Lamb Weston (LW) 10-Q 2 Oct 24 2025 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Aug. 25, 2024	Sep. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 25, 2024
Document Transition Report	false
Entity File Number	1-37830
Entity Registrant Name	LAMB WESTON HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1797411
Entity Address, Address Line One	599 S. Rivershore Lane
Entity Address, City or Town	Eagle
Entity Address, State or Province	ID
Entity Address, Postal Zip Code	83616
City Area Code	208
Local Phone Number	938-1047
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	LW
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		142,597,776
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001679273
Current Fiscal Year End Date	--05-25

Consolidated Statements of Earn

Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Income Statement [Abstract]
Net sales	$ 1,654.1	$ 1,665.3
Cost of sales	1,298.1	1,165.8
Gross profit	356	499.5
Selling, general and administrative expenses	143.9	176.2
Income from operations	212.1	323.3
Interest expense, net	45.2	30.7
Income before income taxes and equity method earnings	166.9	292.6
Income tax expense	50.8	69.9
Equity method investment earnings	11.3	12.1
Net income	$ 127.4	$ 234.8
Earnings per share:
Basic (in dollars per share)	$ 0.89	$ 1.61
Diluted (in dollars per share)	$ 0.88	$ 1.60
Weighted average common shares outstanding:
Basic (in shares)	143.6	145.7
Diluted (in shares)	144.2	146.6

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Pre-Tax Amount
Net income	$ 178.2	$ 304.7
Unrealized pension and post-retirement benefit obligations loss	(0.2)	(0.2)
Unrealized currency translation gains	56.6	0.8
Other	(0.2)	0
Comprehensive income	234.4	305.3
Tax (Expense) Benefit
Net income	(50.8)	(69.9)
Unrealized pension and post-retirement benefit obligations loss	0	0
Unrealized currency translation gains	(0.6)	0.4
Other	0.1	0
Comprehensive income	(51.3)	(69.5)
After-Tax Amount
Net income	127.4	234.8
Unrealized pension and post-retirement benefit obligations loss	(0.2)	(0.2)
Unrealized currency translation gains	56	1.2
Other	(0.1)	0
Comprehensive income	$ 183.1	$ 235.8

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Aug. 25, 2024	May 26, 2024
Current assets:
Cash and cash equivalents	$ 120.8	$ 71.4
Receivables, net of allowances of $0.9 and $0.9	720.9	743.6
Inventories	1,135.7	1,138.6
Prepaid expenses and other current assets	86.2	136.4
Total current assets	2,063.6	2,090
Property, plant and equipment, net	3,691.8	3,582.8
Operating lease assets	127.3	133
Goodwill	1,087.5	1,059.9
Intangible assets, net	108.3	104.9
Other assets	434	396.4
Total assets	7,512.5	7,367
Current liabilities:
Short-term borrowings	530.4	326.3
Current portion of long-term debt and financing obligations	63.2	56.4
Accounts payable	688.7	833.8
Accrued liabilities	448	407.6
Total current liabilities	1,730.3	1,624.1
Long-term liabilities:
Long-term debt and financing obligations, excluding current portion	3,437.3	3,440.7
Deferred income taxes	257.2	256.2
Other noncurrent liabilities	251	258.2
Total long-term liabilities	3,945.5	3,955.1
Commitments and contingencies
Stockholders’ equity:
Common stock of $1.00 par value, 600,000,000 shares authorized; 151,255,891 and 150,735,397 shares issued	151.3	150.7
Treasury stock, at cost, 8,660,534 and 7,068,741 common shares	(633.7)	(540.9)
Additional distributed capital	(499)	(508.9)
Retained earnings	2,775.3	2,699.8
Accumulated other comprehensive income (loss)	42.8	(12.9)
Total stockholders’ equity	1,836.7	1,787.8
Total liabilities and stockholders' equity	$ 7,512.5	$ 7,367

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Aug. 25, 2024	May 26, 2024
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 0.9	$ 0.9
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)	151,255,891	150,735,397
Treasury stock, common shares (in shares)	8,660,534	7,068,741

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-in (Distributed) Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Balance at the beginning of the period (in shares) at May. 28, 2023		145,665,683
Balance at the beginning of the period at May. 28, 2023	$ 1,411.3	$ 150.3	$ (314.3)	$ (558.6)	$ 2,160.7	$ (26.8)
Increase (Decrease) in Stockholders' Equity
Dividends declared	(40.8)				(40.8)
Common stock issued (in shares)		385,649
Common stock issued	0.4	$ 0.4
Stock-settled, stock-based compensation expense	9.9			9.9
Repurchase of common stock and common stock withheld to cover taxes (in shares)		(1,124,432)
Repurchase of common stock and common stock withheld to cover taxes	(113.5)		(113.5)
Other	(0.1)				(0.1)
Comprehensive income	235.8				234.8	1
Balance at the end of the period (in shares) at Aug. 27, 2023		144,926,900
Balance at the end of the period at Aug. 27, 2023	1,503	$ 150.7	(427.8)	(548.7)	2,354.6	(25.8)
Balance at the beginning of the period (in shares) at May. 26, 2024		143,666,656
Balance at the beginning of the period at May. 26, 2024	1,787.8	$ 150.7	(540.9)	(508.9)	2,699.8	(12.9)
Increase (Decrease) in Stockholders' Equity
Dividends declared	(51.6)				(51.6)
Common stock issued (in shares)		520,494
Common stock issued	0	$ 0.6		(0.6)
Stock-settled, stock-based compensation expense	9.5			9.5
Repurchase of common stock and common stock withheld to cover taxes (in shares)		(1,591,793)
Repurchase of common stock and common stock withheld to cover taxes	(92.2)		(92.2)
Other	0.1		(0.6)	1	(0.3)
Comprehensive income	183.1				127.4	55.7
Balance at the end of the period (in shares) at Aug. 25, 2024		142,595,357
Balance at the end of the period at Aug. 25, 2024	$ 1,836.7	$ 151.3	$ (633.7)	$ (499)	$ 2,775.3	$ 42.8

