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1、Table of ContentsUNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON,D.C.20549FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended June 30,2023ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE

2、 ACT OF 1934For the transition period from to Commission File Number 001-16625BUNGE LIMITED(Exact name of registrant as specified in its charter)Bermuda98-0231912(State or other jurisdiction of incorporation ororganization)(I.R.S.Employer Identification No.)1391 Timberlake Manor ParkwayChesterfieldM

3、issouri63017(Address of principal executive offices)(Zip Code)(314)292-2000(Registrants 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 registeredCommon Shares,$0.01 par value per share

4、 BG New York Stock ExchangeIndicate 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 preceding12 months(or for such shorter period that the registrant was required to file such reports),and(2)has

5、 been subject to such filing requirements for the past 90 days.Yes No oIndicate 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

6、such shorter period that the registrant was required to submit such files).Yes No oIndicate 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 growthcompany.See the definitions of“large accelerated

7、 filer,”“accelerated filer”,“smaller reporting company”and“emerging growth company”in Rule 12b-2 of the Exchange Act.Large accelerated filerAccelerated filerNon-accelerated filerSmaller reportingcompanyEmerging growthcompanyIf an emerging growth company,indicate by check mark if the registrant has e

8、lected not to use the extended transition period for complying with any new or revised financialaccounting 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 As of August

9、 3,2023,the number of common shares outstanding of the registrant was:Common shares,par value$.01 per share:150,642,387Table of ContentsBUNGE LIMITEDTABLE OF CONTENTS PagePART I FINANCIAL INFORMATION Item 1.Financial Statements(Unaudited)Condensed Consolidated Statements of Income(Loss)for the Three

10、 and Six Months Ended June 30,2023 and 20223 Condensed Consolidated Statements of Comprehensive Income(Loss)for the Three and Six Months Ended June 30,2023 and 20224 Condensed Consolidated Balance Sheets as of June 30,2023 and December 31,20225 Condensed Consolidated Statements of Cash Flows for the

11、 Six Months Ended June 30,2023 and 20226 Condensed Consolidated Statements of Changes in Equity and Redeemable Noncontrolling Interests for the Three and Six MonthsEnded June 30,2023 and 20227 Notes to the Condensed Consolidated Financial Statements9 Cautionary Statement Regarding Forward Looking St

12、atements40 Item 2.Managements Discussion and Analysis of Financial Condition and Results of Operations41 Item 3.Quantitative and Qualitative Disclosures About Market Risk57 Item 4.Controls and Procedures60 PART II INFORMATION Item 1.Legal Proceedings61 Item 1A.Risk Factors61 Item 2.Unregistered Sale

13、s of Equity Securities and Use of Proceeds62 Item 3.Defaults Upon Senior Securities62 Item 4.Mine Safety Disclosures62 Item 5.Other Information62 Item 6.Exhibits62 Exhibit Index63Signatures652Table of ContentsPART I FINANCIAL INFORMATIONITEM 1.FINANCIAL STATEMENTSBUNGE LIMITED AND SUBSIDIARIESCONDEN

14、SED CONSOLIDATED STATEMENTS OF INCOME(LOSS)(Unaudited)(U.S.dollars in millions,except per share data)Three Months EndedJune 30,Six Months EndedJune 30,2023202220232022Net sales$15,049$17,933$30,377$33,813 Cost of goods sold(13,684)(17,161)(27,831)(31,837)Gross profit1,365 772 2,546 1,976 Selling,gen

15、eral and administrative expenses(420)(334)(773)(642)Interest income40 11 83 20 Interest expense(129)(92)(241)(203)Foreign exchange(losses)gains(66)(110)(17)(98)Other income(expense)net12(6)27(53)Income(loss)from affiliates25 20 44 65 Income(loss)before income tax827 261 1,669 1,065 Income tax(expens

16、e)benefit(198)(36)(381)(144)Net income(loss)629 225 1,288 921 Net(income)loss attributable to noncontrolling interests and redeemablenoncontrolling interests(7)(19)(34)(27)Net income(loss)attributable to Bunge$622$206$1,254$894 00Earnings per common sharebasic(Note 18)Net income(loss)attributable to

17、 Bunge common shareholders-basic$4.13$1.36$8.34$6.08 Earnings per common sharediluted(Note 18)Net income(loss)attributable to Bunge common shareholders-diluted$4.09$1.34$8.24$5.81 The accompanying notes are an integral part of these condensed consolidated financial statements.3Table of ContentsBUNGE

18、 LIMITED AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(LOSS)(Unaudited)(U.S.dollars in millions)Three Months EndedJune 30,Six Months EndedJune 30,2023202220232022Net income(loss)$629$225$1,288$921 Other comprehensive income(loss):Foreign exchange translation adjustment143

19、(289)268 100 Unrealized gains(losses)on designated hedges,net of tax(expense)benefit of$(2)and$(3)in 2023 and zero and$(2)in 2022(66)47(92)(70)Reclassification of net(gains)losses to net income,net of tax expense(benefit)of$(1)and$(1)in 2023 and$2 and$12 in 2022(1)(5)103(34)Total other comprehensive

20、 income(loss)76(247)279(4)Total comprehensive income(loss)705(22)1,567 917 Comprehensive(income)loss attributable to noncontrolling interests and redeemablenoncontrolling interests(3)5(33)12 Total comprehensive income(loss)attributable to Bunge$702$(17)$1,534$929 The accompanying notes are an integr

21、al part of these condensed consolidated financial statements.4Table of ContentsBUNGE LIMITED AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)(U.S.dollars in millions,except share data)June 30,2023December 31,2022ASSETS Current assets:Cash and cash equivalents$1,330$1,104 Trade accoun

22、ts receivable(less allowances of$97 and$90)(Note 4)2,599 2,829 Inventories(Note 5)8,806 8,408 Assets held for sale(Note 2)36 Other current assets(Note 6)4,465 4,381 Total current assets17,200 16,758 Property,plant and equipment,net4,152 3,617 Operating lease assets951 1,024 Goodwill484 470 Other int

23、angible assets,net346 360 Investments in affiliates1,157 1,012 Deferred income taxes697 712 Other non-current assets(Note 7)725 627 Total assets$25,712$24,580 LIABILITIES AND EQUITY Current liabilities:Short-term debt(Note 13)$667$546 Current portion of long-term debt(Note 13)4 846 Trade accounts pa

24、yable(includes$1,095 and$643 carried at fair value)(Note 11)4,248 4,386 Current operating lease obligations370 425 Liabilities held for sale(Note 2)18 Other current liabilities(Note 10)3,002 3,379 Total current liabilities8,291 9,600 Long-term debt(Note 13)4,278 3,259 Deferred income taxes381 365 No

25、n-current operating lease obligations529 547 Other non-current liabilities(Note 16)871 849 Redeemable noncontrolling interest4 4 Equity(Note 17):Common shares,par value$.01;authorized 400,000,000 shares;issued and outstanding:2023 150,630,209 shares,2022 149,907,932 shares1 1 Additional paid-in capi

26、tal6,706 6,692 Retained earnings11,279 10,222 Accumulated other comprehensive income(loss)(Note 17)(6,091)(6,371)Treasury shares,at cost;2023 and 2022-18,835,812 shares(1,320)(1,320)Total Bunge shareholders equity10,575 9,224 Noncontrolling interests783 732 Total equity11,358 9,956 Total liabilities

27、,redeemable noncontrolling interest and equity$25,712$24,580 The accompanying notes are an integral part of these condensed consolidated financial statements.5Table of ContentsBUNGE LIMITED AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(U.S.dollars in millions)Six Months

28、EndedJune 30,20232022OPERATING ACTIVITIES Net income(loss)$1,288$921 Adjustments to reconcile net income(loss)to cash provided by(used for)operating activities:Impairment charges22 Foreign exchange(gain)loss on net debt(174)(6)Bad debt expense4 9 Depreciation,depletion and amortization208 204 Share-

29、based compensation expense34 32 Deferred income tax expense(benefit)67(59)(Gain)loss on sale of investments and property,plant and equipment(3)Results from affiliates(61)(65)Other,net52 92 Changes in operating assets and liabilities,excluding the effects of acquisitions and dispositions:Trade accoun

30、ts receivable290(341)Inventories(195)(2,341)Secured advances to suppliers(11)46 Trade accounts payable and accrued liabilities(605)943 Advances on sales(220)(54)Net unrealized(gains)losses on derivative contracts(262)(159)Margin deposits(22)(86)Recoverable and income taxes,net(87)(152)Marketable sec

31、urities36 285 Beneficial interest in securitized trade receivables(3,443)Other,net111(283)Cash provided by(used for)operating activities472(4,457)INVESTING ACTIVITIES Payments made for capital expenditures(541)(212)Proceeds from investments14 87 Payments for investments(20)(117)Settlements of net in

32、vestment hedges(48)(143)Proceeds from beneficial interest in securitized trade receivables79 3,311 Proceeds from disposals of businesses and property,plant and equipment162 1 Payments for investments in affiliates(130)(54)Other,net100(6)Cash provided by(used for)investing activities(384)2,867 FINANC

33、ING ACTIVITIES Net change in short-term debt with maturities of three months or less(26)553 Proceeds from short-term debt with maturities greater than three months457 1,473 Repayments of short-term debt with maturities greater than three months(282)(450)Proceeds from long-term debt978 50 Repayments

34、of long-term debt(879)(628)Proceeds from the exercise of options for common shares4 44 Dividends paid to common and preference shareholders(188)(162)Capital contributions from(Return of capital to)noncontrolling interest33 Sale of noncontrolling interest 521 Other,net(5)44 Cash provided by(used for)

35、financing activities92 1,445 Effect of exchange rate changes on cash and cash equivalents,restricted cash,and cash held for sale28 63 Net increase(decrease)in cash and cash equivalents,restricted cash,and cash held for sale208(82)Cash and cash equivalents,restricted cash,and cash held for sale-begin

36、ning of period1,152 905 Cash and cash equivalents,restricted cash,and cash held for sale-end of period$1,360$823 The accompanying notes are an integral part of these condensed consolidated financial statements.6Table of ContentsBUNGE LIMITED AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CHANG

37、ES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS(Unaudited)(U.S.dollars in millions,except share data)ConvertiblePreference SharesCommon SharesRedeemableNon-ControllingInterestsSharesAmountSharesAmountAdditionalPaid-inCapitalRetainedEarningsAccumulatedOtherComprehensiveIncome(Loss)TreasuryShares

38、Non-ControllingInterestsTotalEquityBalance,April 1,2023$4$150,585,513$1$6,688$10,757$(6,171)$(1,320)$764$10,719 Net income(loss)622 7 629 Other comprehensive income(loss)80 (4)76 Dividends on common shares,$0.6625 per share (100)(100)Dividends to noncontrolling interests on subsidiarycommon stock (1

39、5)(15)Capital contribution(return)from(to)noncontrollinginterest 31 31 Share-based compensation expense 17 17 Issuance of common shares,including stock dividends 44,696 1 1 Balance,June 30,2023$4$150,630,209$1$6,706$11,279$(6,091)$(1,320)$783$11,358 ConvertiblePreference SharesCommon Shares Redeemab

