text: The convertible debentures are payable to the former owners of busi- 
  
  nesses that were acquired by the Company. Following the acquisition 
  
  some of these individuals continued as members of the Company. The 
  
  convertible debentures are convertible into cash. The debentures con- 
  
  tain certain conversion features that are recorded as earned. During 
  
  2003 the Company recorded approximately $3 million of appreciation 
  
  on these debentures. 
  
  Certain of the above borrowing arrangements include 
  
  covenants which limit the assumption of additional debt and lease 
  
  obligations. The Company has been and currently is in compliance 
  **Accounts Payable and Accrued Expenses**
  with the covenants related to these debt agreements. The fair value 
  
  of the Company’s outstanding long-term debt obligations at year- 
  
  end 2003 approximates the recorded aggregate amount. 
  
  **Selling and Administrative Expenses**
  
  **2003** 2002  2001  *(In thousands)*
  
  Freight expense for shipments 
  
  to customers 
  Amortization of 
  **$ 105,933** $ 98,876  $ 103,489 
  
  intangible and other assets 
  **4,625**
  **25,791** 4,317 
   25,849   12,646 
   21,415 
  
  Product development costs 
  Other selling and 
   administrative expenses  **344,395**  325,147   326,656 
  
  **$ 480,744** $ 454,189  $ 464,206 