v3.24.3
SEGMENTS
 3 Months Ended
Aug. 25, 2024
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
We have two operating segments, each of which is a reportable segment: North America and International. Our chief operating decision maker receives periodic management reports under this structure, which informs operating decisions, performance assessment, and resource allocation decisions at the segment level. These reportable segments are each managed by a general manager and supported by a cross functional team assigned to support the segment.
Thirteen Weeks Ended
(in millions)August 25,
2024		August 27,
2023
Segment net sales
North America$1,103.7 $1,135.4 
International550.4 529.9 
$1,654.1 $1,665.3 
Thirteen Weeks Ended
(in millions)August 25,
2024		August 27,
2023
Segment Adjusted EBITDA
North America$276.1 $379.4 
International50.5 89.6 
Total Reportable Segments Adjusted EBITDA326.6 469.0 
Unallocated corporate costs (a)(36.7)(56.2)
Depreciation and amortization (b)91.4 70.8 
Unrealized derivative gains(8.9)(27.3)
Foreign currency exchange losses0.6 7.4 
Blue chip swap transaction gains (c)(16.6)— 
Items impacting comparability:
Inventory step-up from acquisition— 22.5 
Integration and acquisition-related items, net— 4.0 
Interest expense, net45.2 30.7 
Income before income taxes178.2 304.7 
Income tax expense50.8 69.9 
Net income$127.4 $234.8 
___________________________________________
(a)Unallocated corporate costs include costs related to corporate support staff and support services, foreign exchange gains and losses and unrealized mark-to-market derivative gains and losses. Support services include, but are not limited to, our administrative, information technology, human resources, finance, and accounting functions that are not specifically allocated to the segments.
(b)Depreciation and amortization include interest expense, income tax expense, and depreciation and amortization from equity method investments of $2.1 million and $2.2 million for the thirteen weeks ended August 25, 2024 and August 27, 2023.
(c)We enter into blue chip swap transactions to transfer U.S. dollars into Argentina primarily related to funding our announced capacity expansion in Argentina. The blue chip swap rate can diverge significantly from Argentina's official exchange rate.