6 unchanged sentences
Our common stock trades under the ticker symbol “LW” on the New York Stock Exchange.
−Removed: In July 2022, we acquired an additional 40 percent interest in Lamb Weston Alimentos Modernos S.A.
−Removed: (“LWAMSA”), our joint venture in Argentina, and, in February 2023, we acquired the remaining equity interest in LW EMEA, our joint venture in Europe.
−Removed: With the completion of the transactions, we own 90 percent and 100 percent of the equity interests in LWAMSA and LW EMEA, respectively.
−Removed: Accordingly, we consolidated LWAMSA’s and LW EMEA’s financial results in our consolidated financial statements beginning in our fiscal first and fourth quarters, respectively.
−Removed: The results are included in our Global segment.
−Removed: During fiscal 2023, we had four reportable segments:
−Removed: Global, Foodservice, Retail, and Other.
−Removed: For further segment and financial information, see “Part II, Item 7.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 13, Segments, of the Notes to Consolidated Financial Statements in “Part II, Item 8.
+Added: We have two reportable segments:
+Added: North America and International.
+Added: For segment financial information, see “Part II, Item 7.
+Added: Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 13,
+Added: Segments, of the Notes to Consolidated Financial Statements in “Part II, Item 8.
Financial Statements and Supplementary Data” of this Form 10-K.
−Removed: Effective May 29, 2023, in connection with our recent acquisitions and to align with our expanded global footprint, our management, including our chief executive officer, who is our chief operating decision maker, began managing our operations as two business segments based on management’s change to the way it monitors performance, aligns strategies, and allocates resources.
−Removed: This resulted in a change from four reportable segments to two (North America and International), effective the beginning of fiscal 2024.
−Removed: Our Global segment includes frozen potato products sold in North America and international markets generally to the top 100 North American based restaurant chains and international customers comprised of global and regional quick service and full-service restaurant chains, foodservice distributors, and retailers.
−Removed: We have included foodservice and retail customers outside of North America in the Global segment due to efficiencies associated with coordinating sales to all customer types within specific markets, as well as due to these customers’ smaller scale and dependence on local economic conditions.
−Removed: The Global segment’s product portfolio includes frozen potatoes and appetizers sold under the Lamb Weston brand, as well as many customer labels.
−Removed: Our Foodservice segment includes frozen potato products sold throughout the U.S.
−Removed: and Canada to commercial distributors, restaurant chains generally outside the top 100 North American based restaurant chains, and non-commercial channels.
−Removed: The Foodservice segment’s primary products are frozen potatoes, commercial ingredients, and appetizers sold under the Lamb Weston brand, as well as many customer labels.
−Removed: Our Retail segment includes consumer-facing frozen potato products sold primarily to grocery, mass merchants, club, and specialty retailers.
−Removed: The Retail segment’s primary products are frozen potatoes sold under our owned or licensed brands, including Grown in Idaho and Alexia , other licensed equities comprised of brand names of major North American restaurant chains, and the retailers’ own brands.
−Removed: The Other reporting segment primarily includes our vegetable and dairy businesses, as well as unrealized mark-to-market adjustments associated with commodity hedging contracts.
+Added: North America
+Added: Our North America segment primarily includes frozen potato products sold in the United States, Canada, and Mexico to quick service and full-service restaurants and chains, foodservice distributors, non-commercial channels, and retailers.
+Added: Our North America segment’s product portfolio includes frozen potatoes, commercial ingredients, and appetizers sold under the Lamb Weston brand, as well as frozen potatoes sold under the Company’s owned or licensed brands, including Grown in Idaho and Alexia , other licensed equities comprised of brand names of major North American restaurant chains, customer labels, and retailers’ own brands.
+Added: International
+Added: Our International segment primarily includes frozen potato products sold outside of North America to quick service and full-service restaurant chains, foodservice distributors, non-commercial channels, and retailers.
+Added: Our International segment’s product portfolio includes frozen potatoes, commercial ingredients, and appetizers sold under the Lamb Weston brand, as well as many customer labels.
Joint Venture Relationships
−Removed: We hold a 50 percent ownership interest in Lamb-Weston/RDO Frozen (“Lamb Weston RDO”), a joint venture with RDO Frozen Co., that operates a single potato processing facility in the U.S.
