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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 September 30, 2021
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 October 22, 2021, the number of common shares outstanding of the registrant was:
Common shares, par value $.01 per share:140,520,199

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
September 30,		Nine Months Ended
September 30,
 2021202020212020
Net sales$14,117 $10,159 $42,469 $28,794 
Cost of goods sold(13,255)(9,557)(39,795)(26,913)
Gross profit862 602 2,674 1,881 
Selling, general and administrative expenses(327)(352)(896)(993)
Interest income19 5 34 18 
Interest expense(57)(56)(184)(195)
Foreign exchange (losses) gains (36)54 (11)75 
Other income (expense) – net220 17 519 37 
Income (loss) from affiliates60 35 133 (76)
Income (loss) before income tax741 305 2,269 747 
Income tax (expense) benefit(92)(38)(334)(151)
Net income (loss)649 267 1,935 596 
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests4 (5)(88)(2)
Net income (loss) attributable to Bunge653 262 1,847 594 
Convertible preference share dividends(8)(8)(25)(25)
Adjustment of redeemable noncontrolling interest— 12 — 2 
Net income (loss) available to Bunge common shareholders$645 $266 $1,822 $571 
Earnings per common share—basic (Note 19)    
Net income (loss) attributable to Bunge common shareholders - basic$4.56 $1.90 $12.91 $4.05 
Earnings per common share—diluted (Note 19)    
Net income (loss) attributable to Bunge common shareholders - diluted$4.28 $1.84 $12.12 $3.98 
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
September 30,		Nine Months Ended
September 30,
 2021202020212020
Net income (loss)$649 $267 $1,935 $596 
Other comprehensive income (loss):    
 Foreign exchange translation adjustment(230)50 (159)(900)
Unrealized gains (losses) on designated hedges, net of tax benefit (expense) of $1 and $(2) in 2021 and $1 and $7 in 2020
43 (17)(51)37 
Reclassification of realized net (gains) losses to net income, net of tax (benefit) expense of zero and zero in 2021 and $1 and $1 in 2020
(1)2 (3)3 
Pension adjustment, net of tax (expense) benefit of $2 and zero in 2021 and zero and zero in 2020
2 — — — 
Total other comprehensive income (loss)(186)35 (213)(860)
Total comprehensive income (loss)463 302 1,722 (264)
Less: comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests
15 (29)(65)(22)
Total comprehensive income (loss) attributable to Bunge
$478 $273 $1,657 $(286)
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)
September 30,
2021		December 31,
2020
ASSETS  
Current assets:  
Cash and cash equivalents$1,033 $352 
Trade accounts receivable (less allowances of $93 and $93) (Note 5)
2,431 1,717 
Inventories (Note 6)8,014 7,172 
Assets held for sale (Note 3)— 672 
Other current assets (Note 7)5,056 6,268 
Total current assets16,534 16,181 
Property, plant and equipment, net3,658 3,775 
Operating lease assets910 868 
Goodwill562 586 
Other intangible assets, net482 529 
Investments in affiliates755 631 
Deferred income taxes552 339 
Other non-current assets (Note 8)656 746 
Total assets$24,109 $23,655 
LIABILITIES AND EQUITY  
Current liabilities:  
Short-term debt (Note 13)$1,151 $2,828 
Current portion of long-term debt (Note 13)510 8 
Trade accounts payable (includes $655 and $294 carried at fair value)
3,944 2,636 
Current operating lease obligations332 235 
Liabilities held for sale (Note 3)— 438 
Other current liabilities (Note 10)3,822 4,840 
Total current liabilities9,759 10,985 
Long-term debt (Note 13)4,814 4,452 
Deferred income taxes323 360 
Non-current operating lease obligations522 581 
Other non-current liabilities (Note 16)657 657 
Redeemable noncontrolling interest (Note 17)
403 415 
Equity (Note 18):
  
