Cal-Maine Foods (CALM) 10-Q 28 Mar 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Feb. 27, 2016	Mar. 25, 2016
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Feb. 27, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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		43,736,481
Class A Common Stock [Member]
Entity Common Stock, Shares Outstanding		4,800,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 27, 2016	May. 30, 2015
Current assets:
Cash and cash equivalents	$ 8,139	$ 8,667
Investment securities available-for-sale	378,910	249,961
Trade and other receivables (less allowance for doubtful accounts of $450 and $513 at February 27, 2016 and May 30, 2015, respectively)	110,765	101,977
Inventories	154,165	146,260
Prepaid expenses and other current assets	2,289	2,099
Total current assets	654,268	508,964
Property, plant and equipment, net	382,271	358,790
Goodwill	29,196	29,196
Other investments	47,971	18,843
Other intangible assets	5,495	7,560
Other assets	5,031	5,300
TOTAL ASSETS	1,124,232	928,653
Current liabilities:
Accounts payable and accrued expenses	70,338	70,821
Accrued dividends payable	21,388	15,372
Current maturities of long-term debt	6,159	10,065
Income taxes payable	7,946	5,288
Deferred income taxes	21,796	30,391
Total current liabilities	127,627	131,937
Long-term debt, less current maturities	21,081	40,795
Other noncurrent liabilities	6,301	5,745
Deferred income taxes	53,207	45,614
Total liabilities	$ 208,216	$ 224,091
Commitments and Contingencies - see Note 4
Stockholders' equity:
Paid-in capital	$ 45,473	$ 43,304
Retained earnings	890,838	679,969
Accumulated other comprehensive income (loss), net of tax	(812)	22
Common stock in treasury at cost – 26,523 and 26,563 shares at February 27, 2016 and May 30, 2015, respectively	(22,254)	(20,482)
Total Cal-Maine Foods, Inc. stockholders' equity	913,996	703,564
Noncontrolling interest in consolidated entities	2,020	998
Total stockholders' equity	916,016	704,562
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	1,124,232	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	Feb. 27, 2016	May. 30, 2015
Allowance for doubtful accounts	$ 450	$ 513
Common stock, shares outstanding	48,538,000
Treasury stock, shares	26,523,000	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	43,738,000	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		9 Months Ended
	Feb. 27, 2016	Feb. 28, 2015	Feb. 27, 2016	Feb. 28, 2015
Condensed Consolidated Statements Of Income [Abstract]
Net sales	$ 449,760	$ 437,556	$ 1,605,630	$ 1,173,117
Cost of sales	317,034	325,039	998,236	886,790
Gross profit	132,726	112,517	607,394	286,327
Selling, general and administrative expense	46,955	40,492	135,356	117,542
Operating income	85,771	72,025	472,038	168,785
Other income (expense):
Interest income (expense), net	1,377	(351)	2,020	(1,362)
Royalty income	362	331	1,266	2,355
Patronage dividends	6,879	4,336	6,879	4,581
Equity in income of affiliates	1,542	817	3,574	1,462
Other, net	1,584	(84)	404	549
Total other income	11,744	5,049	14,143	7,585
Income before income taxes and noncontrolling interest	97,515	77,074	486,181	176,370
Income tax expense	33,173	26,115	167,839	60,365
Net income before noncontrolling interest	64,342	50,959	318,342	116,005
Less: Net income attributable to noncontrolling interest	178	77	1,925	865
Net income attributable to Cal-Maine Foods, Inc.	$ 64,164	$ 50,882	$ 316,417	$ 115,140
Net income per common share attributable to Cal-Maine Foods, Inc.:
Basic	$ 1.33	$ 1.06	$ 6.57	$ 2.39
Diluted	1.33	1.05	6.54	2.38
Dividends per common share	$ 0.441	$ 0.350	$ 2.175	$ 0.793
Weighted average shares outstanding:
Basic	48,204	48,137	48,177	48,134
Diluted	48,367	48,447	48,359	48,416

