Lamb Weston (LW) 10-Q6 Apr 232023 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - $ / shares	9 Months Ended
Document and Entity Information - $ / shares	Feb. 26, 2023	Mar. 30, 2023
Cover [Abstract]
Entity Central Index Key	0001679273
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Feb. 26, 2023
Entity File Number	1-37830
Entity Registrant Name	LAMB WESTON HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1797411
Entity Address, Address Line One	599 S. Rivershore Lane
Entity Address, City or Town	Eagle
Entity Address, State or Province	ID
Entity Address, Postal Zip Code	83616
City Area Code	208
Local Phone Number	938-1047
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	LW
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		145,704,167
Entity Listing, Par Value Per Share	$ 1
Current Fiscal Year End Date	--05-28
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Feb. 26, 2023	Feb. 27, 2022	Feb. 26, 2023	Feb. 27, 2022
Consolidated Statements of Earnings
Net sales	$ 1,253.6	$ 955	$ 3,655.7	$ 2,945.8
Net sales, type	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Cost of sales	$ 855.8	$ 734	$ 2,603	$ 2,368
Cost of sales, type	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Gross profit	$ 397.8	$ 221	$ 1,052.7	$ 577.8
Selling, general and administrative expenses	131.5	87.2	357.6	269.4
Income from operations	266.3	133.8	695.1	308.4
Interest expense, net	25.8	25.8	76.4	136.1
Income before income taxes and equity method earnings	240.5	108	618.7	172.3
Income tax expense	42.1	31.1	152.6	49.4
Equity method investment (loss) earnings	(23.3)	29.7	44	46
Net income	$ 175.1	$ 106.6	$ 510.1	$ 168.9
Earnings per share:
Basic (in dollars per share)	$ 1.22	$ 0.73	$ 3.54	$ 1.16
Diluted (in dollars per share)	$ 1.21	$ 0.73	$ 3.53	$ 1.16
Weighted average common shares outstanding:
Basic (in shares)	144	145.1	144	145.8
Diluted (in shares)	144.8	145.5	144.7	146.2

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 26, 2023	Feb. 27, 2022	Feb. 26, 2023	Feb. 27, 2022
Other comprehensive income (loss) - pre-tax amount:
Net income	$ 217.2	$ 137.7	$ 662.7	$ 218.3
Reclassification of post-retirement benefits out of accumulated other comprehensive income (loss)		0.1		0.3
Unrealized currency translation gains (losses)	8.4	0.1	(39.4)	(39.3)
Other	0.1	0.4	0.6	0.4
Comprehensive income	225.7	138.3	623.9	179.7
Other comprehensive income (loss) - tax (expense) benefit:
Net income	(42.1)	(31.1)	(152.6)	(49.4)
Unrealized currency translation gains (losses)	0.1	(0.4)	1.6	1.8
Other		(0.1)	(0.1)	(0.1)
Comprehensive income	(42)	(31.6)	(151.1)	(47.7)
Other comprehensive income (loss) - after tax amount:
Net income	175.1	106.6	510.1	168.9
Reclassification of post-retirement benefits out of accumulated other comprehensive income (loss)		0.1		0.3
Unrealized currency translation gains (losses)	8.5	(0.3)	(37.8)	(37.5)
Other	0.1	0.3	0.5	0.3
Comprehensive income	$ 183.7	$ 106.7	$ 472.8	$ 132

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Feb. 26, 2023	May 29, 2022
Current assets:
Cash and cash equivalents	$ 675	$ 525
Receivables, less allowance for doubtful accounts of $1.2 and $1.1	500.5	447.3
Inventories	837.4	574.4
Prepaid expenses and other current assets	105	112.9
Total current assets	2,117.9	1,659.6
Property, plant and equipment, net	1,867.3	1,579.2
Operating lease assets	150.5	119
Equity method investments	243.6	257.4
Goodwill	347.7	318
Intangible assets, net	31.4	33.7
Other assets	328.9	172.9
Total assets	5,087.3	4,139.8
Current liabilities:
Short-term borrowings	6.2
Current portion of long-term debt and financing obligations	49.1	32.2
Accounts payable	453.1	402.6
Accrued liabilities	308.9	264.3
Total current liabilities	817.3	699.1
Long-term liabilities:
Long-term debt and financing obligations, excluding current portion	3,163.9	2,695.8
Deferred income taxes	160.8	172.5
Other noncurrent liabilities	230.5	211.9
Total long-term liabilities	3,555.2	3,080.2
Commitments and contingencies
Stockholders' equity:
Common stock of $1.00 par value, 600,000,000 shares authorized; 148,339,042 and 148,045,584 shares issued	148.3	148
Additional distributed capital	(774)	(813.3)
Retained earnings	1,703.3	1,305.5
Accumulated other comprehensive loss	(52.9)	(15.6)
Treasury stock, at cost, 4,587,296 and 3,974,156 common shares	(309.9)	(264.1)
Total stockholders' equity	714.8	360.5
Total liabilities and stockholders' equity	$ 5,087.3	$ 4,139.8

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Feb. 26, 2023	May 29, 2022
Receivables
Allowance for doubtful accounts	$ 1.2	$ 1.1
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)	148,339,042	148,045,584
Treasury stock
Treasury stock, common shares (in shares)	4,587,296	3,974,156

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Common Stock	Treasury Stock	Additional Paid-in (Distributed) Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at the beginning of the period at May. 30, 2021	$ 147.6	$ (104.3)	$ (836.8)	$ 1,244.6	$ 29.5	$ 480.6
Balance at the beginning of the period (in shares) at May. 30, 2021	146,191,864
Increase (Decrease) in Stockholders' Equity
Dividends declared				(104)		(104)
Common stock issued	$ 0.4		1.5			1.9
Common stock issued (in shares)	397,388
Stock-settled, stock-based compensation expense			15.5			15.5
Repurchase of common stock and common stock withheld to cover taxes		(133.7)				(133.7)
Repurchase of common stock and common stock withheld to cover taxes (in shares)	(2,144,671)
Other			0.4	(0.4)
Comprehensive income (loss)				168.9	(36.9)	132
Balance at the end of the period at Feb. 27, 2022	$ 148	(238)	(819.4)	1,309.1	(7.4)	392.3
Balance at the end of the period (in shares) at Feb. 27, 2022	144,444,581
Balance at the beginning of the period at Nov. 28, 2021	$ 148	(187.8)	(825.8)	1,238.3	(7.5)	365.2
Balance at the beginning of the period (in shares) at Nov. 28, 2021	145,200,648
Increase (Decrease) in Stockholders' Equity
Dividends declared				(35.4)		(35.4)
Common stock issued (in shares)	9,960
Stock-settled, stock-based compensation expense			5.9			5.9
Repurchase of common stock and common stock withheld to cover taxes		(50.2)				(50.2)
Repurchase of common stock and common stock withheld to cover taxes (in shares)	(766,027)
Other			0.5	(0.4)		0.1
Comprehensive income (loss)				106.6	0.1	106.7
Balance at the end of the period at Feb. 27, 2022	$ 148	(238)	(819.4)	1,309.1	(7.4)	392.3
Balance at the end of the period (in shares) at Feb. 27, 2022	144,444,581
Balance at the beginning of the period at May. 29, 2022	$ 148	(264.1)	(813.3)	1,305.5	(15.6)	360.5
Balance at the beginning of the period (in shares) at May. 29, 2022	144,071,428
Increase (Decrease) in Stockholders' Equity
Dividends declared				(110.8)		(110.8)
Common stock issued	$ 0.3		1.4			1.7
Common stock issued (in shares)	293,458
Stock-settled, stock-based compensation expense			28			28
Repurchase of common stock and common stock withheld to cover taxes		(45.8)				(45.8)
Repurchase of common stock and common stock withheld to cover taxes (in shares)	(613,140)
Other			9.9	(1.5)		8.4
Comprehensive income (loss)				510.1	(37.3)	472.8
Balance at the end of the period at Feb. 26, 2023	$ 148.3	(309.9)	(774)	1,703.3	(52.9)	714.8
Balance at the end of the period (in shares) at Feb. 26, 2023	143,751,746
Balance at the beginning of the period at Nov. 27, 2022	$ 148.3	(297.5)	(785.5)	1,569.2	(61.5)	573
Balance at the beginning of the period (in shares) at Nov. 27, 2022	143,870,309
Increase (Decrease) in Stockholders' Equity
Dividends declared				(40.3)		(40.3)
Common stock issued			0.1			0.1
Common stock issued (in shares)	8,059
Stock-settled, stock-based compensation expense			10.4			10.4
Repurchase of common stock and common stock withheld to cover taxes		(12.4)				(12.4)
Repurchase of common stock and common stock withheld to cover taxes (in shares)	(126,622)
Other			1	(0.7)		0.3
Comprehensive income (loss)				175.1	8.6	183.7
Balance at the end of the period at Feb. 26, 2023	$ 148.3	$ (309.9)	$ (774)	$ 1,703.3	$ (52.9)	$ 714.8
Balance at the end of the period (in shares) at Feb. 26, 2023	143,751,746

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended			9 Months Ended
	May 28, 2023	Feb. 26, 2023	Feb. 27, 2022	Feb. 26, 2023	Feb. 27, 2022
Dividends
Dividends declared (in dollars per share)	$ 0.28	$ 0.280	$ 0.245	$ 0.770	$ 0.715

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Feb. 26, 2023	Feb. 27, 2022
Cash flows from operating activities
Net income	$ 510.1	$ 168.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles and debt issuance costs	153.3	142.4
Loss on extinguishment of debt		53.3
Stock-settled, stock-based compensation expense	28	15.5
Equity method investment earnings in excess of distributions	(44.3)	(26.8)
Deferred income taxes	(25.5)	14.2
Foreign currency remeasurement gain	(21.2)
Other	(22.3)	(3.3)
Changes in operating assets and liabilities, net of acquisition:
Receivables	(47.2)	(64.1)
Inventories	(254.3)	(121.2)
Income taxes payable/receivable, net	13.1	16.4
Prepaid expenses and other current assets	5.9	(15.6)
Accounts payable	16.7	(3.8)
Accrued liabilities	22.8	(1.9)
Net cash provided by operating activities	335.1	174
Cash flows from investing activities
Additions to property, plant and equipment	(429.4)	(217.8)
Additions to other long-term assets	(67.6)	(9.2)
Acquisition of interest in joint venture, net	(42.3)
Other	3.6	0.8
Net cash used for investing activities	(535.7)	(226.2)
Cash flows from financing activities
Proceeds from issuance of debt	510.8	1,669.2
Repayments of debt and financing obligations	(24.6)	(1,690.1)
Dividends paid	(105.8)	(103)
Repurchase of common stock and common stock withheld to cover taxes	(47.2)	(133.7)
Payments of senior notes call premium		(39.6)
Other	(1.9)	(5)
Net cash provided by (used for) financing activities	331.3	(302.2)
Effect of exchange rate changes on cash and cash equivalents	19.3	(0.5)
Net increase (decrease) in cash and cash equivalents	150	(354.9)
Cash and cash equivalents, beginning of period	525	783.5
Cash and cash equivalents, end of period	$ 675	$ 428.6

