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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, 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 October 23, 2023, the number of common shares outstanding of the registrant was:
Common shares, par value $.01 per share:145,287,978

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,
 2023202220232022
Net sales$14,227 $16,759 $44,604 $50,572 
Cost of goods sold(13,182)(15,871)(41,013)(47,708)
Gross profit1,045 888 3,591 2,864 
Selling, general and administrative expenses(447)(337)(1,220)(979)
Interest income38 30 121 50 
Interest expense(133)(103)(374)(306)
Foreign exchange (losses) gains (47)(52)(64)(150)
Other income (expense) – net8 40 35 (13)
Income (loss) from affiliates39 30 83 95 
Income (loss) before income tax503 496 2,172 1,561 
Income tax (expense) benefit(114)(113)(495)(257)
Net income (loss)389 383 1,677 1,304 
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests(16)(3)(50)(30)
Net income (loss) attributable to Bunge $373 $380 $1,627 $1,274 
     00
Earnings per common share—basic (Note 18)    
Net income (loss) attributable to Bunge common shareholders - basic$2.50 $2.52 $10.85 $8.59 
Earnings per common share—diluted (Note 18)    
Net income (loss) attributable to Bunge common shareholders - diluted$2.47 $2.49 $10.71 $8.30 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3
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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,
 2023202220232022
Net income (loss)$389 $383 $1,677 $1,304 
Other comprehensive income (loss):    
Foreign exchange translation adjustment(166)(344)102 (244)
Unrealized gains (losses) on designated hedges, net of tax (expense) benefit of $1 and $(2) in 2023 and zero and $(2) in 2022
31 32 (61)(38)
Reclassification of net (gains) losses to net income, net of tax expense (benefit) of $3 and $2 in 2023 and zero and $12 in 2022
(2)141 101 107 
Total other comprehensive income (loss)(137)(171)142 (175)
Total comprehensive income (loss)252 212 1,819 1,129 
Comprehensive (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests(12)8 (45)20 
Comprehensive income (loss) from acquisition of redeemable noncontrolling interest— (15)— (15)
Total comprehensive income (loss) attributable to Bunge
$240 $205 $1,774 $1,134 
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,
2023		December 31,
2022
ASSETS  
Current assets:  
Cash and cash equivalents$2,173 $1,104 
Trade accounts receivable (less allowances of $101 and $90) (Note 4)
2,509 2,829 
Inventories (Note 5)7,548 8,408 
Assets held for sale (Note 2)1 36 
Other current assets (Note 6)4,393 4,381 
Total current assets16,624 16,758 
Property, plant and equipment, net4,283 3,617 
Operating lease assets864 1,024 
Goodwill472 470 
Other intangible assets, net417 360 
Investments in affiliates1,201 1,012 
Deferred income taxes632 712 
Other non-current assets (Note 7)640 627 
Total assets$25,133 $24,580 
LIABILITIES AND EQUITY  
Current liabilities:  
Short-term debt (Note 13)$914 $546 
Current portion of long-term debt (Note 13)301 846 
Trade accounts payable (includes $926 and $643 carried at fair value) (Note 11)
3,975 4,386 
Current operating lease obligations317 425 
Liabilities held for sale (Note 2)— 18 
Other current liabilities (Note 10)2,738 3,379 
Total current liabilities8,245 9,600 
Long-term debt (Note 13)3,967 3,259 
Deferred income taxes380 365 
Non-current operating lease obligations495 547 
Other non-current liabilities (Note 16)900 849 
Redeemable noncontrolling interest 3 4 
Equity (Note 17):
  
Common shares, par value $.01; authorized – 400,000,000 shares; issued and outstanding: 2023 – 146,368,303 shares, 2022 – 149,907,932 shares
1 1 
Additional paid-in capital6,727 6,692 
Retained earnings11,555 10,222 
Accumulated other comprehensive income (loss) (Note 17)(6,224)(6,371)
Treasury shares, at cost; 2023 - 23,163,348 shares and 2022 - 18,835,812 shares
(1,808)(1,320)
Total Bunge shareholders’ equity10,251 9,224 
Noncontrolling interests892 732 
Total equity11,143 9,956 
Total liabilities, redeemable noncontrolling interest and equity$25,133 $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)
Nine Months Ended
September 30,
 20232022
OPERATING ACTIVITIES  
Net income (loss)$1,677 $1,304 
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:  
Impairment charges56 86 
Foreign exchange (gain) loss on net debt(151)(96)
Bad debt expense8 23 
Depreciation, depletion and amortization317 305 
Share-based compensation expense51 47 
Deferred income tax expense (benefit)115 (92)
Results from affiliates(100)(95)
Other, net57 80 
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:  
Trade accounts receivable306 (359)
Inventories933 (229)
Secured advances to suppliers(228)26 
Trade accounts payable and accrued liabilities(690)259 
Advances on sales(227)(81)
Net unrealized (gains) losses on derivative contracts(247)(456)
Margin deposits(111)(55)