Condensed Consolidated Stateme5

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 27, 2016	Feb. 28, 2015	Feb. 27, 2016	Feb. 28, 2015
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Net income including noncontrolling interests	$ 64,342	$ 50,959	$ 318,342	$ 116,005
Other comprehensive loss, before tax:
Unrealized holding loss on available-for-sale securities, net of reclassification adjustments	(897)	(42)	(1,355)	(115)
Income tax benefit related to items of other comprehensive income	341	17	521	45
Other comprehensive loss, net of tax	(556)	(25)	(834)	(70)
Comprehensive income	63,786	50,934	317,508	115,935
Less: comprehensive income attributable to the noncontrolling interest	178	77	1,925	865
Comprehensive income attributable to Cal-Maine Foods, Inc.	$ 63,608	$ 50,857	$ 315,583	$ 115,070

Condensed Consolidated Stateme6

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Feb. 27, 2016	Feb. 28, 2015
Operating activities:
Net income including noncontrolling interests	$ 318,342	$ 116,005
Depreciation and amortization	33,185	30,201
Other adjustments, net	(18,807)	(9,852)
Net cash provided by operations	332,720	136,354
Investing activities:
Purchase of investments	(352,315)	(139,956)
Sales of investments	221,879	109,489
Investment in joint ventures	(29,209)	(8,160)
Purchases of property, plant and equipment	(55,119)	(62,109)
Payments received on notes receivable and from affiliates	4,677	1,409
Net proceeds from disposal of property, plant and equipment	2,724	2,031
Net cash used in investing activities	(207,363)	(97,296)
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	(1,831)
Distributions to noncontrolling interests	(903)	(941)
Principal payments on long-term debt	(23,620)	(7,726)
Payments of dividends	(99,531)	(31,938)
Net cash used in financing activities	(125,885)	(40,545)
Net change in cash and cash equivalents	(528)	(1,487)
Cash and cash equivalents at beginning of period	8,667	14,521
Cash and cash equivalents at end of period	$ 8,139	$ 13,034

Presentation Of Interim Informa

Presentation Of Interim Information	9 Months Ended
	Feb. 27, 2016
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 thirty-nine weeks ended February 27, 2016 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	9 Months Ended
	Feb. 27, 2016
Stock Based Compensation [Abstract]
Stock Based Compensation	2 . Stock Based Compensation Total stock based compensation expense for the thirty-nine weeks ended February 27, 2016 and February 28, 2015 was $ 2.2 million and $ 1.7 million, respectively. Liabilities associated with Stock Appreciation Rights as of February 27, 2016 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 February 27, 2016 was $ 6.4 million and will be recorded over a weighted average period of 2.3 years. Refer to Note 11 of our May 30, 2015 audited financial statements for further information on our stock compensation plans. At February 27, 2016 , there were 290,600 restricted shares outstanding, with a weighted average grant date fair value of $35.94 per share. A summary of the Company’s restricted share activity for th e thirty-nine weeks ended February 27, 2016 follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding, May 30, 2015 335,140 $ 27.24 Granted 78,560 49.39 Vested (121,250) 20.70 Forfeited (1,850) 30.76 Outstanding, February 27, 2016 290,600 $ 35.94

Inventories

Inventories	9 Months Ended
	Feb. 27, 2016
Inventories [Abstract]
Inventories	3 . Inventories Inventories consisted of the following (in thousands): February 27, 2016 May 30, 2015 Flocks $ 90,929 $ 87,280 Eggs 15,742 15,507 Feed and supplies 47,494 43,473 $ 154,165 $ 146,260

Contingencies

Contingencies	9 Months Ended
	Feb. 27, 2016
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 February 27, 2016 . 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	9 Months Ended
	Feb. 27, 2016
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 39 Weeks Ended February 27, 2016 February 28, 2015 February 27, 2016 February 28, 2015 Net income attributable to Cal-Maine Foods, Inc. $ 64,164 $ 50,882 $ 316,417 $ 115,140 Basic weighted-average common shares 48,204 48,137 48,177 48,134 Effect of dilutive securities: Restricted shares 163 288 182 260 Common stock options - 22 - 22 Dilutive potential common shares 48,367 48,447 48,359 48,416 Net income per common share attributable to Cal-Maine Foods, Inc.: Basic $ 1.33 $ 1.06 $ 6.57 $ 2.39 Diluted $ 1.33 $ 1.05 $ 6.54 $ 2.38

