Property, Plant and Equipment

12 Months Ended

Jun. 03, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 6 - Property, Plant and Equipment

Property, plant and equipment consisted of the following (in thousands):

June 3, 2023

May 28, 2022

Land and improvements

$

117,279

$

109,833

Buildings and improvements

552,669

517,859

Machinery and equipment

715,205

655,925

Construction-in-progress

98,605

71,967

1,483,758

1,355,584

Less: accumulated depreciation

739,218

677,788

$

744,540

$

677,796

Depreciation expense was $

69.4

 million, $

65.8

 million and $

56.5

 million in the fiscal years ended June 3, 2023, May 28, 2022,

and May 29, 2021, respectively.

The Company maintains insurance for both property damage and business interruption relating to catastrophic events, such as

fires. Insurance recoveries received for property damage and business interruption in excess of the net book value of damaged

assets, clean-up and demolition costs, and post-event costs are recorded within “Gain on insurance recoveries” in the period

received or committed when all contingencies associated with the recoveries are resolved. Losses related to property damage are

recorded within “(Gains) loss on disposal of fixed assets”. Insurance recoveries relating to direct, recoverable costs for business

interruption are recorded as a reduction in cost of sales on the Consolidated Statements of Income. Insurance claims incurred or

finalized during the fiscal years ended June 3, 2023, May 28, 2022, and May 29, 2021 did not have a material effect on the

Company’s consolidated financial statements.