+Added: We hold a 50% ownership interest in Lamb-Weston/RDO Frozen (“Lamb Weston RDO”), a joint venture with RDO Frozen Co., that operates a single potato processing facility in the U.S.
We provide all sales and marketing services to Lamb Weston RDO and receive a fee for these services based on a percentage of the net sales of the venture.
We account for our investment in Lamb Weston RDO under the equity method of accounting.
−Removed: We accounted for our investments in LW EMEA and LWAMSA under the equity method of accounting until February 2023 and July 2022, respectively, when we acquired the majority ownership of these entities and began consolidating their respective financial results in our consolidated financial statements.
−Removed: In addition, LW EMEA owns a 75 percent interest in a joint venture in Austria.
+Added: In July 2022, we acquired an additional 40% interest in Lamb Weston Alimentos Modernos S.A.
+Added: (“LWAMSA”), our joint venture in Argentina.
+Added: In addition, in February 2023, we acquired the remaining 50% equity interest in LW EMEA, our joint venture in Europe.
+Added: With the completion of the transactions, we own 90% and 100% of the equity interests in LWAMSA and LW EMEA, respectively.
+Added: Accordingly, we consolidated LWAMSA’s and LW EMEA’s financial results in our Consolidated Financial Statements beginning in the first and fourth quarters of our fiscal 2023, respectively.
+Added: In addition, LW EMEA owns a 75% interest in a joint venture in Austria.
This joint venture’s financial results are consolidated in our financial statements.
+Added: Prior to their respective acquisitions, we accounted for our investments in LW EMEA and LWAMSA under the equity method of accounting.
For more information, see Note 12, Joint Venture Investments, of the Notes to Consolidated Financial Statements in “Part II, Item 8.
5 unchanged sentences
Our largest customer, McDonald’s Corporation, accounted for approximately 14%, 13%, and 10% of our consolidated net sales in fiscal 2024, 2023, and 2022, respectively.
−Removed: Sales to McDonald’s Corporation are included in our Global segment.
−Removed: No other customer accounted for more than 10% of our fiscal 2023, 2022, or 2021 consolidated net sales.
+Added: No other customer accounted for more than 10% of our consolidated net sales in fiscal 2024, 2023, or 2022.
Research and Development
5 unchanged sentences
and most other geographic markets where the related food items are sold.
−Removed: Depending on the country, trademarks generally remain valid for as long as they are in use and their registrations are maintained.
+Added: Depending on the country, trademarks generally remain valid for as long as they are in use or their registrations are maintained.
Trademark registrations generally are for renewable, fixed terms.
−Removed: Our significant trademarks include:
−Removed: Lamb Weston, Lamb Weston Supreme, Lamb Weston Seeing Possibilities in Potatoes (and design), Lamb Weston Seasoned, Lamb Weston Private Reserve, Lamb Weston Stealth Fries, Lamb Weston Colossal Crisp, Lamb Weston Crispy on Delivery, Lamb Weston Twisters, Lamb Weston Twister Fries, Lamb Weston Crisscuts, Sweet Things, and Butler.
−Removed: We also sell certain products, such as Grown in Idaho and Alexia , which we license from third parties.
+Added: Our significant trademarks include Lamb Weston, Lamb Weston Supreme, Lamb Weston Seeing Possibilities in Potatoes (and design), Lamb Weston Seasoned, Lamb Weston Private Reserve, Lamb Weston Stealth Fries, Lamb Weston Colossal Crisp, Lamb Weston Crispy on Delivery, Lamb Weston Twister Fries , and Lamb Weston CrissCut .
+Added: We also sell certain products in connection with marks such as Grown in Idaho and Alexia , which we license from third parties.
We own numerous patents worldwide.
8 unchanged sentences
In Europe, growing regions for the necessary potatoes are concentrated in the Netherlands, Austria, Belgium, Germany, France, and the United Kingdom.
−Removed: We also have potato growing regions in Canada, China, Australia, and Argentina that support our processing facilities in those countries.
+Added: We also have grower relationships in potato growing regions in Canada, China, Australia, and Argentina that support our processing facilities in those countries.
We believe that the grower networks to which we have access provide a sufficient source of raw potato inputs year-to-year.
