Cal-Maine Foods (CALM) 10-Q 23 Dec 15 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Nov. 28, 2015	Dec. 22, 2015
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 28, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	CAL-MAINE FOODS INC
Entity Central Index Key	16,160
Current Fiscal Year End Date	--05-28
Entity Filer Category	Large Accelerated Filer
Trading Symbol	calm
Common Stock [Member]
Entity Common Stock, Shares Outstanding		43,694,886
Class A Common Stock [Member]
Entity Common Stock, Shares Outstanding		4,800,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 28, 2015	May. 30, 2015
Current assets:
Cash and cash equivalents	$ 15,030	$ 8,667
Investment securities available-for-sale	405,301	249,961
Trade and other receivables (less allowance for doubtful accounts of $815 and $513 at November 28, 2015 and May 30, 2015, respectively)	157,836	101,977
Inventories	158,121	146,260
Prepaid expenses and other current assets	3,258	2,099
Total current assets	739,546	508,964
Property, plant and equipment, net	372,207	358,790
Goodwill	29,196	29,196
Other investments	40,248	18,843
Other intangible assets	6,134	7,560
Other assets	4,976	5,300
Total Assets	1,192,307	928,653
Current liabilities:
Accounts payable and accrued expenses	85,551	70,821
Accrued dividends payable	36,410	15,372
Current maturities of long-term debt	6,159	10,065
Income taxes payable	88,902	5,288
Deferred income taxes	27,648	30,391
Total current liabilities	244,670	131,937
Long-term debt, less current maturities	22,611	40,795
Other noncurrent liabilities	5,916	5,745
Deferred income taxes	43,963	45,614
Total liabilities	$ 317,160	$ 224,091
Commitments and Contingencies - see Note 4
Stockholders' equity:
Paid-in capital	$ 44,802	$ 43,304
Retained earnings	848,109	679,969
Accumulated other comprehensive income (loss), net of tax	(256)	22
Common stock in treasury at cost – 26,563 and 26,563 shares at November 28, 2015 and May 30, 2015, respectively	(20,545)	(20,482)
Total Cal-Maine Foods, Inc. stockholders' equity	872,861	703,564
Noncontrolling interest in consolidated entities	2,286	998
Total stockholders' equity	875,147	704,562
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	1,192,307	928,653
Common Stock [Member]
Stockholders' equity:
Common stock	703	703
Total stockholders' equity	703	703
Class A Common Stock [Member]
Stockholders' equity:
Common stock	48	48
Total stockholders' equity	$ 48	$ 48

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Nov. 28, 2015	May. 30, 2015
Allowance for doubtful accounts	$ 815	$ 513
Common stock, shares outstanding	48,495,000
Treasury stock, shares	26,566,000	26,563,000
Common Stock [Member]
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	70,261,000	70,261,000
Common stock, shares outstanding	43,695,000	43,698,000
Class A Common Stock [Member]
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	4,800,000	4,800,000
Common stock, shares issued	4,800,000	4,800,000
Common stock, shares outstanding	4,800,000	4,800,000

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 28, 2015	Nov. 29, 2014
Condensed Consolidated Statements Of Income [Abstract]
Net sales	$ 545,975	$ 378,617	$ 1,155,870	$ 735,561
Cost of sales	334,378	285,908	681,202	561,751
Gross profit	211,597	92,709	474,668	173,810
Selling, general and administrative expense	45,438	37,112	88,401	77,050
Operating income	166,159	55,597	386,267	96,760
Other income (expense):
Interest income (expense), net	616	(477)	643	(1,011)
Royalty income	298	1,452	905	2,024
Equity in income of affiliates	1,302	335	2,031	645
Other, net	(366)	(398)	(1,180)	877
Total other income	1,850	912	2,399	2,535
Income before income taxes and noncontrolling interest	168,009	56,509	388,666	99,295
Income tax expense	58,099	19,648	134,666	34,249
Net income before noncontrolling interest	109,910	36,861	254,000	65,046
Less: Net income attributable to noncontrolling interest	680	258	1,747	788
Net income attributable to Cal-Maine Foods, Inc.	$ 109,230	$ 36,603	$ 252,253	$ 64,258
Net income per common share attributable to Cal-Maine Foods, Inc.:
Basic	$ 2.27	$ 0.76	$ 5.24	$ 1.34
Diluted	2.26	0.76	5.22	1.33
Dividends per common share	$ 0.751	$ 0.252	$ 1.734	$ 0.443
Weighted average shares outstanding:
Basic	48,164	48,136	48,164	48,133
Diluted	48,361	48,404	48,354	48,400

