BUSINESS SEGMENTS AND RELATED INFORMATION

12 Months Ended

May 25, 2025

Segment Reporting [Abstract]

BUSINESS SEGMENTS AND RELATED INFORMATION

20. BUSINESS SEGMENTS AND RELATED INFORMATION

We reflect our results of operations in four reporting segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice.

The Grocery & Snacks reporting segment principally includes branded, shelf-stable food products sold in various retail channels in the United States.

The Refrigerated & Frozen reporting segment includes branded, temperature-controlled food products sold in various retail channels in the United States.

The International reporting segment principally includes branded food products, in various temperature states, sold in various retail and foodservice channels outside of the United States.

The Foodservice reporting segment includes branded and customized food products, including meals, entrees, sauces, and a variety of custom-manufactured culinary products packaged for sale to restaurants and other foodservice establishments primarily in the United States.

We do not aggregate operating segments when determining our reporting segments.

Our chief operating decision maker (“CODM”) is identified as our Chief Executive Officer. Our CODM uses segment operating profit in the annual plan and forecasting process and considers year-over-year performance when making decisions about allocating resources to our segments. The CODM also uses segment operating profit as an input to the overall compensation measures under our incentive compensation plans. We believe it is appropriate to disclose this measure to help investors analyze segment performance and trends. Segment operating profit is defined as operating profit excluding the effect of items impacting comparability. Items impacting comparability are gains or losses that our CODM believes have had, or are likely to have, a significant impact on segment operating profit and are not indicative of our core operating results. Items impacting comparability include, when they occur, the impacts of gain or loss on divestitures, restructuring activities, deal costs, unrealized gains/(losses) on commodity and foreign exchange hedges (the unrealized gains and losses are recorded in general corporate expenses until realized; once realized, the gains and losses are recorded in the applicable segment’s operating results), impairment losses, certain non-ordinary course legal and regulatory matters, and other

unusual gains or losses that are not part of our measurement of segment performance. Corporate unallocated expense; pension and postretirement non-service income (expense); interest expense, net; and equity method investment earnings are centrally managed costs and have been excluded from segment operating profit.

	2025
			Grocery & Snacks		Refrigerated & Frozen		International		Foodservice		Total
Net sales		$	4,899.3	$	4,662.3	$	956.5	$	1,094.7	$	11,612.8
Segment cost of goods sold1			3,431.4		3,606.4		700.7		885.4		8,623.9
Segment SG&A expenses2			450.9		404.2		111.9		78.3		1,045.3
Segment operating profit		$	1,017.0	$	651.7	$	143.9	$	131.0	$	1,943.6
General corporate expenses3											399.4
Other intangible asset impairment charges											72.1
Loss on divestitures											29.5
Other charges, net4											78.0
Operating profit										$	1,364.6
Pension and postretirement non-service income											25.9
Interest expense, net											416.7
Equity method investment earnings											182.4
Income before income taxes										$	1,156.2

	2024
			Grocery & Snacks		Refrigerated & Frozen		International		Foodservice		Total
Net sales		$	4,958.7	$	4,865.5	$	1,078.3	$	1,148.4	$	12,050.9
Segment cost of goods sold1			3,404.2		3,598.3		792.6		920.0		8,715.1
Segment SG&A expenses2			454.2		451.3		130.6		77.1		1,113.2
Segment operating profit		$	1,100.3	$	815.9	$	155.1	$	151.3	$	2,222.6
General corporate expenses3											322.2
Goodwill impairment charges											526.5
Other intangible asset impairment charges											430.2
Loss on divestitures											36.4
Other charges, net4											54.5
Operating profit										$	852.8
Pension and postretirement non-service income											10.3
Interest expense, net											430.5
Equity method investment earnings											177.6
Income before income taxes										$	610.2

