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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from        to       
Commission File Number 001-16625
BUNGE LIMITED
(Exact name of registrant as specified in its charter)
Bermuda 98-0231912
(State or other jurisdiction of incorporation or
organization)
(I.R.S. Employer Identification No.)
 
1391 Timberlake Manor Parkway
Chesterfield
Missouri 63017
(Address of principal executive offices) (Zip Code)
(314) 292-2000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Shares, $0.01 par value per share   BG   New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ý  No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ý  No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ý Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.  Yes    No  ý
As of July 22, 2022, the number of common shares outstanding of the registrant was:
Common shares, par value $.01 per share:151,898,168


BUNGE LIMITED
TABLE OF CONTENTS
    Page
 
     
Item 1.  
     
 
3
     
 
4
     
 
5
     
 
6
     
 
7
     
 
9
     
 
     
Item 2.
     
Item 3.
     
Item 4.
     
 
     
Item 1.
   
Item 1A.
   
Item 2.
   
Item 3.
   
Item 4.
   
Item 5.
   
Item 6.
     
2

PART I — FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS

BUNGE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited)
(U.S. dollars in millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
  2022 2021 2022 2021
Net sales $ 17,933  $ 15,391  $ 33,813  $ 28,352 
Cost of goods sold (17,161) (14,726) (31,837) (26,540)
Gross profit 772  665  1,976  1,812 
Selling, general and administrative expenses (334) (297) (642) (568)
Interest income 11  20  15 
Interest expense (92) (54) (203) (127)
Foreign exchange (losses) gains (110) 35  (98) 25 
Other income (expense) – net (6) 35  (53) 298 
Income (loss) from affiliates 20  29  65  73 
Income (loss) before income tax 261  419  1,065  1,528 
Income tax (expense) benefit (36) (50) (144) (242)
Net income (loss) 225  369  921  1,286 
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests (19) (7) (27) (92)
Net income (loss) attributable to Bunge 206  362  894  1,194 
Convertible preference share dividends   (9)   (17)
Net income (loss) available to Bunge common shareholders $ 206  $ 353  $ 894  $ 1,177 
Earnings per common share—basic (Note 20)        
Net income (loss) attributable to Bunge common shareholders - basic $ 1.36  $ 2.50  $ 6.08  $ 8.35 
Earnings per common share—diluted (Note 20)        
Net income (loss) attributable to Bunge common shareholders - diluted $ 1.34  $ 2.37  $ 5.81  $ 7.85 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

BUNGE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(U.S. dollars in millions)
Three Months Ended
June 30,
Six Months Ended
June 30,
  2022 2021 2022 2021
Net income (loss) $ 225  $ 369  $ 921  $ 1,286 
Other comprehensive income (loss):        
 Foreign exchange translation adjustment (289) 328  100  71 
Unrealized gains (losses) on designated hedges, net of tax benefit (expense) of zero and $(2) in 2022 and $(3) and $(3) in 2021
47  (92) (70) (94)
Pension adjustment, net of tax (expense) benefit of zero and zero in 2022 and $(2) and $(2) in 2021
  (2)   (2)
Reclassification of net (gains) losses to net income, net of tax (benefit) expense of $2 and $12 in 2022 and zero and zero in 2021
(5) (1) (34) (2)
Total other comprehensive income (loss) (247) 233  (4) (27)
Total comprehensive income (loss) (22) 602  917  1,259 
Less: comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests
5  (14) 12  (80)
Total comprehensive income (loss) attributable to Bunge
$ (17) $ 588  $ 929  $ 1,179 
The accompanying notes are an integral part of these condensed consolidated financial statements.

4

BUNGE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(U.S. dollars in millions, except share data)
June 30,
2022
December 31,
2021
ASSETS    
Current assets:    
Cash and cash equivalents $ 818  $ 902 
Trade accounts receivable (less allowances of $82 and $85) (Note 5)
2,427  2,112 
Inventories (Note 6) 10,481  8,431 
Assets held for sale (Note 3) 317  264 
Other current assets (Note 7) 5,689  4,751 
Total current assets 19,732  16,460 
Property, plant and equipment, net 3,463  3,499 
Operating lease assets 1,038  912 
Goodwill 468  484 
Other intangible assets, net 383  431 
Investments in affiliates 986  764 
Deferred income taxes 622  550 
Other non-current assets (Note 8) 727  719 
Total assets $ 27,419  $ 23,819 
LIABILITIES AND EQUITY    
Current liabilities:    
Short-term debt (Note 14) $ 2,154  $ 673 
Current portion of long-term debt (Note 14) 1,303  504 
Trade accounts payable (includes $1,117 and $568 carried at fair value)
5,347  4,250 
Current operating lease obligations 396  350 
Liabilities held for sale (Note 3) 61  122 
Other current liabilities (Note 11) 3,840  3,425 
Total current liabilities 13,101  9,324 
Long-term debt (Note 14) 3,062  4,787 
Deferred income taxes 315  338 
Non-current operating lease obligations 585  506 
Other non-current liabilities (Note 17) 816  658 
Redeemable noncontrolling interest (Note 18)
351  381 
Equity (Note 19):
   
Convertible perpetual preference shares, par value $.01; authorized – 21,000,000 shares, issued and outstanding: 2022 - zero shares, 2021 - 6,899,683 shares (liquidation preference $100 per share)
  690 
Common shares, par value $.01; authorized – 400,000,000 shares; issued and outstanding: 2022 –151,885,454 shares, 2021 – 141,057,414 shares
1 
Additional paid-in capital 6,595  5,590 
Retained earnings 9,692  8,979 
Accumulated other comprehensive income (loss) (Note 19) (6,436) (6,471)
Treasury shares, at cost - 2022 - 16,726,697 shares, 2021 - 16,726,697 shares
(1,120) (1,120)
Total Bunge shareholders’ equity 8,732  7,669 
Noncontrolling interests 457  156 
Total equity 9,189  7,825 
Total liabilities, redeemable noncontrolling interest and equity $ 27,419  $ 23,819 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

BUNGE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(U.S. dollars in millions)
Six Months Ended
June 30,
  2022 2021
OPERATING ACTIVITIES    
Net income (loss) $ 921  $ 1,286 
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:    
Foreign exchange (gain) loss on net debt (6) (133)
Bad debt expense 9 
Depreciation, depletion and amortization 204  212 
Share-based compensation expense 32  29 
Deferred income tax expense (benefit) (59) (83)
(Gain) loss on sale of investments and property, plant and equipment   (240)
Other, net 27  (56)
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:    
Trade accounts receivable (341) (784)
Inventories (2,341) (1,003)
Secured advances to suppliers 46  25 
Trade accounts payable and accrued liabilities 943  737 
Advances on sales (54) (150)
Net unrealized (gains) losses on derivative contracts (159) 639 
Margin deposits (86) 391 
Marketable securities 285  (5)
Beneficial interest in securitized trade receivables (3,443) (2,121)
Other, net (435) (183)
Cash provided by (used for) operating activities (4,457) (1,436)
INVESTING ACTIVITIES    
Payments made for capital expenditures (212) (133)
Proceeds from investments 87  26 
Payments for investments (117) (153)
Settlements of net investment hedges (143) (25)
Proceeds from beneficial interest in securitized trade receivables 3,311  2,049 
Payments for beneficial interest in securitized trade receivables   (177)
Proceeds from disposals of businesses and property, plant and equipment 1  345 
Payments for investments in affiliates (54) (42)
Other, net (6) (1)
Cash provided by (used for) investing activities 2,867  1,889 
FINANCING ACTIVITIES    
Proceeds from short-term debt 19,842  19,986 
Repayments of short-term debt (18,266) (20,954)
Proceeds from long-term debt 50  998 
Repayments of long-term debt (628) — 
Proceeds from the exercise of options for common shares 44  72 
Dividends paid to common and preference shareholders (162) (158)
Sale of noncontrolling interest 521  — 
Acquisition of noncontrolling interest   (147)
Other, net 44  (27)
Cash provided by (used for) financing activities 1,445  (230)
Effect of exchange rate changes on cash and cash equivalents and restricted cash 63  (100)
Net increase (decrease) in cash and cash equivalents and restricted cash (82) 123 
Cash and cash equivalents and restricted cash - beginning of period 905  381 
Cash and cash equivalents and restricted cash - end of period $ 823  $ 504 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6

