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目錄

美國
證券交易委員會
華盛頓特區20549
表格10-Q
☒
根據1934年證券交易法第13或15(d)節的季度報告
截至季度結束日期的財務報告2024年9月30日
或者
☐
根據1934年證券交易法第13或15(d)節的轉型報告書
在從到的過渡期內
委員會文件號 000-56607
邦吉全球有限公司
(根據其章程規定的註冊人準確名稱)
瑞士98-1743397
（註冊或其他法定登記地址或組織的所在地）
加利福尼亞州		（納稅人識別號碼）
Florissant大道13號
1206 日內瓦, 瑞士
無
（註冊辦事處和總行辦公地址）(郵政編碼)
1391 Timberlake Manor Parkway
密蘇里州切斯特菲爾德63017
（總部辦公地址）(郵政編碼)
(314) 292-2000
（註冊人的電話號碼，包括區號）

每個交易所的名稱
每一類的名稱 交易標誌 在其上註冊的交易所的名稱
每股面值爲$0.01的普通股 BG 請使用moomoo賬號登錄查看New York Stock Exchange
請在檢查標記中勾選指示註冊商是否在過去的12個月（或該註冊商需要提交這些報告的更短期間）內提交了所有所需提交的陳述文件，並檢查標記是否自過去的90天以來一直符合該提交要求。是  ý沒有o
請勾選適用的選項： 在過去的12個月內（或註冊人要求提交這些文件的較短期間內），已按照Regulation S-T（本章節第232.405條）的規定電子提交了所有要求提交的互動數據文件；並是  ý沒有o
用複選標記指明註冊人是大型加速申報人、加速申報人、非加速申報人、小型申報公司還是新興成長型公司。參見《交易法》第120億條2中 「大型加速申報人」、「加速申報人」、「小型申報公司」 和 「新興成長型公司」 的定義。
大型加速報告人ý加速文件提交人☐非加速文件提交人☐較小的報告公司☐新興成長公司☐
如果是新興成長型公司，請用複選標記表示註冊者是否已選擇不使用根據《證券交易法》第13(a)條規定提供的遵守任何新的或修訂的財務會計準則的延期過渡期。☐
million and $☐沒有ý
截至2024年10月25日，公司登記的流通股份數量爲：
已註冊股份，每股面值$0.01：139,627,104

目錄
邦吉全球有限公司
目錄
  
 
   
項目1。 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
關於前瞻性聲明的警示：本發佈中的前瞻性陳述和公司代表不時發表的某些口頭陳述包含根據《證券法》第27A條（經修正）（「證券法」）和《證券交易法》第21E條（經修正）（「交易法」）創建的各種前瞻性陳述，這些陳述受到該條款所創建的「安全港」的限制。前瞻性陳述基於我們的管理層的信念和假設，以及我們的管理層目前可用的信息。除歷史事實陳述外，所有其他陳述均「用於上述目的的前瞻性陳述」。在有些情況下，您可以通過使用諸如「可能」，「將」，「應該」，「可以」，「會」，「計劃」，「預期」，「期望」，「信任」， 「估計」，「項目」，「預測」，「潛在」和類似的表達式來識別前瞻性陳述，旨在識別前瞻性陳述。前瞻性陳述包括，但不限於，2024年的指引以及關於公司意圖和預期有關收入、現金水平、能力和乘客需求、額外融資、資本支出、運營成本和費用、稅收、招聘和解僱、飛機交付、利益攸關方、涉及PRATT&WHITNEY的neo發動機可用性問題的談判和和解、解決未償債務、供應商和政府支持問題的意圖和期望。此類前瞻性陳述受到風險、不確定性和其他重要因素的影響，這些重要因素可能導致實際結果和某些事件的時間與其實際結果有所不同，這些前瞻性陳述被視爲暗示或保證其未來結果的未來結果。包括我們行業中競爭環境、我們低成本運營的能力以及全球經濟狀況的影響，其中包括經濟週期或低迷對客戶旅行行爲的影響和其他因素，如該公司在證券交易委員會的文件中所述，其中包括在公司的年報10-k中討論的「風險因素」下面詳細討論的因素。爲截至2023年12月31日的財政年度的12個月期間，其被補充在該公司的4月5月份提交給證券交易委員會的10-Q表中。此外，這些前瞻性陳述只在本發佈日期有效。除法律要求外，我們沒有責任更新任何前瞻性陳述以反映此類陳述發佈後的事件或情況。目前我們不知道的風險或不確定性，我們目前認爲的不重要或可能適用於任何公司，還可能嚴重影響我們的業務、財務狀況或未來業績。有關某些因素的其他信息包含在該公司的證券交易委員會文件中，包括但不限於該公司的年報10-k表、季度性10-q表和現行10-k表中詳細討論的因素。
   
項目2。
   
項目3。
   
項目4。
   
 
   
項目1。
  
項目1A。
  
項目2。
  
項目3。
  
項目4。
  
項目5。
  
項目6。
   
2
目錄
第一部分—財務信息
項目1. 基本報表

邦吉全球貨幣SA及其子公司
簡明合併利潤表
(未經審計)
（以百萬美元爲單位，除每股數據外）
三個月之內結束
2020年9月30日		九個月結束
2020年9月30日
 2024202320242023
淨銷售額$12,908 $14,227 $39,566 $44,604 
營業成本(12,136)(13,182)(37,254)(41,013)
毛利潤772 1,045 2,312 3,591 
銷售，總務及管理費用(437)(447)(1,325)(1,220)
利息收入33 38 112 121 
利息支出(127)(133)(358)(374)
匯率期貨（損失）收益 - 淨額14 (47)(101)(64)
其他收入（支出）-淨額87 8 212 35 
從關聯方的收益（損失）(20)39 (58)83 
所得稅前收益（損失）322 503 794 2,172 
所得稅費用（收益）(89)(114)(236)(495)
233 389 558 1,677 
（以百萬美元爲單位）(12)(16)(23)(50)
歸屬邦吉股東的淨利潤（虧損）（附註18）$221 $373 $535 $1,627 
     00
每股收益-基本（附註18）    
歸屬邦吉股東的淨利潤（虧損）-基本$1.57 $2.50 $3.77 $10.85 
每股收益-攤薄（附註18）    
歸屬邦吉股東的淨利潤（虧損）-攤薄$1.56 $2.47 $3.73 $10.71 
隨附說明是這些簡明合併財務報表的一部分。
3
目錄
邦吉全球貨幣公司及其子公司
基本報表綜合損益表
(未經審計)
（以百萬美元計）
三個月之內結束
2020年9月30日		九個月結束
2020年9月30日
 2024202320242023
$233 $389 $558 $1,677 
其他綜合收益（損失）：    
匯率期貨調整167 (166)(369)102 
指定套期交易的未實現收益（損失），淨額稅後（費用）效益爲$1和$1的。1和$2) in 2023
(57)31 68 (61)
501 和 $1的。3 和 $2在2023年被Men's Journal評爲美國排名第一的健身房連鎖店
(1)(2)(2)101 
其他綜合收益（損失）總額109 (137)(303)142 
總綜合收益（損失）342 252 255 1,819 
— (29)(12)(20)(45)
June 30, 2021
$313 $240 $235 $1,774 
隨附說明是這些簡明合併財務報表的一部分。


4
目錄
邦吉全球貨幣公司及其子公司
簡明合併資產負債表
(未經審計)
（以百萬美元計，股票數據除外）
2020年9月30日
2024		12月31日
2023
資產  
流動資產：  
現金及現金等價物$2,836 $2,602 
$ 名義金額91 和 $104短期債務：（1）
2,100 2,592 
— 7,465 7,105 
750 3,518 4,051 
總流動資產15,919 16,350 
物業、廠房和設備，淨值5,115 4,541 
營業租賃資產937 926 
商譽482 489 
其他無形資產，淨額358 398 
對關聯公司的投資1,136 1,280 
延遲所得稅725 773 
5,182 595 615 
總資產$25,267 $25,372 
負債和股東權益  
流動負債:  
$$755 $797 
長期負債的流動部分（注13）663 5 
前鋒569 和 $823總股本列在以下表格中：
3,211 3,664 
當前租賃負債288 308 
12,702 2,774 2,913 
流動負債合計7,691 7,687 
4134,777 4,080 
延遲所得稅376 400 
非流動經營租賃負債595 566 
(670 824 
可贖回的非控股權益 2 1 
股權 （附註17）：
  
註冊股份，面值$.01；授權未發行- 80,714,736股；有條件授權 32,285,894 股；已發行並流通：2024- 139,625,014 股份，2023年 - 145,319,668   已發行並流通於2023年7月31日和2024年4月30日
1 1 
額外實收資本5,881 5,900 
保留盈餘12,231 12,077 
Critical Accounting Policies and Estimates(6,354)(6,054)
儲備股（成本價；2024年 - 21,804,458 股份和2023年 - 16,109,804股
(1,624)(1,073)
(10,135 10,851 
非控制權益1,021 963 
股東權益總計11,156 11,814 
負債合計、可贖回的非控制股份及股東權益總計$25,267 $25,372 
附帶的註釋是這些簡單合併基本報表的重要組成部分。
5
目錄
邦吉全球貨幣股份有限公司及其子公司
壓縮合並現金流量表
（未經審計）
(以百萬計的美元)
九個月結束
2020年9月30日
 20242023
營業收入  
$558 $1,677 
調整淨收益（虧損）以符合經營活動提供的現金（使用）額：  
減值損失36 56 
413,54239 (151)
折舊、減值和攤銷345 317 
基於股份的報酬支出49 51 
遞延所得稅支出（收益）(43)115 
—39 (100)
其他，淨額48 65 
經營性資產和負債的變動，排除收購和處置的影響：  
交易應收款項382 306 
存貨(557)933 
總銷貨成本146 (228)
交易應付賬款及應計負債(386)(690)
 (179)(227)
Foreign exchange gains (losses)533 (247)
按金存款(152)(111)
XBRL Taxonomy Extension Presentation Linkbase Document(148)(19)
有價證券7 (17)
其他，淨額130 130 
經營活動產生的現金流量847 1,860 
投資活動  
購置固定資產等支出的支付(887)(805)
投資收益739 21 
投資支出(872)(26)
)(4)(57)
受益權項下證券化應收賬款的投資收益— 85 
256 165 
關聯公司投資收益103 — 
對關聯公司的投資支付(23)(136)
其他，淨額(19)107 
投資活動提供（使用）的現金(957)(646)
籌資活動  
根據2002年《薩班斯-奧克斯利法案》第906條所採納的《美國刑法》第1350條的規定，百慕大有限責任公司Bunge Limited的下屬主管特此證明，據該主管所知：113 161 
/s/ Gregory A. Heckman646 848 
已向Bunge Limited提供了根據第906條要求的簽署原件，該原件將由Bunge Limited保存，並根據要求提供給證券交易委員會或其工作人員。(765)(593)
獲得長期債務2,036 1,000 
長期負債還款(752)(879)
債務發行費用(24)(25)
回購已註冊股份(600)(466)
向已註冊和普通股東支付的分紅派息(287)(287)
非控股權益的資本貢獻（歸還非控股權益的資本）41 40 
其他，淨額(32)(12)
籌資活動提供的現金流量（使用的現金流量）376 (213)
現金及現金等價物和受限現金的匯率變動影響— 40 
現金及現金等價物和受限現金淨增（減）額266 1,041 
現金及現金等價物，以及受限現金-期初2,623 1,152 
現金及現金等價物，以及受限現金-期末$2,889 $2,193 
隨附說明是這些簡明合併財務報表的一部分。
6
目錄
邦吉全球貨幣公司及其子公司
權益和可贖回非控股權益變動簡明合併報表
(未經審計)
（以百萬美元計，股票數據除外）
已註冊股份庫藏股
可贖回
非公司治理股份
控制
利益		股份數量股份數量額外的
實收資本
資本		留存收益
收益		累積的
其他
綜合
收益（損失）		非公司治理股份
控制
利益		總費用
股權
2024年7月1日餘額$1 141,641,323 $1 19,788,149 $(1,427)$5,869 $12,005 $(6,446)$982 $10,984 
(1)— — — — — 221 — 13 234 
其他綜合收益（損失）— — — — — — — 92 17 109 
註冊股份的分紅派息— — — — — — 5 — — 5 
(US$ in millions)— — — — — — — — (1)(1)
非控股權益的資本貢獻（返還）2 — — — — (2)— — 10 8 
基於股份的報酬支出— — — — — 15 — — — 15 
3— (2,063,956)— 2,063,956 (200)— — — — (200)
註冊股份發行，包括送轉— 47,647 — (47,647)3 (1)— — — 2 
2024年9月30日餘額$2 139,625,014 $1 21,804,458 $(1,624)$5,881 $12,231 $(6,354)$1,021 $11,156 
 普通股庫藏股
 可贖回
非公司治理股份
控制
利益		股份數量股份數量額外的
實收資本
資本		留存收益
收益		累積的
其他
綜合
收益（損失）		非公司治理股份
控制
利益		總費用
股權
2023年7月1日餘額$4 150,630,209 $1 18,835,812 $(1,320)$6,706 $11,279 $(6,091)$783 $11,358 
(1)— — — — — 373 — 17 390 
其他綜合收益（損失）— — — — — — — (133)(4)(137)
(0.6625。
— — — — — — (96)— — (96)
(US$ in millions)— — — — — — — — (2)(2)
Capital contribution (return) from (to) noncontrolling interest— — — — — — — — 7 7 
收購非控制股權— — — — — — — 91 91 
基於股份的報酬支出— — — — — 17 — — — 17 
3— (4,327,536)— 4,327,536 (488)— — — — (488)
Table of Contents— 65,630 — — — 4 (1)— — 3 
2023年9月30日餘額$3 146,368,303 $1 23,163,348 $(1,808)$6,727 $11,555 $(6,224)$892 $11,143 
7
目錄
 註冊股份國庫股份
 可贖回
非-
控制
利息		Shares金額Shares金額其他
實收資本
資本		留存
收益		累計
其他
綜合
收入（損失）		非-
控制
興趣		總計
Equity
2024年1月1日餘額$1 145,319,668 $1 16,109,804 $(1,073)$5,900 $12,077 $(6,054)$963 $11,814 
淨利潤（虧損） (1)— — — — — 535 — 24 559 
其他綜合收益（虧損）— — — — — — — (300)(3)(303)
註冊股份的分紅派息，$2.72 每股
— — — — — — (380)— — (380)
對非控制性利益的子公司普通股票分紅— — — — — — — — (4)(4)
來自（或到）非控制性利益的資本貢獻（回報）2 — — — — (2)— — 41 39 
股份基於薪酬的支出— — — — — 49 — — — 49 
回購已註冊股份— (6,440,930)— 6,440,930 (600)— — — — (600)
發行註冊股份，包括分紅派息— 746,276 — (746,276)49 (66)(1)— — (18)
餘額，2024年9月30日$2 139,625,014 $1 21,804,458 $(1,624)$5,881 $12,231 $(6,354)$1,021 $11,156 

 普通股國庫股份
 可贖回的
非-
控制
權益		Shares金額Shares金額其他
實收資本
資本		留存
收益		累計
其他
綜合
收入（損失）		非-
控制
興趣		總計
Equity
2023年1月1日的餘額$4 149,907,932 $1 18,835,812 $(1,320)$6,692 $10,222 $(6,371)$732 $9,956 
淨利潤（虧損）(1)— — — — — 1,627 — 51 1,678 
其他綜合收益（虧損）— — — — — — — 147 (5)142 
普通股的分紅派息，$1.95 每股
— — — — — — (290)— — (290)
對子公司普通股票的非控股權益的分紅派息— — — — — — — — (17)(17)
來自（到）非控股權益的資本貢獻（回報）— — — — — — — — 40 40 
收購非控股權益— — — — — — — — 91 91 
股份基於薪酬的支出— — — — — 51 — — — 51 
回購普通股— (4,327,536)— 4,327,536 (488)— — — — (488)
發行普通股，包括送轉— 787,907 — — — (16)(4)— — (20)
截至2023年9月30日的餘額$3 146,368,303 $1 23,163,348 $(1,808)$6,727 $11,555 $(6,224)$892 $11,143 
附帶的註釋是這些簡單合併基本報表的重要組成部分。
8
目錄
邦吉全球貨幣股份有限公司及其子公司
合併基本報表的附註
（未經審計）
1.    編制基礎、合併原則及重要會計政策
附帶的未經審計的壓縮合並基本報表包括邦吉全球公司（"邦吉"或"公司"）、其子公司和被視爲主要受益人的變量利益實體（"VIEs"）的賬目，因此包括邦吉擁有控制性財務利益的所有實體的資產、負債、收入和費用。這些基本報表已按照美國一般公認會計原則（"U.S. GAAP"）爲臨時財務信息編制，並遵循10-Q表格的指令及1934年證券交易法（"交易所法"）第10條的規定。根據證券交易委員會（"SEC"）的規定，某些通常包含在按照U.S. GAAP編制的年度財務報表中的信息和腳註披露已被壓縮或省略。在管理層看來，爲了公允表述所需的所有調整（由正常的經常性調整組成）均已包括。2023年12月31日的壓縮合並資產負債表來源於邦吉截至該日期的經審計合併基本報表。2024年9月30日止的九個月的經營結果不一定代表預計的2024年12月31日止年度的結果。應將這些基本報表與截至2023年12月31日的經審計合併基本報表和相關注釋一起閱讀，這些內容構成了邦吉於2024年2月22日向SEC提交的2023年年度報告的10-K表格的一部分。
2023年11月1日，邦吉全球公司完成了其集團控股公司從百慕大遷移到瑞士的註冊地變更（"重新註冊"）。重新註冊經過我們股東的批准，依據百慕大法律實施的安排方案進行。 每一股邦吉有限公司的普通股，面值$0.01 被取消，並以相等數量的邦吉全球公司的註冊股兌換，面值$0.01 （"註冊股票"）。註冊股票於2023年11月1日在紐約證券交易所（"紐交所"）以"BG"爲標的開始交易，這與之前邦吉有限公司股票的標的相同。除非另有說明，提到"股票"一詞時，指的是重新註冊前的邦吉有限公司普通股及重新註冊後的邦吉全球公司的註冊股票。
現金、現金等價物和受限現金
限制性現金與現金及現金等價物一起被納入期初和期末的總數對賬中，這些總數顯示在簡明合併現金流量表中。 下表提供了在簡明合併資產負債表中報告的現金及現金等價物和限制性現金的對賬，這些金額的總和與在簡明合併現金流量表中顯示的相應金額相同。
(以百萬美元計)2024年9月30日2023年9月30日
現金及現金等價物$2,836 $2,173 
其他流動資產中包含的受限現金53 20 
總計$2,889 $2,193 
支付的所得稅現金爲所得稅，扣除收到的退款後，金額爲$333 百萬和$350 百萬，截止2024年9月30日和2023年9月30日的九個月內。支付的利息費用爲$357 百萬和$366 百萬，截止2024年9月30日和2023年9月30日的九個月內。