NATURE OF OPERATIONS AND SUMMAR

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Feb. 26, 2023
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 ventures, is a leading global producer, distributor, and marketer of value-added frozen potato products and is headquartered in Eagle, Idaho. We have four reportable segments: Global, Foodservice, Retail, and Other. See Note 13, Segments, for additional information on our reportable segments. Basis of Presentation The accompanying unaudited Consolidated Financial Statements present the financial results of Lamb Weston for the thirteen and thirty-nine weeks ended February 26, 2023 and February 27, 2022, and have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America (“U.S”). These consolidated financial statements are unaudited and include all adjustments that we consider necessary for a fair presentation of such financial statements and consist only of normal recurring adjustments. The preparation of financial statements involves the use of estimates and accruals. The actual results that we experience may differ materially from those estimates. Results for interim periods should not be considered indicative of results for our full fiscal year, which ends the last Sunday in May. These financial statements and related condensed notes should be read together with the consolidated financial statements and notes in our Annual Report on Form 10-K for the fiscal year ended May 29, 2022 (the “Form 10-K”), where we include additional information on our critical accounting estimates, policies, and the methods and assumptions used in our estimates. We filed the Form 10-K with the Securities and Exchange Commission on July 27, 2022. There were no accounting pronouncements recently issued that had or are expected to have a material impact on our consolidated financial statements.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
EARNINGS PER SHARE	Feb. 26, 2023
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: Thirteen Weeks Ended Thirty-Nine Weeks Ended February 26, February 27, February 26, February 27, (in millions, except per share amounts) 2023 2022 2023 2022 Numerator: Net income $ 175.1 $ 106.6 $ 510.1 $ 168.9 Denominator: Basic weighted average common shares outstanding 144.0 145.1 144.0 145.8 Add: Dilutive effect of employee incentive plans (a) 0.8 0.4 0.7 0.4 Diluted weighted average common shares outstanding 144.8 145.5 144.7 146.2 Earnings per share: Basic $ 1.22 $ 0.73 $ 3.54 $ 1.16 Diluted $ 1.21 $ 0.73 $ 3.53 $ 1.16 (a) Potential dilutive shares of common stock under employee incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options and the assumed vesting of outstanding restricted stock units and performance awards. As of February 26, 2023, 0.6 million shares of stock-based awards were excluded from the computation of diluted earnings per share because they would be antidilutive. As of February 27, 2022, 0.1 million shares of stock-based awards were excluded from the computation of diluted earnings per share because they would be antidilutive.

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Feb. 26, 2023
INCOME TAXES
INCOME TAXES	3. INCOME TAXES Income tax expense was $42.1 million and $31.1 million for the thirteen weeks ended February 26, 2023 and February 27, 2022, respectively; and $152.6 million and $49.4 million for the thirty-nine weeks ended February 26, 2023 and February 27, 2022, respectively. The effective income tax rate (calculated as the ratio of income tax expense to pre-tax income, inclusive of equity method investment earnings) was 19.4% and 22.6% for the thirteen weeks ended February 26, 2023 and February 27, 2022, respectively; and 23.0% and 22.6% for the thirty-nine weeks ended February 26, 2023 and February 27, 2022, respectively, in our Consolidated Statements of Earnings. The effective tax rate varies from the U.S. statutory tax rate of 21% principally due to the impact of U.S. state taxes, foreign taxes and currency, permanent differences, and discrete items. Excluding the impact of the following items, our effective tax rate was 23.4% for the thirty-nine weeks ended February 26, 2023: ● Gain associated with the acquisition of an additional 40% interest in our Argentina joint venture, Lamb Weston Alimentos Modernos S.A. (“LWAMSA”), which is discussed in Note 6, Joint Venture Investments. ● Gains related to actions taken to mitigate the effect of changes in currency rates on our purchase of the remaining 50% equity interest in Lamb-Weston/Meijer v.o.f. (“LW EMEA”), net of other acquisition-related costs (“New Acquisition Gain”). See Note 6, Joint Venture Investments, for more information. ● Mark-to-market adjustments associated with changes in natural gas and electricity derivatives at LW EMEA, which is discussed in Note 13, Segments. Income Taxes Paid Income taxes paid, net of refunds, were $168.5 million and $17.2 million during the thirty-nine weeks ended February 26, 2023 and February 27, 2022, respectively.

INVENTORIES

INVENTORIES	9 Months Ended
INVENTORIES	Feb. 26, 2023
INVENTORIES
INVENTORIES	4. INVENTORIES Inventories are valued at the lower of cost (determined using the first-in, first-out method) or net realizable value and include all costs directly associated with manufacturing products: materials, labor, and manufacturing overhead. The components of inventories were as follows: February 26, May 29, (in millions) 2023 2022 Raw materials and packaging $ 176.5 $ 96.1 Finished goods 602.6 426.5 Supplies and other 58.3 51.8 Inventories $ 837.4 $ 574.4

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	9 Months Ended
PROPERTY, PLANT AND EQUIPMENT	Feb. 26, 2023
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	5. PROPERTY, PLANT AND EQUIPMENT The components of property, plant and equipment were as follows: February 26, May 29, (in millions) 2023 2022 Land and land improvements $ 122.6 $ 114.1 Buildings, machinery and equipment 3,039.0 2,919.0 Furniture, fixtures, office equipment and other 100.1 92.1 Construction in progress 429.3 156.1 Property, plant and equipment, at cost 3,691.0 3,281.3 Less accumulated depreciation (1,823.7) (1,702.1) Property, plant and equipment, net $ 1,867.3 $ 1,579.2 Depreciation expense was $48.8 million and $45.3 million for the thirteen weeks ended February 26, 2023 and February 27, 2022, respectively; and $145.8 million and $134.5 million for the thirty-nine weeks ended February 26, 2023 and February 27, 2022, respectively. At February 26, 2023 and May 29, 2022, purchases of property, plant and equipment included in accounts payable were $71.8 Interest capitalized within construction in progress for the thirteen weeks ended February 26, 2023 and February 27, 2022, was $5.8

JOINT VENTURE INVESTMENTS

JOINT VENTURE INVESTMENTS	9 Months Ended
JOINT VENTURE INVESTMENTS	Feb. 26, 2023
JOINT VENTURE INVESTMENTS
JOINT VENTURE INVESTMENTS	6. JOINT VENTURE INVESTMENTS Consolidated Joint Venture July 2022 In connection with our purchase of the additional equity interest in LWAMSA, we ceased equity method accounting and began consolidating LWAMSA’s financial results in our consolidated financial statements during our fiscal first quarter. The net sales, income from operations, and total assets acquired were not material to our consolidated net sales, income from operations, and total assets for the periods presented in this report. LWAMSA’s operating results are included in our Global segment. In September 2022, we announced an expansion of french fry processing capacity in Argentina with the planned construction of a new manufacturing facility in Mar del Plata. The new production facility is expected to have the capacity to produce more than 200 million pounds of frozen french fries and other potato products per year. Construction of the new line is expected to be completed in fiscal 2025. Our total investment in this new production facility is expected to be approximately $240 million. This investment will add to the capacity produced at LWAMSA’s existing production facility in Buenos Aires. Noncontrolling Interest (“NCI”) As of February 26, 2023, total LWAMSA interest not directly attributable to Lamb Weston, or NCI, was $8.4 million and was recorded in “Additional distributed capital” on our Consolidated Balance Sheet. For the thirteen and thirty-nine weeks ended February 26, 2023, the net loss attributable to NCI was not significant and was recorded in “Selling, general and administrative expenses” in our Consolidated Statements of Earnings. Unconsolidated Joint Ventures Our equity method investments were as follows: February 26, May 29, (in millions) 2023 2022 LW EMEA (a) $ 206.4 $ 211.2 Lamb-Weston/RDO Frozen ("Lamb Weston RDO") (b) 36.5 19.4 LWAMSA (c) — 26.1 Other 0.7 0.7 $ 243.6 $ 257.4 (a) As of the end of our fiscal third quarter, we owned 50% of LW EMEA, a joint venture with Meijer Frozen Foods B.V. LW EMEA is headquartered in the Netherlands and manufactures and sells frozen potato products principally in Europe and the Middle East. In September 2022, LW EMEA completed the previously announced withdrawal from its joint venture in Russia. (b) We own 50% of Lamb Weston RDO, a joint venture with RDO Frozen Co., that operates a potato production facility in the U.S. (c) In July 2022, we acquired an additional 40% equity interest in LWAMSA, increasing our total equity ownership to 90% and began consolidating LWAMSA’s financial results in our consolidated financial statements. On February 28, 2023, we purchased the remaining 50% equity interest in LW EMEA. The purchase price consisted of €531.6 million ($564.0 million) in cash, subject to certain post-closing adjustments pursuant to the purchase agreement, and 1,952,421 shares of our common stock. With the completion of the transaction, we own 100% of LW EMEA, and we will consolidate LW EMEA’s financial results in our consolidated financial statements and include its results in our Global segment beginning with our 2023 fiscal fourth quarter. We are in the process of allocating our purchase price based on the fair value of acquired assets and assumed liabilities, and, as of the date of issuance of these consolidated financial statements, this analysis has not been completed given the proximity of the acquisition date.

