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ITEM 1.	FINANCIAL STATEMENTS

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1.	BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION, AND SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited condensed consolidated financial statements include the accounts of Bunge Limited (“Bunge” or the "Company"), its subsidiaries and variable interest entities (“VIEs”) in which Bunge is considered to be the primary beneficiary, and as a result, include the assets, liabilities, revenues and expenses of all entities over which Bunge has a controlling financial interest. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended (“Exchange Act”).  Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Securities and Exchange Commission (“SEC”) rules. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included. The condensed consolidated balance sheet at December 31, 2019 has been derived from Bunge’s audited consolidated financial statements at that date.  Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020.  The financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2019, forming part of Bunge’s 2019 Annual Report on Form 10-K filed with the SEC on February 21, 2020.

Effective January 1, 2020, the Company changed its segment reporting to separately disclose Corporate and Other activities from its reporting segments, as further described in Note 20 - Segment Information. Certain reclassifications of prior period amounts within the reporting segments have been made to conform to current presentation.

Cash, Cash Equivalents, and Restricted Cash

Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the condensed consolidated statement of cash flows. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheet that sums to the total of the same such amounts shown in the condensed consolidated statements of cash flows.

(US$ in millions)	March 31, 2020			March 31, 2019
Cash and cash equivalents	$	193		$	464
Restricted cash included in other current assets	2			5
Total	$	195		$	469

2.	ACCOUNTING PRONOUNCEMENTS

The below outlines new accounting pronouncements issued in 2020, as well updates on certain previously disclosed Accounting Standards Updates ("ASUs").

New Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848)- Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burden related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The guidance is effective upon issuance and to be applied prospectively from any date beginning March 12, 2020 through December 31, 2022. The Company is evaluating the impact of this standard on its consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740)- Simplifying the Accounting for Income Taxes, which reduces complexity in the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption of the amendments is permitted. The Company is evaluating the impact of this standard on its consolidated financial statements.

Recently Adopted Accounting Pronouncements

On January 1, 2020 the Company adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), which introduces a new accounting model, referred to as the current expected credit losses ("CECL") model, for estimating credit losses on certain financial instruments and expands the disclosure requirements for estimating such credit losses. Under the new model, an entity is required to estimate the credit losses expected over the life of an exposure (or pool of exposures). The guidance also amends the current impairment model for debt securities classified as available-for-sale securities. The Company adopted the guidance under a modified-retrospective approach with a cumulative effect adjustment to opening retained earnings. The adoption of this standard did not have a material impact on Bunge's consolidated financial statements.

3.	PORTFOLIO RATIONALIZATION INITIATIVES

Business Dispositions

On December 20, 2019, Bunge announced that it has entered into an agreement to sell its margarine and mayonnaise assets in Brazil. The transaction includes three production plants and brands used for these two products. The completion of the sale is subject to regulatory approval and is expected to close in the second half of 2020. In connection with this agreement, the Company has classified the assets and liabilities to be sold as held for sale in its consolidated financial statements as of March 31, 2020 and December 31, 2019. The following table presents the major classes of assets and liabilities included in Assets held for sale and Liabilities held for sale, respectively, on the Condensed Consolidated Balance Sheets at March 31, 2020 and December 31, 2019:

(US$ in millions)	March 31, 2020			December 31, 2019
Inventories	$	15		$	19
Property, plant, and equipment, net	33			49
Other intangible assets, net	3			4
Assets held for sale	$	51		$	72
Other current liabilities	$	3		$	4
Liabilities held for sale	$	3		$	4

The Company routinely leases storage facilities, transportation equipment, land, and office facilities that are typically classified as operating leases. The accounting for some of the Company's leases may require significant judgment when determining whether a contract is or contains a lease, the lease term, and the likelihood of renewal or termination options. Leases with an initial term of more than 12 months are recognized on the balance sheet as right-of-use assets (Operating lease assets) and lease liabilities for the obligation to make payments under such leases (Current operating lease obligations and Non-current operating lease obligations). As of the lease commencement date, the lease liability is initially measured as the present value of lease payments not yet paid. The lease asset is initially measured equal to the lease liability and adjusted for lease payments made at or before lease commencement (e.g., prepaid rent), lease incentives, and any initial direct costs. Over time, the lease liability is reduced for lease payments made and the lease asset is reduced through expense, classified as either Cost of goods sold or Selling, general and administrative expense, depending upon the nature of the lease. Lease assets are subject to review for impairment in a manner consistent with Property, plant and equipment. Leases with an initial term of 12 months or less (“short-term leases”) are not recorded on the balance sheet, and lease expense for these short-term leases is recognized on a straight-line basis over the lease term.

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The Company’s leases range in length of term, with an average remaining lease term of 5.1 years, but with certain land leases continuing for up to 92 years. Additionally, certain leases contain renewal options that can extend the lease term up to an additional 5 years. Renewal options are generally exercisable solely at the Company’s discretion. When a renewal option is reasonably certain to be exercised, such additional terms are considered when calculating the associated operating lease asset and liability. When determining the lease liability at commencement of the lease, the present value of lease payments is based on the Company’s incremental borrowing rate determined using a portfolio approach and the Company’s incremental cost of debt, adjusted to arrive to the rate in the applicable country and for the applicable term of the lease, as the rate implicit in the lease is generally not readily determinable. As of March 31, 2020, this weighted average discount rate was 4.5%.

Certain of the Company’s freight supply agreements for ocean freight vessels and rail cars may include rental payments that are variable in nature. Variable payments on time charter agreements for ocean freight vessels under freight supply agreements are dependent on then-current market daily hire rates. Variable payments for certain rail cars can be based on volumes, and in some cases, benchmark interest rates. All such variable payments are not included in the calculation of the associated operating lease asset or liability subsequent to the inception date of the associated lease and are recorded as expense in the period in which the adjustment to the variable payment obligation is incurred. Certain of the Company’s lease agreements related to railcars and barges contain residual value guarantees (see Note 16 - Commitments And Contingencies). None of the Company’s lease agreements contain material restrictive covenants.

The components of lease expense were as follows:

		Three Months Ended March 31,
(US$ in millions)		2020				2019
Operating lease cost		$	64			$	80
Short-term lease cost		149				152
Variable lease cost		4				3
Sublease income		(14		)		(30		)
Total lease cost		$	203			$	205

Supplemental cash flow information related to leases was as follows:

		Three Months Ended March 31,
(US$ in millions)		2020				2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease liability principal payments		$	65			$	79
Supplemental non-cash information:
Right-of-use assets obtained in exchange for new lease obligations		$	29			$	70

    

Maturities of lease liabilities for operating leases as of March 31, 2020, are as follows:

(US$ in millions)
Remaining in 2020		$	183
2021		203
2022		152
2023		110
2024		55
Thereafter		99
Total lease payments (1)		802
Less imputed interest		91
Present value of lease liabilities, as separately presented on the condensed consolidated balance sheet		$	711

(1)

Minimum lease payments have not been reduced by minimum sublease income receipts of $24 million due in future periods under non-cancelable subleases. Non-cancelable subleases primarily relate to agreements with third parties for the use of portions of certain facilities with remaining sublease terms of approximately 5 years, as well as an agreement in which the Company subleases rail cars with remaining sublease terms of approximately three to four

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years. Additionally, the Company may enter into re-let agreements to sell the right to use ocean freight vessels under time charter agreements when excess capacity is available.

As of March 31, 2020, the Company has additional operating leases for freight supply agreements on ocean freight vessels, that have not yet commenced, of $182 million. These operating leases will commence in 2020 with lease terms of up to eight years.

