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BUSINESS SEGMENTS AND RELATED INFORMATION | 12 Months Ended
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May 31, 2026
BUSINESS SEGMENTS AND RELATED INFORMATION |
BUSINESS SEGMENTS AND RELATED INFORMATION | 20. BUSINESS SEGMENTS AND RELATED INFORMATION We reflect our results of operations in four reporting segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice. The Grocery & Snacks reporting segment principally includes branded, shelf-stable food products sold in various retail channels in the United States. The Refrigerated & Frozen reporting segment includes branded, temperature-controlled food products sold in various retail channels in the United States. The International reporting segment principally includes branded food products, in various temperature states, sold in various retail and foodservice channels outside of the United States. The Foodservice reporting segment includes branded and customized food products, including meals, entrees, sauces, and a variety of custom-manufactured culinary products packaged for sale to restaurants and other foodservice establishments primarily in the United States. We do not aggregate operating segments when determining our reporting segments. Our chief operating decision maker (“CODM”) is identified as our Chief Executive Officer. Our CODM uses segment operating profit in the annual plan and forecasting process and considers year-over-year performance when making decisions about allocating resources to our segments. The CODM also uses segment operating profit as an input to the overall compensation measures under our incentive compensation plans. We believe it is appropriate to disclose this measure to help investors analyze segment performance and trends. Segment operating profit is defined as operating profit excluding the effect of items impacting comparability. Items impacting comparability are gains or losses that our CODM believes have had, or are likely to have, a significant impact on segment operating profit and are not indicative of our core operating results. Items impacting comparability include, when they occur, the impacts of gain or loss on divestitures, restructuring activities, deal costs, unrealized gains/(losses) on commodity and foreign exchange hedges (the unrealized gains and losses are recorded in general corporate expenses until realized; once realized, the gains and losses are recorded in the applicable segment’s operating results), impairment losses, certain non-ordinary course legal and regulatory matters, and other unusual gains or losses that are not part of our measurement of segment performance. Corporate unallocated expense; pension and postretirement non-service income; interest expense, net; and equity method investment earnings are centrally managed costs and have been excluded from segment operating profit. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2026
​ | ​ ​ ​ | ​ | ​ | Grocery & Snacks | ​ | ​ | Refrigerated & Frozen | ​ | ​ | International | ​ | ​ | Foodservice | ​ ​ ​ | ​ | Total
Net sales | ​ | ​ | $ | 4,610.1 | ​ | $ | 4,641.8 | ​ | $ | 913.9 | ​ | $ | 1,115.8 | ​ | $ | 11,281.6
Segment cost of goods sold1 | ​ | ​ | ​ | 3,267.8 | ​ | ​ | 3,719.5 | ​ | ​ | 669.6 | ​ | ​ | 918.0 | ​ | ​ | 8,574.9
Segment SG&A expenses2 | ​ | ​ | ​ | 457.3 | ​ | ​ | 436.7 | ​ | ​ | 109.9 | ​ | ​ | 83.5 | ​ | ​ | 1,087.4
Segment operating profit | ​ | ​ | $ | 885.0 | ​ | $ | 485.6 | ​ | $ | 134.4 | ​ | $ | 114.3 | ​ | $ | 1,619.3
General corporate expenses3 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 330.7
Goodwill impairment charges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2,382.4
Other intangible asset impairment charges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 547.2
Gain on divestitures | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (42.2)
Other charges, net4 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 29.6
Operating loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (1,628.4)
Pension and postretirement non-service income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 45.9
Interest expense, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 382.6
Equity method investment earnings | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 140.7
Loss before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (1,824.4)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2025
​ | ​ ​ ​ | ​ | ​ | Grocery & Snacks | ​ | ​ | Refrigerated & Frozen | ​ | ​ | International | ​ | ​ | Foodservice | ​ ​ ​ | ​ | Total
Net sales | ​ | ​ | $ | 4,899.3 | ​ | $ | 4,662.3 | ​ | $ | 956.5 | ​ | $ | 1,094.7 | ​ | $ | 11,612.8
Segment cost of goods sold1 | ​ | ​ | ​ | 3,431.4 | ​ | ​ | 3,606.4 | ​ | ​ | 700.7 | ​ | ​ | 885.4 | ​ | ​ | 8,623.9
Segment SG&A expenses2 | ​ | ​ | ​ | 450.9 | ​ | ​ | 404.2 | ​ | ​ | 111.9 | ​ | ​ | 78.3 | ​ | ​ | 1,045.3
Segment operating profit | ​ | ​ | $ | 1,017.0 | ​ | $ | 651.7 | ​ | $ | 143.9 | ​ | $ | 131.0 | ​ | $ | 1,943.6
General corporate expenses3 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 399.4
Other intangible asset impairment charges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 72.1
Loss on divestitures | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 29.5
Other charges, net4 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 78.0
Operating profit | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,364.6
Pension and postretirement non-service income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 25.9
Interest expense, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 416.7
Equity method investment earnings | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 182.4
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,156.2