GOODWILL AND OTHER IDENTIFIABLE

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS	9 Months Ended
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS	Feb. 26, 2023
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS	7. GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS The following table presents changes in goodwill balances, by segment, during the thirty-nine weeks ended February 26, 2023: (in millions) Global Foodservice Retail Other Total Balance at May 29, 2022 $ 259.8 $ 42.8 $ 10.9 $ 4.5 $ 318.0 Acquisition of interest in joint venture (a) 42.1 — — — 42.1 Foreign currency translation adjustment (12.4) — — — (12.4) Balance at February 26, 2023 $ 289.5 $ 42.8 $ 10.9 $ 4.5 $ 347.7 (a) In July 2022, we acquired an additional 40% equity interest in LWAMSA, which increased our total equity ownership from 50% to 90% , and we recorded $42.1 million of goodwill, that is no t deductible for tax purposes, in our Global segment. See Note 6, Joint Venture Investments, for more information. Other identifiable intangible assets were as follows: February 26, 2023 May 29, 2022 Weighted Weighted Average Gross Average Gross Useful Life Carrying Accumulated Intangible Useful Life Carrying Accumulated Intangible (in millions, except useful lives) (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) 10 40.8 (27.4) 13.4 10 41.4 (25.7) 15.7 $ 58.8 $ (27.4) $ 31.4 $ 59.4 $ (25.7) $ 33.7 (a) Non-amortizing intangible assets represent brands and trademarks. (b) Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. Developed technology, which is excluded from this balance, is recorded in “Other assets” on our Consolidated Balance Sheets. Amortization expense, including developed technology amortization expense, was $1.4 million and $1.3 million for the thirteen weeks ended February 26, 2023 and February 27, 2022, respectively; and $4.3 million for both the thirty-nine weeks ended February 26, 2023 and February 27, 2022, respectively. Foreign intangible assets are affected by foreign currency translation.

ACCRUED LIABILITIES

ACCRUED LIABILITIES	9 Months Ended
ACCRUED LIABILITIES	Feb. 26, 2023
ACCRUED LIABILITIES
ACCRUED LIABILITIES	8. ACCRUED LIABILITIES The components of accrued liabilities were as follows: February 26, May 29, (in millions) 2023 2022 Compensation and benefits $ 134.0 $ 81.0 Dividends payable to shareholders 40.3 35.3 Accrued trade promotions 36.7 41.2 Other 27.1 30.2 Current portion of operating lease obligations 26.5 22.4 Accrued interest 18.6 42.1 Franchise, property, and sales and use taxes 13.2 10.4 Income taxes payable 12.5 1.7 Accrued liabilities $ 308.9 $ 264.3

DEBT AND FINANCING OBLIGATIONS

DEBT AND FINANCING OBLIGATIONS	9 Months Ended
DEBT AND FINANCING OBLIGATIONS	Feb. 26, 2023
DEBT AND FINANCING OBLIGATIONS
DEBT AND FINANCING OBLIGATIONS	9. DEBT AND FINANCING OBLIGATIONS The components of our debt, including financing obligations, were as follows: February 26, May 29, (in millions) 2023 2022 Short-term borrowings: Other credit facilities $ 6.2 $ — Long-term debt: Term A-1 loan facility, due June 2026 247.5 258.7 Term A-2 loan facility, due April 2025 284.4 296.6 Term A-3 loan facility, due January 2030 450.0 — RMB loan facility, due February 2027 77.6 19.7 4.875% senior notes, due May 2028 500.0 500.0 4.125% senior notes, due January 2030 970.0 970.0 4.375% senior notes, due January 2032 700.0 700.0 3,229.5 2,745.0 Financing obligations: Lease financing obligations due on various dates through 2040 6.3 7.0 Total debt and financing obligations 3,242.0 2,752.0 Debt issuance costs (a) (22.8) (24.0) Short-term borrowings (6.2) — Current portion of long-term debt and financing obligations (49.1) (32.2) Long-term debt and financing obligations, excluding current portion $ 3,163.9 $ 2,695.8 (a) Excludes debt issuance costs of $2.7 million and $3.3 million as of February 26, 2023 and May 29, 2022, respectively, related to our revolving credit facility, which are recorded in “Other assets” on our Consolidated Balance Sheets. Amended Term Loan Facilities On January 31, 2023, we amended our credit agreement, dated as of June 28, 2019, relating to our term loan facilities with certain lenders and AgWest Farm Credit, PCA (as successor by merger to Northwest Farm Credit Services, PCA), as administrative agent (“Amended Term Loan Agreement”). The Amended Term Loan Agreement, among other things, established a new $450.0 million term loan facility with a maturity date of January 31, 2030 (“Term A-3 Loan”) and extended the maturity of our existing Term A-1 loan from June 28, 2024 to June 28, 2026 . Borrowings under the Term A-3 Loan were used to purchase the remaining equity interest in LW EMEA, and bear interest, before anticipated patronage dividends, at the Adjusted Term Secured Overnight Financing Rate (“SOFR”) or the Base Rate (as defined in the Amended Term Loan Agreement) plus an applicable rate ranging from 2.00% to 2.75% for Adjusted Term SOFR-based loans and from 1.00% to 1.75% for Base Rate-based loans, depending upon our consolidated net leverage ratio. Under the Amended Term Loan Agreement, LIBOR-based rates have been replaced with SOFR-based rates. Effective February 28, 2023, the Term A-1 and A-2 loan interest rates will be SOFR based (with a SOFR adjustment) and Base Rate-based loans and the Term A-1 loan applicable margin will increase to match the applicable margin of our Term A-2 loan. Borrowings under the Term A-1 and A-2 loans bear interest, before anticipated patronage dividends, at the Adjusted Term SOFR or the Base Rate (as defined in the Amended Term Loan Agreement) plus an applicable rate ranging from 1.85% to 2.60% for Adjusted Term SOFR-based loans and from 0.85% to 1.60% for Base Rate-based loans, depending upon our consolidated net leverage ratio. Revolving Credit Facility At February 26, 2023, we had no borrowings outstanding under our revolving credit facility and $994.6 million of availability under the facility, which is net of outstanding letters of credit of $5.4 million. For the thirty-nine weeks ended February 26, 2023, borrowings under the revolving credit facility ranged from zero to $55.0 million and the weighted average interest rate for our outstanding borrowings was 7.71%. Other For the thirty-nine weeks ended February 26, 2023 and February 27, 2022, we paid $120.6 million and $64.7 million of interest on debt, respectively. For more information on our debt and financing obligations, interest rates, and debt covenants, see Note 7, Debt and Financing Obligations, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of the Form 10-K.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
STOCK-BASED COMPENSATION	Feb. 26, 2023
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	10. STOCK-BASED COMPENSATION The Compensation and Human Capital 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”), stock options, dividend equivalents, and other stock-based awards. As of February 26, 2023, 6.0 million shares of our common stock were available for future grant under the plan. RSUs We grant RSUs to eligible employees and non-employee directors. The employee RSUs generally vest over a three-year period following the grant date, while the non-employee director RSUs generally vest one year after the grant date. We estimate the fair value of the RSUs based upon the market price of our common stock on the date of grant. Compensation expense is recognized over the period the employee or non-employee director provides service in exchange for the award. Performance Shares 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, would be paid in shares of our common stock. Subject to limited exceptions set forth in our stock compensation plan, any shares earned will generally vest over a three-year service period following the grant date. The value of these Performance Shares is adjusted based upon the market price of our common stock and the anticipated attainment of Company-wide performance goals at the end of each reporting period and amortized as compensation expense over the service period. We have also granted Performance Shares with vesting contingent upon relative total shareholder return goals, and, under special circumstances, stock price growth goals. Awards actually earned range from 0% to 200% , in the case of awards contingent on total shareholder return goals, or 0% to 300% , in the case of awards contingent on stock price growth goals, of the targeted number of Performance Shares. These Performance Shares are equity-settled awards that vest over a three-year service period following the grant date, and the number of units that actually vest is determined based on the achievement of the performance criteria set forth in the respective award agreement. The awards are measured based on estimated fair value as of the date of grant using a Monte Carlo simulation, and are amortized over the service period. The weighted average Monte Carlo assumptions for Performance Shares granted during the thirty-nine weeks ended February 26, 2023 were: Assumptions Dividend yield (%) 0.00 - 1.42 Expected volatility of stock (%) 42.99 Risk-free interest rate (%) 2.89 Expected life (years) 2.82 Weighted average grant date fair value per unit $ 91.43 - $118.97 Stock Options Under some circumstances, we grant options to employees and non-employee directors to purchase shares of our common stock at exercise prices equal to the fair market value of the underlying common stock on the grant date. Options granted to employees generally become exercisable in three annual installments beginning on the first anniversary of the grant date and have a maximum term of seven years. Options granted to non-employee directors generally vest one year after the grant date and have a term of ten years. The weighted average Black-Scholes assumptions for stock options granted during the thirty-nine weeks ended February 26, 2023 were: Assumptions Weighted average fair value $ 25.90 - $29.25 Dividend yield (%) 1.20 - 1.22 Expected volatility of stock (%) 33.73 - 34.06 Risk-free interest rate (%) 2.82 - 4.42 Expected life of stock option (years) 5.74 - 5.75 Weighted average exercise price per share $ 79.66 - $82.73 Stock Based Compensation Grants During the thirty-nine weeks ended February 26, 2023, we granted 0.4 million, 0.3 million, and 0.6 million RSUs, Performance Shares, and stock options, respectively, at an average grant date fair value of $79.77, $92.75, and $25.93 per share, respectively. 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: Thirteen Weeks Ended Thirty-Nine Weeks Ended February 26, February 27, February 26, February 27, (in millions) 2023 2022 2023 2022 Stock-settled RSUs $ 5.2 $ 4.0 $ 14.9 $ 11.1 Performance Shares 4.0 1.9 10.1 4.4 Stock options 1.2 — 3.0 — Total compensation expense $ 10.4 $ 5.9 $ 28.0 $ 15.5 Income tax benefit (a) (2.0) (1.0) (5.1) (2.8) Total compensation expense, net of tax benefit $ 8.4 $ 4.9 $ 22.9 $ 12.7 (a) Income tax benefit represents the marginal tax rate, excluding non-deductible compensation. Based on estimates at February 26, 2023, total unrecognized compensation expense related to stock-based awards was as follows: Remaining Weighted Unrecognized Average Compensation Recognition (in millions, except data in years) Expense Period (in years) Stock-settled RSUs $ 34.3 1.6 Performance Shares 28.3 2.1 Stock options 11.5 1.7 Total unrecognized compensation expense $ 74.1