9
目錄
新的會計準則和披露規則
在2024年3月，SEC根據SEC發佈第33-11275號文件《增強和標準化投資者氣候相關披露》採用了最終氣候相關披露規則。這些規則要求披露與重要氣候相關風險相關的治理、風險管理和策略，以及在註冊聲明和年度報告中披露重要的溫室氣體排放。此外，這些規則要求在年度合併基本報表中呈現某些氣候相關的披露。2024年4月4日，SEC自願暫緩實施最終規則的生效日期，等待在某些法律挑戰後的司法審查完成。這些規則預計將在2025年12月31日結束的年度期間內生效，待暫停問題解決。邦吉目前正在評估這些規則對公司的披露影響。
2023年12月，FASB發佈了ASU 2023-09，所得稅披露的改進（主題740） （"ASU 2023-09"）。ASU 2023-09要求關於報告實體有效稅率調解的細分信息，以及有關支付所得稅的信息。這一標準旨在通過提供更詳細的所得稅披露，以幫助投資者做出資本配置決策。新要求適用於所有需要繳納所得稅的實體，將在2024年12月15日後開始的年度期間生效。指導意見將以前瞻性方式應用，允許有選擇地回顧性應用該標準，也允許提前採納。公司已開始評估披露演示方案的替代方案，這將導致公司腳註中的披露擴大。 所得稅 腳註。
2023年11月，FASB發佈了ASU 2023-07，分部報告-報告性分部披露的改進（主題280） ("ASU 2023-07")。該標準要求與報告性分部相關的增量披露，包括細分費用信息以及公司首席運營決策者的頭銜和職位，根據確定分部的目的確定。ASU 2023-07自2023年12月15日之後開始的財政年度和2024年12月15日之後開始的財政年度內的中期時間起生效。實體必須根據回溯基礎採納分部報告指引的變更。允許提前採納。公司已開始評估披露呈現替代方案，結果將在公司的 公司的業務部門通常是按產品或提供的服務類型組織的。相似的業務部門已合併爲報告業務部門：連接機器、訂閱和配件以及材料。業務部門信息的呈現方式與公司首席運營決策者（「CODM」）審核運營結果、評估績效和分配資源的方式相同。CODM審核各個報告業務部門的營業收入和毛利潤。毛利潤定義爲業務部門發生的收入減去成本。公司不會在報告業務部門層面上分配資產，因爲這些資產在整個實體範圍內進行管理。截至2023年9月30日，位於美國以外的長期資產主要位於馬來西亞和中國，金額爲$腳註中進行擴展的披露。

2.    收購和處置
收購
維特拉有限公司業務結合協議
2023年6月13日，邦吉與嘉能可(adr)、加拿大養老金投資計劃委員會和不列顛哥倫比亞投資管理局（統稱「賣方」）及其股東，包括確定性業務合併協議（「業務合併協議」）進行了一項以股票和現金交易方式收購Viterra.邦吉股東於2023年10月5日舉行的特別股東大會上批准了該收購.邦吉收購Viterra將打造一家創新的全球農業企業，使其處於更好地滿足日益複雜市場需求和更好爲農民和最終客戶提供服務的位置.
根據業務合併協議的條款，預計Viterra股東將獲得約邦吉註冊股份 65.6 的約1百萬股，總值約爲20億美元，截至2024年9月30日，並收到約6.3 的約20億美元現金（統稱"交易對價"），作爲對Viterra未來股本的2.0％的回報。交易對價最終值的確定將取決於交易結束時公司的股價。預計在交 100易完成後，賣方預計將在完全攤薄的基礎上擁有大約 30%的綜合邦吉公司股權，但尚未考慮2023年6月13日後邦吉的股份回購。
關於執行業務組合協議，邦吉獲得了總計$8.0 十億美元的收購債務融資（"收購融資"）。2024年9月17日，邦吉完成了出售和發行 三  款無擔保優先票據（"優先票據"），總本金金額爲$2.0 十億美元。請參見 附註13 - 債務 ，獲取更多信息。由於發行優先票據，並根據其條款，收購融資承諾減少了$2.0億美元6.0截至2024年9月30日，邦吉打算使用收購融資和發行優先票據的部分收入來資助邦吉收購維特麗娜的現金支付的一部分，並償還與收購有關的某些維特麗娜債務的一部分，包括但不限於相關費用和支出，並用剩餘金額用於一般企業用途。
10
目錄
此外，在2024年第三季度，邦吉的全資子公司邦吉有限金融公司（"BLFC"）啓動了交易所報價（"美國交易所報價"），以交換由維特拉金融有限公司（"VFBV"）發行並由維特拉和維特拉有限公司擔保的某些系列尚未償還的票據，最高可換取$1.95 十億美元的新票據總本金額，由BLFC發行並由邦吉擔保。此外，在2024年第三季度，維特拉啓動了一次徵求同意的徵求（"歐洲徵求同意"），以修改管理VFBV尚未償還的2025年到期的優先無抵押票據右履行和尚未償還的 500百萬美元的運營租賃負債的當前部分，分別爲2023年9月30日和2022年12月31日。歐元指數總額爲的貸款本金0.375％高級無擔保票據。 700百萬美元的運營租賃負債的當前部分，分別爲2023年9月30日和2022年12月31日。歐元指數總額爲的貸款本金1.000將2028年到期的優先無擔保票據用於替換此類票據的發行人和擔保人，將邦吉財務歐洲有限公司（"BFE"），邦吉的全資財務子公司，作爲發行人，邦吉作爲擔保人。美國交易所要約及歐洲徵求同意徵求是受制於諸多條件的，包括收購的完成。詳見 附註13 - 債務 有關詳細信息，請參見。
收購需滿足監管批准和其他習慣性的收盤條件。預計收購將在未來幾個月內獲得剩餘的監管批准並完成。業務合併協議可以在各方互相書面同意的情況下終止，幷包括某些習慣性的終止權利。如果業務合併協議因未能取得關閉條件之一的某些與反壟斷和競爭許可有關的情況而終止，邦吉將有義務向賣方支付一筆美元的費用。400百萬的總額。
此外，在考慮業務合併協議時，邦吉有限公司董事會於2023年6月12日批准了美元1.7將現有的股票回購計劃擴大了數十億美元，用於回購邦吉已發行和流通股票。大約 $300在擴大計劃之前，現有方案下仍有100萬美元未繳款，因此總計劃規模高達美元2.0對邦吉已發行和流通股票進行了數十億美元的回購。自 2023 年 6 月 13 日起，邦吉回購 11,848,791 以美元計價的股票1.2 十億。因此，截至2024年9月30日，美元800根據該計劃，仍有100萬美元未償還的回購資金。參見 附註17——股權 了解有關股票回購的更多詳情。
CJ拉丁美洲和Selecta股份購買協議
2023年10月10日，邦吉與CJ CheilJedang Corporation和STIC CJ全球投資公司合作伙伴私募股權基金簽訂了一份明確的股份購買協議，以收購 100CJ Latam Participações Ltda.和CJ Selecta S.A.（統稱爲「CJ」）​​的流通股%，總現金交易金額約爲$510 百萬，將根據淨債務進行調整，另加一筆額外費用作爲淨營運資本價值的考量。 CJ主要經營一個位於巴西的油籽加工設施。邦吉計劃通過運營現金和現有融資設施來融資該交易。預計收購將於2024年底完成，取決於慣例的閉市條件。
出售
BP Bunge Bioenergia
2024年6月19日，邦吉與BP生物燃料巴西投資有限公司（「BP」）簽署了一份最終的股份購買協議，以出售其在BP邦吉生物能源的所有權份額。 50成立用於種植甘蔗、生產和銷售糖和糖乙醇，並開展發電共生活動的合營創業公司。2024年10月1日，根據股份購買協議的條款，交易已經完成，交易總淨額約爲$百分之828 百萬美元，包括與淨營運資本價值和淨債務等其他項目的某些收盤調整在內。最終的交易淨額將在交割日後的元日內按照股份購買協議中定義的某些調整進行。交易完成後，邦吉已同意根據股份購買協議中定義的某些法律索賠對BP承擔未來損失的賠償責任 90 .
在2024年第二季度，邦吉收到了一個可退還的存入資金，作爲成交購買價格的$103百萬，這一金額在2024年9月30日的簡稱合併資產負債表中記錄爲其他流動負債，並在截至2024年9月30日的九個月的簡稱合併現金流量表中作爲來自投資於關聯公司的現金流入。交易完成後，2024年9月30日簡稱合併資產負債表中記錄的可退還的存入資金將被解除。
截至2024年9月30日，邦吉在BP邦吉生物能源的投資賬面價值爲$369百萬美元。該投資在簡明合併資產負債表中歸類於糖和生物能源部門的附屬公司投資。Additionally，$148百萬的邦吉累計其他綜合收益（損失）截至2024年9月30日與在BP邦吉生物能源的投資相關。


11
目錄
與雷普索爾的合作 - 邦吉伊比利亞公司
2024年3月26日，邦吉與西班牙石油公司（Repsol SA）的全資子公司Repsol Industrial Transformation, SLU簽署了一份最終股票購買協議，邦吉將出售 40其西班牙運營子公司邦吉伊比利亞公司（Bunge Iberica SA）（"BISA"）的百分比，以交換300百萬美元，加上最多40百萬美元的或有付款，以及一些調整，在其他項目中包括淨營運資本和淨債務。BISA在伊比利亞半島運營 三 工業設施。預計交易將在2025年初完成，需滿足慣常的交割條件。

3.    交易結構融資計劃
公司從事各種交易結構融資活動，以利用其全球貨幣流動的價值。這些活動包括公司根據基礎商品交易流一般從金融機構獲得的以美元和外幣計價的信用證（"LCs"）的程序，以及以美元和外幣計價的定期存款，以及外匯遠期合約，其中與交易相關的應付款與應收款相抵消，所有這些都受到法律可強制執行的抵消協議的約束。
            截至2024年9月30日和2023年12月31日，定期存款和信用證的金額爲$7,461 百萬美元和$6,880 百萬，分別在簡化合並資產負債表中以淨額呈現，符合ASC 210-20的標準， 抵消，已滿足。與此類活動相關的淨損失和收益作爲對營業成本的調整包含在隨附的簡化合並損益表中。到2024年9月30日和2023年12月31日，定期存款（包括以淨額呈現的部分）加權平均利率爲 5.56% 5.77%，分別。在截至2024年9月30日和2023年的九個月期間，信用證發行的總淨收益爲$5,200 百萬美元和$4,646 分別爲百萬。這些現金流入被因定期存款的安排和信用證的償還而產生的相關現金流出所抵消。所有與該項目相關的現金流都包括在綜合現金流量表的經營活動中。
作爲交易結構融資活動的一部分，信用證可能會以折扣價出售給金融機構。邦吉不對已註銷的信用證提供服務。銷售條款可能要求公司繼續根據擔保隔夜融資利率（“SOFR”）的變化，向金融機構定期支付利息，期限最長爲 一年邦吉在交易結構融資活動中對金融機構的支付義務，報告在其他流動負債中，包括任何因SOFR變化而產生的未實現的收益或損失，截至2024年9月30日或2023年12月31日並不顯著。已註銷的信用證，按需繼續支付可變利息的名義金額截至2024年9月30日和2023年12月31日已包括在內 註釋12 - 衍生工具和對沖活動由於對這些可變利率義務的公允價值評估，包含在營業成本中的淨收益或損失在截至2024年和2023年9月30日的三個月和九個月期間並不顯著。

4.    交易應收賬款和交易應收款證券化計劃
應收貿易帳款
與交易應收賬款相關的預期信貸損失準備金的變化如下：
截至2024年9月30日的九個月
信貸損失準備金的滾動調整（以百萬美元計）短期
長期 (1)
總計
截至2024年1月1日的準備金$104 $32 $136 
當前期間的準備金38 1 39 
回收(40)(2)(42)
以備抵扣的減記(8)(1)(9)
匯率期貨換算差額(3)(3)(6)
截至2024年9月30日的準備金
$91 $27 $118 

(1) 信用損失準備的長期部分包含在其他非流動資產中。
12
目錄

截至2023年9月30日的九個月
信用損失準備金的滾動（以百萬美元計）短期
長期 (1)
總計
截至2023年1月1日的準備金$90 $46 $136 
當前期間的撥備55 — 55 
回收(44)(2)(46)
壞賬準備衝減的金額(2)(12)(14)
匯率期貨轉換差額2 — 2 
截至2023年9月30日的準備金
$101 $32 $133 
(1) 信用損失準備的長期部分包含在其他非流動資產中。

交易應收賬款證券化計劃
邦吉及其某些子公司與一家金融機構參與了應收賬款證券化計劃（“計劃”），該金融機構作爲行政代理，以及某些商業票據通道購買者和承諾購買者（統稱爲“購買者”）。邦吉全資子公司Koninklijke Bunge b.V.擔任主服務商，負責該計劃的應收賬款的服務和收取。該計劃旨在通過爲其運營提供額外的流動性來源來增強邦吉的財務靈活性。
該計劃提供最高達億的資金 $1.5並且來自 在行政代理人的同意下，邦吉可以不時請求一個或多個現有的承諾購買者或新的承諾購買者將總承諾增加至不超過$億的金額，依據可調條款。1該計劃將於2031年5月17日終止；然而，每個承諾購買者在該計劃下購買應收賬款的承諾將在2024年12月17日提前終止，並允許邦吉請求 天的延期。 364該計劃包括可持續性條款，根據這些條款，適用的利潤率將根據邦吉在某些可持續性目標上的表現進行增加或減少，包括但不限於，基於科學的目標（"SBTs"），這些目標定義了邦吉在其運營中的氣候目標以及承諾在2025年實現無砍伐的供應鏈。
根據該計劃的承諾結構，邦吉證券化有限公司（"BSBV"）作爲一個合併破產孤立的專項實體，將某些應收賬款轉讓給購買者，以換取現金支付，金額可高達該計劃的總規模。邦吉還保留了一部分未出售應收賬款的所有權。BSBV同意保證已售出應收賬款的收款，並向行政代理人對所有未出售應收賬款提供留置權。未出售應收賬款的收款和擔保付款在邦吉的簡明合併現金流量表中被歸類爲經營活動。

(以百萬美元計)9月30日
2024		2023年12月31日,
2023
已出售的應收賬款已從邦吉的資產負債表中剔除
$1,172 $1,230 
承諾給管理代理的應收賬款，包括在交易應收賬款中
$226 $343 
邦吉在出售應收賬款後遭受損失的風險僅限於BSBV的資產，主要由質押給管理代理機構的未售出應收賬款組成。
13
目錄
    下表總結了與該項目相關的邦吉貿易應收賬款的現金流和折扣。在任何期間，該項目下的服務費用都不重要。
截至九個月
9月30日
(以百萬美元計)20242023
出售的應收款總額$8,809 $10,231 
與應收款轉讓相關的現金收入
$8,776 $10,186 
客戶對之前售出的應收款的現金收款 $8,868 $10,231 
與出售的總應收款相關的折扣包括在銷售、一般 & 管理費用中$33 $45 

5.    庫存
按細分項目分類的庫存包括以下內容：
(以百萬美元計)9月30日
2024		2023年12月31日,
2023
農業企業$6,163 $5,830 
精煉及特種油1,134 1,096 
磨製162 175 
公司及其他6 4 
總計$7,465 $7,105 
可隨時銷售的庫存（"RMI"）是農產品庫存，如大豆、豆粕、豆油、棕櫚油、玉米和小麥，按公允價值計量，因爲它們具有商品特性、廣泛可用的市場和國際定價機制。 所有其他庫存按成本或可變現淨值中的較低者計量。
按部門劃分的RMI包括以下內容：
(以百萬美元計)9月30日
2024		2023年12月31日,
2023
農業商業(1)
$5,846 $5,519 
精煉和特種油334 302 
磨坊15 16 
總計$6,195 $5,837 
(1)    公司從事貿易和分銷或商品銷售活動。RMI中包含的金額爲$4,759 百萬美元和$4,242 在2024年9月30日和2023年12月31日，分別與商品銷售活動相關的金額爲百萬。

14
目錄
6.    其他流動資產
其他流動資產包括以下內容：
(以百萬美元計)9月30日
2024		2023年12月31日,
2023
按公允價值計量的衍生工具合約未實現收益$1,025 $1,481 
預付商品採購合同 (1)
393 320 
對供應商的擔保預付款，淨額 (2)
178 462 
可恢復稅款，淨額302 378 
按金存款773 618 
可交易證券和其他短期投資 (3)
178 105 
應收所得稅86 54 
預付費用194 346 
受限現金53 21 
其他336 266 
總計$3,518 $4,051 
(1)預付商品購買合同表示針對未來交付特定數量的農產品的合同的預付款。餘額包括與各種未合併被投資企業相關的某些預付款，請參見 註釋14 - 相關方交易.
(2)邦吉向供應商提供現金預付款，主要是巴西的大豆農民，以資助供應商部分生產成本。餘額包括與各個未合併被投資方的合同中的某些預付款，見 註釋14 - 相關方交易。公司不承擔與相關作物種植相關的任何費用或運營風險。預付款主要以未來作物和供應商的實體資產作爲抵押，利率爲當地市場利率，並在農作物收穫和出售時結算。向供應商提供的擔保預付款在2024年9月30日和2023年12月31日分別報告淨額爲$7 百萬美元和$8 百萬。
(-)對供應商擔保貸款產生的利息爲$4 百萬美元和$6 百萬美元，截止2024年和2023年9月30日的三個月內，20 百萬和$17$百萬，截止2024年和2023年9月30日的九個月內，包含在簡明合併損益表的淨銷售中。
(3)    可交易證券和其他短期投資 - 邦吉投資於外國政府證券、企業債務證券、存款、股權證券和其他證券。以下是記錄在公司簡明合併資產負債表中的可交易證券和其他短期投資的金額摘要。
(以百萬美元計)9月30日
2024		2023年12月31日,
2023
外國政府證券$60 $39 
存入資金/定期存款19 — 
股權證券21 28 
其他78 38 
總計 $178 $105 
截至2024年9月30日和2023年12月31日，$102 百萬美元和$67 百萬的可交易證券和其他短期投資按照公允價值入賬。所有其他投資按照成本入賬，基於這些投資的短期性質，其賬面價值接近公允價值。截止2024年9月30日和2023年9月30日的三個月內，未實現的收益/(損失)爲$7百萬和$(4)百萬，已被記錄並在其他收入（費用）- 淨額中確認，針對截至2024年9月30日和2023年持有的投資。截止2024年和2023年9月30日的九個月內，未實現的收益/(損失)爲$(1)百萬和$(10)百萬，已被記錄並在其他收入（費用）- 淨額中確認，針對截至2024年9月30日和2023年持有的投資。

15
目錄
7.    其他非流動資產
其他非流動資產包括以下內容：
(以百萬美元計)9月30日
2024		2023年12月31日,
2023
可收回稅款，淨額 (1)
$20 $25 
司法存款 (1)
100 120 
其他長期應收款，淨額 (2)
16 16 
應收所得稅 (1)
135 136 
長期投資 (3)
174 142 
附屬貸款應收款8 8 
來自巴西農民的長期應收款，淨額 (1)
28 43 
按公允價值計量的衍生工具合約未實現收益1 1 
其他113 124 
總計$595 $615 
(1)    這些非流動資產中的很大一部分來自公司的巴西業務，它們的變現可能需要數年時間。
(2)    淨額的準備金如以下所述 註釋4 - 交易應收賬款和交易應收賬款證券化計劃.
(3)    截至 2024年9月30日和2023年12月31日， $13 百萬和$12百萬，分別爲 長期投資的記錄以公允價值計量。
可收回的稅款，淨額- 可收回的稅款包括在購置不動產、廠房和設備、原材料和應稅服務時繳納的增值稅，以及其他交易稅，這些稅款可以現金收回或作爲所得稅的補償，或邦吉可能欠的其他稅款，主要是在巴西和歐洲。可收回的稅款是扣除許可後報告的舞蹈 爲 $12 百萬和美元13 百萬 分別於 2024 年 9 月 30 日和 2023 年 12 月 31 日。
司法存款 - 司法存款是公司在巴西與法院存放的所有基金類型。這些資金與某些待解決的法律程序相關，保留在司法託管中，並按下列利率計息， Selic 利率是巴西中央銀行的基準利率。
應收所得稅 - 應收所得稅包括當前所得稅的多繳部分以及應計利息。這些所得稅預付款預計將用於未來所得稅義務的結算。巴西的應收所得稅計息爲 Selic 利率。
長期投資 - 長期投資主要包括邦吉在成長階段農業企業和食品公司的非控股股權投資，這些投資由邦吉風險投資公司持有。
關聯貸款應收款 - 關聯貸款應收款主要是來自未合併關聯公司的帶息應收款，剩餘到期時間大於 一年.
來自巴西農民的長期應收款，淨額 - 公司主要通過對農民承諾在當前年度收穫時交付農產品（主要是大豆）進行擔保預付款項和對農民的肥料信用銷售來向巴西農民提供融資。餘額包括與各種未合併投資方的合同中的某些預付款項，見 註釋14 - 相關方交易。某些來自農民的長期應收款最初記錄在其他流動資產中作爲預付商品採購合同或對供應商的擔保預付款項（見 第6條 - 其他流動資產）或根據其到期日記錄在其他非流動資產中。最初記錄在其他流動資產中的預付款項如果出現回收問題且金額逾期，且預計解決該問題所需時間超過一年，則重新分類爲其他非流動資產。
16
目錄
截至2024年9月30日的九個月以及截至2023年12月31日的年度，巴西農民長期應收款的平均記錄投資爲$72 百萬美元和$88 百萬，分別。下表總結了公司在巴西農民長期應收款的記錄投資及相關備抵金額。
 2024年9月30日2023年12月31日
(以百萬美元計)記錄
投資		補貼記錄
投資		津貼
已提供津貼的情況:    
法律催收程序 (1)
$28 $28 $30 $30 
重新談判的金額— — 2 1 
未提供津貼的情況:    
法律催收程序 (1)
11 — 19 — 
重新談判的金額 (2)
4 — 5 — 
其他長期應收款 (3)
13 — 18 — 
總計$56 $28 $74 $31 
(1)    所有板塊法務催收過程中的所有金額在法律行動啓動時均視爲逾期。
(2)    這些重新談判的金額在還款條款上是最新的。
(3)    預計通過農民承諾在餘額表日期後超過十二個月的作物期交付農產品來實現新的進展。這些進展根據其實現的預計日期，在後續期間從其他非流動資產重新分類爲其他流動資產。
下表總結了與來自巴西農民的長期應收款項相關的壞賬準備活動。
截至九個月
9月30日
(以百萬美元計)20242023
截至1月1日的津貼$31 $36 
壞賬準備1 1 
回收— (3)
註銷— (5)
轉讓— — 
匯率期貨換算(4)2 
截至九月三十日的津貼
$28 $31 

