Lamb Weston (LW) 10-Q 20 Dec 24 2025 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Nov. 24, 2024	Dec. 13, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 24, 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		142,640,697
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001679273
Current Fiscal Year End Date	--05-25

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023
Income Statement [Abstract]
Net sales	$ 1,600.9	$ 1,732.1	$ 3,255	$ 3,397.4
Cost of sales	1,323.1	1,256.5	2,621.2	2,422.3
Gross profit	277.8	475.6	633.8	975.1
Selling, general and administrative expenses	184.7	170	328.6	346.2
Restructuring expense	74.6	0	74.6	0
Income from operations	18.5	305.6	230.6	628.9
Interest expense, net	43.3	29.1	88.5	59.8
Income (loss) before income taxes and equity method earnings	(24.8)	276.5	142.1	569.1
Income tax expense	13.4	66.2	64.2	136.1
Equity method investment earnings	2.1	4.7	13.4	16.8
Net income (loss)	$ (36.1)	$ 215	$ 91.3	$ 449.8
Earnings (loss) per share:
Basic (in dollars per share)	$ (0.25)	$ 1.48	$ 0.64	$ 3.10
Diluted (in dollars per share)	$ (0.25)	$ 1.48	$ 0.64	$ 3.08
Weighted average common shares outstanding:
Basic (in shares)	142.8	144.9	143.2	145.3
Diluted (in shares)	143.2	145.5	143.7	146

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023
Pre-Tax Amount
Net income (loss)	$ (22.7)	$ 281.2	$ 155.5	$ 585.9
Unrealized pension and post-retirement benefit obligations loss	0	(0.2)	(0.2)	(0.4)
Unrealized currency translation (losses) gains	(117.8)	30.5	(61.2)	31.3
Other	(0.1)	(0.2)	(0.3)	(0.2)
Comprehensive income (loss)	(140.6)	311.3	93.8	616.6
Tax (Expense) Benefit
Net income (loss)	(13.4)	(66.2)	(64.2)	(136.1)
Unrealized pension and post-retirement benefit obligations loss	0	0.1	0	0.1
Unrealized currency translation (losses) gains	1.1	(0.7)	0.5	(0.3)
Other	0	0	0.1	0
Comprehensive income (loss)	(12.3)	(66.8)	(63.6)	(136.3)
After-Tax Amount
Net income (loss)	(36.1)	215	91.3	449.8
Unrealized pension and post-retirement benefit obligations loss	0	(0.1)	(0.2)	(0.3)
Unrealized currency translation (losses) gains	(116.7)	29.8	(60.7)	31
Other	(0.1)	(0.2)	(0.2)	(0.2)
Comprehensive income (loss)	$ (152.9)	$ 244.5	$ 30.2	$ 480.3

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Nov. 24, 2024	May 26, 2024
Current assets:
Cash and cash equivalents	$ 79	$ 71.4
Receivables, net of allowances of $0.9 and $0.9	695	743.6
Inventories	1,327.2	1,138.6
Prepaid expenses and other current assets	89.7	136.4
Total current assets	2,190.9	2,090
Property, plant and equipment, net	3,609.6	3,582.8
Operating lease assets	119.7	133
Goodwill	1,028.3	1,059.9
Intangible assets, net	101	104.9
Other assets	402.6	396.4
Total assets	7,452.1	7,367
Current liabilities:
Short-term borrowings	320.5	326.3
Current portion of long-term debt and financing obligations	69.7	56.4
Accounts payable	846	833.8
Accrued liabilities	390.8	407.6
Total current liabilities	1,627	1,624.1
Long-term liabilities:
Long-term debt and financing obligations, excluding current portion	3,693.6	3,440.7
Deferred income taxes	247.3	256.2
Other noncurrent liabilities	251.4	258.2
Total long-term liabilities	4,192.3	3,955.1
Commitments and contingencies
Stockholders’ equity:
Common stock of $1.00 par value, 600,000,000 shares authorized; 151,309,961 and 150,735,397 shares issued	151.3	150.7
Treasury stock, at cost, 8,669,325 and 7,068,741 common shares	(634.4)	(540.9)
Additional distributed capital	(497.3)	(508.9)
Retained earnings	2,687.2	2,699.8
Accumulated other comprehensive loss	(74)	(12.9)
Total stockholders’ equity	1,632.8	1,787.8
Total liabilities and stockholders’ equity	$ 7,452.1	$ 7,367

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Nov. 24, 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)	151,309,961	150,735,397
Treasury stock, common shares (in shares)	8,669,325	7,068,741

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Treasury Stock Amount	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	(81.2)				(81.2)
Common stock issued (in shares)		401,328
Common stock issued	0.2	$ 0.4		(0.2)
Stock-settled, stock-based compensation expense	22.2			22.2
Repurchase of common stock and common stock withheld to cover taxes (in shares)		(1,698,691)
Repurchase of common stock and common stock withheld to cover taxes	(164.3)		(164.3)
Other	(0.8)		(0.8)	0.7	(0.7)
Comprehensive loss	480.3				449.8	30.5
Balance at the end of the period (in shares) at Nov. 26, 2023		144,368,320
Balance at the end of the period at Nov. 26, 2023	1,667.7	$ 150.7	(479.4)	(535.9)	2,528.6	3.7
Balance at the beginning of the period (in shares) at Aug. 27, 2023		144,926,900
Balance at the beginning of the period at Aug. 27, 2023	1,503	$ 150.7	(427.8)	(548.7)	2,354.6	(25.8)
Increase (Decrease) in Stockholders' Equity
Dividends declared	(40.4)				(40.4)
Common stock issued (in shares)		15,679
Common stock issued	(0.2)			(0.2)
Stock-settled, stock-based compensation expense	12.3			12.3
Repurchase of common stock and common stock withheld to cover taxes (in shares)		(574,259)
Repurchase of common stock and common stock withheld to cover taxes	(50.8)		(50.8)
Other	(0.7)		(0.8)	0.7	(0.6)
Comprehensive loss	244.5				215	29.5
Balance at the end of the period (in shares) at Nov. 26, 2023		144,368,320
Balance at the end of the period at Nov. 26, 2023	1,667.7	$ 150.7	(479.4)	(535.9)	2,528.6	3.7
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	(102.9)				(102.9)
Common stock issued (in shares)		574,564
Common stock issued	0	$ 0.6		(0.6)
Stock-settled, stock-based compensation expense	21.8			21.8
Repurchase of common stock and common stock withheld to cover taxes (in shares)		(1,600,584)
Repurchase of common stock and common stock withheld to cover taxes	(92.9)		(92.9)
Other	(11.2)		(0.6)	(9.6)	(1)
Comprehensive loss	30.2				91.3	(61.1)
Balance at the end of the period (in shares) at Nov. 24, 2024		142,640,636
Balance at the end of the period at Nov. 24, 2024	1,632.8	$ 151.3	(634.4)	(497.3)	2,687.2	(74)
Balance at the beginning of the period (in shares) at Aug. 25, 2024		142,595,357
Balance at the beginning of the period at Aug. 25, 2024	1,836.7	$ 151.3	(633.7)	(499)	2,775.3	42.8
Increase (Decrease) in Stockholders' Equity
Dividends declared	(51.3)				(51.3)
Common stock issued (in shares)		54,070
Common stock issued	0
Stock-settled, stock-based compensation expense	12.3			12.3
Repurchase of common stock and common stock withheld to cover taxes (in shares)		(8,791)
Repurchase of common stock and common stock withheld to cover taxes	(0.7)		(0.7)
Other	(11.3)		0	(10.6)	(0.7)
Comprehensive loss	(152.9)				(36.1)	(116.8)
Balance at the end of the period (in shares) at Nov. 24, 2024		142,640,636
Balance at the end of the period at Nov. 24, 2024	$ 1,632.8	$ 151.3	$ (634.4)	$ (497.3)	$ 2,687.2	$ (74)

