Income Taxes (Tables)

12 Months Ended

Jun. 02, 2018

Income Tax Disclosure [Abstract]

Tax Expense by Jurisdiction

Income tax expense (benefit) consisted of the following: 

	Fiscal year ended
	June 2, 2018			June 3, 2017			May 28, 2016
Current:
Federal	$	18,560		$	(48,030	)	$	132,250
State	6,390			(6,670		)	17,560
	24,950			(54,700		)	149,810
Deferred:
Federal	11,038			13,076			17,096
Enacted rate change	(42,973		)	—			—
State	(1,874		)	1,757			2,296
	(33,809		)	14,833			19,392
	$	(8,859	)	$	(39,867	)	$	169,202

Deferred Tax Assets and Liabilities

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

	June 2, 2018		June 3, 2017
Deferred tax liabilities:
Property, plant and equipment	$	47,899	$	68,830
Inventories	25,494		38,270
Investment in affiliates	7,996		8,563
Other comprehensive income	—		290
Other	1,616		4,656
Total deferred tax liabilities	83,005		120,609
Deferred tax assets:
Accrued expenses	3,013		4,308
State operating loss carryforwards	566		—
Other comprehensive loss	95		—
Other	3,276		6,019
Total deferred tax assets	6,950		10,327
Net deferred tax liabilities	$	76,055	$	110,282

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 2, 2018			June 3, 2017			May 28, 2016
Statutory federal income tax (benefit)	$	34,105		$	(39,950	)	$	169,835
State income tax (benefit)	3,200			(3,193		)	12,906
Domestic manufacturers deduction	(2,545		)	4,095			(13,332		)
Enacted rate change	(42,973		)	—			—
Tax exempt interest income	(101		)	(206		)	(233		)
Other, net	(545		)	(613		)	26
	$	(8,859	)	$	(39,867	)	$	169,202