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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, 2024
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 000-56607
BUNGE GLOBAL SA
(Exact name of registrant as specified in its charter)
Switzerland98-1743397
(State or other jurisdiction of incorporation or
organization)
(I.R.S. Employer Identification No.)
Route de Florissant 13
1206 Geneva, Switzerland
N.A
(Address of registered office and principal executive office)(Zip Code)
1391 Timberlake Manor Parkway
Chesterfield, Missouri63017
(Address of corporate headquarters)(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
Registered 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 filerNon-accelerated filerSmaller reporting companyEmerging 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 19, 2024, the number of registered shares outstanding of the registrant was:
Registered shares, par value $.01 per share:141,595,107


BUNGE GLOBAL SA
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 GLOBAL SA AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited)
(U.S. dollars in millions, except per share data)
Three Months Ended
March 31,
 20242023
Net sales$13,417 $15,328 
Cost of goods sold(12,541)(14,147)
Gross profit876 1,181 
Selling, general and administrative expenses(439)(353)
Interest income42 43 
Interest expense(108)(112)
Foreign exchange (losses) gains – net(78)49 
Other income (expense) – net68 15 
Income (loss) from affiliates8 19 
Income (loss) before income tax369 842 
Income tax (expense) benefit(117)(183)
Net income (loss)252 659 
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests(8)(27)
Net income (loss) attributable to Bunge $244 $632 
     00
Earnings per share—basic (Note 18)  
Net income (loss) attributable to Bunge shareholders - basic$1.70 $4.21 
Earnings per share—diluted (Note 18)  
Net income (loss) attributable to Bunge shareholders - diluted$1.68 $4.15 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

BUNGE GLOBAL SA AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(U.S. dollars in millions)
Three Months Ended
March 31,
 20242023
Net income (loss)$252 $659 
Other comprehensive income (loss):  
Foreign exchange translation adjustment(184)125 
Unrealized gains (losses) on designated hedges, net of tax (expense) benefit of $1 in 2024 and $(1) in 2023
38 (26)
Reclassification of net (gains) losses to net income, net of tax expense (benefit) of zero in 2024 and 2023
(3)104 
Total other comprehensive income (loss)(149)203 
Total comprehensive income (loss)103 862 
Comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests1 (30)
Total comprehensive income (loss) attributable to Bunge
$104 $832 
The accompanying notes are an integral part of these condensed consolidated financial statements.


4

BUNGE GLOBAL SA AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(U.S. dollars in millions, except share data)
March 31,
2024
December 31,
2023
ASSETS  
Current assets:  
Cash and cash equivalents$2,939 $2,602 
Trade accounts receivable (less allowances of $100 and $104) (Note 4)
2,285 2,592 
Inventories (Note 5)7,505 7,105 
Other current assets (Note 6)4,011 4,051 
Total current assets16,740 16,350 
Property, plant and equipment, net4,620 4,541 
Operating lease assets922 926 
Goodwill480 489 
Other intangible assets, net380 398 
Investments in affiliates1,296 1,280 
Deferred income taxes743 773 
Other non-current assets (Note 7)640 615 
Total assets$25,821 $25,372 
LIABILITIES AND EQUITY  
Current liabilities:  
Short-term debt (Note 13)$1,010 $797 
Current portion of long-term debt (Note 13)6 5 
Trade accounts payable (includes $1,178 and $823 carried at fair value) (Note 11)
4,503 3,664 
Current operating lease obligations315 308 
Other current liabilities (Note 10)2,595 2,913 
Total current liabilities8,429 7,687 
Long-term debt (Note 13)4,079 4,080 
Deferred income taxes385 400 
Non-current operating lease obligations557 566 
Other non-current liabilities (Note 16)842 824 
Redeemable noncontrolling interest 1 1 
Equity (Note 17):
  
