Lamb Weston (LW) 10-Q2 Oct 192020 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - $ / shares	3 Months Ended
Document and Entity Information - $ / shares	Aug. 25, 2019	Sep. 27, 2019
Document and Entity Information [Abstract]
Entity Central Index Key	0001679273
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 25, 2019
Document Transition Report	false
Entity File Number	1-37830
Entity Registrant Name	LAMB WESTON HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1797411
Entity Address, Address Line One	599 S. Rivershore Lane
Entity Address, City or Town	Eagle
Entity Address, State or Province	ID
Entity Address, Postal Zip Code	83616
City Area Code	208
Local Phone Number	938-1047
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	LW
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		146,062,722
Entity Listing, Par Value Per Share	$ 1
Current Fiscal Year End Date	--05-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Combined and Consolidated State

Combined and Consolidated Statements of Earnings - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2019	Aug. 26, 2018
Condensed Combined and Consolidated Statements of Earnings
Net sales	$ 989	$ 914.9
Net sales, type	us-gaap:ProductMember	us-gaap:ProductMember
Cost of sales	$ 740.4	$ 684.3
Cost of sales, type	us-gaap:ProductMember	us-gaap:ProductMember
Gross profit	$ 248.6	$ 230.6
Selling, general and administrative expenses	78.6	78
Income from operations	170	152.6
Interest expense, net	28.2	26.8
Income before income taxes and equity method earnings	141.8	125.8
Income tax expense	36.7	34.3
Equity method investment earnings	10.6	19.9
Net income	115.7	111.4
Less: Income attributable to noncontrolling interests		3.6
Net income attributable to Lamb Weston Holdings, Inc.	$ 115.7	$ 107.8
Earnings per share
Basic (in dollars per share)	$ 0.79	$ 0.73
Diluted (in dollars per share)	$ 0.79	$ 0.73

Combined and Consolidated Sta_2

Combined and Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2019	Aug. 26, 2018
Other comprehensive income (loss) Pre-Tax Amount:
Net income	$ 152.4	$ 145.7
Reclassification of post-retirement benefits out of accumulated other comprehensive income (loss)	0.2	0.2
Unrealized currency translation losses	(9.1)	(4.3)
Comprehensive income (loss)	143.5	141.6
Less: Comprehensive income attributable to noncontrolling interests		3.6
Comprehensive income (loss) attributable to Lamb Weston Holdings, Inc.	143.5	138
Other comprehensive income (loss) Tax (Expense) Benefit:
Net income	(36.7)	(34.3)
Reclassification of post-retirement benefits out of accumulated other comprehensive income (loss)		(0.1)
Comprehensive income (loss)	(36.7)	(34.4)
Comprehensive income (loss) attributable to Lamb Weston Holdings, Inc.	(36.7)	(34.4)
Other comprehensive income (loss) After Tax Amount:
Net income	115.7	111.4
Reclassification of post-retirement benefits out of accumulated other comprehensive income (loss)	0.2	0.1
Unrealized currency translation losses	(9.1)	(4.3)
Comprehensive income (loss)	106.8	107.2
Less: Comprehensive income attributable to noncontrolling interests		3.6
Comprehensive income (loss) attributable to Lamb Weston Holdings, Inc.	$ 106.8	$ 103.6

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Aug. 25, 2019	May 26, 2019
Current assets:
Cash and cash equivalents	$ 19	$ 12.2
Receivables, less allowance for doubtful accounts of $1.3 and $1.3	371.1	340.1
Inventories	466.5	498.3
Prepaid expenses and other current assets	49.6	110.9
Total current assets	906.2	961.5
Property, plant and equipment, net	1,555.1	1,597.8
Operating lease assets	160.3
Goodwill	306.4	205.9
Intangible assets, net	40.4	37.6
Equity method investments	225.5	224.6
Other assets	28.7	20.7
Total assets	3,222.6	3,048.1
Current liabilities:
Short-term borrowings		8.4
Current portion of long-term debt and financing obligations	36.5	38
Accounts payable	284.9	289.2
Accrued liabilities	218.7	217.2
Total current liabilities	540.1	552.8
Long-term liabilities:
Long-term debt and financing obligations, excluding current portion	2,210.1	2,280.2
Deferred income taxes	143.5	125.7
Other noncurrent liabilities	236.6	94
Total long-term liabilities	2,590.2	2,499.9
Commitments and contingencies
Stockholders' equity:
Common stock of $1.00 par value, 600,000,000 shares authorized; 146,760,237 and 146,654,827 shares issued	146.8	146.7
Additional distributed capital	(884.7)	(890.3)
Retained earnings	911.1	803.6
Accumulated other comprehensive loss	(34.2)	(25.3)
Treasury stock, at cost, 697,515 and 585,794 common shares	(46.7)	(39.3)
Total stockholders' equity (deficit)	92.3	(4.6)
Total liabilities and stockholders' equity	$ 3,222.6	$ 3,048.1

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Aug. 25, 2019	May 26, 2019
Receivables
Allowance for doubtful accounts	$ 1.3	$ 1.3
Common stock
Common stock, par value	$ 1	$ 1
Common stock, authorized shares	600,000,000	600,000,000
Common stock, issued shares	146,760,237	146,654,827
Treasury stock
Treasury stock, common shares	697,515	585,794

Combined and Consolidated Sta_3

Combined and Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Common Stock	Treasury Stock	Additional Paid-in (Distributed) Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Total
Balance at the beginning of the period at May. 27, 2018	$ 146.4	$ (2.9)	$ (900.4)	$ 426.4	$ (4.3)	$ (334.8)
Balance at the beginning of the period (in shares) at May. 27, 2018	146,332,332
Increase (Decrease) in Stockholders' Equity
Adoption of ASC				13.7		13.7
Increase in redemption value of noncontrolling interests in excess of earnings allocated			(0.9)			(0.9)
Common stock dividends declared				(28)		(28)
Common stock issued	$ 0.2		0.6			0.8
Common stock issued (in shares)	169,467
Stock-settled, stock-based compensation expense			4.2			4.2
Common stock withheld to cover taxes		(3.9)				(3.9)
Common stock withheld to cover taxes (in shares)	(54,043)
Other			0.1	(0.2)		(0.1)
Comprehensive income (loss)				107.8	(4.2)	103.6
Balance at the end of the period at Aug. 26, 2018	$ 146.6	(6.8)	(896.4)	519.7	(8.5)	(245.4)
Balance at the end of the period (in shares) at Aug. 26, 2018	146,447,756
Balance at the beginning of the period at May. 26, 2019	$ 146.7	(39.3)	(890.3)	803.6	(25.3)	(4.6)
Balance at the beginning of the period (in shares) at May. 26, 2019	146,069,033
Increase (Decrease) in Stockholders' Equity
Adoption of ASC				20.5		20.5
Common stock dividends declared				(29.2)		(29.2)
Common stock issued	$ 0.1		(0.1)
Common stock issued (in shares)	105,410
Stock-settled, stock-based compensation expense			5.4			5.4
Repurchase of common stock and common stock withheld to cover taxes		(7.4)				(7.4)
Repurchase of common stock and common stock withheld to cover taxes (in shares)	(111,721)
Other			0.3	0.5		0.8
Comprehensive income (loss)				115.7	(8.9)	106.8
Balance at the end of the period at Aug. 25, 2019	$ 146.8	$ (46.7)	$ (884.7)	$ 911.1	$ (34.2)	$ 92.3
Balance at the end of the period (in shares) at Aug. 25, 2019	146,062,722

Combined and Consolidated Sta_4

Combined and Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Nov. 24, 2019	Aug. 25, 2019	Aug. 26, 2018
Dividends
Dividends declared per common share (in dollars per share)	$ 0.20	$ 0.20000	$ 0.19125

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2019	Aug. 26, 2018
Cash flows from operating activities
Net income	$ 115.7	$ 111.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles and debt issuance costs	46	38.6
Stock-settled, stock-based compensation expense	5.4	4.2
Earnings of joint ventures in excess of distributions	(0.5)	(3.2)
Deferred income taxes	10.3	13.9
Other	5.6	3.1
Changes in operating assets and liabilities, net of acquisition:
Receivables	(27)	(18.6)
Inventories	35.6	33.2
Income taxes payable/receivable, net	24.8	9.5
Prepaid expenses and other current assets	43.3	41.1
Accounts payable	7.7	17.1
Accrued liabilities	(28.4)	(22.4)
Net cash provided by operating activities	238.5	227.9
Cash flows from investing activities
Additions to property, plant and equipment	(50.3)	(87)
Acquisition of business, net of cash acquired	(116.9)
Other	(9.5)	0.2
Net cash used for investing activities	(176.7)	(86.8)
Cash flows from financing activities
Proceeds from issuance of debt	299.3
Debt repayments	(309)	(10.9)
Dividends paid	(29.2)	(28)
Payments of short-term borrowings	(8.3)	(1)
Repurchase of common stock and common stock withheld to cover taxes	(7.4)	(3.9)
Cash distributions paid to noncontrolling interest		(2.9)
Other	(0.3)	0.8
Net cash used for financing activities	(54.9)	(45.9)
Effect of exchange rate changes on cash and cash equivalents	(0.1)	(0.3)
Net increase in cash and cash equivalents	6.8	94.9
Cash and cash equivalents, beginning of the period	12.2	55.6
Cash and cash equivalents, end of period	$ 19	$ 150.5

NATURE OF OPERATIONS AND SUMMAR

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Aug. 25, 2019
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Lamb Weston Holdings, Inc. (“we,” “us,” “our,” the “Company,” or “Lamb Weston”), along with its joint venture partners, is a leading global producer, distributor, and marketer of value-added frozen potato products and is headquartered in Eagle, Idaho. We have four reportable segments: Global, Foodservice, Retail, and Other. See Note 15, Segments, for additional information on our reportable segments. Basis of Presentation The unaudited quarterly Consolidated Financial Statements present the financial results of Lamb Weston for the thirteen weeks ended August 25, 2019 and August 26, 2018, and have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America. The financial statements are unaudited but include all adjustments (consisting only of normal recurring adjustments) that management considers necessary for a fair presentation of such financial statements. The preparation of financial statements involves the use of estimates and accruals. Actual results may vary from those estimates. Results for interim periods should not be considered indicative of results for our full fiscal year, which ends the last Sunday in May. These quarterly financial statements and condensed notes should be read together with the combined and consolidated financial statements and notes in our Annual Report on Form 10-K for the fiscal year ended May 26, 2019 (the “Form 10-K”), which we filed with the Securities and Exchange Commission on July 25, 2019. Certain amounts in the prior period consolidated financial statements have been reclassified to conform with the current period presentation. Revenue from Contracts with Customers Generally, we recognize revenue on a point in time basis when the customer takes title to the goods and assumes the risks, rewards, or control of the goods. For customized products, we recognize revenue as the products are produced and we have a purchase order providing a legally enforceable right to payment for the goods. New and Recently Issued Accounting Standards Accounting Standards Adopted Effective May 27, 2019, we adopted Accounting Standards Update (“ASU”) 2016-02, Leases We adopted the guidance by recognizing and measuring leases at the adoption date with a cumulative effect of initially applying the guidance recognized at the date of initial application and as a result did not recast prior periods presented in the Consolidated Financial Statements. We elected to adopt certain of the optional practical expedients, including electing to not reassess lease classification, initial direct costs of existing leases, or whether existing contracts contain a lease. In addition, we elected to account for each contract’s lease and non-lease components as a single lease component. The adoption of the new standard resulted in the recognition of operating lease assets of $154.1 million and operating lease liabilities of $155.5 million. Included in the measurement of the new operating lease assets is the reclassification of certain balances, including those historically recorded as deferred rent. The adoption also resulted in a cumulative effect transitional adjustment of $26.6 million ($20.5 million, net of tax) to increase retained earnings, as a result of the elimination of a deferred gain related to a sale leaseback and the elimination of $38.7 million of property, plant and equipment and $65.3 million of lease financing obligations also related to a sale leaseback. The adoption did not have a material impact on our results of operations or cash flows. See Note 6, Leases, for more information. Accounting Standards Not Yet Adopted In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans There were no other accounting standards recently issued that had or are expected to have a material impact on our financial statements.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Aug. 25, 2019
EARNINGS PER SHARE
EARNINGS PER SHARE	2. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per common share for the periods presented (dollars and shares in millions, except per share amounts): Thirteen Weeks Ended August 25, August 26, 2019 2018 Numerator: Net income attributable to Lamb Weston Holdings, Inc. $ 115.7 $ 107.8 Less: Increase in redemption value of noncontrolling interests in excess of earnings allocated, net of tax benefits (a) — 0.9 Net income available to Lamb Weston common stockholders $ 115.7 $ 106.9 Denominator: Basic weighted average common shares outstanding 146.2 146.5 Add: Dilutive effect of employee incentive plans (b) 0.8 0.7 Diluted weighted average common shares outstanding 147.0 147.2 Earnings per share (a) Basic $ 0.79 $ 0.73 Diluted $ 0.79 $ 0.73 (a) On November 2, 2018, we entered into an agreement to acquire the remaining 50.01% interest in Lamb Weston BSW, LLC (“Lamb Weston BSW”). Our Consolidated Statement of Earnings includes 100% of Lamb Weston BSW’s earnings beginning November 2, 2018. (b) Potentially dilutive shares of common stock from employee incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options and the assumed vesting of outstanding restricted stock units and performance awards. As of August 25, 2019 , an insignificant number of stock-based awards were excluded from the computation of diluted earnings per share because they would be antidilutive. As of August 26, 2018 , we did not have any stock-based awards that were antidilutive.

