partnering for the future consolidated balance sheets December 31  (U.S. dollars in millions  except share data) 2004 2003 assets Current assets:  Cash and cash equivalents $ 4 43 32 2 $ 489 Trade accounts receivable (less allowance of $133 and $100) (Note 18) 1 1  9 92 28 8 1 495 Inventories (Note 4) 2 2  6 63 36 6 2 867 Deferred income taxes 9 95 5 93 Other current assets (Note 5) 1 1  5 57 77 7 1 474 Total current assets 6 6  6 66 68 8 6 418 Property  plant and equipment  net (Note 6) 2 2  5 53 36 6 2 090 Goodwill (Note 8) 1 16 67 7 148 Other intangible assets  net (Note 9) 1 15 56 6 92 Investments in affiliates (Note 11) 5 56 64 4 537 Deferred income taxes 2 27 73 3 233 Other non-current assets 5 54 43 3 366 Total assets $ $ 1 10 0  9 90 07 7 $ 9 884 Current liabilities:  Short-term debt (Note 16) $ 5 54 41 1 $ 889 Current portion of long-term debt (Note 17) 1 14 40 0 128 Trade accounts payable 1 1  8 89 98 8 1 678 Deferred income taxes 3 38 8 42 Other current liabilities (Note 12) 1 1  2 28 85 5 1 200 Total current liabilities 3 3  9 90 02 2 3 937 Long-term debt (Note 17) 2 2  6 60 00 0 2 377 Deferred income taxes 2 23 32 2 206 Other non-current liabilities 5 51 18 8 433 Commitments and contingencies (Note 21) Minority interest in subsidiaries 2 28 80 0 554 Shareholders’ equity:  Common shares  par value $.01; authorized—240 000 000 shares; issued and outstanding: 2004—110 671 450 shares  2003—99 908 318 shares 1 1 Additional paid-in capital 2 2  3 36 61 1 2 010 Retained earnings 1 1  4 44 40 0 1 022 Accumulated other comprehensive loss ((4 42 27 7)) (656) Total shareholders’ equity 3 3  3 37 75 5 2 377 Total liabilities and shareholders’ equity $ $ 1 10 0  9 90 07 7 $ 9 884 The accompanying notes are an integral part of these consolidated financial statements. liabilities and shareholders’ equity 53