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.36	$ 0.28	$ 0.72	$ 0.56

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023
Cash flows from operating activities
Net income (loss)	$ 91.3	$ 449.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles and debt issuance costs	211	140.7
Stock-settled, stock-based compensation expense	21.9	22.2
Equity method investment (earnings) loss, net of distributions	11.5	(11.3)
Deferred income taxes	1.4	5.8
Blue chip swap transaction gains	(19.9)	(7.1)
Other	15.6	5.7
Changes in operating assets and liabilities:
Receivables	39	(35.2)
Inventories	(198.2)	(216)
Income taxes payable/receivable, net	(25.1)	27.6
Prepaid expenses and other current assets	75.2	68.8
Accounts payable	216.8	96.1
Accrued liabilities	(11.2)	(91.9)
Net cash provided by operating activities	429.3	455.2
Cash flows from investing activities
Additions to property, plant and equipment	(474.6)	(507.6)
Additions to other long-term assets	(31.7)	(58.9)
Acquisition of business, net of cash acquired	0	(11.2)
Proceeds from blue chip swap transactions, net of purchases	19.9	7.1
Other	1.5	(0.2)
Net cash used for investing activities	(484.9)	(570.8)
Cash flows from financing activities
Proceeds from short-term borrowings	811.6	194.3
Repayments of short-term borrowings	(813.8)	(60.6)
Proceeds from issuance of debt	520.2	28.4
Repayments of debt and financing obligations	(245.4)	(27.7)
Dividends paid	(103.3)	(81.6)
Repurchase of common stock and common stock withheld to cover taxes	(92.8)	(164.3)
Other	(13.2)	(0.5)
Net cash provided by (used for) financing activities	63.3	(112)
Effect of exchange rate changes on cash and cash equivalents	(0.1)	1.1
Net increase (decrease) in cash and cash equivalents	7.6	(226.5)
Cash and cash equivalents, beginning of period	71.4	304.8
Cash and cash equivalents, end of period	$ 79	$ 78.3

NATURE OF OPERATIONS AND SUMMAR

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Nov. 24, 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 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 and its consolidated subsidiaries for the thirteen and twenty-six weeks ended November 24, 2024 and November 26, 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. These reclassifications had no financial impact on previously reported net income (loss), cash flows, or stockholders' equity. 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 reportable segment 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 31, 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. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) , which requires disaggregated disclosure of income statement expenses in public business entities. ASU 2024-03 is effective for our Annual Report on Form 10-K for the fiscal year ending May 28, 2028, 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	6 Months Ended
	Nov. 24, 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 Twenty-Six Weeks Ended (in millions, except per share amounts) November 24, November 26, November 24, November 26, Numerator: Net income (loss) $ (36.1) $ 215.0 $ 91.3 $ 449.8 Denominator: Basic weighted average common shares outstanding 142.8 144.9 143.2 145.3 Add: Dilutive effect of employee incentive plans (a) 0.4 0.6 0.5 0.7 Diluted weighted average common shares outstanding 143.2 145.5 143.7 146.0 Earnings (loss) per share: Basic $ (0.25) $ 1.48 $ 0.64 $ 3.10 Diluted $ (0.25) $ 1.48 $ 0.64 $ 3.08 ___________________________________________ (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 November 24, 2024, 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 November 26, 2023, 0.7 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	6 Months Ended
	Nov. 24, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income tax expense for the periods presented were as follows: Thirteen Weeks Ended Twenty-Six Weeks Ended (in millions) November 24, November 26, November 24, November 26, Income (loss) before income taxes and equity method earnings $ (24.8) $ 276.5 $ 142.1 $ 569.1 Equity method investment earnings 2.1 4.7 13.4 16.8 Income tax expense 13.4 66.2 64.2 136.1 Effective tax rate (a) (59.0)% 23.5% 41.3% 23.2% ___________________________________________ (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. During the thirteen and twenty-six weeks ended November 24, 2024, we recorded a $35.5 million tax benefit related to charges in connection with our previously announced restructuring plan (the “Restructuring Plan”) and a discrete tax expense of $14.4 million and $19.2 million, respectively, primarily related to the establishment of a non-cash full valuation allowance against certain international deferred tax assets. See Note 4, Restructuring Plan, of these Condensed Notes to Consolidated Financial Statements for more information about the Restructuring Plan. Income Taxes Paid

