Land O'Lakes, Inc. ($ in thousands) December 31 2002 2001   Assets Current assets: Cash and short-term investments $ 64,327 $ 130,169 Receivables, net 567,584 574,011 Receivable from legal settlement 96,707 - Inventories 446,386 450,774 Prepaid expenses 189,246 144,261 Other current assets 13,878 28,551 Total current assets   1,378,128   1,327,766   Investments 545,592 568,130 Property, plant and equipment, net 579,860 675,277 Property under capital lease 105,736 - Goodwill, net 323,413 255,027 Other intangibles 101,770 111,660 Other assets 211,823 153,518 Total assets $ 3,246,322 $ 3,091,378   Liabilities and Equities Current liabilites: Notes and short-term obligations $ 37,829 $ 33,971 Current portion of long-term debt 104,563 19,546 Obligation under capital lease 105,736 - Accounts payable 701,786 652,309 Accrued expenses 204,629 187,569 Patronage refunds payable 12,388 28,900 Total current liabilities   1,169,474   922,295   Long-term debt 1,007,308 1,147,465 Employee benefits and other liabilities 104,340 82,801 Deferred tax liabilities - 42,495 Minority interests 53,687 59,806   Equities Capital stock 2,190 2,305 Member equities 873,659 805,860 Retained earnings 35,664 28,351 Total equities 911,513 836,516 Commitments and contingencies Total liabilities and equities $ 3,246,322 $ 3,091,378