Condensed Consolidated Stateme5

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 28, 2015	Nov. 29, 2014
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Net income including noncontrolling interests	$ 109,910	$ 36,861	$ 254,000	$ 65,046
Other comprehensive loss, before tax:
Unrealized holding loss on available-for-sale securities, net of reclassification adjustments	(158)	(57)	(458)	(73)
Income tax benefit related to items of other comprehensive income	60	22	180	28
Other comprehensive loss, net of tax	(98)	(35)	(278)	(45)
Comprehensive income	109,812	36,826	253,722	65,001
Less: comprehensive income attributable to the noncontrolling interest	680	258	1,747	788
Comprehensive income attributable to Cal-Maine Foods, Inc.	$ 109,132	$ 36,568	$ 251,975	$ 64,213

Condensed Consolidated Stateme6

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Nov. 28, 2015	Nov. 29, 2014
Operating activities:
Net income including noncontrolling interests	$ 254,000	$ 65,046
Depreciation and amortization	22,107	19,984
Other adjustments, net	24,345	(16,961)
Net cash provided by operations	300,452	68,069
Investing activities:
Purchase of investments	(260,242)	(69,172)
Sales of investments	104,503	72,247
Investment in joint ventures	(19,709)	(8,160)
Purchases of property, plant and equipment	(34,028)	(43,035)
Payments received on notes receivable and from affiliates	853	783
Net proceeds from disposal of property, plant and equipment	219	145
Net cash used in investing activities	(208,404)	(47,192)
Financing activities:
Proceeds from issuance of common stock from treasury, net (including tax benefit on nonqualifying disposition of incentive stock options)		60
Purchase of company stock	(62)
Distributions to noncontrolling interests	(459)	(655)
Principal payments on long-term debt	(22,090)	(5,201)
Payments of dividends	(63,074)	(19,718)
Net cash used in financing activities	(85,685)	(25,514)
Net change in cash and cash equivalents	6,363	(4,637)
Cash and cash equivalents at beginning of period	8,667	14,521
Cash and cash equivalents at end of period	$ 15,030	$ 9,884

Presentation Of Interim Informa

Presentation Of Interim Information	6 Months Ended
	Nov. 28, 2015
Presentation Of Interim Information [Abstract]
Presentation Of Interim Information	1 . Presentation of Interim Information The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adj ustments, considered necessary for a fair statement of the results for the interim periods presented have been included. The preparation of condensed consolidated financial statements requires us to make estimates and assumptions. These estimates and assumptions affected reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions. Operating results for the thirteen and twenty-six weeks ended November 28, 2015 are not necessarily indicative of the results that may be expected for the year ending May 28, 2016 . The condensed consolidated balance sheet at May 30, 2015 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in Cal-Maine Foods, Inc.'s annual report on Form 10-K for the fiscal year ended May 30, 2015 . References to “we,” “us,” “our,” or the “Company” refer to Cal-Maine Foods, Inc.

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Nov. 28, 2015
Stock Based Compensation [Abstract]
Stock Based Compensation	2 . Stock Based Compensation Total stock based compensation expense for the twenty-six weeks ended November 28, 2015 and November 29, 2014 was $ 1.5 million and $ 1.2 million, respectively. Liabilities associated with Stock Appreciation Rights as of November 28, 2015 and May 30, 2015 were zero and $ 1.4 million, respectively. The liabilities for our 2005 Stock Appreciation Rights are included in the line item “Accounts payable and accrued expenses” in our Condensed Consolidated Balance Sheets. Unrecognized compensation expense as a result of non-vested shares of the 2012 Omnibus Long-Term Incentive Plan at November 28, 2015 was $ 3.6 million and will be recorded over a weighted average period of 1.7 years. Refer to Note 11 of our May 30, 2015 audited financial statements for further information on our stock compensation plans. At November 28, 2015 , there were 329,240 restricted shares outstanding. The restricted shares have a weighted average grant date fair value of $27.25 per share. A summary of the Company’s restricted share activity for the twenty-six weeks ended November 28, 2015 follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding, May 30, 2015 $ Granted - - Vested Forfeited Outstanding, November 28, 2015 $

Inventories

Inventories	6 Months Ended
	Nov. 28, 2015
Inventories [Abstract]
Inventories	3 . Inventories Inventories consisted of the following (in thousands): November 28, 2015 May 30, 2015 Flocks $ $ Eggs Feed and supplies $ $

