Lamb Weston (LW) 10-K 27 Jul 21 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ / shares in Units, $ in Billions	12 Months Ended
	May 30, 2021	Jul. 19, 2021	Nov. 27, 2020
Cover [Abstract]
Entity Central Index Key	0001679273
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	May 30, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 10.7
Entity Common Stock, Shares Outstanding		146,193,864
Entity Listing, Par Value Per Share	$ 1
Current Fiscal Year End Date	--05-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Consolidated Statements of Earnings
Net sales	$ 3,670.9	$ 3,792.4	$ 3,756.5
Net sales, type	Product	Product	Product
Cost of sales	$ 2,838.9	$ 2,897.2	$ 2,753
Cost of sales, type	Product	Product	Product
Gross profit	$ 832	$ 895.2	$ 1,003.5
Selling, general and administrative expenses	357.2	338.3	335.1
Income from operations	474.8	556.9	668.4
Interest expense, net	118.3	108	107.1
Income before income taxes and equity method earnings	356.5	448.9	561.3
Income tax expense	90.5	112.3	133.6
Equity method investment earnings	51.8	29.3	59.5
Net income	317.8	365.9	487.2
Less: Income attributable to noncontrolling interests			8.6
Net income attributable to Lamb Weston Holdings, Inc.	$ 317.8	$ 365.9	$ 478.6
Earnings per share
Basic (in dollars per share)	$ 2.17	$ 2.50	$ 3.19
Diluted (in dollars per share)	$ 2.16	$ 2.49	$ 3.18

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Other comprehensive income (loss) - pre-tax amount:
Net income	$ 408.3	$ 478.2	$ 620.8
Reclassification of post-retirement benefits out of accumulated other comprehensive income (loss)	0.3	0.8	0.7
Unrealized pension and post-retirement benefit obligations	(3.2)	0.4	(3.3)
Unrealized currency translation gains (losses)	76.1	(17.4)	(19.1)
Comprehensive income (loss)	481.5	462	599.1
Less: Comprehensive income attributable to noncontrolling interests			8.6
Comprehensive income attributable to Lamb Weston Holdings, Inc.	481.5	462	590.5
Other comprehensive income (loss) - tax (expense) benefit:
Net income	(90.5)	(112.3)	(133.6)
Reclassification of post-retirement benefits out of accumulated other comprehensive income (loss)	(0.1)	(0.3)	(0.1)
Unrealized pension and post-retirement benefit obligations	0.7	(0.1)	0.8
Unrealized currency translation gains (losses)	(3.8)	1.4
Comprehensive income (loss)	(93.7)	(111.3)	(132.9)
Comprehensive income attributable to Lamb Weston Holdings, Inc.	(93.7)	(111.3)	(132.9)
Other comprehensive income (loss) - after tax amount:
Net income	317.8	365.9	487.2
Reclassification of post-retirement benefits out of accumulated other comprehensive income (loss)	0.2	0.5	0.6
Unrealized pension and post-employment benefit obligations	(2.5)	0.3	(2.5)
Unrealized currency translation gains (losses)	72.3	(16)	(19.1)
Comprehensive income (loss)	387.8	350.7	466.2
Less: Comprehensive income attributable to noncontrolling interests			8.6
Comprehensive income attributable to Lamb Weston Holdings, Inc.	$ 387.8	$ 350.7	$ 457.6

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Current assets:
Cash and cash equivalents	$ 783.5	$ 1,364
Receivables, less allowance for doubtful accounts of $0.9 and $1.3	366.9	342.1
Inventories	513.5	486.7
Prepaid expenses and other current assets	117.8	109.8
Total current assets	1,781.7	2,302.6
Property, plant and equipment, net	1,524	1,535
Operating lease assets	141.7	167
Equity method investments	310.2	250.2
Goodwill	334.5	303.8
Intangible assets, net	36.9	38.3
Other assets	80.4	65.4
Total assets	4,209.4	4,662.3
Current liabilities:
Short-term borrowings		498.7
Current portion of long-term debt and financing obligations	32	48.8
Accounts payable	359.3	244.4
Accrued liabilities	226.9	233
Total current liabilities	618.2	1,024.9
Long-term liabilities:
Long-term debt and financing obligations, excluding current portion	2,705.4	2,992.6
Deferred income taxes	159.7	152.5
Other noncurrent liabilities	245.5	252.3
Total long-term liabilities	3,110.6	3,397.4
Commitments and contingencies
Stockholders' equity:
Common stock of $1.00 par value, 600,000,000 shares authorized; 147,640,632 and 146,993,751 shares issued	147.6	147
Additional distributed capital	(836.8)	(862.9)
Retained earnings	1,244.6	1,064.6
Accumulated other comprehensive income (loss)	29.5	(40.5)
Treasury stock, at cost, 1,448,768 and 954,858 common shares	(104.3)	(68.2)
Total stockholders' equity	480.6	240
Total liabilities and stockholders' equity	$ 4,209.4	$ 4,662.3

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Receivables
Allowance for doubtful accounts	$ 0.9	$ 1.3
Common stock
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized shares (in shares)	600,000,000	600,000,000
Common stock, issued shares (in shares)	147,640,632	146,993,751
Treasury stock
Treasury stock, common shares (in shares)	1,448,768	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. 27, 2018	$ 146.4	$ (2.9)	$ (900.4)	$ 13.7	$ 426.4	$ (4.3)	$ 13.7	$ (334.8)
Balance at the beginning of the period (in shares) at May. 27, 2018	146,332,332
Increase (Decrease) in Stockholders' Equity
Increase in redemption value of noncontrolling interests in excess of earnings allocated			(10.8)					(10.8)
Dividends declared					(114.6)			(114.6)
Common stock issued	$ 0.3		1.7					2
Common stock issued (in shares)	258,961
Stock-settled, stock-based compensation expense			18.8					18.8
Repurchase of common stock and common stock withheld to cover taxes		(36.4)						(36.4)
Repurchase of common stock and common stock withheld to cover taxes (in shares)	(522,260)
Other			0.4		(0.5)			(0.1)
Comprehensive income					478.6	(21)		457.6
Balance at the end 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 end of the period (in shares) at May. 26, 2019	146,069,033
Increase (Decrease) in Stockholders' Equity
Dividends declared					(125.6)			(125.6)
Common stock issued	$ 0.3		4					4.3
Common stock issued (in shares)	338,924
Stock-settled, stock-based compensation expense			22.8					22.8
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)	(369,064)
Other			0.6		0.2			0.8
Comprehensive income					365.9	(15.2)		350.7
Balance at the end of the period at May. 31, 2020	$ 147	(68.2)	(862.9)		1,064.6	(40.5)		240
Balance at the end of the period (in shares) at May. 31, 2020	146,038,893
Increase (Decrease) in Stockholders' Equity
Dividends declared					(136.2)			(136.2)
Common stock issued	$ 0.6		3.5					4.1
Common stock issued (in shares)	646,881
Stock-settled, stock-based compensation expense			20.6					20.6
Repurchase of common stock and common stock withheld to cover taxes		(36.1)						(36.1)
Repurchase of common stock and common stock withheld to cover taxes (in shares)	(493,910)
Other			2		(1.6)			0.4
Comprehensive income					317.8	70		387.8
Balance at the end of the period at May. 30, 2021	$ 147.6	$ (104.3)	$ (836.8)		$ 1,244.6	$ 29.5		$ 480.6
Balance at the end of the period (in shares) at May. 30, 2021	146,191,864							146,191,864

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Aug. 29, 2021	May 30, 2021	May 31, 2020	May 26, 2019
Dividends
Dividends declared (in dollars per share)	$ 0.235	$ 0.9300	$ 0.8600	$ 0.7825

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Cash flows from operating activities
Net income	$ 317.8	$ 365.9	$ 487.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles and debt issuance costs	188.8	184	162.4
Stock-settled, stock-based compensation expense	20.6	22.8	18.8
Earnings of joint ventures in excess of distributions	(33)	(0.4)	(13.8)
Deferred income taxes	3.8	20	37.5
Other	10.7	15.6	13.2
Changes in operating assets and liabilities, net of acquisition:
Receivables	(21)	1.1	(25.1)
Inventories	(22)	15.3	(15.8)
Income taxes payable/receivable, net	(3.3)	2.7	(16.4)
Prepaid expenses and other current assets	(4.9)	(2)	(1.9)
Accounts payable	104.7	(34.9)	32.9
Accrued liabilities	(9)	(16.1)	1.9
Net cash provided by operating activities	553.2	574	680.9
Cash flows from investing activities
Additions to property, plant and equipment	(147.2)	(167.7)	(334.2)
Additions to other long-term assets	(16.1)	(40.7)	(2.7)
Acquisition of business, net of cash acquired		(116.7)	(88.6)
Investment in equity method joint venture		(22.6)
Other	0.8	1.7	2.5
Net cash used for investing activities	(162.5)	(346)	(423)
Cash flows from financing activities
Proceeds (payments) of short-term borrowings, net	(498.8)	490.5	(1)
Repayments of debt and financing obligations	(305.5)	(336.3)	(66.7)
Dividends paid	(135.3)	(121.3)	(113.3)
Repurchase of common stock and common stock withheld to cover taxes	(36.1)	(28.9)	(36.4)
Proceeds from issuance of debt		1,122.9
Acquisition of noncontrolling interest			(78.2)
Cash distributions paid to noncontrolling interest			(6.1)
Other	1.7	(1.9)	2.1
Net cash provided by (used for) financing activities	(974)	1,125	(299.6)
Effect of exchange rate changes on cash and cash equivalents	2.8	(1.2)	(1.7)
Net increase (decrease) in cash and cash equivalents	(580.5)	1,351.8	(43.4)
Cash and cash equivalents, beginning of the period	1,364	12.2	55.6
Cash and cash equivalents, end of period	$ 783.5	$ 1,364	$ 12.2

NATURE OF OPERATIONS AND SUMMAR

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	May 30, 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 14, Segments, for additional information on our reportable segments. ​ On November 9, 2016, Lamb Weston separated from Conagra Brands, Inc. (formerly, ConAgra Foods, Inc., “Conagra”) and became an independent publicly traded company through the pro rata distribution by Conagra of 100% of the outstanding common stock of Lamb Weston to Conagra stockholders (“Separation”). ​ Basis of Presentation ​ These Consolidated Financial Statements present the financial results of Lamb Weston for the fiscal years ended May 30, 2021, May 31, 2020, and May 26, 2019 (“fiscal 2021, 2020, and 2019”), and have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America. The fiscal year of Lamb Weston ends the last Sunday in May. The fiscal years for the Consolidated Financial Statements presented consist of 52-week periods for fiscal 2021 and 2019, and a 53-week period for fiscal 2020. ​ The financial statements include all adjustments (consisting only of normal recurring adjustments) that we consider 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. ​ Our consolidated financial statements include the accounts of Lamb Weston and all of our majority-owned subsidiaries. In addition, the accounts of all variable interest entities for which we are the primary beneficiary are included in our consolidated financial statements from the date such determination was made. Intercompany investments, accounts, and transactions have been eliminated. ​ The equity method of accounting is applied for investments when the Company has significant influence over the investee’s operations, or when the investee is structured with separate capital accounts and our investment is considered more than minor. Our equity method investments are described in Note 4, Investments in Joint Ventures. ​ Use of Estimates ​ The preparation of the consolidated financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the amounts reported in our consolidated financial statements and the accompanying notes. On an ongoing basis, we evaluate our estimates, including but not limited to those related to provisions for income taxes, estimates of sales incentives and trade promotion allowances, and the valuation of goodwill and intangible assets. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. The inputs into our judgments and estimates consider the economic implications of the effects of the COVID-19 pandemic on our critical accounting estimates and significant accounting policies. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates will be reflected in the consolidated financial statements in future periods. ​ Revenue from Contracts with Customers ​ Generally, we recognize revenue on a point-in-time basis when the customer takes title to the product and assumes the risks and rewards for the product. However, for customized products, which are products manufactured to customers’ unique specifications, we recognize revenue over time, utilizing an output method, which is generally as the products are produced. This is because once a customized product is manufactured pursuant to a purchase order, we have an enforceable right to payment for that product. Our Global segment sells the majority of our customized products, for which revenue is recognized when a purchase order is received to the extent the product has been manufactured, as opposed to sales of non-customized products, for which revenue is generally recognized upon shipment. As a result, the timing of the receipt of a purchase order may create quarterly fluctuations in this segment. ​ The nature of our contracts vary based on the business, customer type, and region; however, in all instances it is our customary business practice to receive a valid order from the customer, in which each party’s rights and related payment terms are clearly identifiable. Our payment terms are consistent with industry standards and generally include early pay discounts. Amounts billed and due from customers are short-term in nature and are classified as receivables, since payments are unconditional and only the passage of time is required before payments are due. As of May 30, 2021 and May 31, 2020, we had $111.0 million and $72.7 million, respectively, of unbilled receivables for customized products for which we have accelerated the recognition of revenue and recorded the amounts in “Receivables” on our Consolidated Balance Sheets. We generally do not offer financing to our customers. We also do not provide a general right of return. However, customers may seek to return defective or non-conforming products. Following a customer return, we may offer remedies, including cash refunds, credit towards future purchases, or product replacement. As a result, customers’ right of return and related refund or product liabilities are estimated and recorded as reductions in revenue. ​ We have contract terms that give rise to variable consideration including, but not limited to, discounts, coupons, rebates, and volume-based incentives. We estimate volume rebates based on the most likely amount method outlined in ASC 606, Revenue from Contracts with Customers ​ We have elected to present all sales taxes on a net basis, account for shipping and handling activities as fulfillment activities, recognize the incremental costs of obtaining a contract as expense when incurred if the amortization period of the asset we would recognize is one year or less, and not record interest income or interest expense when the difference in timing of control or transfer and customer payment is one year or less. ​ Advertising and Promotion ​ Advertising and promotion expenses totaled $17.8 million, $23.0 million, and $32.4 million in fiscal 2021, 2020, and 2019, respectively, and are included in “Selling, general and administrative expenses” in the Consolidated Statements of Earnings. ​ Research and Development ​ Research and development costs are expensed as incurred and totaled $12.9 million in fiscal 2021 and $15.4 million in both fiscal 2020 and 2019, and are included in “Selling, general and administrative expenses” in the Consolidated Statements of Earnings. ​ Stock-Based Compensation ​ Compensation expense resulting from all stock-based compensation transactions is measured and recorded in the consolidated financial statements based on the grant date fair value of the equity instruments issued. Compensation expense is recognized over the period the employee provides service in exchange for the award. See Note 11, Stock-Based Compensation, for additional information. ​ Cash and Cash Equivalents ​ Cash and all highly liquid investments with an original maturity of three months or less at the date of acquisition are classified as cash and cash equivalents and stated at cost, which approximates market value. We maintain various banking relationships with high quality financial institutions and believe we are not exposed to any significant credit risk for our cash and cash equivalents. Cash and cash equivalents totaled $783.5 million and $1,364.0 million at May 30, 2021 and May 31, 2020, respectively. We invest available cash in money market funds that are backed by U.S. Treasury securities and can be redeemed without notice. ​ Trade Accounts Receivable and Allowance for Doubtful Accounts ​ Trade accounts receivable are stated at the amount we expect to collect based on our past experience, as well as reliance on the Perishable Agricultural Commodities Act, which was enacted to help promote fair trade in the fruit and vegetable industry by establishing a code of fair business practices. The collectability of our accounts receivable is based upon a combination of factors. In circumstances where a specific customer is unable to meet its financial obligations (e.g., bankruptcy filings, substantial downgrading of credit sources), a specific reserve for bad debts is recorded against amounts due to the Company to reduce the net recorded receivable to the amount that we reasonably believe will be collected. For all other customers, reserves for bad debts are recognized based on forward-looking information to assess expected credit losses. If collection experience deteriorates, the estimate of the recoverability of amounts due could be reduced. We periodically review our allowance for doubtful accounts and adjustments to the valuation allowance are recorded as income or expense. Trade accounts receivable balances that remain outstanding after we have used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. At May 30, 2021 and May 31, 2020, the allowance for doubtful accounts was $0.9 million and $1.3 million, respectively. ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ May 30, ​ May 31, ​ ​ 2021 2020 Raw materials and packaging ​ $ 89.8 $ 106.2 Finished goods ​ 377.8 339.2 Supplies and other ​ 45.9 41.3 Inventories ​ $ 513.5 $ 486.7 ​ Leased Assets ​ 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, the beginning of our fiscal 2020, we adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) the lease and non-lease components as a single lease component for all of our leases. See Note 9, Leases, for more information. ​ Property, Plant and Equipment ​ Property, plant and equipment are recorded at cost. Cost includes expenditures for major improvements and replacements and the amount of interest cost associated with significant capital additions. The amount of interest capitalized from construction in progress was $1.9 million, $2.6 million, and $7.6 million in fiscal 2021, 2020, and 2019, respectively. Repairs and maintenance costs are expensed as incurred. The components of property, plant and equipment were as follows (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ May 30, ​ May 31, ​ ​ 2021 2020 Land and land improvements ​ $ 108.2 ​ $ 107.2 Buildings, machinery, and equipment ​ 2,763.3 ​ 2,670.1 Furniture, fixtures, office equipment, and other ​ 97.1 ​ 107.1 Construction in progress ​ 122.5 ​ 58.3 Property, plant and equipment, at cost ​ 3,091.1 ​ 2,942.7 Less accumulated depreciation ​ (1,567.1) ​ (1,407.7) Property, plant and equipment, net ​ $ 1,524.0 ​ $ 1,535.0 ​ Depreciation is computed on the straight-line method over the estimated useful lives of the respective classes of assets as follows: ​ ​ ​ ​ Land improvements 2-30 years Buildings 10-40 years Machinery and equipment ​ 5-20 years Furniture, fixtures, office equipment, and other ​ 3-15 years ​ We recorded $177.7 million, $175.3 million, and $155.5 million of depreciation expense in fiscal 2021, 2020, and 2019, respectively. At May 30, 2021 and May 31, 2020, purchases of property, plant and equipment included in accounts payable were $23.1 million and $9.9 million, respectively. ​ Long-Lived Asset Impairment ​ We review long-lived assets for impairment upon the occurrence of events or changes in circumstances which indicate that the carrying amount of the assets may not be fully recoverable, measured by comparing their net book value to the undiscounted projected future cash flows generated by their use. Impaired assets are recorded at their estimated fair value. ​ Goodwill and Other Identifiable Intangible Assets ​ We perform an annual impairment assessment of goodwill at the reporting unit level in the fourth quarter of each year, or more frequently if indicators of potential impairment exist. We have an option to evaluate goodwill for impairment by first performing a qualitative assessment of events and circumstances to determine whether it is more likely than not that the fair value of a reporting until is less than its carrying amount. If we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amounts, then a quantitative goodwill impairment test is not required to be performed. The quantitative assessment requires us to estimate the fair value of our reporting units using a weighted approach based on discounted future cash flows, market multiples and transaction multiples. If the carrying amount of the reporting units is in excess of their estimated fair value, the reporting unit will record an impairment charge by the amount that the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to the reporting unit. ​ We amortize acquisition-related intangible assets with finite lives over their estimated useful life. We perform a review of significant finite-lived identified intangible assets to determine whether facts and circumstances indicate that the carrying amount may not be recoverable. These reviews can be affected by various factors, including external factors such as industry and economic trends, and internal factors such as changes in our business strategy and our forecasts for our products lines. ​ See Note 6, Goodwill and Other Identifiable Intangible Assets, for additional information. ​ Fair Values of Financial Instruments ​ When determining fair value, we consider the principal or most advantageous market in which we would transact, as well as assumptions that market participants would use when pricing the asset or liability. Unless otherwise specified, we believe the carrying value of financial instruments approximates their fair value. ​ The three levels of inputs that may be used to measure fair value are: ​ Level 1—Quoted market prices in active markets for identical assets or liabilities. We evaluate security-specific market data when determining whether a market is active. ​ Level 2—Observable market-based inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. ​ Level 3—Unobservable inputs for the asset or liability reflecting our own assumptions and best estimate of what inputs market participants would use in pricing the asset or liability. ​ See Note 12, Fair Value Measurements, for additional information. ​ Foreign Currency ​ Most of our foreign subsidiaries use the local currency of their respective countries as their functional currency. Assets and liabilities are translated at exchange rates prevailing at the balance sheet dates. Revenues and expenses are translated into U.S. dollars using daily and monthly average exchange rates. Gains and losses resulting from the translation of Consolidated Balance Sheets are recorded as a component of “Accumulated other comprehensive income (loss).” ​ Foreign currency transactions resulted in a gain of $1.3 million, and losses of $0.1 million, and $3.3 million in fiscal 2021, 2020, and 2019, respectively. These amounts were recorded in “Selling, general and administrative expenses” in the Consolidated Statements of Earnings. ​ Derivative Financial Instruments ​ We use derivatives and other financial instruments to hedge a portion of our commodity risks. We do not hold or issue derivatives and other financial instruments for trading purposes. Derivative instruments are reported in our Consolidated Balance Sheets at their fair values, unless the derivative instruments qualify for the normal purchase normal sale exception (“NPNS”) under GAAP and such exception has been elected. If the NPNS exception is elected, the fair values of such contracts are not recognized. We do not designate commodity derivatives to achieve hedge accounting treatment. ​ Income Taxes ​ We recognize current tax liabilities and assets based on an estimate of taxes payable or refundable in the current year for each of the jurisdictions in which we transact business. As part of the determination of our current tax liability, management exercises considerable judgment in evaluating positions taken in the tax returns. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. ​ We also recognize deferred tax assets and liabilities for the estimated future tax effects attributable to temporary differences (e.g., the difference in book basis versus tax basis of fixed assets resulting from differing depreciation methods). If appropriate, we recognize valuation allowances to reduce deferred tax assets to amounts that are more likely than not to be ultimately realized, based on our assessment of estimated future taxable income. ​ See Note 3, Income Taxes, for more information. ​ New and Recently Issued Accounting Pronouncements ​ Recently Adopted Accounting Pronouncements ​ Receivables – Credit Losses ​ In June 2016, the Financial Accounting Standards Board (“FASB”) issued 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	12 Months Ended
	May 30, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ 2021 ​ 2020 ​ 2019 Numerator: ​ ​ ​ Net income attributable to Lamb Weston Holdings, Inc. ​ $ 317.8 ​ $ 365.9 ​ $ 478.6 Less: Increase in redemption value of noncontrolling interests in excess of earnings allocated, net of tax benefits (a) ​ — ​ — ​ 10.8 Net income available to Lamb Weston common stockholders ​ $ 317.8 ​ $ 365.9 ​ $ 467.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ Basic weighted average common shares outstanding ​ 146.4 ​ 146.2 ​ 146.5 Add: Dilutive effect of employee incentive plans (b) ​ 0.7 ​ 0.9 ​ 0.8 Diluted weighted average common shares outstanding ​ 147.1 ​ 147.1 ​ 147.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 2.17 ​ $ 2.50 ​ $ 3.19 Diluted ​ $ 2.16 ​ $ 2.49 ​ $ 3.18 (a) In November 2018, we entered into an agreement to acquire the remaining 50.01% interest in Lamb Weston BSW, LLC (“Lamb Weston BSW”). Our Consolidated Statements of Earnings includes 100% of Lamb Weston BSW’s earnings beginning November 2, 2018. During fiscal 2019, net income available to common stockholders and earnings per share included accretion expense, net of estimated tax benefits, of $9.4 million, or $0.06 per share, to increase the redeemable noncontrolling interest to the amount we agreed to pay to acquire the remaining interest in Lamb Weston BSW. While the accretion, net of estimated tax benefits, reduced net income available to Lamb Weston common stockholders and earnings per share, it did not impact net income in the Consolidated Statements of Earnings. See Note 6, Investments in Joint Ventures, in our Annual Report on Form 10-K for the fiscal year ended May 31, 2020, which we filed with the Securities and Exchange Commission on July 28, 2020. ​ (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 May 30, 2021, we did not have any stock-based awards that were antidilutive. As of May 31, 2020 and May 26, 2019, 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	12 Months Ended
	May 30, 2021
INCOME TAXES
INCOME TAXES	3. INCOME TAXES ​ Pre-tax income, inclusive of equity method investment earnings, consisted of the following (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ 2021 2020 2019 United States ​ $ 352.0 ​ $ 462.0 ​ $ 574.5 Foreign ​ 56.3 ​ 16.2 ​ 46.3 Total pre-tax income ​ $ 408.3 ​ $ 478.2 ​ $ 620.8 ​ The provision for income taxes included the following (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ 2021 2020 2019 Current ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. federal $ 66.2 $ 75.7 $ 66.8 State and local ​ ​ 15.0 ​ ​ 13.2 ​ ​ 17.7 Foreign ​ ​ 5.5 ​ ​ 3.4 ​ ​ 11.6 Total current provision for taxes ​ ​ 86.7 ​ ​ 92.3 ​ ​ 96.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. federal ​ ​ (0.4) ​ ​ 18.6 ​ ​ 42.2 State and local ​ ​ 1.2 ​ ​ 4.4 ​ ​ (0.1) Foreign ​ ​ 3.0 ​ ​ (3.0) ​ ​ (4.6) Total deferred provision for taxes ​ $ 3.8 ​ $ 20.0 ​ $ 37.5 Total provision for taxes ​ $ 90.5 ​ $ 112.3 ​ $ 133.6 ​ A reconciliation of income tax expense using the 21% U.S. statutory tax rate on income from operations, including equity method earnings and before income taxes, compared with the actual provision for income taxes follows (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ 2021 2020 2019 Provision computed at U.S. statutory rate ​ $ 85.7 $ 100.4 $ 130.4 Increase (reduction) in rate resulting from: ​ ​ ​ ​ ​ ​ ​ ​ ​ State and local taxes, net of federal benefit ​ 13.7 ​ ​ 15.3 ​ ​ 14.8 Effect of taxes on foreign operations ​ ​ (4.7) ​ ​ (4.4) ​ ​ (4.7) Other ​ ​ (4.2) ​ ​ 1.0 ​ ​ (6.9) Total provision for taxes ​ $ 90.5 ​ $ 112.3 ​ $ 133.6 Effective income tax rate (a) ​ ​ 22.2% ​ ​ 23.5% ​ ​ 21.5% (a) The effective income tax rate is calculated as the ratio of income tax expense to pre-tax income, inclusive of equity method investment earnings. ​ ​ Income Taxes Paid ​ Income taxes paid, net of refunds, were $84.1 million, $82.5 million, and $103.0 million in fiscal 2021, 2020, and 2019, respectively. ​ ​ Deferred Income Taxes ​ Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of our deferred income tax assets and liabilities were as follows (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ May 30, 2021 ​ May 31, 2020 ​ Assets Liabilities Assets Liabilities Property, plant and equipment ​ $ — ​ $ 187.1 ​ $ — ​ $ 188.8 Goodwill and other intangible assets ​ ​ 46.3 ​ ​ — ​ ​ 54.9 ​ ​ — Compensation and benefit related liabilities ​ ​ 32.2 ​ ​ — ​ ​ 19.7 ​ ​ — Net operating loss and credit carryforwards (a) ​ ​ 3.6 ​ ​ — ​ ​ 5.2 ​ ​ — Accrued expenses and other liabilities ​ ​ 13.9 ​ ​ — ​ ​ 15.2 ​ ​ — Inventory and inventory reserves ​ ​ 5.5 ​ ​ — ​ ​ 4.5 ​ ​ — Lease obligations ​ ​ 32.0 ​ ​ — ​ ​ 36.9 ​ ​ — Lease assets ​ ​ — ​ ​ 30.3 ​ ​ — ​ ​ 35.4 Debt issuance costs ​ ​ — ​ ​ 2.9 ​ ​ — ​ ​ 3.4 Investment in joint ventures ​ ​ — ​ ​ 4.7 ​ ​ — ​ ​ 3.6 Other ​ ​ 3.5 ​ ​ 16.4 ​ ​ 7.7 ​ ​ 8.6 ​ ​ ​ 137.0 ​ ​ 241.4 ​ ​ 144.1 ​ ​ 239.8 Less: Valuation allowance (b) ​ ​ (53.1) ​ ​ — ​ ​ (54.5) ​ ​ — Net deferred taxes (c) ​ $ 83.9 ​ $ 241.4 ​ $ 89.6 ​ $ 239.8 (a) At May 30, 2021, Lamb Weston had approximately $14.1 million of gross ($3.1 million after-tax) foreign net operating loss carryforwards, of which the majority expire during fiscal 2022. Lamb Weston also has a foreign tax credit carryforward of $0.5 million, which will expire by fiscal 2031. ​ (b) The valuation allowance is predominantly related to non-amortizable intangibles and the portion of the net operating loss carryforwards that we are not more likely than not to realize. The net impact on income tax expense related to changes in the valuation allowance, including net operating loss carryforwards, was zero in fiscal 2021 and 2020, and $1.1 million of benefit in fiscal 2019. ​ (c) Deferred tax assets of $2.2 million and $2.3 million as of May 30, 2021 and May 31, 2020, respectively, were presented in “Other assets.” Deferred tax liabilities of $159.7 million and $152.5 million as of May 30, 2021 and May 31, 2020, respectively, were presented in “Deferred income taxes” as “Long-term liabilities” on the Consolidated Balance Sheets. The deferred tax asset and liability net position is determined by tax jurisdiction. ​ The FASB allows companies to adopt an accounting policy to either recognize deferred taxes for global intangible low-taxed income (“GILTI”) or treat such as a tax cost in the year incurred. We have elected to recognize the tax on GILTI as a period expense in the period the tax is incurred. Under this policy, we have not provided deferred taxes on temporary differences that upon their reversal will affect the amount of income subject to GILTI in the period. ​ We have not established deferred income taxes on accumulated undistributed earnings and other basis differences for operations outside the U.S., as such earnings and basis differences are indefinitely reinvested. Determining the unrecognized deferred tax liability for these earnings is not practicable. Generally, no U.S. federal income taxes will be imposed on future distributions of foreign earnings under the current law. However, distributions to the U.S. or other foreign jurisdictions could be subject to withholding and other local taxes, and these taxes would not be material. ​ ​ Uncertain Tax Positions ​ The aggregate changes in the gross amount of unrecognized tax benefits, excluding interest and penalties consisted of the following (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ 2021 ​ 2020 2019 Beginning balance $ 31.3 $ 21.7 $ 13.2 Decreases from positions established during prior fiscal years ​ — ​ ​ — ​ ​ (0.8) Increases from positions established during current and prior fiscal years ​ 8.7 ​ ​ 10.3 ​ ​ 10.4 Decreases relating to settlements with taxing authorities ​ (0.8) ​ ​ — ​ ​ — Expiration of statute of limitations ​ (2.1) ​ ​ (0.7) ​ ​ (1.1) Ending balance (a) $ 37.1 ​ $ 31.3 ​ $ 21.7 (a) If we were to prevail on the unrecognized tax benefits recorded as of May 30, 2021 and May 30, 2020, it would result in a tax benefit of $31.6 million and $26.7 million, respectively, and a reduction in the effective tax rate. The ending balances exclude $7.2 million and $5.5 million of gross interest and penalties in fiscal 2021 and 2020, respectively. We accrue interest and penalties associated with uncertain tax positions as part of income tax expense. ​ ​ Lamb Weston conducts business and files tax returns in numerous countries, states, and local jurisdictions. We do not have any significant open tax audits. As part of the tax matters agreement we entered into with Conagra in connection with the Separation, Conagra has responsibility for tax audits associated with pre-Separation periods, including any associated adjustments for consolidated federal and state filings. Major jurisdictions where we conduct business generally have statutes of limitations ranging from three ​ Although the timing of the resolutions and/or closures of audits is highly uncertain, it is reasonably possible that certain U.S. federal and non-U.S. tax audits may be concluded within the next 12 months, which could increase or decrease the balance of our gross unrecognized tax benefits. The estimated impact on income tax expense and net income is not expected to be significant.

