Income Taxes

3 Months Ended

Aug. 27, 2022

Income Taxes [Abstract]

Income Taxes

Note 10 – Income Taxes

For the first quarters of fiscal 2023 and 2022, the Company recorded income tax expense of $

40.3

 million and income tax

benefit of $

15.8

 million which reflects an effective tax rate of

24.4

% and

46.8

%, respectively. Excluding the impact of discrete

items related to an $

8.3

 million net tax benefit recorded in the first quarter of fiscal 2022 in connection with the Red River

Valley Egg Farm, LLC acquisition, the adjusted effective tax rate for the first quarter of fiscal 2022 is

22.4

%. 

Our effective tax rate differs from the federal statutory income tax rate due to state income taxes, certain federal tax credits 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, certain nondeductible expenses and net income or loss attributable to

noncontrolling interest.