CAL-MAINE FOODS INCCALM

CAL-MAINE FOODS INC Income Taxes Disclosure

10-KFiled Jul 22, 20252 min read
Note 14 - Income Taxes
Income tax expense consisted of the following:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal year ended
May 31, 2025
June 1, 2024
June 3, 2023
Current:
Federal
$
312,000
$
83,721
$
180,521
State
61,340
9,640
36,830
373,340
93,361
217,351
Deferred:
Federal
12,703
(7,371)
19,952
State
(1,133)
(2,301)
4,515
11,570
(9,672)
24,467
$
384,910
$
83,689
$
241,818
Significant components of the Company’s deferred tax liabilities and assets were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
May 31, 2025
June 1, 2024
Deferred tax liabilities:
Property, plant and equipment
$
128,789
$
120,402
Inventories
35,041
29,297
Investment in affiliates
2,205
904
Other
6,485
6,437
Total deferred tax liabilities
172,520
157,040
Deferred tax assets:
Accrued expenses
3,620
3,230
State operating loss carryforwards
6
22
Other comprehensive income
770
986
Other
13,473
9,936
Total deferred tax assets
17,869
14,174
Net deferred tax liabilities
$
154,651
$
142,866
The differences between income tax expense at the Company’s effective income tax rate and income tax expense at the statutory
federal income tax rate were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal year end
May 31, 2025
June 1, 2024
June 3, 2023
Statutory federal income tax
$
337,042
$
75,931
$
209,418
State income taxes, net
47,169
5,798
32,662
Other, net
699
1,960
(262)
$
384,910
$
83,689
$
241,818
As of
 
May 31,
 
2025, we
 
had
no
 
significant unrecognized tax
 
benefits. Accordingly,
 
the Company had
no
 
accrued interest
 
and
penalties related to uncertain tax positions.
We
 
are subject
 
to income
 
tax in
 
many jurisdictions
 
within the
 
U.S. We
 
are currently
 
not under
 
audit by
 
the Internal
 
Revenue
Service
 
or
 
by
 
any
 
state
 
and
 
local
 
tax
 
authorities.
 
Tax
 
periods
 
for
 
all
 
years
 
beginning
 
with
 
fiscal
 
year
 
2020
 
remain
 
open
 
to
examination by federal and state taxing jurisdictions to which we are subject.

Historical Timeline

Fiscal YearFiled
2025Jul 22, 2025Showing above
2024Jul 23, 2024
2023Jul 25, 2023
2022Jul 19, 2022
2021Jul 19, 2021
2020Jul 20, 2020
2019Jul 22, 2019
2018Jul 23, 2018
2017Jul 24, 2017
2016Jul 18, 2016

About Income Taxes Disclosures

The income tax disclosure reveals how much a company actually pays in taxes versus what the statutory rate would predict. Analysts focus on the effective tax rate (ETR) reconciliation, which breaks down every item driving the gap between the 21% federal rate and the company's reported ETR — including R&D credits, foreign rate differentials, and state taxes. Deferred tax assets (DTAs) and their valuation allowances signal management's confidence in future profitability: a rising allowance suggests the company doubts it can use accumulated tax benefits. Uncertain tax benefit (UTB) reserves quantify exposure to IRS challenges on aggressive positions.

Key signals to watch: sudden ETR drops without clear operational reasons, large increases in valuation allowances, growing UTB balances, and significant unremitted foreign earnings. Post-TCJA, pay attention to GILTI and BEAT provisions that affect multinational tax structures. Compare the cash taxes paid (from the cash flow statement) against the income tax provision to gauge earnings quality.

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