1.\u00a0\u00a0\u00a0\u00a0NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Lamb Weston Holdings, Inc. (\u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany,\u201d or \u201cLamb Weston\u201d), along with its joint venture partners, is a leading global producer, distributor, and marketer of value-added frozen potato products and is headquartered in Eagle, Idaho. We have four reportable segments: Global, Foodservice, Retail, and Other. See Note 14, Segments, for additional information on our reportable segments.
On November 9, 2016, Lamb Weston separated from Conagra Brands, Inc. (formerly, ConAgra Foods, Inc., \u201cConagra\u201d) and became an independent publicly traded company through the pro rata distribution by Conagra of 100% of the outstanding common stock of Lamb Weston to Conagra stockholders (\u201cSeparation\u201d).
Basis of Presentation
These Consolidated Financial Statements present the financial results of Lamb Weston for the fiscal years ended May 31, 2020, May 26, 2019, and May 27, 2018 (\u201cfiscal 2020, 2019, and 2018\u201d), and have been prepared in accordance with generally accepted accounting principles (\u201cGAAP\u201d) in the United States of America. The fiscal year of Lamb Weston ends the last Sunday in May. The fiscal years for the Consolidated Financial Statements presented consist of a 53-week period for fiscal 2020 and 52-week periods for fiscal 2019 and 2018.
The financial statements include all adjustments (consisting only of normal recurring adjustments) that we consider necessary for a fair presentation of such financial statements. The preparation of financial statements involves the use of estimates and accruals. Actual results may vary from those estimates.
Our consolidated financial statements include the accounts of Lamb Weston and all of its majority-owned subsidiaries. In addition, the accounts of all variable interest entities for which we are the primary beneficiary are included in our consolidated financial statements from the date such determination was made. Intercompany investments, accounts, and transactions have been eliminated.
The equity method of accounting is applied for investments when the Company has significant influence over the investee\u2019s operations, or when the investee is structured with separate capital accounts and our investment is considered more than minor. Our equity method investments are described in\u00a0Note 6, Investments in Joint Ventures.
Certain amounts in the prior period consolidated financial statements have been reclassified to conform with the current period presentation.
Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the amounts reported in our consolidated financial statements and the accompanying notes. On an ongoing basis, we evaluate our estimates, including but not limited to those related to provisions for income taxes, estimates of sales incentives and trade promotion allowances, and the valuation of goodwill and intangible assets. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates will be reflected in the consolidated financial statements in future periods.
Revenue from Contracts with Customers
Effective May 28, 2018, we adopted Accounting Standards Update (\u201cASU\u201d) 2014-09, Revenue from Contracts with Customers, and its related amendments, collectively known as Accounting Standards Codification (\u201cASC\u201d) 606, using the method. Fiscal years 2020 and 2019 are accounted for in accordance with this guidance. Fiscal 2018 was accounted for in accordance with ASC 605, Revenue Recognition.
Generally, we recognize revenue on a point-in-time basis when the customer takes title to the product and assumes the risks and rewards for the product. However, for customized products, which are products manufactured to customers\u2019 unique specifications, we recognize revenue over time, utilizing an output method based on products produced. This is because once a customized product is manufactured pursuant to a purchase order, we have an enforceable right to payment for that product. Our Global segment sells the majority of our customized products, for which revenue is recognized when a purchase order is received to the extent the product has been manufactured, as opposed to sales of non-customized products, for which revenue is generally recognized upon shipment. As a result, the timing of the receipt of a purchase order may create quarterly fluctuations in this segment.
The nature of our contracts vary based on the business, customer type, and region; however, in all instances it is our customary business practice to receive a valid order from the customer, in which each party\u2019s rights and related payment terms are clearly identifiable. Our payment terms are consistent with industry standards and generally include early pay discounts. Amounts billed and due from customers are short-term in nature and are classified as receivables, since payments are unconditional and only the passage of time is required before payments are due. We generally do not offer financing to our customers. We also do not provide a general right of return. However, customers may seek to return defective or non-conforming products. Following a customer return, we may offer remedies, including cash refunds, credit towards future purchases, or product replacement. As a result, customers\u2019 right of return and related refund or product liabilities are estimated and recorded as reductions in revenue.
We have elected to present all sales taxes on a net basis, account for shipping and handling activities as fulfillment activities, recognize the incremental costs of obtaining a contract as expense when incurred if the amortization period of the asset we would recognize is one year or less, and not record interest income or interest expense when the difference in timing of control or transfer and customer payment is one year or less.
Sales Incentives and Trade Promotion Allowances
We promote our products with advertising, consumer incentives, and trade promotions. Sales promotions include, but are not limited to, discounts, coupons, rebates, and volume-based incentives. The estimates for sales incentives are based principally on historical sales and coupon utilization and redemption rates, influenced by judgments about current market conditions such as competitive activity in specific product categories.
Trade promotion programs include introductory marketing funds such as slotting fees, cooperative marketing programs, temporary price reductions, and other activities conducted by our customers to promote our products. The costs of these programs are recognized as a reduction to revenue with a corresponding accrued liability. The estimate of trade promotions is inherently difficult due to information limitations as the products move beyond distributors and through the supply chain to operators. Estimates made by management in accounting for these costs are based primarily on our historical experience with marketing programs, with consideration given to current circumstances and industry trends and include the following: quantity of customer sales, timing of promotional activities, current and past trade-promotion spending patterns, the interpretation of historical spending trends by customer and category, and forecasted costs for activities within the promotional programs.
The determination of sales incentive and trade promotion costs requires judgment and may change in the future as a result of changes in customer promotion participation, particularly for new programs related to the introduction of new products. Final determination of the total cost of promotion is dependent upon customers providing information about proof of performance and other information related to the promotional event. Because of the complexity of some of these trade promotions, the ultimate resolution may result in payments that are materially different from our estimates. As additional information becomes known, we may change our estimates. At May 31, 2020 and May 26, 2019, we had $42.5 million and $48.6 million, respectively, of sales incentives and trade promotions payable recorded in \u201cAccrued liabilities\u201d on our Consolidated Balance Sheets.
Advertising and Promotion
Advertising and promotion expenses totaled $23.0 million, $32.4 million, and $31.6 million in fiscal 2020, 2019, and 2018, respectively, and are included in \u201cSelling, general and administrative expenses\u201d in the Consolidated Statements of Earnings.
Research and Development
Research and development costs are expensed as incurred and totaled $15.4 million in both 2020 and 2019, and $13.5 million\u00a0in fiscal 2018, and are included in \u201cSelling, general and administrative expenses\u201d in the Consolidated Statements of Earnings.
Stock-Based Compensation
Compensation expense resulting from all stock-based compensation transactions are measured and recorded in the consolidated financial statements based on the grant date fair value of the equity or liability instruments issued. Compensation expense is recognized over the period the employee provides service in exchange for the award. See Note 11, Stock-Based Compensation, for additional information.
Cash and Cash Equivalents
Cash and all highly liquid investments with an original maturity of three months or less at the date of acquisition, including short-term time deposits, are classified as cash and cash equivalents and stated at cost, which approximates market value. Book overdraft balances, if any, are classified in \u201cAccounts payable\u201d in our Consolidated Balance Sheets and are reported as a component of operating cash flows for accounts payable in our Consolidated Statements of Cash Flows as they do not represent bank overdrafts. Cash and cash equivalents totaled $1,364.0 million and $12.2 million at May 31, 2020 and May 26, 2019, respectively. In light of the current uncertainty in the global economy resulting from the COVID-19 pandemic, in the fourth quarter of fiscal 2020, we raised over $1 billion of liquidity, which we invested in money market funds that are backed by government Treasury securities and can be redeemed without notice. See Note 9, Debt and Financing Obligations, for more information.
Trade Accounts Receivable and Allowance for Doubtful Accounts
Trade accounts receivable are stated at the amount we expect to collect based on our past experience, as well as reliance on the Perishable Agricultural Commodities Act, which was enacted to help promote fair trade in the fruit and vegetable industry by establishing a code of fair business practices. The collectability of our accounts receivable is based upon a combination of factors. In circumstances where a specific customer is unable to meet its financial obligations (e.g., bankruptcy filings, substantial downgrading of credit sources), a specific reserve for bad debts is recorded against amounts due to the Company to reduce the net recorded receivable to the amount that we reasonably believe will be collected. For all other customers, reserves for bad debts are recognized based on historical collection experience. If collection experience deteriorates, the estimate of the recoverability of amounts due could be reduced. We periodically review our allowance for doubtful accounts and adjustments to the valuation allowance are recorded as income or expense. Trade accounts receivable balances that remain outstanding after we have used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. At both May 31, 2020 and May 26, 2019, the allowance for doubtful accounts was $1.3 million.
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 (dollars in millions):
\u00a0\u00a0\u00a0\u00a0 | May\u00a031, | May\u00a026, | ||||
2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Raw materials and packaging | $ | 106.2 | \u00a0 | $ | 93.1 | |
Finished goods | \u00a0 | 339.2 | \u00a0 | \u00a0 | 371.4 | |
Supplies and other | \u00a0 | 41.3 | \u00a0 | \u00a0 | 33.8 | |
Inventories | $ | 486.7 | \u00a0 | $ | 498.3 |
Leased Assets
Lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from these leases. Effective May 27, 2019, operating lease assets and liabilities are recognized at the commencement date of the lease based on the present value of the lease payments over the lease term. Our leases may include options to extend or terminate these leases. These options to extend are included in the lease term when it is reasonably certain that we will exercise that option. Some leases have variable payments, however, because they are not based on an index or rate, they are not included in lease assets and liabilities. Variable payments for leases of land and buildings primarily relate to common area maintenance, insurance, taxes, and utilities. Variable payments for equipment, vehicles, and leases within supply agreements primarily relate to usage, repairs, and maintenance. As the implicit rate is not readily determinable for most of our leases, we use an incremental borrowing rate to determine the initial present value of lease payments over the lease terms on a collateralized basis over a similar term, which is based on market and company specific information. This is updated quarterly for measurement of new lease liabilities. Leases having a lease term of twelve months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the term of the lease. In addition, we applied the practical expedient to account for the lease and non-lease components as a single lease component for all of our leases. See\u00a0Note 4, Leases, for more information.
Property, Plant and Equipment
Property, plant and equipment are recorded at cost. Cost includes expenditures for major improvements and replacements and the amount of interest cost associated with significant capital additions. The amount of interest capitalized from construction in progress was $2.6 million, $7.6 million, and $4.2 million in fiscal 2020, 2019, and 2018, respectively. Repairs and maintenance costs are expensed as incurred. The components of property, plant and equipment were as follows (dollars in millions):
| \u00a0\u00a0\u00a0\u00a0 | May\u00a031, | May\u00a026, | |||
| 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | |||
Land and land improvements | $ | 107.2 | $ | 142.2 | ||
Buildings, machinery, and equipment | \u00a0 | 2,670.1 | \u00a0 | 2,542.3 | ||
Furniture, fixtures, office equipment, and other | \u00a0 | 107.1 | \u00a0 | 105.2 | ||
Construction in progress | \u00a0 | 58.3 | \u00a0 | 84.8 | ||
Property, plant and equipment, at cost | \u00a0 | 2,942.7 | \u00a0 | 2,874.5 | ||
Less accumulated depreciation | \u00a0 | (1,407.7) | \u00a0 | (1,276.7) | ||
Property, plant and equipment, net | $ | 1,535.0 | $ | 1,597.8 |
Depreciation is computed on the straight-line method over the estimated useful lives of the respective classes of assets as follows:
Land improvements | \u00a0 | 1-40 years |
Buildings | \u00a0 | 10-40 years |
Machinery and equipment | 5-20 years | |
Furniture, fixtures, office equipment, and other | 3-15 years |
We recorded $175.3 million, $155.5 million, and $136.3 million of depreciation expense in fiscal 2020, 2019, and 2018, respectively. At May 31, 2020 and May 26, 2019, purchases of property, plant and equipment included in accounts payable were $9.9 million and $27.1 million, respectively.
Long-Lived Asset Impairment
We review long-lived assets for impairment upon the occurrence of events or changes in circumstances which indicate that the carrying amount of the assets may not be fully recoverable, measured by comparing their net book value to the undiscounted projected future cash flows generated by their use. Impaired assets are recorded at their estimated fair value.
Goodwill and Other Identifiable Intangible Assets
We perform an annual impairment assessment of goodwill at the reporting unit level in the fourth quarter of each year, or more frequently if indicators of potential impairment exist. The analysis may include both qualitative and quantitative factors to assess the likelihood of an impairment. The reporting unit\u2019s carrying value used in an impairment test represents the assignment of various assets and liabilities, excluding certain corporate assets and liabilities, such as cash and debt.
Qualitative factors include industry and market considerations, overall financial performance, and other relevant events and factors affecting the reporting unit. Additionally, as part of this assessment, we may perform a quantitative analysis to support the qualitative factors above by applying sensitivities to assumptions and inputs used in measuring a reporting unit\u2019s fair value.
Our quantitative impairment test considers both an income approach and a market approach to estimate a reporting unit\u2019s fair value. Significant estimates include market segment growth rates, our assumed market segment share, estimated costs, and discount rates based on a reporting unit's weighted average cost of capital. We test the reasonableness of the inputs and outcomes of our discounted cash flow analysis against available market data.
In the current year, we performed a quantitative goodwill impairment test and determined that the fair values for the total company and each of our Global, Foodservice, Retail, and Other reporting units were substantially in excess of the carrying value, and therefore, no goodwill impairment existed.
We amortize acquisition-related intangible assets with finite lives over their estimated useful life. We perform a review of significant finite-lived identified intangible assets to determine whether facts and circumstances indicate that the carrying amount may not be recoverable. These reviews can be affected by various factors, including external factors such as industry and economic trends, and internal factors such as changes in our business strategy and our forecasts for our products lines.
See Note 7, Goodwill and Other Identifiable Intangible Assets, for additional information.
Fair Values of Financial Instruments
When determining fair value, we consider the principal or most advantageous market in which we would transact, as well as assumptions that market participants would use when pricing the asset or liability. Unless otherwise specified, we believe the carrying value of financial instruments approximates their fair value.
The three levels of inputs that may be used to measure fair value are:
Level 1\u2014Quoted market prices in active markets for identical assets or liabilities. We evaluate security-specific market data when determining whether a market is active.
Level\u00a02\u2014Observable market-based inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. All significant inputs used in our valuations, such as discounted cash flows, are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities.
Level\u00a03\u2014Unobservable inputs for the asset or liability reflecting our own assumptions and best estimate of what inputs market participants would use in pricing the asset or liability.
See Note 12, Fair Value Measurements, for additional information.
Foreign Currency
Most of our foreign subsidiaries use the local currency of their respective countries as their functional currency. Assets and liabilities are translated at exchange rates prevailing at the balance sheet dates. Revenues and expenses are translated into U.S. dollars using daily exchange rates. Gains and losses resulting from the translation of Consolidated Balance Sheets are recorded as a component of accumulated other comprehensive income (loss).
Foreign currency transactions resulted in losses of $0.1 million and $3.3 million in fiscal 2020 and 2019, and a gain of $4.7 million in fiscal 2018. These amounts were recorded in \u201cSelling, general and administrative expenses\u201d in the Consolidated Statements of Earnings.
Derivative Financial Instruments
We use derivatives and other financial instruments to hedge a portion of our commodity risks. We do not hold or issue derivatives and other financial instruments for trading purposes. Derivative instruments are reported in our Consolidated Balance Sheets at their fair values, unless the derivative instruments qualify for the normal purchase normal sale exception (\u201cNPNS\u201d) under GAAP and such exception has been elected. If the NPNS exception is elected, the fair values of such contracts are not recognized. We do not designate commodity derivatives to achieve hedge accounting treatment. Derivative financial instruments did not have a material impact on our Consolidated Statements of Earnings in any of the periods presented.
Income Taxes
We recognize current tax liabilities and assets based on an estimate of taxes payable or refundable in the current year for each of the jurisdictions in which we transact business. As part of the determination of our current tax liability, management exercises considerable judgment in evaluating positions taken in the tax returns. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.
We also recognize deferred tax assets and liabilities for the estimated future tax effects attributable to temporary differences (e.g., the difference in book basis versus tax basis of fixed assets resulting from differing depreciation
methods). If appropriate, we recognize valuation allowances to reduce deferred tax assets to amounts that are more likely than not to be ultimately realized, based on our assessment of estimated future taxable income, including the consideration of available tax planning strategies.
See Note 3, Income Taxes, for more information.
New and Recently Issued Accounting Pronouncements
Recently Adopted Accounting Pronouncements
Leases
In February 2016, the Financial Accounting Standards Board (\u201cFASB\u201d) issued ASU 2016-02, Leases (Topic 842) (\u201cASC 842\u201d). We adopted the provisions of the guidance effective May 27, 2019 (the beginning of our fiscal year), using the transition method and . The adoption of the standard resulted in a $26.6 million ($20.5 million, net of tax) cumulative-effect adjustment to the opening balance of retained earnings for the elimination of $38.7 million of land and $65.3 million of finance lease obligations related to a sale leaseback. The adoption also resulted in the recognition of approximately $155 million of operating lease assets and short-term and long-term operating lease obligations recorded on our consolidated balance sheet related to operating leases. We elected to adopt certain of the . In addition, we . The standard did not have a material impact on our results of operations or cash flows.
See Note 4, Leases, for more information.
Accounting Pronouncements Not Yet Adopted
Receivables \u2013 Credit Losses
In June 2016, the FASB issued ASU 2016-13, Financial Instruments \u2013 Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This update amends the impairment or incurred model by requiring the use of forward-looking information to assess the allowance for doubtful accounts. This guidance is effective in fiscal 2021 (beginning June 1, 2020), including interim periods, with early adoption permitted. In May 2019, the FASB issued ASU 2019-05, Financial Instruments \u2013 Credit Losses (Topic 326): Targeted Transition Relief. This update provides targeted transition relief allowing for an irrevocable one-time election upon adoption of the new credit losses standard to measure financial assets previously measured at amortized cost using the fair value option. This guidance is effective concurrent with the adoption of ASU 2016-13. The adoption of this standard did not have a significant impact on our consolidated financial statements or notes to consolidated financial statements.
Defined Benefit Plans
In August 2018, the FASB issued ASU 2018-14, Compensation \u2013 Retirement Benefits \u2013 Defined Benefit Plans \u2013 General (Subtopic 715-20): Disclosure Framework \u2013 Changes to the Disclosure Requirements for Defined Benefit Plans. This update removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures, and adds disclosure requirements identified as relevant to defined benefit pension and other postretirement plans. This guidance is effective for our fiscal 2022 (beginning May 31, 2021) with early adoption permitted. The adoption of this standard is not expected to have a significant impact on our consolidated financial statements or notes to consolidated financial statements.
Reference Rate Reform
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This update provides optional guidance for a limited period of time to
ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as interbank offered rates and the London Interbank Offered Rate (\u201cLIBOR\u201d). This guidance includes practical expedients for contract modifications due to reference rate reform. Generally, contract modifications related to reference rate reform may be considered an event that does not require remeasurement or reassessment of a previous accounting determination at the modification date. This guidance is effective immediately; however, it is only available through December 31, 2022. We are currently evaluating the potential impact of this standard on our financial statements.
There were no other accounting pronouncements recently issued that had or are expected to have a material impact on our financial statements.
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Basis of Presentation
These Consolidated Financial Statements present the financial results of Lamb Weston for the fiscal years ended May 31, 2020, May 26, 2019, and May 27, 2018 (\u201cfiscal 2020, 2019, and 2018\u201d), and have been prepared in accordance with generally accepted accounting principles (\u201cGAAP\u201d) in the United States of America. The fiscal year of Lamb Weston ends the last Sunday in May. The fiscal years for the Consolidated Financial Statements presented consist of a 53-week period for fiscal 2020 and 52-week periods for fiscal 2019 and 2018.
The financial statements include all adjustments (consisting only of normal recurring adjustments) that we consider necessary for a fair presentation of such financial statements. The preparation of financial statements involves the use of estimates and accruals. Actual results may vary from those estimates.
Our consolidated financial statements include the accounts of Lamb Weston and all of its majority-owned subsidiaries. In addition, the accounts of all variable interest entities for which we are the primary beneficiary are included in our consolidated financial statements from the date such determination was made. Intercompany investments, accounts, and transactions have been eliminated.
The equity method of accounting is applied for investments when the Company has significant influence over the investee\u2019s operations, or when the investee is structured with separate capital accounts and our investment is considered more than minor. Our equity method investments are described in\u00a0Note 6, Investments in Joint Ventures.
Certain amounts in the prior period consolidated financial statements have been reclassified to conform with the current period presentation.
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The preparation of the consolidated financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the amounts reported in our consolidated financial statements and the accompanying notes. On an ongoing basis, we evaluate our estimates, including but not limited to those related to provisions for income taxes, estimates of sales incentives and trade promotion allowances, and the valuation of goodwill and intangible assets. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates will be reflected in the consolidated financial statements in future periods.
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Effective May 28, 2018, we adopted Accounting Standards Update (\u201cASU\u201d) 2014-09, Revenue from Contracts with Customers, and its related amendments, collectively known as Accounting Standards Codification (\u201cASC\u201d) 606, using the method. Fiscal years 2020 and 2019 are accounted for in accordance with this guidance. Fiscal 2018 was accounted for in accordance with ASC 605, Revenue Recognition.
Generally, we recognize revenue on a point-in-time basis when the customer takes title to the product and assumes the risks and rewards for the product. However, for customized products, which are products manufactured to customers\u2019 unique specifications, we recognize revenue over time, utilizing an output method based on products produced. This is because once a customized product is manufactured pursuant to a purchase order, we have an enforceable right to payment for that product. Our Global segment sells the majority of our customized products, for which revenue is recognized when a purchase order is received to the extent the product has been manufactured, as opposed to sales of non-customized products, for which revenue is generally recognized upon shipment. As a result, the timing of the receipt of a purchase order may create quarterly fluctuations in this segment.
The nature of our contracts vary based on the business, customer type, and region; however, in all instances it is our customary business practice to receive a valid order from the customer, in which each party\u2019s rights and related payment terms are clearly identifiable. Our payment terms are consistent with industry standards and generally include early pay discounts. Amounts billed and due from customers are short-term in nature and are classified as receivables, since payments are unconditional and only the passage of time is required before payments are due. We generally do not offer financing to our customers. We also do not provide a general right of return. However, customers may seek to return defective or non-conforming products. Following a customer return, we may offer remedies, including cash refunds, credit towards future purchases, or product replacement. As a result, customers\u2019 right of return and related refund or product liabilities are estimated and recorded as reductions in revenue.
We have elected to present all sales taxes on a net basis, account for shipping and handling activities as fulfillment activities, recognize the incremental costs of obtaining a contract as expense when incurred if the amortization period of the asset we would recognize is one year or less, and not record interest income or interest expense when the difference in timing of control or transfer and customer payment is one year or less.
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We promote our products with advertising, consumer incentives, and trade promotions. Sales promotions include, but are not limited to, discounts, coupons, rebates, and volume-based incentives. The estimates for sales incentives are based principally on historical sales and coupon utilization and redemption rates, influenced by judgments about current market conditions such as competitive activity in specific product categories.
Trade promotion programs include introductory marketing funds such as slotting fees, cooperative marketing programs, temporary price reductions, and other activities conducted by our customers to promote our products. The costs of these programs are recognized as a reduction to revenue with a corresponding accrued liability. The estimate of trade promotions is inherently difficult due to information limitations as the products move beyond distributors and through the supply chain to operators. Estimates made by management in accounting for these costs are based primarily on our historical experience with marketing programs, with consideration given to current circumstances and industry trends and include the following: quantity of customer sales, timing of promotional activities, current and past trade-promotion spending patterns, the interpretation of historical spending trends by customer and category, and forecasted costs for activities within the promotional programs.