40、leNon-ControllingInterestsSharesAmountSharesAmountAdditionalPaid-inCapitalRetainedEarningsAccumulatedOtherComprehensiveIncome(Loss)TreasurySharesNon-ControllingInterestsTotalEquityBalance,April 1,2022$370$151,653,069$1$6,332$9,581$(6,213)$(1,120)$160$8,741 Net income(loss)2 206 17 223 Other comprehe

41、nsive income(loss)(21)(223)(3)(226)Dividends on common shares,$0.625 per share (95)(95)Dividends to noncontrolling interests on subsidiarycommon stock (4)(4)Sale of noncontrolling interest 234 287 521 Share-based compensation expense 16 16 Issuance of common shares,including stock dividends 232,385

42、13 13 Balance,June 30,2022$351$151,885,454$1$6,595$9,692$(6,436)$(1,120)$457$9,189 7Table of Contents ConvertiblePreference SharesCommon Shares RedeemableNon-ControllingInterestsSharesAmountSharesAmountAdditionalPaid-inCapitalRetainedEarningsAccumulatedOtherComprehensiveIncome(Loss)TreasurySharesNon

43、-ControllingInterestsTotalEquityBalance,January 1,2023$4$149,907,932$1$6,692$10,222$(6,371)$(1,320)$732$9,956 Net income(loss)1,254 34 1,288 Other comprehensive income(loss)280 (1)279 Dividends on common shares,$1.2875 per share (194)(194)Dividends to noncontrolling interests on subsidiarycommon sto

44、ck (15)(15)Capital contribution(return)from(to)noncontrollinginterest 33 33 Share-based compensation expense 34 34 Repurchase of common shares Issuance of common shares,including stock dividends 722,277 (20)(3)(23)Balance,June 30,2023$4$150,630,209$1$6,706$11,279$(6,091)$(1,320)$783$11,358 Convertib

45、lePreference SharesCommon Shares RedeemableNon-ControllingInterestsSharesAmountSharesAmountAdditionalPaid-inCapitalRetainedEarningsAccumulatedOtherComprehensiveIncome(Loss)TreasurySharesNon-ControllingInterestsTotalEquityBalance,January 1,2022$381 6,899,683$690 141,057,414$1$5,590$8,979$(6,471)$(1,1

46、20)$156$7,825 Net income(loss)6 894 21 915 Other comprehensive income(loss)(36)35 (3)32 Dividends on common shares,$1.15 per share (176)(176)Dividends to noncontrolling interests on subsidiarycommon stock (4)(4)Sale of noncontrolling interest 234 287 521 Share-based compensation expense 32 32 Conver

47、sion of preference shares to common shares(6,899,683)(690)8,863,331 690 Issuance of common shares,including stock dividends 1,964,709 49(5)44 Balance,June 30,2022$351$151,885,454$1$6,595$9,692$(6,436)$(1,120)$457$9,189 The accompanying notes are an integral part of these condensed consolidated finan

48、cial statements.8Table of ContentsBUNGE LIMITED AND SUBSIDIARIESNOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)1.BASIS OF PRESENTATION,PRINCIPLES OF CONSOLIDATION,AND SIGNIFICANT ACCOUNTING POLICIESThe accompanying unaudited condensed consolidated financial statements include the

49、 accounts of Bunge Limited(Bunge or the Company),itssubsidiaries 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.T

50、he financial statements have been prepared in accordance withaccounting principles generally accepted in the United States of America(U.S.GAAP)for interim financial information and the instructions to Form 10-Q andArticle 10 of Regulation S-X under the Securities Exchange Act of 1934,as amended(Exch

51、ange Act).Certain information and footnote disclosures normallyincluded 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 recurr

52、ing adjustments)necessary for a fair presentation have been included.Thecondensed consolidated balance sheet at December 31,2022 has been derived from Bunges audited consolidated financial statements at that date.Operating resultsfor the six months ended June 30,2023 are not necessarily indicative o

53、f the results to be expected for the year ending December 31,2023.The financial statementsshould be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31,2022,forming part of Bunges2022 Annual Report on Form 10-K filed with the SEC on

54、 February 24,2023.Effective January 1,2023,the Company changed its reporting of cash proceeds from and repayments of short-term debt with maturities of three months orless to be presented on a net basis in its condensed consolidated statements of cash flows.Prior to January 1,2023,the Company presen

55、ted cash proceeds from andrepayments of short-term debt with maturities of three months or less separately in its consolidated statements of cash flows.Prior period amounts have beenreclassified to conform to current presentation.On April 9,2023,Argentinas government published Emergency Decree 194/2

56、023 Programa de Incremento Exportador(the“Export Program”)whichintroduced a preferential U.S.dollar to Argentine peso foreign exchange rate available exclusively during the period between April 10,2023 and May 31,2023,payable to Argentinian farmers on qualifying Argentine peso denominated sales of c

57、ertain commodities.The Export Program,and similar Argentinian governmentprograms in 2022,is aimed at boosting farmer selling and in turn commodity exports.Please refer to Note 1 Nature of Business,Basis of Presentation,andSignificant Accounting Policies,included in the Companys 2022 Annual Report on

58、 Form 10-K for further details on the 2022 government programs.Bunge is both a receiver of the preferential exchange rate for cash converted to Argentine pesos,as well as a payer of the same preferential rate onpurchases of various commodities from farmers and related export duties.Transactions rela

59、ted to the Export Program were accounted for at the preferential rate.Ukraine-Russia WarOn February 24,2022,Russia initiated a military invasion of Ukraine(the war).Bunges Ukrainian operations comprise two oilseed crushing facilities,located in Mykolaiv and Dnipropetrovsk,a grain export terminal in

60、Mykolaiv commercial seaport,numerous grain elevators,and an office in Kiev.The Companyalso operates a corn milling facility in Ukraine via a joint venture.As of June 30,2023,total assets and total liabilities associated with Bunges Ukrainiansubsidiaries each comprise approximately 2%of Bunges consol

61、idated Total assets and Total liabilities,respectively.Bunges operational activities in Ukraine have steadily increased during recent months,but remain limited and are subject to Bunges ability to performactivities safely.On July 17,2023,an agreement allowing the safe export of grain from three Ukra

62、inian ports(Pivdennyi/Yuzhnvi,Odesa,and Chornomorsk;thePOC corridor)on the Black Sea expired.Following the termination of the POC corridor agreement,Russian attacks on key Ukrainian export infrastructurelocations intensified.As of August 8,2023,the termination of the POC corridor agreement and recen

63、t Russian attacks on key export infrastructure have notsignificantly impacted Bunges operations in Ukraine.The scope,intensity,duration,and outcome of the ongoing war is uncertain,and any continuation orescalation of the war may have a material adverse effect on Bunge,including its Ukrainian operati

64、ons.In the three and six months ended June 30,2023,the Company recognized mark-to-market gains of$9 million and$19 million,respectively,in Cost ofgoods sold in the condensed consolidated statements of income related to inventory recovered from its Mykolaiv and other facilities which had no carrying

65、value asof December 31,2022.No impairments or charges related9Table of Contentsto the war were recorded in the three and six months ended June 30,2023.Please refer to Note 2-Ukraine-Russia War,included in the Companys 2022 AnnualReport on Form 10-K for further details regarding the impact of the war

66、 on Bunges financial statements.Cash,Cash Equivalents and Restricted CashRestricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on thecondensed consolidated statements of cash flows.The following table provides a reco

67、nciliation of cash and cash equivalents and restricted cash,reported within thecondensed 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)June 30,2023June 30,2022Cash and cash equivalents$1,330$81

68、8 Restricted cash included in Other current assets30 5 Total$1,360$823 Cash paid for income taxes,net of refunds received,was$312 million and$260 million for the six months ended June 30,2023 and 2022,respectively.Cash paid for interest expense was$242 million and$221 million for the six months ende

69、d June 30,2023 and 2022,respectively.Recently Adopted Accounting Pronouncements In March 2020,the FASB issued Accounting Standards Update(ASU)2020-04,Reference Rate Reform(Topic 848),to provide temporary optionalexpedients and exceptions to the U.S.GAAP guidance on contract modifications and hedge a

70、ccounting designed to ease the financial reporting burden related toreference rate reform.In December 2022,the FASB subsequently issued ASU 2022-06,Deferral of the Sunset Date of Topic 848,to ensure the relief in Topic 848covers the period of time during which a significant number of modifications t

71、o eligible contracts and hedging relationships may take place.The ASU defers thesunset date of Topic 848 from December 31,2022 to December 31,2024,after which entities will no longer be permitted to apply the relief in Topic 848.TheCompany is applying this guidance prospectively to all eligible cont

72、ract modifications through December 31,2024.As of June 30,2023,Bunge has concluded themodification of all eligible contracts and the adoption of this guidance did not have a material impact on Bunges condensed consolidated financial statements.2.ACQUISITIONS AND DISPOSITIONSAcquisitionsViterra Limit

73、ed Business Combination AgreementOn June 13,2023,Bunge entered into a definitive business combination agreement(the Agreement)with Viterra Limited(Viterra)and its shareholdersincluding certain affiliates of Glencore PLC,Canada Pension Plan Investment Board,and British Columbia Investment Management

74、Corporation(collectively,theSellers),to acquire Viterra in a stock and cash transaction.The acquisition of Viterra by Bunge will create an innovative global agribusiness company wellpositioned to meet the demands of increasingly complex markets and better serve farmers and end-customers.Under the te

75、rms of the Agreement,Viterra shareholders are anticipated to receive approximately 65.6 million of common shares of Bunge issued stock,with an aggregate value of approximately$6.2 billion as of June 30,2023 and receive approximately$2.0 billion in cash(together,the TransactionConsideration),in retur

76、n for 100%of the outstanding equity of Viterra.The determination of the final value of the Transaction Consideration will depend on theCompanys stock price at the time of closing.Upon completion of the transaction,the Viterra sellers are expected to own approximately 30%of the combinedBunge company

77、on a fully diluted basis,before giving effect to any future share repurchases by Bunge.In connection with the execution of the 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 t

78、he cash portion of the Transaction Consideration,and the remainder for repayment of certainindebtedness of Viterra,totaling approximately$6.6 billion,which is expected to be repaid at Closing and for the ongoing operations of the combined companyfollowing closing.See Note 13-Debt for further informa

79、tion.10Table of ContentsThe acquisition is expected to close in mid-2024,subject to Bunge shareholder approval and satisfaction of regulatory approvals and other customaryclosing conditions.The Agreement may be terminated by mutual written consent of the parties and includes certain customary termin

80、ation rights.If the Agreementis 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,

81、2023 in contemplation of the Agreement,Bunges Board of Directors approved a$1.7 billion expansion of the existing sharerepurchase program for the repurchase of Bunges issued and outstanding common shares.Approximately$300 million remained outstanding under the existingprogram prior to the expansion