Accrued Dividends Payable And D

Accrued Dividends Payable And Dividends Per Common Share	9 Months Ended
	Feb. 27, 2016
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 39 Weeks Ended February 27, 2016 February 28, 2015 February 27, 2016 February 28, 2015 Net income attributable to Cal-Maine Foods, Inc. available for dividend $ 64,164 $ 50,882 $ 316,417 $ 115,140 1/3 of net income attributable to Cal-Maine Foods, Inc. 21,388 16,961 105,472 38,380 Common stock outstanding (shares) 43,738 43,672 Class A common stock outstanding (shares) 4,800 4,800 Total common stock outstanding (shares) 48,538 48,472 Dividends per common share* $ 0.441 $ 0.350 $ 2.175 $ 0.793 *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	9 Months Ended
	Feb. 27, 2016
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) : February 27, 2016 May 30, 2015 Carrying Value Fair Value Carrying Value Fair Value 2.0% – 6.84% Notes payable $ 27,240 $ 27,586 $ 44,549 $ 45,158 Series A Senior Secured Notes at 5.45% - - 6,311 6,312 $ 27,240 $ 27,586 $ 50,860 $ 51,470 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 F ebruary 27, 2016 and May 30, 2015 ): Total February 27, 2016 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations $ - $ 10,991 $ - $ 10,991 Municipal bonds - 80,177 - 80,177 Commercial paper - 2,989 - 2,989 Corporate bonds - 266,475 - 266,475 Foreign government obligations - 2,056 - 2,056 Asset backed securities - 12,686 - 12,686 Mutual Funds 5,415 - - 5,415 Total assets measured at fair value $ 5,415 $ 375,374 $ - $ 380,789 Total May 30, 2015 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations $ - $ 9,630 $ - $ 9,630 Municipal bonds - 76,311 - 76,311 Certificates of deposit - 2,002 - 2,002 Commercial paper - 7,496 - 7,496 Corporate bonds - 136,364 - 136,364 Foreign government obligations - 1,045 - 1,045 Asset backed securities - 14,352 - 14,352 Mutual Funds 4,508 - - 4,508 Commodity contracts - 82 - 82 Total assets measured at fair value $ 4,508 $ 247,282 $ - $ 251,790 Liabilities Contingent consideration $ - $ - $ 1,024 $ 1,024 Total liabilities measured at fair value $ - $ - $ 1,024 $ 1,024 Investment securities – available-for-sale, classified as level 2 , consist of 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 thirty-nine weeks ended February 27, 2016 , the final payment of $1.0 million was made related to contingent consideration. Thirty-nine weeks ended February 27, 2016 Balance at May 30, 2015 $ 1,024 (Gains)/Losses recognized in earnings - Actual payments made (1,024) Balance at February 27, 2016 $ -

