INCOME TAXES

9 Months Ended

Feb. 25, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

Income tax expense for the thirteen and thirty-nine weeks ended February 25, 2024 and February 26, 2023 was as follows:

	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
(in millions)	February 25, 2024		February 26, 2023		February 25, 2024		February 26, 2023
Income before income taxes and equity method earnings	$	188.2	$	240.5	$	757.3	$	618.7
Equity method investment earnings (loss)	1.0		(23.3)		17.8		44.0
Income tax expense	43.1		42.1		179.3		152.6
Effective tax rate (a)	22.8%		19.4%		23.1%		23.0%

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(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 $140.4 million and $168.5 million during the thirty-nine weeks ended February 25, 2024 and February 26, 2023, respectively.