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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 March 31, 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
Missouri63017
(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 filerýAccelerated 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 April 22, 2022, the number of common shares outstanding of the registrant was:
Common shares, par value $.01 per share:151,731,839

BUNGE LIMITED
TABLE OF CONTENTS
  Page
 
   
Item 1. 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
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
March 31,
 20222021
Net sales$15,880 $12,961 
Cost of goods sold(14,676)(11,814)
Gross profit1,204 1,147 
Selling, general and administrative expenses(308)(271)
Interest income9 9 
Interest expense(111)(73)
Foreign exchange (losses) gains 12 (10)
Other income (expense) – net(47)263 
Income (loss) from affiliates45 44 
Income (loss) before income tax804 1,109 
Income tax (expense) benefit(108)(192)
Net income (loss)696 917 
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests(8)(86)
Net income (loss) attributable to Bunge688 831 
Convertible preference share dividends— (8)
Net income (loss) available to Bunge common shareholders$688 $823 
Earnings per common share—basic (Note 19)  
Net income (loss) attributable to Bunge common shareholders - basic$4.83 $5.86 
Earnings per common share—diluted (Note 19)  
Net income (loss) attributable to Bunge common shareholders - diluted$4.48 $5.52 
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
March 31,
 20222021
Net income (loss)$696 $917 
Other comprehensive income (loss):  
 Foreign exchange translation adjustment389 (257)
Unrealized gains (losses) on designated hedges, net of tax benefit (expense) of $(2) in 2022 and $(1) in 2021
(117)(2)
Reclassification of net losses (gains) to net income, net of tax (benefit) expense of $11 in 2022 and zero in 2021
(29)(1)
Total other comprehensive income (loss)243 (260)
Total comprehensive income (loss)939 657 
Less: comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests
7 (66)
Total comprehensive income (loss) attributable to Bunge
$946 $591 
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)
March 31,
2022		December 31,
2021
ASSETS  
Current assets:  
Cash and cash equivalents$386 $902 
Trade accounts receivable (less allowances of $84 and $85) (Note 5)
2,564 2,112 
Inventories (Note 6)10,988 8,431 
Assets held for sale (Note 3)285 264 
Other current assets (Note 7)6,667 4,751 
Total current assets20,890 16,460 
Property, plant and equipment, net3,561 3,499 
Operating lease assets994 912 
Goodwill497 484 
Other intangible assets, net416 431 
Investments in affiliates898 764 
Deferred income taxes689 550 
Other non-current assets (Note 8)779 719 
Total assets$28,724 $23,819 
LIABILITIES AND EQUITY  
Current liabilities:  
Short-term debt (Note 13)$1,937 $673 
Current portion of long-term debt (Note 13)503 504 
Trade accounts payable (includes $991 and $568 carried at fair value)
5,836 4,250 
Current operating lease obligations377 350 
Liabilities held for sale (Note 3)113 122 
Other current liabilities (Note 10)5,094 3,425 
Total current liabilities13,860 9,324 
Long-term debt (Note 13)4,040 4,787 
Deferred income taxes354 338 
Non-current operating lease obligations559 506 
Other non-current liabilities (Note 16)800 658 
Redeemable noncontrolling interest (Note 17)
370 381 
Equity (Note 18):
  
