NU SKIN ENTERPRISES, INC. Consolidated Balance Sheets (U.S. dollars in thousands) December  31 , 2003 2004 ASSETS Current assets Cash and cash equivalents $  122 , 568 $  109 , 865 Accounts receivable 15 , 054 16 , 057 Current investments — 10,230 Inventories, net 83 , 338 87 , 474 Prepaid expenses and other 60 , 163 44 , 723 281 , 123 268 , 349 Property and equipment, net 60 , 528 76 , 511 Goodwill  118 , 768 112,446 Other intangible assets, net 67 , 572 79,005 Other assets 63 , 068 73 , 426 Total assets $  591 , 059 $  609,737 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable $  18 , 816 $  25 , 182 Accrued expenses 95 , 068 107,226 Current portion of long-term debt  17 , 915 18 , 540 131 , 799 150,948 Long-term debt 147 , 488 132 , 701 Other liabilities 21 , 524 29 , 855 Total liabilities 300 , 811 313,504 Commitments and contingencies (Notes  9  and  19 ) Stockholders’ equity Class A common stock— 500  million shares authorized,  $. 001  par value,  90 . 6  million shares issued 91 91 Additional paid-in capital 148 , 636 165,177 Treasury stock, at cost— 19 . 9  million and  20 . 9  million shares ( 216 , 847 ) ( 273 , 721 )  Accumulated other comprehensive loss ( 70 , 849 ) ( 71 , 606 )  Retained earnings 431 , 615 477 , 912  Deferred compensation ( 2 , 398 ) ( 1 , 620 ) 290 , 248 296,233 Total liabilities and stockholders’ equity $  591 , 059 $  609,737 The accompanying notes are an integral part of these consolidated financial statements. 52