Lamb Weston (LW) 10-Q 7 Apr 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - $ / shares	9 Months Ended
	Feb. 28, 2021	Mar. 31, 2021
Cover [Abstract]
Entity Central Index Key	0001679273
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Feb. 28, 2021
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		146,282,439
Entity Listing, Par Value Per Share	$ 1
Current Fiscal Year End Date	--05-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 23, 2020	Feb. 28, 2021	Feb. 23, 2020
Consolidated Statements of Earnings
Net sales	$ 895.8	$ 937.3	$ 2,663.4	$ 2,945.5
Net sales, type	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Cost of sales	$ 699.1	$ 686.9	$ 2,029.4	$ 2,161.4
Cost of sales, type	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Gross profit	$ 196.7	$ 250.4	$ 634	$ 784.1
Selling, general and administrative expenses	96.1	87.9	258.1	258.1
Income from operations	100.6	162.5	375.9	526
Interest expense, net	29.3	25.2	89.6	78.8
Income before income taxes and equity method earnings	71.3	137.3	286.3	447.2
Income tax expense	16.3	35.7	76.2	115.1
Equity method investment earnings	11.1	9.8	42.2	35.4
Net income	$ 66.1	$ 111.4	$ 252.3	$ 367.5
Earnings per share
Basic (in dollars per share)	$ 0.45	$ 0.76	$ 1.72	$ 2.51
Diluted (in dollars per share)	$ 0.45	$ 0.76	$ 1.72	$ 2.50

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 23, 2020	Feb. 28, 2021	Feb. 23, 2020
Other comprehensive income (loss) - pre-tax amount:
Net income	$ 82.4	$ 147.1	$ 328.5	$ 482.6
Reclassification of post-retirement benefits out of accumulated other comprehensive income (loss)	0.1	0.2	0.2	0.6
Unrealized currency translation gains (losses)	16.9	(7.8)	66.9	(17.3)
Comprehensive income	99.4	139.5	395.6	465.9
Other comprehensive income (loss) - tax (expense) benefit:
Net income	(16.3)	(35.7)	(76.2)	(115.1)
Reclassification of post-retirement benefits out of accumulated other comprehensive income (loss)	(0.1)	(0.1)	(0.1)	(0.2)
Unrealized currency translation gains (losses)	(1.1)	0.6	(3.7)	1.6
Comprehensive income	(17.5)	(35.2)	(80)	(113.7)
Other comprehensive income (loss) - after tax amount:
Net income	66.1	111.4	252.3	367.5
Reclassification of post-retirement benefits out of accumulated other comprehensive income (loss)		0.1	0.1	0.4
Unrealized currency translation gains (losses)	15.8	(7.2)	63.2	(15.7)
Comprehensive income	$ 81.9	$ 104.3	$ 315.6	$ 352.2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Feb. 28, 2021	May 31, 2020
Current assets:
Cash and cash equivalents	$ 714.3	$ 1,364
Receivables, less allowance for doubtful accounts of $1.0 and $1.3	375.6	342.1
Inventories	571.5	486.7
Prepaid expenses and other current assets	98	109.8
Total current assets	1,759.4	2,302.6
Property, plant and equipment, net	1,498.2	1,535
Operating lease assets	148.6	167
Equity method investments	303.1	250.2
Goodwill	333.7	303.8
Intangible assets, net	37.5	38.3
Other assets	77.7	65.4
Total assets	4,158.2	4,662.3
Current liabilities:
Short-term borrowings		498.7
Current portion of long-term debt and financing obligations	32	48.8
Accounts payable	303.6	244.4
Accrued liabilities	254.6	233
Total current liabilities	590.2	1,024.9
Long-term liabilities:
Long-term debt and financing obligations, excluding current portion	2,712.3	2,992.6
Deferred income taxes	157.8	152.5
Other noncurrent liabilities	246.2	252.3
Total long-term liabilities	3,116.3	3,397.4
Commitments and contingencies
Stockholders' equity:
Common stock of $1.00 par value, 600,000,000 shares authorized; 147,564,905 and 146,993,751 shares issued	147.6	147
Additional distributed capital	(841.4)	(862.9)
Retained earnings	1,213.8	1,064.6
Accumulated other comprehensive income (loss)	22.8	(40.5)
Treasury stock, at cost, 1,282,466 and 954,858 common shares	(91.1)	(68.2)
Total stockholders' equity	451.7	240
Total liabilities and stockholders' equity	$ 4,158.2	$ 4,662.3

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Feb. 28, 2021	May 31, 2020
Receivables
Allowance for doubtful accounts	$ 1	$ 1.3
Common stock
Common stock, par value	$ 1	$ 1
Common stock, authorized shares	600,000,000	600,000,000
Common stock, issued shares	147,564,905	146,993,751
Treasury stock
Treasury stock, common shares	1,282,466	954,858

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Common Stock	Treasury Stock	Additional Paid-in (Distributed) Capital	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Accumulated Other Comprehensive Income (Loss).	Cumulative Effect, Period of Adoption, Adjustment	Total
Balance at the beginning of the period at May. 26, 2019	$ 146.7	$ (39.3)	$ (890.3)	$ 20.5	$ 803.6	$ (25.3)	$ 20.5	$ (4.6)
Balance at the beginning of the period (in shares) at May. 26, 2019	146,069,033
Increase (Decrease) in Stockholders' Equity
Dividends declared					(92)			(92)
Common stock issued	$ 0.3		4					4.3
Common stock issued (in shares)	338,432
Stock-settled, stock-based compensation expense			18.2					18.2
Repurchase of common stock and common stock withheld to cover taxes		(28.9)						(28.9)
Repurchase of common stock and common stock withheld to cover taxes (in shares)	(368,886)
Other			1.1		(0.4)			0.7
Comprehensive income					367.5	(15.3)		352.2
Balance at the end of the period at Feb. 23, 2020	$ 147	(68.2)	(867)		1,099.2	(40.6)		270.4
Balance at the end of the period (in shares) at Feb. 23, 2020	146,038,579
Balance at the beginning of the period at Nov. 24, 2019	$ 146.8	(57.1)	(877)		1,021.9	(33.5)		201.1
Balance at the beginning of the period (in shares) at Nov. 24, 2019	146,003,204
Increase (Decrease) in Stockholders' Equity
Dividends declared					(33.6)			(33.6)
Common stock issued	$ 0.2		3.9					4.1
Common stock issued (in shares)	156,235
Stock-settled, stock-based compensation expense			5.6					5.6
Repurchase of common stock and common stock withheld to cover taxes		(11.1)						(11.1)
Repurchase of common stock and common stock withheld to cover taxes (in shares)	(120,860)
Other			0.5		(0.5)
Comprehensive income					111.4	(7.1)		104.3
Balance at the end of the period at Feb. 23, 2020	$ 147	(68.2)	(867)		1,099.2	(40.6)		270.4
Balance at the end of the period (in shares) at Feb. 23, 2020	146,038,579
Balance at the beginning of the period at May. 31, 2020	$ 147	(68.2)	(862.9)		1,064.6	(40.5)		240
Balance at the beginning of the period (in shares) at May. 31, 2020	146,038,893
Increase (Decrease) in Stockholders' Equity
Dividends declared					(101.8)			(101.8)
Common stock issued	$ 0.6		2.2					2.8
Common stock issued (in shares)	571,154
Stock-settled, stock-based compensation expense			17.6					17.6
Repurchase of common stock and common stock withheld to cover taxes		(22.9)						(22.9)
Repurchase of common stock and common stock withheld to cover taxes (in shares)	(327,608)
Other			1.7		(1.3)			0.4
Comprehensive income					252.3	63.3		315.6
Balance at the end of the period at Feb. 28, 2021	$ 147.6	(91.1)	(841.4)		1,213.8	22.8		451.7
Balance at the end of the period (in shares) at Feb. 28, 2021	146,282,439
Balance at the beginning of the period at Nov. 29, 2020	$ 147.5	(78)	(850.4)		1,182.8	7		408.9
Balance at the beginning of the period (in shares) at Nov. 29, 2020	146,355,082
Increase (Decrease) in Stockholders' Equity
Dividends declared					(34.4)			(34.4)
Common stock issued	$ 0.1		1.6					1.7
Common stock issued (in shares)	98,459
Stock-settled, stock-based compensation expense			6.3					6.3
Repurchase of common stock and common stock withheld to cover taxes		(13.1)						(13.1)
Repurchase of common stock and common stock withheld to cover taxes (in shares)	(171,102)
Other			1.1		(0.7)			0.4
Comprehensive income					66.1	15.8		81.9
Balance at the end of the period at Feb. 28, 2021	$ 147.6	$ (91.1)	$ (841.4)		$ 1,213.8	$ 22.8		$ 451.7
Balance at the end of the period (in shares) at Feb. 28, 2021	146,282,439

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended			9 Months Ended
	May 30, 2021	Feb. 28, 2021	Feb. 23, 2020	Feb. 28, 2021	Feb. 23, 2020
Dividends
Dividends declared per common share (in dollars per share)	$ 0.235	$ 0.235	$ 0.230	$ 0.695	$ 0.630

