What does "contains 2% or less of" mean?
The US Code of Federal Regulations (21 CFR 101.4) states that ingredients must be listed in descending order of predominance based on weight. The following exception is made in 21 CFR 101.4(2):


  The descending order of predominance requirements of paragraph (a)(1) of this section do not apply to ingredients present in amounts of 2 percent or less by weight when a listing of these ingredients is placed at the end of the ingredient statement following an appropriate quantifying statement, e.g., "Contains __ percent or less of _" or "Less than _ percent of __." The blank percentage within the quantifying statement shall be filled in with a threshold level of 2 percent, or, if desired, 1.5 percent, 1.0 percent, or 0.5 percent, as appropriate. No ingredient to which the quantifying phrase applies may be present in an amount greater than the stated threshold.


Thus, each ingredient is 2% or less of the total weight. They are also exempt from the order by weight requirement. The manufacturer is free to order the subset of &lt; 2% ingredients however they please.

Source: 21 CFR 101.4