SEGMENTS (Tables)

9 Months Ended

Feb. 28, 2021


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	February 28,		February 23,		February 28,		February 23,
	2021 (a)		2020		2021 (a)		2020
Net sales
Global	$	478.5	$	487.1	$	1,401.9	$	1,544.3
Foodservice		219.5		283.0		697.3		893.3
Retail		162.5		132.2		457.1		393.6
Other		35.3		35.0		107.1		114.3
Total net sales		895.8		937.3		2,663.4		2,945.5
Product contribution margin (b)
Global		79.3		109.3		249.8		341.0
Foodservice		70.2		99.8		243.7		313.5
Retail		33.1		28.8		99.0		86.2
Other (c)		8.7		5.9		32.4		26.0
		191.3		243.8		624.9		766.7
Add: Advertising and promotion expenses (b)		5.4		6.6		9.1		17.4
Gross profit		196.7		250.4		634.0		784.1
Selling, general and administrative expenses		96.1		87.9		258.1		258.1
Income from operations		100.6		162.5		375.9		526.0
Interest expense, net		29.3		25.2		89.6		78.8
Income tax expense		16.3		35.7		76.2		115.1
Equity method investment earnings		11.1		9.8		42.2		35.4
Net income	$	66.1	$	111.4	$	252.3	$	367.5

(a)

On March 11, 2020, the World Health Organization declared the spread of COVID-19 a global pandemic. In an attempt to minimize the transmission of COVID-19, significant social and economic restrictions, including restrictions on dine-in purchases and the imposition of stay-at-home orders, were imposed in the United States and in our international markets. These restrictions had a negative impact on our sales, costs, and earnings of our joint ventures, resulting in a negative impact on our net income. The increase in our costs, and the costs of our joint ventures, related to factory utilization and production inefficiencies, manufacturing and operational disruptions directly attributable to the pandemic, as well as incremental warehousing and transportation costs, and costs to enhance employee safety measures, including purchases of safety and health screening equipment, retaining sales employees, and expensing certain capitalized manufacturing facility expansion projects that were stopped.

(b)	Product contribution margin represents net sales less cost of sales and advertising and promotion expenses. Product contribution margin includes advertising and promotion expenses because those expenses are directly associated with segment performance.

(c)	The Other segment primarily includes our vegetable and dairy businesses and unrealized mark-to-market adjustments associated with commodity hedging contracts.