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Summarized unaudited combined financial information reported for all equity method affiliates and a summary of the amounts recorded in Bunge’s consolidated financial statements as of December 31, 2004 and 2003 follows: 

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(1) At December 31, 2004 and 2003, Bunge’s investment exceeded its underlying equity in the net assets of Solae by $12 million and $16 million, respectively. 

Straight-line amortization of this excess against equity income amounted to $4 million and $3 million in 2004 and 2003, respectively. Amortization of the excess has been attributed to intangible assets of Solae, which are being amortized over five years. 

## 12. other current liabilities 

Other current liabilities consist of the following: 

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## 13. asset retirement obligations 

Effective January 1, 2002, Bunge adopted the provisions of SFAS No.143, Accounting for Asset Retirement Obligations (SFAS No. 

143). As a result of the adoption, Bunge recorded a $9 million charge, net of tax of $5 million, as a cumulative effect of a change in accounting principle relating to its mining assets assigned to the fertilizer segment and certain of its edible oil refining facilities assigned to the edible oil segment. Asset retirement obligations in Bunge’s fertilizer segment relate to restoration of land used in its mining operations and asset retirement obligations in its edi- ble oil products segment relate to the removal of certain storage tanks associated with its edible oil refining facilities. 

The carrying amount of the asset retirement obligation was $30 million and $25 million at December 31, 2004 and 2003, respectively. The change related to $2 million of accretion and $3 million of currency translation adjustment. 

## 14. income taxes 

Bunge has elected to use the U.S. income tax rates to reconcile the actual provision for income taxes with the income tax pro- vision computed by applying the U.S. statutory rates. 

The components of pretax income (loss) before minority interest and discontinued operations are as follows: 

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The components of the income tax (expense) benefit are: 

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