Registered shares, par value $.01; authorized not issued – 80,714,736 shares; conditionally authorized 32,285,894 shares; issued and outstanding: 2024 – 141,582,461 shares, 2023 – 145,319,668 shares
1 1 
Additional paid-in capital5,854 5,900 
Retained earnings12,321 12,077 
Accumulated other comprehensive income (loss) (Note 17)(6,194)(6,054)
Treasury shares, at cost; 2024 - 19,847,011 shares and 2023 - 16,109,804 shares
(1,431)(1,073)
Total Bunge shareholders’ equity10,551 10,851 
Noncontrolling interests977 963 
Total equity11,528 11,814 
Total liabilities, redeemable noncontrolling interest and equity$25,821 $25,372 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

BUNGE GLOBAL SA AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(U.S. dollars in millions)
Three Months Ended
March 31,
 20242023
OPERATING ACTIVITIES  
Net income (loss)$252 $659 
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:  
Foreign exchange (gain) loss on net debt(2)(50)
Depreciation, depletion and amortization112 102 
Share-based compensation expense17 17 
Deferred income tax expense (benefit)(10)11 
Results from affiliates(8)(19)
Other, net23 10 
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:  
Trade accounts receivable284 5 
Inventories(484)(434)
Secured advances to suppliers34 15 
Trade accounts payable and accrued liabilities774 802 
Advances on sales(30)(119)
Net unrealized (gains) losses on derivative contracts249 (424)
Margin deposits(227)141 
Recoverable and income taxes, net(11)128 
Marketable securities(6)13 
Other, net27 74 
Cash provided by (used for) operating activities994 931 
INVESTING ACTIVITIES  
Payments made for capital expenditures(236)(173)
Proceeds from investments239 1 
Payments for investments(351)(4)
Settlements of net investment hedges(9) 
Proceeds from beneficial interest in securitized trade receivables 61 
Proceeds from disposals of businesses and property, plant and equipment 159 
Payments for investments in affiliates(16)(94)
Other, net(23)95 
Cash provided by (used for) investing activities(396)45 
FINANCING ACTIVITIES  
Net change in short-term debt with maturities of three months or less219 7 
Proceeds from short-term debt with maturities greater than three months238 154 
Repayments of short-term debt with maturities greater than three months(233)(158)
Proceeds from long-term debt15 1,000 
Repayments of long-term debt(1)(1)
Repurchases of registered shares(400) 
Dividends paid to registered and common shareholders(95)(94)
Capital contributions from (Return of capital to) noncontrolling interest15 2 
Other, net(17)(9)
Cash provided by (used for) financing activities(259)901 
Effect of exchange rate changes on cash and cash equivalents, and restricted cash(9)28 
Net increase (decrease) in cash and cash equivalents and restricted cash330 1,905 
Cash and cash equivalents, and restricted cash - beginning of period2,623 1,152 
Cash and cash equivalents, and restricted cash - end of period$2,953 $3,057 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6

BUNGE GLOBAL SA AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
(Unaudited)
(U.S. dollars in millions, except share data)
 Registered SharesTreasury Shares
 Redeemable
Non-
Controlling
Interests
SharesAmountSharesAmountAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Non-
Controlling
Interests
Total
Equity
Balance, January 1, 2024$1 145,319,668 $1 16,109,804 $(1,073)$5,900 $12,077 $(6,054)$963 $11,814 
Net income (loss)  — — — — — 244 — 8 252 
Other comprehensive income (loss) — — — — — — (140)(9)(149)
Capital contribution (return) from (to) noncontrolling interest— — — — — — — — 15 15 
Share-based compensation expense— — — — — 17 — — — 17 
Repurchase of registered shares— (4,376,974)— 4,376,974 (400)  — — (400)
Issuance of registered shares, including stock dividends— 639,767 — (639,767)42 (63) — — (21)
Balance, March 31, 2024$1 141,582,461 $1 19,847,011 $(1,431)$5,854 $12,321 $(6,194)$977 $11,528 

