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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 June 30, 2023
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 August 3, 2023, the number of common shares outstanding of the registrant was:
Common shares, par value $.01 per share:150,642,387

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
June 30,		Six Months Ended
June 30,
 2023202220232022
Net 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, general 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 (expense) benefit(198)(36)(381)(144)
Net income (loss)629 225 1,288 921 
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests(7)(19)(34)(27)
Net income (loss) attributable to Bunge $622 $206 $1,254 $894 
     00
Earnings per common share—basic (Note 18)    
Net income (loss) attributable to Bunge common shareholders - basic$4.13 $1.36 $8.34 $6.08 
Earnings per common share—diluted (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.
3
Table of Contents
BUNGE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(U.S. dollars in millions)
Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Net income (loss)$629 $225 $1,288 $921 
Other comprehensive income (loss):    
Foreign exchange translation adjustment143 (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 income (loss)76 (247)279 (4)
Total comprehensive income (loss)705 (22)1,567 917 
Comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests(3)5 (33)12 
Total comprehensive income (loss) attributable to Bunge
$702 $(17)$1,534 $929 
The accompanying notes are an integral part of these condensed consolidated financial statements.


4
Table of Contents
BUNGE LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(U.S. dollars in millions, except share data)
June 30,
2023		December 31,
2022
ASSETS  
Current assets:  
Cash and cash equivalents$1,330 $1,104 
Trade accounts 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 intangible 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 payable (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 
Non-current operating lease obligations529 547 
Other non-current liabilities (Note 16)871 849 
Redeemable noncontrolling interest 4 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 shares
1 1 
Additional paid-in capital6,706 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, redeemable noncontrolling interest and equity$25,712 $24,580 
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)
Six Months Ended
June 30,
 20232022
OPERATING 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-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 accounts 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 securities36 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 investment 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 
FINANCING 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 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) 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 - beginning 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.
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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, 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 subsidiary common stock— — — — — — — — — (15)(15)
Capital contribution (return) from (to) noncontrolling interest— — — — — — — — — 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 

 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, 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 comprehensive income (loss)(21)— — — — — — (223)— (3)(226)
Dividends on common shares, $0.625 per share
— — — — — — (95)— — — (95)
Dividends to noncontrolling interests on subsidiary common 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 — 13 — — — — 13 
Balance, June 30, 2022$351 — $— 151,885,454 $1 $6,595 $9,692 $(6,436)$(1,120)$457 $9,189 
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 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, 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 subsidiary common stock— — — — — — — — — (15)(15)
Capital contribution (return) from (to) noncontrolling interest— — — — — — — — — 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 

