residential development operations. Also included in this balance are loans receivable from employees of the company and its  consolidated subsidiaries of $4 million (2012 – $5 million). Restricted cash primarily relates to the company’s property, renewable energy, service activities and residential development  financing arrangements including defeasement of debt obligations, debt service accounts and deposits held by the company’s  insurance operations. b)  Restricted Cash 8. INVENTORY (MILLIONS) Dec. 31, 2013 Dec. 31, 2012 Residential properties under development  $ 2,785 $ 2,700 Land held for development  2,541 2,676 Completed residential properties  443 477 Forest products and other  522 728 Total carrying value  $ 6,291 $ 6,581 (MILLIONS) Dec. 31, 2013 Dec. 31, 2012 Current  $ 2,839 $ 2,708 Non-current  3,452 3,873 Total  $ 6,291 $ 6,581 The current and non-current balances of inventory are as follows: During the year ended December 31, 2013, the company recognized as an expense $5,388 million (2012 – $5,449 million) of  inventory relating to cost of goods sold and $33 million (2012 – $4 million) relating to impairments of inventory. The carrying  amount of inventory pledged as security at December 31, 2013 was $930 million (2012 – $1,060 million).  The following table presents the voting interests and carrying values of the company’s investments in associates and joint  ventures, all of which are accounted for using the equity method: 9.  EQUITY ACCOUNTED INVESTMENTS  Voting Interest Carrying Value (MILLIONS) Investment  Type Dec. 31  2013 Dec. 31  2012 Dec. 31  2013 Dec. 31  2012 Property General Growth Properties 1 Associate 28% 23% $ 6,044 $ 4,831 245 Park Avenue 2 Joint Venture 51% 51% 653 657 Grace Building  Joint Venture 50% 50% 695 625 Rouse Properties  Associate 39% 43% 399 381 Other property joint ventures 2,3 Joint Venture 25 – 75% 25 – 75% 1,586 1,250 Other property investments  Associate 20 – 75% 20 – 75% 366 412 Renewable energy Other power investments  Associate 14 – 50% 14 – 50% 290 344 Infrastructure South American transmission operations  Associate 28% 28% 717 669 Brazilian toll road  Associate 49% 49% 1,203 642 Australasian energy distribution  Associate — 42% — 384 Other infrastructure investments 4 Associate 26 – 50% 26 – 50% 694 831 Other joint ventures  Joint Venture 25 – 50% 25 – 50% 343 360 Other investments  Associate 28 – 50% 25 – 50% 287 232 Total  $ 13,277 $ 11,618 1.  The company’s carrying value includes $303 million (2012 – $552 million) of goodwill recognized on acquisition 2.  Investments in which the company’s ownership interest is greater than 50% represent investments in equity accounted joint ventures where control is either shared or does  not exist resulting in the investment being equity accounted 3.  Other property joint ventures include Darling Park Trust, E&Y Centre Sydney and 450 West 33 rd  Street 4.  Other infrastructure investments include a European port operation, a Texas electricity transmission project and other social infrastructure assets 2013 ANNUAL REPORT 113