 Common SharesTreasury Shares
 Redeemable
Non-
Controlling
Interests
SharesAmountSharesAmountAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Non-
Controlling
Interests
Total
Equity
Balance, January 1, 2023$4 149,907,932 $1 18,835,812 $(1,320)$6,692 $10,222 $(6,371)$732 $9,956 
Net income (loss)— — — — — — 632 — 27 659 
Other comprehensive income (loss)— — — — — — — 200 3 203 
Dividends on common shares, $0.625 per share
— — — — — — (94)— — (94)
Capital contribution (return) from (to) noncontrolling interest— — — — — — — — 2 2 
Share-based compensation expense— — — — — 17 — — — 17 
Issuance of common shares, including stock dividends— 677,581 — — — (21)(3)— — (24)
Balance, March 31, 2023$4 150,585,513 $1 18,835,812 $(1,320)$6,688 $10,757 $(6,171)$764 $10,719 
The accompanying notes are an integral part of these condensed consolidated financial statements.
7

BUNGE GLOBAL SA 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 Global SA ("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, 2023 has been derived from Bunge’s audited consolidated financial statements at that date. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024. The financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023, forming part of Bunge’s 2023 Annual Report on Form 10-K filed with the SEC on February 22, 2024.
On November 1, 2023, Bunge Global SA completed the change of jurisdiction of incorporation of its group holding company from Bermuda to Switzerland (the "Redomestication"). The Redomestication, as approved by our shareholders, was effected pursuant to a scheme of arrangement under Bermuda law. Each common share of Bunge Limited, par value $0.01 per share, was cancelled in exchange for an equal number of registered shares of Bunge Global SA, par value $0.01 per share (the "registered shares"). The registered shares began trading on the New York Stock Exchange (the "NYSE") under the symbol "BG" on November 1, 2023, which is the same symbol under which the Bunge Limited shares were previously traded. References to the term "shares" refer to Bunge Limited common shares prior to the Redomestication and to Bunge Global SA registered shares after the Redomestication, unless otherwise specified.
Cash, Cash Equivalents, and Restricted Cash
Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the condensed consolidated statements of cash flows. The following table provides a reconciliation of cash and cash equivalents and restricted cash, reported within the condensed consolidated balance sheets, which sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.
(US$ in millions)March 31, 2024March 31, 2023
Cash and cash equivalents$2,939 $3,052 
Restricted cash included in Other current assets14 5 
Total$2,953 $3,057 
Cash paid for income taxes, net of refunds received, was $102 million and $39 million for the three months ended March 31, 2024, and 2023, respectively. Cash paid for interest expense was $102 million and $94 million for the three months ended March 31, 2024, and 2023, respectively.






8

New Accounting Pronouncements and Disclosure Rules
In March 2024, the SEC adopted final climate-related disclosure rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. The rules require disclosure of governance, risk management, and strategy related to material climate-related risks as well as disclosure of material greenhouse gas emissions in registration statements and annual reports. In addition, the rules require presentation of certain climate-related disclosures in the annual consolidated financial statements. On April 4, 2024, the SEC voluntarily stayed the effective date of the final rules pending completion of judicial review following legal challenges. The rules are effective beginning with annual periods ending December 31, 2025, pending resolution of the stay. Bunge is currently evaluating the impact of the rules on the Company’s disclosures.
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The new requirements apply to all entities subject to income taxes and will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively and early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures (Topic 280). The standard requires incremental disclosures related to reportable segments, including disaggregated expense information and the title and position of the company's chief operating decision maker ("CODM"), as identified for purposes of segment determination. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the changes to the segment reporting guidance on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements.