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Feb. 28, 2021	Feb. 23, 2020
Cash flows from operating activities
Net income	$ 252.3	$ 367.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles and debt issuance costs	143.3	137.5
Stock-settled, stock-based compensation expense	17.6	18.2
Earnings of joint ventures in excess of distributions	(29.9)	(6.5)
Deferred income taxes	1	25.3
Other	9.4	1.2
Changes in operating assets and liabilities, net of acquisition:
Receivables	(30.4)	(24.3)
Inventories	(80.6)	(94.6)
Income taxes payable/receivable, net	28.2	8.1
Prepaid expenses and other current assets	(6.5)	1.8
Accounts payable	60.9	2.1
Accrued liabilities	9.5	(0.6)
Net cash provided by operating activities	374.8	435.7
Cash flows from investing activities
Additions to property, plant and equipment	(92.1)	(127.8)
Additions to other long-term assets	(14.6)	(24.2)
Acquisition of business, net of cash acquired		(116.7)
Investment in equity method joint venture		(22.6)
Other	0.5	1.5
Net cash used for investing activities	(106.2)	(289.8)
Cash flows from financing activities
Proceeds (payments) of short-term borrowings, net	(498.8)	12.7
Repayments of debt and financing obligations	(297.6)	(327.1)
Dividends paid	(100.9)	(87.7)
Repurchase of common stock and common stock withheld to cover taxes	(22.9)	(28.9)
Proceeds from issuance of debt		299.3
Other	0.3	4
Net cash used for financing activities	(919.9)	(127.7)
Effect of exchange rate changes on cash and cash equivalents	1.6	(0.3)
Net increase (decrease) in cash and cash equivalents	(649.7)	17.9
Cash and cash equivalents, beginning of the period	1,364	12.2
Cash and cash equivalents, end of period	$ 714.3	$ 30.1

NATURE OF OPERATIONS AND SUMMAR

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Feb. 28, 2021
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 our 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 13, Segments, for additional information on our reportable segments. ​ Basis of Presentation ​ The accompanying unaudited Consolidated Financial Statements present the financial results of Lamb Weston for the thirteen and thirty-nine weeks ended February 28, 2021 and February 23, 2020, and have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America. These financial statements include all adjustments that we consider necessary for a fair presentation of such financial statements and consist only of normal recurring adjustments. The preparation of financial statements involves the use of estimates and accruals. The inputs into our judgements and estimates consider the economic implications of the effects of the COVID-19 pandemic on our critical accounting estimates and significant accounting policies. The actual results that we experience may differ materially 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 financial statements and condensed notes should be read together with the consolidated financial statements and notes in our Annual Report on Form 10-K for the fiscal year ended May 31, 2020 (the “Form 10-K”), which we filed with the Securities and Exchange Commission on July 28, 2020. ​ New and Recently Issued Accounting Pronouncements ​ Recently Adopted Accounting Pronouncements ​ Receivables – Credit Losses ​ In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ​ Accounting Pronouncements Not Yet Adopted ​ Reference Rate Reform ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ​ There were no other accounting pronouncements recently issued that had or are expected to have a material impact on our financial statements.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Feb. 28, 2021
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 ​ Thirty-Nine Weeks Ended ​ February 28, February 23, February 28, February 23, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Numerator: ​ ​ ​ ​ Net income ​ $ 66.1 ​ $ 111.4 ​ $ 252.3 ​ $ 367.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ Basic weighted average common shares outstanding ​ 146.5 ​ 146.2 ​ 146.4 ​ 146.2 Add: Dilutive effect of employee incentive plans (a) ​ 0.7 ​ 1.0 ​ 0.7 ​ 0.9 Diluted weighted average common shares outstanding ​ 147.2 ​ 147.2 ​ 147.1 ​ 147.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.45 ​ $ 0.76 ​ $ 1.72 ​ $ 2.51 Diluted ​ $ 0.45 ​ $ 0.76 ​ $ 1.72 ​ $ 2.50 (a) 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 February 28, 2021, we did not have any stock-based awards that were antidilutive. As of February 23, 2020, an insignificant number of stock-based awards were excluded from the computation of diluted earnings per share because they would be antidilutive. ​ ​

INCOME TAXES

INCOME TAXES	9 Months Ended
	Feb. 28, 2021
INCOME TAXES
INCOME TAXES	3. INCOME TAXES ​ Income tax expense was $16.3 million and $35.7 million for the thirteen weeks ended February 28, 2021 and February 23, 2020, respectively; and $76.2 million and $115.1 million for the thirty-nine weeks ended February 28, 2021 and February 23, 2020, 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 19.8% and 24.3% for the thirteen weeks ended February 28, 2021 and February 23, 2020, respectively; and 23.2% and 23.8% for the thirty-nine weeks ended February 28, 2021 and February 23, 2020, respectively, in our Consolidated Statements of Earnings. The lower effective tax rate for the thirteen weeks ended February 28, 2021, as compared to the prior year period, is primarily due to discrete items originating during the quarter and a slightly lower annual effective tax rate. 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 $44.4 million and $81.2 million during the thirty-nine weeks ended February 28, 2021 and February 23, 2020, respectively . ​ Unrecognized Tax Benefits ​ There have been no material changes to the unrecognized tax benefits disclosed in Note 3, Income Taxes, of the Notes to 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	9 Months Ended
	Feb. 28, 2021
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ February 28, ​ May 31, ​ ​ 2021 2020 Raw materials and packaging ​ $ 144.0 $ 106.2 Finished goods ​ 385.7 339.2 Supplies and other ​ 41.8 41.3 Inventories ​ $ 571.5 $ 486.7 ​ ​

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	9 Months Ended
	Feb. 28, 2021
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ February 28, ​ May 31, ​ ​ 2021 2020 Land and land improvements ​ $ 108.0 ​ $ 107.2 Buildings, machinery, and equipment ​ 2,736.4 ​ 2,670.1 Furniture, fixtures, office equipment, and other ​ 97.4 ​ 107.1 Construction in progress ​ 90.5 ​ 58.3 Property, plant and equipment, at cost ​ 3,032.3 ​ 2,942.7 Less accumulated depreciation ​ (1,534.1) ​ (1,407.7) Property, plant and equipment, net ​ $ 1,498.2 ​ $ 1,535.0 ​ ​ Depreciation expense was $44.8 million and $44.2 million for the thirteen weeks ended February 28, 2021 and February 23, 2020, respectively; and $134.9 million and $130.7 million for the thirty-nine weeks ended February 28, 2021 and February 23, 2020, respectively. At February 28, 2021 and May 31, 2020, purchases of property, plant and equipment included in accounts payable were $11.3 ​ Interest capitalized within construction in progress for the thirteen weeks ended February 28, 2021 and February 23, 2020, was $0.5

INVESTMENTS IN JOINT VENTURES

INVESTMENTS IN JOINT VENTURES	9 Months Ended
	Feb. 28, 2021
INVESTMENTS IN JOINT VENTURES
INVESTMENTS IN JOINT VENTURES	6. INVESTMENTS IN JOINT VENTURES ​ 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 hold a 50% interest in Lamb-Weston/RDO Frozen (“Lamb Weston RDO”), a potato processing joint venture based in the United States. We also hold a 50% interest in Lamb Weston Alimentos Modernos S.A. (“LWAMSA”), a joint venture with Sociedad Commercial del Plata S.A., which is headquartered in Argentina. LWAMSA manufactures and sells frozen potato products principally in South America. These investments are accounted for using equity method accounting. ​ The carrying value of our equity method investments, which includes Lamb-Weston/Meijer, Lamb Weston RDO, and LWAMSA at February 28, 2021 and May 31, 2020, was $303.1 million and $250.2 million, respectively, and are included in “Equity method investments” on our Consolidated Balance Sheets. For the thirteen weeks ended February 28, 2021 and February 23, 2020, we had sales to our equity method investments of $5.5 million and $8.6 million, respectively, and payments to our equity method investments of $0.9 million and $1.9 million, respectively; and for the thirty-nine weeks ended February 28, 2021 and February 23, 2020, we had sales to our equity method investments of $12.4 million and $25.1 million and payments to our equity method investments of $4.2 million and $7.9 million, respectively. Total dividends from our equity method investments were $5.8 million and $10.9 million for the thirteen weeks ended February 28, 2021 and February 23, 2020, respectively; and $12.4 million and $28.9 million for the thirty-nine weeks ended February 28, 2021 and February 23, 2020, respectively. ​ We have an agreement to share the costs of our global enterprise resource planning (“ERP”) system and related software and services with Lamb-Weston/Meijer. Under the terms of the agreement, Lamb-Weston/Meijer will pay us for the majority of its portion of the ERP costs in five equal annual payments, plus interest, beginning in the period the system is deployed at Lamb-Weston/Meijer. As of February 28, 2021, Lamb-Weston/Meijer’s portion of the ERP costs totaled $15.8 million. We had $12.6 million and $12.0 million of receivables recorded on our Consolidated Balance Sheets as of February 28, 2021 and May 31, 2020, respectively. Of the $12.6 million and $12.0 million of receivables, $0.2 million and $1.8 million were recorded in “Receivables, net” and $12.4 million and $10.2 million were recorded in “Other assets,” respectively. We expect the total receivable from Lamb-Weston/Meijer to increase as development and implementation of the ERP system progresses. ​ In December 2020, Lamb-Weston/Meijer increased its interest in its Russian joint venture from 35.5% to 74.9%, and now consolidates that joint venture in its results.

