Group 1: Berkshire Hathaway and BYD - Berkshire Hathaway has fully exited its 17-year investment in Chinese electric vehicle maker BYD, marking the end of a significant partnership [2][3] - The investment was initially recommended by Charlie Munger, and BYD's shares fell approximately 3% following the news of the exit [3] - Berkshire Hathaway's investment value in BYD was reported as zero as of March 31, down from $415 million at the end of 2024, after initially investing $230 million for a 10% stake in 2008 [4] Group 2: Nissan's ProPilot System - Nissan is set to launch an updated version of its ProPilot driver-assist system in collaboration with UK-based Wayve Technologies, aiming to compete with Tesla's Full Self-Driving (FSD) [5][6] - The new system will still operate at Level 2 autonomy, requiring driver readiness to take control, with a rollout expected by March 2028 [6] - Nissan emphasizes safety features, including driver monitoring through internal cameras, and plans to introduce an autonomous vehicle ride-share service by 2027 [8][9] Group 3: Hamburger Helper Sales - Hamburger Helper has seen a sales increase of 14.5% in the year through August, attributed to consumers seeking budget-friendly meal options amid rising grocery prices [10][11] - The product's resurgence mirrors its popularity during the inflationary period of the 1970s, as consumers are also purchasing more economical food items like beans and rice [11]

Core Viewpoint - Lamb Weston Holdings Inc is under pressure to adapt to fluctuating costs and shifting consumer demands, with investors closely monitoring earnings reports for signs of resilience and growth potential [1] Group 1: Earnings Expectations - The company is expected to report an earnings beat for the first quarter of fiscal 2026, driven by gross margin improvements, with current estimates for the fiscal second quarter considered "too low" by JPMorgan [2] - Lamb Weston achieved earnings beats of 25% in the third and fourth quarters of fiscal 2025, which contributed to a 10% increase in stock price [2] Group 2: Stock Performance - The stock has risen by 13% over the past two months, indicating that the potential upside for the first quarter may already be partially reflected in the current share price [3] - At the time of publication, Lamb Weston shares were up 2.39% at $57.43, trading within a 52-week range of $47.87 to $83.98 [4] Group 3: Margin Pressures - Despite positive indicators, the company may still face margin pressures, particularly with price concessions expected for one-third of customer contracts that will be renegotiated for calendar year 2026 [3] - The worst headwinds to Lamb Weston Holdings' sales and margins appear to be behind the company [3]

Group 1: Economic Context and Investment Trends - Investors are increasingly turning to defensive plays amid economic warning signs, with gold and dividend stocks being popular safe havens [1][2] - The dividend landscape is broader than commonly recognized, with lesser-known companies outside of major names like Coca-Cola and Johnson & Johnson being worth consideration [2] Group 2: Company Profiles Pentair - Pentair has a dividend yield of 0.90%, an annual dividend of $1.00, and a dividend increase track record of 7 years, with a payout ratio of 27.32% [4][6] - The company recently reported earnings that beat analyst predictions, with modest revenue gains but significant improvements in profitability, aided by a favorable tariff landscape [4][5] - Pentair achieved a record $596 million in free cash flow in Q2, allowing for continued strategic acquisitions and expansion [5] Enterprise Products Partners - Enterprise Products Partners has a dividend yield of 6.88%, an annual dividend of $2.18, and a remarkable 28-year track record of dividend increases, with a payout ratio of 81.04% [8][9] - The company benefits from the stability of the midstream energy sector, consistently increasing its dividend while managing to repurchase $1.3 billion in shares [9][10] - Enterprise has a debt-to-equity ratio of 1.04 and is expected to have about 13% upside potential according to analyst ratings [11] Lamb Weston - Lamb Weston has a dividend yield of 2.64%, an annual dividend of $1.48, and a 7-year history of dividend increases, with a payout ratio of 58.96% [12][14] - Despite a 15% decline in shares year-to-date, the company reported stronger-than-expected fiscal fourth-quarter results, driven by volume growth and cost-cutting measures [13][14] - Analysts remain cautious, with a majority rating shares as a Hold, but the company is forecasted to have nearly 16% upside potential following recent performance [14]

