UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
x
ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED]
For the fiscal year ended December 31, 2021
OR
¨
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
for the transition period from to
Commission file number 1-16625
A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
Bunge Savings Plan – Supplement A
B. Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office:
Bunge Limited
1391 Timberlake Manor Parkway
Chesterfield, MO 63017
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TABLE OF CONTENTS |
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Page |
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Report of Independent Registered Public Accounting Firm |
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Financial Statements |
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Statements of Net Assets Available for Benefits as of December 31,
2021 and 2020 |
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Statements of Changes in Net Assets Available for Benefits for the
Years ended December 31, 2021 and 2020 |
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Notes to Financial Statements |
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Supplemental Schedule |
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Schedule H, Line 4i - Schedule of Assets (held at End of Year) as
of December 31, 2021 |
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Exhibits |
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Signature |
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Exhibit 23.1 Consent of Independent Registered Public Accounting
Firm |
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Report of Independent Registered Public Accounting
Firm
To the Participants, Administrator, and Investment
Committee of the Bunge Savings Plan - Supplement A
Saint Louis, Missouri
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available
for benefits of the Bunge Savings Plan - Supplement A (the “Plan”)
as of December 31, 2021 and 2020, and the related statements of
changes in net assets available for benefits for the years ended
December 31, 2021 and 2020, and the related notes (collectively
referred to as the “financial statements”). In our opinion, the
financial statements present fairly, in all material respects, the
net assets available for benefits of the Plan as of December 31,
2021 and 2020, and the changes in net assets available for benefits
for the years then ended, in conformity with accounting principles
generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s
management. Our responsibility is to express an opinion on the
Plan’s financial statements based on our audits. We are a public
accounting firm registered with the Public Company Accounting
Oversight Board (United States) ("PCAOB") and are required to be
independent with respect to the Plan in accordance with the U.S.
federal securities laws and the applicable rules and regulations of
the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error
or fraud.
Our audits included performing procedures to assess the risks of
material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those
risks. Such procedures included examining, on a test basis,
evidence regarding the amounts and disclosures in the financial
statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that our audits provide a reasonable basis
for our opinion.
Supplemental Information
The supplemental information contained in the Schedule of Assets
(Held at End of Year) as of December 31, 2021 has been subjected to
audit procedures performed in conjunction with the audit of the
Plan's financial statements. The supplemental information is the
responsibility of the Plan's management. Our audit procedures
included determining whether the supplemental information
reconciles to the financial statements or the underlying accounting
and other records, as applicable, and performing procedures to test
the completeness and accuracy of the information presented in the
supplemental information. In forming our opinion on the
supplemental information, we evaluated whether the supplemental
information, including its form and content, is presented in
conformity with the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. In our opinion, the supplemental information
is fairly stated, in all material respects, in relation to the
financial statements as a whole.
We have served as the Plan’s auditor since 2011.