GOODWILL AND OTHER IDENTIFIABLE

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS	9 Months Ended
	Feb. 28, 2021
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS	7. GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS ​ The following table presents changes in goodwill balances, by segment, during the thirty-nine weeks ended February 28, 2021 (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Foodservice Retail Other Total Balance at May 31, 2020 ​ $ 245.6 ​ $ 42.8 ​ $ 10.9 ​ $ 4.5 ​ $ 303.8 Foreign currency translation adjustment ​ ​ 29.9 ​ ​ — ​ ​ — ​ ​ — ​ 29.9 Balance at February 28, 2021 ​ $ 275.5 ​ $ 42.8 ​ $ 10.9 ​ $ 4.5 ​ $ 333.7 ​ ​ Other identifiable intangible assets were as follows (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 28, 2021 ​ May 31, 2020 ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Gross ​ ​ ​ ​ ​ ​ ​ Average ​ Gross ​ ​ ​ ​ ​ ​ ​ ​ Useful Life ​ Carrying ​ Accumulated ​ Intangible ​ Useful Life ​ Carrying ​ Accumulated ​ Intangible ​ ​ (in years) ​ Amount ​ Amortization ​ Assets, Net ​ (in years) ​ Amount ​ Amortization ​ Assets, Net Non-amortizing intangible assets (a) n/a $ 18.0 $ — $ 18.0 n/a $ 18.0 $ — $ 18.0 Amortizing intangible assets (b) 11 ​ 43.9 ​ (24.4) ​ 19.5 11 ​ 42.4 ​ (22.1) ​ 20.3 ​ ​ $ 61.9 $ (24.4) $ 37.5 ​ $ 60.4 $ (22.1) $ 38.3 (a) Non-amortizing intangible assets represent brands and trademarks. ​ (b) Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. In addition, developed technology is recorded as “Other assets” on our Consolidated Balance Sheet. Amortization expense was $1.5 million and $0.6 million for the thirteen weeks ended February 28, 2021 and February 23, 2020, respectively; and $3.6 million and $1.9 million for the thirty-nine weeks ended February 28, 2021 and February 23, 2020, respectively. Foreign intangible assets are affected by foreign currency translation. ​ ​ ​

ACCRUED LIABILITIES

ACCRUED LIABILITIES	9 Months Ended
	Feb. 28, 2021
ACCRUED LIABILITIES
ACCRUED LIABILITIES	8. ACCRUED LIABILITIES ​ The components of accrued liabilities were as follows (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ February 28, ​ May 31, ​ ​ 2021 2020 Compensation and benefits ​ $ 78.9 $ 74.5 Accrued trade promotions ​ ​ 37.8 ​ ​ 42.5 Dividends payable to shareholders ​ ​ 34.4 ​ ​ 33.6 Accrued interest ​ ​ 34.1 ​ ​ 8.7 Current portion of operating lease liabilities ​ ​ 28.7 ​ ​ 28.4 Franchise, property, and sales and use taxes ​ 11.4 9.4 Income taxes payable ​ ​ 10.4 ​ ​ 1.3 Other ​ 18.9 34.6 Accrued liabilities ​ $ 254.6 $ 233.0 ​ ​ ​

DEBT AND FINANCING OBLIGATIONS

DEBT AND FINANCING OBLIGATIONS	9 Months Ended
	Feb. 28, 2021
DEBT AND FINANCING OBLIGATIONS
DEBT AND FINANCING OBLIGATIONS	9. DEBT AND FINANCING OBLIGATIONS ​ At February 28, 2021 and May 31, 2020, our debt, including financing obligations, was as follows (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ February 28, May 31, ​ ​ 2021 ​ 2020 Short-term borrowings: ​ ​ ​ ​ ​ ​ Revolving credit facility ​ $ — ​ $ 495.0 Other credit facilities ​ ​ — ​ ​ 3.7 ​ ​ ​ — ​ ​ 498.7 Long-term debt: ​ ​ ​ ​ ​ ​ Term loan facility, due November 2021 ​ ​ — ​ 276.6 Term A-1 loan facility, due June 2024 ​ ​ 277.5 ​ ​ 288.7 Term A-2 loan facility, due April 2025 ​ ​ 316.9 ​ ​ 325.0 4.625% senior notes, due November 2024 ​ 833.0 833.0 4.875% senior notes, due November 2026 ​ ​ 833.0 ​ ​ 833.0 4.875% senior notes, due May 2028 ​ ​ 500.0 ​ ​ 500.0 ​ ​ ​ 2,760.4 ​ ​ 3,056.3 Financing obligations: ​ ​ ​ ​ ​ ​ Lease financing obligations due on various dates through 2040 (a) ​ 7.5 13.3 ​ ​ ​ 7.5 ​ ​ 13.3 ​ ​ ​ ​ ​ ​ ​ Total debt and financing obligations ​ 2,767.9 3,568.3 Debt issuance costs ​ ​ (23.6) ​ ​ (28.2) Short-term borrowings ​ ​ — ​ ​ (498.7) Current portion of long-term debt and financing obligations ​ (32.0) (48.8) Long-term debt and financing obligations, excluding current portion ​ $ 2,712.3 $ 2,992.6 (a) The interest rates on our lease financing obligations range from 2.49% to 4.10% as of February 28, 2021, and 2.31% to 4.10% as of May 31, 2020. ​ ​ Revolving Credit Facility ​ On September 17, 2020, we amended our credit agreement, dated as of November 9, 2016 (“Amended Revolving Credit Facility”). The Amended Revolving Credit Facility, among other things, increased the aggregate principal amount of available revolving credit facility borrowings to $750.0 million and extended the maturity date to September 17, 2023. In addition, we may add incremental term loan facilities, increase commitments and/or add new revolving commitments in an aggregate principal amount not to exceed the sum of (A) the greater of $600.0 million or 75% of our Consolidated EBITDA (as defined in the Amended Revolving Credit Facility) and (B) an amount based on our consolidated net leverage ratio. Borrowings under the Amended Revolving Credit Facility bear interest at LIBOR or the Base Rate (each as defined in the Amended Revolving Credit Facility) plus an applicable rate ranging from 1.25% to 2.25% for LIBOR-based loans and from 0.25% to 1.25% for Base Rate-based loans, depending upon our consolidated net leverage ratio. In addition to paying interest, we will pay an annual commitment fee for undrawn amounts at a rate of 0.20% to 0.40%, depending on our consolidated net leverage ratio. The Amended Revolving Credit Facility requires us to maintain a consolidated net leverage ratio no greater than 5.00 to 1.00, decreasing ratably to 4.50 to 1.00 on February 26, 2022 through maturity; and an interest coverage ratio no less than 2.75 to 1.00. ​ In connection with the Amended Revolving Credit Facility, we repaid the outstanding $271.9 million term loan facility due in November 2021 with cash on hand. ​ At February 28, 2021, we had no borrowings outstanding under the Amended Revolving Credit Facility and $744.6 million of availability under the facility, which is net of outstanding letters of credit of $5.4 million. For the thirty-nine weeks ended February 28, 2021, borrowings under the facility ranged from zero to $495.0 million and the weighted average interest rate for our outstanding borrowings under the facility was 1.68%. ​ Term A-1 and A-2 Loan Facilities ​ On September 23, 2020, in connection with the Amended Revolving Credit Facility, we amended the credit agreement, dated as of June 28, 2019, relating to our Term A-1 and A-2 Loan Facilities (“Term Loan Facilities”), to, among other things, modify the Term Loan Facilities to make conforming changes to the affirmative and negative covenants under the Term Loan Facilities. The financial covenants under the Term Loan Facilities remain unchanged, requiring us to maintain a consolidated net leverage ratio no greater than 4.50 to 1.00 1.00 ​ Other ​ For the thirty-nine weeks ended February 28, 2021 and February 23, 2020, we paid $65.2 million and $58.0 million of interest on debt, respectively.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Feb. 28, 2021
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	10. STOCK-BASED COMPENSATION ​ The Compensation Committee (“the Committee”) of our Board of Directors administers our stock compensation plan. The Committee, in its discretion, authorizes grants of restricted stock units (“RSUs”), performance awards payable upon the attainment of specified performance goals (“Performance Shares”), dividend equivalents, and other stock-based awards. During the thirty-nine weeks ended February 28, 2021, we granted 0.3 million and 0.1 million RSUs and Performance Shares, respectively, at an average grant date fair value of $62.46. As of February 28, 2021, 7.4 million shares were available for future grant under the plan. ​ ​ ​ Our stock-based compensation expense is recorded in “Selling, general and administrative expenses.” Compensation expense for stock-based awards recognized in the Consolidated Statements of Earnings, net of forfeitures, was as follows (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ ​ Thirty-Nine Weeks Ended ​ ​ February 28, ​ February 23, ​ ​ February 28, ​ February 23, ​ ​ 2021 ​ 2020 ​ ​ 2021 ​ 2020 Stock-settled RSUs ​ $ 3.7 ​ $ 3.2 ​ ​ $ 10.4 ​ $ 9.5 Performance Shares ​ ​ 2.6 ​ ​ 2.4 ​ ​ ​ 7.2 ​ ​ 8.6 Stock options ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ 0.1 Stock-settled compensation expense ​ ​ 6.3 ​ ​ 5.6 ​ ​ ​ 17.6 ​ ​ 18.2 Cash-settled RSUs (a) ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ 1.0 Total compensation expense ​ ​ 6.3 ​ ​ 5.6 ​ ​ ​ 17.6 ​ ​ 19.2 Income tax benefit (b) ​ ​ (1.1) ​ ​ (1.1) ​ ​ ​ (3.1) ​ ​ (3.7) Total compensation expense, net of tax benefit ​ $ 5.2 ​ $ 4.5 ​ ​ $ 14.5 ​ $ 15.5 (a) All cash-settled RSUs are marked-to-market and presented within “Accrued liabilities” on our Consolidated Balance Sheets. ​ (b) Income tax benefit represents the marginal tax rate, excluding non-deductible compensation. ​ Based on estimates at February 28, 2021, 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 ​ $ 21.5 ​ 1.8 Performance Shares ​ ​ 11.4 ​ 1.8 Total unrecognized stock-based expense ​ $ 32.9 ​ 1.8 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Feb. 28, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	11. 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 Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of the Form 10-K. ​ The fair values of cash equivalents, receivables, accounts payable and short-term debt approximate their carrying amounts due to their short duration. ​ 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 (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of February 28, 2021 ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Derivative assets (a) ​ $ — ​ $ 7.3 ​ $ — ​ $ 7.3 Total assets ​ $ — ​ $ 7.3 ​ $ — ​ $ 7.3 Liabilities: ​ ​ ​ ​ Deferred compensation liabilities (b) ​ $ — $ 22.7 $ — $ 22.7 Total liabilities ​ $ — ​ $ 22.7 ​ $ — ​ $ 22.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of May 31, 2020 ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Deferred compensation assets ​ $ 0.1 ​ $ — ​ $ — ​ $ 0.1 Total assets ​ $ 0.1 ​ $ — ​ $ — ​ $ 0.1 Liabilities: ​ ​ ​ ​ Derivative liabilities (a) ​ $ — ​ $ 4.7 ​ $ — ​ $ 4.7 Deferred compensation liabilities (b) ​ — 18.0 — 18.0 Total liabilities ​ $ — ​ $ 22.7 ​ $ — ​ $ 22.7 (a) Derivative assets and liabilities included in Level 2 primarily represent commodity swap and option contracts. The fair values of our Level 2 derivative assets and liabilities were determined using valuation models that use market observable inputs including both forward and spot prices for commodities. Derivative assets are presented within “Prepaid expenses and other current assets” and derivative liabilities are presented within “Accrued liabilities” on our Consolidated Balance Sheets. ​ (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 property, plant and equipment, and intangible assets 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 February 28, 2021, we had $2,166.0 million of fixed-rate and $594.4 million of variable-rate debt outstanding. Based on current market rates, the fair value of our fixed-rate debt at February 28, 2021, was estimated to be $2,278.4 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	9 Months Ended
	Feb. 28, 2021
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	12. STOCKHOLDERS’ EQUITY ​ Share Repurchase Program ​ In December 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. During the thirteen and thirty-nine weeks ended February 28, 2021, we repurchased 164,678 shares for $12.7 million, or a weighted-average price of $77.04 per share. As of February 28, 2021, $182.6 million remained authorized for repurchase under the program. ​ Dividends ​ During the thirty-nine weeks ended February 28, 2021, we paid $100.9 million of dividends to common stockholders. On March 5, 2021, we paid ​ Accumulated Other Comprehensive Income (Loss) (“AOCI”) ​ Changes in AOCI, net of taxes, as of February 28, 2021 were as follows (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ Accumulated ​ ​ Currency ​ Pension and ​ Other ​ ​ Translation ​ Post-Retirement ​ Comprehensive ​ Gains (Losses) Benefits Income (Loss) Balance as of May 31, 2020 ​ $ (36.3) $ (4.2) $ (40.5) Other comprehensive income before reclassifications, net of tax ​ ​ 63.2 ​ ​ — ​ ​ 63.2 Amounts reclassified out of AOCI, net of tax ​ ​ — ​ ​ 0.1 ​ ​ 0.1 Net current-period other comprehensive income (loss) ​ 63.2 0.1 ​ 63.3 Balance as of February 28, 2021 ​ $ 26.9 $ (4.1) $ 22.8 ​

