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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
 
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from        to       
Commission File Number 001-16625
BUNGE LIMITED
(Exact name of registrant as specified in its charter)
Bermuda 98-0231912
(State or other jurisdiction of incorporation or
organization)		(I.R.S. Employer Identification No.)
 
1391 Timberlake Manor Parkway
Chesterfield
Missouri63017
(Address of principal executive offices)(Zip Code)
(314) 292-2000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Shares, $0.01 par value per share BG New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ý  No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ý  No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerýAccelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act   ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.  Yes  ☐  No  ý
As of October 21, 2022, the number of common shares outstanding of the registrant was:
Common shares, par value $.01 per share:149,800,163

Table of Contents
BUNGE LIMITED
TABLE OF CONTENTS
  Page
 
   
Item 1. 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
Item 2.
   
Item 3.
   
Item 4.
   
 
   
Item 1.
  
Item 1A.
  
Item 2.
  
Item 3.
  
Item 4.
  
Item 5.
  
Item 6.
   
2
Table of Contents
PART I — FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS

BUNGE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited)
(U.S. dollars in millions, except per share data)
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2022202120222021
Net sales$16,759 $14,117 $50,572 $42,469 
Cost of goods sold(15,871)(13,255)(47,708)(39,795)
Gross profit888 862 2,864 2,674 
Selling, general and administrative expenses(337)(327)(979)(896)
Interest income30 19 50 34 
Interest expense(103)(57)(306)(184)
Foreign exchange (losses) gains (52)(36)(150)(11)
Other income (expense) – net40 220 (13)519 
Income (loss) from affiliates30 60 95 133 
Income (loss) before income tax496 741 1,561 2,269 
Income tax (expense) benefit(113)(92)(257)(334)
Net income (loss)383 649 1,304 1,935 
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests(3)4 (30)(88)
Net income (loss) attributable to Bunge380 653 1,274 1,847 
Convertible preference share dividends— (8)— (25)
Net income (loss) available to Bunge common shareholders$380 $645 $1,274 $1,822 
Earnings per common share—basic (Note 20)    
Net income (loss) attributable to Bunge common shareholders - basic$2.52 $4.56 $8.59 $12.91 
Earnings per common share—diluted (Note 20)    
Net income (loss) attributable to Bunge common shareholders - diluted$2.49 $4.28 $8.30 $12.12 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3
Table of Contents
BUNGE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(U.S. dollars in millions)
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2022202120222021
Net income (loss)$383 $649 $1,304 $1,935 
Other comprehensive income (loss):    
 Foreign exchange translation adjustment(344)(230)(244)(159)
Unrealized gains (losses) on designated hedges, net of tax (expense) benefit of zero and $(2) in 2022 and $1 and $(2) in 2021
32 43 (38)(51)
Pension adjustment, net of tax (expense) benefit of zero and zero in 2022 and $2 and zero in 2021
— 2 — — 
Reclassification of net (gains) losses to net income, net of tax expense (benefit) of zero and $12 in 2022 and zero and zero in 2021
141 (1)107 (3)
Total other comprehensive income (loss)(171)(186)(175)(213)
Total comprehensive income (loss)212 463 1,129 1,722 
Comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests8 15 20 (65)
Comprehensive income (loss) from acquisition of redeemable noncontrolling interest(15)— (15)— 
Total comprehensive income (loss) attributable to Bunge
$205 $478 $1,134 $1,657 
The accompanying notes are an integral part of these condensed consolidated financial statements.

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BUNGE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(U.S. dollars in millions, except share data)
September 30,
2022		December 31,
2021
ASSETS  
Current assets:  
Cash and cash equivalents$956 $902 
Trade accounts receivable (less allowances of $94 and $85) (Note 5)
2,336 2,112 
Inventories (Note 6)8,112 8,431 
Assets held for sale (Note 3)58 264 
Other current assets (Note 7)5,733 4,751 
Total current assets17,195 16,460 
Property, plant and equipment, net3,408 3,499 
Operating lease assets1,091 912 
Goodwill445 484 
Other intangible assets, net350 431 
Investments in affiliates981 764 
Deferred income taxes638 550 
Other non-current assets (Note 8)684 719 
Total assets$24,792 $23,819 
LIABILITIES AND EQUITY  
Current liabilities:  
Short-term debt (Note 14)$1,327 $673 
Current portion of long-term debt (Note 14)773 504 
Trade accounts payable (includes $906 and $568 carried at fair value)
4,455 4,250 
Current operating lease obligations436 350 
Liabilities held for sale (Note 3)13 122 
Other current liabilities (Note 11)3,563 3,425 
Total current liabilities10,567 9,324 
Long-term debt (Note 14)2,997 4,787 
Deferred income taxes335 338 
Non-current operating lease obligations602 506 
Other non-current liabilities (Note 17)918 658 
Redeemable noncontrolling interest (Note 18)
2 381 
Equity (Note 19):
  
