10-Q 1 lw-20220227x10q.htm 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended February 27, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                 to 

Commission File Number: 1-37830

LAMB WESTON HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware

 

61-1797411

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification No.)

 

 

 

599 S. Rivershore Lane
Eagle, Idaho

 

83616

(Address of principal executive offices)

 

(Zip Code)

(208) 938-1047

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1.00 par value

LW

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No 

As of March 31, 2022, the Registrant had 144,446,885 shares of common stock, par value $1.00 per share, outstanding.

Table of Contents

Part I. FINANCIAL INFORMATION

Item 1

Financial Statements (Unaudited)

Consolidated Statements of Earnings

3

Consolidated Statements of Comprehensive Income

4

Consolidated Balance Sheets

5

Consolidated Statements of Stockholders’ Equity

6

Consolidated Statements of Cash Flows

7

Condensed Notes to Consolidated Financial Statements (Unaudited)

8

Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

19

Item 3

Quantitative and Qualitative Disclosures About Market Risk

30

Item 4

Controls and Procedures

31

Part II. OTHER INFORMATION

31

Item 1

Legal Proceedings

31

Item 1A

Risk Factors

31

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

32

Item 3

Defaults Upon Senior Securities

33

Item 4

Mine Safety Disclosures

33

Item 5

Other Information

33

Item 6

Exhibits

34

Signature

35

2

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (Unaudited)

Lamb Weston Holdings, Inc.

Consolidated Statements of Earnings

(unaudited, in millions, except per share amounts)

Thirteen Weeks Ended

Thirty-Nine Weeks Ended

    

February 27,

    

February 28,

    

February 27,

    

February 28,

2022

2021

2022

2021

Net sales

$

955.0

$

895.8

$

2,945.8

$

2,663.4

Cost of sales

734.0

699.1

2,368.0

2,029.4

Gross profit

221.0

196.7

577.8

634.0

Selling, general and administrative expenses

87.2

96.1

269.4

258.1

Income from operations

133.8

100.6

308.4

375.9

Interest expense, net

25.8

29.3

136.1

89.6

Income before income taxes and equity method earnings

 

108.0

 

71.3

 

172.3

 

286.3

Income tax expense

31.1

16.3

49.4

76.2

Equity method investment earnings

29.7

11.1

46.0

42.2

Net income

$

106.6

$

66.1

$

168.9

$

252.3

Earnings per share:

Basic

$

0.73

$

0.45

$

1.16

$

1.72

Diluted

$

0.73

$

0.45

$

1.16

$

1.72

Weighted average common shares outstanding:

Basic

145.1

146.5

145.8

146.4

Diluted

145.5

147.2

146.2

147.1

See Condensed Notes to Consolidated Financial Statements.

3

Lamb Weston Holdings, Inc.

Consolidated Statements of Comprehensive Income

(unaudited, dollars in millions)

Thirteen Weeks Ended

Thirteen Weeks Ended

February 27, 2022

February 28, 2021

Tax

Tax 

Pre-Tax

(Expense)

After-Tax

Pre-Tax 

(Expense) 

After-Tax 

    

Amount

    

Benefit

    

Amount

    

Amount

    

Benefit

    

Amount

Net income

$

137.7

$

(31.1)

$

106.6

$

82.4

$

(16.3)

$

66.1

Other comprehensive income (loss):

  

Reclassification of post-retirement benefits out of accumulated other comprehensive income (loss)

0.1

0.1

0.1

(0.1)

 

Unrealized currency translation gains (losses)

0.1

(0.4)

(0.3)

16.9

 

(1.1)

 

15.8

Other

0.4

(0.1)

0.3

Comprehensive income

$

138.3

$

(31.6)

$

106.7

$

99.4

$

(17.5)

$

81.9

Thirty-Nine Weeks Ended

Thirty-Nine Weeks Ended

February 27, 2022

February 28, 2021

Tax

Tax 

Pre-Tax

(Expense)

After-Tax

Pre-Tax 

(Expense) 

After-Tax 

    

Amount

    

Benefit

    

Amount

    

Amount

    

Benefit

    

Amount

Net income

$

218.3

$

(49.4)

$

168.9

$

328.5

$

(76.2)

$

252.3

Other comprehensive income (loss):

 

  

 

  

 

 

  

Reclassification of post-retirement benefits out of accumulated other comprehensive income (loss)

 

0.3

 

0.3

 

0.2

(0.1)

 

0.1

Unrealized currency translation gains (losses)

 

(39.3)

 

1.8

 

(37.5)

 

66.9

 

(3.7)

 

63.2

Other

0.4

(0.1)

0.3

Comprehensive income

$

179.7

$

(47.7)

$

132.0

$

395.6

$

(80.0)

$

315.6

See Condensed Notes to Consolidated Financial Statements.

