v3.24.3
INCOME TAXES (Tables)
3 Months Ended
Aug. 25, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense
Income tax expense for the periods presented were as follows:
Thirteen Weeks Ended
(in millions)August 25,
2024
August 27,
2023
Income before income taxes and equity method earnings$166.9 $292.6 
Equity method investment earnings (loss)11.3 12.1 
Income tax expense50.8 69.9 
Effective tax rate (a)28.5%22.9%
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(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. Our effective tax rate increased during the first quarter of fiscal 2025, primarily due to a higher proportion of earnings from our international locations with higher tax rates and discrete tax items.