Core Insights - Lamb Weston Holdings, Inc. is a leader in the global frozen foods industry, specializing in frozen potato products, particularly fries and appetizers, serving major foodservice and quick-service restaurant clients primarily in North America and select global markets [1] Group 1: Strategic Initiatives - The company is experiencing benefits from customer wins and strong retention rates, driven by its "Focus to Win" strategic plan aimed at cost savings and working capital improvements to enhance profitability [2] - Lamb Weston is committed to ongoing product innovations, introducing items like fridge-friendly fries and premium potato bites to meet evolving consumer preferences [3] Group 2: Market Dynamics - Evolving market dynamics, such as the growth in food delivery, enhanced QSR concepts, and the rising popularity of air fryers, are creating new opportunities for innovation [4] - Management anticipates that customers will continue to prioritize french fries on menus and at home, with expectations for global restaurant traffic to remain steady through fiscal 2025 [4] Group 3: Financial Performance - Lamb Weston shares have declined by 18.6% year to date, compared to a 5.4% dip in the industry [5] - The company trades at a forward price-to-earnings ratio of 17.62X, higher than the industry average of 15.87X [6] Group 4: Earnings Estimates - The Zacks Consensus Estimate for Lamb Weston's fiscal 2026 earnings per share (EPS) indicates a year-over-year decline of 10.5%, while fiscal 2027 shows a growth of 16.4% [10] - The most recent consensus estimates for fiscal 2026 and fiscal 2027 have been revised downward in the past 30 days [10]

Core Insights - Lamb Weston reported fiscal 2025 fourth-quarter earnings with adjusted EPS of $0.87, exceeding analyst estimates of $0.78, and revenue of $1.68 billion, surpassing forecasts of $1.65 billion [1][2] - Despite positive earnings, the company faces profitability pressures due to competitive pricing, higher fixed costs, and subdued restaurant demand, prompting a significant cost reduction plan [1][11] Financial Performance - Adjusted EPS increased by 12% year-over-year, while revenue grew by 4% compared to the previous year [2][6] - Income from operations decreased by 12.6% year-over-year, and net income fell by 7.5% [2] - Adjusted EBITDA rose slightly by 0.5% year-over-year, indicating stable core profitability despite margin compression [2][6] Business Overview - Lamb Weston is a leading supplier of frozen potato products, serving a diverse customer base including quick service restaurants and grocery retailers [3][4] - The company focuses on maintaining market leadership in North America and expanding its product offerings through innovation [4] Segment Dynamics - North American segment revenue declined by 1%, despite a 4% increase in sales volume, due to lower prices and a shift away from higher-margin customers [7] - International segment revenue grew by 15%, with a 16% increase in volume, driven by new customer contracts [7] Cost Management and Initiatives - The company launched a "Focus to Win" initiative targeting $250 million in annualized cost savings by FY2028, including a 4% headcount reduction [11] - Inventory days on hand decreased by eight days, reflecting improved product movement, although warehousing and logistics costs rose [11] Capital Returns - In FY2025, the company returned $488.9 million to shareholders, including $282.0 million in share repurchases and $206.9 million in dividends [13] Future Outlook - For fiscal 2026, Lamb Weston projects net sales between $6.35 billion and $6.55 billion, indicating modest growth, with adjusted EBITDA forecasted at $1.0 billion to $1.2 billion [14] - Management anticipates continued challenges from pricing and cost pressures, particularly in the first half of FY2026 [14][15]

Core Viewpoint - The analysis of Lamb Weston’s international operations is crucial for understanding its financial strength and growth potential, especially given its significant global presence [1][2]. Group 1: Financial Performance - In the last fiscal quarter, Lamb Weston reported total revenue of $1.68 billion, reflecting a 4% increase from the previous year [4]. - North America contributed $1.1 billion, accounting for 65.83% of total revenue, which was a surprise of +2.4% compared to analyst expectations [5]. - International revenue reached $572.7 million, making up 34.17% of total revenue, exceeding the consensus estimate by +10.28% [6]. Group 2: Revenue Projections - Analysts forecast total revenue of $1.62 billion for the current fiscal quarter, indicating a decline of 2.3% from the prior-year quarter [7]. - For the entire year, total revenue is projected to be $6.49 billion, a 0.5% improvement from the previous year, with North America expected to contribute 65.4% ($4.24 billion) and International 33.5% ($2.17 billion) [8]. Group 3: Market Dynamics - The reliance on international markets presents both opportunities and challenges for Lamb Weston, making the analysis of international revenue trends essential for future outlook [9]. - Financial analysts are closely monitoring international developments to refine earnings estimates for companies operating globally, highlighting the importance of local market conditions [10]. Group 4: Stock Performance - Lamb Weston’s stock has increased by 14% over the past month, outperforming the Zacks S&P 500 composite, which rose by 4.9% [13]. - Over the past three months, the company's shares gained 18.2%, compared to a 16% increase in the S&P 500 [13].