Convertible perpetual preference shares, par value $.01; authorized – 21,000,000 shares, issued and outstanding: 2022 - zero shares, 2021 - 6,899,683 shares (liquidation preference $100 per share)
— 690 
Common shares, par value $.01; authorized – 400,000,000 shares; issued and outstanding: 2022 –149,796,910 shares, 2021 – 141,057,414 shares
1 1 
Additional paid-in capital6,655 5,590 
Retained earnings9,980 8,979 
Accumulated other comprehensive income (loss) (Note 19)(6,611)(6,471)
Treasury shares, at cost; 2022 - 18,835,812 shares, 2021 - 16,726,697 shares
(1,320)(1,120)
Total Bunge shareholders’ equity8,705 7,669 
Noncontrolling interests666 156 
Total equity9,371 7,825 
Total liabilities, redeemable noncontrolling interest and equity$24,792 $23,819 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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BUNGE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(U.S. dollars in millions)
Nine Months Ended
September 30,
 20222021
OPERATING ACTIVITIES  
Net income (loss)$1,304 $1,935 
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:  
Impairment charges86 — 
Foreign exchange (gain) loss on net debt(96)7 
Bad debt expense23 4 
Depreciation, depletion and amortization305 317 
Share-based compensation expense47 46 
Deferred income tax expense (benefit)(92)(263)
(Gain) loss on sale of investments and property, plant and equipment(7)(416)
Other, net(8)(105)
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:  
Trade accounts receivable(359)(785)
Inventories(229)(771)
Trade accounts payable and accrued liabilities259 1,268 
Advances on sales(81)(129)
Net unrealized (gains) losses on derivative contracts(456)559 
Margin deposits(55)280 
Recoverable and income taxes, net(201)254 
Marketable securities341 (95)
Beneficial interest in securitized trade receivables(5,288)(3,621)
Other, net(524)(127)
Cash provided by (used for) operating activities(5,031)(1,642)
INVESTING ACTIVITIES  
Payments made for capital expenditures(353)(239)
Proceeds from investments217 171 
Payments for investments(225)(217)
Settlements of net investment hedges(153)(29)
Proceeds from beneficial interest in securitized trade receivables5,176 3,432 
Payments for beneficial interest in securitized trade receivables— (177)
Proceeds from disposals of businesses and property, plant and equipment496 646 
Proceeds from sale of investments in affiliates— 11 
Payments for investments in affiliates(55)(46)
Other, net10 10 
Cash provided by (used for) investing activities5,113 3,562 
FINANCING ACTIVITIES  
Proceeds from short-term debt 28,232 24,157 
Repayments of short-term debt (27,398)(25,798)
Proceeds from long-term debt48 998 
Repayments of long-term debt(1,029)— 
Proceeds from the exercise of options for common shares30 72 
Repurchases of common shares(200)(100)
Dividends paid to common and preference shareholders(256)(240)
Dividends paid to noncontrolling interest— (75)
Sale of noncontrolling interest521 — 
Acquisition of redeemable noncontrolling interest and noncontrolling interest(102)(147)
Other, net52 (33)
Cash provided by (used for) financing activities(102)(1,166)
Effect of exchange rate changes on cash and cash equivalents, restricted cash, and cash held for sale112 (79)
Net increase (decrease) in cash and cash equivalents, restricted cash, and cash held for sale92 675 
Cash and cash equivalents, restricted cash, and cash held for sale - beginning of period905 381 
Cash and cash equivalents, restricted cash, and cash held for sale - end of period$997 $1,056 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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BUNGE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
(Unaudited)
(U.S. dollars in millions, except share data)

Convertible
Preference Shares		Common Shares
Redeemable
Non-
Controlling
Interests		SharesAmountSharesAmountAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Treasury
Shares		Non-
Controlling
Interests		Total
Equity
Balance, July 1, 2022$351 — $— 151,885,454 $1 $6,595 $9,692 $(6,436)$(1,120)$457 $9,189 
Net income (loss)7 — — — — — 380 — — (4)376 
Other comprehensive income (loss)11 — — — — — — (160)— (22)(182)
Dividends on common shares, $0.625 per share
— — — — — — (92)— — — (92)
Acquisition of redeemable noncontrolling interest (Note 18)(367)— — — — 45 — (15)— 235 265 
Share-based compensation expense— — — — — 15 — — — — 15 
Repurchase of common shares— — — (2,109,115)— — — — (200)— (200)
Issuance of common shares, including stock dividends— — — 20,571 — — — — — — — 
Balance, September 30, 2022$2 — $— 149,796,910 $1 $6,655 $9,980 $(6,611)$(1,320)$666 $9,371 

 Convertible
Preference Shares		Common Shares
 Redeemable
Non-
Controlling
Interests		SharesAmountSharesAmountAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Treasury
Shares		Non-
Controlling
Interests		Total
Equity
Balance, July 1, 2021$483 6,899,683 $690 141,714,847 $1 $5,512 $8,259 $(6,258)$(1,020)$147 $7,331 
Net income (loss)2 — — — — — 653 — — (6)647 
Other comprehensive income (loss)(11)— — — — — — (178)— — (178)
Dividends on common shares, $0.525 per share
— — — — — — (74)— — — (74)
Dividends on preference shares, $1.21875 per share
— — — — — — (8)— — — (8)
Dividends to noncontrolling interests on subsidiary common stock(71)— — — — — — — — (2)(2)
Capital contribution (return) from (to) noncontrolling interest— — — — — — — — — (3)(3)
Share-based compensation expense— — — — — 17 — — — — 17 
Repurchase of common shares— — — (1,298,384)— — — — (100)— (100)
Issuance of common shares, including stock dividends— — — 21,775 — 1 — — — — 1 
Balance, September 30, 2021$403 6,899,683 $690 140,438,238 $1 $5,530 $8,830 $(6,436)$(1,120)$136 $7,631 
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Table of Contents
 Convertible
Preference Shares		Common Shares
 Redeemable
Non-
Controlling
Interests		SharesAmountSharesAmountAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Treasury
Shares		Non-
Controlling
Interests		Total
Equity
Balance, January 1, 2022$381 6,899,683 $690 141,057,414 $1 $5,590 $8,979 $(6,471)$(1,120)$156 $7,825 
Net income (loss) 13 — — — — — 1,274 — — 17 1,291 
Other comprehensive income (loss)(25)— —