9

2.    ACQUISITIONS AND DISPOSITIONS
Acquisitions
Viterra Limited Business Combination Agreement
On June 13, 2023, Bunge entered into a definitive business combination agreement (the "Business Combination Agreement") with Viterra Limited ("Viterra") and its shareholders including certain affiliates of Glencore PLC, Canada Pension Plan Investment Board, and British Columbia Investment Management Corporation (collectively, the "Sellers"), to acquire Viterra in a stock and cash transaction (the "Acquisition"). Bunge shareholders approved the Acquisition at the Extraordinary General Meeting held October 5, 2023. The Acquisition of Viterra by Bunge will create an innovative global agribusiness company well positioned to meet the demands of increasingly complex markets and better serve farmers and end-customers.
Under the terms of the Business Combination Agreement, Viterra shareholders are anticipated to receive approximately 65.6 million registered shares of Bunge, with an aggregate value of approximately $6.7 billion as of March 31, 2024 and receive approximately $2.0 billion in cash (collectively the "Transaction Consideration"), in return for 100% of the outstanding equity of Viterra. The determination of the final value of the Transaction Consideration will depend on the Company's share price at the time of closing. Upon completion of the transaction, the Sellers are expected to own approximately 30% of the combined Bunge company on a fully diluted basis, before giving effect to any share repurchases by Bunge occurring after June 13, 2023.
In connection with the execution of the Business Combination Agreement, Bunge has secured a total of $8.0 billion in acquisition debt financing ("Acquisition Financing"). Bunge intends to use a portion of the Acquisition Financing to fund the cash portion of the Transaction Consideration and the remainder for repayment of certain indebtedness of Viterra, which is expected to be repaid at closing. See Note 13 - Debt for further information.
The Acquisition is anticipated to close as early as mid-2024, subject to the satisfaction of regulatory approvals and other customary closing conditions. The Business Combination Agreement may be terminated by mutual written consent of the parties and includes certain customary termination rights. If the Business Combination Agreement is terminated in connection with certain circumstances relating to the failure to obtain certain antitrust and competition clearances that are conditions to closing, Bunge would be obligated to pay the Sellers a fee of $400 million in the aggregate.
Additionally, on June 12, 2023 in contemplation of the Business Combination Agreement, Bunge Limited's Board of Directors approved a $1.7 billion expansion of the existing share repurchase program for the repurchase of Bunge's issued and outstanding shares. Approximately $300 million remained outstanding under the existing program prior to the expansion of the program, resulting in an aggregate program size of up to $2.0 billion of repurchases of Bunge's issued and outstanding shares. Since June 13, 2023, Bunge repurchased 9,784,835 shares for $1.0 billion. Therefore, as of March 31, 2024, $1.0 billion remains outstanding for repurchases under the program. See Note 17 - Equity for further details on share repurchases.
CJ Latam and Selecta Share Purchase Agreement
On October 10, 2023, Bunge entered into a definitive share purchase agreement with CJ CheilJedang Corporation and STIC CJ Global Investment Corporate Partnership Private Equity Fund to acquire 100% of outstanding equity of CJ Latam Participações Ltda. and CJ Selecta S.A. (collectively, “CJ”) for a total cash consideration of approximately $510 million to be adjusted for net debt, plus an additional sum in consideration for the value of net working capital. Operations of CJ primarily consist of an oilseed processing facility located in Brazil. Bunge expects to finance the transaction through cash from operations and existing financing facilities. The acquisition is expected to close as early as mid-2024, subject to customary closing conditions.
Dispositions
Partnership with Repsol - Bunge Iberica SA
On March 26, 2024, Bunge entered into a definitive stock purchase agreement with Repsol Industrial Transformation, SLU, a wholly owned subsidiary of Repsol SA ("Repsol") whereby Bunge will divest 40% of its Spanish operating subsidiary, Bunge Iberica SA ("BISA"), in exchange for $300 million plus up to $40 million in contingent payments, as well as certain adjustments in consideration, including net working capital and net debt, among other items. BISA operates three industrial facilities in the Iberian Peninsula. The transaction is expected to close in late 2024, subject to customary closing conditions.


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3.    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 and foreign currency-denominated letters of credit ("LCs") from financial institutions, each based on an underlying commodity trade flow, and time deposits denominated in U.S. dollars and foreign currencies, 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, 2024 and December 31, 2023, time deposits and LCs of $7,405 million and $6,880 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, 2024 and December 31, 2023, time deposits, including those presented on a net basis, carried weighted-average interest rates of 5.71% and 5.77%, respectively. During the three months ended March 31, 2024 and 2023, total net proceeds from issuances of LCs were $1,910 million and $1,381 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 the Secured Overnight Financing Rate ("SOFR") for a period of up to one year. 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 is not significant as of March 31, 2024 or December 31, 2023. 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, 2024 and December 31, 2023 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 month periods ended March 31, 2024 and 2023.