The determination of sales incentive and trade promotion costs requires judgment and may change in the future as a result of changes in customer promotion participation, particularly for new programs related to the introduction of new products. Final determination of the total cost of promotion is dependent upon customers providing information about proof of performance and other information related to the promotional event. Because of the complexity of some of these trade promotions, the ultimate resolution may result in payments that are materially different from our estimates. As additional information becomes known, we may change our estimates. At May 31, 2020 and May 26, 2019, we had $42.5 million and $48.6 million, respectively, of sales incentives and trade promotions payable recorded in \u201cAccrued liabilities\u201d on our Consolidated Balance Sheets.
"}]},{"name":"rpt:f-430","factDimensions":{"xbrl:concept":"us-gaap:AccruedMarketingCostsCurrent","xbrl:period":"2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"42500000","decimals":-5}]},{"name":"rpt:f-431","factDimensions":{"xbrl:concept":"us-gaap:AccruedMarketingCostsCurrent","xbrl:period":"2019-05-27T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"48600000","decimals":-5}]},{"name":"rpt:f-432","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingCostsPolicyTextBlock","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"Advertising and Promotion
Advertising and promotion expenses totaled $23.0 million, $32.4 million, and $31.6 million in fiscal 2020, 2019, and 2018, respectively, and are included in \u201cSelling, general and administrative expenses\u201d in the Consolidated Statements of Earnings.
"}]},{"name":"rpt:f-433","factDimensions":{"xbrl:concept":"us-gaap:MarketingAndAdvertisingExpense","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"23000000.0","decimals":-5}]},{"name":"rpt:f-434","factDimensions":{"xbrl:concept":"us-gaap:MarketingAndAdvertisingExpense","xbrl:period":"2018-05-28T00:00:00/2019-05-27T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"32400000","decimals":-5}]},{"name":"rpt:f-435","factDimensions":{"xbrl:concept":"us-gaap:MarketingAndAdvertisingExpense","xbrl:period":"2017-05-29T00:00:00/2018-05-28T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"31600000","decimals":-5}]},{"name":"rpt:f-436","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpensePolicy","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"Research and Development
Research and development costs are expensed as incurred and totaled $15.4 million in both 2020 and 2019, and $13.5 million\u00a0in fiscal 2018, and are included in \u201cSelling, general and administrative expenses\u201d in the Consolidated Statements of Earnings.
"}]},{"name":"rpt:f-437","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpense","xbrl:period":"2018-05-28T00:00:00/2019-05-27T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"15400000","decimals":-5}]},{"name":"rpt:f-438","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpense","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"15400000","decimals":-5}]},{"name":"rpt:f-439","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpense","xbrl:period":"2017-05-29T00:00:00/2018-05-28T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"13500000","decimals":-5}]},{"name":"rpt:f-440","factDimensions":{"xbrl:concept":"us-gaap:CompensationRelatedCostsPolicyTextBlock","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"Stock-Based Compensation
Compensation expense resulting from all stock-based compensation transactions are measured and recorded in the consolidated financial statements based on the grant date fair value of the equity or liability instruments issued. Compensation expense is recognized over the period the employee provides service in exchange for the award. See Note 11, Stock-Based Compensation, for additional information.
"}]},{"name":"rpt:f-441","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsPolicyTextBlock","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"Cash and Cash Equivalents
Cash and all highly liquid investments with an original maturity of three months or less at the date of acquisition, including short-term time deposits, are classified as cash and cash equivalents and stated at cost, which approximates market value. Book overdraft balances, if any, are classified in \u201cAccounts payable\u201d in our Consolidated Balance Sheets and are reported as a component of operating cash flows for accounts payable in our Consolidated Statements of Cash Flows as they do not represent bank overdrafts. Cash and cash equivalents totaled $1,364.0 million and $12.2 million at May 31, 2020 and May 26, 2019, respectively. In light of the current uncertainty in the global economy resulting from the COVID-19 pandemic, in the fourth quarter of fiscal 2020, we raised over $1 billion of liquidity, which we invested in money market funds that are backed by government Treasury securities and can be redeemed without notice. See Note 9, Debt and Financing Obligations, for more information.
"}]},{"name":"rpt:f-442","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsAtCarryingValue","xbrl:period":"2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1364000000.0","decimals":-5}]},{"name":"rpt:f-443","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsAtCarryingValue","xbrl:period":"2019-05-27T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"12200000","decimals":-5}]},{"name":"rpt:f-444","factDimensions":{"xbrl:concept":"lw:LiquidityIncreaseDecrease","xbrl:period":"2020-02-24T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1000000000","decimals":-9}]},{"name":"rpt:f-445","factDimensions":{"xbrl:concept":"us-gaap:ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"Trade Accounts Receivable and Allowance for Doubtful Accounts
Trade accounts receivable are stated at the amount we expect to collect based on our past experience, as well as reliance on the Perishable Agricultural Commodities Act, which was enacted to help promote fair trade in the fruit and vegetable industry by establishing a code of fair business practices. The collectability of our accounts receivable is based upon a combination of factors. In circumstances where a specific customer is unable to meet its financial obligations (e.g., bankruptcy filings, substantial downgrading of credit sources), a specific reserve for bad debts is recorded against amounts due to the Company to reduce the net recorded receivable to the amount that we reasonably believe will be collected. For all other customers, reserves for bad debts are recognized based on historical collection experience. If collection experience deteriorates, the estimate of the recoverability of amounts due could be reduced. We periodically review our allowance for doubtful accounts and adjustments to the valuation allowance are recorded as income or expense. Trade accounts receivable balances that remain outstanding after we have used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. At both May 31, 2020 and May 26, 2019, the allowance for doubtful accounts was $1.3 million.
"}]},{"name":"rpt:f-446","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent","xbrl:period":"2019-05-27T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1300000","decimals":-5}]},{"name":"rpt:f-447","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent","xbrl:period":"2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1300000","decimals":-5}]},{"name":"rpt:f-448","factDimensions":{"xbrl:concept":"us-gaap:InventoryPolicyTextBlock","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"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 (dollars in millions):
\u00a0\u00a0\u00a0\u00a0 | May\u00a031, | May\u00a026, | ||||
2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Raw materials and packaging | $ | 106.2 | \u00a0 | $ | 93.1 | |
Finished goods | \u00a0 | 339.2 | \u00a0 | \u00a0 | 371.4 | |
Supplies and other | \u00a0 | 41.3 | \u00a0 | \u00a0 | 33.8 | |
Inventories | $ | 486.7 | \u00a0 | $ | 498.3 |
"}]},{"name":"rpt:f-449","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfInventoryCurrentTableTextBlock","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"
\u00a0\u00a0\u00a0\u00a0 | May\u00a031, | May\u00a026, | ||||
2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Raw materials and packaging | $ | 106.2 | \u00a0 | $ | 93.1 | |
Finished goods | \u00a0 | 339.2 | \u00a0 | \u00a0 | 371.4 | |
Supplies and other | \u00a0 | 41.3 | \u00a0 | \u00a0 | 33.8 | |
Inventories | $ | 486.7 | \u00a0 | $ | 498.3 |
"}]},{"name":"rpt:f-450","factDimensions":{"xbrl:concept":"us-gaap:InventoryRawMaterialsNetOfReserves","xbrl:period":"2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"106200000","decimals":-5}]},{"name":"rpt:f-451","factDimensions":{"xbrl:concept":"us-gaap:InventoryRawMaterialsNetOfReserves","xbrl:period":"2019-05-27T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"93100000","decimals":-5}]},{"name":"rpt:f-452","factDimensions":{"xbrl:concept":"us-gaap:InventoryFinishedGoodsNetOfReserves","xbrl:period":"2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"339200000","decimals":-5}]},{"name":"rpt:f-453","factDimensions":{"xbrl:concept":"us-gaap:InventoryFinishedGoodsNetOfReserves","xbrl:period":"2019-05-27T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"371400000","decimals":-5}]},{"name":"rpt:f-454","factDimensions":{"xbrl:concept":"us-gaap:InventorySuppliesNetOfReserves","xbrl:period":"2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"41300000","decimals":-5}]},{"name":"rpt:f-455","factDimensions":{"xbrl:concept":"us-gaap:InventorySuppliesNetOfReserves","xbrl:period":"2019-05-27T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"33800000","decimals":-5}]},{"name":"rpt:f-456","factDimensions":{"xbrl:concept":"us-gaap:InventoryNet","xbrl:period":"2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"486700000","decimals":-5}]},{"name":"rpt:f-457","factDimensions":{"xbrl:concept":"us-gaap:InventoryNet","xbrl:period":"2019-05-27T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"498300000","decimals":-5}]},{"name":"rpt:f-458","factDimensions":{"xbrl:concept":"us-gaap:LesseeLeasesPolicyTextBlock","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"
Leased Assets
Lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from these leases. Effective May 27, 2019, operating lease assets and liabilities are recognized at the commencement date of the lease based on the present value of the lease payments over the lease term. Our leases may include options to extend or terminate these leases. These options to extend are included in the lease term when it is reasonably certain that we will exercise that option. Some leases have variable payments, however, because they are not based on an index or rate, they are not included in lease assets and liabilities. Variable payments for leases of land and buildings primarily relate to common area maintenance, insurance, taxes, and utilities. Variable payments for equipment, vehicles, and leases within supply agreements primarily relate to usage, repairs, and maintenance. As the implicit rate is not readily determinable for most of our leases, we use an incremental borrowing rate to determine the initial present value of lease payments over the lease terms on a collateralized basis over a similar term, which is based on market and company specific information. This is updated quarterly for measurement of new lease liabilities. Leases having a lease term of twelve months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the term of the lease. In addition, we applied the practical expedient to account for the lease and non-lease components as a single lease component for all of our leases. See\u00a0Note 4, Leases, for more information.
"}]},{"name":"rpt:f-459","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentPolicyTextBlock","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"Property, Plant and Equipment
Property, plant and equipment are recorded at cost. Cost includes expenditures for major improvements and replacements and the amount of interest cost associated with significant capital additions. The amount of interest capitalized from construction in progress was $2.6 million, $7.6 million, and $4.2 million in fiscal 2020, 2019, and 2018, respectively. Repairs and maintenance costs are expensed as incurred. The components of property, plant and equipment were as follows (dollars in millions):
| \u00a0\u00a0\u00a0\u00a0 | May\u00a031, | May\u00a026, | |||
| 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | |||
Land and land improvements | $ | 107.2 | $ | 142.2 | ||
Buildings, machinery, and equipment | \u00a0 | 2,670.1 | \u00a0 | 2,542.3 | ||
Furniture, fixtures, office equipment, and other | \u00a0 | 107.1 | \u00a0 | 105.2 | ||
Construction in progress | \u00a0 | 58.3 | \u00a0 | 84.8 | ||
Property, plant and equipment, at cost | \u00a0 | 2,942.7 | \u00a0 | 2,874.5 | ||
Less accumulated depreciation | \u00a0 | (1,407.7) | \u00a0 | (1,276.7) | ||
Property, plant and equipment, net | $ | 1,535.0 | $ | 1,597.8 |
Depreciation is computed on the straight-line method over the estimated useful lives of the respective classes of assets as follows:
Land improvements | \u00a0 | 1-40 years |
Buildings | \u00a0 | 10-40 years |
Machinery and equipment | 5-20 years | |
Furniture, fixtures, office equipment, and other | 3-15 years |
We recorded $175.3 million, $155.5 million, and $136.3 million of depreciation expense in fiscal 2020, 2019, and 2018, respectively. At May 31, 2020 and May 26, 2019, purchases of property, plant and equipment included in accounts payable were $9.9 million and $27.1 million, respectively.
"}]},{"name":"rpt:f-460","factDimensions":{"xbrl:concept":"us-gaap:InterestCostsCapitalized","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:ConstructionInProgressMember"},"factValues":[{"value":"2600000","decimals":-5}]},{"name":"rpt:f-461","factDimensions":{"xbrl:concept":"us-gaap:InterestCostsCapitalized","xbrl:period":"2018-05-28T00:00:00/2019-05-27T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:ConstructionInProgressMember"},"factValues":[{"value":"7600000","decimals":-5}]},{"name":"rpt:f-462","factDimensions":{"xbrl:concept":"us-gaap:InterestCostsCapitalized","xbrl:period":"2017-05-29T00:00:00/2018-05-28T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:ConstructionInProgressMember"},"factValues":[{"value":"4200000","decimals":-5}]},{"name":"rpt:f-463","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"
| \u00a0\u00a0\u00a0\u00a0 | May\u00a031, | May\u00a026, | |||
| 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | |||
Land and land improvements | $ | 107.2 | $ | 142.2 | ||
Buildings, machinery, and equipment | \u00a0 | 2,670.1 | \u00a0 | 2,542.3 | ||
Furniture, fixtures, office equipment, and other | \u00a0 | 107.1 | \u00a0 | 105.2 | ||
Construction in progress | \u00a0 | 58.3 | \u00a0 | 84.8 | ||
Property, plant and equipment, at cost | \u00a0 | 2,942.7 | \u00a0 | 2,874.5 | ||
Less accumulated depreciation | \u00a0 | (1,407.7) | \u00a0 | (1,276.7) | ||
Property, plant and equipment, net | $ | 1,535.0 | $ | 1,597.8 |
Land improvements | \u00a0 | 1-40 years |
Buildings | \u00a0 | 10-40 years |
Machinery and equipment | 5-20 years | |
Furniture, fixtures, office equipment, and other | 3-15 years |
Long-Lived Asset Impairment
We review long-lived assets for impairment upon the occurrence of events or changes in circumstances which indicate that the carrying amount of the assets may not be fully recoverable, measured by comparing their net book value to the undiscounted projected future cash flows generated by their use. Impaired assets are recorded at their estimated fair value.
"}]},{"name":"rpt:f-493","factDimensions":{"xbrl:concept":"us-gaap:GoodwillAndIntangibleAssetsIntangibleAssetsIndefiniteLivedPolicy","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"
Goodwill and Other Identifiable Intangible Assets
We perform an annual impairment assessment of goodwill at the reporting unit level in the fourth quarter of each year, or more frequently if indicators of potential impairment exist. The analysis may include both qualitative and quantitative factors to assess the likelihood of an impairment. The reporting unit\u2019s carrying value used in an impairment test represents the assignment of various assets and liabilities, excluding certain corporate assets and liabilities, such as cash and debt.
Qualitative factors include industry and market considerations, overall financial performance, and other relevant events and factors affecting the reporting unit. Additionally, as part of this assessment, we may perform a quantitative analysis to support the qualitative factors above by applying sensitivities to assumptions and inputs used in measuring a reporting unit\u2019s fair value.
Our quantitative impairment test considers both an income approach and a market approach to estimate a reporting unit\u2019s fair value. Significant estimates include market segment growth rates, our assumed market segment share, estimated costs, and discount rates based on a reporting unit's weighted average cost of capital. We test the reasonableness of the inputs and outcomes of our discounted cash flow analysis against available market data.
In the current year, we performed a quantitative goodwill impairment test and determined that the fair values for the total company and each of our Global, Foodservice, Retail, and Other reporting units were substantially in excess of the carrying value, and therefore, no goodwill impairment existed.
We amortize acquisition-related intangible assets with finite lives over their estimated useful life. We perform a review of significant finite-lived identified intangible assets to determine whether facts and circumstances indicate that the carrying amount may not be recoverable. These reviews can be affected by various factors, including external factors such as industry and economic trends, and internal factors such as changes in our business strategy and our forecasts for our products lines.
See Note 7, Goodwill and Other Identifiable Intangible Assets, for additional information.
"}]},{"name":"rpt:f-494","factDimensions":{"xbrl:concept":"us-gaap:FairValueOfFinancialInstrumentsPolicy","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"Fair Values of Financial Instruments
When determining fair value, we consider the principal or most advantageous market in which we would transact, as well as assumptions that market participants would use when pricing the asset or liability. Unless otherwise specified, we believe the carrying value of financial instruments approximates their fair value.
The three levels of inputs that may be used to measure fair value are:
Level 1\u2014Quoted market prices in active markets for identical assets or liabilities. We evaluate security-specific market data when determining whether a market is active.
Level\u00a02\u2014Observable market-based inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. All significant inputs used in our valuations, such as discounted cash flows, are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities.
Level\u00a03\u2014Unobservable inputs for the asset or liability reflecting our own assumptions and best estimate of what inputs market participants would use in pricing the asset or liability.
See Note 12, Fair Value Measurements, for additional information.
"}]},{"name":"rpt:f-495","factDimensions":{"xbrl:concept":"us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"Foreign Currency
Most of our foreign subsidiaries use the local currency of their respective countries as their functional currency. Assets and liabilities are translated at exchange rates prevailing at the balance sheet dates. Revenues and expenses are translated into U.S. dollars using daily exchange rates. Gains and losses resulting from the translation of Consolidated Balance Sheets are recorded as a component of accumulated other comprehensive income (loss).
Foreign currency transactions resulted in losses of $0.1 million and $3.3 million in fiscal 2020 and 2019, and a gain of $4.7 million in fiscal 2018. These amounts were recorded in \u201cSelling, general and administrative expenses\u201d in the Consolidated Statements of Earnings.
"}]},{"name":"rpt:f-496","factDimensions":{"xbrl:concept":"us-gaap:ForeignCurrencyTransactionGainLossBeforeTax","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-100000","decimals":-5}]},{"name":"rpt:f-497","factDimensions":{"xbrl:concept":"us-gaap:ForeignCurrencyTransactionGainLossBeforeTax","xbrl:period":"2018-05-28T00:00:00/2019-05-27T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-3300000","decimals":-5}]},{"name":"rpt:f-498","factDimensions":{"xbrl:concept":"us-gaap:ForeignCurrencyTransactionGainLossBeforeTax","xbrl:period":"2017-05-29T00:00:00/2018-05-28T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4700000","decimals":-5}]},{"name":"rpt:f-499","factDimensions":{"xbrl:concept":"us-gaap:DerivativesMethodsOfAccountingNonhedgingDerivatives","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"Derivative Financial Instruments
We use derivatives and other financial instruments to hedge a portion of our commodity risks. We do not hold or issue derivatives and other financial instruments for trading purposes. Derivative instruments are reported in our Consolidated Balance Sheets at their fair values, unless the derivative instruments qualify for the normal purchase normal sale exception (\u201cNPNS\u201d) under GAAP and such exception has been elected. If the NPNS exception is elected, the fair values of such contracts are not recognized. We do not designate commodity derivatives to achieve hedge accounting treatment. Derivative financial instruments did not have a material impact on our Consolidated Statements of Earnings in any of the periods presented.
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We recognize current tax liabilities and assets based on an estimate of taxes payable or refundable in the current year for each of the jurisdictions in which we transact business. As part of the determination of our current tax liability, management exercises considerable judgment in evaluating positions taken in the tax returns. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.
We also recognize deferred tax assets and liabilities for the estimated future tax effects attributable to temporary differences (e.g., the difference in book basis versus tax basis of fixed assets resulting from differing depreciation
methods). If appropriate, we recognize valuation allowances to reduce deferred tax assets to amounts that are more likely than not to be ultimately realized, based on our assessment of estimated future taxable income, including the consideration of available tax planning strategies.
See Note 3, Income Taxes, for more information.
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Recently Adopted Accounting Pronouncements
Leases
In February 2016, the Financial Accounting Standards Board (\u201cFASB\u201d) issued ASU 2016-02, Leases (Topic 842) (\u201cASC 842\u201d). We adopted the provisions of the guidance effective May 27, 2019 (the beginning of our fiscal year), using the transition method and . The adoption of the standard resulted in a $26.6 million ($20.5 million, net of tax) cumulative-effect adjustment to the opening balance of retained earnings for the elimination of $38.7 million of land and $65.3 million of finance lease obligations related to a sale leaseback. The adoption also resulted in the recognition of approximately $155 million of operating lease assets and short-term and long-term operating lease obligations recorded on our consolidated balance sheet related to operating leases. We elected to adopt certain of the . In addition, we . The standard did not have a material impact on our results of operations or cash flows.
See Note 4, Leases, for more information.
Accounting Pronouncements Not Yet Adopted
Receivables \u2013 Credit Losses
In June 2016, the FASB issued ASU 2016-13, Financial Instruments \u2013 Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This update amends the impairment or incurred model by requiring the use of forward-looking information to assess the allowance for doubtful accounts. This guidance is effective in fiscal 2021 (beginning June 1, 2020), including interim periods, with early adoption permitted. In May 2019, the FASB issued ASU 2019-05, Financial Instruments \u2013 Credit Losses (Topic 326): Targeted Transition Relief. This update provides targeted transition relief allowing for an irrevocable one-time election upon adoption of the new credit losses standard to measure financial assets previously measured at amortized cost using the fair value option. This guidance is effective concurrent with the adoption of ASU 2016-13. The adoption of this standard did not have a significant impact on our consolidated financial statements or notes to consolidated financial statements.
Defined Benefit Plans
In August 2018, the FASB issued ASU 2018-14, Compensation \u2013 Retirement Benefits \u2013 Defined Benefit Plans \u2013 General (Subtopic 715-20): Disclosure Framework \u2013 Changes to the Disclosure Requirements for Defined Benefit Plans. This update removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures, and adds disclosure requirements identified as relevant to defined benefit pension and other postretirement plans. This guidance is effective for our fiscal 2022 (beginning May 31, 2021) with early adoption permitted. The adoption of this standard is not expected to have a significant impact on our consolidated financial statements or notes to consolidated financial statements.
Reference Rate Reform
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This update provides optional guidance for a limited period of time to
ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as interbank offered rates and the London Interbank Offered Rate (\u201cLIBOR\u201d). This guidance includes practical expedients for contract modifications due to reference rate reform. Generally, contract modifications related to reference rate reform may be considered an event that does not require remeasurement or reassessment of a previous accounting determination at the modification date. This guidance is effective immediately; however, it is only available through December 31, 2022. We are currently evaluating the potential impact of this standard on our financial statements.
There were no other accounting pronouncements recently issued that had or are expected to have a material impact on our financial statements.