4

Lamb Weston Holdings, Inc.

Consolidated Balance Sheets

(unaudited, dollars in millions, except share data)

February 27,

May 30,

    

2022

    

2021

ASSETS

 

 

  

  

Current assets:

 

 

  

  

Cash and cash equivalents

 

$

428.6

$

783.5

Receivables, less allowance for doubtful accounts of $1.1 and $0.9

 

430.6

 

366.9

Inventories

 

634.5

 

513.5

Prepaid expenses and other current assets

 

117.0

 

117.8

Total current assets

 

1,610.7

 

1,781.7

Property, plant and equipment, net

 

1,556.1

 

1,524.0

Operating lease assets

128.2

141.7

Equity method investments

312.8

310.2

Goodwill

 

321.8

 

334.5

Intangible assets, net

 

34.5

 

36.9

Other assets

 

136.7

 

80.4

Total assets

$

4,100.8

$

4,209.4

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

 

  

 

  

Current portion of long-term debt and financing obligations

$

32.2

$

32.0

Accounts payable

 

349.3

 

359.3

Accrued liabilities

 

231.4

 

226.9

Total current liabilities

 

612.9

 

618.2

Long-term liabilities:

Long-term debt and financing obligations, excluding current portion

 

2,697.0

 

2,705.4

Deferred income taxes

171.9

159.7

Other noncurrent liabilities

 

226.7

 

245.5

Total long-term liabilities

3,095.6

3,110.6

Commitments and contingencies

Stockholders' equity:

 

  

 

  

Common stock of $1.00 par value, 600,000,000 shares authorized; 148,038,020 and 147,640,632 shares issued

 

148.0

 

147.6

Additional distributed capital

 

(819.4)

 

(836.8)

Retained earnings

 

1,309.1

 

1,244.6

Accumulated other comprehensive income (loss)

 

(7.4)

 

29.5

Treasury stock, at cost, 3,593,439 and 1,448,768 common shares

(238.0)

(104.3)

Total stockholders’ equity

 

392.3

 

480.6

Total liabilities and stockholders’ equity

$

4,100.8

$

4,209.4

See Condensed Notes to Consolidated Financial Statements.

5

Lamb Weston Holdings, Inc.

Consolidated Statements of Stockholders’ Equity
(unaudited, dollars in millions, except share data)

Thirteen Weeks Ended February 27, 2022 and February 28, 2021

    

    

    

Additional 

    

    

Accumulated 

    

Common Stock,

Common

Treasury

Paid-in

Other 

 Total 

net of Treasury

Stock

Stock

(Distributed)

Retained

Comprehensive 

Stockholders’

Shares

    

Amount

    

Amount

    

Capital

    

Earnings

    

Income (Loss)

    

 Equity

Balance at November 28, 2021

145,200,648

$

148.0

$

(187.8)

$

(825.8)

$

1,238.3

  

$

(7.5)

  

$

365.2

Dividends declared, $0.245 per share

(35.4)

(35.4)

Common stock issued

9,960

Stock-settled, stock-based compensation expense

5.9

5.9

Repurchase of common stock and common stock withheld to cover taxes

(766,027)

(50.2)

(50.2)

Other

0.5

(0.4)

0.1

Comprehensive income

106.6

0.1

106.7

Balance at February 27, 2022

144,444,581

$

148.0

$

(238.0)

$

(819.4)

$

1,309.1

$

(7.4)

$

392.3

Balance at November 29, 2020

146,355,082

$

147.5

$

(78.0)

$

(850.4)

$

1,182.8

$

7.0

$

408.9

Dividends declared, $0.235 per share

(34.4)

(34.4)

Common stock issued

98,459

0.1

1.6

1.7

Stock-settled, stock-based compensation expense

6.3

6.3

Repurchase of common stock and common stock withheld to cover taxes

(171,102)

(13.1)

(13.1)

Other

1.1

(0.7)

0.4

Comprehensive income

66.1

15.8

81.9

Balance at February 28, 2021

146,282,439

$

147.6

$

(91.1)

$

(841.4)

$

1,213.8

$

22.8

$

451.7

Thirty-Nine Weeks Ended February 27, 2022 and February 28, 2021

    

    

    

Additional 

    

    

Accumulated 

    

Common Stock,

Common

Treasury

Paid-in

Other 

 Total 

net of Treasury

Stock

Stock

(Distributed)

Retained

Comprehensive 

Stockholders’