2 unchanged sentences
The prices of raw materials can fluctuate as a result of these factors.
−Removed: During fiscal 2023, we continued to face increased costs for our primary raw materials, including potatoes, edible oils, packaging, grains, starches, and energy inputs.
−Removed: We seek to mitigate higher input costs through long-term relationships, contract strategies, and hedging activities where an active market for an input exists, as well as through our pricing and productivity initiatives.
+Added: During fiscal 2024, we continued to face increased costs for the primary raw materials for our products, including potatoes, edible oils, packaging, grains, starches, and energy inputs.
+Added: We seek to mitigate higher input costs through long-term relationships, contracting strategies, and hedging activities where an active market for an input exists, as well as through our pricing and productivity initiatives.
See “Part II, Item 7.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of this Form 10-K for further discussion.
+Added: Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of this Form 10-K for a further discussion of these issues.
Manufacturing
We operate 27 production facilities for our products.
−Removed: See "Item 2.
−Removed: Properties"
−Removed: for more information about our production facilities.
+Added: Properties" for more information about our production facilities.
In addition to our own production facilities, we source a portion of our products under “co-packing” agreements, a common industry practice in which manufacturing is outsourced to other companies.
1 unchanged sentence
International Operations
−Removed: At May 28, 2023, we had operations in 31 countries, with sales support in each of these countries and production and processing facilities in 8 countries.
+Added: At May 26, 2024, we had operations in 33 countries, with sales support in each of these countries and production and processing facilities in eight countries.
See Note 13, Segments, of the Notes to Consolidated Financial Statements in “Part II, Item 8.
9 unchanged sentences
Some of our competitors are larger and have substantially more financial, sales and marketing, and other resources than us.
−Removed: We compete with producers of similar products on the basis of, among other things, customer service, value, product innovation, product quality, brand recognition and loyalty, price, and the ability to identify and satisfy customer preferences.
+Added: We compete with producers of similar products on the basis of, among other things, customer service, value, product innovation, product quality, brand recognition and loyalty, price, and the ability to identify and satisfy customer and consumer preferences.
The markets in which we operate are expected to remain highly competitive for the foreseeable future.
See also “Item 1A.
−Removed: Risk Factors – Industry Risks – Increased competition may result in reduced sales or profits” of this Form 10-K.
−Removed: Our product contribution margin percentage, inventory levels, net sales, and cash flows are affected by seasonality.
−Removed: In general, our product contribution margin percentage tends to be highest in our fiscal third quarter, reflecting the cost benefit of freshly-harvested potatoes.
+Added: Risk Factors – Industry Risks – Increased competition may result in reduced sales or profits” of this Form 10-K for further discussion of the risks associated with competition in our industry.
+Added: Our inventory levels, net sales, segment adjusted EBITDA, and cash flows are affected by seasonality.
+Added: In general, our segment adjusted EBITDA percentage tends to be highest in our fiscal third quarter, reflecting the cost benefits of freshly-harvested potatoes.
We typically harvest potatoes in the Pacific Northwest of the U.S.
4 unchanged sentences
In general, net sales and cash flows tend to be higher in our fiscal fourth quarter, reflecting customer and consumer buying patterns.
−Removed: Due to severe impacts of the government mandated shutdowns in response to COVID-19, seasonal variation in the demand for our products in fiscal 2021 differed from prior and subsequent years.
+Added: In fiscal 2024, the number of days of inventory on hand exceeded typical levels due to inventory pre-build ahead of the ERP transition in the third quarter and subsequent decline in restaurant traffic trends.
Human Capital Resources
8 unchanged sentences
Our employees’ health, safety, and well-being are our highest priority.
−Removed: We strive for world-class safety at every one of our facilities.
+Added: We strive for world-class safety at each of our facilities.
This means we continuously focus on creating a zero-incident culture, where every employee goes home every day, accident free.
5 unchanged sentences
As part of this commitment, we benchmark and set pay ranges based on market data and consider various factors such as an employee’s role and experience, job location, and performance.
−Removed: We also regularly review our compensation practices to promote fair and equitable pay.
+Added: We also regularly review our
+Added: compensation practices to promote fair and equitable pay.
In addition to base salaries, many employees also participate in an annual short-term incentive program and may also receive long-term equity awards.
