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residential development operations. Also included in this balance are loans receivable from employees of the company and its consolidated subsidiaries of $4 million (2012 – $5 million). 

## b) Restricted Cash 

Restricted cash primarily relates to the company’s property, renewable energy, service activities and residential development financing arrangements including defeasement of debt obligations, debt service accounts and deposits held by the company’s insurance operations. 

## 8. INVENTORY 

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The current and non-current balances of inventory are as follows: 

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During the year ended December 31, 2013, the company recognized as an expense $5,388 million (2012 – $5,449 million) of inventory relating to cost of goods sold and $33 million (2012 – $4 million) relating to impairments of inventory. The carrying amount of inventory pledged as security at December 31, 2013 was $930 million (2012 – $1,060 million). 

## 9. EQUITY ACCOUNTED INVESTMENTS 

The following table presents the voting interests and carrying values of the company’s investments in associates and joint ventures, all of which are accounted for using the equity method: 

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1. The company’s carrying value includes $303 million (2012 – $552 million) of goodwill recognized on acquisition 

2. Investments in which the company’s ownership interest is greater than 50% represent investments in equity accounted joint ventures where control is either shared or does not exist resulting in the investment being equity accounted rd 

3. Other property joint ventures include Darling Park Trust, E&Y Centre Sydney and 450 West 33  Street 

4. Other infrastructure investments include a European port operation, a Texas electricity transmission project and other social infrastructure assets 