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.36	$ 0.28

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Cash flows from operating activities
Net income	$ 127.4	$ 234.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles and debt issuance costs	90.5	70.1
Stock-settled, stock-based compensation expense	9.5	9.9
Equity method investment earnings in excess of distributions	(0.1)	(12.2)
Deferred income taxes	(2.9)	3.6
Blue chip swap transaction gains	(16.6)	0
Other	(14.4)	9.3
Changes in operating assets and liabilities:
Receivables	31.9	0.4
Inventories	10.2	60.2
Income taxes payable/receivable, net	49.1	61.2
Prepaid expenses and other current assets	50.1	62.8
Accounts payable	9.5	(22.4)
Accrued liabilities	(14)	(143.1)
Net cash provided by operating activities	330.2	334.6
Cash flows from investing activities
Additions to property, plant and equipment	(325.9)	(267.3)
Additions to other long-term assets	(26.3)	(37.4)
Proceeds from blue chip swap transactions, net of purchases	16.6	0
Other	0	(0.1)
Net cash used for investing activities	(335.6)	(304.8)
Cash flows from financing activities
Proceeds from short-term borrowings	398	14
Repayments of short-term borrowings	(194.4)	(32.9)
Proceeds from issuance of debt	3.3	15.1
Repayments of debt and financing obligations	(10.2)	(13.7)
Dividends paid	(51.7)	(40.8)
Repurchase of common stock and common stock withheld to cover taxes	(92.2)	(113.5)
Other	(0.6)	0.1
Net cash provided by (used for) financing activities	52.2	(171.7)
Effect of exchange rate changes on cash and cash equivalents	2.6	0.4
Net increase (decrease) in cash and cash equivalents	49.4	(141.5)
Cash and cash equivalents, beginning of period	71.4	304.8
Cash and cash equivalents, end of period	$ 120.8	$ 163.3

NATURE OF OPERATIONS AND SUMMAR

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Aug. 25, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Lamb Weston Holdings, Inc. (“we,” “us,” “our,” the “Company,” or “Lamb Weston”) is a leading global producer, distributor, and marketer of value-added frozen potato products and is headquartered in Eagle, Idaho. We have two reportable segments: North America and International. See Note 12, Segments, for additional information on our reportable segments. Basis of Presentation The accompanying unaudited Consolidated Financial Statements present the financial results of Lamb Weston and its consolidated subsidiaries for the thirteen weeks ended August 25, 2024 and August 27, 2023, 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 26, 2024 (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 (the “SEC”) on July 24, 2024. Certain amounts from prior period consolidated financial statements have been reclassified to conform with current period presentation. Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. ASU 2023-07 is effective for our Annual Report on Form 10-K for the fiscal year ending May 25, 2025, and subsequent interim periods, with early adoption permitted. We are evaluating the impact of adopting this ASU on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , to enhance transparency and decision usefulness of income tax disclosures, particularly around rate reconciliations and income taxes paid information. ASU 2023-09 is effective for our Annual Report on Form 10-K for the fiscal year ending May 24, 2026, on a prospective basis, with early adoption permitted. We are evaluating the impact of adopting this ASU on our consolidated financial statements and related disclosures. There were no other 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	3 Months Ended
	Aug. 25, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	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 (in millions, except per share amounts) August 25, August 27, Numerator: Net income $ 127.4 $ 234.8 Denominator: Basic weighted average common shares outstanding 143.6 145.7 Add: Dilutive effect of employee incentive plans (a) 0.6 0.9 Diluted weighted average common shares outstanding 144.2 146.6 Earnings per share: Basic $ 0.89 $ 1.61 Diluted $ 0.88 $ 1.60 ___________________________________________ (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 August 25, 2024, 0.8 million shares of stock-based awards were excluded from the computation of diluted earnings per share because they would be antidilutive. As of August 27, 2023, 0.2 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	3 Months Ended
	Aug. 25, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income tax expense for the periods presented were as follows: Thirteen Weeks Ended (in millions) August 25, August 27, Income before income taxes and equity method earnings $ 166.9 $ 292.6 Equity method investment earnings (loss) 11.3 12.1 Income tax expense 50.8 69.9 Effective tax rate (a) 28.5% 22.9% ___________________________________________ (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. Our effective tax rate increased during the first quarter of fiscal 2025, primarily due to a higher proportion of earnings from our international locations with higher tax rates and discrete tax items. Income Taxes Paid

INVENTORIES

INVENTORIES	3 Months Ended
	Aug. 25, 2024
Inventory Disclosure [Abstract]
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: (in millions) August 25, May 26, Raw materials and packaging $ 130.4 $ 178.7 Finished goods 908.4 867.9 Supplies and other 96.9 92.0 Inventories $ 1,135.7 $ 1,138.6

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
	Aug. 25, 2024
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT The components of property, plant and equipment were as follows: (in millions) August 25, May 26, Land and land improvements $ 185.2 $ 186.2 Buildings, machinery and equipment 4,777.2 4,708.8 Furniture, fixtures, office equipment and other 128.4 127.7 Construction in progress 813.4 688.2 Property, plant and equipment, at cost 5,904.2 5,710.9 Less accumulated depreciation (2,212.4) (2,128.1) Property, plant and equipment, net $ 3,691.8 $ 3,582.8 At August 25, 2024 and May 26, 2024, purchases of property, plant and equipment included in accounts payable were $148.8 million and $292.0 million, respectively. Below is a breakdown of depreciation and amortization between cost of sales (“COS”) and selling, general and administrative expenses (“SG&A”). (in millions) August 25, August 27, Depreciation - COS $ 78.5 $ 62.9 Depreciation - SG&A 3.4 3.0 $ 81.9 $ 65.9 Amortization - SG&A $ 7.4 $ 2.7

GOODWILL AND OTHER IDENTIFIABLE

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS	3 Months Ended
	Aug. 25, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS	GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS The following table presents changes in goodwill balances, by segment, for the thirteen weeks ended August 25, 2024: (in millions) North America International Total Balance at May 26, 2024 $ 728.8 $ 331.1 $ 1,059.9 Foreign currency translation adjustment 19.0 8.6 27.6 Balance at August 25, 2024 $ 747.8 $ 339.7 $ 1,087.5 Other identifiable intangible assets were as follows: August 25, 2024 May 26, 2024 (in millions, except useful lives) Weighted Gross Accumulated Intangible Weighted Gross Accumulated Intangible Non-amortizing intangible assets (a) n/a $ 18.0 $ — $ 18.0 n/a $ 18.0 $ — $ 18.0 Amortizing intangible assets (b) 14 129.3 (39.0) 90.3 13 123.6 (36.7) 86.9 $ 147.3 $ (39.0) $ 108.3 $ 141.6 $ (36.7) $ 104.9 ___________________________________________ (a) Non-amortizing intangible assets represent brands and trademarks. (b) Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. Foreign intangible assets are affected by foreign currency translation.

