Income Taxes (Tables)

12 Months Ended

Jun. 03, 2023

Income Taxes [Abstract]

Tax Expense by Jurisdiction

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)

Deferred Tax Assets and Liabilities

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

Reconciliation of Effective Tax Expense

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)