15. SEGMENT INFORMATION The Company operates in five segments: dairy foods, animal feed, crop seed, swine and agronomy. The dairy foods segment produces, markets and sells products such as butter, spreads, cheese and other dairy related products. Products are sold under well-recognized national brand names including LAND O LAKES, the Indian Maiden logo and Alpine Lace, as well as under regional brand names such as New Yorker and Lake to Lake. The animal feed segment is made up of a 92% ownership position in Land O'Lakes Farmland Feed LLC. Land O'Lakes Farmland Feed LLC develops, produces, markets and distributes animal feeds such as ingredient feed, formula feed, milk replacers, vitamins and additives. The crop seed segment is a supplier and distributor of crop seed products in the United States. A variety of crop seed is sold, including alfalfa, soybeans, corn and forage and turf grasses. The swine segment has three programs, farrow-to-finish, swine aligned and cost-plus. The farrow-to-finish program produces and sells market hogs. The swine aligned program raises feeder pigs which are sold to local member cooperatives. The cost-plus program provides minimum hog price guarantees to producers in exchange for swine feed sales and profit participation. The agronomy segment consists primarily of the Company's 50% ownership in Agriliance LLC, which is accounted for under the equity method. Agriliance LLC markets and sells two primary product lines: crop protection (including herbicides and pesticides) and crop nutrients (including fertilizers and micronutrients). The Company allocates corporate administration expense to all of its business segments, both directly and indirectly. Corporate staff functions that are able to determine actual services provided to each segment allocate expense on a direct and predetermined basis. All other corporate staff functions allocate expense indirectly based on each segment's percent of total invested capital. A majority of corporate administration expense is allocated directly.

Dairy Foods				Feed			Seed			Swine			Agronomy			Other			Consolidated
For the year ended December 31, 2001
	Net sales	$	3,572,420		$	1,864,029		$	413,567		$	109,895		$	-		$	13,522		$	5,973,433
	Cost of sales		3,228,430			1,691,317			354,175			96,980			-			7,712			5,378,614
	Selling and administration	277,507		130,442			48,980			5,155			16,394			8,683			487,161
	Restructuring and impairment charges	1,661		272			-			1,800			-			-			3,733
	Interest expense, net	20,046		13,786			6,481			6,182			8,057			1,534			56,086
	Equity in (earnings) loss of affiliated companies	(4,940		)	(4,437		)	324		(3,325			)	(34,704		)	(1,501		)	(48,583		)
	Minority interest in (loss) earnings of subsidiaries	(1,000		)	7,992		6			-			-			(116			)	6,882
	Earnings (loss) before income taxes and extraordinary item	$	50,716	$		24,657	$		3,601	$		3,103	$		10,253	$		(2,790	)	$	89,540
For the year ended December 31, 2000
	Net sales	$	3,194,175	$		1,182,230	$		365,522	$		101,991	$		857,004	$		67,868	$		5,768,790
	Cost of sales	2,822,973		1,064,772			308,498			93,449			794,564			61,854			5,146,110
	Selling and administration	299,328		84,384			44,007			7,888			39,545			10,154			485,306
	Restructuring and impairment charges	44,526		9,700			-			-			-			-			54,226
	Interest expense, net	29,437		4,300			6,419			6,477			6,109			(303			)	52,439
	Gain from divestiture of business	(88,530		)	-		-			(504			)	-		-			(89,034			)
	Equity in (earnings) loss of affiliated companies	(1,301		)	(2,433		)	(147		)	(3,485		)	46,033		(3,101			)	35,566
	Minority interest in (loss) earnings of subsidiaries	(171		)	(1,786		)	1		40			211			300			(1,405			)
	Earnings (loss) before income taxes and extraordinary item	$	87,913	$		23,293	$		6,744	$		(1,874	)	$	(29,458	)	$	(1,036	)	$	85,582
For the year ended December 31, 1999
	Net sales	$	3,291,095	$		931,247	$		190,832	$		82,719	$		1,023,298	$		96,603	$		5,615,794
	Cost of sales	3,003,528		829,152			151,979			93,165			933,758			88,832			5,100,414
	Selling and administration	298,116		80,712			33,175			9,984			75,292			9,642			506,921
	Restructuring and impairment charges	3,856		-			-			-			-			-			3,856
	Interest expense, net	30,326		3,907			2,038			4,878			4,908			(1,355			)	44,702
	Gain from divestiture of business	(54,175		)	-		-			-			-			-			(54,175			)
	Equity in (earnings) loss of affiliated companies	(474		)	(2,238		)	(1,674		)	488		(3,083			)	(301		)	(7,282		)
	Minority interest in (loss) earnings of subsidiaries	(754		)	627		22			(34			)	-		(1			)	(140		)
	Earnings (loss) before income taxes	$	10,672	$		19,087	$		5,292	$		(25,762	)	$	12,423	$		(214	)	$	21,498
2001
Total assets		$	730,365	$		981,229	$		379,912	$		77,911	$		411,738	$		510,223	$		3,091,378
Depreciation and amortization		42,466		31,707			5,008			5,575			6,321			6,211			97,288
Capital expenditures		37,749		24,872			2,685			7,310			-			11,320			83,936
2000
Total assets		$	715,267	$		446,249	$		335,260	$		95,999	$		417,602	$		462,966	$		2,473,343
Depreciation and amortization		42,766		18,618			5,583			6,180			4,624			5,850			83,621
Capital expenditures		60,291		21,507			3,521			9,572			-			9,452			104,343
1999
Total assets		$	741,284	$		231,505	$		220,576	$		102,943	$		497,754	$		906,062	$		2,700,124
Depreciation and amortization		47,426		14,739			2,685			7,879			3,388			5,558			81,675
Capital expenditures		63,310		17,366			4,803			13,950			-			9,838			109,267

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