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Feb. 26, 2023
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	11. FAIR VALUE MEASUREMENTS The fair values of cash equivalents, receivables, accounts payable, and short-term debt approximate their carrying amounts due to their short duration. The following table presents our financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall: As of February 26, 2023 Fair Value of Assets (in millions) Level 1 Level 2 Level 3 (Liabilities) Derivative assets (a) $ — $ 0.7 $ — $ 0.7 Derivative liabilities (a) — (1.9) — (1.9) Deferred compensation liabilities (b) — (21.8) — (21.8) Fair value, net $ — $ (23.0) $ — $ (23.0) As of May 29, 2022 Fair Value of Assets (in millions) Level 1 Level 2 Level 3 (Liabilities) Derivative assets (a) $ — $ 7.0 $ — $ 7.0 Deferred compensation liabilities (b) — (21.6) — (21.6) Fair value, net $ — $ (14.6) $ — $ (14.6) (a) Derivative assets and liabilities included in Level 2 primarily represent commodity swaps, option contracts, and currency contracts. The fair values of our Level 2 derivative assets were determined using valuation models that use market observable inputs including both forward and spot prices for commodities and foreign currencies. Derivative assets are presented within “Prepaid expenses and other current assets” on our Consolidated Balance Sheets 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. Deferred compensation liabilities are primarily presented within “Other noncurrent liabilities” on our Consolidated Balance Sheets. At February 26, 2023, we had $2,170.0 million of fixed-rate and $1,065.7 million of variable-rate debt outstanding. Based on current market rates, the fair value of our fixed-rate debt was estimated to be $1,931.7 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. The fair value of our variable-rate term debt approximates the carrying amount as our cost of borrowing is variable and approximates current market prices.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
STOCKHOLDERS' EQUITY	Feb. 26, 2023
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	12. STOCKHOLDERS’ EQUITY Share Repurchase Program Our Board of Directors authorized a program, with no expiration date, to repurchase up to $500.0 million of our common stock. During the thirteen weeks ended February 26, 2023, we repurchased 124,691 shares for an aggregate purchase price of $12.2 million, or a weighted-average price of $97.92 per share. During the thirty-nine weeks ended February 26, 2023, we repurchased 529,167 shares for an aggregate purchase price of $40.6 million, or a weighted-average price of $76.66 per share. As of February 26, 2023, $228.4 million remained authorized for repurchase under the program. Dividends During the thirty-nine weeks ended February 26, 2023, we paid $105.8 million of dividends to our common stockholders. On March 3, 2023, we paid $40.3 million of dividends to stockholders of record as of the close of business on February 3, 2023. On March 23, 2023, our Board of Directors declared a dividend of $0.28 per share of common stock. This dividend will be paid on June 2, 2023, to stockholders of record as of the close of business on May 5, 2023. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss), net of taxes, as of February 26, 2023 were as follows: Foreign Accumulated Currency Pension and Other Translation Post-Retirement Comprehensive (in millions) Losses Benefits Other Loss Balance as of May 29, 2022 $ (12.9) $ (3.3) $ 0.6 $ (15.6) Other comprehensive income (loss) before reclassifications, net of tax (37.8) — 0.5 (37.3) Balance as of February 26, 2023 $ (50.7) $ (3.3) $ 1.1 $ (52.9)

SEGMENTS

SEGMENTS	9 Months Ended
SEGMENTS	Feb. 26, 2023
SEGMENTS
SEGMENTS	13. SEGMENTS We have four operating segments, each of which is a reportable segment: Global, Foodservice, Retail, and Other. Our chief operating decision maker receives periodic management reports under this structure that generally focus on the nature and scope of our customers’ businesses, which informs operating decisions, performance assessment, and resource allocation decisions at the segment level. The reportable segments are each managed by a general manager and supported by a cross functional team assigned to support the segment. Thirteen Weeks Ended Thirty-Nine Weeks Ended February 26, February 27, February 26, February 27, (in millions) 2023 2022 2023 2022 Net sales Global $ 648.5 $ 487.9 $ 1,901.0 $ 1,505.8 Foodservice 360.0 294.5 1,084.2 929.8 Retail 216.0 143.6 577.0 418.7 Other 29.1 29.0 93.5 91.5 Total net sales $ 1,253.6 $ 955.0 $ 3,655.7 $ 2,945.8 Product contribution margin (a) Global $ 167.5 $ 73.0 $ 422.2 $ 196.5 Foodservice 142.9 106.7 411.9 307.5 Retail 82.6 31.6 197.0 67.8 Other (b) (4.2) 6.2 1.5 (6.6) 388.8 217.5 1,032.6 565.2 Add: Advertising and promotion expenses (a) 9.0 3.5 20.1 12.6 Gross profit 397.8 221.0 1,052.7 577.8 Selling, general and administrative expenses (c) 131.5 87.2 357.6 269.4 Income from operations 266.3 133.8 695.1 308.4 Interest expense, net (d) 25.8 25.8 76.4 136.1 Income tax expense 42.1 31.1 152.6 49.4 Equity method investment earnings (loss) (e) (23.3) 29.7 44.0 46.0 Net income $ 175.1 $ 106.6 $ 510.1 $ 168.9 (a) 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. (b) The Other segment primarily includes our vegetable and dairy businesses and unrealized mark-to-market adjustments and realized settlements associated with commodity hedging contracts. (c) Selling, general and administrative expenses for the thirteen and thirty-nine weeks ended February 26, 2023 included a net $4.3 million gain and a net $30.8 million gain, respectively, related to actions taken to mitigate the effect of changes in currency rates on our purchase of the remaining equity interest in LW EMEA, net of other acquisition-related costs. (d) The thirty-nine weeks ended February 27, 2022 included a loss on the extinguishment of debt of $53.3 million, which included an aggregate call premium of $39.6 million related to the redemption of our outstanding 4.625% senior notes due 2024 and 4.875% senior notes due 2026, and the write-off of $13.7 million of previously unamortized debt issuance costs associated with those notes. (e) E quity method investment earnings (loss) included a $47.3 million unrealized loss and a $19.3 million unrealized gain for the thirteen weeks ended February 26, 2023 and February 27, 2022, respectively; and a $37.8 million unrealized loss and a $30.6 million unrealized gain for the thirty-nine weeks ended February 26, 2023 and February 27, 2022, respectively, related to mark-to-market adjustments associated with changes in natural gas and electricity derivatives as commodity markets in Europe have experienced significant volatility. Equity method investment earnings for the thirty-nine weeks ended February 26, 2023 also included a $15.1 million gain recognized in connection with our acquisition of an additional 40% equity interest in our Argentina joint venture, increasing our ownership from 50% to 90%.

COMMITMENTS, CONTINGENCIES, GUA

COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS	9 Months Ended
	Feb. 26, 2023
COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS
COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS	14. COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS We have financial commitments and obligations that arise in the ordinary course of our business. These include long-term debt, lease obligations, purchase commitments for goods and services, and legal proceedings. Except for our acquisition of the remaining equity interest in LW EMEA as discussed in Note 6, Joint Venture Investments, and the related liabilities assumed from the acquisition, there have been no material changes to the commitments, contingencies, guarantees and legal proceedings disclosed in Note 14, Commitments, Contingencies, Guarantees, and Legal Proceedings, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of the Form 10-K.

NATURE OF OPERATIONS AND SUMM_2

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Feb. 26, 2023
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying unaudited Consolidated Financial Statements present the financial results of Lamb Weston for the thirteen and thirty-nine weeks ended February 26, 2023 and February 27, 2022, and have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America (“U.S”). These consolidated financial statements are unaudited and include all adjustments that we consider necessary for a fair presentation of such financial statements and consist only of normal recurring adjustments. The preparation of financial statements involves the use of estimates and accruals. The actual results that we experience may differ materially from those estimates. Results for interim periods should not be considered indicative of results for our full fiscal year, which ends the last Sunday in May. These financial statements and related condensed notes should be read together with the consolidated financial statements and notes in our Annual Report on Form 10-K for the fiscal year ended May 29, 2022 (the “Form 10-K”), where we include additional information on our critical accounting estimates, policies, and the methods and assumptions used in our estimates. We filed the Form 10-K with the Securities and Exchange Commission on July 27, 2022.
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.
New and Recently Issued Accounting Pronouncements	There were no accounting pronouncements recently issued that had or are expected to have a material impact on our consolidated financial statements.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
EARNINGS PER SHARE (Tables)	Feb. 26, 2023
EARNINGS PER SHARE
Schedule of computation of basic and diluted earnings per common share	Thirteen Weeks Ended Thirty-Nine Weeks Ended February 26, February 27, February 26, February 27, (in millions, except per share amounts) 2023 2022 2023 2022 Numerator: Net income $ 175.1 $ 106.6 $ 510.1 $ 168.9 Denominator: Basic weighted average common shares outstanding 144.0 145.1 144.0 145.8 Add: Dilutive effect of employee incentive plans (a) 0.8 0.4 0.7 0.4 Diluted weighted average common shares outstanding 144.8 145.5 144.7 146.2 Earnings per share: Basic $ 1.22 $ 0.73 $ 3.54 $ 1.16 Diluted $ 1.21 $ 0.73 $ 3.53 $ 1.16 (a) Potential dilutive shares of common stock under employee incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options and the assumed vesting of outstanding restricted stock units and performance awards. As of February 26, 2023, 0.6 million shares of stock-based awards were excluded from the computation of diluted earnings per share because they would be antidilutive. As of February 27, 2022, 0.1 million shares of stock-based awards were excluded from the computation of diluted earnings per share because they would be antidilutive.

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
INVENTORIES (Tables)	Feb. 26, 2023
INVENTORIES
Schedule of components of inventories	February 26, May 29, (in millions) 2023 2022 Raw materials and packaging $ 176.5 $ 96.1 Finished goods 602.6 426.5 Supplies and other 58.3 51.8 Inventories $ 837.4 $ 574.4

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	9 Months Ended
PROPERTY, PLANT AND EQUIPMENT (Tables)	Feb. 26, 2023
PROPERTY, PLANT AND EQUIPMENT
Schedule of property, plant and equipment	February 26, May 29, (in millions) 2023 2022 Land and land improvements $ 122.6 $ 114.1 Buildings, machinery and equipment 3,039.0 2,919.0 Furniture, fixtures, office equipment and other 100.1 92.1 Construction in progress 429.3 156.1 Property, plant and equipment, at cost 3,691.0 3,281.3 Less accumulated depreciation (1,823.7) (1,702.1) Property, plant and equipment, net $ 1,867.3 $ 1,579.2

JOINT VENTURE INVESTMENTS (Tabl

JOINT VENTURE INVESTMENTS (Tables)	9 Months Ended
JOINT VENTURE INVESTMENTS (Tables)	Feb. 26, 2023
JOINT VENTURE INVESTMENTS
Schedule of equity method investments	February 26, May 29, (in millions) 2023 2022 LW EMEA (a) $ 206.4 $ 211.2 Lamb-Weston/RDO Frozen ("Lamb Weston RDO") (b) 36.5 19.4 LWAMSA (c) — 26.1 Other 0.7 0.7 $ 243.6 $ 257.4 (a) As of the end of our fiscal third quarter, we owned 50% of LW EMEA, a joint venture with Meijer Frozen Foods B.V. LW EMEA is headquartered in the Netherlands and manufactures and sells frozen potato products principally in Europe and the Middle East. In September 2022, LW EMEA completed the previously announced withdrawal from its joint venture in Russia. (b) We own 50% of Lamb Weston RDO, a joint venture with RDO Frozen Co., that operates a potato production facility in the U.S. (c) In July 2022, we acquired an additional 40% equity interest in LWAMSA, increasing our total equity ownership to 90% and began consolidating LWAMSA’s financial results in our consolidated financial statements.