Recoverable and income taxes, net(19)(201)
Marketable securities(17)341 
Beneficial interest in securitized trade receivables— (5,288)
Other, net130 (550)
Cash provided by (used for) operating activities1,860 (5,031)
INVESTING ACTIVITIES  
Payments made for capital expenditures(805)(353)
Proceeds from investments21 217 
Payments for investments(26)(225)
Settlements of net investment hedges(57)(153)
Proceeds from beneficial interest in securitized trade receivables85 5,176 
Proceeds from disposals of businesses and property, plant and equipment165 496 
Payments for investments in affiliates(136)(55)
Other, net107 10 
Cash provided by (used for) investing activities(646)5,113 
FINANCING ACTIVITIES  
Net change in short-term debt with maturities of three months or less161 842 
Proceeds from short-term debt with maturities greater than three months848 1,592 
Repayments of short-term debt with maturities greater than three months(593)(1,600)
Proceeds from long-term debt975 48 
Repayments of long-term debt(879)(1,029)
Proceeds from the exercise of options for common shares7 30 
Repurchases of common shares(466)(200)
Dividends paid to common and preference shareholders(287)(256)
Capital contributions from (Return of capital to) noncontrolling interest40 — 
Sale of noncontrolling interest— 521 
Acquisition of redeemable noncontrolling interest and noncontrolling interest— (102)
Other, net(19)52 
Cash provided by (used for) financing activities(213)(102)
Effect of exchange rate changes on cash and cash equivalents, restricted cash, and cash held for sale40 112 
Net increase (decrease) in cash and cash equivalents, restricted cash, and cash held for sale1,041 92 
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$2,193 $997 
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, 2023$4 — $— 150,630,209 $1 $6,706 $11,279 $(6,091)$(1,320)$783 $11,358 
Net income (loss)(1)— — — — — 373 — — 17 390 
Other comprehensive income (loss)— — — — — — — (133)— (4)(137)
Dividends on common shares, $0.6625 per share
— — — — — — (96)— — — (96)
Dividends to noncontrolling interests on subsidiary common stock— — — — — — — — — (2)(2)
Capital contribution (return) from (to) noncontrolling interest— — — — — — — — — 7 7 
Acquisition of noncontrolling interest (Note 8)— — — — — — — — — 91 91 
Share-based compensation expense— — — — — 17 — — — — 17 
Repurchase of common shares— — — (4,327,536)— — — — (488)— (488)
Issuance of common shares, including stock dividends— — — 65,630 — 4 (1)— — — 3 
Balance, September 30, 2023$3 — $— 146,368,303 $1 $6,727 $11,555 $(6,224)$(1,808)$892 $11,143 

 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(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 
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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)— — — — — 1,627 — — 51 1,678 
Other comprehensive income (loss)— — — — — — — 147 — (5)142 
Dividends on common shares, $1.95 per share
— — — — — — (290)— — — (290)
Dividends to noncontrolling interests on subsidiary common stock— — — — — — — — — (17)(17)
Capital contribution (return) from (to) noncontrolling interest— — — — — — — — — 40 40 
Acquisition of noncontrolling interest (Note 8)— — — — — — — — — 91 91 
Share-based compensation expense— — — — — 51 — — — — 51 
Repurchase of common shares— — — (4,327,536)— — — — (488)— (488)
Issuance of common shares, including stock dividends— — — 787,907 — (16)(4)— — — (20)
Balance, September 30, 2023$3 — $— 146,368,303 $1 $6,727 $11,555 $(6,224)$(1,808)$892 $11,143 

 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)— — — — — — (125)— (25)(150)
Dividends on common shares, $1.775 per share
— — — — — — (268)— — — (268)
Dividends to noncontrolling interests on subsidiary common stock— — — — — — — — — (4)(4)
Sale of noncontrolling interest— — — — — 234 — — — 287 521 
Acquisition of redeemable noncontrolling interest(367)— — — — 45 — (15)— 235 265 
Share-based compensation expense— — — — — 47 — — — — 47 
Repurchase of common shares— — — (2,109,115)— — — — (200)— (200)
Conversion of preference shares to common shares— (6,899,683)(690)8,863,331 — 690 — — — — — 
Issuance of common shares, including stock dividends— — — 1,985,280 — 49 (5)— — — 44 
Balance, September 30, 2022$2 — $— 149,796,910 $1 $6,655 $9,980 $(6,611)$(1,320)$666 $9,371 
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 nine months ended September 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 December 8, 2022, Bunge announced the Company's intention to change the place of incorporation of Bunge's ultimate parent company from Bermuda to Switzerland (the "Redomestication"). Bunge shareholders approved the Redomestication at the Extraordinary General Meeting held on October 5, 2023. Bunge expects the Redomestication to occur in the fourth quarter of 2023, subject to various conditions. Please refer to the Company's definitive proxy statement filed with the SEC on August 7, 2023 for further details.
