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  "documentTitle": "Bunge Global SA (BG)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2026-03-25 00:00:00",
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  "notes": "The slide uses a table-like structure to compare 2023, 2024, and 2025 reporting on Brazilian tax issues.",
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      "text": "We believe Bunge’s declining transparency also extends to its Brazil operations where it recently stopped reporting the amount of indefinitely reinvested earnings. Bunge has large income tax assessments, penalties and interest amounting to $790m which it says it is vigorously defending. Although the amount has been slowly decreasing, it is not clear if Bunge is making payments to discharge the debt or negotiating a lower obligation. Income tax accounting is an area of extreme management discretion, and Bunge only records $77m for “uncertain tax positions” as a liability on its balance sheet.",
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      "text": "We believe Bunge’s declining transparency also extends to its Brazil operations where it recently stopped reporting the amount of indefinitely reinvested earnings.",
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      "text": "uncertain tax positions: $790m",
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      "text": "Source: Bunge SEC filings. Note: We also observe there is no discussion of any impact on Bunge’s Brazil tax or earnings position from the Viterra acquisition.",
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      "text": "Brazilian Reporting Also Less Transparent",
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