/s/ Armanino LLP
St. Louis, Missouri
June 15, 2022
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| BUNGE
SAVINGS PLAN – SUPPLEMENT A |
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STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS |
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AS OF DECEMBER 31, 2021 AND 2020 |
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2021 |
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2020 |
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INVESTMENTS, at fair value: |
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Mutual funds |
$ |
4,324,033 |
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$ |
3,928,857 |
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Bunge Limited common shares |
142,403 |
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119,002 |
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Collective trust fund |
301 |
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399 |
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Common stock |
43,267 |
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20,349 |
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Non Interest bearing cash |
192 |
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217 |
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Interest bearing cash |
68,796 |
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106,902 |
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Total Plan interest in Bunge Defined Contribution Master
Trust
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4,578,992 |
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4,175,726 |
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RECEIVABLES: |
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Notes receivable from participants |
128,614 |
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59,726 |
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Total receivables |
128,614 |
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59,726 |
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NET ASSETS AVAILABLE FOR BENEFITS |
$ |
4,707,606 |
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$ |
4,235,452 |
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See notes to financial statements. |
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| BUNGE
SAVINGS PLAN – SUPPLEMENT A |
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STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR
BENEFITS |
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FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020 |
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2021 |
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2020 |
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ADDITIONS: |
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Participants’ contributions |
$ |
251,567 |
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$ |
244,242 |
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Employer contributions |
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1,551 |
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— |
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Rollover contributions |
— |
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392 |
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Interest income on notes receivable from participants |
3,859 |
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3,522 |
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Plan interest in Bunge Defined Contribution Master
Trust: |
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Investment income — dividends |
287,899 |
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185,108 |
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Investment income — interest |
24 |
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296 |
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Net appreciation in value of investments |
282,176 |
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442,454 |
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Net appreciation of Plan interest in Bunge Defined Contribution
Master Trust |
570,099 |
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627,858 |
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Total Additions |
827,076 |
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876,014 |
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DEDUCTIONS: |
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Benefits paid to participants |
343,511 |
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373,702 |
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Administrative expenses |
11,411 |
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10,811 |
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Total
Deductions |
354,922 |
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384,513 |
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INCREASE IN NET ASSETS |
472,154 |
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491,501 |
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NET ASSETS AVAILABLE FOR BENEFITS — Beginning of year |
4,235,452 |
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3,743,951 |
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NET ASSETS AVAILABLE FOR BENEFITS — End of year |
$ |
4,707,606 |
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$ |
4,235,452 |
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See notes to financial statements. |
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BUNGE SAVINGS PLAN - SUPPLEMENT A |
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| NOTES
TO FINANCIAL STATEMENTS |
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AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2021 AND
2020 |
1.BASIS
OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
The Bunge Savings Plan – Supplement A (the “Plan”) is a subplan of
the Bunge Savings Plan (the “Savings Plan”), which was established
on April 1, 1996. Prior to January 1, 2004, the Plan was
a stand-alone plan known as the Central Soya 401(k) Plan for Hourly
Employees. The Savings Plan was amended on January 1, 2004, to
transfer the assets of the Central Soya 401(k) Plan for Hourly
Employees to the Savings Plan and master trust. The Savings Plan
was further amended to provide that the Plan provisions applicable
to the participants in the Central Soya 401(k) Plan for Hourly
Employees are set forth in a separate subplan known as the Bunge
Savings Plan – Supplement A. On January 1, 2005, Bunge
Limited (the parent of Bunge North America, Inc. (the "Company"),
the plan sponsor) separated the Plan from the Savings
Plan.
Basis of Accounting —
The accompanying financial statements of the Plan have been
prepared in conformity with accounting principles generally
accepted in the United States of America (“GAAP”).
Investment Valuation and Income Recognition —
The Plan’s investment in the Bunge Defined Contribution Master
Trust (the “Trust”) is presented at fair value, which has been
determined based on the fair value of the underlying investments of
the Trust. The Trust’s investments include mutual funds, Bunge
Limited common shares, interest bearing cash, non interest bearing
cash, and other common stock holdings that are stated at estimated
fair value based on quoted market prices.
The Collective trust fund is a stable value fund that is composed
primarily of fully benefit-responsive investment contracts that are
valued at the net asset value of units of the bank collective
trust. See
Note 10 - Investments Measured Using The Net Asset Value Per Share
Practical Expedient,
for investments held by the Trust for which fair value is measured
using the net asset value per share practical
expedient.
Sales and purchases of investments are accounted for on a trade
date basis. Interest income is recorded on the accrual basis.
Dividends are recorded on the ex-dividend date. Earnings on
investments are allocated to participants based on daily account
balances. See
Note 9 - Fair Value Measurements
for discussion of fair value measurements.
Payment of Benefits —
Benefit payments are recorded when paid.
Administrative Expenses —
Administrative expenses of the Plan are paid by the participants as
provided in the Plan document. Certain expenses of maintaining the
Plan are paid directly by the Company and are excluded from these
financial statements.
