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 our joint ventures, 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 13, 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.
Basis of Presentation
These Consolidated Financial Statements present the financial results of Lamb Weston for the fiscal years ended May 29, 2022, May 30, 2021, and May 31, 2020 (\u201cfiscal 2022, 2021, and 2020\u201d), and have been prepared in accordance with generally accepted accounting principles (\u201cGAAP\u201d) in the United States of America (\u201cU.S.\u201d). The fiscal year of Lamb Weston ends the last Sunday in May. The fiscal years for the Consolidated Financial Statements presented consist of 52-week periods for fiscal 2022 and 2021, and a 53-week period for fiscal 2020.
The financial statements include all adjustments (consisting only of normal recurring adjustments) that we consider necessary for a fair presentation of such financial statements. Our consolidated financial statements include the accounts of Lamb Weston and all of our majority-owned subsidiaries. Intercompany investments, accounts, and transactions have been eliminated.
Certain amounts in the prior period consolidated financial statements have been reclassified to conform with the current period presentation.
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 4, Equity Method Investments.
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, long-lived assets, and equity method investments. 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
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, which is generally as the products are 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 varies 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. As of May 29, 2022, and May 30, 2021, we had $122.7 million and $111.0 million, respectively, of unbilled receivables for customized products for which we have accelerated the recognition of revenue and recorded the amounts in \u201cReceivables\u201d on our Consolidated Balance Sheets. 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 contract terms that give rise to variable consideration including, but not limited to, discounts, coupons, rebates, and volume-based incentives. We estimate volume rebates based on the most likely amount method outlined in the Financial Accounting Standards Board (\u201cFASB\u201d) Accounting Standards Codification (\u201cASC\u201d) 606, Revenue from Contracts with Customers. We estimate early payment discounts and other customer trade incentives 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, which is consistent with the expected value method outlined in ASC 606. We have concluded that these methods result in the best estimate of the consideration we are entitled to from our customers. Because of the complexity of some of these trade promotions, however, 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 29, 2022 and May 30, 2021, we had $41.2 million and $39.9 million, respectively, of sales incentives and trade promotions payable recorded in \u201cAccrued liabilities\u201d on our Consolidated Balance Sheets.
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.
Advertising and Promotion
Advertising and promotion expenses totaled $18.9 million, $17.8 million, and $23.0 million in fiscal 2022, 2021, and 2020, respectively, and are included in \u201cSelling, general and administrative expenses\u201d in the Consolidated Statements of Earnings as the expenses are incurred.
Research and Development
Research and development costs are expensed as incurred and totaled $16.2 million, $12.9 million, and $15.4 million in fiscal 2022, 2021, and 2020, respectively, 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 is measured and recorded in the consolidated financial statements based on the grant date fair value of the equity instruments issued. Compensation expense is recognized over the period the employee or non-employee director provides service in exchange for the award. See Note 10, 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 are classified as cash and cash equivalents and stated at cost, which approximates market value. We maintain various banking relationships with high quality financial institutions and believe we are not exposed to any significant credit risk for our cash and cash equivalents. We invest available cash in money market funds that are backed by U.S. Treasury securities and can be redeemed without notice.
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 forward-looking information to assess expected credit losses. 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 in \u201cSelling, general and administrative expenses\u201d in our Consolidated Statements of Earnings. 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.
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:
\u00a0\u00a0\u00a0\u00a0 | May\u00a029, | May\u00a030, | ||||
(in millions) | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | |||
Raw materials and packaging | $ | 96.1 | \u00a0 | $ | 89.8 | |
Finished goods | \u00a0 | 426.5 | \u00a0 | \u00a0 | 377.8 | |
Supplies and other | \u00a0 | 51.8 | \u00a0 | \u00a0 | 45.9 | |
Inventories | $ | 574.4 | \u00a0 | $ | 513.5 |
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. 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 rate 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 account for lease and non-lease components as a single lease component for all of our leases. See\u00a0Note 8, 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 $6.0 million, $1.9 million, and $2.6 million in fiscal 2022, 2021, and 2020, respectively. Repairs and maintenance costs are expensed as incurred. The components of property, plant and equipment were as follows:
| \u00a0\u00a0\u00a0\u00a0 | May\u00a029, | May\u00a030, | |||
(in millions) | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | |||
Land and land improvements | $ | 114.1 | $ | 108.2 | ||
Buildings, machinery, and equipment | \u00a0 | 2,919.0 | \u00a0 | 2,763.3 | ||
Furniture, fixtures, office equipment, and other | \u00a0 | 92.1 | \u00a0 | 97.1 | ||
Construction in progress | \u00a0 | 156.1 | \u00a0 | 122.5 | ||
Property, plant and equipment, at cost | \u00a0 | 3,281.3 | \u00a0 | 3,091.1 | ||
Less accumulated depreciation | \u00a0 | (1,702.1) | \u00a0 | (1,567.1) | ||
Property, plant and equipment, net | $ | 1,579.2 | $ | 1,524.0 |
Depreciation is computed on a straight-line basis over the estimated useful lives of the respective classes of assets as follows:
Land improvements | \u00a0 | 2-30 years |
Buildings | \u00a0 | 10-40 years |
Machinery and equipment | 5-20 years | |
Furniture, fixtures, office equipment, and other | 3-15 years |
We recorded $181.5 million, $177.7 million, and $175.3 million of depreciation expense in fiscal 2022, 2021, and 2020, respectively. At May 29, 2022 and May 30, 2021, purchases of property, plant and equipment included in accounts payable were $38.3 million and $23.1 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. We have an option to evaluate goodwill for impairment by first performing a qualitative assessment of events and circumstances to determine whether it is more likely than not that the fair value of a reporting until is less than its carrying amount. If we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amounts, then a quantitative goodwill impairment test is not required to be performed. The quantitative assessment requires us to estimate the fair value of our reporting units using a weighted approach based on discounted future cash flows, market multiples and transaction multiples. If the carrying amount of the reporting units is in excess of their estimated fair value, the reporting unit will record an impairment charge by the amount that the carrying amount exceeds the reporting unit\u2019s fair value, not to exceed the total amount of goodwill allocated to the reporting unit.
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 5, 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.
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 11, 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 and monthly average exchange rates. Gains and losses resulting from the translation of Consolidated Balance Sheets are recorded as a component of \u201cAccumulated other comprehensive income (loss).\u201d
Foreign currency transactions resulted in a loss of $3.3 million, a gain of $1.3 million, and a loss of $0.1 million in fiscal 2022, 2021, and 2020, respectively. 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. Changes in derivative instrument values are recognized in \u201cCost of sales\u201d in our Consolidated Statements of Earnings. We do not designate commodity derivatives to achieve hedge accounting treatment.
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.
See Note 3, Income Taxes, for more information.
New and Recently Issued Accounting Pronouncements
In March 2020, the FASB issued Accounting Standards Update (\u201cASU\u201d) 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. Our current contracts that reference LIBOR include certain debt instruments. The amendments in this guidance are effective for eligible contract modifications through December 31, 2022. The adoption of this guidance is not expected to have a material impact on our consolidated 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 29, 2022, May 30, 2021, and May 31, 2020 (\u201cfiscal 2022, 2021, and 2020\u201d), and have been prepared in accordance with generally accepted accounting principles (\u201cGAAP\u201d) in the United States of America (\u201cU.S.\u201d). The fiscal year of Lamb Weston ends the last Sunday in May. The fiscal years for the Consolidated Financial Statements presented consist of 52-week periods for fiscal 2022 and 2021, and a 53-week period for fiscal 2020.
The financial statements include all adjustments (consisting only of normal recurring adjustments) that we consider necessary for a fair presentation of such financial statements. Our consolidated financial statements include the accounts of Lamb Weston and all of our majority-owned subsidiaries. Intercompany investments, accounts, and transactions have been eliminated.
Certain amounts in the prior period consolidated financial statements have been reclassified to conform with the current period presentation.
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 4, Equity Method Investments.
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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, long-lived assets, and equity method investments. 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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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, which is generally as the products are 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 varies 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. As of May 29, 2022, and May 30, 2021, we had $122.7 million and $111.0 million, respectively, of unbilled receivables for customized products for which we have accelerated the recognition of revenue and recorded the amounts in \u201cReceivables\u201d on our Consolidated Balance Sheets. 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 contract terms that give rise to variable consideration including, but not limited to, discounts, coupons, rebates, and volume-based incentives. We estimate volume rebates based on the most likely amount method outlined in the Financial Accounting Standards Board (\u201cFASB\u201d) Accounting Standards Codification (\u201cASC\u201d) 606, Revenue from Contracts with Customers. We estimate early payment discounts and other customer trade incentives 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, which is consistent with the expected value method outlined in ASC 606. We have concluded that these methods result in the best estimate of the consideration we are entitled to from our customers. Because of the complexity of some of these trade promotions, however, 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 29, 2022 and May 30, 2021, we had $41.2 million and $39.9 million, respectively, of sales incentives and trade promotions payable recorded in \u201cAccrued liabilities\u201d on our Consolidated Balance Sheets.
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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Advertising and promotion expenses totaled $18.9 million, $17.8 million, and $23.0 million in fiscal 2022, 2021, and 2020, respectively, and are included in \u201cSelling, general and administrative expenses\u201d in the Consolidated Statements of Earnings as the expenses are incurred.
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Research and development costs are expensed as incurred and totaled $16.2 million, $12.9 million, and $15.4 million in fiscal 2022, 2021, and 2020, respectively, and are included in \u201cSelling, general and administrative expenses\u201d in the Consolidated Statements of Earnings.
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Compensation expense resulting from all stock-based compensation transactions is measured and recorded in the consolidated financial statements based on the grant date fair value of the equity instruments issued. Compensation expense is recognized over the period the employee or non-employee director provides service in exchange for the award. See Note 10, Stock-Based Compensation, for additional information.
"}]},{"name":"rpt:f-456","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsPolicyTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","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 are classified as cash and cash equivalents and stated at cost, which approximates market value. We maintain various banking relationships with high quality financial institutions and believe we are not exposed to any significant credit risk for our cash and cash equivalents. We invest available cash in money market funds that are backed by U.S. Treasury securities and can be redeemed without notice.
"}]},{"name":"rpt:f-457","factDimensions":{"xbrl:concept":"us-gaap:ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","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 forward-looking information to assess expected credit losses. 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 in \u201cSelling, general and administrative expenses\u201d in our Consolidated Statements of Earnings. 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.
"}]},{"name":"rpt:f-458","factDimensions":{"xbrl:concept":"us-gaap:InventoryPolicyTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","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:
\u00a0\u00a0\u00a0\u00a0 | May\u00a029, | May\u00a030, | ||||
(in millions) | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | |||
Raw materials and packaging | $ | 96.1 | \u00a0 | $ | 89.8 | |
Finished goods | \u00a0 | 426.5 | \u00a0 | \u00a0 | 377.8 | |
Supplies and other | \u00a0 | 51.8 | \u00a0 | \u00a0 | 45.9 | |
Inventories | $ | 574.4 | \u00a0 | $ | 513.5 |
"}]},{"name":"rpt:f-459","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfInventoryCurrentTableTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"
\u00a0\u00a0\u00a0\u00a0 | May\u00a029, | May\u00a030, | ||||
(in millions) | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | |||
Raw materials and packaging | $ | 96.1 | \u00a0 | $ | 89.8 | |
Finished goods | \u00a0 | 426.5 | \u00a0 | \u00a0 | 377.8 | |
Supplies and other | \u00a0 | 51.8 | \u00a0 | \u00a0 | 45.9 | |
Inventories | $ | 574.4 | \u00a0 | $ | 513.5 |
"}]},{"name":"rpt:f-460","factDimensions":{"xbrl:concept":"us-gaap:InventoryRawMaterialsNetOfReserves","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"96100000","decimals":-5}]},{"name":"rpt:f-461","factDimensions":{"xbrl:concept":"us-gaap:InventoryRawMaterialsNetOfReserves","xbrl:period":"2021-05-31T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"89800000","decimals":-5}]},{"name":"rpt:f-462","factDimensions":{"xbrl:concept":"us-gaap:InventoryFinishedGoodsNetOfReserves","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"426500000","decimals":-5}]},{"name":"rpt:f-463","factDimensions":{"xbrl:concept":"us-gaap:InventoryFinishedGoodsNetOfReserves","xbrl:period":"2021-05-31T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"377800000","decimals":-5}]},{"name":"rpt:f-464","factDimensions":{"xbrl:concept":"us-gaap:InventorySuppliesNetOfReserves","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"51800000","decimals":-5}]},{"name":"rpt:f-465","factDimensions":{"xbrl:concept":"us-gaap:InventorySuppliesNetOfReserves","xbrl:period":"2021-05-31T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"45900000","decimals":-5}]},{"name":"rpt:f-466","factDimensions":{"xbrl:concept":"us-gaap:InventoryNet","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"574400000","decimals":-5}]},{"name":"rpt:f-467","factDimensions":{"xbrl:concept":"us-gaap:InventoryNet","xbrl:period":"2021-05-31T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"513500000","decimals":-5}]},{"name":"rpt:f-468","factDimensions":{"xbrl:concept":"us-gaap:LesseeLeasesPolicyTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","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. 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 rate 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 account for lease and non-lease components as a single lease component for all of our leases. See\u00a0Note 8, Leases, for more information.
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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 $6.0 million, $1.9 million, and $2.6 million in fiscal 2022, 2021, and 2020, respectively. Repairs and maintenance costs are expensed as incurred. The components of property, plant and equipment were as follows:
| \u00a0\u00a0\u00a0\u00a0 | May\u00a029, | May\u00a030, | |||
(in millions) | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | |||
Land and land improvements | $ | 114.1 | $ | 108.2 | ||
Buildings, machinery, and equipment | \u00a0 | 2,919.0 | \u00a0 | 2,763.3 | ||
Furniture, fixtures, office equipment, and other | \u00a0 | 92.1 | \u00a0 | 97.1 | ||
Construction in progress | \u00a0 | 156.1 | \u00a0 | 122.5 | ||
Property, plant and equipment, at cost | \u00a0 | 3,281.3 | \u00a0 | 3,091.1 | ||
Less accumulated depreciation | \u00a0 | (1,702.1) | \u00a0 | (1,567.1) | ||
Property, plant and equipment, net | $ | 1,579.2 | $ | 1,524.0 |
Depreciation is computed on a straight-line basis over the estimated useful lives of the respective classes of assets as follows:
Land improvements | \u00a0 | 2-30 years |
Buildings | \u00a0 | 10-40 years |
Machinery and equipment | 5-20 years | |
Furniture, fixtures, office equipment, and other | 3-15 years |
We recorded $181.5 million, $177.7 million, and $175.3 million of depreciation expense in fiscal 2022, 2021, and 2020, respectively. At May 29, 2022 and May 30, 2021, purchases of property, plant and equipment included in accounts payable were $38.3 million and $23.1 million, respectively.
