Income Taxes

9 Months Ended

Feb. 26, 2023

Income Taxes [Abstract]

Income Taxes

(15) Income Taxes

During the first quarter of fiscal 2023, the Inflation Reduction Act (IRA) was signed into law. The IRA introduces a Corporate

Alternative Minimum Tax beginning in our fiscal 2024 and an excise tax on the repurchase of corporate stock starting after January 1,

2023. We do not currently expect the IRA to have a material impact on our financial results, including our annual estimated effective

tax rate, or on our liquidity. The amount of excise tax on the repurchase of corporate stock was immaterial in the third quarter of fiscal

2023. We will continue to monitor and assess the impact the IRA may have on our business and financial results.

During fiscal 2022, the Brazilian tax authority, Secretaria da Receita Federal do Brasil (RFB), concluded audits of our 2012 through

2018 tax return years. These audits included a review of our determinations of amortization of certain goodwill arising from the

acquisition of Yoki Alimentos S.A. The RFB has proposed adjustments that effectively eliminate the goodwill amortization benefits

related to this transaction. We believe we have meritorious defenses and intend to continue to contest the disallowance for all years.