Use of Estimates —
The preparation of financial statements in conformity with GAAP
requires the Plan's management to make estimates and assumptions
that affect the reported amounts of assets, liabilities,
accompanying notes of the Plan financial statements, and changes
therein and disclosure of contingent assets and liabilities. Actual
results could differ from those estimates.
Risks and Uncertainties —
The Plan invests in the Trust which holds various securities,
including mutual funds, Bunge Limited common shares, interest
bearing cash, non interest bearing cash and other common stock
holdings. Investment securities, in general, are exposed to various
risks, such as interest rate, credit, and overall market
volatility. Due to the level of risk associated with certain
investment securities, it is reasonably possible that changes in
the values of investment securities may occur in the near term and
that such changes could materially affect the amounts reported in
the financial statements.
On March 27, 2020, the Coronavirus Aid, Relief and Economic
Security (“CARES”) Act was enacted and signed into law. The CARES
Act allowed qualifying COVID-19 pandemic impacted participants to
defer
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BUNGE SAVINGS PLAN - SUPPLEMENT A |
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NOTES TO FINANCIAL STATEMENTS |
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AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2021 AND
2020 |
loan payments until December 31, 2020. The CARES Act also provided
qualifying COVID-19 pandemic impacted participants with the option
to take a coronavirus related distribution (“CRD”) from retirement
savings that previously would have been inaccessible or subject to
early withdrawal penalties. The CARES Act eliminated the need to
take a required minimum distribution in calendar year
2020.
Subsequent Events -
The Plan has evaluated subsequent events through June 15, 2022, the
date the financial statements were available to be
issued.
2. PLAN
DESCRIPTION
The Plan is a defined contribution plan designed to qualify under
Section 401(k) of the Internal Revenue Code (“IRC”) and is
administered by the Investment Committee (the “Committee”)
appointed by the Board of Directors of the Company. The Company has
appointed Fidelity Management Trust Company (“Fidelity”) to serve
as record keeper, administrator, and trustee of both the Plan and
the Trust. The descriptions of Plan terms in the following notes to
financial statements are provided for general information purposes
only and are qualified in their entirety by reference to the Plan
document. Participants should refer to the plan document for a more
complete description of the applicable provisions of the Plan. All
regular hourly employees of Bunge North America
(East), L.L.C., whose terms and conditions of employment are
subject to a collective bargaining agreement that bargained to
participate in the Plan, are eligible participants. Individual
accounts are maintained for each Plan participant. The Plan is
subject to the provisions of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”).
3. CONTRIBUTIONS
AND WITHDRAWALS
Contribution limits for participants are based on their respective
collective bargaining agreements. As determined by the IRC’s
qualified retirement plan limits, the total amount which a
participant could elect to contribute to the Plan on a pre-tax or
Roth after-tax basis could not exceed $19,500. However, if a
participant reached age 50 by December 31, they are able to
contribute an additional $6,500 in “catch up” contributions to the
Plan on a pre-tax or Roth after-tax basis.
The contribution amounts and allocation between pre-tax and
post-tax basis of participant accounts are subject to IRC
discrimination tests and limitations. The participants’
contributions, plus any actual earnings thereon, vest
immediately.
Commencing as of September 13, 2021, the Plan was modified to allow
a select employer match at the Indianapolis, Indiana facility and
is subject to participant collective bargaining agreements. For
each payroll period, matching contributions are made by the
Company. Participant contributions are matched at the rate of 100%
of the first 2% of compensation contributed by the participant on a
pre-tax or Roth after-tax basis. Such matching contributions are
credited to individual participants’ accounts, and vest at a rate
of 20% per year and all matching contributions become 100% vested
following five years of continuous service. Participants will
forfeit any non-vested portion of their account balance upon
leaving the Company’s employment for any reason other than normal
retirement. Any such forfeited amounts shall be used to pay
reasonable Plan expenses and/or to reduce employer matching
contributions to the Plan.
