SEGMENTS (Tables)

3 Months Ended

Aug. 28, 2022


	Thirteen Weeks Ended
	August 28,		August 29,
(in millions)	2022		2021
Net sales
Global	$	559.7	$	501.2
Foodservice		366.3		321.4
Retail		169.6		132.5
Other		30.0		29.1
Total net sales	$	1,125.6	$	984.2
Product contribution margin (a)
Global	$	83.7	$	42.6
Foodservice		138.2		96.4
Retail		48.7		14.8
Other (b)		(1.8)		(6.6)
		268.8		147.2
Add: Advertising and promotion expenses (a)		4.5		4.1
Gross profit		273.3		151.3
Selling, general and administrative expenses		116.3		91.1
Income from operations		157.0		60.2
Interest expense, net		26.0		27.9
Income tax expense		73.7		8.7
Equity method investment earnings (c)		174.6		6.2
Net income	$	231.9	$	29.8

(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 and realized settlements associated with commodity hedging contracts.

(c)

Equity method investment earnings for the thirteen weeks ended August 28, 2022 and August 29, 2021 include a $146.3 million and $5.0 million unrealized gain, respectively, related to mark-to-market adjustments associated with changes in natural gas and electricity derivatives as commodity markets in Europe have experienced significant volatility.

In July 2022, we acquired an additional 40% interest in LWAMSA, increasing our total ownership from 50% to 90%. See Note 6, Joint Venture Investments, for more information.