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Lamb Weston Holdings, Inc. (LW) SEC Filing 10-K Annual report for the fiscal year ending Sunday, May 31, 2020

Lamb Weston Holdings, Inc.

CIK: 1679273 Ticker: LW

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News Release

For more information, please contact:

Investors:

Dexter Congbalay

224-306-1535

dexter.congbalay@lambweston.com

Media:

Shelby Stoolman

208-424-5461

shelby.stoolman@lambweston.com

Lamb Weston Reports Fiscal Fourth Quarter 2020 Results; Provides Update for

First Quarter of Fiscal Year 2021

Fourth Quarter 2020 Highlights (includes the contribution of an additional sales week versus the prior year)

Net sales declined 16% to $847 million
Income from operations declined 79% to $31 million, and includes $58 million of net costs related to the COVID-19 pandemic’s impact on operations
Net income declined $112 million to a loss of $2 million
Adjusted EBITDA including unconsolidated joint ventures(1) declined 64% to $78 million, and includes
$74 million of net costs related to the pandemic’s impact on operations
Diluted EPS declined $0.76 to a loss of $0.01 from $0.75
Adjusted Diluted EPS (1) declined $0.75 to a loss of $0.01 from $0.74

Full Year 2020 Highlights (includes the contribution of a 53rd week)

Net sales increased 1% to $3,792 million
Income from operations declined 17% to $557 million, and includes $58 million of net costs related to the COVID-19 pandemic’s impact on operations
Net income attributable to Lamb Weston declined 24% to $366 million
Adjusted EBITDA including unconsolidated joint ventures(1) declined 12% to $800 million, and includes
$74 million of net costs related to the pandemic’s impact on operations
Diluted EPS declined 22% to $2.49 from $3.18
Adjusted Diluted EPS (1) declined 22% to $2.50 from $3.22
Cash flows from operations declined 16% to $574 million
Returned $144 million of cash to stockholders in the form of both dividends and share repurchases

First Quarter of Fiscal Year 2021 Business Update (for 7 weeks ending July 20)

North America shipments at approximately 85% of prior-year level, led by demand from quick serve restaurants and retail, while full-service restaurants have improved sequentially as states ease restrictions
Europe shipments at approximately 75% of prior-year level, and have improved sequentially as countries ease restrictions
China shipments at approximately 85% of prior-year level, while performance in other international markets has softened due to the effect of the continued spread of COVID-19 as well as inventory destocking

EAGLE, ID (July 28, 2020) – Lamb Weston Holdings, Inc. (NYSE: LW) announced today its fiscal fourth quarter and full year 2020 results and provided a business update for the first quarter of fiscal 2021.

“The final months of fiscal 2020 were some of the most challenging in our Company’s history. Government efforts worldwide to slow the spread of COVID-19, including restrictions on restaurants and other foodservice operations, as