"}]},{"name":"rpt:f-471","factDimensions":{"xbrl:concept":"us-gaap:InterestCostsCapitalized","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:ConstructionInProgressMember"},"factValues":[{"value":"6000000.0","decimals":-5}]},{"name":"rpt:f-472","factDimensions":{"xbrl:concept":"us-gaap:InterestCostsCapitalized","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:ConstructionInProgressMember"},"factValues":[{"value":"1900000","decimals":-5}]},{"name":"rpt:f-473","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-474","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"
| \u00a0\u00a0\u00a0\u00a0 | May\u00a029, | May\u00a030, | |||
(in millions) | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | |||
Land and land improvements | $ | 114.1 | $ | 108.2 | ||
Buildings, machinery, and equipment | \u00a0 | 2,919.0 | \u00a0 | 2,763.3 | ||
Furniture, fixtures, office equipment, and other | \u00a0 | 92.1 | \u00a0 | 97.1 | ||
Construction in progress | \u00a0 | 156.1 | \u00a0 | 122.5 | ||
Property, plant and equipment, at cost | \u00a0 | 3,281.3 | \u00a0 | 3,091.1 | ||
Less accumulated depreciation | \u00a0 | (1,702.1) | \u00a0 | (1,567.1) | ||
Property, plant and equipment, net | $ | 1,579.2 | $ | 1,524.0 |
Land improvements | \u00a0 | 2-30 years |
Buildings | \u00a0 | 10-40 years |
Machinery and equipment | 5-20 years | |
Furniture, fixtures, office equipment, and other | 3-15 years |
"}]},{"name":"rpt:f-475","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:LandAndLandImprovementsMember"},"factValues":[{"value":"114100000","decimals":-5}]},{"name":"rpt:f-476","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization","xbrl:period":"2021-05-31T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:LandAndLandImprovementsMember"},"factValues":[{"value":"108200000","decimals":-5}]},{"name":"rpt:f-477","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:BuildingAndBuildingImprovementsMember"},"factValues":[{"value":"2919000000.0","decimals":-5}]},{"name":"rpt:f-478","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization","xbrl:period":"2021-05-31T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:BuildingAndBuildingImprovementsMember"},"factValues":[{"value":"2763300000","decimals":-5}]},{"name":"rpt:f-479","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:FurnitureAndFixturesMember"},"factValues":[{"value":"92100000","decimals":-5}]},{"name":"rpt:f-480","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization","xbrl:period":"2021-05-31T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:FurnitureAndFixturesMember"},"factValues":[{"value":"97100000","decimals":-5}]},{"name":"rpt:f-481","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:ConstructionInProgressMember"},"factValues":[{"value":"156100000","decimals":-5}]},{"name":"rpt:f-482","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization","xbrl:period":"2021-05-31T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:ConstructionInProgressMember"},"factValues":[{"value":"122500000","decimals":-5}]},{"name":"rpt:f-483","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3281300000","decimals":-5}]},{"name":"rpt:f-484","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization","xbrl:period":"2021-05-31T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3091100000","decimals":-5}]},{"name":"rpt:f-485","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1702100000","decimals":-5}]},{"name":"rpt:f-486","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization","xbrl:period":"2021-05-31T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1567100000","decimals":-5}]},{"name":"rpt:f-487","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1579200000","decimals":-5}]},{"name":"rpt:f-488","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization","xbrl:period":"2021-05-31T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"15240000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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-503","factDimensions":{"xbrl:concept":"us-gaap:GoodwillAndIntangibleAssetsIntangibleAssetsIndefiniteLivedPolicy","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","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. We have an option to evaluate goodwill for impairment by first performing a qualitative assessment of events and circumstances to determine whether it is more likely than not that the fair value of a reporting until is less than its carrying amount. If we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amounts, then a quantitative goodwill impairment test is not required to be performed. The quantitative assessment requires us to estimate the fair value of our reporting units using a weighted approach based on discounted future cash flows, market multiples and transaction multiples. If the carrying amount of the reporting units is in excess of their estimated fair value, the reporting unit will record an impairment charge by the amount that the carrying amount exceeds the reporting unit\u2019s fair value, not to exceed the total amount of goodwill allocated to the reporting unit.
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 5, Goodwill and Other Identifiable Intangible Assets, for additional information.
"}]},{"name":"rpt:f-504","factDimensions":{"xbrl:concept":"us-gaap:FairValueOfFinancialInstrumentsPolicy","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","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.
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 11, Fair Value Measurements, for additional information.
"}]},{"name":"rpt:f-505","factDimensions":{"xbrl:concept":"us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","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 and monthly average exchange rates. Gains and losses resulting from the translation of Consolidated Balance Sheets are recorded as a component of \u201cAccumulated other comprehensive income (loss).\u201d
Foreign currency transactions resulted in a loss of $3.3 million, a gain of $1.3 million, and a loss of $0.1 million in fiscal 2022, 2021, and 2020, respectively. These amounts were recorded in \u201cSelling, general and administrative expenses\u201d in the Consolidated Statements of Earnings.
"}]},{"name":"rpt:f-506","factDimensions":{"xbrl:concept":"us-gaap:ForeignCurrencyTransactionGainLossBeforeTax","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-3300000","decimals":-5}]},{"name":"rpt:f-507","factDimensions":{"xbrl:concept":"us-gaap:ForeignCurrencyTransactionGainLossBeforeTax","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1300000","decimals":-5}]},{"name":"rpt:f-508","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-509","factDimensions":{"xbrl:concept":"us-gaap:DerivativesMethodsOfAccountingNonhedgingDerivatives","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","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. Changes in derivative instrument values are recognized in \u201cCost of sales\u201d in our Consolidated Statements of Earnings. We do not designate commodity derivatives to achieve hedge accounting treatment.
"}]},{"name":"rpt:f-510","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxPolicyTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"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.
See Note 3, Income Taxes, for more information.
"}]},{"name":"rpt:f-511","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"New and Recently Issued Accounting Pronouncements
In March 2020, the FASB issued Accounting Standards Update (\u201cASU\u201d) 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. Our current contracts that reference LIBOR include certain debt instruments. The amendments in this guidance are effective for eligible contract modifications through December 31, 2022. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements.
There were no other accounting pronouncements recently issued that had or are expected to have a material impact on our financial statements.
"}]},{"name":"rpt:f-512","factDimensions":{"xbrl:concept":"us-gaap:ChangeInAccountingPrincipleAccountingStandardsUpdateAdopted","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","us-gaap:AdjustmentsForNewAccountingPronouncementsAxis":"us-gaap:AccountingStandardsUpdate202004Member"},"factValues":[{"value":"false"}]},{"name":"rpt:f-513","factDimensions":{"xbrl:concept":"us-gaap:EarningsPerShareTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"
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:
For the Fiscal Years Ended May | |||||||||
(in millions, except per share amounts) | \u00a0\u00a0\u00a0\u00a0 | 2022 | 2021 | 2020 | |||||
Numerator: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Net income | $ | 200.9 | $ | 317.8 | $ | 365.9 | |||
Denominator: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Basic weighted average common shares outstanding | \u00a0 | 145.5 | \u00a0 | 146.4 | \u00a0 | 146.2 | |||
Add: Dilutive effect of employee incentive plans (a) | \u00a0 | 0.4 | \u00a0 | 0.7 | \u00a0 | 0.9 | |||
Diluted weighted average common shares outstanding | \u00a0 | 145.9 | \u00a0 | 147.1 | \u00a0 | 147.1 | |||
Earnings per share: | |||||||||
Basic | $ | 1.38 | $ | 2.17 | $ | 2.50 | |||
Diluted | $ | 1.38 | $ | 2.16 | $ | 2.49 |
| (a) | Potential 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 29, 2022 and May 30, 2021, we did not have any stock-based awards that were antidilutive. As of May 31, 2020, an insignificant number of stock-based awards were excluded from the computation of diluted earnings per share because they would be antidilutive. |
For the Fiscal Years Ended May | |||||||||
(in millions, except per share amounts) | \u00a0\u00a0\u00a0\u00a0 | 2022 | 2021 | 2020 | |||||
Numerator: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Net income | $ | 200.9 | $ | 317.8 | $ | 365.9 | |||
Denominator: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Basic weighted average common shares outstanding | \u00a0 | 145.5 | \u00a0 | 146.4 | \u00a0 | 146.2 | |||
Add: Dilutive effect of employee incentive plans (a) | \u00a0 | 0.4 | \u00a0 | 0.7 | \u00a0 | 0.9 | |||
Diluted weighted average common shares outstanding | \u00a0 | 145.9 | \u00a0 | 147.1 | \u00a0 | 147.1 | |||
Earnings per share: | |||||||||
Basic | $ | 1.38 | $ | 2.17 | $ | 2.50 | |||
Diluted | $ | 1.38 | $ | 2.16 | $ | 2.49 |
| (a) | Potential 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 29, 2022 and May 30, 2021, we did not have any stock-based awards that were antidilutive. As of May 31, 2020, an insignificant number of stock-based awards were excluded from the computation of diluted earnings per share because they would be antidilutive. |
3.\u00a0\u00a0\u00a0\u00a0INCOME TAXES
Pre-tax income (loss), inclusive of equity method investment earnings, consisted of the following:
For the Fiscal Years Ended May | |||||||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
United States | $ | 287.9 | $ | 352.0 | $ | 462.0 | |||
Foreign | \u00a0 | (15.2) | \u00a0 | 56.3 | \u00a0 | 16.2 | |||
Total pre-tax income | $ | 272.7 | $ | 408.3 | $ | 478.2 |
The provision for income taxes included the following:
For the Fiscal Years Ended May | |||||||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
Current | |||||||||
U.S. federal | \u00a0 | $ | 45.4 | \u00a0 | $ | 66.2 | \u00a0 | $ | 75.7 |
State and local | 9.5 | 15.0 | 13.2 | ||||||
Foreign | 3.4 | 5.5 | 3.4 | ||||||
Total current provision for taxes | 58.3 | 86.7 | 92.3 | ||||||
Deferred | |||||||||
U.S. federal | 10.0 | (0.4) | 18.6 | ||||||
State and local | (1.9) | 1.2 | 4.4 | ||||||
Foreign | 5.4 | 3.0 | (3.0) | ||||||
Total deferred provision for taxes | $ | 13.5 | $ | 3.8 | $ | 20.0 | |||
Total provision for taxes | $ | 71.8 | $ | 90.5 | $ | 112.3 |
A reconciliation of income tax expense using the 21% U.S. statutory tax rate on income from operations, including equity method earnings and before income taxes, compared with the actual provision for income taxes follows:
For the Fiscal Years Ended May | |||||||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
Provision computed at U.S. statutory rate | $ | 57.3 | \u00a0 | $ | 85.7 | \u00a0 | $ | 100.4 | |
Increase (reduction) in rate resulting from: | |||||||||
State and local taxes, net of federal benefit | \u00a0 | 6.4 | 13.7 | 15.3 | |||||
Effect of taxes on foreign operations | (0.7) | (4.7) | (4.4) | ||||||
Write-off of net investment in Russia (a) | 13.2 | \u2014 | \u2014 | ||||||
Other | (4.4) | (4.2) | 1.0 | ||||||
Total income tax expense | $ | 71.8 | $ | 90.5 | $ | 112.3 | |||
Effective income tax rate (b) | 26.3% | 22.2% | 23.5% |
| (a) | In connection with Lamb-Weston/Meijer v.o.f.\u2019s (\u201cLWM\u201d) intent to withdraw from Russia, we reflected a $13.2 million tax detriment as any loss realized upon the sale of shares is a non-deductible permanent difference. |
| (b) | The effective income tax rate is calculated as the ratio of income tax expense to pre-tax income, inclusive of equity method investment earnings. Excluding the write-off of our portion of LWM\u2019s net investment in Russia, our effective tax rate was 21.4% in fiscal 2022. |
\u200b
Income Taxes Paid
\u200b
Income taxes paid, net of refunds, were $44.3 million, $84.1 million, and $82.5 million in fiscal 2022, 2021, and 2020, 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:
May\u00a029,\u00a02022 | May\u00a030,\u00a02021 | |||||||||||
(in millions) | \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 | $ | 189.4 | $ | \u2014 | $ | 187.1 | ||||
Goodwill and other intangible assets | 37.6 | \u2014 | 46.3 | \u2014 | ||||||||
Compensation and benefit related liabilities | 21.0 | \u2014 | 32.2 | \u2014 | ||||||||
Net operating loss and credit carryforwards (a) | 4.5 | \u2014 | 3.6 | \u2014 | ||||||||
Accrued expenses and other liabilities | 14.1 | \u2014 | 13.9 | \u2014 | ||||||||
Inventory and inventory reserves | 8.6 | \u2014 | 5.5 | \u2014 | ||||||||
Lease obligations | 26.9 | \u2014 | 32.0 | \u2014 | ||||||||
Lease assets | \u2014 | 25.1 | \u2014 | 30.3 | ||||||||
Debt issuance costs | \u2014 | 0.1 | \u2014 | 2.9 | ||||||||
Equity method investments | \u2014 | 3.4 | \u2014 | 4.7 | ||||||||
Other | 3.3 | 17.7 | 3.5 | 16.4 | ||||||||
116.0 | 235.7 | 137.0 | 241.4 | |||||||||
Less: Valuation allowance (b) | (50.1) | \u2014 | (53.1) | \u2014 | ||||||||
Net deferred taxes (c) | $ | 65.9 | $ | 235.7 | $ | 83.9 | $ | 241.4 |
| (a) | At May 29, 2022, Lamb Weston had approximately $7.6 million of gross ($1.6 million after-tax) foreign net operating loss carryforwards, which will not expire. Lamb Weston also had a foreign tax credit carryforward of $1.2 million, which will expire by fiscal 2032, and a state business credit carryforward of $1.7 million, which will expire by fiscal 2036. |
| (b) | The valuation allowance is predominantly related to non-amortizable intangible assets. The net impact on income tax expense related to changes in the valuation allowance, including net operating loss carryforwards, was zero in fiscal 2022, 2021, and 2020. |
| (c) | Deferred tax assets of $2.7 million and $2.2 million as of May 29, 2022 and May 30, 2021, respectively, were presented in \u201cOther assets.\u201d Deferred tax liabilities of $172.5 million and $159.7 million as of May 29, 2022 and May 30, 2021, respectively, were presented in \u201cDeferred income taxes\u201d as \u201cLong-term liabilities\u201d 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 them 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:
For the Fiscal Years Ended May | ||||||||
(in millions) | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
Beginning balance | $ | 37.1 | \u00a0 | $ | 31.3 | \u00a0 | $ | 21.7 |
Decreases from positions established during prior fiscal years | \u2014 | \u2014 | \u2014 | |||||
Increases from positions established during current and prior fiscal years | 9.5 | 8.7 | 10.3 | |||||
Decreases relating to settlements with taxing authorities | (1.0) | (0.8) | \u2014 | |||||
Expiration of statute of limitations | (5.2) | (2.1) | (0.7) | |||||
Ending balance (a) | $ | 40.4 | $ | 37.1 | $ | 31.3 |
| (a) | If we were to prevail on the unrecognized tax benefits recorded as of May 29, 2022 and May 30, 2021, it would result in a tax benefit of $34.3 million and $31.6 million, respectively, and a reduction in the effective tax rate. The ending balances exclude $7.3 million and $7.2 million of gross interest and penalties in fiscal 2022 and 2021, 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. Major jurisdictions where we conduct business generally have statutes of limitations ranging from to five years. The expiration of statute of limitations could reduce the uncertain tax positions by approximately $5 million during the next 12 months.
