bunge 2004 annual report notes to the consolidated  financial statements In 2002, Bunge recorded pretax non-cash impairment charge  of $5 million relating to its North American edible oil bottling facilities. The impairment charge was attributable to a planned disposal of a facility in the edible oil products segment. The carry- ing value of these assets was written down to their estimated fair value at December 31, 2002. Bunge has recorded these impairment charges in cost of goods sold in the consolidated statements of income for the years ended December 31, 2004, 2003 and 2002. $5 million. Consequently, Bunge recognized a non-taxable gain on sale of $111 million in the second quarter of 2003 that was included in net income. Bunge did not recognize any additional ownership percentage in Solae as a result of this sale. Bunge has recorded a long-term investment in Solae in its consolidated balance sheets, which includes a deferred gain of $43 million, representing Bunge’s 28% interest in Solae, as reduction in the carrying value of the investment in Solae. The deferred gain  will only be recognized upon the sale or partial sale of the invest- ment in Solae. During 2004, Bunge received capital returns of $17 million from Solae.  In May 2003, Solae was organized as a U.S. limited liability com- pany that has elected to be taxed as a partnership. As a result, the parent companies, Bunge and DuPont are responsible for U.S. income taxes applicable to their share of Solae’s U.S. taxable income. Therefore, net income for Solae does not reflect any provision for income taxes that would be incurred by its parents. restructuring In connection with the 2004 impairment charges in its agribusiness segment, Bunge recorded $7 million of restructuring charges related to employee termination benefit obligations for 62 plant and administrative employees in the oilseed processing operations as part of its restructuring plan. These restructuring charges were included in cost of goods sold for the year ended December 31, 2004 and in other current liabilities on the consolidated balance sheet at December 31, 2004. The restructuring plan is designed to streamline Bunge’s costs and simplify its oilseed processing operations in Western Europe. Bunge’s restructuring plan is expected to be finalized  in 2005. Payments related to employee termination obligations are expected to be paid in 2005. The plan is expected to be funded by cash flows from operations. No significant unresolved issues exist related to the restructuring plan. saipol s.a.s. Bunge has a 33.34% ownership interest in this joint venture which is engaged in oilseed processing and production of branded bottled vegetable oils in France. terminal 6 s.a. and terminal 6 industrial s.a. Bunge has  a 40% and 50% ownership interest, respectively, in these joint ventures, which operate a port facility and oilseed processing facility in Argentina. In 2004, Bunge invested $16 million in Terminal 6 Industrial to build a new oilseed processing facility.  Bunge has investments in affiliates that are accounted for on  the equity method of accounting. The most significant of these affiliates are the following companies: agri-bunge, llc Bunge has a 50% voting interest and a 34% interest in the equity and earnings of this joint venture, which originates grain and operates Mississippi river terminals in  the U.S. the solae company Bunge owns 28% of The Solae Company (Solae), a soy ingredients joint venture with E.I. duPont de Nemours and Company (DuPont). In 2003, Bunge formed an alliance with DuPont to expand its agribusiness and soy ingredients businesses. In connection with the formation of Solae, DuPont contributed its Protein Technologies food ingredients business and Bunge contributed its North American and European ingredients opera- tions. In exchange, Bunge received a 28% interest in Solae based on the fair value of its contribution. The carrying value of net assets contributed also equaled the fair value of $520 million. Bunge did not recognize any gain or loss on this transaction.  In addition, in 2003, Bunge sold its Brazilian soy ingredients operations to Solae for $251 million in cash, net of expenses of harinera la espiga, s.a. de c.v. Bunge has a 31.5% ownership interest in this joint venture which has wheat milling and bakery dry mix operations in Mexico. ewico s.p.o.o. Bunge has a 50% ownership interest in this joint venture, which manufactures edible oils in Poland. This joint venture was created in 2004 and Bunge invested $8 million.  fosbrasil s.a. Bunge has a 44.25% ownership interest in this joint venture, which operates a phosphoric acid production facility in Brazil. 66 11. investments in affiliates