INVESTMENTS IN JOINT VENTURES

INVESTMENTS IN JOINT VENTURES	12 Months Ended
	May 30, 2021
INVESTMENTS IN JOINT VENTURES
INVESTMENTS IN JOINT VENTURES	4. INVESTMENTS IN JOINT VENTURES ​ Lamb Weston holds equity interests in three potato processing joint ventures, including 50% of Lamb-Weston/Meijer v.o.f. (“Lamb-Weston/Meijer”), Lamb-Weston/RDO Frozen Lamb Weston Alimentos Modernos S.A. ​ Summarized combined financial information for our equity method investments based on 100%of their operations is as follows (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ 2021 2020 ​ 2019 Net sales ​ $ 1,169.5 $ 1,137.7 ​ $ 1,172.6 Gross profit ​ 196.5 145.8 ​ 212.2 Income from operations ​ 97.5 59.8 ​ 130.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ May 30, May 31, ​ 2021 2020 Current assets ​ $ 516.1 $ 413.8 Noncurrent assets ​ 627.6 455.1 Current liabilities ​ ​ 366.3 298.8 Noncurrent liabilities ​ ​ 147.3 79.8 ​ Lamb-Weston/Meijer ​ We hold a 50% ownership interest in Lamb-Weston/Meijer, a joint venture with Meijer Frozen Foods B.V., that is headquartered in the Netherlands and manufactures and sells frozen potato products principally in Europe, Russia, and the Middle East. We receive a royalty from Lamb-Weston/Meijer based on a per ton rate of the sales volumes of the venture. The fees received were $1.6 million in both fiscal years 2021 and 2020 and $1.8 million in fiscal 2019. These fees are recorded as a reduction to “Selling, general and administrative expenses” in our Consolidated Statements of Earnings. Our ownership interest in this venture is included in “Equity method investments” on our Consolidated Balance Sheets. The balance of our investment was $263.3 million and $207.4 million at May 30, 2021 and May 31, 2020, respectively. We account for this investment using equity method accounting. ​ We have an agreement to share the costs of our global 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 May 30, 2021 and May 31, 2020, Lamb-Weston/Meijer’s portion of the ERP costs totaled $16.8 million and $13.0 million, respectively. We had $13.3 million and $12.0 million of receivables recorded on our Consolidated Balance Sheets at May 30, 2021 and May 31, 2020, respectively. Of the $13.3 million and $12.0 million of receivables, $0.1 million and $1.8 million were recorded in “Receivables, net” and $13.2 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 next phase of our ERP system commences in fiscal 2022. ​ Lamb Weston RDO ​ We hold a 50% interest in Lamb Weston RDO, a joint venture with RDO Frozen Co. This joint venture operates a potato processing plant in Minnesota. We provide all sales and marketing services to Lamb Weston RDO, and we receive a fee for these services based on a percentage of the net sales of the venture. The fees received were $14.3 million, $14.1 million, and $14.8 million in fiscal 2021, 2020, and 2019, respectively. These fees are recorded as a reduction to “Selling, general and administrative expenses” in our Consolidated Statements of Earnings. Our ownership interest in this venture is included in “Equity method investments” on our Consolidated Balance Sheets. The balance of our investment was $17.4 million and $15.4 million at May 30, 2021 and May 31, 2020, respectively. We account for this investment using equity method accounting. ​ LWAMSA ​ We hold a 50% ownership interest in LWAMSA, a joint venture with Sociedad Comercial del Plata S.A.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	May 30, 2021
ACQUISITIONS
ACQUISITIONS	5. ACQUISITIONS ​ On July 2, 2019 and December 21, 2018, we acquired 100% of the outstanding shares of two ​ We allocated the purchase prices of the July 2019 and December 2018 acquisitions to the assets acquired and liabilities assumed based on estimates of the fair value at the respective date of the acquisition, of which $106.1 million and $75.1 million, respectively, after final working capital adjustments, was allocated to goodwill not deductible weighted average life

GOODWILL AND OTHER IDENTIFIABLE

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS	12 Months Ended
	May 30, 2021
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS	6. GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS ​ The following table presents changes in goodwill balances, by segment, for fiscal years 2021 and 2020 (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) ​ ​ 106.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ 106.1 Foreign currency translation adjustment ​ ​ (8.2) ​ ​ — ​ ​ — ​ ​ — ​ (8.2) Balance at May 31, 2020 ​ $ 245.6 ​ $ 42.8 ​ $ 10.9 ​ $ 4.5 ​ $ 303.8 Foreign currency translation adjustment ​ ​ 30.7 ​ ​ — ​ ​ — ​ ​ — ​ 30.7 Balance at May 30, 2021 ​ $ 276.3 ​ $ 42.8 ​ $ 10.9 ​ $ 4.5 ​ $ 334.5 (a) In July 2019, we acquired a frozen potato processor in Australia and recorded $106.1 million of goodwill in our Global segment. See Note 5, Acquisitions, for more information. ​ Other identifiable intangible assets were as follows (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ May 30, 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 ​ 42.2 ​ (23.3) ​ 18.9 11 ​ 42.4 ​ (22.1) ​ 20.3 ​ ​ $ 60.2 $ (23.3) $ 36.9 ​ $ 60.4 $ (22.1) $ 38.3 (a) Non-amortizing intangible assets represent brands and trademarks. ​ (b) Amortizing intangible assets are principally comprised of licensing agreements, brands, and customer relationships. In addition, developed technology is recorded as “Other assets” on our Consolidated Balance Sheet. Amortization expense was $5.0 million, $2.5 million, and $2.2 million in fiscal 2021, 2020, and 2019, respectively. Foreign intangible assets are affected by foreign currency translation. ​ ​ ​ Based on current intangibles subject to amortization, we expect intangible asset amortization expense, excluding developed technology, will be approximately $2.7 million, $2.6 million, and $2.1 million in fiscal 2022, 2023, and 2024, respectively, $1.8 million in fiscal 2025 and 2026 ​ Impairment Testing ​ We test goodwill and non-amortizing intangible assets for impairment annually in the fourth quarter or sooner if events or changes in circumstances indicate that the carrying value of the asset may exceed fair value. Additionally, when we experience changes to our business or operating environment, we evaluate the remaining useful lives of our finite-lived purchased intangible assets to determine whether any adjustments to the useful lives are necessary. ​ During the annual goodwill impairment test we performed in the fourth quarter of fiscal 2021, we assessed qualitative factors to determine whether it was more likely than not that the fair value of each reporting unit was less than its carrying value. Based on the results of the qualitative impairment test, we determined that it was not more likely than not that the fair value was less than the carrying value of our Global, Foodservice, Retail, and Other reporting units. Additionally, we completed our tests of our non-amortizing intangibles

ACCRUED LIABILITIES

ACCRUED LIABILITIES	12 Months Ended
	May 30, 2021
ACCRUED LIABILITIES
ACCRUED LIABILITIES	7. ACCRUED LIABILITIES ​ The components of accrued liabilities were as follows (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ May 30, ​ May 31, ​ ​ 2021 2020 Compensation and benefits ​ $ 83.2 $ 74.5 Accrued trade promotions ​ ​ 39.9 ​ ​ 42.5 Dividends payable to shareholders ​ ​ 34.4 ​ ​ 33.6 Current portion of operating lease obligations ​ ​ 29.1 ​ ​ 28.4 Franchise, property, and sales and use taxes ​ 11.3 9.4 Accrued interest ​ ​ 7.9 ​ ​ 8.7 Income taxes payable ​ ​ 0.8 ​ ​ 1.3 Other ​ 20.3 34.6 Accrued liabilities ​ $ 226.9 $ 233.0 ​

DEBT AND FINANCING OBLIGATIONS

DEBT AND FINANCING OBLIGATIONS	12 Months Ended
	May 30, 2021
DEBT AND FINANCING OBLIGATIONS
DEBT AND FINANCING OBLIGATIONS	8. DEBT AND FINANCING OBLIGATIONS ​ At May 30, 2021 and May 31, 2020, our debt and financing obligations were as follows (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ May 30, 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 ​ ​ 273.8 ​ ​ 288.7 Term A-2 loan facility, due April 2025 ​ ​ 312.8 ​ ​ 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 ​ ​ ​ 2,752.6 ​ ​ 3,056.3 Financing obligations: ​ ​ ​ ​ ​ ​ Lease financing obligations due on various dates through 2040 (a) ​ 7.3 13.3 ​ ​ ​ 7.3 ​ ​ 13.3 ​ ​ ​ ​ ​ ​ ​ Total debt and financing obligations ​ 2,759.9 3,568.3 Debt issuance costs (b) ​ ​ (22.5) ​ ​ (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 ​ $ 2,705.4 $ 2,992.6 (a) The interest rates on our lease financing obligations ranged from 2.49% to 4.10% at May 30, 2021 and 2.31% to 4.10% at May 30, 2020, respectively. For more information on our lease financing obligations, see Note 9, Leases. ​ (b) We amortize debt issuance costs into interest expense using the effective interest method over the life of the loan facilities. In fiscal 2021, 2020, and 2019, we recorded $6.1 million, $6.2 million, and $4.7 million, respectively, of amortization expense in “Interest expense” in our Consolidated Statements of Earnings. Fiscal 2021 included a $1.0 million write-off of debt issuance cost in connection with the Amended Revolving Credit Facility. Fiscal 2020 included a $1.7 million write-off of debt issuance costs in connection with the $300.0 million payment on the term loan facility due in 2021. ​ ​ ​ Amended Revolving Credit Facility ​ We are party to a senior secured credit agreement, dated as of November 9, 2016, with a syndicate of lenders. On September 17, 2020, we amended the credit agreement to, among other things, increase the aggregate principal amount of available revolving credit facility borrowings to $750.0 million and extend the maturity date to September 17, 2023 (“Amended Revolving Credit Facility”). 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 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. ​ The Amended Revolving Credit Facility also contains covenants that, subject to exceptions, limit our ability and the ability of our subsidiaries to, among other things, incur, assume or guarantee additional indebtedness, pay distributions on, redeem or repurchase capital stock or redeem or repurchase subordinated debt, make loans and investments, incur or suffer to exist liens, sell, transfer or otherwise dispose of assets, enter into agreements that restrict distributions or other payments from restricted subsidiaries to us, engage in transactions with affiliates, designate subsidiaries as unrestricted or restricted, and consolidate, merge, amalgamate or transfer all or substantially all of our assets. Upon the occurrence of an event of default, among other things, amounts outstanding under the credit facility may be accelerated and the commitments may be terminated. Our obligations under the Amended Revolving Credit Facility are unconditionally guaranteed by certain of our direct and indirect domestic subsidiaries on the terms set forth in the credit agreement. The credit agreement is secured by security interests and liens on substantially all of our and each of our subsidiary guarantor’s assets, unless Lamb Weston is rated investment grade by at least two of Fitch Ratings, Inc., Moody’s Investors Service, Inc., and Standard & Poor’s Ratings Services. ​ 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 and capitalized $2.4 million of debt issuance costs as “Other assets” on our Consolidated Balance Sheet. During fiscal 2021, we recognized $1.0 million of expenses, in “Interest expense, net” for the write-off of debt issuance costs related to the payoff of the term loan facility. ​ At May 30, 2021, we had no borrowings outstanding under our Amended Revolving Credit Facility. At May 30, 2021, we had $744.6 million of availability under the facility, which is net of outstanding letters of credit of $5.4 million. For the period from June 1, 2020 through May 30, 2021, borrowings under our revolving credit facility ranged from zero dollars to a high of $495.0 million. For the period from June 1, 2020 through May 30, 2021 and May 27, 2019 through May 31, 2020, the weighted average interest rate for our outstanding borrowings under the revolving credit facility was 1.68% and 2.35%, respectively. ​ In March 2020, we drew $495.0 million available under the revolving credit facility and in June and July 2020, we repaid $100.0 million and $395.0 million, respectively. ​ Term A-1 and A-2 Loan Facilities ​ On June 28, 2019, we entered into a credit agreement, among Lamb Weston, certain of our subsidiaries as guarantors, certain lenders, and Northwest Farm Credit Services, PCA, as administrative agent for the lenders, providing for a $300.0 million term loan facility and, under certain circumstances, the ability to add incremental facilities in an aggregate amount of up to $100.0 million (collectively, “Term A-1 Loan Facility”). Borrowings on the Term A-1 Loan Facility amortize in equal quarterly installments for a total of 5% annually, with the balance payable in June 2024. ​ Borrowings under the Term A-1 Loan Facility bear interest, before anticipated patronage dividends, at LIBOR or the Base Rate (as defined in the Term A-1 Loan Facility 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 consolidated net leverage ratio. During the years ended May 30, 2021 and May 31, 2020, the average interest rate on the Term A-1 Loan Facility was approximately 1.77% and 3.33%, respectively. We have received and expect to continue receiving patronage dividends under the Term A-1 Loan Facility. After giving effect to expected patronage distributions, the effective average interest rate on the Term A-1 Loan Facility was approximately 0.95% and 2.52%, for the years ended May 30, 2021 and May 31, 2020, respectively. ​ On April 20, 2020, we amended the Term A-1 Loan Facility agreement to, among other things, provide for a new $325.0 million term loan facility (“Term A-2 Loan Facility”). Borrowings under the Term A-2 Loan Facility bear interest, before anticipated patronage dividends, at LIBOR or the Base Rate (as defined in the Term A-2 Loan Facility agreement) plus an applicable rate ranging from 2.200% to 2.950% for LIBOR-based loans and from 1.200% to 1.950% for Base Rate-based loans, depending on our consolidated net leverage ratio. Borrowings on the Term A-2 Loan Facility amortize in equal quarterly installments for a total of 5% annually, with the balance payable in April 2025. During the years ended May 30, 2021 and May 31, 2020, the average interest rate on the Term A-2 Loan Facility was approximately 2.34% and 2.85%, respectively. We have received and expect to continue receiving patronage dividends under the Term A-2 Loan Facility. After giving effect to expected patronage distributions, the effective average interest rate on the Term A-2 Loan Facility was approximately 1.53% and 2.03%, for the years ended May 30, 2021 and May 31, 2020, respectively. ​ The Term A-1 and A-2 Loan Facilities are unconditionally guaranteed by the same subsidiaries as the Amended Revolving Credit Facility. Borrowings under the Term A-1 and A-2 Loan Facilities may be prepaid without premium or penalty and once repaid, cannot be reborrowed. ​ On September 23, 2020, in connection with the Amended Revolving Credit Facility, we amended the credit agreement relating to the Term A-1 and A-2 Loan Facilities, to, among other things, modify the term loan facilities to make conforming changes to the affirmative and negative covenants under the facilities. As such, the covenants, events of default, securities and liens under the Term A-1 and A-2 Loan Facilities are consistent with the Amended Revolving Credit Facility. The financial covenants under the Term A-1 and A-2 Loan Facilities, however, remain unchanged, requiring us to maintain a consolidated net leverage ratio no greater than 4.50 to 1.00 1.00 ​ 4.625% Senior Notes due 2024 and 4.875% Senior Notes due 2026 ​ In November 2016, we issued (i) $833.0 million aggregate principal amount of 4.625% senior notes due 2024 (“2024 Notes”) and (ii) $833.0 million aggregate principal amount of 4.875% senior notes due 2026 (“2026 Notes”) pursuant to indentures, dated as of November 9, 2016, among Lamb Weston, certain of our subsidiaries as guarantors and Wells Fargo Bank, National Association, as trustee. Our obligations under the 2024 Notes and 2026 Notes are unconditionally guaranteed on a senior unsecured basis by each of our subsidiaries that guarantee our obligations under the Amended Revolving Credit Facility and Term A-1 and A-2 Loan Facilities. ​ The 2024 Notes and 2026 Notes are senior unsecured obligations and rank equally with all of our current and future senior indebtedness, rank senior to all our current and future subordinated indebtedness and are subordinated to all of our current and future secured indebtedness (including all borrowings with respect to the Amended Revolving Credit Facility and Term A-1 and A-2 Loan Facilities to the extent of the value of the assets securing such indebtedness). Interest on the 2024 Notes and 2026 Notes is due semiannually. The 2024 Notes mature on November 1, 2024 and the 2026 Notes mature on November 1, 2026, unless either is redeemed or repurchased. Upon a change of control (as defined in the indentures governing the 2024 Notes and 2026 Notes), we must offer to repurchase the 2024 Notes and 2026 Notes at 101% of the principal amount of such notes, plus accrued and unpaid interest. ​ We may redeem all or a portion of the 2024 Notes at any time on or after November 1, 2021, at declining prices starting at 102.313%, plus accrued and unpaid interest. We may redeem all or a portion of the 2026 Notes at any time on or after November 1, 2021, at declining prices starting at 102.438%, plus accrued and unpaid interest. Prior to November 1, 2021, we may redeem notes of either series, in whole at any time or in part, from time to time, at a price equal to 100% of the principal amount thereof, plus a make-whole premium, plus accrued and unpaid interest. ​ The indentures governing the 2024 Notes and 2026 Notes contain covenants that, subject to exceptions, limit our ability and the ability of our subsidiaries to, among other things, incur, assume or guarantee additional indebtedness, pay distributions on, redeem or repurchase capital stock or redeem or repurchase subordinated debt, make loans and investments, incur or suffer to exist liens, sell, transfer or otherwise dispose of assets, enter into agreements that restrict distributions or other payments from restricted subsidiaries to us, engage in transactions with affiliates, designate subsidiaries as unrestricted or restricted, and consolidate, merge, amalgamate or transfer all or substantially all of our assets. ​ 4.875% Senior Notes due 2028 ​ In May 2020, we issued $500.0 million aggregate principal amount of 4.875% senior notes due in 2028 (“2028 Notes”) pursuant to an indenture, dated as of May 12, 2020, among Lamb Weston, certain of our subsidiaries as guarantors and Wells Fargo Bank, National Association, as trustee. Our obligations under the 2028 Notes are unconditionally guaranteed on a senior unsecured basis by each of our subsidiaries that guarantee our obligations under the Amended Revolving Credit Facility and Term A-1 and A-2 Loan Facilities. The 2028 Notes bear interest at a rate of 4.875% per year and mature on May 15, 2028, unless earlier redeemed or repurchased. We capitalized approximately $6.2 million of debt issuance costs associated with this offering. ​ The 2028 Notes are senior unsecured obligations and rank equally with all of our current and future senior indebtedness (including the 2024 and 2026 Notes), rank senior to all our current and future subordinated indebtedness and are subordinated to all of our current and future secured indebtedness (including all borrowings with respect to the Amended Revolving Credit Facility and Term A-1 and A-2 Loan Facilities to the extent of the value of the assets securing such indebtedness). Interest on the 2028 Notes is due semiannually. Upon a change of control (as defined in the indenture governing the 2028 Notes), we must offer to repurchase the 2028 Notes at 101% of the principal amount of the notes, plus accrued and unpaid interest. ​ Prior to November 15, 2027, we may redeem the 2028 Notes, in whole at any time or in part, from time to time, at a price equal to 100% of the principal amount thereof, plus a make-whole premium, plus accrued and unpaid interest. On and after November 15, 2027, we may redeem all or any portion of the 2028 Notes, at once or over time, at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest. ​ The covenants and events of default are substantially similar to the 2024 and 2026 Notes discussed above. ​ Debt Maturities ​ The aggregate minimum principal maturities of our long-term debt, including current portion, for the next five fiscal years and thereafter, are as follows (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt (a) 2022 ​ $ 31.3 2023 ​ ​ 31.3 2024 ​ ​ 31.3 2025 ​ ​ 1,325.7 2026 ​ ​ — Thereafter ​ ​ 1,333.0 ​ ​ $ 2,752.6 (a) See Note 9, Leases, for maturities of our lease financing obligations. ​ ​ Other ​ During fiscal 2021, 2020, and 2019 we paid $120.6 million, $105.7 million, and $107.8 million, respectively, of interest on debt. ​ Other Credit Facilities ​ At May 30, 2021, one of our subsidiaries had $56.5 million of availability under an overdraft line of credit facility with a financial institution with no borrowings outstanding. At May 31, 2020, we had $30.8 million of availability under this facility and another credit facility with the same financial institution, with $3.7 million of borrowings outstanding. Borrowings under these facilities bear interest at an effective rate of 3.915% and 3.560% at May 30, 2021 and May 31, 2020, respectively, and may be prepaid without penalty. We guarantee the full amount of our subsidiary’s obligations to the financial institution up to the maximum amount of borrowings under the credit facilities.