Although the timing of the resolutions and/or closures of audits is highly uncertain, it is reasonably possible that certain U.S. federal, state, 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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(in millions) | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
United States | $ | 287.9 | $ | 352.0 | $ | 462.0 | |||
Foreign | \u00a0 | (15.2) | \u00a0 | 56.3 | \u00a0 | 16.2 | |||
Total pre-tax income | $ | 272.7 | $ | 408.3 | $ | 478.2 |
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For the Fiscal Years Ended May | |||||||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
Current | |||||||||
U.S. federal | \u00a0 | $ | 45.4 | \u00a0 | $ | 66.2 | \u00a0 | $ | 75.7 |
State and local | 9.5 | 15.0 | 13.2 | ||||||
Foreign | 3.4 | 5.5 | 3.4 | ||||||
Total current provision for taxes | 58.3 | 86.7 | 92.3 | ||||||
Deferred | |||||||||
U.S. federal | 10.0 | (0.4) | 18.6 | ||||||
State and local | (1.9) | 1.2 | 4.4 | ||||||
Foreign | 5.4 | 3.0 | (3.0) | ||||||
Total deferred provision for taxes | $ | 13.5 | $ | 3.8 | $ | 20.0 | |||
Total provision for taxes | $ | 71.8 | $ | 90.5 | $ | 112.3 |
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For the Fiscal Years Ended May | |||||||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
Provision computed at U.S. statutory rate | $ | 57.3 | \u00a0 | $ | 85.7 | \u00a0 | $ | 100.4 | |
Increase (reduction) in rate resulting from: | |||||||||
State and local taxes, net of federal benefit | \u00a0 | 6.4 | 13.7 | 15.3 | |||||
Effect of taxes on foreign operations | (0.7) | (4.7) | (4.4) | ||||||
Write-off of net investment in Russia (a) | 13.2 | \u2014 | \u2014 | ||||||
Other | (4.4) | (4.2) | 1.0 | ||||||
Total income tax expense | $ | 71.8 | $ | 90.5 | $ | 112.3 | |||
Effective income tax rate (b) | 26.3% | 22.2% | 23.5% |
| (a) | In connection with Lamb-Weston/Meijer v.o.f.\u2019s (\u201cLWM\u201d) intent to withdraw from Russia, we reflected a $13.2 million tax detriment as any loss realized upon the sale of shares is a non-deductible permanent difference. |
| (b) | The effective income tax rate is calculated as the ratio of income tax expense to pre-tax income, inclusive of equity method investment earnings. Excluding the write-off of our portion of LWM\u2019s net investment in Russia, our effective tax rate was 21.4% in fiscal 2022. |
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May\u00a029,\u00a02022 | May\u00a030,\u00a02021 | |||||||||||
(in millions) | \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 | $ | 189.4 | $ | \u2014 | $ | 187.1 | ||||
Goodwill and other intangible assets | 37.6 | \u2014 | 46.3 | \u2014 | ||||||||
Compensation and benefit related liabilities | 21.0 | \u2014 | 32.2 | \u2014 | ||||||||
Net operating loss and credit carryforwards (a) | 4.5 | \u2014 | 3.6 | \u2014 | ||||||||
Accrued expenses and other liabilities | 14.1 | \u2014 | 13.9 | \u2014 | ||||||||
Inventory and inventory reserves | 8.6 | \u2014 | 5.5 | \u2014 | ||||||||
Lease obligations | 26.9 | \u2014 | 32.0 | \u2014 | ||||||||
Lease assets | \u2014 | 25.1 | \u2014 | 30.3 | ||||||||
Debt issuance costs | \u2014 | 0.1 | \u2014 | 2.9 | ||||||||
Equity method investments | \u2014 | 3.4 | \u2014 | 4.7 | ||||||||
Other | 3.3 | 17.7 | 3.5 | 16.4 | ||||||||
116.0 | 235.7 | 137.0 | 241.4 | |||||||||
Less: Valuation allowance (b) | (50.1) | \u2014 | (53.1) | \u2014 | ||||||||
Net deferred taxes (c) | $ | 65.9 | $ | 235.7 | $ | 83.9 | $ | 241.4 |
| (a) | At May 29, 2022, Lamb Weston had approximately $7.6 million of gross ($1.6 million after-tax) foreign net operating loss carryforwards, which will not expire. Lamb Weston also had a foreign tax credit carryforward of $1.2 million, which will expire by fiscal 2032, and a state business credit carryforward of $1.7 million, which will expire by fiscal 2036. |
| (b) | The valuation allowance is predominantly related to non-amortizable intangible assets. The net impact on income tax expense related to changes in the valuation allowance, including net operating loss carryforwards, was zero in fiscal 2022, 2021, and 2020. |
| (c) | Deferred tax assets of $2.7 million and $2.2 million as of May 29, 2022 and May 30, 2021, respectively, were presented in \u201cOther assets.\u201d Deferred tax liabilities of $172.5 million and $159.7 million as of May 29, 2022 and May 30, 2021, respectively, were presented in \u201cDeferred income taxes\u201d as \u201cLong-term liabilities\u201d 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 | ||||||||
(in millions) | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
Beginning balance | $ | 37.1 | \u00a0 | $ | 31.3 | \u00a0 | $ | 21.7 |
Decreases from positions established during prior fiscal years | \u2014 | \u2014 | \u2014 | |||||
Increases from positions established during current and prior fiscal years | 9.5 | 8.7 | 10.3 | |||||
Decreases relating to settlements with taxing authorities | (1.0) | (0.8) | \u2014 | |||||
Expiration of statute of limitations | (5.2) | (2.1) | (0.7) | |||||
Ending balance (a) | $ | 40.4 | $ | 37.1 | $ | 31.3 |
| (a) | If we were to prevail on the unrecognized tax benefits recorded as of May 29, 2022 and May 30, 2021, it would result in a tax benefit of $34.3 million and $31.6 million, respectively, and a reduction in the effective tax rate. The ending balances exclude $7.3 million and $7.2 million of gross interest and penalties in fiscal 2022 and 2021, 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\u00a0EQUITY METHOD INVESTMENTS
Our equity method investments were as follows:
May\u00a029, 2022 | May\u00a030, 2021 | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | Carrying | \u00a0\u00a0\u00a0\u00a0 | Ownership | \u00a0\u00a0\u00a0\u00a0 | Carrying | \u00a0\u00a0\u00a0\u00a0 | Ownership | |||||
(in millions, except ownership interest) | Value | Interest | Value | Interest | ||||||||
LWM (a) | $ | 211.2 | 50% | $ | 263.3 | 50% | ||||||
Lamb Weston Alimentos Modernos S.A. (\"LWAMSA\") (b) | \u00a0\u00a0 | 26.1 | 50% | 28.8 | 50% | |||||||
Lamb-Weston/RDO Frozen (\"Lamb Weston RDO\") (c) | \u00a0\u00a0 | 19.4 | 50% | 17.4 | 50% | |||||||
Other | \u00a0\u00a0 | 0.7 | 50% | 0.7 | 50% | |||||||
$ | 257.4 | $ | 310.2 |
| (a) | LWM is a joint venture with Meijer Frozen Foods B.V., headquartered in the Netherlands that manufactures and sells frozen potato products principally in Europe and the Middle East. |
| (b) | LWAMSA is a joint venture with Selprey S.A., a wholly owned subsidiary of Sociedad Comercial del Plata S.A., that is headquartered in Argentina. LWAMSA manufactures and sells frozen potato products principally in South America. |
| (c) | Lamb Weston RDO is a joint venture with RDO Frozen Co., that operates a potato processing facility in the U.S. |
Summarized combined financial information for our equity method investments were as follows:
For the Fiscal Years Ended May | |||||||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | 2020 | ||||
Net sales | $ | 1,333.8 | \u00a0 | $ | 1,169.5 | $ | 1,137.7 | ||
Gross profit | \u00a0 | 203.8 | \u00a0 | \u00a0 | 196.5 | \u00a0 | 145.8 | ||
Income from operations | \u00a0 | 106.9 | \u00a0 | \u00a0 | 97.5 | \u00a0 | 59.8 | ||
Net income (loss) (a) | (21.4) | 103.9 | 58.7 |
May\u00a029, | \u00a0\u00a0\u00a0\u00a0 | May\u00a030, | ||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | 2022 (a) | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||
Current assets | $ | 557.3 | \u00a0 | $ | 516.1 | |
Noncurrent assets | \u00a0 | 487.1 | \u00a0 | \u00a0 | 627.6 | |
Current liabilities | 374.9 | \u00a0 | \u00a0 | 366.3 | ||
Noncurrent liabilities | 170.3 | \u00a0 | \u00a0 | 147.3 |
| (a) | LWM recorded a $125.4 million charge to write-off its net investment in its joint venture in Russia, which is included in the fiscal 2022 net loss and the current and noncurrent assets and liabilities. Our portion of the non-cash impairment charge was $62.7 million. |
We made the following sales to and purchases from our equity method affiliates, primarily for finished products sold to or purchased from our joint ventures. We also provided services, such as sales and marketing services, to our joint ventures that are recorded as a reduction to \u201cSelling, general and administrative expenses\u201d in our Consolidated Statements of Earnings. We also received dividends. The following table summarizes the activity with all our equity method affiliates:
For the Fiscal Years Ended May | |||||||||
(in millions) | 2022 | 2021 | 2020 | ||||||
Sales | $ | 14.3 | $ | 15.3 | $ | 27.8 | |||
Purchases | \u00a0\u00a0 | 21.0 | 5.2 | 8.6 | |||||
Services provided | 15.6 | 19.3 | 17.6 | ||||||
Dividends received | \u00a0\u00a0 | 19.2 | 18.8 | 29.0 |
As of May 29, 2022 and May 30, 2021, we had receivables included in \u201cReceivables\u201d on our Consolidated Balance Sheets from our joint ventures of $11.0 million (which includes a $5.0 million note to Lamb Weston RDO) and $6.3 million, respectively.
We have an agreement to share the costs of our global ERP system and related software and services with LWM. Under the terms of the agreement, LWM will pay us for the majority of its portion of the ERP costs in five equal annual payments, plus interest, beginning in the period the system is deployed at LWM. As of May 29, 2022 and May 30, 2021, LWM\u2019s portion of the ERP costs totaled $23.4 million and $16.8 million, respectively. We had $20.5 million and $13.2 million of receivables recorded in \u2018Other assets\u201d on our Consolidated Balance Sheets at May 29, 2022 and May 30, 2021, respectively.\u00a0We expect the total receivable from LWM to increase as development and implementation of the next phase of our ERP continues in fiscal 2023.
On July 5, 2022, we acquired an additional forty percent interest in LWAMSA for approximately $42 million, increasing our total ownership of LWAMSA from fifty percent to ninety percent. Following this acquisition, we will consolidate LWAMSA\u2019s results in our consolidated financial statements.
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\u00a0\u00a0\u00a0\u00a0 | Carrying | \u00a0\u00a0\u00a0\u00a0 | Ownership | \u00a0\u00a0\u00a0\u00a0 | Carrying | \u00a0\u00a0\u00a0\u00a0 | Ownership | |||||
(in millions, except ownership interest) | Value | Interest | Value | Interest | ||||||||
LWM (a) | $ | 211.2 | 50% | $ | 263.3 | 50% | ||||||
Lamb Weston Alimentos Modernos S.A. (\"LWAMSA\") (b) | \u00a0\u00a0 | 26.1 | 50% | 28.8 | 50% | |||||||
Lamb-Weston/RDO Frozen (\"Lamb Weston RDO\") (c) | \u00a0\u00a0 | 19.4 | 50% | 17.4 | 50% | |||||||
Other | \u00a0\u00a0 | 0.7 | 50% | 0.7 | 50% | |||||||
$ | 257.4 | $ | 310.2 |
| (a) | LWM is a joint venture with Meijer Frozen Foods B.V., headquartered in the Netherlands that manufactures and sells frozen potato products principally in Europe and the Middle East. |
| (b) | LWAMSA is a joint venture with Selprey S.A., a wholly owned subsidiary of Sociedad Comercial del Plata S.A., that is headquartered in Argentina. LWAMSA manufactures and sells frozen potato products principally in South America. |
| (c) | Lamb Weston RDO is a joint venture with RDO Frozen Co., that operates a potato processing facility in the U.S. |
For the Fiscal Years Ended May | |||||||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | 2020 | ||||
Net sales | $ | 1,333.8 | \u00a0 | $ | 1,169.5 | $ | 1,137.7 | ||
Gross profit | \u00a0 | 203.8 | \u00a0 | \u00a0 | 196.5 | \u00a0 | 145.8 | ||
Income from operations | \u00a0 | 106.9 | \u00a0 | \u00a0 | 97.5 | \u00a0 | 59.8 | ||
Net income (loss) (a) | (21.4) | 103.9 | 58.7 |
May\u00a029, | \u00a0\u00a0\u00a0\u00a0 | May\u00a030, | ||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | 2022 (a) | \u00a0\u00a0\u00a0\u00a0 | 2021 | ||
Current assets | $ | 557.3 | \u00a0 | $ | 516.1 | |
Noncurrent assets | \u00a0 | 487.1 | \u00a0 | \u00a0 | 627.6 | |
Current liabilities | 374.9 | \u00a0 | \u00a0 | 366.3 | ||
Noncurrent liabilities | 170.3 | \u00a0 | \u00a0 | 147.3 |
| (a) | LWM recorded a $125.4 million charge to write-off its net investment in its joint venture in Russia, which is included in the fiscal 2022 net loss and the current and noncurrent assets and liabilities. Our portion of the non-cash impairment charge was $62.7 million. |
For the Fiscal Years Ended May | |||||||||
(in millions) | 2022 | 2021 | 2020 | ||||||
Sales | $ | 14.3 | $ | 15.3 | $ | 27.8 | |||
Purchases | \u00a0\u00a0 | 21.0 | 5.2 | 8.6 | |||||
Services provided | 15.6 | 19.3 | 17.6 | ||||||
Dividends received | \u00a0\u00a0 | 19.2 | 18.8 | 29.0 |
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5.\u00a0\u00a0\u00a0\u00a0GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS
The following table presents changes in goodwill balances, by segment, for fiscal years 2022 and 2021:
(in millions) | \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\u00a031, 2020 | $ | 245.6 | $ | 42.8 | $ | 10.9 | $ | 4.5 | $ | 303.8 | |||||
Foreign currency translation adjustment | 30.7 | \u2014 | \u2014 | \u2014 | \u00a0 | 30.7 | |||||||||
Balance at May\u00a030, 2021 | 276.3 | 42.8 | 10.9 | 4.5 | 334.5 | ||||||||||
Foreign currency translation adjustment | (16.5) | \u2014 | \u2014 | \u2014 | \u00a0 | (16.5) | |||||||||
Balance at May\u00a029,\u00a02022 | $ | 259.8 | $ | 42.8 | $ | 10.9 | $ | 4.5 | $ | 318.0 |
Other identifiable intangible assets were as follows:
May\u00a029, 2022 | May\u00a030, 2021 | |||||||||||||||||||||
\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 | |||||||||||||||
(dollars in millions) | (in\u00a0years) | Amount | Amortization | Assets, Net | (in\u00a0years) | Amount | \u00a0Amortization | Assets, Net | ||||||||||||||
Non-amortizing intangible assets (a) | \u00a0\u00a0 | n/a | $ | 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 | 10 | \u00a0\u00a0 | 41.4 | \u00a0\u00a0 | (25.7) | \u00a0\u00a0 | 15.7 | \u00a0\u00a0 | 11 | \u00a0\u00a0 | 42.2 | \u00a0\u00a0 | (23.3) | \u00a0\u00a0 | 18.9 | ||||||
\u00a0\u00a0 | $ | 59.4 | \u00a0\u00a0 | $ | (25.7) | \u00a0\u00a0 | $ | 33.7 | \u00a0\u00a0 | \u00a0\u00a0 | $ | 60.2 | \u00a0\u00a0 | $ | (23.3) | \u00a0\u00a0 | $ | 36.9 |
| (a) | Non-amortizing intangible assets represent brands and trademarks. |
| (b) | Amortizing intangible assets are principally comprised of licensing agreements, brands, and customer relationships. In addition, developed technology is recorded as \u201cOther assets\u201d on our Consolidated Balance Sheets. Amortization expense, including developed technology, was $5.8 million, $5.0 million, and $2.5 million in fiscal 2022, 2021, and 2020, respectively. Foreign intangible assets are affected by foreign currency translation. |
Based on current intangibles subject to amortization, we expect intangible asset amortization expense, excluding developed technology, will be approximately $2.6 million and $2.0 million in fiscal 2023 and 2024, respectively, $1.8 million in fiscal 2025, , and , and approximately $5.7 million thereafter.