The Company engages in various trade structured finance activities to leverage the value of its global trade flows. These activities include programs under which the Company generally obtains U.S. dollar-denominated letters of credit (“LCs”), each based on an underlying commodity trade flow, from financial institutions and time deposits denominated in either the local currency of the financial institutions' counterparties or in U.S. dollars, as well as foreign exchange forward contracts, and other programs in which trade related payables are set-off against receivables, all of which are subject to legally enforceable set-off agreements.

            As of March 31, 2020 and December 31, 2019, time deposits and LCs of $3,847 million and $3,409 million, respectively, were presented net on the condensed consolidated balance sheets as the criteria of ASC 210-20, Offsetting, had been met. The net losses and gains related to such activities are included as an adjustment to Cost of goods sold in the accompanying condensed consolidated statements of income. At March 31, 2020 and December 31, 2019, time deposits, including those presented on a net basis, carried weighted-average interest rates of 2.59% and 3.10%, respectively. During the three months ended March 31, 2020 and 2019, total net proceeds from issuances of LCs were $1,490 million and $1,117 million, respectively. These cash inflows are offset by the related cash outflows resulting from placement of the time deposits and repayment of the LCs. All cash flows related to the programs are included in operating activities in the condensed consolidated statements of cash flows.

6.	TRADE ACCOUNTS RECEIVABLE AND TRADE RECEIVABLES SECURITIZATION PROGRAM

Trade Accounts Receivable

Bunge establishes an allowance for lifetime expected credit losses utilizing an aging schedule for each pool of trade accounts receivable. The risk characteristics for each individual receivable were homogenous across the pool of trade accounts receivable and the determination of pools was sufficiently granular to address any differences in risk characteristics. Any receivables that did not share similar risk characteristics were separated into different pools for further analysis. Pools are determined based on risks characteristics such as the type of customer and geography. A default rate is derived using a provision matrix with data based on Bunge's historical receivables information. The default rate is then applied to the pool to determine the allowance for expected credit losses. Given the short term nature of the Company's trade accounts receivable, the default rate is only adjusted if significant changes in the credit profile of the portfolio are identified (e.g., poor crop years, credit issues at the country level, systematic risk), resulting in historic loss rates that are not representative of forecasted losses. Specifically, in establishing appropriate default rates as of March 31, 2020, the Company took into consideration expected impacts on its customers and other debtors in view of the COVID-19 pandemic, as well as other factors, which did not result in a material impact on the financial statements.

Bunge records and reports accrued interest receivable within the same line item as the related receivable. The allowance for expected credit losses is estimated on the amortized cost basis of the trade accounts receivable, including accrued interest receivable. Bunge recognizes credit loss expense when establishing an allowance for accrued interest receivable.

Changes to the allowance for lifetime expected credit losses related to trade account receivables are as follows:

Rollforward of the Allowance for Credit Losses (US$ in millions)	Short-term			Long-term (1)			Total
Allowance as of January 1, 2020	$	108		$	65		$	173
Current period provisions	13			—			13
Write-offs charged against the allowance	(1		)	—			(1		)
Foreign exchange translation differences	(3		)	(10		)	(13		)
Allowance as of March 31, 2020	$	117		$	55		$	172

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(1)	Long-term portion of the allowance for credit losses included in Other non-current assets as of March 31, 2020.

Trade Receivables Securitization Program

Bunge and certain of its subsidiaries participate in a trade receivables securitization program (the “Program”) with a financial institution, as administrative agent, and certain commercial paper conduit purchasers and committed purchasers that provides for funding of receivables sold into the Program. On February 19, 2019, Bunge exercised a portion of the $300 million accordion feature under the Program to increase the aggregate size of the facility by $100 million from $700 million to an aggregate of $800 million.

(US$ in millions)		March 31, 2020				December 31, 2019
Receivables sold which were derecognized from Bunge's balance sheet		$	818			$	801
Deferred purchase price included in other current assets		$	112			$	105

The table below summarizes the cash flows and discounts of Bunge’s trade receivables associated with the Program. Servicing fees under the Program were not significant in any period.

		Three Months Ended March 31,
(US$ in millions)		2020				2019
Gross receivables sold		$	2,634			$	2,258
Proceeds received in cash related to transfer of receivables		$	2,485			$	2,101
Cash collections from customers on receivables previously sold		$	2,341			$	1,875
Discounts related to gross receivables sold included in SG&A		$	3			$	4

Non-cash activity for the program in the reporting period is represented by the difference between gross receivables sold and cash collections from customers on receivables previously sold.

7.	INVENTORIES

Inventories by segment are presented below. Readily marketable inventories (“RMI”) are agricultural commodity inventories, such as soybeans, soybean meal, soybean oil, corn, and wheat carried at fair value because of their commodity characteristics, widely available markets, and international pricing mechanisms.  The Company engages in trading and distribution, or merchandising activities, and part of RMI can be attributable to such activities and is not held for processing. All other inventories are carried at lower of cost or net realizable value.

(US$ in millions)		March 31, 2020				December 31, 2019
Agribusiness (1)		$	4,411			$	4,002
Edible Oil Products (2)		735				770
Milling Products		209				194
Sugar and Bioenergy (3)		7				6
Fertilizer		89				66
Total		$	5,451			$	5,038

(1)	Includes RMI of $4,170 million and $3,796 million at March 31, 2020 and December 31, 2019, respectively.  Of these amounts, $3,083 million and $2,589 million can be attributable to merchandising activities at March 31, 2020 and December 31, 2019, respectively.

(2)	Includes RMI of $103 million and $133 million at March 31, 2020 and December 31, 2019, respectively.

(3)	Includes RMI of $6 million and $5 million at March 31, 2020 and December 31, 2019, respectively.

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8.	OTHER CURRENT ASSETS

Other current assets consist of the following:

(US$ in millions)		March 31, 2020				December 31, 2019
Unrealized gains on derivative contracts, at fair value		$	1,639			$	927
Prepaid commodity purchase contracts (1)		198				153
Secured advances to suppliers, net (2)		299				346
Recoverable taxes, net		339				476
Margin deposits		486				285
Marketable securities, at fair value, and other short-term investments		284				393
Deferred purchase price receivable(3)		112				105
Income taxes receivable		24				37
Prepaid expenses		221				221
Other		187				170
Total		$	3,789			$	3,113

(1)	Prepaid commodity purchase contracts represent advance payments against contracts for future delivery of specified quantities of agricultural commodities.

(2)

The Company provides cash advances to suppliers, primarily Brazilian farmers of soybeans, to finance a portion of the suppliers’ production costs.  The Company does not bear any of the costs or operational risks associated with the related growing crops.  The advances are largely collateralized by future crops and physical assets of the suppliers, carry a local market interest rate, and settle when the farmers' crops are harvested and sold.  The secured advances to farmers are reported net of allowances of $1 million at March 31, 2020 and $1 million at December 31, 2019.

Interest earned on secured advances to suppliers of $12 million and $7 million for the three months ended March 31, 2020 and 2019, respectively, is included in net sales in the condensed consolidated statements of income.

(3)	Deferred purchase price receivable represents additional credit support for the investment conduits in the Company’s trade receivables securitization program (see Note 6 - Trade Accounts Receivable and Trade Receivable Securitization Program).

Marketable Securities and Other Short-Term Investments - The Company invests in foreign government securities, corporate debt securities, deposits, equity securities, and other securities. The following is a summary of amounts recorded in the Company's condensed consolidated balance sheets as marketable securities and other short-term investments.