8.    對聯營公司和變量利息實體的投資
對附屬公司的投資
BP 邦吉 生物能源
在2024年6月19日，邦吉簽署了一項最終的股份購買協議，出售其在BP邦吉生物能源中的 50%的所有權股份。2024年10月1日，交易根據股份購買協議的條款完成。請參見 第2條 - 收購與處置 以獲取更多信息.
XXIX德聖公司（“t-39”）
在2024年5月29日，邦吉簽署了一份股份購買協議，以間接收購 25% 的 t-39 股權。邦吉的收購價格爲 25% 的股份爲巴西 雷亞爾 300 百萬（約 $54 百萬）。t-39 的運營主要
17
目錄
包括位於巴西聖保羅港的港口設施。交易預計將在2025年初完成，須遵守慣常的成交條件。
股權法投資的減值
截至2024年9月30日的九個月期間，公司記錄了$19百萬美元的減值，與北美的少數投資相關。減值是通過管理層對減值因數的審查以及對此類項目臨時性以外性質的考慮確定的。減值費用記錄在農業業務部門的來自附屬公司的收入（損失）中。
合併變量利益實體
在2023年9月19日，邦吉簽署了一份固定價格的看漲期權協議（"期權"），以收購聖卡塔琳娜散裝貨物碼頭（"TGSC"）的股份，主要資產包括一個目前在南美進行施工的穀物港口碼頭，戰略位置靠近現有的邦吉設施。該協議要求邦吉對期權進行未來的分期付款，而這些款項將部分用於資助碼頭的施工。由於風險投資不足，TGSC被視爲VIE。由於與TGSC的股東之間存在事實上的代理關係，邦吉爲主要受益方，並已對該實體進行了合併。由於TGSC的所有股權均由第三方持有，邦吉在簡明合併損益表和簡明合併資產負債表中將TGSC的所有收益和股權反映爲非控制性權益的歸屬。
此外，邦吉雪佛龍農業可再生能源有限責任公司（"BCAR"）是一個變額實體，在該實體中，邦吉被視爲主要受益方，因爲它負責BCAR的日常運營決策以及主要產品的營銷，這些產品主要是由BCAR生產和銷售的豆粕和油，此外還有其他因素。
下表列出了與上述VIE相關的資産和負債的價值，邦吉被視爲主要受益者，相關數據包含在長期合併資產負債表中，截至2024年9月30日和2023年12月31日。所有金額均不包括在合併時已消除的公司間餘額。
18
目錄
對於所有其他邦吉被視爲主要受益人的VIE，這些實體符合業務的定義，並且VIE的資產可以用於履行VIE的義務以外的其他用途。因此，這些VIE已從下面的表格中排除。
(以百萬美元計)9月30日
2024		2023年12月31日,
2023
流動資產：
現金及現金等價物$567 $606 
貿易應收款項 4 1 
存貨47 76 
其他流動資產31 146 
總流動資產649 829 
不動產、廠房和設備，淨值368 196 
其他無形資產，淨值80 91 
總資產$1,097 $1,116 
流動負債：
貿易應付賬款和應計負債$57 $70 
其他流動負債33 143 
總流動負債90 213 
長期債務47 44 
其他非流動負債9 5 
總負債$146 $262 
非合併變量利益實體
在2024年，邦吉對其認定不是主要受益人的VIEs的最大損失風險暴露增加了大約$96百萬，原因是與一個未合併的VIE相關的某些未來承諾。
有關邦吉認定其不是主要受益人的VIE的更多信息，以及公司相關的最大損失敞口，請參閱 注11 - 對聯營公司和變量利益實體的投資，包含在公司2023年10-K年報中。

9.    所得稅
所得稅費用是基於管理層對年度有效所得稅率的估計，按中期方式提供，幷包括某些獨特項目的稅收影響，例如稅法或稅率的變化或其他不尋常或非經常性的稅收調整，在發生的中期內。此外，預計當年出現虧損且無法確認稅收利益的轄區的結果，在其發生的中期內被單獨處理。有效稅率在很大程度上依賴於公司全球收益或虧損的地理分佈及各個轄區的稅收法規。管理層定期監測用於估計年度有效稅率的假設，包括遞延稅資產的可實現性，並相應地調整估計。在一個徵稅轄區內收入的波動可能會導致判斷需要進行額外的估值準備調整。
截至2024年9月30日的三個月和九個月的所得稅費用爲$89 百萬美元和$236 百萬，分別爲。截至2023年9月30日的三個月和九個月的所得稅費用爲$114 百萬和$495百萬，分別爲。2024年9月30日的三個月和九個月的有效稅率高於美國法定稅率21%，主要是由於收益的司法管轄區組合和與南美外匯波動相關的不利調整。2023年9月30日的三個月和九個月的有效稅率高於美國法定稅率21%，主要是由於收益的司法管轄區組合。
作爲一家全球企業，公司提交的所得稅申報表將受到聯邦、州和外國稅務機關的定期審查和挑戰。在許多司法管轄區，所得稅審查，包括和解談判或訴訟，可能需要數年才能最終確定。公司目前在全球多個地方受到審查或訴訟。雖然很難預測任何特定事項的結果或解決時間，管理層
19
目錄
相信合併的基本報表反映了最有可能實現的最大稅收優惠。

10.    其他流動負債
其他流動負債包括以下內容：
(以百萬美元計)9月30日
2024		2023年12月31日,
2023
衍生合同的未實現損失，按公允價值計算$1,100 $1,038 
應計負債784 865 
銷售預付款 (1)
279 463 
應付分紅派息 (2)
190 96 
應付所得稅105 238 
處置存入資金 (3)
103 — 
其他213 213 
總計$2,774 $2,913 
(1)    公司在收到現金預付款項時將其記錄爲銷售預收款，並在相關業績義務完成後確認營業收入。銷售預收款受到邦吉業務的季節性影響，包括北半球和南半球的收穫時間，以及每個資產負債表日的金額通常在十二個月內確認收入。
(2)    見 註釋17 - 股權.
(3)在2024年6月19日，邦吉簽訂了一項正式的股份購買協議，出售其在BP邦吉生物能源中的 50% 的所有權股份。在2024年第二季度，邦吉收到了用於成交購買價格的可退還存款，金額爲 $103 百萬美元。2024年10月1日，該交易根據股份購買協議的條款完成。. 請參見 注2 - 收購與處置 以獲取更多信息。

11.    公允價值計量
邦吉的各種金融工具包括某些流動資本元件，如交易應收賬款和交易應付賬款。此外，邦吉還使用短期和長期債務來資助運營需求。交易應收賬款、交易應付賬款和短期債務通常按其賬面價值列示，賬面價值合理估計公平價值。請參見 附註3 - 交易結構融資計劃 以獲取交易結構融資計劃， 附註7 - 其他非流動資產 以獲取來自巴西農民的長期應收款項淨額和其他長期投資， 附註13 - 債務 以獲取短期和長期債務。邦吉的金融工具還包括衍生工具和可交易證券，這些證券按公平價值列示。
    公允價值標準描述了其層次結構中的三個級別，可用於衡量公允價值。
20
目錄
級別描述金融工具（資產/負債）
第一級在活躍市場中針對相同資產或負債的報價（未經調整）。 交易所交易的衍生合同。

在活躍市場中的可交易證券。
第二級可觀察的輸入，包括調整後的一級報價、類似資產或負債的報價、在交易所交易活動較少的市場中的報價，以及其他可觀察的輸入或可以通過可觀察的市場數據證實的輸入，這些數據涵蓋了資產或負債的大部分期限。 交易所交易的衍生合約（流動性較差的市場）。

易於銷售的存貨。

場外交易（"OTC"）商品購買和銷售合約。

場外交易的衍生品，其價值是通過定價模型確定的，這些模型的輸入通常基於交易所交易價格，並針對主要在市場上可觀察到的特定位置輸入進行調整，或主要來自於可觀察的市場數據。

在流動性較差市場中的可交易證券。
第三級幾乎沒有市場活動支持的不可觀察輸入，並且這些輸入是資產或負債公允價值的重要組成部分。 使用專有定價模型、折現現金流方法或類似技術確定價值的資產和負債。

確定公允價值時需要顯著管理判斷或估計的資產和負債。
在許多情況下，衡量公允價值的估值技術包括來自公允價值層次結構多個層次的輸入。作爲公允價值計量的重要組成部分的最低層次輸入決定了整個公允價值計量在層次結構中的位置。公司對特定輸入在公允價值計量中重要性的評估需要判斷，並可能影響公允價值資產和負債在公允價值層次結構級別中的分類。
有關公允價值及相關公允價值等級的進一步定義，請參考 附註15 - 公允價值計量， 包含在公司2023年10-K表格年報中。
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目錄
下表列出了公司按級別分類的資產和負債，這些資產和負債在定期基礎上以公允價值計量。
 報告日期的公允價值計量
 2024年9月30日2023年12月31日
(以百萬美元計)一級二級三級總計一級二級三級總計
資產：        
現金等價物 $150 $20 $— $170 $315 $149 $— $464 
可隨時出售的存貨（注5）— 5,067 1,128 6,195 — 5,175 662 5,837 
貿易應收款項 (1)
— 1 — 1 — 1 — 1 
衍生合同未實現收益 (2):
      
利率— 13 — 13 — 12 — 12 
外匯— 348 — 348 — 253 — 253 
商品60 449 74 583 198 737 88 1,023 
貨運45 — — 45 80 — — 80 
能源35 — — 35 114 — — 114 
信用— 2 — 2 — — — — 
其他 (3)
82 33 — 115 40 39 — 79 
總資產$372 $5,933 $1,202 $7,507 $747 $6,366 $750 $7,863 
負債：        
交易應付帳款 (1)
$— $394 $175 $569 $— $591 $232 $823 
衍生合同的未實現損失(4):
        
利率— 174 — 174 1 273 — 274 
外匯— 276 — 276 — 223 — 223 
商品67 551 57 675 166 417 17 600 
貨運74 — — 74 68 — — 68 
能源45 1 — 46 132 1 — 133 
信用— 2 — 2 — — — — 
總負債$186 $1,398 $232 $1,816 $367 $1,505 $249 $2,121 
(1)    這些應收賬款和應付賬款是混合金融工具，邦吉選擇了公允價值選項，因爲它們是源自正常業務過程中農產品商品的買賣。
(2)    衍生合同的未實現收益通常包含在其他流動資產中。1截至2024年9月30日和2023年12月31日，分別有$ 百萬包含在其他非流動資產中。
(3)    其他包含可交易證券的公允價值以及其他流動資產和其他非流動資產中的投資。
(4)    衍生合同的未實現損失通常包含在其他流動負債中。147 百萬美元和$260 截至2024年9月30日和2023年12月31日，其他非流動負債中分別包含了$百萬。
現金等價物 ——現金等價物主要包括貨幣市場基金和商業票據投資。邦吉分析價格的來源，並確定這些價格是流動的還是流動性較低的可交易價格。流動價格的現金等價物採用來自公開渠道的價格來評估，並歸類爲一級。流動性較低價格的現金等價物採用第三方報價或定價模型來評估，並歸類爲二級。
流動性庫存 — 以公允價值報告的RMI根據商品期貨交易所報價、經紀人或交易商報價，或在上市或場外交易市場進行的市場交易進行評估，並適當調整與公司庫存所在地的地方市場差異。在這種情況下，庫存被分類爲第二級。某些庫存可能利用與地方市場調整相關的重要不可觀察數據來判定公允價值。在這種情況下，庫存被分類爲第三級。
如果公司使用不同的方法或因素來判斷公允價值，則在濃縮合並資產負債表和濃縮合並收益表中報告的衍生合同和公允價值的RMI的未實現收益和損失金額可能會有所不同。此外，如果市場情況在報告日期後發生變化，報告的金額也會有所不同。
22
目錄
在未來期間，衍生合同和公允價值的RMI在簡明合併資產負債表及簡明合併收益表中的未實現收益和損失可能會有所不同。
衍生品—大多數交易所交易的期貨和期權合約以及交易所清算合約的估值基於活躍市場中未經調整的報價，歸類爲1級。該公司在交易所交易的大多數農產品期貨都是每天以現金結算的，因此不包括在這些表格中。該公司的遠期大宗商品買入和銷售合約與其他場外衍生工具一起被歸類爲衍生品，主要與運費、能源、外匯和利率有關，分爲二級或三級，如下所述。公司根據交易所報價估算公允價值，並根據當地市場的差異進行適當調整。這些差異通常使用經紀商或交易商報價或上市市場或場外交易的市場交易的輸入來估值。在這種情況下，這些衍生合約被歸類爲二級。
場外衍生工具合約包括掉期、期權和結構化交易，通常通過使用量化模型進行公允價值評估，這些模型需要多個市場輸入，包括活躍市場中類似資產或負債的報價、非活躍市場中相同或類似資產或負債的報價、與資產或負債相關的其他可觀察輸入，以及通過相關性或其他方式確認的市場輸入。這些估值模型包括利率、價格和指數等輸入，以生成連續的收益或定價曲線和波動率因素。當可觀察輸入在資產或負債的整個期限內基本可用時，該工具被歸類爲第2級。某些場外衍生工具在不太活躍的市場交易，定價信息的可獲得性較低，某些結構化交易可能需要內部開發的模型輸入，這些輸入在市場上可能不可觀察或無法得到確認。
可交易證券和投資—包括外國政府證券、企業債務證券、存款、股權證券和其他投資。邦吉分析價格的來源，並確定這些價格是流動的還是流動性較差的可交易價格。流動價格的可交易證券和投資使用來自公開來源的價格進行估值，並分類爲一級。流動性較差的可交易證券和投資使用第三方報價或定價模型進行估值，並分類爲二級或三級，如下所述。
    三級測量
以下涉及以公允價值計量的資產和負債，使用的是第三級計量。由於輸入變得可觀察或不可觀察，某個工具可能會轉入或轉出第三級。
第3級計量—第3級的轉移表示已存在的資產或負債，這些資產或負債之前被歸類爲更高的級別，因模型的輸入變得無法觀察，或之前被分類爲第3級的資產和負債，其最低重要輸入在此期間變得可觀察。邦吉關於級別之間轉移的時機政策是，在報告期末記錄轉移。
第三級可立即變現的存貨和交易應付款—導致RMI、實物結算的遠期購銷合同和交易應付款的第三級分類的重要不可觀察輸入，涉及管理層關於交通和其他地方市場或位置相關調整（主要是巴西內陸的運費相關調整）成本的某些估計，並且在加拿大缺乏市場驗證的信息。在這兩種情況下，公司使用專有信息，如購銷合同和簽約價格，來對合同中的運費、溢價和折扣進行估值。這些不可觀察輸入價格的變動本身不會對公司的基本報表產生重大影響，因爲這些合同通常不會超過一個未來的農作物週期。
三級衍生工具—三級衍生工具在公允價值計量中同時使用可觀察和不可觀察的市場輸入。這些輸入包括商品價格、價格波動、利率期貨、成交量和地點。
級別3 其他主要與可交易證券和投資有關，這些證券的價值使用第三方報價或定價模型進行評估，輸入基於類似證券，並調整以反映管理層對公司持有的證券特定特徵的最佳估計。這些輸入代表了公司所持證券公允價值的一個重要組成部分，因此這些證券被歸類爲級別3。
下表顯示了截至2024年和2023年9月30日的三個月和九個月期間，採用重大不可觀察輸入（級別3）對公允價值持續計量的資產和負債的調解。這些工具是使用管理層認爲反映市場參與者將使用的假設的定價模型進行估值的。
23
目錄
截至2024年9月30日的三個月
(以百萬美元計)
隨時可用
可交易的
存貨(2)
衍生品，
淨值		交易
帳戶
應付賬款		總計
餘額，2024年7月1日$1,262 $13 $(377)$898 
營業成本中包含的總收益和損失（已實現/未實現） (1)
153 (8)2 147 
採購215 — (10)205 
銷售額(610)— — (610)
結算— — 191 191 
轉入第3級396 16 (68)344 
轉出第3級(311)(4)95 (220)
翻譯調整23 — (8)15 
餘額，2024年9月30日$1,128 $17 $(175)$970 
(1)    可自由交易的庫存、衍生品、淨值和交易應付賬款包括收益/(損失) $124 百萬，$(11)百萬和 $1 百萬，分別歸因於截至2024年9月30日仍持有的第3層資產和負債的未實現收益/(損失)的變化。
(2)    自2024年1月1日起，公司改變了可自由交易庫存第3級調節中的採購和銷售活動的報告，以與公司的價值鏈交易流程和預期用途保持一致，這對第3級可自由交易庫存期末餘額沒有淨影響。之前的期間活動已被重新分類，以符合當前展示。
截至2023年9月30日的三個月
(以百萬美元計)
隨時可用
可交易的
存貨(2)
衍生品，
淨值		交易
應付賬款
其他 (3)
總計
餘額，2023年7月1日$1,384 $9 $(437)$11 $967 
包含在營業務成本中的總收益和損失（已實現/未實現） (1)
300 39 3 — 342 
包含在其他收入（費用）- 淨額中的總收益和損失（已實現/未實現）— — — 1 1 
採購554 — (21)— 533 
銷售額(699)— — — (699)
結算— — 158 — 158 
轉移到第3級450 22 (32)— 440 
轉移出第3級(854)(31)2 — (883)
翻譯調整(41)— 16 — (25)
截至2023年9月30日的餘額$1,094 $39 $(311)$12 $834 
(1)    可隨時變現的存貨、衍生品、淨額和交易應付賬款，包括$的收益/(損失)207 百萬，$24 百萬美元和$3 百萬，分別歸因於截至2023年9月30日仍持有的第三級資產和負債相關的未實現收益/(損失)的變化。
(2)    從2024年1月1日起，公司更改了其在可流通庫存第3級和解的採購和銷售活動的報告，以與公司的價值鏈交易流和預期用途對齊，這對第3級可流通庫存的期末餘額沒有淨影響。以前的期間活動已被重新分類，以符合當前的展示。
(3)    包括可變現證券和其他流動資產的公允價值。壓縮合並收益表中的其他收入（費用）淨額中包括$1百萬與2023年9月30日仍持有的證券相關的公允價值損失。
24
目錄
截至2024年9月30日的九個月
(以百萬美元計)
容易
可交易的
存貨(2)
衍生品，
淨值		交易
帳戶
應付賬款		總計
2024年1月1日餘額$662 $71 $(232)$501 
包含在營業成本中的總收益和損失（實現/未實現） (1)
580 (68)14 526 
採購1,594 — (438)1,156 
銷售額(1,760)— — (1,760)
結算— — 499 499 
轉移至第3級1,108 20 (233)895 
轉移出第3級(986)(6)155 (837)
翻譯調整(70)— 60 (10)
餘額，2024年9月30日$1,128 $17 $(175)$970 
(1)    可隨時上市的存貨、衍生品、淨額以及交易應付賬款，包括收益/(損失)爲$488 百萬，$(50)百萬和 $14 百萬，分別歸因於截至2024年9月30日仍持有的第3層資產和負債的未實現收益/(損失)的變化。
(2)    自2024年1月1日起，公司改變了可自由交易庫存第3級調節中的採購和銷售活動的報告，以與公司的價值鏈交易流程和預期用途保持一致，這對第3級可自由交易庫存期末餘額沒有淨影響。之前的期間活動已被重新分類，以符合當前展示。

