SEGMENTS (Tables)

3 Months Ended

Aug. 25, 2024


	Thirteen Weeks Ended
(in millions)	August 25, 2024		August 27, 2023
Segment net sales
North America	$	1,103.7	$	1,135.4
International	550.4		529.9
	$	1,654.1	$	1,665.3

Schedule of the Reconciliation of Adjusted EBITDA to Net Income


	Thirteen Weeks Ended
(in millions)	August 25, 2024		August 27, 2023
Segment Adjusted EBITDA
North America	$	276.1	$	379.4
International	50.5		89.6
Total Reportable Segments Adjusted EBITDA	326.6		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 losses	0.6		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, net	45.2		30.7
Income before income taxes	178.2		304.7
Income tax expense	50.8		69.9
Net income	$	127.4	$	234.8

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(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.