Group 1 - Lamb Weston Holdings, Inc. reported its Fourth Quarter and Full Year Fiscal 2025 earnings, indicating a focus on financial performance and future expectations [3][4]. - The earnings call was led by key company executives, including the Chief Financial Officer and the President & CEO, highlighting the importance of leadership in communicating financial results [1][3]. - The company provided a press release and presentation slides for stakeholders, emphasizing transparency and accessibility of information [3]. Group 2 - The earnings call included discussions on forward-looking statements, which are based on current expectations but may differ due to various risks and uncertainties [4]. - Non-GAAP financial measures were mentioned, indicating that these metrics should be considered alongside GAAP results for a comprehensive understanding of the company's financial health [5].

Core Insights - Lamb Weston Holdings, Inc. (LW) reported strong fourth-quarter fiscal 2025 results, with both revenue and earnings exceeding Zacks Consensus Estimates and showing year-over-year growth [1][3][11] Financial Performance - Adjusted earnings were 87 cents per share, surpassing the Zacks Consensus Estimate of 64 cents, marking a 12% increase primarily due to lower income tax expenses [3] - Net sales reached $1,675.8 million, exceeding the Zacks Consensus Estimate of $1,593 million, reflecting a 4% year-over-year increase [3] - Adjusted gross profit decreased by $19.5 million to $343.5 million, mainly due to a negative price/mix, although this was partially offset by lower manufacturing costs [6] Volume and Sales Dynamics - Fiscal fourth-quarter volume rose 8% compared to the same quarter last year, driven by contract wins across all channels and regions, despite soft global restaurant traffic [4] - The price/mix declined by 4% as the company engaged in strategic pricing and trade promotions to remain competitive [5] Segment Performance - North America segment net sales decreased by 1% to $1,103.1 million, with a volume increase of 4% offset by declines in restaurant traffic [12] - International segment net sales grew by 15% to $572.7 million, with a volume increase of 16%, despite declines in restaurant traffic in key markets [14] Cost Management and Profitability - Adjusted selling, general and administrative (SG&A) expenses fell by $16.4 million year over year to $155.6 million, attributed to lower advertising costs and restructuring savings [8] - Adjusted EBITDA rose by $1.5 million year over year to $284.9 million, driven by reduced SG&A expenses [9] Future Outlook - The company forecasts fiscal year 2026 sales between $6.35 billion and $6.55 billion, with adjusted EBITDA expected to be between $1 billion and $1.2 billion [11][19] - Capital expenditures are projected to total approximately $500 million [19] Shareholder Returns - In fiscal 2025, the company returned $488.9 million to shareholders through dividends and share repurchases, including $206.9 million in cash dividends and $282 million in share repurchases [17]

Core Insights - Shares of Lamb Weston Holdings, Inc. (NYSE: LW) have declined approximately 25% over the past year, indicating poor performance in the market [1] Company Performance - Recent news provided some positive developments for investors, suggesting potential recovery or improvement in the company's outlook [1]

Part I [Business](index=4&type=section&id=Item%201.%20Business) Lamb Weston is a leading global producer of value-added frozen potato products, operating through North America and International segments - Lamb Weston is the leading supplier of value-added frozen potato products in North America and a major international supplier, with french fries being the primary product[7](index=7&type=chunk) - The company operates through two reportable segments: North America (U.S., Canada, Mexico) and International (all other regions)[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) - Significant customer concentration exists, with the ten largest customers making up about **50% of net sales**. McDonald's Corporation is the largest customer, accounting for approximately **15% of consolidated net sales in fiscal 2025**[16](index=16&type=chunk) - The company operates **26 production facilities** globally and also utilizes co-packing agreements to source some products[23](index=23&type=chunk) - As of July 17, 2025, the company had approximately **10,100 employees**, with about **30% covered by collective bargaining agreements**[28](index=28&type=chunk) - The company expects to spend approximately **$100 million in fiscal 2026** and about **$500 million over the next six years** to comply with environmental regulations, primarily for wastewater treatment[50](index=50&type=chunk) [Risk Factors](index=13&type=section&id=Item%201A.