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  "authorName": "Lamb Weston",
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  "presentationDate": "2023-10-01 00:00:00",
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      "text": "Lamb Weston\nSEEING POSSIBILITIES IN POTATOES",
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      "text": "(a) Until February 28, 2023, we held a 50 percent equity interest in Lamb-Weston/Meijer v.o.f. (\"LW EMEA\"), a European joint venture. On that date, we acquired the remaining equity interest in LW EMEA and increased our ownership in LW EMEA to 100%. We began consolidating the financial results of LW EMEA in our consolidated financial statements in the fourth quarter of fiscal 2023. Prior to the acquisition, the results of LW EMEA were recorded in \"Equity method investment earnings (loss).\"\nUntil July 5, 2022, we held a 50 percent equity interest in Lamb Weston Alimentos Modernos S.A. (\"LWAMSA\"), a joint venture in Argentina. On that date, we acquired an additional 40% equity interest in LWAMSA and increased our ownership in LWAMSA to 90%. We began consolidating the financial results of LWAMSA in our consolidated financial statements in the first quarter of fiscal 2023. Prior to the acquisition, the results of LWAMSA were recorded in \"Equity method investment earnings (loss).\"\nWe hold a 50 percent equity interest in a U.S. potato processing joint venture, Lamb-Weston/RDO Frozen (\"Lamb Weston RDO\"). We account for our investment in Lamb Weston RDO under the equity method of accounting.",
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      "text": "(b) Depreciation and amortization included interest expense, income tax expense, and depreciation and amortization from equity method investments of $18.8 million, $26.2 million, $27.3 million and $8.9 million for the fifty-two weeks ended May 28, 2017, May 27, 2018, May 26, 2019, and May 31, 2020, respectively.",
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      "text": "(c) Expenses primarily related to professional fees and other employee-related costs associated with our separation from Conagra Brands, Inc. (formerly ConAgra Foods, Inc.) in November 2016.",
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      "text": "104 | © 2023 Lamb Weston, Inc. All Rights Reserved",
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      "text": "Lamb Weston, Inc. Proprietary",
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      "text": "Fiscal Years Ended\nMay 28, 2017\nMay 27, 2018\nMay 26, 2019\nMay 31, 2020\nNet income attributable to Lamb Weston Holdings, Inc. $326.9 $416.8 $478.6 $365.9\nInterest expense, net 61.2 108.8 107.1 108.0\nIncome tax expense 170.2 121.2 133.6 112.3\nIncome from operations including equity method investment earnings (loss) (a) 558.3 646.8 719.3 586.2\nDepreciation and amortization (b) 125.4 164.9 185.0 211.0\nItems impacting comparability:\nExpenses related to the separation (c) 26.5 8.7\nNon-cash gain on assets (3.1)\nGain related to pension plan settlement 2.6\nAdjusted EBITDA $707.1 $820.4 $904.3 $799.8",
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