1


The following information was filed by Lamb Weston Holdings, Inc. (LW) on Tuesday, July 28, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Lamb Weston Holdings, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Earnings
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Tables)
Acquisitions
Acquisitions (Details)
Commitments, Contingencies, Guarantees And Legal Proceedings
Commitments, Contingencies, Guarantees And Legal Proceedings - Capital Commitments (Details)
Commitments, Contingencies, Guarantees And Legal Proceedings - Guarantees (Details)
Commitments, Contingencies, Guarantees And Legal Proceedings - Purchase Supply Agreements (Details)
Debt And Financing Obligations
Debt And Financing Obligations (Tables)
Debt And Financing Obligations - Additional Information (Details)
Debt And Financing Obligations - Aggregate Minimum Principal Maturities - Additional Information (Details)
Debt And Financing Obligations - Aggregate Minimum Principal Maturities - Tabular Disclosure (Details)
Debt And Financing Obligations - Credit Agreement (Details)
Debt And Financing Obligations - Financing Obligation (Details)
Debt And Financing Obligations - Other Credit Facilities (Details)
Debt And Financing Obligations - Tabular Disclosure - Components (Details)
Debt And Financing Obligations - Tabular Disclosure - Current And Noncurrent (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Antidilutive Securities (Details)
Earnings Per Share - Computation Of Basic And Diluted Earnings Per Common Share (Details)
Earnings Per Share - Variable Interest Entity - Consolidated - Acquisition - Additional Information (Details)
Earnings Per Share - Variable Interest Entity - Consolidated - Acquisition - Ownership Interest (Details)
Employee Benefit Plans And Other Post-Retirement Benefits
Employee Benefit Plans And Other Post-Retirement Benefits (Tables)
Employee Benefit Plans And Other Post-Retirement Benefits - Actuarial Assumptions (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Change In Benefit Obligation (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Changes In Plan Assets (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Changes In Plan Assets And Benefit Obligations (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Components Of Net Periodic Benefit Cost (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Components Of Net Periodic Benefit Cost And Other Comprehensive (Income) Loss - Additional Information (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Components Of Net Periodic Benefit Cost And Other Comprehensive (Income) Loss - Tabular Disclosure (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Condensed Combined And Consolidated Balance Sheets (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Fair Value Measurements Of Plan Assets - Investment Policy (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Fair Value Measurements Of Plan Assets - Redeemable Notice (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Fair Value Measurements Of Plan Assets - Tabular Disclosure (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Funding And Cash Flows - Contributions (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Funding And Cash Flows - Estimated Benefit Payments (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Health Care Cost Trend Rate Assumptions (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Other Plans - Conagra's Defined Contribution Plan (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Other Plans - Deferred Compensation Savings Plan (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Payment From Pension Plan Assets (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Underfunded Status (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Debt Outstanding (Details)
Fair Value Measurements - Fair Value Hierarchy (Details)
Goodwill And Other Identifiable Intangible Assets
Goodwill And Other Identifiable Intangible Assets (Tables)
Goodwill And Other Identifiable Intangible Assets - Amortization Expense (Details)
Goodwill And Other Identifiable Intangible Assets - Amortizing Intangible Assets (Details)
Goodwill And Other Identifiable Intangible Assets - Carrying Amount Of Goodwill (Details)
Goodwill And Other Identifiable Intangible Assets - Estimated Intangible Assets Amortization Expense (Details)
Goodwill And Other Identifiable Intangible Assets - Goodwill Acquired (Details)
Goodwill And Other Identifiable Intangible Assets - Impairment Testing (Details)
Goodwill And Other Identifiable Intangible Assets - Other Identifiable Intangible Assets (Details)
Goodwill And Other Identifiable Intangible Assets - Weighted Average Useful Life (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Deferred Income Taxes - Consolidated Balance Sheets (Details)
Income Taxes - Deferred Income Taxes - Deferred Tax Assets (Details)
Income Taxes - Deferred Income Taxes - Deferred Tax Liabilities (Details)
Income Taxes - Deferred Income Taxes - Net Operating Loss Carryforwards (Details)
Income Taxes - Deferred Income Taxes - Valuation Allowance (Details)
Income Taxes - Income Taxes Paid (Details)
Income Taxes - Pre-Tax Income Inclusive Of Equity Method Investment Earnings (Details)
Income Taxes - Provision For Income Taxes (Details)
Income Taxes - Reconciliation Of Income Tax Expenses - Additional Information (Details)
Income Taxes - Reconciliation Of Income Tax Expenses - Statutory Rates (Details)
Income Taxes - Reconciliation Of Income Tax Expenses - Tabular Disclosure (Details)
Income Taxes - Uncertain Tax Positions - Additional Information (Details)
Income Taxes - Uncertain Tax Positions - Changes In Unrecognized Tax Benefits (Details)
Investments In Joint Ventures
Investments In Joint Ventures (Tables)
Investments In Joint Ventures - Consolidated Entity - Consideration Transferred (Details)
Investments In Joint Ventures - Consolidated Entity - Deferred Tax Assets (Details)
Investments In Joint Ventures - Consolidated Entity - Ownership Interest (Details)
Investments In Joint Ventures - Consolidated Entity - Pro Forma (Details)
Investments In Joint Ventures - Consolidated Entity - Transactions (Details)
Investments In Joint Ventures - Equity Method Investments - Accounts Receivable (Details)
Investments In Joint Ventures - Equity Method Investments - Agreement - Equity Method Investee Information (Details)
Investments In Joint Ventures - Equity Method Investments - Agreement - Related Party Information (Details)