BUNGE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
(Unaudited)
(U.S. dollars in millions, except share data)

Convertible
Preference Shares
Common Shares
Redeemable
Non-
Controlling
Interests
Shares Amount Shares Amount Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Shares
Non-
Controlling
Interests
Total
Equity
Balance, April 1, 2022 $ 370  —  $ —  151,653,069  $ $ 6,332  $ 9,581  $ (6,213) $ (1,120) $ 160  $ 8,741 
Net income (loss) —  —  —  —  —  206  —  —  17  223 
Other comprehensive income (loss) (21) —  —  —  —  —  —  (223) —  (3) (226)
Dividends on common shares, $0.625 per share
—  —  —  —  —  —  (95) —  —  —  (95)
Dividends to noncontrolling interests on subsidiary common stock —  —  —  —  —  —  —  —  —  (4) (4)
Sale of noncontrolling interest —  —  —  —  —  234  —  —  —  287  521 
Share-based compensation expense —  —  —  —  —  16  —  —  —  —  16 
Issuance of common shares, including stock dividends —  —  —  232,385  —  13  —  —  —  —  13 
Balance, June 30, 2022 $ 351    $   151,885,454  $ 1  $ 6,595  $ 9,692  $ (6,436) $ (1,120) $ 457  $ 9,189 

  Convertible
Preference Shares
Common Shares
  Redeemable
Non-
Controlling
Interests
Shares Amount Shares Amount Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Shares
Non-
Controlling
Interests
Total
Equity
Balance, April 1, 2021 $ 473  6,899,683  $ 690  141,260,402  $ $ 5,468  $ 7,982  $ (6,484) $ (1,020) $ 144  $ 6,781 
Net income (loss) —  —  —  —  —  363  —  —  367 
Other comprehensive income (loss) —  —  —  —  —  —  226  —  227 
Dividends on common shares, $0.525 per share
—  —  —  —  —  —  (76) —  —  —  (76)
Dividends on preference shares, $1.21875 per share
—  —  —  —  —  —  (9) —  —  —  (9)
Dividends to noncontrolling interests on subsidiary common stock —  —  —  —  —  —  —  —  —  (2) (2)
Disposition of noncontrolling interest in a subsidiary —  —  —  —  —  —  —  —  —  — 
Share-based compensation expense —  —  —  —  —  16  —  —  —  —  16 
Issuance of common shares, including stock dividends —  —  —  454,445  —  28  (1) —  —  —  27 
Balance, June 30, 2021 $ 483  6,899,683  $ 690  141,714,847  $ 1  $ 5,512  $ 8,259  $ (6,258) $ (1,020) $ 147  $ 7,331 
7

  Convertible
Preference Shares
Common Shares
  Redeemable
Non-
Controlling
Interests
Shares Amount Shares Amount Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Shares
Non-
Controlling
Interests
Total
Equity
Balance, January 1, 2022 $ 381  6,899,683  $ 690  141,057,414  $ $ 5,590  $ 8,979  $ (6,471) $ (1,120) $ 156  $ 7,825 
Net income (loss) —  —  —  —  —  894  —  —  21  915 
Other comprehensive income (loss) (36) —  —  —  —  —  —  35  —  (3) 32 
Dividends on common shares, $1.15 per share
—  —  —  —  —  —  (176) —  —  —  (176)
Dividends to noncontrolling interests on subsidiary common stock —  —  —  —  —  —  —  —  —  (4) (4)
Sale of noncontrolling interest —  —  —  —  —  234  —  —  —  287  521 
Share-based compensation expense —  —  —  —  —  32  —  —  —  —  32 
Conversion of preference shares to common shares —  (6,899,683) (690) 8,863,331  —  690  —  —  —  —  — 
Issuance of common shares, including stock dividends —  —  —  1,964,709  —  49  (5) —  —  —  44 
Balance, June 30, 2022 $ 351    $   151,885,454  $ 1  $ 6,595  $ 9,692  $ (6,436) $ (1,120) $ 457  $ 9,189 

  Convertible
Preference Shares
Common Shares
  Redeemable
Non-
Controlling
Interests
Shares Amount Shares Amount Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Shares
Non-
Controlling
Interests
Total
Equity
Balance, January 1, 2021 $ 415  6,899,683  $ 690  139,790,238  $ $ 5,408  $ 7,236  $ (6,246) $ (1,020) $ 136  $ 6,205 
Net income (loss) 79  —  —  —  —  —  1,194  —  —  13  1,207 
Other comprehensive income (loss) (12) —  —  —  —  —  —  (12) —  —  (12)
Dividends on common shares, $1.025 per share
—  —  —  —  —  —  (147) —  —  —  (147)
Dividends on preference shares, $2.4375 per share
—  —  —  —  —  —  (17) —  —  —  (17)
Dividends to noncontrolling interests on subsidiary common stock —  —  —  —  —  —  —  —  —  (2) (2)
Acquisition of noncontrolling interest —  —  —  —  —  —  (3) —  —  —  (3)
Disposition of noncontrolling interest in a subsidiary —  —  —  —  —  —  —  —  —  — 
Share-based compensation expense —  —  —  —  —  29  —  —  —  —  29 
Issuance of common shares, including stock dividends —  —  —  1,924,609  —  75  (4) —  —  —  71 
Balance, June 30, 2021 $ 483  6,899,683  $ 690  141,714,847  $ 1  $ 5,512  $ 8,259  $ (6,258) $ (1,020) $ 147  $ 7,331 
The accompanying notes are an integral part of these condensed consolidated financial statements.
8

BUNGE LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1.    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, 2021 has been derived from Bunge’s audited consolidated financial statements at that date. Operating results for the six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022. The financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2021, forming part of Bunge’s 2021 Annual Report on Form 10-K filed with the SEC on February 24, 2022.
On May 1, 2022, Bunge completed a transaction with Chevron Corporation ("Chevron") to create a joint venture, Bunge Chevron Ag Renewables LLC (the "Joint Venture"), leveraging Bunge’s expertise in oilseed processing and farmer relationships, and Chevron’s expertise in fuels manufacturing and marketing, to help meet the demand for renewable fuels and to develop lower carbon intensity feedstocks. Bunge has a 50% ownership interest in the Joint Venture. Bunge contributed certain property, plant, and equipment related to two of its soybean processing facilities to the Joint Venture, with a fair value totaling approximately $521 million, and Chevron contributed an approximately equal value of cash and working capital. Bunge has also committed to undertake certain capital improvements on the soybean processing facilities contributed to the Joint Venture, up to an estimated $80 million, at which point Chevron will contribute an additional equivalent amount in cash. Under the terms of the Joint Venture's agreements, Bunge will operate the Joint Venture’s facilities, and Chevron will have purchase rights for oil produced by the Joint Venture for use as a renewable feedstock to manufacture low lifecycle carbon intensity transportation fuels. See Note 9 - Variable Interest Entities for further accounting considerations related to this transaction.
Bunge has operations in Turkey, which until March 31, 2022 used the official exchange rate published by the Turkish government to translate the Company's commercial transactions and for financial statement re-measurement purposes. Over the last several years, Turkey has experienced negative economic trends, as evidenced by multiple periods of increasing inflation rates, depreciation of the Turkish lira, and increasing borrowing rates, which have required the Turkish government to take mitigating actions. During the first quarter of 2022, Turkey became a highly inflationary economy as defined under U.S. GAAP. In accordance with ASC 830, Foreign Currency Matters, the financial statements of foreign entities in highly inflationary economies are required to be remeasured as if the functional currency were the reporting currency, commencing in the period subsequent to such economies becoming highly inflationary. As a result, effective April 1, 2022, the financial statements of Bunge's Turkish subsidiary have been remeasured using the reporting currency, the U.S. dollar, rather than the Turkish lira. This change has not had a material impact on Bunge's condensed consolidated financial statements.
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 statement of cash flows. The following table provides a reconciliation of cash and cash equivalents, and restricted cash, reported within the condensed consolidated balance sheets, which sum to the total of the same such amounts shown in the condensed consolidated statement of cash flows.
(US$ in millions) June 30, 2022 June 30, 2021
Cash and cash equivalents $ 818  $ 464 
Restricted cash included in other current assets 5  40 
Total $ 823  $ 504 
9

Cash paid for taxes, which primarily comprises income taxes and value added taxes, net of refunds, was $260 million and $121 million for the six months ended June 30, 2022 and 2021, respectively. Cash paid for interest expense was $221 million and $79 million for the six months ended June 30, 2022 and 2021, respectively.