截至2023年9月30日的九個月
(以百萬美元計)
容易
可交易的
存貨(2)
衍生品，
淨值		交易
應付賬款
其他(3)
總計
2023年1月1日的餘額$412 $51 $(130)$27 $360 
包含在營業成本中的總收益和損失（實現/未實現） (1)
665 (32)21 — 654 
包含在其他收入（費用）- 淨額中的總收益和損失（已實現/未實現）— — — (1)(1)
採購2,767 — (450)— 2,317 
銷售額(2,215)— — (14)(2,229)
結算— — 329 — 329 
轉移至第3級1,658 51 (113)— 1,596 
轉移出第3級(2,216)(31)44 — (2,203)
翻譯調整23 — (12)— 11 
截至2023年9月30日的餘額$1,094 $39 $(311)$12 $834 
(1)    可隨時變現的存貨、衍生品、淨額和交易應付賬款，包括$的收益/(損失)648 百萬，$(20)百萬和 $22 百萬，分別歸因於截至2023年9月30日仍持有的第三級資產和負債相關的未實現收益/(損失)的變化。
(2)    自2024年1月1日起，公司改變了可自由交易庫存第3級調節中的採購和銷售活動的報告，以與公司的價值鏈交易流程和預期用途保持一致，這對第3級可自由交易庫存期末餘額沒有淨影響。之前的期間活動已被重新分類，以符合當前展示。
(3)    包括可變現證券和其他流動資產的公允價值。壓縮合並收益表中的其他收入（費用）淨額中包括$15截至2023年9月30日，持有證券相關的市值損失爲百萬。
25
目錄
12.    衍生工具和對沖活動
公司使用衍生工具來管理多種市場風險，如利率、外匯率和商品風險。公司進行的一些對沖符合對沖會計的標準（"對沖會計衍生工具"），而一些雖然是作爲經濟對沖意圖進行的，但不符合或未指定爲對沖會計（"經濟對沖衍生工具"）。由於這些衍生工具以不同方式影響基本報表，下面將分開討論。
對沖會計衍生工具 - 公司在合格的對沖會計關係中使用衍生工具，以管理其某些利率、外幣和商品風險。在執行這些對沖策略時，公司主要依賴快捷和關鍵條款匹配方法來設計其對沖會計策略，這導致這些對沖關係幾乎沒有淨收益影響。公司每季度監控這些關係，並進行定量分析以驗證當對沖項目或對沖衍生工具發生變化時，對沖是否高度有效的主張。
公允價值對沖 - 這些衍生工具用於對沖利率和貨幣兌換率變化對某些長期債務的影響。在公允價值對沖會計下，衍生工具按公允價值計量，對沖債務的賬面價值根據與所對沖的敞口相關的價值變化進行調整，這兩種調整都會抵消收益。換句話說，衍生工具公允價值變化對收益的影響將與對沖債務賬面價值變化對收益的影響相互抵消。利率互換的公允價值對沖會計的淨影響計入利息支出。對於跨幣種互換，衍生工具的貨幣風險變化計入匯率期貨收益（損失） - 淨額，利率風險變化計入利息支出。基差風險的變化被記錄在累計其他綜合收益（損失）中，直到通過票息實現。
貨幣風險的現金流對沖 - 公司通過貨幣遠期合同管理某些預測採購、銷售，以及銷售、一般和行政費用的貨幣風險。遠期合同的價值變動被歸類爲累計其他綜合收益（損失），直到該交易影響收益，此時貨幣遠期的價值變動將重新分類至淨銷售額、營業成本或銷售、一般和行政費用。這些對沖在2025年12月之前的不同時間到期。在當前累計其他綜合收益（損失）中，$1 百萬的遞延損失預計將在接下來的十二個月內重新分類到收益中。
淨投資對沖 - 公司通過貨幣遠期合約對其某些外國子公司的貨幣風險進行對沖，該貨幣風險通過累計其他綜合收益（損失）進行重新計量。對於貨幣遠期，使用遠期法。遠期的價值變動在累計其他綜合收益（損失）中進行分類，直到該交易通過銷售或大規模清算外國子公司的方式影響收益。
下表提供了對沖項目的資產負債表價值和用於對沖策略的衍生品名義金額的信息。衍生品的名義金額是基礎資產的單位數量（例如，利率互換中債務的名義本金金額）。 名義金額用於計算根據合同需支付的利息或其他支付流，並且是公司活動水平的衡量標準。公司以總額的方式披露衍生品名義金額。
(以百萬美元計)9月30日
2024		2023年12月31日單位
計量
對沖工具類型：
利率風險的公允價值對沖
利率互換 - 名義金額$2,700 $2,900 $ 名義
由於積極應用對沖會計，長期債務的累計調整$(165)$(260)$ 名義
對沖債務的賬面價值$2,525 $2,625 $ 名義
貨幣風險的現金流對沖
外幣遠期合約 - 名義金額$7 $54 $ 名義
外幣期權 - 名義金額$102 $99 $ 名義
淨投資對沖
外幣遠期 - 名義金額$1,194 $1,112 $ 名義
26
目錄
經濟對沖衍生品 - 除了在合格對沖關係中使用衍生品外，公司還進入衍生品市場，以經濟對沖其在正常運營過程中面臨的各種市場風險。
利率衍生工具用於對沖公司金融工具投資組合和債務發行的風險。這些工具公允價值變化的影響主要體現在利息支出中。
貨幣衍生工具用於對沖因公司全球運營而產生的資產負債表和商業風險。這些工具公允價值變化的影響在對沖商業風險時體現在營業成本中，而在對沖貨幣風險時體現在匯率期貨（損失）收益-淨值中。
農產品商品衍生品主要用於管理與公司庫存及未來採購和銷售合同相關的風險。購買農產品商品的合同通常與當前或未來的作物年度有關，交付時間由受監管的商品交易所報價。出售農產品商品的合同通常不超過一個未來的作物週期。這些工具公允價值變化的影響在營業成本中體現。
公司使用被稱爲遠期運費協議（"FFA"）和FFA期權的衍生工具來對沖其當前和預期的海運成本的部分風險。這些工具公允價值變動的影響體現在營業成本中。
公司使用能源衍生工具來管理其對能源成本波動的風險。可能會對天然氣、電力、煤和燃料油（包括船用燃料）進行對沖。這些工具公允價值變動的影響在營業成本中列示。
公司還可以參與其他衍生品，包括信用違約掉期、碳排放衍生品和股票衍生品，以分別管理其對信用風險和更廣泛宏觀經濟風險的暴露。這些工具公允價值變動的影響在營業成本中呈現。
下表總結了截至2024年9月30日和2023年12月31日的經濟衍生品成交量。對於通過場外市場（例如，遠期合約、遠期利率協議（"FRA"）和掉期）進行雙邊交易的合約，提供了總頭寸。對於交易所交易的合約（例如，期貨、遠期外匯合約和期權）以及清算頭寸（例如，能源掉期），提供了淨頭寸。
27
目錄
 9月30日2023年12月31日, 
 20242023單位
測量
(以百萬美元計)多頭(簡短)多頭(短期)
利率    
   掉期$295 $(1,422)$935 $(1,465)$ 名義
   期貨$— $(299)$— $(612)$ 名義
   遠期$— $— $416 $(416)$ 名義
   期權$— $— $— $(3)$ 名義
貨幣
   遠期$10,724 $(11,697)$8,808 $(10,356)$ 名義
   掉期$2,759 $(1,646)$1,357 $(324)$ 名義
   期貨$— $(4)$— $(2)$ 名義價值
   期權$7 $(33)$5 $(5)德爾塔
農產品期貨
   遠期合約22,752,408 (31,474,803)25,588,125 (34,163,143)公噸
   期貨— (7,590,458)— (1,224,688)公噸
   期權299,044 (580)29,420 (615,937)公噸
海運
   FFA— (9,538)— (4,965)租用天數
天然氣
   遠期500 (100)300 — MMBtu
   掉期1,260,900 — 778,436 — MMBtus
   期貨10,231,918 — 12,715,588 — MMBtus
   期權507,727 — — (2,923,438)MMBtus
電力
   期貨67,321 — — (281,511)兆瓦小時
能源 - 其他
   掉期267,488 — 202,716 — 公噸
   期權— — 40,920 — 公噸
能源 - 二氧化碳
   期貨245,000 — 675,000 — 公噸
   期權400,000 — 400,000 — 公噸
其他
掉期和期貨$90 $(90)$100 $(106)$ 名義值










28
目錄
衍生工具和對沖會計對簡明合併收益表的影響
下表總結了截至2024年9月30日和2023年9月30日的三個月和九個月期間，衍生工具和對沖會計對合並損益表的淨影響。
  確認的損益
衍生工具的收入
  截至九月三十日的三個月
(以百萬美元計)20242023
損益表分類衍生工具類型
淨銷售額
對沖會計外幣$(1)$2 
營業成本
對沖會計外幣$— $1 
經濟對沖外幣39 (41)
商品(202)30 
其他 (1)
(37)79 
總營業成本 $(200)$69 
利息費用
對沖會計利率$(31)$(35)
匯率期貨（損失）收益 - 淨值
對沖會計外幣$— $(5)
經濟對沖外幣(7)10 
     總彙率期貨（損失）收益 - 淨值$(7)$5 
其他收入（費用）
經濟對沖利率$— $(1)
其他綜合收益（虧損）
在期間內，作爲外幣風險的公允價值對沖工具的衍生品在其他綜合收益（損失）中包含的收益和損失$— $1 
在期間內，作爲外幣風險的現金流對沖工具的衍生品在其他綜合收益（損失）中包含的收益和損失 $(18)$10 
作爲淨投資對沖使用的衍生品的收益和損失包含在期間的其他綜合收益（損失）中
$(39)$20 
期間從累計其他綜合收益（損失）中釋放的金額
   外幣風險的現金流對沖 - 損失/(收益)$(1)$(1)
(1)    其他包括來自貨運、能源和其他衍生品的結果。
29
目錄
損益確認於
衍生工具的收入
截至9月30日的九個月
(以百萬美元計)20242023
收入報表分類衍生工具的類型
淨銷售額
風險對沖會計外幣$(1)$6 
營業成本
對沖會計外幣$— $1 
經濟對沖外幣(160)367 
商品(228)394 
其他 (1)
(91)86 
總營業成本$(479)$848 
銷售、一般及行政費用
對沖會計外匯$— $1 
利息費用
對沖會計利率$(92)$(103)
經濟對沖利率— 6 
總利息費用$(92)$(97)
匯率期貨（損失）收益
對沖會計外幣$— $(26)
經濟對沖外幣(5)4 
總彙率期貨（損失）收益 - 淨值$(5)$(22)
其他收入（費用）
經濟對沖利率$— $1 
其他綜合收益（虧損）
用於外幣風險的公允價值對沖的衍生品的收益和損失，包含在期間內的其他綜合收益（損失）中$— $1 
用於外幣風險的現金流對沖的衍生品的收益和損失，包含在期間內的其他綜合收益（損失）中$4 $(21)
用於淨投資對沖的衍生品的收益和損失，包含在期間內的其他綜合收益（損失）中
$64 $(41)
期間內從累計其他綜合收益（損失）中釋放的金額
外幣風險的現金流對沖 - 虧損/(收益)$(2)$(1)
(1)    其他包括來自貨運、能源和其他衍生品的結果


30
目錄
13.    債務
下表總結了邦吉的短期和長期債務：
(以百萬美元計)9月30日
2024		2023年12月31日,
2023
短期債務和長期債務的當前部分：
 
循環信貸設施$— $— 
商業票據 (1)
— — 
其他短期債務 755 797 
短期債務總計 755 797
長期債務的當前部分663 5 
短期債務總額及長期債務當前部分 (2)
1,418 802 
長期債務： (3)
  
到期貸款2025年 - SOFR加 0.90%(4)
— 750 
到期貸款2027年 - SOFR加 1.125%
250 250 
到期貸款2028年 - SOFR加 1.325%
250 249 
1.63% 2025年到期高級票據
599 598 
3.25% 2026年到期高級票據
699 698 
3.75% 2027年到期的高級票據
598 597 
4.10% 2028年到期的高級票據(5)
397 — 
4.20% 2029年到期的高級票據(5)
792 — 
2.75% 2031年到期的高級票據
992 991 
4.65% 2034年到期的高級票據(5)
790 — 
因應用對沖會計法而導致長期債務的累積調整(189)(260)
其他長期負債262 212 
 小計 (6)
5,440 4,085 
減：長期債務的流動部分(663)(5)
長期債務總額 (7)
4,777 4,080 
總債務$6,195 $4,882 
(1)    在2024年4月12日，邦吉將其現有商業票據計劃的總規模增加了$1十億，合計達到$2十億。
(2)    包括截至2024年9月30日的擔保債務 $207 百萬美元和$200百萬，以及截至2023年12月31日的數據。
(3)    截至2024年9月30日的變動利率。
(4)    在2024年9月30日，邦吉提前償還並終止了其 3-年期貸款協議，該貸款到期於2025年。
(5)    請參見 維特拉收購融資 以下部分 注13 - 債務 更多詳細信息請見.
(6)    截至2024年9月30日和2023年12月31日，長期債務的公允價值（第2級），包括當前部分，是$5,456 百萬和$4,125百萬。邦吉的長期債務公允價值是根據目前可用於與邦吉信用等級類似的公司的可比到期的利率計算得出的。
(7)    包括截至2024年9月30日的擔保債務 $129 百萬美元和$100百萬，以及截至2023年12月31日的數據。
循環信用額度的更新
在2024年3月1日，邦吉簽訂了一項無擔保的金額爲$3.2十億 5年循環信貸協議（"$3.2 十億循環信貸協議"）與一組貸款人簽訂，該協議將在2029年3月1日到期。邦吉可以不時要求一個或多個現有或新貸款人根據附加條款將總參與額增加至最高$1.5十億1.95的現有承諾總額爲$1.25十億可於邦吉完成對維特拉（Viterra）收購之日後獲取，前提是滿足某些條件。因此，完成維特拉的收購後，承諾的總容量將爲合計$3.2十億。$3.2 十億美元的循環信貸協議替代了現有的$1.95十億美元 5爲期-年的循環信貸協議於2024年3月1日終止。
31
目錄
2024年3月1日，邦吉行使了其現有無抵押美元中規定的手風琴條款1.75十億 3-年度循環融資協議（經修訂後的 “美元”3.5 十億美元循環融資協議”），額外承諾產能總額爲美元1.75十億美元可供在邦吉完成對維泰拉的收購之日及之後提取。完成對Viterra的收購後，承諾的總容量將爲美元3.5十億。融資成本還受與某些可持續發展標準相關的某些溢價或折扣的約束，包括但不限於定義邦吉在其運營中的氣候目標的SBT，以及對2025年無森林砍伐供應鏈的承諾。這美元3.5 十億美元的循環信貸協議將於2026年10月6日到期。
此外，在2024年4月12日，邦吉修訂並重述了其現有的$1.1十億美元 364-天期的循環信貸協議（“$1.1 十億美元 364-天循環信貸協議”）與一組貸款人簽署，以將到期日從2024年6月19日延長至2025年4月11日。邦吉可能不時要求一個或多個現有或新貸款人根據附加條款，將$1.1 十億美元 364-天循環信貸協議下的總參與額增加最高至$250百萬，以此響應安排的條款。
維特拉收購融資
如上所述， 注2 - 收購與處置邦吉獲得了總計 $8.0十億美元的收購融資，形式爲 $7.7十億美元的融資承諾，由住友三井銀行及一組貸款人安排，還有一個 $300百萬 5年 的延遲提取定期貸款，由CoBank和美國農場信貸系統於2023年7月7日執行，可在收購完成時提取。由於後文討論的高級票據的發行，$7.7融資承諾已減少至$5.7融資承諾爲$5.7融資承諾爲$ 三 分期定期貸款到期於 364-天， 2-年和 3-年從收購關閉之日起。
高級筆記- 2024 年 9 月 17 日，邦吉完成了 (i) 美元的銷售和發行400百萬本金總額爲 4.1002028年到期的優先票據百分比，（ii）美元800百萬本金總額爲 4.2002029年到期的優先票據百分比，以及（iii）美元800百萬本金總額爲 4.6502034年到期的優先票據百分比。總的來說， 三 部分優先票據的總本金額爲美元2.0十億。優先票據由邦吉提供全面和無條件的擔保。此次發行是根據公司及其100％擁有的財務子公司BLFC向美國證券交易委員會提交的S-3表格（註冊號333-282003）的上架註冊聲明進行的。此次發行的淨收益約爲 $1.98扣除承保佣金、原始發行折扣以及邦吉應支付的發行費用和支出後，達到了10億美元。此次發行的淨收益預計將用於爲邦吉收購維泰拉的部分現金對價提供資金，並償還與收購相關的部分維泰拉債務，包括每種情況下的相關費用和開支，以及任何剩餘金額，用於一般公司用途。優先票據需要進行特殊的強制性兌換，價格等於 101在某些情況下，包括未完成對Viterra的收購或未按業務合併協議條款在商定的日期之前完成收購，佔本金總額的百分比，加上應計和未付利息。
交易所提供及Viterra債券的同意徵求 - 在2024年9月9日，邦吉宣佈，因其正在進行對Viterra的收購，邦吉全資子公司BLFC開始進行美國交易所要約，以交換由VFBV發行並由Viterra及Viterra b.V.擔保的某些系列的所有未償債券（"現有美元Viterra債券"），以換取高達$1.95十億美元的BLFC發行的新的債券的總本金額，且由邦吉擔保。
在美國交易所要約同時，BLFC代表VFBV成功徵集了一致同意，VFBV於2024年9月23日修改了對現有美元Viterra票據的各項契約，具體包括，取消某些契約、限制條款和違約事件，並修改或修訂其他某些條款，包括無條件釋放和解除Viterra及Viterra b.V.的擔保。
此外，在2024年第三季度，維特拉開始了歐洲同意徵集，以修改VFBV未償還債券的契約 500百萬 歐元 總本金金額爲 0.375%的2025年到期的高級無擔保債券和未償還債券 700百萬 歐元 的總本金金額爲 1.000% 2028年到期的高級無擔保債券（統稱爲"現有歐元Viterra債券"），用於在其中一項事項中，將此類債券的發行人和保證人替換爲邦吉的全資財務子公司BFE作爲發行人，以及邦吉作爲保證人。已通過所需數量的債券持有者的決議以執行這些修正。
美國交易所的報價和歐洲的徵求同意受多種條件限制，其中最重要的是收購的完成。因此，現有的美元指數Viterra票據和現有的歐元指數Viterra票據在邦吉的合併資產負債表上未被確認，直到收購完成爲止。
32
目錄
14.    關聯方交易
邦吉從其某些不合並的被投資單位和其他相關方採購農業商品產品。這些相關方採購約佔 9%或更少的營業務成本，截止到2024年和2023年9月30日的三個月和九個月。邦吉還向其某些不合並的被投資單位和其他相關方銷售農業商品產品。這些相關方銷售約佔 2%或更少的總淨銷售額，截止到2024年和2023年9月30日的三個月和九個月。
此外，邦吉從其未合併的投資對象和其他相關方接收服務，並向其提供服務，包括加工、港口處理、行政支持和其他服務。在截至2024年9月30日和2023年9月30日的三個月和九個月中，這類服務對公司合併結果並不重要。
截至2024年9月30日和2023年12月31日，與上述關聯方交易相關的應收款項約佔 3%或更少的總交易應收賬款。截止2024年9月30日和2023年12月31日，與上述關聯方交易相關的應付款項約佔 3%或更少的總交易應付賬款。
此外，正如提到的， 第6條 - 其他流動資產 和 附註7 - 其他非流動資產邦吉爲未來交付特定數量的農產品提供某些預付款，並向其未合併的投資方提供預付款。 在 2024年9月30日， 和 2023年12月31日，向未合併的投資公司進展包括大約的 4%或更少的總其他流動資產，以及 8%或少於的總其他非流動資產。
邦吉認爲所有交易的價值與與第三方在公平交易中的交易價值是相似的。