Contingencies

Contingencies	6 Months Ended
	Nov. 28, 2015
Contingencies [Abstract]
Contingencies	4 . Contingencies Financial Instruments The Company maintained cash collateralized standby letters of credit (“LOC”) for the benefit of certain insurance companies totaling $ 3.7 million at November 28, 2015 . The cash collateraliz ing the LOCs is included in the line item “Other assets” in the C ondensed C onsolidated B alance S heets. As a result, n one of the LOCs are recorded as a liability on the consolidated balance sheets. Legal Contingencies The Company is a defendant in certain legal actions, and intends to vigorously defend its position in these actions. If the Company’s assessment of a contingency indicates it is probable a material loss has been incurred and the amount of the liability can be reasonably estimated, the estimated liability is accrued in the Company’s financial statements. If the assessment indicates a potential material loss contingency is not probable, but is reasonably possible, or probable but cannot be reasonably estimated, then the nature of the contingent liability, together with an estimate of the possible loss or range of possible loss will be disclosed , or a statement will be made that such an estimate cannot be made . These legal actions are discussed in detail at Part II, Item 1, of this report .

Net Income Per Common Share

Net Income Per Common Share	6 Months Ended
	Nov. 28, 2015
Net Income Per Common Share [Abstract]
Net Income Per Common Share	5 . Net Income per Common Share Basic net income per share was calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income per share was calculated by dividing net income by the weighted- average number of common shares outstanding during the period plus the dilutive effects of options and restricted stock. The computations of basic and diluted net income per share attributable to the Company are as follows (in thousands, except per share data) : 13 Weeks Ended 26 Weeks Ended November 28, 2015 November 29, 2014 November 28, 2015 November 29, 2014 Net income attributable to Cal-Maine Foods, Inc. $ $ $ $ Basic weighted-average common shares Effect of dilutive securities: Restricted shares Common stock options Dilutive potential common shares Net income per common share attributable to Cal-Maine Foods, Inc.: Basic $ $ $ $ Diluted $ $ $ $

Accrued Dividends Payable And D

Accrued Dividends Payable And Dividends Per Common Share	6 Months Ended
	Nov. 28, 2015
Accrued Dividends Payable And Dividends Per Common Share [Abstract]
Accrued Dividends Payable And Dividends Per Common Share	6 . Accrued Dividends Payable and Dividends per Common Share We make an accrual of dividends payable at the end of each quarter according to the Company’s dividend policy adopted by its Board of Directors. According to the policy, the Company pays a dividend to shareholders of its Common Stock and Class A Common Stock on a quarterly basis for each quarter for which the Company reports net income attributable to Cal-Maine Foods, Inc. computed in accordance with generally accepted accounting principles in an amount equal to one-third ( 1/3 ) of such quarterly income. Dividends are paid to shareholders of record as of the 60 th day following the last day of such quarter, except for the fourth fiscal quarter. For the fourth quarter, the Company will pay dividends to shareholders of record on the 65 th day after the quarter end. Dividends are payable on the 15 th day following the record date. Following a quarter for which the Company does not report net income attributable to Cal-Maine Foods, Inc., the Company will not pay a dividend for a subsequent profitable quarter until the Company is profitable on a cumulative basis computed from the date of the last quarter for which a dividend was paid. The amount of the accrual appears on the Condensed Consolidated Balance Sheets as “Accrued dividends payable.” On our condensed consolidated statement of income, we determine dividends per common share in accordance with the computation in the following table (in thousands , except per share data ): 13 Weeks Ended 26 Weeks Ended November 28, 2015 November 29, 2014 November 28, 2015 November 29, 2014 Net income attributable to Cal-Maine Foods, Inc. available for dividend $ $ $ $ 1/3 of net income attributable to Cal-Maine Foods, Inc. Common stock outstanding (shares) Class A common stock outstanding (shares) Total common stock outstanding (shares) Dividends per common share* $ $ $ $ *Dividends per common share = 1/3 of Net income (loss) attri butable to Cal-Maine Foods, Inc. available for dividend ÷ Total common stock outstanding (shares)