GOODWILL AND OTHER IDENTIFIAB_2

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS (Tables)	9 Months Ended
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS (Tables)	Feb. 26, 2023
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
Schedule of changes in the carrying amount of goodwill	(in millions) Global Foodservice Retail Other Total Balance at May 29, 2022 $ 259.8 $ 42.8 $ 10.9 $ 4.5 $ 318.0 Acquisition of interest in joint venture (a) 42.1 — — — 42.1 Foreign currency translation adjustment (12.4) — — — (12.4) Balance at February 26, 2023 $ 289.5 $ 42.8 $ 10.9 $ 4.5 $ 347.7 (a) In July 2022, we acquired an additional 40% equity interest in LWAMSA, which increased our total equity ownership from 50% to 90% , and we recorded $42.1 million of goodwill, that is no t deductible for tax purposes, in our Global segment. See Note 6, Joint Venture Investments, for more information.
Schedule of other identifiable intangible assets, non-amortizing intangible assets	February 26, 2023 May 29, 2022 Weighted Weighted Average Gross Average Gross Useful Life Carrying Accumulated Intangible Useful Life Carrying Accumulated Intangible (in millions, except useful lives) (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) 10 40.8 (27.4) 13.4 10 41.4 (25.7) 15.7 $ 58.8 $ (27.4) $ 31.4 $ 59.4 $ (25.7) $ 33.7 (a) Non-amortizing intangible assets represent brands and trademarks. (b) Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. Developed technology, which is excluded from this balance, is recorded in “Other assets” on our Consolidated Balance Sheets. Amortization expense, including developed technology amortization expense, was $1.4 million and $1.3 million for the thirteen weeks ended February 26, 2023 and February 27, 2022, respectively; and $4.3 million for both the thirty-nine weeks ended February 26, 2023 and February 27, 2022, respectively. Foreign intangible assets are affected by foreign currency translation.
Schedule of other identifiable intangible assets, amortizing intangible assets	February 26, 2023 May 29, 2022 Weighted Weighted Average Gross Average Gross Useful Life Carrying Accumulated Intangible Useful Life Carrying Accumulated Intangible (in millions, except useful lives) (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) 10 40.8 (27.4) 13.4 10 41.4 (25.7) 15.7 $ 58.8 $ (27.4) $ 31.4 $ 59.4 $ (25.7) $ 33.7 (a) Non-amortizing intangible assets represent brands and trademarks. (b) Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. Developed technology, which is excluded from this balance, is recorded in “Other assets” on our Consolidated Balance Sheets. Amortization expense, including developed technology amortization expense, was $1.4 million and $1.3 million for the thirteen weeks ended February 26, 2023 and February 27, 2022, respectively; and $4.3 million for both the thirty-nine weeks ended February 26, 2023 and February 27, 2022, respectively. Foreign intangible assets are affected by foreign currency translation.

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	9 Months Ended
ACCRUED LIABILITIES (Tables)	Feb. 26, 2023
ACCRUED LIABILITIES
Schedule of components of accrued liabilities	February 26, May 29, (in millions) 2023 2022 Compensation and benefits $ 134.0 $ 81.0 Dividends payable to shareholders 40.3 35.3 Accrued trade promotions 36.7 41.2 Other 27.1 30.2 Current portion of operating lease obligations 26.5 22.4 Accrued interest 18.6 42.1 Franchise, property, and sales and use taxes 13.2 10.4 Income taxes payable 12.5 1.7 Accrued liabilities $ 308.9 $ 264.3

DEBT AND FINANCING OBLIGATIONS

DEBT AND FINANCING OBLIGATIONS (Tables)	9 Months Ended
DEBT AND FINANCING OBLIGATIONS (Tables)	Feb. 26, 2023
DEBT AND FINANCING OBLIGATIONS
Schedule of debt, including financing obligations	February 26, May 29, (in millions) 2023 2022 Short-term borrowings: Other credit facilities $ 6.2 $ — Long-term debt: Term A-1 loan facility, due June 2026 247.5 258.7 Term A-2 loan facility, due April 2025 284.4 296.6 Term A-3 loan facility, due January 2030 450.0 — RMB loan facility, due February 2027 77.6 19.7 4.875% senior notes, due May 2028 500.0 500.0 4.125% senior notes, due January 2030 970.0 970.0 4.375% senior notes, due January 2032 700.0 700.0 3,229.5 2,745.0 Financing obligations: Lease financing obligations due on various dates through 2040 6.3 7.0 Total debt and financing obligations 3,242.0 2,752.0 Debt issuance costs (a) (22.8) (24.0) Short-term borrowings (6.2) — Current portion of long-term debt and financing obligations (49.1) (32.2) Long-term debt and financing obligations, excluding current portion $ 3,163.9 $ 2,695.8 (a) Excludes debt issuance costs of $2.7 million and $3.3 million as of February 26, 2023 and May 29, 2022, respectively, related to our revolving credit facility, which are recorded in “Other assets” on our Consolidated Balance Sheets.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
STOCK-BASED COMPENSATION (Tables)	Feb. 26, 2023
STOCK-BASED COMPENSATION
Schedule of weighted average Monte Carlo assumptions for Performance Shares	Assumptions Dividend yield (%) 0.00 - 1.42 Expected volatility of stock (%) 42.99 Risk-free interest rate (%) 2.89 Expected life (years) 2.82 Weighted average grant date fair value per unit $ 91.43 - $118.97
Schedule of weighted average Black-Sholes assumptions for stock options	Assumptions Weighted average fair value $ 25.90 - $29.25 Dividend yield (%) 1.20 - 1.22 Expected volatility of stock (%) 33.73 - 34.06 Risk-free interest rate (%) 2.82 - 4.42 Expected life of stock option (years) 5.74 - 5.75 Weighted average exercise price per share $ 79.66 - $82.73
Schedule of compensation expenses for stock-based awards recognized, net of forfeitures	Thirteen Weeks Ended Thirty-Nine Weeks Ended February 26, February 27, February 26, February 27, (in millions) 2023 2022 2023 2022 Stock-settled RSUs $ 5.2 $ 4.0 $ 14.9 $ 11.1 Performance Shares 4.0 1.9 10.1 4.4 Stock options 1.2 — 3.0 — Total compensation expense $ 10.4 $ 5.9 $ 28.0 $ 15.5 Income tax benefit (a) (2.0) (1.0) (5.1) (2.8) Total compensation expense, net of tax benefit $ 8.4 $ 4.9 $ 22.9 $ 12.7 (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 (in millions, except data in years) Expense Period (in years) Stock-settled RSUs $ 34.3 1.6 Performance Shares 28.3 2.1 Stock options 11.5 1.7 Total unrecognized compensation expense $ 74.1

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Feb. 26, 2023
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities measured at fair value on recurring basis	As of February 26, 2023 Fair Value of Assets (in millions) Level 1 Level 2 Level 3 (Liabilities) Derivative assets (a) $ — $ 0.7 $ — $ 0.7 Derivative liabilities (a) — (1.9) — (1.9) Deferred compensation liabilities (b) — (21.8) — (21.8) Fair value, net $ — $ (23.0) $ — $ (23.0) As of May 29, 2022 Fair Value of Assets (in millions) Level 1 Level 2 Level 3 (Liabilities) Derivative assets (a) $ — $ 7.0 $ — $ 7.0 Deferred compensation liabilities (b) — (21.6) — (21.6) Fair value, net $ — $ (14.6) $ — $ (14.6) (a) Derivative assets and liabilities included in Level 2 primarily represent commodity swaps, option contracts, and currency contracts. The fair values of our Level 2 derivative assets were determined using valuation models that use market observable inputs including both forward and spot prices for commodities and foreign currencies. Derivative assets are presented within “Prepaid expenses and other current assets” on our Consolidated Balance Sheets 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. Deferred compensation liabilities are primarily presented within “Other noncurrent liabilities” on our Consolidated Balance Sheets.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
STOCKHOLDERS' EQUITY (Tables)	Feb. 26, 2023
STOCKHOLDERS' EQUITY
Schedule of changes in AOCI, net of tax	Foreign Accumulated Currency Pension and Other Translation Post-Retirement Comprehensive (in millions) Losses Benefits Other Loss Balance as of May 29, 2022 $ (12.9) $ (3.3) $ 0.6 $ (15.6) Other comprehensive income (loss) before reclassifications, net of tax (37.8) — 0.5 (37.3) Balance as of February 26, 2023 $ (50.7) $ (3.3) $ 1.1 $ (52.9)

SEGMENTS (Tables)

SEGMENTS (Tables)	9 Months Ended
SEGMENTS (Tables)	Feb. 26, 2023
SEGMENTS
Schedule of segment information	Thirteen Weeks Ended Thirty-Nine Weeks Ended February 26, February 27, February 26, February 27, (in millions) 2023 2022 2023 2022 Net sales Global $ 648.5 $ 487.9 $ 1,901.0 $ 1,505.8 Foodservice 360.0 294.5 1,084.2 929.8 Retail 216.0 143.6 577.0 418.7 Other 29.1 29.0 93.5 91.5 Total net sales $ 1,253.6 $ 955.0 $ 3,655.7 $ 2,945.8 Product contribution margin (a) Global $ 167.5 $ 73.0 $ 422.2 $ 196.5 Foodservice 142.9 106.7 411.9 307.5 Retail 82.6 31.6 197.0 67.8 Other (b) (4.2) 6.2 1.5 (6.6) 388.8 217.5 1,032.6 565.2 Add: Advertising and promotion expenses (a) 9.0 3.5 20.1 12.6 Gross profit 397.8 221.0 1,052.7 577.8 Selling, general and administrative expenses (c) 131.5 87.2 357.6 269.4 Income from operations 266.3 133.8 695.1 308.4 Interest expense, net (d) 25.8 25.8 76.4 136.1 Income tax expense 42.1 31.1 152.6 49.4 Equity method investment earnings (loss) (e) (23.3) 29.7 44.0 46.0 Net income $ 175.1 $ 106.6 $ 510.1 $ 168.9 (a) 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. (b) The Other segment primarily includes our vegetable and dairy businesses and unrealized mark-to-market adjustments and realized settlements associated with commodity hedging contracts. (c) Selling, general and administrative expenses for the thirteen and thirty-nine weeks ended February 26, 2023 included a net $4.3 million gain and a net $30.8 million gain, respectively, related to actions taken to mitigate the effect of changes in currency rates on our purchase of the remaining equity interest in LW EMEA, net of other acquisition-related costs. (d) The thirty-nine weeks ended February 27, 2022 included a loss on the extinguishment of debt of $53.3 million, which included an aggregate call premium of $39.6 million related to the redemption of our outstanding 4.625% senior notes due 2024 and 4.875% senior notes due 2026, and the write-off of $13.7 million of previously unamortized debt issuance costs associated with those notes. (e) E quity method investment earnings (loss) included a $47.3 million unrealized loss and a $19.3 million unrealized gain for the thirteen weeks ended February 26, 2023 and February 27, 2022, respectively; and a $37.8 million unrealized loss and a $30.6 million unrealized gain for the thirty-nine weeks ended February 26, 2023 and February 27, 2022, respectively, related to mark-to-market adjustments associated with changes in natural gas and electricity derivatives as commodity markets in Europe have experienced significant volatility. Equity method investment earnings for the thirty-nine weeks ended February 26, 2023 also included a $15.1 million gain recognized in connection with our acquisition of an additional 40% equity interest in our Argentina joint venture, increasing our ownership from 50% to 90%.