Investment Securities

Investment Securities	9 Months Ended
	Feb. 27, 2016
Investment Securities [Abstract]
Investment Securities	8. Investment Securities The following represents the Company’s investment securities as of February 27, 2016 and May 30, 2015 (in thousands): February 27, 2016 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ 10,989 $ 2 $ - $ 10,991 Municipal bonds 79,951 226 - 80,177 Commercial paper 2,992 - 3 2,989 Corporate bonds 267,802 - 1,327 266,475 Foreign government obligations 2,056 - - 2,056 Asset backed securities 12,687 - 1 12,686 Mutual funds 3,561 - 25 3,536 Total current investment securities $ 380,038 $ 228 $ 1,356 $ 378,910 Mutual funds 1,493 386 - 1,879 Total noncurrent investment securities $ 1,493 $ 386 $ - $ 1,879 May 30, 2015 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ 9,609 $ 21 $ - $ 9,630 Municipal bonds 76,228 83 - 76,311 Certificates of deposit 2,001 1 - 2,002 Commercial paper 7,491 5 - 7,496 Corporate bonds 136,411 - 47 136,364 Foreign government obligations 1,042 3 - 1,045 Asset backed securities 14,356 - 4 14,352 Mutual funds 2,758 3 - 2,761 Total current investment securities $ 249,896 $ 116 $ 51 $ 249,961 Mutual funds 1,199 548 - 1,747 Total noncurrent investment securities $ 1,199 $ 548 $ - $ 1,747 Proceeds from sales of available-for-sale securities wer e $ 221.9 million and $ 109.5 million during the thirty-nine weeks ended February 27, 2016 and February 28, 2015 , respectively. Gross realized gains on those sales during the thirty-nine weeks ended February 27, 2016 and February 28, 2015 were $ 100,000 and $68,000 , respectively. Gross realized losses on those sales during the thirty-nine weeks ended February 27, 2016 and February 28, 2015 were $ 102,000 and $ 6,000 , 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 $ 740,000 and $ 128,000 were recorded in other comprehensive income (loss) for the thirty-nine weeks ended February 27, 2016 and February 28, 2015 , respectively. Unrealized holding gains (losses), net of tax, on long-term available-for-sale securities of $(94,000) and $58,000 were recorded in other comprehensive income (loss) for the thirty-nine weeks ended February 27, 2016 and February 28, 2015 , 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 February 27, 2016 , are as follows (in thousands): Estimated Fair Value Within one year $ 206,189 1-5 years 169,185 Total $ 375,374

Equity

Equity	9 Months Ended
	Feb. 27, 2016
Equity [Abstract]
Equity	9 . Equity The following reflects the equity activity, including our noncontrolling interest, for the thirty-nine weeks ended February 27, 2016 : 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 $ 703 $ 48 $ (20,482) $ 43,304 $ 22 $ 679,969 $ 998 $ 704,562 Dividends - - - - - (105,548) - (105,548) Other comprehensive loss, net of tax - - - - (834) - - (834) Purchase of Company stock - - (1,831) - - - (1,831) Grant of restricted stock, net of forfeitures - - 59 (59) - - - Distribution to noncontrolling interest partners - - - - - - (903) (903) Restricted stock compensation - - - 2,228 - - - 2,228 Net income - - - - - 316,417 1,925 318,342 Balance at February 27, 2016 $ 703 $ 48 $ (22,254) $ 45,473 $ (812) $ 890,838 $ 2,020 $ 916,016

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Feb. 27, 2016
Stock Based Compensation [Abstract]
Summary Of Restricted Share Activity	Number of Shares Weighted Average Grant Date Fair Value Outstanding, May 30, 2015 335,140 $ 27.24 Granted 78,560 49.39 Vested (121,250) 20.70 Forfeited (1,850) 30.76 Outstanding, February 27, 2016 290,600 $ 35.94

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Feb. 27, 2016
Inventories [Abstract]
Schedule Of Inventories	February 27, 2016 May 30, 2015 Flocks $ 90,929 $ 87,280 Eggs 15,742 15,507 Feed and supplies 47,494 43,473 $ 154,165 $ 146,260

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	9 Months Ended
	Feb. 27, 2016
Net Income Per Common Share [Abstract]
Computation Of Basic And Diluted Net Income Per Share Attributable To The Company	13 Weeks Ended 39 Weeks Ended February 27, 2016 February 28, 2015 February 27, 2016 February 28, 2015 Net income attributable to Cal-Maine Foods, Inc. $ 64,164 $ 50,882 $ 316,417 $ 115,140 Basic weighted-average common shares 48,204 48,137 48,177 48,134 Effect of dilutive securities: Restricted shares 163 288 182 260 Common stock options - 22 - 22 Dilutive potential common shares 48,367 48,447 48,359 48,416 Net income per common share attributable to Cal-Maine Foods, Inc.: Basic $ 1.33 $ 1.06 $ 6.57 $ 2.39 Diluted $ 1.33 $ 1.05 $ 6.54 $ 2.38