Shares

    

Amount

    

Amount

    

Capital

    

Earnings

    

Income (Loss)

    

 Equity

Balance at May 30, 2021

146,191,864

$

147.6

$

(104.3)

$

(836.8)

$

1,244.6

  

$

29.5

  

$

480.6

Dividends declared, $0.715 per share

(104.0)

(104.0)

Common stock issued

397,388

0.4

1.5

1.9

Stock-settled, stock-based compensation expense

15.5

15.5

Repurchase of common stock and common stock withheld to cover taxes

(2,144,671)

(133.7)

(133.7)

Other

0.4

(0.4)

Comprehensive income

 

168.9

(36.9)

132.0

Balance at February 27, 2022

144,444,581

$

148.0

$

(238.0)

$

(819.4)

$

1,309.1

$

(7.4)

$

392.3

Balance at May 31, 2020

146,038,893

$

147.0

$

(68.2)

$

(862.9)

$

1,064.6

$

(40.5)

$

240.0

Dividends declared, $0.695 per share

(101.8)

(101.8)

Common stock issued

571,154

0.6

2.2

2.8

Stock-settled, stock-based compensation expense

17.6

17.6

Repurchase of common stock and common stock withheld to cover taxes

(327,608)

(22.9)

(22.9)

Other

1.7

(1.3)

0.4

Comprehensive income

252.3

63.3

315.6

Balance at February 28, 2021

146,282,439

$

147.6

$

(91.1)

$

(841.4)

$

1,213.8

$

22.8

$

451.7

See Condensed Notes to Consolidated Financial Statements.

6

Lamb Weston Holdings, Inc.

Consolidated Statements of Cash Flows

(unaudited, dollars in millions)

Thirty-Nine Weeks Ended

    

February 27,

    

February 28,

2022

2021

Cash flows from operating activities

Net income

$

168.9

$

252.3

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization of intangibles and debt issuance costs

142.4

142.3

Loss on extinguishment of debt

53.3

1.0

Stock-settled, stock-based compensation expense

15.5

17.6

Earnings of joint ventures in excess of distributions

(26.8)

(29.9)

Deferred income taxes

14.2

1.0

Other

(3.3)

9.4

Changes in operating assets and liabilities:

Receivables

(64.1)

(30.4)

Inventories

(121.2)

(80.6)

Income taxes payable/receivable, net

16.4

28.2

Prepaid expenses and other current assets

(15.6)

(6.5)

Accounts payable

(3.8)

60.9

Accrued liabilities

(1.9)

9.5

Net cash provided by operating activities

$

174.0

$

374.8

Cash flows from investing activities

Additions to property, plant and equipment

(217.8)

(92.1)

Additions to other long-term assets

(9.2)

(14.6)

Other

0.8

0.5

Net cash used for investing activities

$

(226.2)

$

(106.2)

Cash flows from financing activities

Proceeds from issuance of debt

1,669.2

Repayments of debt and financing obligations

(1,690.1)

(297.6)

Repurchase of common stock and common stock withheld to cover taxes

(133.7)

(22.9)

Dividends paid

(103.0)

(100.9)

Payments of senior notes call premium

(39.6)

Repayments of short-term borrowings, net

 

 

(498.8)

Other

(5.0)

0.3

Net cash used for financing activities

$

(302.2)

$

(919.9)

Effect of exchange rate changes on cash and cash equivalents

(0.5)

1.6

Net decrease in cash and cash equivalents

 

(354.9)

 

(649.7)

Cash and cash equivalents, beginning of period

783.5

1,364.0

Cash and cash equivalents, end of period

$

428.6

$

714.3

See Condensed Notes to Consolidated Financial Statements.

7

Lamb Weston Holdings, Inc.

Condensed Notes to Consolidated Financial Statements

(Unaudited)

1.    NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Lamb Weston Holdings, Inc. (“we,” “us,” “our,” the “Company,” or “Lamb Weston”), along with our joint venture partners, is a leading global producer, distributor, and marketer of value-added frozen potato products and is headquartered in Eagle, Idaho. We have four reportable segments: Global, Foodservice, Retail, and Other. See Note 13, Segments, for additional information on our reportable segments.

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements present the financial results of Lamb Weston for the thirteen and thirty-nine weeks ended February 27, 2022 and February 28, 2021, and have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America.

These consolidated financial statements include all adjustments that we consider necessary for a fair presentation of such financial statements and consist only of normal recurring adjustments. The preparation of financial statements involves the use of estimates and accruals. The inputs into our judgments and estimates consider the economic implications of the effects of the COVID-19 pandemic on our critical accounting estimates and significant accounting policies. The actual results that we experience may differ materially from those estimates. Results for interim periods should not be considered indicative of results for our full fiscal year, which ends the last Sunday in May.