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Nov. 28, 2015
Fair Value Measurements [Abstract]
Fair Value Measurements	7 . Fair Value Measurements The Company is required to categorize both financial and nonfinancial assets and liabilities based on the following fair value hierarchy. The fair value of an asset is the price at which the asset could be sold in an orderly transaction between unrelated, knowledgeable, and willing parties able to engage in the transaction. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor in a transaction between such parties, not the amount that would be paid to settle the liability with the creditor. · Level 1 - Quoted prices in active markets for identical assets or liabilities · Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly · Level 3 - Unobservable inputs for the asset or liability that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities The disclosure of fair value of certain financial assets and liabilities that are recorded at cost are as follows: Cash and cash equivalents: The carrying amount approximates fair value due to the short maturity of these instruments. Long-term debt: The carrying value of the Company’s long-term debt is at its stated value. We have not elected to carry our long-term debt at fair value. F air values for debt are based on quoted market prices or published forward interest rate curves, which are level 2 inputs. Estimated fair v alues are management’s estimate, which is a level 3 input ; however, when there is no readily available market data, the estimated fair values may not represent the amounts that could be realized in a current transaction, and the fair values could change significantly. The fair value and carrying value of the Company’s borrowings under its credit facilities and long-term debt were as follows (in thousands) : November 28, 2015 May 30, 2015 Carrying Value Fair Value Carrying Value Fair Value 2.0% – 6.84% Notes payable $ $ $ $ Series A Senior Secured Notes at 5.45% - - $ $ $ $ Assets and Liabilities Measured at Fair Value on a Recurring Basis In accordance with the fair value hierarchy described above, the following table shows the fair value of fi nancial assets and liabilities measured at fair value on a recurring basis as of November 28, 2015 and May 30, 2015 (in thousand s ) : Total November 28, 2015 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations $ - $ $ - $ Municipal bonds - - Commercial paper - - Corporate bonds - - Foreign government obligations - - Asset backed securities - - Mutual Funds - - Total assets measured at fair value $ $ $ - $ Liabilities Contingent consideration $ - $ - $ $ Total liabilities measured at fair value $ - $ - $ $ Total May 30, 2015 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations $ - $ $ - $ Municipal bonds - - Certificates of deposit - - Commercial paper - - Corporate bonds - - Foreign government obligations - - Asset backed securities - - Mutual Funds - - Commodity contracts - - Total assets measured at fair value $ $ $ - $ Liabilities Contingent consideration $ - $ - $ $ Total liabilities measured at fair value $ - $ - $ $ Our investment securities – available-for-sale classified as level 2 consist of certificates of deposit , U . S . government and agency obligations, taxable and tax exempt municipal bonds, zero coupon municipal bonds, foreign government obligations, asset backed securities and corporate bonds with maturities of three months or longer when purchased . We classif y these securities as current, because amounts invested are available for current operations. Observable inputs for these securities are yields, credit risks, default rates, and volatility. The Company applies fair value accounting guidance to measure non-financial assets and liabilities associated with business acquisitions. These assets and liabilities are measured at fair value for the initial purchase price allocation and are subject to recurring revaluations. The fair value of non-financial assets acquired is determined internally. Our internal valuation methodology for non-financial assets takes into account the remaining estimated life of the assets acquired and what management believes is the market value for those assets based on their highest and best use . Liabilities for contingent consideration (earn-outs) take into account commodity prices based on published forward commodity price curves, projected future egg prices as of the date of the estimate, and projected future cash flows expected to be received as a result of a business acquisition (Refer to Note 2 in the Annual Report on Form 10-K). Given the unobservable nature of these inputs, they are deemed to be Level 3 fair value measurements. During the twenty-six weeks ended November 28, 2015 , there were no payments made or gains/losses recognized in earnings related to contingent consideration.

Investment Securities

Investment Securities	6 Months Ended
	Nov. 28, 2015
Investment Securities [Abstract]
Investment Securities	8. Investment Securities The following represents the Company’s investment securities as of November 28, 2015 and May 30, 2015 (in thousands): November 28, 2015 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ $ - $ $ Municipal bonds - Commercial paper - - Corporate bonds - Foreign government obligations - Asset backed securities - Mutual funds - - Total current investment securities $ $ $ $ Mutual funds - Total noncurrent investment securities $ $ $ - $ May 30, 2015 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ $ $ - $ Municipal bonds - Certificates of deposit - Commercial paper - Corporate bonds - Foreign government obligations - Asset backed securities - Mutual funds - Total current investment securities $ $ $ $ Mutual funds - Total noncurrent investment securities $ $ $ - $ Proceeds from sales of available-for-sale securities were $ 104.5 million and $ 72.2 million during the twenty-six weeks ended November 28, 2015 and November 29, 2014 , respectively. Gross realized gains on those sales during the twenty-six weeks ended November 28, 2015 and November 29, 2014 were $ 18,000 and $60,000 , respectively. Gross realized losses on those sales during the twenty-six weeks ended November 28, 2015 and November 29, 2014 were $ 36,000 and $ 4,000 , respectively. For purposes of determining gross realized gains and losses, the cost of securities sold is based on the specific identification method. Unrealized holding losses , net of tax , on available-for-sale securities classified as current in the amount of $ 267,000 and $ 79,000 were recorded in other comprehensive income (loss) for the twenty-six weeks ended November 28, 2015 and November 29, 2014 , respectively. Unrealized holding gains (losses), net of tax, on long-term available-for-sale securities of $(11,000) and $35,000 were recorded in other comprehensive income (loss) for the twenty-six weeks ended November 28, 2015 and November 29, 2014 , respectively. Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Contractual maturities at November 28, 2015 , are as follows (in thousands): Estimated Fair Value Within one year $ 1-5 years 5-10 years - Total $