(US$ in millions)		March 31, 2020				December 31, 2019
Foreign government securities		$	145			$	212
Corporate debt securities		124				161
Equity securities		9				14
Other		6				6
Total		$	284			$	393

As of March 31, 2020 and December 31, 2019, $278 million and $387 million, respectively, of marketable securities and other short-term investments are recorded at fair value. All other investments are recorded at cost, and due to the short-term nature of these investments, their carrying values approximate fair values. For the three months ended March 31, 2020, unrealized losses of $16 million have been recorded for investments still held at March 31, 2020.

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Other non-current assets consist of the following:

(US$ in millions)		March 31, 2020				December 31, 2019
Recoverable taxes, net (1)		$	68			$	48
Judicial deposits (1)		85				106
Other long-term receivables		4				6
Income taxes receivable		187				208
Long-term investments		88				83
Affiliate loans receivable		18				29
Long-term receivables from farmers in Brazil, net (1)		87				69
Other		185				129
Total		$	722			$	678

(1)	These non-current assets arise primarily from the Company’s Brazilian operations and their realization could take several years.

Recoverable taxes, net - Recoverable taxes are reported net of allowances of $31 million and $41 million at March 31, 2020 and December 31, 2019, respectively.

Judicial deposits - Judicial deposits are funds the Company has placed on deposit with the courts in Brazil. These funds are held in judicial escrow relating to certain legal proceedings pending resolution and bear interest at the SELIC rate, which is the benchmark rate of the Brazilian central bank.

Income taxes receivable - Income taxes receivable include overpayments of current income taxes plus accrued interest. These income tax prepayments are expected to be primarily utilized for settlement of future income tax obligations. Income taxes receivable in Brazil bear interest at the SELIC rate.

Affiliate loans receivable - Affiliate loans receivable are primarily interest-bearing receivables from unconsolidated affiliates with a remaining maturity of greater than one year.

Long-term receivables from farmers in Brazil, net - The Company provides financing to farmers in Brazil, primarily through secured advances against farmer commitments to deliver agricultural commodities (primarily soybeans) upon harvest of the then-current year’s crop and through credit sales of fertilizer to farmers. Certain such long-term receivables from farmers are originally recorded in other current assets as prepaid commodity contracts or secured advances to suppliers (see Note 8 - Other Current Assets) and reclassified to other non-current assets when collection issues with farmers arise and amounts become past due with resolution of such matters expected to take more than one year.

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The average recorded investment in long-term receivables from farmers in Brazil for the three months ended March 31, 2020 and the year ended December 31, 2019 was $168 million and $186 million, respectively.  The table below summarizes the Company’s recorded investment in long-term receivables from farmers in Brazil and the related allowance amounts.

		March 31, 2020								December 31, 2019
(US$ in millions)		Recorded Investment				Allowance				Recorded Investment				Allowance
For which an allowance has been provided:
Legal collection process (1)		$	71			$	60			$	95			$	85
Renegotiated amounts		8				8				11				11
For which no allowance has been provided:
Legal collection process (1)		37				—				50				—
Renegotiated amounts (2)		4				—				5				—
Other long-term receivables		35				—				4				—
Total		$	155			$	68			$	165			$	96

(1)	All amounts in legal process are considered past due upon initiation of legal action.

(2)	All renegotiated amounts are current on repayment terms.

The table below summarizes the activity in the allowance for doubtful accounts related to long-term receivables from farmers in Brazil.

		Three Months Ended March 31,
(US$ in millions)		2020				2019
Beginning balance		$	96			$	106
Bad debt provisions		2				1
Recoveries		(8		)		(1		)
Foreign exchange translation		(22		)		(1		)
Ending balance		$	68			$	105

10.	INCOME TAXES

Income tax expense is provided on an interim basis based on management’s estimate of the annual effective income tax rate and includes the tax effects of certain discrete items, such as changes in tax laws or tax rates or other unusual or non-recurring tax adjustments in the interim period in which they occur. In addition, results from jurisdictions projecting a loss for the year where no tax benefit can be recognized are treated discretely in the interim period in which they occur. The effective tax rate is highly dependent on the geographic distribution of the Company’s worldwide earnings or losses and tax regulations in each jurisdiction. Management regularly monitors the assumptions used in estimating its annual effective tax rate and adjusts estimates accordingly, including the realizability of deferred tax assets. Volatility in earnings within a taxing jurisdiction could result in a determination that additional valuation allowance adjustments may be warranted.

Income tax benefit related to continuing operations for the three months ended March 31, 2020 was $55 million, and income tax expense related to continuing operations for the three months ended March 31, 2019 was $38 million. The tax benefit for the three months ended March 31, 2020 is primarily due to an overall pretax loss.  The effective tax rate for the three months ended March 31, 2020 is materially consistent with the U.S. statutory rate of 21%. The effective tax rate for the three months ended March 31, 2019 was higher than the U.S. statutory rate of 21% primarily due to an unfavorable earnings mix associated with pretax losses in certain jurisdictions.

As a global enterprise, the Company files income tax returns that are subject to periodic examination and challenge by federal, state and foreign tax authorities. In many jurisdictions, income tax examinations, including settlement negotiations or litigation, may take several years to finalize. The Company is currently under examination or litigation in various locations throughout the world. While it is difficult to predict the outcome or timing of resolution of any particular matter, management

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believes that the condensed consolidated financial statements reflect the largest amount of tax benefit that is more likely than not to be realized.

11.	OTHER CURRENT LIABILITIES

Other current liabilities consist of the following:

(US$ in millions)		March 31, 2020				December 31, 2019
Unrealized losses on derivative contracts, at fair value		$	1,961			$	766
Accrued liabilities		400				602
Advances on sales		325				411
Other		503				476
Total		$	3,189			$	2,255

12.	FAIR VALUE MEASUREMENTS

Bunge's various financial instruments include certain components of working capital such as trade accounts receivable and trade accounts payable. Additionally, Bunge uses short and long-term debt to fund operating requirements. Trade accounts receivable, trade accounts payable, and short-term debt are stated at their carrying value, which is a reasonable estimate of fair value. See Note 5 - Trade Structured Finance Program for trade structured finance program, Note 9 - Other Non-Current Assets for long-term receivables from farmers in Brazil, net and other long-term investments, and Note 14 - Debt for long-term debt. Bunge's financial instruments also include derivative instruments and marketable securities, which are stated at fair value.

The fair value standard describes three levels within its hierarchy that may be used to measure fair value.

Level	Description	Financial Instrument (Assets / Liabilities)
Level 1	Quoted prices (unadjusted) in active markets for identical assets or liabilities.	Exchange traded derivative contracts. Marketable securities in active markets.
Level 2	Observable inputs, including adjusted Level 1 quotes, quoted prices for similar assets or liabilities, quoted prices in markets that are less active than traded exchanges and other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.	Exchange traded derivative contracts (less liquid market). Readily marketable inventories. Over-the-counter (‘‘OTC’’) commodity purchase and sale contracts. OTC derivatives whose value is determined using pricing models with inputs that are generally based on exchange traded prices, adjusted for location specific inputs that are primarily observable in the market or can be derived principally from or corroborated by observable market data. Marketable securities in less active markets.
Level 3	Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities.	Assets and liabilities whose value is determined using proprietary pricing models, discounted cash flow methodologies or similar techniques.   Assets and liabilities for which the determination of fair value requires significant management judgment or estimation.

In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of input that is a significant component of the fair value measurement determines the placement of the entire fair value measurement in the hierarchy. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of fair value assets and liabilities within the fair value hierarchy levels.