OTHER ASSETS

OTHER ASSETS	3 Months Ended
	Aug. 25, 2024
Other Assets, Noncurrent Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS The components of other assets were as follows: (in millions) August 25, May 26, Capitalized software costs $ 233.9 $ 227.9 Property, plant and equipment deposits 74.2 52.6 Equity method investments 59.7 59.2 Other 66.2 56.7 Other assets $ 434.0 $ 396.4

ACCRUED LIABILITIES

ACCRUED LIABILITIES	3 Months Ended
	Aug. 25, 2024
Payables and Accruals [Abstract]
ACCRUED LIABILITIES	ACCRUED LIABILITIES The components of accrued liabilities were as follows: (in millions) August 25, May 26, Compensation and benefits $ 86.9 $ 72.8 Taxes payable 78.7 24.8 Accrued trade promotions 73.0 90.0 Dividends payable to shareholders 51.6 51.7 Current portion of operating lease obligations 31.1 29.3 Accrued interest 25.5 31.7 Plant utilities and accruals 20.7 23.9 Derivative liabilities and payables 19.3 24.6 Other 61.2 58.8 Accrued liabilities $ 448.0 $ 407.6

DEBT AND FINANCING OBLIGATIONS

DEBT AND FINANCING OBLIGATIONS	3 Months Ended
	Aug. 25, 2024
Debt Disclosure [Abstract]
DEBT AND FINANCING OBLIGATIONS	DEBT AND FINANCING OBLIGATIONS The components of our debt, including financing obligations, were as follows: (in millions) August 25, 2024 May 26, 2024 Amount Interest Rate Amount Interest Rate Short-term borrowings: Global revolving credit facility $ 490.6 6.620 % $ 291.3 6.580 % Other credit facilities (a) 39.8 35.0 530.4 326.3 Long-term debt: Term A-1 loan facility, due June 2026 (b) 225.0 7.290 228.8 7.240 Term A-3 loan facility, due January 2030 (b) 421.9 7.440 427.5 7.390 Term A-4 loan facility, due May 2029 (b) 325.0 6.540 325.0 6.540 RMB loan facility, due February 2027 147.6 4.240 142.2 4.450 Euro term loan facility, due May 2029 223.8 5.030 216.9 5.080 4.875% senior notes, due May 2028 500.0 4.875 500.0 4.875 4.125% senior notes, due January 2030 970.0 4.125 970.0 4.125 4.375% senior notes, due January 2032 700.0 4.375 700.0 4.375 3,513.3 3,510.4 Financing obligations: Lease financing obligations due on various dates through 2040 5.2 5.7 Total debt and financing obligations 4,048.9 3,842.4 Debt issuance costs (c) (18.0) (19.0) Short-term borrowings (530.4) (326.3) Current portion of long-term debt and financing obligations (63.2) (56.4) Long-term debt and financing obligations, excluding current portion $ 3,437.3 $ 3,440.7 ___________________________________________ (a) Other credit facilities consist of short-term facilities at our subsidiaries used for working capital purposes. Borrowings under these facilities bear interest at various rates. (b) The interest rates applicable to the Term A-1, A-3, and A-4 loans do not include anticipated patronage dividends. We have received and expect to continue receiving patronage dividends under all three term loan facilities. (c) Excludes debt issuance costs of $4.7 million and $4.9 million as of August 25, 2024 and May 26, 2024, respectively, related to our Global revolving credit facility, which are recorded in “Other assets” on our Consolidated Balance Sheets. As of August 25, 2024, we had $1,004.0 million of available liquidity under our committed global revolving credit facility. For the thirteen weeks ended August 25, 2024 and August 27, 2023, we paid $56.7 million and $56.9 million of interest on debt, respectively. On September 27, 2024, we amended our credit agreement, dated as of May 3, 2024, relating to our term loan facilities with certain lenders and AgWest Farm Credit, PCA, as administrative agent (the “Amended Term Loan Agreement”). The Amended Term Loan Agreement, among other things, established a new $500 million term loan facility with a maturity date of September 2031 (“Term A-5 Loan”). We used the proceeds of the Term A-5 Loan to repay the Term A-1 loan facility in full and $275 million of borrowings under our global revolving credit facility. Borrowings of the Term A-5 Loan bear interest at a per annum rate equal to (i) an applicable rate plus (ii) the Adjusted Term SOFR Rate, the Base Rate or the Fixed Rate (each as defined in the Amended Term Loan Agreement). The applicable rate is based on the Company’s consolidated net leverage ratio and ranges between 1.85% to 2.85% (or, in the case of Base Rate-based loans, 0.85% to 1.85%). For more information about our debt and financing obligations, interest rates, and debt covenants, see Note 6, 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.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Aug. 25, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	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 August 25, 2024 (in millions) Level 1 Level 2 Level 3 Fair Value Derivative assets (a) $ — $ 3.3 $ — $ 3.3 Derivative liabilities (a) — (15.6) — (15.6) Deferred compensation liabilities (b) — (28.0) — (28.0) Fair value, net $ — $ (40.3) $ — $ (40.3) As of May 26, 2024 (in millions) Level 1 Level 2 Level 3 Fair Value Derivative assets (a) $ — $ 1.4 $ — $ 1.4 Derivative liabilities (a) — (21.7) — (21.7) Deferred compensation liabilities (b) — (27.6) — (27.6) Fair value, net $ — $ (47.9) $ — $ (47.9) ___________________________________________ (a) Derivative assets and liabilities included in Level 2 primarily represent commodity swaps, option contracts, interest rate swap and currency contracts. The fair value of these derivatives were determined using valuation models that use market observable inputs including both forward and spot prices. 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. As of August 25, 2024, we had $2,495.0 million of fixed-rate and $1,548.7 million of variable-rate debt outstanding. Based on current market rates, the fair value of our fixed-rate debt was estimated to be $2,370 million as of August 25, 2024. 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 and approximates current market prices.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Aug. 25, 2024
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Share Repurchase Program During the thirteen weeks ended August 25, 2024, we repurchased 1,412,852 shares of our common stock for an aggregate purchase price of $82.0 million, or a weighted-average price of $58.04 per share. As of August 25, 2024, $308.0 million remained authorized for repurchase under our share repurchase program. Dividends During the thirteen weeks ended August 25, 2024, we paid $51.7 million of cash dividends to our common stockholders. In addition, on August 30, 2024, we paid $51.6 million of cash dividends to common stockholders of record as of the close of business on August 2, 2024. On September 26, 2024, our Board of Directors declared a cash dividend of $0.36 per share of our common stock. This dividend will be paid on November 29, 2024, to common stockholders of record as of the close of business on November 1, 2024. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss), net of taxes, as of August 25, 2024 were as follows: (in millions) Foreign Pension and Other Accumulated Balance as of May 26, 2024 $ (8.2) $ (5.3) $ 0.6 $ (12.9) Other comprehensive income before reclassifications, net of tax 56.0 (0.2) (0.1) 55.7 Net current-period other comprehensive income 56.0 (0.2) (0.1) 55.7 Balance as of August 25, 2024 $ 47.8 $ (5.5) $ 0.5 $ 42.8