Plan participants may select from a number of investment
alternatives for their contributions. Investment choices include
various mutual funds, common stock, and the Bunge Common Stock Fund
(subject to certain limits) (the "Bunge Fund”). The Bunge Fund
pools a participant’s money with that of other employees to buy
common shares of Bunge Limited as well as short-term investments
designed to allow participants to buy or sell without the usual
trade settlement period for individual stock transactions. The
value of the participant investment in the Bunge Fund will vary
depending on the performance of Bunge
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BUNGE SAVINGS PLAN - SUPPLEMENT A |
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NOTES TO FINANCIAL STATEMENTS |
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AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2021 AND
2020 |
Limited, the overall stock market, and the performance and amount
of short-term investments held by the Bunge Fund, less any expenses
accrued against the Bunge Fund. All dividends and interest earned
in the Bunge Fund are reinvested in the Bunge Fund. Participant’s
ownership in the Bunge Fund is measured in units of the Bunge Fund
instead of common shares.
Participants may not withdraw pre-tax contributions except as
provided for hardship withdrawals or for participants at the
Decatur, Indiana facility age 59½ withdrawals permitted by the
Plan. Following normal retirement or termination of employment,
participants may withdraw their entire account balances in a lump
sum or any other form of payment allowed by the Plan prior to April
1 following the calendar year in which the participant attains age
72. Participants with account balances less than or equal to $5,000
upon retirement or termination must withdraw their entire account
balances in a lump sum or any other form of payment allowed by the
Plan on the date the participant terminates employment. Withdrawals
by participants are recorded upon distribution.
The Plan allows participants the option of making qualified (as
defined by the Plan document and the IRC) rollover contributions
into the Plan. A participant may withdraw all or any portion of
their after-tax contribution account including earnings, at any
time.
In 2020, as part of the CARES Act, the Plan allowed all eligible
employees to take a CRD of up to $100,000, without penalty.
Eligible employees are not required to repay this distribution, but
the Plan allows for them to repay their Plan account within three
years of the date they received their distribution.
4. NOTES
RECEIVABLE FROM PARTICIPANTS
Participants may borrow from their fund accounts a minimum of
$1,000 up to a maximum of the lesser of $50,000 or 50% of their
vested account balance. Loan terms range from one to five years
with the exception of loans for the purchase of a primary
residence, which may have a longer term and participants can have
no more than two loans outstanding at any given time. The loans are
secured by the balance in the participant’s account and bear
interest at rates commensurate with the prevailing interest rate
charged on similar commercial loans by lending institutions as
determined by the plan administrator. Loan payments, including
interest due, are paid ratably through payroll deductions. As of
December 31, 2021, participant loans bear interest rate of
3.75% to 6.00%, and mature through December 2026. No allowance for
credit losses has been recorded as of December 31, 2021 or 2020.
Notes receivable from participants are measured at their unpaid
principal balance plus any accrued, but unpaid interest. Fees
related to the administration of notes receivable from participants
are charged directly to the participant's account and are included
in the administrative expense.
In 2020, as part of the CARES Act, the Plan allowed for a
suspension of loan payments for all eligible employees until
December 31, 2020. The suspended loan payments were restarted after
January 1, 2021. Suspended loans were re-amortized, with new
payment amounts and payoff dates.
5. PLAN
TERMINATION
Although it has not expressed any intention to do so, the Company
has the right under the Plan to terminate the Plan subject to the
provisions set forth in ERISA. In the event the Plan is terminated,
participants will become 100% vested in their employer
contributions.
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BUNGE SAVINGS PLAN - SUPPLEMENT A |
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NOTES TO FINANCIAL STATEMENTS |
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AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2021 AND
2020 |
6. FEDERAL
INCOME TAX STATUS
The Plan obtained its latest determination letter from the Internal
Revenue Service on March 31, 2016, stating that the Plan and
related trust were designed and in compliance with the applicable
sections of the IRC. Although the Plan has been amended since
receiving the determination letter, the plan administrator believes
that the Plan is currently designed and being operated in
compliance with the applicable requirements of the IRC and the Plan
and related trust continue to be tax exempt. Accordingly, no
provision for income taxes has been recorded in the Plan’s
financial statements.