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Aug. 25, 2019
INCOME TAXES
INCOME TAXES	3. INCOME TAXES Income tax expense for the thirteen weeks ended August 25, 2019 and August 26, 2018, was $36.7 million and $34.3 million, respectively. The effective income tax rate (calculated as the ratio of income tax expense to pre-tax income, inclusive of equity method investment earnings) was approximately 24.1% and 23.5% for the thirteen weeks ended August 25, 2019 and August 26, 2018, respectively, in our Consolidated Statements of Earnings. The effective tax rate varies from the U.S. statutory tax rate of 21% principally due to the impact of U.S. state taxes, foreign taxes, permanent differences, and discrete items. Income Taxes Paid Income taxes paid, net of refunds, were $1.5 million and $10.5 million during the thirteen weeks ended August 25, 2019 and August 26, 2018 , respectively. Unrecognized Tax Benefits There have been no material changes to the unrecognized tax benefits disclosed in Note 5, Income Taxes, of the Notes to Combined and Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of the Form 10-K, and we do not expect any significant changes to unrecognized tax benefits in the next 12 months.

INVENTORIES

INVENTORIES	3 Months Ended
INVENTORIES	Aug. 25, 2019
INVENTORIES
INVENTORIES	4. INVENTORIES Inventories are valued at the lower of cost (determined using the first-in, first-out method) or net realizable value and include all costs directly associated with manufacturing products: materials, labor, and manufacturing overhead. The components of inventories were as follows (dollars in millions): August 25, May 26, 2019 2019 Raw materials and packaging $ 59.6 $ 93.1 Finished goods 372.7 371.4 Supplies and other 34.2 33.8 Inventories $ 466.5 $ 498.3

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
PROPERTY, PLANT AND EQUIPMENT	Aug. 25, 2019
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	5. PROPERTY, PLANT AND EQUIPMENT The components of property, plant and equipment were as follows (dollars in millions): August 25, May 26, 2019 2019 Land and land improvements (a) $ 106.8 $ 142.2 Buildings, machinery, and equipment 2,563.1 2,542.3 Furniture, fixtures, office equipment, and other 106.6 105.2 Construction in progress 89.7 84.8 Property, plant and equipment, at cost 2,866.2 2,874.5 Less accumulated depreciation (1,311.1) (1,276.7) Property, plant and equipment, net $ 1,555.1 $ 1,597.8 (a) On May 27, 2019, we adopted ASC 842 and we eliminated $38.7 million of land, related to a sale leaseback, as part of the cumulative effect transition adjustment. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, for more information. Depreciation expense was $42.6 million and $36.8 million for the thirteen weeks ended August 25, 2019 and August 26, 2018, respectively. At August 25, 2019 and May 26, 2019, purchases of property, plant and equipment included in accounts payable were $12.9 The amounts of interest capitalized in construction in progress for the thirteen weeks ended August 25, 2019 and August 26, 2018, were $0.5

LEASES

LEASES	3 Months Ended
LEASES	Aug. 25, 2019
LEASES
LEASES	6. LEASES We lease various real estate, including certain operating facilities, warehouses, office space, and land. We also lease material handling equipment, vehicles, and certain other equipment. Our leases have remaining lease terms of one to 21 years. Leases having a lease term of twelve months or less are not recorded on the balance sheet and the related lease expense is recognized as costs are incurred. Lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from these leases. Effective May 27, 2019, operating lease assets and liabilities are recognized at the commencement date of the lease based on the present value of the lease payments over the lease term. Our leases may include options to extend or terminate these leases. These options to extend are included in the lease term when it is reasonably certain that we will exercise that option. Some leases have variable payments, however, because they are not based on an index or rate, they are not included in lease assets and liabilities. Variable payments for real estate leases primarily relate to common area maintenance, insurance, taxes and utilities. Variable payments for equipment, vehicles, and leases within supply agreements primarily relate to usage, repairs, and maintenance. The components of total lease costs, net of an insignificant amount of sublease income, consisted of the following (dollars in millions): Thirteen Weeks Ended August 25, 2019 (a) Operating Finance Leases Leases Total Operating lease costs $ 4.8 $ — $ 4.8 Short-term, variable, and other lease costs, net 2.0 — 2.0 Amortization of lease assets — 0.7 0.7 Interest on lease liabilities — 0.2 0.2 Total lease costs, net $ 6.8 $ 0.9 $ 7.7 (a) Supply-chain-related lease costs are included in “Cost of sales” and the remainder is recorded in “Selling, general, and administrative expenses.” Interest on lease liabilities is recorded in “Interest expense, net,” in our Consolidated Statement of Earnings. The following table summarizes the amounts related to operating and finance leases, with terms greater than one year, recorded on the Consolidated Balance Sheet (dollars in millions): As of August 25, 2019 Operating Finance Leases Leases Total Assets: Operating lease assets $ 160.3 $ — $ 160.3 Property, plant and equipment, net (a) — 12.3 12.3 Total leased assets $ 160.3 $ 12.3 $ 172.6 Liabilities: Lease liabilities due within one year: Accrued liabilities $ 24.3 $ — $ 24.3 Current portion of long-term debt and financing obligations — 2.8 2.8 Long-term lease liabilities: Other noncurrent liabilities 139.1 — 139.1 Long-term debt and financing obligations, excluding current portion — 11.2 11.2 Total lease liabilities $ 163.4 $ 14.0 $ 177.4 (a) Finance leases are net of accumulated amortization of $10.7 million. The maturities of our lease liabilities for operating and finance leases at August 25, 2019, were as follows (dollars in millions): Operating Finance Leases Leases Total 2020 (remainder of year) $ 24.8 $ 2.5 $ 27.3 2021 23.4 2.9 26.3 2022 25.1 2.5 27.6 2023 17.8 1.6 19.4 2024 17.6 1.0 18.6 2025 15.9 0.9 16.8 Thereafter 73.6 5.6 79.2 Total lease payments 198.2 17.0 215.2 Less: Interest (a) (34.8) (3.0) (37.8) Present value of lease liabilities $ 163.4 $ 14.0 $ 177.4 Weighted-average remaining lease term (years): 8.5 8.7 Weighted-average discount rate: 3.9% 3.9% (a) Since the implicit rate is not readily determinable for most of our leases, we use an incremental borrowing rate to determine the initial present value of lease payments. We use a collateralized rate and apply the rate based on the currency of the lease, which is updated quarterly for the measurement of new lease liabilities. At May 26, 2019, minimum lease payments under non-cancellable leases with lease terms in excess of one year, and accounted for under the previous lease accounting standard, were as follows (dollars in millions): Operating Capital Leases Leases (a) Total 2020 $ 18.6 $ 7.5 $ 26.1 2021 16.5 7.2 23.7 2022 15.7 7.2 22.9 2023 10.5 6.4 16.9 2024 8.6 5.9 14.5 Thereafter 26.6 73.5 100.1 Total lease payments $ 96.5 $ 107.7 $ 204.2 Discount to present value (28.8) (28.8) Total lease liability $ 78.9 $ 175.4 Current portion of financing obligations (4.3) (4.3) Long-term financing obligations, excluding current portion $ 74.6 $ 171.1 (a) Includes unamortized portion of a deferred gain related to a sale leaseback that was eliminated from the Consolidated Balance Sheet as part of the cumulative effect transition adjustment at adoption of ASC 842. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, for more information. Supplemental cash flow information related to leases was as follows (dollars in millions): Thirteen Weeks Ended August 25, 2019 Operating Finance Leases Leases Total Cash paid for amounts included in the measurement of lease liabilities: Cash used for operating activities $ 3.1 $ — $ 3.1 Cash used for financing activities — 0.4 0.4 Noncash investing and financing activities: Asset obtained in exchange for new operating lease obligations 11.0 — 11.0 Assets obtained in exchange for new finance lease obligations — 0.8 0.8

ACQUISITIONS

ACQUISITIONS	3 Months Ended
ACQUISITIONS	Aug. 25, 2019
ACQUISITION
ACQUISITION	7. ACQUISITIONS On July 2, 2019, we acquired 100% of the outstanding shares of a frozen potato processor in Australia for $116.9 million, plus or minus final working capital adjustments. This added approximately 70 million pounds of production capacity to our manufacturing network. Net sales, income from operations, and total assets of the acquired company are not material to our overall net sales, income from operations, and total assets. Beginning in July 2019, operating results of the acquired company are included in our Global segment. We allocated the purchase price to the assets acquired and liabilities assumed based on estimates of the fair value at the date of the acquisition, of which $106.3 million was allocated to goodwill (which is not deductible for tax purposes) and $3.7 million was allocated to intangible assets (to be amortized on a straight-line basis over a weighted average life of 10 years), primarily a brand name, all of which are included in the Global segment. The purchase price allocation continues to be preliminary, subject to finalizing working capital adjustments. On December 21, 2018, we acquired 100% of the outstanding shares of another frozen potato processor in Australia for $88.6 million, net of cash acquired. This acquisition added approximately 50 million pounds of production capacity to our manufacturing network and expanded our geographic reach. Net sales, income from operations, and total assets of the acquired company are not material to our overall net sales, income from operations, and total assets. Operating results of the acquired company subsequent to December 21, 2018 have been included in our Global segment.