15.    承諾和或有事項
邦吉是與索賠和訴訟相關的一方，主要涉及南美的非收入稅和勞動索賠，這些都是在正常的業務過程中產生的。邦吉有時還涉及各種合同、反壟斷、環保母基訴訟和修復以及其他訴訟、索賠、政府調查和法律程序。預測這些事項最終結果的能力涉及判斷、估算和固有的不確定性。邦吉在法律事務相關的負債在風險事項變得可能並且可以合理估計時記錄。邦吉管理層不期望這些事項對邦吉的財務控制項、經營結果或流動性產生重大不利影響。然而，這些事項受固有不確定性的影響，並且存在這種事項產生的負債在不確定性解決期間可能對財務產生重大不利影響的微小可能性，前提是負債明顯超過凝聚合並資產負債表中包含的準備金金額。有關索賠的信息出現在邦吉截至2023年12月31日的10-K表格報告中。 截至2024年9月30日和2023年12月31日，其他非流動負債中包含與這些事項相關的以下金額：
(以百萬美元計)9月30日
2024		2023年12月31日,
2023
非收入稅索賠$21 $19 
勞動索賠48 66 
民事及其他索賠106 114 
總計$175 $199 
巴西間接稅 - 非所得稅索賠 - 這些稅務索賠涉及對邦吉在巴西子公司的索賠，主要是增值稅索賠（ICMS，ISS，IPI和 PIS/COFINS）以及對未付款項的利息和罰款。
截至2024年9月30日，巴西聯邦和州政府已完成對ICMS和PIS/COFINS稅務申報的審查，並提出了未決的索賠。 公司繼續評估每項索賠的合理性，並將在損失被認爲可能出現時予以確認。未決索賠包括以下內容：
(以百萬美元計)考察年份2024年9月30日2023年12月31日
ICMS1990年至今$157 $212 
PIS/COFINS2002年至今$422 $438 
33
目錄
勞動索賠 — 勞動索賠主要針對邦吉在巴西的子公司。這些勞動索賠主要與解僱、遣散費、健康與安全、薪資調整以及補充養老福利有關。
民事及其他索賠 — 民事及其他索賠涉及與第三方的各種爭議，包括供應商和客戶。
擔保 — 邦吉在2024年9月30日已發佈或參與以下擔保：
(以百萬美元計)已記錄負債最大值
潛在的
未來
付款
未合併關聯公司擔保 (1)
$16 $150 
殘值擔保 (2)
— 384 
俄羅斯處置賠償 (3)
9 235 
其他保證— 12 
總計$25 $781 
(1)邦吉已向某些金融機構提供了與其某些未合併附屬公司債務相關的擔保。擔保的條款與相關融資的條款相同，融資的到期日爲2034年。沒有追索權條款或抵押品使邦吉能夠收回任何支付的擔保金額。此外，某些邦吉子公司已擔保其某些未合併附屬公司的義務，併爲此項擔保義務提供了擔保。通過向金融機構質押其某些未合併附屬公司的股份，以及對未合併附屬公司的貸款應收款，以防擔保的義務被執行。 截至2024年9月30日，根據在此類擔保債務設施下提取的金額，邦吉的潛在責任爲$124百萬，並且在其他流動負債和其他非流動負債中記錄了$16 百萬的義務和與這些擔保相關的潛在損失。
(2)邦吉已向某些金融機構提供擔保，這些金融機構是某些鐵路運輸車、駁船和建築物的運營租賃協議的當事方。這些擔保規定在租賃期結束時，承租人應獲得最低殘值。這些租賃將在2024年至2029年之間的不同日期到期。到2024年9月30日， 2024財年沒有記錄減值損失。 與這些擔保相關的義務已被記錄。任何已記錄的義務將被確認 在流動性 運營租賃義務或非流動運營租賃義務。
(3)在2023年2月3日，邦吉同意賠償其俄羅斯業務買方因邦吉的俄羅斯子公司涉及的某些現存法律索賠所造成的損失。賠償期至2030年2月2日。到2024年9月30日，邦吉記錄了一項金額爲$9 百萬的義務，與其他非流動負債相關。
邦吉全球 SA 向伊利諾伊州農業部董事提供了一項擔保，作爲邦吉北美公司（"BNA"）的受託人。該擔保保證了BNA對向BNA的伊利諾伊州設施交付商品的糧食生產者和/或存款人所欠的所有金額。
16.    其他非流動負債
其他非流動負債包括以下內容：
(以百萬美元計)9月30日
2024		2023年12月31日,
2023
勞動、法律及其他條款$194 $218 
養老金及退休後義務 (1)
153 170 
不確定的所得稅立場 (2)
75 68 
衍生合約的未實現損失，按公允價值計算 (3)
147 260 
其他101 108 
總計$670 $824 
(1)在2024年10月2日，公司作爲邦吉一項美國固定收益養老金計劃的計劃發起方，使用大約$377百萬計劃資產向第三方保險公司購買了一份等值的買入合同。2024年10月22日，公司通知同一固定收益養老金計劃的參與者，計劃向符合條件的參與者提供一次性補償，並終止該計劃，預計將在2025財年下半年完成。截至2024年9月30日，2024年10月的行動對合並的基本報表沒有影響。
34
目錄
(2)請參見 備註 9 - 所得稅。
(3)請參見 註釋 11 - 公允價值計量.

17.    股本
股份回購計劃 — 如前所述於 注2 - 收購與處置在2023年6月12日，邦吉有限公司的董事會批准擴展現有的$500百萬計劃，以回購邦吉已發行和流通的股票。當時，現有計劃下剩餘可用於回購邦吉有限公司股份的容量約爲$300百萬，邦吉有限公司的董事會批准將該計劃擴展至額外的$1.7十億，使截至2023年6月12日的總未使用容量爲$2.0十億。該計劃的有效期仍然是無限的。在截至2024年9月30日的三個月內，邦吉回購了 2,063,956 以$發行的股份200 在截至2024年9月30日的九個月期間，邦吉回購了 6,440,930 以$回購的股份600 百萬。截止到2024年9月30日， 13,957,906 以$回購的股份1.4 十億， $800百萬仍然在計劃下待回購。
註冊股份的分紅派息 — 我們向股東支付了以下現金分紅派息：
截至九月三十日的三個月九個月結束
9月30日
2024202320242023
每股分紅派息$0.68 $0.6625 $2.0225 $1.9125 
在重新註冊後，股息分配由董事會決定，並需在股東大會上獲得股東的批准，符合瑞士法律。2024年5月15日，邦吉全球股份有限公司的股東批准了現金股息分配，金額爲$2.72 每股，支付爲 四 $0.68 每股，從2024財年第二季度開始，到2025財年第一季度結束，分爲等額的季度支付。
一旦批准分紅派息，負債將在其他流動負債中反映，同時在濃縮合並資產負債表中相應減少留存收益。截至2024年9月30日和2023年12月31日，濃縮合並資產負債表中未支付的分紅派息在其他流動負債中的累計總額爲$190 百萬美元和$96 百萬，具體見 註釋10-其他流動負債.
歸屬於邦吉的累計其他綜合收益（損失） — 以下表格總結了歸屬於邦吉的累計其他綜合收益（損失）相關的稅後元件餘額：
(以百萬美元計)匯率期貨
翻譯
調整		延期
收益（損失）
對沖
活動		養老金及其他
退休後
責任
調整		累計
其他
綜合
收入（損失）
餘額，2024年7月1日$(6,005)$(321)$(120)$(6,446)
其他全面收益（損失）在重新分類之前150 (57)— 93 
從累計其他綜合收益（損失）中重新分類的金額— (1)— (1)
餘額，2024年9月30日$(5,855)$(379)$(120)$(6,354)
(以百萬美元計)匯率期貨
翻譯
調整		延期
收益（損失）
在對沖
活動		養老金和其他
退休後
責任
調整		累計
其他
綜合
收入（損失）
餘額，2023年7月1日$(5,554)$(435)$(102)$(6,091)
其他全面收益（損失）在重新分類之前(162)31 — (131)
從其他綜合收益（損失）重新分類的金額(1)(1)— (2)
截至2023年9月30日的餘額$(5,717)$(405)$(102)$(6,224)
35
目錄
(以百萬美元計)匯率期貨
翻譯
調整		延期
收益（損失）
對沖
活動		養老金和其他
退休後
責任
調整		累計
其他
綜合
收入（損失）
2024年1月1日餘額$(5,489)$(445)$(120)$(6,054)
其他全面收益（損失）在重新分類之前(366)68 — (298)
從累計其他綜合收益（損失）中重新分類的金額— (2)— (2)
餘額，2024年9月30日$(5,855)$(379)$(120)$(6,354)
(以百萬美元計)匯率期貨
翻譯
調整		延期
收益（損失）
在對沖
活動中		養老金和其他
退休後
責任
調整		累計
其他
綜合
收入（損失）
2023年1月1日的餘額$(5,926)$(343)$(102)$(6,371)
其他全面收益（損失）在重新分類之前107 (61)— 46 
從累計其他綜合收益（損失）重新分類的金額102 (1)— 101 
截至2023年9月30日的餘額$(5,717)$(405)$(102)$(6,224)

18.    每股收益
分享下面提供的信息，包括歸屬於邦吉股東的淨利潤（損失）、加權平均流通股數和每股收益，這些都是基於邦吉在重新註冊前的普通股以及重新註冊後的邦吉註冊股份計算的。
下表列出了基本每股收益和稀釋每股收益的計算：
三個月結束
9月30日		截至九個月
9月30日
(以百萬美元計，除股份數據外)2024202320242023
歸屬於邦吉股東的淨利潤（損失） $221 $373 $535 $1,627 
加權平均在外流通股份數：   
基本140,519,185 149,195,908 141,875,297 149,958,262 
稀釋股份的影響：    
—期權和獎勵 (1)
1,626,416 2,020,948 1,696,582 1,933,552 
稀釋142,145,601 151,216,856 143,571,879 151,891,814 
每股收益：
歸屬於邦吉股東的淨利潤（損失）—基本$1.57 $2.50 $3.77 $10.85 
歸屬於邦吉股東的淨利潤（損失）—稀釋$1.56 $2.47 $3.73 $10.71 
(1)加權平均流通股票-攤薄不包括不到 1 百萬有條件發行的限制性股票單位，這些股票單位並不具備稀釋性，並且在截至2024年9月30日和2023年9月30日的三個月和九個月的每股收益計算中未被計入。

19.    分段信息
公司的運營被組織、管理和分類爲 四 可報告的細分市場——農業產業、精煉和特種油、磨製和糖及生物能源，這些根據其相似的經濟特徵、提供的產品和服務、生產工藝、客戶類型和類別以及分銷方式進行組織。公司的
36
目錄
remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as Corporate and Other.
The Agribusiness segment is characterized by both inputs and outputs being agricultural commodities and thus high volume and low margin. The Refined and Specialty Oils segment involves the processing, production, and marketing of products derived from vegetable oils. The Milling segment involves the processing, production, and marketing of products derived primarily from wheat and corn. The Sugar and Bioenergy reportable segment primarily comprises the net earnings in the Company’s 50% interest in BP Bunge Bioenergia, a joint venture with BP p.l.c. On June 19, 2024, Bunge entered into a definitive share purchase agreement to sell its 50% ownership share in BP Bunge Bioenergia. On October 1, 2024, the transaction closed in accordance with the terms of the share purchase agreement. See Note 2 - Acquisitions and Dispositions for further information.
Corporate and Other includes salaries and overhead for corporate functions that are not allocated to the Company’s individual reporting segments because the operating performance of each reporting segment is evaluated by the Company's chief operating decision maker exclusive of these items, as well as certain other activities including Bunge Ventures, the Company's captive insurance activities, accounts receivable securitization activities, and certain income tax assets and liabilities.
Transfers between segments are generally valued at market. Segment revenues generated from these transfers are shown in the following table as “Inter-segment revenues.”
Three Months Ended September 30, 2024
(US$ in millions)
AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherEliminationsTotal
Net sales to external customers$9,292 $3,158 $407 $38 $13 $— $12,908 
Inter–segment revenues1,857 60 — — — (1,917)— 
Cost of goods sold(8,900)(2,820)(364)(37)(15)— (12,136)
Gross profit392 338 43 1 (2)— 772 
Selling, general and administrative expenses(147)(103)(25)(1)(161)— (437)
Foreign exchange (losses) gains – net20 (8)— — 2 — 14 
EBIT - Noncontrolling interests (1)
4 (13)— — — — (9)
Other income (expense) - net79 (14)(1)— 23 — 87 
Income (loss) from affiliates(26)— — 6 — — (20)
Total Segment EBIT (2)
322 200 17 6 (138)— 407 
Total assets15,911 4,018 911 391 4,036 — 25,267 
Three Months Ended September 30, 2023
(US$ in millions)AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherEliminationsTotal
Net sales to external customers$10,082 $3,601 $479 $56 $9 $— $14,227 
Inter–segment revenues2,139 45 — — — (2,184)— 
Cost of goods sold(9,437)(3,249)(429)(54)(13)— (13,182)
Gross profit645 352 50 2 (4)— 1,045 
Selling, general and administrative expenses(145)(98)(25)(1)(178)— (447)
Foreign exchange (losses) gains – net(52)(2)— 1 6 — (47)
EBIT - Noncontrolling interests (1)
(9)(6)— — 1 — (14)
Other income (expense) - net36 (19)(2)— (7)— 8 
Income (loss) from affiliates(14)— — 53 — — 39 
Total Segment EBIT (2)
461 227 23 55 (182)— 584 
Total assets16,660 3,849 972 469 3,183 — 25,133 
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Nine Months Ended September 30, 2024
(US$ in millions)AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherEliminationsTotal
Net sales to external customers$28,689 $9,519 $1,189 $130 $39 $— $39,566 
Inter–segment revenues5,454 177 81 — — (5,712)— 
Cost of goods sold(27,554)(8,507)(1,020)(127)(46)— (37,254)
Gross profit1,135 1,012 169 3 (7)— 2,312 
Selling, general and administrative expenses(452)(303)(74)(2)(494)— (1,325)
Foreign exchange (losses) gains(81)(21)(2)— 3 — (101)
EBIT - Noncontrolling interests (1)
14 (31)— — 2 — (15)
Other income (expense) - net188 (46)(4)— 74 — 212 
Income (loss) from affiliates(66)— (1)8 1 — (58)
Total Segment EBIT (2)
738 611 88 9 (421)— 1,025 
Total assets15,911 4,018 911 391 4,036 — 25,267 
Nine Months Ended September 30, 2023
(US$ in millions)AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherEliminationsTotal
Net sales to external customers$31,809 $11,090 $1,484 $192 $29 $— $44,604 
Inter–segment revenues6,294 138 164 — — (6,596)— 
Cost of goods sold(29,359)(10,063)(1,363)(188)(40)— (41,013)
Gross profit2,450 1,027 121 4 (11)— 3,591 
Selling, general and administrative expenses(428)(291)(70)(1)(430)— (1,220)
Foreign exchange (losses) gains(77)8 (1)1 5 — (64)
EBIT - Noncontrolling interests (1)
(29)(17)1 — 2 — (43)
Other income (expense) - net54 (50)(5)2 34 — 35 
Income (loss) from affiliates(19)— — 119 (17)— 83 
Total Segment EBIT (2)
1,951 677 46 125 (417)— 2,382 
Total assets16,660 3,849 972 469 3,183 — 25,133 
(1)     Includes Net (income) attributable to noncontrolling interests and redeemable noncontrolling interests adjusted for noncontrolling interests' share of interest and taxes.
(2)     Total Segment earnings before interest and taxes ("EBIT") is an operating performance measure used by Bunge’s management to evaluate segment operating activities. Bunge’s management believes Total Segment EBIT is a useful measure of operating profitability, since the measure allows for an evaluation of the performance of its segments without regard to its financing methods or capital structure. In addition, EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industry. Total Segment EBIT is a non-GAAP financial measure and is not intended to replace Net income (loss) attributable to Bunge, the most directly comparable U.S. GAAP financial measure. Further, Total Segment EBIT is not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss) or any other measure of consolidated operating results under U.S. GAAP. See the reconciliation of Total Segment EBIT to Net income (loss) attributable to Bunge in the table below.
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A reconciliation of Net income (loss) attributable to Bunge to Total Segment EBIT follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(US$ in millions)2024202320242023
Net income (loss) attributable to Bunge$221 $373 $535 $1,627 
Interest income(33)(38)(112)(121)
Interest expense127 133 358 374 
Income tax expense (benefit)89 114 236 495 
Noncontrolling interests' share of interest and tax3 2 8 7 
Total Segment EBIT $407 $584 $1,025 $2,382 
The Company’s revenue comprises sales from commodity contracts that are accounted for under ASC 815, Derivatives and Hedging ("ASC 815") and sales of other products and services that are accounted for under ASC 606, Revenue from Contracts with Customers ("ASC 606"). The following tables provide a disaggregation of Net sales to external customers between sales from commodity contracts (ASC 815) and sales from contracts with customers (ASC 606):
Three Months Ended September 30, 2024
(US$ in millions)AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherTotal
Sales from commodity contracts (ASC 815)$8,708 $292 $— $36 $— $9,036 
Sales from contracts with customers (ASC 606)584 2,866 407 2 13 3,872 
Net sales to external customers$9,292 $3,158 $407 $38 $13 $12,908 
Three Months Ended September 30, 2023
(US$ in millions)AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherTotal
Sales from commodity contracts (ASC 815)$9,491 $305 $23 $53 $— $9,872 
Sales from contracts with customers (ASC 606)591 3,296 456 3 9 4,355 
Net sales to external customers$10,082 $3,601 $479 $56 $9 $14,227 
Nine Months Ended September 30, 2024
(US$ in millions)AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherTotal
Sales from commodity contracts (ASC 815)$27,178 $711 $1 $126 $— $28,016 
Sales from contracts with customers (ASC 606)1,511 8,808 1,188 4 39 11,550 
Net sales to external customers$28,689 $9,519 $1,189 $130 $39 $39,566 
Nine Months Ended September 30, 2023
(US$ in millions)AgribusinessRefined and Specialty OilsMillingSugar and
Bioenergy		Corporate and OtherTotal
Sales from commodity contracts (ASC 815)$30,073 $745 $138 $187 $— $31,143 
Sales from contracts with customers (ASC 606)1,736 10,345 1,346 5 29 13,461 
Net sales to external customers$31,809 $11,090 $1,484 $192 $29 $44,604 
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Cautionary Statement Regarding Forward Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward looking statements to encourage companies to provide prospective information to investors. This Form 10-Q includes forward looking statements that reflect our current expectations and projections about our future results, performance, prospects and opportunities. Forward looking statements include all statements that are not historical in nature. We have tried to identify these forward looking statements by using words including "may," "will," "should," "could," "expect," "anticipate," "believe," "plan," "intend," "estimate," "continue" and similar expressions. These forward looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause our actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward looking statements. The following factors, among others, could cause actual results to differ from these forward looking statements:

