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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2024
OR
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☐ | 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)
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Switzerland | | 98-1743397 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
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Route de Florissant 13 | | |
1206 Geneva, Switzerland | | N.A. |
(Address of registered office and principal executive office) | | (Zip Code) |
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1391 Timberlake Manor Parkway | | |
Chesterfield, Missouri | | 63017 |
(Address of corporate headquarters) | | (Zip Code) |
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(314) 292-2000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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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.
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Large accelerated filer | ý | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act. Yes ☐ No ý
As of October 25, 2024, the number of registered shares outstanding of the registrant was:
Registered shares, par value $.01 per share:139,627,104
BUNGE GLOBAL SA
TABLE OF CONTENTS
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Item 1. | | |
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Item 2. | | |
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Item 3. | | |
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Item 1. | | |
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Item 1A. | | |
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Item 2. | | |
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Item 6. | | |
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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)
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| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Net sales | $ | 12,908 | | | $ | 14,227 | | | $ | 39,566 | | | $ | 44,604 | |
Cost of goods sold | (12,136) | | | (13,182) | | | (37,254) | | | (41,013) | |
Gross profit | 772 | | | 1,045 | | | 2,312 | | | 3,591 | |
Selling, general and administrative expenses | (437) | | | (447) | | | (1,325) | | | (1,220) | |
Interest income | 33 | | | 38 | | | 112 | | | 121 | |
Interest expense | (127) | | | (133) | | | (358) | | | (374) | |
Foreign exchange (losses) gains – net | 14 | | | (47) | | | (101) | | | (64) | |
Other income (expense) – net | 87 | | | 8 | | | 212 | | | 35 | |
Income (loss) from affiliates | (20) | | | 39 | | | (58) | | | 83 | |
Income (loss) before income tax | 322 | | | 503 | | | 794 | | | 2,172 | |
Income tax (expense) benefit | (89) | | | (114) | | | (236) | | | (495) | |
Net income (loss) | 233 | | | 389 | | | 558 | | | 1,677 | |
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Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests | (12) | | | (16) | | | (23) | | | (50) | |
Net income (loss) attributable to Bunge shareholders (Note 18) | $ | 221 | | | $ | 373 | | | $ | 535 | | | $ | 1,627 | |
| 0 | | 0 | | | | |
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Earnings per share—basic (Note 18) | | | | | | | |
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Net income (loss) attributable to Bunge shareholders - basic | $ | 1.57 | | | $ | 2.50 | | | $ | 3.77 | | | $ | 10.85 | |
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Earnings per share—diluted (Note 18) | | | | | | | |
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Net income (loss) attributable to Bunge shareholders - diluted | $ | 1.56 | | | $ | 2.47 | | | $ | 3.73 | | | $ | 10.71 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
BUNGE GLOBAL SA AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(U.S. dollars in millions)
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| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Net income (loss) | $ | 233 | | | $ | 389 | | | $ | 558 | | | $ | 1,677 | |
Other comprehensive income (loss): | | | | | | | |
Foreign exchange translation adjustment | 167 | | | (166) | | | (369) | | | 102 | |
Unrealized gains (losses) on designated hedges, net of tax (expense) benefit of $(1) and $1 in 2024 and $1 and $(2) in 2023 | (57) | | | 31 | | | 68 | | | (61) | |
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Reclassification of net (gains) losses to net income, net of tax expense (benefit) of $1 and $1 in 2024 and $3 and $2 in 2023 | (1) | | | (2) | | | (2) | | | 101 | |
Total other comprehensive income (loss) | 109 | | | (137) | | | (303) | | | 142 | |