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024
​ | ​ ​ ​ | ​ | ​ | Grocery & Snacks | ​ | ​ | Refrigerated & Frozen | ​ | ​ | International | ​ | ​ | Foodservice | ​ ​ ​ | ​ | Total
Net sales | ​ | ​ | $ | 4,958.7 | ​ | $ | 4,865.5 | ​ | $ | 1,078.3 | ​ | $ | 1,148.4 | ​ | $ | 12,050.9
Segment cost of goods sold1 | ​ | ​ | ​ | 3,404.2 | ​ | ​ | 3,598.3 | ​ | ​ | 792.6 | ​ | ​ | 920.0 | ​ | ​ | 8,715.1
Segment SG&A expenses2 | ​ | ​ | ​ | 454.2 | ​ | ​ | 451.3 | ​ | ​ | 130.6 | ​ | ​ | 77.1 | ​ | ​ | 1,113.2
Segment operating profit | ​ | ​ | $ | 1,100.3 | ​ | $ | 815.9 | ​ | $ | 155.1 | ​ | $ | 151.3 | ​ | $ | 2,222.6
General corporate expenses3 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 322.2
Goodwill impairment charges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 526.5
Other intangible asset impairment charges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 430.2
Loss on divestitures | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 36.4
Other charges, net4 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 54.5
Operating profit | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 852.8
Pension and postretirement non-service income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 10.3
Interest expense, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 430.5
Equity method investment earnings | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 177.6
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 610.2
​ 1 Segment cost of goods sold does not include items recorded in the Cost of goods sold line on our income statement that are presented in the Other charges, net line of this table. 2 Segment SG&A expenses are regularly provided to the CODM as a percent of net sales. Segment SG&A expenses do not include items recorded in the Selling, general and administrative expenses line of our income statement that are presented in the Other charges, net line of this table. 3 General corporate expenses relate to certain costs that are shared across multiple segments but are not directly attributable, which include executive compensation, share-based payment expense, and costs associated with certain corporate functions. 4 Other charges include the following: net charges related to our restructuring plans and net gains and losses associated with fire-related costs and insurance proceeds. ​ The following table presents further disaggregation of our net sales: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ | 2026 | ​ ​ | 2025 | ​ ​ | 2024
Frozen | ​ | $ | 3,916.7 | ​ | $ | 3,945.5 | ​ | $ | 4,061.2
Staples | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other shelf-stable | ​ | ​ | 2,384.6 | ​ | ​ | 2,790.8 | ​ | ​ | 2,834.1
Refrigerated | ​ | ​ | 725.1 | ​ | ​ | 716.8 | ​ | ​ | 804.3
Snacks | ​ | ​ | 2,225.5 | ​ | ​ | 2,108.5 | ​ | ​ | 2,124.6
International | ​ | ​ | 913.9 | ​ | ​ | 956.5 | ​ | ​ | 1,078.3
Foodservice | ​ | ​ | 1,115.8 | ​ | ​ | 1,094.7 | ​ | ​ | 1,148.4
Total net sales | ​ | $ | 11,281.6 | ​ | $ | 11,612.8 | ​ | $ | 12,050.9
​ To be consistent with how we present certain disaggregated net sales information to investors, we have categorized certain net sales of our segments as “Staples”, which includes all of our U.S. domestic retail refrigerated products and other shelf-stable grocery products. Management continues to regularly review financial results and make decisions about allocating resources based upon the four reporting segments outlined above. Assets by Segment The majority of our manufacturing assets are shared across multiple reporting segments. Output from these facilities used by each reporting segment can change over time. Also, working capital balances are not tracked by reporting segment. Therefore, it is impracticable to allocate those assets to the reporting segments, as well as disclose total assets and capital expenditures by segment. Our CODM does not use assets by segment to evaluate performance or allocate resources. Depreciation and amortization are allocated to our reporting segments based on the output of each reporting segment per facility during each reporting period. The following table presents depreciation and amortization by segment: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ | 2026 | ​ ​ | 2025 | ​ ​ | 2024
Grocery & Snacks | ​ | $ | 146.9 | ​ | $ | 153.5 | ​ | $ | 149.2
Refrigerated & Frozen | ​ | ​ | 173.3 | ​ | ​ | 163.1 | ​ | ​ | 176.2
International | ​ | ​ | 14.6 | ​ | ​ | 14.2 | ​ | ​ | 16.8
Foodservice | ​ | ​ | 45.8 | ​ | ​ | 45.1 | ​ | ​ | 44.5
Total Reporting Segments | ​ | ​ | 380.6 | ​ | ​ | 375.9 | ​ | ​ | 386.7
Corporate | ​ | ​ | 15.4 | ​ | ​ | 14.3 | ​ | ​ | 14.2
Total Company | ​ | $ | 396.0 | ​ | $ | 390.2 | ​ | $ | 400.9
​ Other Information Our operations are principally in the United States. With respect to operations outside of the United States, no single foreign country or geographic region was significant with respect to consolidated operations for fiscal 2026, 2025, and 2024. Foreign net sales, including sales by domestic segments to customers located outside of the United States, were approximately $945.4 million, $987.9 million, and $1.11 billion in fiscal 2026, 2025, and 2024, respectively. Our long-lived assets located outside of the United States are not significant. Our largest customer, Walmart, Inc. and its affiliates, accounted for approximately 29% of consolidated net sales for fiscal 2026 and 2025 and 28% for fiscal 2024, significantly impacting the Grocery & Snacks and Refrigerated & Frozen segments. Walmart, Inc. and its affiliates accounted for approximately 14% and 16% of consolidated net receivables as of May 31, 2026 and May 25, 2025, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. 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