December 31,
(US$ in millions)										2004
Contractual Obligations	Total		Less than 1 Year		1–3 Years		4–5 Years		After 5 Years
Commercial paper borrowings(1)	$	401	$	401	$	–	$	–	$	–
Other short-term borrowings(1)		140		140		–		–		–
Long-term debt(1)		2,740		140		850		70		1,680
Freight supply agreements(2)		5,883		547		871		575		3,890
Non-cancelable lease obligations		456		92		202		102		60
Inventory purchase commitments		193		193		–		–		–
Total contractual obligations	$	9,813	$	1,513	$	1,923	$	747	$	5,630

(1)

We also have interest obligations on our outstanding borrowings.

(2)

In the ordinary course of business, we enter into purchase commitments for time on ocean freight vessels and freight service on railroad lines for the purpose of transporting agricultural commodities. In addition, we sell time on these ocean freight vessels when excess freight capacity is available. These agreements range from two months to six years in the case of ocean freight vessels and 10 to 23 years in the case of railroad services. Actual amounts paid under these contracts may differ due to the variable components of these agreements and the amount of income earned by us on the sale of excess capacity. The cost of our freight supply agreements is passed through to our customers in the ordinary course of business, and as a result, such amounts are expected to be fully recovered.

employee benefit plans We expect to contribute $17 million to our defined benefit plans and $2 million to our postretirement healthcare benefit plans in 2005.