Total comprehensive income (loss) | 342 | | | 252 | | | 255 | | | 1,819 | |
| | | | | | | |
Comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests | (29) | | | (12) | | | (20) | | | (45) | |
| | | | | | | |
Total comprehensive income (loss) attributable to Bunge | $ | 313 | | | $ | 240 | | | $ | 235 | | | $ | 1,774 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
BUNGE GLOBAL SA AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(U.S. dollars in millions, except share data)
| | | | | | | | | | | | | | |
| | September 30, 2024 | | December 31, 2023 |
ASSETS | | | | |
Current assets: | | | | |
Cash and cash equivalents | | $ | 2,836 | | | $ | 2,602 | |
| | | | |
Trade accounts receivable (less allowances of $91 and $104) (Note 4) | | 2,100 | | | 2,592 | |
Inventories (Note 5) | | 7,465 | | | 7,105 | |
| | | | |
Other current assets (Note 6) | | 3,518 | | | 4,051 | |
Total current assets | | 15,919 | | | 16,350 | |
Property, plant and equipment, net | | 5,115 | | | 4,541 | |
Operating lease assets | | 937 | | | 926 | |
Goodwill | | 482 | | | 489 | |
Other intangible assets, net | | 358 | | | 398 | |
Investments in affiliates | | 1,136 | | | 1,280 | |
Deferred income taxes | | 725 | | | 773 | |
| | | | |
Other non-current assets (Note 7) | | 595 | | | 615 | |
Total assets | | $ | 25,267 | | | $ | 25,372 | |
LIABILITIES AND EQUITY | | | | |
Current liabilities: | | | | |
Short-term debt (Note 13) | | $ | 755 | | | $ | 797 | |
Current portion of long-term debt (Note 13) | | 663 | | | 5 | |
| | | | |
Trade accounts payable (includes $569 and $823 carried at fair value) (Note 11) | | 3,211 | | | 3,664 | |
Current operating lease obligations | | 288 | | | 308 | |
| | | | |
Other current liabilities (Note 10) | | 2,774 | | | 2,913 | |
Total current liabilities | | 7,691 | | | 7,687 | |
Long-term debt (Note 13) | | 4,777 | | | 4,080 | |
Deferred income taxes | | 376 | | | 400 | |
Non-current operating lease obligations | | 595 | | | 566 | |
Other non-current liabilities (Note 16) | | 670 | | | 824 | |
| | | | |
Redeemable noncontrolling interest | | 2 | | | 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 – 139,625,014 shares, 2023 – 145,319,668 shares | | 1 | | | 1 | |
Additional paid-in capital | | 5,881 | | | 5,900 | |
Retained earnings | | 12,231 | | | 12,077 | |
Accumulated other comprehensive income (loss) (Note 17) | | (6,354) | | | (6,054) | |
Treasury shares, at cost; 2024 - 21,804,458 shares and 2023 - 16,109,804 shares | | (1,624) | | | (1,073) | |
Total Bunge shareholders’ equity | | 10,135 | | | 10,851 | |
Noncontrolling interests | | 1,021 | | | 963 | |
Total equity | | 11,156 | | | 11,814 | |
Total liabilities, redeemable noncontrolling interest and equity | | $ | 25,267 | | | $ | 25,372 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
BUNGE GLOBAL SA AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(U.S. dollars in millions)
| | | | | | | | | | | | | | |
| | Nine Months Ended September 30, |
| | 2024 | | 2023 |
OPERATING ACTIVITIES | | | | |
Net income (loss) | | $ | 558 | | | $ | 1,677 | |
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities: | | | | |
Impairment charges | | 36 | | | 56 | |
| | | | |
Foreign exchange (gain) loss on net debt | | 39 | | | (151) | |
| | | | |
Depreciation, depletion and amortization | | 345 | | | 317 | |
Share-based compensation expense | | 49 | | | 51 | |
Deferred income tax expense (benefit) | | (43) | | | 115 | |
| | | | |
Results from affiliates | | 39 | | | (100) | |
Other, net | | 48 | | | 65 | |
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions: | | | | |
Trade accounts receivable | | 382 | | | 306 | |
Inventories | | (557) | | | 933 | |
Secured advances to suppliers | | 146 | | | (228) | |
Trade accounts payable and accrued liabilities | | (386) | | | (690) | |
Advances on sales | | (179) | | | (227) | |
Net unrealized (gains) losses on derivative contracts | | 533 | | | (247) | |
Margin deposits | | (152) | | | (111) | |
Recoverable and income taxes, net | | (148) | | | (19) | |
Marketable securities | | 7 | | | (17) | |
| | | | |
Other, net | | 130 | | | 130 | |
Cash provided by (used for) operating activities | | 847 | | | 1,860 | |
INVESTING ACTIVITIES | | | | |
Payments made for capital expenditures | | (887) | | | (805) | |
| | | | |
Proceeds from investments | | 739 | | | 21 | |
Payments for investments | | (872) | | | (26) | |
Settlements of net investment hedges | | (4) | | | (57) | |
Proceeds from beneficial interest in securitized trade receivables | | — | | | 85 | |
| | | | |