•the impact on our employees, operations, and facilities from the war in Ukraine and the resulting economic and other sanctions imposed on Russia, including the impact on us resulting from the continuation and/or escalation of the war and sanctions against Russia;
•the effect of weather conditions and the impact of crop and animal disease on our business;
•the impact of global and regional economic, agricultural, financial and commodities market, political, social and health conditions;
•changes in government policies and laws affecting our business, including agricultural and trade policies, financial markets regulation and environmental, tax and biofuels regulation;
•the impact of seasonality;
•the impact of government policies and regulations;
•the outcome of pending regulatory and legal proceedings;
•our ability to complete, integrate and benefit from acquisitions, divestitures, joint ventures and strategic alliances, including without limitation Bunge’s pending business combination with Viterra Limited ("Viterra");
•the impact of industry conditions, including fluctuations in supply, demand and prices for agricultural commodities and other raw materials and products that we sell and use in our business, fluctuations in energy and freight costs and competitive developments in our industries;
•the effectiveness of our capital allocation plans, funding needs and financing sources;
•the effectiveness of our risk management strategies;
•operational risks, including industrial accidents, natural disasters, pandemics or epidemics, wars and cybersecurity incidents;
•changes in foreign exchange policy or rates;
•the impact of our dependence on third parties;
•our ability to attract and retain executive management and key personnel; and
•other factors affecting our business generally.
The forward looking statements included in this report are made only as of the date of this report, and except as otherwise required by federal securities law, we do not have any obligation to publicly update or revise any forward looking statements to reflect subsequent events or circumstances.
You should refer to “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 22, 2024 and “Part II — Item 1A. Risk Factors” in this Quarterly Report on Form 10-Q for a more detailed discussion of these factors.
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ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Third Quarter 2024 Overview
You should refer to "Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations - Factors Affecting Operating Results" in our Annual Report on Form 10-K for the year ended December 31, 2023, for a discussion of key factors affecting operating results in each of our business segments. In addition, you should refer to "Item 9A, Controls and Procedures" in our Annual Report on Form 10-K for the year ended December 31, 2023, and to "Item 4, Controls and Procedures" in this Quarterly Report on Form 10-Q for the period ended September 30, 2024, for a discussion of our internal controls over financial reporting.
Non-U.S. GAAP Financial Measures
Total segment earnings before interest and taxes ("EBIT") is an operating performance measure used by Bunge’s management to evaluate segment operating activities. Bunge also uses Core Segment EBIT, Non-core Segment EBIT, Corporate and Other EBIT, and Total Segment EBIT to evaluate segment operating performance of Bunge’s Core reportable segments, Non-core reportable segments, and Total reportable segments together with Corporate and Other. Core Segment EBIT is the aggregate of the EBIT of each of Bunge’s Agribusiness, Refined and Specialty Oils, and Milling segments. Non-core Segment EBIT is the EBIT of Bunge’s Sugar & Bioenergy segment. Total Segment EBIT is the aggregate of the EBIT of Bunge’s Core and Non-core reportable segments, together with Corporate and Other. Bunge’s management believes Core Segment EBIT, Non-core Segment EBIT, Corporate and Other EBIT and Total Segment EBIT are useful measures of operating profitability since the measures allow for an evaluation of the performance of its segments without regard to financing methods or capital structure. In addition, EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industry. Total Segment EBIT is a non-U.S. GAAP financial measure and is not intended to replace Net income attributable to Bunge, the most directly comparable U.S. GAAP financial measure. Further, Total Segment EBIT excludes EBIT attributable to noncontrolling interests and is not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income or any other measure of consolidated operating results under U.S. GAAP. See the reconciliation of Net income attributable to Bunge to Total Segment EBIT below.
Executive Summary
Net Income (Loss) Attributable to Bunge - For the three months ended September 30, 2024, Net income attributable to Bunge was $221 million, a decrease of $152 million compared to $373 million, for the three months ended September 30, 2023. For the nine months ended September 30, 2024, Net income attributable to Bunge was $535 million, a decrease of $1,092 million, compared to $1,627 million for the nine months ended September 30, 2023. The decrease for the three and nine months ended September 30, 2024, was primarily due to lower Segment EBIT in our Core and Non-core segments, as further discussed in the Segment Overview & Results of Operations section below, partially offset by lower income tax expense as discussed further below.
Earnings Per Share - Diluted - For the three months ended September 30, 2024, Net income attributable to Bunge shareholders - diluted, was $1.56 per share, a decrease of $0.91 per share, compared to income of $2.47 per share for the three months ended September 30, 2023. For the nine months ended September 30, 2024, Net income attributable to Bunge shareholders - diluted, was $3.73 per share, a decrease of $6.98 per share, compared to income of $10.71 per share for the nine months ended September 30, 2023.
EBIT - For the three months ended September 30, 2024, Total Segment EBIT was $407 million, a decrease of $177 million compared to Total Segment EBIT of $584 million for the three months ended September 30, 2023. For the nine months ended September 30, 2024, Total Segment EBIT was $1,025 million, a decrease of $1,357 million compared to Total Segment EBIT of $2,382 million for the nine months ended September 30, 2023. The decrease in Total Segment EBIT for the three and nine months ended September 30, 2024, was primarily due to lower Segment EBIT in our Core and Non-core segments, resulting primarily from lower gross profit in our Agribusiness segment, as further discussed in the Segment Overview & Results of Operations section below.
Income Tax (Expense) Benefit - Income tax expense was $89 million for the three months ended September 30, 2024 compared to $114 million for the three months ended September 30, 2023. Income tax expense was $236 million for the nine months ended September 30, 2024 compared to $495 million for the nine months ended September 30, 2023. The decrease for the three and nine months ended September 30, 2024 was primarily due to lower pre-tax income in 2024, partially offset by unfavorable discrete tax adjustments in 2024.
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Liquidity and Capital Resources – At September 30, 2024, working capital, which equals Total current assets less Total current liabilities, was $8,228 million, a decrease of $151 million, compared to working capital of $8,379 million at September 30, 2023, and a decrease of $435 million, compared to working capital of $8,663 million at December 31, 2023. The decrease in working capital at September 30, 2024, compared to September 30, 2023, was primarily due to lower Other current assets, lower Trade accounts receivables, net and a higher Current portion of long-term debt balance, partially offset by lower Trade accounts payable balances, higher Cash and cash equivalents and a lower Short-term debt balance. The decrease in working capital at September 30, 2024, compared to December 31, 2023, was primarily due to a higher Current portion of long-term debt balance, lower Other current assets and Trade accounts receivable, net balances, partially offset by lower Trade accounts payable balances, as well as higher Inventories and Cash and cash equivalents as described within the Liquidity and Capital Resources section below.
Segment Overview & Results of Operations
Our operations are organized, managed and classified into four reportable segments based upon their similar economic characteristics, nature of products and services offered, production processes, types and classes of customer, and distribution methods. We further organize these reportable segments into Core operations and Non-core operations. Core operations comprise our Agribusiness, Refined and Specialty Oils, and Milling segments. Non-core operations comprise our Sugar & Bioenergy segment, which itself primarily comprises the Company’s 50% interest in the net earnings of BP Bunge Bioenergia, a joint venture with BP p.l.c. See Note 2 - Acquisitions and Dispositions for details regarding Bunge's disposition of its 50% interest in BP Bunge Bioenergia.
Our remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as Corporate and Other. Corporate and Other includes salaries and overhead for corporate functions that are not allocated to our individual reportable segments because the operating performance of each reportable segment is evaluated by the Company's chief operating decision maker exclusive of these items, as well as certain other activities including Bunge Ventures, the Company's captive insurance activities, and trade receivables securitization program, as well as certain income tax assets and liabilities.
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A reconciliation of Net income (loss) attributable to Bunge to Total Segment EBIT follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(US$ in millions)2024202320242023
Net income (loss) attributable to Bunge$221 $373 $535 $1,627 
Interest income(33)(38)(112)(121)
Interest expense127 133 358 374 
Income tax expense (benefit)89 114 236 495 
Noncontrolling interests' share of interest and tax3 2 8 7 
Total Segment EBIT$407 $584 $1,025 $2,382 
Agribusiness Segment EBIT322 461 738 1,951 
Refined and Specialty Oils Segment EBIT200 227 611 677 
Milling Segment EBIT17 23 88 46 
Core Segment EBIT539 711 1,437 2,674 
Corporate and Other EBIT(138)(182)(421)(417)
Sugar and Bioenergy Segment EBIT6 55 9 125 
Non-core Segment EBIT6 55 9 125 
Total Segment EBIT$407 $584 $1,025 $2,382 

Core Segments

Agribusiness Segment
Three Months Ended
September 30,		Nine Months Ended
September 30,
(US$ in millions, except volumes)20242023% Change20242023% Change
Volumes (in thousand metric tons)19,892 18,854 6 %60,663 55,497 9 %
Net sales$9,292 $10,082 (8)%$28,689 $31,809 (10)%
Cost of goods sold(8,900)(9,437)(6)%(27,554)(29,359)(6)%
Gross profit392 645 (39)%1,135 2,450 (54)%
Selling, general and administrative expense(147)(145)1 %(452)(428)6 %
Foreign exchange (losses) gains – net20 (52)138 %(81)(77)5 %
EBIT attributable to noncontrolling interests4 (9)144 %14 (29)148 %
Other income (expense) – net79 36 119 %188 54 248 %
Income (loss) from affiliates(26)(14)86 %(66)(19)247 %
Total Agribusiness Segment EBIT$322 $461 (30)%$738 $1,951 (62)%

Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023
Agribusiness segment Net sales decreased 8%, to $9,292 million for the three months ended September 30, 2024. The net decrease was primarily due to the following:
•In Processing, Net sales decreased 8%, primarily due to lower average sales prices experienced in all regions for our global soybean oilseed processing businesses, driven by relative price stabilization due to a more balanced
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supply and demand environment. The above decreases were partially offset by higher volumes primarily driven from increased activity in Argentina due to the drought experienced in the region in the prior year.
•In Merchandising, Net sales decreased 7%, primarily due to lower average sales prices in our global corn, oils and wheat businesses. This decrease was partially offset by an increase in volumes, due to fewer supply constraints compared to the prior period in our global corn and oils businesses.
Cost of goods sold decreased 6%, to $8,900 million for the three months ended September 30, 2024. The net decrease was primarily due to the following:
•In Processing, Cost of goods sold decreased 5%, primarily due to lower Net sales. The decrease was partially offset by unfavorable mark-to-market results in the current period as well as the lack of mark-to-market gains from the recovery of inventory in Ukraine recognized in the prior period.
•In Merchandising, Cost of goods sold decreased 9%, primarily due to lower Net sales as well as favorable mark-to-market results in the current period.
Foreign exchange (losses) gains - net increased 138% to a gain of $20 million for the three months ended September 30, 2024. The net gain in the current year was the result of gains in our processing business, primarily due to the impact of a weaker U.S. dollar on U.S. dollar-denominated loans payable in non-U.S. dollar functional currency operations.
Loss from affiliates increased 86% to a loss of $26 million for the three months ended September 30, 2024, primarily due to a $19 million impairment charge in the current period associated with a minority investment in North America.
Segment EBIT decreased 30%, to $322 million for the three months ended September 30, 2024. The net decrease was primarily due to the following:
•In Processing, a decrease of 49% was primarily due to lower Gross profit in our North America oilseed processing business as well as impairment charges incurred in the current period, as described above. This decrease was partially offset by favorable foreign exchange results as described above.
•In Merchandising, an increase of 232% was primarily due to higher Gross profit, driven by increased results in our ocean freight and global oil businesses.
Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023
Agribusiness segment Net sales decreased 10%, to $28,689 million for the nine months ended September 30, 2024. The net decrease was primarily due to the following:
•In Processing, Net sales decreased 12%, primarily due to lower average sales prices experienced in all regions for our global soybean oilseed processing businesses as well as our Europe softseed businesses, driven by relative price stabilization due to a more balanced supply and demand environment, in addition to overall lower volumes in our global soybean oilseed processing businesses. The above decreases were slightly offset by higher volumes in our Europe softseed business primarily driven from increased activity at our Ukrainian facilities.
•In Merchandising, Net sales decreased 4%, primarily due to lower average sales prices in our global corn, wheat, and oil businesses. The decrease was partially offset by an increase in volumes, primarily due to fewer supply constraints compared to the prior period in our global corn, oils, and wheat businesses.
Cost of goods sold decreased 6% to $27,554 million for the nine months ended September 30, 2024. The net decrease was primarily due to the following:
•In Processing, Cost of goods sold decreased 7%, primarily due to lower Net sales. The decrease was partially offset by unfavorable mark-to-market results in the current period as well as the lack of mark-to-market gains from the recovery of inventory in Ukraine recognized in the prior period.
•In Merchandising, Cost of goods sold decreased 4%, primarily due to lower Net sales, as further described above, as well favorable mark-to-market results in the current period. The decrease was partially offset by the lack of mark-to-market gains from the recovery of inventory in Ukraine recognized in the prior period.

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Other income (expense) - net was income of $188 million for the nine months ended September 30, 2024 compared to income of $54 million for the nine months ended September 30, 2023. The increase was primarily due to gains in Argentina related to foreign currency positioning.
Loss from affiliates increased 247% to a loss of $66 million of for the nine months ended September 30, 2024, primarily due to a $19 million impairment charge in the current period associated with a minority investment in North America and lower results from a minority investment in a crush facility in Argentina.
Segment EBIT decreased 62% to $738 million for the nine months ended September 30, 2024. The net decrease was primarily due to the following:
•In Processing, a decrease of 68% was primarily due to lower Gross profit, driven by lower Gross profit in our North America oilseed processing business and global soybean oilseed processing businesses as well as a impairment charges incurred in the current year, as described above. This decrease was partially offset by an increase in Other income (expense) - net as highlighted above.
•In Merchandising, a decrease of 27% was primarily due lower Gross profit, driven by lower results in our global corn business.
Refined and Specialty Oils Segment
Three Months Ended
September 30,		Nine Months Ended
September 30,
(US$ in millions, except volumes)20242023% Change20242023% Change
Volumes (in thousand metric tons)2,334 2,278 2 %6,829 6,636 3 %
Net sales$3,158 $3,601 (12)%$9,519 $11,090 (14)%
Cost of goods sold(2,820)(3,249)(13)%(8,507)(10,063)(15)%
Gross profit338 352 (4)%1,012 1,027 (1)%
Selling, general and administrative expense(103)(98)5 %(303)(291)4 %
Foreign exchange (losses) gains – net(8)(2)300 %(21)8 (363)%
EBIT attributable to noncontrolling interests(13)(6)117 %(31)(17)82 %
Other income (expense) – net(14)(19)(26)%(46)(50)(8)%
Income (loss) from affiliates— — — %— — — %
Total Refined and Specialty Oils Segment EBIT$200 $227 (12)%$611 $677 (10)%

Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023
Refined and Specialty Oils segment Net sales decreased 12%, to $3,158 million for the three months ended September 30, 2024. The decrease was primarily due to lower sales prices in all regions, driven by relative price stabilization and increased global supply, partially offset by increased volumes in Asia due to higher demand for certain products driven by better pricing, as well as increased volumes in North America due to expanded capacity at our Avondale refinery.
Cost of goods sold decreased 13%, to $2,820 million for the three months ended September 30, 2024. The decrease was primarily due to lower prices in all regions, as described for Net sales above, in addition to favorable mark-to-market results.
Segment EBIT decreased 12% to $200 million for the three months ended September 30, 2024. The decrease was primarily due to lower Gross profit driven by lower margins in our soybean oil refining businesses.
Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023
Refined and Specialty Oils segment Net sales decreased 14%, to $9,519 million for the nine months ended September 30, 2024. The decrease was primarily due to lower average sales prices in all regions, driven by prices stabilizing and increased global supply, partially offset by increased volumes in Asia due to higher demand for certain products driven by better pricing, as well as increased volumes in North America due to expanded capacity at our Avondale refinery.
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Cost of goods sold decreased 15%, to $8,507 million for the nine months ended September 30, 2024. The decrease in Cost of goods sold was primarily due to lower prices in all regions, as described in Net sales above, in addition to more favorable mark-to-market results.
Segment EBIT decreased 10%, to $611 million for the nine months ended September 30, 2024. Although Gross profit remained relatively consistent between periods, the decrease was primarily due to unfavorable Foreign exchange (losses) gains - net, primarily driven by the devaluation of the Egyptian pound in the first quarter of 2024.


Milling Segment

Three Months Ended
September 30,		Nine Months Ended
September 30,
(US$ in millions, except volumes)20242023% Change20242023% Change
Volumes (in thousand metric tons)961 890 8 %2,806 2,555 10 %
Net sales$407 $479 (15)%$1,189 $1,484 (20)%
Cost of goods sold(364)(429)(15)%(1,020)(1,363)(25)%
Gross profit43 50 (14)%169 121 40 %
Selling, general and administrative expense(25)(25)— %(74)(70)6 %
Foreign exchange (losses) gains – net— — — %(2)(1)100 %
EBIT attributable to noncontrolling interests— — — %— 1 (100)%
Other income (expense) – net(1)(2)(50)%(4)(5)(20)%
Income (loss) from affiliates— — — %(1)— (100)%
Total Milling Segment EBIT$17 $23 (26)%$88 $46 91 %

Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023
Milling segment Net sales decreased 15%, to $407 million for the three months ended September 30, 2024. The decrease was primarily due to lower sales prices in both our South American wheat milling and North American corn milling businesses. These decreases were partially offset by an increase in volumes across both regions.
Cost of goods sold decreased 15%, to $364 million for the three months ended September 30, 2024. The decrease was primarily due to lower sales prices, as described for Net sales above, as well as favorable mark-to-market results.
Segment EBIT decreased 26%, to $17 million for the three months ended September 30, 2024. The decrease was primarily due to lower Gross profit in South America wheat milling, as described above.
Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023
Milling segment Net sales decreased 20%, to $1,189 million for the nine months ended September 30, 2024. The decrease was primarily due to lower sales prices in both our South American wheat milling and North American corn milling businesses. These decreases were partially offset by an increase in volumes across both regions.
Cost of goods sold decreased 25%, to $1,020 million for the nine months ended September 30, 2024. The decrease was primarily due to lower sales prices, as described for Net sales above, as well as favorable mark-to-market results.
Segment EBIT increased 91%, to $88 million for the nine months ended September 30, 2024. The increase was primarily due to higher Gross profit in South America wheat milling, as described above.
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Corporate and Other
Three Months Ended
September 30,		Nine Months Ended
September 30,
(US$ in millions)20242023% Change20242023% Change
Net sales$13 $9 44 %$39 $29 34 %
Cost of goods sold(15)(13)15 %(46)(40)15 %
Gross profit(2)(4)(50)%(7)(11)(36)%
Selling, general and administrative expense(161)(178)(10)%(494)(430)15 %
Foreign exchange (losses) gains – net2 6 (67)%3 5 (40)%
EBIT attributable to noncontrolling interests— 1 (100)%2 2 — %
Other income (expense) – net23 (7)429 %74 34 118 %
Income (loss) from affiliates— — — %1 (17)106 %
Total Corporate and Other EBIT$(138)$(182)24 %$(421)$(417)(1)%

Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023
Corporate and Other EBIT increased 24%, to a loss of $138 million for the three months ended September 30, 2024. The increase was primarily driven by a decrease in SG&A expense primarily as the result of lower variable compensation expense, partially offset by higher acquisition and integration costs associated with the announced acquisition of Viterra. The company recognized acquisition and integration costs within Corporate and Other EBIT of $62 million, and $48 million for the three months ended September 30, 2024, and 2023, respectively. Additionally, results in the prior year included a $20 million impairment charge, in Other income (expense) - net, related to the full impairment of a long-term investment.
Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023
Corporate and Other EBIT decreased 1%, to a loss of $421 million for the nine months ended September 30, 2024. The decrease was primarily driven by an increase in SG&A expense resulting from increased acquisition and integration costs associated with the announced acquisition of Viterra, partially offset by lower variable compensation expense. The company recognized acquisition and integrations costs within Corporate and Other EBIT of $185 million, and $66 million for the nine months ended September 30, 2024, and 2023, respectively. The increase described above was partially offset by impairment charges in the prior year of $20 million, in Other income (expense) - net, related to the full impairment of a long-term investment and $16 million, in Income (loss) from affiliates, related to a minority investment in Australian Plant Proteins, a start-up manufacturer of novel protein ingredients.