RESTRUCTURING PLAN

RESTRUCTURING PLAN	6 Months Ended
	Nov. 24, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING PLAN	RESTRUCTURING PLAN On October 1, 2024, we announced the Restructuring Plan, which 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, the temporary curtailment of certain production lines and schedules across our manufacturing network in North America, and reductions in employee headcount, other operating expenses, and capital expenditures. In connection with the Restructuring Plan, we expect to recognize total pre-tax charges of $190 million to $210 million. We expect actions in connection with the Restructuring Plan will be substantially complete by the end of the fourth quarter of fiscal 2025, and that the majority of the remaining charges will relate to facility closure and employee-related costs. Any changes to these estimates or timing will be reflected in our results of operations in future periods. For the thirteen and twenty-six weeks ended November 24, 2024, we recorded $159.1 million of pre-tax charges, of which $114.5 million were cash and $44.6 million were non-cash. (in millions) Thirteen and Twenty-Six Weeks Ended November 24, 2024 Restructuring Plan expenses related to (a): Accelerated depreciation, retirement of assets, and other plant charges (b) $ 45.8 Potato contract terminations (c) 64.7 Inventory write-off (c) 19.8 Employee-related costs (d) 16.2 Other restructuring charges 12.6 $ 159.1 ___________________________________________ (a) These charges were included as “ unallocated corporate costs ” before being reconciled in the Segment Adjusted EBITDA to Net income (loss) table in Note 13, Segments, of these Condensed Notes to the Consolidated Financial Statements. (b) Includes charges related to accelerating depreciation of the manufacturing facility permanently closed under the Restructuring Plan, other asset retirements, and plant charges. (c) Includes the cost of contracted raw potatoes that will not be used due to curtailed production and the write-off of inventories, including spare parts, related to the production curtailment under the Restructuring Plan. (d) Includes employee severance and other one-time termination benefits related to the reduction in headcount under the Restructuring Plan. The following amounts related to the Restructuring Plan are included in the Company’s Consolidated Statements of Earnings: (in millions) Thirteen and Twenty-Six Weeks Ended November 24, 2024 Restructuring Plan expenses included in: Cost of sales $ 75.5 Restructuring expense 74.6 Equity method investment earnings 9.0 $ 159.1 Liabilities related to the Restructuring Plan of $65.3 million are recorded as current liabilities within “Accounts payable” and “Accrued liabilities” in the accompanying Consolidated Balance Sheet at November 24, 2024.

INVENTORIES

INVENTORIES	6 Months Ended
	Nov. 24, 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) November 24, May 26, Raw materials and packaging $ 344.8 $ 178.7 Finished goods 880.2 867.9 Supplies and other 102.2 92.0 Inventories $ 1,327.2 $ 1,138.6

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Nov. 24, 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) November 24, May 26, Land and land improvements $ 186.9 $ 186.2 Buildings, machinery and equipment 4,916.8 4,708.8 Furniture, fixtures, office equipment and other 157.9 127.7 Construction in progress 535.1 688.2 Property, plant and equipment, at cost 5,796.7 5,710.9 Less accumulated depreciation (2,187.1) (2,128.1) Property, plant and equipment, net $ 3,609.6 $ 3,582.8 At November 24, 2024 and May 26, 2024, purchases of property, plant and equipment included in accounts payable were $115.4 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”) for the thirteen and twenty-six weeks ended November 24, 2024 and November 26, 2023. Thirteen Weeks Ended Twenty-Six Weeks Ended (in millions) November 24, November 26, November 24, November 26, Depreciation - COS $ 79.6 $ 63.8 $ 158.1 $ 126.7 Depreciation - SG&A 3.7 2.7 7.0 5.7 Depreciation - Restructuring expense (a) 28.9 — 28.9 — $ 112.2 $ 66.5 $ 194.0 $ 132.4 Amortization - SG&A $ 7.2 $ 2.7 $ 14.7 $ 5.3 ___________________________________________ (a) See Note 4, Restructuring Plan, of these Condensed Notes to Consolidated Financial Statements for additional information. Interest capitalized within construction in progress for the thirteen weeks ended November 24, 2024 and November 26, 2023, was $8.2 million and $13.0 million, respectively; and $14.9 million and $23.5 million for the twenty-six weeks ended November 24, 2024 and November 26, 2023, respectively.

GOODWILL AND OTHER IDENTIFIABLE

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS	6 Months Ended
	Nov. 24, 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 twenty-six weeks ended November 24, 2024: (in millions) North America International Total Balance at May 26, 2024 $ 728.8 $ 331.1 $ 1,059.9 Foreign currency translation adjustment (21.8) (9.8) (31.6) Balance at November 24, 2024 $ 707.0 $ 321.3 $ 1,028.3 Other identifiable intangible assets were as follows: November 24, 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) 14 123.0 (40.0) 83.0 13 123.6 (36.7) 86.9 $ 141.0 $ (40.0) $ 101.0 $ 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	6 Months Ended
	Nov. 24, 2024
Other Assets, Noncurrent Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS The components of other assets were as follows: (in millions) November 24, May 26, Capitalized software costs $ 219.7 $ 227.9 Property, plant and equipment deposits 72.5 52.6 Equity method investments 47.8 59.2 Other 62.6 56.7 Other assets $ 402.6 $ 396.4

ACCRUED LIABILITIES

ACCRUED LIABILITIES	6 Months Ended
	Nov. 24, 2024
Payables and Accruals [Abstract]
ACCRUED LIABILITIES	ACCRUED LIABILITIES The components of accrued liabilities were as follows: (in millions) November 24, May 26, Compensation and benefits $ 97.2 $ 72.8 Accrued trade promotions 62.9 90.0 Dividends payable to shareholders 51.3 51.7 Accrued interest 43.0 31.7 Taxes payable 28.4 24.8 Current portion of operating lease obligations 26.3 29.3 Plant utilities and accruals 25.8 23.9 Derivative liabilities and payables 19.5 24.6 Other 36.4 58.8 Accrued liabilities $ 390.8 $ 407.6