LEASES

LEASES	12 Months Ended
	May 30, 2021
LEASES
LEASES	9. 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 terms one ​ The components of total lease costs, net, consisted of the following (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Year Ended May (a) ​ ​ 2021 ​ 2020 Operating lease costs ​ $ 33.2 ​ $ 29.7 Short-term and variable lease costs ​ ​ 9.0 ​ ​ 5.8 Sublease income ​ ​ (3.4) ​ ​ (2.7) Finance lease costs: ​ ​ ​ ​ ​ ​ Amortization of lease assets ​ ​ 1.9 ​ ​ 3.2 Interest on lease obligations ​ ​ 0.3 ​ ​ 0.6 Total lease costs, net ​ $ 41.0 ​ $ 36.6 (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 finance lease obligations is included in “Interest expense, net,” in our Consolidated Statements of Earnings. ​ Rent expense, prior to the adoption of ASC 842, was $24.3 million in fiscal 2019. ​ Operating and finance leases, with initial terms greater than one year, were as follows (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ May 30, ​ May 31, Leases ​ Classification ​ 2021 ​ 2020 Assets: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease assets ​ Operating lease assets ​ $ 141.7 ​ $ 167.0 Finance lease assets ​ Property, plant and equipment, net (a) (b) ​ ​ 5.4 ​ ​ 11.3 Total leased assets ​ ​ ​ $ 147.1 ​ $ 178.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Lease obligations due within one year: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease obligations ​ Accrued liabilities ​ $ 29.1 ​ $ 28.4 Finance lease obligations ​ Current portion of long-term debt and financing obligations (b) ​ ​ 0.7 ​ ​ 2.8 Long-term lease obligations: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease obligations ​ Other noncurrent liabilities ​ ​ 120.3 ​ ​ 144.6 Finance lease obligations ​ Long-term debt and financing obligations, excluding current portion (b) ​ ​ 6.6 ​ ​ 10.5 Total lease obligations ​ ​ ​ $ 156.7 ​ $ 186.3 (a) Finance leases are net of accumulated amortization of $4.7 million and $12.2 million at May 30, 2021 and May 31, 2020, respectively. ​ (b) During fiscal 2021, we modified certain finance leases in the normal course of business resulting in a reduction of approximately $4.3 million of finance lease assets and short-term and long-term finance lease obligations recorded on our Consolidated Balance Sheet. ​ ​ The maturities of our lease obligations for operating and finance leases at May 30, 2021 for the next five fiscal years and thereafter are as follows (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Finance ​ ​ Leases ​ Leases 2022 ​ $ 31.7 ​ $ 0.9 2023 ​ ​ 21.8 ​ ​ 1.0 2024 ​ ​ 20.7 ​ ​ 1.0 2025 ​ ​ 18.6 ​ ​ 0.9 2026 ​ ​ 15.2 ​ ​ 0.8 Thereafter ​ ​ 62.7 ​ ​ 4.5 Total lease payments ​ ​ 170.7 ​ ​ 9.1 Less: Interest ​ ​ (21.3) ​ ​ (1.8) Present value of lease obligations ​ $ 149.4 ​ $ 7.3 ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term (years) ​ ​ 7.9 ​ ​ 13.9 Weighted-average discount rate ​ ​ 3.4% ​ ​ 3.2% ​ ​ Supplemental cash flow information related to leases was as follows (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ ​ 2021 ​ 2020 Cash paid for amounts included in the measurement of lease obligations: ​ ​ ​ ​ ​ ​ Operating cash flows for operating leases ​ $ 30.9 ​ $ 26.8 Financing cash flows for finance leases ​ ​ 1.7 ​ ​ 2.6 ​ ​ ​ ​ ​ ​ ​ Noncash investing and financing activities: ​ ​ ​ ​ ​ ​ Assets obtained in exchange for new operating lease obligations ​ ​ 5.2 ​ ​ 41.4 Assets obtained in exchange for new finance lease obligations ​ ​ — ​ ​ 2.2 ​

EMPLOYEE BENEFIT PLANS AND OTHE

EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS	12 Months Ended
	May 30, 2021
EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS
EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS	10. EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS ​ Only certain hourly employees covered by certain collective bargaining agreements continue to accrue pension benefits. Participants that do not actively participate in a pension plan are eligible to participate in defined contribution savings plans with employer matching provisions consistent with other employees without pension benefits. ​ We also have a nonqualified defined benefit pension plan that provides unfunded supplemental retirement benefits to certain executives. This plan is closed to new participants and pension benefit accruals are frozen for active participants. ​ Other Plans ​ Eligible U.S. employees participate in a contributory defined contribution plan (“the Plan”). The Plan permits participants to make contributions by salary reduction pursuant to Section 401(k) of the Internal Revenue Code of 1986, as amended. We generally match 100% of the first 6% of the employee’s contribution election and provide an additional 3% contribution to eligible participants, regardless of employee participation level. The Plan’s matching contributions have a five-year graded vesting with 20% vesting each year. We made employer-matching contributions of $28.8 million, $28.7 million, and $21.3 million in fiscal 2021, 2020, and 2019, respectively. ​ We sponsor a deferred compensation savings plan that permits eligible employees to continue to make deferrals and receive company matching contributions when their contributions to the defined contribution plan are stopped due to limitations under U.S. tax law. In addition, we sponsor a deferred compensation plan for non-employee directors that allow directors to defer their cash compensation and stock awards. Both deferred compensation plans are unfunded nonqualified defined contribution plans. Participant deferrals and company matching contributions (for the employee deferred compensation plan only) are not invested in separate trusts, but are paid directly from our general assets at the time benefits become due and payable. At May 30, 2021 and May 31, 2020, we had $23.5 million and $18.0 million, respectively, of liabilities attributable to participation in our deferred compensation plan recorded on our Consolidated Balance Sheets. ​ Obligations and Funded Status of Defined Benefit Pension and Other Post-retirement Benefit Plans ​ The funded status of our plans is based on company contributions, benefit payments, the plan asset investment return, the discount rate used to measure the liability, and expected participant longevity. The following table, which includes only company-sponsored defined benefit and other post-retirement benefit plans, reconciles the beginning and ending balances of the projected benefit obligation and the fair value of plan assets. We recognize the unfunded status of these plans on the Consolidated Balance Sheets, and we recognize changes in funded status in the year changes occur through the Consolidated Statements of Comprehensive Income (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ 2021 ​ 2020 ​ ​ Pension Plans ​ Post-Retirement Plan ​ Pension Plans ​ Post-Retirement Plan Change in benefit obligation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefit obligation at beginning of year ​ $ 37.3 ​ $ 6.5 ​ $ 27.4 ​ $ 7.3 Service cost ​ ​ 3.0 ​ ​ — ​ ​ 3.1 ​ ​ — Interest cost ​ ​ 1.2 ​ ​ 0.1 ​ ​ 1.1 ​ ​ 0.2 Participant contributions ​ ​ — ​ ​ 0.3 ​ ​ — ​ ​ 0.2 Benefits paid ​ ​ (0.5) ​ ​ (0.2) ​ ​ (0.3) ​ ​ (0.3) Plan settlements (a) ​ ​ — ​ ​ — ​ ​ (0.4) ​ ​ — Actuarial (gain) loss ​ ​ 0.5 ​ ​ (0.2) ​ ​ 6.4 ​ ​ (0.9) Benefit obligation at fiscal year end ​ $ 41.5 ​ $ 6.5 ​ $ 37.3 ​ $ 6.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated benefit obligation portion of above ​ $ 41.5 ​ ​ ​ ​ $ 37.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value of plan assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ $ 27.2 ​ $ — ​ $ 17.1 ​ $ — Actual return on plan assets ​ ​ (2.0) ​ ​ — ​ ​ 6.6 ​ ​ — Company contributions ​ ​ 3.4 ​ ​ — ​ ​ 3.8 ​ ​ 0.1 Participant contributions ​ ​ — ​ ​ 0.3 ​ ​ — ​ ​ 0.2 Benefits paid ​ ​ (0.5) ​ ​ (0.2) ​ ​ (0.3) ​ ​ (0.3) Other ​ ​ — ​ ​ (0.1) ​ ​ — ​ ​ — Fair value of plan assets at end of year ​ $ 28.1 ​ $ — ​ $ 27.2 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Underfunded status ​ $ (13.4) ​ $ (6.5) ​ $ (10.1) ​ $ (6.5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts recognized on Consolidated Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued liabilities ​ $ — ​ $ (0.3) ​ $ — ​ $ (0.2) Other noncurrent liabilities ​ ​ (13.4) ​ ​ (6.2) ​ ​ (10.1) ​ ​ (6.3) Accrued obligation recognized ​ $ (13.4) ​ $ (6.5) ​ $ (10.1) ​ $ (6.5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actuarial loss ​ $ 7.7 ​ $ 0.7 ​ $ 4.4 ​ $ 1.1 Total ​ $ 7.7 ​ $ 0.7 ​ $ 4.4 ​ $ 1.1 (a) In fiscal 2020, plan settlements of $0.4 million were paid to certain participants from our rabbi trust plan assets. These assets are excluded from our pension plan assets. ​ Components of Net Periodic Benefit Cost and Other Comprehensive (Income) Loss ​ The components of net periodic benefit cost were as follows (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ ​ 2021 ​ 2020 ​ 2019 ​ Pension Post-Retirement ​ Pension ​ Post-Retirement Pension ​ Post-Retirement ​ ​ Plans ​ Plan ​ Plans ​ Plan ​ Plans ​ Plan Service cost ​ $ 3.0 ​ $ — ​ $ 3.1 ​ $ — ​ $ 6.0 ​ $ — Interest cost ​ 1.2 ​ 0.1 ​ 1.1 ​ 0.2 ​ 0.8 ​ 0.3 Expected return on plan assets ​ (0.8) ​ — ​ (0.9) ​ — ​ (0.9) ​ — Net amortization of unrecognized amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actuarial loss ​ ​ 0.1 ​ ​ 0.2 ​ ​ 0.2 ​ ​ 0.6 ​ ​ — ​ ​ 0.7 Net periodic benefit cost (a) ​ $ 3.5 ​ $ 0.3 ​ $ 3.5 ​ $ 0.8 ​ $ 5.9 ​ $ 1.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actuarial (gain) loss ​ $ 3.4 ​ $ (0.2) ​ $ 0.6 ​ $ (1.0) ​ $ 3.3 ​ $ — Amortization of actuarial loss (b) ​ ​ (0.1) ​ ​ (0.2) ​ ​ (0.2) ​ ​ (0.6) ​ ​ — ​ ​ (0.7) Total recognized in other comprehensive loss (income) ​ $ 3.3 ​ $ (0.4) ​ $ 0.4 ​ $ (1.6) ​ $ 3.3 ​ $ (0.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total recognized in net periodic benefit cost and other comprehensive loss (income) (pre-tax) (c) ​ $ 6.8 ​ $ (0.1) ​ $ 3.9 ​ $ (0.8) ​ $ 9.2 ​ $ 0.3 (a) Pension service costs are allocated to operations and reflected in “Cost of sales” and expected returns on pension assets and interest costs are reflected in “Selling, general and administrative expenses” in the Consolidated Statements of Earnings. ​ The decrease in fiscal 2021 and 2020 net periodic pension cost, compared with fiscal 2019, reflects amendments to the pension plans so that no future benefits accrue after certain dates. We did not recognize a curtailment gain or loss with any of the amendments. ​ (b) Accumulated losses in excess of 10% of the greater of the projected benefit obligation or the market-related value of assets will be recognized on a straight-line basis over the average remaining service period of active employees in our plans (which is between seven to ten years for our pension plans and approximately two years for our post-retirement benefit plan), to the extent that losses are not offset by gains in subsequent years. ​ Assumptions ​ The actuarial assumptions used in determining the benefit obligations and net periodic pension cost for our defined benefit and post-retirement plans are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ Pension Plans ​ Post-Retirement Plan ​ Pension Plans ​ Post-Retirement Plan ​ Pension Plans ​ Post-Retirement Plan Weighted-average assumptions used to determine benefit obligations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate ​ ​ 3.11% ​ ​ 2.82% ​ 3.14% ​ ​ ​ 2.85% ​ 4.01% ​ ​ ​ 3.81% Weighted-average assumptions used to determine net periodic benefit cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate ​ ​ 3.14% ​ ​ 2.85% ​ 4.01% ​ ​ ​ 3.81% ​ 4.25% ​ ​ ​ 4.18% Expected return on plan assets ​ ​ 2.90% ​ ​ N/A ​ 5.12% ​ ​ ​ N/A ​ 5.30% ​ ​ ​ N/A ​ Discount Rate Assumption. ​ Asset Return Assumption: ​ Health Care Cost Trend Rate Assumptions. . ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 2019 Health care cost trend rate assumed for next year (Pre65) ​ ​ 6.19% ​ ​ 6.75% ​ ​ 7.31% Ultimate health care cost trend rate ​ ​ 4.50% ​ ​ 4.50% ​ ​ 4.50% Year that the rate reaches the ultimate trend rate ​ ​ 2024 ​ ​ 2024 ​ ​ 2024 ​ Investment Policies and Strategies and Fair Value Measurements of Plan Assets ​ We utilize professional advisors to oversee pension investments and provide recommendations regarding investment strategy. Our overall strategy and related apportionments between equity and debt securities may change from time to time based on market conditions, external economic factors, timing of contributions and the funded status of the plans. The general investment objective for all of our plan assets is to optimize growth of the pension plan trust assets, while minimizing the risk of significant losses to enable the plans to satisfy their benefit payment obligations over time. The objectives consider the long-term nature of the benefit obligations, the liquidity needs of the plans, and the expected risk/return trade-offs of the asset classes in which the plans may choose to invest. Our current investment policy is to invest 30% in equity securities and 70% in fixed income securities. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility risk, all of which are subject to change. Due to the level of risk associated with some investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term, and such changes could materially affect the reported amounts (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at May 30, 2021 ​ ​ Quoted Market Prices in Active Markets for Identical Assets ​ Significant Observable Market-Based Inputs ​ Significant Unobservable Inputs ​ ​ ​ Level 1 Level 2 Level 3 Total Cash and cash equivalents ​ $ 0.4 ​ $ — ​ $ — ​ $ 0.4 Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. equity securities (a) ​ $ — ​ $ 4.7 ​ $ — ​ $ 4.7 International equity securities (a) ​ ​ — ​ ​ 3.7 ​ ​ — ​ ​ 3.7 Fixed income securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government securities (b) ​ ​ 19.3 ​ ​ — ​ ​ — ​ ​ 19.3 Total assets ​ $ 19.7 ​ $ 8.4 ​ $ — ​ $ 28.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at May 31, 2020 ​ ​ Quoted Market Prices in Active Markets for Identical Assets ​ Significant Observable Market-Based Inputs ​ Significant Unobservable Inputs ​ ​ ​ Level 1 Level 2 Level 3 Total Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. equity securities (a) ​ $ — ​ $ 4.1 ​ $ — ​ $ 4.1 International equity securities (a) ​ ​ — ​ ​ 3.9 ​ ​ — ​ ​ 3.9 Fixed income securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government securities (b) ​ ​ 19.2 ​ ​ — ​ ​ — ​ ​ 19.2 Total assets ​ $ 19.2 ​ $ 8.0 ​ $ — ​ $ 27.2 (a) Includes investments in common/collective trust funds that are valued using net asset values (“NAV”) provided by the administrator of the funds. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of units outstanding. While the underlying assets are actively traded on an exchange, the funds are not. There are currently no redemption restrictions or unfunded commitments on these investments. There are certain funds with thirty-day redeemable notice requirements. ​ (b) Includes investments in exchange-traded funds based on quoted prices in active markets. ​ Funding and Cash Flows ​ We make pension plan ​ ​ The following are estimated benefit payments to be paid to current plan participants by fiscal year (dollars in millions). Qualified pension benefit payments are paid from plan assets, while nonqualified pension benefit payments are paid by the Company. ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Plans Post-Retirement Plan 2022 ​ $ 0.5 ​ $ 0.2 2023 ​ ​ 0.7 ​ ​ 0.3 2024 ​ ​ 0.9 ​ ​ 0.3 2025 ​ ​ 1.0 ​ ​ 0.4 2026 ​ ​ 1.2 ​ ​ 0.4 2027-2031 ​ ​ 8.7 ​ ​ 2.1 ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	May 30, 2021
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	11. STOCK-BASED COMPENSATION ​ On October 29, 2016, our Board of Directors adopted the Lamb Weston Holdings, Inc. 2016 Stock Plan, which was amended in July 2017 (“Stock Plan”). 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. At May 30, 2021, we had 10.0 million shares authorized under the Stock Plan, and 7.4 million were available for future grant. ​ RSUs and Performance Shares ​ We grant RSUs to eligible employees and non-employee directors. The employee RSUs generally vest over a three-year period while the non-employee director RSUs generally vest after one year. We estimate the fair value of the RSUs based upon the market price of our common stock at the date of grant. ​ Performance Shares are granted to certain executives and other key employees with vesting contingent upon meeting various Company-wide performance goals. Awards actually earned range from 0% to 200% of the targeted number of Performance Shares for each of the performance periods. Awards, if earned, will be paid in shares of our common stock. Subject to limited exceptions set forth in the Stock Plan, any shares earned will be distributed at the end of the three-year performance period. The value of the Performance Shares is adjusted based upon the market price of our common stock at the end of each reporting period and amortized as compensation expense over the vesting period. ​ The following table summarizes RSU and Performance Share activity for fiscal 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock-Settled ​ Performance Shares ​ ​ ​ Weighted- ​ ​ Weighted- ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Grant- ​ ​ ​ ​ Grant- ​ ​ ​ ​ ​ Date Fair ​ ​ ​ ​ Date Fair ​ ​ Shares ​ Value ​ Shares ​ Value Outstanding at May 31, 2020 ​ 662,205 ​ $ 60.28 ​ ​ 444,457 ​ $ 57.96 Granted (a) ​ 298,040 ​ ​ 62.61 ​ ​ 107,451 ​ ​ 63.93 Vested (b) ​ (253,912) ​ ​ 46.42 ​ ​ (198,436) ​ ​ 44.83 Forfeited/expired/cancelled ​ ​ (31,031) ​ ​ 64.32 ​ ​ (18,027) ​ ​ 69.37 Outstanding at May 30, 2021 ​ 675,302 ​ $ 66.34 ​ ​ 335,445 ​ $ 67.02 (a) Granted represents new grants and dividend equivalents accrued. ​ (b) The aggregate fair value of awards that vested in fiscal 2021, 2020, and 2019 was $29.3 million, $24.9 million, and $24.7 million, respectively, which represents the market value of our common stock on the date that the RSUs and Performance Shares vested. The number of RSUs and Performance Shares vested includes shares of common stock that we withheld on behalf of employees to satisfy the minimum statutory tax withholding requirements. RSUs that are expected to vest are net of estimated future forfeitures. ​ Compensation Expense ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ ​ 2021 ​ 2020 ​ 2019 ​ Total compensation expense ​ ​ 20.6 ​ ​ 23.8 ​ ​ 22.1 ​ Income tax benefit (a) ​ ​ (3.7) ​ ​ (4.6) ​ ​ (4.4) ​ Total compensation expense, net of tax benefit ​ $ 16.9 ​ $ 19.2 ​ $ 17.7 ​ (a) Income tax benefit represents the marginal tax rate, excluding non-deductible compensation. ​ Based on estimates at May 30, 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 ​ $ 18.0 ​ 1.8 Performance Shares ​ ​ 8.8 ​ 1.6 Total unrecognized stock-based expense ​ $ 26.8 ​ 1.8 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	May 30, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	12. FAIR VALUE MEASUREMENTS ​ 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 May 30, 2021 and May 31, 2020 (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of May 30, 2021 ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Pension plan assets ​ $ 19.7 ​ $ 8.4 ​ $ — ​ $ 28.1 Derivative assets (a) ​ ​ — ​ ​ 15.3 ​ ​ — ​ ​ 15.3 Total assets ​ $ 19.7 ​ $ 23.7 ​ $ — ​ $ 43.4 Liabilities: ​ ​ ​ ​ Deferred compensation liabilities (b) ​ $ — $ 23.5 $ — $ 23.5 Total liabilities ​ $ — ​ $ 23.5 ​ $ — ​ $ 23.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of May 31, 2020 ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Pension plan assets ​ $ 19.2 ​ $ 8.0 ​ $ — ​ $ 27.2 Deferred compensation assets ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ 0.1 Total assets ​ $ 19.3 ​ $ 8.0 ​ $ — ​ $ 27.3 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. ​ ​ The fair values of cash equivalents, receivables, accounts payable and short-term debt approximate their carrying amounts due to their short duration. ​ 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 May 30, 2021, we had $2,166.0 million of fixed-rate and $586.6 million of variable-rate debt outstanding. Based on current market rates, the fair value of our fixed-rate debt at May 30, 2021 was estimated to be $2,277.7 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. We estimated the fair value of our fixed-rate debt using quoted market prices (Level 2 inputs) within the fair value hierarchy that is described above. 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	12 Months Ended
	May 30, 2021
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	13. STOCKHOLDERS’ EQUITY ​ Our certificate of incorporation authorizes 600,000,000 shares of common stock and 60,000,000 shares of preferred stock. We had 146,191,864 shares of common stock issued and outstanding as of May 30, 2021. Each share of common stock entitles the holder to one vote on matters to be voted on by our stockholders. No preferred stock was issued or outstanding ​ 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, on an opportunistic basis. During fiscal 2021, we purchased 328,918 shares for $25.7 million, or a weighted-average price of $78.19 per share. As of May 30, 2021, $169.6 million remained authorized for repurchase under the program. ​ Dividends ​ During fiscal 2021, 2020, and 2019, we paid $135.3 million, $121.3 ​ Accumulated Other Comprehensive Income (Loss) (“AOCI”) ​ Comprehensive income includes net income, currency translation adjustments, and changes in prior service cost and net actuarial gains (losses) from pension and post-retirement benefit plans. We generally deem our foreign investments to be indefinite in nature and we do not provide for taxes on currency translation adjustments arising from converting the investment denominated in a foreign currency to the U.S. dollar. If we determine that a foreign investment, as well as undistributed earnings, are no longer indefinite in nature, estimated taxes are provided for the related deferred tax liability (asset), if any, resulting from currency translation adjustments. ​ Changes in AOCI, net of taxes, as of May 30, 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 ​ ​ 72.3 ​ ​ (2.5) ​ ​ 69.8 Amounts reclassified out of AOCI, net of tax ​ ​ — ​ ​ 0.2 (a) ​ 0.2 Net current-period other comprehensive income (loss) ​ 72.3 (2.3) ​ 70.0 Balance as of May 30, 2021 ​ $ 36.0 $ (6.5) $ 29.5 (a) These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 10, Employee Benefit Plans and Other Post-Retirement Benefits, for additional information. ​ ​ ​