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Non-core Segment

Sugar and Bioenergy Segment
Three Months Ended
September 30,		Nine Months Ended
September 30,
(US$ in millions)20242023% Change20242023% Change
Net sales$38 $56 (32)%$130 $192 (32)%
Cost of goods sold(37)(54)(31)%(127)(188)(32)%
Gross profit1 2 (50)%3 4 (25)%
Selling, general and administrative expense(1)(1)— %(2)(1)100 %
Foreign exchange (losses) gains – net— 1 (100)%— 1 (100)%
Other income (expense) – net— — — %— 2 (100)%
Income (loss) from affiliates6 53 (89)%8 119 (93)%
Total Sugar and Bioenergy Segment EBIT$6 $55 (89)%$9 $125 (93)%

Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023
Segment EBIT decreased 89%, to $6 million for the three months ended September 30, 2024. The decrease was due to less favorable results from our investment in BP Bunge Bioenergia, primarily resulting from foreign exchange losses on U.S. dollar denominated debt of BP Bunge Bioenergia in the current period. The decrease was also driven by lower gross margins in BP Bunge Bioenergia compared to the prior year due to higher operating costs and lower ethanol prices, which were partially offset by higher sugar and ethanol volumes.
Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023
Segment EBIT decreased 93%, to $9 million for the nine months ended September 30, 2024. The decrease was due to less favorable results from our investment in BP Bunge Bioenergia, primarily resulting from the release of a tax valuation allowance in the prior period, as well as foreign exchange losses on U.S. dollar denominated debt of BP Bunge Bioenergia in the current period, and lower gross margins compared to the prior year due to lower ethanol prices.

Interest - A summary of consolidated interest income and expense follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(US$ in millions)20242023% Change20242023% Change
Interest income$33 $38 (13)%$112 $121 (7)%
Interest expense(127)(133)(5)%(358)(374)(4)%
Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023
Interest income decreased 13%, to $33 million for the three months ended September 30, 2024. Interest expense decreased 5%, to $127 million for the three months ended September 30, 2024. Interest income and Interest expense are consistent with the prior period as a result of similar average debt levels and interest rates remaining substantially flat.
Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023
Interest income decreased 7%, to $112 million for the nine months ended September 30, 2024. Interest expense decreased 4%, to $358 million for the nine months ended September 30, 2024. Interest income and Interest expense are consistent with the prior period as a result of similar average debt levels and interest rates remaining substantially flat.
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Liquidity and Capital Resources
Our main financial objectives are to prudently manage financial risks, ensure consistent access to liquidity and minimize cost of capital in order to efficiently finance our business and maintain balance sheet strength. We generally finance our ongoing operations with cash flows generated from operations, issuances of commercial paper, borrowings under various bilateral and syndicated revolving credit facilities, term loans, and proceeds from the issuance of senior notes. Acquisitions and long-lived assets are generally financed with a combination of equity and long-term debt.
Working Capital
As of
(US$ in millions, except current ratio)September 30, 2024September 30, 2023December 31, 2023
Cash and cash equivalents$2,836 $2,173 $2,602 
Trade accounts receivable, net2,100 2,509 2,592 
Inventories7,465 7,548 7,105 
Other current assets3,518 4,394 4,051 
Total current assets$15,919 $16,624 $16,350 
Short-term debt$755 $914 $797 
Current portion of long-term debt663 301 5 
Trade accounts payable3,211 3,975 3,664 
Current operating lease obligations288 317 308 
Other current liabilities2,774 2,738 2,913 
Total current liabilities$7,691 $8,245 $7,687 
Working capital(1)
$8,228 $8,379 $8,663 
Current ratio(1)
2.07 2.02 2.13 

(1)    Working capital is defined as Total current assets less Total current liabilities; Current ratio represents Total current assets divided by Total current liabilities.
Working capital was $8,228 million at September 30, 2024, a decrease of $435 million from working capital of $8,663 million at December 31, 2023, and a decrease of $151 million from working capital of $8,379 million at September 30, 2023.
Cash and Cash Equivalents - Cash and cash equivalents were $2,836 million at September 30, 2024, an increase of $234 million from $2,602 million at December 31, 2023, and an increase of $663 million from $2,173 million at September 30, 2023. Cash balances are managed in accordance with our investment policy, the objectives of which are to preserve the principal value of our cash assets, maintain a high degree of liquidity, and deliver competitive returns subject to prevailing market conditions. Cash balances are typically invested in short-term deposits, money market funds, and commercial paper programs with highly-rated institutions and in U.S. government securities. Please refer to the Cash Flows section of this report, below, for details regarding the primary factors giving rise to the change in Cash and cash equivalents during the nine months ended September 30, 2024.
Trade accounts receivable, net - Trade accounts receivable, net were $2,100 million at September 30, 2024, a decrease of $492 million from $2,592 million at December 31, 2023, and a decrease of $409 million from $2,509 million at September 30, 2023. The decrease from December 31, 2023 and September 30, 2023, was primarily due to decreased Net sales in the current period driven by factors described in the Segment Overview & Results of Operations above.
Inventories - Inventories were $7,465 million at September 30, 2024, an increase of $360 million from $7,105 million at December 31, 2023, and a decrease of $83 million from $7,548 million at September 30, 2023. The increase from December 31, 2023 was primarily due to increased volumes in conjunction with the timing of the South American harvest, partially offset by certain lower average commodity prices, including soybeans, while inventories remained consistent from September 30, 2023.
RMI comprise agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, palm oil, corn, and wheat that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms. Total RMI reported at fair value was $6,195 million, $5,837 million, and $6,172 million
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at September 30, 2024, December 31, 2023, and September 30, 2023, respectively (see Note 5 - Inventories to our condensed consolidated financial statements).
Other current assets - Other current assets were $3,518 million at September 30, 2024, a decrease of $533 million from $4,051 million at December 31, 2023, and a decrease of $876 million from $4,394 million at September 30, 2023. The decrease from December 31, 2023 and September 30, 2023, was primarily due to significantly lower unrealized gains on derivative contracts at fair value as well as a decrease in secured advances to suppliers as market conditions in Brazil have lead to a reduction in new advances in the current period. The decrease from December 31, 2023 was partially offset by an increase in margin deposits in the current period.
Short-term debt - Short-term debt, including the Current portion of long-term debt, was $1,418 million at September 30, 2024, an increase of $616 million from $802 million at December 31, 2023, and an increase of $203 million from $1,215 million at September 30, 2023. The higher short-term debt levels at September 30, 2024 compared to December 31, 2023 and September 30, 2023, were due to an increase in the Current portion of long-term debt associated with our 1.63% Senior Notes, due 2025, partially offset by lower borrowings by Bunge operating companies on local bank lines of credit.
Trade accounts payable - Trade accounts payable were $3,211 million at September 30, 2024, a decrease of $453 million from $3,664 million at December 31, 2023, and a decrease of $764 million from $3,975 million at September 30, 2023. The decrease from December 31, 2023 was primarily due to certain lower average commodity prices, including soybeans and timing of payments. The decrease from September 30, 2023 was primarily due to timing of payments.
Other current liabilities - Other current liabilities were $2,774 million at September 30, 2024, a decrease of $139 million from $2,913 million at December 31, 2023, and an increase of $36 million from $2,738 million at September 30, 2023. The decrease from December 31, 2023, was primarily due to a decrease in advances on sales and income tax payable, partially offset by a $103 million refundable deposit received in relation to the sale of BP Bunge Bioenergia (see Note 2 - Acquisitions and Dispositions for further details) and higher accrued dividends (see Note 17 - Equity for further details). The slight increase from September 30, 2023, was primarily due to a refundable deposit received in relation to the sale of BP Bunge Bioenergia, as discussed above, higher accrued dividends, and an increase in income tax payable, partially offset by lower unrealized losses on derivative contracts and a decrease in advances on sales.
Debt
As highlighted in Note 13 - Debt and discussed further below, we utilize a variety of debt financing structures to maintain financial flexibility to meet our various financial objectives.
Revolving Credit Facilities — At September 30, 2024, we had $5,665 million unused and available committed borrowing capacity, comprised of committed revolving credit facilities. The following table summarizes these facilities as of the periods presented:
(US$ in millions)  Committed
Capacity
Incremental Commitments(2)
Borrowings Outstanding
Revolving Credit Facilities(1)
MaturitiesSeptember 30, 2024September 30, 2024December 31, 2023
$1.1 Billion 364-day Revolving Credit Agreement (3)
2025$1,100 $— $— $— 
$3.2 Billion 5-year Revolving Credit Agreement (3)
20291,950 1,250 — — 
$3.5 Billion 3-year Revolving Facility Agreement (3)
20261,750 1,750 — — 
$865 Million 5-year Revolving Credit Agreement 2026865 — — — 
Total Revolving Credit Facilities$5,665 $3,000 $— $— 

(1)The short-term credit ratings of the commercial paper program require Bunge to keep same day unused committed borrowing capacity under its long-term committed credit facilities in an amount greater or equal to the amount of commercial paper issued and outstanding.
(2)Incremental commitments are available to be drawn on and after the date Bunge completes its acquisition of Viterra, subject to the satisfaction of certain conditions.
(3)See Note 13 - Debt for a description of current period activity related to these facilities.

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Short and long-term debt —
As of
US$ in millionsSeptember 30, 2024September 30, 2023December 31, 2023
Short-term debt$755 $914 $797 
Long-term debt, including current portion
5,440 4,268 4,085 
Total debt $6,195 $5,182 $4,882 
Nine Months Ended September 30, 2024
Nine Months Ended September 30, 2023
Year Ended
December 31, 2023
Average total debt outstanding$5,267 $5,323 $5,293 
Our total debt was $6,195 million at September 30, 2024, an increase of $1,313 million from $4,882 million at December 31, 2023, and an increase of $1,013 million from $5,182 million at September 30, 2023. The higher total debt levels at September 30, 2024 compared to December 31, 2023 and September 30, 2023 were primarily due to an increase in Long-term debt, including current portion, resulting from the issuance of three tranches of unsecured senior notes ("Senior Notes") for an aggregate principal amount of $2.0 billion partially offset by the prepayment of the $750 million 3-year term loan agreement due in 2025. See Note 13 - Debt for further information.
The following table summarizes additional information on our short-term debt at September 30, 2024.
(US$ in millions)
Outstanding
Balance at
September 30, 2024
Weighted Average
Interest Rate at
September 30, 2024
Highest Month-End Balance
Outstanding During
Quarter Ended September 30, 2024
Average Balance
During Quarter Ended
September 30, 2024
Weighted Average
Interest Rate
During Quarter Ended September 30, 2024
Bank borrowings (1)
$755 13.28 %$903 $877 13.52 %
Commercial paper— — %420 105 5.48 %
Total$755 $982 
(1)    Includes $307 million of local currency bank borrowings in certain European, South American, and Asia-Pacific countries at a weighted average interest rate of 23.42% as of September 30, 2024.
From time to time, through our financing subsidiaries, we enter into bilateral short-term credit lines as necessary. At September 30, 2024, there were no borrowings outstanding under these bilateral short-term credit lines.
In addition, Bunge's operating companies had $755 million and $797 million in short-term borrowings outstanding from local bank lines of credit at September 30, 2024, and December 31, 2023, respectively, to support working capital requirements.
As described in Note 2 - Acquisitions and Dispositions, we secured a total of $8.0 billion in acquisition debt financing ("Acquisition Financing"). On September 17, 2024, we completed the sale and issuance of three tranches of Senior Notes for an aggregate principal amount of $2.0 billion. See Note 13 - Debt for further information. As a result of the Senior Notes issuance, and in accordance with its terms, the Acquisition Financing commitment was reduced by $2.0 billion to $6.0 billion at September 30, 2024. Bunge intends to use a portion of the proceeds from the Acquisition Financing and Senior Notes issuance to fund a portion of the cash consideration for Bunge's Acquisition of Viterra and to repay a portion of certain Viterra debt to be assumed in connection with the Acquisition, including, in each case, related fees and expenses, and, with any remaining amounts, for general corporate purposes.
Also, in the third quarter of 2024, Bunge's wholly-owned subsidiary, Bunge Limited Finance Corp. ("BLFC"), commenced offers ( the "US Exchange Offers") to exchange all outstanding notes of certain series issued by Viterra Finance B.V. ("VFBV") and guaranteed by Viterra and Viterra B.V., for up to $1.95 billion aggregate principal amount of new notes issued by BLFC and guaranteed by Bunge. In addition, in the third quarter of 2024, Viterra commenced a consent solicitation (the "European Consent Solicitation") to amend the indenture governing VFBV's outstanding 500 million Euro aggregate principal amount of 0.375% senior unsecured notes due 2025 and outstanding 700 million Euro aggregate principal amount of 1.000% senior unsecured notes due 2028 to, among other things, substitute the issuer and guarantors of such notes with Bunge Finance Europe B.V. ("BFE"), a wholly owned finance subsidiary of Bunge, as issuer, and Bunge as guarantor. See Note 13 - Debt for further information.
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The US Exchange Offers and European Consent Solicitation are conditioned among other things, upon the consummation of the Acquisition. This Form 10-Q is not intended to and does not constitute an offer to sell or purchase, or the solicitation of an offer to sell or purchase, or the solicitation of any vote of approval or the solicitation of tenders or consents with respect to any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Registered Senior Notes — BLFC, a wholly owned finance subsidiary of Bunge, had the following outstanding debt securities (collectively referred to as the "BLFC Notes") registered under the requirements of the Securities Act of 1933, as amended, at September 30, 2024.
(US$ in millions)Aggregate Principal Amount OutstandingBalance Outstanding
1.63% Senior Notes due 2025
$600 $599 
3.25% Senior Notes due 2026
700 699 
3.75% Senior Notes due 2027
600 598 
4.10% Senior Notes due 2028
400 397 
4.20% Senior Notes due 2029
800 792 
2.75% Senior Notes due 2031
1,000 992 
4.65% Senior Notes due 2034
800 790 
Bunge unconditionally guarantees BLFC's obligations with respect to the BLFC Notes. Bunge's guarantees are unsecured and unsubordinated obligations of Bunge and rank equally with all other unsecured and unsubordinated obligations of Bunge. The guarantees provide that in the event of a default in payment of principal of, or interest on, BLFC Notes of a particular series, the holder of such series of senior debt securities may institute legal proceedings directly against Bunge to enforce the applicable guarantee without first proceeding against BLFC.
As a holding company, Bunge is dependent upon dividends, loans, or advances or other intercompany transfers of funds from its subsidiaries to meet its obligations, including its obligations under the guarantee. The ability of certain of its subsidiaries to pay dividends and make other payments to Bunge may be restricted by, among other things, applicable laws, as well as agreements to which those subsidiaries may be party. Therefore, the ability of Bunge to make payments with respect to the guarantee may be limited. The BLFC Notes effectively rank junior to all liabilities of Bunge's subsidiaries (other than BLFC). In the event of a bankruptcy, liquidation, or dissolution of a subsidiary (other than BLFC) and following payment of its liabilities, the subsidiary may not have sufficient assets remaining to make payments to Bunge as a shareholder or otherwise.
    Credit Ratings — Bunge’s debt ratings and outlook by major credit rating agencies at September 30, 2024, were as follows:
 
Short-term Debt (1)
Long-term DebtOutlook
Standard & Poor’sA-2BBB+CreditWatch Positive
Moody’sP-2Baa1Stable
Fitch
F-2BBB+Stable

(1)    Short-term debt rating applies only to the commercial paper program with BLFC as the issuer.

Following the announcement of the Acquisition and the related financing activity described above, all three rating agencies reviewed our credit ratings and published updated credit opinions on us, reflecting their views of the credit profile of the Company both on a current standalone basis, and a pro-forma at closing basis. As well as with the issuance of Bunge Senior Notes in the third quarter of 2024, Standard & Poor's, Moody’s and Fitch have taken the following actions:
•Standard & Poor's upgraded Bunge’s long-term debt credit rating to BBB+ on June 13, 2023 and further placed the outlook on CreditWatch Positive for an upgrade to A- on September 9, 2024;
•Standard & Poor's also assigned a preliminary A- issue-level rating to Bunge's newly issued $2 billion Senior Notes on September 10, 2024;
•Moody’s upgraded Bunge’s long-term debt credit rating to Baa1 on August 1, 2024 with stable outlook; and
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•Fitch upgraded Bunge’s long-term debt credit rating to BBB+ on September 5, 2024 with stable outlook.
We expect Standard and Poor's to resolve their CreditWatch Positive status at or before the closing date of the Acquisition, based on a variety of factors including but not limited to our operating performance, our financial position and high certainty that the Acquisition will close.
Our debt agreements do not have any credit rating downgrade triggers that would accelerate maturity of our debt. However, credit rating downgrades would increase borrowing costs under our syndicated credit facilities (a credit rating upgrade, on the other hand, would reduce our borrowing cost) and, depending on their severity, could impede our ability to obtain credit facilities or access the capital markets in the future on competitive terms. A significant increase in our borrowing costs could impair our ability to compete effectively in our business relative to competitors with higher credit ratings.
Our credit facilities and certain senior notes require us to comply with specified financial covenants including minimum current ratio, maximum debt to capitalization ratio and limitations on secured indebtedness. We were in compliance with these covenants as of September 30, 2024.

Equity
Total equity is set forth in the following table:
(US$ in millions)September 30,
2024		December 31, 2023
Equity:  
Registered shares$1 $1 
Additional paid-in capital5,881 5,900 
Retained earnings12,231 12,077 
Accumulated other comprehensive income (loss)(6,354)(6,054)
Treasury shares, at cost (1,624)(1,073)
Total Bunge shareholders’ equity10,135 10,851 
Noncontrolling interest1,021 963 
Total equity$11,156 $11,814 

Total Bunge shareholders’ equity was $10,135 million at September 30, 2024, compared to $10,851 million at December 31, 2023, a decrease of $716 million. The decrease was primarily due to $600 million in repurchases of registered shares, $300 million of loss in Other comprehensive income (loss), and $380 million of declared dividends to shareholders, as described in Note 17 - Equity, partially offset by $535 million of Net income (loss) attributable to Bunge.
Share repurchase program - As noted in Note 2 - Acquisitions and Dispositions, on June 12, 2023, Bunge Limited's Board of Directors approved the expansion of an existing $500 million program for the repurchase of Bunge’s issued and outstanding shares. At the time, approximately $300 million of capacity for the repurchase of Bunge shares remained available under the existing program and Bunge Limited's Board of Directors approved the expansion of the program by an additional $1.7 billion, for an aggregate unutilized capacity of $2.0 billion at June 12, 2023. The program continues to have an indefinite term. During the three months ended September 30, 2024, Bunge repurchased 2,063,956 shares for $200 million and during the nine months ended September 30, 2024, Bunge repurchased 6,440,930 shares for $600 million. As of September 30, 2024, 13,957,906 shares were repurchased for $1.4 billion and $800 million remained outstanding for repurchases under the program.
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Cash Flows
Nine Months Ended
September 30,
(US$ in millions)20242023
Cash provided by (used for) operating activities$847 $1,860 
Cash provided by (used for) investing activities(957)(646)
Cash provided by (used for) financing activities376 (213)
Effect of exchange rate changes on cash and cash equivalents and restricted cash— 40 
Net increase (decrease) in cash and cash equivalents and restricted cash$266 $1,041 
Our cash flows from operations vary depending on, among other items, the market prices and timing of purchases and sales of our inventories. Generally, during periods when commodity prices are rising, our Agribusiness operations require increased use of cash to support working capital to acquire inventories and fund daily settlement requirements on exchange traded futures that we use to minimize price risk related to purchases and sales of our inventories.
During the nine months ended September 30, 2024, our cash and cash equivalents and restricted cash increased by $266 million, compared to an increase of $1,041 million during the nine months ended September 30, 2023, as further explained below.
Operating: Cash provided by operating activities was $847 million for the nine months ended September 30, 2024, a decrease of $1,013 million, compared to cash provided by operating activities of $1,860 million for the nine months ended September 30, 2023. The decrease was primarily driven by lower reported net income during the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023.
Certain of our non-U.S. operating subsidiaries are primarily funded with U.S. dollar-denominated debt, while currency risk is hedged with U.S. dollar-denominated assets. The functional currency of our operating subsidiaries is generally the local currency. The financial statements of our subsidiaries are calculated in the functional currency, and when the local currency is the functional currency, translated into U.S. dollars. U.S. dollar-denominated loans are remeasured into their respective functional currencies at exchange rates at the applicable balance sheet date. Also, certain of our U.S. dollar functional operating subsidiaries outside the U.S. are partially funded with local currency borrowings, while the currency risk is hedged with local currency denominated assets. Local currency loans in U.S. dollar functional currency subsidiaries outside the U.S. are remeasured into U.S. dollars at the exchange rate on the applicable balance sheet date. The resulting gain or loss is included in our condensed consolidated statements of income as Foreign exchange (losses) gains – net. For the nine months ended September 30, 2024, we recorded a foreign currency loss on our debt of $39 million, and for the nine months ended September 30, 2023, we recorded a foreign currency gain on our debt of $151 million, which were included as adjustments to reconcile Net income to Cash provided by (used for) operating activities in the line item Foreign exchange (gain) loss on net debt in our condensed consolidated statements of cash flows. These adjustments are required as the gains and losses are non-cash items that arise from financing activities and therefore will have no impact on cash flows from operations.
Investing: Cash used for investing activities was $957 million for the nine months ended September 30, 2024, a decrease of $311 million, compared to cash used for investing activities of $646 million for the nine months ended September 30, 2023. The decrease was primarily due to lower proceeds from the disposal of businesses and property, plant and equipment during the nine months ended September 30, 2024, as compared to proceeds received on the sale of our Russian oilseed business during the nine months ended September 30, 2023, in addition to higher net payments for investments and higher spend on capital expenditures. These uses of cash were partially offset by higher net proceeds from investments in affiliates related to prior year investments in South America and the refundable deposit received in the current period for the sale of BP Bunge Bioenergia as further explained in Note 2 - Acquisitions and Dispositions.
Financing: Cash provided by financing activities was $376 million for the nine months ended September 30, 2024, an increase of $589 million, compared to cash used for financing activities of $213 million for the nine months ended September 30, 2023. During the nine months ended September 30, 2024, we received net cash proceeds of short and long-term debt of $1,278 million, primarily from the issuance of three tranches of Senior Notes for an aggregate principal amount of $2.0 billion, partially offset by the prepayment of a $750 million term loan, as described above, repurchased $600 million of registered shares and paid $287 million in dividends to shareholders. During the nine months ended September 30, 2023, we received net cash proceeds of short and long-term debt of $537 million, primarily from draws on long-term loans offset
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by the repayment of senior notes, repurchased $466 million of common shares and paid $287 million of dividends to shareholders.