10 unchanged sentences
We are committed to providing a work environment that fosters respect, inclusion, fairness, and dignity, and is free of harassment, discrimination, or fear of retaliation.
−Removed: In fiscal 2023, we launched our first business resource groups, which are voluntary, team member-led groups that bring employees together aligned around affinity areas.
+Added: In addition, we have created business resource groups, which are voluntary, team member-led groups that bring employees together aligned around affinity areas.
We believe these groups help create community and build inclusion.
We have three business resource groups centered on women, multiculture and young professionals.
−Removed: In addition, in fiscal 2023, we introduced a DEI learning and development platform to our global workforce to support team members’ DEI learning.
+Added: We have also introduced a DEI learning and development platform to our global workforce to support team members’ DEI learning.
Recruitment, Training, and Development
10 unchanged sentences
We believe that having a workplace culture that supports and values all employees is critical to our success.
−Removed: To understand employee sentiments, we conduct a bi-annual engagement survey of our global workforce.
−Removed: This survey was completed in fiscal 2022 and was administered and analyzed by an independent third-party.
−Removed: The survey results were then reviewed by our executive leadership team and our Compensation and Human Capital Committee of the Board of Directors.
+Added: To understand employee sentiments, we conduct a comprehensive survey every other year of our global workforce, as well as periodic short pulse surveys in between the comprehensive surveys.
+Added: This survey was completed in fiscal 2024 and was administered and analyzed by an independent third-party provider.
+Added: The survey results were then reviewed by our executive leadership team and our Compensation and Human Capital Committee of the Board of Directors (the “Board”).
Department leaders were also given the engagement survey results and tasked with taking action based on their employees’ anonymous feedback (both quantitative and qualitative).
1 unchanged sentence
Similar to our fiscal 2024 engagement survey, our executive leadership team reviewed the results of the survey and shared those results with our Compensation and Human Capital Committee.
−Removed: By paying close attention to the results of both surveys and implementing actions based on our findings, both at an aggregate enterprise level as well as at department, business, and work group levels, we believe that we have been able to enhance our workplace culture and improve overall employee engagement levels.
+Added: By paying close attention to the results of the surveys and implementing actions based on our findings, both at an aggregate enterprise level as well as at department, business, and work group levels, we believe that we have been able to enhance our workplace culture and improve overall employee engagement levels.
We are also committed to creating and building a culture of giving.
3 unchanged sentences
Annually, we make cash grants through the Lamb Weston Foundation, including through our Pay it Forward program, which gives our employees a role in directing some of the Foundation’s funds.
−Removed: In addition, we offer a matching gifts program to employees, paid volunteer time off, non-profit board service grants, and an employee dependent scholarship program.
−Removed: Further, in fiscal 2023, we adopted a volunteer reward program that allows employees to provide monetary donations to organizations where they volunteer and established the Team Member Relief Fund to provide financial support to employees experiencing hardships such as catastrophic events, illness, domestic violence, and other unforeseen circumstances.
+Added: In addition, we offer a matching gifts program to employees and directors, paid volunteer time off, non-profit board service grants, and an employee dependent scholarship program.
+Added: Further, we have implemented a volunteer reward program that allows employees to provide monetary donations to organizations where they volunteer and established the Team Member Relief Fund to provide financial support to employees experiencing hardships such as catastrophic events, illness, domestic violence, and other unforeseen circumstances.
Information About Our Executive Officers
The following are our executive officers as of July 17, 2024:
−Removed: Director, President and Chief Executive Officer
+Added: Name Title Age
+Added: Werner Director, President and Chief Executive Officer 58
Bernadette M.
−Removed: Chief Financial Officer
−Removed: President, North America
−Removed: Sukshma Rajagopalan
−Removed: Chief Information and Digital Officer
−Removed: Gerardo Scheufler
−Removed: Chief Supply Chain Officer
−Removed: Marc Schroeder
−Removed: President, International
−Removed: Chief Operating Officer
−Removed: General Counsel and Chief Compliance Officer
−Removed: Chief Human Resources Officer
−Removed: Werner has served as our President and Chief Executive Officer and a member of our board of directors since November 2016.