DEBT AND FINANCING OBLIGATIONS

DEBT AND FINANCING OBLIGATIONS	6 Months Ended
	Nov. 24, 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) November 24, 2024 May 26, 2024 Amount Interest Rate Amount Interest Rate Short-term borrowings: Revolving credit facility $ 288.1 6.450 % $ 291.3 6.580 % Other credit facilities (a) 32.4 35.0 320.5 326.3 Long-term debt: Term A-1 loan facility, due June 2026 (b) (c) — — 228.8 7.240 Term A-3 loan facility, due January 2030 (b) 416.3 7.300 427.5 7.390 Term A-4 loan facility, due May 2029 (b) 320.9 6.580 325.0 6.540 Term A-5 loan facility, due September 2031 (b) (c) 500.0 5.620 — — RMB loan facility, due February 2027 145.1 4.190 142.2 4.450 RMB loan facility, due September 2029 16.5 4.150 — — Euro term loan facility, due May 2029 208.4 4.930 216.9 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 3,777.2 3,510.4 Financing obligations: Lease financing obligations due on various dates through 2040 4.7 5.7 Total debt and financing obligations 4,102.4 3,842.4 Debt issuance costs (d) (18.6) (19.0) Short-term borrowings (320.5) (326.3) Current portion of long-term debt and financing obligations (69.7) (56.4) Long-term debt and financing obligations, excluding current portion $ 3,693.6 $ 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, A-4, and A-5 loans do not include anticipated patronage dividends. We have received and expect to continue receiving patronage dividends under these term loan facilities. (c) On September 27, 2024, we established a new $500 million Term A-5 loan facility with a maturity date of September 2031. We used the proceeds of this Term A-5 loan to repay the Term A-1 loan facility in full and a portion of outstanding borrowings under our revolving credit facility. (d) Excludes debt issuance costs of $4.3 million and $4.9 million as of November 24, 2024 and May 26, 2024, respectively, related to our Revolving credit facility, which are recorded in “Other assets” on our Consolidated Balance Sheets. As of November 24, 2024, we had $1,211.9 million of available liquidity under our committed revolving credit facility. For the twenty-six weeks ended November 24, 2024 and November 26, 2023, we paid $97.1 million and $89.4 million of interest on debt, respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Nov. 24, 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 November 24, 2024 (in millions) Level 1 Level 2 Level 3 Fair Value Derivative assets (a) $ — $ 0.4 $ — $ 0.4 Derivative liabilities (a) — (15.2) — (15.2) Deferred compensation liabilities (b) — (29.7) — (29.7) Fair value, net $ — $ (44.5) $ — $ (44.5) 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 November 24, 2024, we had $2,990.9 million of fixed-rate and $1,106.8 million of variable-rate debt outstanding. Based on current market rates, the fair value of our fixed-rate debt was estimated to be $2,848 million as of November 24, 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	6 Months Ended
	Nov. 24, 2024
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Share Repurchase Program During the thirteen weeks ended November 24, 2024, we did not repurchase any shares under our share repurchase program. During the twenty-six weeks ended November 24, 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 November 24, 2024, approximately $308 million remained authorized for repurchase under our share repurchase program. On December 19, 2024, we announced that our Board of Directors (the “Board”) increased our share repurchase authorization $250 million to an aggregate amount of $750 million. After giving effect to this increase, approximately $558 million remains authorized and available for repurchase under the program. The program has no expiration date. Dividends During the twenty-six weeks ended November 24, 2024, we paid $103.3 million of cash dividends to our common stockholders. In addition, on November 29, 2024, we paid $51.3 million of cash dividends to common stockholders of record as of the close of business on November 1, 2024. On December 18, 2024, the Board declared a cash dividend of $0.37 per share of our common stock. This dividend will be paid on February 28, 2025, to common stockholders of record as of the close of business on January 31, 2025. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss), net of taxes, as of November 24, 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 (60.7) (0.2) (0.2) (61.1) Net current-period other comprehensive income (60.7) (0.2) (0.2) (61.1) Balance as of November 24, 2024 $ (68.9) $ (5.5) $ 0.4 $ (74.0)

SEGMENTS

SEGMENTS	6 Months Ended
	Nov. 24, 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 Twenty-Six Weeks Ended (in millions) November 24, November 26, November 24, November 26, Segment net sales North America $ 1,072.1 $ 1,167.1 $ 2,175.8 $ 2,302.5 International 528.8 565.0 1,079.2 1,094.9 $ 1,600.9 $ 1,732.1 $ 3,255.0 $ 3,397.4 Thirteen Weeks Ended Twenty-Six Weeks Ended (in millions) November 24, November 26, 2023 November 24, November 26, Segment Adjusted EBITDA North America $ 266.7 $ 321.3 $ 542.8 $ 700.7 International 47.4 100.2 97.9 189.8 Total Reportable Segments Adjusted EBITDA 314.1 421.5 640.7 890.5 Unallocated corporate costs (a) (32.2) (44.6) (68.9) (100.8) Depreciation and amortization (b) 92.5 71.2 183.9 142.0 Unrealized derivative (gains)/losses 3.0 1.6 (5.9) (25.7) Foreign currency exchange (gains)/losses 9.6 (2.1) 10.2 5.3 Blue chip swap transaction gains (c) (3.3) (7.1) (19.9) (7.1) Items impacting comparability: Restructuring Plan expenses 159.1 — 159.1 — Shareholder activism expense (d) 0.4 — 0.4 — Inventory step-up from acquisition — (1.8) — 20.7 Integration and acquisition-related items, net — 4.8 — 8.8 Interest expense, net 43.3 29.1 88.5 59.8 Income (loss) before income taxes (22.7) 281.2 155.5 585.9 Income tax expense 13.4 66.2 64.2 136.1 Net income (loss) $ (36.1) $ 215.0 $ 91.3 $ 449.8 ___________________________________________ (a) Unallocated corporate costs include costs related to corporate support staff and support service, which include, but are not limited to, our administrative, information technology, human resources, finance, and accounting functions that are not specifically allocated to the segments. In the table, Unallocated corporate costs exclude unrealized derivative gains and losses, foreign currency exchange gains and losses, blue chip swap transaction gains, and items impacting comparability. These items are added back to reconcile Segment Adjusted EBITDA to Net income (loss). (b) Depreciation and amortization includes interest expense, income tax expense, and depreciation and amortization from equity method investments of $2.0 million and $2.1 million for the thirteen weeks ended November 24, 2024 and November 26, 2023, respectively; and $4.1 million and $4.3 million for the twenty-six weeks ended November 24, 2024 and November 26, 2023, respectively. Depreciation expense does not include $28.9 million of accelerated depreciation related to the closure of our manufacturing facility in Connell, Washington. (c) We enter into blue chip swap transactions to transfer U.S. dollars into Argentina primarily related to funding our capacity expansion in Argentina. The blue chip swap rate can diverge significantly from Argentina's official exchange rate. (d) Represents advisory fees related to shareholder activism matters.

COMMITMENTS, CONTINGENCIES, GUA

COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS	6 Months Ended
	Nov. 24, 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 and, in November 2024, the two lawsuits were consolidated. 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 and the two lawsuits were consolidated. The consolidated derivative lawsuits were dismissed without prejudice in November 2024. In November 2024, a class action complaint was filed in the U.S. District Court for the Northern District of Illinois against the Company, certain of our subsidiaries and a number of other producers of frozen potato products alleging violations of antitrust laws. Additional class action complaints were later filed in the same court, based on similar allegations, bringing antitrust claims on behalf of putative classes of direct purchasers, commercial and institutional indirect purchasers, and end-consumer indirect purchasers. Some complaints name a data provider and a trade association as defendants, in addition to producers of frozen potato products. The complaints allege, among other things, that beginning at least as early as January 1, 2021, the defendants conspired to raise the price of frozen potato products above competitive levels in violation of U.S. antitrust laws by coordinating prices of frozen potato products and imposing lockstep price increases, allegedly facilitated by the exchange of non-public information about prices and production. The complaints on behalf of the putative classes of indirect purchasers also assert claims under various state laws, including state antitrust laws, unfair competition laws, consumer protection statutes, and common law unjust enrichment. The relief sought in the complaints includes treble damages, injunctive relief, pre- and post-judgment interest, costs and attorneys’ fees. Class actions based on similar allegations have also been filed in Canada, in the Supreme Court of British Columbia and the Superior Court of Quebec. We believe these complaints lack merit and intend to vigorously defend against the allegations. Given the preliminary stage of the proceedings, we are currently unable to predict the outcome of this matter or estimate the range of potential loss, if any, that may result. 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023
Pay vs Performance Disclosure
Net income (loss)	$ (36.1)	$ 215	$ 91.3	$ 449.8