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2.\u00a0\u00a0\u00a0\u00a0EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per common share for the periods presented (dollars and shares in millions, except per share amounts):
For the Fiscal Years Ended May | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2020 | 2019 | 2018 | ||||||
Numerator: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Net income attributable to Lamb Weston Holdings, Inc. | $ | 365.9 | $ | 478.6 | $ | 416.8 | |||
Less: Increase in redemption value of noncontrolling interests in excess of earnings allocated, net of tax benefits (a) | \u00a0 | \u2014 | \u00a0 | 10.8 | \u00a0 | 2.7 | |||
Net income available to Lamb Weston common stockholders | $ | 365.9 | $ | 467.8 | $ | 414.1 | |||
Denominator: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Basic weighted average common shares outstanding | \u00a0 | 146.2 | \u00a0 | 146.5 | \u00a0 | 146.3 | |||
Add: Dilutive effect of employee incentive plans (b) | \u00a0 | 0.9 | \u00a0 | 0.8 | \u00a0 | 0.7 | |||
Diluted weighted average common shares outstanding | \u00a0 | 147.1 | \u00a0 | 147.3 | \u00a0 | 147.0 | |||
Earnings per share (a) | |||||||||
Basic | $ | 2.50 | $ | 3.19 | $ | 2.83 | |||
Diluted | $ | 2.49 | $ | 3.18 | $ | 2.82 |
| (a) | In November 2018, we entered into an agreement to acquire the remaining 50.01% interest in Lamb Weston BSW, LLC (\u201cLamb Weston BSW\u201d). Our Consolidated Statements of Earnings includes 100% of Lamb Weston BSW\u2019s earnings beginning November 2, 2018. During fiscal 2019, net income available to common stockholders and earnings per share included accretion expense, net of estimated tax benefits, of $9.4 million, or $0.06 per share, to increase the redeemable noncontrolling interest to the amount we agreed to pay to acquire the remaining interest in Lamb Weston BSW. While the accretion, net of estimated tax benefits, reduced net income available to Lamb Weston common stockholders and earnings per share, it did not impact net income in the Consolidated Statements of Earnings. \u200b |
| (b) | Potentially dilutive shares of common stock from 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 May 31, 2020 and May 26, 2019, an insignificant number of stock-based awards were excluded from the computation of diluted earnings per share because they would be antidilutive. As of May 27, 2018, we did not have any stock-based awards that were antidilutive. |
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For the Fiscal Years Ended May | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2020 | 2019 | 2018 | ||||||
Numerator: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Net income attributable to Lamb Weston Holdings, Inc. | $ | 365.9 | $ | 478.6 | $ | 416.8 | |||
Less: Increase in redemption value of noncontrolling interests in excess of earnings allocated, net of tax benefits (a) | \u00a0 | \u2014 | \u00a0 | 10.8 | \u00a0 | 2.7 | |||
Net income available to Lamb Weston common stockholders | $ | 365.9 | $ | 467.8 | $ | 414.1 | |||
Denominator: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Basic weighted average common shares outstanding | \u00a0 | 146.2 | \u00a0 | 146.5 | \u00a0 | 146.3 | |||
Add: Dilutive effect of employee incentive plans (b) | \u00a0 | 0.9 | \u00a0 | 0.8 | \u00a0 | 0.7 | |||
Diluted weighted average common shares outstanding | \u00a0 | 147.1 | \u00a0 | 147.3 | \u00a0 | 147.0 | |||
Earnings per share (a) | |||||||||
Basic | $ | 2.50 | $ | 3.19 | $ | 2.83 | |||
Diluted | $ | 2.49 | $ | 3.18 | $ | 2.82 |
| (a) | In November 2018, we entered into an agreement to acquire the remaining 50.01% interest in Lamb Weston BSW, LLC (\u201cLamb Weston BSW\u201d). Our Consolidated Statements of Earnings includes 100% of Lamb Weston BSW\u2019s earnings beginning November 2, 2018. During fiscal 2019, net income available to common stockholders and earnings per share included accretion expense, net of estimated tax benefits, of $9.4 million, or $0.06 per share, to increase the redeemable noncontrolling interest to the amount we agreed to pay to acquire the remaining interest in Lamb Weston BSW. While the accretion, net of estimated tax benefits, reduced net income available to Lamb Weston common stockholders and earnings per share, it did not impact net income in the Consolidated Statements of Earnings. \u200b |
| (b) | Potentially dilutive shares of common stock from 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 May 31, 2020 and May 26, 2019, an insignificant number of stock-based awards were excluded from the computation of diluted earnings per share because they would be antidilutive. As of May 27, 2018, we did not have any stock-based awards that were antidilutive. |
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3.\u00a0\u00a0\u00a0\u00a0INCOME TAXES
Pre-tax income, inclusive of equity method investment earnings, consisted of the following (dollars in millions):
For the Fiscal Years Ended May | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | \u00a0\u00a0\u00a0\u00a0 | 2018 | ||||
United States | $ | 462.0 | $ | 574.5 | $ | 478.2 | |||
Foreign | \u00a0 | 16.2 | \u00a0 | 46.3 | \u00a0 | 76.7 | |||
Total pre-tax income | $ | 478.2 | $ | 620.8 | $ | 554.9 |
The provision for income taxes included the following (dollars in millions):
For the Fiscal Years Ended May | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | \u00a0\u00a0\u00a0\u00a0 | 2018 | ||||
Current | |||||||||
U.S. federal | \u00a0 | $ | 75.7 | \u00a0 | $ | 66.8 | \u00a0 | $ | 94.3 |
State and local | 13.2 | 17.7 | 14.7 | ||||||
Foreign | 3.4 | 11.6 | 15.8 | ||||||
Total current provision for taxes | 92.3 | 96.1 | 124.8 | ||||||
Deferred | |||||||||
U.S. federal | 18.6 | 42.2 | (4.4) | ||||||
State and local | 4.4 | (0.1) | 0.1 | ||||||
Foreign | (3.0) | (4.6) | 0.7 | ||||||
Total deferred provision for taxes | $ | 20.0 | $ | 37.5 | $ | (3.6) | |||
Total provision for taxes | $ | 112.3 | $ | 133.6 | $ | 121.2 |
Income taxes computed by applying the U.S. statutory tax rates to income from operations, including equity method earnings, and before income taxes are reconciled to the provision for income taxes set forth in the Consolidated Statements of Earnings as follows (dollars in millions):
For the Fiscal Years Ended May | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | \u00a0\u00a0\u00a0\u00a0 | 2018 | ||||
Provision computed at U.S. statutory rate (a) | $ | 100.4 | \u00a0 | $ | 130.4 | \u00a0 | $ | 162.6 | |
Increase (reduction) in rate resulting from: | |||||||||
State and local taxes, net of federal benefit | \u00a0 | 15.3 | 14.8 | 12.6 | |||||
Tax credits and domestic manufacturers deduction | (0.6) | (0.6) | (8.1) | ||||||
Effect of taxes on foreign operations | (4.4) | (4.7) | (7.0) | ||||||
Deferred impact of rate change (b) | \u2014 | \u2014 | (45.4) | ||||||
Transition tax liability (b) | \u2014 | (2.4) | 11.5 | ||||||
Other | 1.6 | (3.9) | (5.0) | ||||||
Total provision for taxes | $ | 112.3 | $ | 133.6 | $ | 121.2 | |||
Effective income tax rate (c) | 23.5% | 21.5% | 21.8% |
| (a) | The U.S. statutory tax rate was 21% for fiscal years 2020 and 2019. The impact of the lower U.S. statutory income tax rate from the U.S. Tax Cuts and Jobs Act of 2017 (the \u201cTax Act\u201d) was phased in during fiscal 2018, resulting in a U.S. statutory tax rate of 29.3%. |
| (b) | In connection with the impact of the Tax Act in fiscal 2018, we recorded a $45.4 million net tax benefit from the impact of remeasuring our net U.S. deferred tax liabilities during fiscal 2018, including $5.5 million of deferred tax benefits originating during the year, with the new lower statutory tax rate. We also recorded an $11.5 million transition tax on our previously untaxed foreign earnings that is primarily payable over eight years. In fiscal 2019, we completed our analysis of the one-time impacts of the Tax Act and reduced the transition tax by $2.4 million. |
| (c) | The effective income tax rate is calculated as the ratio of income tax expense to pre-tax income, inclusive of equity method investment earnings. |
\u200b
Income Taxes Paid
\u200b
Income taxes paid, net of refunds, were $82.5 million, $103.0 million, and $106.9 million in fiscal 2020, 2019, and 2018, respectively.
Deferred Income Taxes
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of our deferred income tax assets and liabilities were as follows (dollars in millions):
May\u00a031,\u00a02020 | May\u00a026,\u00a02019 | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | Assets | \u00a0\u00a0\u00a0\u00a0 | Liabilities | \u00a0\u00a0\u00a0\u00a0 | Assets | \u00a0\u00a0\u00a0\u00a0 | Liabilities | |||||
Property, plant and equipment | $ | \u2014 | $ | 188.8 | $ | \u2014 | $ | 178.1 | ||||
Goodwill and other intangible assets | 54.9 | \u2014 | 64.1 | \u2014 | ||||||||
Compensation and benefit related liabilities | 19.7 | \u2014 | 17.8 | \u2014 | ||||||||
Net operating loss and credit carryforwards (a) | 5.2 | \u2014 | 15.3 | \u2014 | ||||||||
Accrued expenses and other liabilities | 15.2 | \u2014 | 14.2 | \u2014 | ||||||||
Inventory and inventory reserves | 4.5 | \u2014 | 11.5 | \u2014 | ||||||||
Lease liabilities | 36.9 | \u2014 | \u2014 | \u2014 | ||||||||
Lease assets | \u2014 | 35.4 | \u2014 | \u2014 | ||||||||
Debt issuance costs | \u2014 | 3.4 | \u2014 | 4.1 | ||||||||
Investment in joint ventures | \u2014 | 3.6 | \u2014 | 3.5 | ||||||||
Other | 7.7 | 8.6 | 12.1 | 8.6 | ||||||||
144.1 | 239.8 | 135.0 | 194.3 | |||||||||
Less: Valuation allowance (b) | (54.5) | \u2014 | (64.6) | \u2014 | ||||||||
Net deferred taxes (c) | $ | 89.6 | $ | 239.8 | $ | 70.4 | $ | 194.3 |
| (a) | At May 31, 2020, Lamb Weston had approximately $20.3 million of gross ($4.6 million after-tax) foreign net operating loss carryforwards, of which the majority expire during fiscal 2021. |
| (b) | The valuation allowance is predominantly related to non-amortizable intangibles and the portion of the net operating loss carryforwards that we are not more likely than not to realize. The net impact on income tax expense related to changes in the valuation allowance, including net operating loss carryforwards, was zero in fiscal 2020, $1.1 million of benefit in fiscal 2019, and zero in fiscal 2018. |
| (c) | Deferred tax assets of $2.3 million and $1.8 million as of May 31, 2020 and May 26, 2019, respectively, were presented in \u201cOther assets.\u201d Deferred tax liabilities of $152.5 million and $125.7 million as of May 31, 2020 and May 26, 2019, respectively, were presented in \u201cDeferred income taxes\u201d as a long-term liability on the Consolidated Balance Sheets. The deferred tax asset and liability net position is determined by tax jurisdiction. |
The FASB allows companies to adopt an accounting policy to either recognize deferred taxes for global intangible low-taxed income (\u201cGILTI\u201d) or treat such as a tax cost in the year incurred. We have elected to recognize the tax on GILTI as a period expense in the period the tax is incurred. Under this policy, we have not provided deferred taxes on temporary differences that upon their reversal will affect the amount of income subject to GILTI in the period.
We have not established deferred income taxes on accumulated undistributed earnings and other basis differences for operations outside the U.S., as such earnings and basis differences are indefinitely reinvested. Determining the unrecognized deferred tax liability for these earnings is not practicable. Generally, no U.S. federal income taxes will be imposed on future distributions of foreign earnings under the current law. However, distributions to the U.S. or other foreign jurisdictions could be subject to withholding and other local taxes, and these taxes would not be material.
Uncertain Tax Positions
The aggregate changes in the gross amount of unrecognized tax benefits, excluding interest and penalties consisted of the following (dollars in millions):
For the Fiscal Years Ended May | ||||||||
2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | \u00a0\u00a0\u00a0\u00a0 | 2018 | ||||
Beginning balance | $ | 21.7 | \u00a0 | $ | 13.2 | \u00a0 | $ | 6.9 |
Decreases from positions established during prior fiscal years | \u2014 | (0.8) | \u2014 | |||||
Increases from positions established during current and prior fiscal years | 10.3 | 10.4 | 7.9 | |||||
Expiration of statute of limitations | (0.7) | (1.1) | (1.6) | |||||
Ending balance (a) | $ | 31.3 | $ | 21.7 | $ | 13.2 |
| (a) | If we were to prevail on the unrecognized tax benefits recorded as of May 31, 2020 and May 26, 2019, it would result in a tax benefit of $26.7 million and $18.8 million, respectively, and a reduction in the effective tax rate. The ending balances exclude $5.5 million and $3.9 million of gross interest and penalties in fiscal and , respectively. We accrue interest and penalties associated with uncertain tax positions as part of income tax expense.\u00a0 |
Lamb Weston conducts business and files tax returns in numerous countries, states, and local jurisdictions.\u00a0We do not have any significant open tax audits. As part of the tax matters agreement, Conagra has responsibility for tax audits associated with pre-Separation periods, including any associated adjustments for consolidated federal and state filings.\u00a0Major jurisdictions where we conduct business generally have statutes of limitations ranging from to five years.
Although the timing of the resolutions and/or closures of audits is highly uncertain, it is reasonably possible that certain U.S. federal and non-U.S. tax audits may be concluded within the next 12 months, which could increase or decrease the balance of our gross unrecognized tax benefits. The estimated impact on income tax expense and net income is not expected to be significant.
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\u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | \u00a0\u00a0\u00a0\u00a0 | 2018 | ||||
United States | $ | 462.0 | $ | 574.5 | $ | 478.2 | |||
Foreign | \u00a0 | 16.2 | \u00a0 | 46.3 | \u00a0 | 76.7 | |||
Total pre-tax income | $ | 478.2 | $ | 620.8 | $ | 554.9 |
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For the Fiscal Years Ended May | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | \u00a0\u00a0\u00a0\u00a0 | 2018 | ||||
Current | |||||||||
U.S. federal | \u00a0 | $ | 75.7 | \u00a0 | $ | 66.8 | \u00a0 | $ | 94.3 |
State and local | 13.2 | 17.7 | 14.7 | ||||||
Foreign | 3.4 | 11.6 | 15.8 | ||||||
Total current provision for taxes | 92.3 | 96.1 | 124.8 | ||||||
Deferred | |||||||||
U.S. federal | 18.6 | 42.2 | (4.4) | ||||||
State and local | 4.4 | (0.1) | 0.1 | ||||||
Foreign | (3.0) | (4.6) | 0.7 | ||||||
Total deferred provision for taxes | $ | 20.0 | $ | 37.5 | $ | (3.6) | |||
Total provision for taxes | $ | 112.3 | $ | 133.6 | $ | 121.2 |
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For the Fiscal Years Ended May | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | \u00a0\u00a0\u00a0\u00a0 | 2018 | ||||
Provision computed at U.S. statutory rate (a) | $ | 100.4 | \u00a0 | $ | 130.4 | \u00a0 | $ | 162.6 | |
Increase (reduction) in rate resulting from: | |||||||||
State and local taxes, net of federal benefit | \u00a0 | 15.3 | 14.8 | 12.6 | |||||
Tax credits and domestic manufacturers deduction | (0.6) | (0.6) | (8.1) | ||||||
Effect of taxes on foreign operations | (4.4) | (4.7) | (7.0) | ||||||
Deferred impact of rate change (b) | \u2014 | \u2014 | (45.4) | ||||||
Transition tax liability (b) | \u2014 | (2.4) | 11.5 | ||||||
Other | 1.6 | (3.9) | (5.0) | ||||||
Total provision for taxes | $ | 112.3 | $ | 133.6 | $ | 121.2 | |||
Effective income tax rate (c) | 23.5% | 21.5% | 21.8% |
| (a) | The U.S. statutory tax rate was 21% for fiscal years 2020 and 2019. The impact of the lower U.S. statutory income tax rate from the U.S. Tax Cuts and Jobs Act of 2017 (the \u201cTax Act\u201d) was phased in during fiscal 2018, resulting in a U.S. statutory tax rate of 29.3%. |
| (b) | In connection with the impact of the Tax Act in fiscal 2018, we recorded a $45.4 million net tax benefit from the impact of remeasuring our net U.S. deferred tax liabilities during fiscal 2018, including $5.5 million of deferred tax benefits originating during the year, with the new lower statutory tax rate. We also recorded an $11.5 million transition tax on our previously untaxed foreign earnings that is primarily payable over eight years. In fiscal 2019, we completed our analysis of the one-time impacts of the Tax Act and reduced the transition tax by $2.4 million. |
| (c) | The effective income tax rate is calculated as the ratio of income tax expense to pre-tax income, inclusive of equity method investment earnings. |
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May\u00a031,\u00a02020 | May\u00a026,\u00a02019 | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | Assets | \u00a0\u00a0\u00a0\u00a0 | Liabilities | \u00a0\u00a0\u00a0\u00a0 | Assets | \u00a0\u00a0\u00a0\u00a0 | Liabilities | |||||
Property, plant and equipment | $ | \u2014 | $ | 188.8 | $ | \u2014 | $ | 178.1 | ||||
Goodwill and other intangible assets | 54.9 | \u2014 | 64.1 | \u2014 | ||||||||
Compensation and benefit related liabilities | 19.7 | \u2014 | 17.8 | \u2014 | ||||||||
Net operating loss and credit carryforwards (a) | 5.2 | \u2014 | 15.3 | \u2014 | ||||||||
Accrued expenses and other liabilities | 15.2 | \u2014 | 14.2 | \u2014 | ||||||||
Inventory and inventory reserves | 4.5 | \u2014 | 11.5 | \u2014 | ||||||||
Lease liabilities | 36.9 | \u2014 | \u2014 | \u2014 | ||||||||
Lease assets | \u2014 | 35.4 | \u2014 | \u2014 | ||||||||
Debt issuance costs | \u2014 | 3.4 | \u2014 | 4.1 | ||||||||
Investment in joint ventures | \u2014 | 3.6 | \u2014 | 3.5 | ||||||||
Other | 7.7 | 8.6 | 12.1 | 8.6 | ||||||||
144.1 | 239.8 | 135.0 | 194.3 | |||||||||
Less: Valuation allowance (b) | (54.5) | \u2014 | (64.6) | \u2014 | ||||||||
Net deferred taxes (c) | $ | 89.6 | $ | 239.8 | $ | 70.4 | $ | 194.3 |
| (a) | At May 31, 2020, Lamb Weston had approximately $20.3 million of gross ($4.6 million after-tax) foreign net operating loss carryforwards, of which the majority expire during fiscal 2021. |
| (b) | The valuation allowance is predominantly related to non-amortizable intangibles and the portion of the net operating loss carryforwards that we are not more likely than not to realize. The net impact on income tax expense related to changes in the valuation allowance, including net operating loss carryforwards, was zero in fiscal 2020, $1.1 million of benefit in fiscal 2019, and zero in fiscal 2018. |
| (c) | Deferred tax assets of $2.3 million and $1.8 million as of May 31, 2020 and May 26, 2019, respectively, were presented in \u201cOther assets.\u201d Deferred tax liabilities of $152.5 million and $125.7 million as of May 31, 2020 and May 26, 2019, respectively, were presented in \u201cDeferred income taxes\u201d as a long-term liability on the Consolidated Balance Sheets. The deferred tax asset and liability net position is determined by tax jurisdiction. |
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For the Fiscal Years Ended May | ||||||||
2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | \u00a0\u00a0\u00a0\u00a0 | 2018 | ||||
Beginning balance | $ | 21.7 | \u00a0 | $ | 13.2 | \u00a0 | $ | 6.9 |
Decreases from positions established during prior fiscal years | \u2014 | (0.8) | \u2014 | |||||
Increases from positions established during current and prior fiscal years | 10.3 | 10.4 | 7.9 | |||||
Expiration of statute of limitations | (0.7) | (1.1) | (1.6) | |||||
Ending balance (a) | $ | 31.3 | $ | 21.7 | $ | 13.2 |
| (a) | If we were to prevail on the unrecognized tax benefits recorded as of May 31, 2020 and May 26, 2019, it would result in a tax benefit of $26.7 million and $18.8 million, respectively, and a reduction in the effective tax rate. The ending balances exclude $5.5 million and $3.9 million of gross interest and penalties in fiscal and , respectively. We accrue interest and penalties associated with uncertain tax positions as part of income tax expense.\u00a0 |
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4.\u00a0\u00a0\u00a0\u00a0LEASES
We lease various real estate, including certain operating facilities, warehouses, office space, and land. We also lease material handling equipment, vehicles, and certain other equipment. Our leases have lease of to 20 years.
The components of total lease costs, net, consisted of the following (dollars in millions):
Year Ended May\u00a031, 2020 (a) | |||||||||
Operating | \u00a0\u00a0\u00a0\u00a0 | Finance | |||||||
Leases | Leases | Total | |||||||
Operating lease costs | $ | 29.7 | $ | \u2014 | $ | 29.7 | |||
Short-term and variable lease costs | 5.8 | \u2014 | 5.8 | ||||||
Sublease income | (2.7) | \u2014 | (2.7) | ||||||
Amortization of lease assets | \u2014 | 3.2 | 3.2 | ||||||
Interest on lease liabilities | \u2014 | 0.6 | 0.6 | ||||||
Total lease costs, net | $ | 32.8 | $ | 3.8 | $ | 36.6 |
| (a) | Supply-chain-related lease costs are included in \u201cCost of sales\u201d and the remainder is recorded in \u201cSelling, general, and administrative expenses.\u201d Interest on lease liabilities for finance leases is included in \u201cInterest expense, net,\u201d in our Consolidated Statements of Earnings. |
Operating and finance leases, with initial terms greater than one year, were as follows (dollars in millions):
As\u00a0of\u00a0May\u00a031, 2020 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | Operating | \u00a0\u00a0\u00a0\u00a0 | Finance | ||||||
Leases | Leases | Total | |||||||
Assets: | |||||||||
Operating lease assets | \u00a0 | $ | 167.0 | \u00a0 | $ | \u2014 | $ | 167.0 | |
\u2014 | 11.3 | 11.3 | |||||||
Total leased assets | $ | 167.0 | $ | 11.3 | $ | 178.3 | |||
Liabilities: | |||||||||
Lease liabilities due within one year: | |||||||||
$ | 28.4 | $ | \u2014 | $ | 28.4 | ||||
\u2014 | 2.8 | 2.8 | |||||||
Long-term lease liabilities: | |||||||||
144.6 | \u2014 | 144.6 | |||||||
\u2014 | 10.5 | 10.5 | |||||||
Total lease liabilities | $ | 173.0 | $ | 13.3 | $ | 186.3 |
| (a) | Finance leases are net of accumulated amortization of $12.2 million. |
The maturities of our lease liabilities for operating and finance leases at May 31, 2020 for the next five fiscal years and thereafter are as follows (dollars in millions):
Operating | \u00a0\u00a0\u00a0\u00a0 | Finance | |||||||
Leases | Leases | Total | |||||||
2021 | $ | 32.7 | $ | 3.2 | $ | 35.9 | |||
2022 | 29.1 | 2.9 | 32.0 | ||||||
2023 | 21.8 | 2.0 | 23.8 | ||||||
2024 | 20.8 | 1.2 | 22.0 | ||||||
2025 | 18.8 | 0.8 | 19.6 | ||||||
Thereafter | 78.2 | 5.7 | 83.9 | ||||||
Total lease payments | 201.4 | 15.8 | 217.2 | ||||||
Less: Interest | (28.4) | (2.5) | (30.9) | ||||||
Present value of lease liabilities | $ | 173.0 | $ | 13.3 | $ | 186.3 | |||
Weighted-average remaining lease term (years) | 8.3 | 9.3 | |||||||
Weighted-average discount rate | 3.6% | 3.3% |
At May 26, 2019, minimum lease payments under non-cancellable leases with lease terms in excess of one year, and accounted for under the previous lease accounting standard, were as follows (dollars in millions):
Operating | \u00a0\u00a0\u00a0\u00a0 | Capital | |||||||
Leases | Leases (a) | Total | |||||||
2020 | $ | 18.6 | $ | 7.5 | $ | 26.1 | |||
2021 | 16.5 | 7.2 | 23.7 | ||||||
2022 | 15.7 | 7.2 | 22.9 | ||||||
2023 | 10.5 | 6.4 | 16.9 | ||||||
2024 | 8.6 | 5.9 | 14.5 | ||||||
Thereafter | 26.6 | 73.5 | 100.1 | ||||||
Total lease payments | $ | 96.5 | $ | 107.7 | $ | 204.2 | |||
Discount to present value | (28.8) | (28.8) | |||||||
Total lease liability | $ | 78.9 | $ | 175.4 | |||||
Current portion of financing obligations | (4.3) | (4.3) | |||||||
Long-term financing obligations, excluding current portion | $ | 74.6 | $ | 171.1 |
| (a) | Includes unamortized portion of a deferred gain related to a sale leaseback that was eliminated from the Consolidated Balance Sheet as part of the cumulative-effect adjustment at adoption of ASC 842. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, for more information. |
Rent expense, prior to the adoption of ASC 842, was $24.3 million and $26.0 million in fiscal 2019 and 2018, respectively.