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 –151,653,069 shares, 2021 – 141,057,414 shares
1 1 
Additional paid-in capital6,332 5,590 
Retained earnings9,581 8,979 
Accumulated other comprehensive income (loss) (Note 18)(6,213)(6,471)
Treasury shares, at cost - 2022 - 16,726,697 shares, 2021 - 16,726,697
(1,120)(1,120)
Total Bunge shareholders’ equity8,581 7,669 
Noncontrolling interests160 156 
Total equity8,741 7,825 
Total liabilities, redeemable noncontrolling interest and equity$28,724 $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)
Three Months Ended
March 31,
 20222021
OPERATING ACTIVITIES  
Net income (loss)$696 $917 
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:  
Foreign exchange (gain) loss on net debt(116)(25)
Bad debt expense5 1 
Depreciation, depletion and amortization102 106 
Share-based compensation expense16 13 
Deferred income tax expense (benefit)(54)36 
(Gain) loss on sale of investments and property, plant and equipment(1)(239)
Other, net2 (20)
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:  
Trade accounts receivable(392)(617)
Inventories(2,350)(1,448)
Secured advances to suppliers(52)5 
Trade accounts payable and accrued liabilities1,167 1,134 
Advances on sales(30)(69)
Net unrealized (gains) losses on derivative contracts213 100 
Margin deposits(388)282 
Marketable securities243 64 
Beneficial interest in securitized trade receivables(1,637)(1,027)
Other, net(80)(200)
Cash provided by (used for) operating activities(2,656)(987)
INVESTING ACTIVITIES  
Payments made for capital expenditures(106)(53)
Proceeds from investments18 — 
Payments for investments(54)(88)
Settlements of net investment hedges(1)(9)
Proceeds from beneficial interest in securitized trade receivables1,613 969 
Proceeds from disposals of businesses and property, plant and equipment— 331 
Payments for investments in affiliates— (35)
Other, net(22)— 
Cash provided by (used for) investing activities1,448 1,115 
FINANCING ACTIVITIES  
Proceeds from short-term debt 6,712 11,668 
Repayments of short-term debt (5,411)(11,757)
Proceeds from long-term debt30 15 
Repayments of long-term debt(601)(15)
Proceeds from the exercise of options for common shares32 44 
Dividends paid to common and preference shareholders(82)(79)
Acquisition of noncontrolling interest— (147)
Other, net28 (19)
Cash provided by (used for) financing activities708 (290)
Effect of exchange rate changes on cash and cash equivalents and restricted cash1 33 
Net increase (decrease) in cash and cash equivalents and restricted cash(499)(129)
Cash and cash equivalents and restricted cash - beginning of period905 381 
Cash and cash equivalents and restricted cash - end of period$406 $252 
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		SharesAmountSharesAmountAdditional
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 $1 $5,590 $8,979 $(6,471)$(1,120)$156 $7,825 
Net income (loss)4 — — — — — 688 — — 4 692 
Other comprehensive income (loss)(15)— — — — — — 258 — — 258 
Dividends on common shares, $0.525 per share
— — — — — — (81)— — — (81)
Share-based compensation expense— — — — — 16 — — — — 16 
Conversion of preference shares to common shares— (6,899,683)(690)8,863,331 — 690 — — — — — 
Issuance of common shares, including stock dividends— — — 1,732,324 — 36 (5)— — — 31 
Balance, March 31, 2022$370 — $— 151,653,069 $1 $6,332 $9,581 $(6,213)$(1,120)$160 $8,741 

 Convertible
Preference Shares		Common Shares
 Redeemable
Non-
Controlling
Interests		SharesAmountSharesAmountAdditional
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 $1 $5,408 $7,236 $(6,246)$(1,020)$136 $6,205 
Net income (loss)77 — — — — — 831 — — 9 840 
Other comprehensive income (loss)(19)— — — — — — (238)— (1)(239)
Dividends on common shares, $0.50 per share
— — — — — — (71)— — — (71)
Dividends on preference shares, $1.21875 per share
— — — — — — (8)— — — (8)
Acquisition of noncontrolling interest— — — — — — (3)— — — (3)
Share-based compensation expense— — — — — 13 — — — — 13 
Issuance of common shares, including stock dividends— — — 1,470,164 — 47 (3)— — — 44 
Balance, March 31, 2021$473 6,899,683 $690 141,260,402 $1 $5,468 $7,982 $(6,484)$(1,020)$144 $6,781 
The accompanying notes are an integral part of these condensed consolidated financial statements.