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Nov. 24, 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)	6 Months Ended
	Nov. 24, 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 and twenty-six weeks ended November 24, 2024 and November 26, 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. These reclassifications had no financial impact on previously reported net income (loss), cash flows, or stockholders' equity.
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 reportable segment 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 31, 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. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) , which requires disaggregated disclosure of income statement expenses in public business entities. ASU 2024-03 is effective for our Annual Report on Form 10-K for the fiscal year ending May 28, 2028, 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)	6 Months Ended
	Nov. 24, 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 Twenty-Six Weeks Ended (in millions, except per share amounts) November 24, November 26, November 24, November 26, Numerator: Net income (loss) $ (36.1) $ 215.0 $ 91.3 $ 449.8 Denominator: Basic weighted average common shares outstanding 142.8 144.9 143.2 145.3 Add: Dilutive effect of employee incentive plans (a) 0.4 0.6 0.5 0.7 Diluted weighted average common shares outstanding 143.2 145.5 143.7 146.0 Earnings (loss) per share: Basic $ (0.25) $ 1.48 $ 0.64 $ 3.10 Diluted $ (0.25) $ 1.48 $ 0.64 $ 3.08 ___________________________________________ (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 November 24, 2024, 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 November 26, 2023, 0.7 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)	6 Months Ended
	Nov. 24, 2024
Income Tax Disclosure [Abstract]
Schedule of Income Tax Expense	Income tax expense for the periods presented were as follows: Thirteen Weeks Ended Twenty-Six Weeks Ended (in millions) November 24, November 26, November 24, November 26, Income (loss) before income taxes and equity method earnings $ (24.8) $ 276.5 $ 142.1 $ 569.1 Equity method investment earnings 2.1 4.7 13.4 16.8 Income tax expense 13.4 66.2 64.2 136.1 Effective tax rate (a) (59.0)% 23.5% 41.3% 23.2% ___________________________________________ (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.

RESTRUCTURING PLAN (Tables)

RESTRUCTURING PLAN (Tables)	6 Months Ended
	Nov. 24, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	(in millions) Thirteen and Twenty-Six Weeks Ended November 24, 2024 Restructuring Plan expenses related to (a): Accelerated depreciation, retirement of assets, and other plant charges (b) $ 45.8 Potato contract terminations (c) 64.7 Inventory write-off (c) 19.8 Employee-related costs (d) 16.2 Other restructuring charges 12.6 $ 159.1 ___________________________________________ (a) These charges were included as “ unallocated corporate costs ” before being reconciled in the Segment Adjusted EBITDA to Net income (loss) table in Note 13, Segments, of these Condensed Notes to the Consolidated Financial Statements. (b) Includes charges related to accelerating depreciation of the manufacturing facility permanently closed under the Restructuring Plan, other asset retirements, and plant charges. (c) Includes the cost of contracted raw potatoes that will not be used due to curtailed production and the write-off of inventories, including spare parts, related to the production curtailment under the Restructuring Plan. (d) Includes employee severance and other one-time termination benefits related to the reduction in headcount under the Restructuring Plan. The following amounts related to the Restructuring Plan are included in the Company’s Consolidated Statements of Earnings: (in millions) Thirteen and Twenty-Six Weeks Ended November 24, 2024 Restructuring Plan expenses included in: Cost of sales $ 75.5 Restructuring expense 74.6 Equity method investment earnings 9.0 $ 159.1

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Nov. 24, 2024
Inventory Disclosure [Abstract]
Schedule of Components of Inventories	The components of inventories were as follows: (in millions) November 24, May 26, Raw materials and packaging $ 344.8 $ 178.7 Finished goods 880.2 867.9 Supplies and other 102.2 92.0 Inventories $ 1,327.2 $ 1,138.6

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Nov. 24, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	The components of property, plant and equipment were as follows: (in millions) November 24, May 26, Land and land improvements $ 186.9 $ 186.2 Buildings, machinery and equipment 4,916.8 4,708.8 Furniture, fixtures, office equipment and other 157.9 127.7 Construction in progress 535.1 688.2 Property, plant and equipment, at cost 5,796.7 5,710.9 Less accumulated depreciation (2,187.1) (2,128.1) Property, plant and equipment, net $ 3,609.6 $ 3,582.8 Below is a breakdown of depreciation and amortization between cost of sales (“COS”) and selling, general and administrative expenses (“SG&A”) for the thirteen and twenty-six weeks ended November 24, 2024 and November 26, 2023. Thirteen Weeks Ended Twenty-Six Weeks Ended (in millions) November 24, November 26, November 24, November 26, Depreciation - COS $ 79.6 $ 63.8 $ 158.1 $ 126.7 Depreciation - SG&A 3.7 2.7 7.0 5.7 Depreciation - Restructuring expense (a) 28.9 — 28.9 — $ 112.2 $ 66.5 $ 194.0 $ 132.4 Amortization - SG&A $ 7.2 $ 2.7 $ 14.7 $ 5.3 ___________________________________________ (a) See Note 4, Restructuring Plan, of these Condensed Notes to Consolidated Financial Statements for additional information.