For a further definition of fair value and the associated fair value levels, refer to Note 15 - Fair Value Measurements, included in the Company's 2019 Annual Report on Form 10-K.

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The following table sets forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis.

	Fair Value Measurements at Reporting Date
	March 31, 2020																December 31, 2019
(US$ in millions)	Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
Assets:
Readily marketable inventories (Note 7)	$	—			$	3,660			$	619			$	4,279			$	—			$	3,703			$	231			$	3,934
Trade accounts receivable (1)	—				19				—				19				—				—				—				—
Unrealized gain on derivative contracts (2):					1
Interest rate	—				103				—				103				—				45				—				45
Foreign exchange	—				494				—				494				—				331				—				331
Commodities	36				1,019				18				1,073				34				481				9				524
Freight	21				—				1				22				10				—				—				10
Energy	47				—				—				47				56				—				—				56
Other (3)	51				244				—				295				47				370				—				417
Total assets	$	155			$	5,539			$	638			$	6,332			$	147			$	4,930			$	240			$	5,317
Liabilities:
Trade accounts payable (4)	$	—			$	384			$	261			$	645			$	—			$	347			$	31			$	378
Unrealized loss on derivative contracts (5):
Interest rate	—				17				—				17				—				4				—				4
Foreign exchange	—				1,162				—				1,162				—				257				—				257
Commodities	57				590				33				680				49				388				31				468
Freight	21				—				2				23				10				—				—				10
Energy	89				1				—				90				26				—				2				28
Equity	—				—				—				—				—				—				—				—
Total liabilities	$	167			$	2,154			$	296			$	2,617			$	85			$	996			$	64			$	1,145

(1)	These receivables are financial instruments for which Bunge has elected the fair value option.

(2)	Unrealized gains on derivative contracts are generally included in other current assets. There were $100 million and $39 million included in other non-current assets at March 31, 2020 and December 31, 2019, respectively.

(3)	Other includes the fair values of marketable securities and investments in other current assets and other non-current assets.

(4)	These payables are hybrid financial instruments for which the Company has elected the fair value option.

(5)	Unrealized losses on derivative contracts are generally included in other current liabilities. There are $12 million and $1 million included in other non-current liabilities at March 31, 2020 and December 31, 2019, respectively.

Readily marketable inventories—RMI reported at fair value are valued based on commodity futures exchange quotations, broker or dealer quotations, or market transactions in either listed or OTC markets with appropriate adjustments for differences in local markets where the Company's inventories are located. In such cases, the inventory is classified within Level 2. Certain inventories may utilize significant unobservable data related to local market adjustments to determine fair value. In such cases, the inventory is classified as Level 3.

If the Company used different methods or factors to determine fair values, amounts reported as unrealized gains and losses on derivative contracts and RMI at fair value in the consolidated balance sheets and consolidated statements of income could differ. Additionally, if market conditions change subsequent to the reporting date, amounts reported in future periods as unrealized gains and losses on derivative contracts and RMI at fair value in the consolidated balance sheets and consolidated statements of income could differ.

Derivatives—The majority of exchange traded futures and options contracts and exchange cleared contracts are valued based on unadjusted quoted prices in active markets and are classified within Level 1. The majority of the Company’s exchange-traded agricultural commodity futures are cash-settled on a daily basis and, therefore, are not included in these tables. The Company's forward commodity purchase and sale contracts are classified as derivatives along with other OTC derivative

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instruments relating primarily to freight, energy, foreign exchange and interest rates, and are classified within Level 2 or Level 3 as described below. The Company estimates fair values based on exchange quoted prices, adjusted as appropriate for differences in local markets. These differences are generally valued using inputs from broker or dealer quotations, or market transactions in either the listed or OTC markets. In such cases, these derivative contracts are classified within Level 2.

OTC derivative contracts include swaps, options and structured transactions that are generally fair valued using quantitative models that require the use of multiple market inputs including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets which are not highly active, other observable inputs relevant to the asset or liability, and market inputs corroborated by correlation or other means. These valuation models include inputs such as interest rates, prices and indices to generate continuous yield or pricing curves and volatility factors. Where observable inputs are available for substantially the full term of the asset or liability, the instrument is categorized in Level 2. Certain OTC derivatives trade in less active markets with less availability of pricing information and certain structured transactions can require internally developed model inputs that might not be observable in or corroborated by the market.

Level 3 Measurements

The following relates to Level 3 measurements. An instrument may transfer into or out of Level 3 due to inputs becoming either observable or unobservable.

Level 3 Readily marketable inventories and other—The significant unobservable inputs resulting in Level 3 classification for RMI, physically settled forward purchase and sale contracts, and trade accounts payable, relate to certain management estimations regarding costs of transportation and other local market or location-related adjustments, primarily freight related adjustments in the interior of Brazil and the lack of market corroborated information in Canada. In both situations, the Company uses proprietary information such as purchase and sale contracts and contracted prices to value freight, premiums and discounts in its contracts. Movements in the price of these unobservable inputs alone would not have a material effect on the Company's financial statements as these contracts do not typically exceed one future crop cycle.

Level 3 Derivatives—Level 3 derivative instruments utilize both market observable and unobservable inputs within the fair value measurements. These inputs include commodity prices, price volatility, interest rates, volumes and locations.

The tables below present reconciliations for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2020 and 2019.  These instruments were valued using pricing models that management believes reflect the assumptions that would be used by a marketplace participant.

		Three Months Ended March 31, 2020
(US$ in millions)		Readily Marketable Inventories				Derivatives, Net				Trade Accounts Payable				Total
Balance, January 1, 2020		$	231			$	(24	)		$	(31	)		$	176
Total gains and losses (realized/unrealized) included in cost of goods sold (1)		164				14				4				182
Purchases		678				1				(236		)		443
Sales		(627		)		—				—				(627		)
Issuances		—				(2		)		—				(2		)
Settlements		—				(18		)		61				43
Transfers into Level 3		271				3				(59		)		215
Transfers out of Level 3		(98		)		10				—				(88		)
Balance, March 31, 2020		$	619			$	(16	)		$	(261	)		$	342

(1) Readily marketable inventories, derivatives, net and trade accounts payable, include gains/(losses) of $73 million, $13 million and $5 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at March 31, 2020.

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		Three Months Ended March 31, 2019
(US$ in millions)		Readily Marketable Inventories				Derivatives, Net				Trade Accounts Payable				Total
Balance, January 1, 2019		$	246			$	(6	)		$	(47	)		$	193
Total gains and losses (realized/unrealized) included in cost of goods sold (1)		37				2				5				44
Purchases		699				—				(361		)		338
Sales		(570		)		—				—				(570		)
Settlements		—				1				(21		)		(20		)
Transfers into Level 3		276				1				27				304
Transfers out of Level 3		(55		)		—				—				(55		)
Balance, March 31, 2019		$	633			$	(2	)		$	(397	)		$	234

(1)	Readily marketable inventories, derivatives, net and trade accounts payable, includes gains/(losses) of $37 million, $6 million and $5 million, respectively, that are attributable to the change in unrealized gains/(losses) relating to Level 3 assets and liabilities still held at March 31, 2019.

13.	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Company uses derivative instruments to manage several market risks, such as interest rate, foreign currency, and commodity risk. Some of those hedges the Company enters into qualify for hedge accounting in the financial statements (Hedge Accounting Derivatives) and some, while intended as economic hedges, do not qualify or are not designated for hedge accounting (Economic Hedge Derivatives). As these derivatives impact the financial statements in different ways, they are discussed separately below.

