Income Taxes

12 Months Ended

Jun. 03, 2023

Income Taxes [Abstract]

Income Taxes

Note 15 - Income Taxes

Income tax expense (benefit) consisted of the following:

Fiscal year ended

June 3, 2023

May 28, 2022

May 29, 2021

Current:

Federal

$

180,521

$

24,228

$

(35,090)

State

36,830

3,670

730

217,351

27,898

(34,360)

Deferred:

Federal

19,952

2,716

21,658

State

4,515

2,960

693

24,467

5,676

22,351

$

241,818

$

33,574

$

(12,009)

Significant components of the Company’s deferred tax liabilities and assets were as follows:

June 3, 2023

May 28, 2022

Deferred tax liabilities:

Property, plant and equipment

$

109,590

$

100,250

Inventories

44,986

31,987

Investment in affiliates

1,133

65

Other

5,702

5,713

Total deferred tax liabilities

161,411

138,015

Deferred tax assets:

Accrued expenses

3,838

4,041

State operating loss carryforwards

78

470

Other comprehensive income

1,317

866

Other

3,966

4,442

Total deferred tax assets

9,199

9,819

Net deferred tax liabilities

$

152,212

$

128,196

The differences between income tax expense (benefit) at the Company’s effective income tax rate and income tax expense at the

statutory federal income tax rate were as follows:

Fiscal year end

June 3, 2023

May 28, 2022

May 29, 2021

Statutory federal income tax

$

209,418

$

34,907

$

(2,087)

State income taxes, net

32,662

5,237

1,124

Domestic manufacturers deduction

—

—

3,566

Enacted net operating loss carryback provision

—

—

(16,014)

Tax exempt interest income

—

(9)

(50)

Reversal of outside basis in equity investment Red River

—

(7,310)

—

Non-taxable remeasurement gain Red River

—

(955)

—

Other, net

(262)

1,704

1,452

$

241,818

$

33,574

$

(12,009)

As of June 3, 2023, we had

no

 significant unrecognized tax benefits. Accordingly, the Company had

no

 accrued interest and

penalties related to uncertain tax positions.

We are subject to income tax in many jurisdictions within the U.S. We are currently not under audit by the Internal Revenue

Service or by any state and local tax authorities. Tax periods for all years beginning with fiscal year 2020 remain open to

examination by federal and state taxing jurisdictions to which we are subject.