82、of the program,resulting in an aggregate of$2.0 billion that remains outstanding for repurchases under the program.See Note 17-Equity for further details.Fuji Oils New Orleans,LLC Port Based RefineryOn April 14,2023,Bunge,through its 80%ownership of Bunge Loders Croklaan joint venture with IOI Corpo

83、ration Berhad,completed its purchase ofFuji Oils New Orleans,LLCs port based refinery.The refinery is located in International-Matex Tank Terminals Avondale Terminal,in Avondale,Louisiana in theUnited States.Cash consideration for the asset acquisition of$181 million was allocated to Property,plant

84、and equipment,net($220 million),inclusive of a financelease right of use asset($52 million),long-term finance lease obligations($41 million)included in Long-term debt and Current portion of long-term debt,and othernet working capital($2 million).DispositionsRussian Oilseed Processing and Refining Op

85、erations DispositionOn September 16,2022,Bunge signed an agreement to sell its remaining Russian operations,primarily comprising an oilseed crushing and refiningfacility in Voronezh,southwest Russia(referred to as the disposal group),to Karen Vanetsyan(the Buyer),in exchange for a cash price approxi

86、mately equal tothe book value of the disposal groups net assets.On January 9,2023,Bunge and the Buyer agreed to a purchase price adjustment.The purchase price adjustmentand cumulative translation adjustment losses,among other items related to the disposal group,resulted in a corresponding impairment

87、 loss on sale of$103 million,recognized in Cost of goods sold for the year ended December 31,2022.On February 3,2023,the transaction closed in accordance with the terms of the agreementwith no material impact to the condensed consolidated statement of income for the six months ended June 30,2023.In

88、connection with the transaction,Bunge agreed to indemnify the Buyer against certain legal claims involving Bunges Russian subsidiary.Managementhas assessed the likelihood of any loss related to claims covered by the indemnity as remote,and recognized a liability in accordance with Accounting Standar

89、dsCodification(ASC)460,Guarantees.See Note 15-Commitments and Contingencies for more information.The following table presents the book values of the major classes of assets and liabilities that were included in the disposal group at the closing date.Intercompany balances between the disposal group a

90、nd other Bunge consolidated entities have been omitted.Assets included in the disposal group comprised$12 million and$21 million,reported under the Agribusiness segment and Refined and Specialty Oils segment,respectively.Liabilities included in the disposalgroup comprised$6 million and$13 million,re

91、ported under the Agribusiness segment and Refined and Specialty Oils segment,respectively.11Table of Contents(US$in millions)Cash and cash equivalents$19 Trade accounts receivable(less allowances of zero)15 Inventories33 Other current assets14 Property,plant and equipment,net24 Goodwill&Other intang

92、ible assets,net10 Other non-current assets8 Impairment reserve(90)Total assets$33 Trade accounts payable and accrued liabilities$3 Other current liabilities16 Total liabilities$19 3.TRADE STRUCTURED FINANCE PROGRAMThe Company engages in various trade structured finance activities to leverage the val

93、ue of its global trade flows.These activities include programs underwhich the Company generally obtains U.S.dollar-denominated letters of credit(LCs)from financial institutions,each based on an underlying commodity tradeflow,and time deposits denominated in either the local currency of the financial

94、 institutions counterparties or in U.S.dollars,as well as foreign exchange forwardcontracts,in which trade related payables are set-off against receivables,all of which are subject to legally enforceable set-off agreements.As of June 30,2023 and December 31,2022,time deposits and LCs of$5,212 millio

95、n and$5,901 million,respectively,were presented net on thecondensed 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 anadjustment to Cost of goods sold in the accompanying condensed consolidated stat

96、ements of income.As of June 30,2023 and December 31,2022,time deposits,including those presented on a net basis,carried weighted-average interest rates of 5.40%and 3.46%,respectively.During the six months ended June 30,2023 and2022,total net proceeds from issuances of LCs were$3,035 million and$3,68

97、9 million,respectively.These cash inflows were offset by the related cash outflowsresulting 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 condensedconsolidated statements of cash flows.As part of the tr

98、ade 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 OvernightFi

99、nancing Rate(SOFR)for a period of up to 365 days.Bunges 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 June 30,2023 or December 31,

100、2022.Thenotional amounts of LCs subject to continuing variable interest payments that have been derecognized from the Companys condensed consolidated balance sheetsas of June 30,2023 and December 31,2022 are included in Note 12-Derivative Instruments And Hedging Activities.The net gain or loss inclu

101、ded in Cost of goodssold resulting from the fair valuation of such variable interest rate obligations is not significant for the three and six month periods ended June 30,2023 and 2022.12Table of Contents4.TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAMTrade Accounts Receivabl

102、eChanges to the allowance for lifetime expected credit losses related to Trade accounts receivable were as follows:Six Months Ended June 30,2023Rollforward of the Allowance for Credit Losses(US$in millions)Short-termLong-term TotalAllowance as of January 1,2023$90$46$136 Current period provisions39

103、39 Recoveries(33)(1)(34)Write-offs charged against the allowance(1)(12)(13)Foreign exchange translation differences2 1 3 Allowance as of June 30,2023$97$34$131(1)Long-term portion of the allowance for credit losses is included in Other non-current assets.Six Months Ended June 30,2022Rollforward of t

104、he Allowance for Credit Losses(US$in millions)Short-termLong-term TotalAllowance as of January 1,2022$85$47$132 Current period provisions27 1 28 Recoveries(19)(19)Write-offs charged against the allowance(10)(3)(13)Foreign exchange translation differences(1)2 1 Allowance as of June 30,2022$82$47$129(

105、1)Long-term portion of the allowance for credit losses is included in Other non-current assets.Trade Receivables Securitization ProgramBunge and certain of its subsidiaries participate in a trade receivables securitization program(the Program)with a financial institution,as administrativeagent,and c

106、ertain commercial paper conduit purchasers and committed purchasers(collectively,the Purchasers).Koninklijke Bunge B.V.,a wholly ownedsubsidiary of Bunge,acts as master servicer,responsible for servicing and collecting the accounts receivable for the Program.The Program is designed to enhanceBunges

107、financial flexibility by providing an additional source of liquidity for its operations.Bunge may also,from time to time with the consent of the administrative agent,request one or more of the existing committed purchasers or newcommitted purchasers to increase the total commitments by an amount not

108、 to exceed$250 million pursuant to an accordion provision.The Program includessustainability provisions,pursuant to which the applicable margin will be increased or decreased based on Bunges performance relative to certain sustainabilitytargets,including,but not limited to,science-based targets that

109、 define Bunges climate goals within its operations and a commitment to a deforestation-free supplychain in 2025.On June 21,2023,Bunge and its finance subsidiaries terminated the Bunge Master Trust and amended the Program to remove all references and allprovisions related to the Bunge Master Trust an

110、d to automatically assign Bunge Limiteds obligations as existing guarantor to Bunge Global SA as successorguarantor,effective at the completion of the redomestication(see Note 13-Debt).In addition,MUFG Bank,Ltd.and Gotham Funding Corporation were added as aPurchaser under the Program.(1)(1)13Table o

111、f ContentsOn November 16,2022,Bunge and certain of its subsidiaries amended the Program from a deferred purchase price structure to a pledge structure.Underthe new structure,Bunge Securitization B.V.(BSBV),a consolidated bankruptcy remote special purpose entity,transfers certain trade receivables to

112、 thePurchasers in exchange for a cash payment up to$1.1 billion and retains ownership of a population of unsold receivables.BSBV agrees to guaranty the collectionof sold receivables and grants a lien to the administrative agent on all unsold receivables.Collections on unsold receivables and guarante

113、e payments are classifiedas operating activities in Bunges condensed consolidated statements of cash flows.At November 16,2022,the effective date of the amended Program,$741 million of sold receivables were repurchased through a non-cash investingexchange of the Deferred Purchase Price(DPP).As of Ju

114、ne 30,2023,the Company had collected a total of$725 million of repurchased receivables,including$79 million collected in the first six months of 2023,which are reported as Proceeds from beneficial interest in securitized trade receivables under investingactivities in the consolidated statements of c

115、ash flows.The Program will terminate on May 17,2031;however,each committed purchasers commitment to purchase trade receivables under the Program willterminate earlier on May 17,2025,unless extended for an additional period in accordance with the terms of the receivables transfer agreement.(US$in mil

116、lions)June 30,2023December 31,2022Receivables sold that were derecognized from Bunges balance sheet$1,100$1,100 Unsold receivables pledged to the administrative agent and included in Trade accounts receivable$504$583 Bunges risk of loss following the sale of trade receivables is limited to the asset

117、s of BSBV,primarily comprised of unsold receivables pledged to theadministrative agent.The table below summarizes the cash flows and discounts of Bunges trade receivables associated with the Program.Servicing fees under the Program were notsignificant in any period.Six Months EndedJune 30,(US$in mil

118、lions)20232022Gross receivables sold$6,901$8,585 Proceeds received in cash related to transfers of receivables(1)$6,872$7,876 Cash collections from customers on receivables previously sold$6,901$8,372 Discounts related to gross receivables sold included in SG&A$29$6(1)Prior to November 16,2022,the C

119、ompany recognized these proceeds net of the DPP,consisting of a receivable from the Purchasers that entitled theCompany to certain collections on the receivable.The Company recognized the collection of the DPP in net cash provided by investing activities in thecondensed consolidated statements of ca

120、sh flows.As a result of the November 16,2022 amendment,Bunge reports collections on newly originated,unsoldreceivables held by BSBV as operating cash flows in the condensed consolidated statements of cash flows.5.INVENTORIESInventories by segment are presented below.Readily marketable inventories(RM

121、I)are agricultural commodity inventories,such as soybeans,soybeanmeal,soybean oil,palm oil,corn,and wheat carried at fair value because of their commodity characteristics,widely available markets,and international pricingmechanisms.The Company engages in trading and distribution,or merchandising act

122、ivities,and part of RMI can be attributable to such activities and is not held forprocessing.All other inventories are carried at lower of cost or net realizable value.14Table of Contents(US$in millions)June 30,2023December 31,2022Agribusiness$7,468$6,756 Refined and Specialty Oils 1,072 1,316 Milli

123、ng 261 332 Corporate and Other5 4 Total$8,806$8,408(1)Includes RMI of$6,956 million and$6,286 million at June 30,2023,and December 31,2022,respectively.Assets held for sale includes RMI of zero and$26 million at June 30,2023,and December 31,2022,respectively.Of these amounts,$5,898 million and$4,789

124、 million can be attributable tomerchandising activities at June 30,2023,and December 31,2022,respectively.(2)Includes RMI of$217 million and$271 million at June 30,2023,and December 31,2022,respectively.(3)Includes RMI of$23 million and$97 million at June 30,2023,and December 31,2022,respectively.6.