GAAP requires plan management to evaluate tax positions taken by
the Plan and recognize a tax liability (or asset) if the Plan has
taken an uncertain position that more likely than not would not be
sustained upon examination by the state and federal taxing
authorities. The plan administrator has analyzed the tax positions
taken by the Plan, and has concluded that as of December 31,
2021, there are no uncertain positions taken or expected to be
taken that would require recognition of a liability (or asset) or
disclosure in the financial statements. The Plan is subject to
routine audits by taxing jurisdictions; however, there are
currently no audits for any tax periods in progress.
7. EXEMPT
PARTY-IN-INTEREST TRANSACTIONS
Certain of the Trust’s investments are in shares of funds offered
by Fidelity. Therefore, these transactions qualify as exempt
party-in-interest transactions under ERISA. Fees paid by the Plan
were $11,411 and $10,811 for the years ended December 31, 2021 and
2020, respectively.
Personnel and facilities of the Company have been used by the Plan
for its accounting and other activities at no charge to the
Plan.
The Plan allows for participants to invest in the Bunge Fund
(subject to certain limits) which holds Bunge Limited common
shares, as well as, short-term investments. Bunge Limited is the
parent company of the sponsoring Company. The Bunge Fund held
128,553 and 144,214 common shares of Bunge Limited at
December 31, 2021 and 2020, respectively of which 1,525 and
1,814 shares were allocated to the Plan at December 31, 2021 and
2020, respectively. During 2021 and 2020, the Plan recorded
dividend income of $3,673 and $3,436, respectively, and net
appreciation in fair value of $47,346 and $17,208, respectively,
from Bunge Limited common shares.
8. INTEREST
IN BUNGE DEFINED CONTRIBUTION MASTER TRUST
The Plan’s investment assets are held in the Trust which was
established for the investment of the combined assets of the Plan
and other defined contribution plans sponsored by the Company. The
assets of the Trust are held, managed, and administered by Fidelity
pursuant to the terms of the Bunge Defined Contribution Master
Trust. Investment income and administrative expenses relating to
the Trust are allocated to the individual participants in the plans
based upon individual participant activity. Each participating
retirement plan has a divided interest in the Trust.
The Trust is required to maintain separate accounts reflecting the
equitable share of each participating plan in the Trust. The Plan’s
equitable share of the Trust cannot be used for the payments of
expenses or benefits allocable to any other participating
plan.
At December 31, 2021 and 2020, the Plan's interest in the net
assets of the Trust was approximately 1.0%.
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BUNGE SAVINGS PLAN - SUPPLEMENT A |
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NOTES TO FINANCIAL STATEMENTS |
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AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2021 AND
2020 |
The investments of the Trust at December 31, 2021 and 2020 are
summarized as follows:
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2021 |
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2020 |
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Bunge Defined Contribution Master Trust |
Plan's Interest in Master Trust |
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Bunge Defined Contribution Master Trust |
Plan's Interest in Master Trust |
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Cash |
$ |
4,220,157 |
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$ |
68,988 |
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$ |
4,163,996 |
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$ |
107,119 |
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Investments - at fair value: |
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Mutual funds |
453,498,094 |
4,324,033 |
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402,786,608 |
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3,928,857 |
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Bunge Limited common shares |
12,001,708 |
142,403 |
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9,457,554 |
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119,002 |
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Collective trust fund |
7,598,145 |
301 |
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8,391,052 |
|
399 |
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Common stock |
10,181,371 |
43,267 |
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7,237,925 |
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20,349 |
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Total investments, at fair value |
483,279,318 |
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4,510,004 |
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427,873,139 |
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4,068,607 |
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Receivables |
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Notes receivable from participants |
4,387,756 |
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128,614 |
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4,922,474 |
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59,726 |
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Employer contributions |
416,968 |
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— |
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|
330,502 |
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— |
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Total receivables |
4,804,724 |
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128,614 |
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5,252,976 |
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59,726 |
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Total |
$ |
492,304,199 |
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$ |
4,707,606 |
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$ |
437,290,111 |
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$ |
4,235,452 |
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The following are net appreciation in the fair value of investments
and investment income for the Bunge Defined Contribution Master
Trust for the years ended December 31, 2021 and 2020.
