Bunge 2004 Annual Report
[partnering for the future][financial highlights][letter to shareholders][our global strategy][financial performance][worldwide locations][shareholder information]

Common Share Market and Dividends
Five-Year Summary of Selected Financial Data
Management's Discussion and Analysis of Financial Condition and Results of Operations
Consolidated Statements of Income
Consolidated Balance Sheets
Consolidated Statements of Cash Flows
Consolidated Statements of Shareholders' Equity
Notes to the Consolidated Financial Statements
Management's Report on Internal Control Over Financial Reporting
Reports of Independent Registered Public Accounting Firm
Financial Performance
notes to the consolidated
financial statements
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 edible 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.

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