2 unchanged sentences
The majority of holders of Lamb Weston common stock are “street name” or beneficial holders, whose shares of record are held by banks, brokers, and other financial institutions.
+Added: Our Board of Directors intends to continue to consider declaring and paying dividends on Lamb Weston common stock based on our financial condition and results of operations, as well as applicable covenants under our debt agreements.
+Added: Our Board of Directors has no obligation under Delaware law or our amended and restated certificate of incorporation to declare or pay dividends, and dividends on Lamb Weston common stock are limited to legally available funds.
Purchases of Equity Securities by the Issuer
−Removed: The following table presents information related to repurchases of our common stock during the periods presented below (dollars in millions, except per share data):
+Added: The following table presents information related to total shares purchased during the periods presented below (dollars in millions, except per share data):
Approximate Dollar
11 unchanged sentences
(in millions) (b)
−Removed: February 24, 2020 through March 22, 2020
+Added: March 1, 2021 through March 28, 2021
March 29, 2021 through April 25, 2021
April 26, 2021 through May 30, 2021
−Removed: (a) Represents shares withheld from employees to cover income and payroll taxes on equity awards that vested during the period.
−Removed: (b) No shares were purchased during the periods presented under our share repurchase program, which was approved by the Board of Directors in December 2018.
−Removed: Under this program, which does not have an expiration date, we are authorized to repurchase shares of our common stock, in an amount not to exceed $250.0 million in the aggregate, on an opportunistic basis.
−Removed: Repurchases may be made from time to time through open market or privately negotiated transactions, subject to applicable laws.
+Added: (a) Represents repurchased shares of our common stock under our publicly announced share repurchase program, which were repurchased at a weighted average price of $79.35, and shares withheld from employees to cover income and payroll taxes on equity awards that vested during the period.
+Added: (b) In December 2018, our Board of Directors authorized a $250.0 million share repurchase program with no expiration date.
+Added: Repurchases may be made at our discretion from time to time on the open market, subject to applicable laws, or through privately negotiated transactions.
Performance Graph
8 unchanged sentences
SELECTED FINANCIAL DATA
−Removed: The following table sets forth selected historical financial data of Lamb Weston (dollars in millions, except per share data).
−Removed: The information contained in the table should be read in conjunction with the disclosures in "Part II, Item 7.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations"
−Removed: and "Part II, Item 8.
−Removed: Financial Statements and Supplementary Data"
−Removed: of this Form 10-K.
−Removed: For the Fiscal Years Ended May
−Removed: Statement of Earnings Data:
−Removed: Net sales (b)
−Removed: Income from operations (a) (b)
−Removed: Income before income taxes and equity method earnings (a) (b)
−Removed: Equity method investment earnings (b)
−Removed: Income tax expense (c)
−Removed: Net income attributable to Lamb Weston Holdings, Inc.
−Removed: Earnings per share (a) (b) (c) (d)
−Removed: Dividends declared per common share
−Removed: Balance Sheet Data:
−Removed: Long-term debt, excluding current portion
−Removed: Cash Flow Data:
−Removed: Cash flows provided by operating activities
−Removed: Non-GAAP Financial Information:
−Removed: EBITDA including unconsolidated joint ventures
−Removed: Adjusted EBITDA including unconsolidated joint ventures
−Removed: (a) Includes comparability items that are not considered part of our ongoing operations.
−Removed: For more information on these costs, see “Item 7.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-K.
−Removed: (b) On March 11, 2020, the World Health Organization declared the spread of COVID-19 a global pandemic.
−Removed: In an attempt to minimize transmission of COVID-19, significant social and economic restrictions, including restrictions on dine-in purchases and the imposition of stay-at-home orders, were imposed in the United States and in our international markets.
−Removed: These restrictions had a negative impact on our fiscal 2020 results.
−Removed: Fiscal 2020 included lower sales and approximately $58 million of costs, net of estimated employee retention credits provided by the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) and other labor incentives, related to the impact of these government-imposed orders, which primarily related to lower factory utilization and production inefficiencies, manufacturing and operational disruptions directly attributable to the pandemic, expensing of excess crop year 2019 raw potato purchase contracts that could not be used due to the pandemic’s near-term effect on demand for frozen potato products as well as incremental warehousing and transportation costs, and incremental costs to enhance employee safety measures, including purchases of safety and health screening equipment, retaining sales employees, and expensing certain capitalized manufacturing facility expansion costs.
−Removed: In addition, our equity method investment earnings incurred approximately $16 million of costs related to the COVID-19 pandemic, net of labor incentives.
−Removed: (c) In fiscal 2019, the U.S.
−Removed: Tax Cuts and Jobs Act of 2017 (the “Tax Act”) decreased income tax expense and increased net income $27.2 million, or $0.19 per share, including a $24.8 million, or $0.17 per share, tax benefit related to a lower U.S.
−Removed: corporate tax rate and a $2.4 million, or $0.02 per share, benefit from the true-up of the transition tax on previously untaxed foreign earnings.
−Removed: Since our fiscal year end is the last Sunday in May, in fiscal 2018, we phased in the impact of the lower U.S.
−Removed: corporate income tax rate, resulting in a U.S.
−Removed: corporate tax rate of 29.3%, compared with 21% in fiscal 2019.
−Removed: In fiscal 2018, the Tax Act decreased income tax expense and increased net income by $64.7 million, or $0.44, including a $36.3 million, or $0.25 per share, tax benefit related to a lower U.S.
−Removed: corporate tax rate and a provisional $28.4 million, or $0.19 per share, benefit from the re-measurement of our net U.S.
−Removed: deferred tax liabilities using the new U.S.
−Removed: statutory tax rate, partially offset by a transition tax on previously untaxed foreign earnings.
−Removed: (d) Earnings per share prior to the Separation in fiscal 2017 was calculated based on 146 million shares of Lamb Weston common stock that were distributed to Conagra stockholders on November 9, 2016.
−Removed: (e) EBITDA and Adjusted EBITDA including unconsolidated joint ventures are non-GAAP financial measures.
−Removed: See the discussion of non-GAAP financial measures and the reconciliations under “Item 7.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations – Reconciliations of Non-GAAP Financial Measures to Reported Amounts” of this Form 10-K.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.