Accrued Dividends Payable And19

Accrued Dividends Payable And Dividends Per Common Share (Tables)	9 Months Ended
	Feb. 27, 2016
Accrued Dividends Payable And Dividends Per Common Share [Abstract]
Schedule Of Dividends Per Common Share	13 Weeks Ended 39 Weeks Ended February 27, 2016 February 28, 2015 February 27, 2016 February 28, 2015 Net income attributable to Cal-Maine Foods, Inc. available for dividend $ 64,164 $ 50,882 $ 316,417 $ 115,140 1/3 of net income attributable to Cal-Maine Foods, Inc. 21,388 16,961 105,472 38,380 Common stock outstanding (shares) 43,738 43,672 Class A common stock outstanding (shares) 4,800 4,800 Total common stock outstanding (shares) 48,538 48,472 Dividends per common share* $ 0.441 $ 0.350 $ 2.175 $ 0.793 *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)	9 Months Ended
	Feb. 27, 2016
Fair Value Measurements [Abstract]
Schedule Of Fair Value And Carrying Value Of Borrowings Under Credit Facilities And Long-Term Debt	February 27, 2016 May 30, 2015 Carrying Value Fair Value Carrying Value Fair Value 2.0% – 6.84% Notes payable $ 27,240 $ 27,586 $ 44,549 $ 45,158 Series A Senior Secured Notes at 5.45% - - 6,311 6,312 $ 27,240 $ 27,586 $ 50,860 $ 51,470
Schedule Of Assets Measured At Fair Value On A Recurring Basis	Total February 27, 2016 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations $ - $ 10,991 $ - $ 10,991 Municipal bonds - 80,177 - 80,177 Commercial paper - 2,989 - 2,989 Corporate bonds - 266,475 - 266,475 Foreign government obligations - 2,056 - 2,056 Asset backed securities - 12,686 - 12,686 Mutual Funds 5,415 - - 5,415 Total assets measured at fair value $ 5,415 $ 375,374 $ - $ 380,789 Total May 30, 2015 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations $ - $ 9,630 $ - $ 9,630 Municipal bonds - 76,311 - 76,311 Certificates of deposit - 2,002 - 2,002 Commercial paper - 7,496 - 7,496 Corporate bonds - 136,364 - 136,364 Foreign government obligations - 1,045 - 1,045 Asset backed securities - 14,352 - 14,352 Mutual Funds 4,508 - - 4,508 Commodity contracts - 82 - 82 Total assets measured at fair value $ 4,508 $ 247,282 $ - $ 251,790 Liabilities Contingent consideration $ - $ - $ 1,024 $ 1,024 Total liabilities measured at fair value $ - $ - $ 1,024 $ 1,024
Changes In Fair Value Of Contingent Consideration	Thirty-nine weeks ended February 27, 2016 Balance at May 30, 2015 $ 1,024 (Gains)/Losses recognized in earnings - Actual payments made (1,024) Balance at February 27, 2016 $ -

Investment Securities (Tables)

Investment Securities (Tables)	9 Months Ended
	Feb. 27, 2016
Investment Securities [Abstract]
Schedule Of Investment Securities	February 27, 2016 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ 10,989 $ 2 $ - $ 10,991 Municipal bonds 79,951 226 - 80,177 Commercial paper 2,992 - 3 2,989 Corporate bonds 267,802 - 1,327 266,475 Foreign government obligations 2,056 - - 2,056 Asset backed securities 12,687 - 1 12,686 Mutual funds 3,561 - 25 3,536 Total current investment securities $ 380,038 $ 228 $ 1,356 $ 378,910 Mutual funds 1,493 386 - 1,879 Total noncurrent investment securities $ 1,493 $ 386 $ - $ 1,879 May 30, 2015 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ 9,609 $ 21 $ - $ 9,630 Municipal bonds 76,228 83 - 76,311 Certificates of deposit 2,001 1 - 2,002 Commercial paper 7,491 5 - 7,496 Corporate bonds 136,411 - 47 136,364 Foreign government obligations 1,042 3 - 1,045 Asset backed securities 14,356 - 4 14,352 Mutual funds 2,758 3 - 2,761 Total current investment securities $ 249,896 $ 116 $ 51 $ 249,961 Mutual funds 1,199 548 - 1,747 Total noncurrent investment securities $ 1,199 $ 548 $ - $ 1,747
Schedule Of Contractual Maturities Of Investment Securities	Estimated Fair Value Within one year $ 206,189 1-5 years 169,185 Total $ 375,374