Supplemental cash flow information related to leases was as follows (dollars in millions):
Year Ended May\u00a031, 2020 | |||||||||
Operating | \u00a0\u00a0\u00a0\u00a0 | Finance | |||||||
Leases | Leases | Total | |||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||
Cash used for operating activities | $ | 26.8 | $ | \u2014 | $ | 26.8 | |||
Cash used for financing activities | \u2014 | 2.6 | 2.6 | ||||||
Noncash investing and financing activities: | |||||||||
Assets obtained in exchange for new operating lease obligations | 41.4 | \u2014 | 41.4 | ||||||
Assets obtained in exchange for new finance lease obligations | \u2014 | 2.2 | 2.2 |
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Year Ended May\u00a031, 2020 (a) | |||||||||
Operating | \u00a0\u00a0\u00a0\u00a0 | Finance | |||||||
Leases | Leases | Total | |||||||
Operating lease costs | $ | 29.7 | $ | \u2014 | $ | 29.7 | |||
Short-term and variable lease costs | 5.8 | \u2014 | 5.8 | ||||||
Sublease income | (2.7) | \u2014 | (2.7) | ||||||
Amortization of lease assets | \u2014 | 3.2 | 3.2 | ||||||
Interest on lease liabilities | \u2014 | 0.6 | 0.6 | ||||||
Total lease costs, net | $ | 32.8 | $ | 3.8 | $ | 36.6 |
| (a) | Supply-chain-related lease costs are included in \u201cCost of sales\u201d and the remainder is recorded in \u201cSelling, general, and administrative expenses.\u201d Interest on lease liabilities for finance leases is included in \u201cInterest expense, net,\u201d in our Consolidated Statements of Earnings. |
"}]},{"name":"rpt:f-685","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseCost","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"29700000","decimals":-5}]},{"name":"rpt:f-686","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseCost","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"29700000","decimals":-5}]},{"name":"rpt:f-687","factDimensions":{"xbrl:concept":"lw:ShortTermLeaseVariableLeaseAndOtherLeaseCostNet","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5800000","decimals":-5}]},{"name":"rpt:f-688","factDimensions":{"xbrl:concept":"lw:ShortTermLeaseVariableLeaseAndOtherLeaseCostNet","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5800000","decimals":-5}]},{"name":"rpt:f-689","factDimensions":{"xbrl:concept":"us-gaap:SubleaseIncome","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2700000","decimals":-5}]},{"name":"rpt:f-690","factDimensions":{"xbrl:concept":"us-gaap:SubleaseIncome","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2700000","decimals":-5}]},{"name":"rpt:f-691","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseRightOfUseAssetAmortization","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3200000","decimals":-5}]},{"name":"rpt:f-692","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseRightOfUseAssetAmortization","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3200000","decimals":-5}]},{"name":"rpt:f-693","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseInterestExpense","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"600000","decimals":-5}]},{"name":"rpt:f-694","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseInterestExpense","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"600000","decimals":-5}]},{"name":"rpt:f-695","factDimensions":{"xbrl:concept":"lw:LeaseCostOperatingLease","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"32800000","decimals":-5}]},{"name":"rpt:f-696","factDimensions":{"xbrl:concept":"lw:LeaseCostFinanceLease","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3800000","decimals":-5}]},{"name":"rpt:f-697","factDimensions":{"xbrl:concept":"us-gaap:LeaseCost","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"36600000","decimals":-5}]},{"name":"rpt:f-698","factDimensions":{"xbrl:concept":"lw:LeaseAssetsAndLiabilitiesTableTextBlock","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"
As\u00a0of\u00a0May\u00a031, 2020 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | Operating | \u00a0\u00a0\u00a0\u00a0 | Finance | ||||||
Leases | Leases | Total | |||||||
Assets: | |||||||||
Operating lease assets | \u00a0 | $ | 167.0 | \u00a0 | $ | \u2014 | $ | 167.0 | |
\u2014 | 11.3 | 11.3 | |||||||
Total leased assets | $ | 167.0 | $ | 11.3 | $ | 178.3 | |||
Liabilities: | |||||||||
Lease liabilities due within one year: | |||||||||
$ | 28.4 | $ | \u2014 | $ | 28.4 | ||||
\u2014 | 2.8 | 2.8 | |||||||
Long-term lease liabilities: | |||||||||
144.6 | \u2014 | 144.6 | |||||||
\u2014 | 10.5 | 10.5 | |||||||
Total lease liabilities | $ | 173.0 | $ | 13.3 | $ | 186.3 |
| (a) | Finance leases are net of accumulated amortization of $12.2 million. |
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Operating | \u00a0\u00a0\u00a0\u00a0 | Finance | |||||||
Leases | Leases | Total | |||||||
2021 | $ | 32.7 | $ | 3.2 | $ | 35.9 | |||
2022 | 29.1 | 2.9 | 32.0 | ||||||
2023 | 21.8 | 2.0 | 23.8 | ||||||
2024 | 20.8 | 1.2 | 22.0 | ||||||
2025 | 18.8 | 0.8 | 19.6 | ||||||
Thereafter | 78.2 | 5.7 | 83.9 | ||||||
Total lease payments | 201.4 | 15.8 | 217.2 | ||||||
Less: Interest | (28.4) | (2.5) | (30.9) | ||||||
Present value of lease liabilities | $ | 173.0 | $ | 13.3 | $ | 186.3 | |||
Weighted-average remaining lease term (years) | 8.3 | 9.3 | |||||||
Weighted-average discount rate | 3.6% | 3.3% |
"}]},{"name":"rpt:f-719","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"
Operating | \u00a0\u00a0\u00a0\u00a0 | Finance | |||||||
Leases | Leases | Total | |||||||
2021 | $ | 32.7 | $ | 3.2 | $ | 35.9 | |||
2022 | 29.1 | 2.9 | 32.0 | ||||||
2023 | 21.8 | 2.0 | 23.8 | ||||||
2024 | 20.8 | 1.2 | 22.0 | ||||||
2025 | 18.8 | 0.8 | 19.6 | ||||||
Thereafter | 78.2 | 5.7 | 83.9 | ||||||
Total lease payments | 201.4 | 15.8 | 217.2 | ||||||
Less: Interest | (28.4) | (2.5) | (30.9) | ||||||
Present value of lease liabilities | $ | 173.0 | $ | 13.3 | $ | 186.3 | |||
Weighted-average remaining lease term (years) | 8.3 | 9.3 | |||||||
Weighted-average discount rate | 3.6% | 3.3% |
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Operating | \u00a0\u00a0\u00a0\u00a0 | Capital | |||||||
Leases | Leases (a) | Total | |||||||
2020 | $ | 18.6 | $ | 7.5 | $ | 26.1 | |||
2021 | 16.5 | 7.2 | 23.7 | ||||||
2022 | 15.7 | 7.2 | 22.9 | ||||||
2023 | 10.5 | 6.4 | 16.9 | ||||||
2024 | 8.6 | 5.9 | 14.5 | ||||||
Thereafter | 26.6 | 73.5 | 100.1 | ||||||
Total lease payments | $ | 96.5 | $ | 107.7 | $ | 204.2 | |||
Discount to present value | (28.8) | (28.8) | |||||||
Total lease liability | $ | 78.9 | $ | 175.4 | |||||
Current portion of financing obligations | (4.3) | (4.3) | |||||||
Long-term financing obligations, excluding current portion | $ | 74.6 | $ | 171.1 |
| (a) | Includes unamortized portion of a deferred gain related to a sale leaseback that was eliminated from the Consolidated Balance Sheet as part of the cumulative-effect adjustment at adoption of ASC 842. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, for more information. |
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Operating | \u00a0\u00a0\u00a0\u00a0 | Capital | |||||||
Leases | Leases (a) | Total | |||||||
2020 | $ | 18.6 | $ | 7.5 | $ | 26.1 | |||
2021 | 16.5 | 7.2 | 23.7 | ||||||
2022 | 15.7 | 7.2 | 22.9 | ||||||
2023 | 10.5 | 6.4 | 16.9 | ||||||
2024 | 8.6 | 5.9 | 14.5 | ||||||
Thereafter | 26.6 | 73.5 | 100.1 | ||||||
Total lease payments | $ | 96.5 | $ | 107.7 | $ | 204.2 | |||
Discount to present value | (28.8) | (28.8) | |||||||
Total lease liability | $ | 78.9 | $ | 175.4 | |||||
Current portion of financing obligations | (4.3) | (4.3) | |||||||
Long-term financing obligations, excluding current portion | $ | 74.6 | $ | 171.1 |
| (a) | Includes unamortized portion of a deferred gain related to a sale leaseback that was eliminated from the Consolidated Balance Sheet as part of the cumulative-effect adjustment at adoption of ASC 842. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, for more information. |
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Year Ended May\u00a031, 2020 | |||||||||
Operating | \u00a0\u00a0\u00a0\u00a0 | Finance | |||||||
Leases | Leases | Total | |||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||
Cash used for operating activities | $ | 26.8 | $ | \u2014 | $ | 26.8 | |||
Cash used for financing activities | \u2014 | 2.6 | 2.6 | ||||||
Noncash investing and financing activities: | |||||||||
Assets obtained in exchange for new operating lease obligations | 41.4 | \u2014 | 41.4 | ||||||
Assets obtained in exchange for new finance lease obligations | \u2014 | 2.2 | 2.2 |
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5.\u00a0\u00a0\u00a0\u00a0ACQUISITIONS
On July 2, 2019 and , we acquired 100% of the outstanding shares of two different frozen potato processors in Australia for $116.7 million and $88.6 million, respectively, net of cash acquired. These acquisitions added approximately 70 million and 50 million pounds of production capacity, respectively, to our manufacturing network and expanded our geographic reach. Net sales, income from operations, and total assets from either of these acquisitions are not material to our consolidated net sales, income from operations, and total assets. The operating results for the acquisitions are included in our Global segment.
We allocated the purchase price of the July 2019 and December 2018 acquisitions to the assets acquired and liabilities assumed based on estimates of the fair value at the date of the acquisition, of which $106.1 million and $75.1 million, respectively, after final working capital adjustments, was allocated to (which is for tax purposes) and $3.7 million and $4.4 million, respectively, was allocated to intangible assets (both to be amortized on a straight-line basis over a of 10 years). In both acquisitions, the intangible assets primarily related to brand names. The purchase price allocations are complete.
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6.\u00a0\u00a0\u00a0\u00a0INVESTMENTS IN JOINT VENTURES
We hold a 50% ownership interest in Lamb-Weston/Meijer v.o.f. (\u201cLamb-Weston/Meijer\u201d), a joint venture with Meijer Frozen Foods B.V. Headquartered in the Netherlands, this joint venture manufactures and sells frozen potato products principally in Europe. We receive a royalty from Lamb-Weston/Meijer based on a per ton rate of the sales volumes of the venture. The fees received were $1.6 million, $1.8 million, and $1.7 million in fiscal 2020, 2019, and 2018, respectively. These fees are recorded as a reduction to \u201cSelling, general and administrative expenses\u201d in our Consolidated Statements of Earnings. Our ownership interest in this venture is included in \u201cEquity method investments\u201d on our Consolidated Balance Sheets. The balance of our investment was $207.4 million and $205.8 million at May 31, 2020 and May 26, 2019, respectively. We account for this investment using equity method accounting.
During fiscal 2020, we entered into an agreement with Lamb-Weston/Meijer, effective as of December 31, 2018, to share the costs of a single, global enterprise resource planning (\u201cERP\u201d) platform and related software and services. Under the terms of the agreement, Lamb-Weston/Meijer will pay us for the majority of their portion of the ERP costs in five equal annual payments, plus interest, beginning in the period the system is deployed at Lamb-Weston/Meijer. As of May 31, 2020, Lamb-Weston/Meijer\u2019s portion of the ERP costs totaled $13.0 million, of which $3.0 million related to items expensed in \u201cSelling, general, and administrative expenses\u201d and the remainder was capitalized.\u00a0We received $1.0 million from Lamb-Weston/Meijer and we have $12.0 million of receivables recorded on our Consolidated Balance Sheet at May 31, 2020.\u00a0Of the $12.0 million receivable, $1.8 million and $10.2 million were recorded in \u201cAccount receivable, net\u201d and \u201cOther assets,\u201d respectively.\u00a0We expect the total receivable from Lamb-Weston/Meijer to increase as development and implementation of the ERP progresses.\u00a0
We also hold a 50% interest in Lamb-Weston/RDO Frozen (\u201cLamb Weston RDO\u201d), a joint venture with RDO Frozen Co. This joint venture operates a potato processing plant in Minnesota. We provide all sales and marketing services to Lamb Weston RDO, and we receive a fee for these services based on a percentage of the net sales of the venture. The fees received were $14.1 million, $14.8 million, and $14.4 million in fiscal 2020, 2019, and 2018, respectively. These fees are recorded as a reduction to \u201cSelling, general and administrative expenses\u201d in our Consolidated Statements of Earnings. Our ownership interest in this venture is included in \u201cEquity method investments\u201d on our Consolidated Balance Sheets. The balance of our investment was $15.4 million and $17.8 million at May 31, 2020 and May 26, 2019, respectively. We account for this investment using equity method accounting.
On October 15, 2019, we acquired a 50% ownership interest in Lamb Weston Alimentos Modernos S.A. (\u201cLWAMSA\u201d), a joint venture with Sociedad Commercial del Plata, for $27.3 million. Headquartered in Argentina, this joint venture manufactures and sells frozen potato products principally in South America. During the fiscal year ended May 31, 2020, we paid $22.6 million and will pay the remaining $4.7 million, less any amounts for indemnified losses, in October 2024. We account for the investment using equity method accounting. Included in the initial carrying value of $27.3 million, which represents the fair value on the transaction date, was a basis difference of $4.8 million due to the difference between the cost of the investment and our proportionate share of LWAMSA\u2019s net assets. This basis difference is comprised of equity method goodwill and will not be amortized.
The carrying value of our equity method investments, which includes Lamb-Weston/Meijer, Lamb Weston RDO, and LWAMSA at May 31, 2020 and May 26, 2019, was $250.2 million and $224.6 million, respectively, and are included in \u201cEquity method investments\u201d on our Consolidated Balance Sheets. In fiscal 2020, 2019, and 2018, we had sales to our equity method investments of $27.8 million, $29.9 million, and $29.3 million and payments to our equity method investments of $8.6 million, $10.9 million, and $10.7 million, respectively. Total dividends from our equity method investments were $29.0 million, $45.7 million, and $48.7 million for fiscal 2020, 2019, and 2018, respectively. As of May 31, 2020 and May 26, 2019, we had receivables included in \u201cAccounts receivable\u201d on our Consolidated Balance Sheet from our joint ventures of $7.1 million and $12.7 million, respectively.
Summarized combined financial information for our equity method investments based on 100%of their operations is as follows (dollars in millions):
For the Fiscal Years Ended May | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | 2018 | |||||
Net sales | $ | 1,137.7 | \u00a0 | $ | 1,172.6 | $ | 1,142.7 | ||
Gross margin | \u00a0 | 145.8 | \u00a0 | \u00a0 | 212.2 | \u00a0 | 249.5 | ||
Earnings before income taxes | \u00a0 | 58.7 | \u00a0 | \u00a0 | 119.0 | \u00a0 | 167.2 |
May\u00a031, | \u00a0\u00a0\u00a0\u00a0 | May\u00a026, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | |||
Current assets | $ | 413.8 | \u00a0 | $ | 406.2 | |
Noncurrent assets | \u00a0 | 455.1 | \u00a0 | \u00a0 | 381.9 | |
Current liabilities | 298.8 | \u00a0 | \u00a0 | 282.9 | ||
Noncurrent liabilities | 79.8 | \u00a0 | \u00a0 | 55.9 |
Variable Interest Entity - Consolidated
On November 2, 2018, we entered into a Membership Interest Purchase Agreement (the \u201cBSW Agreement\u201d) with Ochoa Ag Unlimited Foods, Inc. (\u201cOchoa\u201d) to acquire the remaining 50.01% interest in Lamb Weston BSW, a potato processing joint venture. We paid Ochoa approximately $65 million in cash attributable to our contractual right to purchase the remaining equity interest in Lamb Weston BSW, plus $13.2 million attributable to Ochoa\u2019s interest in expected earnings of the joint venture through our fiscal year ended May 26, 2019.
Prior to entering into the BSW Agreement, Lamb Weston BSW was considered a variable interest entity, and we determined that we were the primary beneficiary of the entity. Accordingly, we consolidated the financial statements of Lamb Weston BSW and deducted 50.01% of the operating results of the noncontrolling interests to arrive at \u201cNet income attributable to Lamb Weston Holdings, Inc.\u201d on our Consolidated Statements of Earnings. The Consolidated Statements of Earnings include 100% of Lamb Weston BSW\u2019s earnings beginning November 2, 2018, the date we entered into the BSW Agreement.
Prior to entering into the BSW Agreement, the value of the redeemable noncontrolling interest was recorded on our Consolidated Balance Sheet based on the value of Ochoa\u2019s put option. In connection with our purchase of the remaining 50.01% interest in the joint venture, we recorded $9.4 million of accretion, net of tax benefits, to increase the redeemable noncontrolling interest to the amount we agreed to pay. The purchase created $9.3 million of deferred tax assets related to the step-up in tax basis of the acquired assets. We recorded both the accretion of the noncontrolling interest and the related tax benefits in \u201cAdditional distributed capital\u201d on our Consolidated Balance Sheet, both of which did not impact net income. While the accretion, net of tax benefits, had no impact on net income in the Consolidated Statements of Earnings, it reduced net income available to common stockholders by $9.4 million, net of tax, and both basic and diluted earnings per share by $0.06, during fiscal 2019.
Lamb Weston and Lamb Weston BSW purchase potatoes and utilize storage facilities and water treatment services from a shareholder of Ochoa, our former partner of the Lamb Weston BSW joint venture. While we continue to purchase such goods and services, subsequent to November 2, 2018, the shareholder of Ochoa is no longer considered a related party. The aggregate amounts of potato purchases were $24.6 million in fiscal 2019 (through November 2, 2018) and $58.7 million in fiscal 2018. The aggregate amounts of costs for storage facilities and water treatment services were $2.5 million in fiscal 2019 (through November 2, 2018) and $5.1 million in fiscal 2018.
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the Fiscal Years Ended May | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | 2018 | |||||
Net sales | $ | 1,137.7 | \u00a0 | $ | 1,172.6 | $ | 1,142.7 | ||
Gross margin | \u00a0 | 145.8 | \u00a0 | \u00a0 | 212.2 | \u00a0 | 249.5 | ||
Earnings before income taxes | \u00a0 | 58.7 | \u00a0 | \u00a0 | 119.0 | \u00a0 | 167.2 |
May\u00a031, | \u00a0\u00a0\u00a0\u00a0 | May\u00a026, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | |||
Current assets | $ | 413.8 | \u00a0 | $ | 406.2 | |
Noncurrent assets | \u00a0 | 455.1 | \u00a0 | \u00a0 | 381.9 | |
Current liabilities | 298.8 | \u00a0 | \u00a0 | 282.9 | ||
Noncurrent liabilities | 79.8 | \u00a0 | \u00a0 | 55.9 |
7.\u00a0\u00a0\u00a0\u00a0GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
The following table presents changes in goodwill balances as allocated to each segment for fiscal years 2020 and 2019 (dollars in millions):
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | Global\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Foodservice | \u00a0\u00a0\u00a0\u00a0 | Retail | \u00a0\u00a0\u00a0\u00a0 | Other | \u00a0\u00a0\u00a0\u00a0 | Total | ||||||
Balance at May\u00a027, 2018 | $ | 76.9 | $ | 42.8 | $ | 10.9 | $ | 4.5 | $ | 135.1 | |||||
Acquisition (a) | 75.1 | \u2014 | \u2014 | \u2014 | 75.1 | ||||||||||
Foreign currency translation adjustment | (4.3) | \u2014 | \u2014 | \u2014 | \u00a0 | (4.3) | |||||||||
Balance at May\u00a026, 2019 | $ | 147.7 | $ | 42.8 | $ | 10.9 | $ | 4.5 | $ | 205.9 | |||||
Acquisition (b) | 106.1 | \u2014 | \u2014 | \u2014 | 106.1 | ||||||||||
Foreign currency translation adjustment | (8.2) | \u2014 | \u2014 | \u2014 | \u00a0 | (8.2) | |||||||||
Balance at May\u00a031,\u00a02020 | $ | 245.6 | $ | 42.8 | $ | 10.9 | $ | 4.5 | $ | 303.8 |
| (a) | In December 2018, we acquired a frozen potato processor in Australia and recorded $75.1 million of goodwill in our Global segment. See Note 5, Acquisitions, for more information. |
| (b) | In July 2019, we acquired another frozen potato processor in Australia and recorded $106.1 million of goodwill in our Global segment. See Note 5, Acquisitions, for more information. |
Identifiable intangible assets were as follows (dollars in millions):
May\u00a031, 2020 | May\u00a026, 2019 | |||||||||||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | |||||||||||||
Average\u00a0 | Gross\u00a0 | Average\u00a0 | \u00a0Gross\u00a0 | |||||||||||||||||||
Useful\u00a0Life\u00a0 | Carrying\u00a0 | Accumulated\u00a0 | Intangible | Useful\u00a0Life\u00a0 | Carrying\u00a0 | \u00a0Accumulated\u00a0 | Intangible | |||||||||||||||
(in\u00a0years) | Amount | Amortization | Assets, Net | (in\u00a0years) | Amount | \u00a0Amortization | Assets, Net | |||||||||||||||
Non-amortizing intangible assets (a) | \u00a0\u00a0 | n/a | \u00a0\u00a0 | $ | 18.0 | \u00a0\u00a0 | $ | \u2014 | \u00a0\u00a0 | $ | 18.0 | \u00a0\u00a0 | n/a | \u00a0\u00a0 | $ | 18.0 | \u00a0\u00a0 | $ | \u2014 | \u00a0\u00a0 | $ | 18.0 |
Amortizing intangible assets (b) | \u00a0\u00a0 | 11 | \u00a0\u00a0 | 42.4 | \u00a0\u00a0 | 22.1 | \u00a0\u00a0 | 20.3 | \u00a0\u00a0 | 14 | \u00a0\u00a0 | 39.1 | \u00a0\u00a0 | 19.5 | \u00a0\u00a0 | 19.6 | ||||||
\u00a0\u00a0 | \u00a0\u00a0 | $ | 60.4 | \u00a0\u00a0 | $ | 22.1 | \u00a0\u00a0 | $ | 38.3 | \u00a0\u00a0 | \u00a0\u00a0 | $ | 57.1 | \u00a0\u00a0 | $ | 19.5 | \u00a0\u00a0 | $ | 37.6 |
| (a) | Non-amortizing intangible assets represent brands and trademarks. |
| (b) | Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. Amortization expense was $2.5 million, $2.2 million, and $2.4 million in fiscal 2020, 2019, and 2018, respectively. |
Foreign intangible assets are affected by foreign currency translation. Based on current intangibles subject to amortization, we expect intangible asset amortization expense will be approximately $2.6 million in fiscal 2021 and and $2.5 million, $2.0 million, and $1.7 million in fiscal 2023, 2024, and 2025, respectively, and approximately $9.0 million thereafter.
Impairment Testing
We test goodwill and non-amortizing intangible assets for impairment annually in the fourth quarter or sooner if events or changes in circumstances indicate that the carrying value of the asset may exceed fair value. Additionally, when we experience changes to our business or operating environment, we evaluate the remaining useful lives of our finite-lived purchased intangible assets to determine whether any adjustments to the useful lives are necessary.
