Income Taxes (Tables)

12 Months Ended

Jun. 03, 2017

Income tax expense (benefit) consisted of the following:



	Fiscal year ended
	June 3, 2017			May 28, 2016		May 30, 2015
Current:
Federal	$	(48,030	)	$	132,250	$	70,900
State	(6,670		)	17,560		8,260
	(54,700		)	149,810		79,160
Deferred:
Federal	13,076			17,096		4,503
State	1,757			2,296		605
	14,833			19,392		5,108
	$	(39,867	)	$	169,202	$	84,268

Deferred Tax Assets and Liabilities

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



	June 3, 2017		May 28, 2016
Deferred tax liabilities:
Property, plant and equipment	$	68,830	$	60,998
Inventories	38,270		39,068
Investment in affiliates	8,563		1,438
Other comprehensive income	290		223
Other	4,656		4,343
Total deferred tax liabilities	120,609		106,070

Deferred tax assets:
Accrued expenses	4,308		3,374
Other	6,019		7,314
Total deferred tax assets	10,327		10,688
Net deferred tax liabilities	$	110,282	$	95,382

Reconciliation of Effective Tax Expense

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:

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	Fiscal year end
	June 3, 2017			May 28, 2016			May 30, 2015

Statutory federal income tax (benefit)	$	(39,950	)	$	169,835		$	85,933
State income tax (benefit)	(3,193		)	12,906			5,762
Domestic manufacturers deduction	4,095			(13,332		)	(7,308		)
Tax exempt interest income	(206		)	(233		)	(184		)
Other, net	(613		)	26			65
	$	(39,867	)	$	169,202		$	84,268