4.    TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM
Trade Accounts Receivable
Changes to the allowance for expected credit losses related to Trade accounts receivable were as follows:
Three Months Ended March 31, 2024
Rollforward of the Allowance for Credit Losses (US$ in millions)Short-term
Long-term (1)
Total
Allowance as of January 1, 2024$104 $32 $136 
Current period provisions12  12 
Recoveries(12) (12)
Write-offs charged against the allowance(4)(1)(5)
Foreign exchange translation differences (1)(1)
Allowance as of March 31, 2024
$100 $30 $130 

(1)     Long-term portion of the allowance for credit losses is included in Other non-current assets.
11


Three Months Ended March 31, 2023
Rollforward of the Allowance for Credit Losses (US$ in millions)Short-term
Long-term (1)
Total
Allowance as of January 1, 2023$90 $46 $136 
Current period provisions15  15 
Recoveries(17) (17)
Write-offs charged against the allowance (12)(12)
Foreign exchange translation differences1  1 
Allowance as of March 31, 2023
$89 $34 $123 
(1)     Long-term portion of the allowance for credit losses is included in Other non-current assets.

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

(US$ in millions)March 31,
2024
December 31,
2023
Receivables sold which were derecognized from Bunge's balance sheet
$1,180 $1,230 
Receivables pledged to the administrative agent and included in Trade accounts receivable
$215 $343 
Bunge's risk of loss following the sale of trade receivables is limited to the assets of BSBV, primarily comprised of unsold receivables pledged to the administrative agent.
12

    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.
Three Months Ended
March 31,
(US$ in millions)20242023
Gross receivables sold$2,925 $3,635 
Proceeds received in cash related to transfers of receivables
$2,915 $3,594 
Cash collections from customers on receivables previously sold $2,975 $3,635 
Discounts related to gross receivables sold included in Selling, general & administrative expenses$10 $13 


5.    INVENTORIES
Inventories by segment consists of the following:
(US$ in millions)March 31,
2024
December 31,
2023
Agribusiness$6,256 $5,830 
Refined and Specialty Oils1,072 1,096 
Milling172 175 
Corporate and Other5 4 
Total$7,505 $7,105 
Readily marketable inventories ("RMI") are agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, palm oil, corn, and wheat carried at fair value because of their commodity characteristics, widely available markets, and international pricing mechanisms. All other inventories are carried at lower of cost or net realizable value.
RMI by segment consists of the following:
(US$ in millions)March 31,
2024
December 31,
2023
Agribusiness(1)
$5,896 $5,519 
Refined and Specialty Oils304 302 
Milling18 16 
Total$6,218 $5,837 
(1)    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. Included in RMI is $4,785 million and $4,242 million attributable to merchandising activities at March 31, 2024, and December 31, 2023, respectively.
13