125、OTHER CURRENT ASSETSOther current assets consist of the following:(US$in millions)June 30,2023December 31,2022Unrealized gains on derivative contracts,at fair value$1,865$1,597 Prepaid commodity purchase contracts 421 254 Secured advances to suppliers,net 252 365 Recoverable taxes,net372 365 Margin

126、deposits809 791 Marketable securities and other short-term investments 73 119 Income taxes receivable68 102 Prepaid expenses269 376 Restricted cash30 26 Other306 386 Total$4,465$4,381(1)Prepaid commodity purchase contracts represent advance payments against contracts for future deliveries of specifi

127、ed quantities of agriculturalcommodities.(2)The Company provides cash advances to suppliers,primarily Brazilian soybean farmers,to finance a portion of the suppliers production costs.TheCompany does not bear any of the costs or operational risks associated with the related growing activities.The adv

128、ances are largely collateralized by futurecrops and physical assets of the suppliers,carry a local market interest rate,and settle when the farmers crops are harvested and sold.The securedadvances to farmers are reported net of allowances of$8 million and$7 million at June 30,2023 and December 31,20

129、22,respectively.(-)Interest earned on secured advances to suppliers of$4 million and$6 million for the three months ended June 30,2023,and 2022,respectively,and$11million and$12 million for the six months ended June 30,2023 and 2022 is included in Net sales in the condensed consolidated statements o

130、f income.(3)Marketable securities and other short-term investments-The Company invests in foreign government securities,corporate debt securities,deposits,equitysecurities,and other securities.The following is a summary of amounts recorded in the Companys condensed consolidated balance sheets as mar

131、ketablesecurities and other short-term investments.(1)(2)(3)(1)(2)(3)15Table of Contents(US$in millions)June 30,2023December 31,2022Foreign government securities$32$68 Equity securities13 23 Other28 28 Total$73$119 As of June 30,2023,and December 31,2022,$46 million and$89 million,respectively,of ma

132、rketable securities and other short-term investments wererecorded at fair value.All other investments were recorded at cost,and due to the short-term nature of these investments,their carrying valuesapproximated their fair values.For the three months ended June 30,2023,and 2022,unrealized gains of$1

133、 million and unrealized losses of$18 million,respectively,have been recognized in Other income(expense)-net for investments held at June 30,2023,and 2022.For the six months ended June 30,2023 and 2022,unrealized losses of$6 million and$119 million,respectively,have been recorded and recognized in Ot

134、her income(expense)-net forinvestments held at June 30,2023 and 2022.7.OTHER NON-CURRENT ASSETSOther non-current assets consist of the following:(US$in millions)June 30,2023December 31,2022Recoverable taxes,net$35$59 Judicial deposits125 110 Other long-term receivables,net 15 16 Income taxes receiva

135、ble207 143 Long-term investments167 163 Affiliate loans receivable8 8 Long-term receivables from farmers in Brazil,net 46 32 Unrealized gains on derivative contracts,at fair value1 1 Other121 95 Total$725$627(1)A significant portion of these non-current assets arise from the Companys Brazilian opera

136、tions 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 June 30,2023,and December 31,2022,$10 million and$9 million,respectively,of long-term investments are recorded at fair valu

137、e.Recoverable taxes,net-Recoverable taxes include value-added taxes paid upon the acquisition of property,plant and equipment,raw materials and taxableservices,and other transactional taxes which can be recovered in cash or as compensation against income taxes,or other taxes Bunge may owe,primarily

138、in Braziland Europe.Recoverable taxes are reported net of allowances of$13 million and$14 million at June 30,2023,and December 31,2022,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 relati

139、ngto 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 areexpected

140、to be primarily used for the settlement of future income tax obligations.Income taxes receivable in Brazil bear interest at the Selic rate.Long-term investments-Long-term investments primarily comprise Bunges noncontrolling equity investments in growth stage agribusiness and foodcompanies held by Bu

141、nge Ventures.Affiliate loans receivable-Affiliate loans receivable are primarily interest-bearing receivables from unconsolidated affiliates with remaining maturities ofgreater than one year.(1)(1)(2)(1)(3)(1)16Table of ContentsLong-term receivables from farmers in Brazil,net-The Company provides fi

142、nancing to farmers in Brazil,primarily through secured advances againstfarmer commitments to deliver agricultural commodities(primarily soybeans)upon harvest of the then-current years crop,and through credit sales of fertilizer tofarmers.Certain such long-term receivables from farmers are originally

143、 recorded in Other current assets as prepaid commodity purchase contracts or securedadvances to suppliers(see Note 6-Other Current Assets)or Other non-current assets according to their maturity.Advances initially recorded in Other current assetsare reclassified to Other non-current assets if collect

144、ion issues arise and amounts become past due with resolution of such matters expected to take more than oneyear.The average recorded investment in long-term receivables from farmers in Brazil for the six months ended June 30,2023,and the year endedDecember 31,2022,was$102 million and$90 million,resp

145、ectively.The table below summarizes the Companys recorded investment in long-term receivablesfrom farmers in Brazil and the related allowance amounts.June 30,2023December 31,2022(US$in millions)RecordedInvestmentAllowanceRecordedInvestmentAllowanceFor which an allowance has been provided:Legal colle

146、ction process$37$37$40$34 Renegotiated amounts1 1 2 2 For which no allowance has been provided:Legal collection process24 19 Renegotiated amounts5 7 Other long-term receivables 17 Total$84$38$68$36(1)All amounts in legal collection processes are considered past due upon initiation of legal action.(2

147、)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 fromthe balance sheet date.Such advances are reclassified from Other non-current assets to Othe

148、r current assets in later periods depending on the expected dateof their realization.The table below summarizes the activity in the allowance for doubtful accounts related to long-term receivables from farmers in Brazil.Six Months EndedJune 30,(US$in millions)20232022Allowance as of January 1$36$36

149、Bad debt provisions 1 Recoveries(1)(3)Write-offs Transfers Foreign exchange translation3 3 Allowance as of June 30$38$37 8.INVESTMENTS IN AFFILIATES AND VARIABLE INTEREST ENTITIESImpairment of Equity Method InvestmentDuring the six months ended June 30,2023,the Company recorded an impairment of$16 m

150、illion associated with its equity method investment in AustraliaPlant Proteins(APP),a start-up manufacturer of novel protein ingredients.The impairment was determined through managements review of impairmentindicators and consideration of the other-than temporary nature of such items.Impairment char

151、ges were recorded to Income(loss)from affiliates within Corporateand Other.As a result of the impairment,there is no carrying value associated with the equity method investment in APP at June 30,2023.Consolidated Variable Interest Entities(1)(1)(2)(3)17Table of ContentsOn May 1,2022,Bunge completed

152、a transaction with Chevron Corporation(Chevron)to create a joint venture,Bunge Chevron Ag Renewables LLC(the Joint Venture),leveraging Bunges expertise in oilseed processing and farmer relationships,and Chevrons expertise in fuels manufacturing and marketing,tohelp meet the demand for renewable fuel

153、s and to develop lower carbon intensity feedstocks.The Joint Venture is a variable interest entity(VIE)in which Bunge is considered to be the primary beneficiary because it is responsible for the day-to-day operating decisions of the Joint Venture as well as the marketing of the principal products,p

154、rimarily soybean meal and oil produced and sold by the JointVenture,among other factors.The Joint Ventures assets can only be used to settle the Joint Ventures own obligations and the Joint Ventures creditors have no recourse to Bungesassets beyond Bunges maximum exposure to loss associated with the

155、 Joint Venture at any given time.The following table presents the values of the assets andliabilities associated with the Joint Venture,which are included in Bunges condensed consolidated balance sheets as of June 30,2023 and December 31,2022.Allamounts exclude intercompany balances,which have been

156、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 VIEs assets can be usedother than for the settlement of the VIEs obligations.As such these VIEs have been excluded from the below table.(US$in

157、millions)June 30,2023December 31,2022Current assets:Cash and cash equivalents$569$528 Trade accounts receivable1 Inventories68 85 Other current assets91 98 Total current assets729 711 Property,plant and equipment,net100 65 Total assets$829$776 Current liabilities:Trade accounts payable and accrued l

158、iabilities$62$81 Other current liabilities90 85 Total current liabilities152 166 Total liabilities$152$166 For additional information on VIEs for which Bunge has determined it is not the primary beneficiary,along with the Companys related maximumexposure to losses associated with such investments,pl

159、ease refer to Note 12-Investments in Affiliates and Variable Interest Entities,included in the Companys2022 Annual Report on Form 10-K.9.INCOME TAXESIncome tax expense is provided on an interim basis based on managements estimate of the annual effective income tax rate and includes the tax effects o

160、fcertain 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.Inaddition,results from jurisdictions projecting a loss for the year where no tax benefit can be recognized are treated discretely in the inter

161、im period in which theyoccur.The effective tax rate is highly dependent on the geographic distribution of the Companys worldwide earnings or losses and tax regulations in eachjurisdiction.Management regularly monitors the assumptions used in estimating its annual effective tax rate,including the rea

162、lizability of deferred tax assets,andadjusts estimates accordingly.Volatility in earnings within a taxing jurisdiction could result in a determination that additional valuation allowance adjustments maybe warranted.Income tax expense for the three and six months ended June 30,2023 was$198 million an

163、d$381 million,respectively.Income tax expense for the threeand six months ended June 30,2022 was$36 million and$144 million,respectively.The effective tax rate for the three and six months ended June 30,2023,washigher than the U.S.statutory rate of 21%primarily due to jurisdictional mix of earnings.

164、The effective tax rate for the three months ended June 30,2022,waslower than the U.S.statutory rate of 21%primarily due to jurisdictional mix of earnings,and the effective tax rate for the six months ended June 30,18Table of Contents2022 was lower than the U.S.statutory rate of 21%,primarily due to

165、jurisdictional mix of earnings,incentives in South America,and the release of valuationallowances in Europe and Asia.As a global enterprise,the Company files income tax returns that are subject to periodic examination and challenge by federal,state,and foreign taxauthorities.In many jurisdictions,in

166、come tax examinations,including settlement negotiations or litigation,may take several years to finalize.The Company iscurrently under examination or litigation in various locations throughout the world.While it is difficult to predict the outcome or timing of resolution of anyparticular matter,mana

167、gement believes that the condensed consolidated financial statements reflect the largest amount of tax benefit that is more likely than not tobe realized.10.OTHER CURRENT LIABILITIESOther current liabilities consist of the following:(US$in millions)June 30,2023December 31,2022Unrealized losses on de

168、rivative contracts,at fair value$1,574$1,570 Accrued liabilities638 755 Advances on sales 380 601 Income tax payable63 156 Other347 297 Total$3,002$3,379(1)The Company records advances on sales when cash payments are received in advance of the Companys performance and recognizes revenue once therela

169、ted performance obligation is completed.Advances on sales are impacted by the seasonality of Bunges business,including the timing of harvests in thenorthern and southern hemispheres,and amounts at each balance sheet date will generally be recognized in earnings within twelve months or less.11.FAIR V

170、ALUE MEASUREMENTSBunges 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-

171、term debt aregenerally stated at their carrying value,which is a reasonable estimate of fair value.See Note 3-Trade Structured Finance Program for trade structured financeprogram,Note 7-Other Non-Current Assets for long-term receivables from farmers in Brazil,net and other long-term investments,and