Recently Adopted Accounting Pronouncements
On January 1, 2022, the Company adopted Accounting Standards Update ("ASU") 2021-10, Government Assistance (Topic 832) - Disclosures by Business Entities About Government Assistance, which requires annual disclosures for transactions with a government authority that are accounted for by applying a grant or contribution accounting model by analogy. The guidance is effective for annual periods beginning after December 15, 2021. This guidance will be applied prospectively to all transactions within the scope of the standard that are reflected in financial statements at the date of initial application and new transactions that are entered into after the date of initial application. As this standard requires annual disclosure only, the Company continues to identify its transactions that are subject to this guidance and evaluate the impact of this standard on its condensed consolidated financial statements.

On January 1, 2022, the Company adopted ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40), which simplifies the accounting for convertible instruments and contracts in an entity’s own equity. The guidance also addresses how convertible instruments are accounted for in the diluted earnings per share calculation and requires enhanced disclosures about the terms of convertible instruments and contracts in an entity’s own equity. This guidance will be applied prospectively to modifications or exchanges occurring on or after the effective date of the amendments. The adoption of this guidance did not have a material impact on Bunge's condensed consolidated financial statements.    

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting, with subsequent updates through ASU 2021-01, which collectively provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting, to ease the financial reporting burden related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance, and per the guidance, the Company is applying it prospectively to all eligible contract modifications through December 31, 2022. In March 2021, the United Kingdom's Financial Conduct Authority ("FCA"), responsible for regulating LIBOR, announced that most LIBOR settings were to be discontinued after December 31, 2021, except for certain USD LIBOR settings, which will continue through June 30, 2023. In September 2021, the FCA further announced that it will require the LIBOR benchmark administrator to publish sterling and Japanese yen LIBOR settings under a synthetic methodology based on term risk-free rates for the duration of 2022. These synthetic LIBOR settings will be available only for use in legacy contracts and are not for use in new business.
Bunge has utilized the relief provided by Topic 848 to ensure financial reporting results reflect the intended continuation of such contracts and arrangements during the period of the market-wide transition to alternative reference rates. The expedients allow an eligible modified contract to be accounted for and presented as a continuation of the existing contract.
The Company has identified its LIBOR-based contracts that have been, or will be, impacted by the cessation of LIBOR. The Company continues to actively work with counterparties to incorporate fallback language in negotiated contracts, in addition to incorporating non-LIBOR reference rate and fallback language, when applicable, in new contracts. The modification of contracts is ongoing; however, as of June 30, 2022, the adoption of this guidance has not had a material impact on Bunge's condensed consolidated financial statements.

10

2.    UKRAINE-RUSSIA WAR
    On February 24, 2022, Russia initiated a military invasion of Ukraine. Ukraine is a key international grain originating region and is also the world’s largest supplier of sun seed and sun oil; commodities which cannot be completely replaced from other origins. As a result of the invasion, Bunge temporarily idled its Ukrainian operations, comprising two oilseed crushing facilities in Mykolaiv and Dnipropetrovsk, a grain export terminal in the Mykolaiv commercial seaport, numerous grain elevators, and an office in Kiev. The Company also operates a corn milling facility in Ukraine via a joint venture.
As a result of the Ukraine-Russia war (the "war"), Bunge’s Mykolaiv port facility sustained damage on three separate occasions: March 22, June 22, and July 1, 2022. In each of these instances, based on initial visual inspections, there did not appear to be material physical damage to the Mykolaiv port facility, the adjacent Oilseed crush plant, or any other facilities. However, thorough onsite, physical inspections of the damage to the Mykolaiv facility, or potential damage to other Bunge facilities, resulting from the two most recent incidents have not been possible due to safety concerns.
Beginning late March, Bunge restarted certain commercial and operational activities in Ukraine, as well as certain rail, truck and barge exports from Ukraine. Such activities have increased during recent months but remain limited, and the activities are performed only where and when the ability to do so safely exists. Furthermore, the ability to continue these activities is unknown.
The Company’s Ukrainian operations employ over 1,000 employees. While as of the date of this report, to the Company's knowledge, there have been no reported casualties or injuries to Bunge employees, some of the Company’s Ukrainian employees have been forced to relocate to other countries or elsewhere within Ukraine. The safety of Bunge's employees is Bunge’s top priority; the Company is actively providing support and resources to employees and their families who have been impacted by these events, and Bunge employees in neighboring countries have mobilized to provide accommodation, food, clothing, toys and other supplies for displaced colleagues and their families. Bunge is also committed to supporting humanitarian efforts in Ukraine and has provided over $2 million in food products and monetary assistance to multiple relief organizations helping the people of Ukraine.
In response to Russia's invasion of Ukraine, the United States, other North Atlantic Treaty Organization ("NATO") member states, as well as non-member states, have announced targeted economic sanctions on Russia, certain Russian citizens and enterprises. Any continuation or escalation of the war may trigger additional economic and other sanctions. The scope or extent of potential additional sanctions, and the related impact on Bunge is unknown, as of the date of this report.
The Company has scaled back its Russian grain trading activities in recent years, including via the sale of its Rostov grain export terminal in 2021. The Company continues to operate its oilseed crush plant in Voronezh, in southwest Russia, doing so in compliance with legal requirements imposed following the start of the war. From a humanitarian standpoint, this plant is important to the local food supply as it provides essential food-related products to the Russian population. Certain companies have experienced negative reactions from their investors, employees, customers, or other stakeholders as a result of their action or inaction related to the war between Russia and Ukraine. The Company therefore continues to monitor the reactions of its investors, employees, customers, and other stakeholders and, as of the date of this report, has neither experienced any material financial impacts nor suffered from the loss of key customers or employees as a result of its continued operations in Russia.
The scope, intensity, duration and outcome of the ongoing war is uncertain, and any continuation or escalation of the war may have a material adverse effect on Bunge, including its Ukrainian and Russian operations.
In accordance with industry standards, Bunge insures against many types of risks. While insurance may mitigate certain of the risks associated with the ongoing war, the Company's level of insurance may not cover all losses the Company could incur.
Further details about the current status and corresponding accounting considerations in Ukraine and Russia are provided below.
Ukraine
The scope and intensity of the war continues to evolve. Bunge is closely monitoring the evolving situation and currently maintains control over all material operations and facilities in Ukraine. The condensed consolidated balance sheet and related discussion below provides information on the Company’s major classes of assets and liabilities in Ukraine as of June 30, 2022. As of June 30, 2022, the total assets and total liabilities associated with Bunge’s Ukrainian subsidiaries comprise approximately 1% of Bunge’s consolidated total assets and total liabilities, respectively.
Due to the nature of the war and its rapidly shifting areas of active combat, it is currently not possible to obtain all information necessary to determine all financial statement impacts. As such, the various financial statement impacts and related disclosures presented in these interim financial statements represent management’s best estimates considering the available facts and circumstances as of the date of this report.
11