Convertible perpetual preference shares, par value $.01; authorized – 21,000,000 shares, issued and outstanding: 2021 and 2020 - 6,899,683 shares (liquidation preference $100 per share)
690 690 
Common shares, par value $.01; authorized – 400,000,000 shares; issued and outstanding: 2021 –140,438,238 shares, 2020 – 139,790,238 shares
1 1 
Additional paid-in capital5,530 5,408 
Retained earnings8,830 7,236 
Accumulated other comprehensive income (loss) (Note 18)(6,436)(6,246)
Treasury shares, at cost - 2021 - 16,726,697 shares, and 2020 - 15,428,313
(1,120)(1,020)
Total Bunge shareholders’ equity7,495 6,069 
Noncontrolling interests136 136 
Total equity7,631 6,205 
Total liabilities, redeemable noncontrolling interest and equity$24,109 $23,655 
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)
Nine Months Ended
September 30,
 20212020
OPERATING ACTIVITIES  
Net income (loss)$1,935 $596 
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:  
Foreign exchange (gain) loss on net debt7 (126)
Bad debt expense4 68 
Depreciation, depletion and amortization317 323 
Share-based compensation expense46 47 
Deferred income tax expense (benefit)(263)51 
(Gain) loss on sale of investments and property, plant and equipment(416)(19)
Other, net(105)89 
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:  
Trade accounts receivable(785)(237)
Inventories(771)(1,679)
Secured advances to suppliers(42)(296)
Trade accounts payable1,268 260 
Advances on sales(129)(119)
Net unrealized (gains) losses on derivative contracts559 173 
Margin deposits280 (360)
Marketable securities(95)98 
Beneficial interest in securitized trade receivables(3,621)(1,178)
Other, net169 181 
Cash provided by (used for) operating activities(1,642)(2,128)
INVESTING ACTIVITIES  
Payments made for capital expenditures(239)(230)
Proceeds from investments171 270 
Payments for investments(217)(293)
Settlements of net investment hedges(29)67 
Proceeds from beneficial interest in securitized trade receivables3,432 1,164 
Payments for beneficial interest in securitized trade receivables(177)— 
Proceeds from disposals of businesses and property, plant and equipment646 15 
Proceeds from sale of investments in affiliates11 — 
Payments for investments in affiliates(46)(14)
Other, net10 1 
Cash provided by (used for) investing activities3,562 980 
FINANCING ACTIVITIES  
Proceeds from short-term debt 24,157 24,635 
Repayments of short-term debt (25,798)(23,952)
Proceeds from long-term debt998 2,381 
Repayments of long-term debt— (1,585)
Proceeds from the exercise of options for common shares72 2 
Repurchases of common shares(100)(100)
Dividends paid to common and preference shareholders(240)(237)
Dividends paid to noncontrolling interest(75)— 
Acquisition of noncontrolling interest(147)— 
Other, net(33)(15)
Cash provided by (used for) financing activities(1,166)1,129 
Effect of exchange rate changes on cash and cash equivalents and restricted cash(79)5 
Net increase (decrease) in cash and cash equivalents and restricted cash675 (14)
Cash and cash equivalents and restricted cash - beginning of period381 322 
Cash and cash equivalents and restricted cash - end of period$1,056 $308 
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 SharesCommon Shares
Redeemable Non- Controlling InterestsSharesAmountSharesAmountAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury SharesNon- Controlling InterestsTotal Equity
Balance, July 1, 2021$483 6,899,683 $690 141,714,847 $1 $5,512 $8,259 $(6,258)$(1,020)$147 $7,331 
Net income (loss)2 — — — — — 653 — — (6)647 
Other comprehensive income (loss)(11)— — — — — — (178)— — (178)
Dividends on common shares, $0.525 per share
— — — — — — (74)— — — (74)
Dividends on preference shares, $1.21875 per share
— — — — — — (8)— — — (8)
Dividends to noncontrolling interests on subsidiary common stock(71)— — — — — — — — (2)(2)
Capital contribution (return) from (to) noncontrolling interest— — — — — — — — — (3)(3)
Share-based compensation expense— — — — — 17 — — — — 17 
Repurchase of common shares— — — (1,298,384)— — — — (100)— (100)
Issuance of common shares, including stock dividends— — — 21,775 — 1 — — — — 1 
Balance, September 30, 2021$403 6,899,683 $690 140,438,238 $1 $5,530 $8,830 $(6,436)$(1,120)$136 $7,631 

 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, July 1, 2020$397 6,899,683 $690 139,640,018 $1 $5,356 $6,581 $(6,515)$(1,020)$116 5,209 
Net income (loss)1 — — — — — 262 — — 4 266 
Other comprehensive income (loss)17 — — — — — — 11 — 7 18 
Redemption value adjustment(12)— — — — — 12 — — — 12 
Dividends on common shares, $0.50 per share
— — — — — — (70)— — — (70)
Dividends on preference shares, $1.21875 per share
— — — — — — (8)— — — (8)
Dividends to noncontrolling interests on subsidiary common stock— — — — — — — — — (6)(6)
Acquisition of noncontrolling interest— — — — — — 7 — — 3 10 
Share-based compensation expense— — — — — 20 — — — — 20 
Issuance of common shares, including stock dividends— — — 5,526 — — — — — — — 
Balance, September 30, 2020$403 6,899,683 $690 139,645,544 $1 $5,376 $6,784 $(6,504)$(1,020)$124 $5,451 
7
 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) 81 — — — — — 1,847 — — 7 1,854 
Other comprehensive income (loss)(23)— — — — — — (190)— — (190)
Dividends on common shares, $1.55 per share
— — — — — — (221)— — — (221)
Dividends on preference shares, $3.65625 per share
— — — — — — (25)— — — (25)
Dividends to noncontrolling interests on subsidiary common stock(71)—