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Income Taxes (Tables)
12 Months Ended
May 28, 2016
Income Taxes [Abstract]  
Tax Expense By Jurisdiction



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

Fiscal year ended



 

May 28

 

May 30

 

May 31



 

2016

 

2015

 

2014

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

132,250 

 

$

70,900 

 

$

38,940 

State

 

 

17,560 

 

 

8,260 

 

 

5,470 



 

 

149,810 

 

 

79,160 

 

 

44,410 

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

 

17,096 

 

 

4,503 

 

 

6,474 

State

 

 

2,296 

 

 

605 

 

 

1,151 



 

 

19,392 

 

 

5,108 

 

 

7,625 



 

$

169,202 

 

$

84,268 

 

$

52,035 



Deferred Tax Assets And Liabilities



 

 

 

 

 

 



 

 

 

 

 

 



 

May 28

 

May 30



 

2016

 

2015

Deferred tax liabilities:

 

 

 

 

 

 

Property, plant and equipment

 

$

60,998 

 

$

48,117 

Inventories

 

 

39,068 

 

 

32,689 

Investment in affiliates

 

 

1,438 

 

 

240 

Other comprehensive income

 

 

223 

 

 

238 

Other

 

 

4,343 

 

 

3,857 

Total deferred tax liabilities

 

 

106,070 

 

 

85,141 



 

 

 

 

 

 

Deferred tax assets:

 

 

 

 

 

 

Accrued expenses

 

 

3,374 

 

 

2,553 

Other

 

 

7,314 

 

 

6,583 

Total deferred tax assets

 

 

10,688 

 

 

9,136 

Net deferred tax liabilities

 

$

95,382 

 

$

76,005 



Reconciliation Of Effective Tax Expense



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

 Fiscal year end



 

May 28

 

May 30

 

May 31



 

2016

 

2015

 

2014



 

 

 

 

 

 

Statutory federal income tax

 

$

169,835 

 

$  

85,933 

 

$  

56,435 

State income taxes, net

 

 

12,906 

 

 

5,762 

 

 

4,303 

Domestic manufacturers deduction

 

 

(13,332)

 

 

(7,308)

 

 

(3,810)

Reversal of outside basis in equity investment-Delta Egg

 

 

 -

 

 

 -

 

 

(3,295)

Non-taxable remeasurement gain upon consolidation of Delta Egg

 

 

 -

 

 

 -

 

 

(1,392)

Tax exempt interest income

 

 

(233)

 

 

(184)

 

 

(143)

Other, net

 

 

26 

 

 

65 

 

 

(63)



 

$

169,202 

 

$

84,268 

 

$

52,035