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Investment in Unconsolidated Entities
 12 Months Ended
Jun. 03, 2023
Investment in Unconsolidated Entities [Abstract]  
Investment in Unconsolidated Entities
Note 7 - Investment in Unconsolidated Entities
As of
 
June 3,
 
2023
 
and
 
May 28,
 
2022,
 
the Company
 
owned
50
% in
 
Specialty
 
Eggs,
 
LLC (“Specialty
 
Eggs”)
 
and
 
Southwest
Specialty Eggs,
 
LLC (“Southwest
 
Specialty Eggs”),
 
which are
 
accounted for
 
using the
 
equity method
 
of accounting.
 
Specialty
Eggs owns the Egg-Land's Best franchise for most of Georgia and South Carolina, as well as
 
a portion of western North Carolina
and eastern Alabama. Southwest Specialty
 
Eggs owns the Egg-Land's Best franchise
 
for Arizona, southern California
 
and Clark
County, Nevada (including
 
Las Vegas).
 
As of May
 
29, 2021, the
 
Company owned
50
% in Red
 
River which was
 
acquired at the
 
beginning of
 
fiscal 2022 (see
). The Company accounted for Red River using the equity method of
 
accounting in fiscal 2021.
Equity method investments are included
 
in “Investments in unconsolidated entities”
 
in the accompanying Consolidated Balance
Sheets and totaled $
9.7
 
million and $
10.5
 
million at June 3, 2023 and May 28, 2022, respectively.
 
Equity
 
in
 
income
 
of
 
unconsolidated
 
entities
 
of
 
$
746
 
thousand,
 
$
1.9
 
million,
 
and
 
$
622
 
thousand
 
from
 
these
 
entities
 
has
 
been
included in the Consolidated Statements of Income for fiscal 2023
 
,
 
2022, and 2021, respectively.
The condensed consolidated
 
financial information for
 
the Company’s unconsolidated joint
 
ventures was as
 
follows (in thousands):
For the fiscal year ended
June 3, 2023
May 28, 2022
May 29, 2021
Net sales
$
222,602
$
145,281
$
119,853
Net income
1,492
3,942
1,596
Total assets
27,784
42,971
106,592
Total liabilities
9,854
21,892
5,850
Total equity
17,930
21,079
100,742
The following relates to the Company’s
 
transactions with these unconsolidated affiliates (in thousands):
For the fiscal year ended
June 3, 2023
May 28, 2022
May 29, 2021
Sales to unconsolidated entities
$
136,351
$
94,311
$
56,765
Purchases from unconsolidated entities
75,024
60,016
76,059
Distributions from unconsolidated entities
1,500
400
6,663
June 3, 2023
May 28, 2022
Accounts receivable from unconsolidated entities
$
4,719
$
10,815
Accounts payable to unconsolidated entities
3,187
4,678