6.    OTHER CURRENT ASSETS
Other current assets consist of the following:
(US$ in millions)March 31,
2024
December 31,
2023
Unrealized gains on derivative contracts, at fair value$1,217 $1,481 
Prepaid commodity purchase contracts (1)
307 320 
Secured advances to suppliers, net (2)
421 462 
Recoverable taxes, net365 378 
Margin deposits845 618 
Marketable securities and other short-term investments (3)
199 105 
Income taxes receivable64 54 
Prepaid expenses310 346 
Restricted cash14 21 
Other269 266 
Total$4,011 $4,051 
(1)    Prepaid commodity purchase contracts represent advance payments against contracts for future deliveries of specified quantities of agricultural commodities. The balance includes certain advance payments on contracts with various unconsolidated investees see Note 14- Related Party Transactions.
(2)    Bunge provides cash advances to suppliers, primarily Brazilian soybean farmers, to finance a portion of the suppliers’ production costs. The balance includes certain advance payments on contracts with various unconsolidated investees see Note 14- Related Party Transactions. The Company does not bear any of the costs or operational risks associated with growing the related crops. 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 suppliers are reported net of allowances of $7 million and $8 million at March 31, 2024, and December 31, 2023, respectively.
(-)    Interest earned on secured advances to suppliers of $10 million and $7 million for the three months ended March 31, 2024, and 2023, respectively, is included in Net sales in the condensed consolidated statements of income.
(3)    Marketable securities and other short-term investments - Bunge invests in foreign government securities, corporate debt securities, deposits, equity securities, and other securities. The following is a summary of amounts recorded in the Company's condensed consolidated balance sheets as marketable securities and other short-term investments.
(US$ in millions)March 31,
2024
December 31,
2023
Foreign government securities$142 $39 
Equity securities24 28 
Other33 38 
Total $199 $105 
As of March 31, 2024, and December 31, 2023, $167 million and $67 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 approximate fair values. For the three months ended March 31, 2024, and 2023, unrealized losses of $1 million and $7 million, respectively, have been recognized in Other income (expense) - net for investments held at March 31, 2024, and 2023.

14

7.    OTHER NON-CURRENT ASSETS
Other non-current assets consist of the following:
(US$ in millions)March 31,
2024
December 31,
2023
Recoverable taxes, net (1)
$22 $25 
Judicial deposits (1)
116 120 
Other long-term receivables, net (2)
45 16 
Income taxes receivable (1)
128 136 
Long-term investments (3)
159 142 
Affiliate loans receivable8 8 
Long-term receivables from farmers in Brazil, net (1)
42 43 
Unrealized gains on derivative contracts, at fair value1 1 
Other119 124 
Total$640 $615 
(1)    A significant portion of these non-current assets arise from the Company’s Brazilian operations and their realization could take several years.
(2)    Net of allowances as described in Note 4 - Trade Accounts Receivable and Trade Receivables Securitization Program.
(3)    As of March 31, 2024, and December 31, 2023, $12 million 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 $14 million and $13 million at March 31, 2024, and December 31, 2023, 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.
Income taxes receivable - Income taxes receivable include overpayments of current income taxes plus accrued interest. These income tax prepayments are expected to be 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. The balance includes certain advance payments on contracts with various unconsolidated investees see Note 14- Related Party Transactions. Certain such long-term receivables from farmers are originally recorded in Other current assets as prepaid commodity purchase contracts or secured advances to suppliers (see Note 6 - 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.
15

The average recorded investment in long-term receivables from farmers in Brazil for the three months ended March 31, 2024, and the year ended December 31, 2023, was $73 million and $88 million, respectively. The table below summarizes the Company’s recorded investment in long-term receivables from farmers in Brazil and the related allowance amounts.
 March 31, 2024December 31, 2023
(US$ in millions)Recorded
Investment
AllowanceRecorded
Investment
Allowance
For which an allowance has been provided:    
Legal collection process (1)
$29 $29 $30 $30 
Renegotiated amounts2 2 2 1 
For which no allowance has been provided:    
Legal collection process (1)
18  19 — 
Renegotiated amounts (2)
6  5 — 
Other long-term receivables (3)
18  18 — 
Total$73 $31 $74 $31 
(1)    All amounts in legal collection processes are considered past due upon initiation of legal action.
(2)    These renegotiated amounts are current on repayment terms.
(3)    New advances expected to be realized through farmer commitments to deliver agricultural commodities in crop periods greater than twelve months from the balance sheet date. Such advances are reclassified from Other non-current assets to Other current assets in later periods depending on the expected date of their realization.
The table below summarizes the activity in the allowance for doubtful accounts related to long-term receivables from farmers in Brazil.
Three Months Ended
March 31,
(US$ in millions)20242023
Allowance as of January 1$31 $36 
Bad debt provisions1  
Recoveries  
Write-offs  
Transfers  
Foreign exchange translation(1)1 
Allowance as of March 31
$31 $37 