SEGMENTS

SEGMENTS	3 Months Ended
	Aug. 25, 2024
Segment Reporting [Abstract]
SEGMENTS	SEGMENTS We have two operating segments, each of which is a reportable segment: North America and International. Our chief operating decision maker receives periodic management reports under this structure, which informs operating decisions, performance assessment, and resource allocation decisions at the segment level. These reportable segments are each managed by a general manager and supported by a cross functional team assigned to support the segment. Thirteen Weeks Ended (in millions) August 25, August 27, Segment net sales North America $ 1,103.7 $ 1,135.4 International 550.4 529.9 $ 1,654.1 $ 1,665.3 Thirteen Weeks Ended (in millions) August 25, August 27, Segment Adjusted EBITDA North America $ 276.1 $ 379.4 International 50.5 89.6 Total Reportable Segments Adjusted EBITDA 326.6 469.0 Unallocated corporate costs (a) (36.7) (56.2) Depreciation and amortization (b) 91.4 70.8 Unrealized derivative gains (8.9) (27.3) Foreign currency exchange losses 0.6 7.4 Blue chip swap transaction gains (c) (16.6) — Items impacting comparability: Inventory step-up from acquisition — 22.5 Integration and acquisition-related items, net — 4.0 Interest expense, net 45.2 30.7 Income before income taxes 178.2 304.7 Income tax expense 50.8 69.9 Net income $ 127.4 $ 234.8 ___________________________________________ (a) Unallocated corporate costs include costs related to corporate support staff and support services, foreign exchange gains and losses and unrealized mark-to-market derivative gains and losses. Support services include, but are not limited to, our administrative, information technology, human resources, finance, and accounting functions that are not specifically allocated to the segments. (b) Depreciation and amortization include interest expense, income tax expense, and depreciation and amortization from equity method investments of $2.1 million and $2.2 million for the thirteen weeks ended August 25, 2024 and August 27, 2023. (c)

COMMITMENTS, CONTINGENCIES, GUA

COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS	3 Months Ended
	Aug. 25, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS	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, and purchase commitments for goods and services. There have been no material changes to the commitments, contingencies, and guarantees 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. In June 2024, an alleged purchaser of the Company's common stock filed a lawsuit against the Company and certain of our executive officers in the U.S. District Court for the District of Idaho on behalf of a putative class of stock purchasers for alleged violations of the federal securities laws. A similar lawsuit was filed in the same court in August 2024. Plaintiffs allege that the defendants made misrepresentations and omissions regarding the design and implementation of our enterprise resource planning system. We believe the lawsuits lack merit and intend to vigorously defend against the allegations. In addition, in August 2024, an alleged shareholder filed a derivative lawsuit purportedly on behalf of the Company against certain of our executive officers and directors, alleging breaches of fiduciary and other duties owed to the Company, based on the same matters alleged in the securities lawsuits. A similar derivative lawsuit was filed in September 2024. We intend to vigorously defend against the allegations. We are also a party to various other 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Aug. 25, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On October 1, 2024, we announced a restructuring plan that is designed to drive operational and cost efficiencies and improve cash flows. The restructuring plan includes: • The permanent closure of our manufacturing facility in Connell, Washington, effective October 1, 2024; • The temporary curtailment of certain production lines and schedules across our manufacturing network in North America; • A reduction in operating expenses, including headcount reductions approximating 4% of our global workforce, and the elimination of certain unfilled job positions; and • A reduction in fiscal 2025 capital expenditures In connection with this restructuring plan, we expect to record total pre-tax charges of $200 million to $250 million primarily relate to costs associated with contracted raw potatoes that will not be used due to production line curtailments, accelerating depreciation of assets, the write-down of inventory and long-lived assets, employee severance and other one-time termination benefits, and other costs. We expect to record most of the pre-tax charges in the second quarter of fiscal 2025, with the remainder expected to be recorded during the second half of fiscal 2025.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Pay vs Performance Disclosure
Net income	$ 127.4	$ 234.8

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Aug. 25, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