Proceeds from disposals of businesses and property, plant and equipment | | 6 | | | 165 | |
| | | | |
Proceeds from investments in affiliates | | 103 | | | — | |
Payments for investments in affiliates | | (23) | | | (136) | |
| | | | |
Other, net | | (19) | | | 107 | |
Cash provided by (used for) investing activities | | (957) | | | (646) | |
FINANCING ACTIVITIES | | | | |
Net change in short-term debt with maturities of three months or less | | 113 | | | 161 | |
Proceeds from short-term debt with maturities greater than three months | | 646 | | | 848 | |
Repayments of short-term debt with maturities greater than three months | | (765) | | | (593) | |
Proceeds from long-term debt | | 2,036 | | | 1,000 | |
Repayments of long-term debt | | (752) | | | (879) | |
| | | | |
Debt issuance costs | | (24) | | | (25) | |
Repurchases of registered shares | | (600) | | | (466) | |
Dividends paid to registered and common shareholders | | (287) | | | (287) | |
| | | | |
Capital contributions from (Return of capital to) noncontrolling interest | | 41 | | | 40 | |
| | | | |
| | | | |
Other, net | | (32) | | | (12) | |
Cash provided by (used for) financing activities | | 376 | | | (213) | |
Effect of exchange rate changes on cash and cash equivalents, and restricted cash | | — | | | 40 | |
Net increase (decrease) in cash and cash equivalents, and restricted cash | | 266 | | | 1,041 | |
Cash and cash equivalents, and restricted cash - beginning of period | | 2,623 | | | 1,152 | |
Cash and cash equivalents, and restricted cash - end of period | | $ | 2,889 | | | $ | 2,193 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
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 Shares | | Treasury Shares | | | | | | | | | | | |
| | Redeemable Non- Controlling Interests | | | | | | | | | Shares | | Amount | | Shares | | Amount | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Non- Controlling Interests | | Total Equity | |
Balance, July 1, 2024 | | $ | 1 | | | | | | | | | | 141,641,323 | | | $ | 1 | | | 19,788,149 | | | $ | (1,427) | | | $ | 5,869 | | | $ | 12,005 | | | $ | (6,446) | | | $ | 982 | | | $ | 10,984 | | |
Net income (loss) | | (1) | | | | | | | | | | — | | | — | | | — | | | — | | | — | | | 221 | | | — | | | 13 | | | 234 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other comprehensive income (loss) | | — | | | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | 92 | | | 17 | | | 109 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends on registered shares | | — | | | | | | | | | | — | | | — | | | — | | | — | | | — | | | 5 | | | — | | | — | | | 5 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends to noncontrolling interests on subsidiary common stock | | — | | | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (1) | | | (1) | | |
Capital contribution (return) from (to) noncontrolling interest | | 2 | | | | | | | | | | — | | | — | | | — | | | — | | | (2) | | | — | | | — | | | 10 | | | 8 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share-based compensation expense | | — | | | | | | | | | | — | | | — | | | — | | | — | | | 15 | | | — | | | — | | | — | | | 15 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Repurchase of common shares | | — | | | | | | | | | | (2,063,956) | | | — | | | 2,063,956 | | | (200) | | | — | | | — | | | — | | | — | | | (200) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Issuance of registered shares, including stock dividends | | — | | | | | | | | | | 47,647 | | | — | | | (47,647) | | | 3 | | | (1) | | | — | | | — | | | — | | | 2 | | |
Balance, September 30, 2024 | | $ | 2 | | | | | | | | | | 139,625,014 | | | $ | 1 | | | 21,804,458 | | | $ | (1,624) | | | $ | 5,881 | | | $ | 12,231 | | | $ | (6,354) | | | $ | 1,021 | | | $ | 11,156 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Common Shares | | | | Treasury Shares | | | | | | | | | | |
| | Redeemable Non- Controlling Interests | | | | | Shares | | Amount | | | | | | Shares | | Amount | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Non- Controlling Interests | | Total Equity |
Balance, July 1, 2023 | | $ | 4 | | | | | | 150,630,209 | | | $ | 1 | | | | | | | 18,835,812 | | | $ | (1,320) | | | $ | 6,706 | | | $ | 11,279 | | | $ | (6,091) | | | $ | 783 | | | $ | 11,358 | |
Net income (loss) | | (1) | | | | | | — | | | — | | | | | | | — | | | — | | | — | | | 373 | | | — | | | 17 | | | 390 | |
Other comprehensive income (loss) | | — | | | | | | — | | | — | | | | | | | — | | | — | | | — | | | — | | | (133) | | | (4) | | | (137) | |
