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Note 10 - Subsequent Events | 6 Months Ended
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Nov. 26, 2017
Notes to Financial Statements |
Subsequent Events [Text Block] |
1 0 . | Subsequent Events
On December 22, 2017, the U.S. Government enacted the reconciled tax reform bill, commonly known as the Tax Cuts and Jobs Act of 2017 (the “TCJA”), which became effective on January 1, 2018. Among other tax related changes, the Company’s federal statutory tax rate will be reduced from 35%, to an average rate of 29% for the fiscal year ended May 27, 2018, and then 21% for fiscal years thereafter. Additionally, as of November 26, 2017, the Company had a deferred tax liability of $26.0 million based on a U.S. federal tax rate of 35%. Given the reduction in the U.S. corporate statutory tax rate, the Company will remeasure its deferred tax liability and anticipates a $7 million to $9 million benefit to its income tax expense with a corresponding reduction to its deferred tax liability. This impact will be recognized in the Company’s third fiscal quarter of 2018, which is the period the TCJA was enacted.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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