As a result of the COVID-19 pandemic\u2019s impact on our operations, we performed a quantitative analysis to test our goodwill for impairment during the fourth quarter of 2020. Based on the results of the quantitative impairment test, we determined that the fair values for total company and each of our Global, Foodservice, Retail, and Other reporting units exceeded the carrying value and therefore, no goodwill impairment existed. Additionally, we completed our tests of our in the fourth quarter and there was no indication of intangible asset impairment.
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\u00a0\u00a0\u00a0\u00a0 | Global\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Foodservice | \u00a0\u00a0\u00a0\u00a0 | Retail | \u00a0\u00a0\u00a0\u00a0 | Other | \u00a0\u00a0\u00a0\u00a0 | Total | ||||||
Balance at May\u00a027, 2018 | $ | 76.9 | $ | 42.8 | $ | 10.9 | $ | 4.5 | $ | 135.1 | |||||
Acquisition (a) | 75.1 | \u2014 | \u2014 | \u2014 | 75.1 | ||||||||||
Foreign currency translation adjustment | (4.3) | \u2014 | \u2014 | \u2014 | \u00a0 | (4.3) | |||||||||
Balance at May\u00a026, 2019 | $ | 147.7 | $ | 42.8 | $ | 10.9 | $ | 4.5 | $ | 205.9 | |||||
Acquisition (b) | 106.1 | \u2014 | \u2014 | \u2014 | 106.1 | ||||||||||
Foreign currency translation adjustment | (8.2) | \u2014 | \u2014 | \u2014 | \u00a0 | (8.2) | |||||||||
Balance at May\u00a031,\u00a02020 | $ | 245.6 | $ | 42.8 | $ | 10.9 | $ | 4.5 | $ | 303.8 |
| (a) | In December 2018, we acquired a frozen potato processor in Australia and recorded $75.1 million of goodwill in our Global segment. See Note 5, Acquisitions, for more information. |
| (b) | In July 2019, we acquired another frozen potato processor in Australia and recorded $106.1 million of goodwill in our Global segment. See Note 5, Acquisitions, for more information. |
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May\u00a031, 2020 | May\u00a026, 2019 | |||||||||||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | |||||||||||||
Average\u00a0 | Gross\u00a0 | Average\u00a0 | \u00a0Gross\u00a0 | |||||||||||||||||||
Useful\u00a0Life\u00a0 | Carrying\u00a0 | Accumulated\u00a0 | Intangible | Useful\u00a0Life\u00a0 | Carrying\u00a0 | \u00a0Accumulated\u00a0 | Intangible | |||||||||||||||
(in\u00a0years) | Amount | Amortization | Assets, Net | (in\u00a0years) | Amount | \u00a0Amortization | Assets, Net | |||||||||||||||
Non-amortizing intangible assets (a) | \u00a0\u00a0 | n/a | \u00a0\u00a0 | $ | 18.0 | \u00a0\u00a0 | $ | \u2014 | \u00a0\u00a0 | $ | 18.0 | \u00a0\u00a0 | n/a | \u00a0\u00a0 | $ | 18.0 | \u00a0\u00a0 | $ | \u2014 | \u00a0\u00a0 | $ | 18.0 |
Amortizing intangible assets (b) | \u00a0\u00a0 | 11 | \u00a0\u00a0 | 42.4 | \u00a0\u00a0 | 22.1 | \u00a0\u00a0 | 20.3 | \u00a0\u00a0 | 14 | \u00a0\u00a0 | 39.1 | \u00a0\u00a0 | 19.5 | \u00a0\u00a0 | 19.6 | ||||||
\u00a0\u00a0 | \u00a0\u00a0 | $ | 60.4 | \u00a0\u00a0 | $ | 22.1 | \u00a0\u00a0 | $ | 38.3 | \u00a0\u00a0 | \u00a0\u00a0 | $ | 57.1 | \u00a0\u00a0 | $ | 19.5 | \u00a0\u00a0 | $ | 37.6 |
| (a) | Non-amortizing intangible assets represent brands and trademarks. |
| (b) | Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. Amortization expense was $2.5 million, $2.2 million, and $2.4 million in fiscal 2020, 2019, and 2018, respectively. |
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May\u00a031, 2020 | May\u00a026, 2019 | |||||||||||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | |||||||||||||
Average\u00a0 | Gross\u00a0 | Average\u00a0 | \u00a0Gross\u00a0 | |||||||||||||||||||
Useful\u00a0Life\u00a0 | Carrying\u00a0 | Accumulated\u00a0 | Intangible | Useful\u00a0Life\u00a0 | Carrying\u00a0 | \u00a0Accumulated\u00a0 | Intangible | |||||||||||||||
(in\u00a0years) | Amount | Amortization | Assets, Net | (in\u00a0years) | Amount | \u00a0Amortization | Assets, Net | |||||||||||||||
Non-amortizing intangible assets (a) | \u00a0\u00a0 | n/a | \u00a0\u00a0 | $ | 18.0 | \u00a0\u00a0 | $ | \u2014 | \u00a0\u00a0 | $ | 18.0 | \u00a0\u00a0 | n/a | \u00a0\u00a0 | $ | 18.0 | \u00a0\u00a0 | $ | \u2014 | \u00a0\u00a0 | $ | 18.0 |
Amortizing intangible assets (b) | \u00a0\u00a0 | 11 | \u00a0\u00a0 | 42.4 | \u00a0\u00a0 | 22.1 | \u00a0\u00a0 | 20.3 | \u00a0\u00a0 | 14 | \u00a0\u00a0 | 39.1 | \u00a0\u00a0 | 19.5 | \u00a0\u00a0 | 19.6 | ||||||
\u00a0\u00a0 | \u00a0\u00a0 | $ | 60.4 | \u00a0\u00a0 | $ | 22.1 | \u00a0\u00a0 | $ | 38.3 | \u00a0\u00a0 | \u00a0\u00a0 | $ | 57.1 | \u00a0\u00a0 | $ | 19.5 | \u00a0\u00a0 | $ | 37.6 |
| (a) | Non-amortizing intangible assets represent brands and trademarks. |
| (b) | Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. Amortization expense was $2.5 million, $2.2 million, and $2.4 million in fiscal 2020, 2019, and 2018, respectively. |
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8.\u00a0\u00a0\u00a0ACCRUED LIABILITIES
The components of accrued liabilities were as follows (dollars in millions):
\u00a0\u00a0\u00a0\u00a0 | May\u00a031, | May\u00a026, | ||||
2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Compensation and benefits | $ | 74.5 | \u00a0 | $ | 92.4 | |
Accrued trade promotions | 42.5 | 48.6 | ||||
Dividends payable to shareholders | 33.6 | 29.2 | ||||
Current portion of operating lease liabilities (a) | 28.4 | \u2014 | ||||
Franchise, property, and sales and use taxes | \u00a0 | 9.4 | \u00a0 | \u00a0 | 8.6 | |
Accrued interest | 8.7 | 7.6 | ||||
Income taxes payable | 1.3 | 0.5 | ||||
Other | \u00a0 | 34.6 | \u00a0 | \u00a0 | 30.3 | |
Accrued liabilities | $ | 233.0 | \u00a0 | $ | 217.2 |
| (a) | Effective May 27, 2019, we adopted ASC 842, using the modified retrospective transition method and as a result we did not recast our prior period financial statements. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, for more information. |
\u00a0\u00a0\u00a0\u00a0 | May\u00a031, | May\u00a026, | ||||
2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Compensation and benefits | $ | 74.5 | \u00a0 | $ | 92.4 | |
Accrued trade promotions | 42.5 | 48.6 | ||||
Dividends payable to shareholders | 33.6 | 29.2 | ||||
Current portion of operating lease liabilities (a) | 28.4 | \u2014 | ||||
Franchise, property, and sales and use taxes | \u00a0 | 9.4 | \u00a0 | \u00a0 | 8.6 | |
Accrued interest | 8.7 | 7.6 | ||||
Income taxes payable | 1.3 | 0.5 | ||||
Other | \u00a0 | 34.6 | \u00a0 | \u00a0 | 30.3 | |
Accrued liabilities | $ | 233.0 | \u00a0 | $ | 217.2 |
| (a) | Effective May 27, 2019, we adopted ASC 842, using the modified retrospective transition method and as a result we did not recast our prior period financial statements. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, for more information. |
9.\u00a0\u00a0\u00a0DEBT AND FINANCING OBLIGATIONS
At May 31, 2020 and May 26, 2019, our debt, including financing obligations, was as follows (dollars in millions):
\u00a0\u00a0\u00a0\u00a0 | May\u00a031, | \u00a0\u00a0\u00a0\u00a0 | May\u00a026, | |||
2020 | 2019 | |||||
Short-term borrowings: | ||||||
Revolving credit facility | $ | 495.0 | $ | 7.2 | ||
Other credit facilities | 3.7 | 1.2 | ||||
498.7 | 8.4 | |||||
Long-term debt: | ||||||
Term loan facility, due 2021 | 276.6 | \u00a0 | 599.1 | |||
Term A-1 loan facility, due 2024 | 288.7 | \u2014 | ||||
Term A-2 loan facility, due 2025 | 325.0 | \u2014 | ||||
4.625% senior notes, due 2024 | \u00a0 | 833.0 | \u00a0 | \u00a0 | 833.0 | |
4.875% senior notes, due 2026 | 833.0 | 833.0 | ||||
4.875% senior notes, due 2028 | 500.0 | \u2014 | ||||
3,056.3 | 2,265.1 | |||||
Financing obligations: | ||||||
4.35% lease financing obligation due May 2030 (a) | \u00a0 | \u2014 | \u00a0 | \u00a0 | 65.3 | |
Lease financing obligations due on various dates through 2040 (b) | \u00a0 | 13.3 | \u00a0 | \u00a0 | 13.6 | |
13.3 | 78.9 | |||||
Total debt and financing obligations | \u00a0 | 3,568.3 | \u00a0 | \u00a0 | 2,352.4 | |
Debt issuance costs (c) | (28.2) | (25.8) | ||||
Short-term borrowings | (498.7) | (8.4) | ||||
Current portion of long-term debt and financing obligations | \u00a0 | (48.8) | \u00a0 | \u00a0 | (38.0) | |
Long-term debt and financing obligations, excluding current portion | $ | 2,992.6 | \u00a0 | $ | 2,280.2 |
| (a) | On May 27, 2019, we adopted ASC 842 and we eliminated this financing obligation, related to a sale leaseback, as part of the cumulative-effect transition adjustment. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, for more information. |
| (b) | The interest rates on our lease financing obligations ranged from 2.31% to 4.10% at May 31, 2020 and 2.72% to 4.33% at May 26, 2019, respectively. For more information on our lease financing obligations, see Note 4, Leases. |
| (c) | We amortize debt issuance costs into interest expense using the effective interest method over the life of the loan facilities. In fiscal 2020, 2019, and 2018, we recorded $6.2 million, $4.7 million, and $4.6 million, respectively, of amortization expense in \u201cInterest expense\u201d in our Consolidated Statements of Earnings. Fiscal 2020 included a $1.7 million write-off of debt issuance costs in connection with the $300.0 million payment on the Term loan facility due in 2021. |
Revolving Credit Facility and Term Loan Facility (together \u201cCredit Facilities\u201d)
In November 2016, we entered into a five-year $675.0 million amortizing term loan facility and a five-year non-amortizing $500.0 million revolving credit facility that mature in November 2021.
In March 2020, we drew $495.0 million available under the revolving credit facility and in June and July 2020, we repaid $100.0 million and $395.0 million, respectively. As of July 2020, $495.1 million was available to us under the revolving credit facility, net of $4.9 million of outstanding letters of credit. For the periods from May 27, 2019 through May\u00a031,\u00a02020 and May 28, 2018 through May 26, 2019, the weighted average interest rate for our outstanding borrowings under the revolving credit facility was 2.35% and 3.94%, respectively. At May 31, 2020, we had $276.6 million outstanding under the term loan facility.
Borrowings under the Credit Facilities bear interest at a floating rate per annum based upon the Base Rate or the Eurocurrency rate, in each case, plus an applicable margin which varies based upon our consolidated net leverage ratio. Margins range from 0.500% to 1.250% for Base Rate loans and from 1.500% to 2.250% for Eurocurrency rate loans. The Base Rate is defined as the highest of (a) Bank of America\u2019s prime rate, (b) the federal funds rate plus 0.500%, and (c) the Eurocurrency rate with a term of one month plus 1.0%. In addition to paying interest, we pay an annual commitment fee for undrawn amounts at a rate of 0.25% to 0.40%, depending on our consolidated net leverage ratio.
Under the terms of the credit agreement, we must maintain ratios as of the last day of each fiscal quarter, of consolidated net leverage ratio of 4.50 to 1.00 and an interest coverage ratio of 2.75 to 1.00. The credit agreement also contains covenants that, subject to exceptions, limit our ability and the ability of our subsidiaries to, among other things, incur, assume or guarantee additional indebtedness, pay distributions on, redeem or repurchase capital stock or redeem or repurchase subordinated debt, make loans and investments, incur or suffer to exist liens, sell, transfer or otherwise dispose of assets, enter into agreements that restrict distributions or other payments from restricted subsidiaries to us, engage in transactions with affiliates, designate subsidiaries as unrestricted or restricted, and consolidate, merge, amalgamate or transfer all or substantially all of our assets.
Upon the occurrence of an event of default, among other things, amounts outstanding under the Credit Facilities may be accelerated and the commitments may be terminated. Our obligations under the Credit Facilities are unconditionally guaranteed by certain of our direct and indirect domestic subsidiaries on the terms set forth in the credit agreement. The credit agreement is secured by security interests and liens on substantially all of our and each of our subsidiary guarantor\u2019s assets, as long as Lamb Weston remains below investment grade by both Moody\u2019s and Standard & Poor\u2019s.
Term A-1 and A-2 Loan Facilities due 2024 and 2025
On June 28, 2019, we entered into a credit agreement, among Lamb Weston, certain of our subsidiaries as guarantors, certain lenders, and Northwest Farm Credit Services, PCA, as administrative agent for the lenders, providing for a $300.0 million term loan facility and, under certain circumstances, the ability to add incremental facilities in an aggregate amount of up to $100.0 million (collectively, \u201cTerm A-1 Loan Facility\u201d). Borrowings on the Term A-1 Loan Facility amortize in equal quarterly installments for a total of 5% annually, with the balance payable in June 2024. The proceeds of the term loans under the Term A-1 Loan Facility were used to repay $300.0 million of the term loan facility due in 2021.
Borrowings under the Term A-1 Loan Facility bear interest, before anticipated patronage dividends, at LIBOR or the Base Rate (as defined in the Term A-1 Loan Facility agreement) plus an applicable margin ranging from 1.625% to 2.375% for LIBOR-based loans and from 0.625% to 1.375% for Base Rate-based loans, depending upon our consolidated net leverage ratio. During the year ended May 31, 2020, the average interest rate on the Term A-1 Loan Facility was approximately 3.33%. We have received and expect to continue receiving patronage dividends under the Term A-1 Loan Facility. After giving effect to expected patronage distributions, the effective average interest rate on the Term A-1 Loan Facility was approximately 2.52%.
On April 20, 2020, we amended the Term A-1 Loan Facility agreement to, among other things, provide for a new $325.0 million term loan facility (\u201cTerm A-2 Loan Facility\u201d). Borrowings under the Term A-2 Loan Facility bear interest, before anticipated patronage dividends, at LIBOR or the Base Rate (as defined in the Term A-2 Loan Facility agreement) plus an applicable rate ranging from 2.200% to 2.950% for LIBOR-based loans and from 1.200% to 1.950% for Base Rate-based loans, depending on our consolidated net leverage ratio. The borrowings mature on April 20, 2025. During the year ended May 31, 2020, the average interest rate on the Term A-2 Loan Facility was approximately 2.85%. We expect to receive patronage dividends under the Term A-2 Loan Facility. After giving effect to expected patronage distributions, the effective average interest rate on the Term A-2 Loan Facility was approximately 2.03%.
The Term A-1 and A-2 Loan Facilities are unconditionally guaranteed by the same subsidiaries as the Credit Facilities discussed above. Borrowings under the Term A-1 and A-2 Loan Facilities may be prepaid without premium or penalty and once repaid, cannot be reborrowed. Additionally, the covenants, events of default, securities and liens are consistent with the Credit Facilities.
4.625% Senior Notes due 2024 and 4.875% Senior Notes due 2026
In November 2016, we issued (i) $833.0 million aggregate principal amount of 4.625% senior notes due 2024 (\u201c2024 Notes\u201d) and (ii) $833.0 million aggregate principal amount of 4.875% senior notes due 2026 (\u201c2026 Notes\u201d) pursuant to indentures, dated as of November 9, 2016, among Lamb Weston, certain of our subsidiaries as guarantors and Wells Fargo Bank, National Association, as trustee. Our obligations under the 2024 Notes and 2026 Notes are unconditionally guaranteed on a senior unsecured basis by each of our subsidiaries that guarantee our obligations under the Credit Facilities.
The 2024 Notes and 2026 Notes are senior unsecured obligations and rank equally with all of our current and future senior indebtedness, rank senior to all our current and future subordinated indebtedness and are subordinated to all of our current and future secured indebtedness (including all borrowings with respect to the Credit Facilities and Term A-1 and A-2 Loan Facilities to the extent of the value of the assets securing such indebtedness). Interest on the 2024 Notes and 2026 Notes is due semiannually. The 2024 Notes mature on November 1, 2024 and the 2026 Notes mature on November 1, 2026, unless either is redeemed or repurchased. Upon a change of control (as defined in the indentures governing the 2024 Notes and 2026 Notes), we must offer to repurchase the 2024 Notes and 2026 Notes at 101% of the principal amount of such notes, plus accrued and unpaid interest.
We may redeem all or a portion of the 2024 Notes at any time on or after November 1, 2021, at declining prices starting at 102.313%, plus accrued and unpaid interest. We may redeem all or a portion of the 2026 Notes at any time on or after November 1, 2021, at declining prices starting at 102.438%, plus accrued and unpaid interest. Prior to November 1, 2021, we may redeem notes of either series, in whole at any time or in part, from time to time, at a price equal to 100% of the principal amount thereof, plus a make-whole premium, plus accrued and unpaid interest.
The indentures governing the 2024 Notes and 2026 Notes contain covenants that, subject to exceptions, limit our ability and the ability of our subsidiaries to, among other things, incur, assume or guarantee additional indebtedness, pay distributions on, redeem or repurchase capital stock or redeem or repurchase subordinated debt, make loans and investments, incur or suffer to exist liens, sell, transfer or otherwise dispose of assets, enter into agreements that restrict distributions or other payments from restricted subsidiaries to us, engage in transactions with affiliates, designate subsidiaries as unrestricted or restricted, and consolidate, merge, amalgamate or transfer all or substantially all of our assets.
4.875% Senior Notes due 2028
In May 2020, we issued $500.0 million aggregate principal amount of 4.875% senior notes due in 2028 (\u201c2028 Notes\u201d) pursuant to an indenture, dated as of May 12, 2020, among Lamb Weston, certain of our subsidiaries as guarantors and Wells Fargo Bank, National Association, as trustee. Our obligations under the 2028 Notes are unconditionally guaranteed on a senior unsecured basis by each of our subsidiaries that guarantee our obligations under the Credit Facilities. The 2028 Notes bear interest at a rate of 4.875% per year and mature on May 15, 2028, unless earlier redeemed or repurchased. We capitalized approximately $6.2 million of debt issuance costs associated with this offering.
The 2028 Notes are senior unsecured obligations and rank equally with all of our current and future senior indebtedness (including the 2024 and 2026 Notes), rank senior to all our current and future subordinated indebtedness and are subordinated to all of our current and future secured indebtedness (including all borrowings with respect to the Credit Facilities and the Term A-1 and A-2 Loan Facilities to the extent of the value of the assets securing such indebtedness). Interest on the 2028 Notes is due semiannually. Upon a change of control (as defined in the indenture governing the 2028 Notes), we must offer to repurchase the 2028 Notes at 101% of the principal amount of the notes, plus accrued and unpaid interest.
Prior to November 15, 2027, we may redeem the 2028 Notes, in whole at any time or in part, from time to time, at a price equal to 100% of the principal amount thereof, plus a make-whole premium, plus accrued and unpaid interest. On and after November 15, 2027, we may redeem all or any portion of the 2028 Notes, at once or over time, at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest.
The covenants and events of default are substantially similar to the 2024 and 2026 Notes discussed above.
Debt Maturities
The aggregate minimum principal maturities of our long-term debt, including current portion, for the next five fiscal years and thereafter, are as follows (dollars in millions):
\u00a0\u00a0\u00a0\u00a0 | Debt (a) | ||
2021 | $ | 544.6 | |
2022 | 289.0 | ||
2023 | 31.3 | ||
2024 | 31.3 | ||
2025 | 1,325.8 | ||
Thereafter | 1,333.0 | ||
$ | 3,555.0 |
| (a) | Debt includes $495.0 million of borrowings on the Revolving Credit Facility which we fully repaid in July 2020 (discussed above) and $3.7 million of expected payments on our other credit facilities in 2021. See Note 4, Leases, for maturities of our lease financing obligations. |
During fiscal 2020, 2019, and 2018 we paid $105.7 million, $107.8 million, and $104.0 million, respectively, of interest on debt.
Other Credit Facilities
We have $30.8 million of other credit facilities, under which $3.7 million and $1.2 million were outstanding at May 31, 2020 and May 26, 2019, respectively. These facilities consist of two overdraft lines. Borrowings under the facilities bear interest at a percentage of the stated rate of $3.56% and 4.35% at May 31, 2020 and May 26, 2019, respectively, and may be prepaid without penalty. We guarantee the full amount of our subsidiary\u2019s obligations to the financial institution up to the maximum amount of the credit facility.
Financing Obligations
During fiscal 2010, we completed the sale of approximately 17,600 acres of farmland to an unrelated buyer and immediately entered into an agreement with an affiliate of the buyer to lease back the farmland. Lamb Weston\u2019s performance under the lease was guaranteed by Conagra. Conagra\u2019s guarantee precluded accounting for this transaction as a sale and leaseback and, accordingly, the $75.0 million of proceeds received were treated as a financing obligation and the land and related equipment was included on our Consolidated Balance Sheets. At May 26, 2019, the remaining balance of the financing obligation was $65.3\u00a0million and the net carrying value of the related property was $38.7 million. On May 27, 2019, we adopted ASC 842 and we eliminated this financing obligation, related to a sale leaseback, as part of the cumulative-effect transition adjustment.