172、Note 13-Debt for Long-term debt.Bunges 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.(1)19Table of ContentsLevelDescriptionF

173、inancial Instrument(Assets/Liabilities)Level 1Quoted prices(unadjusted)in active markets foridentical assets or liabilities.Exchange traded derivative contracts.Marketable securities in active markets.Level 2Observable inputs,including adjusted Level 1quotes,quoted prices for similar assets orliabil

174、ities,quoted prices in markets that are lessactive than traded exchanges and other inputsthat are observable or can be corroborated byobservable market data for substantially the fullterm of the assets or liabilities.Exchange traded derivative contracts(less liquid markets).Readily marketable invent

175、ories.Over-the-counter(OTC)commodity purchase and sales contracts.OTC derivatives whose value is determined using pricing models with inputs that are generallybased on exchange traded prices,adjusted for location specific inputs that are primarilyobservable in the market or can be derived principall

176、y from or corroborated by observablemarket data.Marketable securities in less active markets.Level 3Unobservable inputs that are supported by littleor no market activity and that are a significantcomponent of the fair value of the assets orliabilities.Assets and liabilities whose value is determined

177、 using proprietary pricing models,discountedcash flow methodologies or similar techniques.Assets and liabilities for which the determination of fair value requires significant managementjudgment or estimation.In many cases,a valuation technique used to measure fair value includes inputs from multipl

178、e levels of the fair value hierarchy.The lowest level of inputthat is a significant component of the fair value measurement determines the placement of the entire fair value measurement in the hierarchy.The Companysassessment of the significance of a particular input to the fair value measurement re

179、quires judgment and may affect the classification of fair value assets andliabilities within the fair value hierarchy levels.For a further definition of fair value and the associated fair value levels,refer to Note 16-Fair Value Measurements,included in the Companys 2022Annual Report on Form 10-K.20

180、Table of ContentsThe following table sets forth,by level,the Companys assets and liabilities that were accounted for at fair value on a recurring basis.Fair Value Measurements at Reporting Date June 30,2023December 31,2022(US$in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalAssets:Cas

181、h equivalents$115$185$300$81$81 Readily marketable inventories(Note 5)5,812 1,384 7,196 6,268 412 6,680 Trade accounts receivable 9 9 7 7 Unrealized gain on derivative contracts:Interest rate6 7 13 3 3 Foreign exchange 566 566 1 378 379 Commodities165 915 60 1,140 136 763 101 1,000 Freight98 98 80 8

182、0 Energy42 2 44 128 2 130 Credit 5 5 5 5 Other 24 21 11 56 33 40 27 100 Total assets$450$7,522$1,455$9,427$378$7,547$540$8,465 Liabilities:Trade accounts payable$658$437$1,095$513$130$643 Unrealized loss on derivative contracts:Interest rate4 333 337 344 344 Foreign exchange 433 433 1 461 462 Commod

183、ities145 846 51 1,042 127 731 50 908 Freight42 42 28 28 Energy39 5 44 153 6 159 Credit 1 1 Total liabilities$230$2,275$488$2,993$309$2,056$180$2,545(1)These receivables and payables are hybrid financial instruments for which Bunge has elected the fair value option as they are derived from purchases

184、andsales of agricultural commodity products in the normal course of business.(2)Unrealized gains on derivative contracts are generally included in Other current assets.There were$1 million and$1 million included in Other non-currentassets at June 30,2023,and December 31,2022,respectively.(3)Other in

185、cludes the fair values of marketable securities and investments in Other current assets and Other non-current assets.(4)Unrealized losses on derivative contracts are generally included in Other current liabilities.There were$324 million and$332 million included in Othernon-current liabilities at Jun

186、e 30,2023,and December 31,2022,respectively.Cash equivalents Cash equivalents primarily includes money market funds and commercial paper investments.Bunge analyzes how the prices arederived and determines whether the prices are liquid or less liquid tradable prices.Cash equivalents with liquid price

187、s are valued using prices from publiclyavailable sources and classified as Level 1.Cash equivalents with less liquid prices are valued using third-party quotes or pricing models and classified as Level 2.Readily marketable inventoriesRMI reported at fair value are valued based on commodity futures e

188、xchange quotations,broker or dealer quotations,ormarket transactions in either listed or OTC markets with appropriate adjustments for differences in local markets where the Companys inventories are located.Insuch cases,the inventory is classified within Level 2.Certain inventories may utilize signif

189、icant unobservable data related to local market adjustments to determinefair value.In such cases,the inventory is classified as Level 3.If the Company used different methods or factors to determine fair values,amounts reported as unrealized gains and losses on derivative contracts andRMI at fair val

190、ue in the condensed consolidated balance sheets and condensed consolidated statements of income could differ.Additionally,if market conditionschange subsequent to the reporting date,amounts reported(1)(2)(3)(1)(4)21Table of Contentsin future periods as unrealized gains and losses on derivative contr

191、acts and RMI at fair value in the condensed consolidated balance sheets and condensedconsolidated statements of income could differ.DerivativesThe majority of exchange traded futures and options contracts and exchange cleared contracts are valued based on unadjusted quoted pricesin active markets an

192、d are classified within Level 1.The majority of the Companys exchange traded agricultural commodity futures are cash-settled on a daily basisand,therefore,are not included in these tables.The Companys forward commodity purchase and sales contracts are classified as derivatives along with other OTCde

193、rivative instruments,primarily relating to freight,energy,foreign exchange and interest rates,and are classified within Level 2 or Level 3 as described below.TheCompany estimates fair values based on exchange quoted prices,adjusted as appropriate for differences in local markets.These differences ar

194、e generally valuedusing inputs from broker or dealer quotations,or market transactions in either the listed or OTC markets.In such cases,these derivative contracts are classifiedwithin Level 2.OTC derivative contracts include swaps,options,and structured transactions that are generally fair valued u

195、sing quantitative models that require the use ofmultiple market inputs including quoted prices for similar assets or liabilities in active markets,quoted prices for identical or similar assets or liabilities in marketswhich are not highly active,other observable inputs relevant to the asset or liabi

196、lity,and market inputs corroborated by correlation or other means.These valuationmodels include inputs such as interest rates,prices,and indices,to generate continuous yield or pricing curves and volatility factors.Where observable inputs areavailable for substantially the full term of the asset or

197、liability,the instrument is categorized in Level 2.Certain OTC derivatives trade in less active markets withless availability of pricing information and certain structured transactions can require internally developed model inputs that might not be observable in orcorroborated by the market.Marketab

198、le securities and investmentsComprise foreign government securities,corporate debt securities,deposits,equity securities,and otherinvestments.Bunge analyzes how the prices are derived and determines whether the prices are liquid or less liquid tradable prices.Marketable securities andinvestments wit

199、h liquid prices are valued using prices from publicly available sources and classified as Level 1.Marketable securities and investments with lessliquid prices are valued using third-party quotes or pricing models and classified as Level 2 or Level 3 as described below.Level 3 MeasurementsThe followi

200、ng relates to Level 3 measurements.An instrument may transfer into or out of Level 3 due to inputs becoming either observable orunobservable.Level 3 MeasurementsTransfers in and/or out of Level 3 represent existing assets or liabilities that were either previously categorized as a higher levelfor wh

201、ich the inputs to the model became unobservable or assets and liabilities that were previously classified as Level 3 for which the lowest significant inputbecame observable during the period.Bunges policy regarding the timing of transfers between levels is to record the transfers at the end of the r

202、eporting period.Level 3 Readily marketable inventories and Trade accounts payableThe significant unobservable inputs resulting in Level 3 classification for RMI,physically settled forward purchase and sales contracts,and Trade accounts payable,relate to certain management estimations regarding costs

203、 of transportation andother local market or location-related adjustments,primarily freight related adjustments in the interior of Brazil and the lack of market corroborated information inCanada.In both situations,the Company uses proprietary information such as purchase and sales contracts and contr

204、acted prices to value freight,premiums anddiscounts in its contracts.Movements in the prices of these unobservable inputs alone would not be expected to have a material effect on the Companys financialstatements as these contracts do not typically exceed one future crop cycle.Level 3 DerivativesLeve

205、l 3 derivative instruments utilize both market observable and unobservable inputs within the fair value measurements.Theseinputs include commodity prices,price volatility,interest rates,volumes,and locations.Level 3 Othersprimarily relates to marketable securities and investments valued using third-

206、party quotes or pricing models with inputs based on similarsecurities adjusted to reflect managements best estimate of the specific characteristics of the securities held by the Company.Such inputs represent a significantcomponent of the fair value of the securities held by the Company,resulting in

207、the securities being classified as Level 3.The tables below present reconciliations for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs(Level 3)during the three and six months ended June 30,2023,and 2022.These instruments were valued using pri

208、cing models that management believes reflect theassumptions that would be used by a marketplace participant.22Table of ContentsThree Months Ended June 30,2023(US$in millions)ReadilyMarketableInventoriesDerivatives,NetTradeAccountsPayableOtherTotalBalance,April 1,2023$1,308$47$(494)$27$888 Total gain

209、s and losses(realized/unrealized)includedin Cost of goods sold 192(56)9 145 Total gains and losses(realized/unrealized)includedin Other income(expense)-net (2)(2)Purchases1,377 (89)1,288 Sales(1,846)(14)(1,860)Settlements 131 131 Transfers into Level 3312 26(10)328 Transfers out of Level 3(18)(8)42

210、16 Translation adjustment59 (26)33 Balance,June 30,2023$1,384$9$(437)$11$967(1)Readily marketable inventories,derivatives,net,and Trade accounts payable,include gains/(losses)of$219 million,$(32)million and$9 million,respectively,that are attributable to the change in unrealized gains/(losses)relati

211、ng to Level 3 assets and liabilities still held at June 30,2023.(2)Comprises the fair values of marketable securities and investments in Other current assets.Included within Other income(expense)-net of the condensedconsolidated statements of income are$16 million mark-to-market losses related to se

212、curities still held at June 30,2023.Three Months Ended June 30,2022(US$in millions)ReadilyMarketableInventoriesDerivatives,NetTradeAccounts PayableOther TotalBalance,April 1,2022$1,131$27$(447)$70$781 Total gains and losses(realized/unrealized)includedin Cost of goods sold 35(9)18 44 Total gains and

213、 losses(realized/unrealized)includedin Other income(expense)-net (5)(5)Purchases856 (80)776 Sales(1,310)(1,310)Settlements 52 52 Transfers into Level 3451 7(2)456 Transfers out of Level 3(131)(15)146 Translation adjustment(91)42 1(48)Balance,June 30,2022$941$10$(271)$66$746(1)Readily marketable inve

214、ntories,derivatives,net,and Trade accounts payable,includes gains/(losses)of$84 million,$(25)million and$17 million,respectively,that are attributable to the change in unrealized gains/(losses)relating to Level 3 assets and liabilities still held at June 30,2022.(2)Comprises the fair values of marke