NATURE OF OPERATIONS AND SUMM_3

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - segment	3 Months Ended		9 Months Ended
	Feb. 26, 2023	Feb. 27, 2022	Feb. 26, 2023	Feb. 27, 2022
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of reportable segments	4	4	4	4

EARNINGS PER SHARE - Tabular Di

EARNINGS PER SHARE - Tabular Disclosure (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Feb. 26, 2023	Feb. 27, 2022	Feb. 26, 2023	Feb. 27, 2022
Numerator:
Net income	$ 175.1	$ 106.6	$ 510.1	$ 168.9
Net income, basic	175.1	106.6	510.1	168.9
Net income, diluted	$ 175.1	$ 106.6	$ 510.1	$ 168.9
Denominator:
Basic weighted average common shares outstanding (in shares)	144	145.1	144	145.8
Add: Dilutive effect of employee incentive plans (in shares)	0.8	0.4	0.7	0.4
Diluted weighted average common shares outstanding (in shares)	144.8	145.5	144.7	146.2
Earnings per share:
Basic (in dollars per share)	$ 1.22	$ 0.73	$ 3.54	$ 1.16
Diluted (in dollars per share)	$ 1.21	$ 0.73	$ 3.53	$ 1.16

EARNINGS PER SHARE - Antidiluti

EARNINGS PER SHARE - Antidilutive Securities (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Feb. 26, 2023	Feb. 27, 2022	Feb. 26, 2023	Feb. 27, 2022
EARNINGS PER SHARE
Antidilutive securities (in shares)	0.6	0.1	0.6	0.1

INCOME TAXES - General Informat

INCOME TAXES - General Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 26, 2023	Feb. 27, 2022	Feb. 26, 2023	Feb. 27, 2022
INCOME TAXES
Income tax expense	$ 42.1	$ 31.1	$ 152.6	$ 49.4
Effective income tax rate (as a percent)	19.40%	22.60%	23%	22.60%
Federal statutory tax rate (as a percent)	21%	21%	21%	21%
Effective income tax rate, excluding impact of joint ventures (as a percent)	20.30%		23.40%

INCOME TAXES - Step Acquisition

INCOME TAXES - Step Acquisition (Details)	Feb. 28, 2023	Jul. 31, 2022
Lamb Weston Alimentos Modernos S.A. ("LWAMSA")
Business Combination, Description
Business acquisition, percentage of voting interests acquired (as a percent)		40%
Lamb-Weston Meijer v.o.f. ("LW EMEA") \| Subsequent Event
Business Combination, Description
Business acquisition, percentage of voting interests acquired (as a percent)	50%

INCOME TAXES - Income Taxes Pai

INCOME TAXES - Income Taxes Paid (Details) - USD ($) $ in Millions	9 Months Ended
	Feb. 26, 2023	Feb. 27, 2022
INCOME TAXES
Income taxes paid, net of refunds	$ 168.5	$ 17.2

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Feb. 26, 2023	May 29, 2022
Components of inventories
Raw materials and packaging	$ 176.5	$ 96.1
Finished goods	602.6	426.5
Supplies and other	58.3	51.8
Inventories	$ 837.4	$ 574.4

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Components (Details) - USD ($) $ in Millions	Feb. 26, 2023	May 29, 2022
Property, Plant and Equipment
Property, plant and equipment, at cost	$ 3,691	$ 3,281.3
Less accumulated depreciation	(1,823.7)	(1,702.1)
Property, plant and equipment, net	1,867.3	1,579.2
Land and land improvements
Property, Plant and Equipment
Property, plant and equipment, at cost	122.6	114.1
Buildings, machinery, and equipment
Property, Plant and Equipment
Property, plant and equipment, at cost	3,039	2,919
Furniture, fixtures, office equipment, and other
Property, Plant and Equipment
Property, plant and equipment, at cost	100.1	92.1
Construction in progress
Property, Plant and Equipment
Property, plant and equipment, at cost	$ 429.3	$ 156.1

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Depreciation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 26, 2023	Feb. 27, 2022	Feb. 26, 2023	Feb. 27, 2022
Property, Plant and Equipment
Depreciation expense	$ 48.8	$ 45.3	$ 145.8	$ 134.5

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT - Purchases in Accounts Payable (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Feb. 26, 2023	May 29, 2022
Property, Plant and Equipment
Purchases of property, plant and equipment included in accounts payable	$ 71.8	$ 38.3

PROPERTY, PLANT AND EQUIPMENT_4

PROPERTY, PLANT AND EQUIPMENT - Interest Capitalized (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 26, 2023	Feb. 27, 2022	Feb. 26, 2023	Feb. 27, 2022
Construction in progress
Property, Plant and Equipment
Interest capitalized	$ 5.8	$ 1.2	$ 11.9	$ 4

PROPERTY, PLANT AND EQUIPMENT_5

PROPERTY, PLANT AND EQUIPMENT - Deposits on Equipment Not yet Owned (Details) - USD ($) $ in Millions	Feb. 26, 2023	May 29, 2022
PROPERTY, PLANT AND EQUIPMENT
Deposits made on equipment that is not yet owned	$ 139	$ 57.8

JOINT VENTURE INVESTMENTS - Con

JOINT VENTURE INVESTMENTS - Consolidated Joint Ventures - Consolidated Information (Details) € in Millions, lb in Millions, $ in Millions			9 Months Ended
	Feb. 28, 2023 USD ($) shares	Feb. 28, 2023 EUR (€) shares	Feb. 26, 2023 USD ($)	May 25, 2025 USD ($) lb	Jul. 31, 2022
Lamb Weston Alimentos Modernos S.A. ("LWAMSA")
Business Combination, Description
Business acquisition, percentage of voting interests acquired (as a percent)					40%
Business Combination, Step Acquisition
Business combination, step acquisition, equity interest in acquiree, percentage (as a percent)					50%
Business combination, step acquisition, equity interest in acquiree, including subsequent acquisition, percentage (as a percent)					90%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net
Business combination, step acquisition, equity interest in acquiree, remeasurement gain			$ 15.1
Lamb Weston Alimentos Modernos S.A. ("LWAMSA") \| Forecast
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net
Consolidated joint venture, investment, new processing facility, frozen french fries and other potato products per year (in lbs.) \| lb				200
Consolidated joint venture, investment, new processing facility, amount				$ 240
Lamb-Weston Meijer v.o.f. ("LW EMEA") \| Subsequent Event
Business Combination, Description
Business acquisition, percentage of voting interests acquired (as a percent)	50%	50%
Business Combination, Consideration Transferred
Payments to acquire businesses, gross	$ 564	€ 531.6
Business acquisition, equity interest issued or issuable, number of shares (in shares) \| shares	1,952,421	1,952,421
Business Combination, Step Acquisition
Business combination, step acquisition, equity interest in acquiree, including subsequent acquisition, percentage (as a percent)	100%	100%

JOINT VENTURE INVESTMENTS - C_2

JOINT VENTURE INVESTMENTS - Consolidated Joint Ventures - Unconsolidated Information (Details)	May 29, 2022
Lamb Weston Alimentos Modernos S.A. ("LWAMSA")
Equity Method Investments
Equity method investment, ownership interest (as a percent)	50%

JOINT VENTURE INVESTMENTS - Non

JOINT VENTURE INVESTMENTS - Noncontrolling Interest (Details) $ in Millions	Feb. 26, 2023 USD ($)
Lamb Weston Alimentos Modernos S.A. ("LWAMSA")
Noncontrolling Interest
Noncontrolling interest in joint ventures	$ 8.4

JOINT VENTURE INVESTMENTS - Unc

JOINT VENTURE INVESTMENTS - Unconsolidated Joint Ventures - Carrying Amounts (Details) - USD ($) $ in Millions	Feb. 26, 2023	May 29, 2022
Equity Method Investments
Equity method investments	$ 243.6	$ 257.4
Lamb-Weston Meijer v.o.f. ("LW EMEA")
Equity Method Investments
Equity method investments	206.4	211.2
Lamb-Weston RDO Frozen
Equity Method Investments
Equity method investments	36.5	19.4
Lamb Weston Alimentos Modernos S.A. ("LWAMSA")
Equity Method Investments
Equity method investments		26.1
Other
Equity Method Investments
Equity method investments	$ 0.7	$ 0.7

JOINT VENTURE INVESTMENTS - U_2

JOINT VENTURE INVESTMENTS - Unconsolidated Joint Ventures - Additional Information (Details)	Feb. 26, 2023
Lamb-Weston Meijer v.o.f. ("LW EMEA")
Equity Method Investments
Equity method investment, ownership interest (as a percent)	50%
Lamb-Weston RDO Frozen
Equity Method Investments
Equity method investment, ownership interest (as a percent)	50%

GOODWILL AND OTHER IDENTIFIAB_3

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Carrying Amount of Goodwill - Tabular Disclosure (Details) $ in Millions	9 Months Ended
	Feb. 26, 2023 USD ($)
Goodwill
Balance at the beginning period	$ 318
Acquisition of interest in joint venture	42.1
Foreign currency translation adjustment	(12.4)
Balance at the end of the period	347.7
Global
Goodwill
Balance at the beginning period	259.8
Acquisition of interest in joint venture	42.1
Foreign currency translation adjustment	(12.4)
Balance at the end of the period	289.5
Foodservice
Goodwill
Balance at the beginning period	42.8
Balance at the end of the period	42.8
Retail
Goodwill
Balance at the beginning period	10.9
Balance at the end of the period	10.9
Other
Goodwill
Balance at the beginning period	4.5
Balance at the end of the period	$ 4.5