Hedge Accounting Derivatives - The Company uses derivatives in qualifying hedge accounting relationships to manage certain of its interest rate, foreign currency, and commodity risks. In executing these hedge strategies, the Company primarily relies on the shortcut and critical terms match methods in designing its hedge accounting strategy, which results in little to no net earnings impact for these hedge relationships. The Company monitors these relationships on a quarterly basis and performs a quantitative analysis to validate the assertion that the hedges are highly effective if there are changes to the hedged item or hedging derivative.

Fair value hedges - These derivatives are used to hedge the effect of interest rate and currency exchange rate changes on certain long-term debt. Under fair value hedge accounting, the derivative is measured at fair value and the carrying value of hedged debt is adjusted for the change in value related to the exposure being hedged, with both adjustments offset to earnings. In other words, the earnings effect of an increase in the fair value of the derivative will be substantially offset by the earnings effect of the increase in the carrying value of the hedged debt. The net impact of fair value hedge accounting for interest rate swaps is recognized in Interest expense. For cross currency swaps the changes in currency risk on the derivative are recognized in Foreign exchange gains (losses), and the changes in interest rate risk are recognized in Interest expense. Changes in basis risk are held in Accumulated other comprehensive income (loss) until realized through the coupon.

Cash flow hedges of currency risk - The Company manages currency risk on certain forecasted purchases, sales, and selling, general and administrative expenses with currency forwards. The change in the value of the forward is held in Accumulated other comprehensive income (loss) until the transaction affects earnings, at which time the change in value of the currency forward is reclassified to Net sales, Cost of goods sold or Selling, general and administrative expenses. These hedges mature at various times through December 2020. Of the amount currently in Accumulated other comprehensive income (loss), $9 million of deferred losses is expected to be reclassified to earnings in the next twelve months.

Net investment hedges - The Company hedges the currency risk of certain of its foreign subsidiaries with currency forwards and intercompany loans for which the currency risk is remeasured through Accumulated other comprehensive income (loss). For currency forwards, the forward method is used. The change in the value of the forward is classified in Accumulated other comprehensive income (loss) until the transaction affects earnings.

The table below provides information about the balance sheet values of hedged items and the notional amount of derivatives used in hedging strategies. The notional amount of the derivative is the number of units of the underlying (for example, the notional principal amount of the debt in an interest rate swap). The notional amount is used to compute interest or

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other payment streams to be made under the contract and is a measure of the Company’s level of activity. The Company discloses derivative notional amounts on a gross basis.

(US$ in millions)		March 31, 2020			December 31, 2019			Unit of Measure
Hedging instrument type:
Fair value hedges of interest rate risk
	Carrying value of hedged debt	$	2,322		$	2,279		$ Notional
	Cumulative adjustment to long-term debt from application of hedge accounting	$	102		$	37		$ Notional
	Interest rate swap - notional amount	$	2,226		$	2,249		$ Notional
Fair value hedges of currency risk
	Carrying value of hedged debt	$	283		$	281		$ Notional
	Cross currency swap - notional amount	$	283		$	281		$ Notional
Cash flow hedges of currency risk
	Foreign currency forward - notional amount	$	—		$	99		$ Notional
	Foreign currency option - notional amount	$	75		$	75		$ Notional
Net investment hedges
	Foreign currency forward - notional amount	$	938		$	928		$ Notional
	Carrying value of non-derivative hedging instrument	$	873		$	895		$ Notional

Economic Hedge Derivatives - In addition to using derivatives in qualifying hedge relationships, the Company enters into derivatives to economically hedge its exposure to a variety of market risks it incurs in the normal course of operations.

Interest rate derivatives are used to hedge exposures to the Company's financial instrument portfolios and debt issuances. The impact of changes in fair value of these instruments is primarily presented in Interest expense.

Currency derivatives are used to hedge the balance sheet and commercial exposures that arise from the Company's global operations. The impact of changes in fair value of these instruments is presented in Cost of goods sold when hedging commercial exposures and Foreign exchange gains (losses) when hedging monetary exposures.

Agricultural commodity derivatives are used primarily to manage the Company's inventory and forward purchase and sales contracts. 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. The impact of changes in fair value of these instruments is presented in Cost of goods sold.

The Company uses derivative instruments referred to as forward freight agreements ("FFA") and FFA options to hedge portions of its current and anticipated ocean freight costs. The impact of changes in fair value of these instruments is presented in Cost of goods sold.

The Company uses energy derivative instruments to manage its exposure to volatility in energy costs. Hedges may be entered into for natural gas, electricity, coal and fuel oil, including bunker fuel. The impact of changes in fair value of these instruments is presented in Cost of goods sold.

The Company may also enter into other derivatives, including credit default swaps and equity derivatives to manage exposure to credit risk and broader macroeconomic risks, respectively. The impact of changes in fair value of these instruments is presented in Cost of goods sold.

The table below summarizes the volume of economic derivatives as of March 31, 2020 and December 31, 2019. For those contracts traded bilaterally through the OTC markets (e.g., forwards, forward rate agreements ("FRA") and swaps), the gross position is provided. For exchange traded (e.g., futures, FFAs and options) and cleared positions (e.g., energy swaps), the net position is provided.

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	March 31,						December 31,
	2020						2019						Unit of Measure
	Long			(Short)			Long			(Short)
Interest rate
Swaps	$	3,286		$	(164	)	$	4,062		$	(39	)	$ Notional
FRAs	$	169		$	(169	)	$	213		$	(418	)	$ Notional
Currency
Forwards	$	10,187		$	(14,926	)	$	7,164		$	(9,983	)	$ Notional
Swaps	$	299		$	(317	)	$	191		$	(170	)	$ Notional
Futures	$	1		$	—		$	—		$	(16	)	$ Notional
Options	$	124		$	(165	)	$	132		$	(157	)	Delta
Agricultural commodities
Forwards	35,030,369			(32,400,559		)	27,914,141			(25,321,595		)	Metric Tons
Swaps	193,287			(543,493		)	—			(1,114,704		)	Metric Tons
Futures	—			(9,857,392		)	—			(1,960,051		)	Metric Tons
Options	110,536			—			—			(115,232		)	Metric Tons
Ocean freight
FFA	5,033			—			—			(133		)	Hire Days
FFA options	397			—			42			—			Hire Days
Natural gas
Swaps	811,374			—			215,640			—			MMBtus
Futures	9,740,000			—			2,802,500			—			MMBtus
Energy - other
Forwards	5,534,290			—			5,534,290			—			Metric Tons
Swaps	370,979			—			239,836			—			Metric Tons
Other
Swaps and futures	$	10		$	—		$	50		$	(14	)	$ Notional

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The Effect of Derivative Instruments and Hedge Accounting on the Condensed Consolidated Statements of Income

The tables below summarize the net effect of derivative instruments and hedge accounting on the condensed consolidated statements of income for the three months ended March 31, 2020 and 2019.