SEGMENTS

SEGMENTS	9 Months Ended
	Feb. 28, 2021
SEGMENTS
SEGMENTS	13. 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 (dollars in millions). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Thirty-Nine Weeks Ended ​ February 28, February 23, February 28, February 23, ​ ​ 2021 (a) ​ 2020 ​ 2021 (a) ​ 2020 Net sales ​ ​ ​ ​ Global ​ $ 478.5 ​ $ 487.1 ​ $ 1,401.9 ​ $ 1,544.3 Foodservice ​ 219.5 ​ 283.0 ​ 697.3 ​ 893.3 Retail ​ 162.5 ​ 132.2 ​ 457.1 ​ 393.6 Other ​ ​ 35.3 ​ ​ 35.0 ​ ​ 107.1 ​ ​ 114.3 Total net sales ​ ​ 895.8 ​ ​ 937.3 ​ ​ 2,663.4 ​ ​ 2,945.5 Product contribution margin (b) ​ ​ ​ ​ ​ ​ ​ ​ Global ​ ​ 79.3 ​ ​ 109.3 ​ ​ 249.8 ​ ​ 341.0 Foodservice ​ ​ 70.2 ​ ​ 99.8 ​ ​ 243.7 ​ ​ 313.5 Retail ​ ​ 33.1 ​ ​ 28.8 ​ ​ 99.0 ​ ​ 86.2 Other (c) ​ ​ 8.7 ​ ​ 5.9 ​ ​ 32.4 ​ ​ 26.0 ​ ​ ​ 191.3 ​ ​ 243.8 ​ ​ 624.9 ​ ​ 766.7 Add: Advertising and promotion expenses (b) ​ ​ 5.4 ​ ​ 6.6 ​ ​ 9.1 ​ ​ 17.4 Gross profit ​ ​ 196.7 ​ ​ 250.4 ​ ​ 634.0 ​ ​ 784.1 Selling, general and administrative expenses ​ ​ 96.1 ​ ​ 87.9 ​ ​ 258.1 ​ ​ 258.1 Income from operations ​ ​ 100.6 ​ ​ 162.5 ​ ​ 375.9 ​ ​ 526.0 Interest expense, net ​ ​ 29.3 ​ ​ 25.2 ​ ​ 89.6 ​ ​ 78.8 Income tax expense ​ ​ 16.3 ​ ​ 35.7 ​ ​ 76.2 ​ ​ 115.1 Equity method investment earnings ​ ​ 11.1 ​ ​ 9.8 ​ ​ 42.2 ​ ​ 35.4 Net income ​ $ 66.1 ​ $ 111.4 ​ $ 252.3 ​ $ 367.5 (a) On March 11, 2020, the World Health Organization declared the spread of COVID-19 a global pandemic. In an attempt to minimize the transmission of COVID-19, significant social and economic restrictions, including restrictions on dine-in purchases and the imposition of stay-at-home orders, were imposed in the United States and in our international markets. These restrictions had a negative impact on our sales, costs, and earnings of our joint ventures, resulting in a negative impact on our net income. The increase in our costs, and the costs of our joint ventures, related to factory utilization and production inefficiencies, manufacturing and operational disruptions directly attributable to the pandemic, as well as incremental warehousing and transportation costs, and costs to enhance employee safety measures, including purchases of safety and health screening equipment, retaining sales employees, and expensing certain capitalized manufacturing facility expansion projects that were stopped. ​ (b) Product contribution margin represents net sales less cost of sales and advertising and promotion expenses. Product contribution margin includes advertising and promotion expenses because those expenses are directly associated with segment performance. ​ (c) The Other segment primarily includes our vegetable and dairy businesses and unrealized mark-to-market adjustments associated with commodity hedging contracts. ​ ​ Lamb Weston’s largest customer, McDonald’s Corporation, accounted for approximately 12%of consolidated “Net sales” for both the thirteen and thirty-nine weeks ended February 28, 2021; and 10% for both the thirteen and thirty-nine weeks ended February 23, 2020. No customer accounted for more than 10% of our consolidated accounts receivable as of February 28, 2021 or May 31, 2020.

COMMITMENTS, CONTINGENCIES, GUA

COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS	9 Months Ended
	Feb. 28, 2021
COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS
COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS	14. 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 15, Commitments, Contingencies, Guarantees, and Legal Proceedings, of the Notes to 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 claims, legal proceedings and litigation principally arise from alleged casualty, product liability, employment, and other disputes. In determining loss contingencies, we consider the likelihood of loss as well as the ability to reasonably estimate the amount of such loss or liability. An estimated loss is recognized when it is considered probable that a liability has been incurred and when the amount of loss can be reasonably estimated. While any claim, proceeding or litigation has an element of uncertainty, we believe the outcome of any of these that are pending or threatened will not have a material adverse effect on our financial condition, results of operations, or cash flows. ​

NATURE OF OPERATIONS AND SUMM_2

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Feb. 28, 2021
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation ​ The accompanying unaudited Consolidated Financial Statements present the financial results of Lamb Weston for the thirteen and thirty-nine weeks ended February 28, 2021 and February 23, 2020, and have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America. These financial statements include all adjustments that we consider necessary for a fair presentation of such financial statements and consist only of normal recurring adjustments. The preparation of financial statements involves the use of estimates and accruals. The inputs into our judgements and estimates consider the economic implications of the effects of the COVID-19 pandemic on our critical accounting estimates and significant accounting policies. The actual results that we experience may differ materially 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 financial statements and condensed notes should be read together with the consolidated financial statements and notes in our Annual Report on Form 10-K for the fiscal year ended May 31, 2020 (the “Form 10-K”), which we filed with the Securities and Exchange Commission on July 28, 2020.
New and Recently Issued Accounting Pronouncements	New and Recently Issued Accounting Pronouncements ​ Recently Adopted Accounting Pronouncements ​ Receivables – Credit Losses ​ In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ​ Accounting Pronouncements Not Yet Adopted ​ Reference Rate Reform ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ​ There were no other accounting pronouncements recently issued that had or are expected to have a material impact on our financial statements.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Feb. 28, 2021
EARNINGS PER SHARE
Schedule of computation of basic and diluted earnings per common	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Thirty-Nine Weeks Ended ​ February 28, February 23, February 28, February 23, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Numerator: ​ ​ ​ ​ Net income ​ $ 66.1 ​ $ 111.4 ​ $ 252.3 ​ $ 367.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ Basic weighted average common shares outstanding ​ 146.5 ​ 146.2 ​ 146.4 ​ 146.2 Add: Dilutive effect of employee incentive plans (a) ​ 0.7 ​ 1.0 ​ 0.7 ​ 0.9 Diluted weighted average common shares outstanding ​ 147.2 ​ 147.2 ​ 147.1 ​ 147.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.45 ​ $ 0.76 ​ $ 1.72 ​ $ 2.51 Diluted ​ $ 0.45 ​ $ 0.76 ​ $ 1.72 ​ $ 2.50 (a) 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 February 28, 2021, we did not have any stock-based awards that were antidilutive. As of February 23, 2020, an insignificant number of stock-based awards were excluded from the computation of diluted earnings per share because they would be antidilutive. ​