Dividends on common shares, $0.6625 per share | | — | | | | | | — | | | — | | | | | | | — | | | — | | | — | | | (96) | | | — | | | — | | | (96) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends to noncontrolling interests on subsidiary common stock | | — | | | | | | — | | | — | | | | | | | — | | | — | | | — | | | — | | | — | | | (2) | | | (2) | |
Capital contribution (return) from (to) noncontrolling interest | | — | | | | | | — | | | — | | | | | | | — | | | — | | | — | | | — | | | — | | | 7 | | | 7 | |
Acquisition of noncontrolling interest | | — | | | | | | — | | | — | | | | | | | | | — | | | — | | | — | | | — | | | 91 | | | 91 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share-based compensation expense | | — | | | | | | — | | | — | | | | | | | — | | | — | | | 17 | | | — | | | — | | | — | | | 17 | |
Repurchase of common shares | | — | | | | | | (4,327,536) | | | — | | | | | | | 4,327,536 | | | (488) | | | — | | | — | | | — | | | — | | | (488) | |
Issuance of common shares, including stock dividends | | — | | | | | | 65,630 | | | — | | | | | | | — | | | — | | | 4 | | | (1) | | | — | | | — | | | 3 | |
Balance, September 30, 2023 | | $ | 3 | | | | | | 146,368,303 | | | $ | 1 | | | | | | | 23,163,348 | | | $ | (1,808) | | | $ | 6,727 | | | $ | 11,555 | | | $ | (6,224) | | | $ | 892 | | | $ | 11,143 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | Registered Shares | | Treasury Shares | | | | | | | | | | |
| | Redeemable Non- Controlling Interests | | | | | | | | | Shares | | Amount | | Shares | | Amount | | Additional 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) | | (1) | | | | | | | | | | — | | | — | | | — | | | — | | | — | | | 535 | | | — | | | 24 | | | 559 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other comprehensive income (loss) | | — | | | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | (300) | | | (3) | | | (303) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends on registered shares, $2.72 per share | | — | | | | | | | | | | — | | | — | | | — | | | — | | | — | | | (380) | | | — | | | — | | | (380) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends to noncontrolling interests on subsidiary common stock | | — | | | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (4) | | | (4) | |
Capital contribution (return) from (to) noncontrolling interest | | 2 | | | | | | | | | | — | | | — | | | — | | | — | | | (2) | | | — | | | — | | | 41 | | | 39 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share-based compensation expense | | — | | | | | | | | | | — | | | — | | | — | | | — | | | 49 | | | — | | | — | | | — | | | 49 | |
Repurchase of registered shares | | — | | | | | | | | | | (6,440,930) | | | — | | | 6,440,930 | | | (600) | | | — | | | — | | | — | | | — | | | (600) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Issuance of registered shares, including stock dividends | | — | | | | | | | | | | 746,276 | | | — | | | (746,276) | | | 49 | | | (66) | | | (1) | | | — | | | — | | | (18) | |
Balance, September 30, 2024 | | $ | 2 | | | | | | | | | | 139,625,014 | | | $ | 1 | | | 21,804,458 | | | $ | (1,624) | | | $ | 5,881 | | | $ | 12,231 | | | $ | (6,354) | | | $ | 1,021 | | | $ | 11,156 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Common Shares | | | | Treasury Shares | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Redeemable Non- Controlling Interests | | | | | Shares | | Amount | | | | | | Shares | | Amount | | Additional 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) | | (1) | | | | | | — | | | — | | | | | | | — | | | — | | | — | | | 1,627 | | | — | | | 51 | | | 1,678 | |
Other comprehensive income (loss) | | — | | | | | | — | | | — | | | | | | | — | | | — | | | — | | | — | | | 147 | | | (5) | | | 142 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends on common shares, $1.95 per share | | — | | | | | | — | | | — | | | | | | | — | | | — | | | — | | | (290) | | | — | | | — | | | (290) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends to noncontrolling interests on subsidiary common stock | | — | | | | | | — | | | — | | | | | | | — | | | — | | | — | | | — | | | — | | | (17) | | | (17) | |
Capital contribution (return) from (to) noncontrolling interest | | — | | | | | | — | | | — | | | | | | | — | | | — | | | — | | | — | | | — | | | 40 | | | 40 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Acquisition of noncontrolling interest | | — | | | | | | — | | | — | | | | | | | — | | | — | | | — | | | — | | | — | | | 91 | | | 91 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share-based compensation expense | | — | | | | | | — | | | — | | | | | | | — | | | — | | | 51 | | | — | | | — | | | — | | | 51 | |