7
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 three months ended March 31, 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 February 21, 2022, Bunge entered into a series of agreements with Chevron Corporation ("Chevron") to form a joint venture to, among other things, create renewable feedstocks, 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 will contribute certain property, plant, and equipment related to two of its soybean processing facilities, and Chevron will contribute an approximately equal value of cash and working capital to the newly formed joint venture. Under the agreements, Bunge will operate the joint venture’s facilities, and Chevron will have purchase rights for the oil to use as a renewable feedstock to manufacture transportation fuels with lower lifecycle carbon intensity. The joint venture is subject to customary closing conditions, including certain regulatory approvals, and the transaction is expected to close during the second quarter of 2022.
On January 18, 2022, Bunge purchased 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$) 251 million (approximately $53 million). In addition, following closure of its investment in Sinagro, Bunge will provide certain guarantees of Sinagro’s approximately R$800 million (approximately $169 million) indebtedness in proportion to Bunge’s 33% equity holding, representing a maximum guarantee of approximately R$266 million (approximately $56 million). The Company's exposure to loss related to this unconsolidated variable interest entity is limited to the book value of the investment and the guarantee, which total approximately $109 million. The transaction has obtained all required regulatory approvals, but remains subject to customary closing conditions and is expected to close during the second quarter of 2022. For additional information on variable interest entities for which Bunge has determined it is not the primary beneficiary, along with the Company's maximum exposure to loss related to these unconsolidated investments, refer to Note 11 - Investments in Affiliates, included in the Company's 2021 Annual Report on Form 10-K.
Bunge has operations in Turkey, and until March 31, 2022, the Company had utilized the official exchange rate published by the Turkish government for the Company's commercial transactions and financial statement re-measurement purposes. Over approximately the last three-year period, Turkey has experienced negative economic trends, as evidenced by multiple periods of increasing inflation rates, depreciation of the Turkish lira, and increasing borrowing rates, that 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 will be remeasured using the reporting currency rather than the Turkish lira. This change is not expected to have a material impact on Bunge's condensed consolidated financial statements.



8
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 that sum to the total of the same such amounts shown in the condensed consolidated statement of cash flows.
(US$ in millions)March 31, 2022March 31, 2021
Cash and cash equivalents$386 $226 
Restricted cash included in other current assets20 26 
Total$406 $252 
Cash paid for taxes, which primarily comprises income taxes and value added taxes, net of refunds, was $103 million and $77 million for the three months ended March 31, 2022 and 2021, respectively. Cash paid for interest expense was $122 million and $85 million for the three months ended March 31, 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 Financial Conduct Authority ("FCA") announced that most LIBOR settings will 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 March 31, 2022, the adoption of this guidance has not had a material impact on Bunge's condensed consolidated financial statements.

9
2.    UKRAINE-RUSSIA WAR
    On February 24, 2022, Russia initiated a military offensive in Ukraine, a key international grain originating region. As a result, 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. On March 22, 2022, Bunge’s Mykolaiv port facility sustained damage as a result of the war. Based on initial visual inspections, there does not appear to be material physical damage to the Mykolaiv port facility, the adjacent Oilseed crush plant, or any other facilities. However, a thorough onsite, physical inspection of the damage to the Mykolaiv facility, or potential damage to other Bunge facilities, is currently not possible due to safety concerns.
Beginning late March, Bunge restarted certain commercial and operational activities in Ukraine, as well as certain rail or truck exports from Ukraine. Such activities are extremely limited and are performed only where and when the ability to do so safely exists.
The Company has over 1,000 employees in Ukraine. As of the date of this report, to our knowledge, there were no reported casualties or injuries to Bunge employees. The safety of its employees is Bunge’s top priority, and the Company is actively providing support and resources to employees and their families who have been impacted by these events. Bunge is also committed to supporting humanitarian efforts in Ukraine by providing food products and monetary assistance to multiple relief organizations helping the people of Ukraine.
In response to the war, 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.
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.
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 Ukraine-Russia 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 each country are provided below.
Ukraine
As of the date of this report, the scope and intensity of the war is rapidly evolving. 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 March 31, 2022. As of March 31, 2022, the total assets and total liabilities associated with Bunge’s Ukrainian subsidiaries comprise 2% and 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 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.
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. Since the onset of the war the Ukrainian government has imposed certain restrictions on companies’ abilities to repatriate or otherwise remit cash from their Ukrainian-based operations to locations outside Ukraine, however Bunge is currently able to readily exchange U.S. dollars and Ukrainian hryvnia in international currency exchange markets. 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 March 31, 2022 consist of the following:
10
(US$ in millions)March 31,
2022
Current assets:
Cash and cash equivalents$3 
Trade accounts receivable (less allowances of $1 million)
7 
Inventories199 
Other current assets114 
Total current assets323 
Property, plant and equipment, net145 
Other non-current assets50 
Total assets$518 
Current liabilities:
Trade accounts payable and accrued liabilities$29 
Short-term debt211 
Other current liabilities5 
Total current liabilities245 
Non-current liabilities4 
Total liabilities$249 

