Land O'Lakes, Inc.
($ in thousands)
Years Ended December 31, 2001, 2000 and 1999
Capital Stock						Member Equities							Retained Earnings			Total Equities
						Allocated	Deferred			Net
Balance, December 31, 1998		$	2,170	$		705,386	$		(1,398	)	$	703,988	$		74,986	$		781,144
Capital stock issued		20		20
Capital stock redeemed		(117		)	(117														)
1999 earnings, as applied		34,860					(7,547			)	27,313		(5,914			)	21,399
	Less portion stated as current liability					(10,515	)					(10,515	)					(10,515	)
Portion of member equities stated as current liability		(8,835					)	(8,835					)	(8,835					)
Cash patronage and redemption of member equities		(48,660					)	(48,660					)	(48,660					)
Redemption included in prior year's liabilities		31,580					31,580						31,580
Other, net		(1,142					)	1,251		109			2,710			2,819
Balance, December 31, 1999		2,073		702,674			(7,694			)	694,980		71,782			768,835
Capital stock issued		411		411
Capital stock redeemed		(139		)	(139														)
2000 earnings, as applied		142,271					(5,347			)	136,924		(33,992			)	102,932
	Less portion stated as current liability	(28,593					)	(28,593					)	(28,593					)
Portion of member equities stated as current liability		(8,900					)	(8,900					)	(8,900					)
Equities issued for mergers and acquisitions		2,250					2,250						2,250
Cash patronage and redemption of member equities		(54,260					)	(54,260					)	(54,260					)
Redemption included in prior year's liabilities		19,350					19,350						19,350
Deferred equities transfer		8,290								8,290			(8,290			)	-
Other, net		129					(1,229			)	(1,100		)	4,168		3,068
Balance, December 31, 2000		2,345		774,921			(5,980			)	768,941		33,668			804,954
Capital stock issued		65		65
Capital stock redeemed		(105		)	(105														)
2001 earnings, as applied		70,552					2,708			73,260			(1,772			)	71,488
	Less portion stated as current liability	(19,900					)	(19,900					)	(19,900					)
Portion of member equities stated as current liability		(9,000					)	(9,000					)	(9,000					)
Cash patronage and redemption of member equities		(46,896					)	(46,896					)	(46,896					)
Redemption included in prior year's liabilities		37,493					37,493						37,493
Other, net		(608					)	2,570		1,962			(3,545			)	(1,583		)
Balance, December 31, 2001		$	2,305	$		806,562	$		(702	)	$	805,860	$		28,351	$		836,516
See accompanying notes to consolidated financial statements.