INCOME TAXES

6 Months Ended

Nov. 26, 2023

INCOME TAXES

INCOME TAXES

3.    INCOME TAXES

Income tax expense for the thirteen and twenty-six weeks ended November 26, 2023 and November 27, 2022 was as follows:

	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	November 26,		November 27,		November 26,		November 27,
(in millions)	2023		2022		2023		2022
Income before income taxes and equity method earnings	$	276.5	$	247.2	$	569.1	$	378.2
Equity method investment earnings (loss)		4.7		(107.3)		16.8		67.3
Income tax expense		66.2		36.8		136.1		110.5
Effective tax rate (a)		23.5%		26.3%		23.2%		24.8%

(a) The effective income tax rate is calculated as the ratio of income tax expense to pre-tax income, inclusive of equity method investment 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 and currency, permanent differences, and discrete items.

Income Taxes Paid

Income taxes paid, net of refunds, were $101.1 million and $92.1 million during the twenty-six weeks ended November 26, 2023 and November 27, 2022, respectively.