%20Risk%20Factors) The company faces diverse risks including rising input costs, supply chain disruptions, and international operational challenges - The company may not be able to offset cost increases for key inputs like raw potatoes, edible oil, labor, and energy, which could adversely affect financial results. Elevated commodity and supply chain costs continued in fiscal 2025[55](index=55&type=chunk)[56](index=56&type=chunk) - Disruptions to the supply chain from factors like natural disasters, labor shortages, or geopolitical conflicts (e.g., war in Ukraine) could impair manufacturing and distribution capabilities[58](index=58&type=chunk)[59](index=59&type=chunk) - International operations, which accounted for approximately **35% of net sales in fiscal 2025**, are exposed to risks including foreign exchange rate fluctuations, trade barriers, and political instability[63](index=63&type=chunk) - Poor potato crop performance due to weather, pests, or disease can lead to insufficient supply, higher costs, and manufacturing inefficiencies. An oversupply, as seen in fiscal 2025, can lead to write-offs of excess raw potatoes[78](index=78&type=chunk) - The transition to a new ERP system in North America has caused and could further cause business disruptions. In fiscal 2024, the transition led to reduced visibility of finished goods inventories, affecting customer order fulfillment and resulting in declines in sales volume and margins[94](index=94&type=chunk) - Climate change presents risks such as decreased agricultural productivity, water scarcity impacting production, and increased compliance costs from new environmental regulations[106](index=106&type=chunk)[107](index=107&type=chunk) [Unresolved Staff Comments](index=34&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the Securities and Exchange Commission - None[112](index=112&type=chunk) [Cybersecurity](index=34&type=section&id=Item%201C.%20Cybersecurity) The company manages cybersecurity risks through a comprehensive program overseen by the Board's Audit Committee - The company's cybersecurity risk management program includes policies, an incident response plan, regular risk assessments, vulnerability testing, and employee training[113](index=113&type=chunk) - The Board of Directors has ultimate oversight of cybersecurity risk, with the Audit Committee regularly reviewing the program and reporting to the full Board[118](index=118&type=chunk) - The cybersecurity program is managed by an interim CISO with over **20 years of experience**, who reports to the CIO. The CISO and CIO provide regular updates to the Audit Committee[119](index=119&type=chunk)[120](index=120&type=chunk) - To date, the company is not aware of any cybersecurity incident that has had, or is reasonably likely to have, a material impact on its business or operations[117](index=117&type=chunk) [Properties](index=37&type=section&id=Item%202.%20Properties) Lamb Weston operates **26 global production facilities**, headquartered in Idaho, and recently closed a facility Principal Production and Processing Facilities (as of May 25, 2025) | Location | Type of Facility | Owned/Leased | | :--- | :--- | :--- | | **Domestic (U.S.)** | | | | American Falls, ID | Production & Cold Storage | Owned (1) | | Boardman, OR | Production & Cold Storage | Owned (3) | | Delhi, LA | Production, Cold Storage, Farm | Owned (1), Leased (2) | | Hermiston, OR | Production | Owned (1) | | Park Rapids, MN | Production & Cold Storage | Owned (1) (a) | | Pasco, WA | Production | Owned (2) | | Paterson, WA | Production, Farm | Owned (2), Leased (3) | | Quincy, WA | Production | Owned (1) | | Richland, WA | Production, Innovation Center | Owned (2) | | Twin Falls, ID | Production | Owned (1) | | Warden, WA | Production | Owned (1) | | **International** | | | | Bergen-op-Zoom, Netherlands | Production | Owned (1) | | Broekhuizenvorst, Netherlands | Production | Owned (1) | | Buenos Aires, Argentina | Production | Owned (1) | | Hallam, Australia | Production & Cold Storage | Leased (2) | | Hollabrunn, Austria | Production | Owned (1) (b) | | Kruiningen, Netherlands | Production | Owned (1) | | Oosterbierum, Netherlands | Production | Owned (1) | | Shangdu, China | Production | Owned (1) | | Taber, Canada | Production & Cold Storage | Owned (1) | | Ulanqab, China | Production & Cold Storage | Owned (1) | | Wisbech, United Kingdom | Production | Owned (1) | (a) 50% interest through Lamb Weston RDO joint venture. (b) 75% interest through a joint venture owned by LW EMEA. - As part of the FY25 Restructuring Plan announced on October 1, 2024, the company closed one of its manufacturing facilities in Connell, Washington[124](index=124&type=chunk) [Legal Proceedings](index=38&type=section&id=Item%203.