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INCOME TAXES | 3 Months Ended
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Aug. 24, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES Income tax expense for the periods presented were as follows:
|  | Thirteen Weeks Ended |  |
(in millions) |  | August 24, 2025 |  | August 25, 2024 |  |  |  |
Income before income taxes and equity method earnings |  | $ | 112.8 |  |  | $ | 166.9 |  |  |  |  |
Equity method investment earnings (loss) |  | (0.6) |  |  | 11.3 |  |  |  |  |
Income tax expense |  | 47.9 |  |  | 50.8 |  |  |  |  |
Effective tax rate (a) |  | 42.7% |  | 28.5% |  |  |  |
___________________________________________ (a)The effective income tax rate is calculated as the ratio of income tax expense to pre-tax income, inclusive of equity method investment earnings. The effective tax rate varies from the U.S. statutory tax rate of 21% principally due to the impact of U.S. state taxes, foreign taxes and currency, permanent differences, and discrete items. Compared to the thirteen weeks ended August 25, 2024, the effective tax rate is higher primarily due to having a larger proportion of losses in certain jurisdictions with no expected tax benefits. In addition, the thirteen weeks ended August 24, 2025 included $10.2 million of discrete tax expense, primarily related to the establishment of a full valuation allowance against certain international deferred tax assets. Income Taxes Paid Income taxes paid, net of refunds, were $9.7 million and $6.0 million during the thirteen weeks ended August 24, 2025 and August 25, 2024, respectively.

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