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

6. PROPERTY, PLANT AND EQUIPMENT

A summary of property, plant and equipment at December 31 is as follows:

Owned property, plant and equipment:
  2002 2001

Land and land improvements $ 59,396 $ 51,818
Buildings and building equipment 294,032 311,499
Machinery and equipment 554,926 560,244
Software 38,689 38,438
Construction in progress 40,771 56,769

  987,814 1,018,768

Less accumulated depreciation 407,954 343,491

Total property, plant and equipment, net $ 579,860 $ 675,277

Pproperty under capital lease:
2002 2001

Buildings and building equipment $ 26,868 $ -
Machinery and equipment 78,868 -

105,736 -
Less accumulated depreciation - -

Total property, plant and equipment, net $ 105,736 $ -

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