		Gain (Loss) Recognized in Income on Derivative Instruments
		Three Months Ended March 31,
(US$ in millions)		2020			2019
Income statement classification	Type of derivative
Net sales
Hedge accounting	Foreign currency	$	—		$	1
Cost of goods sold
Economic hedges	Foreign currency	(917		)	75
	Commodities	721			138
	Other (1)	(81		)	28
Total Cost of goods sold		$	(277	)	$	241
Interest expense
Hedge accounting	Interest rate	$	—		$	(3	)
Economic hedges	Interest rate	—			(3		)
Total Interest expense		$	—		$	(6	)
Foreign exchange gains (losses)
Hedge accounting	Foreign currency	$	7		$	(1	)
Economic hedges	Foreign currency	(184		)	38
Total Foreign exchange gains (losses)		$	(177	)	$	37
Other comprehensive income (loss)
Gains and losses on derivatives used as fair value hedges of foreign currency risk included in other comprehensive income (loss) during the period		$	3		$	(2	)
Gains and losses on derivatives used as cash flow hedges of foreign currency risk included in other comprehensive income (loss) during the period		$	(14	)	$	—
Gains and losses on derivatives used as net investment hedges included in other comprehensive income (loss) during the period		$	46		$	(38	)
Foreign currency gains and losses on intercompany loans used as net investment hedges included in other comprehensive income (loss) during the period		$	22		$	17
Amounts released from accumulated other comprehensive income (loss) during the period
Cash flow hedge of foreign currency risk		$	(6	)	$	1

(1)	Other includes the results from freight, energy and other derivatives.

14.	DEBT

Bunge’s commercial paper program is supported by an identical amount of committed back-up bank credit lines (the “Liquidity Facility”) provided by banks that are rated at least A-1 by Standard & Poor’s Financial Services and P-1 by Moody’s Investors Service. The cost of borrowing under the Liquidity Facility would typically be higher than the cost of issuing under Bunge’s commercial paper program. At March 31, 2020, there were no borrowings outstanding under the commercial paper program and no borrowings under the Liquidity Facility.

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In addition to committed facilities, from time to time, Bunge Limited and/or its financing subsidiaries enter into uncommitted bilateral short-term credit lines as necessary based on its financing requirements. At March 31, 2020, there were no borrowings outstanding under these bilateral short-term credit lines. Loans under such credit lines are non-callable by the respective lenders. In addition, Bunge's operating companies had $736 million in short-term borrowings outstanding under local bank lines of credit at March 31, 2020 to support working capital requirements.

At March 31, 2020, Bunge had $4,315 million of unused and available borrowing capacity under its committed credit facilities totaling $4,315 million with a number of lending institutions.

The fair value of Bunge’s long-term debt is based on interest rates currently available on comparable maturities to companies with credit standing similar to that of Bunge. The carrying amounts and fair value of long-term debt are as follows:

		March 31, 2020								December 31, 2019
(US$ in millions)		Carrying Value				Fair Value (Level 2)				Carrying Value				Fair Value (Level 2)
Long-term debt, including current portion		$	4,262			$	4,201			$	4,223			$	4,319

15.	RELATED PARTY TRANSACTIONS

Bunge annually purchases agricultural commodity products from certain of its unconsolidated investees and other related parties. Such related party purchases comprised less than 5% of total Cost of goods sold for the three months ended March 31, 2020 and 2019. Bunge also sells agricultural commodity products to certain of its unconsolidated investees and other related parties. Such related party sales comprised less than 2% of total Net sales for the three months ended March 31, 2020 and 2019.

In addition, Bunge receives services from and provides services to its unconsolidated investees, including tolling, port handling, administrative support, and other services. For the three months ended March 31, 2020 and 2019, such services were not material to the Company's consolidated results.

At March 31, 2020 and December 31, 2019, receivables and payables related to the above related party transactions, and included in Trade accounts receivable and Trade accounts payable, respectively, in the consolidated balance sheets were not material.

Bunge is party to claims and lawsuits, primarily non-income tax and labor claims in South America, arising in the normal course of business. Bunge is also involved from time to time in various contract, antitrust, environmental litigation and remediation and other litigation, claims, government investigations and legal proceedings. The ability to predict the ultimate outcome of such matters involves judgments, estimates and inherent uncertainties. Bunge records liabilities related to legal matters when the exposure item becomes probable and can be reasonably estimated. Bunge management does not expect these matters to have a material adverse effect on Bunge’s financial condition, results of operations or liquidity. However, these matters are subject to inherent uncertainties and there exists the remote possibility that a liability arising from these matters could have a material adverse impact in the period the uncertainties are resolved should the liability substantially exceed the amount of provisions included in the consolidated balance sheets. Information regarding the claims appears in Bunge’s Report on Form 10-K for the year ended December 31, 2019. Included in other non-current liabilities at March 31, 2020 and December 31, 2019 are the following amounts related to these matters:

(US$ in millions)		March 31, 2020				December 31, 2019
Non-income tax claims		$	20			$	23
Labor claims		39				50
Civil and other claims		76				88
Total		$	135			$	161

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Brazil Indirect Taxes

Non-income tax claims - These tax claims relate to ongoing claims against Bunge’s Brazilian subsidiaries, primarily value-added tax claims (ICMS, ISS, IPI and PIS/COFINS). Bunge expects to pay 58 million Brazilian reais (approximately $11 million) in 2020 or 2021 to settle a portion of its outstanding liabilities in amnesty programs in certain Brazilian states regarding certain tax credits.

As of March 31, 2020, the Brazilian federal and state authorities have concluded examinations of the ICMS and PIS COFINS tax returns and have issued outstanding claims (including applicable interest and penalties). The Company continues to evaluate the merits of each of these claims and will recognize them when loss is considered probable. The outstanding claims are comprised of the following:

(US$ in millions)	Years Examined	March 31, 2020			December 31, 2019
ICMS	1990 to Present	$	174		$	221
PIS/COFINS	2004 through 2016	$	208		$	268

Labor claims — The labor claims are principally claims against Bunge’s Brazilian subsidiaries. The labor claims primarily relate to dismissals, severance, health and safety, salary adjustments and supplementary retirement benefits.

Civil and other claims — The civil and other claims relate to various disputes with third parties, including suppliers and customers.

During the first quarter of 2016, Bunge received a notice from the Brazilian Administrative Council for Economic Defense ("CADE") initiating an administrative proceeding against its Brazilian subsidiary and two of its employees, certain of its former employees, several other companies in the Brazilian wheat milling industry, and others for alleged anticompetitive activities in the north and northeast of Brazil. Additionally, in the second quarter of 2018, Bunge received a notification from CADE that it has extended the scope of an existing administrative proceeding relating to alleged anticompetitive practices in the Rio Grande port in Brazil to include certain of Bunge's Brazilian subsidiaries and certain former employees of those subsidiaries. Bunge is defending against these actions; however, the proceedings were put on hold due to a Court injunction obtained by one of the defendants while the Courts determine whether the statute of limitations should be applied to the proceedings. Therefore, Bunge cannot, at this time, reasonably predict the ultimate outcome of the proceedings or sanctions, if any, that may be imposed.

Guarantees — Bunge has issued or was a party to the following guarantees at March 31, 2020:

(US$ in millions)		Maximum Potential Future Payments
Unconsolidated affiliates guarantee (1) (2)		$	276
Residual value guarantee (3)		263
Total		$	539

(1)

Bunge has issued financial and performance guarantees to certain financial institutions related to debt of certain of its unconsolidated affiliates. The terms of the guarantees are equal to the terms of the related financings that have maturity dates through 2034. There are no recourse provisions or collateral that would enable Bunge to recover any amounts paid under these guarantees. In addition, a Bunge subsidiary has guaranteed the obligations of two of its affiliates and in connection therewith has secured its guarantee obligations through a pledge of one of its affiliate's shares plus loans receivable from the affiliate to the financial institutions in the event that the guaranteed obligations are enforced. Based on the amounts drawn under such debt facilities at March 31, 2020, Bunge's potential liability was $176 million, and it has recorded a $14 million obligation related to these guarantees, inclusive of expected lifetime credit losses, which are determined based on historical financial information and are not expected to be material.