"}]},{"name":"rpt:f-955","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDebtInstrumentsTextBlock","xbrl:period":"2019-05-27T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"
\u00a0\u00a0\u00a0\u00a0 | May\u00a031, | \u00a0\u00a0\u00a0\u00a0 | May\u00a026, | |||
2020 | 2019 | |||||
Short-term borrowings: | ||||||
Revolving credit facility | $ | 495.0 | $ | 7.2 | ||
Other credit facilities | 3.7 | 1.2 | ||||
498.7 | 8.4 | |||||
Long-term debt: | ||||||
Term loan facility, due 2021 | 276.6 | \u00a0 | 599.1 | |||
Term A-1 loan facility, due 2024 | 288.7 | \u2014 | ||||
Term A-2 loan facility, due 2025 | 325.0 | \u2014 | ||||
4.625% senior notes, due 2024 | \u00a0 | 833.0 | \u00a0 | \u00a0 | 833.0 | |
4.875% senior notes, due 2026 | 833.0 | 833.0 | ||||
4.875% senior notes, due 2028 | 500.0 | \u2014 | ||||
3,056.3 | 2,265.1 | |||||
Financing obligations: | ||||||
4.35% lease financing obligation due May 2030 (a) | \u00a0 | \u2014 | \u00a0 | \u00a0 | 65.3 | |
Lease financing obligations due on various dates through 2040 (b) | \u00a0 | 13.3 | \u00a0 | \u00a0 | 13.6 | |
13.3 | 78.9 | |||||
Total debt and financing obligations | \u00a0 | 3,568.3 | \u00a0 | \u00a0 | 2,352.4 | |
Debt issuance costs (c) | (28.2) | (25.8) | ||||
Short-term borrowings | (498.7) | (8.4) | ||||
Current portion of long-term debt and financing obligations | \u00a0 | (48.8) | \u00a0 | \u00a0 | (38.0) | |
Long-term debt and financing obligations, excluding current portion | $ | 2,992.6 | \u00a0 | $ | 2,280.2 |
| (a) | On May 27, 2019, we adopted ASC 842 and we eliminated this financing obligation, related to a sale leaseback, as part of the cumulative-effect transition adjustment. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, for more information. |
| (b) | The interest rates on our lease financing obligations ranged from 2.31% to 4.10% at May 31, 2020 and 2.72% to 4.33% at May 26, 2019, respectively. For more information on our lease financing obligations, see Note 4, Leases. |
| (c) | We amortize debt issuance costs into interest expense using the effective interest method over the life of the loan facilities. In fiscal 2020, 2019, and 2018, we recorded $6.2 million, $4.7 million, and $4.6 million, respectively, of amortization expense in \u201cInterest expense\u201d in our Consolidated Statements of Earnings. Fiscal 2020 included a $1.7 million write-off of debt issuance costs in connection with the $300.0 million payment on the Term loan facility due in 2021. |
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\u00a0\u00a0\u00a0\u00a0 | Debt (a) | ||
2021 | $ | 544.6 | |
2022 | 289.0 | ||
2023 | 31.3 | ||
2024 | 31.3 | ||
2025 | 1,325.8 | ||
Thereafter | 1,333.0 | ||
$ | 3,555.0 |
| (a) | Debt includes $495.0 million of borrowings on the Revolving Credit Facility which we fully repaid in July 2020 (discussed above) and $3.7 million of expected payments on our other credit facilities in 2021. See Note 4, Leases, for maturities of our lease financing obligations. |
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10.\u00a0\u00a0\u00a0EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS
Only certain hourly employees covered by collective bargaining agreements continue to accrue pension benefits. Participants that do not actively participate in a pension plan are eligible to participate in defined contribution savings plans with employer matching provisions consistent with other employees without pension benefits.
We also have a nonqualified defined benefit pension plan that provides unfunded supplemental retirement benefits to certain executives. This plan is closed to new participants and pension benefit accruals are frozen for active participants.
Other Plans
Eligible U.S. employees participate in a contributory defined contribution plan (\u201cthe Plan\u201d). The Plan permits participants to make contributions by salary reduction pursuant to Section 401(k) of the Internal Revenue Code of 1986, as amended.\u00a0We generally match 100% of the first 6% of the employee\u2019s contribution election and provide an additional 3% contribution to eligible participants, regardless of employee participation level. The Plan\u2019s matching contributions have a five-year graded vesting with 20% vesting each year. We made employer-matching contributions of $28.7 million, $21.3 million, and $13.9 million in fiscal 2020, 2019, and 2018, respectively.
We sponsor a deferred compensation savings plan, which is an unfunded nonqualified defined contribution plan. The plan permits eligible employees to continue to make deferrals and receive company matching contributions when their contributions to the defined contribution plan are stopped due to limitations under U.S. tax law. With the exception of a small Rabbi Trust, participant deferrals and company matching contributions are not invested in separate trusts, but are paid directly from our general assets at the time benefits become due and payable. At May 31, 2020 and May 26, 2019, we had $18.0 million and $15.1 million, respectively, of liabilities attributable to participation in our deferred compensation plan recorded on our Consolidated Balance Sheets.
Obligations and Funded Status of Defined Benefit Pension and Other Post-retirement Benefits Plans
The funded status of our plans is based on company contributions, benefit payments, the plan asset investment return, the discount rate used to measure the liability, and expected participant longevity. The following table, which includes only company-sponsored defined benefit and other post-retirement benefit plans, reconciles the beginning and ending balances of the projected benefit obligation and the fair value of plan assets. We recognize the unfunded status of these plans on the Consolidated Balance Sheets, and we recognize changes in funded status in the year changes occur through the Consolidated Statements of Comprehensive Income (Loss) (dollars in millions):
For the Fiscal Years Ended May | ||||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2020 | 2019 | ||||||||||
Pension Plans | Post-Retirement Plan | Pension Plans | Post-Retirement Plan | |||||||||
Change in benefit obligation | ||||||||||||
Benefit obligation at beginning of year | $ | 27.4 | $ | 7.3 | $ | 18.9 | $ | 7.0 | ||||
Service cost | 3.1 | \u2014 | 6.0 | \u2014 | ||||||||
Interest cost | 1.1 | 0.2 | 0.8 | 0.3 | ||||||||
Participant contributions | \u2014 | 0.2 | \u2014 | 0.2 | ||||||||
Benefits paid | (0.3) | (0.3) | (0.3) | (0.3) | ||||||||
Plan settlements | (0.4) | \u2014 | \u2014 | \u2014 | ||||||||
Actuarial (gain) loss | 6.4 | (0.9) | 2.0 | 0.1 | ||||||||
Benefit obligation at fiscal year end | $ | 37.3 | $ | 6.5 | $ | 27.4 | $ | 7.3 | ||||
Accumulated benefit obligation portion of above | $ | 37.3 | $ | 27.4 | ||||||||
Change in fair value of plan assets | ||||||||||||
Fair value of plan assets at beginning of year | $ | 17.1 | $ | \u2014 | $ | 17.3 | $ | \u2014 | ||||
Actual return on plan assets | 6.6 | \u2014 | (0.3) | \u2014 | ||||||||
Company contributions | 3.8 | 0.1 | 0.4 | 0.1 | ||||||||
Participant contributions | \u2014 | 0.2 | \u2014 | 0.2 | ||||||||
Benefits paid (a) | (0.3) | (0.3) | (0.3) | (0.3) | ||||||||
Fair value of plan assets at end of year | $ | 27.2 | $ | \u2014 | $ | 17.1 | $ | \u2014 | ||||
Underfunded status | $ | (10.1) | $ | (6.5) | $ | (10.3) | $ | (7.3) | ||||
Amounts recognized on Consolidated Balance Sheets | ||||||||||||
Accrued liabilities | $ | \u2014 | $ | (0.2) | $ | \u2014 | $ | (0.3) | ||||
Other noncurrent liabilities | (10.1) | (6.3) | (10.3) | (7.0) | ||||||||
Accrued obligation recognized | $ | (10.1) | $ | (6.5) | $ | (10.3) | $ | (7.3) | ||||
Amounts recognized in Accumulated Other Comprehensive Income (Loss) (Pre-tax) | ||||||||||||
Actuarial loss | $ | 4.4 | $ | 1.1 | $ | 4.0 | $ | 2.7 | ||||
Total | $ | 4.4 | $ | 1.1 | $ | 4.0 | $ | 2.7 |
| (a) | In fiscal 2020, plan settlements of $0.4 million were paid to certain participants from our Rabbi Trust plan assets. These assets are excluded from our pension plan assets. |
Components of Net Periodic Benefit Cost and Other Comprehensive (Income) Loss
The components of net periodic benefit cost were as follows (dollars in millions):
For the Fiscal Years Ended May | ||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Pension | \u00a0\u00a0\u00a0\u00a0 | Post-Retirement | Pension | Post-Retirement | \u00a0\u00a0\u00a0\u00a0 | Pension | Post-Retirement | ||||||||||
Plans | Plan | Plans | Plan | Plans | Plan | |||||||||||||
Service cost | $ | 3.1 | $ | \u2014 | $ | 6.0 | $ | \u2014 | $ | 7.8 | $ | \u2014 | ||||||
Interest cost | \u00a0 | 1.1 | \u00a0 | 0.2 | \u00a0 | 0.8 | \u00a0 | 0.3 | \u00a0 | 0.4 | \u00a0 | 0.2 | ||||||
Expected return on plan assets | \u00a0 | (0.9) | \u00a0 | \u2014 | \u00a0 | (0.9) | \u00a0 | \u2014 | \u00a0 | (0.4) | \u00a0 | \u2014 | ||||||
Net amortization of unrecognized amounts | ||||||||||||||||||
Prior service benefit | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (0.2) | ||||||||||||
Actuarial loss | 0.2 | 0.6 | \u2014 | 0.7 | \u2014 | 0.5 | ||||||||||||
Net periodic benefit cost (a) | $ | 3.5 | $ | 0.8 | $ | 5.9 | $ | 1.0 | $ | 7.8 | $ | 0.5 | ||||||
Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss | \u00a0 | |||||||||||||||||
Actuarial (gain) loss | \u00a0 | 0.6 | \u00a0 | (1.0) | \u00a0 | 3.3 | \u00a0 | \u2014 | \u00a0 | 1.7 | \u00a0 | 4.3 | ||||||
Amortization of prior service benefit | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 0.2 | ||||||||||||
Amortization of actuarial loss (b) | (0.2) | (0.6) | \u2014 | (0.7) | \u2014 | (0.5) | ||||||||||||
Total recognized in other comprehensive loss (income) | $ | 0.4 | $ | (1.6) | $ | 3.3 | $ | (0.7) | $ | 1.7 | $ | 4.0 | ||||||
Total recognized in net periodic benefit cost and other comprehensive loss (income) (pre-tax) | $ | 3.9 | $ | (0.8) | $ | 9.2 | $ | 0.3 | $ | 9.5 | $ | 4.5 |
| (a) | Pension service costs are allocated to operations and reflected in \u201cCost of sales\u201d and expected returns on pension assets and interest costs are reflected in \u201cSelling, general and administrative expenses\u201d in the Consolidated Statements of Earnings. |
The decrease in fiscal 2020 and 2019 net periodic pension cost, compared with fiscal 2018, reflects amendments to the pension plans so that no future benefits accrue after certain dates. We did not recognize a curtailment gain or loss with any of the amendments.
| (b) | Accumulated losses in excess of 10% of the greater of the projected benefit obligation or the market-related value of assets will be recognized on a straight-line basis over the average remaining service period of active employees in our plans (which is between to eleven years for our pension plans and approximately three years for our post-retirement benefit plan), to the extent that losses are not offset by gains in subsequent years. The estimated net amount of actuarial losses on pension and post-retirement benefits included in \u201cAccumulated other comprehensive loss\u201d on our Consolidated Balance Sheets to be amortized in fiscal 2021 is a net loss of $0.3 million ($0.2 million after tax). |
Assumptions
The actuarial assumptions used in determining the benefit obligations and net periodic pension cost for our defined benefit and post-retirement plans are as follows:
For the Fiscal Years Ended May | ||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||
Pension\u00a0Plans | Post-Retirement Plan | Pension\u00a0Plans | Post-Retirement Plan | Pension\u00a0Plans | Post-Retirement Plan | |||||||||||||
Weighted-average assumptions used to determine benefit obligations: | ||||||||||||||||||
Discount rate | 3.14% | 2.85% | 4.01% | 3.81% | 4.25% | 4.18% | ||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost: | ||||||||||||||||||
Discount rate | 4.01% | 3.81% | 4.25% | 4.18% | 4.33% | 3.60% | ||||||||||||
Expected return on plan assets | 5.12% | N/A | 5.30% | N/A | 7.50% | N/A |
Discount Rate Assumption. The discount rate reflects the current rate at which the pension and post-retirement benefit obligations could be settled on the measurement date: May 31, 2020. The discount rate assumption used to calculate the present value of pension and post-retirement benefit obligations reflects the rates available on high-quality bonds on May 31, 2020. The bonds included in the models reflect anticipated investments that would be made to match the expected monthly benefit payments over time. The plans\u2019 projected cash flows were duration-matched to these models to develop an appropriate discount rate. The discount rate we will use in fiscal 2021 to calculate the net periodic pension benefit cost and post-retirement benefit cost is 3.14% and 2.85%, respectively.
Asset Return Assumption:\u00a0 Our investment strategies are governed by our Employee Benefit Investments Council.\u00a0The expected return on plan assets reflects the expected long-term rates of return for the categories of investments currently held in the plan as well as anticipated returns for additional contributions made in the future.\u00a0The expected long-term rate of return is adjusted when there are fundamental changes in expected returns on the plan investments. The weighted-average expected return on plan assets we will use in our calculation of fiscal 2021 net period pension benefit cost is 2.90%.
Health Care Cost Trend Rate Assumptions. We review external data and historical trends for health care costs to determine our health care cost trend rate assumptions. We assumed health care cost trend rates for our post-retirement benefit plan as follows:
2020 | 2019 | \u00a0\u00a0\u00a0\u00a0 | 2018 | ||||||
Health care cost trend rate (Pre65) | 6.75% | 7.31% | 8.40% | ||||||
Ultimate health care cost trend rate | 4.5% | 4.5% | 4.5% | ||||||
Year that the rate reaches the ultimate trend rate | 2024 | 2024 | 2024 |
A one-percentage point increase in the assumed health care cost trend rate would have an insignificant effect on the fiscal 2020, 2019 and 2018 postretirement benefit obligation.
Investment Policies and Strategies and Fair Value Measurements of Plan Assets
We utilize professional advisors to oversee pension investments and provide recommendations regarding investment strategy. Our overall strategy and related apportionments between equity and debt securities may change from time to time based on market conditions, external economic factors, timing of contributions and the funded status of the plans. The general investment objective for all of our plan assets is to optimize growth of the pension plan trust assets, while minimizing the risk of significant losses to enable the plans to satisfy their benefit payment obligations over time. The objectives consider the long-term nature of the benefit obligations, the liquidity needs of the plans, and the expected risk/return trade-offs of the asset classes in which the plans may choose to invest. Our current investment policy is to invest 30% in equity securities and 70% in fixed income securities.
Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility risk, all of which are subject to change. Due to the level of risk associated with some investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term, and such changes could materially affect the reported amounts (dollars in millions):
Fair Value Measurements at May\u00a031,\u00a02020 | ||||||||||||
Quoted Market Prices in Active Markets for Identical Assets | Significant Observable Market-Based Inputs | Significant Unobservable Inputs | ||||||||||
\u00a0\u00a0\u00a0\u00a0 | Level 1 | \u00a0\u00a0\u00a0\u00a0 | Level 2 | \u00a0\u00a0\u00a0\u00a0 | Level 3 | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Equity securities: | ||||||||||||
U.S. equity securities (a) | $ | \u2014 | $ | 4.1 | $ | \u2014 | $ | 4.1 | ||||
International equity securities (a) | \u2014 | 3.9 | \u2014 | 3.9 | ||||||||
Fixed income securities: | ||||||||||||
Government securities (b) | 19.2 | \u2014 | \u2014 | 19.2 | ||||||||
Total assets | $ | 19.2 | $ | 8.0 | $ | \u2014 | $ | 27.2 |
Fair Value Measurements at May\u00a026,\u00a02019 | ||||||||||||
Quoted Market Prices in Active Markets for Identical Assets | Significant Observable Market-Based Inputs | Significant Unobservable Inputs | ||||||||||
\u00a0\u00a0\u00a0\u00a0 | Level 1 | \u00a0\u00a0\u00a0\u00a0 | Level 2 | \u00a0\u00a0\u00a0\u00a0 | Level 3 | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Equity securities: | ||||||||||||
U.S. equity securities (a) | $ | \u2014 | $ | 2.6 | $ | \u2014 | $ | 2.6 | ||||
International equity securities (a) | \u2014 | 2.7 | \u2014 | 2.7 | ||||||||
Fixed income securities: | ||||||||||||
Government securities (b) | 11.8 | \u2014 | \u2014 | 11.8 | ||||||||
Total assets | $ | 11.8 | $ | 5.3 | $ | \u2014 | $ | 17.1 |
| (a) | Includes investments in common/collective trust funds that are valued using net asset values (\u201cNAV\u201d) provided by the administrator of the funds. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of units outstanding. While the underlying assets are actively traded on an exchange, the funds are not. There are currently no redemption restrictions or unfunded commitments on these investments. There are certain funds with thirty-day redeemable notice requirements. |
| (b) | Includes investments in exchange-traded funds based on quoted prices in active markets. |
Funding and Cash Flows
We make contributions that are sufficient to fund our actuarially determined costs, generally equal to the minimum amounts required by the Employee Retirement Income Security Act of 1974, as amended. From time to time, we may make discretionary contributions based on the funded status of the plans, tax deductibility, income from operations, and other factors. In fiscal 2020, we made $3.8 million of contributions to our qualified plan, which represented our minimum contribution requirements as well as discretionary contributions. In July 2020, we contributed $3.4 million to our qualified pension plan, which was in excess of the minimum required to be contributed in fiscal 2021. We continually reassess the amount and timing of discretionary contributions, if any.
The following are estimated benefit payments to be paid to current plan participants by fiscal year (dollars in millions). Qualified pension benefit payments are paid from plan assets, while nonqualified pension benefit payments are paid by the Company.
\u00a0\u00a0\u00a0\u00a0 | Pension Plans | \u00a0\u00a0\u00a0\u00a0 | Post-Retirement Plan | |||
2021 | $ | 0.4 | $ | 0.2 | ||
2022 | 0.6 | 0.2 | ||||
2023 | 0.8 | 0.3 | ||||
2024 | 0.9 | 0.3 | ||||
2025 | 1.1 | 0.4 | ||||
2026-2030 | 8.5 | 2.1 |
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For the Fiscal Years Ended May | ||||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2020 | 2019 | ||||||||||
Pension Plans | Post-Retirement Plan | Pension Plans | Post-Retirement Plan | |||||||||
Change in benefit obligation | ||||||||||||
Benefit obligation at beginning of year | $ | 27.4 | $ | 7.3 | $ | 18.9 | $ | 7.0 | ||||
Service cost | 3.1 | \u2014 | 6.0 | \u2014 | ||||||||
Interest cost | 1.1 | 0.2 | 0.8 | 0.3 | ||||||||
Participant contributions | \u2014 | 0.2 | \u2014 | 0.2 | ||||||||
Benefits paid | (0.3) | (0.3) | (0.3) | (0.3) | ||||||||
Plan settlements | (0.4) | \u2014 | \u2014 | \u2014 | ||||||||
Actuarial (gain) loss | 6.4 | (0.9) | 2.0 | 0.1 | ||||||||
Benefit obligation at fiscal year end | $ | 37.3 | $ | 6.5 | $ | 27.4 | $ | 7.3 | ||||
Accumulated benefit obligation portion of above | $ | 37.3 | $ | 27.4 | ||||||||
Change in fair value of plan assets | ||||||||||||
Fair value of plan assets at beginning of year | $ | 17.1 | $ | \u2014 | $ | 17.3 | $ | \u2014 | ||||
Actual return on plan assets | 6.6 | \u2014 | (0.3) | \u2014 | ||||||||
Company contributions | 3.8 | 0.1 | 0.4 | 0.1 | ||||||||
Participant contributions | \u2014 | 0.2 | \u2014 | 0.2 | ||||||||
Benefits paid (a) | (0.3) | (0.3) | (0.3) | (0.3) | ||||||||
Fair value of plan assets at end of year | $ | 27.2 | $ | \u2014 | $ | 17.1 | $ | \u2014 | ||||
Underfunded status | $ | (10.1) | $ | (6.5) | $ | (10.3) | $ | (7.3) | ||||
Amounts recognized on Consolidated Balance Sheets | ||||||||||||
Accrued liabilities | $ | \u2014 | $ | (0.2) | $ | \u2014 | $ | (0.3) | ||||
Other noncurrent liabilities | (10.1) | (6.3) | (10.3) | (7.0) | ||||||||
Accrued obligation recognized | $ | (10.1) | $ | (6.5) | $ | (10.3) | $ | (7.3) | ||||
Amounts recognized in Accumulated Other Comprehensive Income (Loss) (Pre-tax) | ||||||||||||
Actuarial loss | $ | 4.4 | $ | 1.1 | $ | 4.0 | $ | 2.7 | ||||
Total | $ | 4.4 | $ | 1.1 | $ | 4.0 | $ | 2.7 |
| (a) | In fiscal 2020, plan settlements of $0.4 million were paid to certain participants from our Rabbi Trust plan assets. These assets are excluded from our pension plan assets. |
For the Fiscal Years Ended May | ||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Pension | \u00a0\u00a0\u00a0\u00a0 | Post-Retirement | Pension | Post-Retirement | \u00a0\u00a0\u00a0\u00a0 | Pension | Post-Retirement | ||||||||||
Plans | Plan | Plans | Plan | Plans | Plan | |||||||||||||
Service cost | $ | 3.1 | $ | \u2014 | $ | 6.0 | $ | \u2014 | $ | 7.8 | $ | \u2014 | ||||||
Interest cost | \u00a0 | 1.1 | \u00a0 | 0.2 | \u00a0 | 0.8 | \u00a0 | 0.3 | \u00a0 | 0.4 | \u00a0 | 0.2 | ||||||
Expected return on plan assets | \u00a0 | (0.9) | \u00a0 | \u2014 | \u00a0 | (0.9) | \u00a0 | \u2014 | \u00a0 | (0.4) | \u00a0 | \u2014 | ||||||
Net amortization of unrecognized amounts | ||||||||||||||||||
Prior service benefit | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (0.2) | ||||||||||||
Actuarial loss | 0.2 | 0.6 | \u2014 | 0.7 | \u2014 | 0.5 | ||||||||||||
Net periodic benefit cost (a) | $ | 3.5 | $ | 0.8 | $ | 5.9 | $ | 1.0 | $ | 7.8 | $ | 0.5 | ||||||
Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss | \u00a0 | |||||||||||||||||
Actuarial (gain) loss | \u00a0 | 0.6 | \u00a0 | (1.0) | \u00a0 | 3.3 | \u00a0 | \u2014 | \u00a0 | 1.7 | \u00a0 | 4.3 | ||||||
Amortization of prior service benefit | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 0.2 | ||||||||||||
Amortization of actuarial loss (b) | (0.2) | (0.6) | \u2014 | (0.7) | \u2014 | (0.5) | ||||||||||||
Total recognized in other comprehensive loss (income) | $ | 0.4 | $ | (1.6) | $ | 3.3 | $ | (0.7) | $ | 1.7 | $ | 4.0 | ||||||
Total recognized in net periodic benefit cost and other comprehensive loss (income) (pre-tax) | $ | 3.9 | $ | (0.8) | $ | 9.2 | $ | 0.3 | $ | 9.5 | $ | 4.5 |
| (a) | Pension service costs are allocated to operations and reflected in \u201cCost of sales\u201d and expected returns on pension assets and interest costs are reflected in \u201cSelling, general and administrative expenses\u201d in the Consolidated Statements of Earnings. |
The decrease in fiscal 2020 and 2019 net periodic pension cost, compared with fiscal 2018, reflects amendments to the pension plans so that no future benefits accrue after certain dates. We did not recognize a curtailment gain or loss with any of the amendments.