GOODWILL AND OTHER IDENTIFIAB_2

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS (Tables)	6 Months Ended
	Nov. 24, 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 twenty-six weeks ended November 24, 2024: (in millions) North America International Total Balance at May 26, 2024 $ 728.8 $ 331.1 $ 1,059.9 Foreign currency translation adjustment (21.8) (9.8) (31.6) Balance at November 24, 2024 $ 707.0 $ 321.3 $ 1,028.3
Schedule of Other Identifiable Intangible Assets, Non-Amortizing Intangible Assets	Other identifiable intangible assets were as follows: November 24, 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) 14 123.0 (40.0) 83.0 13 123.6 (36.7) 86.9 $ 141.0 $ (40.0) $ 101.0 $ 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: November 24, 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) 14 123.0 (40.0) 83.0 13 123.6 (36.7) 86.9 $ 141.0 $ (40.0) $ 101.0 $ 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)	6 Months Ended
	Nov. 24, 2024
Other Assets, Noncurrent Disclosure [Abstract]
Schedule of Components of Other Assets	The components of other assets were as follows: (in millions) November 24, May 26, Capitalized software costs $ 219.7 $ 227.9 Property, plant and equipment deposits 72.5 52.6 Equity method investments 47.8 59.2 Other 62.6 56.7 Other assets $ 402.6 $ 396.4

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	6 Months Ended
	Nov. 24, 2024
Payables and Accruals [Abstract]
Schedule of Components of Accrued Liabilities	The components of accrued liabilities were as follows: (in millions) November 24, May 26, Compensation and benefits $ 97.2 $ 72.8 Accrued trade promotions 62.9 90.0 Dividends payable to shareholders 51.3 51.7 Accrued interest 43.0 31.7 Taxes payable 28.4 24.8 Current portion of operating lease obligations 26.3 29.3 Plant utilities and accruals 25.8 23.9 Derivative liabilities and payables 19.5 24.6 Other 36.4 58.8 Accrued liabilities $ 390.8 $ 407.6

DEBT AND FINANCING OBLIGATIONS

DEBT AND FINANCING OBLIGATIONS (Tables)	6 Months Ended
	Nov. 24, 2024
Debt Disclosure [Abstract]
Schedule of Debt, Including Financing Obligations	The components of our debt, including financing obligations, were as follows: (in millions) November 24, 2024 May 26, 2024 Amount Interest Rate Amount Interest Rate Short-term borrowings: Revolving credit facility $ 288.1 6.450 % $ 291.3 6.580 % Other credit facilities (a) 32.4 35.0 320.5 326.3 Long-term debt: Term A-1 loan facility, due June 2026 (b) (c) — — 228.8 7.240 Term A-3 loan facility, due January 2030 (b) 416.3 7.300 427.5 7.390 Term A-4 loan facility, due May 2029 (b) 320.9 6.580 325.0 6.540 Term A-5 loan facility, due September 2031 (b) (c) 500.0 5.620 — — RMB loan facility, due February 2027 145.1 4.190 142.2 4.450 RMB loan facility, due September 2029 16.5 4.150 — — Euro term loan facility, due May 2029 208.4 4.930 216.9 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 3,777.2 3,510.4 Financing obligations: Lease financing obligations due on various dates through 2040 4.7 5.7 Total debt and financing obligations 4,102.4 3,842.4 Debt issuance costs (d) (18.6) (19.0) Short-term borrowings (320.5) (326.3) Current portion of long-term debt and financing obligations (69.7) (56.4) Long-term debt and financing obligations, excluding current portion $ 3,693.6 $ 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, A-4, and A-5 loans do not include anticipated patronage dividends. We have received and expect to continue receiving patronage dividends under these term loan facilities. (c) On September 27, 2024, we established a new $500 million Term A-5 loan facility with a maturity date of September 2031. We used the proceeds of this Term A-5 loan to repay the Term A-1 loan facility in full and a portion of outstanding borrowings under our revolving credit facility. (d)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Nov. 24, 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 November 24, 2024 (in millions) Level 1 Level 2 Level 3 Fair Value Derivative assets (a) $ — $ 0.4 $ — $ 0.4 Derivative liabilities (a) — (15.2) — (15.2) Deferred compensation liabilities (b) — (29.7) — (29.7) Fair value, net $ — $ (44.5) $ — $ (44.5) 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)	6 Months Ended
	Nov. 24, 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 November 24, 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 (60.7) (0.2) (0.2) (61.1) Net current-period other comprehensive income (60.7) (0.2) (0.2) (61.1) Balance as of November 24, 2024 $ (68.9) $ (5.5) $ 0.4 $ (74.0)

SEGMENTS (Tables)

SEGMENTS (Tables)	6 Months Ended
	Nov. 24, 2024
Segment Reporting [Abstract]
Schedule of Segment Net Sales	Thirteen Weeks Ended Twenty-Six Weeks Ended (in millions) November 24, November 26, November 24, November 26, Segment net sales North America $ 1,072.1 $ 1,167.1 $ 2,175.8 $ 2,302.5 International 528.8 565.0 1,079.2 1,094.9 $ 1,600.9 $ 1,732.1 $ 3,255.0 $ 3,397.4
Schedule of the Reconciliation of Adjusted EBITDA to Net Income	Thirteen Weeks Ended Twenty-Six Weeks Ended (in millions) November 24, November 26, 2023 November 24, November 26, Segment Adjusted EBITDA North America $ 266.7 $ 321.3 $ 542.8 $ 700.7 International 47.4 100.2 97.9 189.8 Total Reportable Segments Adjusted EBITDA 314.1 421.5 640.7 890.5 Unallocated corporate costs (a) (32.2) (44.6) (68.9) (100.8) Depreciation and amortization (b) 92.5 71.2 183.9 142.0 Unrealized derivative (gains)/losses 3.0 1.6 (5.9) (25.7) Foreign currency exchange (gains)/losses 9.6 (2.1) 10.2 5.3 Blue chip swap transaction gains (c) (3.3) (7.1) (19.9) (7.1) Items impacting comparability: Restructuring Plan expenses 159.1 — 159.1 — Shareholder activism expense (d) 0.4 — 0.4 — Inventory step-up from acquisition — (1.8) — 20.7 Integration and acquisition-related items, net — 4.8 — 8.8 Interest expense, net 43.3 29.1 88.5 59.8 Income (loss) before income taxes (22.7) 281.2 155.5 585.9 Income tax expense 13.4 66.2 64.2 136.1 Net income (loss) $ (36.1) $ 215.0 $ 91.3 $ 449.8 ___________________________________________ (a) Unallocated corporate costs include costs related to corporate support staff and support service, which include, but are not limited to, our administrative, information technology, human resources, finance, and accounting functions that are not specifically allocated to the segments. In the table, Unallocated corporate costs exclude unrealized derivative gains and losses, foreign currency exchange gains and losses, blue chip swap transaction gains, and items impacting comparability. These items are added back to reconcile Segment Adjusted EBITDA to Net income (loss). (b) Depreciation and amortization includes interest expense, income tax expense, and depreciation and amortization from equity method investments of $2.0 million and $2.1 million for the thirteen weeks ended November 24, 2024 and November 26, 2023, respectively; and $4.1 million and $4.3 million for the twenty-six weeks ended November 24, 2024 and November 26, 2023, respectively. Depreciation expense does not include $28.9 million of accelerated depreciation related to the closure of our manufacturing facility in Connell, Washington. (c) We enter into blue chip swap transactions to transfer U.S. dollars into Argentina primarily related to funding our capacity expansion in Argentina. The blue chip swap rate can diverge significantly from Argentina's official exchange rate. (d) Represents advisory fees related to shareholder activism matters.

