QUARTERLY FINANCIAL DATA (unaudited) (Tables)

12 Months Ended

May 31, 2020

QUARTERLY FINANCIAL DATA (unaudited)

Schedule of Quarterly Financial Information

	2020 (a)
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter (b)
Net sales	$	989.0	$	1,019.2	$	937.3	$	846.9
Gross profit		248.6		285.1		250.4		111.1
Income before income taxes and equity method earnings		141.8		168.1		137.3		1.7
Income tax expense (benefit)		36.7		42.7		35.7		(2.8)
Net income (loss) attributable to Lamb Weston Holdings, Inc.		115.7		140.4		111.4		(1.6)
Earnings per share
Basic		0.79		0.96		0.76		(0.01)
Diluted (c)		0.79		0.95		0.76		(0.01)
Dividends declared		0.20000		0.20000		0.23000		0.23000

	2019 (a)
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
Net sales	$	914.9	$	911.4	$	926.8	$	1,003.4
Gross profit		230.6		249.0		273.4		250.5
Income before income taxes and equity method earnings		125.8		147.8		166.8		120.9
Income tax expense		34.3		34.0		39.6		25.7
Net income attributable to Lamb Weston Holdings, Inc.		107.8		119.0		141.4		110.4
Earnings per share
Basic		0.73		0.74		0.96		0.76
Diluted		0.73		0.74		0.95		0.75
Dividends declared		0.19125		0.19125		0.20000		0.20000

(a) The sum of quarterly amounts may not agree to our annual results due to rounding.

The third quarter of fiscal 2020 included a $2.6 million loss related to the withdrawal from a multiemployer pension plan by Lamb Weston RDO.

The first and second quarters of fiscal 2019 included a $14.0 million and $15.4 million benefit, respectively, related to lower U.S. corporate tax rates as part of the Tax Act. The third quarter of fiscal 2019 included $6.4 million expense; approximately $7.4 million of expense related to a higher U.S. corporate tax related to the timing of the Tax Act, offset partially by a $1.0 million benefit for the estimated true-up of the transition tax under the Tax Act. The fourth quarter of fiscal 2019 included a $4.2 million benefit related to the Tax Act; approximately $2.8 million relates to a lower U.S. corporate tax rate and $1.4 million relates to the true-up of the transition tax under the Tax Act.

(b) See footnote (a) to the table in Note 14, Segments, for a discussion of the impact of government efforts to control the spread of COVID-19, including restrictions on restaurants and other foodservice operations and stay-at-home orders, on our financial results.

(c) The fourth quarter of fiscal 2020 excludes a weighted average of 0.8 million potentially dilutive shares from the diluted earnings (loss) per share calculation as they would have been antidilutive.