+Added: Madarieta Chief Financial Officer 49
+Added: Miller President, North America 58
+Added: Sukshma Rajagopalan Chief Information and Digital Officer 50
+Added: Marc Schroeder President, International 53
+Added: Smith Chief Operating Officer 47
+Added: Spytek General Counsel and Chief Compliance Officer 56
+Added: Younes Chief Human Resources Officer 58
+Added: Werner has served as our President and Chief Executive Officer and a member of our Board since November 2016.
Prior to that, he served as President, Commercial Foods, for Conagra, a food company, since May 2015.
17 unchanged sentences
Miller was a key sales and business leader within Lamb Weston in both the U.S.
−Removed: She also has held various sales positions with North American food manufacturers and foodservice distributors.
+Added: She also has held various sales positions with other North American food manufacturers and foodservice distributors.
Sukshma Rajagopalan has served as our Chief Information and Digital Officer since June 2023.
2 unchanged sentences
Rajagopalan led the company’s global enterprise digital roadmap, including finance, supply chain and commercial solutions, as well as data and analytics including automation and artificial intelligence.
−Removed: Prior to joining Avantor, she spent 15 years at PepsiCo, Inc., a food and beverage company, and held various information technology and digital leadership roles, most recently as Vice President, Global Applications from March 2018 to March 2020.
−Removed: Gerardo Scheufler has served as our Chief Supply Chain Officer since August 2019.
−Removed: He also served as Senior Vice President from August 2019 to May 2023.
−Removed: Prior to joining Lamb Weston, Mr.
−Removed: Scheufler served as Vice President of Global Operations at Mondelēz International, Inc., a food and beverage company, from July 2014 until August 2019.
−Removed: During his tenure at Mondelēz International, Mr.
−Removed: Scheufler oversaw a major global restructuring program to optimize the global supply chain footprint, including the manufacturing, customer service, quality, logistics, health, safety and environment, and innovation functions.
−Removed: Prior to that, Mr.
−Removed: Scheufler spent more than 20 years at The Procter & Gamble Company, a consumer goods corporation, in a variety of roles of increasing responsibility after starting his career in manufacturing operations in 1990.
+Added: Prior to joining Avantor, she spent
+Added: 15 years at PepsiCo, Inc., a food and beverage company, and held various information technology and digital leadership roles, most recently as Vice President, Global Applications from March 2018 to March 2020.
Marc Schroeder has served as our President, International since May 2023.
29 unchanged sentences
We will disclose any waiver we grant to our Chief Executive Officer, Chief Financial Officer, or Controller under our codes, or certain amendments to the codes, on our website at www.lambweston.com.
−Removed: In addition, we adopted Corporate Governance Principles and charters for the Audit and Finance Committee, Nominating and Corporate Governance Committee, and Compensation and Human Capital Committee.
−Removed: All of these materials are available on our website at www.lambweston.com and will be provided free of charge to any stockholder requesting a copy by writing to:
+Added: In addition, we adopted Corporate Governance Principles and charters for the Audit and Finance Committee (the “Audit Committee”), Nominating and Corporate Governance Committee, and Compensation and Human Capital Committee.
+Added: These materials are available on our website at www.lambweston.com and will be provided free of charge to any stockholder requesting a copy by writing to:
Corporate Secretary, Lamb Weston Holdings, Inc., 599 S.
8 unchanged sentences
Department of Agriculture.
−Removed: Our operations and products are also subject to state and local regulation, including the registration and licensing of production facilities, enforcement by state health agencies of various state standards, and the registration and inspection of facilities.
+Added: In addition, our operations and products are subject to state and local regulation, including the registration and licensing of production facilities, enforcement by state health agencies of various state standards, and the registration and inspection of facilities.
Compliance with federal, state, and local regulation is costly and time-consuming.
10 unchanged sentences
(i) construct or acquire new equipment, (ii) acquire or amend permits to authorize facility operations, (iii) modify, upgrade, or replace existing and proposed equipment, and (iv) clean up or decommission our facilities or other locations in accordance with regulatory requirements.
−Removed: Our capital and operating budgets include costs and expenses associated with complying with these laws and other requirements.
+Added: Our capital and operating budgets include planned costs and expenses associated with complying with these laws and other requirements.
Available Information
3 unchanged sentences
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.