NATURE OF OPERATIONS AND SUMM_3

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	6 Months Ended
	Nov. 24, 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		6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023
Numerator:
Net income (loss)	$ (36.1)	$ 215	$ 91.3	$ 449.8
Denominator:
Basic weighted average common shares outstanding (in shares)	142.8	144.9	143.2	145.3
Add: Dilutive effect of employee incentive plans (in shares)	0.4	0.6	0.5	0.7
Diluted weighted average common shares outstanding (in shares)	143.2	145.5	143.7	146
Earnings (loss) per share:
Basic (in dollars per share)	$ (0.25)	$ 1.48	$ 0.64	$ 3.10
Diluted (in dollars per share)	$ (0.25)	$ 1.48	$ 0.64	$ 3.08
Antidilutive securities (in shares)			0.6	0.7

INCOME TAXES - Schedule of Inco

INCOME TAXES - Schedule of Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023
Income Tax Disclosure [Abstract]
Income (loss) before income taxes and equity method earnings	$ (24.8)	$ 276.5	$ 142.1	$ 569.1
Equity method investment earnings	2.1	4.7	13.4	16.8
Income tax expense	$ 13.4	$ 66.2	$ 64.2	$ 136.1
Effective tax rate (as a percent)	(59.00%)	23.50%	41.30%	23.20%

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Nov. 24, 2024	Nov. 24, 2024	Nov. 26, 2023
Income Tax Disclosure [Abstract]
Net income tax benefit, restructuring plan	$ 35.5	$ 35.5
Net income tax expense	$ 14.4	19.2
Income taxes paid, net of refunds		$ 86.4	$ 101.1

RESTRUCTURING PLAN - Narrative

RESTRUCTURING PLAN - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023	Oct. 01, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring expense	$ 159.1	$ 0	$ 159.1	$ 0
Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring expense	159.1		159.1
Cash expenditure	114.5		114.5
Noncash expenditure	44.6		44.6
Restructuring and related cost, liability	$ 65.3		$ 65.3
Restructuring Plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring cost					$ 190
Restructuring Plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring cost					$ 210

RESTRUCTURING PLAN - Summary of

RESTRUCTURING PLAN - Summary of the Pre-Tax Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	$ 159.1	$ 0	$ 159.1	$ 0
Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	159.1		159.1
Accelerated depreciation, retirement of assets, and other plant charges | Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	45.8		45.8
Potato contract terminations | Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	64.7		64.7
Inventory write-off | Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	19.8		19.8
Employee related costs | Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	16.2		16.2
Other restructuring charges | Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	$ 12.6		$ 12.6

RESTRUCTURING PLAN - Restructur

RESTRUCTURING PLAN - Restructuring Plan (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	$ 159.1	$ 0	$ 159.1	$ 0
Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	159.1		159.1
Cost of sales | Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	75.5		75.5
Restructuring expense | Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	74.6		74.6
Equity method investment earnings | Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	$ 9		$ 9

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Nov. 24, 2024	May 26, 2024
Inventory Disclosure [Abstract]
Raw materials and packaging	$ 344.8	$ 178.7
Finished goods	880.2	867.9
Supplies and other	102.2	92
Inventories	$ 1,327.2	$ 1,138.6

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Components (Details) - USD ($) $ in Millions	Nov. 24, 2024	May 26, 2024
Property, Plant and Equipment
Property, plant and equipment, at cost	$ 5,796.7	$ 5,710.9
Less accumulated depreciation	(2,187.1)	(2,128.1)
Property, plant and equipment, net	3,609.6	3,582.8
Land and land improvements
Property, Plant and Equipment
Property, plant and equipment, at cost	186.9	186.2
Buildings, machinery and equipment
Property, Plant and Equipment
Property, plant and equipment, at cost	4,916.8	4,708.8
Furniture, fixtures, office equipment and other
Property, Plant and Equipment
Property, plant and equipment, at cost	157.9	127.7
Construction in progress
Property, Plant and Equipment
Property, plant and equipment, at cost	$ 535.1	$ 688.2

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023	May 26, 2024
Property, Plant and Equipment [Line Items]
Purchases of property, plant and equipment included in accounts payable			$ 115.4		$ 292
Construction in progress
Property, Plant and Equipment [Line Items]
Interest capitalized	$ 8.2	$ 13	$ 14.9	$ 23.5

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT - Depreciation And Amortization Between Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 112.2	$ 66.5	$ 194	$ 132.4
Amortization	7.2	2.7	14.7	5.3
Depreciation - COS
Property, Plant and Equipment [Line Items]
Depreciation expense	79.6	63.8	158.1	126.7
Depreciation - SG&A
Property, Plant and Equipment [Line Items]
Depreciation expense	3.7	2.7	7	5.7
Depreciation - Restructuring expense
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 28.9	$ 0	$ 28.9	$ 0

GOODWILL AND OTHER IDENTIFIAB_3

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Schedule of Changes in the Carrying Amount of Goodwill (Details) $ in Millions	6 Months Ended
	Nov. 24, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 1,059.9
Foreign currency translation adjustment	(31.6)
Ending balance	1,028.3
North America
Goodwill [Roll Forward]
Beginning balance	728.8
Foreign currency translation adjustment	(21.8)
Ending balance	707
International
Goodwill [Roll Forward]
Beginning balance	331.1
Foreign currency translation adjustment	(9.8)
Ending balance	$ 321.3

GOODWILL AND OTHER IDENTIFIAB_4

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Millions	Nov. 24, 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	123	123.6
Other identifiable intangible assets, gross	141	141.6
Accumulated Amortization	(40)	(36.7)
Amortizing intangible assets, net	83	86.9
Other identifiable intangible assets, net	$ 101	$ 104.9

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Millions	Nov. 24, 2024	May 26, 2024
Other Assets, Noncurrent Disclosure [Abstract]
Capitalized software costs	$ 219.7	$ 227.9
Property, plant and equipment deposits	72.5	52.6
Equity method investments	47.8	59.2
Other	62.6	56.7
Other assets	$ 402.6	$ 396.4

ACCRUED LIABILITIES (Details)

ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	Nov. 24, 2024	May 26, 2024
Payables and Accruals [Abstract]
Compensation and benefits	$ 97.2	$ 72.8
Accrued trade promotions	62.9	90
Dividends payable to shareholders	51.3	51.7
Accrued interest	43	31.7
Current portion of operating lease obligations	26.3	29.3
Plant utilities and accruals	25.8	23.9
Derivative liabilities and payables	19.5	24.6
Taxes payable	28.4	24.8
Other	36.4	58.8
Accrued liabilities	$ 390.8	$ 407.6