The functional currency of Bunge’s Ukrainian subsidiaries is the U.S. dollar and the foreign exchange rates used to convert assets and liabilities denominated in Ukrainian hryvnia represent the official exchange rates published by the National Bank of Ukraine. Following the onset of the war, the Ukrainian government imposed restrictions on companies’ abilities to repatriate or otherwise remit cash from their Ukrainian-based operations to locations outside Ukraine. However, these restrictions are not expected to persist indefinitely as the Ukrainian government has eased certain restrictions surrounding the payment of international purchase invoices subsequent to June 30, 2022. The restrictions have not adversely impacted the Company's Ukrainian operations. Bunge is able to readily purchase U.S. dollars and other non-Ukrainian currencies onshore in Ukraine to pay for imports of goods and allowed services, where needed. Bunge is also able to sell foreign currency onshore in Ukraine. Bunge continues to exercise control of and consolidates its Ukrainian subsidiaries.
The condensed consolidated balance sheet related to the Company’s Ukrainian operations as of June 30, 2022 consists of the following:
(US$ in millions) June 30,
2022
Current assets:
Cash and cash equivalents $ 1 
Trade accounts receivable (less allowances of zero)
5 
Inventories 70 
Other current assets 84 
Total current assets 160 
Property, plant and equipment, net 140 
Other non-current assets 50 
Total assets $ 350 
Current liabilities:
Trade accounts payable and accrued liabilities $ 15 
Short-term debt 218 
Other current liabilities 3 
Total current liabilities 236 
Non-current liabilities 4 
Total liabilities $ 240 

Cash and cash equivalents—Comprises cash on deposit with various financial institutions in Ukraine. As of June 30, 2022 and through the date of this report, there are no restrictions on the Company’s access to such cash and cash equivalents.
Trade accounts receivable—As a result of the war, the risk characteristics of trade accounts receivable connected to Ukraine differ from those of the Company’s other trade accounts receivable, such that Ukrainian trade receivables may be at a higher risk of default. Additionally, as the scope, intensity, duration, escalation, and outcome of the ongoing war is uncertain, the Company has segregated its Ukrainian trade accounts receivables into a separate risk pool and incorporated an assessment of current and expected future adverse effects related to the war, including customer-specific factors such as their geographical location in relation to combat zones and operating conditions, when determining an allowance for credit losses in relation to such receivables. The assessment resulted in no significant change in recorded allowances for lifetime expected credit losses during the three and six month periods ended June 30, 2022, in relation to the Company's $5 million gross Ukrainian receivables balance at June 30, 2022.
Inventories—Bunge’s Ukrainian inventories generally comprise agricultural commodity inventories, primarily sunflower seeds, sunflower meal, sunflower oil, corn, and wheat. Due to their commodity characteristics, widely available markets, and international pricing mechanisms, such inventories are generally carried at fair value. However, as a result of the war, Bunge is neither able to immediately market its inventories located in Ukraine at internationally-quoted prices, nor make such inventories available for immediate delivery at such prices. Therefore, following the onset of the war, the Company has ceased recording its Ukrainian inventories at fair value and instead records all such inventories at the lower of cost or net realizable value, by product category.
A thorough onsite physical inspection of all of Bunge’s inventories is currently not able to be conducted due to safety concerns, particularly in areas of active combat. As such, significant judgments have been made in estimating the net realizable value of the Company’s Ukrainian inventories.
12


During the three and six months ended June 30, 2022, the Company recorded reserves of $24 million and $24 million, respectively, for inventories with net realizable values determined to be lower than their costs, which were recorded in Cost of goods sold within the Company’s Agribusiness segment.

As of June 30, 2022, the Company evaluated the recoverability of its inventories inside Ukraine considering the latest information available to management regarding: the current status of the war; expectations regarding the likelihood and timing of a potential peaceful resolution to the war; the physical location and condition of Bunge's inventories, including expectations regarding the timing of spoilage and the rate at which inventories can be transported from their current location to markets in other parts of Ukraine or exported to adjacent markets. As a result of this analysis, during the three and six months ended June 30, 2022 the Company wrote off $62 million and $71 million, respectively, of inventories physically located in occupied territories in Ukraine, or in difficult to access locations with high costs of recovery.

In connection with its write-off of the above inventories, the Company also wrote off $6 million and $7 million in corresponding recoverable tax assets generated on purchase of inventories subsequently written off during the three and six months ended June 30, 2022, respectively.

Other current assets—Comprises $51 million of marketable securities and other short-term investments, $26 million of recoverable taxes, net, and $7 million of various other items, as follows:
Marketable securities and other short-term investments—Primarily comprise Ukrainian (“on-shore”) government debt securities, denominated in Ukrainian hryvnia. Bunge classifies these securities as “trading securities”, carried at fair value in the Company’s condensed consolidated balance sheet, with changes in fair value recorded in the Company’s condensed consolidated statements of income in the period in which they occur.
In addition to the marketable securities and other short-term investments belonging to Bunge’s Ukrainian subsidiaries, shown in the above balance sheet, certain of the Company’s non-Ukrainian subsidiaries hold certain U.S. dollar denominated, non-Ukrainian (“off-shore”) corporate debt securities of issuers with significant exposure to Ukraine. The values of these off-shore securities are directly impacted by the ongoing war. Such items, again reported within Other current assets as marketable securities and other short-term investments, totaled $15 million as of June 30, 2022.
As a result of the war, trading in the Ukrainian and Ukrainian-exposed debt securities has largely ceased. As such, at June 30, 2022, the prices of such securities were determined using pricing models with inputs based on similar securities adjusted to reflect management’s best estimate of the specific characteristics of the securities held by the Company. Such inputs represent a significant component of the fair value of the securities held by the Company, resulting in the securities being classified as Level 3 in the Company’s table of assets and liabilities accounted for at fair value on a recurring basis in Note 12 - Fair Value Measurements.
During the three and six months ended June 30, 2022, the Company recorded a combined $5 million and $69 million loss, respectively, on its “on-shore” and “off-shore” portfolios, within Other income (expense) – net, in the condensed consolidated statement of income, of which $37 million relates to securities still held at June 30, 2022.
Recoverable taxes, net—Comprise $26 million in net value-added taxes paid upon the acquisition of property, plant and equipment, raw materials, taxable services, and other transactional taxes, recoverable in cash from the Ukrainian government. Bunge has continued to receive refunds of recoverable taxes from the Ukrainian government since the start of the war, including as recently as early June. Therefore, as of June 30, 2022, and during the three and six months then ended, Bunge has not recorded any change in allowances for recoverable taxes in Ukraine except for those associated with the Company's write-off of inventories, described above.
Other—Primarily comprise prepaid expenses and advance payments against contracts for future deliveries of specified quantities of agricultural commodities.
Property, plant, and equipment, net—As described above, following the onset of the war, Bunge temporarily idled its Ukrainian operations. However, beginning late March, Bunge restarted certain limited activities. On each of March 22, June 22, and July 1, 2022, Bunge’s Mykolaiv port facility sustained damage as a result of the war. In each of these instances, based on initial visual inspections, there did not appear to be material physical damage to the Mykolaiv port facility, the adjacent Oilseed crush plant, or any other facilities. However, thorough onsite physical inspections of the damage to the Mykolaiv facility, or potential damage to other Bunge facilities, resulting from the two most recent incidents have not been possible due to safety concerns. As such, significant judgments have been made in estimating the extent of any damage to the Company’s facilities in Ukraine. Accordingly, the Company has recorded impairment provisions of $1 million and $2 million in relation to such damage, within Cost of goods sold, during the three and six months ended June 30, 2022, respectively. The expense was recorded in the Company’s Agribusiness segment.
13