These financial statements and condensed notes should be read together with the consolidated financial statements and notes in our Annual Report on Form 10-K for the fiscal year ended May 30, 2021 (the “Form 10-K”), which we filed with the Securities and Exchange Commission on July 27, 2021.

Certain amounts in the prior period consolidated financial statements have been reclassified to conform with the current period presentation.

Recently Issued Accounting Pronouncements Not Yet Adopted

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update 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 (“LIBOR”). This guidance includes practical expedients and exceptions to the current guidance on contract modifications and hedge accounting. Generally, contract modifications related to reference rate reform may be considered an event that does not require remeasurement or reassessment of a previous accounting determination at the modification date. This guidance was effective upon issuance and can be applied through December 31, 2022. The adoption of this guidance is not expected to have a significant 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 consolidated financial statements.

8

2.    EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per common share for the periods presented:

Thirteen Weeks Ended

Thirty-Nine Weeks Ended

    

February 27,

    

February 28,

    

February 27,

    

February 28,

(in millions, except per share amounts)

2022

2021

2022

2021

Numerator:

 

  

 

  

 

  

 

  

Net income

$

106.6

$

66.1

$

168.9

$

252.3

Denominator:

 

  

 

  

 

  

 

  

Basic weighted average common shares outstanding

 

145.1

 

146.5

 

145.8

 

146.4

Add: Dilutive effect of employee incentive plans (a)

 

0.4

 

0.7

 

0.4

 

0.7

Diluted weighted average common shares outstanding

 

145.5

 

147.2

 

146.2

 

147.1

Earnings per share:

Basic

$

0.73

$

0.45

$

1.16

$

1.72

Diluted

$

0.73

$

0.45

$

1.16

$

1.72

(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 February 27, 2022, 0.1 million shares of stock-based awards were excluded from the computation of diluted earnings per share because they would be antidilutive. As of February 28, 2021, we did not have any stock-based awards that were antidilutive.

3.    INCOME TAXES

Income tax expense was $31.1 million and $16.3 million for the thirteen weeks ended February 27, 2022 and February 28, 2021, respectively; and $49.4 million and $76.2 million for the thirty-nine weeks ended February 27, 2022 and February 28, 2021, respectively. The effective income tax rate (calculated as the ratio of income tax expense to pre-tax income, inclusive of equity method investment earnings) was 22.6% and 19.8% for the thirteen weeks ended February 27, 2022 and February 28, 2021, respectively; and 22.6% and 23.2% for the thirty-nine weeks ended February 27, 2022 and February 28, 2021, respectively, in our Consolidated Statements of Earnings. The effective tax rate varies from the U.S. statutory tax rate of 21% principally due to the impact of U.S. state taxes, foreign taxes, permanent differences, and discrete items.

Income Taxes Paid

Income taxes paid, net of refunds were $17.2 million and $44.4 million during the thirty-nine weeks ended February 27, 2022 and February 28, 2021, respectively.

4.    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:

    

February 27,

May 30,

(in millions)

2022

    

2021

Raw materials and packaging

$

137.7

 

$

89.8

Finished goods

 

447.2

 

 

377.8

Supplies and other

 

49.6

 

 

45.9

Inventories

$

634.5

 

$

513.5

9

5.    PROPERTY, PLANT AND EQUIPMENT

The components of property, plant and equipment were as follows:

    

February 27,

May 30,

(in millions)

2022

    

2021

Land and land improvements

$

112.4

$

108.2

Buildings, machinery, and equipment

 

2,903.6

 

2,763.3

Furniture, fixtures, office equipment, and other

 

91.2

 

97.1

Construction in progress

 

119.7

 

122.5

Property, plant and equipment, at cost

 

3,226.9

 

3,091.1

Less accumulated depreciation

 

(1,670.8)

 

(1,567.1)

Property, plant and equipment, net

$

1,556.1

$

1,524.0

Depreciation expense was $45.3 million and $44.8 million for the thirteen weeks ended February 27, 2022 and February 28, 2021, respectively; and $134.5 million and $134.9 million for the thirty-nine weeks ended February 27, 2022 and February 28, 2021, respectively. At February 27, 2022 and May 30, 2021, purchases of property, plant and equipment included in accounts payable were $15.1 million and $23.1 million, respectively.

Interest capitalized within construction in progress for the thirteen weeks ended February 27, 2022 and February 28, 2021, was $1.2 million and $0.5 million, respectively; and $4.0 million and $1.5 million for the thirty-nine weeks ended February 27, 2022 and February 28, 2021, respectively.