Off-Balance Sheet Arrangements
Please refer to Note 15 - Commitments and Contingencies to our condensed consolidated financial statements for details concerning our off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources.

Dividends
We paid a regular quarterly cash dividend distribution of $0.68 per share on September 2, 2024, to shareholders of record on August 19, 2024. On May 15, 2024, shareholders of Bunge Global SA approved a cash dividend distribution in the amount of $2.72 per share, payable in four equal quarterly installments of $0.68 per share beginning in the second quarter of fiscal year 2024 and ending in the first quarter of fiscal year 2025.

Critical Accounting Policies and Estimates
Critical accounting policies are defined as those policies that are significant to our financial condition and results of operations and require management to exercise significant judgment. For a complete discussion of our accounting policies, see Note 1 to our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on February 22, 2024. For recent accounting pronouncements refer to Note 1 - Basis of Presentation, Principles of Consolidation, And Significant Accounting Policies, to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Risk Management
As a result of our global activities, we are exposed to changes in, among other things, agricultural commodity prices, transportation costs, foreign currency exchange rates, interest rates, energy costs, and inflationary pressures, which may affect our results of operations and financial position. We actively monitor and manage these various market risks associated with our business activities. Our risk management decisions take place in various locations, but exposure limits are centrally set and monitored, operating under a global governance framework. Additionally, our Board of Directors' Enterprise Risk Management Committee and our internal Management Risk Committee oversee our global market risk governance framework, including risk management policies and limits.
We use derivative instruments for the purpose of managing the exposures associated with commodity prices, transportation costs, foreign currency exchange rates, interest rates, energy costs, and for positioning our overall portfolio relative to expected market movements in accordance with established policies and procedures. We enter into derivative instruments primarily with commodity exchanges in the case of commodity futures and options and major financial institutions in the case of ocean freight. While these derivative instruments are subject to fluctuations in value, for hedged exposures those fluctuations are generally offset by the changes in the fair value of the underlying exposures. The derivative instruments that we use for hedging purposes are intended to reduce the volatility of our results of operations. However, they can occasionally result in earnings volatility, which may be material. See Note 11- Fair Value Measurements and Note 12 - Derivative Instruments And Hedging Activities to our condensed consolidated financial statements in this Quarterly Report on Form 10-Q for a more detailed discussion of our use of derivative instruments.
Credit and Counterparty Risk
Through our normal business activities, we are subject to significant credit and counterparty risks that arise through commercial sales and purchases, including forward commitments to buy or sell, and through various other over-the-counter ("OTC") derivative instruments that we use to manage risks inherent in our business activities. We define credit and counterparty risk as a potential financial loss due to the failure of a counterparty to honor its obligations. The exposure is measured based upon several factors, including unpaid accounts receivable from counterparties, as well as unrealized gains from forward purchase or sales contracts and OTC derivative instruments. Credit and counterparty risk also includes sovereign credit risk. We actively monitor credit and counterparty risk through regular reviews of exposures and credit analysis by regional credit teams, as well as a review by global and corporate committees that monitor counterparty performance. We record provisions for counterparty losses from time to time as a result of our credit and counterparty analysis.
During periods of tight conditions in global credit markets, downturns in regional or global economic conditions, and/or significant price volatility, credit and counterparty risks are heightened, such as during 2023 when concerns about the financial condition of a number of banking institutions in the United States and globally developed and resulted in government and regulatory intervention. Although our counterparty risk and exposure to these financial institutions has been de minimis, we continue to monitor our exposure to all financial institution counterparties. This increased risk is monitored through, among other things, exposure reporting, increased communication with key counterparties, management reviews, and a specific focus on counterparties or groups of counterparties that we may determine as high risk. We have reduced exposures and associated position limits in certain cases.
Commodities Risk
We operate in many areas of the food industry, from agricultural raw materials to the production and sale of branded food products. As a result, we purchase and produce various materials, many of which are agricultural commodities, including: soybeans, soybean oil, soybean meal, palm oil (from crude to various degrees of refined products), softseeds (including sunflower seed, rapeseed and canola) and related oil and meal derived from them, wheat, barley, shea nut, and corn. Agricultural commodities are subject to price fluctuations due to a number of unpredictable factors, including inflationary pressures, that may create price risk. As described above, we are also subject to the risk of counterparty non-performance under forward purchase and sales contracts. From time to time, we have experienced instances of counterparty non-performance as a result of significant declines in counterparty profitability under these contracts due to movements in commodity prices between the time the contracts were entered into and the contractual forward delivery period.
We enter into various derivative contracts with the primary objective of managing our exposure to adverse price movements in the agricultural commodities used and produced in our business operations. We have established policies that limit the amount of unhedged fixed price agricultural commodity positions permissible for our operating companies, which are generally a combination of volumetric, drawdown, and value-at-risk ("VaR") limits. We measure and review our commodity
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positions on a daily basis. We also employ stress-testing techniques in order to quantify our exposures to price and liquidity risks under non-normal or event driven market conditions.
Our daily net agricultural commodity position consists of inventory, forward purchase and sales contracts, and OTC and exchange-traded derivative instruments, including those used to hedge portions of our production requirements. The fair value of that position is a summation of the fair values of each agricultural commodity, calculated by valuing all of our commodity positions for the period at quoted market prices, where available, or by utilizing a close proxy. VaR is calculated on the net position and monitored at the 95% confidence interval. In addition, scenario analysis and stress testing are performed. For example, one measure of market risk is estimated as the potential loss in fair value resulting from a hypothetical 10% adverse change in prices. The results of this analysis, which may differ from actual results, are as follows:
Nine Months Ended
September 30, 2024		Year Ended
December 31, 2023
(US$ in millions)ValueMarket
Risk		ValueMarket
Risk
Highest daily aggregated position value$762 $(76)$459 $(46)
Lowest daily aggregated position value$(407)$(41)$(502)$(50)

Ocean Freight Risk
Ocean freight represents a significant portion of our operating costs. The market price for ocean freight varies depending on the supply and demand for ocean vessels, global economic conditions, inflationary pressure, and other factors. We enter into time charter agreements for time on ocean freight vessels based on forecasted requirements for the purpose of transporting agricultural commodities. Our time charter agreements generally have terms ranging from two months to approximately two years. We use financial derivatives, generally freight forward agreements, to hedge portions of our ocean freight costs. The ocean freight derivatives are included in Other current assets and Other current liabilities on the condensed consolidated balance sheets at fair value.
Energy Risk
We purchase various energy commodities such as electricity, natural gas and bunker fuel, which are used to operate our manufacturing facilities and ocean freight vessels. These energy commodities are subject to price risk, including inflationary pressures. We use financial derivatives, including exchange traded and OTC swaps and options for various purposes, to manage our exposure to volatility in energy costs and market prices. These energy derivatives are included in Other current assets and Other current liabilities on the condensed consolidated balance sheets at fair value.
Currency Risk
Our global operations require active participation in foreign exchange markets. Our primary foreign currency exposures are the Brazilian real, Canadian dollar, Euro, and Chinese yuan/renminbi. To reduce the risk arising from foreign exchange rate fluctuations, we enter into derivative instruments, such as foreign currency forward contracts, swaps and options. The changes in market value of such contracts have a high correlation to the price changes in the related currency exposures. The potential loss in fair value of such net currency positions resulting from a hypothetical 10% adverse change in foreign currency exchange rates as of September 30, 2024, was not material.
When determining our exposure, we exclude intercompany loans that are deemed to be permanently invested. Repayments of permanently invested intercompany loans are neither planned nor anticipated in the foreseeable future and are therefore treated analogous to equity for accounting purposes. As a result, the foreign exchange gains and losses on these borrowings are excluded from the determination of Net income (loss) and recorded as a component of Accumulated other comprehensive income (loss) in the condensed consolidated balance sheets. Included in Other comprehensive income (loss) are foreign exchange losses of $53 million for the nine months ended September 30, 2024, and foreign exchange gains of $111 million for the year ended December 31, 2023, related to permanently invested intercompany loans.
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Interest Rate Risk
We have debt in fixed and floating rate instruments. We are exposed to market risk due to changes in interest rates, including inflationary pressures. We may enter into interest rate swap agreements to manage our interest rate exposure related to our debt portfolio.
The aggregate fair value of our short and long-term debt, based on market yields at September 30, 2024, was $6,211 million, with a carrying value of $6,195 million.
A hypothetical 100 basis point increase or decrease in the interest yields on our fixed rate debt and related interest rate swaps at September 30, 2024, would result in a less than 3% change in the fair value of our debt and interest rate swaps.
A hypothetical 100 basis point change in the applicable reference rate, such as SOFR, would result in a change of approximately $41 million in interest expense on our variable rate debt at September 30, 2024. Some of our variable rate debt is denominated in currencies other than in U.S. dollars and is indexed to non-U.S. dollar-based interest rate indices, such as EURIBOR and TLP, and certain benchmark rates in local bank markets. As such, the hypothetical 100 basis point change in interest rate ignores the potential impact of any currency movements. See Part I, “Item 1A. Risk Factors” in our 2023 Annual Report on Form 10-K for a discussion of certain risks related to interest rates.
Inflation Risk
Inflationary factors generally affect us by increasing our labor and overhead costs, as well as costs associated with certain risks identified above, which may adversely affect our results of operations and financial position. We have historically been able to recover the impacts of inflation through sales price increases, however we cannot reasonably estimate our ability to successfully recover any impact of inflation through price increases in the future. Our inability to do so could harm our results of operations and financial position.
Derivative Instruments
Foreign Exchange Derivatives—We use a combination of foreign exchange forward, swap, futures, and options contracts in certain of our operations to mitigate the risk of exchange rate fluctuations in connection with certain commercial and balance sheet exposures. The foreign exchange forward swap and option contracts may be designated as cash flow hedges or fair value hedges. We may also use net investment hedges to partially offset the translation adjustments arising from the remeasurement of our investment in certain of our foreign subsidiaries.
We assess, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedge transactions are highly effective in offsetting changes in the hedged items.
Interest Rate Derivatives—We may enter into interest rate swap agreements for the purpose of managing certain of our interest rate exposures. Interest rate swaps used by us as hedging instruments are recorded at fair value in the condensed consolidated balance sheets with changes in fair value recorded contemporaneously in earnings. Certain of these agreements may be designated as fair value hedges. In such instances, the carrying amount of the associated hedged debt is also adjusted through earnings for changes in fair value arising from changes in benchmark interest rates. We may also enter into interest rate basis swap agreements that do not qualify as hedges for accounting purposes. The impact of changes in fair value of interest rate swap agreements is primarily presented in Interest expense.
Commodity Derivatives—We primarily use derivative instruments to manage our exposure to movements associated with agricultural commodity prices. We generally use exchange-traded futures and options contracts to minimize the effects of changes in the prices of agricultural commodities held as inventories or subject to forward purchase and sales contracts, but may also enter into OTC commodity transactions, including swaps, which are settled in cash at maturity or termination based on exchange-quoted futures prices. Changes in fair values of exchange-traded futures contracts, representing the unrealized gains and/or losses on these instruments, are settled daily, generally through our 100% owned futures clearing subsidiary. Forward purchase and sales contracts are primarily settled through delivery of agricultural commodities. While we consider these exchange-traded futures and forward purchase and sales contracts to be effective economic hedges, we do not designate or account for the majority of our commodity contracts as hedges. Changes in fair values of these contracts and related RMI are included in Cost of goods sold in the condensed consolidated statements of income. The forward contracts require performance of both us and the contract counterparty in future periods. Contracts to purchase agricultural commodities generally relate to current or future crop years for delivery periods quoted by regulated commodity exchanges. Contracts for the sale of agricultural commodities generally do not extend beyond one future crop cycle.
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Ocean Freight Derivatives—We use derivative instruments referred to as freight forward agreements, or FFAs, and FFA options to hedge portions of our current and anticipated ocean freight costs. Changes in the fair values of ocean freight derivatives are recorded in Cost of goods sold.
Energy Derivatives—We use derivative instruments for various purposes, including to manage our exposure to volatility in energy costs and our exposure to market prices related to the sale of biofuels. Our operations use substantial amounts of energy, including natural gas, coal, and fuel oil, including bunker fuel. Changes in the fair values of energy derivatives are recorded in Cost of goods sold.
Other Derivatives—We may also enter into other derivatives, including credit default swaps, carbon emission derivatives, and equity derivatives, to manage our exposure to credit risk and broader macroeconomic risks. The impact of changes in fair value of these instruments is presented in Cost of goods sold.
For more information, see Note 12 - Derivative Instruments And Hedging Activities to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q.

ITEM 4.    CONTROLS AND PROCEDURES
Disclosure Controls and Procedures - Disclosure controls and procedures are the controls and other procedures that are designed to provide reasonable assurance that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including the principal executive and principal financial officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.
As of September 30, 2024, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as that term is defined in Exchange Act Rules 13a-15(e) and 15d-15(e), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of the end of the period covered by this Quarterly Report on Form 10-Q.
Internal Control Over Financial Reporting - There have been no changes in the Company’s internal control over financial reporting during the quarter ended September 30, 2024, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. However, we continue to migrate certain processes from across our operations to shared business service models in order to consolidate back-office functions while standardizing our processes and financial systems globally. These initiatives are not in response to any identified deficiency or weakness in our internal controls over financial reporting. We plan to continue these initiatives in phases over the next several years and, accordingly, we have and will continue to align and streamline the design and operation of our internal controls over financial reporting, as necessary, to accommodate modifications to our business processes and accounting procedures.


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PART II.
INFORMATION
ITEM 1.    LEGAL PROCEEDINGS
From time to time, we are involved in litigation and other claims, investigations and proceedings incidental to our business. While the outcome of these matters cannot be predicted with certainty, we believe the outcome of these proceedings, net of established reserves, will not have a material adverse effect on our consolidated financial position, results of operations or liquidity.
For a discussion of certain legal and tax matters see Note 15 - Commitments and Contingencies to our condensed consolidated financial statements included as part of this Quarterly Report on Form 10-Q. Additionally, we are a party to a large number of labor, civil and other claims, primarily relating to our Brazilian operations. We have reserved an aggregate of $48 million and $106 million, for labor and civil claims, respectively, as of September 30, 2024. The labor claims primarily relate to dismissals, severance, health and safety, salary adjustments, and supplementary retirement benefits. The civil claims relate to various legal proceedings and disputes, including disputes with suppliers and customers.

ITEM 1A.    RISK FACTORS
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our 2023 Annual Report on Form 10-K, which could materially affect our business, financial condition or future results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.


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ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuer Purchases of Equity Securities
The following table is a summary of purchases of equity securities during the third quarter of 2024 by Bunge and any of its affiliated purchasers, pursuant to SEC rules.
PeriodTotal Number of Shares (or Units) PurchasedAverage Price Paid per Share (or Unit)
Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs(1)
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs(1)
July 1, 2024 - July 31, 2024 —$— —$1,000,001,134 
August 1, 2024 - August 31, 20242,063,956$96.90 2,063,956$800,001,209 
September 1, 2024 - September 30, 2024— $— — $800,001,209 
Total2,063,956$96.90 2,063,956
(1)    Program was originally established in October 2021 for the repurchase of up to $500 million issued and outstanding common shares. On June 12, 2023, Bunge Limited's Board approved the expansion of the existing program for the repurchase of Bunge’s issued and outstanding shares. At the time, approximately $300 million of capacity for the repurchase of Bunge Limited shares remained available under the existing program and Bunge Limited's Board approved the expansion of the program by an additional $1.7 billion, for an aggregate unutilized capacity of $2.0 billion at June 12, 2023. The program continues to have an indefinite term. To date under the program, 13,957,906 shares were repurchased for $1.4 billion.

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES
None.

ITEM 4.    MINE SAFETY DISCLOSURES
Not applicable.

ITEM 5.    OTHER INFORMATION
None.

ITEM 6.    EXHIBITS
(a) The Exhibit Index below contains a list of exhibits filed or furnished as part of this Quarterly Report.

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EXHIBIT INDEX
Indenture, dated September 17, 2024, by and among Bunge Limited Finance Corp., Bunge Global SA and U.S. Bank Trust Company, National Association (incorporated by reference from the Registrant's Form 8-K filed September 17, 2024)
First Supplemental Indenture, dated September 17, 2024, by and among Bunge Limited Finance Corp., Bunge Global SA and U.S. Bank Trust Company, National Association (including the form of Senior Note). (incorporated by reference from the Registrant's Form 8-K filed September 17, 2024)
*
+++		Twenty-Sixth Amendment to Receivables Transfer Agreement, dated September 30, 2024, by and among Bunge Securitization B.V., as Seller, Koninklijke Bunge B.V., as Master Servicer and Subordinated Lender, Coöperatieve Rabobank U.A., as Administrative Agent, Committed Purchaser and Purchaser Agent and on behalf of its Conduit Purchaser, Bunge Global SA, as Performance Undertaking Provider, Crédit Agricole Corporate & Investment Bank, as Sustainability Co-ordinator, Bunge Agribusiness Iberica, S.L.U., as New Spanish Originator and the Conduit Purchasers, Committed Purchasers, and Purchaser Agents party thereto
*
Subsidiary Issuers of Guaranteed Securities
*Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002
*Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002
**Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002
**Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002
101 SCHXBRL Taxonomy Extension Schema Document
101 CALXBRL Taxonomy Extension Calculation Linkbase Document
101 LABXBRL Taxonomy Extension Labels Linkbase Document
101 PREXBRL Taxonomy Extension Presentation Linkbase Document
101 DEFXBRL Taxonomy Extension Definition Linkbase Document
101 INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*    Filed herewith.
**    Furnished herewith.
+++ Certain information contained in this exhibit, marked by [***], has been omitted because it (i) is not material and (ii) is the type of information that the registrant treats as private or confidential.



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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
  BUNGE GLOBAL SA
  
  
Date: October 30, 2024By:/s/ John W. Neppl
  John W. Neppl
  Executive Vice President, Chief Financial Officer
   
   
   /s/ J. Matt Simmons, Jr.
   J. Matt Simmons, Jr.
   Controller and Principal Accounting Officer
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