Cash and cash equivalents—Comprises cash on deposit with various financial institutions in Ukraine. As of March 31, 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 receivables 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, significant judgements have been made in estimating the collectability of the Company’s Ukrainian trade accounts receivable. The Company has therefore 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 the Company recording a $1 million allowance for lifetime expected credit losses during the three months ended March 31, 2022, in relation to its $8 million gross Ukrainian receivables balance at March 31, 2022. The expense was recorded in the Company’s Refined and Specialty Oils segment.
Inventories—Bunge’s Ukrainian inventories generally comprise agricultural commodity inventories, primarily corn, wheat, sunflower seeds, sunflower meal, and sunflower oil. 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, at March 31, 2022, the Company ceased recording its Ukrainian inventories at fair value and instead recorded 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 judgements have been made in estimating the net realizable value of the Company’s Ukrainian inventories. During the quarter ended of March 31, 2022, the Company recorded an expense of $9 million, in Cost of goods sold, representing known instances of misappropriation or damage to inventories resulting from the war. The expense was recorded in the Company’s Agribusiness segment.
Other current assets—Comprises $50 million of marketable securities and other short-term investments, $43 million of recoverable taxes, net, $12 million in prepaid commodity purchase contracts and certain other expenses, and $9 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.
11
In addition to the marketable securities and other short-term investments belonging to Bunge’s Ukrainian-subsidiaries, as shown on 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 $20 million at March 31, 2022.
As a result of the war, trading in the Ukrainian and Ukrainian-exposed debt securities has largely ceased. As such, at March 31, 2022, the prices of such securities was 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 11- Fair Value Measurements.
During the three months ended March 31, 2022, the Company recorded a combined $64 million loss on its “on-shore” and “off-shore” portfolios, within Other income (expense) – net, in its condensed consolidated statement of income, of which $32 million related to securities still held at March 31, 2022.
• Recoverable taxes, net—Comprise $43 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. Effective February 24, 2022, the Ukrainian government introduced martial law in Ukraine, thus temporarily substituting military authority for civilian rule in the country, and which remains in effect as of the date of this report. Additionally, effective March 17, 2022, the Ukrainian government enacted Law No. 2120-IX (draft bill No. 7137-d, or the "March 17th Law") which reinstated the process by which the Ukraine government refunds recoverable taxes while under martial law. Although the March 17th Law does not contain any significant negative consequences to the Ukrainian government if it does not issue timely refunds to holders of eligible recoverable tax claims, the law’s enactment provides insights into the Ukrainian government’s intent and commitment to continue making such refunds despite the war and related martial law decree. Additionally, Bunge has continued to receive refunds of recoverable taxes from the Ukrainian government since the start of the war. Therefore, as of March 31, 2022, and during the three months then ended, Bunge has not recorded any change in allowances for recoverable taxes in Ukraine.
•Prepaid commodity purchase contracts, and Prepaid expenses—Represent advance payments against contracts for future deliveries of specified quantities of agricultural commodities and advance payments against the future deliveries of certain non-inventory goods or services, respectively. Despite the ongoing war, Bunge currently expects to continue to receive deliveries of the inventory or other goods and services receivable in respect of advance payments made at March 31, 2022.
•Other—Primarily comprises unrealized gains on derivative contracts, at fair value, used to hedge the foreign currency balance sheet and commercial exposures of the Company’s Ukrainian subsidiaries in international currency markets. The counterparties to these contracts are non-Ukraine-based financial institutions.
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 March 22, 2022, Bunge’s Mykolaiv port facility sustained damage as a result of the war. A thorough onsite, physical inspection of Bunge’s facilities, including the Mykolaiv port, is currently not able to be conducted due to safety concerns. As such, significant judgements have been made in estimating the extent of any damage to the Company’s facilities in Ukraine. However, based on initial visual inspections, the Company is not aware of any damage to the Company’s facilities other than that sustained at its Mykolaiv port facility on March 22, 2022. Accordingly, the Company has recorded an impairment provision of $1 million in relation to such damage, within Cost of goods sold, during the three months ended March 31, 2022. The expense was recorded in the Company’s Agribusiness segment.
In light of the war, Bunge evaluated the recoverability of our 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 possible of 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. We believe these estimates and assumptions are reasonable. However, future changes in the judgments, assumptions and estimates used in our 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 in the future.
12
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. During the three months ended March 31, 2022, the Company recorded a $1 million provision for losses, within Costs of goods sold, associated with commercial damages payable to third parties due to Bunge’s inability to fulfil certain of its contractual obligations as a result of the ongoing war. The expense was recorded in the Company’s Agribusiness segment.
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 months ended March 31, 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 March 31, 2022. As of March 31, 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 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 certain restrictions on companies’ abilities to repatriate or otherwise remit cash from their Russian-based operations to locations outside of Russia, however Bunge is currently able to readily exchange U.S. dollars and Russian ruble 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 March 31, 2022 consist of the following:
(US$ in millions)March 31,
2022
Current assets:
Cash and cash equivalents$1 
Trade accounts receivable (less allowances of zero)
10 
Inventories59 
Other current assets22 
Total current assets92 
Property, plant and equipment, net20 
Other non-current assets17 
Total assets$129 
Current liabilities:
Trade accounts payable and accrued liabilities$10 
Other current liabilities)
7 
Total current liabilities17 
Total liabilities$17 


