Annual Report 2002 Land O'Lakes, Inc.
IntroductionHighlights of 2002Letter to the StakeholdersDairy FoodsAg ServicesBoard of DirectorsFinancial ReviewSenior Strategy Team
Financial Overview
Consolidated Statements of Operations
Consolidated Balance Sheets
Consolidated Statements of Cash Flows
Consolidated Statements of Equities
Notes to Consolidated Financial Statements
Report of Management
Independent Auditor's Report
Ten Years in Review
Notes to Consolidated Financial Statements

4. INVENTORIES

A summary of inventories at December 31 is as follows:

  2002 2001
Raw materials $ 141,849 $ 127,569
Work in process 33.707 37.423
Finished goods 270,830 285,782
Total inventories $ 446,386 $ 450,774

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INTRODUCTION | HIGHLIGHTS OF 2002 | LETTER TO THE STAKEHOLDERS | DAIRY FOODS
AG SERVICES | BOARD OF DIRECTORS | FINANCIAL REVIEW | SENIOR STRATEGY TEAM