Consolidated Balance Sheets LIABILITIES AND STOCKHOLDERS’ EQUITY 52 |  FREEPORT-McMoRan COPPER & GOLD INC. Current liabilities:  Accounts payable and accrued liabilities $  386,590  $  311,948 Accrued income taxes  92,346  43,134 Current portion of long-term debt and short-term borrowings  78,214  152,396 Rio Tinto share of joint venture cash flows  60,224  39,693 Accrued interest payable  47,167  49,276 Unearned customer receipts  33,021  35,335 Total current liabilities  697,562  631,782 Long-term debt, less current portion  1,873,692  2,075,934 Accrued postretirement benefits and other liabilities  200,228  179,837 Deferred income taxes  932,416  867,270 Minority interests  219,448  187,559 Stockholders’ equity:  Convertible perpetual preferred stock, 1,100 shares issued and outstanding  1,100,000  — Class B common stock, par value $0.10, 284,964 shares and 260,001 shares issued, respectively  28,496  26,000 Capital in excess of par value of common stock  1,852,816  1,468,426 Retained earnings  604,680  646,933 Accumulated other comprehensive income  11,342  8,668 Common stock held in treasury – 105,974 shares and 76,634 shares, at cost, respectively   (2,433,685)   (1,374,043) Total stockholders’ equity  1,163,649  775,984 Total liabilities and stockholders’ equity  $ 5,086,995  $ 4,718,366 December 31,  2004  2003 (In Thousands, Except Par Value)  ASSETS  Current assets: Cash and cash equivalents  $  551,450  $  463,652 Restricted cash and investments  500  34,964 Trade accounts receivable:  Customers other than PT Smelting  267,237  130,532 PT Smelting  87,512  33,530 Other accounts receivable: Insurance settlement  30,450  — Rio Tinto receivables  12,572  10,722 Other  37,291  21,656 Inventories: Product  253,265  170,925 Materials and supplies, net  213,447  226,102 Prepaid expenses and other  6,223  8,050 Total current assets  1,459,947  1,100,133 Property, plant, equipment and development costs, net  3,199,292  3,261,697 Deferred mining costs  220,415  142,635 Other assets  86,941  69,141 Rio Tinto long-term receivables  72,598  86,581 Investment in PT Smelting  47,802  58,179 Total assets  $ 5,086,995  $ 4,718,366 The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.