Repurchase of common shares | | — | | | | | | (4,327,536) | | | — | | | | | | | 4,327,536 | | | (488) | | | — | | | — | | | — | | | — | | | (488) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Issuance of common shares, including stock dividends | | — | | | | | | 787,907 | | | — | | | | | | | — | | | — | | | (16) | | | (4) | | | — | | | — | | | (20) | |
Balance, September 30, 2023 | | $ | 3 | | | | | | 146,368,303 | | | $ | 1 | | | | | | | 23,163,348 | | | $ | (1,808) | | | $ | 6,727 | | | $ | 11,555 | | | $ | (6,224) | | | $ | 892 | | | $ | 11,143 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
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 nine months ended September 30, 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) | September 30, 2024 | | September 30, 2023 |
Cash and cash equivalents | $ | 2,836 | | | $ | 2,173 | |
Restricted cash included in Other current assets | 53 | | | 20 | |
| | | |
Total | $ | 2,889 | | | $ | 2,193 | |
Cash paid for income taxes, net of refunds received, was $333 million and $350 million for the nine months ended September 30, 2024, and 2023, respectively. Cash paid for interest expense was $357 million and $366 million for the nine months ended September 30, 2024, and 2023, respectively.
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 certain 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) ("ASU 2023-09"). ASU 2023-09 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 has begun evaluating disclosure presentation alternatives that will result in expanded disclosure in the Company's Income Taxes footnote.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures (Topic 280) ("ASU 2023-07"). 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, as identified for purposes of segment determination. ASU 2023-07 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 has begun evaluating disclosure presentation alternatives that will result in expanded disclosure in the Company's Segment Information footnote.
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 $6.3 billion as of September 30, 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 secured a total of $8.0 billion in acquisition debt financing ("Acquisition Financing"). On September 17, 2024, Bunge completed the sale and issuance of three tranches of unsecured senior notes ("Senior Notes") for an aggregate principal amount of $2.0 billion. See Note 13 - Debt for further information. As a result of the Senior Notes issuance, and in accordance with its terms, the Acquisition Financing commitment was reduced by $2.0 billion to $6.0 billion at September 30, 2024. Bunge intends to use a portion of the proceeds from the Acquisition Financing and Senior Notes issuance to fund a portion of the cash consideration for Bunge's Acquisition of Viterra and to repay a portion of certain Viterra debt to be assumed in connection with the Acquisition, including, in each case, related fees and expenses, and, with any remaining amounts, for general corporate purposes.
Also, in the third quarter of 2024, Bunge's wholly-owned subsidiary, Bunge Limited Finance Corp. ("BLFC"), commenced offers (the "US Exchange Offers") to exchange all outstanding notes of certain series issued by Viterra Finance B.V. ("VFBV") and guaranteed by Viterra and Viterra B.V., for up to $1.95 billion aggregate principal amount of new notes issued by BLFC and guaranteed by Bunge. In addition, in the third quarter of 2024, Viterra commenced a consent solicitation (the "European Consent Solicitation") to amend the indenture governing VFBV's outstanding 500 million Euro aggregate principal amount of 0.375% senior unsecured notes due 2025 and outstanding 700 million Euro aggregate principal amount of 1.000% senior unsecured notes due 2028 to, among other things, substitute the issuer and guarantors of such notes with Bunge Finance Europe B.V. ("BFE"), a wholly owned finance subsidiary of Bunge, as issuer, and Bunge as guarantor. The US Exchange Offers and European Consent Solicitation are conditioned, among other things, upon the consummation of the Acquisition. See Note 13 - Debt for further information.
The Acquisition is subject to the satisfaction of regulatory approvals and other customary closing conditions. The Acquisition is expected to receive the remaining regulatory approvals and close in the next several months. 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 11,848,791 shares for $1.2 billion. Therefore, as of September 30, 2024, $800 million 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 in late 2024, subject to customary closing conditions.