In light of the war, Bunge evaluated the recoverability of its Ukrainian property, plant and equipment using an income method based on forecasts of expected future cash flows attributable to the respective assets under a range of possible outcomes, including those with reduced or no future cash flows, and concluded that the Company's Ukrainian property, plant and equipment was recoverable. The recoverability tests depend on a number of significant estimates and assumptions, including the likelihood and timing of a potential peaceful resolution to the war, the availability and cost of raw material commodities and other inputs, as well as demand levels for products. During the second quarter, the Company revised these estimates and assumptions to reflect the latest available information pertaining to the likelihood and timing of resuming operations at its Ukrainian facilities, expectations around the size of future harvests in Ukraine, and related changes in the availability and costs of raw materials commodities and inputs. The Company believes these estimates and assumptions are reasonable, and the reported amounts are not highly sensitive to any individual assumption underlying the recoverability tests. However, future changes in the judgments, assumptions and estimates used in these recoverability tests could result in different conclusions regarding the recoverability of the Company's Ukrainian property, plant and equipment and may result in the need for the Company to record non-cash impairment charges of its Ukrainian property, plant and equipment at such time.
Other non-current assets—Comprises $26 million of deferred tax assets, $10 million of operating lease right-of-use assets associated with Bunge’s facilities, $7 million of recoverable taxes, net, expected to be realized in periods greater than twelve months from the balance sheet date, and $7 million of various other items.
Trade accounts payable and accrued liabilities—Comprise amounts owed by the Company’s Ukrainian subsidiaries for goods delivered to or services consumed by such subsidiaries in the ordinary course of business.
Short-term debt—Bunge's short-term debt represents Ukrainian hryvnia denominated debt, primarily used to fund working capital requirements, issued by Ukrainian branches of non-Ukraine-based financial institutions.
Other-current liabilities and Other non-current liabilities—Primarily comprise various commercial and other provisions that arise in the normal course of business.
Russia
The scope of current economic and other sanctions on Russia, certain Russian citizens and enterprises, as well as the nature and extent of potential additional sanctions, is uncertain. Bunge currently maintains control over all material operations and facilities in Russia. Bunge continues to monitor developments regarding the legal and operational environment in Russia together with their related impacts on the Company’s operations. During the three and six months ended June 30, 2022, the Company's Russian subsidiaries have not experienced any material financial statement impacts as a direct result of the war.
The condensed consolidated balance sheet below provides information on the Company’s major classes of assets and liabilities in Russia as of June 30, 2022. As of June 30, 2022, the total assets and total liabilities associated with Bunge’s Russian subsidiaries comprise less than 1% of Bunge’s consolidated total assets and total liabilities, respectively.
The functional currency of Bunge’s Russian subsidiaries is the Russian ruble (RUB) and the foreign exchange rates used to convert assets and liabilities denominated in Russian ruble represent the official exchange rates published by the Central Bank of the Russian Federation. Since the onset of the war, the Russian government has imposed restrictions on companies’ abilities to repatriate or otherwise remit cash from their Russian-based operations to various locations outside of Russia, including limiting capital repayments to non-Russian entities to RUB 10 million ($0.2 million) per month. However, Bunge remains able to readily purchase U.S. dollars and other non-Russian currencies onshore in Russia in order to make international payments for commercial contracts and is also readily able to exchange Russian rubles in international currency exchange markets. Bunge continues to exercise control of and consolidates its Russian subsidiaries.
The condensed consolidated balance sheet related to the Company’s Russian operations as of June 30, 2022 consists of the following:
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(US$ in millions) June 30,
2022
Current assets:
Cash and cash equivalents $ 12 
Trade accounts receivable (less allowances of zero)
23 
Inventories 51 
Other current assets 20 
Total current assets 106 
Property, plant and equipment, net 32 
Other non-current assets 19 
Total assets $ 157 
Current liabilities:
Trade accounts payable and accrued liabilities $ 11 
Other current liabilities 9 
Total current liabilities 20 
Total liabilities $ 20 

3.    ACQUISITIONS AND DISPOSITIONS
Assets held for sale and Liabilities held for sale
Mexico Wheat Milling Disposition
On October 12, 2021, Bunge entered into an agreement to sell substantially all of its wheat milling business in Mexico in exchange for cash proceeds approximately equal to the book value of Property, plant and equipment, net, plus an additional sum in consideration for the value of net working capital to be transferred upon closing. Additionally, cumulative translation adjustments, among other items related to the disposal group, resulted in a corresponding impairment loss on sale of $170 million, recognized in Cost of goods sold for the year ended December 31, 2021. The agreement is expected to close in the last half of 2022 and is subject to regulatory approval and customary closing conditions.
The following table presents the disposal group's major classes of assets and liabilities included in Assets held for sale and Liabilities held for sale, respectively, on the condensed consolidated balance sheet at June 30, 2022, reported under the Milling segment:
(US$ in millions) June 30,
2022
Trade accounts receivable $ 77 
Inventories 141 
Other current assets 14 
Property, plant and equipment, net 162 
Operating lease assets 2 
Goodwill & Other intangible assets, net 86 
Impairment reserve (170)
Assets held for sale (1) (2)
$ 312 
Trade accounts payable $ 41 
Current operating lease obligations 2 
Other current liabilities 18 
Liabilities held for sale (2)
$ 61 
(1)     Assets held for sale excludes approximately $152 million of cumulative translation adjustments on non-current assets
15

included in the Mexico wheat milling disposal group.
(2)    In addition to the disposition discussed above, as of June 30, 2022 the Company's reported Assets held for sale include $5 million in relation to certain other insignificant dispositions. There are no Liabilities held for sale related to these transactions as of June 30, 2022.

4.    TRADE STRUCTURED FINANCE PROGRAM
    The Company engages in various trade structured finance activities to leverage the value of its global trade flows. These activities include programs under which the Company generally obtains U.S. dollar-denominated letters of credit ("LCs") from financial institutions, each based on an underlying commodity trade flow, and time deposits denominated in either the local currency of the financial institutions' counterparties or in U.S. dollars, as well as foreign exchange forward contracts, in which trade related payables are set-off against receivables, all of which are subject to legally enforceable set-off agreements.
            As of June 30, 2022 and December 31, 2021, time deposits and LCs of $6,170 million and $6,543 million, respectively, were presented net on the condensed consolidated balance sheets as the criteria of ASC 210-20, Offsetting, had been met. The net losses and gains related to such activities are included as an adjustment to Cost of goods sold in the accompanying condensed consolidated statements of income. At June 30, 2022 and December 31, 2021, time deposits, including those presented on a net basis, carried weighted-average interest rates of 2.10% and 1.08%, respectively. During the six months ended June 30, 2022 and 2021, total net proceeds from issuances of LCs were $3,689 million and $3,995 million, respectively. These cash inflows were offset by the related cash outflows resulting from placement of the time deposits and repayment of the LCs. All cash flows related to the programs are included in operating activities in the condensed consolidated statements of cash flows.
As part of the trade structured finance activities, LCs may be sold to financial institutions on a discounted basis. Bunge does not service derecognized LCs. The terms of the sale may require the Company to continue to make periodic interest payments to financial institutions based on changes in Secured Overnight Financing Rate ("SOFR"), or LIBOR for trades prior to January 1, 2022, for a period of up to 365 days. Bunge’s payment obligation to financial institutions as part of the trade structured finance activities, reported in Other current liabilities, including any unrealized gain or loss on changes in SOFR, or LIBOR for trades prior to January 1, 2022, is not significant as of June 30, 2022 or December 31, 2021. The notional amounts of LCs subject to continuing variable interest payments that have been derecognized from the Company's condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021 are included in Note 13 - Derivative Instruments And Hedging Activities. The net gain or loss included in Cost of goods sold resulting from the fair valuation of such variable interest rate obligations is not significant for the three and six months ended June 30, 2022 and 2021.