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Feb. 28, 2021
INVENTORIES
Schedule of components of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ February 28, ​ May 31, ​ ​ 2021 2020 Raw materials and packaging ​ $ 144.0 $ 106.2 Finished goods ​ 385.7 339.2 Supplies and other ​ 41.8 41.3 Inventories ​ $ 571.5 $ 486.7 ​

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	9 Months Ended
	Feb. 28, 2021
PROPERTY, PLANT AND EQUIPMENT
Schedule of components of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ February 28, ​ May 31, ​ ​ 2021 2020 Land and land improvements ​ $ 108.0 ​ $ 107.2 Buildings, machinery, and equipment ​ 2,736.4 ​ 2,670.1 Furniture, fixtures, office equipment, and other ​ 97.4 ​ 107.1 Construction in progress ​ 90.5 ​ 58.3 Property, plant and equipment, at cost ​ 3,032.3 ​ 2,942.7 Less accumulated depreciation ​ (1,534.1) ​ (1,407.7) Property, plant and equipment, net ​ $ 1,498.2 ​ $ 1,535.0 ​

GOODWILL AND OTHER IDENTIFIAB_2

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS (Tables)	9 Months Ended
	Feb. 28, 2021
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
Schedule of changes in the carrying amount of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Foodservice Retail Other Total Balance at May 31, 2020 ​ $ 245.6 ​ $ 42.8 ​ $ 10.9 ​ $ 4.5 ​ $ 303.8 Foreign currency translation adjustment ​ ​ 29.9 ​ ​ — ​ ​ — ​ ​ — ​ 29.9 Balance at February 28, 2021 ​ $ 275.5 ​ $ 42.8 ​ $ 10.9 ​ $ 4.5 ​ $ 333.7 ​
Schedule of other identifiable intangible assets, non-amortizing intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 28, 2021 ​ May 31, 2020 ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Gross ​ ​ ​ ​ ​ ​ ​ Average ​ Gross ​ ​ ​ ​ ​ ​ ​ ​ Useful Life ​ Carrying ​ Accumulated ​ Intangible ​ Useful Life ​ Carrying ​ Accumulated ​ Intangible ​ ​ (in years) ​ Amount ​ Amortization ​ Assets, Net ​ (in years) ​ Amount ​ Amortization ​ Assets, Net Non-amortizing intangible assets (a) n/a $ 18.0 $ — $ 18.0 n/a $ 18.0 $ — $ 18.0 Amortizing intangible assets (b) 11 ​ 43.9 ​ (24.4) ​ 19.5 11 ​ 42.4 ​ (22.1) ​ 20.3 ​ ​ $ 61.9 $ (24.4) $ 37.5 ​ $ 60.4 $ (22.1) $ 38.3 (a) Non-amortizing intangible assets represent brands and trademarks. ​ (b) Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. In addition, developed technology is recorded as “Other assets” on our Consolidated Balance Sheet. Amortization expense was $1.5 million and $0.6 million for the thirteen weeks ended February 28, 2021 and February 23, 2020, respectively; and $3.6 million and $1.9 million for the thirty-nine weeks ended February 28, 2021 and February 23, 2020, respectively. Foreign intangible assets are affected by foreign currency translation. ​
Schedule of other identifiable intangible assets, amortizing intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 28, 2021 ​ May 31, 2020 ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Gross ​ ​ ​ ​ ​ ​ ​ Average ​ Gross ​ ​ ​ ​ ​ ​ ​ ​ Useful Life ​ Carrying ​ Accumulated ​ Intangible ​ Useful Life ​ Carrying ​ Accumulated ​ Intangible ​ ​ (in years) ​ Amount ​ Amortization ​ Assets, Net ​ (in years) ​ Amount ​ Amortization ​ Assets, Net Non-amortizing intangible assets (a) n/a $ 18.0 $ — $ 18.0 n/a $ 18.0 $ — $ 18.0 Amortizing intangible assets (b) 11 ​ 43.9 ​ (24.4) ​ 19.5 11 ​ 42.4 ​ (22.1) ​ 20.3 ​ ​ $ 61.9 $ (24.4) $ 37.5 ​ $ 60.4 $ (22.1) $ 38.3 (a) Non-amortizing intangible assets represent brands and trademarks. ​ (b) Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. In addition, developed technology is recorded as “Other assets” on our Consolidated Balance Sheet. Amortization expense was $1.5 million and $0.6 million for the thirteen weeks ended February 28, 2021 and February 23, 2020, respectively; and $3.6 million and $1.9 million for the thirty-nine weeks ended February 28, 2021 and February 23, 2020, respectively. Foreign intangible assets are affected by foreign currency translation. ​

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	9 Months Ended
	Feb. 28, 2021
ACCRUED LIABILITIES
Schedule of components of accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ February 28, ​ May 31, ​ ​ 2021 2020 Compensation and benefits ​ $ 78.9 $ 74.5 Accrued trade promotions ​ ​ 37.8 ​ ​ 42.5 Dividends payable to shareholders ​ ​ 34.4 ​ ​ 33.6 Accrued interest ​ ​ 34.1 ​ ​ 8.7 Current portion of operating lease liabilities ​ ​ 28.7 ​ ​ 28.4 Franchise, property, and sales and use taxes ​ 11.4 9.4 Income taxes payable ​ ​ 10.4 ​ ​ 1.3 Other ​ 18.9 34.6 Accrued liabilities ​ $ 254.6 $ 233.0 ​

DEBT AND FINANCING OBLIGATIONS

DEBT AND FINANCING OBLIGATIONS (Tables)	9 Months Ended
	Feb. 28, 2021
DEBT AND FINANCING OBLIGATIONS
Schedule of debt, including financing obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ February 28, May 31, ​ ​ 2021 ​ 2020 Short-term borrowings: ​ ​ ​ ​ ​ ​ Revolving credit facility ​ $ — ​ $ 495.0 Other credit facilities ​ ​ — ​ ​ 3.7 ​ ​ ​ — ​ ​ 498.7 Long-term debt: ​ ​ ​ ​ ​ ​ Term loan facility, due November 2021 ​ ​ — ​ 276.6 Term A-1 loan facility, due June 2024 ​ ​ 277.5 ​ ​ 288.7 Term A-2 loan facility, due April 2025 ​ ​ 316.9 ​ ​ 325.0 4.625% senior notes, due November 2024 ​ 833.0 833.0 4.875% senior notes, due November 2026 ​ ​ 833.0 ​ ​ 833.0 4.875% senior notes, due May 2028 ​ ​ 500.0 ​ ​ 500.0 ​ ​ ​ 2,760.4 ​ ​ 3,056.3 Financing obligations: ​ ​ ​ ​ ​ ​ Lease financing obligations due on various dates through 2040 (a) ​ 7.5 13.3 ​ ​ ​ 7.5 ​ ​ 13.3 ​ ​ ​ ​ ​ ​ ​ Total debt and financing obligations ​ 2,767.9 3,568.3 Debt issuance costs ​ ​ (23.6) ​ ​ (28.2) Short-term borrowings ​ ​ — ​ ​ (498.7) Current portion of long-term debt and financing obligations ​ (32.0) (48.8) Long-term debt and financing obligations, excluding current portion ​ $ 2,712.3 $ 2,992.6 (a) The interest rates on our lease financing obligations range from 2.49% to 4.10% as of February 28, 2021, and 2.31% to 4.10% as of May 31, 2020. ​

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Feb. 28, 2021
STOCK-BASED COMPENSATION
Schedule of compensation expenses for stock-based awards recognized, net of forfeitures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ ​ Thirty-Nine Weeks Ended ​ ​ February 28, ​ February 23, ​ ​ February 28, ​ February 23, ​ ​ 2021 ​ 2020 ​ ​ 2021 ​ 2020 Stock-settled RSUs ​ $ 3.7 ​ $ 3.2 ​ ​ $ 10.4 ​ $ 9.5 Performance Shares ​ ​ 2.6 ​ ​ 2.4 ​ ​ ​ 7.2 ​ ​ 8.6 Stock options ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ 0.1 Stock-settled compensation expense ​ ​ 6.3 ​ ​ 5.6 ​ ​ ​ 17.6 ​ ​ 18.2 Cash-settled RSUs (a) ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ 1.0 Total compensation expense ​ ​ 6.3 ​ ​ 5.6 ​ ​ ​ 17.6 ​ ​ 19.2 Income tax benefit (b) ​ ​ (1.1) ​ ​ (1.1) ​ ​ ​ (3.1) ​ ​ (3.7) Total compensation expense, net of tax benefit ​ $ 5.2 ​ $ 4.5 ​ ​ $ 14.5 ​ $ 15.5 (a) All cash-settled RSUs are marked-to-market and presented within “Accrued liabilities” on our Consolidated Balance Sheets. ​ (b) Income tax benefit represents the marginal tax rate, excluding non-deductible compensation. ​
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 ​ $ 21.5 ​ 1.8 Performance Shares ​ ​ 11.4 ​ 1.8 Total unrecognized stock-based expense ​ $ 32.9 ​ 1.8

