bunge 2004 annual report notes to the consolidated  financial statements Edible Oil Milling (US$ in millions) Agribusiness Fertilizer Products Products Total Property, plant and equipment $ 15 $ 101 $ 6 $ 4 $ 126 Trademarks/brands – 25 4 4 33 Licenses – 5 – – 5 Goodwill 29 – – – 29 Deferred income tax liabilities (5) (45) (3) (3) (56) Total $ 3 39 9 $ 8 86 6 $ 7 $ 5 $ 1 13 37 7 The weighted average useful life of the $38 million other intangible assets acquired in 2004 is approximately 21 years. other business acquisitions In 2004, Bunge completed additional acquisitions having an aggregate purchase price of $15 million, primarily in Europe. Bunge recognized goodwill totaling approximately $2 million related to these acquisitions, which was assigned to its edible oil products segment.  The following unaudited pro forma summary financial information sets forth Bunge’s results of operations as if the above acquisition had been consummated as of January 1, 2003. The pro forma results are not necessarily indicative of what would have occurred had the acquisition been in effect for the periods presented.  On December 31, 2003, Bunge sold its U.S. bakery business to  a third party. The sale includes the facilities that manufactured, marketed and sold dry mixes, frozen bakery products, syrups and toppings that were historically reported in the milling and baking products segment until its sale. The proceeds from the sale were $82 million, net of expenses. The divestiture resulted in a gain to Bunge of $2 million, net of tax expense of $1 million, which has been reported as discontinued operations in the con- solidated statements of income. In addition, in 2003, discontinued operations in the consolidated statements of income included an environmental expense of $3 million, net of tax benefit of  $3 million, related to discontinued operations Bunge sold in 1995. polska oil In April 2004, Bunge acquired the remaining 40%  of Polska Oil Investment B.V., a holding company for certain of Bunge’s operations in Poland that it did not already own from the European Bank for Reconstruction and Development (EBRD), pursuant to the terms of an amended and restated shareholders agreement between the parties. The purchase price of the EBRD stake in Polska Oil was approximately $27 million. Bunge did not recognize any goodwill on this transaction. j. macêdo exchange transaction In the quarter ended March 31, 2004, Bunge completed an asset exchange transac- tion with J. Macêdo S.A., whereby Bunge exchanged its Brazilian retail flour assets for J. Macêdo’s industrial flour assets and approximately $7 million in cash. The assets exchanged were comprised primarily of brands. Bunge recognized a pretax gain of $5 million as a result of this transaction, which is included  in other income (expense)—net in the consolidated statements  of income for the year ended December 31, 2004. 62 4. inventories 3. discontinued operations Year Ended December 31, (US$ in millions, except per share data) 2004 2003 Net sales $ $ 2 25 5,,1 16 68 8 $ 22,165 Net income $ 4 49 98 8 $ 438 Earnings per common share—basic:  Net income $ 4 4..7 70 0 $ 4.39 Earnings per common share—diluted:  Net income $ 4 4..3 35 5 $ 4.07 Year Ended December 31, (US$ in millions) 2003 2002 Net sales $ 180 $ 192 (Loss) income before income taxes $ (15) $ 3 Inventories consist of the following: December 31, (US$ in millions) 2004 2003 Agribusiness—Readily marketable  inventories at market value (1) $ $1 1,,2 26 64 4 $1,846 Fertilizer 5 52 22 2 316 Edible oils 4 48 89 9 330 Milling 5 58 8 68 Other (2) 3 30 03 3 307 Total $ $2 2,,6 63 36 6 $2,867 (1) Readily marketable inventories are agricultural commodities inventories that are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms. (2) Agribusiness inventories carried at lower of cost or market.