DEBT AND FINANCING OBLIGATION_2

DEBT AND FINANCING OBLIGATIONS - Summary (Details) - USD ($) $ in Millions	Nov. 24, 2024	Sep. 27, 2024	May 26, 2024
Debt and Financing Obligations
Short-term borrowings	$ 320.5		$ 326.3
Long-term debt	3,777.2		3,510.4
Financing obligations	4.7		5.7
Total debt and financing obligations	4,102.4		3,842.4
Debt issuance costs	(18.6)		(19)
Short-term borrowings	(320.5)		(326.3)
Current portion of long-term debt and financing obligations	(69.7)		(56.4)
Long-term debt and financing obligations, excluding current portion	3,693.6		3,440.7
Revolving credit facility | Secured Debt | Revolving Credit Facility
Debt and Financing Obligations
Short-term borrowings	$ 288.1		$ 291.3
Interest Rate	6.45%		6.58%
Debt issuance costs, line of credit arrangements, net	$ 4.3		$ 4.9
Other credit facilities | Line of Credit
Debt and Financing Obligations
Short-term borrowings	32.4		35
Term A-1 loan facility, due June 2026 | Secured Debt
Debt and Financing Obligations
Long-term debt	$ 0		$ 228.8
Interest Rate	0%		7.24%
Term A-3 loan facility, due January 2030 | Secured Debt
Debt and Financing Obligations
Long-term debt	$ 416.3		$ 427.5
Interest Rate	7.30%		7.39%
Term A-4 loan facility, due May 2029 | Secured Debt
Debt and Financing Obligations
Long-term debt	$ 320.9		$ 325
Interest Rate	6.58%		6.54%
Term A-5 loan facility, due September 2031 | Secured Debt
Debt and Financing Obligations
Long-term debt	$ 500		$ 0
Interest Rate	5.62%		0%
Term loan facility		$ 500
RMB loan facility, due February 2027 | Term Loan
Debt and Financing Obligations
Long-term debt	$ 145.1		$ 142.2
Interest Rate	4.19%		4.45%
RMB loan facility, due September 2029 | Term Loan
Debt and Financing Obligations
Long-term debt	$ 16.5		$ 0
Interest Rate	4.15%		0%
Euro term loan facility, due May 2029 | Term Loan
Debt and Financing Obligations
Long-term debt	$ 208.4		$ 216.9
Interest Rate	4.93%		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	6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023
Debt Disclosure [Abstract]
Available amount under committed revolving credit facilities	$ 1,211.9
Interest paid	$ 97.1	$ 89.4

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value Hierarchy (Details) - USD ($) $ in Millions	Nov. 24, 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	$ 0.4	$ 1.4
Derivative liabilities	(15.2)	(21.7)
Deferred compensation liabilities	(29.7)	(27.6)
Fair value, net	(44.5)	(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	0.4	1.4
Derivative liabilities	(15.2)	(21.7)
Deferred compensation liabilities	(29.7)	(27.6)
Fair value, net	(44.5)	(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	Nov. 24, 2024 USD ($)
Carrying Value | Fixed Rate Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 2,990.9
Carrying Value | Variable Rate Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,106.8
Level 2 | Fair Value | Fixed Rate Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 2,848

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended		6 Months Ended
	Dec. 18, 2024	Nov. 29, 2024	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023	Dec. 19, 2024
Share Repurchase Program
Number of shares repurchased (in shares)					1,412,852
Shares repurchased					$ 82
Share repurchase capacity			$ 308		308
Dividends paid					$ 103.3	$ 81.6
Dividends declared (in dollars per share)			$ 0.36	$ 0.28	$ 0.72	$ 0.56
Subsequent Event
Share Repurchase Program
Share repurchase capacity							$ 558
Increase in authorization amount							250
Authorization to repurchase common stock not to exceed							$ 750
Dividends paid		$ 51.3
Dividends declared (in dollars per share)	$ 0.37
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	6 Months Ended
	Nov. 24, 2024 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income before reclassifications, net of tax	$ (61.1)
Net current-period other comprehensive income	(61.1)
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	(74)
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	(60.7)
Net current-period other comprehensive income	(60.7)
Balance at the end of the period	(68.9)
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	(0.2)
Net current-period other comprehensive income	(0.2)
Balance at the end of the period	$ 0.4

SEGMENTS - Narrative (Details)

SEGMENTS - Narrative (Details)	6 Months Ended
	Nov. 24, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	2

SEGMENTS - Net Sales (Details)

SEGMENTS - Net Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	$ 1,600.9	$ 1,732.1	$ 3,255	$ 3,397.4
North America
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	1,072.1	1,167.1	2,175.8	2,302.5
International
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	$ 528.8	$ 565	$ 1,079.2	$ 1,094.9

SEGMENTS - Reconciliation (Deta

SEGMENTS - Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 24, 2024	Nov. 26, 2023	Nov. 24, 2024	Nov. 26, 2023	Oct. 01, 2024
Segment Adjusted EBITDA
Depreciation and amortization	$ 92.5	$ 71.2	$ 183.9	$ 142
Unrealized derivative (gains)/losses	3	1.6	(5.9)	(25.7)
Foreign currency exchange (gains)/losses	9.6	(2.1)	10.2	5.3
Blue chip swap transaction gains	(3.3)	(7.1)	(19.9)	(7.1)
Items impacting comparability:
Restructuring expense	159.1	0	159.1	0
Shareholder activism expense	0.4	0	0.4	0
Inventory step-up from acquisition	0	(1.8)	0	20.7
Integration and acquisition-related items, net	0	4.8	0	8.8
Interest expense, net	43.3	29.1	88.5	59.8
Income (loss) before income taxes	(22.7)	281.2	155.5	585.9
Income tax expense	13.4	66.2	64.2	136.1
Net income (loss)	(36.1)	215	91.3	449.8
Interest expense, income tax expense, and depreciation and amortization from equity method investments	2	2.1	4.1	4.3
Disposal group accelerated depreciation expense					$ 28.9
Operating Segments
Segment Adjusted EBITDA
Adjusted EBITDA	314.1	421.5	640.7	890.5
Operating Segments | North America
Segment Adjusted EBITDA
Adjusted EBITDA	266.7	321.3	542.8	700.7
Operating Segments | International
Segment Adjusted EBITDA
Adjusted EBITDA	47.4	100.2	97.9	189.8
Unallocated Corporate Costs
Segment Adjusted EBITDA
Adjusted EBITDA	$ (32.2)	$ (44.6)	$ (68.9)	$ (100.8)