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Feb. 28, 2021
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities measured at fair value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of February 28, 2021 ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Derivative assets (a) ​ $ — ​ $ 7.3 ​ $ — ​ $ 7.3 Total assets ​ $ — ​ $ 7.3 ​ $ — ​ $ 7.3 Liabilities: ​ ​ ​ ​ Deferred compensation liabilities (b) ​ $ — $ 22.7 $ — $ 22.7 Total liabilities ​ $ — ​ $ 22.7 ​ $ — ​ $ 22.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of May 31, 2020 ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Deferred compensation assets ​ $ 0.1 ​ $ — ​ $ — ​ $ 0.1 Total assets ​ $ 0.1 ​ $ — ​ $ — ​ $ 0.1 Liabilities: ​ ​ ​ ​ Derivative liabilities (a) ​ $ — ​ $ 4.7 ​ $ — ​ $ 4.7 Deferred compensation liabilities (b) ​ — 18.0 — 18.0 Total liabilities ​ $ — ​ $ 22.7 ​ $ — ​ $ 22.7 (a) Derivative assets and liabilities included in Level 2 primarily represent commodity swap and option contracts. The fair values of our Level 2 derivative assets and liabilities were determined using valuation models that use market observable inputs including both forward and spot prices for commodities. Derivative assets are presented within “Prepaid expenses and other current assets” and derivative liabilities are presented within “Accrued liabilities” on our Consolidated Balance Sheets. ​ (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)	9 Months Ended
	Feb. 28, 2021
STOCKHOLDERS' EQUITY
Schedule of changes in AOCI, net of tax	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ Accumulated ​ ​ Currency ​ Pension and ​ Other ​ ​ Translation ​ Post-Retirement ​ Comprehensive ​ Gains (Losses) Benefits Income (Loss) Balance as of May 31, 2020 ​ $ (36.3) $ (4.2) $ (40.5) Other comprehensive income before reclassifications, net of tax ​ ​ 63.2 ​ ​ — ​ ​ 63.2 Amounts reclassified out of AOCI, net of tax ​ ​ — ​ ​ 0.1 ​ ​ 0.1 Net current-period other comprehensive income (loss) ​ 63.2 0.1 ​ 63.3 Balance as of February 28, 2021 ​ $ 26.9 $ (4.1) $ 22.8

SEGMENTS (Tables)

SEGMENTS (Tables)	9 Months Ended
	Feb. 28, 2021
SEGMENTS
Schedule of segment information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Thirty-Nine Weeks Ended ​ February 28, February 23, February 28, February 23, ​ ​ 2021 (a) ​ 2020 ​ 2021 (a) ​ 2020 Net sales ​ ​ ​ ​ Global ​ $ 478.5 ​ $ 487.1 ​ $ 1,401.9 ​ $ 1,544.3 Foodservice ​ 219.5 ​ 283.0 ​ 697.3 ​ 893.3 Retail ​ 162.5 ​ 132.2 ​ 457.1 ​ 393.6 Other ​ ​ 35.3 ​ ​ 35.0 ​ ​ 107.1 ​ ​ 114.3 Total net sales ​ ​ 895.8 ​ ​ 937.3 ​ ​ 2,663.4 ​ ​ 2,945.5 Product contribution margin (b) ​ ​ ​ ​ ​ ​ ​ ​ Global ​ ​ 79.3 ​ ​ 109.3 ​ ​ 249.8 ​ ​ 341.0 Foodservice ​ ​ 70.2 ​ ​ 99.8 ​ ​ 243.7 ​ ​ 313.5 Retail ​ ​ 33.1 ​ ​ 28.8 ​ ​ 99.0 ​ ​ 86.2 Other (c) ​ ​ 8.7 ​ ​ 5.9 ​ ​ 32.4 ​ ​ 26.0 ​ ​ ​ 191.3 ​ ​ 243.8 ​ ​ 624.9 ​ ​ 766.7 Add: Advertising and promotion expenses (b) ​ ​ 5.4 ​ ​ 6.6 ​ ​ 9.1 ​ ​ 17.4 Gross profit ​ ​ 196.7 ​ ​ 250.4 ​ ​ 634.0 ​ ​ 784.1 Selling, general and administrative expenses ​ ​ 96.1 ​ ​ 87.9 ​ ​ 258.1 ​ ​ 258.1 Income from operations ​ ​ 100.6 ​ ​ 162.5 ​ ​ 375.9 ​ ​ 526.0 Interest expense, net ​ ​ 29.3 ​ ​ 25.2 ​ ​ 89.6 ​ ​ 78.8 Income tax expense ​ ​ 16.3 ​ ​ 35.7 ​ ​ 76.2 ​ ​ 115.1 Equity method investment earnings ​ ​ 11.1 ​ ​ 9.8 ​ ​ 42.2 ​ ​ 35.4 Net income ​ $ 66.1 ​ $ 111.4 ​ $ 252.3 ​ $ 367.5 (a) On March 11, 2020, the World Health Organization declared the spread of COVID-19 a global pandemic. In an attempt to minimize the transmission of COVID-19, significant social and economic restrictions, including restrictions on dine-in purchases and the imposition of stay-at-home orders, were imposed in the United States and in our international markets. These restrictions had a negative impact on our sales, costs, and earnings of our joint ventures, resulting in a negative impact on our net income. The increase in our costs, and the costs of our joint ventures, related to factory utilization and production inefficiencies, manufacturing and operational disruptions directly attributable to the pandemic, as well as incremental warehousing and transportation costs, and costs to enhance employee safety measures, including purchases of safety and health screening equipment, retaining sales employees, and expensing certain capitalized manufacturing facility expansion projects that were stopped. ​ (b) Product contribution margin represents net sales less cost of sales and advertising and promotion expenses. Product contribution margin includes advertising and promotion expenses because those expenses are directly associated with segment performance. ​ (c) The Other segment primarily includes our vegetable and dairy businesses and unrealized mark-to-market adjustments associated with commodity hedging contracts. ​

NATURE OF OPERATIONS AND SUMM_3

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reportable Segments (Details) - segment	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 23, 2020	Feb. 28, 2021	Feb. 23, 2020
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of reportable segments	4	4	4	4

NATURE OF OPERATIONS AND SUMM_4

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - New and Recently Issued Accounting Standards (Details)	Feb. 28, 2021
Accounting Standards Update 2016-13
New and Recently Issued Accounting Standards
Change in Accounting Principle, Accounting Standards Update, Adopted	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jun. 1, 2020
Change in Accounting Principle, Accounting Standards Update, Early Adoption	false
Accounting Standards Update 2020-04
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 (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 23, 2020	Feb. 28, 2021	Feb. 23, 2020
Numerator:
Net income	$ 66.1	$ 111.4	$ 252.3	$ 367.5
Net income available to common stockholders, basic	66.1	111.4	252.3	367.5
Net income available to common stockholders, diluted	$ 66.1	$ 111.4	$ 252.3	$ 367.5
Denominator:
Basic weighted average common shares outstanding (in shares)	146.5	146.2	146.4	146.2
Add: Dilutive effect of employee incentive plans (in shares)	0.7	1	0.7	0.9
Diluted weighted average common shares outstanding (in shares)	147.2	147.2	147.1	147.1
Earnings per share
Basic (in dollars per share)	$ 0.45	$ 0.76	$ 1.72	$ 2.51
Diluted (in dollars per share)	$ 0.45	$ 0.76	$ 1.72	$ 2.50

INCOME TAXES - General Informat

INCOME TAXES - General Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 23, 2020	Feb. 28, 2021	Feb. 23, 2020
INCOME TAXES
Income tax expense	$ 16.3	$ 35.7	$ 76.2	$ 115.1
Effective income tax rate (as a percent)	19.80%	24.30%	23.20%	23.80%
Federal statutory tax rate (as a percent)	21.00%	21.00%	21.00%	21.00%

INCOME TAXES - Income Taxes Pai

INCOME TAXES - Income Taxes Paid (Details) - USD ($) $ in Millions	9 Months Ended
	Feb. 28, 2021	Feb. 23, 2020
INCOME TAXES
Income taxes paid, net of refunds	$ 44.4	$ 81.2

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Feb. 28, 2021	May 31, 2020
Components of inventories
Raw materials and packaging	$ 144	$ 106.2
Finished goods	385.7	339.2
Supplies and other	41.8	41.3
Inventories	$ 571.5	$ 486.7

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Components (Details) - USD ($) $ in Millions	Feb. 28, 2021	May 31, 2020
Property, Plant and Equipment
Property, plant and equipment, at cost	$ 3,032.3	$ 2,942.7
Less accumulated depreciation	(1,534.1)	(1,407.7)
Property, plant and equipment, net	1,498.2	1,535
Land and land improvements
Property, Plant and Equipment
Property, plant and equipment, at cost	108	107.2
Buildings, machinery, and equipment
Property, Plant and Equipment
Property, plant and equipment, at cost	2,736.4	2,670.1
Furniture, fixtures, office equipment, and other
Property, Plant and Equipment
Property, plant and equipment, at cost	97.4	107.1
Construction in progress
Property, Plant and Equipment
Property, plant and equipment, at cost	$ 90.5	$ 58.3

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Depreciation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 23, 2020	Feb. 28, 2021	Feb. 23, 2020
Property, Plant and Equipment
Depreciation expense	$ 44.8	$ 44.2	$ 134.9	$ 130.7