Equity (Tables)

Equity (Tables)	9 Months Ended
	Feb. 27, 2016
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 $ 703 $ 48 $ (20,482) $ 43,304 $ 22 $ 679,969 $ 998 $ 704,562 Dividends - - - - - (105,548) - (105,548) Other comprehensive loss, net of tax - - - - (834) - - (834) Purchase of Company stock - - (1,831) - - - (1,831) Grant of restricted stock, net of forfeitures - - 59 (59) - - - Distribution to noncontrolling interest partners - - - - - - (903) (903) Restricted stock compensation - - - 2,228 - - - 2,228 Net income - - - - - 316,417 1,925 318,342 Balance at February 27, 2016 $ 703 $ 48 $ (22,254) $ 45,473 $ (812) $ 890,838 $ 2,020 $ 916,016

Stock Based Compensation (Narra

Stock Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Feb. 27, 2016	Feb. 28, 2015	May. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value	$ 35.94		$ 27.24
Accounts payable and accrued expenses	$ 70,338		$ 70,821
Stock based compensation expense (benefit)	2,200	$ 1,700
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	290,600
Weighted average grant date fair value	$ 35.94
Unrecognized compensation expense	$ 6,400
Weighted average period of unrecognized compensation expense	2 years 3 months 18 days

Stock Based Compensation (Summa

Stock Based Compensation (Summary Of Restricted Share Activity) (Details)	9 Months Ended
	Feb. 27, 2016$ / sharesshares
Stock Based Compensation [Abstract]
Number of Shares, Outstanding, May 30, 2015 | shares	335,140
Number of Shares, Granted | shares	78,560
Number of Shares, Vested | shares	(121,250)
Number of Shares, Forfeited | shares	(1,850)
Number of Shares, Outstanding, February 27, 2016 | shares	290,600
Weighted Average Grant Date Fair Value, Outstanding, May 30, 2015 | $ / shares	$ 27.24
Weighted Average Grant Date Fair Value, Granted | $ / shares	49.39
Weighted Average Grant Date Fair Value, Vested | $ / shares	20.70
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	30.76
Weighted Average Grant Date Fair Value, Outstanding, February 27, 2016 | $ / shares	$ 35.94

Inventories (Schedule Of Invent

Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands	Feb. 27, 2016	May. 30, 2015
Inventories [Abstract]
Flocks	$ 90,929	$ 87,280
Eggs	15,742	15,507
Feed and supplies	47,494	43,473
Total inventories	$ 154,165	$ 146,260

Contingencies (Details)

Contingencies (Details) $ in Millions	Feb. 27, 2016USD ($)
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		9 Months Ended
	Feb. 27, 2016	Feb. 28, 2015	Feb. 27, 2016	Feb. 28, 2015
Net Income Per Common Share [Abstract]
Net income attributable to Cal-Maine Foods, Inc.	$ 64,164	$ 50,882	$ 316,417	$ 115,140
Basic weighted-average common shares	48,204	48,137	48,177	48,134
Restricted shares	163	288	182	260
Common stock options		22		22
Dilutive potential common shares	48,367	48,447	48,359	48,416
Basic	$ 1.33	$ 1.06	$ 6.57	$ 2.39
Diluted	$ 1.33	$ 1.05	$ 6.54	$ 2.38