SEGMENTS

SEGMENTS	12 Months Ended
	May 30, 2021
SEGMENTS
SEGMENTS	14. 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). See “Part I, Item 1. Business” of this Form 10-K for more information on our segments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ 2021 (a) ​ 2020 (a) ​ 2019 Net sales ​ ​ ​ Global ​ $ 1,911.5 ​ $ 1,973.6 ​ $ 1,961.5 Foodservice ​ 1,017.3 ​ 1,069.1 ​ 1,156.1 Retail ​ 603.4 ​ 595.5 ​ 498.3 Other ​ ​ 138.7 ​ ​ 154.2 ​ ​ 140.6 Total net sales ​ ​ 3,670.9 ​ ​ 3,792.4 ​ ​ 3,756.5 Product contribution margin (b) ​ ​ ​ ​ ​ ​ Global ​ ​ 306.2 ​ ​ 374.5 ​ ​ 446.3 Foodservice ​ ​ 340.0 ​ ​ 356.0 ​ ​ 402.4 Retail ​ ​ 120.2 ​ ​ 117.6 ​ ​ 98.8 Other (c) ​ ​ 47.8 ​ ​ 24.1 ​ ​ 23.6 ​ ​ ​ 814.2 ​ ​ 872.2 ​ ​ 971.1 Add: Advertising and promotion expenses (b) ​ ​ 17.8 ​ ​ 23.0 ​ ​ 32.4 Gross profit ​ ​ 832.0 ​ ​ 895.2 ​ ​ 1,003.5 Selling, general and administrative expenses ​ ​ 357.2 ​ ​ 338.3 ​ ​ 335.1 Income from operations ​ ​ 474.8 ​ ​ 556.9 ​ ​ 668.4 Interest expense, net ​ ​ 118.3 ​ ​ 108.0 ​ ​ 107.1 Income tax expense (d) ​ ​ 90.5 ​ ​ 112.3 ​ ​ 133.6 Equity method investment earnings ​ ​ 51.8 ​ ​ 29.3 ​ ​ 59.5 Net income ​ ​ 317.8 ​ ​ 365.9 ​ ​ 487.2 Less: Income attributable to noncontrolling interests (e) ​ — ​ — ​ 8.6 Net income attributable to Lamb Weston Holdings, Inc. ​ $ 317.8 ​ $ 365.9 ​ $ 478.6 (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 in fiscal 2021 and 2020. 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. ​ (d) In fiscal 2019, the Tax Act decreased income tax expense and increased net income by $27.2 million, or $0.19 per share, including a $24.8 million, or $0.17 per share, tax benefit related to a lower U.S. corporate tax rate and a $2.4 million, or $0.02 per share, benefit from the true-up of the transition tax on previously untaxed foreign earnings. We completed our analysis of the one-time impacts of the Tax Act in fiscal 2019. ​ (e) In November 2018, we entered into an agreement to acquire the remaining 50.01% interest in Lamb Weston BSW. Our Consolidated Statements of Earnings includes 100% of Lamb Weston BSW’s earnings beginning November 2, 2018. See Note 6, Investments in Joint Ventures, in our Annual Report on Form 10-K for the fiscal year ended May 31, 2020, which we filed with the Securities and Exchange Commission on July 28, 2020. ​ Assets by Segment ​ The manufacturing assets of Lamb Weston are shared across all reporting segments. Output from these facilities used by each reporting segment can change from fiscal year to fiscal year. Therefore, it is impracticable to allocate those assets to the reporting segments, as well as disclose total assets by segment. ​ Concentrations ​ Lamb Weston’s largest customer, McDonald’s Corporation, accounted for approximately 11% of our consolidated net sales in fiscal 2021, and 10%of our consolidated net sales in both fiscal 2020 and 2019. No customer accounted for 10% of our consolidated accounts receivable at May 30, 2021 or May 31, 2020. ​ Other Information ​ The net sales of each of our Global, Foodservice, and Retail reporting segments are comprised of sales of frozen potato and frozen sweet potato products. The net sales of our Other reporting segment included vegetable sales of $91.3 million, $104.9 million, and $88.5 million, various byproduct sales of $36.1 million, $36.4 million, and $40.2 million, and dairy product sales of $11.3 million, $12.9 million, and $11.9 million in fiscal 2021, 2020, and 2019, respectively. ​ Our operations are principally in the United States. With respect to operations outside of the United States, no single foreign country or geographic region was significant with respect to consolidated operations in fiscal 2021, 2020, and 2019. Foreign net sales, including sales by domestic segments to customers located outside of the United States, were $700.2 million, $776.4 million, and $742.7 million in fiscal 2021, 2020, and 2019, respectively. Our long-lived assets located outside of the United States are not significant. ​ Labor ​ At May 30, 2021, we had approximately 7,800 employees, of which approximately 800 of these employees work outside of the United States. Approximately 27% of our employees are parties to collective bargaining agreements on terms that we believe are typical for the industry in which we operate. Most of the union workers at our facilities are represented under contracts that expire at various times throughout the next several years. Collective bargaining agreements that represent 55% of our hourly employees, who are parties to collective bargaining agreements, are scheduled to expire over the course of fiscal 2022. As these agreements expire, we believe they will be renegotiated on terms satisfactory to us.

COMMITMENTS, CONTINGENCIES, GUA

COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS	12 Months Ended
	May 30, 2021
COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS
COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS	15. 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 (discussed in Note 8, Debt and Financing Obligations), lease obligations, purchase commitments for goods and services, and legal proceedings (discussed below). ​ Capital Commitments ​ We had capital commitments of approximately $75.0 million and $36.5 million as of May 30, 2021 and May 31, 2020, respectively, in connection with the expansion and replacement of existing facilities and equipment. ​ Guarantees and Indemnifications ​ We provide guarantees, indemnifications, and other assurances to third parties in the normal course of our business. These include tort indemnifications, environmental assurances, and representations and warranties in commercial agreements. At May 30, 2021, we were not aware of any material liabilities arising from any guarantee, indemnification, or financial assurance we have provided. If the fair value of such liability becomes material, we will accrue for it at that time. ​ Lamb Weston is a party to various potato purchase supply agreements with partner growers, under which they deliver their potato crop from the contracted acres to Lamb Weston during the harvest season, and pursuant to the potato supply agreements, pricing for this inventory is determined after delivery, taking into account crop size and quality, among other factors. Total purchases under these agreements were $139.8 million, $142.7 million, and $152.0 million in fiscal 2021, 2020, and 2019, respectively, under the terms of the potato supply agreements. These purchases are initially recorded in inventory and charged to cost of sales as related inventories are produced and subsequently sold. Under the terms of these potato supply agreements, Lamb Weston has guaranteed repayment of short-term bank loans of the potato suppliers, under certain conditions. At May 30, 2021, Lamb Weston has effectively guaranteed $35.6 million of supplier loans. Lamb Weston has not established a liability for these guarantees, as Lamb Weston has determined that the likelihood of Lamb Weston’s required performance under the guarantees is remote. Under certain other potato supply agreements, Lamb Weston makes advances to growers prior to the delivery of potatoes. The aggregate amounts of these advances were $23.9 million and $31.9 ​ Lamb Weston and Lamb Weston’s partner are jointly and severally liable for all legal liabilities of Lamb-Weston/Meijer. See Note 4, Investments in Joint Ventures, for further information on Lamb-Weston/Meijer’s liabilities and capital structure. ​ After taking into account liabilities recognized for all of the foregoing matters, management believes the ultimate resolution of such matters would not have a material adverse effect on Lamb Weston’s financial condition, results of operations, or cash flows. It is reasonably possible that a change to an estimate of the foregoing matters may occur in the future. ​ Legal Proceedings ​ 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.

SCHEDULE II Valuation and Quali

SCHEDULE II Valuation and Qualifying Accounts	12 Months Ended
	May 30, 2021
SCHEDULE II Valuation and Qualifying Accounts
SCHEDULE II Valuation and Qualifying Accounts	Schedule II – Lamb Weston - Valuation and Qualifying Accounts (dollars in millions). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Charged ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ to Costs, ​ Deductions ​ Balance ​ ​ Beginning of ​ Expenses ​ from ​ End of ​ Year and Equity Reserves Year Year ended May 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax asset valuation allowance ​ $ 54.5 ​ $ — ​ $ 1.4 ​ $ 53.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended May 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax asset valuation allowance ​ $ 64.6 ​ $ — ​ $ 10.1 ​ $ 54.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended May 26, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax asset valuation allowance ​ $ 62.0 ​ $ 3.7 ​ $ 1.1 ​ $ 64.6

NATURE OF OPERATIONS AND SUMM_2

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	May 30, 2021
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation ​ These Consolidated Financial Statements present the financial results of Lamb Weston for the fiscal years ended May 30, 2021, May 31, 2020, and May 26, 2019 (“fiscal 2021, 2020, and 2019”), and have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America. The fiscal year of Lamb Weston ends the last Sunday in May. The fiscal years for the Consolidated Financial Statements presented consist of 52-week periods for fiscal 2021 and 2019, and a 53-week period for fiscal 2020. ​ The financial statements include all adjustments (consisting only of normal recurring adjustments) that we consider 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. ​ Our consolidated financial statements include the accounts of Lamb Weston and all of our majority-owned subsidiaries. In addition, the accounts of all variable interest entities for which we are the primary beneficiary are included in our consolidated financial statements from the date such determination was made. Intercompany investments, accounts, and transactions have been eliminated. ​ The equity method of accounting is applied for investments when the Company has significant influence over the investee’s operations, or when the investee is structured with separate capital accounts and our investment is considered more than minor. Our equity method investments are described in Note 4, Investments in Joint Ventures.
Use of Estimates	Use of Estimates ​ The preparation of the consolidated financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the amounts reported in our consolidated financial statements and the accompanying notes. On an ongoing basis, we evaluate our estimates, including but not limited to those related to provisions for income taxes, estimates of sales incentives and trade promotion allowances, and the valuation of goodwill and intangible assets. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. The inputs into our judgments and estimates consider the economic implications of the effects of the COVID-19 pandemic on our critical accounting estimates and significant accounting policies. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates will be reflected in the consolidated financial statements in future periods.
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 product and assumes the risks and rewards for the product. However, for customized products, which are products manufactured to customers’ unique specifications, we recognize revenue over time, utilizing an output method, which is generally as the products are produced. This is because once a customized product is manufactured pursuant to a purchase order, we have an enforceable right to payment for that product. Our Global segment sells the majority of our customized products, for which revenue is recognized when a purchase order is received to the extent the product has been manufactured, as opposed to sales of non-customized products, for which revenue is generally recognized upon shipment. As a result, the timing of the receipt of a purchase order may create quarterly fluctuations in this segment. ​ The nature of our contracts vary based on the business, customer type, and region; however, in all instances it is our customary business practice to receive a valid order from the customer, in which each party’s rights and related payment terms are clearly identifiable. Our payment terms are consistent with industry standards and generally include early pay discounts. Amounts billed and due from customers are short-term in nature and are classified as receivables, since payments are unconditional and only the passage of time is required before payments are due. As of May 30, 2021 and May 31, 2020, we had $111.0 million and $72.7 million, respectively, of unbilled receivables for customized products for which we have accelerated the recognition of revenue and recorded the amounts in “Receivables” on our Consolidated Balance Sheets. We generally do not offer financing to our customers. We also do not provide a general right of return. However, customers may seek to return defective or non-conforming products. Following a customer return, we may offer remedies, including cash refunds, credit towards future purchases, or product replacement. As a result, customers’ right of return and related refund or product liabilities are estimated and recorded as reductions in revenue. ​ We have contract terms that give rise to variable consideration including, but not limited to, discounts, coupons, rebates, and volume-based incentives. We estimate volume rebates based on the most likely amount method outlined in ASC 606, Revenue from Contracts with Customers ​ We have elected to present all sales taxes on a net basis, account for shipping and handling activities as fulfillment activities, recognize the incremental costs of obtaining a contract as expense when incurred if the amortization period of the asset we would recognize is one year or less, and not record interest income or interest expense when the difference in timing of control or transfer and customer payment is one year or less.
Advertising and Promotion	Advertising and Promotion ​ Advertising and promotion expenses totaled $17.8 million, $23.0 million, and $32.4 million in fiscal 2021, 2020, and 2019, respectively, and are included in “Selling, general and administrative expenses” in the Consolidated Statements of Earnings.
Research and Development	Research and Development ​ Research and development costs are expensed as incurred and totaled $12.9 million in fiscal 2021 and $15.4 million in both fiscal 2020 and 2019, and are included in “Selling, general and administrative expenses” in the Consolidated Statements of Earnings.
Stock-Based Compensation	Stock-Based Compensation ​ Compensation expense resulting from all stock-based compensation transactions is measured and recorded in the consolidated financial statements based on the grant date fair value of the equity instruments issued. Compensation expense is recognized over the period the employee provides service in exchange for the award. See Note 11, Stock-Based Compensation, for additional information.
Cash and Cash Equivalents	Cash and Cash Equivalents ​ Cash and all highly liquid investments with an original maturity of three months or less at the date of acquisition are classified as cash and cash equivalents and stated at cost, which approximates market value. We maintain various banking relationships with high quality financial institutions and believe we are not exposed to any significant credit risk for our cash and cash equivalents. Cash and cash equivalents totaled $783.5 million and $1,364.0 million at May 30, 2021 and May 31, 2020, respectively. We invest available cash in money market funds that are backed by U.S. Treasury securities and can be redeemed without notice.
Trade Accounts Receivable and Allowance for Doubtful Accounts	Trade Accounts Receivable and Allowance for Doubtful Accounts ​ Trade accounts receivable are stated at the amount we expect to collect based on our past experience, as well as reliance on the Perishable Agricultural Commodities Act, which was enacted to help promote fair trade in the fruit and vegetable industry by establishing a code of fair business practices. The collectability of our accounts receivable is based upon a combination of factors. In circumstances where a specific customer is unable to meet its financial obligations (e.g., bankruptcy filings, substantial downgrading of credit sources), a specific reserve for bad debts is recorded against amounts due to the Company to reduce the net recorded receivable to the amount that we reasonably believe will be collected. For all other customers, reserves for bad debts are recognized based on forward-looking information to assess expected credit losses. If collection experience deteriorates, the estimate of the recoverability of amounts due could be reduced. We periodically review our allowance for doubtful accounts and adjustments to the valuation allowance are recorded as income or expense. Trade accounts receivable balances that remain outstanding after we have used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. At May 30, 2021 and May 31, 2020, the allowance for doubtful accounts was $0.9 million and $1.3 million, respectively.
Inventories	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): ​ ​ ​ ​ ​ ​ ​ ​ ​ May 30, ​ May 31, ​ ​ 2021 2020 Raw materials and packaging ​ $ 89.8 $ 106.2 Finished goods ​ 377.8 339.2 Supplies and other ​ 45.9 41.3 Inventories ​ $ 513.5 $ 486.7 ​
Leased Assets	Leased Assets ​ 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, the beginning of our fiscal 2020, we adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) the lease and non-lease components as a single lease component for all of our leases. See Note 9, Leases, for more information. ​
Property, Plant and Equipment	Property, Plant and Equipment ​ Property, plant and equipment are recorded at cost. Cost includes expenditures for major improvements and replacements and the amount of interest cost associated with significant capital additions. The amount of interest capitalized from construction in progress was $1.9 million, $2.6 million, and $7.6 million in fiscal 2021, 2020, and 2019, respectively. Repairs and maintenance costs are expensed as incurred. The components of property, plant and equipment were as follows (dollars in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ May 30, ​ May 31, ​ ​ 2021 2020 Land and land improvements ​ $ 108.2 ​ $ 107.2 Buildings, machinery, and equipment ​ 2,763.3 ​ 2,670.1 Furniture, fixtures, office equipment, and other ​ 97.1 ​ 107.1 Construction in progress ​ 122.5 ​ 58.3 Property, plant and equipment, at cost ​ 3,091.1 ​ 2,942.7 Less accumulated depreciation ​ (1,567.1) ​ (1,407.7) Property, plant and equipment, net ​ $ 1,524.0 ​ $ 1,535.0 ​ Depreciation is computed on the straight-line method over the estimated useful lives of the respective classes of assets as follows: ​ ​ ​ ​ Land improvements 2-30 years Buildings 10-40 years Machinery and equipment ​ 5-20 years Furniture, fixtures, office equipment, and other ​ 3-15 years ​ We recorded $177.7 million, $175.3 million, and $155.5 million of depreciation expense in fiscal 2021, 2020, and 2019, respectively. At May 30, 2021 and May 31, 2020, purchases of property, plant and equipment included in accounts payable were $23.1 million and $9.9 million, respectively.
Long-Lived Asset Impairment	Long-Lived Asset Impairment ​ We review long-lived assets for impairment upon the occurrence of events or changes in circumstances which indicate that the carrying amount of the assets may not be fully recoverable, measured by comparing their net book value to the undiscounted projected future cash flows generated by their use. Impaired assets are recorded at their estimated fair value. ​
Goodwill and Other Identifiable Intangible Assets	Goodwill and Other Identifiable Intangible Assets ​ We perform an annual impairment assessment of goodwill at the reporting unit level in the fourth quarter of each year, or more frequently if indicators of potential impairment exist. We have an option to evaluate goodwill for impairment by first performing a qualitative assessment of events and circumstances to determine whether it is more likely than not that the fair value of a reporting until is less than its carrying amount. If we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amounts, then a quantitative goodwill impairment test is not required to be performed. The quantitative assessment requires us to estimate the fair value of our reporting units using a weighted approach based on discounted future cash flows, market multiples and transaction multiples. If the carrying amount of the reporting units is in excess of their estimated fair value, the reporting unit will record an impairment charge by the amount that the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to the reporting unit. ​ We amortize acquisition-related intangible assets with finite lives over their estimated useful life. We perform a review of significant finite-lived identified intangible assets to determine whether facts and circumstances indicate that the carrying amount may not be recoverable. These reviews can be affected by various factors, including external factors such as industry and economic trends, and internal factors such as changes in our business strategy and our forecasts for our products lines. ​ See Note 6, Goodwill and Other Identifiable Intangible Assets, for additional information.
Fair Values of Financial Instruments	Fair Values of Financial Instruments ​ When determining fair value, we consider the principal or most advantageous market in which we would transact, as well as assumptions that market participants would use when pricing the asset or liability. Unless otherwise specified, we believe the carrying value of financial instruments approximates their fair value. ​ The three levels of inputs that may be used to measure fair value are: ​ Level 1—Quoted market prices in active markets for identical assets or liabilities. We evaluate security-specific market data when determining whether a market is active. ​ Level 2—Observable market-based inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. ​ Level 3—Unobservable inputs for the asset or liability reflecting our own assumptions and best estimate of what inputs market participants would use in pricing the asset or liability. ​ See Note 12, Fair Value Measurements, for additional information.
Foreign Currency	Foreign Currency ​ Most of our foreign subsidiaries use the local currency of their respective countries as their functional currency. Assets and liabilities are translated at exchange rates prevailing at the balance sheet dates. Revenues and expenses are translated into U.S. dollars using daily and monthly average exchange rates. Gains and losses resulting from the translation of Consolidated Balance Sheets are recorded as a component of “Accumulated other comprehensive income (loss).” ​ Foreign currency transactions resulted in a gain of $1.3 million, and losses of $0.1 million, and $3.3 million in fiscal 2021, 2020, and 2019, respectively. These amounts were recorded in “Selling, general and administrative expenses” in the Consolidated Statements of Earnings.
Derivative Financial Instruments	Derivative Financial Instruments ​ We use derivatives and other financial instruments to hedge a portion of our commodity risks. We do not hold or issue derivatives and other financial instruments for trading purposes. Derivative instruments are reported in our Consolidated Balance Sheets at their fair values, unless the derivative instruments qualify for the normal purchase normal sale exception (“NPNS”) under GAAP and such exception has been elected. If the NPNS exception is elected, the fair values of such contracts are not recognized. We do not designate commodity derivatives to achieve hedge accounting treatment.
Income Taxes	Income Taxes ​ We recognize current tax liabilities and assets based on an estimate of taxes payable or refundable in the current year for each of the jurisdictions in which we transact business. As part of the determination of our current tax liability, management exercises considerable judgment in evaluating positions taken in the tax returns. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. ​ We also recognize deferred tax assets and liabilities for the estimated future tax effects attributable to temporary differences (e.g., the difference in book basis versus tax basis of fixed assets resulting from differing depreciation methods). If appropriate, we recognize valuation allowances to reduce deferred tax assets to amounts that are more likely than not to be ultimately realized, based on our assessment of estimated future taxable income. ​ See Note 3, Income Taxes, for more information.
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 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. ​

