This quarter, and our results over the last 1.5 years have shown the power of our global network and operating model.
Results in Agribusiness were driven by strong execution and better than expected market environment.
This innovation capability as well as our skill at solving supply chain issues have helped create a step change in many long-term customer collaborations and commitments.
Following the launch of the Bunge sustainable partnership in Brazil earlier this year, we've already improved the visibility into our indirect supply in high priority regions to approximately 50%, and that's exceeding our 2021 target of 35%.
We also repurchased $100 million in shares and our Board authorized a new $500 million repurchase program, demonstrating our confidence in the business.
For the full year, we now expect to deliver adjusted earnings per share of, at least, $11.50, and we expect the strong momentum to carry over into 2022.
Our reported third quarter earnings per share was $4.28 compared to $1.84 in the third quarter of 2020.
Our reported results included a negative mark-to-market timing difference of $0.22 per share and a $0.78 per share gain on the sale of our U.S. interior grain elevators, which closed back in early July.
Adjusted earnings per share was $3.72 in the third quarter versus $2.47 in the prior year.
Adjusted core segment earnings before interest and taxes or EBIT were $698 million in the quarter versus $580 million last year, reflecting higher results in Agribusiness and Refined & Specialty Oils.
For the quarter, GAAP basis income tax expense was $92 million compared to $38 million for the prior year.
Net interest expense of $38 million was below last year, resulting from higher interest income related to the resolution of an historical value added tax matter.
We achieved underlying addressable SG&A savings of $25 million, of which approximately 75% was related to indirect cost.
For the most recent trailing 12-month period, our cash generation, excluding notable items and mark-to-market timing differences were strong with approximately $1.9 billion of adjusted funds from operations.
This cash flow generation was well in excess of our cash obligations over the past 12 months, allowing us to continue to strengthen our balance sheet.
After allocating $137 million to sustaining capex, which includes maintenance, environmental health and safety, and $25 million to preferred dividends, we had approximately $1.1 billion of discretionary cash flow available.
Of this amount, we paid $215 million in common dividends, invested $102 million in growth and productivity capex and repurchased $100 million of common shares, leaving approximately $725 million of retained cash flow.
As a result, we are reducing our 2021 capex forecast by about $100 million and we'll be rolling over these projects into next year.
The $100 million of share repurchases in the quarter completed our $500 million authorization.
As Greg mentioned earlier, Bunge's Board has authorized a new $500 million program.
Earlier this year, we increased our quarterly common dividend by 5%.
In May of next year, we will again review our dividend with consideration for the recent increase in our earnings baseline from $5 per share to $7 per share, and the success in strengthening our balance sheet.
As you can see on Slide 10, by quarter end, readily marketable inventories exceeded our net debt by approximately $1.1 billion, a significant change from a year ago.
For the trailing 12 months, adjusted ROIC was 19.4%, 12.8 percentage points over our RMI adjusted weighted average cost of capital at 6.6%.
ROIC was 13.7%, 7.7 percentage points over our weighted average cost of capital at 6% and well above our previously stated target of 9%.
For the trailing 12 months, we produced discretionary cash flow of approximately $1.6 billion and a cash flow yield of 21.6%.
As Greg mentioned in his remarks, taking into account our strong third quarter results and favorable market trends, we've increased our full year adjusted earnings per share from $8.50 to $11.50.
In Agribusiness, results were expected to be up from our previous outlook and now forecasted to be higher than last year.
In Refined & Specialty Oils, results are expected to be up from our previous outlook and well above last year.
An adjusted annual effective tax rate in the range of 15% to 17%.
Net interest expense in the range of $200 million to $210 million.
Capital expenditures in the range of $350 million to $400 million, and depreciation and amortization of approximately $420 million.
In non-core, full year results in the Sugar and Bioenergy joint venture are now expected to be up considerably from the prior year.
Looking ahead, we expect favorable market conditions to continue and we're confident in our ability to capture the upside from opportunities while minimizing the downside.

Summary:
Results in Agribusiness were driven by strong execution and better than expected market environment.
This innovation capability as well as our skill at solving supply chain issues have helped create a step change in many long-term customer collaborations and commitments.
We also repurchased $100 million in shares and our Board authorized a new $500 million repurchase program, demonstrating our confidence in the business.
For the full year, we now expect to deliver adjusted earnings per share of, at least, $11.50, and we expect the strong momentum to carry over into 2022.
Our reported third quarter earnings per share was $4.28 compared to $1.84 in the third quarter of 2020.
Adjusted earnings per share was $3.72 in the third quarter versus $2.47 in the prior year.
The $100 million of share repurchases in the quarter completed our $500 million authorization.
As Greg mentioned earlier, Bunge's Board has authorized a new $500 million program.
As Greg mentioned in his remarks, taking into account our strong third quarter results and favorable market trends, we've increased our full year adjusted earnings per share from $8.50 to $11.50.
In Agribusiness, results were expected to be up from our previous outlook and now forecasted to be higher than last year.
In Refined & Specialty Oils, results are expected to be up from our previous outlook and well above last year.
In non-core, full year results in the Sugar and Bioenergy joint venture are now expected to be up considerably from the prior year.
Looking ahead, we expect favorable market conditions to continue and we're confident in our ability to capture the upside from opportunities while minimizing the downside.