Equity

Equity	6 Months Ended
	Nov. 28, 2015
Equity [Abstract]
Equity	9 . Equity The following reflects the equity activity, including our noncontrolling interest, for the twenty-six weeks ended November 28, 2015 : Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Loss Earnings Interests Total Balance at May 30, 2015 $ $ $ $ $ $ $ $ Dividends - - - - - - Other comprehensive loss, net of tax - - - - - - Purchase of Company stock - - - - - Forfeiture of restricted stock - - - - - Distribution to noncontrolling interest partners - - - - - - Restricted stock compensation - - - - - - Net income - - - - - Balance at November 28, 2015 $ $ $ $ $ $ $ $

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Nov. 28, 2015
Stock Based Compensation [Abstract]
Summary Of Restricted Share Activity	Number of Shares Weighted Average Grant Date Fair Value Outstanding, May 30, 2015 $ Granted - - Vested Forfeited Outstanding, November 28, 2015 $

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Nov. 28, 2015
Inventories [Abstract]
Schedule Of Inventories	November 28, 2015 May 30, 2015 Flocks $ $ Eggs Feed and supplies $ $

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	6 Months Ended
	Nov. 28, 2015
Net Income Per Common Share [Abstract]
Computation Of Basic And Diluted Net Income Per Share Attributable To The Company	13 Weeks Ended 26 Weeks Ended November 28, 2015 November 29, 2014 November 28, 2015 November 29, 2014 Net income attributable to Cal-Maine Foods, Inc. $ $ $ $ Basic weighted-average common shares Effect of dilutive securities: Restricted shares Common stock options Dilutive potential common shares Net income per common share attributable to Cal-Maine Foods, Inc.: Basic $ $ $ $ Diluted $ $ $ $

Accrued Dividends Payable And19

Accrued Dividends Payable And Dividends Per Common Share (Tables)	6 Months Ended
	Nov. 28, 2015
Accrued Dividends Payable And Dividends Per Common Share [Abstract]
Schedule Of Dividends Per Common Share	13 Weeks Ended 26 Weeks Ended November 28, 2015 November 29, 2014 November 28, 2015 November 29, 2014 Net income attributable to Cal-Maine Foods, Inc. available for dividend $ $ $ $ 1/3 of net income attributable to Cal-Maine Foods, Inc. Common stock outstanding (shares) Class A common stock outstanding (shares) Total common stock outstanding (shares) Dividends per common share* $ $ $ $ *Dividends per common share = 1/3 of Net income (loss) attri butable to Cal-Maine Foods, Inc. available for dividend ÷ Total common stock outstanding (shares)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Nov. 28, 2015
Fair Value Measurements [Abstract]
Schedule Of Fair Value And Carrying Value Of Borrowings Under Credit Facilities And Long-Term Debt	November 28, 2015 May 30, 2015 Carrying Value Fair Value Carrying Value Fair Value 2.0% – 6.84% Notes payable $ $ $ $ Series A Senior Secured Notes at 5.45% - - $ $ $ $
Schedule Of Assets Measured At Fair Value On A Recurring Basis	Total November 28, 2015 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations $ - $ $ - $ Municipal bonds - - Commercial paper - - Corporate bonds - - Foreign government obligations - - Asset backed securities - - Mutual Funds - - Total assets measured at fair value $ $ $ - $ Liabilities Contingent consideration $ - $ - $ $ Total liabilities measured at fair value $ - $ - $ $ Total May 30, 2015 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations $ - $ $ - $ Municipal bonds - - Certificates of deposit - - Commercial paper - - Corporate bonds - - Foreign government obligations - - Asset backed securities - - Mutual Funds - - Commodity contracts - - Total assets measured at fair value $ $ $ - $ Liabilities Contingent consideration $ - $ - $ $ Total liabilities measured at fair value $ - $ - $ $