GOODWILL AND OTHER IDENTIFIAB_4

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Carrying Amount of Goodwill - Additional Information (Details) - USD ($) $ in Thousands	Feb. 26, 2023	Jul. 31, 2022	May 29, 2022
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net
Goodwill	$ 347,700		$ 318,000
Lamb Weston Alimentos Modernos S.A. ("LWAMSA")
Business Combination, Description
Business acquisition, percentage of voting interests acquired (as a percent)		40%
Business Combination, Step Acquisition
Business combination, step acquisition, equity interest in acquiree, percentage (as a percent)		50%
Business combination, step acquisition, equity interest in acquiree, including subsequent acquisition, percentage (as a percent)		90%
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net
Goodwill		$ 42,100
Business Combination, Goodwill
Business acquisition, goodwill, expected tax deductible amount		$ 0

GOODWILL AND OTHER IDENTIFIAB_5

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Weighted Average Useful Life (Details)	9 Months Ended	12 Months Ended
	Feb. 26, 2023	May 29, 2022
Weighted Average
Amortizing Intangible Assets
Weighted Average Useful Life, amortizing intangible assets (in years)	10 years	10 years

GOODWILL AND OTHER IDENTIFIAB_6

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Amortizing Intangible Assets (Details) - USD ($) $ in Millions	Feb. 26, 2023	May 29, 2022
Amortizing Intangible Assets
Amortizing intangible assets, gross	$ 40.8	$ 41.4
Accumulated amortization	(27.4)	(25.7)
Amortizing intangible assets, net	$ 13.4	$ 15.7

GOODWILL AND OTHER IDENTIFIAB_7

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Other Identifiable Intangible Assets (Details) - USD ($) $ in Millions	Feb. 26, 2023	May 29, 2022
Other Identifiable Intangible Assets
Non-amortizing intangible assets	$ 18	$ 18
Amortizing intangible assets, net	13.4	15.7
Other identifiable intangible assets, net	31.4	33.7
Other identifiable intangible assets, gross	$ 58.8	$ 59.4

GOODWILL AND OTHER IDENTIFIAB_8

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 26, 2023	Feb. 27, 2022	Feb. 26, 2023	Feb. 27, 2022
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
Amortization expense	$ 1.4	$ 1.3	$ 4.3	$ 4.3

ACCRUED LIABILITIES (Details)

ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	Feb. 26, 2023	May 29, 2022
ACCRUED LIABILITIES
Compensation and benefits	$ 134	$ 81
Dividends payable to shareholders	40.3	35.3
Accrued trade promotions	36.7	41.2
Other	27.1	30.2
Current portion of operating lease obligations	26.5	22.4
Accrued interest	18.6	42.1
Franchise, property, and sales and use taxes	13.2	10.4
Income taxes payable	12.5	1.7
Accrued liabilities	$ 308.9	$ 264.3

DEBT AND FINANCING OBLIGATION_2

DEBT AND FINANCING OBLIGATIONS - Tabular Disclosure - Components (Details) - USD ($) $ in Millions	Feb. 26, 2023	May 29, 2022
Debt and Financing Obligations
Short-term borrowings	$ 6.2
Long-term debt	3,229.5	$ 2,745
Financing obligations	6.3	7
Total debt and financing obligations	3,242	2,752
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%
4.125% Senior Notes, due January 2030 \| Senior Notes
Debt and Financing Obligations
Long-term debt	$ 970	$ 970
Interest rate (as a percent)	4.125%	4.125%
4.375% Senior Notes, due January 2032 \| Senior Notes
Debt and Financing Obligations
Long-term debt	$ 700	$ 700
Interest rate (as a percent)	4.375%	4.375%
Term A-1 loan facility, due June 2026 \| Secured Debt
Debt and Financing Obligations
Long-term debt	$ 247.5	$ 258.7
Term A-2 loan facility, due April 2025 \| Secured Debt
Debt and Financing Obligations
Long-term debt	284.4	296.6
Term A-3 loan facility, due January 2030 \| Secured Debt
Debt and Financing Obligations
Long-term debt	450
RMB loan facility, due February 2027 \| Term Loan
Debt and Financing Obligations
Long-term debt	77.6	$ 19.7
Other Credit Facilities \| Line of Credit
Debt and Financing Obligations
Short-term borrowings	$ 6.2

DEBT AND FINANCING OBLIGATION_3

DEBT AND FINANCING OBLIGATIONS - Tabular Disclosure - Current and Noncurrent (Details) - USD ($) $ in Millions	Feb. 26, 2023	May 29, 2022
Debt and Financing Obligations
Total debt and financing obligations	$ 3,242	$ 2,752
Debt issuance costs	(22.8)	(24)
Short-term borrowings	(6.2)
Current portion of long-term debt and financing obligations	(49.1)	(32.2)
Long-term debt and financing obligations, excluding current portion	$ 3,163.9	$ 2,695.8

DEBT AND FINANCING OBLIGATION_4

DEBT AND FINANCING OBLIGATIONS - General Information (Details) - USD ($) $ in Millions			9 Months Ended	12 Months Ended
	Feb. 28, 2023	Jan. 31, 2023	Feb. 26, 2023	May 29, 2022
Debt and Financing Obligations
Short-term borrowings			$ 6.2
Revolving Credit Facility, November 2016 \| Secured Debt \| Revolving Credit Facility
Debt and Financing Obligations
Debt issuance costs, line of credit arrangements, net			2.7	$ 3.3
Short-term borrowings			0
Available amount			994.6
Letter of credit outstanding			$ 5.4
Short-term debt, weighted average interest rate, over time (as a percent)			7.71%
Revolving Credit Facility, November 2016 \| Secured Debt \| Revolving Credit Facility \| Minimum
Debt and Financing Obligations
Borrowings from revolving credit facility			$ 0
Revolving Credit Facility, November 2016 \| Secured Debt \| Revolving Credit Facility \| Maximum
Debt and Financing Obligations
Borrowings from revolving credit facility			$ 55
Term A-1 and Term A-2 loan facilities \| Secured Debt \| Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Subsequent Event
Debt and Financing Obligations
Variable interest rate spread (as a percent)	1.85%
Term A-1 and Term A-2 loan facilities \| Secured Debt \| Minimum \| Base Rate \| Subsequent Event
Debt and Financing Obligations
Variable interest rate spread (as a percent)	0.85%
Term A-1 and Term A-2 loan facilities \| Secured Debt \| Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Subsequent Event
Debt and Financing Obligations
Variable interest rate spread (as a percent)	2.60%
Term A-1 and Term A-2 loan facilities \| Secured Debt \| Maximum \| Base Rate \| Subsequent Event
Debt and Financing Obligations
Variable interest rate spread (as a percent)	1.60%
Term A-1 loan facility, due June 2026 \| Secured Debt
Debt and Financing Obligations
Debt instrument, maturity date		Jun. 28, 2026		Jun. 28, 2024
Term A-3 loan facility, due January 2030 \| Secured Debt
Debt and Financing Obligations
Debt instrument, issuance date		Jan. 31, 2023
Face amount		$ 450
Debt instrument, maturity date		Jan. 31, 2030
Term A-3 loan facility, due January 2030 \| Secured Debt \| Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt and Financing Obligations
Variable interest rate spread (as a percent)		2%
Term A-3 loan facility, due January 2030 \| Secured Debt \| Minimum \| Base Rate
Debt and Financing Obligations
Variable interest rate spread (as a percent)		1%
Term A-3 loan facility, due January 2030 \| Secured Debt \| Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt and Financing Obligations
Variable interest rate spread (as a percent)		2.75%
Term A-3 loan facility, due January 2030 \| Secured Debt \| Maximum \| Base Rate
Debt and Financing Obligations
Variable interest rate spread (as a percent)		1.75%

DEBT AND FINANCING OBLIGATION_5

DEBT AND FINANCING OBLIGATIONS - Interest Paid (Details) - USD ($) $ in Millions	9 Months Ended
	Feb. 26, 2023	Feb. 27, 2022
Debt and Financing Obligations
Interest paid	$ 120.6	$ 64.7

STOCK-BASED COMPENSATION - Gene

STOCK-BASED COMPENSATION - General Information (Details) shares in Millions	Feb. 26, 2023 shares
STOCK-BASED COMPENSATION
Available for future grant (in shares)	6

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Stock Units and Performance Shares (Details)	9 Months Ended
	Feb. 26, 2023
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, Company-wide Performance Goals
Stock-based Compensation
Awards earned rate, low end of range (as a percent)	0%
Awards earned rate, high end of range (as a percent)	200%
Performance period	3 years
Performance Shares, Total Shareholder Return Goals and Stock Price Growth Goals
Stock-based Compensation
Performance period	3 years
Performance Shares, Total Shareholder Return Goals
Stock-based Compensation
Awards earned rate, low end of range (as a percent)	0%
Awards earned rate, high end of range (as a percent)	200%
Performance Shares, Stock Price Growth Goals
Stock-based Compensation
Awards earned rate, low end of range (as a percent)	0%
Awards earned rate, high end of range (as a percent)	300%

STOCK-BASED COMPENSATION - Valu

STOCK-BASED COMPENSATION - Valuation Assumptions (Details)	9 Months Ended
STOCK-BASED COMPENSATION - Valuation Assumptions (Details)	Feb. 26, 2023 $ / shares
Performance Shares
Valuation assumptions
Expected volatility of stock (as a percent)	42.99%
Risk-free interest rate (as a percent)	2.89%
Expected life	2 years 9 months 25 days
Performance Shares \| Minimum
Valuation assumptions
Dividend yield (as a percent)	0%
Weighted average grant date fair value per unit (in dollars per share)	$ 91.43
Performance Shares \| Maximum
Valuation assumptions
Dividend yield (as a percent)	1.42%
Weighted average grant date fair value per unit (in dollars per share)	$ 118.97
Stock Options
Valuation assumptions
Expected volatility of stock, minimum (as a percent)	33.73%
Expected volatility of stock, maximum (as a percent)	34.06%
Risk-free interest rate, minimum (as a percent)	2.82%
Risk-free interest rate, maximum (as a percent)	4.42%
Stock Options \| Minimum
Valuation assumptions
Weighted average fair value (in dollars per share)	$ 25.90
Dividend yield (as a percent)	1.20%
Expected life	5 years 8 months 26 days
Weighted average exercise price per share, stock options (in dollars per share)	$ 79.66
Stock Options \| Maximum
Valuation assumptions
Weighted average fair value (in dollars per share)	$ 29.25
Dividend yield (as a percent)	1.22%
Expected life	5 years 9 months
Weighted average exercise price per share, stock options (in dollars per share)	$ 82.73

