bunge 2004 annual report notes to the consolidated  financial statements Rent expense under non-cancelable operating leases was  $89 million, $62 million and $52 million for 2004, 2003 and 2002, respectively.  In 2002, Bunge commenced recording, and continues to record, an allowance against certain recoverable taxes owed to it by the Argentine government due to delayed payment and uncertainty regarding the local economic environment. The balance of this allowance fluctuates depending on the sales activity of existing inventories, the purchase of new inventories, seasonality, changes in applicable tax rates, cash payment by the Argentine govern- ment and compensation of outstanding balances against income or certain other taxes owed to the Argentine government. At December 31, 2004 and 2003, this allowance for recoverable taxes was $27 million and $25 million, respectively. In the year ended December 31, 2004, Bunge increased this allowance in the amount of $2 million as a result of increased purchases of commodity inventories in the first half of the 2004 year. In the  The “Unallocated” column in the following table contains the reconciliation between the totals for reportable segments and Bunge consolidated totals, which consists primarily of corporate items not allocated to the operating segments, inter-segment eliminations and principally the Solae joint venture. Transfers  between the segments are generally valued at market. With the completion of the sale of the Brazilian soy ingredients business in 2003, Bunge has four reporting segments: agribusi- ness, fertilizer, edible oil products and milling products, which are organized based upon similar economic characteristics and are similar in nature of products and services offered, the nature of production processes, the type and class of customer and distribution methods. The agribusiness segment is characterized by both inputs and outputs being agricultural commodities and thus high volume and low margin. The activities of the fertilizer segment include raw material mining, mixing fertilizer compo- nents and marketing products. The edible oil products segment involves the manufacturing and marketing of products derived from vegetable oils. The milling products segment involves the manufacturing and marketing of products derived primarily from wheat and corn. During 2004, Bunge reclassified certain consumer product  lines from the agribusiness segment to the edible oil products segment. As a result, amounts for the year ended December 31, 2003 have been reclassified to conform to the current 2004 presentation.  year ended December 31, 2003, Bunge decreased this allowance in the amount of $39 million as a result of either cash recoveries by Bunge or compensation against taxes owed by Bunge to the Argentine government. Bunge routinely leases storage facilities, transportation equipment and office facilities under operating leases. Minimum lease pay- ments under non-cancelable operating leases at December 31, 2004 were as follows: 82 28. operating segments and geographic areas 27. argentina 26. lease commitments Information regarding stock options outstanding and exercisable at December 31, 2004, was as follows: Range of Exercise Prices $15.88–$16.00 $18.88–$21.61 $21.62–$25.22 $35.46–$37.08 Options outstanding:  Number 7 78 81 1,,8 81 12 2 1 1,,1 17 79 9,,3 34 44 4 9 96 66 6,,1 14 46 6 7 79 93 3,,0 00 0 Weighted average exercise price $ 1 15 5..9 97 7 $ 2 20 0..8 88 8 $ 2 25 5..2 22 2 $ 3 36 6..9 93 3 Weighted average remaining contractual life in years 5 5..8 8 6 6..7 7 8 8..1 1 9 9..2 2 Options exercisable:  Number 7 78 81 1,,8 81 12 2 8 85 52 2,,5 54 46 6 3 31 16 6,,3 34 48 8 – Weighted average exercise price $ 1 15 5..9 97 7 $ 2 20 0..6 60 0 $ 2 25 5..2 22 2 $ – (US$ in millions)  2005 $ 9 92 2 2006 7 78 8 2007 6 66 2008 5 58 8 2009 5 51 1 Thereafter 1 11 1 Total $ 4 45 56 6