EQUITY METHOD INVESTMENTS (Tables)

12 Months Ended

May 29, 2022

EQUITY METHOD INVESTMENTS

Schedule of equity method investments

	May 29, 2022				May 30, 2021
	Carrying		Ownership		Carrying		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)		26.1		50%		28.8		50%
Lamb-Weston/RDO Frozen ("Lamb Weston RDO") (c)		19.4		50%		17.4		50%
Other		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)	2022		2021		2020
Net sales	$	1,333.8	$	1,169.5	$	1,137.7
Gross profit		203.8		196.5		145.8
Income from operations		106.9		97.5		59.8
Net income (loss) (a)		(21.4)		103.9		58.7

	May 29,		May 30,
(in millions)	2022 (a)		2021
Current assets	$	557.3	$	516.1
Noncurrent assets		487.1		627.6
Current liabilities		374.9		366.3
Noncurrent liabilities		170.3		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		21.0		5.2		8.6
Services provided		15.6		19.3		17.6
Dividends received		19.2		18.8		29.0