5.    TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM
Trade Accounts Receivable
Changes to the allowance for lifetime expected credit losses related to trade accounts receivable were as follows:
Six Months Ended June 30, 2022
Rollforward of the Allowance for Credit Losses (US$ in millions) Short-term
Long-term (1)
Total
Allowance as of January 1, 2022 $ 85  $ 47  $ 132 
Current period provisions 27  1  28 
Recoveries (19)   (19)
Write-offs charged against the allowance (10) (3) (13)
Foreign exchange translation differences (1) 2  1 
Allowance as of June 30, 2022
$ 82  $ 47  $ 129 

(1)     Long-term portion of the allowance for credit losses included in Other non-current assets.
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Six Months Ended June 30, 2021
Rollforward of the Allowance for Credit Losses (US$ in millions) Short-term
Long-term (1)
Total
Allowance as of January 1, 2021 $ 93  $ 51  $ 144 
Current period provisions 17  —  17 
Recoveries (13) (1) (14)
Write-offs charged against the allowance (2) —  (2)
Foreign exchange translation differences (1) — 
Allowance as of June 30, 2021
$ 94  $ 51  $ 145 
(1)     Long-term portion of the allowance for credit losses 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. On March 31, 2022, Bunge and certain of its subsidiaries renewed and amended the Program. As a result, the aggregate size of the facility that provides funding against receivables sold into the Program increased by $175 million from $925 million to $1.1 billion. Bunge may also, from time to time with the consent of the administrative agent, request one or more of the existing committed purchasers or new committed purchasers to increase the total commitments by an amount not to exceed $250 million pursuant to an accordion provision. The Program will terminate on May 17, 2031; however, each committed purchaser's commitment to purchase trade receivables under the Program will terminate on May 17, 2025, unless extended for an additional period in accordance with the terms of the receivables transfer agreement. The Program was further amended to add sustainability provisions, pursuant to which the applicable margin will be increased or decreased based on Bunge's performance in comparison with certain sustainability targets, including, but not limited to, recently established science-based targets that define Bunge's climate goals within its operations and a commitment to a deforestation-free supply chain in 2025.
(US$ in millions) June 30,
2022
December 31,
2021
Receivables sold that were derecognized from Bunge's condensed consolidated balance sheet $ 1,732  $ 1,426 
Deferred purchase price included in Other current assets (1)
$ 628  $ 496 
(1)    Bunge's risk of loss following the sale of the trade receivables is limited to the deferred purchase price ("DPP"), included in Other current assets in the condensed consolidated balance sheets (see Note 7 - Other Current Assets). The DPP will be repaid in cash as receivables are collected, generally within 30 days of collection. Provisions for delinquencies and credit losses on trade receivables sold under the Program were $4 million and $5 million at June 30, 2022 and December 31, 2021, respectively.

    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) 2022 2021
Gross receivables sold $ 8,585  $ 6,915 
Proceeds received in cash related to transfer of receivables $ 7,876  $ 6,423 
Cash collections from customers on receivables previously sold $ 8,372  $ 6,545 
Discounts related to gross receivables sold included in Selling, general and administrative expense $ 6  $

    Non-cash activity for the Program in the reporting period is represented by the difference between gross receivables sold and cash collections from customers on receivables previously sold.

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6.    INVENTORIES
Inventories by segment are presented below. Readily marketable inventories ("RMI") are agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, palm oil, corn, and wheat carried at fair value because of their commodity characteristics, widely available markets, and international pricing mechanisms. The Company engages in trading and distribution, or merchandising activities, and part of RMI can be attributable to such activities and is not held for processing. All other inventories are carried at lower of cost or net realizable value.
(US$ in millions) June 30,
2022
December 31,
2021
Agribusiness (1)
$ 8,609  $ 6,800 
Refined and Specialty Oils (2)
1,585  1,310 
Milling (3)
283  319 
Corporate and Other 4 
Total $ 10,481  $ 8,431 
(1)    Includes RMI of $8,015 million and $6,490 million at June 30, 2022 and December 31, 2021, respectively.  Of these amounts, $6,616 million and $4,857 million can be attributable to merchandising activities at June 30, 2022 and December 31, 2021, respectively.
(2)    Includes RMI of $320 million and $257 million at June 30, 2022 and December 31, 2021, respectively.
(3)    Includes RMI of $43 million and $122 million at June 30, 2022 and December 31, 2021, respectively.

7.    OTHER CURRENT ASSETS
Other current assets consist of the following:
(US$ in millions) June 30,
2022
December 31,
2021
Unrealized gains on derivative contracts, at fair value $ 2,479  $ 1,630 
Prepaid commodity purchase contracts (1)
365  186 
Secured advances to suppliers, net (2)
192  375 
Recoverable taxes, net 375  347 
Margin deposits 639  569 
Deferred purchase price receivable(3)
628  496 
Marketable securities and other short-term investments(4)
172  520 
Income taxes receivable 114  47 
Prepaid expenses 434  380 
Restricted cash 5 
Other 286  198 
Total $ 5,689  $ 4,751 
(1)    Prepaid commodity purchase contracts represent advance payments against contracts for future deliveries of specified quantities of agricultural commodities.
(2)    The Company provides cash advances to suppliers, primarily Brazilian soybean farmers, to finance a portion of the suppliers’ production costs. The Company does not bear any of the costs or operational risks associated with the related growing activities. The advances are largely collateralized by future crops and physical assets of the suppliers, carry a local market interest rate, and settle when the farmers' crops are harvested and sold. The secured advances to farmers are reported net of allowances of $3 million at June 30, 2022 and $3 million at December 31, 2021.
    Interest earned on secured advances to suppliers of $6 million and $4 million for the three months ended June 30, 2022 and 2021, respectively, and $12 million and $13 million for the six months ended June 30, 2022 and 2021, is included in Net sales in the condensed consolidated statements of income.
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(3)    Deferred purchase price receivable represents additional credit support for the investment conduits in the Company’s trade receivables securitization program (see Note 5 - Trade Accounts Receivable and Trade Receivable Securitization Program).
(4)    Marketable securities and other short-term investments - The Company invests in foreign government securities, corporate debt securities, deposits, equity securities, and other securities. The following is a summary of amounts recorded in the Company's condensed consolidated balance sheets as marketable securities and other short-term investments.
(US$ in millions) June 30,
2022
December 31,
2021
Foreign government securities $ 83  $ 261 
Corporate debt securities 27  158 
Equity securities 25  60 
Other 37  41 
Total $ 172  $ 520 
    As of June 30, 2022 and December 31, 2021, $135 million and $479 million, respectively, of marketable securities and other short-term investments were recorded at fair value. All other investments were recorded at cost, and due to the short-term nature of these investments, their carrying values approximated their fair values. For the three months ended June 30, 2022 and 2021, unrealized losses of $18 million and unrealized gains of $16 million, respectively, have been recorded and recognized in Other income (expense) - net for investments held at June 30, 2022 and 2021. For the six months ended June 30, 2022 and 2021, unrealized losses of $119 million and unrealized gains of $22 million, respectively, have been recorded and recognized in Other income (expense) - net for investments held at June 30, 2022 and 2021.