Investment Securities (Tables)

Investment Securities (Tables)	6 Months Ended
	Nov. 28, 2015
Investment Securities [Abstract]
Schedule Of Investment Securities	November 28, 2015 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ $ - $ $ Municipal bonds - Commercial paper - - Corporate bonds - Foreign government obligations - Asset backed securities - Mutual funds - - Total current investment securities $ $ $ $ Mutual funds - Total noncurrent investment securities $ $ $ - $ May 30, 2015 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ $ $ - $ Municipal bonds - Certificates of deposit - Commercial paper - Corporate bonds - Foreign government obligations - Asset backed securities - Mutual funds - Total current investment securities $ $ $ $ Mutual funds - Total noncurrent investment securities $ $ $ - $
Schedule Of Contractual Maturities Of Investment Securities	Estimated Fair Value Within one year $ 1-5 years 5-10 years - Total $

Equity (Tables)

Equity (Tables)	6 Months Ended
	Nov. 28, 2015
Equity [Abstract]
Schedule Of Statement Of Stockholders' Equity Activities, Including Noncontrolling Interest	Cal-Maine Foods, Inc. Stockholders Common Stock Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Loss Earnings Interests Total Balance at May 30, 2015 $ $ $ $ $ $ $ $ Dividends - - - - - - Other comprehensive loss, net of tax - - - - - - Purchase of Company stock - - - - - Forfeiture of restricted stock - - - - - Distribution to noncontrolling interest partners - - - - - - Restricted stock compensation - - - - - - Net income - - - - - Balance at November 28, 2015 $ $ $ $ $ $ $ $

Stock Based Compensation (Narra

Stock Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	May. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value	$ 27.25		$ 27.24
Accounts payable and accrued expenses	$ 85,551		$ 70,821
Stock based compensation expense (benefit)	1,500	$ 1,200
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accounts payable and accrued expenses	$ 0		$ 1,400
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options outstanding	329,240
Weighted average grant date fair value	$ 27.25
Unrecognized compensation expense	$ 3,600
Weighted average period of unrecognized compensation expense	1 year 8 months 12 days

Stock Based Compensation (Summa

Stock Based Compensation (Summary Of Restricted Share Activity) (Details)	6 Months Ended
	Nov. 28, 2015$ / sharesshares
Stock Based Compensation [Abstract]
Number of Shares, Outstanding, May 30, 2015 | shares	335,140
Number of Shares, Granted | shares
Number of Shares, Vested | shares	(4,050)
Number of Shares, Forfeited | shares	(1,850)
Number of Shares, Outstanding, November 28, 2015 | shares	329,240
Weighted Average Grant Date Fair Value, Outstanding, May 30, 2015 | $ / shares	$ 27.24
Weighted Average Grant Date Fair Value, Granted | $ / shares
Weighted Average Grant Date Fair Value, Vested | $ / shares	$ 25.21
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	30.76
Weighted Average Grant Date Fair Value, Outstanding, November 28, 2015 | $ / shares	$ 27.25

Inventories (Schedule Of Invent

Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands	Nov. 28, 2015	May. 30, 2015
Inventories [Abstract]
Flocks	$ 92,750	$ 87,280
Eggs	16,992	15,507
Feed and supplies	48,379	43,473
Total inventories	$ 158,121	$ 146,260

Contingencies (Details)

Contingencies (Details) $ in Millions	Nov. 28, 2015USD ($)
Contingencies [Abstract]
Standby letters of credit	$ 3.7

Net Income Per Common Share (Co

Net Income Per Common Share (Computation Of Basic And Diluted Net Income Per Share Attributable To The Company) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 28, 2015	Nov. 29, 2014
Net Income Per Common Share [Abstract]
Net income attributable to Cal-Maine Foods, Inc.	$ 109,230	$ 36,603	$ 252,253	$ 64,258
Basic weighted-average common shares	48,164	48,136	48,164	48,133
Restricted shares	197	245	190	245
Common stock options	0	23	0	22
Dilutive potential common shares	48,361	48,404	48,354	48,400
Basic	$ 2.27	$ 0.76	$ 5.24	$ 1.34
Diluted	$ 2.26	$ 0.76	$ 5.22	$ 1.33

Accrued Dividends Payable And28

Accrued Dividends Payable And Dividends Per Common Share (Narrative) (Details)	6 Months Ended
	Nov. 28, 2015
Accrued Dividends Payable And Dividends Per Common Share [Abstract]
Percentage of net income used to compute accrued dividends	33.33%
Number of days after first, second and third quarter dividends paid	60 days
Number of days after fourth quarter dividends paid	65 days
Number of days dividends paid following record date	15 days