NATURE OF OPERATIONS AND SUMM_3

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	May 30, 2021
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of components of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ May 30, ​ May 31, ​ ​ 2021 2020 Raw materials and packaging ​ $ 89.8 $ 106.2 Finished goods ​ 377.8 339.2 Supplies and other ​ 45.9 41.3 Inventories ​ $ 513.5 $ 486.7 ​
Schedule of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ May 30, ​ May 31, ​ ​ 2021 2020 Land and land improvements ​ $ 108.2 ​ $ 107.2 Buildings, machinery, and equipment ​ 2,763.3 ​ 2,670.1 Furniture, fixtures, office equipment, and other ​ 97.1 ​ 107.1 Construction in progress ​ 122.5 ​ 58.3 Property, plant and equipment, at cost ​ 3,091.1 ​ 2,942.7 Less accumulated depreciation ​ (1,567.1) ​ (1,407.7) Property, plant and equipment, net ​ $ 1,524.0 ​ $ 1,535.0 ​ ​ ​ ​ Land improvements 2-30 years Buildings 10-40 years Machinery and equipment ​ 5-20 years Furniture, fixtures, office equipment, and other ​ 3-15 years ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	May 30, 2021
EARNINGS PER SHARE
Schedule of computation of basic and diluted earnings per common	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ 2021 ​ 2020 ​ 2019 Numerator: ​ ​ ​ Net income attributable to Lamb Weston Holdings, Inc. ​ $ 317.8 ​ $ 365.9 ​ $ 478.6 Less: Increase in redemption value of noncontrolling interests in excess of earnings allocated, net of tax benefits (a) ​ — ​ — ​ 10.8 Net income available to Lamb Weston common stockholders ​ $ 317.8 ​ $ 365.9 ​ $ 467.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ Basic weighted average common shares outstanding ​ 146.4 ​ 146.2 ​ 146.5 Add: Dilutive effect of employee incentive plans (b) ​ 0.7 ​ 0.9 ​ 0.8 Diluted weighted average common shares outstanding ​ 147.1 ​ 147.1 ​ 147.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 2.17 ​ $ 2.50 ​ $ 3.19 Diluted ​ $ 2.16 ​ $ 2.49 ​ $ 3.18 (a) In November 2018, we entered into an agreement to acquire the remaining 50.01% interest in Lamb Weston BSW, LLC (“Lamb Weston BSW”). Our Consolidated Statements of Earnings includes 100% of Lamb Weston BSW’s earnings beginning November 2, 2018. During fiscal 2019, net income available to common stockholders and earnings per share included accretion expense, net of estimated tax benefits, of $9.4 million, or $0.06 per share, to increase the redeemable noncontrolling interest to the amount we agreed to pay to acquire the remaining interest in Lamb Weston BSW. While the accretion, net of estimated tax benefits, reduced net income available to Lamb Weston common stockholders and earnings per share, it did not impact net income in the Consolidated Statements of Earnings. See Note 6, Investments in Joint Ventures, in our Annual Report on Form 10-K for the fiscal year ended May 31, 2020, which we filed with the Securities and Exchange Commission on July 28, 2020. ​ (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 May 30, 2021, we did not have any stock-based awards that were antidilutive. As of May 31, 2020 and May 26, 2019, an insignificant number of stock-based awards were excluded from the computation of diluted earnings per share because they would be antidilutive. ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	May 30, 2021
INCOME TAXES
Schedule of Pre-tax income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ 2021 2020 2019 United States ​ $ 352.0 ​ $ 462.0 ​ $ 574.5 Foreign ​ 56.3 ​ 16.2 ​ 46.3 Total pre-tax income ​ $ 408.3 ​ $ 478.2 ​ $ 620.8 ​
Schedule of analysis of the components of the consolidated income tax provision	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ 2021 2020 2019 Current ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. federal $ 66.2 $ 75.7 $ 66.8 State and local ​ ​ 15.0 ​ ​ 13.2 ​ ​ 17.7 Foreign ​ ​ 5.5 ​ ​ 3.4 ​ ​ 11.6 Total current provision for taxes ​ ​ 86.7 ​ ​ 92.3 ​ ​ 96.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. federal ​ ​ (0.4) ​ ​ 18.6 ​ ​ 42.2 State and local ​ ​ 1.2 ​ ​ 4.4 ​ ​ (0.1) Foreign ​ ​ 3.0 ​ ​ (3.0) ​ ​ (4.6) Total deferred provision for taxes ​ $ 3.8 ​ $ 20.0 ​ $ 37.5 Total provision for taxes ​ $ 90.5 ​ $ 112.3 ​ $ 133.6 ​
Schedule of reconciliation of income tax expense using the statutory U.S. income tax rate compared with the actual income tax provision	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ 2021 2020 2019 Provision computed at U.S. statutory rate ​ $ 85.7 $ 100.4 $ 130.4 Increase (reduction) in rate resulting from: ​ ​ ​ ​ ​ ​ ​ ​ ​ State and local taxes, net of federal benefit ​ 13.7 ​ ​ 15.3 ​ ​ 14.8 Effect of taxes on foreign operations ​ ​ (4.7) ​ ​ (4.4) ​ ​ (4.7) Other ​ ​ (4.2) ​ ​ 1.0 ​ ​ (6.9) Total provision for taxes ​ $ 90.5 ​ $ 112.3 ​ $ 133.6 Effective income tax rate (a) ​ ​ 22.2% ​ ​ 23.5% ​ ​ 21.5% (a) The effective income tax rate is calculated as the ratio of income tax expense to pre-tax income, inclusive of equity method investment earnings. ​
Schedule of deferred income tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ May 30, 2021 ​ May 31, 2020 ​ Assets Liabilities Assets Liabilities Property, plant and equipment ​ $ — ​ $ 187.1 ​ $ — ​ $ 188.8 Goodwill and other intangible assets ​ ​ 46.3 ​ ​ — ​ ​ 54.9 ​ ​ — Compensation and benefit related liabilities ​ ​ 32.2 ​ ​ — ​ ​ 19.7 ​ ​ — Net operating loss and credit carryforwards (a) ​ ​ 3.6 ​ ​ — ​ ​ 5.2 ​ ​ — Accrued expenses and other liabilities ​ ​ 13.9 ​ ​ — ​ ​ 15.2 ​ ​ — Inventory and inventory reserves ​ ​ 5.5 ​ ​ — ​ ​ 4.5 ​ ​ — Lease obligations ​ ​ 32.0 ​ ​ — ​ ​ 36.9 ​ ​ — Lease assets ​ ​ — ​ ​ 30.3 ​ ​ — ​ ​ 35.4 Debt issuance costs ​ ​ — ​ ​ 2.9 ​ ​ — ​ ​ 3.4 Investment in joint ventures ​ ​ — ​ ​ 4.7 ​ ​ — ​ ​ 3.6 Other ​ ​ 3.5 ​ ​ 16.4 ​ ​ 7.7 ​ ​ 8.6 ​ ​ ​ 137.0 ​ ​ 241.4 ​ ​ 144.1 ​ ​ 239.8 Less: Valuation allowance (b) ​ ​ (53.1) ​ ​ — ​ ​ (54.5) ​ ​ — Net deferred taxes (c) ​ $ 83.9 ​ $ 241.4 ​ $ 89.6 ​ $ 239.8 (a) At May 30, 2021, Lamb Weston had approximately $14.1 million of gross ($3.1 million after-tax) foreign net operating loss carryforwards, of which the majority expire during fiscal 2022. Lamb Weston also has a foreign tax credit carryforward of $0.5 million, which will expire by fiscal 2031. ​ (b) The valuation allowance is predominantly related to non-amortizable intangibles and the portion of the net operating loss carryforwards that we are not more likely than not to realize. The net impact on income tax expense related to changes in the valuation allowance, including net operating loss carryforwards, was zero in fiscal 2021 and 2020, and $1.1 million of benefit in fiscal 2019. ​ (c) Deferred tax assets of $2.2 million and $2.3 million as of May 30, 2021 and May 31, 2020, respectively, were presented in “Other assets.” Deferred tax liabilities of $159.7 million and $152.5 million as of May 30, 2021 and May 31, 2020, respectively, were presented in “Deferred income taxes” as “Long-term liabilities” on the Consolidated Balance Sheets. The deferred tax asset and liability net position is determined by tax jurisdiction. ​
Schedule of change in the unrecognized tax benefits	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ 2021 ​ 2020 2019 Beginning balance $ 31.3 $ 21.7 $ 13.2 Decreases from positions established during prior fiscal years ​ — ​ ​ — ​ ​ (0.8) Increases from positions established during current and prior fiscal years ​ 8.7 ​ ​ 10.3 ​ ​ 10.4 Decreases relating to settlements with taxing authorities ​ (0.8) ​ ​ — ​ ​ — Expiration of statute of limitations ​ (2.1) ​ ​ (0.7) ​ ​ (1.1) Ending balance (a) $ 37.1 ​ $ 31.3 ​ $ 21.7 (a) If we were to prevail on the unrecognized tax benefits recorded as of May 30, 2021 and May 30, 2020, it would result in a tax benefit of $31.6 million and $26.7 million, respectively, and a reduction in the effective tax rate. The ending balances exclude $7.2 million and $5.5 million of gross interest and penalties in fiscal 2021 and 2020, respectively. We accrue interest and penalties associated with uncertain tax positions as part of income tax expense. ​

INVESTMENTS IN JOINT VENTURES (

INVESTMENTS IN JOINT VENTURES (Tables)	12 Months Ended
	May 30, 2021
INVESTMENTS IN JOINT VENTURES
Summarized combined financial information for our equity method investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ 2021 2020 ​ 2019 Net sales ​ $ 1,169.5 $ 1,137.7 ​ $ 1,172.6 Gross profit ​ 196.5 145.8 ​ 212.2 Income from operations ​ 97.5 59.8 ​ 130.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ May 30, May 31, ​ 2021 2020 Current assets ​ $ 516.1 $ 413.8 Noncurrent assets ​ 627.6 455.1 Current liabilities ​ ​ 366.3 298.8 Noncurrent liabilities ​ ​ 147.3 79.8

GOODWILL AND OTHER IDENTIFIAB_2

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS (Tables)	12 Months Ended
	May 30, 2021
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) ​ ​ 106.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ 106.1 Foreign currency translation adjustment ​ ​ (8.2) ​ ​ — ​ ​ — ​ ​ — ​ (8.2) Balance at May 31, 2020 ​ $ 245.6 ​ $ 42.8 ​ $ 10.9 ​ $ 4.5 ​ $ 303.8 Foreign currency translation adjustment ​ ​ 30.7 ​ ​ — ​ ​ — ​ ​ — ​ 30.7 Balance at May 30, 2021 ​ $ 276.3 ​ $ 42.8 ​ $ 10.9 ​ $ 4.5 ​ $ 334.5 (a) In July 2019, we acquired a frozen potato processor in Australia and recorded $106.1 million of goodwill in our Global segment. See Note 5, Acquisitions, for more information.
Schedule of other identifiable intangible assets, non-amortizing intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ May 30, 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 ​ 42.2 ​ (23.3) ​ 18.9 11 ​ 42.4 ​ (22.1) ​ 20.3 ​ ​ $ 60.2 $ (23.3) $ 36.9 ​ $ 60.4 $ (22.1) $ 38.3 (a) Non-amortizing intangible assets represent brands and trademarks. ​ (b) Amortizing intangible assets are principally comprised of licensing agreements, brands, and customer relationships. In addition, developed technology is recorded as “Other assets” on our Consolidated Balance Sheet. Amortization expense was $5.0 million, $2.5 million, and $2.2 million in fiscal 2021, 2020, and 2019, respectively. Foreign intangible assets are affected by foreign currency translation. ​
Schedule of other identifiable intangible assets, amortizing intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ May 30, 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 ​ 42.2 ​ (23.3) ​ 18.9 11 ​ 42.4 ​ (22.1) ​ 20.3 ​ ​ $ 60.2 $ (23.3) $ 36.9 ​ $ 60.4 $ (22.1) $ 38.3 (a) Non-amortizing intangible assets represent brands and trademarks. ​ (b) Amortizing intangible assets are principally comprised of licensing agreements, brands, and customer relationships. In addition, developed technology is recorded as “Other assets” on our Consolidated Balance Sheet. Amortization expense was $5.0 million, $2.5 million, and $2.2 million in fiscal 2021, 2020, and 2019, respectively. Foreign intangible assets are affected by foreign currency translation. ​

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	12 Months Ended
	May 30, 2021
ACCRUED LIABILITIES
Schedule of components of accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ May 30, ​ May 31, ​ ​ 2021 2020 Compensation and benefits ​ $ 83.2 $ 74.5 Accrued trade promotions ​ ​ 39.9 ​ ​ 42.5 Dividends payable to shareholders ​ ​ 34.4 ​ ​ 33.6 Current portion of operating lease obligations ​ ​ 29.1 ​ ​ 28.4 Franchise, property, and sales and use taxes ​ 11.3 9.4 Accrued interest ​ ​ 7.9 ​ ​ 8.7 Income taxes payable ​ ​ 0.8 ​ ​ 1.3 Other ​ 20.3 34.6 Accrued liabilities ​ $ 226.9 $ 233.0

DEBT AND FINANCING OBLIGATIONS

DEBT AND FINANCING OBLIGATIONS (Tables)	12 Months Ended
	May 30, 2021
DEBT AND FINANCING OBLIGATIONS
Schedule of debt, including financing obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ May 30, 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 ​ ​ 273.8 ​ ​ 288.7 Term A-2 loan facility, due April 2025 ​ ​ 312.8 ​ ​ 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 ​ ​ ​ 2,752.6 ​ ​ 3,056.3 Financing obligations: ​ ​ ​ ​ ​ ​ Lease financing obligations due on various dates through 2040 (a) ​ 7.3 13.3 ​ ​ ​ 7.3 ​ ​ 13.3 ​ ​ ​ ​ ​ ​ ​ Total debt and financing obligations ​ 2,759.9 3,568.3 Debt issuance costs (b) ​ ​ (22.5) ​ ​ (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 ​ $ 2,705.4 $ 2,992.6 (a) The interest rates on our lease financing obligations ranged from 2.49% to 4.10% at May 30, 2021 and 2.31% to 4.10% at May 30, 2020, respectively. For more information on our lease financing obligations, see Note 9, Leases. ​ (b) We amortize debt issuance costs into interest expense using the effective interest method over the life of the loan facilities. In fiscal 2021, 2020, and 2019, we recorded $6.1 million, $6.2 million, and $4.7 million, respectively, of amortization expense in “Interest expense” in our Consolidated Statements of Earnings. Fiscal 2021 included a $1.0 million write-off of debt issuance cost in connection with the Amended Revolving Credit Facility. Fiscal 2020 included a $1.7 million write-off of debt issuance costs in connection with the $300.0 million payment on the term loan facility due in 2021. ​ ​
Schedule of aggregate minimum principal maturities of long term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ Debt (a) 2022 ​ $ 31.3 2023 ​ ​ 31.3 2024 ​ ​ 31.3 2025 ​ ​ 1,325.7 2026 ​ ​ — Thereafter ​ ​ 1,333.0 ​ ​ $ 2,752.6 (a) See Note 9, Leases, for maturities of our lease financing obligations. ​

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	May 30, 2021
LEASES
Schedule of components of total lease costs, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Year Ended May (a) ​ ​ 2021 ​ 2020 Operating lease costs ​ $ 33.2 ​ $ 29.7 Short-term and variable lease costs ​ ​ 9.0 ​ ​ 5.8 Sublease income ​ ​ (3.4) ​ ​ (2.7) Finance lease costs: ​ ​ ​ ​ ​ ​ Amortization of lease assets ​ ​ 1.9 ​ ​ 3.2 Interest on lease obligations ​ ​ 0.3 ​ ​ 0.6 Total lease costs, net ​ $ 41.0 ​ $ 36.6 (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 finance lease obligations is included in “Interest expense, net,” in our Consolidated Statements of Earnings. ​
Schedule of operating and finance leases, with terms greater than one year	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ May 30, ​ May 31, Leases ​ Classification ​ 2021 ​ 2020 Assets: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease assets ​ Operating lease assets ​ $ 141.7 ​ $ 167.0 Finance lease assets ​ Property, plant and equipment, net (a) (b) ​ ​ 5.4 ​ ​ 11.3 Total leased assets ​ ​ ​ $ 147.1 ​ $ 178.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Lease obligations due within one year: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease obligations ​ Accrued liabilities ​ $ 29.1 ​ $ 28.4 Finance lease obligations ​ Current portion of long-term debt and financing obligations (b) ​ ​ 0.7 ​ ​ 2.8 Long-term lease obligations: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease obligations ​ Other noncurrent liabilities ​ ​ 120.3 ​ ​ 144.6 Finance lease obligations ​ Long-term debt and financing obligations, excluding current portion (b) ​ ​ 6.6 ​ ​ 10.5 Total lease obligations ​ ​ ​ $ 156.7 ​ $ 186.3 (a) Finance leases are net of accumulated amortization of $4.7 million and $12.2 million at May 30, 2021 and May 31, 2020, respectively. ​ (b) During fiscal 2021, we modified certain finance leases in the normal course of business resulting in a reduction of approximately $4.3 million of finance lease assets and short-term and long-term finance lease obligations recorded on our Consolidated Balance Sheet. ​
Schedule of maturities of lease liabilities for operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Finance ​ ​ Leases ​ Leases 2022 ​ $ 31.7 ​ $ 0.9 2023 ​ ​ 21.8 ​ ​ 1.0 2024 ​ ​ 20.7 ​ ​ 1.0 2025 ​ ​ 18.6 ​ ​ 0.9 2026 ​ ​ 15.2 ​ ​ 0.8 Thereafter ​ ​ 62.7 ​ ​ 4.5 Total lease payments ​ ​ 170.7 ​ ​ 9.1 Less: Interest ​ ​ (21.3) ​ ​ (1.8) Present value of lease obligations ​ $ 149.4 ​ $ 7.3 ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term (years) ​ ​ 7.9 ​ ​ 13.9 Weighted-average discount rate ​ ​ 3.4% ​ ​ 3.2% ​
Schedule of maturities of lease liabilities for finance leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Finance ​ ​ Leases ​ Leases 2022 ​ $ 31.7 ​ $ 0.9 2023 ​ ​ 21.8 ​ ​ 1.0 2024 ​ ​ 20.7 ​ ​ 1.0 2025 ​ ​ 18.6 ​ ​ 0.9 2026 ​ ​ 15.2 ​ ​ 0.8 Thereafter ​ ​ 62.7 ​ ​ 4.5 Total lease payments ​ ​ 170.7 ​ ​ 9.1 Less: Interest ​ ​ (21.3) ​ ​ (1.8) Present value of lease obligations ​ $ 149.4 ​ $ 7.3 ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term (years) ​ ​ 7.9 ​ ​ 13.9 Weighted-average discount rate ​ ​ 3.4% ​ ​ 3.2% ​
Schedule of supplemental cash flow information related to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ ​ 2021 ​ 2020 Cash paid for amounts included in the measurement of lease obligations: ​ ​ ​ ​ ​ ​ Operating cash flows for operating leases ​ $ 30.9 ​ $ 26.8 Financing cash flows for finance leases ​ ​ 1.7 ​ ​ 2.6 ​ ​ ​ ​ ​ ​ ​ Noncash investing and financing activities: ​ ​ ​ ​ ​ ​ Assets obtained in exchange for new operating lease obligations ​ ​ 5.2 ​ ​ 41.4 Assets obtained in exchange for new finance lease obligations ​ ​ — ​ ​ 2.2 ​