Impairment Testing
During the annual goodwill impairment test we performed in the fourth quarter of fiscal 2022, we assessed qualitative factors to determine whether it was more likely than not that the fair value of each reporting unit was less than its carrying value. Based on the results of the qualitative impairment test, we determined that it was not more likely than not that the fair value was less than the carrying value of our Global, Foodservice, Retail, and Other reporting units. Additionally, we completed our tests of our in the fourth quarter of fiscal 2022 and there was no indication of intangible asset impairment.
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Balance at May\u00a031, 2020 | $ | 245.6 | $ | 42.8 | $ | 10.9 | $ | 4.5 | $ | 303.8 | |||||
Foreign currency translation adjustment | 30.7 | \u2014 | \u2014 | \u2014 | \u00a0 | 30.7 | |||||||||
Balance at May\u00a030, 2021 | 276.3 | 42.8 | 10.9 | 4.5 | 334.5 | ||||||||||
Foreign currency translation adjustment | (16.5) | \u2014 | \u2014 | \u2014 | \u00a0 | (16.5) | |||||||||
Balance at May\u00a029,\u00a02022 | $ | 259.8 | $ | 42.8 | $ | 10.9 | $ | 4.5 | $ | 318.0 |
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May\u00a029, 2022 | May\u00a030, 2021 | |||||||||||||||||||||
\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 | |||||||||||||||
(dollars in millions) | (in\u00a0years) | Amount | Amortization | Assets, Net | (in\u00a0years) | Amount | \u00a0Amortization | Assets, Net | ||||||||||||||
Non-amortizing intangible assets (a) | \u00a0\u00a0 | n/a | $ | 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 | 10 | \u00a0\u00a0 | 41.4 | \u00a0\u00a0 | (25.7) | \u00a0\u00a0 | 15.7 | \u00a0\u00a0 | 11 | \u00a0\u00a0 | 42.2 | \u00a0\u00a0 | (23.3) | \u00a0\u00a0 | 18.9 | ||||||
\u00a0\u00a0 | $ | 59.4 | \u00a0\u00a0 | $ | (25.7) | \u00a0\u00a0 | $ | 33.7 | \u00a0\u00a0 | \u00a0\u00a0 | $ | 60.2 | \u00a0\u00a0 | $ | (23.3) | \u00a0\u00a0 | $ | 36.9 |
| (a) | Non-amortizing intangible assets represent brands and trademarks. |
| (b) | Amortizing intangible assets are principally comprised of licensing agreements, brands, and customer relationships. In addition, developed technology is recorded as \u201cOther assets\u201d on our Consolidated Balance Sheets. Amortization expense, including developed technology, was $5.8 million, $5.0 million, and $2.5 million in fiscal 2022, 2021, and 2020, respectively. Foreign intangible assets are affected by foreign currency translation. |
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May\u00a029, 2022 | May\u00a030, 2021 | |||||||||||||||||||||
\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 | |||||||||||||||
(dollars in millions) | (in\u00a0years) | Amount | Amortization | Assets, Net | (in\u00a0years) | Amount | \u00a0Amortization | Assets, Net | ||||||||||||||
Non-amortizing intangible assets (a) | \u00a0\u00a0 | n/a | $ | 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 | 10 | \u00a0\u00a0 | 41.4 | \u00a0\u00a0 | (25.7) | \u00a0\u00a0 | 15.7 | \u00a0\u00a0 | 11 | \u00a0\u00a0 | 42.2 | \u00a0\u00a0 | (23.3) | \u00a0\u00a0 | 18.9 | ||||||
\u00a0\u00a0 | $ | 59.4 | \u00a0\u00a0 | $ | (25.7) | \u00a0\u00a0 | $ | 33.7 | \u00a0\u00a0 | \u00a0\u00a0 | $ | 60.2 | \u00a0\u00a0 | $ | (23.3) | \u00a0\u00a0 | $ | 36.9 |
| (a) | Non-amortizing intangible assets represent brands and trademarks. |
| (b) | Amortizing intangible assets are principally comprised of licensing agreements, brands, and customer relationships. In addition, developed technology is recorded as \u201cOther assets\u201d on our Consolidated Balance Sheets. Amortization expense, including developed technology, was $5.8 million, $5.0 million, and $2.5 million in fiscal 2022, 2021, and 2020, respectively. Foreign intangible assets are affected by foreign currency translation. |
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6.\u00a0\u00a0\u00a0ACCRUED LIABILITIES
The components of accrued liabilities were as follows:
\u00a0\u00a0\u00a0\u00a0 | May\u00a029, | May\u00a030, | ||||
(in millions) | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | |||
Compensation and benefits | $ | 81.0 | \u00a0 | $ | 83.2 | |
Accrued interest | 42.1 | 7.9 | ||||
Accrued trade promotions | 41.2 | 39.9 | ||||
Dividends payable to shareholders | 35.3 | 34.4 | ||||
Current portion of operating lease obligations | 22.4 | 29.1 | ||||
Franchise, property, and sales and use taxes | \u00a0 | 10.4 | \u00a0 | \u00a0 | 11.3 | |
Other | \u00a0 | 31.9 | \u00a0 | \u00a0 | 21.1 | |
Accrued liabilities | $ | 264.3 | \u00a0 | $ | 226.9 |
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\u00a0\u00a0\u00a0\u00a0 | May\u00a029, | May\u00a030, | ||||
(in millions) | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2021 | |||
Compensation and benefits | $ | 81.0 | \u00a0 | $ | 83.2 | |
Accrued interest | 42.1 | 7.9 | ||||
Accrued trade promotions | 41.2 | 39.9 | ||||
Dividends payable to shareholders | 35.3 | 34.4 | ||||
Current portion of operating lease obligations | 22.4 | 29.1 | ||||
Franchise, property, and sales and use taxes | \u00a0 | 10.4 | \u00a0 | \u00a0 | 11.3 | |
Other | \u00a0 | 31.9 | \u00a0 | \u00a0 | 21.1 | |
Accrued liabilities | $ | 264.3 | \u00a0 | $ | 226.9 |
7.\u00a0\u00a0\u00a0DEBT AND FINANCING OBLIGATIONS
The components of our debt, including financing obligations, were as follows:
\u00a0\u00a0\u00a0\u00a0 | May\u00a029, | \u00a0\u00a0\u00a0\u00a0 | May\u00a030, | |||
(in millions) | 2022 | 2021 | ||||
Long-term debt: | ||||||
Term A-1 loan facility, due June 2024 | $ | 258.7 | \u00a0 | $ | 273.8 | |
Term A-2 loan facility, due April 2025 | 296.6 | 312.8 | ||||
RMB loan facility, due February 2027 | 19.7 | \u2014 | ||||
4.625% senior notes, due November 2024 | \u00a0 | \u2014 | \u00a0 | \u00a0 | 833.0 | |
4.875% senior notes, due November 2026 | \u2014 | 833.0 | ||||
4.875% senior notes, due May 2028 | 500.0 | 500.0 | ||||
4.125% senior notes, due January 2030 | 970.0 | \u2014 | ||||
4.375% senior notes, due January 2032 | 700.0 | \u2014 | ||||
2,745.0 | 2,752.6 | |||||
Financing obligations: | ||||||
Lease financing obligations due on various dates through 2040 (a) | 7.0 | \u00a0 | 7.3 | |||
Total debt and financing obligations | 2,752.0 | \u00a0 | 2,759.9 | |||
Debt issuance costs (b) | (24.0) | (22.5) | ||||
Current portion of long-term debt and financing obligations | \u00a0 | (32.2) | \u00a0 | \u00a0 | (32.0) | |
Long-term debt and financing obligations, excluding current portion | $ | 2,695.8 | \u00a0 | $ | 2,705.4 |
| (a) | The interest rates on our lease financing obligations ranged from 2.08% to 3.32% at May 29, 2022 and 2.49% to 4.10% at May 30, 2021, respectively. For more information on our lease financing obligations, see Note 8, Leases. |
| (b) | Excludes debt issuance costs of $3.3 million and $2.1 million as of May 29, 2022 and May 30, 2021, respectively, related to our Amended Revolving Credit Facility, which are recorded in \u201cOther assets\u201d on our Consolidated Balance Sheets. In fiscal 2022, 2021, and 2020, we recorded $4.8 million, $6.1 million, and $6.2 million, respectively, of amortization expense in \u201cInterest expense\u201d in our Consolidated Statements of Earnings. Fiscal 2022 also included a $13.7 million write-off of debt issuance costs associated with our senior notes due 2024 and 2026 which were redeemed. |
Revolving Credit Facility
We are party to a senior secured credit agreement, dated as of November 9, 2016, with a syndicate of lenders. On August 11, 2021, we amended the credit agreement to, among other things, increase the aggregate principal amount of available revolving credit facility borrowings to $1.0 billion and extend the maturity date to August 11, 2026 (\u201cAmended Revolving Credit Facility\u201d). In addition, we may add incremental term loan facilities, increase commitments and/or add new revolving commitments in an aggregate principal amount of $650.0 million or greater based on conditions described
in the agreement. Borrowings under the Amended Revolving Credit Facility bear interest at LIBOR, the Base Rate, the Alternative Currency Daily Rate, or the Alternative Currency Term Rate (each as defined in the Amended Revolving Credit Facility) plus an applicable rate ranging from 1.125% to 1.75% for LIBOR-based loans, Alternative Currency Daily Rate-based loans, and Alternative Currency Term Rate-based loans and from 0.125% to 0.75% for Base Rate-based loans, depending upon our consolidated net leverage ratio. In addition to paying interest, we pay an annual commitment fee for undrawn amounts at a rate of 0.15% to 0.25%, depending on our consolidated net leverage ratio. The Amended Revolving Credit Facility requires us to maintain a consolidated net leverage ratio no greater than 5.00 to 1.00, decreasing to 4.75 to 1.00 on February 23, 2025 through maturity; and an interest coverage ratio no less than 2.75 to 1.00.
The Amended Revolving Credit Facility 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 facility may be accelerated and the commitments may be terminated. Our obligations under the Amended Revolving Credit Facility 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, unless Lamb Weston is rated investment grade by at least two of Fitch Ratings, Inc., Moody\u2019s Investors Service, Inc., and Standard & Poor\u2019s Ratings Services.
At May\u00a029, 2022, we had no borrowings outstanding under our Amended Revolving Credit Facility. At May\u00a029,\u00a02022, we had $994.6 million of availability under the facility, which is net of outstanding letters of credit of $5.4 million. During the fifty-two weeks ended May 29, 2022, we had no borrowings under our revolving credit facility. For the period from June 1, 2020 through May 30, 2021, the weighted average interest rate for our outstanding borrowings under the revolving credit facility was 1.68%.
Term A-1 and A-2 Loan Facilities
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.
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 years ended May 29, 2022 and May 30, 2021, the average interest rate on the Term A-1 Loan Facility was approximately 1.86% and 1.77%, respectively. We have received and expect to continue receiving patronage dividends under the Term A-1 Loan Facility. After giving effect to expected patronage dividends, the effective average interest rate on the Term A-1 Loan Facility was approximately 0.98% and 0.95%, for the years ended May 29, 2022 and May 30, 2021, respectively.
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 1.850% to 2.600% for LIBOR-based loans and from 0.850% to 1.600% for Base Rate-based loans, depending on our consolidated net leverage ratio. Borrowings on the Term A-2 Loan Facility amortize in equal quarterly installments for a total of 5% annually, with the balance payable in April 2025. During the years ended May 29, 2022 and May 30, 2021, the average interest rate on the Term A-2 Loan Facility was approximately 2.15% and 2.34%, respectively. We have received and expect to continue receiving patronage dividends under the Term A-2 Loan
Facility. After giving effect to expected patronage dividends, the effective average interest rate on the Term A-2 Loan Facility was approximately 1.33% and 1.53%, for the years ended May 29, 2022 and May 30, 2021, respectively.
The Term A-1 and A-2 Loan Facilities are unconditionally guaranteed by the same subsidiaries as the Amended Revolving Credit Facility. Borrowings under the Term A-1 and A-2 Loan Facilities may be prepaid without premium or penalty and once repaid, cannot be reborrowed.
On August 11, 2021, in connection with the Amended Revolving Credit Facility, we amended the credit agreement relating to our Term A-1 and A-2 Loan Facilities, to, among other things, modify the term loan facilities to make conforming changes to the covenants under the agreement. Under the amended Term A-1 and A-2 Loan Facilities, we are required to maintain a consolidated net leverage ratio no greater than 5.00 to , decreasing to 4.75 to on February 23, 2025 through maturity; and an interest coverage ratio no less than 2.75 to .
RMB Loan Facility
On\u00a0February 18, 2022, our wholly owned subsidiary, Ulanqab Lamb Weston Food Co., Ltd., entered into a facility agreement with certain lenders and HSBC Bank (China) Company Limited, Shanghai Branch, as the facility agent, providing for a RMB\u00a01,079.0\u00a0million (approximately $161\u00a0million based on prevailing interest exchange rates on May 29, 2022) term loan facility (the \u201cRMB Loan Facility\u201d). Borrowings under the RMB Loan Facility bear interest at the prime rate for five-year loans published by the PRC National Interbank Funding Center plus\u00a00.30%. The RMB Loan Facility matures on\u00a0February 18, 2027. The RMB Loan Facility contains covenants that are standard for credit facilities originated in the People\u2019s Republic of China, including, among others, covenants with regards to mergers and consolidations and asset sales, and is subject to acceleration upon various events of default. Payment obligations under the RMB Loan Facility are unconditionally guaranteed by Lamb Weston. The effective average interest rate on this facility was 4.75% for the year ended May 29, 2022.
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 Amended Revolving Credit Facility and Term A-1 and A-2 Loan 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 2030 and 2032 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 Amended Revolving Credit Facility and 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 indenture governing the 2028 Notes contain covenants that, subject to exceptions, limit our ability and the ability of our restricted 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. If in the future the 2028 Notes have an investment grade credit rating by both Moody\u2019s Investors Services, Inc. and Standard & Poor\u2019s Ratings Services, and no default or event of default has occurred and is continuing under the indenture, certain of these covenants will, thereafter, no longer apply to the 2028 Notes for so long as the 2028 Notes are rated investment grade by the two rating agencies. The indenture contains customary events of default that are substantially similar to the 2030 Notes and 2032 Notes discussed below.
