Land O'Lakes, Inc.
($ in thousands)
December 31				2001		2000
Assets
Current assets:
	Cash and short-term investments		$	130,169	$	3,994
	Receivables, net		574,011		586,058
	Inventories		450,774		436,089
	Prepaid expenses		185,490		173,460
	Other current assets		27,038		24,686
		Total current assets		1,367,482		1,224,287
Investments			568,130		465,849
Property, plant and equipment, net			675,277		489,089
Goodwill, net			255,027		161,407
Other intangibles			108,987		8,788
Other assets			116,475		123,923
Total assets			$	3,091,378	$	2,473,343
Liabilities and Equities
Current liabilites:
	Notes and short-term obligations		$	33,971	$	87,783
	Current portion of long-term debt		19,546		68,936
	Accounts payable		652,309		493,173
	Accrued expenses		187,569		212,751
	Patronage refunds payable		28,900		37,493
		Total current liabilities		922,295		900,136
Long-term debt			1,147,465		662,742
Employee benefits and other liabilities			82,801		50,424
Deferred tax liabilities			42,495		-
Minority interests			59,806		55,087
Equities
	Capital stock		2,305		2,345
	Member equities		805,860		768,941
	Retained earnings		28,351		33,668
		Total equities	836,516		804,954
Commitments and contingencies
Total liabilities and equities			$	3,091,378	$	2,473,343