Investments In Joint Ventures - Equity Method Investments - Dividends (Details)
Investments In Joint Ventures - Equity Method Investments - Fees Received (Details)
Investments In Joint Ventures - Equity Method Investments - General Information (Details)
Investments In Joint Ventures - Equity Method Investments - Sales And Payments (Details)
Investments In Joint Ventures - Equity Method Investments - Summarized Financial Information - Balance Sheet (Details)
Investments In Joint Ventures - Equity Method Investments - Summarized Financial Information - General Information (Details)
Investments In Joint Ventures - Equity Method Investments - Summarized Financial Information - Income Statement (Details)
Leases
Leases (Tables)
Leases - Asc 840 - Financing Obligations - Current And Noncurrent (Details)
Leases - Asc 840 - Financing Obligations - Maturities Of Lease Liabilities (Details)
Leases - Asc 840 - Operating Leases - Maturities Of Lease Liabilities (Details)
Leases - Asc 840 - Rent Expense (Details)
Leases - Asc 840 - Total Leases - Current And Noncurrent (Details)
Leases - Asc 840 - Total Leases - Maturities Of Lease Liabilities (Details)
Leases - Asc 842 - Finance Leases - Discount To Present Value (Details)
Leases - Asc 842 - Finance Leases - Maturities Of Lease Liabilities (Details)
Leases - Asc 842 - Operating Leases - Discount To Present Value (Details)
Leases - Asc 842 - Operating Leases - Maturities Of Lease Liabilities (Details)
Leases - Asc 842 - Total Leases - Discount To Present Value (Details)
Leases - Asc 842 - Total Leases - Maturities Of Lease Liabilities (Details)
Leases - Assets And Liabilities - Additional Information (Details)
Leases - Assets And Liabilities - Tabular Disclosure (Details)
Leases - Lease Expense - Operating Leases And Finance Leases (Details)
Leases - Lease Expense - Total (Details)
Leases - Lease Term (Details)
Leases - Supplemental Cash Flow Information (Details)
Leases - Weighted-Average Remaining Lease Term And Discount Rate (Details)
Nature Of Operations And Summary Of Significant Accounting Policies
Nature Of Operations And Summary Of Significant Accounting Policies (Policies)
Nature Of Operations And Summary Of Significant Accounting Policies (Tables)
Nature Of Operations And Summary Of Significant Accounting Policies - Advertising And Promotion (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Asu 2014-09 (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Asu 2016-02 - Impact Of Adoption (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Asu 2016-02 - Practical Expedients (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Basis Of Presentation (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Cash And Cash Equivalents (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Foreign Currency (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - General Information (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Inventories (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - New And Recently Issued Accounting Standards (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Property, Plant And Equipment - Components (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Property, Plant And Equipment - Depreciation Expense (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Property, Plant And Equipment - Interest Capitalized (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Property, Plant And Equipment - Purchases In Accounts Payable (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Property, Plant And Equipment - Useful Lives (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Reportable Segments (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Research And Development (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Sales Incentives And Trade Promotion Allowances (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Trade Accounts Receivable And Allowance For Doubtful Accounts (Details)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Tables)
Quarterly Financial Data (Unaudited) - Multiemployer Pension Plan (Details)
Quarterly Financial Data (Unaudited) - Potentially Dilutive Shares (Details)
Quarterly Financial Data (Unaudited) - Tabular Disclosure (Details)
Quarterly Financial Data (Unaudited) - Tax Act (Details)
Schedule Ii Valuation And Qualifying Accounts
Schedule Ii Valuation And Qualifying Accounts - Additional Information (Details)
Schedule Ii Valuation And Qualifying Accounts - Tabular Disclosure (Details)
Segments
Segments (Tables)
Segments - Concentrations (Details)
Segments - General Information (Details)
Segments - Labor (Details)
Segments - Multiemployer Pension Plan (Details)
Segments - Other Information - Net Sales By Geographical Area (Details)
Segments - Other Information - Net Sales By Product (Details)
Segments - Separation-Related Expenses (Details)
Segments - Tabular Disclosure (Details)
Segments - Tax Act (Details)
Segments - Variable Interest Entity - Consolidated - Acquisition - Ownership Interest (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Compensation Expense - Additional Information (Details)
Stock-Based Compensation - Compensation Expense - Tabular Disclosure (Details)
Stock-Based Compensation - General Information (Details)
Stock-Based Compensation - Restricted Stock Unit And Performance-Based Restricted Stock Unit - Activity (Details)
Stock-Based Compensation - Restricted Stock Unit And Performance-Based Restricted Stock Unit - Additional Information (Details)
Stock-Based Compensation - Restricted Stock Unit And Performance-Based Restricted Stock Unit - General Information (Details)
Stock-Based Compensation - Stock Options - Activity (Details)
Stock-Based Compensation - Stock Options - General Information (Details)
Stock-Based Compensation - Unrecognized Compensation Expense (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Changes In Aoci (Details)
Stockholders' Equity - Common And Preferred Stock (Details)
Stockholders' Equity - Dividends Declared (Details)
Stockholders' Equity - Dividends Paid (Details)
Stockholders' Equity - Share Repurchase Program (Details)
Ticker: LW
CIK: 1679273
Form Type: 10-K Annual Report
Accession Number: 0001558370-20-008501
Submitted to the SEC: Tue Jul 28 2020 3:23:45 PM EST
Accepted by the SEC: Tue Jul 28 2020
Period: Sunday, May 31, 2020
Industry: Canned Frozen And Preservd Fruit Veg And Food Specialties

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