DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Nov. 27, 2016

Schedule of derivative assets and liabilities


	November 27,		May 29,
	2016		2016
Prepaid expenses and other current assets	$	—	$	2.1
Accrued liabilities	$	0.6	$	0.2

Schedule of derivative assets and liabilities - Gross basis

The following table presents Lamb Weston’s derivative assets and liabilities, at November 27, 2016, on a gross basis (dollars in millions):


	Derivative Assets			Derivative Liabilities
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Prepaid expenses and other current assets	$	—	Accrued liabilities	$	0.6

The following table presents Lamb Weston’s derivative assets and liabilities, at May 29, 2016, on a gross basis, prior to the setoff of $0.1 million where legal right of setoff existed (dollars in millions):


	Derivative Assets			Derivative Liabilities
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Prepaid expenses and other current assets	$	1.5	Accrued liabilities	$	0.2
Foreign exchange contracts	Prepaid expenses and other current assets		0.6	Accrued liabilities		—
		$	2.1		$	0.2

Schedule of location and amount of gains (losses) from derivatives not designated as hedging instruments


		Amount of Gain (Loss)
		Recognized on Derivatives in
		Combined Statement of Earnings
	Location in Consolidated	for the Thirteen Weeks Ended
Derivatives Not Designated as Hedging	Statement of Earnings of Gain	November 27,		November 29,
Instruments	(Loss) Recognized on Derivatives	2016		2015
Commodity contracts	Cost of sales	$	(0.5)	$	(1.9)
Foreign exchange contracts	Selling, general and administrative expenses		(0.1)		—
Total loss from derivative instruments not designed as hedging instruments		$	(0.6)	$	(1.9)


		Amount of Gain (Loss)
		Recognized on Derivatives in
		Combined Statement of Earnings
	Location in Consolidated	for the Twenty-Six Weeks Ended
Derivatives Not Designated as Hedging	Statement of Earnings of Gain	November 27,		November 29,
Instruments	(Loss) Recognized on Derivatives	2016		2015
Commodity contracts	Cost of sales	$	(0.1)	$	(5.2)
Foreign exchange contracts	Selling, general and administrative expenses		(0.1)		0.8
Total loss from derivative instruments not designed as hedging instruments		$	(0.2)	$	(4.4)