INCOME TAXES

9 Months Ended

Feb. 27, 2022

INCOME TAXES

INCOME TAXES

3.    INCOME TAXES

Income tax expense was $31.1 million and $16.3 million for the thirteen weeks ended February 27, 2022 and February 28, 2021, respectively; and $49.4 million and $76.2 million for the thirty-nine weeks ended February 27, 2022 and February 28, 2021, respectively. The effective income tax rate (calculated as the ratio of income tax expense to pre-tax income, inclusive of equity method investment earnings) was 22.6% and 19.8% for the thirteen weeks ended February 27, 2022 and February 28, 2021, respectively; and 22.6% and 23.2% for the thirty-nine weeks ended February 27, 2022 and February 28, 2021, respectively, in our Consolidated Statements of 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, permanent differences, and discrete items.

Income Taxes Paid

Income taxes paid, net of refunds were $17.2 million and $44.4 million during the thirty-nine weeks ended February 27, 2022 and February 28, 2021, respectively.