Dispositions
BP Bunge Bioenergia
On June 19, 2024, Bunge entered into a definitive share purchase agreement with BP Biofuels Brazil Investment Limited ("BP") to sell its 50% ownership share in BP Bunge Bioenergia, a joint venture formed to cultivate sugar cane, produce and sell sugar and sugar ethanol, and create power cogeneration activities. On October 1, 2024, the transaction closed in accordance with the terms of the share purchase agreement for an approximate total net amount of $828 million in consideration inclusive of certain closing adjustments for the value of net working capital and net debt, among other items. The final net amount of consideration is subject to certain adjustments within 90 days of the closing date as defined in the share purchase agreement. Upon transaction close, Bunge has agreed to indemnify BP against future losses associated with certain legal claims as defined in the share purchase agreement.
During the second quarter of 2024, Bunge received a refundable deposit towards the closing purchase price of $103 million, which is recorded within Other current liabilities on the condensed consolidated balance sheet at September 30, 2024 and as an investing cash inflow within Proceeds from investments in affiliates on the condensed consolidated statement of cash flows for the nine months ended September 30, 2024. Upon the transaction close, the refundable deposit recorded within Other current liabilities on the September 30, 2024 condensed consolidated balance sheet was released.
As of September 30, 2024, the carrying value of Bunge's investment in BP Bunge Bioenergia is $369 million. The investment is reported within Investments in affiliates in the Sugar and Bioenergy segment on the condensed consolidated balance sheet. Additionally, $(148) million of Bunge's Accumulated other comprehensive income (loss) as of September 30, 2024 is related to the investment in BP Bunge Bioenergia.
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 early 2025, subject to customary closing conditions.
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 September 30, 2024, and December 31, 2023, time deposits and LCs of $7,461 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 September 30, 2024, and December 31, 2023, time deposits, including those presented on a net basis, carried weighted-average interest rates of 5.56% and 5.77%, respectively. During the nine months ended September 30, 2024, and 2023, total net proceeds from issuances of LCs were $5,200 million and $4,646 million, respectively. These cash inflows were offset by the related cash outflows resulting from placement of the time deposits and repayment of the LCs. All cash flows related to the programs are included in operating activities in the condensed consolidated statements of cash flows.
As part of the trade structured finance activities, LCs may be sold to financial institutions on a discounted basis. Bunge does not service derecognized LCs. The terms of the sale may require the Company to continue to make periodic interest payments to financial institutions based on changes in the Secured Overnight Financing Rate ("SOFR") for a period of up to one year. Bunge’s payment obligation to financial institutions as part of the trade structured finance activities, reported in Other current liabilities, including any unrealized gain or loss on changes in SOFR is not significant as of September 30, 2024 or December 31, 2023. The notional amounts of LCs subject to continuing variable interest payments that have been derecognized from the Company's condensed consolidated balance sheets as of September 30, 2024, and December 31, 2023 are included in Note 12 - Derivative Instruments And Hedging Activities. The net gain or loss included in Cost of goods sold resulting from the fair valuation of such variable interest rate obligations is not significant for the three and nine month periods ended September 30, 2024, and 2023.
4. TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM
Trade Accounts Receivable
Changes to the allowance for expected credit losses related to Trade accounts receivable were as follows: | | | | | | | | | | | |
| Nine Months Ended September 30, 2024 |
Rollforward of the Allowance for Credit Losses (US$ in millions) | Short-term | Long-term (1) | Total |
Allowance as of January 1, 2024 | $ | 104 | | $ | 32 | | $ | 136 | |
Current period provisions | 38 | | 1 | | 39 | |
Recoveries | (40) | | (2) | | (42) | |
Write-offs charged against the allowance | (8) | | (1) | | (9) | |
Foreign exchange translation differences | (3) | | (3) | | (6) | |
Allowance as of September 30, 2024 | $ | 91 | | $ | 27 | | $ | 118 | |
(1) Long-term portion of the allowance for credit losses is included in Other non-current assets.
| | | | | | | | | | | |
| Nine Months Ended September 30, 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 provisions | 55 | | — | | 55 | |
Recoveries | (44) | | (2) | | (46) | |
Write-offs charged against the allowance | (2) | | (12) | | (14) | |
Foreign exchange translation differences | 2 | | — | | 2 | |
Allowance as of September 30, 2023 | $ | 101 | | $ | 32 | | $ | 133 | |
(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) | September 30, 2024 | | December 31, 2023 |
Receivables sold which were derecognized from Bunge's balance sheet | $ | 1,172 | | | $ | 1,230 | |
Receivables pledged to the administrative agent and included in Trade accounts receivable | $ | 226 | | | $ | |