EMPLOYEE BENEFIT PLANS AND OT_2

EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS (Tables)	12 Months Ended
	May 30, 2021
EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS
Schedule of funded status and amounts recognized in our Condensed Combined and Consolidated Balance Sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ 2021 ​ 2020 ​ ​ Pension Plans ​ Post-Retirement Plan ​ Pension Plans ​ Post-Retirement Plan Change in benefit obligation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefit obligation at beginning of year ​ $ 37.3 ​ $ 6.5 ​ $ 27.4 ​ $ 7.3 Service cost ​ ​ 3.0 ​ ​ — ​ ​ 3.1 ​ ​ — Interest cost ​ ​ 1.2 ​ ​ 0.1 ​ ​ 1.1 ​ ​ 0.2 Participant contributions ​ ​ — ​ ​ 0.3 ​ ​ — ​ ​ 0.2 Benefits paid ​ ​ (0.5) ​ ​ (0.2) ​ ​ (0.3) ​ ​ (0.3) Plan settlements (a) ​ ​ — ​ ​ — ​ ​ (0.4) ​ ​ — Actuarial (gain) loss ​ ​ 0.5 ​ ​ (0.2) ​ ​ 6.4 ​ ​ (0.9) Benefit obligation at fiscal year end ​ $ 41.5 ​ $ 6.5 ​ $ 37.3 ​ $ 6.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated benefit obligation portion of above ​ $ 41.5 ​ ​ ​ ​ $ 37.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value of plan assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ $ 27.2 ​ $ — ​ $ 17.1 ​ $ — Actual return on plan assets ​ ​ (2.0) ​ ​ — ​ ​ 6.6 ​ ​ — Company contributions ​ ​ 3.4 ​ ​ — ​ ​ 3.8 ​ ​ 0.1 Participant contributions ​ ​ — ​ ​ 0.3 ​ ​ — ​ ​ 0.2 Benefits paid ​ ​ (0.5) ​ ​ (0.2) ​ ​ (0.3) ​ ​ (0.3) Other ​ ​ — ​ ​ (0.1) ​ ​ — ​ ​ — Fair value of plan assets at end of year ​ $ 28.1 ​ $ — ​ $ 27.2 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Underfunded status ​ $ (13.4) ​ $ (6.5) ​ $ (10.1) ​ $ (6.5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts recognized on Consolidated Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued liabilities ​ $ — ​ $ (0.3) ​ $ — ​ $ (0.2) Other noncurrent liabilities ​ ​ (13.4) ​ ​ (6.2) ​ ​ (10.1) ​ ​ (6.3) Accrued obligation recognized ​ $ (13.4) ​ $ (6.5) ​ $ (10.1) ​ $ (6.5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actuarial loss ​ $ 7.7 ​ $ 0.7 ​ $ 4.4 ​ $ 1.1 Total ​ $ 7.7 ​ $ 0.7 ​ $ 4.4 ​ $ 1.1 (a) In fiscal 2020, plan settlements of $0.4 million were paid to certain participants from our rabbi trust plan assets. These assets are excluded from our pension plan assets.
Schedule of components of net periodic benefit cost for our pension and postretirement benefit plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ ​ 2021 ​ 2020 ​ 2019 ​ Pension Post-Retirement ​ Pension ​ Post-Retirement Pension ​ Post-Retirement ​ ​ Plans ​ Plan ​ Plans ​ Plan ​ Plans ​ Plan Service cost ​ $ 3.0 ​ $ — ​ $ 3.1 ​ $ — ​ $ 6.0 ​ $ — Interest cost ​ 1.2 ​ 0.1 ​ 1.1 ​ 0.2 ​ 0.8 ​ 0.3 Expected return on plan assets ​ (0.8) ​ — ​ (0.9) ​ — ​ (0.9) ​ — Net amortization of unrecognized amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actuarial loss ​ ​ 0.1 ​ ​ 0.2 ​ ​ 0.2 ​ ​ 0.6 ​ ​ — ​ ​ 0.7 Net periodic benefit cost (a) ​ $ 3.5 ​ $ 0.3 ​ $ 3.5 ​ $ 0.8 ​ $ 5.9 ​ $ 1.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actuarial (gain) loss ​ $ 3.4 ​ $ (0.2) ​ $ 0.6 ​ $ (1.0) ​ $ 3.3 ​ $ — Amortization of actuarial loss (b) ​ ​ (0.1) ​ ​ (0.2) ​ ​ (0.2) ​ ​ (0.6) ​ ​ — ​ ​ (0.7) Total recognized in other comprehensive loss (income) ​ $ 3.3 ​ $ (0.4) ​ $ 0.4 ​ $ (1.6) ​ $ 3.3 ​ $ (0.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total recognized in net periodic benefit cost and other comprehensive loss (income) (pre-tax) (c) ​ $ 6.8 ​ $ (0.1) ​ $ 3.9 ​ $ (0.8) ​ $ 9.2 ​ $ 0.3 (a) Pension service costs are allocated to operations and reflected in “Cost of sales” and expected returns on pension assets and interest costs are reflected in “Selling, general and administrative expenses” in the Consolidated Statements of Earnings. ​ The decrease in fiscal 2021 and 2020 net periodic pension cost, compared with fiscal 2019, reflects amendments to the pension plans so that no future benefits accrue after certain dates. We did not recognize a curtailment gain or loss with any of the amendments. ​ (b) Accumulated losses in excess of 10% of the greater of the projected benefit obligation or the market-related value of assets will be recognized on a straight-line basis over the average remaining service period of active employees in our plans (which is between seven to ten years for our pension plans and approximately two years for our post-retirement benefit plan), to the extent that losses are not offset by gains in subsequent years. ​
Schedule of actuarial assumptions used in determining the benefit obligations and net periodic pension cost for our defined benefit and postretirement plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ Pension Plans ​ Post-Retirement Plan ​ Pension Plans ​ Post-Retirement Plan ​ Pension Plans ​ Post-Retirement Plan Weighted-average assumptions used to determine benefit obligations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate ​ ​ 3.11% ​ ​ 2.82% ​ 3.14% ​ ​ ​ 2.85% ​ 4.01% ​ ​ ​ 3.81% Weighted-average assumptions used to determine net periodic benefit cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate ​ ​ 3.14% ​ ​ 2.85% ​ 4.01% ​ ​ ​ 3.81% ​ 4.25% ​ ​ ​ 4.18% Expected return on plan assets ​ ​ 2.90% ​ ​ N/A ​ 5.12% ​ ​ ​ N/A ​ 5.30% ​ ​ ​ N/A
Schedule of health care cost trend rate assumption	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 2019 Health care cost trend rate assumed for next year (Pre65) ​ ​ 6.19% ​ ​ 6.75% ​ ​ 7.31% Ultimate health care cost trend rate ​ ​ 4.50% ​ ​ 4.50% ​ ​ 4.50% Year that the rate reaches the ultimate trend rate ​ ​ 2024 ​ ​ 2024 ​ ​ 2024
Schedule of fair Value measurements of plan assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at May 30, 2021 ​ ​ Quoted Market Prices in Active Markets for Identical Assets ​ Significant Observable Market-Based Inputs ​ Significant Unobservable Inputs ​ ​ ​ Level 1 Level 2 Level 3 Total Cash and cash equivalents ​ $ 0.4 ​ $ — ​ $ — ​ $ 0.4 Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. equity securities (a) ​ $ — ​ $ 4.7 ​ $ — ​ $ 4.7 International equity securities (a) ​ ​ — ​ ​ 3.7 ​ ​ — ​ ​ 3.7 Fixed income securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government securities (b) ​ ​ 19.3 ​ ​ — ​ ​ — ​ ​ 19.3 Total assets ​ $ 19.7 ​ $ 8.4 ​ $ — ​ $ 28.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at May 31, 2020 ​ ​ Quoted Market Prices in Active Markets for Identical Assets ​ Significant Observable Market-Based Inputs ​ Significant Unobservable Inputs ​ ​ ​ Level 1 Level 2 Level 3 Total Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. equity securities (a) ​ $ — ​ $ 4.1 ​ $ — ​ $ 4.1 International equity securities (a) ​ ​ — ​ ​ 3.9 ​ ​ — ​ ​ 3.9 Fixed income securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government securities (b) ​ ​ 19.2 ​ ​ — ​ ​ — ​ ​ 19.2 Total assets ​ $ 19.2 ​ $ 8.0 ​ $ — ​ $ 27.2 (a) Includes investments in common/collective trust funds that are valued using net asset values (“NAV”) provided by the administrator of the funds. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of units outstanding. While the underlying assets are actively traded on an exchange, the funds are not. There are currently no redemption restrictions or unfunded commitments on these investments. There are certain funds with thirty-day redeemable notice requirements. ​ (b) Includes investments in exchange-traded funds based on quoted prices in active markets. ​
Schedule of Expected Benefit Payments	​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Plans Post-Retirement Plan 2022 ​ $ 0.5 ​ $ 0.2 2023 ​ ​ 0.7 ​ ​ 0.3 2024 ​ ​ 0.9 ​ ​ 0.3 2025 ​ ​ 1.0 ​ ​ 0.4 2026 ​ ​ 1.2 ​ ​ 0.4 2027-2031 ​ ​ 8.7 ​ ​ 2.1 ​

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	May 30, 2021
STOCK-BASED COMPENSATION
The schedule of RSU and Performance Share activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock-Settled ​ Performance Shares ​ ​ ​ Weighted- ​ ​ Weighted- ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Grant- ​ ​ ​ ​ Grant- ​ ​ ​ ​ ​ Date Fair ​ ​ ​ ​ Date Fair ​ ​ Shares ​ Value ​ Shares ​ Value Outstanding at May 31, 2020 ​ 662,205 ​ $ 60.28 ​ ​ 444,457 ​ $ 57.96 Granted (a) ​ 298,040 ​ ​ 62.61 ​ ​ 107,451 ​ ​ 63.93 Vested (b) ​ (253,912) ​ ​ 46.42 ​ ​ (198,436) ​ ​ 44.83 Forfeited/expired/cancelled ​ ​ (31,031) ​ ​ 64.32 ​ ​ (18,027) ​ ​ 69.37 Outstanding at May 30, 2021 ​ 675,302 ​ $ 66.34 ​ ​ 335,445 ​ $ 67.02 (a) Granted represents new grants and dividend equivalents accrued. ​ (b) The aggregate fair value of awards that vested in fiscal 2021, 2020, and 2019 was $29.3 million, $24.9 million, and $24.7 million, respectively, which represents the market value of our common stock on the date that the RSUs and Performance Shares vested. The number of RSUs and Performance Shares vested includes shares of common stock that we withheld on behalf of employees to satisfy the minimum statutory tax withholding requirements. RSUs that are expected to vest are net of estimated future forfeitures. ​
Schedule of compensation expenses for stock-based awards recognized, net of forfeitures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ ​ 2021 ​ 2020 ​ 2019 ​ Total compensation expense ​ ​ 20.6 ​ ​ 23.8 ​ ​ 22.1 ​ Income tax benefit (a) ​ ​ (3.7) ​ ​ (4.6) ​ ​ (4.4) ​ Total compensation expense, net of tax benefit ​ $ 16.9 ​ $ 19.2 ​ $ 17.7 ​ (a) 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 ​ $ 18.0 ​ 1.8 Performance Shares ​ ​ 8.8 ​ 1.6 Total unrecognized stock-based expense ​ $ 26.8 ​ 1.8

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	May 30, 2021
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities measured at fair value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of May 30, 2021 ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Pension plan assets ​ $ 19.7 ​ $ 8.4 ​ $ — ​ $ 28.1 Derivative assets (a) ​ ​ — ​ ​ 15.3 ​ ​ — ​ ​ 15.3 Total assets ​ $ 19.7 ​ $ 23.7 ​ $ — ​ $ 43.4 Liabilities: ​ ​ ​ ​ Deferred compensation liabilities (b) ​ $ — $ 23.5 $ — $ 23.5 Total liabilities ​ $ — ​ $ 23.5 ​ $ — ​ $ 23.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of May 31, 2020 ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Pension plan assets ​ $ 19.2 ​ $ 8.0 ​ $ — ​ $ 27.2 Deferred compensation assets ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ 0.1 Total assets ​ $ 19.3 ​ $ 8.0 ​ $ — ​ $ 27.3 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)	12 Months Ended
	May 30, 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 ​ ​ 72.3 ​ ​ (2.5) ​ ​ 69.8 Amounts reclassified out of AOCI, net of tax ​ ​ — ​ ​ 0.2 (a) ​ 0.2 Net current-period other comprehensive income (loss) ​ 72.3 (2.3) ​ 70.0 Balance as of May 30, 2021 ​ $ 36.0 $ (6.5) $ 29.5 (a) These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 10, Employee Benefit Plans and Other Post-Retirement Benefits, for additional information. ​

SEGMENTS (Tables)

SEGMENTS (Tables)	12 Months Ended
	May 30, 2021
SEGMENTS
Schedule of segment information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended May ​ 2021 (a) ​ 2020 (a) ​ 2019 Net sales ​ ​ ​ Global ​ $ 1,911.5 ​ $ 1,973.6 ​ $ 1,961.5 Foodservice ​ 1,017.3 ​ 1,069.1 ​ 1,156.1 Retail ​ 603.4 ​ 595.5 ​ 498.3 Other ​ ​ 138.7 ​ ​ 154.2 ​ ​ 140.6 Total net sales ​ ​ 3,670.9 ​ ​ 3,792.4 ​ ​ 3,756.5 Product contribution margin (b) ​ ​ ​ ​ ​ ​ Global ​ ​ 306.2 ​ ​ 374.5 ​ ​ 446.3 Foodservice ​ ​ 340.0 ​ ​ 356.0 ​ ​ 402.4 Retail ​ ​ 120.2 ​ ​ 117.6 ​ ​ 98.8 Other (c) ​ ​ 47.8 ​ ​ 24.1 ​ ​ 23.6 ​ ​ ​ 814.2 ​ ​ 872.2 ​ ​ 971.1 Add: Advertising and promotion expenses (b) ​ ​ 17.8 ​ ​ 23.0 ​ ​ 32.4 Gross profit ​ ​ 832.0 ​ ​ 895.2 ​ ​ 1,003.5 Selling, general and administrative expenses ​ ​ 357.2 ​ ​ 338.3 ​ ​ 335.1 Income from operations ​ ​ 474.8 ​ ​ 556.9 ​ ​ 668.4 Interest expense, net ​ ​ 118.3 ​ ​ 108.0 ​ ​ 107.1 Income tax expense (d) ​ ​ 90.5 ​ ​ 112.3 ​ ​ 133.6 Equity method investment earnings ​ ​ 51.8 ​ ​ 29.3 ​ ​ 59.5 Net income ​ ​ 317.8 ​ ​ 365.9 ​ ​ 487.2 Less: Income attributable to noncontrolling interests (e) ​ — ​ — ​ 8.6 Net income attributable to Lamb Weston Holdings, Inc. ​ $ 317.8 ​ $ 365.9 ​ $ 478.6 (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 in fiscal 2021 and 2020. 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. ​ (d) In fiscal 2019, the Tax Act decreased income tax expense and increased net income by $27.2 million, or $0.19 per share, including a $24.8 million, or $0.17 per share, tax benefit related to a lower U.S. corporate tax rate and a $2.4 million, or $0.02 per share, benefit from the true-up of the transition tax on previously untaxed foreign earnings. We completed our analysis of the one-time impacts of the Tax Act in fiscal 2019. ​ (e) In November 2018, we entered into an agreement to acquire the remaining 50.01% interest in Lamb Weston BSW. Our Consolidated Statements of Earnings includes 100% of Lamb Weston BSW’s earnings beginning November 2, 2018. See Note 6, Investments in Joint Ventures, in our Annual Report on Form 10-K for the fiscal year ended May 31, 2020, which we filed with the Securities and Exchange Commission on July 28, 2020. ​

NATURE OF OPERATIONS AND SUMM_4

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reportable Segments (Details) - segment	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of reportable segments	4	4	4

NATURE OF OPERATIONS AND SUMM_5

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - General Information (Details)	Nov. 09, 2016
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Divestiture of stock pro rata distribution (as a percent)	100.00%

NATURE OF OPERATIONS AND SUMM_6

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basis of Presentation (Details)	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Fiscal year duration (weeks converted to days)	364 days	371 days	364 days

NATURE OF OPERATIONS AND SUMM_7

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Unbilled Receivables (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Unbilled receivables
Unbilled receivables, current	$ 111	$ 72.7

NATURE OF OPERATIONS AND SUMM_8

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Sales Incentives and Trade Promotion Allowances (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accrued sales incentives and trade promotions	$ 39.9	$ 42.5

NATURE OF OPERATIONS AND SUMM_9

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising and Promotion (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Advertising and Promotion
Advertising and promotion expenses	$ 17.8	$ 23	$ 32.4

NATURE OF OPERATIONS AND SUM_10

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Research and Development (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Research and Development
Research and development costs	$ 12.9	$ 15.4	$ 15.4

NATURE OF OPERATIONS AND SUM_11

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Cash and Cash Equivalents
Cash and cash equivalents	$ 783.5	$ 1,364

NATURE OF OPERATIONS AND SUM_12

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Trade Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Trade Accounts Receivable and Allowance for Doubtful Accounts
Allowance for doubtful accounts	$ 0.9	$ 1.3

NATURE OF OPERATIONS AND SUM_13

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventories (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Components of inventories
Raw materials and packaging	$ 89.8	$ 106.2
Finished goods	377.8	339.2
Supplies and other	45.9	41.3
Inventories	$ 513.5	$ 486.7

NATURE OF OPERATIONS AND SUM_14

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leased Assets (Details)	May 30, 2021
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Lease, Practical Expedient, Lessor Single Lease Component	true

NATURE OF OPERATIONS AND SUM_15

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment - Interest Capitalized (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Construction in progress
Property, Plant and Equipment
Interest capitalized	$ 1.9	$ 2.6	$ 7.6

NATURE OF OPERATIONS AND SUM_16

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment - Components (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Property, Plant and Equipment
Property, plant and equipment, at cost	$ 3,091.1	$ 2,942.7
Less accumulated depreciation	(1,567.1)	(1,407.7)
Property, plant and equipment, net	1,524	1,535
Land and land improvements
Property, Plant and Equipment
Property, plant and equipment, at cost	108.2	107.2
Buildings, machinery, and equipment
Property, Plant and Equipment
Property, plant and equipment, at cost	2,763.3	2,670.1
Furniture, fixtures, office equipment, and other
Property, Plant and Equipment
Property, plant and equipment, at cost	97.1	107.1
Construction in progress
Property, Plant and Equipment
Property, plant and equipment, at cost	$ 122.5	$ 58.3

NATURE OF OPERATIONS AND SUM_17

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment - Useful Lives (Details)	12 Months Ended
	May 30, 2021
Land improvements | Minimum
Property, Plant and Equipment
Estimated useful lives	2 years
Land improvements | Maximum
Property, Plant and Equipment
Estimated useful lives	30 years
Buildings | Minimum
Property, Plant and Equipment
Estimated useful lives	10 years
Buildings | Maximum
Property, Plant and Equipment
Estimated useful lives	40 years
Machinery and equipment | Minimum
Property, Plant and Equipment
Estimated useful lives	5 years
Machinery and equipment | Maximum
Property, Plant and Equipment
Estimated useful lives	20 years
Furniture, fixtures, office equipment, and other | Minimum
Property, Plant and Equipment
Estimated useful lives	3 years
Furniture, fixtures, office equipment, and other | Maximum
Property, Plant and Equipment
Estimated useful lives	15 years

NATURE OF OPERATIONS AND SUM_18

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment - Depreciation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Property, Plant and Equipment
Depreciation expense	$ 177.7	$ 175.3	$ 155.5

NATURE OF OPERATIONS AND SUM_19

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment - Purchases in Accounts Payable (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020
Property, Plant and Equipment
Purchases of property, plant and equipment included in accounts payable	$ 23.1	$ 9.9

NATURE OF OPERATIONS AND SUM_20

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign Currency (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Foreign Currency
Gains and losses from foreign currency transactions	$ 1.3	$ (0.1)	$ (3.3)

NATURE OF OPERATIONS AND SUM_21

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - New and Recently Issued Accounting Standards (Details)	May 30, 2021
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
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
Accounting Standards Update 2020-04
New and Recently Issued Accounting Standards
Change in Accounting Principle, Accounting Standards Update, Adopted	false

EARNINGS PER SHARE - Tabular Di

EARNINGS PER SHARE - Tabular Disclosure (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Numerator:
Net income attributable to Lamb Weston Holdings, Inc.	$ 317.8	$ 365.9	$ 478.6
Less: Increase in redemption value of noncontrolling interests in excess of earnings allocated, net of tax benefits			10.8
Net income available to Lamb Weston common stockholders, basic	317.8	365.9	467.8
Net income available to Lamb Weston common stockholders, diluted	$ 317.8	$ 365.9	$ 467.8
Denominator:
Basic weighted average common shares outstanding (in shares)	146.4	146.2	146.5
Add: Dilutive effect of employee incentive plans (in shares)	0.7	0.9	0.8
Diluted weighted average common shares outstanding (in shares)	147.1	147.1	147.3
Earnings per share
Basic (in dollars per share)	$ 2.17	$ 2.50	$ 3.19
Diluted (in dollars per share)	$ 2.16	$ 2.49	$ 3.18

EARNINGS PER SHARE - Variable I

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

EARNINGS PER SHARE - Variable_2

EARNINGS PER SHARE - Variable Interest Entity - Consolidated - Acquisition - Additional Information (Details) - Lamb Weston BSW, LLC $ / shares in Units, $ in Millions	12 Months Ended
	May 26, 2019USD ($)$ / shares
Pro Forma Information
Net income available to common stockholders | $	$ (9.4)
Basic and diluted earning per share (in dollars per share) | $ / shares	$ (0.06)

EARNINGS PER SHARE - Antidiluti

EARNINGS PER SHARE - Antidilutive Securities (Details) - shares	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Stock options
EARNINGS PER SHARE
Antidilutive securities (in shares)	0	0	0
Restricted Stock Units (RSUs)
EARNINGS PER SHARE
Antidilutive securities (in shares)	0	0	0
Performance shares
EARNINGS PER SHARE
Antidilutive securities (in shares)	0	0	0

INCOME TAXES - Pre-tax Income I

INCOME TAXES - Pre-tax Income Inclusive of Equity Method Investment Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Pre-tax income inclusive of equity method investment earnings
United States	$ 352	$ 462	$ 574.5
Foreign	56.3	16.2	46.3
Total pre-tax income	$ 408.3	$ 478.2	$ 620.8

INCOME TAXES - Provision for In

INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Current
U.S. federal	$ 66.2	$ 75.7	$ 66.8
State and local	15	13.2	17.7
Foreign	5.5	3.4	11.6
Total current provision for taxes	86.7	92.3	96.1
Deferred
U.S. federal	(0.4)	18.6	42.2
State and local	1.2	4.4	(0.1)
Foreign	3	(3)	(4.6)
Total deferred provision for taxes	3.8	20	37.5
Total provision for taxes	$ 90.5	$ 112.3	$ 133.6

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Income Tax Expenses - Statutory Rates (Details)	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
INCOME TAXES
Federal statutory tax rate (as a percent)	21.00%	21.00%	21.00%

INCOME TAXES - Reconciliation_2

INCOME TAXES - Reconciliation of Income Tax Expenses - Tabular Disclosure (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Reconciliation of income tax expense
Provision computed at U.S. statutory rate	$ 85.7	$ 100.4	$ 130.4
State and local taxes, net of federal benefit	13.7	15.3	14.8
Effect of taxes on foreign operations	(4.7)	(4.4)	(4.7)
Other	(4.2)	1	(6.9)
Total provision for taxes	$ 90.5	$ 112.3	$ 133.6
Effective income tax rate (as a percent)	22.20%	23.50%	21.50%