Accrued Dividends Payable And28

Accrued Dividends Payable And Dividends Per Common Share (Narrative) (Details)	9 Months Ended
	Feb. 27, 2016
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		9 Months Ended
	Feb. 27, 2016	Feb. 28, 2015	Feb. 27, 2016	Feb. 28, 2015	May. 30, 2015
Dividends Payable [Line Items]
Net income attributable to Cal-Maine Foods, Inc. available for dividend	$ 64,164	$ 50,882	$ 316,417	$ 115,140
1/3 of net income attributable to Cal-Maine Foods, Inc.	$ 21,388	$ 16,961	$ 105,472	$ 38,380
Common stock outstanding (shares)	48,538	48,472	48,538	48,472
Dividends per common share	$ 0.441	$ 0.350	$ 2.175	$ 0.793
Percentage of net income attributable to Cal-Maine Foods, Inc.			33.33%
Common Stock [Member]
Dividends Payable [Line Items]
Common stock outstanding (shares)	43,738	43,672	43,738	43,672	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) $ in Thousands	9 Months Ended
	Feb. 27, 2016USD ($)
Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Payments	$ 1,024

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	9 Months Ended
	Feb. 27, 2016	May. 30, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, Carrying Value	$ 27,240	$ 50,860
Long-term debt, Fair Value	27,586	51,470
2.00 - 6.84% Notes Payable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, Carrying Value	27,240	44,549
Long-term debt, Fair Value	$ 27,586	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	Feb. 27, 2016	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	$ 380,789	251,790
Contingent consideration		1,024
Total liabilities measured at fair value		$ 1,024
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity contracts
Total assets measured at fair value	5,415	$ 4,508
Contingent consideration
Total liabilities measured at fair value
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	$ 375,374	$ 247,282
Contingent consideration
Total liabilities measured at fair value
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
Total liabilities measured at fair value		1,024
US Government Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 10,991	$ 9,630
US Government Obligations [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
US Government Obligations [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 10,991	$ 9,630
US Government Obligations [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 80,177	$ 76,311
Municipal Bonds [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
Municipal Bonds [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 80,177	$ 76,311
Municipal Bonds [Member] | 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] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
Certificates Of Deposit [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities		$ 2,002
Certificates Of Deposit [Member] | 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	$ 2,989	$ 7,496
Commercial Paper [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
Commercial Paper [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 2,989	$ 7,496
Commercial Paper [Member] | 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	$ 266,475	$ 136,364
Corporate Bonds [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
Corporate Bonds [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 266,475	$ 136,364
Corporate Bonds [Member] | 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	$ 2,056	$ 1,045
Foreign Government Obligations [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
Foreign Government Obligations [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 2,056	$ 1,045
Foreign Government Obligations [Member] | 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	$ 12,686	$ 14,352
Asset Backed Securities [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
Asset Backed Securities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 12,686	$ 14,352
Asset Backed Securities [Member] | 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	$ 5,415	$ 4,508
Mutual Funds [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 5,415	$ 4,508
Mutual Funds [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities
Mutual Funds [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities

Fair Value Measurements (Change

Fair Value Measurements (Changes In Fair Value Of Contingent Consideration) (Details) - Level 3 [Member] $ in Thousands	9 Months Ended
	Feb. 27, 2016USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net income attributable to Cal-Maine Foods, Inc.	$ 1,024
(Gains)/Losses recognized in earnings
Actual payments made	$ (1,024)
Balance at February 27, 2016

Investment Securities (Narrativ

Investment Securities (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Feb. 27, 2016	Feb. 28, 2015
Investment Securities [Abstract]
Proceeds from sale of available-for-sale securities	$ 221,900	$ 109,500
Gross realized gains on sales of available-for-sale securities	100	68
Gross realized losses on sales of available-for-sale securities	102	6
Unrealized holding losses, net of tax on available-for-sale securities	(740)	(128)
Unrealized gains (losses) on long term available for sale securities in other comprehensive income	$ (94)	$ 58