215、table securities and investments in Other current assets.Included within Other income(expense)-net of the condensedconsolidated statements of income are$5 million in gains related to securities still held at June 30,2022.(2)(1)(2)(1)23Table of ContentsSix Months Ended June 30,2023(US$in millions)Rea

216、dilyMarketableInventoriesDerivatives,NetTradeAccountsPayableOtherTotalBalance,January 1,2023$412$51$(130)$27$360 Total gains and losses(realized/unrealized)included in Cost of goods sold 365(71)18 312 Total gains and losses(realized/unrealized)included in Other income(expense)-net (2)(2)Purchases3,0

217、21 (429)2,592 Sales(3,589)(14)(3,603)Settlements 171 171 Transfers into Level 31,150 29(81)1,098 Transfers out of Level 3(39)42 3 Translation adjustment64 (28)36 Balance,June 30,2023$1,384$9$(437)$11$967(1)Readily marketable inventories,derivatives,net,and Trade accounts payable,include gains/(losse

218、s)of$444 million,$(42)million and$19 million,respectively,that are attributable to the change in unrealized gains/(losses)relating to Level 3 assets and liabilities still held at June 30,2023.(2)Comprises the fair values of marketable securities and investments in Other current assets.Included withi

219、n Other income(expense)-net of the condensedconsolidated statements of income are$16 million mark-to-market losses related to securities still held at June 30,2023.Six Months Ended June 30,2022(US$in millions)ReadilyMarketableInventoriesDerivatives,NetTradeAccounts PayableOtherTotalBalance,January 1

220、,2022$205$(31)$(23)$151 Total gains and losses(realized/unrealized)included inCost of goods sold 170 28 33 231 Total gains and losses(realized/unrealized)included inOther income(expense)-net (69)$(69)Purchases2,102 (446)1,656 Sales(2,687)(2,687)Settlements 325(84)241 Transfers into Level 31,415 28(3

221、47)218 1,314 Transfers out of Level 3(178)(14)146 (46)Translation adjustment(86)(1)41 1(45)Balance,June 30,2022$941$10$(271)$66$746(1)Readily marketable inventories,derivatives,net,and Trade accounts payable,includes gains/(losses)of$167 million,$26 million and$27 million,respectively,that are attri

222、butable to the change in unrealized gains/(losses)relating to Level 3 assets and liabilities still held at June 30,2022.(2)Comprises the fair values of marketable securities and investments in Other current assets.Included within Other income(expense)-net of the condensedconsolidated statements of i

223、ncome are$37 million in gains related to securities still held at June 30,2022.(2)(1)(2)(1)24Table of Contents12.DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIESThe Company uses derivative instruments to manage several market risks,such as interest rate,foreign currency,and commodity risk.Some of those

224、hedges the Company enters into qualify for hedge accounting in the financial statements(Hedge Accounting Derivatives)and some,while intended as economichedges,do not qualify or are not designated for hedge accounting(Economic Hedge Derivatives).As these derivatives impact the financial statements in

225、 differentways,they are discussed separately below.Hedge Accounting Derivatives-The Company uses derivatives in qualifying hedge accounting relationships to manage certain of its interest rate,foreigncurrency,and commodity risks.In executing these hedge strategies,the Company primarily relies on the

226、 shortcut and critical terms match methods in designing itshedge accounting strategy,which results in little to no net earnings impact for these hedge relationships.The Company monitors these relationships on a quarterlybasis and performs a quantitative analysis to validate the assertion that the he

227、dges are highly effective if there are changes to the hedged item or hedging derivative.Fair value hedges-These derivatives are used to hedge the effect of interest rate and currency exchange rate changes on certain long-term debt.Under fairvalue hedge accounting,the derivative is measured at fair v

228、alue and the carrying value of hedged debt is adjusted for the change in value related to the exposurebeing hedged,with both adjustments offset to earnings.In other words,the earnings effect of a change in the fair value of the derivative will be substantially offsetby the earnings effect of the cha

229、nge in the carrying value of the hedged debt.The net impact of fair value hedge accounting for interest rate swaps is recognized inInterest expense.For cross currency swaps the changes in currency risk on the derivative are recognized in Foreign exchange gains(losses),and the changes ininterest rate

230、 risk are recognized in Interest expense.Changes in basis risk are held in Accumulated other comprehensive income(loss)until realized through thecoupon.Cash flow hedges of currency risk-The Company manages currency risk on certain forecasted sales,purchases,selling,general and administrativeexpenses

231、,and recognized assets and liabilities with currency forwards.The change in the value of the forward is held in Accumulated other comprehensive income(loss)until the transaction affects earnings,at which time the change in value of the currency forward is reclassified to Net sales,Cost of goods sold

232、,or Selling,general and administrative expenses.These hedges mature at various times through June 2024.Of the amount currently in Accumulated other comprehensiveincome(loss),$4 million of deferred losses is expected to be reclassified to earnings in the next twelve months.Net investment hedges-The C

233、ompany hedges the currency risk of certain of its foreign subsidiaries with currency forwards for which the currency risk isremeasured through Accumulated other comprehensive income(loss).For currency forwards,the forward method is used.The change in the value of the forward isclassified in Accumula

234、ted other comprehensive income(loss)until the transaction affects earnings by way of either sale or substantial liquidation of the foreignsubsidiary.The table below provides information about the balance sheet values of hedged items and the notional amount of derivatives used in hedging strategies.T

235、he notional amount of the derivative is the number of units of the underlying(for example,the notional principal amount of the debt in an interest rate swap).Thenotional amount is used to compute interest or other payment streams to be made under the contract and is a measure of the Companys level o

236、f activity.TheCompany discloses derivative notional amounts on a gross basis.25Table of Contents(US$in millions)June 30,2023December 31,2022Unit ofMeasureHedging instrument type:Fair value hedges of interest rate riskInterest rate swap-notional amount$2,900$3,753$NotionalCumulative adjustment to lon

237、g-term debt from application of hedge accounting$(324)$(341)$NotionalCarrying value of hedged debt$2,559$3,394$NotionalFair value hedges of currency riskCross currency swap$212$232$NotionalCarrying value of hedged debt$212$232$NotionalCash flow hedges of currency riskForeign currency forward-notiona

238、l amount$61$310$NotionalForeign currency option-notional amount$66$108$NotionalNet investment hedgesForeign currency forward-notional amount$725$495$NotionalEconomic Hedge Derivatives-In addition to using derivatives in qualifying hedge relationships,the Company enters into derivatives to economical

239、lyhedge its exposure to a variety of market risks it incurs in the normal course of operations.Interest rate derivatives are used to hedge exposures to the Companys financial instrument portfolios and debt issuances.The impact of changes in fairvalue of these instruments is primarily presented in In

240、terest expense.Currency derivatives are used to hedge the balance sheet and commercial exposures that arise from the Companys global operations.The impact ofchanges in fair value of these instruments is presented in Cost of goods sold when hedging commercial exposures and Foreign exchange(losses)gai

241、ns whenhedging monetary exposures.Agricultural commodity derivatives are used primarily to manage the Companys inventory and forward purchase and sales contracts.Contracts topurchase agricultural commodities generally relate to current or future crop years for delivery periods quoted by regulated co

242、mmodity exchanges.Contracts for thesale of agricultural commodities generally do not extend beyond one future crop cycle.The impact of changes in fair value of these instruments is presented in Costof goods sold.The Company uses derivative instruments referred to as forward freight agreements(FFAs)a

243、nd FFA options to hedge portions of its current andanticipated ocean freight costs.The impact of changes in fair value of these instruments is presented in Cost of goods sold.The Company uses energy derivative instruments to manage its exposure to volatility in energy costs.Hedges may be entered int

244、o for natural gas,electricity,coal and fuel oil,including bunker fuel.The impact of changes in fair value of these instruments is presented in Cost of goods sold.The Company may also enter into other derivatives,including credit default swaps,carbon emission derivatives and equity derivatives to man

245、age itsexposure to credit risk and broader macroeconomic risks.The impact of changes in fair value of these instruments is presented in Cost of goods sold.26Table of ContentsThe table below summarizes the volume of economic derivatives as of June 30,2023 and December 31,2022.For those contracts trad

246、ed bilaterallythrough the over-the-counter markets(e.g.,forwards,forward rate agreements(FRA),and swaps),the gross position is provided.For exchange traded(e.g.,futures,FFAs,and options)and cleared positions(e.g.,energy swaps),the net position is provided.June 30,December 31,20232022Unit ofMeasure(U

247、S$in millions)Long(Short)Long(Short)Interest rate Swaps$79$(1,675)$387$(1,267)$Notional Futures$(416)$(97)$Notional Forwards$650$(896)$NotionalCurrency Forwards$9,735$(12,003)$9,819$(9,682)$Notional Swaps$2,776$(1,407)$2,441$(2,876)$Notional Futures$(10)$11$Notional Options$36$(25)$(102)DeltaAgricul

248、tural commodities Forwards33,130,064(34,407,272)20,493,679(27,766,763)Metric Tons Swaps (1,864,262)Metric Tons Futures(9,522,764)(4,092,772)Metric Tons Options210,894(948,005)1,025(216,647)Metric TonsOcean freight FFA(8,905)(11,197)Hire DaysNatural gas Forwards24,619(24,620)MMBtus Swaps580,095 1,460

249、,190 MMBtus Futures6,037,280 5,250,393 MMBtus Options419,540 MMBtusElectricity Futures(73,496)Mwh Swaps28,800(10,800)22,987(8,619)MwhEnergy-other Swaps170,736 175,784 Metric Tons Futures 1,320,881 Metric Tons Options(13,640)Metric TonsEnergy-CO2 Futures355,000 (38,000)Metric TonsOtherSwaps and futur

250、es$10$(45)$20$(50)$Notional27Table of ContentsThe Effect of Derivative Instruments and Hedge Accounting on the Condensed Consolidated Statements of IncomeThe tables below summarize the net effect of derivative instruments and hedge accounting on the condensed consolidated statements of income for th

251、ethree and six months ended June 30,2023 and 2022.Gain(Loss)Recognized inIncome on Derivative Instruments Three Months Ended June 30,(US$in millions)20232022Income statement classificationType of derivativeNet salesHedge accountingForeign currency$4$5 Cost of goods soldHedge accountingForeign curren

252、cy$(1)$Economic hedgesForeign currency324(70)Commodities(32)638 Other 16 9 Total Cost of goods sold$307$577 Selling,general&administrativeHedge AccountingForeign exchange$1$Interest expenseHedge accountingInterest rate$(35)$3 Economic hedgesInterest rate5 Total Interest expense$(30)$3 Foreign exchan

253、ge(losses)gains Hedge accountingForeign currency$(19)$(25)Economic hedgesForeign currency(39)57 Total Foreign exchange(losses)gains$(58)$32 Other comprehensive income(loss)Gains and losses on derivatives used as fair value hedges of foreign currency risk included in Othercomprehensive income(loss)du

254、ring the period$2 Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in Othercomprehensive income(loss)during the period$(26)$4 Gains and losses on derivatives used as net investment hedges included in Other comprehensive income(loss)during the period$(40)$41