13
3.    ACQUISITIONS AND DISPOSITIONS
Assets 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 $170 million, recognized in Cost of goods sold for the year ended December 31, 2021. The agreement is expected to close in the second or third quarter of 2022 and is subject to regulatory approval and customary closing conditions.
The following table presents the disposal group's major classes of assets and liabilities included in Assets held for sale and Liabilities held for sale, respectively, on the condensed consolidated balance sheet at March 31, 2022, reported under the Milling segment:
(US$ in millions)March 31,
2022
Trade accounts receivable$70 
Inventories115 
Other current assets16 
Property, plant and equipment, net160 
Operating lease assets3 
Goodwill & Other intangible assets, net86 
Impairment reserve(170)
Assets held for sale (1) (2)
$280 
Trade accounts payable$101 
Current operating lease obligations3 
Other current liabilities9 
Liabilities held for sale (2)
$113 
(1)     Assets held for sale excludes approximately $153 million of cumulative translation adjustments on non-current assets included in the Mexico wheat milling disposal group.
(2)    In addition to the disposition discussed above, from time to time the Company has Assets held for sale and Liabilities held for sale related to insignificant dispositions. Total Assets held for sale related to these transactions is $5 million at March 31, 2022. There are no Liabilities held for sale related to these transactions at March 31, 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 March 31, 2022 and December 31, 2021, time deposits and LCs of $6,172 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 March 31, 2022 and December 31, 2021, time deposits, including those presented on a net basis, carried weighted-average interest rates of 1.28% and 1.08%, respectively. During the three months ended March 31, 2022 and 2021, total net proceeds from issuances of LCs were $1,609 million and $1,891 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.
14
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, included in Other current liabilities, to financial institutions as part of the trade structured finance activities, including any unrealized gain or loss on changes in SOFR or LIBOR for trades prior to January 1, 2022, is not significant as of March 31, 2022 and 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 March 31, 2022 and December 31, 2021 are included in Note 12- 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 months ended March 31, 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:
Three Months Ended March 31, 2022
Rollforward of the Allowance for Credit Losses (US$ in millions)Short-term
Long-term (1)
Total