| |
Consolidated Balance Sheets
 |
| Land O'Lakes, Inc. |
($ in thousands)
|
| December 31 |
|
2003
|
|
2002 |
|
| |
| Assets |
| Current assets: |
|
|
Cash and short-term investments |
$ |
110,274
|
$ |
64,327 |
|
|
Restricted cash |
20,118
|
– |
|
|
Receivables, net |
640,146
|
567,584 |
| |
Receivable from legal settlement |
– |
96,707 |
|
|
Inventories |
496,776
|
446,386 |
|
|
Prepaid expenses |
246,373
|
189,246 |
|
|
Other current assets |
42,006
|
13,878 |
|
|
|
|
Total current assets |
|
1,555,693
|
|
1,378,128 |
| Investments |
506,641
|
545,592 |
| Property, plant and equipment, net |
624,631
|
579,860 |
| Property under capital lease, net |
109,145
|
105,736 |
| Goodwill |
373,083
|
323,413 |
| Other intangibles |
102,938
|
101,770 |
| Other assets |
126,025
|
211,823 |
|
| |
|
Total assets |
$ |
3,398,156
|
$ |
3,246,322 |
|
| |
| Liabilities and Equities
|
| Current liabilites: |
|
|
Notes and short-term obligations |
$ |
80,703
|
$ |
37,829 |
|
|
Current portion of long-term debt |
7,841
|
104,563 |
|
|
Current portion of obligations under
capital lease |
10,399
|
108,279 |
|
|
Accounts payable |
761,663
|
701,786 |
|
|
Accrued expenses |
216,586
|
204,629 |
|
|
Patronage refunds and other member equities payable |
19,449
|
12,388 |
|
|
|
|
Total current liabilities |
|
1,096,641
|
|
1,169,474 |
| Long-term debt |
1,065,382
|
1,007,308 |
| Obligations under capital lease |
99,650 |
– |
| Employee benefits and other liabilities |
177,088
|
104,340 |
| Minority interests |
62,739
|
53,687 |
| Equities: |
|
|
Capital stock |
2,125
|
2,190 |
|
|
Member equities |
882,547
|
873,659 |
| |
Accumulated other comprehensive loss |
(65,617 |
) |
– |
|
|
Retained earnings |
77,601
|
35,664 |
|
|
|
|
Total equities |
896,656
|
911,513 |
|
| Commitments and contingencies |
|
| Total liabilities and equities |
$ |
3,398,156
|
$ |
3,246,322 |
|
| See accompanying notes
to consolidated financial statements. |
|
|
|