Throughout 2023 and 2022, Argentina’s government has published multiple Emergency Decrees (collectively referred to as the “Export Programs”) which have introduced preferential U.S. dollar to Argentine peso foreign exchange rates available exclusively during specific periods of time and payable to Argentinian farmers on qualifying Argentine peso denominated sales of certain commodities. The Export Programs are aimed at boosting farmer selling and in turn commodity exports. 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 these Export Programs were accounted for at the preferential rate. 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 Export Programs.
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 September 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 October 26, 2023, the termination of the POC corridor agreement and recent Russian attacks on key export infrastructure have not significantly impacted Bunge's results of operations in Ukraine as alternative routes to export product are being effectively utilized. 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.
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In the three and nine months ended September 30, 2023, the Company recognized mark-to-market gains of $10 million and $29 million, respectively, in Cost of goods sold in the condensed consolidated statements of income related to inventory recovered from its Mykolaiv and other facilities which had no carrying value as of December 31, 2022. No impairments or charges related to the war were recorded in the three and nine months ended September 30, 2023. Please refer to Note 2 - Ukraine-Russia War, included in the Company's 2022 Annual Report on Form 10-K for further details regarding the impact of the war on Bunge's financial statements.
Cash, Cash Equivalents and Restricted Cash
Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the condensed consolidated statements of cash flows. The following table provides a reconciliation of cash and cash equivalents and restricted cash, reported within the condensed consolidated balance sheets, which sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.
(US$ in millions)September 30, 2023September 30, 2022
Cash and cash equivalents$2,173 $956 
Restricted cash included in Other current assets20 5 
Cash and cash equivalents in Assets held for sale — 36 
Total$2,193 $997 
Cash paid for income taxes, net of refunds received, was $350 million and $383 million for the nine months ended September 30, 2023 and 2022, respectively. Cash paid for interest expense was $366 million and $315 million for the nine months ended September 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 September 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. Bunge shareholders approved the acquisition at the Extraordinary General Meeting held October 5, 2023. The acquisition of Viterra by Bunge will create an innovative global agribusiness company well positioned to meet the demands of increasingly complex markets and better serve farmers and end-customers.
Under the terms of the Agreement, Viterra shareholders are anticipated to receive approximately 65.6 million of common shares of Bunge issued stock, with an aggregate value of approximately $7.1 billion as of September 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 share price at the time of closing. Upon completion of the transaction, the Sellers are expected to own approximately 30% of the combined Bunge company on a fully diluted basis, before giving effect to any future share repurchases by Bunge occurring after June 13, 2023.
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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, 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.
The acquisition is expected to close in mid-2024, subject to the 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 program size of up to $2.0 billion of repurchases of Bunge's issued and outstanding common shares. Under this program, Bunge repurchased 4,327,536 common shares for $488 million during the three and nine months ended September 30, 2023. Therefore, as of September 30, 2023, $1.5 billion remains outstanding for repurchases under the program. See Note 17 - Equity for further details on share repurchases.
CJ Selecta Share Purchase Agreement
On October 10, 2023, Bunge entered into a definitive share purchase agreement with CJ CheilJedang Corporation and STIC CJ Global Investment Corporate Partnership Private Equity Fund to acquire 100% of outstanding equity of CJ Latam Participações Ltda. and CJ Selecta S.A. (collectively, “CJ”) for a total cash consideration of approximately $510 million to be adjusted for net debt, plus an additional sum in consideration for the value of net working capital. Operations of CJ primarily consist of an oilseed processing facility located in Brazil. Bunge expects to finance the transaction through cash from operations and existing financing facilities. The acquisition is expected to close in 2024, subject to customary closing conditions.
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 nine months ended September 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