SEGMENTS (Tables)

12 Months Ended

May 29, 2022


	For the Fiscal Years Ended May
(in millions)	2022		2021		2020
Net sales
Global	$	2,064.2	$	1,911.5	$	1,973.6
Foodservice		1,318.2		1,017.3		1,069.1
Retail		594.6		603.4		595.5
Other		121.9		138.7		154.2
Total net sales		4,098.9		3,670.9		3,792.4
Product contribution margin (a)
Global		252.2		306.2		374.5
Foodservice		449.3		340.0		356.0
Retail		109.4		120.2		117.6
Other (b)		2.2		47.8		24.1
		813.1		814.2		872.2
Add: Advertising and promotion expenses (a)		18.9		17.8		23.0
Gross profit		832.0		832.0		895.2
Selling, general and administrative expenses		387.6		357.2		338.3
Income from operations		444.4		474.8		556.9
Interest expense, net (c)		161.0		118.3		108.0
Income tax expense		71.8		90.5		112.3
Equity method investment earnings (loss) (d)		(10.7)		51.8		29.3
Net income	$	200.9	$	317.8	$	365.9

(a)	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.

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

(c)

The fiscal year ended May 29, 2022, includes a loss on extinguishment of debt of $53.3 million, which includes a call premium of $39.6 million related to the redemption of the 2024 Notes and 2026 Notes, and the write-off of $13.7 million of previously unamortized debt issuance costs associated with those notes.

(d)	In May 2022, LWM announced its intent to withdraw from its joint venture investment in Russia. As a result, LWM determined that its net investment in Russia was impaired and recognized a non-cash impairment charge, of which our portion was $62.7 million.

Schedule of net sales of Other reporting segment


	For the Fiscal Years Ended May
(in millions)	2022		2021		2020
Net sales
Vegetable	$	74.9	$	91.3	$	104.9
Byproducts		33.5		36.1		36.4
Dairy		13.5		11.3		12.9
Total net sales	$	121.9	$	138.7	$	154.2