NATURE OF OPERATIONS AND SUMM_2

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Aug. 25, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Consolidated Financial Statements present the financial results of Lamb Weston and its consolidated subsidiaries for the thirteen weeks ended August 25, 2024 and August 27, 2023, 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 26, 2024 (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 (the “SEC”) on July 24, 2024. Certain amounts from prior period consolidated financial statements have been reclassified to conform with current period presentation.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. ASU 2023-07 is effective for our Annual Report on Form 10-K for the fiscal year ending May 25, 2025, and subsequent interim periods, with early adoption permitted. We are evaluating the impact of adopting this ASU on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , to enhance transparency and decision usefulness of income tax disclosures, particularly around rate reconciliations and income taxes paid information. ASU 2023-09 is effective for our Annual Report on Form 10-K for the fiscal year ending May 24, 2026, on a prospective basis, with early adoption permitted. We are evaluating the impact of adopting this ASU on our consolidated financial statements and related disclosures. There were no other accounting pronouncements recently issued that had or are expected to have a material impact on our consolidated financial statements.
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.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Aug. 25, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Common Share	The following table sets forth the computation of basic and diluted earnings per common share for the periods presented: Thirteen Weeks Ended (in millions, except per share amounts) August 25, August 27, Numerator: Net income $ 127.4 $ 234.8 Denominator: Basic weighted average common shares outstanding 143.6 145.7 Add: Dilutive effect of employee incentive plans (a) 0.6 0.9 Diluted weighted average common shares outstanding 144.2 146.6 Earnings per share: Basic $ 0.89 $ 1.61 Diluted $ 0.88 $ 1.60 ___________________________________________ (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 August 25, 2024, 0.8 million shares of stock-based awards were excluded from the computation of diluted earnings per share because they would be antidilutive. As of August 27, 2023, 0.2 million shares 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)	3 Months Ended
	Aug. 25, 2024
Income Tax Disclosure [Abstract]
Schedule of Income Tax Expense	Income tax expense for the periods presented were as follows: Thirteen Weeks Ended (in millions) August 25, August 27, Income before income taxes and equity method earnings $ 166.9 $ 292.6 Equity method investment earnings (loss) 11.3 12.1 Income tax expense 50.8 69.9 Effective tax rate (a) 28.5% 22.9% ___________________________________________ (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. Our effective tax rate increased during the first quarter of fiscal 2025, primarily due to a higher proportion of earnings from our international locations with higher tax rates and discrete tax items.

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Aug. 25, 2024
Inventory Disclosure [Abstract]
Schedule of Components of Inventories	The components of inventories were as follows: (in millions) August 25, May 26, Raw materials and packaging $ 130.4 $ 178.7 Finished goods 908.4 867.9 Supplies and other 96.9 92.0 Inventories $ 1,135.7 $ 1,138.6

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Aug. 25, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	The components of property, plant and equipment were as follows: (in millions) August 25, May 26, Land and land improvements $ 185.2 $ 186.2 Buildings, machinery and equipment 4,777.2 4,708.8 Furniture, fixtures, office equipment and other 128.4 127.7 Construction in progress 813.4 688.2 Property, plant and equipment, at cost 5,904.2 5,710.9 Less accumulated depreciation (2,212.4) (2,128.1) Property, plant and equipment, net $ 3,691.8 $ 3,582.8 Below is a breakdown of depreciation and amortization between cost of sales (“COS”) and selling, general and administrative expenses (“SG&A”). (in millions) August 25, August 27, Depreciation - COS $ 78.5 $ 62.9 Depreciation - SG&A 3.4 3.0 $ 81.9 $ 65.9 Amortization - SG&A $ 7.4 $ 2.7

GOODWILL AND OTHER IDENTIFIAB_2

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS (Tables)	3 Months Ended
	Aug. 25, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in the Carrying Amount of Goodwill	The following table presents changes in goodwill balances, by segment, for the thirteen weeks ended August 25, 2024: (in millions) North America International Total Balance at May 26, 2024 $ 728.8 $ 331.1 $ 1,059.9 Foreign currency translation adjustment 19.0 8.6 27.6 Balance at August 25, 2024 $ 747.8 $ 339.7 $ 1,087.5
Schedule of Other Identifiable Intangible Assets, Non-Amortizing Intangible Assets	Other identifiable intangible assets were as follows: August 25, 2024 May 26, 2024 (in millions, except useful lives) Weighted Gross Accumulated Intangible Weighted Gross Accumulated Intangible Non-amortizing intangible assets (a) n/a $ 18.0 $ — $ 18.0 n/a $ 18.0 $ — $ 18.0 Amortizing intangible assets (b) 14 129.3 (39.0) 90.3 13 123.6 (36.7) 86.9 $ 147.3 $ (39.0) $ 108.3 $ 141.6 $ (36.7) $ 104.9 ___________________________________________ (a) Non-amortizing intangible assets represent brands and trademarks. (b) Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. Foreign intangible assets are affected by foreign currency translation.
Schedule of Other Identifiable Intangible Assets, Amortizing Intangible Assets	Other identifiable intangible assets were as follows: August 25, 2024 May 26, 2024 (in millions, except useful lives) Weighted Gross Accumulated Intangible Weighted Gross Accumulated Intangible Non-amortizing intangible assets (a) n/a $ 18.0 $ — $ 18.0 n/a $ 18.0 $ — $ 18.0 Amortizing intangible assets (b) 14 129.3 (39.0) 90.3 13 123.6 (36.7) 86.9 $ 147.3 $ (39.0) $ 108.3 $ 141.6 $ (36.7) $ 104.9 ___________________________________________ (a) Non-amortizing intangible assets represent brands and trademarks. (b) Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. Foreign intangible assets are affected by foreign currency translation.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended
	Aug. 25, 2024
Other Assets, Noncurrent Disclosure [Abstract]
Schedule of Components of Other Assets	The components of other assets were as follows: (in millions) August 25, May 26, Capitalized software costs $ 233.9 $ 227.9 Property, plant and equipment deposits 74.2 52.6 Equity method investments 59.7 59.2 Other 66.2 56.7 Other assets $ 434.0 $ 396.4

