|
 
|
|
Land O'Lakes, Inc.
|
($ in thousands)
|
|
Years Ended December 31
|
|
2002
|
|
2001
|
|
2000
|
|
|
|
Cash flows from operating activities:
|
|
|
|
Net earnings
|
$
|
98,887
|
$
|
71,488
|
$
|
102,932
|
|
Adjustments to reconcile net earnings to net
cash provided by operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
106,762
|
|
97,288
|
|
83,621
|
|
|
|
|
Bad debt expense
|
5,094
|
1,871
|
4,550
|
|
|
|
|
Proceeds from patronage revolvement received
|
2,895
|
2,895
|
16,350
|
|
|
|
|
Non-cash patronage income
|
(1,921
|
)
|
(4,999
|
)
|
(9,914
|
)
|
|
|
|
Receivabls from legal settlement
|
(96,707
|
)
|
-
|
|
-
|
|
|
|
|
Deferred income tax (benefit) expense
|
(5,050
|
)
|
20,096
|
|
31,884
|
|
|
|
|
Increase in other assets
|
(85,843
|
)
|
(12,543
|
)
|
(1,178
|
)
|
|
|
|
(Decrease) increase in other liabilities
|
(2,301
|
)
|
(4,527
|
)
|
673
|
|
|
|
|
Restructuring and impairment charges
|
31,412
|
3,733
|
54,226
|
|
|
|
|
Gain from divestiture of businesses
|
(4,992
|
)
|
-
|
|
(89,034
|
)
|
|
|
|
Equity in (earnings) losses of affiliated companies
|
(22,675
|
)
|
(48,583
|
)
|
35,566
|
|
|
|
Minority interests
|
5,487
|
6,882
|
(1,405
|
)
|
|
|
|
Other
|
(74
|
)
|
(6,153
|
)
|
1,184
|
|
Changes in current assets and liabilities,
net of acquisitions and divestitures:
|
|
|
|
|
Receivables
|
(26,087
|
)
|
37,298
|
(25,568
|
)
|
|
|
|
Inventories
|
(4,167
|
)
|
21,139
|
103,641
|
|
|
|
|
Other current assets
|
(22,216
|
)
|
(200
|
)
|
83,601
|
|
|
|
Accounts payable
|
62,654
|
124,402
|
|
(283,313
|
)
|
|
|
|
Accrued expenses
|
(18,316
|
)
|
(35,783
|
)
|
71,073
|
|
|
|
|
Net cash provided by operating activities
|
22,008
|
274,304
|
115,161
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
Additions to property, plant and equipment
|
(87,437
|
)
|
(83,936
|
)
|
(104,343
|
)
|
|
|
Acquisitions, net of cash acquired
|
|
-
|
|
(371,858
|
)
|
(101,076
|
)
|
|
|
Payments for investments
|
(16,226
|
)
|
(46,189
|
)
|
(86,611
|
)
|
|
|
Net proceeds from divestiture of businesses
|
16,070
|
-
|
184,106
|
|
|
|
Proceeds from sale of investments
|
27,371
|
5,264
|
3,248
|
|
|
|
Proceeds from sale of property, plant and equipment
|
24,313
|
30,224
|
25,189
|
|
|
|
Dividends from investment in affiliated companies
|
26,558
|
3,584
|
-
|
|
|
|
Other
|
5,116
|
1,745
|
|
(3,088
|
)
|
|
|
|
Net cash used by investing activities
|
(4,235
|
)
|
(461,202
|
)
|
(82,575
|
)
|
|
|
|
Cash flows from financing activities:
|
|
|
|
Increase (decrease) in short-term debt
|
10,118
|
|
(53,812
|
)
|
(42,762
|
)
|
|
|
Proceeds from issuance of long-term debt
|
|
6,057
|
1,369,528
|
58,955
|
|
|
|
Payments on principal of long-term debt
|
(62,040
|
)
|
(935,104
|
)
|
(179,133
|
)
|
|
|
Payments for debt issuance costs
|
-
|
(20,265
|
)
|
-
|
|
|
|
Payments for purchase of Capital Securities
|
-
|
-
|
|
(9,300
|
)
|
|
|
Payments for redemption of member equities
|
(37,878
|
)
|
(46,896
|
)
|
(54,260
|
)
|
|
|
Other
|
128
|
|
(378
|
)
|
109
|
|
|
|
|
Net cash (used) provided by financing activities
|
(83,615
|
)
|
313,073
|
|
(226,391
|
)
|
|
|
|
Net (decrease) increase in cash
|
(65,842
|
)
|
126,175
|
|
(193,805
|
)
|
|
|
|
Cash and cash equivalents at beginning of year
|
130,169
|
3,994
|
197,799
|
|
|
|
Cash and cash equivalents at end of year
|
$
|
64,327
|
$
|
130,169
|
$
|
3,994
|
|
|
|
See accompanying notes to consolidated financial statements.
|
|
|
