INCOME TAXES |
3 Months Ended |
|---|---|
Aug. 30, 2026 | |
| INCOME TAXES | |
| INCOME TAXES | 11. INCOME TAXES In the first quarter of fiscal 2027 and 2026, we recognized income tax expense of $58.6 million and $124.6 million, respectively. The effective tax rate (calculated as the ratio of income tax expense to pre-tax income, inclusive of equity method investment earnings) was 25.2% and 43.1% for the first quarter of fiscal 2027 and 2026, respectively. The effective tax rate in the first quarter of fiscal 2027 reflected $3.8 million of tax expense related to stock-based compensation due to the decline in our stock price. The effective tax rate in the first quarter of fiscal 2026 was negatively impacted by non-deductible goodwill related to the divestiture of the Chef Boyardee ®, Mrs. Paul’s ®, and Van de Kamp’s ® businesses. This resulted in $62.8 million of tax expense being recognized on a pre-tax gain of $42.4 million. Additionally, $5.5 million of tax expense was recognized related to stock-based compensation due to the decline in our stock price. |