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	3 Months Ended
	Aug. 25, 2024
Payables and Accruals [Abstract]
Schedule of Components of Accrued Liabilities	The components of accrued liabilities were as follows: (in millions) August 25, May 26, Compensation and benefits $ 86.9 $ 72.8 Taxes payable 78.7 24.8 Accrued trade promotions 73.0 90.0 Dividends payable to shareholders 51.6 51.7 Current portion of operating lease obligations 31.1 29.3 Accrued interest 25.5 31.7 Plant utilities and accruals 20.7 23.9 Derivative liabilities and payables 19.3 24.6 Other 61.2 58.8 Accrued liabilities $ 448.0 $ 407.6

DEBT AND FINANCING OBLIGATIONS

DEBT AND FINANCING OBLIGATIONS (Tables)	3 Months Ended
	Aug. 25, 2024
Debt Disclosure [Abstract]
Schedule of Debt, Including Financing Obligations	The components of our debt, including financing obligations, were as follows: (in millions) August 25, 2024 May 26, 2024 Amount Interest Rate Amount Interest Rate Short-term borrowings: Global revolving credit facility $ 490.6 6.620 % $ 291.3 6.580 % Other credit facilities (a) 39.8 35.0 530.4 326.3 Long-term debt: Term A-1 loan facility, due June 2026 (b) 225.0 7.290 228.8 7.240 Term A-3 loan facility, due January 2030 (b) 421.9 7.440 427.5 7.390 Term A-4 loan facility, due May 2029 (b) 325.0 6.540 325.0 6.540 RMB loan facility, due February 2027 147.6 4.240 142.2 4.450 Euro term loan facility, due May 2029 223.8 5.030 216.9 5.080 4.875% senior notes, due May 2028 500.0 4.875 500.0 4.875 4.125% senior notes, due January 2030 970.0 4.125 970.0 4.125 4.375% senior notes, due January 2032 700.0 4.375 700.0 4.375 3,513.3 3,510.4 Financing obligations: Lease financing obligations due on various dates through 2040 5.2 5.7 Total debt and financing obligations 4,048.9 3,842.4 Debt issuance costs (c) (18.0) (19.0) Short-term borrowings (530.4) (326.3) Current portion of long-term debt and financing obligations (63.2) (56.4) Long-term debt and financing obligations, excluding current portion $ 3,437.3 $ 3,440.7 ___________________________________________ (a) Other credit facilities consist of short-term facilities at our subsidiaries used for working capital purposes. Borrowings under these facilities bear interest at various rates. (b) The interest rates applicable to the Term A-1, A-3, and A-4 loans do not include anticipated patronage dividends. We have received and expect to continue receiving patronage dividends under all three term loan facilities. (c)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Aug. 25, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents our financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall: As of August 25, 2024 (in millions) Level 1 Level 2 Level 3 Fair Value Derivative assets (a) $ — $ 3.3 $ — $ 3.3 Derivative liabilities (a) — (15.6) — (15.6) Deferred compensation liabilities (b) — (28.0) — (28.0) Fair value, net $ — $ (40.3) $ — $ (40.3) As of May 26, 2024 (in millions) Level 1 Level 2 Level 3 Fair Value Derivative assets (a) $ — $ 1.4 $ — $ 1.4 Derivative liabilities (a) — (21.7) — (21.7) Deferred compensation liabilities (b) — (27.6) — (27.6) Fair value, net $ — $ (47.9) $ — $ (47.9) ___________________________________________ (a) Derivative assets and liabilities included in Level 2 primarily represent commodity swaps, option contracts, interest rate swap and currency contracts. The fair value of these derivatives were determined using valuation models that use market observable inputs including both forward and spot prices. 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)	3 Months Ended
	Aug. 25, 2024
Stockholders' Equity Note [Abstract]
Schedule of Changes in AOCI, Net of Tax	Changes in accumulated other comprehensive income (loss), net of taxes, as of August 25, 2024 were as follows: (in millions) Foreign Pension and Other Accumulated Balance as of May 26, 2024 $ (8.2) $ (5.3) $ 0.6 $ (12.9) Other comprehensive income before reclassifications, net of tax 56.0 (0.2) (0.1) 55.7 Net current-period other comprehensive income 56.0 (0.2) (0.1) 55.7 Balance as of August 25, 2024 $ 47.8 $ (5.5) $ 0.5 $ 42.8

SEGMENTS (Tables)

SEGMENTS (Tables)	3 Months Ended
	Aug. 25, 2024
Segment Reporting [Abstract]
Schedule of Segment Net Sales	Thirteen Weeks Ended (in millions) August 25, August 27, Segment net sales North America $ 1,103.7 $ 1,135.4 International 550.4 529.9 $ 1,654.1 $ 1,665.3
Schedule of the Reconciliation of Adjusted EBITDA to Net Income	Thirteen Weeks Ended (in millions) August 25, August 27, Segment Adjusted EBITDA North America $ 276.1 $ 379.4 International 50.5 89.6 Total Reportable Segments Adjusted EBITDA 326.6 469.0 Unallocated corporate costs (a) (36.7) (56.2) Depreciation and amortization (b) 91.4 70.8 Unrealized derivative gains (8.9) (27.3) Foreign currency exchange losses 0.6 7.4 Blue chip swap transaction gains (c) (16.6) — Items impacting comparability: Inventory step-up from acquisition — 22.5 Integration and acquisition-related items, net — 4.0 Interest expense, net 45.2 30.7 Income before income taxes 178.2 304.7 Income tax expense 50.8 69.9 Net income $ 127.4 $ 234.8 ___________________________________________ (a) Unallocated corporate costs include costs related to corporate support staff and support services, foreign exchange gains and losses and unrealized mark-to-market derivative gains and losses. Support services include, but are not limited to, our administrative, information technology, human resources, finance, and accounting functions that are not specifically allocated to the segments. (b) Depreciation and amortization include interest expense, income tax expense, and depreciation and amortization from equity method investments of $2.1 million and $2.2 million for the thirteen weeks ended August 25, 2024 and August 27, 2023. (c)

NATURE OF OPERATIONS AND SUMM_3

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended
	Aug. 25, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Numerator:
Net income	$ 127.4	$ 234.8
Denominator:
Basic weighted average common shares outstanding (in shares)	143.6	145.7
Add: Dilutive effect of employee incentive plans (in shares)	0.6	0.9
Diluted weighted average common shares outstanding (in shares)	144.2	146.6
Earnings per share:
Basic (in dollars per share)	$ 0.89	$ 1.61
Diluted (in dollars per share)	$ 0.88	$ 1.60
Antidilutive securities (in shares)	0.8	0.2