INCOME TAXES - Income Taxes Pai

INCOME TAXES - Income Taxes Paid (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
INCOME TAXES
Income taxes paid, net of refunds	$ 84.1	$ 82.5	$ 103

INCOME TAXES - Deferred Income

INCOME TAXES - Deferred Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Deferred Tax Assets
Goodwill and other intangible assets	$ 46.3	$ 54.9
Compensation and benefit related liabilities	32.2	19.7
Net operating loss and credit carryforwards	3.6	5.2
Accrued expenses and other liabilities	13.9	15.2
Inventory and inventory reserves	5.5	4.5
Lease obligations	32	36.9
Other	3.5	7.7
Deferred Tax Assets, Gross, Total	137	144.1
Less: Valuation allowance	(53.1)	(54.5)
Net deferred tax assets	$ 83.9	$ 89.6

INCOME TAXES - Deferred Incom_2

INCOME TAXES - Deferred Income Taxes - Deferred Tax Liabilities (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Deferred Tax Liabilities
Property, plant and equipment	$ 187.1	$ 188.8
Lease assets	30.3	35.4
Debt issuance cost	2.9	3.4
Investment in joint ventures	4.7	3.6
Other	16.4	8.6
Deferred Tax Liabilities, Gross, Total	$ 241.4	$ 239.8

INCOME TAXES - Deferred Incom_3

INCOME TAXES - Deferred Income Taxes - Net Operating Loss Carryforwards (Details) - Foreign $ in Millions	May 30, 2021USD ($)
Net operating loss carryforwards
Net operating loss carryforwards	$ 14.1
Net operating loss carryforwards, after tax	$ 3.1

INCOME TAXES - Deferred Incom_4

INCOME TAXES - Deferred Income Taxes - Tax Credit Carryforwards (Details) $ in Millions	May 30, 2021USD ($)
Foreign
Tax credit carryforwards
Tax credit carryforwards	$ 0.5

INCOME TAXES - Deferred Incom_5

INCOME TAXES - Deferred Income Taxes - Valuation Allowance (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Income Taxes
Income tax expense	$ 90.5	$ 112.3	$ 133.6
Increase (Decrease) in Valuation Allowance, Including Net Operating Loss Carryforwards
Income Taxes
Income tax expense	$ 0	$ 0	$ (1.1)

INCOME TAXES - Deferred Incom_6

INCOME TAXES - Deferred Income Taxes - Consolidated Balance Sheets (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Deferred income taxes
Deferred income taxes	$ 159.7	$ 152.5
Other Noncurrent Assets
Other assets
Deferred tax assets	$ 2.2	$ 2.3

INCOME TAXES - Uncertain Tax Po

INCOME TAXES - Uncertain Tax Positions - Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Uncertain Tax Positions
Beginning balance	$ 31.3	$ 21.7	$ 13.2
Decreases from positions established during prior fiscal years			(0.8)
Increases from positions established during current and prior fiscal years	8.7	10.3	10.4
Decreases relating to settlements with taxing authorities	(0.8)
Expiration of statute of limitations	(2.1)	(0.7)	(1.1)
Ending balance	$ 37.1	$ 31.3	$ 21.7

INCOME TAXES - Uncertain Tax _2

INCOME TAXES - Uncertain Tax Positions - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020
INCOME TAXES
Tax benefit if unrecognized tax benefits are recognized	$ 31.6	$ 26.7
Gross interest and penalties excluded from unrecognized tax benefits	$ 7.2	$ 5.5
Statute of limitations, minimum	3 years
Statute of limitations, maximum	5 years
Statute of limitations, expiration, reduction in uncertain tax positions, next twelve months	$ 6.5

INVESTMENTS IN JOINT VENTURES -

INVESTMENTS IN JOINT VENTURES - General Information (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2020	May 30, 2021	Oct. 15, 2019
Equity Method Investments
Equity method investments	$ 250.2	$ 310.2
Lamb-Weston Meijer v.o.f.
Equity Method Investments
Ownership interest (as a percent)		50.00%
Equity method investments	207.4	$ 263.3
Lamb-Weston RDO Frozen
Equity Method Investments
Ownership interest (as a percent)		50.00%
Equity method investments	15.4	$ 17.4
Lamb Weston Alimentos Modernos S.A.
Equity Method Investments
Ownership interest (as a percent)		50.00%
Equity method investments	26.5	$ 28.8	$ 27.3
Investment in equity method joint venture	$ 22.6
Investment in equity method joint venture, payable		$ 5.5
Equity method investments, basis difference			$ 4.8

INVESTMENTS IN JOINT VENTURES_2

INVESTMENTS IN JOINT VENTURES - Equity Method Investments - Fees Received (Details) - Equity Method Investee - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Related Party Transactions
Revenue from related parties	$ 15.3	$ 27.8	$ 29.9
Fees for Services Provided | Lamb-Weston Meijer v.o.f.
Related Party Transactions
Revenue from related parties	1.6	1.6	1.8
Fees for Services Provided | Lamb-Weston RDO Frozen
Related Party Transactions
Revenue from related parties	$ 14.3	$ 14.1	$ 14.8

INVESTMENTS IN JOINT VENTURES_3

INVESTMENTS IN JOINT VENTURES - Agreement - Equity Method Investee Information (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Lamb-Weston Meijer v.o.f.
Equity Method Investments
ERP costs	$ 16.8	$ 13

INVESTMENTS IN JOINT VENTURES_4

INVESTMENTS IN JOINT VENTURES - Agreement - Related Party Information (Details) - Equity Method Investee $ in Millions	12 Months Ended
	May 30, 2021USD ($)payment	May 31, 2020USD ($)
Accounts receivable
Accounts receivable, current	$ 6.3	$ 7.1
Lamb-Weston Meijer v.o.f.
Related Party Transactions
Number of annual payments | payment	5
Accounts receivable
Accounts receivable	$ 13.3	12
Accounts receivable, current	0.1	1.8
Accounts receivable, noncurrent	$ 13.2	$ 10.2

INVESTMENTS IN JOINT VENTURES_5

INVESTMENTS IN JOINT VENTURES - Sales and Payments (Details) - Equity Method Investee - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Related Party Transactions
Sales	$ 15.3	$ 27.8	$ 29.9
Payments	$ 5.2	$ 8.6	$ 10.9

INVESTMENTS IN JOINT VENTURES_6

INVESTMENTS IN JOINT VENTURES - Dividends (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Dividends from equity method investments
Dividends from equity method investments	$ 18.8	$ 29	$ 45.7

INVESTMENTS IN JOINT VENTURES_7

INVESTMENTS IN JOINT VENTURES - Equity Method Investments - Accounts Receivable (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Equity Method Investee
Due from related parties, current
Accounts receivable, current	$ 6.3	$ 7.1

INVESTMENTS IN JOINT VENTURES_8

INVESTMENTS IN JOINT VENTURES - Equity Method Investments - Summarized Financial Information - General Information (Details)	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Summarized combined financial information for equity method investments
Summarized financial information of equity method investments, percentage of operations presented (as a percent)	100.00%	100.00%	100.00%

INVESTMENTS IN JOINT VENTURES_9

INVESTMENTS IN JOINT VENTURES - Equity Method Investments - Summarized Financial Information - Income Statement (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Summarized combined financial information for equity method investments
Gross profit	$ 832	$ 895.2	$ 1,003.5
Income from operations	408.3	478.2	620.8
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Summarized combined financial information for equity method investments
Net sales	1,169.5	1,137.7	1,172.6
Gross profit	196.5	145.8	212.2
Income from operations	$ 97.5	$ 59.8	$ 130.2

INVESTMENTS IN JOINT VENTURE_10

INVESTMENTS IN JOINT VENTURES - Equity Method Investments - Summarized Financial Information - Balance Sheet (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Summarized combined financial information for equity method investments
Current assets	$ 1,781.7	$ 2,302.6
Current liabilities	618.2	1,024.9
Noncurrent liabilities	3,110.6	3,397.4
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Summarized combined financial information for equity method investments
Current assets	516.1	413.8
Noncurrent assets	627.6	455.1
Current liabilities	366.3	298.8
Noncurrent liabilities	$ 147.3	$ 79.8

ACQUISITIONS (Details)

ACQUISITIONS (Details) lb in Millions, $ in Millions	Jul. 02, 2019USD ($)lb	Dec. 21, 2018USD ($)lb	May 30, 2021USD ($)	May 31, 2020USD ($)	May 26, 2019USD ($)
Purchase price allocation
Goodwill			$ 334.5	$ 303.8	$ 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	$ 116.7
Increase in production capacity | lb	70
Purchase price allocation
Goodwill	$ 106.1
Goodwill deductible for tax purposes	0
Intangible assets	$ 3.7
Weighted average life	10 years
Frozen Potato Processor in Australia
Ownership interest acquired
Ownership interest acquired (as a percent)		100.00%
Consideration transferred
Consideration transferred		$ 88.6
Increase in production capacity | lb		50
Purchase price allocation
Goodwill		$ 75.1
Goodwill deductible for tax purposes		0
Intangible assets		$ 4.4
Weighted average life		10 years

GOODWILL AND OTHER IDENTIFIAB_3

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020
Goodwill
Balance at the beginning period	$ 303.8	$ 205.9
Acquisition		106.1
Foreign currency translation adjustment	30.7	(8.2)
Balance at the end of the period	334.5	303.8
Global
Goodwill
Balance at the beginning period	245.6	147.7
Acquisition		106.1
Foreign currency translation adjustment	30.7	(8.2)
Balance at the end of the period	276.3	245.6
Foodservice
Goodwill
Balance at the beginning period	42.8	42.8
Balance at the end of the period	42.8	42.8
Retail
Goodwill
Balance at the beginning period	10.9	10.9
Balance at the end of the period	10.9	10.9
Other
Goodwill
Balance at the beginning period	4.5	4.5
Balance at the end of the period	$ 4.5	$ 4.5

GOODWILL AND OTHER IDENTIFIAB_4

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Goodwill Acquired (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2019	May 31, 2020
Goodwill
Acquisition		$ 106.1
Global
Goodwill
Acquisition		$ 106.1
Frozen Potato Processor in Australia | Global
Goodwill
Acquisition	$ 106.1

GOODWILL AND OTHER IDENTIFIAB_5

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Weighted Average Useful Life (Details)	12 Months Ended
	May 30, 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_6

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Amortizing Intangible Assets (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Amortizing Intangible Assets
Amortizing intangible assets, gross	$ 42.2	$ 42.4
Accumulated amortization	(23.3)	(22.1)
Amortizing intangible assets, net	$ 18.9	$ 20.3

GOODWILL AND OTHER IDENTIFIAB_7

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Other Identifiable Intangible Assets (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Other Identifiable Intangible Assets
Non-amortizing intangible assets	$ 18	$ 18
Amortizing intangible assets, net	18.9	20.3
Other identifiable intangible assets, net	36.9	38.3
Other identifiable intangible assets, gross	$ 60.2	$ 60.4

GOODWILL AND OTHER IDENTIFIAB_8

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Amortization Expense (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
Amortization expense	$ 5	$ 2.5	$ 2.2

GOODWILL AND OTHER IDENTIFIAB_9

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Estimated Intangible Assets Amortization Expense (Details) $ in Millions	May 30, 2021USD ($)
Estimated intangible asset amortization expense
2022	$ 2.7
2023	2.6
2024	2.1
2025	1.8
2026	1.8
Thereafter	$ 7.9

GOODWILL AND OTHER IDENTIFIA_10

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Impairment Testing (Details) $ in Millions	12 Months Ended
	May 30, 2021USD ($)
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
Goodwill impairment	$ 0
Non-amortizing intangible assets impairment	$ 0

ACCRUED LIABILITIES (Details)

ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
ACCRUED LIABILITIES
Compensation and benefits	$ 83.2	$ 74.5
Accrued trade promotions	39.9	42.5
Dividends payable to shareholders	34.4	33.6
Current portion of operating lease obligations	29.1	28.4
Franchise, property, and sales and use taxes	11.3	9.4
Accrued interest	7.9	8.7
Income taxes payable	0.8	1.3
Other	20.3	34.6
Accrued liabilities	$ 226.9	$ 233

DEBT AND FINANCING OBLIGATION_2

DEBT AND FINANCING OBLIGATIONS - Tabular Disclosure - Components (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020	May 12, 2020	Nov. 30, 2016
Debt and Financing Obligations
Short-term borrowings		$ 498.7
Long-term debt	$ 2,752.6	3,056.3
Financing obligations	7.3	13.3
Total debt and financing obligations	2,759.9	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%		4.625%
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%
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%	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	273.8	288.7
Term A-2 loan facility, due April 2025 | Secured Debt
Debt and Financing Obligations
Long-term debt	312.8	325
Other credit facilities | Line of Credit
Debt and Financing Obligations
Short-term borrowings	$ 0	$ 3.7
Interest rate (as a percent)	3.915%	3.56%
Lease financing obligations due on various dates through 2040
Debt and Financing Obligations
Financing obligations	$ 7.3	$ 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	May 30, 2021	May 31, 2020
Debt and Financing Obligations
Total debt and financing obligations	$ 2,759.9	$ 3,568.3
Debt issuance costs	(22.5)	(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	$ 2,705.4	$ 2,992.6

DEBT AND FINANCING OBLIGATION_4

DEBT AND FINANCING OBLIGATIONS - General Information (Details) $ in Millions	Sep. 17, 2020USD ($)	May 12, 2020USD ($)	Apr. 20, 2020USD ($)	Jun. 28, 2019USD ($)	Jul. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Nov. 30, 2016USD ($)	May 30, 2021USD ($)	May 31, 2020USD ($)	May 26, 2019USD ($)
Debt and Financing Obligations
Amortization expense									$ 6.1	$ 6.2	$ 4.7
Short-term borrowings										$ 498.7
Senior Notes, November 2016 | Senior Notes
Debt and Financing Obligations
Change of control, redemption price (as a percent)									101.00%
Senior Notes, November 2016 | Senior Notes | Prior to November 1, 2021
Debt and Financing Obligations
Percentage of principal amount redeemed (as a percent)									100.00%
4.625% Senior Notes, due November 2024 | Senior Notes
Debt and Financing Obligations
Face amount								$ 833
Interest rate (as a percent)								4.625%	4.625%	4.625%
Debt instrument, maturity date								Nov. 1, 2024
4.625% Senior Notes, due November 2024 | Senior Notes | On or after November 1, 2021
Debt and Financing Obligations
Redemption prices (as a percent)									102.313%
4.875% Senior Notes, due November 2026 | Senior Notes
Debt and Financing Obligations
Face amount								$ 833
Interest rate (as a percent)								4.875%	4.875%	4.875%
Debt instrument, maturity date								Nov. 1, 2026
4.875% Senior Notes, due November 2026 | Senior Notes | On or after November 1, 2021
Debt and Financing Obligations
Redemption prices (as a percent)									102.438%
Credit Facilities, November 2016
Debt and Financing Obligations
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
Debt and Financing Obligations
Face amount	$ 750
Available amount									$ 744.6
Repayment of debt					$ 395	$ 100
Borrowings from revolving credit facility							$ 495
Debt instrument, maturity date	Sep. 17, 2023
Capitalized for debt issuance costs	$ 2.4
Write off of deferred debt issuance cost									1
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%
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%	2.35%
Term Loan Facility, due November 2021 | Secured Debt
Debt and Financing Obligations
Face amount								$ 300
Write off of deferred debt issuance cost									$ 1	$ 1.7
Repayments of secured debt	$ 271.9
4.875% senior notes, due May 2028 | Senior Notes
Debt and Financing Obligations
Face amount		$ 500
Interest rate (as a percent)		4.875%							4.875%	4.875%
Debt instrument, maturity date		May 15, 2028
Capitalized for debt issuance costs		$ 6.2
Change of control, redemption price (as a percent)		101.00%
4.875% senior notes, due May 2028 | Senior Notes | On or prior to November 15, 2027
Debt and Financing Obligations
Percentage of principal amount redeemed (as a percent)		100.00%
4.875% senior notes, due May 2028 | Senior Notes | On or after November 15, 2027
Debt and Financing Obligations
Redemption prices (as a percent)		100.00%
Term A-1 loan facility, due June 2024 | Secured Debt
Debt and Financing Obligations
Face amount				$ 300
Increased amount in borrowing capacity				$ 100
Periodic amortization rate (as a percent)				5.00%
Average interest rate of term loan facility (as a percent)									1.77%	3.33%
Effective average interest rate of term loan facility (as a percent)									0.95%	2.52%
Net leverage ratio									4.50
Interest coverage ratio									2.75
Term A-1 loan facility, due June 2024 | Secured Debt | Minimum | LIBOR
Debt and Financing Obligations
Variable interest rate spread (as a percent)				1.625%
Term A-1 loan facility, due June 2024 | Secured Debt | Minimum | Base Rate
Debt and Financing Obligations
Variable interest rate spread (as a percent)				0.625%
Term A-1 loan facility, due June 2024 | Secured Debt | Maximum | LIBOR
Debt and Financing Obligations
Variable interest rate spread (as a percent)				2.375%
Term A-1 loan facility, due June 2024 | Secured Debt | Maximum | Base Rate
Debt and Financing Obligations
Variable interest rate spread (as a percent)				1.375%
Term A-2 loan facility, due April 2025 | Secured Debt
Debt and Financing Obligations
Face amount			$ 325
Average interest rate of term loan facility (as a percent)									2.34%	2.85%
Effective average interest rate of term loan facility (as a percent)									1.53%	2.03%
Net leverage ratio									4.50
Interest coverage ratio									2.75
Debt instrument, amortization (as a percent)									5.00%
Term A-2 loan facility, due April 2025 | Secured Debt | Minimum | LIBOR
Debt and Financing Obligations
Variable interest rate spread (as a percent)			2.20%
Term A-2 loan facility, due April 2025 | Secured Debt | Minimum | Base Rate
Debt and Financing Obligations
Variable interest rate spread (as a percent)			1.20%
Term A-2 loan facility, due April 2025 | Secured Debt | Maximum | LIBOR
Debt and Financing Obligations
Variable interest rate spread (as a percent)			2.95%
Term A-2 loan facility, due April 2025 | Secured Debt | Maximum | Base Rate
Debt and Financing Obligations
Variable interest rate spread (as a percent)			1.95%

DEBT AND FINANCING OBLIGATION_5

DEBT AND FINANCING OBLIGATIONS - Aggregate Minimum Principal Maturities - Tabular Disclosure (Details) $ in Millions	May 30, 2021USD ($)
Debt
2022	$ 31.3
2023	31.3
2024	31.3
2025	1,325.7
Thereafter	1,333
Total	$ 2,752.6

DEBT AND FINANCING OBLIGATION_6

DEBT AND FINANCING OBLIGATIONS - Interest Paid (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Debt and Financing Obligations
Interest paid	$ 120.6	$ 105.7	$ 107.8

DEBT AND FINANCING OBLIGATION_7

DEBT AND FINANCING OBLIGATIONS - Other Credit Facilities (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Short-term Debt [Line Items]
Short-term borrowings		$ 498.7
Line of Credit | Other credit facilities
Short-term Debt [Line Items]
Available amount	$ 56.5	30.8
Short-term borrowings	$ 0	$ 3.7
Interest rate (as a percent)	3.915%	3.56%

LEASES - Lease Term (Details)

LEASES - Lease Term (Details)	May 30, 2021
Minimum
Operating leases
Lessee, Operating Lease, Remaining Lease Term	1 year
Finance leases
Lessee, Finance Lease, Remaining Lease Term	1 year
Maximum
Operating leases
Lessee, Operating Lease, Remaining Lease Term	19 years
Finance leases
Lessee, Finance Lease, Remaining Lease Term	19 years

LEASES - Lease Costs (Details)

LEASES - Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Lease expense
Operating lease costs	$ 33.2	$ 29.7
Short-term and variable lease costs	9	5.8
Sublease income	(3.4)	(2.7)
Amortization of lease assets	1.9	3.2
Interest on lease liabilities	0.3	0.6
Total lease costs, net	$ 41	$ 36.6	$ 24.3

LEASES - Assets and Liabilities

LEASES - Assets and Liabilities (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Assets and liabilities
Operating lease assets	$ 141.7	$ 167
Finance lease assets	$ 5.4	$ 11.3
Finance lease assets, consolidated balance sheet	Property, plant and equipment, net	Property, plant and equipment, net
Total leased assets	$ 147.1	$ 178.3
Operating lease obligations, current	$ 29.1	$ 28.4
Operating lease obligations, current, consolidated balance sheet	Accrued liabilities	Accrued liabilities
Operating lease obligations, noncurrent	$ 120.3	$ 144.6
Operating lease obligations, noncurrent, consolidated balance sheet	Other noncurrent liabilities	Other noncurrent liabilities
Finance lease obligations, current	$ 0.7	$ 2.8
Finance lease obligations, current, consolidated balance sheet	Current portion of long-term debt and financing obligations	Current portion of long-term debt and financing obligations
Finance lease obligations, noncurrent	$ 6.6	$ 10.5
Finance lease obligations, noncurrent, consolidated balance sheet	Long-term debt and financing obligations, excluding current portion	Long-term debt and financing obligations, excluding current portion
Total lease liability	$ 156.7	$ 186.3

LEASES - Accumulated Amortizati

LEASES - Accumulated Amortization (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Finance leases
Finance lease, right-of-use asset, accumulated amortization	$ 4.7	$ 12.2

LEASES - Modified Finance Lease

LEASES - Modified Finance Leases (Details) $ in Millions	12 Months Ended
	May 30, 2021USD ($)
Finance leases
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Lease Modification, Increase (Decrease)	$ (4.3)
Finance leases
Finance Lease, Liability, Lease Modification, Increase (Decrease)	$ (4.3)

LEASES - Operating Leases - Mat

LEASES - Operating Leases - Maturities of Lease Liabilities (Details) $ in Millions	May 30, 2021USD ($)
Operating Leases
2022	$ 31.7
2023	21.8
2024	20.7
2025	18.6
2026	15.2
Thereafter	62.7
Total lease payments	$ 170.7

LEASES - Operating Leases - Dis

LEASES - Operating Leases - Discount to Present Value (Details) $ in Millions	May 30, 2021USD ($)
Operating leases
Total lease payments	$ 170.7
Less: Interest	(21.3)
Present value of lease obligations	$ 149.4

LEASES - Finance Leases - Matur

LEASES - Finance Leases - Maturities of Lease Liabilities (Details) $ in Millions	May 30, 2021USD ($)
Finance leases
2022	$ 0.9
2023	1
2024	1
2025	0.9
2026	0.8
Thereafter	4.5
Total lease payments	$ 9.1

LEASES - Finance Leases - Disco

LEASES - Finance Leases - Discount to Present Value (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Finance leases
Total lease payments	$ 9.1
Less: Interest	(1.8)
Present value of lease obligations	$ 7.3	$ 13.3