Investment Securities (Schedule

Investment Securities (Schedule Of Investment Securities) (Details) - USD ($) $ in Thousands	Feb. 27, 2016	May. 30, 2015
Current Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 380,038	$ 249,896
Unrealized Gains	228	116
Unrealized Losses	1,356	51
Estimated Fair Value	378,910	249,961
Noncurrent Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,493	1,199
Unrealized Gains	$ 386	$ 548
Unrealized Losses
Estimated Fair Value	$ 1,879	$ 1,747
US Government Obligations [Member] | Current Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	10,989	9,609
Unrealized Gains	$ 2	$ 21
Unrealized Losses
Estimated Fair Value	$ 10,991	$ 9,630
Municipal Bonds [Member] | Current Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	79,951	76,228
Unrealized Gains	$ 226	$ 83
Unrealized Losses
Estimated Fair Value	$ 80,177	$ 76,311
Certificates Of Deposit [Member] | Current Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		2,001
Unrealized Gains		$ 1
Unrealized Losses
Estimated Fair Value		$ 2,002
Commercial Paper [Member] | Current Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 2,992	7,491
Unrealized Gains		$ 5
Unrealized Losses	$ 3
Estimated Fair Value	2,989	$ 7,496
Corporate Bonds [Member] | Current Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 267,802	$ 136,411
Unrealized Gains
Unrealized Losses	$ 1,327	$ 47
Estimated Fair Value	266,475	136,364
Foreign Government Obligations [Member] | Current Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 2,056	1,042
Unrealized Gains		$ 3
Unrealized Losses
Estimated Fair Value	$ 2,056	$ 1,045
Asset Backed Securities [Member] | Current Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 12,687	$ 14,356
Unrealized Gains
Unrealized Losses	$ 1	$ 4
Estimated Fair Value	12,686	14,352
Mutual Funds [Member] | Current Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 3,561	2,758
Unrealized Gains		$ 3
Unrealized Losses	$ 25
Estimated Fair Value	3,536	$ 2,761
Mutual Funds [Member] | Noncurrent Assets [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,493	1,199
Unrealized Gains	$ 386	$ 548
Unrealized Losses
Estimated Fair Value	$ 1,879	$ 1,747

Investment Securities (Schedu36

Investment Securities (Schedule Of Contractual Maturities Of Investment Securities) (Details) $ in Thousands	Feb. 27, 2016USD ($)
Investment Securities [Abstract]
Within one year	$ 206,189
1-5 years	169,185
Total	$ 375,374

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 27, 2016	Feb. 28, 2015	Feb. 27, 2016	Feb. 28, 2015
Schedule of Stockholders Equity [Line Items]
Balance			$ 704,562
Dividends			(105,548)
Other comprehensive loss, net of tax	$ (556)	$ (25)	(834)	$ (70)
Purchase of Company stock			(1,831)
Distribution to noncontrolling interest partners			(903)
Restricted stock compensation			2,228
Net income	64,342	$ 50,959	318,342	$ 116,005
Balance	916,016		916,016
Treasury Stock [Member]
Schedule of Stockholders Equity [Line Items]
Balance			(20,482)
Purchase of Company stock			(1,831)
Grant of restricted stock, net of forfeitures			59
Balance	(22,254)		(22,254)
Paid In Capital [Member]
Schedule of Stockholders Equity [Line Items]
Balance			43,304
Grant of restricted stock, net of forfeitures			(59)
Restricted stock compensation			2,228
Balance	45,473		45,473
Accumulated Other Comprehensive Loss [Member]
Schedule of Stockholders Equity [Line Items]
Balance			22
Other comprehensive loss, net of tax			(834)
Balance	(812)		(812)
Retained Earnings [Member]
Schedule of Stockholders Equity [Line Items]
Balance			679,969
Dividends			(105,548)
Net income			316,417
Balance	890,838		890,838
Noncontrolling Interests [Member]
Schedule of Stockholders Equity [Line Items]
Balance			998
Distribution to noncontrolling interest partners			(903)
Net income			1,925
Balance	2,020		2,020
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