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SEGMENTS (Tables) | 3 Months Ended
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Aug. 24, 2025
Segment Reporting [Abstract] |
Schedule of the Reconciliation of Adjusted EBITDA to Net Income | The following table illustrates reportable segment net sales and Segment Adjusted EBITDA for the thirteen weeks ended August 24, 2025 and August 25, 2024, respectively.
|  | Thirteen Weeks Ended
|  | August 24, 2025 |  | August 25, 2024
(in millions) |  | North America |  | International |  | Total |  | North America |  | International |  | Total
Net Sales |  | $ | 1,084.6 |  |  | $ | 574.7 |  |  | $ | 1,659.3 |  |  | $ | 1,103.7 |  |  | $ | 550.4 |  |  | $ | 1,654.1 |
Other segment items (a) |  | 824.6 |  |  | 517.5 |  |  | 1,342.1 |  |  | 825.7 |  |  | 499.0 |  |  | 1,324.7 |
Segment Adjusted EBITDA (b) |  | $ | 260.0 |  |  | $ | 57.2 |  |  | $ | 317.2 |  |  | $ | 278.0 |  |  | $ | 51.4 |  |  | $ | 329.4 |
Unallocated corporate costs (c) |  |  |  |  |  | (15.0) |  |  |  |  |  |  | (30.0) |
Depreciation and amortization (d) |  |  |  |  |  | 96.3 |  |  |  |  |  |  | 91.4 |
Unrealized derivative gains |  |  |  |  |  | (4.9) |  |  |  |  |  |  | (8.9) |
Foreign currency exchange losses |  |  |  |  |  | (4.7) |  |  |  |  |  |  | 0.6 |
Blue chip swap gains (e) |  |  |  |  |  | — |  |  |  |  |  |  | (16.6) |
Stock-based compensation |  |  |  |  |  | 10.6 |  |  |  |  |  |  | 9.5 |
Items impacting comparability: |  |  |  |  |  |  |  |  |  |  |  |
Cost Savings Program, Restructuring Plan, and other expenses (f) |  |  |  |  |  | 31.9 |  |  |  |  |  |  | — |
Shareholder activism expense (g) |  |  |  |  |  | 4.0 |  |  |  |  |  |  | — |
Pension settlement (h) |  |  |  |  |  | 13.1 |  |  |  |  |  |  | — |
Interest expense, net |  |  |  |  |  | 43.7 |  |  |  |  |  |  | 45.2 |
Income before income taxes |  |  |  |  |  | 112.2 |  |  |  |  |  |  | 178.2 |
Income tax expense |  |  |  |  |  | 47.9 |  |  |  |  |  |  | 50.8 |
Net income |  |  |  |  |  | $ | 64.3 |  |  |  |  |  |  | $ | 127.4 |
___________________________________________ (a)Other segment items include cost of sales, selling, general, and administrative expenses, and equity method investment income or loss for each segment. (b)Segment Adjusted EBITDA includes the following: i.Net income (loss) associated with our equity method investments. ii.For the thirteen weeks ended August 25, 2024, an estimated $39 million loss related to a voluntary product withdrawal that was initiated in the fourth quarter of fiscal 2024. The total charge to reporting segments was approximately $21 million to the North America segment and approximately $18 million to the International segment. (c)Unallocated corporate costs include costs related to corporate support staff and support services, which include, but are not limited to, our administrative, information technology, human resources, finance, and accounting functions that are not specifically allocated to the segments. In the table, unallocated corporate costs exclude unrealized derivative gains and losses, foreign currency exchange gains and losses, blue chip swap transaction gains, and items impacting comparability. These items are added back to reconcile Segment Adjusted EBITDA to net income. (d)Depreciation and amortization includes interest expense, income tax expense, and depreciation and amortization from equity method investments of $2.2 million and $2.1 million for the thirteen weeks ended August 24, 2025 and August 25, 2024, respectively. (e)We entered into blue chip swap transactions to transfer U.S. dollars into Argentina primarily related to funding our capacity expansion in Argentina, which is now substantially complete. The blue chip swap rate can diverge significantly from Argentina's official exchange rate. (f)Cost Savings Program, Restructuring Plan, and other expenses relate to costs related to implementing the Plans. See Note 4, Restructuring, of these Condensed Notes to Consolidated Financial Statements for additional information (g)Represents advisory fees related to shareholder activism matters. (h)The Pension settlement charge was to fully fund the Company’s defined benefit pension plan, enabling lump sum payments to participants and transferring the remaining obligations and related plan assets to an insurer through a group annuity contract.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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