
Other
Swaps and futures			$	90		$	(90)		$	100		$	(106)		$ Notional

Schedule of Effect of Derivative Instruments Designated as Fair Value Hedges and Undesignated Derivative Instruments on Condensed Consolidated Statements of Income

The tables below summarize the net effect of derivative instruments and hedge accounting on the condensed consolidated statements of income for the three and six months ended June 30, 2024, and 2023.

						Gain (Loss) Recognized in Income on Derivative Instruments
						Three Months Ended June 30,
(US$ in millions)						2024			2023
Income statement classification			Type of derivative
Net sales
Hedge accounting			Foreign currency			$	—		$	4
Cost of goods sold
Hedge accounting			Foreign currency			$	(1)		$	(1)
Economic hedges			Foreign currency			(217)			324
			Commodities			(26)			(32)
			Other (1)			95			16
Total Cost of goods sold						$	(149)		$	307
Selling, general & administrative
Hedge Accounting			Foreign exchange			$	—		$	1
Interest expense
Hedge accounting			Interest rate			$	(30)		$	(35)
Economic hedges			Interest rate			—			5
Total Interest expense						$	(30)		$	(30)
Foreign exchange (losses) gains – net
Hedge accounting			Foreign currency			$	—		$	(19)
Economic hedges			Foreign currency			28			(39)
Total Foreign exchange (losses) gains – net						$	28		$	(58)
Other comprehensive income (loss)
Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in Other comprehensive income (loss) during the period						$	12		$	(26)
Gains and losses on derivatives used as net investment hedges included in Other comprehensive income (loss) during the period						$	75		$	(40)
Amounts released from Accumulated other comprehensive income (loss) during the period
Cash flow hedge of foreign currency risk						$	(2)		$	1

(1)    Other includes results from freight, energy, and other derivatives.

						Gain (Loss) Recognized in Income on Derivative Instruments
						Six months ended June 30,
(US$ in millions)						2024			2023
Income statement classification			Type of derivative
Net sales
Hedge accounting			Foreign currency			$	—		$	5
Cost of goods sold
Economic hedges			Foreign currency			$	(199)		$	408
			Commodities			(26)			364
			Other (1)			(54)			7
Total Cost of goods sold						$	(279)		$	779
Selling, general & administrative expenses
Hedge Accounting			Foreign exchange			$	—		$	1
Interest expense
Hedge accounting			Interest rate			$	(61)		$	(68)
Economic hedges			Interest rate			—			6
Total Interest expense						$	(61)		$	(62)
Foreign exchange (losses) gains
Hedge accounting			Foreign currency			$	—		$	(21)
Economic hedges			Foreign currency			2			(6)
Total Foreign exchange (losses) gains - net						$	2		$	(27)
Other income (expense)
Economic hedges			Interest rate			$	—		$	1
Total Other income/(expense)						$	—		$	1
Other comprehensive income (loss)
Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in Other comprehensive income (loss) during the period						$	22		$	(31)
Gains and losses on derivatives used as net investment hedges included in Other comprehensive income (loss) during the period						$	103		$	(61)
Amounts released from Accumulated other comprehensive income (loss) during the period
Cash flow hedge of foreign currency risk						$	1		$	—

(1)    Other includes results from freight, energy, and other derivatives

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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