(2)

Bunge has issued guarantees to certain third parties related to performance of its unconsolidated affiliates. The terms of the guarantees are equal to the completion date of a port terminal that is expected to be completed in 2020. There are no recourse provisions or collateral that would enable Bunge to recover any amounts paid under these guarantees. At March 31, 2020, Bunge's maximum potential future payments under these guarantees was $43 million, and no obligation has been recorded related to these guarantees.

(3)	Bunge has issued guarantees to certain financial institutions that are party to certain operating lease arrangements for railcars, barges, and buildings. These guarantees provide for a minimum residual value to be received by the lessor at

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the conclusion of the lease term. These leases expire at various dates from 2020 through 2026. At March 31, 2020, no obligation has been recorded related to these guarantees. Any obligation recorded would be recognized in Current operating lease obligations or Non-current operating lease obligations (see Note 4 - Leases).

Bunge Limited has provided a guarantee to the Director of the Illinois Department of Agriculture as Trustee for Bunge North America, Inc. (“BNA”), an indirect wholly‑owned subsidiary, which guarantees all amounts due and owing by BNA to grain producers and/or depositors in the State of Illinois who have delivered commodities to BNA’s Illinois facilities.

In addition, Bunge Limited has provided full and unconditional parent level guarantees of the outstanding indebtedness under certain credit facilities entered into, and senior notes issued, by its 100% owned subsidiaries.  At March 31, 2020, Bunge’s condensed consolidated balance sheet includes debt with a carrying amount of $4,522 million related to these guarantees.  This debt includes the senior notes issued by two of Bunge’s 100% owned finance subsidiaries, Bunge Limited Finance Corp. and Bunge Finance Europe, B.V.  There are largely no restrictions on the ability of Bunge Limited Finance Corp. and Bunge Finance Europe B.V. or any other Bunge subsidiary to transfer funds to Bunge Limited.

In connection with the acquisition of a 70% ownership interest in IOI Loders Croklaan ("Loders"), the Company has entered into a put/call arrangement with the Loders minority shareholder and may be required or elect to purchase the additional 30% ownership interest in Loders within a specified time frame.

The Company classifies these redeemable equity securities outside of permanent stockholders’ equity as the equity securities are redeemable at the option of the holder. The carrying amount of redeemable noncontrolling interests is the greater of: (i) the initial carrying amount, increased or decreased for the noncontrolling interests’ share of net income or loss, equity capital contributions and distributions or (ii) the redemption value. Any resulting increases in the redemption amount, in excess of the initial carrying amount, increased or decreased for the noncontrolling interests’ share of net income or loss and distributions, are affected by corresponding charges against retained earnings. Additionally, any such charges to retained earnings will affect Net income (loss) available to Bunge common shareholders as part of the Company's calculation of earnings per common share.

18.	EQUITY

Accumulated other comprehensive income (loss) attributable to Bunge — The following table summarizes the balances of related after-tax components of Accumulated other comprehensive income (loss) attributable to Bunge:

(US$ in millions)		Foreign Exchange Translation Adjustment				Deferred Gains (Losses) on Hedging Activities				Pension and Other Postretirement Liability Adjustments				Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2020		$	(5,263	)		$	(170	)		$	(191	)		$	(5,624	)
Other comprehensive income (loss) before reclassifications		(835		)		51				—				(784		)
Amount reclassified from accumulated other comprehensive income (loss)		—				(4		)		1				(3		)
Balance, March 31, 2020		$	(6,098	)		$	(123	)		$	(190	)		$	(6,411	)

(US$ in millions)		Foreign Exchange Translation Adjustment				Deferred Gains (Losses) on Hedging Activities				Pension and Other Postretirement Liability Adjustments				Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2019		$	(6,637	)		$	(145	)		$	(153	)		$	(6,935	)
Other comprehensive income (loss) before reclassifications		(20		)		(23		)		—				(43		)
Amount reclassified from accumulated other comprehensive income (loss)		—				(1		)		(21		)		(22		)
Balance, March 31, 2019		$	(6,657	)		$	(169	)		$	(174	)		$	(7,000	)

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The following table sets forth the computation of basic and diluted earnings per common share.

		Three Months Ended March 31,
(US$ in millions, except for share data)		2020				2019
Net income (loss)		$	(193	)		$	50
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests		9				(5		)
Net income (loss) attributable to Bunge		(184		)		45
Convertible preference share dividends		(8		)		(8		)
Adjustment of redeemable noncontrolling interest (1)		(15		)		—
Net income (loss) available to Bunge common shareholders - Basic and Diluted		$	(207	)		$	37
Weighted-average number of common shares outstanding:
Basic		141,899,104				141,205,004
Effect of dilutive shares:
—stock options and awards (2)		—				353,766
—convertible preference shares (3)		—				—
Diluted		141,899,104				141,558,770
Earnings per common share:
Net income (loss) attributable to Bunge common shareholders—basic		$	(1.46	)		$	0.26
Net income (loss) attributable to Bunge common shareholders—diluted		$	(1.46	)		$	0.26

(1)	The redemption value adjustment of the Company's redeemable noncontrolling interest is deducted from income (loss) as discussed further in Note 17 - Redeemable Noncontrolling Interest.

(2)	The weighted-average common shares outstanding-diluted excludes approximately 7 million and 5 million stock options and contingently issuable restricted stock units, which were not dilutive and not included in the computation of earnings per share for the three months ended March 31, 2020 and 2019, respectively.

(3)	Weighted-average common shares outstanding-diluted for the three months ended March 31, 2020 and 2019 excludes approximately 8 million and 8 million, respectively, weighted-average common shares that are issuable upon conversion of the convertible preference shares that were not dilutive and not included in the weighted-average number of common shares.

20.	SEGMENT INFORMATION

The Company's operations are organized, managed and classified into five reportable segments - Agribusiness, Edible Oil Products, Milling Products, Sugar and Bioenergy, and Fertilizer, which are organized based upon similar economic characteristics and are similar in nature of products and services offered, the nature of production processes, and the type and class of customer and distribution methods.

The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as Corporate and Other. See Note 1 - Basis of Presentation, Principles Of Consolidation, And Significant Accounting Policies.

The Agribusiness segment is characterized by both inputs and outputs being agricultural commodities and thus high volume and low margin. The Edible Oil Products segment involves the processing, production and marketing of products derived from vegetable oils. The Milling Products segment involves the processing, production and marketing of products derived primarily from wheat and corn. Up until December 2019, when the Company contributed its Brazilian sugar and bioenergy operations forming the majority of its Sugar and Bioenergy segment into a joint venture with the Brazilian biofuels business of BP p.l.c, the Sugar and Bioenergy segment primarily involved sugarcane growing and milling in Brazil, as well as

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sugarcane-based ethanol production and corn-based ethanol investments and related activities. The activities of the Fertilizer segment include port operations in Brazil and Argentina and blending and retail operations in Argentina.

Corporate & Other includes salaries and overhead for corporate functions that are not allocated to the Company’s individual reporting segments because 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, and securitization activities.

Transfers between the segments are generally valued at market. The segment revenues generated from these transfers are shown in the following table as “Inter-segment revenues”.