8.    OTHER NON-CURRENT ASSETS
Other non-current assets consist of the following:
(US$ in millions) June 30,
2022
December 31,
2021
Recoverable taxes, net (1)
$ 61  $ 66 
Judicial deposits (1)
105  89 
Other long-term receivables, net 5  11 
Income taxes receivable
140  139 
Long-term investments (2)
244  196 
Affiliate loans receivable 14  16 
Long-term receivables from farmers in Brazil, net (1)
30  33 
Unrealized gains on derivative contracts, at fair value 8  49 
Other 120  120 
Total $ 727  $ 719 
(1)    A significant portion of these non-current assets arise from the Company’s Brazilian operations and their realization could take several years.
(2)    As of June 30, 2022 and December 31, 2021, $10 million and $12 million, respectively, of long-term investments are recorded at fair value.
Recoverable taxes, net - Recoverable taxes include value-added taxes paid upon the acquisition of property, plant and equipment, raw materials and taxable services, and other transactional taxes which can be recovered in cash or as compensation against income taxes, or other taxes Bunge may owe, primarily in Brazil and Europe. Recoverable taxes are reported net of allowances of $17 million and $18 million at June 30, 2022 and December 31, 2021, respectively.
Judicial deposits - Judicial deposits are funds the Company has placed on deposit with the courts in Brazil. These funds are held in judicial escrow relating to certain legal proceedings pending resolution and bear interest at the Selic rate, which is the benchmark rate of the Brazilian central bank.
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Income taxes receivable - Income taxes receivable include overpayments of current income taxes plus accrued interest. These income tax prepayments are expected to be primarily used for the settlement of future income tax obligations. Income taxes receivable in Brazil bear interest at the Selic rate.
Long-term investments - Long-term investments primarily comprise Bunge's noncontrolling equity investments in growth stage agribusiness and food companies held by Bunge Ventures.
Affiliate loans receivable - Affiliate loans receivable are primarily interest-bearing receivables from unconsolidated affiliates with remaining maturities of greater than one year.
Long-term receivables from farmers in Brazil, net - The Company provides financing to farmers in Brazil, primarily through secured advances against farmer commitments to deliver agricultural commodities (primarily soybeans) upon harvest of the then-current year’s crop, and through credit sales of fertilizer to farmers. Certain such long-term receivables from farmers are originally recorded in Other current assets as prepaid commodity contracts or secured advances to suppliers (see Note 7 - Other Current Assets) or Other non-current assets according to their maturity. Advances initially recorded in Other current assets are reclassified to Other non-current assets if collection issues arise and amounts become past due with resolution of such matters expected to take more than one year.
The average recorded investment in long-term receivables from farmers in Brazil for the six months ended June 30, 2022 and the year ended December 31, 2021 was $114 million and $92 million, respectively. The table below summarizes the Company’s recorded investment in long-term receivables from farmers in Brazil and the related allowance amounts.
  June 30, 2022 December 31, 2021
(US$ in millions) Recorded
Investment
Allowance Recorded
Investment
Allowance
For which an allowance has been provided:        
Legal collection process (1)
$ 41  $ 34  $ 42  $ 35 
Renegotiated amounts 1  3 
For which no allowance has been provided:        
Legal collection process (1)
20    20  — 
Renegotiated amounts (2)
5    — 
Other long-term receivables (3)
    — 
Total $ 67  $ 37  $ 69  $ 36 
(1)    All amounts in legal collection processes are considered past due upon initiation of legal action.
(2)    These renegotiated amounts are current on repayment terms.
(3)    New advances expected to be realized through farmer commitments to deliver agricultural commodities in crop periods greater than twelve months from the balance sheet date. Such advances are reclassified from non-current assets to current assets in later periods depending on the expected date of their realization.
The table below summarizes the activity in the allowance for doubtful accounts related to long-term receivables from farmers in Brazil.
Six Months Ended
June 30,
(US$ in millions) 2022 2021
Beginning balance $ 36  $ 63 
Bad debt provisions 1 
Recoveries (3) (3)
Write-offs   (4)
Transfers   — 
Foreign exchange translation 3 
Ending balance $ 37  $ 61 

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9.    VARIABLE INTEREST ENTITIES
Consolidated Variable Interest Entities
As indicated in Note 1 - Basis of Presentation, Principles of Consolidation, And Significant Accounting Policies, on May 1, 2022, Bunge completed a transaction with Chevron Corporation ("Chevron") to create a joint venture, Bunge Chevron Ag Renewables LLC (the "Joint Venture"), leveraging Bunge’s expertise in oilseed processing and farmer relationships, and Chevron’s expertise in fuels manufacturing and marketing, to help meet the demand for renewable fuels and to develop lower carbon intensity feedstocks.
The Joint Venture is a variable interest entity ("VIE") in which Bunge is considered to be the primary beneficiary because it is responsible for the day-to-day operating decisions of the Joint Venture as well as the marketing of the principal products, primarily soybean meal and oil produced and sold by the Joint Venture, among other factors.
The Joint Venture's assets can only be used to settle the Joint Venture’s own obligations and the Joint Venture’s creditors have no recourse to Bunge’s assets beyond Bunge’s maximum exposure to loss associated with the Joint Venture at any given time. The following table presents the values of the assets and liabilities associated with the Joint Venture, which are included in Bunge’s condensed consolidated balance sheet as of June 30, 2022. All amounts exclude intercompany balances, which have been eliminated upon consolidation.
For all other VIEs in which Bunge is considered the primary beneficiary, the entities meet the definition of a business, and the VIE's assets can be used other than for the settlement of the VIE’s obligations. As such these VIEs have been excluded from the below table:
(US$ in millions) June 30,
2022
Current assets:
Cash and cash equivalents $ 369 
Trade accounts receivable 42 
Inventories 56 
Other current assets 53 
Total current assets 520 
Property, plant and equipment, net 56 
Total assets $ 576 
Current liabilities:
Trade accounts payable and accrued liabilities $ 45 
Other current liabilities 53 
Total current liabilities 98 
Total liabilities $ 98 
Non-Consolidated Variable Interest Entities
On June 10, 2022, Bunge completed its acquisition of a 33% interest in Sinagro Produtos Agropecuários S.A. ("Sinagro"), a Brazilian distributor of agricultural inputs and originator of grains, in exchange for Brazilian real (R$) 273 million (approximately $52 million). As of June 30, 2022, the Company's maximum exposure to loss related to this unconsolidated VIE is limited to the investment balance of approximately $52 million. However, as part of the acquisition cost, Bunge has committed to provide certain future guarantees of Sinagro’s approximately R$730 million (approximately $139 million) third-party indebtedness in proportion to Bunge’s 33% equity holding, representing a maximum expected future guarantee of approximately R$243 million ($46 million).

For additional information on VIEs for which Bunge has determined it is not the primary beneficiary, along with the Company's related maximum exposure to losses associated with such investments, please refer to Note 11 - Investments in Affiliates, included in the Company's 2021 Annual Report on Form 10-K.

21

10.    INCOME TAXES
    Income tax expense is provided on an interim basis based on management’s estimate of the annual effective income tax rate and includes the tax effects of certain discrete items, such as changes in tax laws or tax rates or other unusual or non-recurring tax adjustments in the interim period in which they occur. In addition, results from jurisdictions projecting a loss for the year where no tax benefit can be recognized are treated discretely in the interim period in which they occur. The effective tax rate is highly dependent on the geographic distribution of the Company’s worldwide earnings or losses and tax regulations in each jurisdiction. Management regularly monitors the assumptions used in estimating its annual effective tax rate, including the realizability of deferred tax assets, and adjusts estimates accordingly. Volatility in earnings within a taxing jurisdiction could result in a determination that additional valuation allowance adjustments may be warranted.
    Income tax expense for the three and six months ended June 30, 2022 was $36 million and $144 million, respectively. Income tax expense for the three and six months ended June 30, 2021 was $50 million and $242 million, respectively. The effective tax rate for the three months ended June 30, 2022 was lower than the U.S. statutory rate of 21% primarily due to favorable earnings mix, and the effective tax rate for the six months ended June 30, 2022 was lower than the U.S. statutory rate of 21%, primarily due to favorable earnings mix, incentives in South America, and the release of valuation allowances in Europe and Asia. The effective tax rate for the three and six months ended June 30, 2021 was lower than the U.S. statutory rate of 21% primarily due to favorable earnings mix and incentives in South and North America.
As a global enterprise, the Company files income tax returns that are subject to periodic examination and challenge by federal, state, and foreign tax authorities. In many jurisdictions, income tax examinations, including settlement negotiations or litigation, may take several years to finalize. The Company is currently under examination or litigation in various locations throughout the world. While it is difficult to predict the outcome or timing of resolution of any particular matter, management believes that the condensed consolidated financial statements reflect the largest amount of tax benefit that is more likely than not to be realized.

