XML 51 R34.htm IDEA: XBRL DOCUMENT v3.22.2.2
SEGMENTS (Tables)
3 Months Ended
Aug. 28, 2022
SEGMENTS  
Schedule of segment information

​

​

​

​

​

​

​

​

​

​

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.

​