{ "docId": "019de516-f8f1-76e6-b5a6-10cb6c02e6cb", "docSlug": "8a327b2efba057bc234449d9d788bde9", "documentTitle": "Lamb Weston | Investor Day Presentation Deck | 114 slides", "authorId": "lamb-weston", "authorName": "Lamb Weston", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2023-10-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 106, "pageCount": 114, "prevPage": 105, "nextPage": 107, "slideType": "appendix_disclosure", "function": "appendix", "density": "dense", "nDataPoints": 7, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de516-f8f1-76e6-b5a6-10cb6c02e6cb/106", "deckHref": "/decks/019de516-f8f1-76e6-b5a6-10cb6c02e6cb", "deckJsonHref": "/decks/019de516-f8f1-76e6-b5a6-10cb6c02e6cb.json", "deckAnchorHref": "/decks/019de516-f8f1-76e6-b5a6-10cb6c02e6cb#slide-106", "components": [ { "bbox": { "h": 0.039, "w": 0.11, "x": 0.86, "y": 0.81 }, "kind": "image", "text": "Lamb Weston", "attrs": null, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2ff04226-f5d1-47b3-ac3e-d0b3314f793b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.52, "w": 0.86, "x": 0.08, "y": 0.28 }, "kind": "list", "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.\n(b) Depreciation and amortization included interest expense, income tax expense, and depreciation and amortization from equity method investments of $39.1 million, $42.0 million and $29.1 million for the fifty-two weeks ended May 30, 2021, May 29, 2022 and May 28, 2023, respectively.\n(c) Acquisition-related items, net included gains related to actions taken to mitigate the effect of changes in currency rates on the purchase of the remaining equity interest in LW EMEA, net of other acquisition related costs.\n(d) Unrealized derivative gains and losses related to mark-to-market adjustments associated with changes in natural gas, electricity, edible oil, and other commodity derivatives, as well as currency derivatives.\n(e) Foreign currency exchange gains and losses excluded amounts in Acquisition-related items as described in (c) above.\n(f) In connection with the purchase of the remaining equity interest in LW EMEA, under US GAAP, we are required to value inventory acquired at fair value. This reduced the profit on the sale of the acquired inventory to that portion attributable to the selling and production effort.\n(g) Amounts represent derivative gains and losses and foreign currency exchange losses at LW EMEA while they were accounted for as an equity method investment prior to our fiscal fourth quarter of 2023.\nEquity method investment earnings included non-cash gains of $410.7 million for LW EMEA and $15.1 million for LWAMSA related to the remeasurement of our initial equity interests to fair value.\n(h) In May 2022, LW EMEA announced its intent to withdraw from its investment in Russia and wrote-off its net investment. Our portion of the non-cash impairment charge was $62.7 million.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fc74e058-d531-415b-817d-64d192082caf", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.013, "w": 0.207, "x": 0.017, "y": 0.836 }, "kind": "source-note", "text": "106 | © 2023 Lamb Weston, Inc. All Rights Reserved", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "984feb95-458d-437f-852e-5a3241c2c98b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.013, "w": 0.12, "x": 0.44, "y": 0.836 }, "kind": "source-note", "text": "Lamb Weston, Inc. 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