Income Taxes	9 Months Ended
Mar. 03, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act of 2017 (the “Act”). The new tax legislation reduces the United States corporate tax rate from 35% to 21% effective January 1, 2018. Following the enactment of the Act, the United States Securities and Exchange Commission issued guidance in Staff Accounting Bulletin 118 which provides the Company up to a one-year measurement period, beginning on the Act’s enactment date, in which to complete the required analysis and accounting for the effects of the Act. The guidance allows the Company to record provisional adjustments related to the impacts of the Act when the accounting for the effects of the Act is incomplete, but when reasonable estimates can be made regarding the effects of the Act. Our accounting for the Act is not complete, because it required the Company to estimate the timing of settlement of the temporary differences from which our deferred taxes arose; however, we were able to make reasonable estimates, and we recorded those estimates as provisional adjustments as described in the paragraph below. The Company will complete the required analysis during its fourth quarter. If any adjustments to the provisional amounts are required, those adjustments will be recorded in the Company’s fourth quarter. Pre-tax income, less net income attributable to noncontrolling interest, was $88.0 million for the thirteen weeks ended March 3, 2018, compared to pre-tax income, less net income attributable to noncontrolling interest, of $4.2 million for last year’s comparable period. For the current thirteen-week period, income tax benefit of $8.3 million was recorded, with an effective tax rate of 31.8%, excluding the impact of any discrete items, compared to income tax expense of $34,000, with an effective rate of 0.8%, for last year’s comparable period. Results for the current thirteen-week period were favorably impacted by a $35 million discrete tax benefit related to the Act. For the thirty-nine weeks ended March 3, 2018, pre-tax income, less net loss attributable to noncontrolling interest, was $23.4 million, compared to pre-tax loss, less net loss attributable to noncontrolling interest, of $81.1 million for the same period of fiscal 2017. For the thirty-nine weeks ended March 3, 2018, income tax benefit of $30.7 million was recorded, with an effective tax rate of 24.0%, excluding the impact of any discrete items, compared to an income tax benefit of $31.3 million, with an effective rate of 38.6% for last year's comparable period. Discrete items for current thirty-nine week period primarily related to a $35.0 million tax benefit in connection with the Act. The effective rate increase for the thirteen weeks ended March 3, 2018 was primarily related to the provision to return adjustments on the fiscal 2016 tax return recorded in the prior period. The effective rate decrease for the thirty-nine weeks ended March 3, 2018 was primarily related to the change in the federal statutory rate from 35% to 21%, resulting from legislation that was enacted on December 22, 2017. The rate change is administratively effective at the beginning of our fiscal year, using a blended rate for the annual period. As a result, the blended statutory tax rate for the year is 29.13%. At March 3, 2018, accounts payable included an income tax payable of $20.7 million compared to an income tax receivable of $52.7 million at June 3, 2017. Not included in income taxes payable of $20.7 million is the tax benefit from deduction of the $80.8 million legal settlement expense, which was recorded in the second quarter of fiscal 2018, but is not deductible for income tax purposes until paid. As noted above, the legal settlement expense was paid by the Company on March 23, 2018, subsequent to the end of our third quarter. The Company will receive a tax deduction for the legal settlement expense in the fourth quarter. The remainder of the change is primarily due to the second quarter fiscal 2018 receipt of a $45.0 million federal tax refund related to the carryback of fiscal 2017 losses. Our effective rate differs from the federal statutory income tax rate due to state income taxes and certain items included in income for financial reporting purposes that are not included in taxable income for income tax purposes, including tax exempt interest income, the domestic manufacturers deduction, and net income or loss attributable to noncontrolling interest. The enacted rate change from 35% to 21% also caused the thirteen-week and thirty-nine week effective rate to be significantly different from the Company’s historical annual effective rate. The Company’s effective tax rate for future fiscal years under current legislation is expected to be 21% plus a state tax effected rate of approximately 3%.