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2021 |
2020 |
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Net appreciation in fair value of investments |
$ |
36,448,953 |
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$ |
52,456,688 |
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Investment income |
28,073,629 |
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19,806,691 |
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Total |
$ |
64,522,582 |
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$ |
72,263,379 |
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9. FAIR
VALUE MEASUREMENTS
ASC 820, Fair Value Measurements and Disclosures (“ASC 820”),
established a single authoritative definition of fair value, set a
framework for measuring fair value, and requires additional
disclosures about fair value measurements.
The various inputs that may be used to determine the value of the
Plan’s and Trust’s investments are summarized in three broad
levels. The inputs or methodologies used for valuing securities are
not necessarily an indication of the risk associated with investing
in those securities. There have been no changes in methodologies or
investment levels during the years ended December 31, 2021 and
2020.
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|
BUNGE SAVINGS PLAN - SUPPLEMENT A |
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|
NOTES TO FINANCIAL STATEMENTS |
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AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2021 AND
2020 |
Level 1
— Quoted prices (unadjusted) in active markets for identical
securities.
Level 2
— Other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk,
etc.).
Level 3
— Significant unobservable inputs (including the fund’s own
assumptions used to determine the fair value of
investments).
The following tables set forth by level within the fair value
hierarchy a summary by category of equity securities held by the
Trust measured at fair value on a recurring basis at December 31,
2021 and 2020. The tables do not include the Trust’s cash of
$4,220,157 and $4,163,996, respectively, in accordance with the
disclosure requirements of ASC 820, or the Collective trust fund
value of $7,598,145 and $8,391,052 at December 31, 2021 and 2020,
respectively, in accordance with the disclosure requirements of ASC
820-10 for certain investments measured at net asset value per
share (or its equivalent).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements
at December 31, 2021, Using |
|
|
|
Quoted Prices |
|
|
|
|
in Active |
Significant |
|
|
|
Markets for |
Other |
Significant |
|
|
Identical |
Observable |
Unobservable |
|
|
Assets |
Inputs |
Inputs |
|
|
(Level 1) |
(Level 2) |
(Level 3) |
Total |
|
|
|
|
|
|
Mutual funds |
$ |
453,498,094 |
|
$ |
— |
|
$ |
— |
|
$ |
453,498,094 |
|
|
Bunge Limited common shares
|
12,001,708 |
|
— |
|
— |
|
12,001,708 |
|
|
Common stock |
10,181,371 |
|
— |
|
— |
|
10,181,371 |
|
|
|
|
|
|
|
Total
|
$ |
475,681,173 |
|
$ |
— |
|
$ |
— |
|
$ |
475,681,173 |
|
|
Fair Value Measurements
at December 31, 2020, Using |
|
|
|
Quoted Prices |
|
|
|
|
in Active |
Significant |
|
|
|
Markets for |
Other |
Significant |
|
|
Identical |
Observable |
Unobservable |
|
|
Assets |
Inputs |
Inputs |
|
|
(Level 1) |
(Level 2) |
(Level 3) |
Total |
|
|
|
|
|
|
Mutual funds |
$ |
402,786,608 |
|
$ |
— |
|
$ |
— |
|
$ |
402,786,608 |
|
|
Bunge Limited common shares
|
9,457,554 |
|
— |
|
— |
|
9,457,554 |
|
|
Common stock |
7,237,925 |
|
— |
|
— |
|
7,237,925 |
|
|
|
|
|
|
|
Total
|
$ |
419,482,087 |
|
$ |