INCOME TAXES - Schedule of Inco

INCOME TAXES - Schedule of Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Income Tax Disclosure [Abstract]
Income before income taxes and equity method earnings	$ 166.9	$ 292.6
Equity method investment earnings (loss)	11.3	12.1
Income tax expense	$ 50.8	$ 69.9
Effective tax rate (as a percent)	28.50%	22.90%

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Income Tax Disclosure [Abstract]
Income taxes paid, net of refunds	$ 6	$ 4.2

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Aug. 25, 2024	May 26, 2024
Inventory Disclosure [Abstract]
Raw materials and packaging	$ 130.4	$ 178.7
Finished goods	908.4	867.9
Supplies and other	96.9	92
Inventories	$ 1,135.7	$ 1,138.6

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Components (Details) - USD ($) $ in Millions	Aug. 25, 2024	May 26, 2024
Property, Plant and Equipment
Property, plant and equipment, at cost	$ 5,904.2	$ 5,710.9
Less accumulated depreciation	(2,212.4)	(2,128.1)
Property, plant and equipment, net	3,691.8	3,582.8
Land and land improvements
Property, Plant and Equipment
Property, plant and equipment, at cost	185.2	186.2
Buildings, machinery and equipment
Property, Plant and Equipment
Property, plant and equipment, at cost	4,777.2	4,708.8
Furniture, fixtures, office equipment and other
Property, Plant and Equipment
Property, plant and equipment, at cost	128.4	127.7
Construction in progress
Property, Plant and Equipment
Property, plant and equipment, at cost	$ 813.4	$ 688.2

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Aug. 25, 2024	Aug. 27, 2023	May 26, 2024
Property, Plant and Equipment [Line Items]
Purchases of property, plant and equipment included in accounts payable	$ 148.8		$ 292
Construction in progress
Property, Plant and Equipment [Line Items]
Interest capitalized	$ 6.7	$ 10.5

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT - Depreciation And Amortization Between Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 81.9	$ 65.9
Amortization	7.4	2.7
Cost of Sales
Property, Plant and Equipment [Line Items]
Depreciation expense	78.5	62.9
Selling, General and Administrative Expenses
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 3.4	$ 3

GOODWILL AND OTHER IDENTIFIAB_3

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Schedule of Changes in the Carrying Amount of Goodwill (Details) $ in Millions	3 Months Ended
	Aug. 25, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 1,059.9
Foreign currency translation adjustment	27.6
Ending balance	1,087.5
North America
Goodwill [Roll Forward]
Beginning balance	728.8
Foreign currency translation adjustment	19
Ending balance	747.8
International
Goodwill [Roll Forward]
Beginning balance	331.1
Foreign currency translation adjustment	8.6
Ending balance	$ 339.7

GOODWILL AND OTHER IDENTIFIAB_4

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Millions	Aug. 25, 2024	May 26, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted Average Useful Life (in years)	14 years	13 years
Non-amortizing intangible assets, gross	$ 18	$ 18
Amortizing intangible assets, gross	129.3	123.6
Other identifiable intangible assets, gross	147.3	141.6
Accumulated Amortization	(39)	(36.7)
Amortizing intangible assets, net	90.3	86.9
Other identifiable intangible assets, net	$ 108.3	$ 104.9

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Millions	Aug. 25, 2024	May 26, 2024
Other Assets, Noncurrent Disclosure [Abstract]
Capitalized software costs	$ 233.9	$ 227.9
Property, plant and equipment deposits	74.2	52.6
Equity method investments	59.7	59.2
Other	66.2	56.7
Other assets	$ 434	$ 396.4

ACCRUED LIABILITIES (Details)

ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	Aug. 25, 2024	May 26, 2024
Payables and Accruals [Abstract]
Compensation and benefits	$ 86.9	$ 72.8
Taxes payable	78.7	24.8
Accrued trade promotions	73	90
Dividends payable to shareholders	51.6	51.7
Current portion of operating lease obligations	31.1	29.3
Accrued interest	25.5	31.7
Plant utilities and accruals	20.7	23.9
Derivative liabilities and payables	19.3	24.6
Other	61.2	58.8
Accrued liabilities	$ 448	$ 407.6

DEBT AND FINANCING OBLIGATION_2

DEBT AND FINANCING OBLIGATIONS - Summary (Details) - USD ($) $ in Millions	Aug. 25, 2024	May 26, 2024
Debt and Financing Obligations
Short-term borrowings	$ 530.4	$ 326.3
Long-term debt	3,513.3	3,510.4
Financing obligations	5.2	5.7
Total debt and financing obligations	4,048.9	3,842.4
Debt issuance costs and debt discounts	(18)	(19)
Short-term borrowings	(530.4)	(326.3)
Current portion of long-term debt and financing obligations	(63.2)	(56.4)
Long-term debt and financing obligations, excluding current portion	3,437.3	3,440.7
Global revolving credit facility | Secured Debt | Revolving Credit Facility
Debt and Financing Obligations
Short-term borrowings	$ 490.6	$ 291.3
Interest Rate	6.62%	6.58%
Debt issuance costs, line of credit arrangements, net	$ 4.7	$ 4.9
Other credit facilities | Line of Credit
Debt and Financing Obligations
Short-term borrowings	39.8	35
Term A-1 loan facility, due June 2026 | Secured Debt
Debt and Financing Obligations
Long-term debt	$ 225	$ 228.8
Interest Rate	7.29%	7.24%
Term A-3 loan facility, due January 2030 | Secured Debt
Debt and Financing Obligations
Long-term debt	$ 421.9	$ 427.5
Interest Rate	7.44%	7.39%
Term A-4 loan facility, due May 2029 | Secured Debt
Debt and Financing Obligations
Long-term debt	$ 325	$ 325
Interest Rate	6.54%	6.54%
RMB loan facility, due February 2027 | Term Loan
Debt and Financing Obligations
Long-term debt	$ 147.6	$ 142.2
Interest Rate	4.24%	4.45%
Euro term loan facility, due May 2029 | Term Loan
Debt and Financing Obligations
Long-term debt	$ 223.8	$ 216.9
Interest Rate	5.03%	5.08%
4.875% senior notes, due May 2028 | Senior Notes
Debt and Financing Obligations
Long-term debt	$ 500	$ 500
Interest Rate	4.875%	4.875%
4.125% senior notes, due January 2030 | Senior Notes
Debt and Financing Obligations
Long-term debt	$ 970	$ 970
Interest Rate	4.125%	4.125%
4.375% senior notes, due January 2032 | Senior Notes
Debt and Financing Obligations
Long-term debt	$ 700	$ 700
Interest Rate	4.375%	4.375%