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Options (Details)	9 Months Ended
STOCK-BASED COMPENSATION - Stock Options (Details)	Feb. 26, 2023 installment
Share-Based Payment Arrangement, Employee
Stock-based Compensation
Stock options, number of installments	3
Stock Options \| Share-Based Payment Arrangement, Employee
Stock-based Compensation
Term	7 years
Stock Options \| Share-Based Payment Arrangement, Nonemployee
Stock-based Compensation
Vesting period	1 year
Term	10 years

STOCK-BASED COMPENSATION - St_2

STOCK-BASED COMPENSATION - Stock Based Compensation Grants (Details) shares in Millions	9 Months Ended
	Feb. 26, 2023 $ / shares shares
Stock-based Compensation
Granted, stock options (in shares) \| shares	0.6
Average grant date fair value, stock options (in dollars per share) \| $ / shares	$ 25.93
Restricted Stock Units (RSUs)
Stock-based Compensation
Granted, excluding stock options (in shares) \| shares	0.4
Average grant date fair value, excluding stock options (in dollars per share) \| $ / shares	$ 79.77
Performance Shares
Stock-based Compensation
Granted, excluding stock options (in shares) \| shares	0.3
Average grant date fair value, excluding stock options (in dollars per share) \| $ / shares	$ 92.75

STOCK-BASED COMPENSATION - Comp

STOCK-BASED COMPENSATION - Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 26, 2023	Feb. 27, 2022	Feb. 26, 2023	Feb. 27, 2022
Compensation expense
Total compensation expense	$ 10.4	$ 5.9	$ 28	$ 15.5
Income tax benefit	(2)	(1)	(5.1)	(2.8)
Total compensation expense, net of tax benefit	8.4	4.9	22.9	12.7
Restricted Stock Units (RSUs)
Compensation expense
Total compensation expense	5.2	4	14.9	11.1
Performance Shares
Compensation expense
Total compensation expense	4	$ 1.9	10.1	$ 4.4
Stock Options
Compensation expense
Total compensation expense	$ 1.2		$ 3

STOCK-BASED COMPENSATION - Unre

STOCK-BASED COMPENSATION - Unrecognized Compensation Expense (Details) $ in Millions	9 Months Ended
	Feb. 26, 2023 USD ($)
Unrecognized compensation expense, net of estimated forfeitures
Unrecognized compensation expense, stock options	$ 11.5
Total unrecognized compensation expense	74.1
Restricted Stock Units (RSUs)
Unrecognized compensation expense, net of estimated forfeitures
Unrecognized compensation expense, excluding stock options	$ 34.3
Remaining weighted average recognition period	1 year 7 months 6 days
Performance Shares
Unrecognized compensation expense, net of estimated forfeitures
Unrecognized compensation expense, excluding stock options	$ 28.3
Remaining weighted average recognition period	2 years 1 month 6 days
Stock Options
Unrecognized compensation expense, net of estimated forfeitures
Remaining weighted average recognition period	1 year 8 months 12 days

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value Hierarchy (Details) - USD ($) $ in Millions	Feb. 26, 2023	May 29, 2022
Fair value, net
Derivative Asset, Statement of Financial Position	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current
Derivative Liability, Statement of Financial Position	Accrued Liabilities, Current
Recurring
Fair value, net
Derivative assets	$ 0.7	$ 7
Derivative liabilities	(1.9)
Deferred compensation liabilities	(21.8)	(21.6)
Fair value, net	(23)	(14.6)
Recurring \| Level 2
Fair value, net
Derivative assets	0.7	7
Derivative liabilities	(1.9)
Deferred compensation liabilities	(21.8)	(21.6)
Fair value, net	$ (23)	$ (14.6)

FAIR VALUE MEASUREMENTS - Debt

FAIR VALUE MEASUREMENTS - Debt Outstanding (Details) $ in Millions	Feb. 26, 2023 USD ($)
Carrying Value \| Fixed Rate Debt
Fair Value Measurements
Debt	$ 2,170
Carrying Value \| Variable Rate Debt
Fair Value Measurements
Debt	1,065.7
Level 2 \| Fair Value \| Fixed Rate Debt
Fair Value Measurements
Debt	$ 1,931.7

STOCKHOLDERS' EQUITY - Share Re

STOCKHOLDERS' EQUITY - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Feb. 26, 2023	Feb. 26, 2023	Dec. 31, 2018
Share Repurchase Program
Authorization to repurchase common stock not to exceed			$ 500
Number of shares repurchased (in shares)	124,691	529,167
Treasury stock value	$ 12.2	$ 40.6
Remaining amount authorized of share repurchase program	$ 228.4	$ 228.4
Weighted Average
Share Repurchase Program
Shares purchased, weighted-average price (in dollars per share)	$ 97.92	$ 76.66

STOCKHOLDERS' EQUITY - Dividend

STOCKHOLDERS' EQUITY - Dividends Paid (Details) - USD ($) $ in Millions		9 Months Ended
	Mar. 03, 2023	Feb. 26, 2023	Feb. 27, 2022
Dividends
Dividends paid	$ 40.3	$ 105.8	$ 103

STOCKHOLDERS' EQUITY - Divide_2

STOCKHOLDERS' EQUITY - Dividends Declared (Details) - $ / shares	3 Months Ended			9 Months Ended
	May 28, 2023	Feb. 26, 2023	Feb. 27, 2022	Feb. 26, 2023	Feb. 27, 2022
Dividends
Dividends declared (in dollars per share)	$ 0.28	$ 0.280	$ 0.245	$ 0.770	$ 0.715
Dividends declared per common share, declared date	Mar. 23, 2023
Dividends declared per common share, payable date	Jun. 02, 2023
Dividends declared per common share, record date	May 05, 2023

STOCKHOLDERS' EQUITY - Accumula

STOCKHOLDERS' EQUITY - Accumulated Other Comprehensive Income (Loss) (Details) $ in Millions	9 Months Ended
	Feb. 26, 2023 USD ($)
Changes in AOCI:
Balance at the beginning of the period	$ 360.5
Balance at the end of the period	714.8
Accumulated Other Comprehensive Income (Loss)
Changes in AOCI:
Balance at the beginning of the period	(15.6)
Other comprehensive income (loss) before reclassifications, net of tax	(37.3)
Balance at the end of the period	(52.9)
Foreign Currency Translation Gains (Losses)
Changes in AOCI:
Balance at the beginning of the period	(12.9)
Other comprehensive income (loss) before reclassifications, net of tax	(37.8)
Balance at the end of the period	(50.7)
Pension and Post-Retirement Benefits
Changes in AOCI:
Balance at the beginning of the period	(3.3)
Balance at the end of the period	(3.3)
Other
Changes in AOCI:
Balance at the beginning of the period	0.6
Other comprehensive income (loss) before reclassifications, net of tax	0.5
Balance at the end of the period	$ 1.1

SEGMENTS - General Information

SEGMENTS - General Information (Details) - segment	3 Months Ended		9 Months Ended
SEGMENTS - General Information (Details) - segment	Feb. 26, 2023	Feb. 27, 2022	Feb. 26, 2023	Feb. 27, 2022
Segments
Number of operating segments	4	4	4	4
Number of reportable segments	4	4	4	4

SEGMENTS - Tabular Disclosure (

SEGMENTS - Tabular Disclosure (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 26, 2023	Feb. 27, 2022	Feb. 26, 2023	Feb. 27, 2022
Segment information
Net sales	$ 1,253.6	$ 955	$ 3,655.7	$ 2,945.8
Product contribution margin	388.8	217.5	1,032.6	565.2
Advertising and promotion expenses	9	3.5	20.1	12.6
Gross profit	397.8	221	1,052.7	577.8
Selling, general and administrative expenses	131.5	87.2	357.6	269.4
Income from operations	266.3	133.8	695.1	308.4
Interest expense, net	25.8	25.8	76.4	136.1
Income tax expense	42.1	31.1	152.6	49.4
Equity method investment (loss) earnings	(23.3)	29.7	44	46
Net income	175.1	106.6	510.1	168.9
Global
Segment information
Net sales	648.5	487.9	1,901	1,505.8
Product contribution margin	167.5	73	422.2	196.5
Foodservice
Segment information
Net sales	360	294.5	1,084.2	929.8
Product contribution margin	142.9	106.7	411.9	307.5
Retail
Segment information
Net sales	216	143.6	577	418.7
Product contribution margin	82.6	31.6	197	67.8
Other
Segment information
Net sales	29.1	29	93.5	91.5
Product contribution margin	$ (4.2)	$ 6.2	$ 1.5	$ (6.6)

SEGMENTS - Foreign Currency (De

SEGMENTS - Foreign Currency (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Feb. 26, 2023	Feb. 26, 2023
Foreign Currency
Foreign currency transaction gain (loss), before tax, net of other acquisition-related costs	$ 4.3	$ 30.8

SEGMENTS - Debt (Details)

SEGMENTS - Debt (Details) - USD ($) $ in Millions	9 Months Ended
SEGMENTS - Debt (Details) - USD ($) $ in Millions	Feb. 27, 2022	May 30, 2021
Debt
Loss on extinguishment of debt	$ 53.3
Call premium	39.6
Write off of previously unamortized debt issuance costs	$ 13.7
4.625% Senior Notes, due November 2024 \| Senior Notes
Debt
Interest rate (as a percent)		4.625%
4.875% Senior Notes, due November 2026 \| Senior Notes
Debt
Interest rate (as a percent)		4.875%

SEGMENTS - Equity Method Invest

SEGMENTS - Equity Method Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 26, 2023	Feb. 27, 2022	Feb. 26, 2023	Feb. 27, 2022
SEGMENTS
Equity method investment, unrealized gain, mark-to-market adjustments	$ (47.3)	$ 19.3	$ 37.8	$ 30.6

SEGMENTS - Step Acquisition (De

SEGMENTS - Step Acquisition (Details) - Lamb Weston Alimentos Modernos S.A. ("LWAMSA") - USD ($) $ in Millions	9 Months Ended
	Feb. 26, 2023	Jul. 31, 2022
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net
Business combination, step acquisition, equity interest in acquiree, remeasurement gain	$ 15.1
Business Combination, Description
Business acquisition, percentage of voting interests acquired (as a percent)		40%
Business Combination, Step Acquisition
Business combination, step acquisition, equity interest in acquiree, percentage (as a percent)		50%
Business combination, step acquisition, equity interest in acquiree, including subsequent acquisition, percentage (as a percent)		90%