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Lamb Weston Holdings, Inc. (LW) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, May 30, 2021

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 and Full Year 2021 Results; Provides Fiscal Year 2022 Outlook

Fourth Quarter Fiscal 2021 Highlights

Net sales increased 19% to $1,008 million
Income from operations increased 220% to $99 million
Net income increased to $66 million from a loss of $2 million
Diluted EPS increased to $0.44 from a loss of $0.01
Adjusted EBITDA including unconsolidated joint ventures(1) increased 112% to $166 million

Full Year 2021 Highlights

Net sales declined 3% to $3,671 million
Income from operations declined 15% to $475 million
Net income declined 13% to $318 million
Diluted EPS declined 13% to $2.16
Adjusted EBITDA including unconsolidated joint ventures(1) declined 6% to $748 million
Cash flows from operations declined 4% to $553 million
Returned $161 million of cash to stockholders in the form of both dividends and share repurchases

Fiscal 2022 Outlook

Net sales growth above long-term target range of low-to-mid single digits
Net income and Adjusted EBITDA including joint ventures(1) to be pressured during the first half, and normalize in the second half

EAGLE, ID (July 27, 2021) – Lamb Weston Holdings, Inc. (NYSE: LW) announced today its fiscal fourth quarter and full year 2021 results and provided its outlook for fiscal 2022.

“Fiscal 2021 was the most challenging operating environment in our company’s history, but we believe the worst of the COVID-19 pandemic’s effect on our business is behind us,” said Tom Werner, President and CEO. “I’m proud of how the entire Lamb Weston team has been navigating through the pandemic by prioritizing the health and welfare of our employees, maintaining product safety, and servicing our customers. We’re encouraged by the pace of recovery in U.S. restaurant traffic, especially at full-service restaurants, and continue to expect that overall U.S. french fry demand will return to pre-pandemic levels around the end of calendar 2021. We also anticipate that demand in Europe and in our key export markets will steadily improve as vaccines become more widely available and vaccination rates increase in those markets.”

“While french fry demand trends have become more predictable compared to a year ago, the lingering effects of the pandemic and the sharp recovery of the broader economy in the U.S. has disrupted supply chain operations across all industries, including ours. While we expect these disruptions to be transitory, we believe these challenges, along with notable input and transportation cost inflation and the impact of a tighter labor market, will continue to pressure our

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The following information was filed by Lamb Weston Holdings, Inc. (LW) on Tuesday, July 27, 2021 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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Lamb Weston Holdings, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

  • Voting Procedures
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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
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 - Aggregate Minimum Principal Maturities - Tabular Disclosure (Details)
Debt And Financing Obligations - General Information (Details)
Debt And Financing Obligations - Interest Paid (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 - Tabular Disclosure (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 - Deferred Compensation Savings Plan (Details)
Employee Benefit Plans And Other Post-Retirement Benefits - Other Plans - Defined Contribution 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 - Tax Credit 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 - 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 - Agreement - Equity Method Investee Information (Details)
Investments In Joint Ventures - Agreement - Related Party Information (Details)
Investments In Joint Ventures - Dividends (Details)
Investments In Joint Ventures - Equity Method Investments - Accounts Receivable (Details)
Investments In Joint Ventures - Equity Method Investments - Fees Received (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)
Investments In Joint Ventures - General Information (Details)
Investments In Joint Ventures - Sales And Payments (Details)
Leases
Leases (Tables)
Leases - Accumulated Amortization (Details)
Leases - Assets And Liabilities (Details)
Leases - Finance Leases - Discount To Present Value (Details)
Leases - Finance Leases - Maturities Of Lease Liabilities (Details)
Leases - Lease Costs (Details)
Leases - Lease Term (Details)
Leases - Modified Finance Leases (Details)
Leases - Operating Leases - Discount To Present Value (Details)
Leases - Operating Leases - Maturities Of Lease Liabilities (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 - 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 - Leased Assets (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)
Nature Of Operations And Summary Of Significant Accounting Policies - Unbilled Receivables (Details)
Schedule Ii Valuation And Qualifying Accounts
Schedule Ii Valuation And Qualifying Accounts (Details)
Segments
Segments (Tables)
Segments - Concentrations (Details)
Segments - General Information (Details)
Segments - Labor (Details)
Segments - Other Information - Net Sales By Geographical Area (Details)
Segments - Other Information - Net Sales By Product (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 (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 - 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: 0001558370-21-009330
Submitted to the SEC: Tue Jul 27 2021 1:36:37 PM EST
Accepted by the SEC: Tue Jul 27 2021
Period: Sunday, May 30, 2021
Industry: Canned Frozen And Preservd Fruit Veg And Food Specialties

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