11.    OTHER CURRENT LIABILITIES
Other current liabilities consist of the following:
(US$ in millions) June 30,
2022
December 31,
2021
Unrealized losses on derivative contracts, at fair value $ 2,307  $ 1,713 
Accrued liabilities 618  689 
Advances on sales (1)
378  437 
Income tax payable 83  168 
Other 454  418 
Total $ 3,840  $ 3,425 
(1)    The Company records Advances on sales when cash payments are received in advance of the Company’s performance and recognizes revenue once the related performance obligation is completed. Advances on sales are impacted by the seasonality of Bunge's business, including the timing of harvests in the northern and southern hemispheres, and amounts at each balance sheet date will generally be recognized in earnings within twelve months or less.


12.    FAIR VALUE MEASUREMENTS
    Bunge's various financial instruments include certain components of working capital such as trade accounts receivable and trade accounts payable. Additionally, Bunge uses short- and long-term debt to fund operating requirements. Trade accounts receivable, trade accounts payable, and short-term debt are stated at their carrying value, which is a reasonable estimate of fair value. See Note 4 - Trade Structured Finance Program for trade structured finance program, Note 8- Other Non-Current Assets for long-term receivables from farmers in Brazil, net and other long-term investments, and Note 14- Debt for long-term debt. Bunge's financial instruments also include derivative instruments and marketable securities, which are stated at fair value.
    The fair value standard describes three levels within its hierarchy that may be used to measure fair value.
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Level Description Financial Instrument (Assets / Liabilities)
Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities. Exchange traded derivative contracts.

Marketable securities in active markets.
Level 2 Observable inputs, including adjusted Level 1 quotes, quoted prices for similar assets or liabilities, quoted prices in markets that are less active than traded exchanges and other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Exchange traded derivative contracts (less liquid markets).

Readily marketable inventories.

Over-the-counter ("OTC") commodity purchase and sales contracts.

OTC derivatives whose value is determined using pricing models with inputs that are generally based on exchange traded prices, adjusted for location specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data.

Marketable securities in less active markets.
Level 3 Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. Assets and liabilities whose value is determined using proprietary pricing models, discounted cash flow methodologies or similar techniques.

Assets and liabilities for which the determination of fair value requires significant management judgment or estimation.
    In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of input that is a significant component of the fair value measurement determines the placement of the entire fair value measurement in the hierarchy. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy levels.
    For a further definition of fair value and the associated fair value levels, refer to Note 15 - Fair Value Measurements, included in the Company's 2021 Annual Report on Form 10-K.
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    The following table sets forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis.
  Fair Value Measurements at Reporting Date
  June 30, 2022 December 31, 2021
(US$ in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Assets:                
Readily marketable inventories (Note 6) $   $ 7,437  $ 941  $ 8,378  $ —  $ 6,664  $ 205  $ 6,869 
Trade accounts receivable (1)
  1    1  —  — 
Unrealized gain on derivative contracts (2):
           
Interest rate   5    5  —  49  —  49 
Foreign exchange   597    597  —  340  —  340 
Commodities 133  1,311  73  1,517  63  1,055  34  1,152 
Freight 71  3    74  79  —  84 
Energy 277  13    290  44  —  48 
Credit   5    5  —  — 
Equity         —  — 
Other (3)
40  44  66  150  91  406  —  497 
Total assets $ 521  $ 9,416  $ 1,080  $ 11,017  $ 278  $ 8,530  $ 239  $ 9,047 
Liabilities:                
Trade accounts payable (1)
$   $ 846  $ 271  $ 1,117  $ —  $ 545  $ 23  $ 568 
Unrealized loss on derivative contracts (4):
               
Interest rate   241    241  —  47  —  47 
Foreign exchange   531    531  —  309  —  309 
Commodities 161  1,203  63  1,427  98  1,051  65  1,214 
Freight 120      120  162  —  —  162 
Energy 229      229  29  —  30 
Credit         —  — 
Total liabilities $ 510  $ 2,821  $ 334  $ 3,665  $ 289  $ 1,954  $ 88  $ 2,331 
(1)     These receivables and payables are hybrid financial instruments for which Bunge has elected the fair value option as they are derived from purchases and sales of agricultural commodity products in the normal course of business.
(2)     Unrealized gains on derivative contracts are generally included in Other current assets. There were $8 million and $49 million included in Other non-current assets at June 30, 2022 and December 31, 2021, respectively. There were $1 million and $2 million included in Assets held for sale at June 30, 2022 and December 31, 2021, respectively.
(3)    Other includes the fair values of marketable securities and investments in Other current assets and Other non-current assets.
(4)    Unrealized losses on derivative contracts are generally included in Other current liabilities. There were $230 million and $49 million included in Other non-current liabilities at June 30, 2022 and December 31, 2021, respectively. There were no unrealized losses on derivative contracts included in Liabilities held for sale at June 30, 2022 and $1 million was included in Liabilities held for sale at December 31, 2021.
    Readily marketable inventories—RMI reported at fair value are valued based on commodity futures exchange quotations, broker or dealer quotations, or market transactions in either listed or OTC markets with appropriate adjustments for differences in local markets where the Company's inventories are located. In such cases, the inventory is classified within Level 2. Certain inventories may utilize significant unobservable data related to local market adjustments to determine fair value. In such cases, the inventory is classified as Level 3.
    If the Company used different methods or factors to determine fair values, amounts reported as unrealized gains and losses on derivative contracts and RMI at fair value in the condensed consolidated balance sheets and condensed consolidated statements of income could differ. Additionally, if market conditions change subsequent to the reporting date, amounts reported in future periods as unrealized gains and losses on derivative contracts and RMI at fair value in the condensed consolidated balance sheets and condensed consolidated statements of income could differ.
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    Derivatives—The majority of exchange traded futures and options contracts and exchange cleared contracts are valued based on unadjusted quoted prices in active markets and are classified within Level 1. The majority of the Company’s exchange traded agricultural commodity futures are cash-settled on a daily basis and, therefore, are not included in these tables. The Company's forward commodity purchase and sales contracts are classified as derivatives along with other OTC derivative instruments, primarily relating to freight, energy, foreign exchange and interest rates, and are classified within Level 2 or Level 3 as described below. The Company estimates fair values based on exchange quoted prices, adjusted as appropriate for differences in local markets. These differences are generally valued using inputs from broker or dealer quotations, or market transactions in either the listed or OTC markets. In such cases, these derivative contracts are classified within Level 2.
    OTC derivative contracts include swaps, options, and structured transactions that are generally fair valued using quantitative models that require the use of multiple market inputs including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets which are not highly active, other observable inputs relevant to the asset or liability, and market inputs corroborated by correlation or other means. These valuation models include inputs such as interest rates, prices, and indices, to generate continuous yield or pricing curves and volatility factors. Where observable inputs are available for substantially the full term of the asset or liability, the instrument is categorized in Level 2. Certain OTC derivatives trade in less active markets with less availability of pricing information and certain structured transactions can require internally developed model inputs that might not be observable in or corroborated by the market.

Marketable securities and investments comprise government treasury securities, corporate debt securities and other investments. Bunge analyzes how the prices are derived and determines whether the prices are liquid or less liquid tradable prices. Marketable securities and investments with liquid prices are valued using prices from publicly available sources and classified as Level 1. Marketable securities and investments with less-liquid prices are valued using third-party quotes or pricing models and classified as Level 2 or Level 3 as described below.
    Level 3 Measurements
    The following relates to Level 3 measurements. An instrument may transfer into or out of Level 3 due to inputs becoming either observable or unobservable.