	2023
			Grocery & Snacks		Refrigerated & Frozen		International		Foodservice		Total
Net sales		$	4,981.9	$	5,156.2	$	1,002.5	$	1,136.4	$	12,277.0
Segment cost of goods sold1			3,462.8		3,782.1		751.7		953.2		8,949.8
Segment SG&A expenses2			432.8		450.5		115.8		79.4		1,078.5
Segment operating profit		$	1,086.3	$	923.6	$	135.0	$	103.8	$	2,248.7
General corporate expenses3											388.9
Goodwill impairment charges											141.7
Other intangible asset impairment charges											589.2
Loss on divestitures											26.7
Other charges, net4											26.9
Operating profit										$	1,075.3
Pension and postretirement non-service income											24.2
Interest expense, net											409.6
Equity method investment earnings											212.0
Income before income taxes										$	901.9

¹ Segment cost of goods sold does not include items recorded in the Cost of goods sold line on our income statement that are presented in the Other charges, net line of this table.

² Segment SG&A expenses are regularly provided to the CODM as a percent of net sales. Segment SG&A expenses do not include items recorded in the Selling, general and administrative expenses line of our income statement that are presented in the Other charges, net line of this table.

³ General corporate expenses relate to certain costs that are shared across multiple segments but are not directly attributable, which include executive compensation, share-based payment expense, and costs associated with certain corporate functions.

⁴ Other charges include the following: net charges related to our restructuring plans, net gains and losses associated with fire-related costs and insurance proceeds, costs associated with a third-party vendor cybersecurity incident, and costs associated with a municipal water break.

The following table presents further disaggregation of our net sales:

	2025		2024		2023
Frozen	$	3,945.5	$	4,061.2	$	4,288.1
Staples
Other shelf-stable		2,790.8		2,834.1		2,851.9
Refrigerated		716.8		804.3		868.1
Snacks		2,108.5		2,124.6		2,130.0
International		956.5		1,078.3		1,002.5
Foodservice		1,094.7		1,148.4		1,136.4
Total net sales	$	11,612.8	$	12,050.9	$	12,277.0

To be consistent with how we present certain disaggregated net sales information to investors, we have categorized certain net sales of our segments as “Staples”, which includes all of our U.S. domestic retail refrigerated products and other shelf-stable grocery products. Management continues to regularly review financial results and make decisions about allocating resources based upon the four reporting segments outlined above.

Assets by Segment

The majority of our manufacturing assets are shared across multiple reporting segments. Output from these facilities used by each reporting segment can change over time. Also, working capital balances are not tracked by reporting segment. Therefore, it is impracticable to allocate those assets to the reporting segments, as well as disclose total assets and capital expenditures by segment. Our

CODM does not use assets by segment to evaluate performance or allocate resources. Depreciation and amortization are allocated to our reporting segments based on the output of each reporting segment per facility during each reporting period.

The following table presents depreciation and amortization by segment:

	2025		2024		2023
Grocery & Snacks	$	153.5	$	149.2	$	135.7
Refrigerated & Frozen		163.1		176.2		161.8
International		14.2		16.8		14.8
Foodservice		45.1		44.5		43.7
Total Reporting Segments		375.9		386.7		356.0
Corporate		14.3		14.2		13.9
Total Company	$	390.2	$	400.9	$	369.9

Other Information

Our operations are principally in the United States. With respect to operations outside of the United States, no single foreign country or geographic region was significant with respect to consolidated operations for fiscal 2025, 2024, and 2023. Foreign net sales, including sales by domestic segments to customers located outside of the United States, were approximately $987.9 million, $1.11 billion, and $1.04 billion in fiscal 2025, 2024, and 2023, respectively. Our long-lived assets located outside of the United States are not significant.

Our largest customer, Walmart, Inc. and its affiliates, accounted for approximately 29% of consolidated net sales for fiscal 2025 and 28% for fiscal 2024 and fiscal 2023, significantly impacting the Grocery & Snacks and Refrigerated & Frozen segments.

Walmart, Inc. and its affiliates accounted for approximately 16% and 32% of consolidated net receivables as of May 25, 2025 and May 26, 2024, respectively.