Lamb Weston Files 2024 10-K

Ticker: LW · Form: 10-K · Filed: Jul 24, 2024 · CIK: 1679273

Lamb Weston Holdings, INC. 10-K Filing Summary
FieldDetail
CompanyLamb Weston Holdings, INC. (LW)
Form Type10-K
Filed DateJul 24, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$1.00
Sentimentneutral

Sentiment: neutral

Topics: 10-K, annual-report, food-processing

TL;DR

Lamb Weston's 2024 10-K is in, detailing financials and risks for the fiscal year ending May 26.

AI Summary

Lamb Weston Holdings, Inc. filed its 2024 10-K on July 24, 2024, reporting on its fiscal year ending May 26, 2024. The company, a major producer of frozen potato products, detailed its financial performance and operational status. Key financial data and risk factors are outlined in the comprehensive filing.

Why It Matters

This filing provides investors and stakeholders with a detailed overview of Lamb Weston's financial health, operational performance, and strategic outlook for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: medium — 10-K filings inherently contain a broad range of risks related to market conditions, operations, and financial performance.

Key Players & Entities

FAQ

What was Lamb Weston's fiscal year end date for this filing?

The fiscal year end date was May 26, 2024.

When was this 10-K filing submitted to the SEC?

The filing was submitted on July 24, 2024.

What is the accession number for this specific 10-K filing?

The accession number is 0001679273-24-000036.

What is the primary business of Lamb Weston Holdings, Inc. according to the filing's SIC code?

The Standard Industrial Classification (SIC) code indicates the company is in 'CANNED, FROZEN & PRESERVED FRUIT, VEG & FOOD SPECIALTIES'.

What is the company's principal business address?

The business address is 599 S. Rivershore Lane, Eagle, ID 83616.

Filing Stats: 4,386 words · 18 min read · ~15 pages · Grade level 14.8 · Accepted 2024-07-24 13:29:21

Key Financial Figures

Filing Documents

Business

Business 3 Item 1A

Risk Factors

Risk Factors 10 Item 1B Unresolved Staff Comments 23 Item 1C Cybersecurity 23 Item 2

Properties

Properties 25 Item 3

Legal Proceedings

Legal Proceedings 26 Item 4 Mine Safety Disclosures 26 Part II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27 Item 6 Reserved 28 Item 7

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 42 Item 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 78 Item 9A

Controls and Procedures

Controls and Procedures 78 Item 9B Other Information 79 Item 9C Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 79 Part III Item 10 Directors, Executive Officers and Corporate Governance 80 Item 11

Executive Compensation

Executive Compensation 80 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 80 Item 13 Certain Relationships and Related Transactions, and Director Independence 81 Item 14 Principal Accountant Fees and Services 81 Part IV Item 15 Exhibits and Financial Statement Schedules 82 Item 16 Form 10-K Summary 85

Signatures

Signatures 86 2 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K ("Form 10-K") contains forward-looking statements within the meaning of the federal securities laws. Words such as "will," "continue," "may," "expect," "anticipate," "would," "could," "believe," "estimate," "leverage," "create," "reduce," "strive," "focus," "intends," "increase," "implement," "deliver," "manage," "mitigate," "grow," "drive," "benefit," "support," "evaluate," "enhance," "maintain," "improve," "invest," "outlook," and variations of such words and similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding our business and financial outlook and prospects, our plans, execution, capital expenditures and investments, innovation, employee safety and human capital, operational costs, volume growth, pricing actions, supply chain productivity savings, cash flows, liquidity, dividends, share repurchases , enterprise resource planning ("ERP") system implementation, integration of our former European joint venture, Lamb-Weston/Meijer v.o.f. ("LW EMEA"), and inflation, demand for our products; our cost structure; other conditions in our industry, and the global economy. These forward-looking statements are based on management's current expectations and are subject to uncertainties and changes in circumstances. Readers of this report should understand that these statements are not guarantees of performance or results. Many factors could affect these forward-looking statements and our actual financial results and cause them to vary materially from the expectations contained in the forward-looking statements, including those set forth in this report. These risks and uncertainties include, among other things: the availability and prices of raw materials and other commodities; operational challenges; consumer preferences, including restaurant traffic in North America and our international markets, and an

BUSINESS

ITEM 1. BUSINESS Lamb Weston Holdings, Inc. ("we," "us," "our," "the Company," or "Lamb Weston") is a leading global producer, distributor, and marketer of value-added frozen potato products and is headquartered in Eagle, Idaho. We are the number one supplier of value-added frozen potato products in North America and a leading supplier of value-added frozen potato products internationally, with a strong presence in high-growth emerging markets. We offer a broad product portfolio to a diverse channel and customer base in over 100 countries. French fries represent most of our value-added frozen potato product portfolio. We were organized as a Delaware corporation in July 2016. Our common stock trades under the ticker symbol "LW" on the New York Stock Exchange. Segments We have two reportable segments: North America and International. For segment financial information, see "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" and Note 13, 3 Table of Contents Segments, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of this Form 10-K. North America Our North America segment primarily includes frozen potato products sold in the United States, Canada, and Mexico to quick service and full-service restaurants and chains, foodservice distributors, non-commercial channels, and retailers. Our North America segment's product portfolio includes frozen potatoes, commercial ingredients, and appetizers sold under the Lamb Weston brand, as well as frozen potatoes sold under the Company's owned or licensed brands, including Grown in Idaho and Alexia , other licensed equities comprised of brand names of major North American restaurant chains, customer labels, and retailers' own brands. International Our International segment primarily includes frozen potato products sold outside of North America to quick service and full-service restaurant chains, foodser

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