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT - Purchases in Accounts Payable (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Feb. 28, 2021	May 31, 2020
Property, Plant and Equipment
Purchases of property, plant and equipment included in accounts payable	$ 11.3	$ 9.9

PROPERTY, PLANT AND EQUIPMENT_4

PROPERTY, PLANT AND EQUIPMENT - Interest Capitalized (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 23, 2020	Feb. 28, 2021	Feb. 23, 2020
Construction in progress
Property, Plant and Equipment
Interest capitalized	$ 0.5	$ 0.7	$ 1.5	$ 1.9

INVESTMENTS IN JOINT VENTURES -

INVESTMENTS IN JOINT VENTURES - General Information (Details) - USD ($) $ in Millions	Feb. 28, 2021	Nov. 30, 2020	May 31, 2020
Equity Method Investments
Equity method investments	$ 303.1		$ 250.2
Lamb-Weston Meijer v.o.f.
Equity Method Investments
Ownership interest (as a percent)	50.00%
Lamb-Weston RDO Frozen
Equity Method Investments
Ownership interest (as a percent)	50.00%
Lamb Weston Alimentos Modernos S.A.
Equity Method Investments
Ownership interest (as a percent)	50.00%
Lamb-Weston Meijer v.o.f. | Russian Joint Venture
Equity Method Investments
Ownership interest (as a percent)		35.50%

INVESTMENTS IN JOINT VENTURES_2

INVESTMENTS IN JOINT VENTURES - Sales and Payments (Details) - Equity Method Investee - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 23, 2020	Feb. 28, 2021	Feb. 23, 2020
Related Party Transactions
Sales	$ 5.5	$ 8.6	$ 12.4	$ 25.1
Payments	$ 0.9	$ 1.9	$ 4.2	$ 7.9

INVESTMENTS IN JOINT VENTURES_3

INVESTMENTS IN JOINT VENTURES - Dividends (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 23, 2020	Feb. 28, 2021	Feb. 23, 2020
Dividends from equity method investments
Dividends from equity method investments	$ 5.8	$ 10.9	$ 12.4	$ 28.9

INVESTMENTS IN JOINT VENTURES_4

INVESTMENTS IN JOINT VENTURES - Agreement - Equity Method Investee Information (Details) $ in Millions	Feb. 28, 2021USD ($)
Lamb-Weston Meijer v.o.f.
Equity Method Investments
ERP costs	$ 15.8

INVESTMENTS IN JOINT VENTURES_5

INVESTMENTS IN JOINT VENTURES - Agreement - Related Party Information (Details) - Equity Method Investee - Lamb-Weston Meijer v.o.f. $ in Millions	9 Months Ended
	Feb. 28, 2021USD ($)payment	May 31, 2020USD ($)
Related Party Transactions
Number of annual payments | payment	5
Accounts receivable
Accounts receivable	$ 12.6	$ 12
Accounts receivable, current	0.2	1.8
Accounts receivable, noncurrent	$ 12.4	$ 10.2

INVESTMENTS IN JOINT VENTURES_6

INVESTMENTS IN JOINT VENTURES - Consolidated Joint Venture (Details)	Dec. 31, 2020
Lamb-Weston Meijer v.o.f. | Russian Joint Venture
Consolidated Joint Venture
Ownership interest (as a percent)	74.90%

GOODWILL AND OTHER IDENTIFIAB_3

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Carrying Amount of Goodwill (Details) $ in Millions	9 Months Ended
	Feb. 28, 2021USD ($)
Goodwill
Balance at the beginning period	$ 303.8
Foreign currency translation adjustment	29.9
Balance at the end of the period	333.7
Global
Goodwill
Balance at the beginning period	245.6
Foreign currency translation adjustment	29.9
Balance at the end of the period	275.5
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 - Weighted Average Useful Life (Details)	9 Months Ended	12 Months Ended
	Feb. 28, 2021	May 31, 2020
Weighted Average
Amortizing Intangible Assets
Weighted Average Useful Life, amortizing intangible assets (in years)	11 years	11 years

GOODWILL AND OTHER IDENTIFIAB_5

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Amortizing Intangible Assets (Details) - USD ($) $ in Millions	Feb. 28, 2021	May 31, 2020
Amortizing Intangible Assets
Amortizing intangible assets, gross	$ 43.9	$ 42.4
Accumulated amortization	(24.4)	(22.1)
Amortizing intangible assets, net	$ 19.5	$ 20.3

GOODWILL AND OTHER IDENTIFIAB_6

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Other Identifiable Intangible Assets (Details) - USD ($) $ in Millions	Feb. 28, 2021	May 31, 2020
Other Identifiable Intangible Assets
Non-amortizing intangible assets	$ 18	$ 18
Amortizing intangible assets, net	19.5	20.3
Other identifiable intangible assets, net	37.5	38.3
Other identifiable intangible assets, gross	$ 61.9	$ 60.4

GOODWILL AND OTHER IDENTIFIAB_7

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 23, 2020	Feb. 28, 2021	Feb. 23, 2020
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
Amortization expense	$ 1.5	$ 0.6	$ 3.6	$ 1.9

ACCRUED LIABILITIES (Details)

ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	Feb. 28, 2021	May 31, 2020
ACCRUED LIABILITIES
Compensation and benefits	$ 78.9	$ 74.5
Accrued trade promotions	37.8	42.5
Dividends payable to shareholders	34.4	33.6
Accrued interest	34.1	8.7
Current portion of operating lease liabilities	28.7	28.4
Franchise, property, and sales and use taxes	11.4	9.4
Income taxes payable	10.4	1.3
Other	18.9	34.6
Accrued liabilities	$ 254.6	$ 233

DEBT AND FINANCING OBLIGATION_2

DEBT AND FINANCING OBLIGATIONS - Tabular Disclosure - Components (Details) - USD ($) $ in Millions	Feb. 28, 2021	May 31, 2020
Debt and Financing Obligations
Short-term borrowings		$ 498.7
Long-term debt	$ 2,760.4	3,056.3
Financing obligations	7.5	13.3
Total debt and financing obligations	2,767.9	3,568.3
4.625% Senior Notes, due November 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 November 2026 | Senior Notes
Debt and Financing Obligations
Long-term debt	$ 833	$ 833
Interest rate (as a percent)	4.875%	4.875%
4.875% senior notes, due May 2028 | Senior Notes
Debt and Financing Obligations
Long-term debt	$ 500	$ 500
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	$ 495
Term Loan Facility, due November 2021 | Secured Debt
Debt and Financing Obligations
Long-term debt		276.6
Term A-1 loan facility, due June 2024 | Secured Debt
Debt and Financing Obligations
Long-term debt	277.5	288.7
Term A-2 loan facility, due April 2025 | Secured Debt
Debt and Financing Obligations
Long-term debt	316.9	325
Other credit facilities | Line of Credit
Debt and Financing Obligations
Short-term borrowings		3.7
Lease financing obligations due on various dates through 2040
Debt and Financing Obligations
Financing obligations	$ 7.5	$ 13.3
Lease financing obligations due on various dates through 2040 | Minimum
Debt and Financing Obligations
Interest rate (as a percent)	2.49%	2.31%
Lease financing obligations due on various dates through 2040 | Maximum
Debt and Financing Obligations
Interest rate (as a percent)	4.10%	4.10%

DEBT AND FINANCING OBLIGATION_3

DEBT AND FINANCING OBLIGATIONS - Tabular Disclosure - Current and Noncurrent (Details) - USD ($) $ in Millions	Feb. 28, 2021	May 31, 2020
Debt and Financing Obligations
Total debt and financing obligations	$ 2,767.9	$ 3,568.3
Debt issuance costs	(23.6)	(28.2)
Short-term borrowings		(498.7)
Current portion of long-term debt and financing obligations	(32)	(48.8)
Long-term debt and financing obligations, excluding current portion	$ 2,712.3	$ 2,992.6

DEBT AND FINANCING OBLIGATION_4

DEBT AND FINANCING OBLIGATIONS - General Information (Details) $ in Millions	Sep. 23, 2020	Sep. 17, 2020USD ($)	Feb. 28, 2021USD ($)	May 31, 2020USD ($)
Debt and Financing Obligations
Debt issuance costs			$ 23.6	$ 28.2
Short-term borrowings				498.7
Revolving Credit Facility, November 2016 | Secured Debt | Revolving Credit Facility
Debt and Financing Obligations
Face amount		$ 750
Available amount			744.6
Debt instrument, maturity date		Sep. 17, 2023
Short-term borrowings			0	$ 495
Letter of credit outstanding			5.4
Minimum borrowings during the period			0
Maximum borrowings during the period			$ 495
Debt instrument, covenant, new borrowings, threshold		$ 600
Debt instrument, covenant, new borrowings, percentage of consolidated EBITDA		75.00%
Net leverage ratio		5
Net leverage ratio, February 26, 2022 to maturity		4.50
Interest coverage ratio		2.75
Revolving Credit Facility, November 2016 | Secured Debt | Revolving Credit Facility | Minimum
Debt and Financing Obligations
Commitment fee for undrawn amount (as a percent)		0.20%
Revolving Credit Facility, November 2016 | Secured Debt | Revolving Credit Facility | Minimum | LIBOR
Debt and Financing Obligations
Variable interest rate spread (as a percent)		1.25%
Revolving Credit Facility, November 2016 | Secured Debt | Revolving Credit Facility | Minimum | Base Rate
Debt and Financing Obligations
Variable interest rate spread (as a percent)		0.25%
Revolving Credit Facility, November 2016 | Secured Debt | Revolving Credit Facility | Maximum
Debt and Financing Obligations
Commitment fee for undrawn amount (as a percent)		0.40%
Revolving Credit Facility, November 2016 | Secured Debt | Revolving Credit Facility | Maximum | LIBOR
Debt and Financing Obligations
Variable interest rate spread (as a percent)		2.25%
Revolving Credit Facility, November 2016 | Secured Debt | Revolving Credit Facility | Maximum | Base Rate
Debt and Financing Obligations
Variable interest rate spread (as a percent)		1.25%
Revolving Credit Facility, November 2016 | Secured Debt | Revolving Credit Facility | Weighted Average
Debt and Financing Obligations
Average interest rate (as a percent)			1.68%
Term Loan Facility, due November 2021 | Secured Debt
Debt and Financing Obligations
Debt issuance costs		$ 2.4
Write off of deferred debt issuance cost			$ 1
Repayments of secured debt		$ 271.9
Term A-1 loan facility, due June 2024 | Secured Debt
Debt and Financing Obligations
Net leverage ratio	4.50
Interest coverage ratio	2.75
Term A-2 loan facility, due April 2025 | Secured Debt
Debt and Financing Obligations
Net leverage ratio	4.50
Interest coverage ratio	2.75

