During 2004 and 2003, the outstanding undivided interests averaged $115 million and $125 million, respectively. Bunge retains collection and administrative responsibilities for the receivables in the pools. Bunge recognized $2 million and $3 million in related expenses for the years ended December 31, 2004 and 2003, respectively, which are included in selling, general and administrative expenses in Bunge's consolidated statements of income.

In addition, Bunge retains interests in the pools of accounts receivable not sold. Due to the short-term nature of the receivables, Bunge's retained interests in the pools are valued at historical cost, which approximate fair value. The full amount of the allowance for doubtful accounts receivable has been retained in Bunge's consolidated balance sheets since collections of all pooled accounts receivable are first utilized to reduce the outstanding undivided interests. At December 31, 2004, there were no undivided interests in the pooled accounts receivable outstanding. Accounts receivable at December 31, 2003 were net of $125 million representing the outstanding undivided interests in pooled accounts receivable.