GOODWILL AND OTHER IDENTIFIABLE

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS	3 Months Ended
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS	Aug. 25, 2019
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS	8. GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS The following table presents changes in goodwill balances, by segment, during the quarter (dollars in millions): Global Foodservice Retail Other Total Balance at May 26, 2019 $ 147.7 $ 42.8 $ 10.9 $ 4.5 $ 205.9 Acquisition (a) 106.3 — — — 106.3 Foreign currency translation adjustment (5.8) — — — (5.8) Balance at August 25, 2019 $ 248.2 $ 42.8 $ 10.9 $ 4.5 $ 306.4 (a) In July 2019, we acquired a frozen potato processor in Australia and recorded $106.3 million of goodwill in our Global Segment. See Note 7, Acquisitions, for more information. Other identifiable intangible assets were as follows (dollars in millions): August 25, 2019 May 26, 2019 Weighted Weighted Average Gross Average Gross Useful Life Carrying Accumulated Useful Life Carrying Accumulated (in years) Amount Amortization (in years) Amount Amortization Non-amortizing intangible assets (a) n/a $ 18.0 $ — n/a $ 18.0 $ — Amortizing intangible assets (b) 12 42.5 20.1 14 39.1 19.5 $ 60.5 $ 20.1 $ 57.1 $ 19.5 (a) Non-amortizing intangible assets are comprised of brands and trademarks. (b) Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. During the thirteen weeks ended August 25, 2019 and August 26, 2018, amortization expense was $0.5 million and $0.6 million, respectively. Foreign intangible assets are affected by foreign currency translation.

INVESTMENTS IN JOINT VENTURES

INVESTMENTS IN JOINT VENTURES	3 Months Ended
INVESTMENTS IN JOINT VENTURES	Aug. 25, 2019
INVESTMENTS IN JOINT VENTURES
INVESTMENTS IN JOINT VENTURES	9. INVESTMENTS IN JOINT VENTURES Variable Interest Entity - Consolidated On November 2, 2018, we entered into an agreement to acquire the remaining 50.01% interest in Lamb Weston BSW. Our Consolidated Statement of Earnings includes 100% of Lamb Weston BSW’s earnings beginning November 2, 2018. Prior to entering into the agreement, Lamb Weston BSW was considered a variable interest entity, and we determined that we were the primary beneficiary of the entity. Accordingly, we consolidated the financial statements of Lamb Weston BSW and deducted 50.01% of the operating results of the noncontrolling interests to arrive at “Net income attributable to Lamb Weston Holdings, Inc.” on our Consolidated Statements of Earnings. Prior to November 2, 2018, Lamb Weston and Lamb Weston BSW purchased potatoes and utilized storage facilities and water treatment services from a shareholder of Ochoa. While we continue to purchase such goods and services, subsequent to November 2, 2018, the shareholder of Ochoa is no longer considered a related party. The aggregate amounts of potato purchases was $17.5 million for the thirteen weeks ended August 26, 2018. The aggregate amount of storage facilities and water treatment service costs were $1.2 million for the thirteen weeks ended August 26, 2018. Other Investments and Variable Interest Entity - Not Consolidated We hold a 50% ownership interest in Lamb-Weston/Meijer v.o.f. (“Lamb-Weston/Meijer”), a joint venture with Meijer Frozen Foods B.V., which is headquartered in the Netherlands and manufactures and sells frozen potato products principally in Europe. We also hold a 50% interest in Lamb-Weston/RDO Frozen (“Lamb Weston RDO”), a potato processing venture based in the United States. We account for these investments using equity method accounting. The carrying value of our equity method investments, which include Lamb-Weston/Meijer and Lamb Weston RDO, at August 25, 2019 and May 26, 2019, was $225.5 million and $224.6 million, respectively. These amounts are included in “Equity method investments” on our Consolidated Balance Sheets. For the thirteen weeks ended August 25, 2019 and August 26, 2018, we had sales to our equity method investments of $7.3 million and $6.5 million, respectively, and payments to our equity method investments of $3.2 million and $2.7 million, respectively. Total dividends from our equity method investments were $10.2 million and $16.6 million for the thirteen weeks ended August 25, 2019 and August 26, 2018, respectively.

ACCRUED LIABILITIES

ACCRUED LIABILITIES	3 Months Ended
ACCRUED LIABILITIES	Aug. 25, 2019
ACCRUED LIABILITIES
ACCRUED LIABILITIES	10. ACCRUED LIABILITIES The components of accrued liabilities were as follows (dollars in millions): August 25, May 26, 2019 2019 Accrued trade promotions $ 50.0 $ 48.6 Compensation and benefits 47.0 92.4 Dividends payable 29.2 29.2 Accrued interest 28.2 7.6 Current portion of operating lease liabilities (a) 24.3 — Franchise, property, and sales and use taxes 11.0 8.6 Income taxes payable 8.1 0.5 Other 20.9 30.3 Accrued liabilities $ 218.7 $ 217.2 (a) On May 27, 2019, we adopted ASC 842, using the modified retrospective transition method. As a result, we did not recast prior period financial statements. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, for more information.

DEBT AND FINANCING OBLIGATIONS

DEBT AND FINANCING OBLIGATIONS	3 Months Ended
DEBT AND FINANCING OBLIGATIONS	Aug. 25, 2019
DEBT AND FINANCING OBLIGATIONS
DEBT AND FINANCING OBLIGATIONS	11. DEBT AND FINANCING OBLIGATIONS At August 25, 2019 and May 26, 2019, our debt, including financing obligations was as follows (dollars in millions): August 25, May 26, 2019 2019 Short-term borrowings: Revolving credit facility $ — $ 7.2 Other credit facilities — 1.2 — 8.4 Long-term debt: Term loan facility, due 2021 290.6 599.1 Term loan facility, due 2024 300.0 — 4.625% senior notes, due 2024 833.0 833.0 4.875% senior notes, due 2026 833.0 833.0 2,256.6 2,265.1 Financing obligations: 4.35% lease financing obligation due May 2030 (a) — 65.3 Lease financing obligations due on various dates through 2040 (b) 14.0 13.6 14.0 78.9 Total debt and financing obligations 2,270.6 2,352.4 Debt issuance costs (24.0) (25.8) Short-term borrowings — (8.4) Current portion of long-term debt and financing obligations (36.5) (38.0) Long-term debt, excluding current portion $ 2,210.1 $ 2,280.2 (a) On May 27, 2019, we adopted ASC 842 and we eliminated this financing obligation, related to a sale leaseback, as part of the cumulative effect transition adjustment. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, for more information. (b) The interest rates on our lease financing obligations range from 2.95% to 3.93% as of August 25, 2019, and 2.72% to 4.33% as of May 26, 2019. Credit Facilities At August 25, 2019, we had no borrowings outstanding under our Revolving Credit Facility (the “Facility”) and $496.6 million of availability under the Facility, which is net of outstanding letters of credit of $3.4 million. For the thirteen weeks ended August 25, 2019, borrowings under the Facility ranged from zero to $97.9 million and the weighted average interest rate for our outstanding borrowings under the Facility was 3.8%. New Term Loan Facility On June 28, 2019, we amended the Credit Agreement to refinance $300.0 million of the $599.1 million term loan facility outstanding at May 26, 2019 and entered into a new credit agreement providing for a $300.0 million term loan facility (“New Term Loan Agreement”), for a lower overall interest rate, including anticipated patronage dividends. The New Term Loan Agreement bears interest, before anticipated patronage dividends, at LIBOR or the Base Rate (each as defined in the New Term Loan Agreement) plus an applicable margin ranging from 1.625% to 2.375% for LIBOR-based loans and from 0.625% to 1.375% for Base Rate-based loans, depending upon our total net leverage ratio. The borrowings under the New Term Loan Agreement mature June 28, 2024, and the covenants, events of default, and guarantees are consistent with the Facility. The New Term Loan Agreement also provides for the ability, under certain circumstances, to add incremental facilities in an aggregate amount of up to $100.0 million. In connection with the refinancing, we capitalized $1.0 million of debt issuance costs. During the thirteen weeks ended August 25, 2019, we recorded $1.7 million of expenses, in “Interest expense, net” for the write-off of debt issuance costs related to the portion of the Term loan facility due in 2021, that was paid in full. For the thirteen weeks ended August 25, 2019 and August 26, 2018, we paid $5.7 million and $7.3 million of interest on debt, respectively.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
STOCK-BASED COMPENSATION	Aug. 25, 2019
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	12. STOCK-BASED COMPENSATION We have a stock plan that is administered by the Compensation Committee (“the Committee”) of the Board of Directors. The Committee authorizes the grants of restricted stock, restricted stock units (“RSUs”), performance awards payable upon the attainment of specified performance goals (“Performance Shares”), dividend equivalents, and other stock-based awards at the discretion of the Committee. During the thirteen weeks ended August 25, 2019, we granted 0.2 million and 0.1 million RSUs and Performance Shares, respectively, at an average grant date fair value of $67.49. As of August 25, 2019, 7.6 million shares were available for future grant under the plan. Our share-based compensation expense is recorded in “Selling, general and administrative expenses.” Compensation expense for share-based awards recognized in the Consolidated Statements of Earnings, net of forfeitures, was as follows (dollars in millions): Thirteen Weeks Ended August 25, August 26, 2019 2018 Stock-settled RSUs $ 2.8 $ 2.1 Performance Shares 2.5 2.0 Stock options 0.1 0.1 Stock-settled compensation expense 5.4 4.2 Cash-settled RSUs (a) 1.0 2.1 Total compensation expense 6.4 6.3 Income tax benefit (b) (1.5) (1.5) Total compensation expense, net of tax benefit $ 4.9 $ 4.8 (a) All cash-settled RSUs are marked-to-market and presented within “Accrued liabilities” and “Other noncurrent liabilities” in our Consolidated Balance Sheets. (b) Income tax benefit represents the marginal tax rate. Based on estimates at August 25, 2019, total unrecognized compensation expense related to stock-based awards was as follows (dollars in millions): Remaining Weighted Unrecognized Average Compensation Recognition Expense Period (in years) Stock-settled RSUs $ 25.5 2.3 Performance Shares 17.2 2.0 Total unrecognized compensation expense $ 42.7 2.2