Accrued Dividends Payable And29

Accrued Dividends Payable And Dividends Per Common Share (Schedule Of Dividends Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 28, 2015	Nov. 29, 2014	May. 30, 2015
Dividends Payable [Line Items]
Net income attributable to Cal-Maine Foods, Inc.	$ 109,230	$ 36,603	$ 252,253	$ 64,258
1/3 of net income attributable to Cal-Maine Foods, Inc. available and accrued for dividend	$ 36,410	$ 12,201	$ 84,084	$ 21,419
Common stock outstanding (shares)	48,495	48,382	48,495	48,382
Dividends per common share	$ 0.751	$ 0.252	$ 1.734	$ 0.443
Percentage of net income attributable to Cal-Maine Foods, Inc.			33.33%
Common Stock [Member]
Dividends Payable [Line Items]
Common stock outstanding (shares)	43,695	43,582	43,695	43,582	43,698
Class A Common Stock [Member]
Dividends Payable [Line Items]
Common stock outstanding (shares)	4,800	4,800	4,800	4,800	4,800

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details)	6 Months Ended
	Nov. 28, 2015USD ($)
Fair Value Measurements [Abstract]
Payments	$ 0
Gains/losses on contingent consideration	$ 0

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Fair Value And Carrying Value Of Borrowings Under Credit Facilities And Long-Term Debt) (Details) - USD ($) $ in Thousands	6 Months Ended
	Nov. 28, 2015	May. 30, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, Carrying Value	$ 28,770	$ 50,860
Long-term debt, Fair Value	28,994	51,470
2.00 - 6.84% Notes Payable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, Carrying Value	28,770	44,549
Long-term debt, Fair Value	$ 28,994	45,158
Interest rate, minimum	2.00%
Interest rate, maximum	6.84%
Series A Senior Secured Notes At 5.45% [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, Carrying Value		6,311
Long-term debt, Fair Value		$ 6,312
Interest rate	5.45%

Fair Value Measurements (Sche32

Fair Value Measurements (Schedule Of Assets Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands	Nov. 28, 2015	May. 30, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity contracts		$ 82
Total assets measured at fair value	$ 407,019	251,790
Contingent consideration	1,024	1,024
Total liabilities measured at fair value	1,024	$ 1,024
Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity contracts
Total assets measured at fair value	$ 5,279	$ 4,508
Contingent consideration
Total liabilities measured at fair value
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity contracts		$ 82
Total assets measured at fair value	$ 401,740	$ 247,282
Contingent consideration
Total liabilities measured at fair value
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity contracts
Total assets measured at fair value
Contingent consideration	$ 1,024	$ 1,024
Total liabilities measured at fair value	1,024	1,024
US Government Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 29,336	$ 9,630
US Government Obligations [Member] | Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
US Government Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 29,336	$ 9,630
US Government Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
State Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 81,064	$ 76,311
State Municipal Bonds [Member] | Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
State Municipal Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 81,064	$ 76,311
State Municipal Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
Certificates Of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities		$ 2,002
Certificates Of Deposit [Member] | Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
Certificates Of Deposit [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities		$ 2,002
Certificates Of Deposit [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 999	$ 7,496
Commercial Paper [Member] | Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
Commercial Paper [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 999	$ 7,496
Commercial Paper [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 261,809	$ 136,364
Corporate Bonds [Member] | Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 261,809	$ 136,364
Corporate Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
Foreign Government Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 2,059	$ 1,045
Foreign Government Obligations [Member] | Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
Foreign Government Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 2,059	$ 1,045
Foreign Government Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
Asset Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 26,473	$ 14,352
Asset Backed Securities [Member] | Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
Asset Backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 26,473	$ 14,352
Asset Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 5,279	$ 4,508
Mutual Funds [Member] | Quoted Prices In Active Markets For Identical Instruments (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 5,279	$ 4,508
Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities

Investment Securities (Narrativ

Investment Securities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 28, 2015	Nov. 29, 2014
Investment Securities [Abstract]
Proceeds from sale of available-for-sale securities			$ 104,500	$ 72,200
Gross realized gains on sales of available-for-sale securities			18	60
Gross realized losses on sales of available-for-sale securities			36	4
Unrealized holding losses, net of tax on available-for-sale securities			$ (267)	$ (79)
Unrealized gains (losses) on long term available for sale securities in other comprehensive income	$ (11)	$ 35