Income Taxes

On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act of 2017 (the “Act”). The new tax legislation reduces the United States corporate tax rate from 35% to 21% effective January 1, 2018.

Following the enactment of the Act, the United States Securities and Exchange Commission issued guidance in Staff Accounting Bulletin 118 which provides the Company up to a one-year measurement period, beginning on the Act’s enactment date, in which to complete the required analysis and accounting for the effects of the Act. The guidance allows the Company to record provisional adjustments related to the impacts of the Act when the accounting for the effects of the Act is incomplete, but when reasonable estimates can be made regarding the effects of the Act. Our accounting for the Act is not complete, because it required the Company to estimate the timing of settlement of the temporary differences from which our deferred taxes arose; however, we were able to make reasonable estimates, and we recorded those estimates as provisional adjustments as described in the paragraph below. The Company will complete the required analysis during its fourth quarter. If any adjustments to the provisional amounts are required, those adjustments will be recorded in the Company’s fourth quarter.

Pre-tax income, less net income attributable to noncontrolling interest, was $88.0 million for the thirteen weeks ended March 3, 2018, compared to pre-tax income, less net income attributable to noncontrolling interest, of $4.2 million for last year’s comparable period. For the current thirteen-week period, income tax benefit of $8.3 million was recorded, with an effective tax rate of 31.8%, excluding the impact of any discrete items, compared to income tax expense of $34,000, with an effective rate of 0.8%, for last year’s comparable period. Results for the current thirteen-week period were favorably impacted by a $35 million discrete tax benefit related to the Act.

For the thirty-nine weeks ended March 3, 2018, pre-tax income, less net loss attributable to noncontrolling interest, was $23.4 million, compared to pre-tax loss, less net loss attributable to noncontrolling interest, of $81.1 million for the same period of fiscal 2017. For the thirty-nine weeks ended March 3, 2018, income tax benefit of $30.7 million was recorded, with an effective tax rate of 24.0%, excluding the impact of any discrete items, compared to an income tax benefit of $31.3 million, with an effective rate of 38.6% for last year's comparable period. Discrete items for current thirty-nine week period primarily related to a $35.0 million tax benefit in connection with the Act.

The effective rate increase for the thirteen weeks ended March 3, 2018 was primarily related to the provision to return adjustments on the fiscal 2016 tax return recorded in the prior period. The effective rate decrease for the thirty-nine weeks ended March 3, 2018 was primarily related to the change in the federal statutory rate from 35% to 21%, resulting from legislation that was enacted on December 22, 2017. The rate change is administratively effective at the beginning of our fiscal year, using a blended rate for the annual period. As a result, the blended statutory tax rate for the year is 29.13%.

At March 3, 2018, accounts payable included an income tax payable of $20.7 million compared to an income tax receivable of $52.7 million at June 3, 2017. Not included in income taxes payable of $20.7 million is the tax benefit from deduction of the $80.8 million legal settlement expense, which was recorded in the second quarter of fiscal 2018, but is not deductible for income tax purposes until paid. As noted above, the legal settlement expense was paid by the Company on March 23, 2018, subsequent to the end of our third quarter. The Company will receive a tax deduction for the legal settlement expense in the fourth quarter. The remainder of the change is primarily due to the second quarter fiscal 2018 receipt of a $45.0 million federal tax refund related to the carryback of fiscal 2017 losses.

Our effective rate differs from the federal statutory income tax rate due to state income taxes and certain items included in income for financial reporting purposes that are not included in taxable income for income tax purposes, including tax exempt interest income, the domestic manufacturers deduction, and net income or loss attributable to noncontrolling interest. The enacted rate change from 35% to 21% also caused the thirteen-week and thirty-nine week effective rate to be significantly different from the Company’s historical annual effective rate. The Company’s effective tax rate for future fiscal years under current legislation is expected to be 21% plus a state tax effected rate of approximately 3%.