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Aug. 25, 2019
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	13. FAIR VALUE MEASUREMENTS For information about our fair value policies, methods and assumptions used in estimating the fair value of our financial assets and liabilities, see Note 1, Nature of Operations and Summary of Significant Accounting Policies and Note 12, Fair Value Measurements, of the Notes to Combined and Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of the Form 10-K. The following table presents our financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of August 25, 2019 and May 26, 2019 (dollars in millions): As of August 25, 2019 Level 1 Level 2 Level 3 Total Assets: Deferred compensation assets $ 0.5 $ — $ — $ 0.5 Derivative assets (a) — 0.3 — 0.3 Total assets $ 0.5 $ 0.3 $ — $ 0.8 Liabilities: Derivative liabilities (a) $ — $ 1.6 $ — $ 1.6 Deferred compensation liabilities (b) — 17.7 — 17.7 Total liabilities $ — $ 19.3 $ — $ 19.3 As of May 26, 2019 Level 1 Level 2 Level 3 Total Assets: Deferred compensation assets $ 0.5 $ — $ — $ 0.5 Derivative assets (a) — 0.4 — 0.4 Total assets $ 0.5 $ 0.4 $ — $ 0.9 Liabilities: Derivative liabilities (a) $ — $ 3.8 $ — $ 3.8 Deferred compensation liabilities (b) — 15.1 — 15.1 Total liabilities $ — $ 18.9 $ — $ 18.9 (a) The fair values of our Level 2 derivative assets and liabilities were determined using valuation models that use market observable inputs including interest rate curves and both forward and spot prices for commodities. Derivative assets and liabilities included in Level 2 primarily represent commodity swap and option contracts. (b) The fair values of our Level 2 deferred compensation liabilities were valued using third-party valuations, which are based on the net asset values of mutual funds in our retirement plans. While the underlying assets are actively traded on an exchange, the funds are not. Non-financial assets such as intangible assets, property, plant and equipment are recorded at fair value only if an impairment is recognized. Cost and equity investments are measured at fair value on a non-recurring basis. At August 25, 2019, we had $1,666.0 million of fixed-rate and $590.6 million of variable-rate debt outstanding. Based on current market rates, the fair value of our fixed-rate debt at August 25, 2019, was estimated to be $1,745.0 million. Any differences between the book value and fair value are due to the difference between the period-end market interest rate and the stated rate of our fixed-rate debt. The fair value of our variable-rate term debt approximates the carrying amount as our cost of borrowing is variable and approximates current market prices.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
STOCKHOLDERS' EQUITY	Aug. 25, 2019
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	14. STOCKHOLDERS’ EQUITY Share Repurchase Program On December 20, 2018, our Board of Directors authorized a program, with no expiration date, to repurchase shares of our common stock in an amount not to exceed $250.0 million in the aggregate, on an opportunistic basis. During the thirteen weeks ended August 25, 2019, we repurchased 72,502 shares for $4.8 million, or a weighted-average price of $66.67 per share. Dividends During the thirteen weeks ended August 25, 2019, we paid $29.2 million of dividends to common stockholders. On August 30, 2019, we paid $29.2 million of dividends to stockholders of record as of the close of business on August 2, 2019. On September 26, 2019, our Board of Directors declared a dividend of $0.20 per share of common stock. The dividend will be paid on November 29, 2019 to stockholders of record as of the close of business on November 1, 2019. Accumulated Other Comprehensive Income (Loss) (“AOCI”) Changes in AOCI, net of taxes, by component follows (dollars in millions). Amounts in parenthesis indicate losses. Foreign Accumulated Currency Pension and Other Translation Post-Retirement Comprehensive Gains (Losses) Benefits Loss Balance as of May 26, 2019 $ (20.3) $ (5.0) $ (25.3) Other comprehensive income before reclassifications, net of tax (9.1) — (9.1) Amounts reclassified out of AOCI, net of tax — 0.2 0.2 Net current-period other comprehensive income (loss) (9.1) 0.2 (8.9) Balance as of August 25, 2019 $ (29.4) $ (4.8) $ (34.2) The net amount of actuarial losses on pension and post-retirement benefits included in AOCI to be amortized over the next 12 months is a net loss of $0.7 million ($0.5 million after-tax).

SEGMENTS

SEGMENTS	3 Months Ended
SEGMENTS	Aug. 25, 2019
SEGMENTS
SEGMENTS	15. SEGMENTS We have four operating segments, each of which is a reportable segment: Global, Foodservice, Retail, and Other. Our chief operating decision maker receives periodic management reports under this structure that generally focus on the nature and scope of our customers’ businesses, which enables operating decisions, performance assessment, and resource allocation decisions at the segment level. The reportable segments are each managed by a general manager and supported by a cross functional team assigned to support the segment. Thirteen Weeks Ended August 25, August 26, (in millions) 2019 2018 Net sales Global $ 517.6 $ 466.8 Foodservice 305.4 297.8 Retail 129.3 116.2 Other 36.7 34.1 Total net sales 989.0 914.9 Product contribution margin (a) Global 102.7 94.5 Foodservice 102.5 102.0 Retail 28.9 22.7 Other (b) 9.7 5.0 Total product contribution margin 243.8 224.2 Other selling, general and administrative expenses (a) 73.8 71.6 Income from operations 170.0 152.6 Interest expense, net 28.2 26.8 Income tax expense 36.7 34.3 Equity method investment earnings 10.6 19.9 Net income 115.7 111.4 Less: Income attributable to noncontrolling interests (c) — 3.6 Net income attributable to Lamb Weston Holdings, Inc. $ 115.7 $ 107.8 (a) Product contribution margin is defined as net sales, less cost of sales and advertising and promotion expenses. Other selling, general and administrative expenses include all selling, general and administrative expenses other than advertising and promotion expenses. (b) The Other segment primarily includes our vegetable and dairy businesses and unrealized mark-to-market adjustments associated with commodity hedging contracts. (c) On November 2, 2018, we entered into an agreement to acquire the remaining 50.01% interest in Lamb Weston BSW. Our Consolidated Statement of Earnings includes 100% of Lamb Weston BSW’s earnings beginning November 2, 2018. Lamb Weston’s largest customer, McDonald’s Corporation, accounted for approximately 10% of consolidated “Net sales” for both the thirteen weeks ended August 25, 2019 and August 26, 2018. No customer accounted for more than 10% of our consolidated accounts receivable as of August 25, 2019 or May 26, 2019.

COMMITMENTS, CONTINGENCIES, GUA

COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS	3 Months Ended
	Aug. 25, 2019
COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS
COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS	16. COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS We have financial commitments and obligations that arise in the ordinary course of our business. These include long-term debt, lease obligations, purchase commitments for goods and services, and legal proceedings. There have been no material changes to the guarantees and indemnifications disclosed in Note 16, Commitments, Contingencies, Guarantees, and Legal Proceedings, of the Notes to Combined and Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of the Form 10-K. We are a party to legal actions arising in the ordinary course of our business. These legal actions include commercial liability claims, premises liability claims, and employment-related claims, among others. As of the date of this filing, we do not believe that any of the legal actions against us would, either individually or in the aggregate, have a material adverse effect on our financial condition, results of operations, or cash flows. Costs of legal services associated with the foregoing matters are recognized in earnings as services are provided.

NATURE OF OPERATIONS AND SUMM_2

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Aug. 25, 2019
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The unaudited quarterly Consolidated Financial Statements present the financial results of Lamb Weston for the thirteen weeks ended August 25, 2019 and August 26, 2018, and have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America. The financial statements are unaudited but include all adjustments (consisting only of normal recurring adjustments) that management considers necessary for a fair presentation of such financial statements. The preparation of financial statements involves the use of estimates and accruals. Actual results may vary from those estimates. Results for interim periods should not be considered indicative of results for our full fiscal year, which ends the last Sunday in May. These quarterly financial statements and condensed notes should be read together with the combined and consolidated financial statements and notes in our Annual Report on Form 10-K for the fiscal year ended May 26, 2019 (the “Form 10-K”), which we filed with the Securities and Exchange Commission on July 25, 2019. Certain amounts in the prior period consolidated financial statements have been reclassified to conform with the current period presentation.
Revenue from Contracts with Customers	Revenue from Contracts with Customers Generally, we recognize revenue on a point in time basis when the customer takes title to the goods and assumes the risks, rewards, or control of the goods. For customized products, we recognize revenue as the products are produced and we have a purchase order providing a legally enforceable right to payment for the goods.
New and Recently Issued Accounting Standards	New and Recently Issued Accounting Standards Accounting Standards Adopted Effective May 27, 2019, we adopted Accounting Standards Update (“ASU”) 2016-02, Leases We adopted the guidance by recognizing and measuring leases at the adoption date with a cumulative effect of initially applying the guidance recognized at the date of initial application and as a result did not recast prior periods presented in the Consolidated Financial Statements. We elected to adopt certain of the optional practical expedients, including electing to not reassess lease classification, initial direct costs of existing leases, or whether existing contracts contain a lease. In addition, we elected to account for each contract’s lease and non-lease components as a single lease component. The adoption of the new standard resulted in the recognition of operating lease assets of $154.1 million and operating lease liabilities of $155.5 million. Included in the measurement of the new operating lease assets is the reclassification of certain balances, including those historically recorded as deferred rent. The adoption also resulted in a cumulative effect transitional adjustment of $26.6 million ($20.5 million, net of tax) to increase retained earnings, as a result of the elimination of a deferred gain related to a sale leaseback and the elimination of $38.7 million of property, plant and equipment and $65.3 million of lease financing obligations also related to a sale leaseback. The adoption did not have a material impact on our results of operations or cash flows. See Note 6, Leases, for more information. Accounting Standards Not Yet Adopted In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans There were no other accounting standards recently issued that had or are expected to have a material impact on our financial statements.
Leases	We lease various real estate, including certain operating facilities, warehouses, office space, and land. We also lease material handling equipment, vehicles, and certain other equipment. Our leases have remaining lease terms of one to 21 years. Leases having a lease term of twelve months or less are not recorded on the balance sheet and the related lease expense is recognized as costs are incurred.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Aug. 25, 2019
EARNINGS PER SHARE
Schedule of computation of basic and diluted earnings per common	Thirteen Weeks Ended August 25, August 26, 2019 2018 Numerator: Net income attributable to Lamb Weston Holdings, Inc. $ 115.7 $ 107.8 Less: Increase in redemption value of noncontrolling interests in excess of earnings allocated, net of tax benefits (a) — 0.9 Net income available to Lamb Weston common stockholders $ 115.7 $ 106.9 Denominator: Basic weighted average common shares outstanding 146.2 146.5 Add: Dilutive effect of employee incentive plans (b) 0.8 0.7 Diluted weighted average common shares outstanding 147.0 147.2 Earnings per share (a) Basic $ 0.79 $ 0.73 Diluted $ 0.79 $ 0.73 (a) On November 2, 2018, we entered into an agreement to acquire the remaining 50.01% interest in Lamb Weston BSW, LLC (“Lamb Weston BSW”). Our Consolidated Statement of Earnings includes 100% of Lamb Weston BSW’s earnings beginning November 2, 2018. (b) Potentially dilutive shares of common stock from employee incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options and the assumed vesting of outstanding restricted stock units and performance awards. As of August 25, 2019 , an insignificant number of stock-based awards were excluded from the computation of diluted earnings per share because they would be antidilutive. As of August 26, 2018 , we did not have any stock-based awards that were antidilutive.

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
INVENTORIES (Tables)	Aug. 25, 2019
INVENTORIES
Schedule of components of inventories	August 25, May 26, 2019 2019 Raw materials and packaging $ 59.6 $ 93.1 Finished goods 372.7 371.4 Supplies and other 34.2 33.8 Inventories $ 466.5 $ 498.3

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
PROPERTY, PLANT AND EQUIPMENT (Tables)	Aug. 25, 2019
PROPERTY, PLANT AND EQUIPMENT
Schedule of components of property, plant and equipment	August 25, May 26, 2019 2019 Land and land improvements (a) $ 106.8 $ 142.2 Buildings, machinery, and equipment 2,563.1 2,542.3 Furniture, fixtures, office equipment, and other 106.6 105.2 Construction in progress 89.7 84.8 Property, plant and equipment, at cost 2,866.2 2,874.5 Less accumulated depreciation (1,311.1) (1,276.7) Property, plant and equipment, net $ 1,555.1 $ 1,597.8 (a) On May 27, 2019, we adopted ASC 842 and we eliminated $38.7 million of land, related to a sale leaseback, as part of the cumulative effect transition adjustment. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, for more information.