4.125% Senior Notes due 2030 and 4.375% Senior Notes due 2032
On\u00a0November 8, 2021, we issued (i) $970.0\u00a0million aggregate principal amount of\u00a04.125% senior notes due 2030 (\u201c2030 Notes\u201d) and (ii) $700.0\u00a0million aggregate principal amount of\u00a04.375% senior notes due 2032 (\u201c2032 Notes\u201d and, together with the 2030 Notes, the \u201cNotes\u201d) pursuant to indentures, dated as of\u00a0November 8, 2021\u00a0(together, the \u201cIndentures\u201d), among Lamb Weston, as issuer, certain of our subsidiaries named therein as guarantors and Computershare Trust Company, N.A., as trustee. Our obligations under the Notes are unconditionally guaranteed on a senior unsecured basis by each of our subsidiaries that guarantee our obligations under our existing credit facilities.
Interest payments on the Notes are due semi-annually each January 31 and July 31, with the first interest payment due on July 31, 2022. The 2030 Notes and 2032 Notes will mature on\u00a0January 31, 2030\u00a0and\u00a0, respectively, unless earlier redeemed or repurchased, and are subject to the terms and conditions set forth in the applicable Indenture.
We may redeem some or all of the Notes at the redemption prices and on the terms specified in the applicable Indenture. If we experience specific kinds of changes in control and certain negative actions are taken with respect to the ratings of the Notes of a series, we must offer to repurchase such Notes on the terms set forth in the applicable Indenture.
The Notes are effectively subordinated to all of our existing and future secured debt, rank equally with all of our existing and future senior debt and rank senior to all of our existing and future subordinated debt. The guarantees of the Notes are effectively subordinated to all of the guarantors\u2019 existing and future secured debt, rank equally with all of their existing and future senior debt and rank senior to all of their existing and future subordinated debt. The Notes are structurally subordinated to all of the liabilities of our non-guarantor subsidiaries.
The Indentures limit our ability and the ability of our subsidiaries to, among other things, incur or suffer to exist liens and consolidate, merge, amalgamate or transfer all or substantially all of our assets. The Indentures contain customary events of default that include, among other things (subject in certain cases to customary grace and cure periods): non-payment of principal, interest or premium; failure to perform or observe covenants; cross-acceleration with certain other indebtedness; certain judgments; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs (subject to certain exceptions), the trustee or the holders of at least\u00a025% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately.
In connection with the 2030 Notes and 2032 Notes issuance, we capitalized $17.5\u00a0million of debt issuance costs within long-term debt on our Consolidated Balance Sheet.
4.625% Senior Notes due 2024 and 4.875% Senior Notes due 2026
On November 18, 2021, we used the net proceeds of the issuance of the 2030 Notes and 2032 Notes, together with cash on hand, to redeem all of our outstanding $833.0 million aggregate principal amount of 4.625% senior notes due 2024 (the \u201c2024 Notes\u201d) and $833.0 million aggregate principal amount of 4.875% senior notes due 2026 (the \u201c2026 Notes\u201d). The 2024 Notes were redeemed at a price of 102.313% of the principal amount and the 2026 Notes were redeemed at a price of 102.438% of the principal amount. The call premium for the 2024 Notes and 2026 Notes was $39.6 million (included in the redemption prices noted above) and in connection with these redemptions, we also wrote off $13.7 million of previously unamortized debt issuance costs. Both of these amounts are included as \u201cInterest Expense, net\u201d in our Consolidated Statements of Earnings for the fifty-two weeks ended May 29, 2022.
Other Credit Facilities
At May 29, 2022 and May 30, 2021, one of our subsidiaries had $53.7 million and $56.5 million, respectively, of availability under an overdraft line of credit facility with a financial institution with no borrowings outstanding. Borrowings under this facility bear interest at an effective rate of 3.915% as of both May 29, 2022 and May 30, 2021, 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 borrowings under the credit facility.
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:
(in millions) | \u00a0\u00a0\u00a0\u00a0 | Debt (a) | |
2023 | $ | 31.3 | |
2024 | 31.3 | ||
2025 | 493.5 | ||
2026 | 1.6 | ||
2027 | 17.3 | ||
Thereafter | 2,170.0 | ||
$ | 2,745.0 |
| (a) | See Note 8, Leases, for maturities of our lease financing obligations. |
Other
During fiscal 2022, 2021, and 2020, we paid $80.6 million, $120.6 million, and $105.7 million, respectively, of interest on debt.
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(in millions) | 2022 | 2021 | ||||
Long-term debt: | ||||||
Term A-1 loan facility, due June 2024 | $ | 258.7 | \u00a0 | $ | 273.8 | |
Term A-2 loan facility, due April 2025 | 296.6 | 312.8 | ||||
RMB loan facility, due February 2027 | 19.7 | \u2014 | ||||
4.625% senior notes, due November 2024 | \u00a0 | \u2014 | \u00a0 | \u00a0 | 833.0 | |
4.875% senior notes, due November 2026 | \u2014 | 833.0 | ||||
4.875% senior notes, due May 2028 | 500.0 | 500.0 | ||||
4.125% senior notes, due January 2030 | 970.0 | \u2014 | ||||
4.375% senior notes, due January 2032 | 700.0 | \u2014 | ||||
2,745.0 | 2,752.6 | |||||
Financing obligations: | ||||||
Lease financing obligations due on various dates through 2040 (a) | 7.0 | \u00a0 | 7.3 | |||
Total debt and financing obligations | 2,752.0 | \u00a0 | 2,759.9 | |||
Debt issuance costs (b) | (24.0) | (22.5) | ||||
Current portion of long-term debt and financing obligations | \u00a0 | (32.2) | \u00a0 | \u00a0 | (32.0) | |
Long-term debt and financing obligations, excluding current portion | $ | 2,695.8 | \u00a0 | $ | 2,705.4 |
| (a) | The interest rates on our lease financing obligations ranged from 2.08% to 3.32% at May 29, 2022 and 2.49% to 4.10% at May 30, 2021, respectively. For more information on our lease financing obligations, see Note 8, Leases. |
| (b) | Excludes debt issuance costs of $3.3 million and $2.1 million as of May 29, 2022 and May 30, 2021, respectively, related to our Amended Revolving Credit Facility, which are recorded in \u201cOther assets\u201d on our Consolidated Balance Sheets. In fiscal 2022, 2021, and 2020, we recorded $4.8 million, $6.1 million, and $6.2 million, respectively, of amortization expense in \u201cInterest expense\u201d in our Consolidated Statements of Earnings. Fiscal 2022 also included a $13.7 million write-off of debt issuance costs associated with our senior notes due 2024 and 2026 which were redeemed. |
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(in millions) | \u00a0\u00a0\u00a0\u00a0 | Debt (a) | |
2023 | $ | 31.3 | |
2024 | 31.3 | ||
2025 | 493.5 | ||
2026 | 1.6 | ||
2027 | 17.3 | ||
Thereafter | 2,170.0 | ||
$ | 2,745.0 |
| (a) | See Note 8, Leases, for maturities of our lease financing obligations. |
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8.\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 18 years.
The components of total lease costs, net, consisted of the following:
For the Fiscal Year Ended May (a) | |||||||||
(in millions) | 2022 | 2021 | 2020 | ||||||
Operating lease costs | $ | 33.9 | $ | 33.2 | $ | 29.7 | |||
Short-term and variable lease costs | 7.8 | 9.0 | 5.8 | ||||||
Sublease income | (4.9) | (3.4) | (2.7) | ||||||
Finance lease costs: | |||||||||
Amortization of lease assets | 1.1 | 1.9 | 3.2 | ||||||
Interest on lease obligations | 0.2 | 0.3 | 0.6 | ||||||
Total lease costs, net | $ | 38.1 | $ | 41.0 | $ | 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 in our Consolidated Statements of Earnings. Interest on finance lease obligations 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:
May\u00a029, | May\u00a030, | |||||||
(in millions) | Classification | 2022 | 2021 | |||||
Assets: | ||||||||
Operating lease assets | Operating lease assets | $ | 119.0 | $ | 141.7 | |||
Finance lease assets | 4.4 | 5.4 | ||||||
Total leased assets | $ | 123.4 | $ | 147.1 | ||||
Liabilities: | ||||||||
Lease obligations due within one year: | ||||||||
Operating lease obligations | $ | 22.4 | $ | 29.1 | ||||
Finance lease obligations | 0.9 | 0.7 | ||||||
Long-term lease obligations: | ||||||||
Operating lease obligations | 104.7 | 120.3 | ||||||
Finance lease obligations | 6.1 | 6.6 | ||||||
Total lease obligations | $ | 134.1 | $ | 156.7 |
| (a) | Finance leases are net of accumulated amortization of $5.8 million and $4.7 million at May 29, 2022 and May 30, 2021, respectively. |
The maturities of our lease obligations for operating and finance leases at May 29, 2022 for the next five fiscal years and thereafter are as follows:
Operating | \u00a0\u00a0\u00a0\u00a0 | Finance | ||||
(in millions, except for lease term and discount rate amounts) | Leases | Leases | ||||
2023 | $ | 25.2 | $ | 1.2 | ||
2024 | 21.3 | 1.1 | ||||
2025 | 18.9 | 1.0 | ||||
2026 | 15.9 | 0.8 | ||||
2027 | 14.9 | 0.6 | ||||
Thereafter | 52.8 | 4.1 | ||||
Total lease payments | 149.0 | 8.8 | ||||
Less: Interest | (21.9) | (1.8) | ||||
Present value of lease obligations | $ | 127.1 | $ | 7.0 | ||
Weighted-average remaining lease term (years) | 7.4 | 13.4 | ||||
Weighted-average discount rate | 4.0% | 3.1% |
Supplemental cash flow information related to leases was as follows:
For the Fiscal Years Ended May | |||||||||
(in millions) | 2022 | 2021 | 2020 | ||||||
Cash paid for amounts included in the measurement of lease obligations: | |||||||||
Operating cash flows for operating leases | $ | 29.1 | $ | 30.9 | $ | 26.8 | |||
Financing cash flows for finance leases | 1.1 | 1.7 | 2.6 | ||||||
Noncash investing and financing activities: | |||||||||
Assets obtained in exchange for new operating lease obligations | 1.4 | 5.2 | 41.4 | ||||||
Assets obtained in exchange for new finance lease obligations | 0.5 | \u2014 | 2.2 |
"}]},{"name":"rpt:f-937","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRemainingLeaseTerm","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P18Y"}]},{"name":"rpt:f-938","factDimensions":{"xbrl:concept":"us-gaap:LeaseCostTableTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"
For the Fiscal Year Ended May (a) | |||||||||
(in millions) | 2022 | 2021 | 2020 | ||||||
Operating lease costs | $ | 33.9 | $ | 33.2 | $ | 29.7 | |||
Short-term and variable lease costs | 7.8 | 9.0 | 5.8 | ||||||
Sublease income | (4.9) | (3.4) | (2.7) | ||||||
Finance lease costs: | |||||||||
Amortization of lease assets | 1.1 | 1.9 | 3.2 | ||||||
Interest on lease obligations | 0.2 | 0.3 | 0.6 | ||||||
Total lease costs, net | $ | 38.1 | $ | 41.0 | $ | 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 in our Consolidated Statements of Earnings. Interest on finance lease obligations is included in \u201cInterest expense, net,\u201d in our Consolidated Statements of Earnings. |
"}]},{"name":"rpt:f-939","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseCost","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"33900000","decimals":-5}]},{"name":"rpt:f-940","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseCost","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"33200000","decimals":-5}]},{"name":"rpt:f-941","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-942","factDimensions":{"xbrl:concept":"lw:ShortTermLeaseVariableLeaseAndOtherLeaseCost","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"7800000","decimals":-5}]},{"name":"rpt:f-943","factDimensions":{"xbrl:concept":"lw:ShortTermLeaseVariableLeaseAndOtherLeaseCost","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"9000000.0","decimals":-5}]},{"name":"rpt:f-944","factDimensions":{"xbrl:concept":"lw:ShortTermLeaseVariableLeaseAndOtherLeaseCost","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-945","factDimensions":{"xbrl:concept":"us-gaap:SubleaseIncome","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4900000","decimals":-5}]},{"name":"rpt:f-946","factDimensions":{"xbrl:concept":"us-gaap:SubleaseIncome","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3400000","decimals":-5}]},{"name":"rpt:f-947","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-948","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseRightOfUseAssetAmortization","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1100000","decimals":-5}]},{"name":"rpt:f-949","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseRightOfUseAssetAmortization","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1900000","decimals":-5}]},{"name":"rpt:f-950","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-951","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseInterestExpense","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"200000","decimals":-5}]},{"name":"rpt:f-952","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseInterestExpense","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"300000","decimals":-5}]},{"name":"rpt:f-953","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-954","factDimensions":{"xbrl:concept":"us-gaap:LeaseCost","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"38100000","decimals":-5}]},{"name":"rpt:f-955","factDimensions":{"xbrl:concept":"us-gaap:LeaseCost","xbrl:period":"2020-06-01T00:00:00/2021-05-31T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"41000000.0","decimals":-5}]},{"name":"rpt:f-956","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-957","factDimensions":{"xbrl:concept":"lw:LeaseAssetsAndLiabilitiesTableTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"
May\u00a029, | May\u00a030, | |||||||
(in millions) | Classification | 2022 | 2021 | |||||
Assets: | ||||||||
Operating lease assets | Operating lease assets | $ | 119.0 | $ | 141.7 | |||
Finance lease assets | 4.4 | 5.4 | ||||||
Total leased assets | $ | 123.4 | $ | 147.1 | ||||
Liabilities: | ||||||||
Lease obligations due within one year: | ||||||||
Operating lease obligations | $ | 22.4 | $ | 29.1 | ||||
Finance lease obligations | 0.9 | 0.7 | ||||||
Long-term lease obligations: | ||||||||
Operating lease obligations | 104.7 | 120.3 | ||||||
Finance lease obligations | 6.1 | 6.6 | ||||||
Total lease obligations | $ | 134.1 | $ | 156.7 |
| (a) | Finance leases are net of accumulated amortization of $5.8 million and $4.7 million at May 29, 2022 and May 30, 2021, respectively. |
Operating | \u00a0\u00a0\u00a0\u00a0 | Finance | ||||
(in millions, except for lease term and discount rate amounts) | Leases | Leases | ||||
2023 | $ | 25.2 | $ | 1.2 | ||
2024 | 21.3 | 1.1 | ||||
2025 | 18.9 | 1.0 | ||||
2026 | 15.9 | 0.8 | ||||
2027 | 14.9 | 0.6 | ||||
Thereafter | 52.8 | 4.1 | ||||
Total lease payments | 149.0 | 8.8 | ||||
Less: Interest | (21.9) | (1.8) | ||||
Present value of lease obligations | $ | 127.1 | $ | 7.0 | ||
Weighted-average remaining lease term (years) | 7.4 | 13.4 | ||||
Weighted-average discount rate | 4.0% | 3.1% |
"}]},{"name":"rpt:f-977","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseLiabilityMaturityTableTextBlock","xbrl:period":"2021-05-31T00:00:00/2022-05-30T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"
Operating | \u00a0\u00a0\u00a0\u00a0 | Finance | ||||
(in millions, except for lease term and discount rate amounts) | Leases | Leases | ||||
2023 | $ | 25.2 | $ | 1.2 | ||
2024 | 21.3 | 1.1 | ||||
2025 | 18.9 | 1.0 | ||||
2026 | 15.9 | 0.8 | ||||
2027 | 14.9 | 0.6 | ||||
Thereafter | 52.8 | 4.1 | ||||
Total lease payments | 149.0 | 8.8 | ||||
Less: Interest | (21.9) | (1.8) | ||||
Present value of lease obligations | $ | 127.1 | $ | 7.0 | ||
Weighted-average remaining lease term (years) | 7.4 | 13.4 | ||||
Weighted-average discount rate | 4.0% | 3.1% |
"}]},{"name":"rpt:f-978","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"25200000","decimals":-5}]},{"name":"rpt:f-979","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseLiabilityPaymentsDueNextTwelveMonths","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1200000","decimals":-5}]},{"name":"rpt:f-980","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"21300000","decimals":-5}]},{"name":"rpt:f-981","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseLiabilityPaymentsDueYearTwo","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1100000","decimals":-5}]},{"name":"rpt:f-982","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"18900000","decimals":-5}]},{"name":"rpt:f-983","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseLiabilityPaymentsDueYearThree","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1000000.0","decimals":-5}]},{"name":"rpt:f-984","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"15900000","decimals":-5}]},{"name":"rpt:f-985","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseLiabilityPaymentsDueYearFour","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"800000","decimals":-5}]},{"name":"rpt:f-986","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFive","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"14900000","decimals":-5}]},{"name":"rpt:f-987","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseLiabilityPaymentsDueYearFive","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"600000","decimals":-5}]},{"name":"rpt:f-988","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"52800000","decimals":-5}]},{"name":"rpt:f-989","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseLiabilityPaymentsDueAfterYearFive","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4100000","decimals":-5}]},{"name":"rpt:f-990","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"149000000.0","decimals":-5}]},{"name":"rpt:f-991","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseLiabilityPaymentsDue","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"8800000","decimals":-5}]},{"name":"rpt:f-992","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"21900000","decimals":-5}]},{"name":"rpt:f-993","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseLiabilityUndiscountedExcessAmount","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1800000","decimals":-5}]},{"name":"rpt:f-994","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseLiability","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"127100000","decimals":-5}]},{"name":"rpt:f-995","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseLiability","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"7000000.0","decimals":-5}]},{"name":"rpt:f-996","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"P7Y4M24D"}]},{"name":"rpt:f-997","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseWeightedAverageRemainingLeaseTerm1","xbrl:period":"2022-05-30T00:00:00","xbrl:entity":"cik:0001679273"},"factValues":[{"value":"P13Y4M24D"}]},{"name":"rpt:f-998","factDimensions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For the Fiscal Years Ended May | |||||||||
(in millions) | 2022 | 2021 | 2020 | ||||||
Cash paid for amounts included in the measurement of lease obligations: | |||||||||
Operating cash flows for operating leases | $ | 29.1 | $ | 30.9 | $ | 26.8 | |||
Financing cash flows for finance leases | 1.1 | 1.7 | 2.6 | ||||||
Noncash investing and financing activities: | |||||||||
Assets obtained in exchange for new operating lease obligations | 1.4 | 5.2 | 41.4 | ||||||
Assets obtained in exchange for new finance lease obligations | 0.5 | \u2014 | 2.2 |
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9.\u00a0\u00a0\u00a0EMPLOYEE BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFITS
Only certain hourly employees covered by certain 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.\u00a0Regardless of employee participation level, we generally provide a 3% contribution. In addition to this, we will generally match 100% of the first 6% of the participating employee\u2019s contribution election. The Plan\u2019s matching contributions have a five-year graded vesting with 20% vesting each year. We made employer-matching contributions of $30.5 million, $28.8 million, and $28.7 million in fiscal 2022, 2021, and 2020, respectively.