		Three Months Ended March 31, 2020
(US$ in millions)		Agribusiness				Edible Oil Products				Milling Products				Sugar and Bioenergy				Fertilizer				Corporate and Other (1)				Eliminations				Total
Net sales to external customers		$	6,329			$	2,324			$	416			$	50			$	54			$	—			$	—			$	9,173
Inter–segment revenues		1,207				43				—				—				—				—				(1,250		)		—
Foreign exchange gains (losses)		(13		)		7				(1		)		—				—				1				—				(6		)
Noncontrolling interests (1)		2				7				—				—				—				—				—				9
Other income (expense) – net		1				(1		)		(1		)		(51		)		—				1				—				(51		)
Segment EBIT (2)		(127		)		46				18				(50		)		5				(62		)		—				(170		)
Depreciation, depletion and amortization		(57		)		(37		)		(12		)		—				(2		)		(5		)		—				(113		)
Total assets		12,394				3,604				1,277				323				294				704				—				18,596

		Three Months Ended March 31, 2019
(US$ in millions)		Agribusiness				Edible Oil Products				Milling Products				Sugar and Bioenergy				Fertilizer				Corporate and Other (1)				Eliminations				Total
Net sales to external customers		$	6,919			$	2,239			$	426			$	285			$	69			$	—			$	—			$	9,938
Inter–segment revenues		1,168				32				—				—				1				—				(1,201		)		—
Foreign exchange gains (losses)		(9		)		2				2				(3		)		—				1				—				(7		)
Noncontrolling interests (1)		2				(6		)		—				(1		)		—				—				—				(5		)
Other income (expense) – net		29				(1		)		(2		)		—				—				5				—				31
Segment EBIT (2)		141				59				22				(19		)		2				(54		)		—				151
Depreciation, depletion and amortization		(60		)		(39		)		(14		)		(19		)		(2		)		(5		)		—				(139		)
Total assets		12,118				3,942				1,542				1,861				315				757				—				20,535

(1)	Includes noncontrolling interests share of interest and tax to reconcile to consolidated Noncontrolling interests.

(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, total Segment EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industry. However, 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) in the table below.

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A reconciliation of total Segment EBIT to Net income (loss) attributable to Bunge follows:

		Three Months Ended March 31,
(US$ in millions)		2020				2019
Total Segment EBIT from continuing operations		$	(170	)		$	151
Interest income		7				7
Interest expense		(77		)		(75		)
Income tax (expense) benefit		55				(38		)
Noncontrolling interests' share of interest and tax		1				—
Net income (loss) attributable to Bunge		$	(184	)		$	45

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 contracts with customers and Sales from other arrangements:

		Three Months Ended March 31, 2020
(US$ in millions)		Agribusiness				Edible Oil Products				Milling Products				Sugar and Bioenergy				Fertilizer				Total
Sales from other arrangements		$	6,084			$	492			$	15			$	47			$	—			$	6,638
Sales from contracts with customers		245				1,832				401				3				54				2,535
Net sales to external customers		$	6,329			$	2,324			$	416			$	50			$	54			$	9,173

		Three Months Ended March 31, 2019
(US$ in millions)		Agribusiness				Edible Oil Products				Milling Products				Sugar and Bioenergy				Fertilizer				Total
Sales from other arrangements		$	6,717			$	459			$	15			$	205			$	—			$	7,396
Sales from contracts with customers		202				1,780				411				80				69				2,542
Net sales to external customers		$	6,919			$	2,239			$	426			$	285			$	69			$	9,938

Business Dispositions

On April 21, 2020, the Company issued a press release announcing that it has entered into an agreement to sell a portfolio of interior grain elevators located in the United States to Zen-Noh Grain Corporation in exchange for cash proceeds of $300 million, subject to customary closing adjustments. The completion of the sale is subject to customary closing conditions, including regulatory approval and is expected to close either in the last quarter of 2020 or first quarter of 2021.

Investments in Affiliates

Results associated with the Company’s 50% interest in its equity method investee, BP Bunge Bioenergia, which comprises the majority of its Sugar and Bioenergy segment, are reported on a one-month lag. As such, included in Other income (expense) - net for the three months ended March 31, 2020 is the Company’s share of losses from the investee for the three months ended February 29, 2020. Such losses were impacted by foreign exchange losses on the remeasurement of US dollar denominated debt into Brazilian real, the functional currency of the investee.

 

Subsequent to February 29, 2020, through the date of issuance of the Company’s financial statements, the Brazilian real has continued to depreciate versus the U.S. dollar. As such, the Company believes that additional foreign exchange losses in relation to its investment in BP Bunge Bioenergia may be material to the Company’s financial statements for the three and six months ended June 30, 2020.

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ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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(1)

Borrowings under the revolving credit facilities that have maturities greater than one year from the date of the condensed consolidated balance sheets are classified as long-term debt, consistent with the long-term maturity of the underlying facilities. However, individual borrowings under the revolving credit facilities are generally short-term in nature, bear interest at variable rates and can be repaid or renewed as each such individual borrowing matures.

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(1)	Includes $402 million of local currency bank borrowings in certain Central and Eastern European, South American, and Asia Pacific countries at a weighted average interest rate of 24.21% as of March 31, 2020.

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(1)	Includes secured debt of $1 million and $1 million at March 31, 2020 and December 31, 2019, respectively.

(2)	Includes $402 million and $348 million of local currency bank borrowings in certain Central and Eastern European, South American and Asia-Pacific countries at a weighted average interest rate of 24.21% and 27.16% as of March 31, 2020 and December 31, 2019, respectively.

(3)	Includes secured debt of $11 million and $15 million at March 31, 2020 and December 31, 2019, respectively.

(1)	Short-term debt rating applies only to Bunge Asset Funding Corp., the issuer under our commercial paper program.

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(1)

We have issued financial and performance guarantees to certain financial institutions related to debt of certain of our unconsolidated affiliates. The terms of the guarantees are equal to the terms of the related financings which have maturity dates through 2034. There are no recourse provisions or collateral that would enable us to recover any amounts paid under these guarantees. In addition, one of our subsidiaries has guaranteed the obligations of two of its affiliates and in connection therewith has secured its guarantee obligations through a pledge of one of its affiliate's shares plus loans receivable from the affiliate to the financial institutions in the event that the guaranteed obligations are enforced. Based on the amounts drawn under such debt facilities at March 31, 2020, our potential liability was $176 million, and we have recorded a $14 million obligation related to these guarantees inclusive of expected lifetime credit losses which are determined based on historical financial information and are not expected to be material.

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(2)

We have issued guarantees to certain third parties related to the performance of our unconsolidated affiliates. The terms of the guarantees are equal to the completion date of a port terminal which is expected to be completed in 2020. There are no recourse provisions or collateral that would enable us to recover any amounts paid under these guarantees. At March 31, 2020, Bunge's maximum potential future payments under these guarantees was $43 million, and no obligation has been recorded related to these guarantees.

(3)

We have issued guarantees to certain financial institutions which are party to certain operating lease arrangements for railcars, barges, and buildings. These guarantees provide for a minimum residual value to be received by the lessor at the conclusion of the lease term. These leases expire at various dates from 2020 through 2026. At March 31, 2020, no obligation has been recorded related to these guarantees. Any obligation recorded would be recognized in Current operating lease obligations or Non-current operating lease obligations (see Note 4 - Leases to our condensed consolidated financial statements).

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ITEM 4.	CONTROLS AND PROCEDURES

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ITEM 1.	LEGAL PROCEEDINGS

ITEM 1A.	RISK FACTORS

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ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 3.	DEFAULTS UPON SENIOR SECURITIES

ITEM 4.	MINE SAFETY DISCLOSURES

ITEM 5.	OTHER INFORMATION

ITEM 6.	EXHIBITS

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*	Filed herewith.