LEASES (Tables)

LEASES (Tables)	3 Months Ended
LEASES (Tables)	Aug. 25, 2019
LEASES
Schedule of leases	Thirteen Weeks Ended As of August 25, 2019 Thirteen Weeks Ended
Schedule of maturities of lease liabilities for operating leases - ASC 842	Operating Finance Leases Leases Total 2020 (remainder of year) $ 24.8 $ 2.5 $ 27.3 2021 23.4 2.9 26.3 2022 25.1 2.5 27.6 2023 17.8 1.6 19.4 2024 17.6 1.0 18.6 2025 15.9 0.9 16.8 Thereafter 73.6 5.6 79.2 Total lease payments 198.2 17.0 215.2 Less: Interest (a) (34.8) (3.0) (37.8) Present value of lease liabilities $ 163.4 $ 14.0 $ 177.4 Weighted-average remaining lease term (years): 8.5 8.7 Weighted-average discount rate: 3.9% 3.9% (a) Since the implicit rate is not readily determinable for most of our leases, we use an incremental borrowing rate to determine the initial present value of lease payments. We use a collateralized rate and apply the rate based on the currency of the lease, which is updated quarterly for the measurement of new lease liabilities.
Schedule of maturities of lease liabilities for finance leases - ASC 842	Operating Finance Leases Leases Total 2020 (remainder of year) $ 24.8 $ 2.5 $ 27.3 2021 23.4 2.9 26.3 2022 25.1 2.5 27.6 2023 17.8 1.6 19.4 2024 17.6 1.0 18.6 2025 15.9 0.9 16.8 Thereafter 73.6 5.6 79.2 Total lease payments 198.2 17.0 215.2 Less: Interest (a) (34.8) (3.0) (37.8) Present value of lease liabilities $ 163.4 $ 14.0 $ 177.4 Weighted-average remaining lease term (years): 8.5 8.7 Weighted-average discount rate: 3.9% 3.9% (a) Since the implicit rate is not readily determinable for most of our leases, we use an incremental borrowing rate to determine the initial present value of lease payments. We use a collateralized rate and apply the rate based on the currency of the lease, which is updated quarterly for the measurement of new lease liabilities.
Schedule of maturities of lease liabilities for operating leases - ASC 840	Operating Capital Leases Leases (a) Total 2020 $ 18.6 $ 7.5 $ 26.1 2021 16.5 7.2 23.7 2022 15.7 7.2 22.9 2023 10.5 6.4 16.9 2024 8.6 5.9 14.5 Thereafter 26.6 73.5 100.1 Total lease payments $ 96.5 $ 107.7 $ 204.2 Discount to present value (28.8) (28.8) Total lease liability $ 78.9 $ 175.4 Current portion of financing obligations (4.3) (4.3) Long-term financing obligations, excluding current portion $ 74.6 $ 171.1 (a) Includes unamortized portion of a deferred gain related to a sale leaseback that was eliminated from the Consolidated Balance Sheet as part of the cumulative effect transition adjustment at adoption of ASC 842. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, for more information.
Schedule of maturities of lease liabilities for finance leases - ASC 840	Operating Capital Leases Leases (a) Total 2020 $ 18.6 $ 7.5 $ 26.1 2021 16.5 7.2 23.7 2022 15.7 7.2 22.9 2023 10.5 6.4 16.9 2024 8.6 5.9 14.5 Thereafter 26.6 73.5 100.1 Total lease payments $ 96.5 $ 107.7 $ 204.2 Discount to present value (28.8) (28.8) Total lease liability $ 78.9 $ 175.4 Current portion of financing obligations (4.3) (4.3) Long-term financing obligations, excluding current portion $ 74.6 $ 171.1 (a) Includes unamortized portion of a deferred gain related to a sale leaseback that was eliminated from the Consolidated Balance Sheet as part of the cumulative effect transition adjustment at adoption of ASC 842. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, for more information.

GOODWILL AND OTHER IDENTIFIAB_2

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS (Tables)	3 Months Ended
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS (Tables)	Aug. 25, 2019
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
Schedule of changes in the carrying amount of goodwill	Global Foodservice Retail Other Total Balance at May 26, 2019 $ 147.7 $ 42.8 $ 10.9 $ 4.5 $ 205.9 Acquisition (a) 106.3 — — — 106.3 Foreign currency translation adjustment (5.8) — — — (5.8) Balance at August 25, 2019 $ 248.2 $ 42.8 $ 10.9 $ 4.5 $ 306.4 (a) In July 2019, we acquired a frozen potato processor in Australia and recorded $106.3 million of goodwill in our Global Segment. See Note 7, Acquisitions, for more information.
Schedule of other identifiable intangible assets, non-amortizing intangible assets	August 25, 2019 May 26, 2019 Weighted Weighted Average Gross Average Gross Useful Life Carrying Accumulated Useful Life Carrying Accumulated (in years) Amount Amortization (in years) Amount Amortization Non-amortizing intangible assets (a) n/a $ 18.0 $ — n/a $ 18.0 $ — Amortizing intangible assets (b) 12 42.5 20.1 14 39.1 19.5 $ 60.5 $ 20.1 $ 57.1 $ 19.5 (a) Non-amortizing intangible assets are comprised of brands and trademarks. (b) Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. During the thirteen weeks ended August 25, 2019 and August 26, 2018, amortization expense was $0.5 million and $0.6 million, respectively. Foreign intangible assets are affected by foreign currency translation.
Schedule of other identifiable intangible assets, amortizing intangible assets	August 25, 2019 May 26, 2019 Weighted Weighted Average Gross Average Gross Useful Life Carrying Accumulated Useful Life Carrying Accumulated (in years) Amount Amortization (in years) Amount Amortization Non-amortizing intangible assets (a) n/a $ 18.0 $ — n/a $ 18.0 $ — Amortizing intangible assets (b) 12 42.5 20.1 14 39.1 19.5 $ 60.5 $ 20.1 $ 57.1 $ 19.5 (a) Non-amortizing intangible assets are comprised of brands and trademarks. (b) Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. During the thirteen weeks ended August 25, 2019 and August 26, 2018, amortization expense was $0.5 million and $0.6 million, respectively. Foreign intangible assets are affected by foreign currency translation.

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	3 Months Ended
ACCRUED LIABILITIES (Tables)	Aug. 25, 2019
ACCRUED LIABILITIES
Schedule of components of accrued liabilities	August 25, May 26, 2019 2019 Accrued trade promotions $ 50.0 $ 48.6 Compensation and benefits 47.0 92.4 Dividends payable 29.2 29.2 Accrued interest 28.2 7.6 Current portion of operating lease liabilities (a) 24.3 — Franchise, property, and sales and use taxes 11.0 8.6 Income taxes payable 8.1 0.5 Other 20.9 30.3 Accrued liabilities $ 218.7 $ 217.2 (a) On May 27, 2019, we adopted ASC 842, using the modified retrospective transition method. As a result, we did not recast prior period financial statements. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, for more information.

DEBT AND FINANCING OBLIGATIONS

DEBT AND FINANCING OBLIGATIONS (Tables)	3 Months Ended
DEBT AND FINANCING OBLIGATIONS (Tables)	Aug. 25, 2019
DEBT AND FINANCING OBLIGATIONS
Schedule of debt, including financing obligations	August 25, May 26, 2019 2019 Short-term borrowings: Revolving credit facility $ — $ 7.2 Other credit facilities — 1.2 — 8.4 Long-term debt: Term loan facility, due 2021 290.6 599.1 Term loan facility, due 2024 300.0 — 4.625% senior notes, due 2024 833.0 833.0 4.875% senior notes, due 2026 833.0 833.0 2,256.6 2,265.1 Financing obligations: 4.35% lease financing obligation due May 2030 (a) — 65.3 Lease financing obligations due on various dates through 2040 (b) 14.0 13.6 14.0 78.9 Total debt and financing obligations 2,270.6 2,352.4 Debt issuance costs (24.0) (25.8) Short-term borrowings — (8.4) Current portion of long-term debt and financing obligations (36.5) (38.0) Long-term debt, excluding current portion $ 2,210.1 $ 2,280.2 (a) On May 27, 2019, we adopted ASC 842 and we eliminated this financing obligation, related to a sale leaseback, as part of the cumulative effect transition adjustment. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, for more information. (b) The interest rates on our lease financing obligations range from 2.95% to 3.93% as of August 25, 2019, and 2.72% to 4.33% as of May 26, 2019.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
STOCK-BASED COMPENSATION (Tables)	Aug. 25, 2019
STOCK-BASED COMPENSATION
Schedule of compensation expenses for stock-based awards recognized, net of forfeitures	Thirteen Weeks Ended August 25, August 26, 2019 2018 Stock-settled RSUs $ 2.8 $ 2.1 Performance Shares 2.5 2.0 Stock options 0.1 0.1 Stock-settled compensation expense 5.4 4.2 Cash-settled RSUs (a) 1.0 2.1 Total compensation expense 6.4 6.3 Income tax benefit (b) (1.5) (1.5) Total compensation expense, net of tax benefit $ 4.9 $ 4.8 (a) All cash-settled RSUs are marked-to-market and presented within “Accrued liabilities” and “Other noncurrent liabilities” in our Consolidated Balance Sheets. (b) Income tax benefit represents the marginal tax rate.
Schedule of total unrecognized compensation expense, net of estimated forfeitures, related to stock-based payments	Remaining Weighted Unrecognized Average Compensation Recognition Expense Period (in years) Stock-settled RSUs $ 25.5 2.3 Performance Shares 17.2 2.0 Total unrecognized compensation expense $ 42.7 2.2

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Aug. 25, 2019
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities measured at fair value on recurring basis	As of August 25, 2019 Level 1 Level 2 Level 3 Total Assets: Deferred compensation assets $ 0.5 $ — $ — $ 0.5 Derivative assets (a) — 0.3 — 0.3 Total assets $ 0.5 $ 0.3 $ — $ 0.8 Liabilities: Derivative liabilities (a) $ — $ 1.6 $ — $ 1.6 Deferred compensation liabilities (b) — 17.7 — 17.7 Total liabilities $ — $ 19.3 $ — $ 19.3 As of May 26, 2019 Level 1 Level 2 Level 3 Total Assets: Deferred compensation assets $ 0.5 $ — $ — $ 0.5 Derivative assets (a) — 0.4 — 0.4 Total assets $ 0.5 $ 0.4 $ — $ 0.9 Liabilities: Derivative liabilities (a) $ — $ 3.8 $ — $ 3.8 Deferred compensation liabilities (b) — 15.1 — 15.1 Total liabilities $ — $ 18.9 $ — $ 18.9 (a) The fair values of our Level 2 derivative assets and liabilities were determined using valuation models that use market observable inputs including interest rate curves and both forward and spot prices for commodities. Derivative assets and liabilities included in Level 2 primarily represent commodity swap and option contracts. (b) The fair values of our Level 2 deferred compensation liabilities were valued using third-party valuations, which are based on the net asset values of mutual funds in our retirement plans. While the underlying assets are actively traded on an exchange, the funds are not.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
STOCKHOLDERS' EQUITY (Tables)	Aug. 25, 2019
STOCKHOLDERS' EQUITY
Changes in AOCI, net of tax	Foreign Accumulated Currency Pension and Other Translation Post-Retirement Comprehensive Gains (Losses) Benefits Loss Balance as of May 26, 2019 $ (20.3) $ (5.0) $ (25.3) Other comprehensive income before reclassifications, net of tax (9.1) — (9.1) Amounts reclassified out of AOCI, net of tax — 0.2 0.2 Net current-period other comprehensive income (loss) (9.1) 0.2 (8.9) Balance as of August 25, 2019 $ (29.4) $ (4.8) $ (34.2)

SEGMENTS (Tables)

SEGMENTS (Tables)	3 Months Ended
SEGMENTS (Tables)	Aug. 25, 2019
SEGMENTS
Schedule of segment information	Thirteen Weeks Ended August 25, August 26, (in millions) 2019 2018 Net sales Global $ 517.6 $ 466.8 Foodservice 305.4 297.8 Retail 129.3 116.2 Other 36.7 34.1 Total net sales 989.0 914.9 Product contribution margin (a) Global 102.7 94.5 Foodservice 102.5 102.0 Retail 28.9 22.7 Other (b) 9.7 5.0 Total product contribution margin 243.8 224.2 Other selling, general and administrative expenses (a) 73.8 71.6 Income from operations 170.0 152.6 Interest expense, net 28.2 26.8 Income tax expense 36.7 34.3 Equity method investment earnings 10.6 19.9 Net income 115.7 111.4 Less: Income attributable to noncontrolling interests (c) — 3.6 Net income attributable to Lamb Weston Holdings, Inc. $ 115.7 $ 107.8 (a) Product contribution margin is defined as net sales, less cost of sales and advertising and promotion expenses. Other selling, general and administrative expenses include all selling, general and administrative expenses other than advertising and promotion expenses. (b) The Other segment primarily includes our vegetable and dairy businesses and unrealized mark-to-market adjustments associated with commodity hedging contracts. (c) On November 2, 2018, we entered into an agreement to acquire the remaining 50.01% interest in Lamb Weston BSW. Our Consolidated Statement of Earnings includes 100% of Lamb Weston BSW’s earnings beginning November 2, 2018.