We sponsor a deferred compensation savings plan that 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. In addition, we sponsor a deferred compensation plan for non-employee directors that allow directors to defer their cash compensation and stock awards. Both deferred compensation plans are unfunded nonqualified defined contribution plans. Participant deferrals and company matching contributions (for the employee deferred compensation plan only) are not invested in separate trusts, but are paid directly from our general assets at the time benefits become due and payable. At May 29, 2022 and May 30, 2021, we had $21.6 million and $23.5 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 Benefit 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:
For the Fiscal Years Ended May | ||||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2022 | 2021 | ||||||||||
(in millions) | Pension Plans | Post-Retirement Plan | Pension Plans | Post-Retirement Plan | ||||||||
Change in benefit obligation | ||||||||||||
Benefit obligation at beginning of year | $ | 41.5 | $ | 6.5 | $ | 37.3 | $ | 6.5 | ||||
Service cost | 2.1 | \u2014 | 3.0 | \u2014 | ||||||||
Interest cost | 1.3 | 0.1 | 1.2 | 0.1 | ||||||||
Participant contributions | \u2014 | 0.3 | \u2014 | 0.3 | ||||||||
Plan amendments | 0.1 | \u2014 | \u2014 | \u2014 | ||||||||
Benefits paid | (0.4) | (0.3) | (0.5) | (0.2) | ||||||||
Actuarial (gain) loss | (8.5) | (1.1) | 0.5 | (0.2) | ||||||||
Benefit obligation at fiscal year end | $ | 36.1 | $ | 5.5 | $ | 41.5 | $ | 6.5 | ||||
Accumulated benefit obligation portion of above | $ | 36.1 | $ | 41.5 | ||||||||
Change in fair value of plan assets | ||||||||||||
Fair value of plan assets at beginning of year | $ | 28.1 | $ | \u2014 | $ | 27.2 | $ | \u2014 | ||||
Actual return on plan assets | (4.6) | \u2014 | (2.0) | \u2014 | ||||||||
Company contributions | 2.0 | \u2014 | 3.4 | \u2014 | ||||||||
Participant contributions | \u2014 | 0.3 | \u2014 | 0.3 | ||||||||
Benefits paid | (0.4) | (0.3) | (0.5) | (0.2) | ||||||||
Other | \u2014 | \u2014 | \u2014 | (0.1) | ||||||||
Fair value of plan assets at end of year | $ | 25.1 | $ | \u2014 | $ | 28.1 | $ | \u2014 | ||||
Underfunded status | $ | (11.0) | $ | (5.5) | $ | (13.4) | $ | (6.5) | ||||
Amounts recognized on Consolidated Balance Sheets | ||||||||||||
Accrued liabilities | $ | \u2014 | $ | (0.3) | $ | \u2014 | $ | (0.3) | ||||
Other noncurrent liabilities | (11.0) | (5.2) | (13.4) | (6.2) | ||||||||
Accrued obligation recognized | $ | (11.0) | $ | (5.5) | $ | (13.4) | $ | (6.5) | ||||
Amounts recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax) | ||||||||||||
Actuarial (gain) loss | $ | 4.6 | $ | (0.4) | $ | 7.7 | $ | 0.7 | ||||
Prior service benefit | 0.1 | \u2014 | \u2014 | \u2014 | ||||||||
Total | $ | 4.7 | $ | (0.4) | $ | 7.7 | $ | 0.7 |
Components of Net Periodic Benefit Cost and Other Comprehensive (Income) Loss
The components of net periodic benefit cost were as follows:
For the Fiscal Years Ended May | ||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Pension | \u00a0\u00a0\u00a0\u00a0 | Post-Retirement | Pension | Post-Retirement | \u00a0\u00a0\u00a0\u00a0 | Pension | Post-Retirement | ||||||||||
(in millions) | Plans | Plan | Plans | Plan | Plans | Plan | ||||||||||||
Service cost | $ | 2.1 | $ | \u2014 | $ | 3.0 | $ | \u2014 | $ | 3.1 | $ | \u2014 | ||||||
\u00a0 | 1.3 | \u00a0 | 0.1 | \u00a0 | 1.2 | \u00a0 | 0.1 | \u00a0 | 1.1 | \u00a0 | 0.2 | |||||||
\u00a0 | (1.2) | \u00a0 | \u2014 | \u00a0 | (0.8) | \u00a0 | \u2014 | \u00a0 | (0.9) | \u00a0 | \u2014 | |||||||
Net amortization of unrecognized amounts | ||||||||||||||||||
0.4 | \u2014 | 0.1 | 0.2 | 0.2 | 0.6 | |||||||||||||
Net periodic benefit cost (a) | $ | 2.6 | $ | 0.1 | $ | 3.5 | $ | 0.3 | $ | 3.5 | $ | 0.8 | ||||||
Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss | \u00a0 | |||||||||||||||||
Prior service cost | $ | 0.1 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | \u2014 | ||||||
Actuarial (gain) loss | (2.7) | (1.1) | 3.4 | (0.2) | 0.6 | (1.0) | ||||||||||||
Amortization of actuarial loss (b) | (0.4) | \u2014 | (0.1) | (0.2) | (0.2) | (0.6) | ||||||||||||
Total recognized in other comprehensive loss (income) | $ | (3.0) | $ | (1.1) | $ | 3.3 | $ | (0.4) | $ | 0.4 | $ | (1.6) | ||||||
Total recognized in net periodic benefit cost and other comprehensive loss (income) (pre-tax) | $ | (0.4) | $ | (1.0) | $ | 6.8 | $ | (0.1) | $ | 3.9 | $ | (0.8) |
| (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 2022 net periodic benefit cost, compared with fiscal 2021 and 2020, 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 ten years for our pension plans and approximately two years for our post-retirement benefit plan), to the extent that losses are not offset by gains in subsequent years. |
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 | ||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||
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 | 4.42% | 4.41% | 3.11% | 2.82% | 3.14% | 2.85% | ||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost: | ||||||||||||||||||
Discount rate | 3.11% | 2.82% | 3.14% | 2.85% | 4.01% | 3.81% | ||||||||||||
Expected return on plan assets | 4.00% | N/A | 2.90% | N/A | 5.12% | 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 29, 2022. 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 29, 2022. 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 2023 to calculate the net periodic pension benefit cost and post-retirement benefit cost is 4.42% and 4.41%, respectively.
Asset Return Assumption: Our investment strategies are governed by our Employee Benefits Investment Committee.\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 2023 net periodic pension benefit cost is 2.00%.
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 obligation as follows:
2022 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | ||||||
Health care cost trend rate assumed for next year (Pre65) | 7.00% | 6.19% | 6.75% | ||||||
Ultimate health care cost trend rate | 4.50% | 4.50% | 4.50% | ||||||
Year that the rate reaches the ultimate trend rate | 2033 | 2024 | 2024 |
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:
Fair Value Measurements at May\u00a029,\u00a02022 | ||||||||||||
Quoted Market Prices in Active Markets for Identical Assets | Significant Observable Market-Based Inputs | Significant Unobservable Inputs | ||||||||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | Level 1 | \u00a0\u00a0\u00a0\u00a0 | Level 2 | \u00a0\u00a0\u00a0\u00a0 | Level 3 | \u00a0\u00a0\u00a0\u00a0 | Total | ||||
Cash and cash equivalents | $ | 0.1 | $ | \u2014 | $ | \u2014 | $ | 0.1 | ||||
Equity securities: | ||||||||||||
U.S. equity securities (a) | \u2014 | 4.2 | \u2014 | 4.2 | ||||||||
International equity securities (a) | \u2014 | 3.6 | \u2014 | 3.6 | ||||||||
Fixed income securities: | ||||||||||||
Government securities (b) | 17.2 | \u2014 | \u2014 | 17.2 | ||||||||
Total assets | $ | 17.3 | $ | 7.8 | $ | \u2014 | $ | 25.1 |
Fair Value Measurements at May\u00a030,\u00a02021 | ||||||||||||
Quoted Market Prices in Active Markets for Identical Assets | Significant Observable Market-Based Inputs | Significant Unobservable Inputs | ||||||||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | Level 1 | \u00a0\u00a0\u00a0\u00a0 | Level 2 | \u00a0\u00a0\u00a0\u00a0 | Level 3 | \u00a0\u00a0\u00a0\u00a0 | Total | ||||
Cash and cash equivalents | $ | 0.4 | $ | \u2014 | $ | \u2014 | $ | 0.4 | ||||
Equity securities: | ||||||||||||
U.S. equity securities (a) | \u2014 | 4.7 | \u2014 | 4.7 | ||||||||
International equity securities (a) | \u2014 | 3.7 | \u2014 | 3.7 | ||||||||
Fixed income securities: | ||||||||||||
Government securities (b) | 19.3 | \u2014 | \u2014 | 19.3 | ||||||||
Total assets | $ | 19.7 | $ | 8.4 | $ | \u2014 | $ | 28.1 |
| (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 2022, we made $2.0 million of discretionary contributions to our qualified plan. There are no minimum required contributions in fiscal 2023, however, in July 2022, we made a $2.0 million discretionary contribution to our qualified pension plan. 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. Qualified pension benefit payments are paid from plan assets, while nonqualified pension benefit payments are paid by the Company.