%20Legal%20Proceedings) The company faces legal proceedings, including class actions related to ERP system and antitrust allegations - The company is defending against consolidated class actions and a stockholder derivative complaint alleging misrepresentations regarding its ERP system implementation and pricing practices[389](index=389&type=chunk) - Multiple class action complaints have been filed alleging antitrust violations, claiming the company and other producers conspired to fix prices of frozen potato products beginning around January 1, 2021[390](index=390&type=chunk) - Management believes the pending legal actions will not have a material adverse effect on the company's financial condition, results of operations, or cash flows[391](index=391&type=chunk) [Mine Safety Disclosures](index=38&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[128](index=128&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=38&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Lamb Weston's common stock trades on the NYSE, with the Board increasing share repurchase authorization to **$750 million** - The company's common stock is listed on the NYSE under the ticker symbol "LW"[130](index=130&type=chunk) - The Board increased the total share repurchase authorization to **$750 million** in December 2024. As of May 25, 2025, approximately **$358 million** remained available for repurchase under the program, which has no expiration date[132](index=132&type=chunk) Issuer Purchases of Equity Securities (Q4 FY2025) | Period | Total Shares Purchased | Average Price Paid Per Share | Shares Purchased as Part of Publicly Announced Programs | Approx. Dollar Value Remaining Under Programs (in millions) | | :--- | :--- | :--- | :--- | :--- | | Feb 24 - Mar 23, 2025 | 957 | $52.73 | 0 | $458 | | Mar 24 - Apr 20, 2025 | 595,178 | $54.61 | 584,451 | $426 | | Apr 21 - May 25, 2025 | 1,313,220 | $51.88 | 1,310,777 | $358 | [Reserved](index=39&type=section&id=Item%206.%20Reserved) This item is reserved and contains no information [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) FY25 net sales were flat, net income declined, prompting a new strategic plan and cost savings program - The company announced a new strategic plan, "Focus to Win," and a Cost Savings Program aiming for at least **$250 million in annualized savings by the end of fiscal 2028**[142](index=142&type=chunk) Fiscal Year 2025 vs. 2024 Performance Summary | Metric (in millions) | FY 2025 | FY 2024 | % Change | | :--- | :--- | :--- | :--- | | **Net Sales** | | | | | North America | $4,265.2 | $4,363.2 | (2)% | | International | $2,186.1 | $2,104.4 | 4% | | **Total Net Sales** | **$6,451.3** | **$6,467.6** | **—%** | | **Segment Adjusted EBITDA** | | | | | North America | $1,101.4 | $1,263.1 | (13)% | | International | $253.7 | $331.9 | (24)% | | **Total Adjusted EBITDA** | **$1,220.5** | **$1,416.7** | **(13.9)%** | | **Net Income** | **$357.2** | **$725.5** | **(50.8)%** | | **Diluted EPS** | **$2.50** | **$4.98** | **(49.8)%** | - Gross profit declined to **$1,398.6 million**, primarily due to increased manufacturing costs per pound, higher input costs (potato, labor, packaging), and **$57.6 million** in incremental depreciation from capacity expansions[150](index=150&type=chunk) - The company recorded a **$100.0 million restructuring expense** related to the FY25 Restructuring Plan[152](index=152&type=chunk) - Cash from operations increased to **$868.3 million in fiscal 2025** from **$798.2 million in fiscal 2024**, mainly due to favorable changes in working capital, particularly reduced inventories[161](index=161&type=chunk)[164](index=164&type=chunk) - For fiscal 2026, the company expects earnings to decline due to price investments, input cost increases, and higher depreciation, partially offset by benefits from restructuring and cost savings programs[144](index=144&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from commodity prices, foreign currency exchange rates, and interest rates - The company is exposed to commodity price risk for inputs like oil and energy. A hypothetical **10% decline in market prices** would result in a pre-tax charge of **$6.8 million to cost of sales** based on open hedge positions at May 25, 2025[193](index=193&type=chunk) - The company faces foreign currency exchange rate risk, primarily from the Euro. A hypothetical **10% adverse change in exchange rates** would result in pre-tax losses of **$68.5 million** as of May 25, 2025[194](index=194&type=chunk) - The company has interest rate risk related to its **$1,166.4 million of variable-rate debt**. A **one percent increase in interest rates** would increase annual pre-tax interest expense by **$11.8 million** as of May 25, 2025[195](index=195&type=chunk) [Financial Statements and Supplementary Data](index=52&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents audited consolidated financial statements for FY23-25 with an unqualified audit opinion Consolidated Statement of Earnings Highlights (Fiscal Year Ended May 25, 2025) | Metric (in millions) | Amount | | :--- | :--- | | Net sales | $6,451.3 | | Gross profit | $1,398.6 | | Income from operations | $665.1 | | Net income | $357.2 | | Diluted EPS | $2.50 | Consolidated Balance Sheet Highlights (As of May 25, 2025) | Metric (in millions) | Amount | | :--- | :--- | | Total Current Assets | $2,032.7 | | Total Assets | $7,392.6 | | Total Current Liabilities | $1,476.0 | | Long-Term Debt (excl. current) | $3,682.8 | | Total Liabilities | $5,654.9 | | Total Stockholders' Equity | $1,737.7 | Consolidated Statement of Cash Flows Highlights (Fiscal Year Ended May 25, 2025) | Metric (in millions) | Amount | | :--- | :--- | | Net cash provided by operating activities | $868.3 | | Net