NATURE OF OPERATIONS AND SUMM_3

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reportable Segments (Details) - segment	3 Months Ended
	Aug. 25, 2019	Aug. 26, 2018
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of reportable segments	4	4

NATURE OF OPERATIONS AND SUMM_4

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ASU 2016-02 - Practical Expedients (Details)	3 Months Ended
	Aug. 25, 2019
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Lease, Practical Expedients, Package	true
Lease, Practical Expedient, Lessor Single Lease Component	true

NATURE OF OPERATIONS AND SUMM_5

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ASU 2016-02 - Impact of Adoption (Details) - USD ($) $ in Millions	May 27, 2019	Aug. 25, 2019	Aug. 26, 2018	May 26, 2019
New and Recently Issued Accounting Standards
Operating lease assets	$ 154.1	$ 160.3
Operating lease liability	155.5	163.4
Cumulative adjustment to increase retained earnings, net of tax		20.5	$ 13.7
Property, plant and equipment, net		1,555.1		$ 1,597.8
Long-term debt and financing obligations, excluding current portion		$ 2,210.1		$ 2,280.2
Accounting Standards Update 2016-02
New and Recently Issued Accounting Standards
Cumulative adjustment to increase retained earnings, before tax	26.6
Cumulative adjustment to increase retained earnings, net of tax	20.5
Accounting Standards Update 2016-02 \| Restatement Adjustment
New and Recently Issued Accounting Standards
Property, plant and equipment, net	(38.7)
Long-term debt and financing obligations, excluding current portion	$ (65.3)

NATURE OF OPERATIONS AND SUMM_6

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - New and Recently Issued Accounting Standards (Details)	3 Months Ended
	Aug. 25, 2019
Accounting Standards Update 2016-02
New and Recently Issued Accounting Standards
Change in Accounting Principle, Accounting Standards Update, Adopted	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	May 27, 2019
Change in Accounting Principle, Accounting Standards Update, Early Adoption	false
Change in Accounting Principle, Accounting Standards Update, Transition Option Elected	Modified Retrospective
New Accounting Pronouncement or Change in Accounting Principle, Prior Period Not Restated	true
Accounting Standards Update 2018-14
New and Recently Issued Accounting Standards
Change in Accounting Principle, Accounting Standards Update, Adopted	false
Change in Accounting Principle, Accounting Standards Update, Early Adoption	false

EARNINGS PER SHARE - Computatio

EARNINGS PER SHARE - Computation of Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Aug. 25, 2019	Aug. 26, 2018
Numerator:
Net income attributable to Lamb Weston Holdings, Inc.	$ 115.7	$ 107.8
Less: Increase in redemption value of noncontrolling interests in excess of earnings allocated, net of tax benefits		0.9
Net income available to Lamb Weston common stockholders	$ 115.7	$ 106.9
Denominator:
Basic weighted average common shares outstanding	146.2	146.5
Add: Dilutive effect of employee incentive plans	0.8	0.7
Diluted weighted average common shares outstanding	147	147.2
Earnings per share
Basic (in dollars per share)	$ 0.79	$ 0.73
Diluted (in dollars per share)	$ 0.79	$ 0.73

EARNINGS PER SHARE - Variable I

EARNINGS PER SHARE - Variable Interest Entity - Consolidated - Acquisition - Ownership Interest (Details) - Lamb Weston BSW, LLC	Nov. 02, 2018	Nov. 01, 2018
Ownership interest acquired
Ownership interest acquired (as a percent)	50.01%	50.01%
Ownership interest after completion of the acquisition
Ownership interest after completion of the acquisition (as a percent)	100.00%

EARNINGS PER SHARE - Antidiluti

EARNINGS PER SHARE - Antidilutive Securities (Details) - shares	3 Months Ended
	Aug. 25, 2019	Aug. 26, 2018
Stock options
EARNINGS PER SHARE
Antidilutive securities (in shares)	0	0
Stock-settled restricted stock units
EARNINGS PER SHARE
Antidilutive securities (in shares)	0	0
Cash-settled RSUs
EARNINGS PER SHARE
Antidilutive securities (in shares)	0	0
Performance shares
EARNINGS PER SHARE
Antidilutive securities (in shares)	0	0

INCOME TAXES - General Informat

INCOME TAXES - General Information (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2019	Aug. 26, 2018
INCOME TAXES
Income tax expense	$ 36.7	$ 34.3
Effective income tax rate (as a percent)	24.10%	23.50%
Federal statutory tax rate (as a percent)	21.00%	21.00%

INCOME TAXES - Income Taxes Pai

INCOME TAXES - Income Taxes Paid (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2019	Aug. 26, 2018
INCOME TAXES
Income taxes paid, net of refunds	$ 1.5	$ 10.5

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Aug. 25, 2019	May 26, 2019
Components of inventories
Raw materials and packaging	$ 59.6	$ 93.1
Finished goods	372.7	371.4
Supplies and other	34.2	33.8
Inventories	$ 466.5	$ 498.3

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Components (Details) - USD ($) $ in Millions	Aug. 25, 2019	May 26, 2019
Property, Plant and Equipment
Property, plant and equipment, at cost	$ 2,866.2	$ 2,874.5
Less accumulated depreciation	(1,311.1)	(1,276.7)
Property, plant and equipment, net	1,555.1	1,597.8
Land and land improvements
Property, Plant and Equipment
Property, plant and equipment, at cost	106.8	142.2
Buildings, machinery, and equipment
Property, Plant and Equipment
Property, plant and equipment, at cost	2,563.1	2,542.3
Furniture, fixtures, office equipment, and other
Property, Plant and Equipment
Property, plant and equipment, at cost	106.6	105.2
Construction in progress
Property, Plant and Equipment
Property, plant and equipment, at cost	$ 89.7	$ 84.8

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Sale Leaseback (Details) - USD ($) $ in Millions	Aug. 25, 2019	May 27, 2019	May 26, 2019
New and Recently Issued Accounting Standards
Property, plant and equipment, net	$ 1,555.1		$ 1,597.8
Accounting Standards Update 2016-02 \| Restatement Adjustment
New and Recently Issued Accounting Standards
Property, plant and equipment, net		$ (38.7)

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT - Depreciation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2019	Aug. 26, 2018
Property, Plant and Equipment
Depreciation expense	$ 42.6	$ 36.8

PROPERTY, PLANT AND EQUIPMENT_4

PROPERTY, PLANT AND EQUIPMENT - Purchases in Accounts Payable (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Aug. 25, 2019	May 26, 2019
Property, Plant and Equipment
Purchases of property, plant and equipment included in accounts payable	$ 12.9	$ 27.1

PROPERTY, PLANT AND EQUIPMENT_5

PROPERTY, PLANT AND EQUIPMENT - Interest Capitalized (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2019	Aug. 26, 2018
Construction in progress
Property, Plant and Equipment
Interest capitalized	$ 0.5	$ 1.4

LEASES - Lease Term (Details)

LEASES - Lease Term (Details)	3 Months Ended
LEASES - Lease Term (Details)	Aug. 25, 2019
LEASES
Lease terms, low end of range	1 year
Lease terms, high end of range	21 years

LEASES - Options to Extend and

LEASES - Options to Extend and Terminate (Details)	3 Months Ended
LEASES - Options to Extend and Terminate (Details)	Aug. 25, 2019
LEASES
Lessee, Operating Lease, Option to Extend	true
Lessee, Operating Lease, Option to Terminate	true

LEASES - Lease Expense - Total

LEASES - Lease Expense - Total (Details) $ in Millions	3 Months Ended
LEASES - Lease Expense - Total (Details) $ in Millions	Aug. 25, 2019USD ($)
Lease expense
Operating lease cost	$ 4.8
Short-term, variable, and other lease costs, net	2
Amortization of right-of-use assets	0.7
Interest on lease liabilities	0.2
Total lease costs	$ 7.7

LEASES - Lease Expense - Operat

LEASES - Lease Expense - Operating Leases and Finance Leases (Details) $ in Millions	3 Months Ended
	Aug. 25, 2019USD ($)
Lease expense
Total lease costs, operating leases	$ 6.8
Total lease costs, finance leases	0.9
Total lease costs	$ 7.7

LEASES - Assets and Liabilities

LEASES - Assets and Liabilities - Tabular Disclosure (Details) - USD ($) $ in Millions	Aug. 25, 2019	May 27, 2019
Assets and liabilities
Operating leases	$ 160.3	$ 154.1
Finance leases	$ 12.3
Finance leases, consolidated balance sheet	us-gaap:PropertyPlantAndEquipmentNet
Total right-of-use assets	$ 172.6
Operating leases, current	$ 24.3
Operating leases, current, consolidated balance sheet	us-gaap:AccruedLiabilitiesCurrent
Operating leases, noncurrent	$ 139.1
Operating leases, noncurrent, consolidated balance sheet	us-gaap:OtherLiabilitiesNoncurrent
Total operating leases	$ 163.4	$ 155.5
Finance leases, current	$ 2.8
Finance leases, current, consolidated balance sheet	us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent
Finance leases, noncurrent	$ 11.2
Finance leases, noncurrent, consolidated balance sheet	us-gaap:LongTermDebtAndCapitalLeaseObligations
Total finance leases	$ 14
Total lease liability	$ 177.4

LEASES - Assets and Liabiliti_2

LEASES - Assets and Liabilities - Additional Information (Details) $ in Millions	Aug. 25, 2019USD ($)
LEASES
Finance lease, right-of-use asset, accumulated amortization	$ 10.7

LEASES - ASC 842 - Operating Le

LEASES - ASC 842 - Operating Leases - Maturities of Lease Liabilities (Details) $ in Millions	Aug. 25, 2019USD ($)
Operating Leases
2020 (remainder of year)	$ 24.8
2021	23.4
2022	25.1
2023	17.8
2024	17.6
2025	15.9
Thereafter	73.6
Total lease payments	$ 198.2

LEASES - ASC 842 - Operating _2

LEASES - ASC 842 - Operating Leases - Discount to Present Value (Details) - USD ($) $ in Millions	Aug. 25, 2019	May 27, 2019
Operating leases
Total lease payments	$ 198.2
Discount to present value	(34.8)
Operating leases	$ 163.4	$ 155.5