 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)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 subsidiary common stock— — — — — — — — — (4)(4)
Sale of noncontrolling interest— — — — — 234 — — — 287 521 
Share-based compensation expense— — — — — 32 — — — — 32 
Conversion 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 financial statements.
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BUNGE LIMITED AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1.    BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION, AND SIGNIFICANT ACCOUNTING POLICIES
The accompanying unaudited condensed consolidated financial statements include the accounts of Bunge Limited ("Bunge" or the "Company"), its subsidiaries and variable interest entities ("VIEs") in which Bunge is considered to be the primary beneficiary, and as a result, include the assets, liabilities, revenues and expenses of all entities over which Bunge has a controlling financial interest. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended ("Exchange Act"). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Securities and Exchange Commission ("SEC") rules. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included. The condensed consolidated balance sheet at December 31, 2022 has been derived from Bunge’s audited consolidated financial statements at that date. Operating results for the six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023. The financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022, forming part of Bunge’s 2022 Annual Report on Form 10-K filed with the SEC on 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 or less to be presented on a net basis in its condensed consolidated statements of cash flows. Prior to January 1, 2023, the Company presented cash proceeds from and repayments of short-term debt with maturities of three months or less separately in its consolidated statements of cash flows. Prior period amounts have been reclassified to conform to current presentation.
On April 9, 2023, Argentina’s government published Emergency Decree 194/2023 Programa de Incremento Exportador (the “Export Program”) which introduced 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 certain commodities. The Export Program, and similar Argentinian government programs in 2022, is aimed at boosting farmer selling and in turn commodity exports. Please refer to Note 1 – Nature of Business, Basis of Presentation, and Significant Accounting Policies, included in the Company’s 2022 Annual Report on 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 on purchases of various commodities from farmers and related export duties. Transactions related to the Export Program were accounted for at the preferential rate.
Ukraine-Russia War
On February 24, 2022, Russia initiated a military invasion of Ukraine (the "war"). Bunge’s Ukrainian operations comprise two oilseed crushing facilities, located in Mykolaiv and Dnipropetrovsk, a grain export terminal in Mykolaiv commercial seaport, numerous grain elevators, and an office in Kiev. The Company also operates a corn milling facility in Ukraine via a joint venture. As of June 30, 2023, total assets and total liabilities associated with Bunge’s Ukrainian subsidiaries each comprise approximately 2% of Bunge’s consolidated Total assets and Total liabilities, respectively.
Bunge’s operational activities in Ukraine have steadily increased during recent months, but remain limited and are subject to Bunge's ability to perform activities safely. On July 17, 2023, an agreement allowing the safe export of grain from three Ukrainian ports (Pivdennyi/Yuzhnvi, Odesa, and Chornomorsk; the "POC corridor") on the Black Sea expired. Following the termination of the POC corridor agreement, Russian attacks on key Ukrainian export infrastructure locations intensified. As of August 8, 2023, the termination of the POC corridor agreement and recent Russian attacks on key export infrastructure have not significantly impacted Bunge's operations in Ukraine. The scope, intensity, duration, and outcome of the ongoing war is uncertain, and any continuation or escalation of the war may have a material adverse effect on Bunge, including its Ukrainian operations.
In the three and six months ended June 30, 2023, the Company recognized mark-to-market gains of $9 million and $19 million, respectively, in Cost of goods sold in the condensed consolidated statements of income related to inventory recovered from its Mykolaiv and other facilities which had no carrying value as of December 31, 2022. No impairments or charges related
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to the war were recorded in the three and six months ended June 30, 2023. Please refer to Note 2 - Ukraine-Russia War, included in the Company's 2022 Annual Report on Form 10-K for further details regarding the impact of the war on Bunge's financial statements.
Cash, Cash Equivalents and Restricted Cash
Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the condensed consolidated statements of cash flows. The following table provides a reconciliation of cash and cash equivalents and restricted cash, reported within the condensed consolidated balance sheets, which sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.
(US$ in millions)June 30, 2023June 30, 2022
Cash and cash equivalents$1,330 $818 
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 ended 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 optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting designed to ease the financial reporting burden related to reference 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 848 covers the period of time during which a significant number of modifications to eligible contracts and hedging relationships may take place. The ASU defers the sunset 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. The Company is applying this guidance prospectively to all eligible contract modifications through December 31, 2024. As of June 30, 2023, Bunge has concluded the modification of all eligible contracts and the adoption of this guidance did not have a material impact on Bunge's condensed consolidated financial statements.
2.    ACQUISITIONS AND DISPOSITIONS
Acquisitions
Viterra Limited Business Combination Agreement
On June 13, 2023, Bunge entered into a definitive business combination agreement (the "Agreement") with Viterra Limited ("Viterra") and its shareholders including certain affiliates of Glencore PLC, Canada Pension Plan Investment Board, and British Columbia Investment Management Corporation (collectively, the "Sellers"), to acquire Viterra in a stock and cash transaction. The acquisition of Viterra by Bunge will create an innovative global agribusiness company well positioned to meet the demands of increasingly complex markets and better serve farmers and end-customers.
