Property, Plant and Equipment

12 Months Ended

May 28, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 6 - Property, Plant and Equipment

Property, plant and equipment consisted of the following (in thousands):

May 28, 2022

May 29, 2021

Land and improvements

$

109,833

$

101,174

Buildings and improvements

517,859

454,332

Machinery and equipment

655,925

584,778

Construction-in-progress

71,967

72,879

1,355,584

1,213,163

Less: accumulated depreciation

677,788

623,746

$

677,796

$

589,417

Depreciation expense was $

65.8

 million, $

56.5

 million and $

54.5

 million in the fiscal years ended May 28, 2022, May 29, 2021,

and May 30, 2020, respectively.

The Company maintains insurance for both property damage and business interruption relating to catastrophic events, such as

fires. Insurance recoveries received for property damage and business interruption in excess of the net book value of damaged

assets, clean-up and demolition costs, and post-event costs are recognized as income in the period received or committed when

all contingencies associated with the recoveries are resolved. Gains on insurance recoveries related to business interruption are

recorded within “Cost of sales” and any gains or losses related to property damage are recorded within “(Gains) loss on disposal

of fixed assets.” Insurance recoveries related to business interruption are classified as operating cash flows and recoveries related

to property damage are classified as investing cash flows in the statement of cash flows. Insurance claims incurred or finalized

during the fiscal years ended May 28, 2022, May 29, 2021, and May 30, 2020 did not have a material effect on the Company's

consolidated financial statements.