DEBT AND FINANCING OBLIGATION_3

DEBT AND FINANCING OBLIGATIONS - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
	Sep. 27, 2024	Aug. 25, 2024	Aug. 27, 2023
Debt Instrument [Line Items]
Available amount under committed revolving credit facilities		$ 1,004
Interest paid		$ 56.7	$ 56.9
Term Five Loan Facility Due 2031 | Secured Debt | Subsequent Event
Debt Instrument [Line Items]
Term loan facility	$ 500
Term Five Loan Facility Due 2031 | Secured Debt | Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Repayments of debt	$ 275
Term Five Loan Facility Due 2031 | Secured Debt | Minimum | Base Rate | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.85%
Term Five Loan Facility Due 2031 | Secured Debt | Minimum | Secured Overnight Financing Rate And Fixed Rate | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.85%
Term Five Loan Facility Due 2031 | Secured Debt | Maximum | Base Rate | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.85%
Term Five Loan Facility Due 2031 | Secured Debt | Maximum | Secured Overnight Financing Rate And Fixed Rate | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.85%

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value Hierarchy (Details) - USD ($) $ in Millions	Aug. 25, 2024	May 26, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 3.3	$ 1.4
Derivative liabilities	(15.6)	(21.7)
Deferred compensation liabilities	(28)	(27.6)
Fair value, net	(40.3)	(47.9)
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Deferred compensation liabilities	0	0
Fair value, net	0	0
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	3.3	1.4
Derivative liabilities	(15.6)	(21.7)
Deferred compensation liabilities	(28)	(27.6)
Fair value, net	(40.3)	(47.9)
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Deferred compensation liabilities	0	0
Fair value, net	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Debt

FAIR VALUE MEASUREMENTS - Debt Outstanding (Details) $ in Millions	Aug. 25, 2024 USD ($)
Carrying Value | Fixed Rate Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 2,495
Carrying Value | Variable Rate Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,548.7
Level 2 | Fair Value | Fixed Rate Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 2,370

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Aug. 30, 2024	Aug. 25, 2024	Aug. 27, 2023	Sep. 26, 2024
Share Repurchase Program
Number of shares repurchased (in shares)		1,412,852
Shares repurchased		$ 82
Share repurchase capacity		308
Dividends paid		$ 51.7	$ 40.8
Subsequent Event
Share Repurchase Program
Dividends paid	$ 51.6
Dividends declared to be paid (in dollars per share)				$ 0.36
Weighted Average
Share Repurchase Program
Shares purchased, weighted-average price (in dollars per share)		$ 58.04

STOCKHOLDERS' EQUITY - Accumula

STOCKHOLDERS' EQUITY - Accumulated Other Comprehensive Income (Loss) (Details) $ in Millions	3 Months Ended
	Aug. 25, 2024 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income before reclassifications, net of tax	$ 55.7
Net current-period other comprehensive income	55.7
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	(12.9)
Balance at the end of the period	42.8
Foreign Currency Translation Gain (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	(8.2)
Other comprehensive income before reclassifications, net of tax	56
Net current-period other comprehensive income	56
Balance at the end of the period	47.8
Pension and Post-Retirement Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	(5.3)
Other comprehensive income before reclassifications, net of tax	(0.2)
Net current-period other comprehensive income	(0.2)
Balance at the end of the period	(5.5)
Other
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	0.6
Other comprehensive income before reclassifications, net of tax	(0.1)
Net current-period other comprehensive income	(0.1)
Balance at the end of the period	$ 0.5

SEGMENTS - Narrative (Details)

SEGMENTS - Narrative (Details)	3 Months Ended
	Aug. 25, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	2

SEGMENTS - Net Sales (Details)

SEGMENTS - Net Sales (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	$ 1,654.1	$ 1,665.3
North America
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	1,103.7	1,135.4
International
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	$ 550.4	$ 529.9

SEGMENTS - Reconciliation (Deta

SEGMENTS - Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 25, 2024	Aug. 27, 2023
Segment Adjusted EBITDA
Depreciation and amortization	$ 91.4	$ 70.8
Unrealized derivative gains	(8.9)	(27.3)
Foreign currency exchange losses	0.6	7.4
Blue chip swap transaction gains	(16.6)	0
Items impacting comparability:
Inventory step-up from acquisition	0	22.5
Integration and acquisition-related items, net	0	4
Interest expense, net	45.2	30.7
Income before income taxes	178.2	304.7
Income tax expense	50.8	69.9
Net income	127.4	234.8
Interest expense, income tax expense, and depreciation and amortization from equity method investments	2.1	2.2
Operating Segments
Segment Adjusted EBITDA
Adjusted EBITDA	326.6	469
Operating Segments | North America
Segment Adjusted EBITDA
Adjusted EBITDA	276.1	379.4
Operating Segments | International
Segment Adjusted EBITDA
Adjusted EBITDA	50.5	89.6
Unallocated Corporate Costs
Segment Adjusted EBITDA
Adjusted EBITDA	$ (36.7)	$ (56.2)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event $ in Millions	Oct. 01, 2024 USD ($)
Subsequent Event [Line Items]
Percent of global workforce eliminated	0.04
Minimum
Subsequent Event [Line Items]
Expected restructuring cost	$ 200
Maximum
Subsequent Event [Line Items]
Expected restructuring cost	$ 250