(in millions) | \u00a0\u00a0\u00a0\u00a0 | Pension Plans | \u00a0\u00a0\u00a0\u00a0 | Post-Retirement Plan | ||
2023 | $ | 0.7 | $ | 0.3 | ||
2024 | 0.9 | 0.3 | ||||
2025 | 1.1 | 0.4 | ||||
2026 | 1.3 | 0.4 | ||||
2027 | 1.5 | 0.4 | ||||
2028-2032 | 9.9 | 2.0 |
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For the Fiscal Years Ended May | ||||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2022 | 2021 | ||||||||||
(in millions) | Pension Plans | Post-Retirement Plan | Pension Plans | Post-Retirement Plan | ||||||||
Change in benefit obligation | ||||||||||||
Benefit obligation at beginning of year | $ | 41.5 | $ | 6.5 | $ | 37.3 | $ | 6.5 | ||||
Service cost | 2.1 | \u2014 | 3.0 | \u2014 | ||||||||
Interest cost | 1.3 | 0.1 | 1.2 | 0.1 | ||||||||
Participant contributions | \u2014 | 0.3 | \u2014 | 0.3 | ||||||||
Plan amendments | 0.1 | \u2014 | \u2014 | \u2014 | ||||||||
Benefits paid | (0.4) | (0.3) | (0.5) | (0.2) | ||||||||
Actuarial (gain) loss | (8.5) | (1.1) | 0.5 | (0.2) | ||||||||
Benefit obligation at fiscal year end | $ | 36.1 | $ | 5.5 | $ | 41.5 | $ | 6.5 | ||||
Accumulated benefit obligation portion of above | $ | 36.1 | $ | 41.5 | ||||||||
Change in fair value of plan assets | ||||||||||||
Fair value of plan assets at beginning of year | $ | 28.1 | $ | \u2014 | $ | 27.2 | $ | \u2014 | ||||
Actual return on plan assets | (4.6) | \u2014 | (2.0) | \u2014 | ||||||||
Company contributions | 2.0 | \u2014 | 3.4 | \u2014 | ||||||||
Participant contributions | \u2014 | 0.3 | \u2014 | 0.3 | ||||||||
Benefits paid | (0.4) | (0.3) | (0.5) | (0.2) | ||||||||
Other | \u2014 | \u2014 | \u2014 | (0.1) | ||||||||
Fair value of plan assets at end of year | $ | 25.1 | $ | \u2014 | $ | 28.1 | $ | \u2014 | ||||
Underfunded status | $ | (11.0) | $ | (5.5) | $ | (13.4) | $ | (6.5) | ||||
Amounts recognized on Consolidated Balance Sheets | ||||||||||||
Accrued liabilities | $ | \u2014 | $ | (0.3) | $ | \u2014 | $ | (0.3) | ||||
Other noncurrent liabilities | (11.0) | (5.2) | (13.4) | (6.2) | ||||||||
Accrued obligation recognized | $ | (11.0) | $ | (5.5) | $ | (13.4) | $ | (6.5) | ||||
Amounts recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax) | ||||||||||||
Actuarial (gain) loss | $ | 4.6 | $ | (0.4) | $ | 7.7 | $ | 0.7 | ||||
Prior service benefit | 0.1 | \u2014 | \u2014 | \u2014 | ||||||||
Total | $ | 4.7 | $ | (0.4) | $ | 7.7 | $ | 0.7 |
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For the Fiscal Years Ended May | ||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Pension | \u00a0\u00a0\u00a0\u00a0 | Post-Retirement | Pension | Post-Retirement | \u00a0\u00a0\u00a0\u00a0 | Pension | Post-Retirement | ||||||||||
(in millions) | Plans | Plan | Plans | Plan | Plans | Plan | ||||||||||||
Service cost | $ | 2.1 | $ | \u2014 | $ | 3.0 | $ | \u2014 | $ | 3.1 | $ | \u2014 | ||||||
\u00a0 | 1.3 | \u00a0 | 0.1 | \u00a0 | 1.2 | \u00a0 | 0.1 | \u00a0 | 1.1 | \u00a0 | 0.2 | |||||||
\u00a0 | (1.2) | \u00a0 | \u2014 | \u00a0 | (0.8) | \u00a0 | \u2014 | \u00a0 | (0.9) | \u00a0 | \u2014 | |||||||
Net amortization of unrecognized amounts | ||||||||||||||||||
0.4 | \u2014 | 0.1 | 0.2 | 0.2 | 0.6 | |||||||||||||
Net periodic benefit cost (a) | $ | 2.6 | $ | 0.1 | $ | 3.5 | $ | 0.3 | $ | 3.5 | $ | 0.8 | ||||||
Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss | \u00a0 | |||||||||||||||||
Prior service cost | $ | 0.1 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | \u2014 | ||||||
Actuarial (gain) loss | (2.7) | (1.1) | 3.4 | (0.2) | 0.6 | (1.0) | ||||||||||||
Amortization of actuarial loss (b) | (0.4) | \u2014 | (0.1) | (0.2) | (0.2) | (0.6) | ||||||||||||
Total recognized in other comprehensive loss (income) | $ | (3.0) | $ | (1.1) | $ | 3.3 | $ | (0.4) | $ | 0.4 | $ | (1.6) | ||||||
Total recognized in net periodic benefit cost and other comprehensive loss (income) (pre-tax) | $ | (0.4) | $ | (1.0) | $ | 6.8 | $ | (0.1) | $ | 3.9 | $ | (0.8) |
| (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 2022 net periodic benefit cost, compared with fiscal 2021 and 2020, 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 ten years for our pension plans and approximately two years for our post-retirement benefit plan), to the extent that losses are not offset by gains in subsequent years. |
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For the Fiscal Years Ended May | ||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||
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 | 4.42% | 4.41% | 3.11% | 2.82% | 3.14% | 2.85% | ||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost: | ||||||||||||||||||
Discount rate | 3.11% | 2.82% | 3.14% | 2.85% | 4.01% | 3.81% | ||||||||||||
Expected return on plan assets | 4.00% | N/A | 2.90% | N/A | 5.12% | N/A |
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2022 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | ||||||
Health care cost trend rate assumed for next year (Pre65) | 7.00% | 6.19% | 6.75% | ||||||
Ultimate health care cost trend rate | 4.50% | 4.50% | 4.50% | ||||||
Year that the rate reaches the ultimate trend rate | 2033 | 2024 | 2024 |
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Fair Value Measurements at May\u00a029,\u00a02022 | ||||||||||||
Quoted Market Prices in Active Markets for Identical Assets | Significant Observable Market-Based Inputs | Significant Unobservable Inputs | ||||||||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | Level 1 | \u00a0\u00a0\u00a0\u00a0 | Level 2 | \u00a0\u00a0\u00a0\u00a0 | Level 3 | \u00a0\u00a0\u00a0\u00a0 | Total | ||||
Cash and cash equivalents | $ | 0.1 | $ | \u2014 | $ | \u2014 | $ | 0.1 | ||||
Equity securities: | ||||||||||||
U.S. equity securities (a) | \u2014 | 4.2 | \u2014 | 4.2 | ||||||||
International equity securities (a) | \u2014 | 3.6 | \u2014 | 3.6 | ||||||||
Fixed income securities: | ||||||||||||
Government securities (b) | 17.2 | \u2014 | \u2014 | 17.2 | ||||||||
Total assets | $ | 17.3 | $ | 7.8 | $ | \u2014 | $ | 25.1 |
Fair Value Measurements at May\u00a030,\u00a02021 | ||||||||||||
Quoted Market Prices in Active Markets for Identical Assets | Significant Observable Market-Based Inputs | Significant Unobservable Inputs | ||||||||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | Level 1 | \u00a0\u00a0\u00a0\u00a0 | Level 2 | \u00a0\u00a0\u00a0\u00a0 | Level 3 | \u00a0\u00a0\u00a0\u00a0 | Total | ||||
Cash and cash equivalents | $ | 0.4 | $ | \u2014 | $ | \u2014 | $ | 0.4 | ||||
Equity securities: | ||||||||||||
U.S. equity securities (a) | \u2014 | 4.7 | \u2014 | 4.7 | ||||||||
International equity securities (a) | \u2014 | 3.7 | \u2014 | 3.7 | ||||||||
Fixed income securities: | ||||||||||||
Government securities (b) | 19.3 | \u2014 | \u2014 | 19.3 | ||||||||
Total assets | $ | 19.7 | $ | 8.4 | $ | \u2014 | $ | 28.1 |
| (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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(in millions) | \u00a0\u00a0\u00a0\u00a0 | Pension Plans | \u00a0\u00a0\u00a0\u00a0 | Post-Retirement Plan | ||
2023 | $ | 0.7 | $ | 0.3 | ||
2024 | 0.9 | 0.3 | ||||
2025 | 1.1 | 0.4 | ||||
2026 | 1.3 | 0.4 | ||||
2027 | 1.5 | 0.4 | ||||
2028-2032 | 9.9 | 2.0 |
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10.\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 and Human Capital Committee (\u201cthe Committee\u201d) of our Board of Directors administers our 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\u00a029,\u00a02022, we had 10.0 million shares authorized under the Stock Plan, and 7.2 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 on the date of grant. Compensation expense is recognized over the period the employee or non-employee director provides service in exchange for the award.
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 generally vest over a three-year period. The value of the Performance Shares is adjusted based upon the market price of our common stock and the anticipated attainment of Company-wide performance goals at the end of each reporting period and amortized as compensation expense over the vesting period.
The following table summarizes stock-based compensation activity for fiscal 2022:
RSUs | Performance Shares | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted- | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted- | |||||||
Average\u00a0 | Average\u00a0 | |||||||||||
Grant- | Grant- | |||||||||||
Date\u00a0Fair\u00a0 | Date\u00a0Fair\u00a0 | |||||||||||
Shares | Value | Shares | Value | |||||||||
Outstanding at May\u00a030, 2021 | \u00a0 | 675,302 | $ | 66.34 | 335,445 | $ | 67.02 | |||||
Granted (a) | \u00a0 | 404,131 | 65.46 | 135,204 | 67.12 | |||||||
Vested (b) | \u00a0 | (196,230) | 68.64 | (133,039) | 69.50 | |||||||
Forfeited/expired/cancelled | (75,476) | 67.34 | (27,613) | 63.94 | ||||||||
Outstanding at May\u00a029,\u00a02022 | \u00a0 | 807,727 | $ | 65.25 | 309,997 | $ | 66.27 |
| (a) | Granted represents new grants and dividend equivalents accrued. |
| (b) | The aggregate fair value of awards that vested in fiscal 2022, 2021, and 2020 was $22.4 million, $29.3 million, and $24.9 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. |
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:
For the Fiscal Years Ended May | |||||||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | 2022 | 2021 | 2020 | |||||
Stock-settled RSUs | $ | 15.1 | $ | 13.9 | $ | 12.9 | |||
Performance Shares | 6.2 | 6.7 | 9.8 | ||||||
Stock options | \u2014 | \u2014 | 0.1 | ||||||
Stock-settled compensation expense | 21.3 | 20.6 | 22.8 | ||||||
Cash-settled RSUs | \u2014 | \u2014 | 1.0 | ||||||
Total compensation expense | 21.3 | 20.6 | 23.8 | ||||||
Income tax benefit (a) | (3.9) | (3.7) | (4.6) | ||||||
Total compensation expense, net of tax benefit | $ | 17.4 | $ | 16.9 | $ | 19.2 |
| (a) | Income tax benefit represents the marginal tax rate, excluding non-deductible compensation. |
Based on estimates at May\u00a029,\u00a02022, total unrecognized compensation expense related to stock-based awards was as follows:
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Remaining | ||||
Weighted | ||||||
Unrecognized | Average\u00a0 | |||||
Compensation | Recognition | |||||
(in millions, except data in years) | Expense | Period\u00a0(in\u00a0years) | ||||
Stock-settled RSUs | $ | 23.9 | \u00a0\u00a0 | 2.0 | ||
Performance Shares | 7.1 | \u00a0\u00a0 | 1.8 | |||
Total unrecognized compensation expense | $ | 31.0 | \u00a0\u00a0 | 2.0 |
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RSUs | Performance Shares | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted- | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted- | |||||||
Average\u00a0 | Average\u00a0 | |||||||||||
Grant- | Grant- | |||||||||||
Date\u00a0Fair\u00a0 | Date\u00a0Fair\u00a0 | |||||||||||
Shares | Value | Shares | Value | |||||||||
Outstanding at May\u00a030, 2021 | \u00a0 | 675,302 | $ | 66.34 | 335,445 | $ | 67.02 | |||||
Granted (a) | \u00a0 | 404,131 | 65.46 | 135,204 | 67.12 | |||||||
Vested (b) | \u00a0 | (196,230) | 68.64 | (133,039) | 69.50 | |||||||
Forfeited/expired/cancelled | (75,476) | 67.34 | (27,613) | 63.94 | ||||||||
Outstanding at May\u00a029,\u00a02022 | \u00a0 | 807,727 | $ | 65.25 | 309,997 | $ | 66.27 |
| (a) | Granted represents new grants and dividend equivalents accrued. |
| (b) | The aggregate fair value of awards that vested in fiscal 2022, 2021, and 2020 was $22.4 million, $29.3 million, and $24.9 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 | |||||||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | 2022 | 2021 | 2020 | |||||
Stock-settled RSUs | $ | 15.1 | $ | 13.9 | $ | 12.9 | |||
Performance Shares | 6.2 | 6.7 | 9.8 | ||||||
Stock options | \u2014 | \u2014 | 0.1 | ||||||
Stock-settled compensation expense | 21.3 | 20.6 | 22.8 | ||||||
Cash-settled RSUs | \u2014 | \u2014 | 1.0 | ||||||
Total compensation expense | 21.3 | 20.6 | 23.8 | ||||||
Income tax benefit (a) | (3.9) | (3.7) | (4.6) | ||||||
Total compensation expense, net of tax benefit | $ | 17.4 | $ | 16.9 | $ | 19.2 |
| (a) | 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 | |||||
(in millions, except data in years) | Expense | Period\u00a0(in\u00a0years) | ||||
Stock-settled RSUs | $ | 23.9 | \u00a0\u00a0 | 2.0 | ||
Performance Shares | 7.1 | \u00a0\u00a0 | 1.8 | |||
Total unrecognized compensation expense | $ | 31.0 | \u00a0\u00a0 | 2.0 |
11.\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 29, 2022 and May 30, 2021:
As\u00a0of\u00a0May\u00a029, 2022 | ||||||||||||
Fair Value | ||||||||||||
of Assets | ||||||||||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | Level 1 | \u00a0\u00a0\u00a0\u00a0 | Level 2 | \u00a0\u00a0\u00a0\u00a0 | Level 3 | \u00a0\u00a0\u00a0\u00a0 | (Liabilities) | ||||
Pension plan assets | $ | 17.3 | $ | 7.8 | $ | \u2014 | $ | 25.1 | ||||
\u2014 | 7.0 | \u2014 | 7.0 | |||||||||
Deferred compensation liabilities (b) | \u2014 | (21.6) | \u2014 | (21.6) | ||||||||
Fair value, net | $ | 17.3 | $ | (6.8) | $ | \u2014 | $ | 10.5 |
As\u00a0of\u00a0May\u00a030, 2021 | ||||||||||||
Fair Value | ||||||||||||
of Assets | ||||||||||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | Level 1 | \u00a0\u00a0\u00a0\u00a0 | Level 2 | \u00a0\u00a0\u00a0\u00a0 | Level 3 | \u00a0\u00a0\u00a0\u00a0 | (Liabilities) | ||||
Pension plan assets | $ | 19.7 | $ | 8.4 | $ | \u2014 | $ | 28.1 | ||||
\u2014 | 15.3 | \u2014 | 15.3 | |||||||||
Deferred compensation liabilities (b) | \u2014 | (23.5) | \u2014 | (23.5) | ||||||||
Fair value, net | $ | 19.7 | $ | 0.2 | $ | \u2014 | $ | 19.9 |
| (a) | Derivative assets included in Level 2 primarily represent commodity swap and option contracts. The fair values of our Level 2 derivative assets were determined using valuation models that use market observable inputs including both forward and spot prices for commodities. Derivative assets are presented within \u201cPrepaid expenses and other current assets\u201d on our Consolidated Balance Sheets. |
| (b) | The fair values of our Level 2 deferred compensation liabilities were valued using third-party valuations, which are based on the net asset values of mutual funds in our retirement plans. While the underlying assets are actively traded on an exchange, the funds are not. Deferred compensation liabilities are primarily presented within \u201cOther noncurrent liabilities\u201d on our Consolidated Balance Sheets. |
The fair values of cash equivalents, receivables, accounts payable and short-term debt approximate their carrying amounts due to their short duration.
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\u00a029,\u00a02022, we had $2,170.0 million of fixed-rate and $575.0 million of variable-rate debt outstanding. Based on current market rates, the fair value of our fixed-rate debt at May\u00a029,\u00a02022 was estimated to be $2,040.8 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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Fair Value | ||||||||||||
of Assets | ||||||||||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | Level 1 | \u00a0\u00a0\u00a0\u00a0 | Level 2 | \u00a0\u00a0\u00a0\u00a0 | Level 3 | \u00a0\u00a0\u00a0\u00a0 | (Liabilities) | ||||
Pension plan assets | $ | 17.3 | $ | 7.8 | $ | \u2014 | $ | 25.1 | ||||
\u2014 | 7.0 | \u2014 | 7.0 | |||||||||
Deferred compensation liabilities (b) | \u2014 | (21.6) | \u2014 | (21.6) | ||||||||
Fair value, net | $ | 17.3 | $ | (6.8) | $ | \u2014 | $ | 10.5 |
As\u00a0of\u00a0May\u00a030, 2021 | ||||||||||||
Fair Value | ||||||||||||
of Assets | ||||||||||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | Level 1 | \u00a0\u00a0\u00a0\u00a0 | Level 2 | \u00a0\u00a0\u00a0\u00a0 | Level 3 | \u00a0\u00a0\u00a0\u00a0 | (Liabilities) | ||||
Pension plan assets | $ | 19.7 | $ | 8.4 | $ | \u2014 | $ | 28.1 | ||||
\u2014 | 15.3 | \u2014 | 15.3 | |||||||||
Deferred compensation liabilities (b) | \u2014 | (23.5) | \u2014 | (23.5) | ||||||||
Fair value, net | $ | 19.7 | $ | 0.2 | $ | \u2014 | $ | 19.9 |
| (a) | Derivative assets included in Level 2 primarily represent commodity swap and option contracts. The fair values of our Level 2 derivative assets were determined using valuation models that use market observable inputs including both forward and spot prices for commodities. Derivative assets are presented within \u201cPrepaid expenses and other current assets\u201d on our Consolidated Balance Sheets. |
| (b) | The fair values of our Level 2 deferred compensation liabilities were valued using third-party valuations, which are based on the net asset values of mutual funds in our retirement plans. While the underlying assets are actively traded on an exchange, the funds are not. Deferred compensation liabilities are primarily presented within \u201cOther noncurrent liabilities\u201d on our Consolidated Balance Sheets. |
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12.\u00a0\u00a0\u00a0STOCKHOLDERS\u2019 EQUITY
Our certificate of incorporation authorizes 600,000,000 shares of common stock and 60,000,000 shares of preferred stock. We had 144,071,428 shares of common stock issued and outstanding as of May 29, 2022. 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 29, 2022.