| (b) | Accumulated losses in excess of 10% of the greater of the projected benefit obligation or the market-related value of assets will be recognized on a straight-line basis over the average remaining service period of active employees in our plans (which is between to eleven years for our pension plans and approximately three years for our post-retirement benefit plan), to the extent that losses are not offset by gains in subsequent years. The estimated net amount of actuarial losses on pension and post-retirement benefits included in \u201cAccumulated other comprehensive loss\u201d on our Consolidated Balance Sheets to be amortized in fiscal 2021 is a net loss of $0.3 million ($0.2 million after tax). |
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For the Fiscal Years Ended May | ||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||
Pension\u00a0Plans | Post-Retirement Plan | Pension\u00a0Plans | Post-Retirement Plan | Pension\u00a0Plans | Post-Retirement Plan | |||||||||||||
Weighted-average assumptions used to determine benefit obligations: | ||||||||||||||||||
Discount rate | 3.14% | 2.85% | 4.01% | 3.81% | 4.25% | 4.18% | ||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost: | ||||||||||||||||||
Discount rate | 4.01% | 3.81% | 4.25% | 4.18% | 4.33% | 3.60% | ||||||||||||
Expected return on plan assets | 5.12% | N/A | 5.30% | N/A | 7.50% | N/A |
2020 | 2019 | \u00a0\u00a0\u00a0\u00a0 | 2018 | ||||||
Health care cost trend rate (Pre65) | 6.75% | 7.31% | 8.40% | ||||||
Ultimate health care cost trend rate | 4.5% | 4.5% | 4.5% | ||||||
Year that the rate reaches the ultimate trend rate | 2024 | 2024 | 2024 |
Fair Value Measurements at May\u00a031,\u00a02020 | ||||||||||||
Quoted Market Prices in Active Markets for Identical Assets | Significant Observable Market-Based Inputs | Significant Unobservable Inputs | ||||||||||
\u00a0\u00a0\u00a0\u00a0 | Level 1 | \u00a0\u00a0\u00a0\u00a0 | Level 2 | \u00a0\u00a0\u00a0\u00a0 | Level 3 | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Equity securities: | ||||||||||||
U.S. equity securities (a) | $ | \u2014 | $ | 4.1 | $ | \u2014 | $ | 4.1 | ||||
International equity securities (a) | \u2014 | 3.9 | \u2014 | 3.9 | ||||||||
Fixed income securities: | ||||||||||||
Government securities (b) | 19.2 | \u2014 | \u2014 | 19.2 | ||||||||
Total assets | $ | 19.2 | $ | 8.0 | $ | \u2014 | $ | 27.2 |
Fair Value Measurements at May\u00a026,\u00a02019 | ||||||||||||
Quoted Market Prices in Active Markets for Identical Assets | Significant Observable Market-Based Inputs | Significant Unobservable Inputs | ||||||||||
\u00a0\u00a0\u00a0\u00a0 | Level 1 | \u00a0\u00a0\u00a0\u00a0 | Level 2 | \u00a0\u00a0\u00a0\u00a0 | Level 3 | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Equity securities: | ||||||||||||
U.S. equity securities (a) | $ | \u2014 | $ | 2.6 | $ | \u2014 | $ | 2.6 | ||||
International equity securities (a) | \u2014 | 2.7 | \u2014 | 2.7 | ||||||||
Fixed income securities: | ||||||||||||
Government securities (b) | 11.8 | \u2014 | \u2014 | 11.8 | ||||||||
Total assets | $ | 11.8 | $ | 5.3 | $ | \u2014 | $ | 17.1 |
| (a) | Includes investments in common/collective trust funds that are valued using net asset values (\u201cNAV\u201d) provided by the administrator of the funds. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of units outstanding. While the underlying assets are actively traded on an exchange, the funds are not. There are currently no redemption restrictions or unfunded commitments on these investments. There are certain funds with thirty-day redeemable notice requirements. |
| (b) | Includes investments in exchange-traded funds based on quoted prices in active markets. |
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\u00a0\u00a0\u00a0\u00a0 | Pension Plans | \u00a0\u00a0\u00a0\u00a0 | Post-Retirement Plan | |||
2021 | $ | 0.4 | $ | 0.2 | ||
2022 | 0.6 | 0.2 | ||||
2023 | 0.8 | 0.3 | ||||
2024 | 0.9 | 0.3 | ||||
2025 | 1.1 | 0.4 | ||||
2026-2030 | 8.5 | 2.1 |
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11.\u00a0\u00a0\u00a0STOCK-BASED COMPENSATION
On October 29, 2016, our Board of Directors adopted the Lamb Weston Holdings, Inc. 2016 Stock Plan, which was amended in July 2017 (\u201cStock Plan\u201d). The Compensation Committee (\u201cthe Committee\u201d) of our Board of Directors administers this stock compensation plan. The Committee, in its discretion, authorizes grants of restricted stock units (\u201cRSUs\u201d), performance awards payable upon the attainment of specified performance goals (\u201cPerformance Shares\u201d), dividend equivalents, and other stock-based awards. At May\u00a031,\u00a02020, we had 10.0 million shares authorized under the Stock Plan, and 7.6 million were available for future grant.
RSUs and Performance Shares
We grant RSUs to eligible employees and non-employee directors. The employee RSUs generally vest over a three-year period while the non-employee director RSUs generally vest after one year. We estimate the fair value of the RSUs based upon the market price of our common stock at the date of grant. Certain RSU grants do not provide for the accrual of dividend equivalents to the participant during the vesting period. For those grants, the value of the grants is reduced by the net present value of the foregone dividend equivalent payments.
Performance Shares are granted to certain executives and other key employees with vesting contingent upon meeting various Company-wide performance goals. Awards actually earned range from 0% to 200% of the targeted number of Performance Shares for each of the performance periods. Awards, if earned, will be paid in shares of our common stock. Subject to limited exceptions set forth in the Stock Plan, any shares earned will be distributed at the end of the three-year performance period. The value of the Performance Shares is adjusted based upon the market price of our common stock at the end of each reporting period and amortized as compensation expense over the vesting period.
The following table summarizes RSU and Performance Share activity for fiscal 2020:
Stock-Settled | Performance Shares | Cash-Settled | ||||||||||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted- | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted- | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted- | ||||||||||
Average\u00a0 | Average\u00a0 | Average\u00a0 | ||||||||||||||||
Grant- | Grant- | Grant- | ||||||||||||||||
Date\u00a0Fair\u00a0 | Date\u00a0Fair\u00a0 | Date\u00a0Fair\u00a0 | ||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | |||||||||||||
Outstanding at May\u00a026, 2019 | \u00a0 | 641,020 | $ | 49.17 | 314,281 | $ | 51.06 | \u00a0 | 120,810 | $ | 28.33 | |||||||
Granted (a) | \u00a0 | 232,471 | 68.69 | 104,250 | 67.90 | \u2014 | \u2014 | |||||||||||
Performance condition adjustment (b) | \u2014 | \u2014 | 67,224 | 60.66 | \u2014 | \u2014 | ||||||||||||
Vested (c) | \u00a0 | (180,895) | 31.57 | (36,532) | 30.80 | (120,810) | 28.33 | |||||||||||
Forfeited/expired/cancelled | (30,391) | 61.16 | (4,766) | 66.87 | \u2014 | \u2014 | ||||||||||||
Outstanding at May\u00a031,\u00a02020 | \u00a0 | 662,205 | $ | 60.28 | 444,457 | $ | 57.96 | \u2014 | $ | \u2014 |
| (a) | Granted represents new grants and dividend equivalents accrued. |
| (b) | Amount represents the adjustment to Performance Shares based on performance results attained in excess of target. |
| (c) | The aggregate fair value of awards that vested in fiscal 2020, 2019, and 2018 was $24.9 million, $24.7 million, and $16.6 million, respectively, which represents the market value of our common stock on the date that the RSUs and Performance Shares vested. The number of RSUs and Performance Shares vested includes shares of common stock that we withheld on behalf of employees to satisfy the minimum statutory tax withholding requirements. RSUs that are expected to vest are net of estimated future forfeitures. |
Stock Options
We have historically granted stock options to employees for the purchase of stock at exercise prices equal to the fair market value of the underlying stock on the date of grant. Stock options generally become exercisable in annual installments beginning on the first anniversary of the grant date and have a maximum term of ten years. Stock options were last issued in fiscal 2018 and we do not expect to issue new stock option awards under our Stock Plan. At May 31, 2020, we had 453,050 stock options outstanding at a weighted average exercise price of $27.79 with a weighted average remaining term of 5.1 years, and an aggregate intrinsic value of $14.6 million. Of these outstanding stock options, 434,218 were exercisable at May 31, 2020.
Compensation Expense
Our stock-based compensation expense is recorded in \u201cSelling, general and administrative expenses.\u201d Compensation expense for stock-based awards recognized in the Consolidated Statements of Earnings, net of forfeitures, was as follows (dollars in millions):
For the Fiscal Years Ended May | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2020 | 2019 | 2018 | ||||||
Stock-settled RSUs | $ | 12.9 | $ | 10.2 | $ | 7.9 | |||
Performance Shares | 9.8 | 8.3 | 4.4 | ||||||
Stock options | 0.1 | 0.3 | 1.2 | ||||||
Stock-settled compensation expense | 22.8 | 18.8 | 13.5 | ||||||
Cash-settled RSUs (a) | 1.0 | 3.3 | 8.8 | ||||||
Total compensation expense | 23.8 | 22.1 | 22.3 | ||||||
Income tax benefit (b) | (4.6) | (4.4) | (5.6) | ||||||
Total compensation expense, net of tax benefit | $ | 19.2 | $ | 17.7 | $ | 16.7 |
| (a) | As of May 31, 2020, there were no outstanding cash-settled RSUs. During fiscal 2020-2018, cash-settled RSUs were marked-to-market and presented within \u201cAccrued liabilities\u201d and \u201cOther noncurrent liabilities\u201d in our Consolidated Balance Sheets. |
| (b) | Income tax benefit represents the marginal tax rate, excluding non-deductible compensation. |
Based on estimates at May\u00a031,\u00a02020, total unrecognized compensation expense related to stock-based awards was as follows (dollars in millions):
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Remaining | ||||
Weighted | ||||||
Unrecognized | Average\u00a0 | |||||
Compensation | Recognition | |||||
Expense | Period\u00a0(in\u00a0years) | |||||
Stock-settled RSUs | $ | 15.9 | \u00a0\u00a0 | 1.7 | ||
Performance Shares | 7.7 | \u00a0\u00a0 | 1.5 | |||
Total unrecognized stock-based expense | $ | 23.6 | \u00a0\u00a0 | 1.6 |
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Stock-Settled | Performance Shares | Cash-Settled | ||||||||||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted- | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted- | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted- | ||||||||||
Average\u00a0 | Average\u00a0 | Average\u00a0 | ||||||||||||||||
Grant- | Grant- | Grant- | ||||||||||||||||
Date\u00a0Fair\u00a0 | Date\u00a0Fair\u00a0 | Date\u00a0Fair\u00a0 | ||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | |||||||||||||
Outstanding at May\u00a026, 2019 | \u00a0 | 641,020 | $ | 49.17 | 314,281 | $ | 51.06 | \u00a0 | 120,810 | $ | 28.33 | |||||||
Granted (a) | \u00a0 | 232,471 | 68.69 | 104,250 | 67.90 | \u2014 | \u2014 | |||||||||||
Performance condition adjustment (b) | \u2014 | \u2014 | 67,224 | 60.66 | \u2014 | \u2014 | ||||||||||||
Vested (c) | \u00a0 | (180,895) | 31.57 | (36,532) | 30.80 | (120,810) | 28.33 | |||||||||||
Forfeited/expired/cancelled | (30,391) | 61.16 | (4,766) | 66.87 | \u2014 | \u2014 | ||||||||||||
Outstanding at May\u00a031,\u00a02020 | \u00a0 | 662,205 | $ | 60.28 | 444,457 | $ | 57.96 | \u2014 | $ | \u2014 |
| (a) | Granted represents new grants and dividend equivalents accrued. |
| (b) | Amount represents the adjustment to Performance Shares based on performance results attained in excess of target. |
| (c) | The aggregate fair value of awards that vested in fiscal 2020, 2019, and 2018 was $24.9 million, $24.7 million, and $16.6 million, respectively, which represents the market value of our common stock on the date that the RSUs and Performance Shares vested. The number of RSUs and Performance Shares vested includes shares of common stock that we withheld on behalf of employees to satisfy the minimum statutory tax withholding requirements. RSUs that are expected to vest are net of estimated future forfeitures. |
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For the Fiscal Years Ended May | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2020 | 2019 | 2018 | ||||||
Stock-settled RSUs | $ | 12.9 | $ | 10.2 | $ | 7.9 | |||
Performance Shares | 9.8 | 8.3 | 4.4 | ||||||
Stock options | 0.1 | 0.3 | 1.2 | ||||||
Stock-settled compensation expense | 22.8 | 18.8 | 13.5 | ||||||
Cash-settled RSUs (a) | 1.0 | 3.3 | 8.8 | ||||||
Total compensation expense | 23.8 | 22.1 | 22.3 | ||||||
Income tax benefit (b) | (4.6) | (4.4) | (5.6) | ||||||
Total compensation expense, net of tax benefit | $ | 19.2 | $ | 17.7 | $ | 16.7 |
| (a) | As of May 31, 2020, there were no outstanding cash-settled RSUs. During fiscal 2020-2018, cash-settled RSUs were marked-to-market and presented within \u201cAccrued liabilities\u201d and \u201cOther noncurrent liabilities\u201d in our Consolidated Balance Sheets. |
| (b) | Income tax benefit represents the marginal tax rate, excluding non-deductible compensation. |
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\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Remaining | ||||
Weighted | ||||||
Unrecognized | Average\u00a0 | |||||
Compensation | Recognition | |||||
Expense | Period\u00a0(in\u00a0years) | |||||
Stock-settled RSUs | $ | 15.9 | \u00a0\u00a0 | 1.7 | ||
Performance Shares | 7.7 | \u00a0\u00a0 | 1.5 | |||
Total unrecognized stock-based expense | $ | 23.6 | \u00a0\u00a0 | 1.6 |
12.\u00a0\u00a0\u00a0FAIR VALUE MEASUREMENTS
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 May 31, 2020 and May 26, 2019 (dollars in millions):
As\u00a0of\u00a0May\u00a031, 2020 | ||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Level 1 | \u00a0\u00a0\u00a0\u00a0 | Level 2 | \u00a0\u00a0\u00a0\u00a0 | Level 3 | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Assets: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||||
Pension plan assets | $ | 19.2 | $ | 8.0 | $ | \u2014 | $ | 27.2 | ||||
Deferred compensation assets | 0.1 | \u2014 | \u2014 | 0.1 | ||||||||
Total assets | $ | 19.3 | $ | 8.0 | $ | \u2014 | $ | 27.3 | ||||
Liabilities: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||||
Derivative liabilities (a) | $ | \u2014 | $ | 4.7 | $ | \u2014 | $ | 4.7 | ||||
Deferred compensation liabilities (b) | \u2014 | \u00a0\u00a0 | 18.0 | \u00a0\u00a0 | \u2014 | \u00a0\u00a0 | 18.0 | |||||
Total liabilities | $ | \u2014 | $ | 22.7 | $ | \u2014 | $ | 22.7 |
As\u00a0of\u00a0May\u00a026, 2019 | ||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Level 1 | \u00a0\u00a0\u00a0\u00a0 | Level 2 | \u00a0\u00a0\u00a0\u00a0 | Level 3 | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Assets: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||||
Pension plan assets | $ | 11.8 | $ | 5.3 | $ | \u2014 | $ | 17.1 | ||||
Deferred compensation assets | 0.5 | \u2014 | \u2014 | 0.5 | ||||||||
Derivative assets (a) | \u2014 | 0.4 | \u2014 | 0.4 | ||||||||
Total assets | $ | 12.3 | $ | 5.7 | $ | \u2014 | $ | 18.0 | ||||
Liabilities: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||||
Derivative liabilities (a) | $ | \u2014 | $ | 3.8 | $ | \u2014 | $ | 3.8 | ||||
Deferred compensation liabilities (b) | \u00a0 | \u2014 | \u00a0\u00a0 | \u00a0 | 15.1 | \u00a0\u00a0 | \u00a0 | \u2014 | \u00a0\u00a0 | \u00a0 | 15.1 | |
Total liabilities | $ | \u2014 | $ | 18.9 | $ | \u2014 | $ | 18.9 |
| (a) | The fair values of our Level 2 derivative assets and liabilities were determined using valuation models that use market observable inputs including interest rate curves and both forward and spot prices for commodities. Derivative assets and liabilities included in Level 2 primarily represent commodity swap and option contracts. |
| (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. |
Non-financial assets such as property, plant and equipment, and intangible assets are recorded at fair value only if an impairment is recognized. Cost and equity investments are measured at fair value on a non-recurring basis.
At May\u00a031,\u00a02020, we had $2,166.0 million of fixed-rate and $1,389.0 million of variable-rate debt outstanding. Based on current market rates, the fair value of our fixed-rate debt at May\u00a031,\u00a02020 was estimated to be $2,263.8 million. Any differences between the book value and fair value are due to the difference between the period-end market interest rate and the stated rate of our fixed-rate debt. We estimated the fair value of our fixed-rate debt using quoted market prices (Level 2 inputs) within the fair value hierarchy that is described above. The fair value of our variable-rate term debt approximates the carrying amount as our cost of borrowing is variable and approximates current market prices.
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\u00a0\u00a0\u00a0\u00a0 | Level 1 | \u00a0\u00a0\u00a0\u00a0 | Level 2 | \u00a0\u00a0\u00a0\u00a0 | Level 3 | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Assets: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||||
Pension plan assets | $ | 19.2 | $ | 8.0 | $ | \u2014 | $ | 27.2 | ||||
Deferred compensation assets | 0.1 | \u2014 | \u2014 | 0.1 | ||||||||
Total assets | $ | 19.3 | $ | 8.0 | $ | \u2014 | $ | 27.3 | ||||
Liabilities: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||||
Derivative liabilities (a) | $ | \u2014 | $ | 4.7 | $ | \u2014 | $ | 4.7 | ||||
Deferred compensation liabilities (b) | \u2014 | \u00a0\u00a0 | 18.0 | \u00a0\u00a0 | \u2014 | \u00a0\u00a0 | 18.0 | |||||
Total liabilities | $ | \u2014 | $ | 22.7 | $ | \u2014 | $ | 22.7 |
As\u00a0of\u00a0May\u00a026, 2019 | ||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Level 1 | \u00a0\u00a0\u00a0\u00a0 | Level 2 | \u00a0\u00a0\u00a0\u00a0 | Level 3 | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Assets: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||||
Pension plan assets | $ | 11.8 | $ | 5.3 | $ | \u2014 | $ | 17.1 | ||||
Deferred compensation assets | 0.5 | \u2014 | \u2014 | 0.5 | ||||||||
Derivative assets (a) | \u2014 | 0.4 | \u2014 | 0.4 | ||||||||
Total assets | $ | 12.3 | $ | 5.7 | $ | \u2014 | $ | 18.0 | ||||
Liabilities: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||||
Derivative liabilities (a) | $ | \u2014 | $ | 3.8 | $ | \u2014 | $ | 3.8 | ||||
Deferred compensation liabilities (b) | \u00a0 | \u2014 | \u00a0\u00a0 | \u00a0 | 15.1 | \u00a0\u00a0 | \u00a0 | \u2014 | \u00a0\u00a0 | \u00a0 | 15.1 | |
Total liabilities | $ | \u2014 | $ | 18.9 | $ | \u2014 | $ | 18.9 |
| (a) | The fair values of our Level 2 derivative assets and liabilities were determined using valuation models that use market observable inputs including interest rate curves and both forward and spot prices for commodities. Derivative assets and liabilities included in Level 2 primarily represent commodity swap and option contracts. |
| (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. |
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13.\u00a0\u00a0\u00a0STOCKHOLDERS\u2019 EQUITY
In connection with the Separation, we amended and restated our certificate of incorporation to authorize 600,000,000 shares of common stock and 60,000,000 shares of preferred stock. We had 146,038,893 shares of common stock issued and outstanding as of May 31, 2020. Each share of common stock entitles the holder to one vote on matters to be voted on by our stockholders. No preferred stock was issued or on May 31, 2020.
Share Repurchase Program
In December 2018, our Board of Directors authorized a program, with no expiration date, to repurchase shares of our common stock in an amount not to exceed $250.0 million in the aggregate, on an opportunistic basis. During fiscal 2020, we purchased 287,239 shares for $22.9 million, or a weighted-average price of $79.56 per share. As of May 31, 2020, $195.3 million remained authorized for repurchase under the program.
Dividends
During fiscal 2020, 2019, and 2018, we paid $121.3 million, $113.3 million, and $110.2 million, respectively, of dividends to common stockholders. On July 23, 2020, our Board of Directors declared a dividend of $0.23 per share of common stock. The dividend will be paid on September 4, 2020, to stockholders of record as of the close of business on August 7, 2020.
Accumulated Other Comprehensive Income (Loss) (\u201cAOCI\u201d)
Comprehensive income includes net income, currency translation adjustments, and changes in prior service cost and net actuarial gains (losses) from pension and post-retirement benefit plans. We generally deem our foreign investments
to be indefinite in nature and we do not provide for taxes on currency translation adjustments arising from converting the investment denominated in a foreign currency to the U.S. dollar. If we determine that a foreign investment, as well as undistributed earnings, are no longer indefinite in nature, estimated taxes are provided for the related deferred tax liability (asset), if any, resulting from currency translation adjustments.
Changes in AOCI, net of taxes, as of May 31, 2020, were as follows (dollars in millions). Amounts in parentheses indicate losses.
Foreign | Accumulated | ||||||||
Currency\u00a0 | Pension\u00a0and\u00a0 | Other | |||||||
Translation\u00a0 | Post-Retirement | Comprehensive | |||||||
\u00a0\u00a0\u00a0\u00a0 | Gains (Losses) | \u00a0\u00a0\u00a0\u00a0 | Benefits | \u00a0\u00a0\u00a0\u00a0 | Loss | ||||
Balance as of May\u00a026, 2019 | $ | (20.3) | \u00a0\u00a0 | $ | (5.0) | \u00a0\u00a0 | $ | (25.3) | |
Other comprehensive income before reclassifications, net of tax | (16.0) | 0.3 | (15.7) | ||||||
Amounts reclassified out of AOCI, net of tax | \u2014 | 0.5 | (a) | 0.5 | |||||
Net current-period other comprehensive income (loss) | \u00a0 | (16.0) | \u00a0\u00a0 | \u00a0 | 0.8 | \u00a0 | (15.2) | ||
Balance as of May\u00a031,\u00a02020 | $ | (36.3) | \u00a0\u00a0 | $ | (4.2) | \u00a0\u00a0 | $ | (40.5) |
| (a) | These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 10, Employee Benefit Plans and Other Post-Retirement Benefits, for additional information. |
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Foreign | Accumulated | ||||||||
Currency\u00a0 | Pension\u00a0and\u00a0 | Other | |||||||
Translation\u00a0 | Post-Retirement | Comprehensive | |||||||
\u00a0\u00a0\u00a0\u00a0 | Gains (Losses) | \u00a0\u00a0\u00a0\u00a0 | Benefits | \u00a0\u00a0\u00a0\u00a0 | Loss | ||||
Balance as of May\u00a026, 2019 | $ | (20.3) | \u00a0\u00a0 | $ | (5.0) | \u00a0\u00a0 | $ | (25.3) | |
Other comprehensive income before reclassifications, net of tax | (16.0) | 0.3 | (15.7) | ||||||
Amounts reclassified out of AOCI, net of tax | \u2014 | 0.5 | (a) | 0.5 | |||||
Net current-period other comprehensive income (loss) | \u00a0 | (16.0) | \u00a0\u00a0 | \u00a0 | 0.8 | \u00a0 | (15.2) | ||
Balance as of May\u00a031,\u00a02020 | $ | (36.3) | \u00a0\u00a0 | $ | (4.2) | \u00a0\u00a0 | $ | (40.5) |
| (a) | These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 10, Employee Benefit Plans and Other Post-Retirement Benefits, for additional information. |
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14.\u00a0\u00a0\u00a0\u00a0SEGMENTS
We have four operating segments, each of which is a reportable segment: Global, Foodservice, Retail, and Other. Our chief operating decision maker receives periodic management reports under this structure that generally focus on the nature and scope of our customers\u2019 businesses, which enables operating decisions, performance assessment, and resource allocation decisions at the segment level. The reportable segments are each managed by a general manager and supported by a cross functional team assigned to support the segment. See \u201cPart I, Item 1. Business\u201d of this Form 10-K for more information on our segments.