8.    VARIABLE INTEREST ENTITIES
Consolidated Variable Interest Entities
On September 19, 2023, Bunge entered into a fixed-priced call option agreement ("Option") to acquire the shares of Terminal de Granéis de Santa Catarina ("TGSC") with primary assets consisting of a grain port terminal currently under construction in South America strategically located near an existing Bunge facility. The agreement requires Bunge to make future installment payments for the Option which will be utilized, in part, to fund terminal construction. TGSC is a variable interest entity ("VIE") as a result of having insufficient equity at risk. Bunge is the primary beneficiary due to a de facto agent relationship with the equity owner of TGSC and has consolidated the entity. As all of TGSC’s equity is held by a third-party, Bunge reflects all TGSC earnings and equity as attributable to noncontrolling interests in the condensed consolidated statements of income and condensed consolidated balance sheets, respectively.
Further, Bunge Chevron Ag Renewables LLC (the "Joint Venture") is a 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.
16

The following table presents the values of the assets and liabilities associated with the above listed VIEs in which Bunge is considered the primary beneficiary to the extent included in Bunge’s condensed consolidated balance sheets as of March 31, 2024, and December 31, 2023. 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)March 31,
2024
December 31,
2023
Current assets:
Cash and cash equivalents$628 $606 
Trade accounts receivable 1 1 
Inventories51 76 
Other current assets57 146 
Total current assets737 829 
Property, plant and equipment, net230 196 
Other intangible assets, net88 91 
Total assets$1,055 $1,116 
Current liabilities:
Trade accounts payable and accrued liabilities$40 $70 
Other current liabilities55 143 
Total current liabilities95 213 
Long-term debt50 44 
Other non-current liabilities6 5 
Total liabilities$151 $262 
Non-Consolidated Variable Interest Entities
In the first quarter of 2024, Bunge's maximum exposure to loss associated with VIEs for which Bunge has determined it is not the primary beneficiary increased approximately $96 million as a result of certain future commitments related to an unconsolidated VIE.
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 and Variable Interest Entities, included in the Company's 2023 Annual Report on Form 10-K.

9.    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 months ended March 31, 2024, and 2023, was $117 million and 183 million, respectively. The effective tax rate for the three months ended March 31, 2024, was higher than the U.S. statutory rate of 21% primarily due to jurisdictional mix of earnings and unfavorable adjustments related to foreign currency fluctuations in South America. The effective tax rate for the three months ended March 31, 2023, was higher than the U.S. statutory rate of 21% primarily due to jurisdictional mix of earnings.
17

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.

10.    OTHER CURRENT LIABILITIES
Other current liabilities consist of the following:
(US$ in millions)March 31,
2024
December 31,
2023
Unrealized losses on derivative contracts, at fair value$995 $1,038 
Accrued liabilities705 865 
Advances on sales (1)
430 463 
Income tax payable231 238 
Other234 309 
Total$2,595 $2,913 
(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.

11.    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 generally stated at their carrying value, which is a reasonable estimate of fair value. See Note 3 - Trade Structured Finance Program for trade structured finance program, Note 7 - Other Non-Current Assets for long-term receivables from farmers in Brazil, net and other long-term investments, and Note 13 - 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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LevelDescriptionFinancial Instrument (Assets / Liabilities)
Level 1Quoted prices (unadjusted) in active markets for identical assets or liabilities. Exchange traded derivative contracts.

Marketable securities in active markets.
Level 2Observable 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 3Unobservable 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 2023 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
 March 31, 2024December 31, 2023
(US$ in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:        
Cash equivalents $315 $93 $ $408 $315 $149 $ $464 
Readily marketable inventories (Note 5) 5,242 976 6,218  5,175 662 5,837 
Trade accounts receivable (1)
 1  1  1  1 
Unrealized gain on derivative contracts (2):
      
Interest rate 4  4  12  12 
Foreign exchange 193  193  253  253 
Commodities94 691 44 829 198 737 88 1,023 
Freight90   90