cash used for investing activities | $(648.0) | | Net cash used in financing activities | $(225.0) | - The independent auditor, KPMG LLP, issued an unqualified opinion on the consolidated financial statements and the effectiveness of internal control over financial reporting[199](index=199&type=chunk)[210](index=210&type=chunk) - A critical audit matter was identified concerning the sufficiency of audit evidence over finished goods inventory held at third-party warehouse locations, due to reliance on manual and automated processes[204](index=204&type=chunk)[205](index=205&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=100&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting or financial disclosure - None[393](index=393&type=chunk) [Controls and Procedures](index=100&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls and internal control over financial reporting were effective - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of May 25, 2025[394](index=394&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of May 25, 2025, based on the COSO framework[396](index=396&type=chunk) - There were no changes in internal control over financial reporting during the quarter ended May 25, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls[400](index=400&type=chunk) [Other Information](index=101&type=section&id=Item%209B.%20Other%20Information) The company announced a new Cost Savings Program targeting **$250 million** in annualized savings by FY28 - A new Cost Savings Program announced on July 23, 2025, is expected to deliver at least **$250 million in annualized savings by the end of fiscal 2028**[401](index=401&type=chunk) - The program will incur total pre-tax cash charges of **$70 million to $100 million** and involves a headcount reduction of approximately **4% of the global workforce**[402](index=402&type=chunk) - No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the quarter ended May 25, 2025[403](index=403&type=chunk) [Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](index=101&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20That%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[404](index=404&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=102&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated from the Proxy Statement - This section incorporates information by reference from the company's 2025 Proxy Statement[406](index=406&type=chunk) [Executive Compensation](index=102&type=section&id=Item%2011.%20Executive%20Compensation) Information on executive compensation is incorporated by reference from the company's 2025 Proxy Statement - This section incorporates information by reference from the company's 2025 Proxy Statement[407](index=407&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=102&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section provides equity compensation plan information and incorporates security ownership details Equity Compensation Plan Information as of May 25, 2025 | Plan Category | Number of Securities to be Issued Upon Exercise (a) | Weighted-Average Exercise Price of Outstanding Options (b) | Number of Securities Remaining Available for Future Issuance (c) | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by securityholders | 2,081,450 | $69.72 | 5,532,480 | - Information on security ownership of certain beneficial owners and management is incorporated by reference from the 2025 Proxy Statement[409](index=409&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=103&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated from Proxy Statement - This section incorporates information by reference from the company's 2025 Proxy Statement[411](index=411&type=chunk) [Principal Accountant Fees and Services](index=103&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information on fees paid to the principal accountant and services rendered is incorporated from Proxy Statement - This section incorporates information by reference from the company's 2025 Proxy Statement[412](index=412&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=103&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists financial statements, schedules, and exhibits, including Schedule II detailing deferred tax asset valuation Schedule II – Valuation and Qualifying Accounts (Deferred tax asset valuation allowance) | Fiscal Year Ended | Beginning Balance (in millions) | Additions Charged to Costs, Expenses and Equity (in millions) | Deductions from Reserves (in millions) | Ending Balance (in millions) | | :--- | :--- | :--- | :--- | :--- | | May 25, 2025 | $53.1 | $12.6 | $— | $65.7 | | May 26, 2024 | $49.5 | $3.6 | $— | $53.1 | | May 28, 2023 | $50.1 | $— | $0.6 | $49.5 | - A list of all exhibits filed with the Form 10-K is provided, including governance documents, credit agreements, stock plans, and officer certifications[416](index=416&type=chunk)[417](index=417&type=chunk)[418](index=418&type=chunk) [Form 10-K Summary](index=110&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company has not provided a summary for its Form 10-K - None[421](index=421&type=chunk)