6.    EQUITY METHOD INVESTMENTS

We hold a 50% ownership interest in Lamb-Weston/Meijer v.o.f. (“Lamb-Weston/Meijer”), a joint venture with Meijer Frozen Foods B.V., that is headquartered in the Netherlands and manufactures and sells frozen potato products principally in Europe, Russia, and the Middle East. We hold a 50% ownership interest in Lamb-Weston/RDO Frozen (“Lamb Weston RDO”), a potato processing joint venture based in the United States. We also hold a 50% ownership interest in Lamb Weston Alimentos Modernos S.A. (“LWAMSA”), a joint venture with Sociedad Comercial del Plata S.A., that is headquartered in Argentina. LWAMSA manufactures and sells frozen potato products, principally in South America. These investments are accounted for using equity method accounting. The carrying value of these investments at February 27, 2022 and May 30, 2021, was $312.8 million and $310.2 million, respectively, and are included in “Equity method investments” on our Consolidated Balance Sheets.

Lamb-Weston/Meijer has a 74.9% ownership interest in a joint venture located in Russia that manufactures and sells frozen potato products. In March 2022, as a result of Russia’s invasion of Ukraine, the joint venture paused construction of its previously announced capacity expansion and began winding down production of Lamb Weston branded products. In addition, Lamb-Weston/Meijer ceased shipping products into Russia. While the joint venture continues to produce and sell food for domestic consumption, the current sanctions imposed by governments in the United States, United Kingdom, and European Union against Russia, as well as additional steps taken by the joint venture’s customers, suppliers, or other stakeholders, may disrupt the plant’s ability to operate in the future. Through the thirty-nine weeks ended February 27, 2022, approximately 2% of our net income was attributable to business conducted through Lamb-Weston/Meijer’s joint venture, and the portion of our Lamb-Weston/Meijer interest related to its operations in Russia was approximately $55 million as of February 27, 2022.

For the thirteen weeks ended February 27, 2022 and February 28, 2021, we had sales to our equity method investments of $4.3 million and $5.5 million, respectively, and purchases from our equity method investments of $6.0 million and $0.9 million, respectively. For the thirty-nine weeks ended February 27, 2022 and February 28, 2021, we had sales to our equity method investments of $12.5 million and $12.4 million, respectively, and purchases from our equity method investments of $13.2 million and $4.2 million, respectively. Total dividends received from our equity method investments were $5.0 million and $5.8 million for the thirteen weeks ended February 27, 2022 and February 28, 2021, respectively; and $19.2 million and $12.4 million for the thirty-nine weeks ended February 27, 2022 and February 28, 2021, respectively.

10

We have an agreement to share the costs of our global enterprise resource planning (“ERP”) system and related software and services with Lamb-Weston/Meijer. Under the terms of the agreement, Lamb-Weston/Meijer 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 Lamb-Weston/Meijer. At February 27, 2022 and May 30, 2021, Lamb-Weston/Meijer’s portion of the ERP costs was $19.6 million and $16.8 million, respectively. Related to this project, we had $16.5 million and $13.2 million of receivables recorded in “Other assets” on our Consolidated Balance Sheets at February 27, 2022 and May 30, 2021, respectively. We expect the total receivable from Lamb-Weston/Meijer to increase as development and implementation of the ERP system progresses.

7.    GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

The following table presents changes in goodwill balances, by segment, during the thirty-nine weeks ended February 27, 2022:

(in millions)

    

Global 

    

Foodservice

    

Retail

    

Other

    

Total

Balance at May 30, 2021

$

276.3

$

42.8

$

10.9

$

4.5

$

334.5

Foreign currency translation adjustment

(12.7)

 

(12.7)

Balance at February 27, 2022

$

263.6

$

42.8

$

10.9

$

4.5

$

321.8

Other identifiable intangible assets were as follows:

February 27, 2022

May 30, 2021

    

Weighted 

    

    

    

    

Weighted 

    

    

    

Average 

Gross 

Average 

 Gross 

Useful Life 

Carrying 

Accumulated 

Intangible

Useful Life 

Carrying 

 Accumulated 

Intangible

(dollars in millions)

(in years)

Amount

Amortization

Assets, Net

(in years)

Amount

 Amortization

Assets, Net

Non-amortizing intangible assets (a)

  

n/a

  

$

18.0

  

$

  

$

18.0

  

n/a

  

$

18.0

  

$

  

$

18.0

Amortizing intangible assets (b)

  

11

  

41.7

  

(25.2)

  

16.5

  

11