Investment Securities (Schedule

Investment Securities (Schedule Of Investment Securities) (Details) - USD ($) $ in Thousands	Nov. 28, 2015	May. 30, 2015
Current Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 405,667	$ 249,896
Gains in Accumulated Other Comprehensive Income	250	116
Losses in Accumulated Other Comprehensive Income	616	51
Investment securities	405,301	249,961
Noncurrent Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,197	1,199
Gains in Accumulated Other Comprehensive Income	$ 521	$ 548
Losses in Accumulated Other Comprehensive Income
Investment securities	$ 1,718	$ 1,747
US Government Obligations [Member] | Current Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 29,373	9,609
Gains in Accumulated Other Comprehensive Income		$ 21
Losses in Accumulated Other Comprehensive Income	$ 37
Investment securities	29,336	$ 9,630
State Municipal Bonds [Member] | Current Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	80,814	76,228
Gains in Accumulated Other Comprehensive Income	$ 250	$ 83
Losses in Accumulated Other Comprehensive Income
Investment securities	$ 81,064	$ 76,311
Certificates Of Deposit [Member] | Current Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		2,001
Gains in Accumulated Other Comprehensive Income		$ 1
Losses in Accumulated Other Comprehensive Income
Investment securities		$ 2,002
Commercial Paper [Member] | Current Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 999	7,491
Gains in Accumulated Other Comprehensive Income		$ 5
Losses in Accumulated Other Comprehensive Income
Investment securities	$ 999	$ 7,496
Corporate Bonds [Member] | Current Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 262,327	$ 136,411
Gains in Accumulated Other Comprehensive Income
Losses in Accumulated Other Comprehensive Income	$ 518	$ 47
Investment securities	261,809	136,364
Foreign Government Obligations [Member] | Current Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 2,068	1,042
Gains in Accumulated Other Comprehensive Income		$ 3
Losses in Accumulated Other Comprehensive Income	$ 9
Investment securities	2,059	$ 1,045
Asset Backed Securities [Member] | Current Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 26,525	$ 14,356
Gains in Accumulated Other Comprehensive Income
Losses in Accumulated Other Comprehensive Income	$ 52	$ 4
Investment securities	26,473	14,352
Mutual Funds [Member] | Current Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 3,561	2,758
Gains in Accumulated Other Comprehensive Income		$ 3
Losses in Accumulated Other Comprehensive Income
Investment securities	$ 3,561	$ 2,761
Mutual Funds [Member] | Noncurrent Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,197	1,199
Gains in Accumulated Other Comprehensive Income	$ 521	$ 548
Losses in Accumulated Other Comprehensive Income
Investment securities	$ 1,718	$ 1,747

Investment Securities (Schedu35

Investment Securities (Schedule Of Contractual Maturities Of Investment Securities) (Details) $ in Thousands	Nov. 28, 2015USD ($)
Investment Securities [Abstract]
Within one year	$ 188,364
1-5 years	$ 213,376
5-10 years
Total	$ 401,740

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 28, 2015	Nov. 29, 2014
Schedule of Stockholders Equity [Line Items]
Balance			$ 704,562
Dividends			(84,113)
Other comprehensive income, net of tax	$ (98)	$ (35)	(278)	$ (45)
Purchase of Company stock			(62)
Distribution to noncontrolling interest partners			(459)
Restricted stock compensation			1,497
Net income	109,910	$ 36,861	254,000	$ 65,046
Balance	875,147		875,147
Treasury Stock [Member]
Schedule of Stockholders Equity [Line Items]
Balance			(20,482)
Purchase of Company stock			(62)
Forfeiture of restricted stock			(1)
Balance	(20,545)		(20,545)
Paid In Capital [Member]
Schedule of Stockholders Equity [Line Items]
Balance			43,304
Forfeiture of restricted stock			1
Restricted stock compensation			1,497
Balance	44,802		44,802
Accumulated Other Comprehensive Loss [Member]
Schedule of Stockholders Equity [Line Items]
Balance			22
Other comprehensive income, net of tax			(278)
Balance	(256)		(256)
Retained Earnings [Member]
Schedule of Stockholders Equity [Line Items]
Balance			679,969
Dividends			(84,113)
Net income			252,253
Balance	848,109		848,109
Noncontrolling Interests [Member]
Schedule of Stockholders Equity [Line Items]
Balance			998
Distribution to noncontrolling interest partners			(459)
Net income			1,747
Balance	2,286		2,286
Common Stock [Member]
Schedule of Stockholders Equity [Line Items]
Balance			703
Balance	703		703
Class A Common Stock [Member]
Schedule of Stockholders Equity [Line Items]
Balance			48
Balance	$ 48		$ 48