LEASES - Weighted-average Remai

LEASES - Weighted-average Remaining Lease Term and Discount Rate (Details)	May 30, 2021
LEASES
Weighted-average remaining lease term (years), operating leases	7 years 10 months 24 days
Weighted-average discount rate, operating leases (as a percent)	3.40%
Weighted-average remaining lease term (years), finance leases	13 years 10 months 24 days
Weighted-average discount rate, finance leases (as a percent)	3.20%

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Cash used for operating activities	$ 30.9	$ 26.8
Cash paid for amounts included in the measurement of lease liabilities:
Cash used for financing activities	1.7	2.6
Noncash investing and financing activities:
Asset obtained in exchange for new operating lease obligations	$ 5.2	41.4
Assets obtained in exchange for new finance lease obligations		$ 2.2

EMPLOYEE BENEFIT PLANS AND OT_3

EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS - Other Plans - Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS
Matching percentage (as a percent)	100.00%
Employee's contribution election (as a percent)	6.00%
Employee compensation (as a percent)	3.00%
Plan matching contribution, vesting period	5 years
Plan matching contribution, vesting percentage (as a percent)	20.00%
Plan matching contribution	$ 28.8	$ 28.7	$ 21.3

EMPLOYEE BENEFIT PLANS AND OT_4

EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS - Other Plans - Deferred Compensation Savings Plan (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS
Liabilities under deferred compensation plan	$ 23.5	$ 18

EMPLOYEE BENEFIT PLANS AND OT_5

EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS - Change in Benefit Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Pension Plans
Change in Benefit Obligation
Benefit obligation at beginning of year	$ 37.3	$ 27.4
Service cost	3	3.1	$ 6
Interest cost	1.2	1.1	0.8
Benefits paid	(0.5)	(0.3)
Plan settlements		(0.4)
Actuarial (gain) loss	0.5	6.4
Benefit obligation at fiscal year-end	41.5	37.3	27.4
Accumulated benefit obligation portion of above	41.5	37.3
Post-Retirement Plan
Change in Benefit Obligation
Benefit obligation at beginning of year	6.5	7.3
Interest cost	0.1	0.2	0.3
Participant contributions	0.3	0.2
Benefits paid	(0.2)	(0.3)
Actuarial (gain) loss	(0.2)	(0.9)
Benefit obligation at fiscal year-end	$ 6.5	$ 6.5	$ 7.3

EMPLOYEE BENEFIT PLANS AND OT_6

EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS - Changes in Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020
Pension Plans
Change in Plan Assets
Fair value of plan assets at beginning of year	$ 27.2	$ 17.1
Actual return on plan assets	(2)	6.6
Company contributions	3.4	3.8
Benefits paid	(0.5)	(0.3)
Fair value of plan assets at end of year	28.1	27.2
Post-Retirement Plan
Change in Plan Assets
Company contributions		0.1
Participants contributions	0.3	0.2
Benefits paid	(0.2)	$ (0.3)
Other	$ (0.1)

EMPLOYEE BENEFIT PLANS AND OT_7

EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS - Underfunded Status (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Pension Plans
Funded Status
Underfunded status	$ (13.4)	$ (10.1)
Post-Retirement Plan
Funded Status
Underfunded status	$ (6.5)	$ (6.5)

EMPLOYEE BENEFIT PLANS AND OT_8

EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS - Condensed Combined and Consolidated Balance Sheets (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Pension Plans
Amounts Recognized on Consolidated Balance Sheets
Other noncurrent liabilities	$ (13.4)	$ (10.1)
Accrued obligation recognized	(13.4)	(10.1)
Amounts Recognized in Accumulated Other Comprehensive Income Loss (Pre-tax)
Actuarial loss	7.7	4.4
Total	7.7	4.4
Post-Retirement Plan
Amounts Recognized on Consolidated Balance Sheets
Accrued liabilities	(0.3)	(0.2)
Other noncurrent liabilities	(6.2)	(6.3)
Accrued obligation recognized	(6.5)	(6.5)
Amounts Recognized in Accumulated Other Comprehensive Income Loss (Pre-tax)
Actuarial loss	0.7	1.1
Total	$ 0.7	$ 1.1

EMPLOYEE BENEFIT PLANS AND OT_9

EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS - Payment from Pension Plan Assets (Details) $ in Millions	12 Months Ended
	May 31, 2020USD ($)
EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS
Payment for settlement from Rabbi trust plan assets	$ 0.4

EMPLOYEE BENEFIT PLANS AND O_10

EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Pension Plans
Components of net periodic benefit cost for our pension and postretirement benefit plans
Service cost	$ 3	$ 3.1	$ 6
Interest cost	1.2	1.1	0.8
Expected return on plan assets	(0.8)	(0.9)	(0.9)
Actuarial loss	0.1	0.2
Net periodic benefit cost	3.5	3.5	5.9
Post-Retirement Plan
Components of net periodic benefit cost for our pension and postretirement benefit plans
Interest cost	0.1	0.2	0.3
Actuarial loss	0.2	0.6	0.7
Net periodic benefit cost	$ 0.3	$ 0.8	$ 1

EMPLOYEE BENEFIT PLANS AND O_11

EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS - Changes in Plan Assets and Benefit Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Pension Plans
Components of other comprehensive income (loss)
Actuarial (gain) loss	$ 3.4	$ 0.6	$ 3.3
Amortization of actuarial gain (loss)	(0.1)	(0.2)
Total recognized in other comprehensive loss (income)	3.3	0.4	3.3
Post-Retirement Plan
Components of other comprehensive income (loss)
Actuarial (gain) loss	(0.2)	(1)
Amortization of actuarial gain (loss)	(0.2)	(0.6)	(0.7)
Total recognized in other comprehensive loss (income)	$ (0.4)	$ (1.6)	$ (0.7)

EMPLOYEE BENEFIT PLANS AND O_12

EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS - Components of Net Periodic Benefit Cost and Other Comprehensive (Income) Loss - Tabular Disclosure (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Pension Plans
EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS
Net periodic benefit cost	$ 3.5	$ 3.5	$ 5.9
Total recognized in other comprehensive loss (income)	3.3	0.4	3.3
Total recognized in net periodic benefit cost and other comprehensive loss (income) (pre-tax)	6.8	3.9	9.2
Post-Retirement Plan
EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS
Net periodic benefit cost	0.3	0.8	1
Total recognized in other comprehensive loss (income)	(0.4)	(1.6)	(0.7)
Total recognized in net periodic benefit cost and other comprehensive loss (income) (pre-tax)	$ (0.1)	$ (0.8)	$ 0.3

EMPLOYEE BENEFIT PLANS AND O_13

EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS - Components of Net Periodic Benefit Cost and Other Comprehensive (Income) Loss - Additional Information (Details)	12 Months Ended
	May 30, 2021
Pension Plans | Minimum
EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS
Average remaining service period	7 years
Pension Plans | Maximum
EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS
Average remaining service period	10 years
Post-Retirement Plan
EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS
Average remaining service period	2 years

EMPLOYEE BENEFIT PLANS AND O_14

EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS - Actuarial Assumptions (Details)	12 Months Ended
	May 29, 2022	May 30, 2021	May 31, 2020	May 26, 2019
Pension Plans
Weighted-Average Assumptions Used to Determine Benefit Obligations:
Discount rate (as percent)		3.11%	3.14%	4.01%
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost:
Discount rate (as percent)		3.14%	4.01%	4.25%
Long-term rate of return on plan assets (as percent)		2.90%	5.12%	5.30%
Pension Plans | Forecast
Weighted-Average Assumptions Used to Determine Benefit Obligations:
Discount rate (as percent)	3.11%
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost:
Long-term rate of return on plan assets (as percent)	4.00%
Post-Retirement Plan
Weighted-Average Assumptions Used to Determine Benefit Obligations:
Discount rate (as percent)		2.82%	2.85%	3.81%
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost:
Discount rate (as percent)		2.85%	3.81%	4.18%
Post-Retirement Plan | Forecast
Weighted-Average Assumptions Used to Determine Benefit Obligations:
Discount rate (as percent)	2.82%

EMPLOYEE BENEFIT PLANS AND O_15

EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS - Health Care Cost Trend Rate Assumptions (Details)	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Health Care Cost Trend Rate Assumptions
Health care cost trend rate assumed for next year (as a percent)	6.19%	6.75%	7.31%
Ultimate health care cost trend rate (as a percent)	4.50%	4.50%	4.50%
Year that the rate reaches the ultimate trend rate	2024	2024	2024

EMPLOYEE BENEFIT PLANS AND O_16

EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS - Fair Value Measurements of Plan Assets - Investment Policy (Details) - Pension Plans	May 30, 2021
Equity securities
EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS
Target investment allocation (as a percent)	30.00%
Debt securities
EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS
Target investment allocation (as a percent)	70.00%

EMPLOYEE BENEFIT PLANS AND O_17

EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS - Fair Value Measurements of Plan Assets - Tabular Disclosure (Details) - Pension Plans - USD ($) $ in Millions	May 30, 2021	May 31, 2020	May 26, 2019
Pension plan assets
Pension plan assets	$ 28.1	$ 27.2	$ 17.1
Level 1
Pension plan assets
Pension plan assets	19.7	19.2
Level 2
Pension plan assets
Pension plan assets	8.4	8
Cash and cash equivalents
Pension plan assets
Pension plan assets	0.4
Cash and cash equivalents | Level 1
Pension plan assets
Pension plan assets	0.4
U.S. equity securities
Pension plan assets
Pension plan assets	4.7	4.1
U.S. equity securities | Level 2
Pension plan assets
Pension plan assets	4.7	4.1
International equity securities
Pension plan assets
Pension plan assets	3.7	3.9
International equity securities | Level 2
Pension plan assets
Pension plan assets	3.7	3.9
US treasury securities
Pension plan assets
Pension plan assets	19.3	19.2
US treasury securities | Level 1
Pension plan assets
Pension plan assets	$ 19.3	$ 19.2

EMPLOYEE BENEFIT PLANS AND O_18

EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS - Fair Value Measurements of Plan Assets - Redeemable Notice (Details)	12 Months Ended
	May 30, 2021
Pension Plans | Equity securities
EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS
Redeemable notice period for certain funds	30 days

EMPLOYEE BENEFIT PLANS AND O_19

EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS - Funding and Cash Flows - Contributions (Details) - Qualified Plan $ in Millions	12 Months Ended
	May 30, 2021USD ($)
Contributions
Employer contributions	$ 3.4
Employer contributions, fiscal year 2022	$ 2
Defined benefit plan, type	Pension Plans

EMPLOYEE BENEFIT PLANS AND O_20

EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS - Funding and Cash Flows - Estimated Benefit Payments (Details) $ in Millions	May 30, 2021USD ($)
Pension Plans
Estimated benefit payments
2022	$ 0.5
2023	0.7
2024	0.9
2025	1
2026	1.2
2027-2031	8.7
Post-Retirement Plan
Estimated benefit payments
2022	0.2
2023	0.3
2024	0.3
2025	0.4
2026	0.4
2027-2031	$ 2.1

STOCK-BASED COMPENSATION - Gene

STOCK-BASED COMPENSATION - General Information (Details) shares in Millions	May 30, 2021shares
STOCK-BASED COMPENSATION
Available for future grant (in shares)	7.4
Shares authorized under our equity incentive plans (in shares)	10

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Stock Unit and Performance-based Restricted Stock Unit - General Information (Details)	12 Months Ended
	May 30, 2021
Stock-based Compensation
Performance period	3 years
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Employee
Stock-based Compensation
Vesting period	3 years
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Nonemployee
Stock-based Compensation
Vesting period	1 year
Performance shares
Stock-based Compensation
Awards earned rate, low end of range (as a percent)	0.00%
Awards earned rate, high end of range (as a percent)	200.00%

STOCK-BASED COMPENSATION - Re_2

STOCK-BASED COMPENSATION - Restricted Stock Unit and Performance-based Restricted Stock Unit - Activity (Details)	12 Months Ended
	May 30, 2021$ / sharesshares
Restricted Stock Units (RSUs)
Shares
Outstanding at beginning of the period (in shares) | shares	662,205
Granted (in shares) | shares	298,040
Vested (in shares) | shares	(253,912)
Forfeited/expired/cancelled (in shares) | shares	(31,031)
Outstanding at end of the period (in shares) | shares	675,302
Weighted-Average Grant-Date Fair Value
Outstanding at beginning of the period (in dollars per share) | $ / shares	$ 60.28
Granted (in dollars per share) | $ / shares	62.61
Vested (in dollars per share) | $ / shares	46.42
Forfeited/expired/cancelled (in dollars per share) | $ / shares	64.32
Outstanding at end of the period (in dollars per share) | $ / shares	$ 66.34
Performance shares
Shares
Outstanding at beginning of the period (in shares) | shares	444,457
Granted (in shares) | shares	107,451
Vested (in shares) | shares	(198,436)
Forfeited/expired/cancelled (in shares) | shares	(18,027)
Outstanding at end of the period (in shares) | shares	335,445
Weighted-Average Grant-Date Fair Value
Outstanding at beginning of the period (in dollars per share) | $ / shares	$ 57.96
Granted (in dollars per share) | $ / shares	63.93
Vested (in dollars per share) | $ / shares	44.83
Forfeited/expired/cancelled (in dollars per share) | $ / shares	69.37
Outstanding at end of the period (in dollars per share) | $ / shares	$ 67.02

STOCK-BASED COMPENSATION - Re_3

STOCK-BASED COMPENSATION - Restricted Stock Unit and Performance-based Restricted Stock Unit - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Stock-based Compensation
Aggregate fair value of awards vested	$ 29.3	$ 24.9	$ 24.7

STOCK-BASED COMPENSATION - Comp

STOCK-BASED COMPENSATION - Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Compensation expense
Total compensation expense	$ 20.6	$ 23.8	$ 22.1
Income tax benefit	(3.7)	(4.6)	(4.4)
Total compensation expense, net of tax benefit	$ 16.9	$ 19.2	$ 17.7

STOCK-BASED COMPENSATION - Unre

STOCK-BASED COMPENSATION - Unrecognized Compensation Expense (Details) $ in Millions	12 Months Ended
	May 30, 2021USD ($)
Unrecognized compensation expense, net of estimated forfeitures
Unrecognized compensation expense	$ 26.8
Remaining weighted average recognition period	1 year 9 months 18 days
Restricted Stock Units (RSUs)
Unrecognized compensation expense, net of estimated forfeitures
Unrecognized compensation expense	$ 18
Remaining weighted average recognition period	1 year 9 months 18 days
Performance shares
Unrecognized compensation expense, net of estimated forfeitures
Unrecognized compensation expense	$ 8.8
Remaining weighted average recognition period	1 year 7 months 6 days

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value Hierarchy (Details) - USD ($) $ in Millions	May 30, 2021	May 31, 2020
Liabilities:
Deferred compensation liabilities	$ 23.5	$ 18
Recurring
Assets:
Pension plan assets	28.1	27.2
Deferred compensation assets		0.1
Derivative assets	15.3
Total assets	43.4	27.3
Liabilities:
Derivative liabilities		4.7
Deferred compensation liabilities	23.5	18
Total liabilities	23.5	22.7
Recurring | Level 1
Assets:
Pension plan assets	19.7	19.2
Deferred compensation assets		0.1
Total assets	19.7	19.3
Recurring | Level 2
Assets:
Pension plan assets	8.4	8
Derivative assets	15.3
Total assets	23.7	8
Liabilities:
Derivative liabilities		4.7
Deferred compensation liabilities	23.5	18
Total liabilities	$ 23.5	$ 22.7

FAIR VALUE MEASUREMENTS - Debt

FAIR VALUE MEASUREMENTS - Debt Outstanding (Details) $ in Millions	May 30, 2021USD ($)
Carrying Value | Fixed rate debt
Fair Value Measurements
Debt	$ 2,166
Carrying Value | Variable rate debt
Fair Value Measurements
Debt	586.6
Level 2 | Fair Value | Fixed rate debt
Fair Value Measurements
Debt	$ 2,277.7

STOCKHOLDERS' EQUITY - Common a

STOCKHOLDERS' EQUITY - Common and Preferred Stock (Details)	May 30, 2021Voteshares	May 31, 2020shares
STOCKHOLDERS' EQUITY
Common stock, authorized shares (in shares)	600,000,000	600,000,000
Preferred stock, authorized shares	60,000,000	60,000,000
Common stock, outstanding shares	146,191,864
Number of votes that each share holder is entitled | Vote	1
Preferred stock, issued shares	0
Preferred stock, outstanding shares	0

STOCKHOLDERS' EQUITY - Share Re

STOCKHOLDERS' EQUITY - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	May 30, 2021	Dec. 20, 2018
Share Repurchase Program
Authorization to repurchase common stock not to exceed		$ 250
Number of shares repurchased (in shares)	328,918
Treasury stock value	$ 25.7
Remaining amount authorized of share repurchase program	$ 169.6
Weighted Average
Share Repurchase Program
Shares purchased, weighted-average price (in dollars per share)	$ 78.19

STOCKHOLDERS' EQUITY - Dividend

STOCKHOLDERS' EQUITY - Dividends Paid (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Dividends
Dividends paid	$ 135.3	$ 121.3	$ 113.3

STOCKHOLDERS' EQUITY - Divide_2

STOCKHOLDERS' EQUITY - Dividends Declared (Details) - $ / shares	3 Months Ended	12 Months Ended
	Aug. 29, 2021	May 30, 2021	May 31, 2020	May 26, 2019
Dividends
Dividends declared (in dollars per share)	$ 0.235	$ 0.9300	$ 0.8600	$ 0.7825
Dividends declared per common share, declared date	Jul. 22, 2021
Dividends declared per common share, payable date	Sep. 3, 2021
Dividends declared per common share, record date	Aug. 6, 2021

STOCKHOLDERS' EQUITY - Changes

STOCKHOLDERS' EQUITY - Changes in AOCI (Details) $ in Millions	12 Months Ended
	May 30, 2021USD ($)
Changes in AOCI:
Balance at the beginning of the period	$ 240
Balance at the end of the period	480.6
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	69.8
Amounts reclassified out of AOCI, net of tax	0.2
Net current-period other comprehensive income (loss)	70
Balance at the end of the period	29.5
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	72.3
Net current-period other comprehensive income (loss)	72.3
Balance at the end of the period	36
Pension and Post-Retirement Benefits
Changes in AOCI:
Balance at the beginning of the period	(4.2)
Other comprehensive income before reclassifications, net of tax	(2.5)
Amounts reclassified out of AOCI, net of tax	0.2
Net current-period other comprehensive income (loss)	(2.3)
Balance at the end of the period	$ (6.5)

SEGMENTS - General Information

SEGMENTS - General Information (Details) - segment	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Segments
Number of operating segments	4	4	4
Number of reportable segments	4	4	4

SEGMENTS - Tabular Disclosure (

SEGMENTS - Tabular Disclosure (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Segment information
Net sales	$ 3,670.9	$ 3,792.4	$ 3,756.5
Product contribution margin	814.2	872.2	971.1
Advertising and promotion expenses	17.8	23	32.4
Gross profit	832	895.2	1,003.5
Selling, general and administrative expenses	357.2	338.3	335.1
Income from operations	474.8	556.9	668.4
Interest expense, net	118.3	108	107.1
Income tax expense	90.5	112.3	133.6
Equity method investment earnings	51.8	29.3	59.5
Net income	317.8	365.9	487.2
Less: Income attributable to noncontrolling interests			8.6
Net income attributable to Lamb Weston Holdings, Inc.	317.8	365.9	478.6
Global
Segment information
Net sales	1,911.5	1,973.6	1,961.5
Product contribution margin	306.2	374.5	446.3
Foodservice
Segment information
Net sales	1,017.3	1,069.1	1,156.1
Product contribution margin	340	356	402.4
Retail
Segment information
Net sales	603.4	595.5	498.3
Product contribution margin	120.2	117.6	98.8
Other
Segment information
Net sales	138.7	154.2	140.6
Product contribution margin	$ 47.8	$ 24.1	$ 23.6

SEGMENTS - Tax Act (Details)

SEGMENTS - Tax Act (Details) $ / shares in Units, $ in Millions	12 Months Ended
	May 26, 2019USD ($)$ / shares
SEGMENTS
Expense (benefit) from impact of remeasuring net US corporate tax rate | $	$ (27.2)
Per share change from impact of remeasuring net US corporate tax rate (in dollars per share) | $ / shares	$ 0.19
Benefit related to change in tax rate | $	$ 24.8
Per share change related to change in tax rate (in dollars per share) | $ / shares	$ 0.17
Benefit relating to lower U.S. corporate tax rate | $	$ 2.4
Per share change from benefit relating to lower U.S. corporate tax rate (in dollars per share) | $ / shares	$ 0.02

SEGMENTS - Variable Interest En

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

SEGMENTS - Concentrations (Deta

SEGMENTS - Concentrations (Details)	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | McDonald's Corporation
Segments
Concentration risk (as a percent)	11.00%	10.00%	10.00%

SEGMENTS - Other Information -

SEGMENTS - Other Information - Net Sales by Product (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Revenue
Net sales	$ 3,670.9	$ 3,792.4	$ 3,756.5
Other
Revenue
Net sales	138.7	154.2	140.6
Vegetable product | Other
Revenue
Net sales	91.3	104.9	88.5
Byproduct | Other
Revenue
Net sales	36.1	36.4	40.2
Dairy product | Other
Revenue
Net sales	$ 11.3	$ 12.9	$ 11.9

SEGMENTS - Other Information _2

SEGMENTS - Other Information - Net Sales by Geographical Area (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Revenue
Net sales	$ 3,670.9	$ 3,792.4	$ 3,756.5
Non-US
Revenue
Net sales	$ 700.2	$ 776.4	$ 742.7

SEGMENTS - Labor (Details)

SEGMENTS - Labor (Details)	12 Months Ended
	May 30, 2021employee
Segments
Number of employees	7,800
Workforce Subject to Collective Bargaining Arrangements | Labor Force Concentration Risk
Segments
Concentration risk (as a percent)	27.00%
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year | Labor Force Concentration Risk
Segments
Concentration risk (as a percent)	55.00%
Non-US
Segments
Number of employees	800

COMMITMENTS, CONTINGENCIES, G_2

COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS - Capital Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020
Capital Addition Purchase Commitments
Long-term Purchase Commitment [Line Items]
Purchase commitment amount	$ 75	$ 36.5

COMMITMENTS, CONTINGENCIES, G_3

COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS - Purchase Supply Agreements (Details) - Inventories - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS
Purchase supply agreement amount	$ 139.8	$ 142.7	$ 152
Advances	$ 23.9	$ 31.9

COMMITMENTS, CONTINGENCIES, G_4

COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS - Guarantees (Details) $ in Millions	May 30, 2021USD ($)
Guarantee of Indebtedness of Others
COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS
Guarantee amount	$ 35.6

SCHEDULE II Valuation and Qua_2

SCHEDULE II Valuation and Qualifying Accounts (Details) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Millions	12 Months Ended
	May 30, 2021	May 31, 2020	May 26, 2019
Valuation and Qualifying Accounts
Valuation Allowances and Reserves, Balance, Beginning Balance	$ 54.5	$ 64.6	$ 62
Additions Charged to Costs, Expenses and Equity			3.7
Deductions from Reserves	1.4	10.1	1.1
Valuation Allowances and Reserves, Balance, Ending Balance	$ 53.1	$ 54.5	$ 64.6