Under the terms of the 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 "Transaction Consideration"), in return for 100% of the outstanding equity of Viterra. The determination of the final value of the Transaction Consideration will depend on the Company's stock price at the time of closing. Upon completion of the transaction, the Viterra sellers are expected to own approximately 30% of the combined Bunge company 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 the cash portion of the Transaction Consideration, and the remainder for repayment of certain indebtedness of Viterra, totaling approximately $6.6 billion, which is expected to be repaid at Closing and for the ongoing operations of the combined company following closing. See Note 13 - Debt for further information.
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The acquisition is expected to close in mid-2024, subject to Bunge shareholder approval and satisfaction of regulatory approvals and other customary closing conditions. The Agreement may be terminated by mutual written consent of the parties and includes certain customary termination rights. If the Agreement is terminated in connection with certain circumstances relating to the failure to obtain certain antitrust and competition clearances that are conditions to closing, Bunge would be obligated to pay the Sellers a fee of $400 million in the aggregate.
Additionally, on June 12, 2023 in contemplation of the Agreement, Bunge's Board of Directors approved a $1.7 billion expansion of the existing share repurchase program for the repurchase of Bunge's issued and outstanding common shares. Approximately $300 million remained outstanding under the existing program prior to the expansion 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 Refinery
On April 14, 2023, Bunge, through its 80% ownership of Bunge Loders Croklaan joint venture with IOI Corporation Berhad, completed its purchase of Fuji Oils New Orleans, LLC's port based refinery. The refinery is located in International-Matex Tank Terminals' Avondale Terminal, in Avondale, Louisiana in the United States. Cash consideration for the asset acquisition of $181 million was allocated to Property, plant and equipment, net ($220 million), inclusive of a finance lease 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 other net working capital ($2 million).
Dispositions
Russian Oilseed Processing and Refining Operations Disposition
On September 16, 2022, Bunge signed an agreement to sell its remaining Russian operations, primarily comprising an oilseed crushing and refining facility in Voronezh, southwest Russia (referred to as the "disposal group"), to Karen Vanetsyan (the "Buyer"), in exchange for a cash price approximately equal to the book value of the disposal group's net assets. On January 9, 2023, Bunge and the Buyer agreed to a purchase price adjustment. The purchase price adjustment and cumulative translation adjustment losses, among other items related to the disposal group, resulted in a corresponding impairment 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 agreement with no material impact to the condensed consolidated statement of income for the six months ended June 30, 2023.
In connection with the transaction, Bunge agreed to indemnify the Buyer against certain legal claims involving Bunge's Russian subsidiary. Management has assessed the likelihood of any loss related to claims covered by the indemnity as remote, and recognized a liability in accordance with Accounting Standards Codification ("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 and 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 disposal group comprised $6 million and $13 million, reported under the Agribusiness segment and Refined and Specialty Oils segment, respectively.
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(US$ 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 intangible 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 PROGRAM
The Company engages in various trade structured finance activities to leverage the value of its global trade flows. These activities include programs under which the Company generally obtains U.S. dollar-denominated letters of credit ("LCs") from financial institutions, each based on an underlying commodity trade flow, and time deposits denominated in either the local currency of the financial institutions' counterparties or in U.S. dollars, as well as foreign exchange forward contracts, in which trade related payables are set-off against receivables, all of which are subject to legally enforceable set-off agreements.
            As of June 30, 2023 and December 31, 2022, time deposits and LCs of $5,212 million and $5,901 million, respectively, were presented net on the condensed consolidated balance sheets as the criteria of ASC 210-20, Offsetting, had been met. The net losses and gains related to such activities are included as an adjustment to Cost of goods sold in the accompanying condensed consolidated statements of income. 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 and 2022, total net proceeds from issuances of LCs were $3,035 million and $3,689 million, respectively. These cash inflows were offset by the related cash outflows resulting from placement of the time deposits and repayment of the LCs. All cash flows related to the programs are included in operating activities in the condensed consolidated statements of cash flows.
As part of the trade structured finance activities, LCs may be sold to financial institutions on a discounted basis. Bunge does not service derecognized LCs. The terms of the sale may require the Company to continue to make periodic interest payments to financial institutions based on changes in the Secured Overnight Financing Rate ("SOFR") for a period of up to 365 days. Bunge’s payment obligation to financial institutions as part of the trade structured finance activities, reported in Other current liabilities, including any unrealized gain or loss on changes in SOFR is not significant as of June 30, 2023 or December 31, 2022. The notional amounts of LCs subject to continuing variable interest payments that have been derecognized from the Company's condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022 are included in Note 12 - Derivative Instruments And Hedging Activities. The net gain or loss included in Cost of goods sold resulting from the fair valuation of such variable interest rate obligations is not significant for the three and six month periods ended June 30, 2023 and 2022.

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4.    TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM
Trade Accounts Receivable
Changes to the allowance for lifetime expected credit losses related to Trade accounts receivable were as follows:
Six Months Ended June 30, 2023
Rollforward of the Allowance for Credit Losses (US$ in millions)Short-term
Long-term (1)
Total
Allowance as of January 1, 2023$90 $46 $136 
Current period provisions39 — 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, 2022
Rollforward of the Allowance for Credit Losses (US$ in millions)Short-term
Long-term (1)
Total
Allowance 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 $