For the Fiscal Years Ended May | |||||||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | 2020 (a) | 2019 | 2018 | |||||
Net sales | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Global | $ | 1,973.6 | $ | 1,961.5 | $ | 1,744.2 | |||
Foodservice | \u00a0 | 1,069.1 | \u00a0 | 1,156.1 | \u00a0 | 1,099.1 | |||
Retail | \u00a0 | 595.5 | \u00a0 | 498.3 | \u00a0 | 449.2 | |||
Other | 154.2 | 140.6 | 131.2 | ||||||
Total net sales | 3,792.4 | 3,756.5 | 3,423.7 | ||||||
Product contribution margin (b) | \u00a0\u00a0 | \u00a0\u00a0 | \u00a0\u00a0 | ||||||
Global | 374.5 | 446.3 | 375.7 | ||||||
Foodservice | 356.0 | 402.4 | 365.9 | ||||||
Retail | 117.6 | 98.8 | 87.3 | ||||||
Other (c) | 24.1 | 23.6 | 19.0 | ||||||
872.2 | 971.1 | 847.9 | |||||||
Advertising and promotion expenses (b) | 23.0 | 32.4 | 31.6 | ||||||
Gross profit | 895.2 | 1,003.5 | 879.5 | ||||||
Selling, general and administrative expenses (d) | 338.3 | 335.1 | 299.4 | ||||||
Income from operations | 556.9 | 668.4 | 580.1 | ||||||
Interest expense, net | 108.0 | 107.1 | 108.8 | ||||||
Income tax expense (e) | 112.3 | 133.6 | 121.2 | ||||||
Equity method investment earnings (f) | 29.3 | 59.5 | 83.6 | ||||||
Net income | 365.9 | 487.2 | 433.7 | ||||||
Less: Income attributable to noncontrolling interests (g) | \u00a0 | \u2014 | \u00a0 | 8.6 | \u00a0 | 16.9 | |||
Net income attributable to Lamb Weston Holdings, Inc. | $ | 365.9 | $ | 478.6 | $ | 416.8 |
| (a) | On March 11, 2020, the World Health Organization declared the spread of COVID-19 a global pandemic. In an attempt to minimize the transmission of COVID-19, significant social and economic restrictions, including restrictions on dine-in purchases and the imposition of stay-at-home orders, were imposed in the United States and in our international markets. These restrictions had a negative impact on our sales, costs, earnings of our joint ventures, and therefore our net income.\u00a0 The increase in our costs, and the costs of our joint ventures, related to lower factory utilization and production inefficiencies, manufacturing and operational disruptions directly attributable to the pandemic, expensing of excess crop year 2019 raw potato purchase contracts that could not be used due to the pandemic\u2019s near-term effect on demand for frozen potato products, as well as incremental warehousing and transportation costs, and costs to enhance employee safety measures, including purchases of safety and health screening equipment, retaining sales employees, and expensing certain capitalized manufacturing facility expansion projects that were stopped. |
| (b) | Product contribution margin represents net sales less cost of sales and advertising and promotion expenses. Product contribution margin includes advertising and promotion expenses because the amounts are directly associated with segment performance; it excludes general corporate expenses and interest expense because management believes these amounts are not directly associated with segment performance. |
| (c) | The Other segment primarily includes our vegetable and dairy businesses and unrealized mark-to-market adjustments associated with commodity hedging contracts. |
| (d) | Fiscal 2018 includes $8.7 million of pre-tax expenses related to the Separation, primarily related to professional fees and employee-related costs. \u200b |
| (e) | In fiscal 2019, the Tax Act decreased income tax expense and increased net income by $27.2 million, or $0.19 per share, including a $24.8 million, or $0.17 per share, tax benefit related to a lower U.S. corporate tax rate and a $2.4 million, or $0.02 per share, benefit from the true-up of the transition tax on previously untaxed foreign earnings. Since our fiscal year end is the last Sunday in May, in fiscal 2018, we phased in the impact of the lower tax rate, resulting in a U.S. corporate tax rate of 29.3%, compared with 21% in fiscal 2020 and 2019. We completed our analysis of the one-time impacts of the Tax Act in fiscal 2019. |
In connection with our initial analysis of the impact of the Tax Act in fiscal 2018, we decreased income tax expense and increased net income $64.7 million, or $0.44 per share. This included a $28.4 million, or $0.19 per share net benefit for one-time items, including a $39.9 million net provisional tax benefit from the estimated impact of remeasuring our net U.S. deferred tax liabilities with a new lower federal tax rate, partially offset by an $11.5 million transition tax on our previously untaxed foreign earnings. It also included a $36.3 million, or $0.25 per share, tax benefit related to a lower U.S. corporate tax rate. In fiscal 2018, we phased in the impact of the lower tax rate, resulting in a 29.3% U.S. corporate tax rate in fiscal 2018.
| (f) | Fiscal 2020 includes a $2.6 million loss related to the withdrawal from a multiemployer pension plan by Lamb Weston RDO. |
| (g) | In November 2018, we entered into an agreement to acquire the remaining 50.01% interest in Lamb Weston BSW. Our Consolidated Statements of Earnings includes 100% of Lamb Weston BSW\u2019s earnings beginning November 2, 2018. See Note 6, Investments in Joint Ventures, for more information. |
Assets by Segment
The manufacturing assets of Lamb Weston are shared across all reporting segments.\u00a0Output from these facilities used by each reporting segment can change from fiscal year to fiscal year.\u00a0Therefore, it is impracticable to allocate those assets to the reporting segments, as well as disclose total assets by segment.
Concentrations
Lamb Weston\u2019s largest customer, McDonald\u2019s Corporation, accounted for approximately 10%of our consolidated net sales in both fiscal 2020 and 2019, and 11% of our consolidated net sales in fiscal 2018. No customer accounted for 10% of our consolidated accounts receivable at May 31, 2020 or May 26, 2019.
Other Information
The net sales of each of our Global, Foodservice, and Retail reporting segments are comprised of sales of frozen potato and frozen sweet potato products. The net sales of our Other reporting segment included vegetable sales of $104.9\u00a0million, $88.5 million, and $81.7 million, various byproduct sales of $36.4 million, $40.2 million, and $38.1 million, and dairy product sales of $12.9 million, $11.9 million, and $11.5 million in fiscal 2020, 2019, and 2018, respectively.
Our operations are principally in the United States. With respect to operations outside of the United States, no single foreign country or geographic region was significant with respect to consolidated operations in fiscal 2020, 2019, and 2018. Foreign net sales, including sales by domestic segments to customers located outside of the United\u00a0States, were $752.9 million, $742.7 million, and $665.8 million in fiscal 2020, 2019, and 2018, respectively. Our long-lived assets located outside of the United States are not significant.
Labor
At May 31, 2020, we had approximately 7,700 employees. Approximately 800 of these employees work outside of the United States. Approximately 23% of our employees, are parties to collective bargaining agreements on terms that we believe are typical for the industry in which we operate. Most of the union workers at our facilities are represented under contracts that expire at various times throughout the next several years.\u00a0Collective bargaining agreements that represent 19% of our hourly employees, who are parties to collective bargaining agreements, expire in fiscal 2021. As these agreements expire, we believe they will be renegotiated on terms satisfactory to us.\u00a0
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(in millions) | \u00a0\u00a0\u00a0\u00a0 | 2020 (a) | 2019 | 2018 | |||||
Net sales | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Global | $ | 1,973.6 | $ | 1,961.5 | $ | 1,744.2 | |||
Foodservice | \u00a0 | 1,069.1 | \u00a0 | 1,156.1 | \u00a0 | 1,099.1 | |||
Retail | \u00a0 | 595.5 | \u00a0 | 498.3 | \u00a0 | 449.2 | |||
Other | 154.2 | 140.6 | 131.2 | ||||||
Total net sales | 3,792.4 | 3,756.5 | 3,423.7 | ||||||
Product contribution margin (b) | \u00a0\u00a0 | \u00a0\u00a0 | \u00a0\u00a0 | ||||||
Global | 374.5 | 446.3 | 375.7 | ||||||
Foodservice | 356.0 | 402.4 | 365.9 | ||||||
Retail | 117.6 | 98.8 | 87.3 | ||||||
Other (c) | 24.1 | 23.6 | 19.0 | ||||||
872.2 | 971.1 | 847.9 | |||||||
Advertising and promotion expenses (b) | 23.0 | 32.4 | 31.6 | ||||||
Gross profit | 895.2 | 1,003.5 | 879.5 | ||||||
Selling, general and administrative expenses (d) | 338.3 | 335.1 | 299.4 | ||||||
Income from operations | 556.9 | 668.4 | 580.1 | ||||||
Interest expense, net | 108.0 | 107.1 | 108.8 | ||||||
Income tax expense (e) | 112.3 | 133.6 | 121.2 | ||||||
Equity method investment earnings (f) | 29.3 | 59.5 | 83.6 | ||||||
Net income | 365.9 | 487.2 | 433.7 | ||||||
Less: Income attributable to noncontrolling interests (g) | \u00a0 | \u2014 | \u00a0 | 8.6 | \u00a0 | 16.9 | |||
Net income attributable to Lamb Weston Holdings, Inc. | $ | 365.9 | $ | 478.6 | $ | 416.8 |
| (a) | On March 11, 2020, the World Health Organization declared the spread of COVID-19 a global pandemic. In an attempt to minimize the transmission of COVID-19, significant social and economic restrictions, including restrictions on dine-in purchases and the imposition of stay-at-home orders, were imposed in the United States and in our international markets. These restrictions had a negative impact on our sales, costs, earnings of our joint ventures, and therefore our net income.\u00a0 The increase in our costs, and the costs of our joint ventures, related to lower factory utilization and production inefficiencies, manufacturing and operational disruptions directly attributable to the pandemic, expensing of excess crop year 2019 raw potato purchase contracts that could not be used due to the pandemic\u2019s near-term effect on demand for frozen potato products, as well as incremental warehousing and transportation costs, and costs to enhance employee safety measures, including purchases of safety and health screening equipment, retaining sales employees, and expensing certain capitalized manufacturing facility expansion projects that were stopped. |
| (b) | Product contribution margin represents net sales less cost of sales and advertising and promotion expenses. Product contribution margin includes advertising and promotion expenses because the amounts are directly associated with segment performance; it excludes general corporate expenses and interest expense because management believes these amounts are not directly associated with segment performance. |
| (c) | The Other segment primarily includes our vegetable and dairy businesses and unrealized mark-to-market adjustments associated with commodity hedging contracts. |
| (d) | Fiscal 2018 includes $8.7 million of pre-tax expenses related to the Separation, primarily related to professional fees and employee-related costs. \u200b |
| (e) | In fiscal 2019, the Tax Act decreased income tax expense and increased net income by $27.2 million, or $0.19 per share, including a $24.8 million, or $0.17 per share, tax benefit related to a lower U.S. corporate tax rate and a $2.4 million, or $0.02 per share, benefit from the true-up of the transition tax on previously untaxed foreign earnings. Since our fiscal year end is the last Sunday in May, in fiscal 2018, we phased in the impact of the lower tax rate, resulting in a U.S. corporate tax rate of 29.3%, compared with 21% in fiscal 2020 and 2019. We completed our analysis of the one-time impacts of the Tax Act in fiscal 2019. |
In connection with our initial analysis of the impact of the Tax Act in fiscal 2018, we decreased income tax expense and increased net income $64.7 million, or $0.44 per share. This included a $28.4 million, or $0.19 per share net benefit for one-time items, including a $39.9 million net provisional tax benefit from the estimated impact of remeasuring our net U.S. deferred tax liabilities with a new lower federal tax rate, partially offset by an $11.5 million transition tax on our previously untaxed foreign earnings. It also included a $36.3 million, or $0.25 per share, tax benefit related to a lower U.S. corporate tax rate. In fiscal 2018, we phased in the impact of the lower tax rate, resulting in a 29.3% U.S. corporate tax rate in fiscal 2018.
| (f) | Fiscal 2020 includes a $2.6 million loss related to the withdrawal from a multiemployer pension plan by Lamb Weston RDO. |
| (g) | In November 2018, we entered into an agreement to acquire the remaining 50.01% interest in Lamb Weston BSW. Our Consolidated Statements of Earnings includes 100% of Lamb Weston BSW\u2019s earnings beginning November 2, 2018. See Note 6, Investments in Joint Ventures, for more information. |
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15.\u00a0\u00a0\u00a0COMMITMENTS, 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 (discussed in Note 9, Debt and Financing Obligations), lease obligations, purchase commitments for goods and services, and legal proceedings (discussed below).
Capital Commitments
We had capital commitments of approximately $36.5 million and $41.5 million as of May 31, 2020 and May 26, 2019, respectively, in connection with the expansion and replacement of existing facilities and equipment.
Guarantees and Indemnifications
We provide guarantees, indemnifications, and other assurances to third parties in the normal course of our business. These include tort indemnifications, environmental assurances, and representations and warranties in commercial agreements. At May\u00a031,\u00a02020, we were not aware of any material liabilities arising from any guarantee, indemnification, or financial assurance we have provided. If the fair value of such liability becomes material, we will accrue for it at that time.
Lamb Weston is a party to various potato purchase supply agreements with partner growers, under which they deliver their potato crop from the contracted acres to Lamb Weston during the harvest season, and pursuant to the potato supply agreements, pricing for this inventory is determined after delivery, taking into account crop size and quality, among other factors.\u00a0Total purchases under these agreements were $142.7 million, $152.0 million, and $132.8 million in fiscal 2020, 2019, and 2018, respectively, under the terms of the potato supply agreements.\u00a0These purchases are initially recorded in inventory and charged to cost of sales as related inventories are produced and subsequently sold. Under the terms of these potato supply agreements, Lamb Weston has guaranteed repayment of short-term bank loans of the potato suppliers, under certain conditions. At May\u00a031,\u00a02020, Lamb Weston has effectively guaranteed $36.2 million of supplier loans. Lamb Weston has not established a liability for these guarantees, as Lamb Weston has determined that the likelihood of Lamb Weston\u2019s required performance under the guarantees is remote. Under certain other potato supply agreements, Lamb Weston makes advances to growers prior to the delivery of potatoes.\u00a0The aggregate amounts of these advances were $31.9 million and $36.5 million at May 31, 2020 and May 26, 2019, respectively.
Lamb Weston and Lamb Weston\u2019s partner are jointly and severally liable for all legal liabilities of Lamb-Weston/Meijer. See Note 6, Investments in Joint Ventures, for further information on Lamb-Weston/Meijer\u2019s liabilities and capital structure.
After taking into account liabilities recognized for all of the foregoing matters, management believes the ultimate resolution of such matters would not have a material adverse effect on Lamb Weston\u2019s financial condition, results of operations, or cash flows. It is reasonably possible that a change to an estimate of the foregoing matters may occur in the future.
Legal Proceedings
We are a party to 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.
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2020 (a) | ||||||||||||
First | Second | Third | Fourth | |||||||||
\u00a0\u00a0\u00a0\u00a0 | Quarter | \u00a0\u00a0\u00a0\u00a0 | Quarter | \u00a0\u00a0\u00a0\u00a0 | Quarter | \u00a0\u00a0\u00a0\u00a0 | Quarter (b) | |||||
Net sales | $ | 989.0 | $ | 1,019.2 | $ | 937.3 | $ | 846.9 | ||||
Gross profit | 248.6 | 285.1 | 250.4 | 111.1 | ||||||||
Income before income taxes and equity method earnings | 141.8 | 168.1 | 137.3 | 1.7 | ||||||||
Income tax expense (benefit) | 36.7 | 42.7 | 35.7 | (2.8) | ||||||||
Net income (loss) attributable to Lamb Weston Holdings, Inc. | 115.7 | 140.4 | 111.4 | (1.6) | ||||||||
Earnings per share | ||||||||||||
Basic | 0.79 | 0.96 | 0.76 | (0.01) | ||||||||
Diluted (c) | 0.79 | 0.95 | 0.76 | (0.01) | ||||||||
Dividends declared | 0.20000 | 0.20000 | 0.23000 | 0.23000 |
2019 (a) | ||||||||||||
First | Second | Third | Fourth | |||||||||
\u00a0\u00a0\u00a0\u00a0 | Quarter | \u00a0\u00a0\u00a0\u00a0 | Quarter | \u00a0\u00a0\u00a0\u00a0 | Quarter | \u00a0\u00a0\u00a0\u00a0 | Quarter | |||||
Net sales | $ | 914.9 | $ | 911.4 | $ | 926.8 | $ | 1,003.4 | ||||
Gross profit | 230.6 | 249.0 | 273.4 | 250.5 | ||||||||
Income before income taxes and equity method earnings | 125.8 | 147.8 | 166.8 | 120.9 | ||||||||
Income tax expense | 34.3 | 34.0 | 39.6 | 25.7 | ||||||||
Net income attributable to Lamb Weston Holdings, Inc. | 107.8 | 119.0 | 141.4 | 110.4 | ||||||||
Earnings per share | ||||||||||||
Basic | 0.73 | 0.74 | 0.96 | 0.76 | ||||||||
Diluted | 0.73 | 0.74 | 0.95 | 0.75 | ||||||||
Dividends declared | 0.19125 | 0.19125 | 0.20000 | 0.20000 |
| (a) | The sum of quarterly amounts may not agree to our annual results due to rounding. |
The third quarter of fiscal 2020 included a $2.6 million loss related to the withdrawal from a multiemployer pension plan by Lamb Weston RDO.
The first and second quarters of fiscal 2019 included a $14.0 million and $15.4 million benefit, respectively, related to lower U.S. corporate tax rates as part of the Tax Act. The third quarter of fiscal 2019 included $6.4 million expense; approximately $7.4 million of expense related to a higher U.S. corporate tax related to the timing of the Tax Act, offset partially by a $1.0 million benefit for the estimated true-up of the transition tax under the Tax Act. The fourth quarter of fiscal 2019 included a $4.2 million benefit related to the Tax Act; approximately $2.8 million relates to a lower U.S. corporate tax rate and $1.4 million relates to the true-up of the transition tax under the Tax Act.
| (b) | See footnote (a) to the table in Note 14, Segments, for a discussion of the impact of government efforts to control the spread of COVID-19, including restrictions on restaurants and other foodservice operations and stay-at-home orders, on our financial results. |
| (c) | The fourth quarter of fiscal 2020 excludes a weighted average of 0.8 million potentially dilutive shares from the diluted earnings (loss) per share calculation as they would have been antidilutive. |
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2020 (a) | ||||||||||||
First | Second | Third | Fourth | |||||||||
\u00a0\u00a0\u00a0\u00a0 | Quarter | \u00a0\u00a0\u00a0\u00a0 | Quarter | \u00a0\u00a0\u00a0\u00a0 | Quarter | \u00a0\u00a0\u00a0\u00a0 | Quarter (b) | |||||
Net sales | $ | 989.0 | $ | 1,019.2 | $ | 937.3 | $ | 846.9 | ||||
Gross profit | 248.6 | 285.1 | 250.4 | 111.1 | ||||||||
Income before income taxes and equity method earnings | 141.8 | 168.1 | 137.3 | 1.7 | ||||||||
Income tax expense (benefit) | 36.7 | 42.7 | 35.7 | (2.8) | ||||||||
Net income (loss) attributable to Lamb Weston Holdings, Inc. | 115.7 | 140.4 | 111.4 | (1.6) | ||||||||
Earnings per share | ||||||||||||
Basic | 0.79 | 0.96 | 0.76 | (0.01) | ||||||||
Diluted (c) | 0.79 | 0.95 | 0.76 | (0.01) | ||||||||
Dividends declared | 0.20000 | 0.20000 | 0.23000 | 0.23000 |
2019 (a) | ||||||||||||
First | Second | Third | Fourth | |||||||||
\u00a0\u00a0\u00a0\u00a0 | Quarter | \u00a0\u00a0\u00a0\u00a0 | Quarter | \u00a0\u00a0\u00a0\u00a0 | Quarter | \u00a0\u00a0\u00a0\u00a0 | Quarter | |||||
Net sales | $ | 914.9 | $ | 911.4 | $ | 926.8 | $ | 1,003.4 | ||||
Gross profit | 230.6 | 249.0 | 273.4 | 250.5 | ||||||||
Income before income taxes and equity method earnings | 125.8 | 147.8 | 166.8 | 120.9 | ||||||||
Income tax expense | 34.3 | 34.0 | 39.6 | 25.7 | ||||||||
Net income attributable to Lamb Weston Holdings, Inc. | 107.8 | 119.0 | 141.4 | 110.4 | ||||||||
Earnings per share | ||||||||||||
Basic | 0.73 | 0.74 | 0.96 | 0.76 | ||||||||
Diluted | 0.73 | 0.74 | 0.95 | 0.75 | ||||||||
Dividends declared | 0.19125 | 0.19125 | 0.20000 | 0.20000 |
| (a) | The sum of quarterly amounts may not agree to our annual results due to rounding. |
The third quarter of fiscal 2020 included a $2.6 million loss related to the withdrawal from a multiemployer pension plan by Lamb Weston RDO.
The first and second quarters of fiscal 2019 included a $14.0 million and $15.4 million benefit, respectively, related to lower U.S. corporate tax rates as part of the Tax Act. The third quarter of fiscal 2019 included $6.4 million expense; approximately $7.4 million of expense related to a higher U.S. corporate tax related to the timing of the Tax Act, offset partially by a $1.0 million benefit for the estimated true-up of the transition tax under the Tax Act. The fourth quarter of fiscal 2019 included a $4.2 million benefit related to the Tax Act; approximately $2.8 million relates to a lower U.S. corporate tax rate and $1.4 million relates to the true-up of the transition tax under the Tax Act.
| (b) | See footnote (a) to the table in Note 14, Segments, for a discussion of the impact of government efforts to control the spread of COVID-19, including restrictions on restaurants and other foodservice operations and stay-at-home orders, on our financial results. |
| (c) | The fourth quarter of fiscal 2020 excludes a weighted average of 0.8 million potentially dilutive shares from the diluted earnings (loss) per share calculation as they would have been antidilutive. |
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Schedule\u00a0II\u00a0\u2013 Lamb Weston\u00a0- Valuation and Qualifying Accounts (dollars in millions).
Additions | ||||||||||||
Charged | ||||||||||||
Balance | to Costs, | Deductions | Balance | |||||||||
Beginning of | Expenses | from | End of | |||||||||
\u00a0\u00a0\u00a0\u00a0 | Year | \u00a0\u00a0\u00a0\u00a0 | and Equity | \u00a0\u00a0\u00a0\u00a0 | Reserves | \u00a0\u00a0\u00a0\u00a0 | Year | |||||
Year ended May\u00a031,\u00a02020 | ||||||||||||
Deferred tax asset valuation allowance | $ | 64.6 | $ | \u2014 | $ | 10.1 | $ | 54.5 | ||||
Year ended May\u00a026,\u00a02019 | ||||||||||||
Deferred tax asset valuation allowance | $ | 62.0 | $ | 3.7 | $ | 1.1 | $ | 64.6 | ||||
Year ended May\u00a027, 2018 | ||||||||||||
Deferred tax asset valuation allowance | $ | 98.4 | $ | \u2014 | $ | 36.4 | (a) | $ | 62.0 |
| (a) | Includes $31.2 million reduction resulting from the revaluation of U.S. deferred tax assets to the new 21% federal statutory tax rate as a result of the Tax Act. |