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. In December 2021, our Board of Directors authorized the repurchase of an additional $250.0 million of our common stock under this share repurchase program. During fiscal 2022, we purchased 2,407,184 shares for $150.7 million, or a weighted-average price of $62.59 per share. As of May 29, 2022, $268.9 million remained authorized for repurchase under the program.
Dividends
During fiscal 2022, 2021, and 2020, we paid $138.4 million, $135.3 million, and $121.3 million, respectively, of dividends to common stockholders. On July 20, 2022, our Board of Directors declared a dividend of $0.245 per share of common stock. The dividend will be paid on September 2, 2022, to stockholders of record as of the close of business on August 5, 2022.
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 tax, as of May 29, 2022, were as follows:
Foreign | Accumulated | |||||||||||
Currency\u00a0 | Pension\u00a0and\u00a0 | Other | ||||||||||
Translation\u00a0 | Post-Retirement | Comprehensive | ||||||||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | Gains (Losses) | \u00a0\u00a0\u00a0\u00a0 | Benefits | Other | \u00a0\u00a0\u00a0\u00a0 | Income (Loss) | |||||
Balance as of May\u00a030, 2021 | $ | 36.0 | \u00a0\u00a0 | $ | (6.5) | $ | \u2014 | \u00a0\u00a0 | $ | 29.5 | ||
Other comprehensive income before reclassifications, net of tax | (48.9) | 2.9 | 0.7 | (45.3) | ||||||||
Amounts reclassified out of AOCI, net of tax | \u2014 | 0.3 | (a) | (0.1) | 0.2 | |||||||
Net current-period other comprehensive income (loss) | \u00a0 | (48.9) | \u00a0\u00a0 | \u00a0 | 3.2 | \u00a0 | 0.6 | \u00a0 | (45.1) | |||
Balance as of May\u00a029,\u00a02022 | $ | (12.9) | \u00a0\u00a0 | $ | (3.3) | $ | 0.6 | \u00a0\u00a0 | $ | (15.6) |
| (a) | These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 9, 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 | ||||||||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | Gains (Losses) | \u00a0\u00a0\u00a0\u00a0 | Benefits | Other | \u00a0\u00a0\u00a0\u00a0 | Income (Loss) | |||||
Balance as of May\u00a030, 2021 | $ | 36.0 | \u00a0\u00a0 | $ | (6.5) | $ | \u2014 | \u00a0\u00a0 | $ | 29.5 | ||
Other comprehensive income before reclassifications, net of tax | (48.9) | 2.9 | 0.7 | (45.3) | ||||||||
Amounts reclassified out of AOCI, net of tax | \u2014 | 0.3 | (a) | (0.1) | 0.2 | |||||||
Net current-period other comprehensive income (loss) | \u00a0 | (48.9) | \u00a0\u00a0 | \u00a0 | 3.2 | \u00a0 | 0.6 | \u00a0 | (45.1) | |||
Balance as of May\u00a029,\u00a02022 | $ | (12.9) | \u00a0\u00a0 | $ | (3.3) | $ | 0.6 | \u00a0\u00a0 | $ | (15.6) |
| (a) | These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 9, Employee Benefit Plans and Other Post-Retirement Benefits, for additional information. |
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13.\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 | 2022 | 2021 | 2020 | |||||
Net sales | \u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||||
Global | $ | 2,064.2 | $ | 1,911.5 | $ | 1,973.6 | |||
Foodservice | \u00a0 | 1,318.2 | \u00a0 | 1,017.3 | \u00a0 | 1,069.1 | |||
Retail | \u00a0 | 594.6 | \u00a0 | 603.4 | \u00a0 | 595.5 | |||
Other | 121.9 | 138.7 | 154.2 | ||||||
Total net sales | 4,098.9 | 3,670.9 | 3,792.4 | ||||||
Product contribution margin (a) | \u00a0\u00a0 | \u00a0\u00a0 | |||||||
Global | 252.2 | 306.2 | 374.5 | ||||||
Foodservice | 449.3 | 340.0 | 356.0 | ||||||
Retail | 109.4 | 120.2 | 117.6 | ||||||
Other (b) | 2.2 | 47.8 | 24.1 | ||||||
813.1 | 814.2 | 872.2 | |||||||
Add: Advertising and promotion expenses (a) | 18.9 | 17.8 | 23.0 | ||||||
Gross profit | 832.0 | 832.0 | 895.2 | ||||||
Selling, general and administrative expenses | 387.6 | 357.2 | 338.3 | ||||||
Income from operations | 444.4 | 474.8 | 556.9 | ||||||
Interest expense, net (c) | 161.0 | 118.3 | 108.0 | ||||||
Income tax expense | 71.8 | 90.5 | 112.3 | ||||||
Equity method investment earnings (loss) (d) | (10.7) | 51.8 | 29.3 | ||||||
Net income | $ | 200.9 | $ | 317.8 | $ | 365.9 |
| (a) | Product contribution margin represents net sales less cost of sales and advertising and promotion expenses. Product contribution margin includes advertising and promotion expenses because those expenses are directly associated with segment performance. |
| (b) | The Other segment primarily includes our vegetable and dairy businesses and unrealized mark-to-market adjustments associated with commodity hedging contracts. |
| (c) | The fiscal year ended May 29, 2022, includes a loss on extinguishment of debt of $53.3 million, which includes a call premium of $39.6 million related to the redemption of the 2024 Notes and 2026 Notes, and the write-off of $13.7 million of previously unamortized debt issuance costs associated with those notes. |
| (d) | In May 2022, LWM announced its intent to withdraw from its joint venture investment in Russia. As a result, LWM determined that its net investment in Russia was impaired and recognized a non-cash impairment charge, of which our portion was $62.7 million. |
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 fiscal 2022, 11% of our consolidated net sales in fiscal 2021, and 10% of our consolidated net sales in fiscal 2020. Sales to McDonald\u2019s Corporation are included in our Global segment.
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 include:
For the Fiscal Years Ended May | |||||||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | 2022 | 2021 | 2020 | |||||
Net sales | \u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||||
$ | 74.9 | $ | 91.3 | $ | 104.9 | ||||
\u00a0 | 33.5 | \u00a0 | 36.1 | \u00a0 | 36.4 | ||||
\u00a0 | 13.5 | \u00a0 | 11.3 | \u00a0 | 12.9 | ||||
Total net sales | $ | 121.9 | $ | 138.7 | $ | 154.2 |
Our operations are principally in the U.S. With respect to operations outside of the U.S., no single foreign country or geographic region was significant with respect to consolidated operations in fiscal 2022, 2021, and 2020. Foreign net sales, including sales by domestic segments to customers located outside of the U.S., were $682.7 million, $700.2 million, and $776.4 million in fiscal 2022, 2021, and 2020, respectively. Our long-lived assets located outside of the U.S. are not significant.
Labor
At May 29, 2022, we had approximately 8,000 employees, of which approximately 800 of these employees work outside of the U.S. Approximately 22% of our employees are parties to collective bargaining agreements with 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 over the next several years.
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(in millions) | \u00a0\u00a0\u00a0\u00a0 | 2022 | 2021 | 2020 | |||||
Net sales | \u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||||
Global | $ | 2,064.2 | $ | 1,911.5 | $ | 1,973.6 | |||
Foodservice | \u00a0 | 1,318.2 | \u00a0 | 1,017.3 | \u00a0 | 1,069.1 | |||
Retail | \u00a0 | 594.6 | \u00a0 | 603.4 | \u00a0 | 595.5 | |||
Other | 121.9 | 138.7 | 154.2 | ||||||
Total net sales | 4,098.9 | 3,670.9 | 3,792.4 | ||||||
Product contribution margin (a) | \u00a0\u00a0 | \u00a0\u00a0 | |||||||
Global | 252.2 | 306.2 | 374.5 | ||||||
Foodservice | 449.3 | 340.0 | 356.0 | ||||||
Retail | 109.4 | 120.2 | 117.6 | ||||||
Other (b) | 2.2 | 47.8 | 24.1 | ||||||
813.1 | 814.2 | 872.2 | |||||||
Add: Advertising and promotion expenses (a) | 18.9 | 17.8 | 23.0 | ||||||
Gross profit | 832.0 | 832.0 | 895.2 | ||||||
Selling, general and administrative expenses | 387.6 | 357.2 | 338.3 | ||||||
Income from operations | 444.4 | 474.8 | 556.9 | ||||||
Interest expense, net (c) | 161.0 | 118.3 | 108.0 | ||||||
Income tax expense | 71.8 | 90.5 | 112.3 | ||||||
Equity method investment earnings (loss) (d) | (10.7) | 51.8 | 29.3 | ||||||
Net income | $ | 200.9 | $ | 317.8 | $ | 365.9 |
| (a) | Product contribution margin represents net sales less cost of sales and advertising and promotion expenses. Product contribution margin includes advertising and promotion expenses because those expenses are directly associated with segment performance. |
| (b) | The Other segment primarily includes our vegetable and dairy businesses and unrealized mark-to-market adjustments associated with commodity hedging contracts. |
| (c) | The fiscal year ended May 29, 2022, includes a loss on extinguishment of debt of $53.3 million, which includes a call premium of $39.6 million related to the redemption of the 2024 Notes and 2026 Notes, and the write-off of $13.7 million of previously unamortized debt issuance costs associated with those notes. |
| (d) | In May 2022, LWM announced its intent to withdraw from its joint venture investment in Russia. As a result, LWM determined that its net investment in Russia was impaired and recognized a non-cash impairment charge, of which our portion was $62.7 million. |
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For the Fiscal Years Ended May | |||||||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | 2022 | 2021 | 2020 | |||||
Net sales | \u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||||
$ | 74.9 | $ | 91.3 | $ | 104.9 | ||||
\u00a0 | 33.5 | \u00a0 | 36.1 | \u00a0 | 36.4 | ||||
\u00a0 | 13.5 | \u00a0 | 11.3 | \u00a0 | 12.9 | ||||
Total net sales | $ | 121.9 | $ | 138.7 | $ | 154.2 |
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14.\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 7, Debt and Financing Obligations), lease obligations (discussed in Note 8, Leases), purchase obligations and capital commitments for goods and services, and legal proceedings (discussed below).
Purchase Obligations and Capital Commitments
A summary of our purchase obligations, excluding capital commitments, as of May 29, 2022 are as follows. The expected timing of payments of the obligations in the table are estimated based on current information. Timing of payments and actual amounts paid may be different, depending on the time of receipt of goods or services, or changes to agreed-upon amounts for some obligations:
(in millions) | Purchase Obligations | ||
2023 | $ | 82.9 | |
2024 | 72.2 | ||
2025 | 60.9 | ||
2026 | 29.3 | ||
2027 | 26.0 | ||
Thereafter | 380.5 | ||
Total (a) | $ | 651.8 |
| (a) | The amounts in the table above exclude purchase commitments under potato supply agreements due to uncertainty of pricing and quantity. Potato supply agreements have maximum contracted pricing with deductions for certain quality attributes, and quantities purchased are determined by the yields produced on contracted acres. Total purchases under all our potato supply agreements were $717.6 million, $621.4 million, and $646.5 million in fiscal 2022, 2021, and 2020, respectively. |
We had capital commitments of approximately $304.7 million and $75.0 million as of May 29, 2022 and May 30, 2021, respectively, that represent commitments for construction of a previously announced french fry production line and plant modernization investments. Capital commitments were not recorded as liabilities on our Consolidated Balance Sheets as of May 29, 2022 as we had not yet received the related goods nor taken title to the property.
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\u00a029,\u00a02022, 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.
We are 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 $146.6 million, $139.8 million, and $142.7 million in fiscal 2022, 2021, and 2020, 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, we have guaranteed repayment of short-term bank loans of the potato suppliers, under certain conditions. At May\u00a029,\u00a02022, we have effectively guaranteed $35.9 million of supplier loans. We have not established a liability for these guarantees, as we have determined that the likelihood of our required performance under the guarantees is remote. Under certain other potato supply agreements, we make advances to growers prior to the delivery of potatoes.\u00a0The aggregate amounts of these advances were $28.1 million and $23.9 million at May 29, 2022 and May 30, 2021, respectively, and were recorded in \u201cPrepaid expenses and other current assets,\u201d on our Consolidated Balance Sheets.
We and our partner are jointly and severally liable for all legal liabilities of LWM. See Note 4, Equity Method Investments, for further information on LWM\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 our 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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2023 | $ | 82.9 | |
2024 | 72.2 | ||
2025 | 60.9 | ||
2026 | 29.3 | ||
2027 | 26.0 | ||
Thereafter | 380.5 | ||
Total (a) | $ | 651.8 |
| (a) | The amounts in the table above exclude purchase commitments under potato supply agreements due to uncertainty of pricing and quantity. Potato supply agreements have maximum contracted pricing with deductions for certain quality attributes, and quantities purchased are determined by the yields produced on contracted acres. Total purchases under all our potato supply agreements were $717.6 million, $621.4 million, and $646.5 million in fiscal 2022, 2021, and 2020, respectively. |
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Schedule II \u2013 Lamb Weston \u2013 Valuation and Qualifying Accounts
Additions | ||||||||||||
Charged | ||||||||||||
Balance | to Costs, | Deductions | Balance | |||||||||
Beginning of | Expenses | from | End of | |||||||||
(in millions) | \u00a0\u00a0\u00a0\u00a0 | Year | \u00a0\u00a0\u00a0\u00a0 | and Equity | \u00a0\u00a0\u00a0\u00a0 | Reserves | \u00a0\u00a0\u00a0\u00a0 | Year | ||||
Year ended May\u00a029,\u00a02022 | ||||||||||||
Deferred tax asset valuation allowance | $ | 53.1 | $ | \u2014 | $ | 3.0 | $ | 50.1 | ||||
Year ended May\u00a030,\u00a02021 | ||||||||||||
Deferred tax asset valuation allowance | $ | 54.5 | $ | \u2014 | $ | 1.4 | $ | 53.1 | ||||
Year ended May\u00a031, 2020 | ||||||||||||
Deferred tax asset valuation allowance | $ | 64.6 | $ | \u2014 | $ | 10.1 | $ | 54.5 |
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