LEASES - ASC 842 - Finance Leas

LEASES - ASC 842 - Finance Leases - Maturities of Lease Liabilities (Details) $ in Millions	Aug. 25, 2019USD ($)
Finance leases
2020 (remainder of year)	$ 2.5
2021	2.9
2022	2.5
2023	1.6
2024	1
2025	0.9
Thereafter	5.6
Total lease payments	$ 17

LEASES - ASC 842 - Finance Le_2

LEASES - ASC 842 - Finance Leases - Discount to Present Value (Details) $ in Millions	Aug. 25, 2019USD ($)
Finance leases
Total lease payments	$ 17
Discount to present value	(3)
Finance leases	$ 14

LEASES - ASC 842 - Total Leases

LEASES - ASC 842 - Total Leases - Maturities of Lease Liabilities (Details) $ in Millions	Aug. 25, 2019USD ($)
LEASES
2020 (remainder of year)	$ 27.3
2021	26.3
2022	27.6
2023	19.4
2024	18.6
2025	16.8
Thereafter	79.2
Total lease payments	$ 215.2

LEASES - ASC 842 - Total Leas_2

LEASES - ASC 842 - Total Leases - Discount to Present Value (Details) $ in Millions	Aug. 25, 2019USD ($)
LEASES
Total lease payments	$ 215.2
Discount to present value	(37.8)
Total lease liability	$ 177.4

LEASES - Weighted-average Remai

LEASES - Weighted-average Remaining Lease Term and Discount Rate (Details)	Aug. 25, 2019
LEASES
Weighted-average remaining lease term (years), operating leases	8 years 6 months
Weighted-average discount rate, operating leases (as a percent)	3.90%
Weighted-average remaining lease term (years), finance leases	8 years 8 months 12 days
Weighted-average discount rate, finance leases (as a percent)	3.90%

LEASES - ASC 840 - Operating Le

LEASES - ASC 840 - Operating Leases - Maturities of Lease Liabilities (Details) $ in Millions	May 26, 2019USD ($)
Operating leases
2020	$ 18.6
2021	16.5
2022	15.7
2023	10.5
2024	8.6
Thereafter	26.6
Total lease payments	$ 96.5

LEASES - ASC 840 - Financing Ob

LEASES - ASC 840 - Financing Obligations - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Aug. 25, 2019	May 26, 2019
Financing Obligations
2020		$ 7.5
2021		7.2
2022		7.2
2023		6.4
2024		5.9
Thereafter		73.5
Total lease payments		107.7
Discount to present value		(28.8)
Total lease liability	$ 14	$ 78.9

LEASES - ASC 840 - Financing _2

LEASES - ASC 840 - Financing Obligations - Current and Noncurrent (Details) - USD ($) $ in Millions	Aug. 25, 2019	May 26, 2019
Financing Obligations
Total lease liability	$ 14	$ 78.9
Current portion of financing obligations		(4.3)
Long-term financing obligations, excluding current portion		$ 74.6

LEASES - ASC 840 - Total Leases

LEASES - ASC 840 - Total Leases - Maturities of Lease Liabilities (Details) $ in Millions	May 26, 2019USD ($)
LEASES
2020	$ 26.1
2021	23.7
2022	22.9
2023	16.9
2024	14.5
Thereafter	100.1
Total lease payments	204.2
Discount to present value	(28.8)
Total lease liability	$ 175.4

LEASES - ASC 840 - Total Leas_2

LEASES - ASC 840 - Total Leases - Current and Noncurrent (Details) $ in Millions	May 26, 2019USD ($)
LEASES
Total lease liability	$ 175.4
Current portion of financing obligations	(4.3)
Long-term financing obligations, excluding current portion	$ 171.1

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) $ in Millions	3 Months Ended
	Aug. 25, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Cash used for operating activities	$ 3.1
Cash paid for amounts included in the measurement of lease liabilities:
Cash used for financing activities	0.4
Noncash investing and financing activities:
Asset obtained in exchange for new operating lease obligations	11
Assets obtained in exchange for new finance lease obligations	$ 0.8

ACQUISITIONS (Details)

ACQUISITIONS (Details) lb in Millions, $ in Millions	Jul. 02, 2019USD ($)lb	Dec. 21, 2018USD ($)lb	Aug. 25, 2019USD ($)	May 26, 2019USD ($)
Purchase price allocation
Goodwill			$ 306.4	$ 205.9
Frozen Potato Processor in Australia, Acquired 2 July 2019
Ownership interest acquired
Ownership interest acquired (as a percent)	100.00%
Consideration transferred
Consideration transferred	$ 116.9
Increase in production capacity \| lb	70
Purchase price allocation
Goodwill	$ 106.3
Goodwill deductible for tax purposes	0
Intangible assets	$ 3.7
Weighted average life	10 years
Frozen Potato Processor in Australia, Acquired 21 December 2018
Ownership interest acquired
Ownership interest acquired (as a percent)		100.00%
Consideration transferred
Consideration transferred		$ 88.6
Increase in production capacity \| lb		50

GOODWILL AND OTHER IDENTIFIAB_3

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Carrying Amount of Goodwill (Details) $ in Millions	3 Months Ended
	Aug. 25, 2019USD ($)
Goodwill
Balance at the beginning period	$ 205.9
Acquisition	106.3
Foreign currency translation adjustment	(5.8)
Balance at the end of the period	306.4
Global
Goodwill
Balance at the beginning period	147.7
Acquisition	106.3
Foreign currency translation adjustment	(5.8)
Balance at the end of the period	248.2
Foodservice
Goodwill
Balance at the beginning period	42.8
Balance at the end of the period	42.8
Retail
Goodwill
Balance at the beginning period	10.9
Balance at the end of the period	10.9
Other
Goodwill
Balance at the beginning period	4.5
Balance at the end of the period	$ 4.5

GOODWILL AND OTHER IDENTIFIAB_4

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Goodwill Acquired (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jul. 31, 2019	Aug. 25, 2019
Goodwill
Acquisition		$ 106.3
Global
Goodwill
Acquisition		$ 106.3
Frozen Potato Processor in Australia, Acquired 21 December 2018 \| Global
Goodwill
Acquisition	$ 106.3

GOODWILL AND OTHER IDENTIFIAB_5

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Weighted Average Useful Life (Details)	3 Months Ended	12 Months Ended
	Aug. 25, 2019	May 26, 2019
Weighted Average
Amortizing Intangible Assets
Weighted Average Useful Life, amortizing intangible assets (in years)	12 years	14 years

GOODWILL AND OTHER IDENTIFIAB_6

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Other Identifiable Intangible Assets (Details) - USD ($) $ in Millions	Aug. 25, 2019	May 26, 2019
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
Gross Carrying Amount, non-amortizing intangible assets	$ 18	$ 18
Gross Carrying Amount, amortizing intangible assets	42.5	39.1
Total intangible assets, excluding goodwill	60.5	57.1
Accumulated Amortization, amortizing intangible assets	$ 20.1	$ 19.5

GOODWILL AND OTHER IDENTIFIAB_7

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2019	Aug. 26, 2018
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
Amortization expense	$ 0.5	$ 0.6

INVESTMENTS IN JOINT VENTURES -

INVESTMENTS IN JOINT VENTURES - Variable Interest Entity - Consolidated - Acquisition - Ownership Interest (Details) - Lamb Weston BSW, LLC	Nov. 02, 2018	Nov. 01, 2018
Ownership interest acquired
Ownership interest acquired (as a percent)	50.01%	50.01%
Ownership interest after completion of the acquisition
Ownership interest after completion of the acquisition (as a percent)	100.00%

INVESTMENTS IN JOINT VENTURES_2

INVESTMENTS IN JOINT VENTURES - Variable Interest Entity - Consolidated - Transactions (Details) - Co-venturer $ in Millions	3 Months Ended
	Aug. 26, 2018USD ($)
Related Party Transactions
Purchases	$ 17.5
Costs	$ 1.2

INVESTMENTS IN JOINT VENTURES_3

INVESTMENTS IN JOINT VENTURES - Other Investments and Variable Interest Entity - Not Consolidated (Details) - Variable Interest Entity, Not Primary Beneficiary	3 Months Ended
	Aug. 25, 2019
Lamb-Weston Meijer v.o.f.
Variable Interest Entity - Not Consolidated
Ownership interest (as a percent)	50.00%
Lamb-Weston RDO Frozen
Variable Interest Entity - Not Consolidated
Ownership interest (as a percent)	50.00%

INVESTMENTS IN JOINT VENTURES_4

INVESTMENTS IN JOINT VENTURES - Transactions with Ventures - Carrying Value (Details) - USD ($) $ in Millions	Aug. 25, 2019	May 26, 2019
INVESTMENTS IN JOINT VENTURES
Carrying value of equity method investments	$ 225.5	$ 224.6

INVESTMENTS IN JOINT VENTURES_5

INVESTMENTS IN JOINT VENTURES - Transactions with Ventures - Sales and Payments (Details) - Corporate Joint Venture - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2019	Aug. 26, 2018
Related Party Transactions
Net sales	$ 7.3	$ 6.5
Payments	$ 3.2	$ 2.7

INVESTMENTS IN JOINT VENTURES_6

INVESTMENTS IN JOINT VENTURES - Transactions with Ventures - Dividends Received (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2019	Aug. 26, 2018
INVESTMENTS IN JOINT VENTURES
Dividends received from equity method investments	$ 10.2	$ 16.6

ACCRUED LIABILITIES (Details)

ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	Aug. 25, 2019	May 26, 2019
ACCRUED LIABILITIES
Accrued trade promotions	$ 50	$ 48.6
Compensation and benefits	47	92.4
Dividends payable	29.2	29.2
Accrued interest	28.2	7.6
Current portion of operating lease liabilities	24.3
Franchise, property, and sales and use taxes	11	8.6
Income taxes payable	8.1	0.5
Other	20.9	30.3
Accrued liabilities	$ 218.7	$ 217.2

DEBT AND FINANCING OBLIGATION_2

DEBT AND FINANCING OBLIGATIONS - Tabular Disclosure - Components (Details) - USD ($) $ in Millions	Aug. 25, 2019	Jun. 28, 2019	May 26, 2019
Debt and Financing Obligations
Short-term borrowings			$ 8.4
Long-term debt	$ 2,256.6		2,265.1
Financing obligations:	14		78.9
Total debt and financing obligations	2,270.6		2,352.4
4.625% Senior Notes, due 2024 \| Senior Notes
Debt and Financing Obligations
Long-term debt	$ 833		$ 833
Interest rate (as a percent)	4.625%		4.625%
4.875% Senior Notes, due 2026 \| Senior Notes
Debt and Financing Obligations
Long-term debt	$ 833		$ 833
Interest rate (as a percent)	4.875%		4.875%
Revolving Credit Facility, November 2016 \| Secured Debt \| Revolving Credit Facility
Debt and Financing Obligations
Short-term borrowings	$ 0		$ 7.2
Term Loan Facility, due 2021 \| Secured Debt
Debt and Financing Obligations
Long-term debt	290.6		599.1
Term Loan Facility, due 2021 \| Secured Debt
Debt and Financing Obligations
Long-term debt		$ 599.1
Term Loan Facility, due 2024 \| Secured Debt
Debt and Financing Obligations
Long-term debt	$ 300	$ 300
Other credit facilities \| Line of Credit
Debt and Financing Obligations
Short-term borrowings			1.2
4.35% lease financing obligation due May 2030
Debt and Financing Obligations
Financing obligations:			$ 65.3
Interest rate (as a percent)	4.35%		4.35%
Lease financing obligations due on various dates through 2040
Debt and Financing Obligations
Financing obligations:	$ 14		$ 13.6
Lease financing obligations due on various dates through 2040 \| Minimum
Debt and Financing Obligations
Interest rate (as a percent)	2.95%		2.72%
Lease financing obligations due on various dates through 2040 \| Maximum
Debt and Financing Obligations
Interest rate (as a percent)	3.93%		4.33%