255、Amounts released from Accumulated other comprehensive income(loss)during the period Cash flow hedge of foreign currency risk$1$(5)(1)Other includes results from freight,energy and other derivatives.(1)28Table of ContentsGain(Loss)Recognized inIncome on Derivative InstrumentsSix months ended June 30,

256、(US$in millions)20232022Income statement classificationType of derivativeNet salesHedge accountingForeign currency$5$7 Cost of goods soldHedge accountingForeign currency$Economic hedgesForeign currency408 423 Commodities364(618)Other 7 90 Total Cost of goods sold$779$(105)Selling,general&administrat

257、ive expensesHedge AccountingForeign exchange$1$Interest expenseHedge accountingInterest rate$(68)$(4)Economic hedgesInterest rate6 1 Total Interest expense$(62)$(3)Foreign exchange gains(losses)Hedge accountingForeign currency$(21)$(37)Economic hedgesForeign currency(6)116 Total Foreign exchange gai

258、ns(losses)$(27)$79 Other income(expense)Economic hedgesInterest rate$1$1 Other comprehensive income(loss)Gains and losses on derivatives used as fair value hedges of foreign currency risk included in Othercomprehensive income(loss)during the period$2 Gains and losses on derivatives used as cash flow

259、 hedges of foreign currency risk included in Othercomprehensive income(loss)during the period$(31)$36 Gains and losses on derivatives used as net investment hedges included in Other comprehensive income(loss)during the period$(61)$(108)Amounts released from Accumulated other comprehensive income(los

260、s)during the periodCash flow hedge of foreign currency risk$(7)(1)Other includes results from freight,energy and other derivatives.(1)29Table of Contents13.DEBTPrior to June 21,2023,Bunge conducted most of its third party financing activities through a centralized financing structure that included a

261、 master trust(the“Bunge Master Trust”).On June 21,2023,Bunge terminated the Bunge Master Trust in accordance with a termination and lien release agreement in order tosimplify the legal framework around its capital structure.Post termination of the Bunge Master Trust,Bunge will continue to conduct mo

262、st of its third partyfinancing activities centrally through 100%owned finance subsidiaries which carry full,unconditional guarantees of the parent company.In connection with thetermination of the Bunge Master Trust,Bunge amended its existing credit agreements and related guarantees to remove all ref

263、erences and provisions related to theBunge Master Trust,as well as made amendments to certain credit facilities as discussed further below.Also on June 21,2023,Bunge entered into an unsecured$1.1 billion 364-day revolving credit agreement(the“$1.1 Billion 2024 Credit Agreement”)witha group of lender

264、s,maturing on June 19,2024.Bunge may from time to time request one or more of the existing or new lenders to increase the total participationsunder the$1.1 Billion 2024 Credit Agreement by an aggregate amount up to$250 million,subject to lender approval,pursuant to an accordion provision.Borrowings

265、will bear interest at Secured Overnight Financing Rate(“SOFR”)plus a SOFR adjustment and applicable margin as defined in the$1.1 Billion 2024Credit Agreement.The$1.1 Billion 2024 Credit Agreement replaced an existing$1.1 billion 364-day revolving credit agreement scheduled to mature July 14,2023.Bun

266、ge had no borrowings outstanding at June 30,2023,and December 31,2022,under the$1.1 Billion 2024 Credit Agreement and the predecessor agreement,respectively.Further,on June 21,2023,Bunge amended its$1.35 billion 5-year revolving credit agreement to increase total commitments under the facility to$1.

267、95 billion(the“$1.95 Billion Credit Agreement).Bunge may from time to time request one or more of the existing or new lenders to increase the totalparticipations under the$1.95 Billion Credit Agreement by an aggregate amount up to$1.5 billion pursuant to an accordion provision.Borrowings will bear i

268、nterestat SOFR plus a SOFR adjustment and applicable margin as defined in the$1.95 Billion Credit Agreement.Bunge had no borrowings outstanding at June 30,2023,and December 31,2022,under the$1.95 billion Credit Agreement.Bunge had no borrowings outstanding at June 30,2023,and December 31,2022,under

269、the unsecured$865 million Revolving Credit Agreement(the$865 Million 2026 Facility)with a group of lenders,set to mature on October 29,2026.Borrowings will bear interest at SOFR plus a SOFR adjustment andapplicable margin,as defined in the$865 Million 2026 Facility.Bunge had no borrowings outstandin

270、g at June 30,2023,and December 31,2022,under the unsecured$1.75 billion revolving credit facility($1.75 BillionRevolving Credit Facility),set to mature on December 16,2024.The interest rate under the$1.75 Billion Revolving Credit Facility is tied to certain sustainabilitycriteria,including,but not l

271、imited to,science-based targets that define Bunges climate goals within its operations and a commitment to a deforestation-free supplychain in 2025.Bunge may from time to time,with the consent of the agent,request one or more of the existing lenders or new lenders to increase the totalcommitments by

272、 an amount not to exceed$250 million pursuant to an accordion provision.Borrowings under the$1.75 Billion Revolving Credit Facility will bearinterest at SOFR plus a SOFR adjustment,which will vary from 0.30%to 1.30%,based on the senior long-term unsecured debt ratings provided by MoodysInvestors Ser

273、vice and Standard&Poors Global Ratings.Bunge will also pay a fee that will vary from 0.10%to 0.40%based on its utilization of the$1.75 BillionRevolving Credit Facility.Borrowings under the committed revolving credit facilities described above typically have an original maturity of three months or le

274、ss,resulting in netpresentation of proceeds and repayments of short-term debt in the condensed consolidated statements of cash flows.At June 30,2023,Bunge had$5,665 million unused and available committed borrowing capacity comprised of committed revolving credit facilities with anumber of financial

275、institutions.At December 31,2022,Bunge had$6,665 million unused and available committed borrowing capacity comprised of committedrevolving credit facilities and the commercial paper program with a number of financial institutions,totaling$5,665 million,and$1,000 million in committedunsecured delayed

276、 draw term loans,as discussed below.30Table of ContentsOn June 21,2023,Bunge terminated its existing$600 million asset-backed commercial paper program and its related liquidity and letter of credit facilities.To continue access to the commercial paper market,Bunge established a new$1 billion unsecur

277、ed corporate commercial paper program(the“$1 BillionCommercial Paper Program”).Standard&Poors and Moodys assigned short-term ratings of A-2 and P-2,respectively.The short-term credit ratings of the$1Billion Commercial Paper Program require Bunge to keep same day unused committed borrowing capacity u

278、nder its long-term committed credit facilities in anamount greater or equal to the amount of commercial paper issued and outstanding.The$1 Billion Commercial Paper Program has no maturity date.At June 30,2023,there were no borrowings outstanding under the$1 Billion Commercial Paper Program.At Decemb

279、er 31,2022,there were no borrowings outstanding underBunges prior commercial paper program and its related liquidity and letter of credit facilities.Borrowings under the$1 Billion Commercial Paper Programtypically have an original maturity of three months or less,resulting in net presentation of pro

280、ceeds and repayments of short-term debt in the condensedconsolidated statements of cash flows.In addition to committed facilities,from time to time,Bunge Limited and/or its financing subsidiaries enter into uncommitted bilateral short-term creditlines as necessary based on financing requirements.At

281、June 30,2023,and December 31,2022,there were no borrowings,respectively,outstanding under thesebilateral short-term credit lines.Loans under such credit lines are non-callable by the respective lenders.In addition,Bunges operating companies had$667 millionand$546 million in short-term borrowings out

282、standing under local bank lines of credit at June 30,2023,and December 31,2022,respectively,to support workingcapital requirements.The original maturity of borrowings under uncommitted bilateral credit lines and local bank lines of credit varies based upon the Companysfinancing objectives.As a resul

283、t,proceeds and repayments of such credit lines may be presented on a net basis,or separately,in the condensed consolidatedstatements of cash flows as dictated by the borrowings original maturity.The fair value of Bunges long-term debt,including current portion,is calculated based on interest rates c

284、urrently available on comparable maturities tocompanies with credit standing similar to that of Bunge.The carrying amounts and fair values of long-term debt are as follows:June 30,2023December 31,2022(US$in millions)CarryingValueFair Value(Level 2)CarryingValueFair Value(Level 2)Long-term debt,inclu

285、ding current portion$4,282$4,290$4,105$4,148 Upon maturity in June 2023,Bunge repaid the principal and accrued interest due on its issued and outstanding 800 million Euro 1.85%Senior Notes.On August 5,2022,Bunge entered into an unsecured$250 million delayed draw term loan(the$250 Million February 20

286、23 Delayed Draw Term Loan)with a group of lenders that was required to be drawn by February 2,2023.The$250 million February 2023 Delayed Draw Term Loan bears interest at SOFR plusa SOFR adjustment and applicable margin,as defined in the$250 million February 2023 Delayed Draw Term Loan agreement.The$

287、250 million February 2023Delayed Draw Term Loan was drawn on February 2,2023 and matures on August 5,2027.On July 26,2022,and later amended on October 7,2022,Bunge entered into an unsecured$750 million delayed draw term loan(the$750 MillionDelayed Draw Term Loan)with a group of lenders giving Bunge

288、the option to draw the loan by January 25,2023.The$750 Million Delayed Draw Term Loanbears interest at SOFR plus a SOFR adjustment and applicable margin,as defined in the$750 Million Delayed Draw Term Loan agreement.The$750 MillionDelayed Draw Term Loan was drawn on January 25,2023 and matures on Oc

289、tober 24,2025.As described in Note 2-Acquisitions and Dispositions,Bunge has secured a total of$8.0 billion in Acquisition Financing in the form of a$7.7 billionfinancing commitment from a consortium of lenders,arranged by Sumitomo Mitsui Banking Corporation and a$300 million 5-year delayed draw ter

290、m loan fromCoBank and the U.S.farm credit system executed July 7,2023 that may be drawn upon the closing of the acquisition.The$7.7 billion financing commitment is inthe form of a three tranche term loan maturing 364-days,2-years and 3-years from closing of the acquisition.14.RELATED PARTY TRANSACTI

291、ONSBunge purchases agricultural commodity products from certain of its unconsolidated investees and other related parties.Such related party purchasescomprised approximately 8%or less of total Cost of goods sold for the three and six months ended June 30,2023,and 2022.Bunge also sells agriculturalco

292、mmodity products to certain of its unconsolidated investees and other related parties.Such related party sales comprised approximately 2%or less of total Netsales for the three and six months ended June 30,2023,and 2022.31Table of ContentsIn addition,Bunge receives services from and provides service

293、s to its unconsolidated investees and other related parties,including tolling,port handling,administrative support,and other services.For the three and six months ended June 30,2023,and 2022,such services were not material to the Companysconsolidated results.At June 30,2023,and December 31,2022,rece

294、ivables related to the above related party transactions comprised approximately 1%or less of total Tradeaccounts receivable.At June 30,2023,and December 31,2022,payables related to the above related party transactions comprised approximately 4%or less of totalTrade accounts payable.Bunge believes al