— |
|
$ |
— |
|
$ |
419,482,087 |
|
|
|
|
|
BUNGE SAVINGS PLAN - SUPPLEMENT A |
|
|
NOTES TO FINANCIAL STATEMENTS |
|
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2021 AND
2020 |
10. INVESTMENTS
MEASURED USING THE NET ASSET VALUE PER SHARE PRACTICAL
EXPEDIENT
The following table summarizes investments held by the Trust for
which fair value is measured using the net asset value per share
practical expedient as of December 31, 2021 and 2020. There are no
participant redemption restrictions for these investments; the
redemption notice period is applicable only to the
Plan.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value at December 31, |
Unfunded Commitments at December 31, |
|
|
|
Investment Type |
2021 |
2020 |
2021 |
2020 |
Redemption Frequency |
Redemption Notice Period |
|
Collective trust fund |
$ |
7,598,145 |
|
$ |
8,391,052 |
|
$ |
— |
|
$ |
— |
|
Daily |
Daily1
|
(1) Withdrawals made on the collective trust can be initiated
daily. Plan Sponsor terminations of the contracts can be initiated
daily. Disbursements of the funds for Plan Sponsor terminations
will be provided as soon as practicable within twelve months
following written notice.
11. DIFFERENCES
BETWEEN FINANCIAL STATEMENTS AND FORM 5500
The following is a reconciliation of net assets available for
benefits per the financial statements to Form 5500 as of December
31, 2021 and 2020:
|
|
|
|
|
|
|
|
|
|
2021 |
2020 |
|
Net assets available for benefits per the financial
statements |
$ |
4,707,606 |
|
$ |
4,235,452 |
|
|
Adjustment from contract value to fair value for fully
benefit-responsive investment contracts |
3 |
|
14 |
|
|
Net assets available for benefits per Form 5500 |
$ |
4,707,609 |
|
$ |
4,235,466 |
|
The following is a reconciliation of net increase in net assets
available for benefits per the financial statements to the Form
5500 for the years ended December 31, 2021 and 2020:
|
|
|
|
|
|
|
|
|
|
2021 |
2020 |
|
Net increase in net assets available for benefits per the financial
statements |
$ |
472,154 |
|
$ |
491,501 |
|
|
Change in adjustment from contract value to fair value for fully
benefit-responsive investment contracts |
(10) |
|
14 |
|
|
Net increase in net assets available for benefits per the Form
5500 |
$ |
472,144 |
|
$ |
491,515 |
|
|
|
|
|
BUNGE SAVINGS PLAN - SUPPLEMENT A |
|
|
NOTES TO FINANCIAL STATEMENTS |
|
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2021 AND
2020 |
Schedule H, Line 4i - Schedule of Assets (Held at End of
Year)
As of December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) |
(B)
Identity of issue, borrower, lessor, or similar party |
(C)
Description of investment including maturity date, rate of
interest, collateral, par, or maturity value |
(E)
Current Value |
|
* |
Participant Loans |
Participant Loans |
$ |
128,614 |
|
|
* |
Interest Held in Master Trust |
Various (includes Registered Investment Companies, Self directed
Brokerage, etc.) |
4,578,992 |
|
|
|
|
TOTAL |
$ |
4,707,606 |
|
*Investment with party-in-interest to the Plan
|
|
|
|
BUNGE SAVINGS PLAN - SUPPLEMENT A |
|
|
NOTES TO FINANCIAL STATEMENTS |
|
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2021 AND
2020 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the plan administrator of the Bunge Savings Plan – Supplement
A has duly caused this Annual Report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bunge Savings Plan – Supplement A |
|
|
|
|
|
|
|
|
|
|
|
|
Date: June 16, 2022
|
By:
|
/s/ Lisa Ware-Alexander |
|
|
|
Lisa Ware-Alexander |
|
|
|
Plan Administrator |
|
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