DEBT AND FINANCING OBLIGATION_5

DEBT AND FINANCING OBLIGATIONS - Interest Paid (Details) - USD ($) $ in Millions	9 Months Ended
	Feb. 28, 2021	Feb. 23, 2020
Debt and Financing Obligations
Interest paid	$ 65.2	$ 58

STOCK-BASED COMPENSATION - Awar

STOCK-BASED COMPENSATION - Awards Granted (Details) shares in Millions	9 Months Ended
	Feb. 28, 2021$ / sharesshares
Stock-based Compensation
Granted (in dollars per share) | $ / shares	$ 62.46
Restricted Stock Units (RSUs)
Stock-based Compensation
Granted (in shares)	0.3
Performance shares
Stock-based Compensation
Granted (in shares)	0.1

STOCK-BASED COMPENSATION - Gene

STOCK-BASED COMPENSATION - General Information (Details) shares in Millions	Feb. 28, 2021shares
STOCK-BASED COMPENSATION
Available for future grant (in shares)	7.4

STOCK-BASED COMPENSATION - Comp

STOCK-BASED COMPENSATION - Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 23, 2020	Feb. 28, 2021	Feb. 23, 2020
Compensation expense
Stock-settled compensation expense	$ 6.3	$ 5.6	$ 17.6	$ 18.2
Cash-settled RSUs				1
Total compensation expense	6.3	5.6	17.6	19.2
Income tax benefit	(1.1)	(1.1)	(3.1)	(3.7)
Total compensation expense, net of tax benefit	5.2	4.5	14.5	15.5
Stock-settled restricted stock units
Compensation expense
Stock-settled compensation expense	3.7	3.2	10.4	9.5
Performance shares
Compensation expense
Stock-settled compensation expense	$ 2.6	$ 2.4	$ 7.2	8.6
Stock options
Compensation expense
Stock-settled compensation expense				$ 0.1

STOCK-BASED COMPENSATION - Unre

STOCK-BASED COMPENSATION - Unrecognized Compensation Expense (Details) $ in Millions	9 Months Ended
	Feb. 28, 2021USD ($)
Unrecognized compensation expense, net of estimated forfeitures
Unrecognized compensation expense	$ 32.9
Remaining weighted average recognition period	1 year 9 months 18 days
Stock-settled restricted stock units
Unrecognized compensation expense, net of estimated forfeitures
Unrecognized compensation expense	$ 21.5
Remaining weighted average recognition period	1 year 9 months 18 days
Performance shares
Unrecognized compensation expense, net of estimated forfeitures
Unrecognized compensation expense	$ 11.4
Remaining weighted average recognition period	1 year 9 months 18 days

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value Hierarchy (Details) - Recurring - USD ($) $ in Millions	Feb. 28, 2021	May 31, 2020
Assets:
Deferred compensation assets		$ 0.1
Derivative assets	$ 7.3
Total assets	7.3	0.1
Liabilities:
Derivative liabilities		4.7
Deferred compensation liabilities	22.7	18
Total liabilities	22.7	22.7
Level 1
Assets:
Deferred compensation assets		0.1
Total assets		0.1
Level 2
Assets:
Derivative assets	7.3
Total assets	7.3
Liabilities:
Derivative liabilities		4.7
Deferred compensation liabilities	22.7	18
Total liabilities	$ 22.7	$ 22.7

FAIR VALUE MEASUREMENTS - Debt

FAIR VALUE MEASUREMENTS - Debt Outstanding (Details) $ in Millions	Feb. 28, 2021USD ($)
Carrying Value | Fixed rate debt
Fair Value Measurements
Debt	$ 2,166
Carrying Value | Variable rate debt
Fair Value Measurements
Debt	594.4
Level 2 | Fair Value | Fixed rate debt
Fair Value Measurements
Debt	$ 2,278.4

STOCKHOLDERS' EQUITY - Share Re

STOCKHOLDERS' EQUITY - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Feb. 28, 2021	Feb. 28, 2021	Dec. 20, 2018
Share Repurchase Program
Authorization to repurchase common stock not to exceed			$ 250
Number of shares repurchased (in shares)	164,678	164,678
Treasury stock value	$ 12.7	$ 12.7
Remaining amount authorized of share repurchase program	$ 182.6	$ 182.6
Weighted Average
Share Repurchase Program
Shares purchased, weighted-average price (in dollars per share)	$ 77.04	$ 77.04

STOCKHOLDERS' EQUITY - Dividend

STOCKHOLDERS' EQUITY - Dividends Paid (Details) - USD ($) $ in Millions	Mar. 05, 2021	Feb. 28, 2021	Feb. 23, 2020
Dividends
Dividends paid	$ 34.4	$ 100.9	$ 87.7

STOCKHOLDERS' EQUITY - Divide_2

STOCKHOLDERS' EQUITY - Dividends Declared (Details) - $ / shares	3 Months Ended			9 Months Ended
	May 30, 2021	Feb. 28, 2021	Feb. 23, 2020	Feb. 28, 2021	Feb. 23, 2020
Dividends
Dividends declared per common share (in dollars per share)	$ 0.235	$ 0.235	$ 0.230	$ 0.695	$ 0.630
Dividends declared per common share, declared date	Mar. 25, 2021
Dividends declared per common share, payable date	Jun. 4, 2021
Dividends declared per common share, record date	May 7, 2021

STOCKHOLDERS' EQUITY - Changes

STOCKHOLDERS' EQUITY - Changes in AOCI (Details) $ in Millions	9 Months Ended
	Feb. 28, 2021USD ($)
Changes in AOCI:
Balance at the beginning of the period	$ 240
Balance at the end of the period	451.7
Accumulated Other Comprehensive Income (Loss).
Changes in AOCI:
Balance at the beginning of the period	(40.5)
Other comprehensive income before reclassifications, net of tax	63.2
Amounts reclassified out of AOCI, net of tax	0.1
Net current-period other comprehensive income (loss)	63.3
Balance at the end of the period	22.8
Foreign Currency Translation Gains (Losses)
Changes in AOCI:
Balance at the beginning of the period	(36.3)
Other comprehensive income before reclassifications, net of tax	63.2
Net current-period other comprehensive income (loss)	63.2
Balance at the end of the period	26.9
Pension and Post-Retirement Benefits
Changes in AOCI:
Balance at the beginning of the period	(4.2)
Amounts reclassified out of AOCI, net of tax	0.1
Net current-period other comprehensive income (loss)	0.1
Balance at the end of the period	$ (4.1)

SEGMENTS - General Information

SEGMENTS - General Information (Details) - segment	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 23, 2020	Feb. 28, 2021	Feb. 23, 2020
Segments
Number of operating segments	4	4	4	4
Number of reportable segments	4	4	4	4

SEGMENTS - Tabular Disclosure (

SEGMENTS - Tabular Disclosure (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 23, 2020	Feb. 28, 2021	Feb. 23, 2020
Segment information
Net sales	$ 895.8	$ 937.3	$ 2,663.4	$ 2,945.5
Product contribution margin	191.3	243.8	624.9	766.7
Advertising and promotion expenses	5.4	6.6	9.1	17.4
Gross profit	196.7	250.4	634	784.1
Selling, general and administrative expenses	96.1	87.9	258.1	258.1
Income from operations	100.6	162.5	375.9	526
Interest expense, net	29.3	25.2	89.6	78.8
Income tax expense	16.3	35.7	76.2	115.1
Equity method investment earnings	11.1	9.8	42.2	35.4
Net income	66.1	111.4	252.3	367.5
Global
Segment information
Net sales	478.5	487.1	1,401.9	1,544.3
Product contribution margin	79.3	109.3	249.8	341
Foodservice
Segment information
Net sales	219.5	283	697.3	893.3
Product contribution margin	70.2	99.8	243.7	313.5
Retail
Segment information
Net sales	162.5	132.2	457.1	393.6
Product contribution margin	33.1	28.8	99	86.2
Other
Segment information
Net sales	35.3	35	107.1	114.3
Product contribution margin	$ 8.7	$ 5.9	$ 32.4	$ 26

SEGMENTS - Concentrations (Deta

SEGMENTS - Concentrations (Details)	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 23, 2020	Feb. 28, 2021	Feb. 23, 2020
Net Sales | Customer Concentration Risk | McDonald's Corporation
Segments
Concentration risk (as a percent)	12.00%	10.00%	12.00%	10.00%