DEBT AND FINANCING OBLIGATION_3

DEBT AND FINANCING OBLIGATIONS - Tabular Disclosure - Current and Noncurrent (Details) - USD ($) $ in Millions	Aug. 25, 2019	May 26, 2019
Debt and Financing Obligations
Total debt and financing obligations	$ 2,270.6	$ 2,352.4
Debt issuance costs	(24)	(25.8)
Short-term borrowings		(8.4)
Current portion of long-term debt and financing obligations	(36.5)	(38)
Long-term debt, excluding current portion	$ 2,210.1	$ 2,280.2

DEBT AND FINANCING OBLIGATION_4

DEBT AND FINANCING OBLIGATIONS - Credit Agreement (Details) - USD ($) $ in Millions	Jun. 28, 2019	Aug. 25, 2019	May 26, 2019
Debt and Financing Obligations
Total face value of debt		$ 2,256.6	$ 2,265.1
Short-term borrowings			8.4
4.625% Senior Notes, due 2024 \| Senior Notes
Debt and Financing Obligations
Total face value of debt		$ 833	$ 833
Interest rate (as a percent)		4.625%	4.625%
4.875% Senior Notes, due 2026 \| Senior Notes
Debt and Financing Obligations
Total face value of debt		$ 833	$ 833
Interest rate (as a percent)		4.875%	4.875%
Revolving Credit Facility, November 2016 \| Secured Debt \| Revolving Credit Facility
Debt and Financing Obligations
Short-term borrowings		$ 0	$ 7.2
Available amount		496.6
Letter of credit outstanding		3.4
Minimum borrowings during the period		0
Maximum borrowings during the period		$ 97.9
Average interest rate (as a percent)		3.80%
Term Loan Facility, due 2021 \| Secured Debt
Debt and Financing Obligations
Total face value of debt		$ 290.6	$ 599.1
Term Loan Facility, due 2021 \| Secured Debt
Debt and Financing Obligations
Face amount	$ 300
Total face value of debt	599.1
Term Loan Facility, due 2024 \| Secured Debt
Debt and Financing Obligations
Total face value of debt	300	300
New Term Loan Facility \| Secured Debt
Debt and Financing Obligations
Increased amount in borrowing capacity	100
Capitalized for debt issuance costs	$ 1
Interest expense, net		$ 1.7
New Term Loan Facility \| Secured Debt \| Minimum \| LIBOR
Debt and Financing Obligations
Variable interest rate spread (as a percent)	1.625%
New Term Loan Facility \| Secured Debt \| Minimum \| Base Rate
Debt and Financing Obligations
Variable interest rate spread (as a percent)	0.625%
New Term Loan Facility \| Secured Debt \| Maximum \| LIBOR
Debt and Financing Obligations
Variable interest rate spread (as a percent)	2.375%
New Term Loan Facility \| Secured Debt \| Maximum \| Base Rate
Debt and Financing Obligations
Variable interest rate spread (as a percent)	1.375%

DEBT AND FINANCING OBLIGATION_5

DEBT AND FINANCING OBLIGATIONS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2019	Aug. 26, 2018
Debt and Financing Obligations
Interest paid	$ 5.7	$ 7.3

STOCK-BASED COMPENSATION - Gene

STOCK-BASED COMPENSATION - General Information (Details) shares in Millions	3 Months Ended
	Aug. 25, 2019$ / sharesshares
Stock-based Compensation
Granted (in dollars per share) \| $ / shares	$ 67.49
Available for future grant (in shares)	7.6
Restricted Stock Units (RSUs)
Stock-based Compensation
Granted (in shares)	0.2
Performance shares
Stock-based Compensation
Granted (in shares)	0.1

STOCK-BASED COMPENSATION - Comp

STOCK-BASED COMPENSATION - Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2019	Aug. 26, 2018
Compensation expense
Stock-settled compensation expense	$ 5.4	$ 4.2
Cash-settled RSUs	1	2.1
Total compensation expense	6.4	6.3
Income tax benefit	(1.5)	(1.5)
Total compensation expense, net of tax benefit	4.9	4.8
Stock-settled restricted stock units
Compensation expense
Stock-settled compensation expense	2.8	2.1
Performance shares
Compensation expense
Stock-settled compensation expense	2.5	2
Stock options
Compensation expense
Stock-settled compensation expense	$ 0.1	$ 0.1

STOCK-BASED COMPENSATION - Unre

STOCK-BASED COMPENSATION - Unrecognized Compensation Expense, Net of Estimated Forfeitures (Details) $ in Millions	3 Months Ended
	Aug. 25, 2019USD ($)
Unrecognized compensation expense, net of estimated forfeitures
Unrecognized Compensation Expense	$ 42.7
Remaining Weighted Average Recognition Period (in years)	2 years 2 months 12 days
Stock-settled restricted stock units
Unrecognized compensation expense, net of estimated forfeitures
Unrecognized Compensation Expense	$ 25.5
Remaining Weighted Average Recognition Period (in years)	2 years 3 months 18 days
Performance shares
Unrecognized compensation expense, net of estimated forfeitures
Unrecognized Compensation Expense	$ 17.2
Remaining Weighted Average Recognition Period (in years)	2 years

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value Hierarchy (Details) - Recurring - USD ($) $ in Millions	Aug. 25, 2019	May 26, 2019
Assets:
Deferred compensation assets	$ 0.5	$ 0.5
Derivative assets	0.3	0.4
Total assets	0.8	0.9
Liabilities:
Derivative liabilities	1.6	3.8
Deferred compensation liabilities	17.7	15.1
Total liabilities	19.3	18.9
Level 1
Assets:
Deferred compensation assets	0.5	0.5
Total assets	0.5	0.5
Level 2
Assets:
Derivative assets	0.3	0.4
Total assets	0.3	0.4
Liabilities:
Derivative liabilities	1.6	3.8
Deferred compensation liabilities	17.7	15.1
Total liabilities	$ 19.3	$ 18.9

FAIR VALUE MEASUREMENTS - Debt

FAIR VALUE MEASUREMENTS - Debt Outstanding (Details) $ in Millions	Aug. 25, 2019USD ($)
Carrying Value \| Fixed rate debt
Fair Value Measurements
Debt	$ 1,666
Carrying Value \| Variable rate debt
Fair Value Measurements
Debt	590.6
Level 2 \| Fair Value \| Fixed rate debt
Fair Value Measurements
Debt	$ 1,745

STOCKHOLDERS' EQUITY - Share Re

STOCKHOLDERS' EQUITY - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Aug. 25, 2019	Dec. 20, 2018
Share Repurchase Program
Authorization to repurchase common stock not to exceed		$ 250
Number of shares repurchased	72,502
Treasury stock value	$ 4.8
Weighted Average
Share Repurchase Program
Share Price	$ 66.67

STOCKHOLDERS' EQUITY - Dividend

STOCKHOLDERS' EQUITY - Dividends Paid (Details) - USD ($) $ in Millions	Aug. 30, 2019	Aug. 25, 2019	Aug. 26, 2018
Dividends
Dividends paid	$ 29.2	$ 29.2	$ 28

STOCKHOLDERS' EQUITY - Divide_2

STOCKHOLDERS' EQUITY - Dividends Declared (Details) - $ / shares	3 Months Ended
	Nov. 24, 2019	Aug. 25, 2019	Aug. 26, 2018
Dividends
Dividends declared per common share (in dollars per share)	$ 0.20	$ 0.20000	$ 0.19125
Dividends declared per common share, declared date	Sep. 26, 2019
Dividends declared per common share, payable date	Nov. 29, 2019
Dividends declared per common share, record date	Nov. 1, 2019

STOCKHOLDERS' EQUITY - Changes

STOCKHOLDERS' EQUITY - Changes in AOCI (Details) $ in Millions	3 Months Ended
	Aug. 25, 2019USD ($)
Changes in AOCI:
Balance at the beginning of the period	$ (4.6)
Balance at the end of the period	92.3
Accumulated Other Comprehensive Loss
Changes in AOCI:
Balance at the beginning of the period	(25.3)
Other comprehensive income before reclassifications, net of tax	(9.1)
Amounts reclassified out of AOCI, net of tax	0.2
Net current-period other comprehensive income (loss)	(8.9)
Balance at the end of the period	(34.2)
Foreign Currency Translation Gains (Losses)
Changes in AOCI:
Balance at the beginning of the period	(20.3)
Other comprehensive income before reclassifications, net of tax	(9.1)
Net current-period other comprehensive income (loss)	(9.1)
Balance at the end of the period	(29.4)
Pension and Post-Retirement Benefits
Changes in AOCI:
Balance at the beginning of the period	(5)
Amounts reclassified out of AOCI, net of tax	0.2
Net current-period other comprehensive income (loss)	0.2
Balance at the end of the period	$ (4.8)

STOCKHOLDERS' EQUITY - Settleme

STOCKHOLDERS' EQUITY - Settlement Gains on Pension and Post-retirement Benefits Included in AOCI (Details) $ in Millions	Aug. 25, 2019USD ($)
STOCKHOLDERS' EQUITY
Net amount of settlement losses on pension and post-retirement benefits included in AOCI to be amortized over the next 12 months, before tax	$ (0.7)
Net amount of settlement losses on pension and post-retirement benefits included in AOCI to be amortized over the next 12 months, after tax	$ (0.5)

SEGMENTS - General Information

SEGMENTS - General Information (Details) - segment	3 Months Ended
SEGMENTS - General Information (Details) - segment	Aug. 25, 2019	Aug. 26, 2018
Segments
Number of operating segments	4	4
Number of reportable segments	4	4

SEGMENTS - General Financial In

SEGMENTS - General Financial Information (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2019	Aug. 26, 2018
Segment information
Net sales	$ 989	$ 914.9
Product contribution margin	243.8	224.2
Other selling, general and administrative expenses	73.8	71.6
Income from operations	170	152.6
Interest expense, net	28.2	26.8
Income tax expense	36.7	34.3
Equity method investment earnings	10.6	19.9
Net income	115.7	111.4
Less: Income attributable to noncontrolling interests		3.6
Net income attributable to Lamb Weston Holdings, Inc.	115.7	107.8
Global
Segment information
Net sales	517.6	466.8
Product contribution margin	102.7	94.5
Foodservice
Segment information
Net sales	305.4	297.8
Product contribution margin	102.5	102
Retail
Segment information
Net sales	129.3	116.2
Product contribution margin	28.9	22.7
Other
Segment information
Net sales	36.7	34.1
Product contribution margin	$ 9.7	$ 5

SEGMENTS - Variable Interest En

SEGMENTS - Variable Interest Entity - Consolidated - Acquisition - Ownership Interest (Details) - Lamb Weston BSW, LLC	Nov. 02, 2018	Nov. 01, 2018
Ownership interest acquired
Ownership interest acquired (as a percent)	50.01%	50.01%
Ownership interest after completion of the acquisition
Ownership interest after completion of the acquisition (as a percent)	100.00%

SEGMENTS - Concentrations - Net

SEGMENTS - Concentrations - Net Sales (Details)	3 Months Ended
SEGMENTS - Concentrations - Net Sales (Details)	Aug. 25, 2019	Aug. 26, 2018
Net sales \| Customer Concentration Risk \| McDonald's Corporation
Segments
Concentration risk (as a percent)	10.00%	10.00%