295、l transaction values to be similar to those that would be conducted with third parties.15.COMMITMENTS AND CONTINGENCIESBunge is party to claims and lawsuits,primarily non-income tax and labor claims in South America,arising in the normal course of business.Bunge is alsoinvolved from time to time in

296、various contract,antitrust,environmental litigation and remediation,and other litigation,claims,government investigations,and legalproceedings.The ability to predict the ultimate outcome of such matters involves judgments,estimates and inherent uncertainties.Bunge records liabilities relatedto legal

297、 matters when the exposure item becomes probable and can be reasonably estimated.Bunge management does not expect these matters to have a materialadverse effect on Bunges financial condition,results of operations,or liquidity.However,these matters are subject to inherent uncertainties and there exis

298、ts theremote possibility that a liability arising from these matters could have a material adverse impact in the period in which the uncertainties are resolved should theliability substantially exceed the amount of provisions included in the condensed consolidated balance sheets.Information regardin

299、g the claims appears in BungesReport on Form 10-K for the year ended December 31,2022.Included in Other non-current liabilities as of June 30,2023,and December 31,2022,are thefollowing amounts related to these matters:(US$in millions)June 30,2023December 31,2022Non-income tax claims$19$20 Labor clai

300、ms66 76 Civil and other claims113 105 Total$198$201 Brazil Indirect Taxes-non-income tax claims-These tax claims relate to claims against Bunges Brazilian subsidiaries,primarily value-added tax claims(ICMS,ISS,IPI and PIS/COFINS).The Company continues to evaluate the merits of outstanding claims fro

301、m examinations of ICMS and PIS/COFINS tax returns concluded by Brazilianfederal and state tax authorities and will recognize them if and when loss is considered probable.The outstanding claims comprise the following:(US$in millions)Years ExaminedJune 30,2023December 31,2022ICMS1990 to Present$232$21

302、5 PIS/COFINS2002 to Present$436$347 32Table of ContentsLabor claims The labor claims are principally against Bunges Brazilian subsidiaries.The labor claims primarily relate to dismissals,severance,healthand safety,salary adjustments,and supplementary retirement benefits.Civil and other claims The ci

303、vil and other claims relate to various disputes with third parties,including suppliers and customers.Guarantees Bunge has issued or was a party to the following guarantees at June 30,2023:(US$in millions)Recorded LiabilityMaximumPotentialFuturePaymentsUnconsolidated affiliates guarantee(1)$96 Residu

304、al value guarantee(2)364 Russia disposition indemnity(3)9 235 Other guarantees 6 Total$9$701(1)Bunge has issued guarantees to certain financial institutions related to debt of certain of its unconsolidated affiliates.The terms of the guarantees are equalto the terms of the related financings,which h

305、ave maturity dates through 2034.There are no recourse provisions or collateral that would enable Bunge torecover any amounts paid under these guarantees.In addition,certain Bunge subsidiaries have guaranteed the obligations of certain of their unconsolidatedaffiliates and in connection therewith hav

306、e secured their guarantee obligations through a pledge to the financial institutions of certain of theirunconsolidated affiliates shares plus loans receivable from the unconsolidated affiliates in the event that the guaranteed obligations are enforced.Based onamounts drawn under such debt facilities

307、 at June 30,2023,Bunges potential liability was$50 million,and it has recorded less than$1 million obligationrelated to these guarantees within Other non-current liabilities.(2)Bunge has issued guarantees to certain financial institutions that are party to certain operating lease arrangements for ra

308、ilcars,barges,and buildings.These guarantees provide for a minimum residual value to be received by the lessor at the conclusion of the lease term.These leases expire at various datesfrom 2024 through 2029.At June 30,2023,no obligation has been recorded related to these guarantees.Any obligation rec

309、orded would be recognized inCurrent operating lease obligations or Non-current operating lease obligations.(3)On February 3,2023,Bunge agreed to indemnify the buyer of its Russian operations against certain existing legal claims involving Bunges Russiansubsidiary.The indemnity expires on February 2,

310、2030.As of June 30,2023,Bunge recorded a$9 million obligation related to this indemnity within Othernon-current liabilities.Bunge Limited has provided a guarantee to the Director of the Illinois Department of Agriculture as Trustee for Bunge North America,Inc.(BNA),anindirect wholly-owned subsidiary

311、,which guarantees all amounts due and owing by BNA to grain producers and/or depositors in the State of Illinois who havedelivered commodities to BNAs Illinois facilities.16.OTHER NON-CURRENT LIABILITIESOther non-current liabilities consist of the following:(US$in millions)June 30,2023December 31,20

312、22Labor,legal,and other provisions$216$205 Pension and post-retirement obligations149 152 Uncertain income tax positions 67 59 Unrealized losses on derivative contracts,at fair value 324 332 Other115 101 Total$871$849(1)See Note 9-Income Taxes.(2)See Note 11-Fair Value Measurements.(1)(2)33Table of

313、Contents17.EQUITYShare repurchase program As noted in Note 2-Acquisitions and Dispositions,on June 12,2023,Bunges Board of Directors approved the expansion ofthe existing program for the repurchase of Bunges issued and outstanding common shares.At the time,approximately$300 million of capacity for t

314、he repurchaseof Bunge common shares remained available under the existing program and Bunges Board of Directors approved the expansion of the program by an additional$1.7 billion,for an aggregate purchase price of$2.0 billion.The program continues to have an indefinite term.To date under the program

315、,2,109,115 commonshares were repurchased for$200 million.As of June 30,2023,$2.0 billion remains outstanding for repurchases under the program.Dividends on common shares On May 11,2023,Bunge announced that the Companys Board of Directors had declared a dividend of$0.6625 percommon share,payable on S

316、eptember 1,2023,to shareholders of record on August 18,2023.The$0.6625 per common share dividend represents a$0.0375,or 6%,increase from the Companys previous quarterly cash dividend of$0.625.During the six months ended June 30,2023,the Companys Board of Directors declaredtotal dividends on common s

317、hares of$1.2875 per common share.Accumulated other comprehensive income(loss)attributable to Bunge The following table summarizes the balances of related after-tax components ofAccumulated other comprehensive income(loss)attributable to Bunge:(US$in millions)Foreign ExchangeTranslationAdjustmentDefe

318、rredGains(Losses)on HedgingActivitiesPension and OtherPostretirementLiabilityAdjustmentsAccumulatedOtherComprehensiveIncome(Loss)Balance,April 1,2023$(5,701)$(368)$(102)$(6,171)Other comprehensive income(loss)before reclassifications147(66)81 Amount reclassified from accumulated other comprehensive

319、income(loss)(1)(1)Balance,June 30,2023$(5,554)$(435)$(102)$(6,091)(US$in millions)Foreign ExchangeTranslationAdjustmentDeferredGains(Losses)on HedgingActivitiesPension and OtherPostretirementLiabilityAdjustmentsAccumulatedOtherComprehensiveIncome(Loss)Balance,April 1,2022$(5,697)$(373)$(143)$(6,213)

320、Other comprehensive income(loss)before reclassifications(265)47 (218)Amount reclassified from accumulated other comprehensive income(loss)(5)(5)Balance,June 30,2022$(5,962)$(331)$(143)$(6,436)34Table of Contents(US$in millions)Foreign ExchangeTranslationAdjustmentDeferredGains(Losses)on HedgingActiv

321、itiesPension and OtherPostretirementLiabilityAdjustmentsAccumulatedOtherComprehensiveIncome(Loss)Balance,January 1,2023$(5,926)$(343)$(102)$(6,371)Other comprehensive income(loss)before reclassifications269(92)177 Amount reclassified from accumulated other comprehensive income(loss)103 103 Balance,J

322、une 30,2023$(5,554)$(435)$(102)$(6,091)(US$in millions)Foreign ExchangeTranslationAdjustmentDeferredGains(Losses)on HedgingActivitiesPension and OtherPostretirementLiabilityAdjustments(1)AccumulatedOtherComprehensiveIncome(Loss)Balance,January 1,2022$(6,093)$(254)$(124)$(6,471)Other comprehensive in

323、come(loss)before reclassifications131(70)61 Amount reclassified from accumulated other comprehensive income(loss)(7)(19)(26)Balance,June 30,2022$(5,962)$(331)$(143)$(6,436)(1)On February 28,2022,the Company,together with plan participants and related employee unions,agreed to the transition of one o

324、f the Companysinternational defined benefit pension plans to a multi-employer pension plan.Following the transition,the Company accounts for the multi-employer plansimilar to a defined contribution plan,resulting in full settlement of the related defined benefit plan obligations.In connection with t

325、he settlement,during the six months ended June 30,2022,the Company reclassified$27 million(net of$10 million tax expense)inunamortized actuarial gains from Accumulated other comprehensive income(loss),of which$19 million was attributable to Bunge(net of$7 million intax expense),and$8 million was att

326、ributable to redeemable non-controlling interest(net of$3 million in tax expense).18.EARNINGS PER COMMON SHAREThe following table sets forth the computation of basic and diluted earnings per common share.Three Months EndedJune 30,Six Months EndedJune 30,(US$in millions,except for share data)20232022

327、20232022Net income(loss)attributable to Bunge common shareholders$622$206$1,254$894 Weighted-average number of common shares outstanding:Basic150,609,139 151,799,677 150,345,757 147,183,925 Effect of dilutive shares:stock options and awards 1,570,265 2,273,037 1,886,376 2,687,006 convertible prefere

328、nce shares 3,966,347 Diluted152,179,404 154,072,714 152,232,133 153,837,278 Earnings per common share:Net income(loss)attributable to Bunge common shareholdersbasic$4.13$1.36$8.34$6.08 Net income(loss)attributable to Bunge common shareholdersdiluted$4.09$1.34$8.24$5.81(1)Effective March 23,2022,(the

329、 Conversion Date),in accordance with the terms of the certificate of designation governing the convertible preferenceshares,all of the Companys issued and outstanding convertible preference shares(1)(2)(1)35Table of Contentswere automatically converted into 1.2846 common shares of the Company,par va

330、lue$0.01 per share.As a result of this conversion,dividends on theconvertible preference shares ceased to accrue on the Conversion Date.(2)The weighted-average common shares outstanding-diluted exclude less than one million stock options and contingently issuable restricted stock units,which were no

331、t dilutive and not included in the computation of earnings per share for each of the three and six months ended June 30,2023,and 2022.19.SEGMENT INFORMATIONThe Companys operations are organized,managed,and classified into four reportable segments-Agribusiness,Refined and Specialty Oils,Milling,andSu

332、gar and Bioenergy,based upon their similar economic characteristics,products and services offered,production processes,types and classes of customer,anddistribution methods.The Companys remaining operations are not reportable segments,as defined by the applicable accounting standard,and are classifi

333、ed asCorporate and Other.The Agribusiness segment is characterized by both inputs and outputs being agricultural commodities and thus high volume and low margin.The Refinedand Specialty Oils segment involves the processing,production,and marketing of products derived from vegetable oils.The Milling segment involves theprocessing,production,and marketing of products derived primarily from wheat and