Document And Entity Information
| Document And Entity Information - shares | 3 Months Ended | |
| Aug. 27, 2016 | Sep. 23, 2016 | |
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | Aug. 27, 2016 | |
| Document Fiscal Year Focus | 2,017 | |
| Document Fiscal Period Focus | Q1 | |
| Entity Registrant Name | CAL-MAINE FOODS INC | |
| Entity Central Index Key | 16,160 | |
| Current Fiscal Year End Date | --05-27 | |
| Entity Filer Category | Large Accelerated Filer | |
| Trading Symbol | calm | |
| Common Stock [Member] | ||
| Entity Common Stock, Shares Outstanding | 43,730,931 | |
| Class A Common Stock [Member] | ||
| Entity Common Stock, Shares Outstanding | 4,800,000 |
Condensed Consolidated Balance
| Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Aug. 27, 2016 | May 28, 2016 |
| Current assets: | ||
| Cash and cash equivalents | $ 37,646 | $ 29,046 |
| Investment securities available-for-sale | 269,202 | 360,499 |
| Trade and other receivables (less allowance for doubtful accounts of $944 and $727 at August 27, 2016 and May 28, 2016, respectively) | 74,099 | 67,448 |
| Income tax receivable | 34,855 | 11,830 |
| Inventories | 154,621 | 154,799 |
| Prepaid expenses and other current assets | 3,530 | 2,661 |
| Total current assets | 573,953 | 626,283 |
| Property, plant and equipment, net | 404,787 | 392,274 |
| Goodwill | 29,196 | 29,196 |
| Other investments | 58,483 | 53,975 |
| Other intangible assets | 4,642 | 4,958 |
| Other assets | 4,911 | 5,079 |
| TOTAL ASSETS | 1,075,972 | 1,111,765 |
| Current liabilities: | ||
| Accounts payable and accrued expenses | 59,223 | 67,131 |
| Current maturities of long-term debt | 15,915 | 16,320 |
| Total current liabilities | 75,138 | 83,451 |
| Long-term debt, less current maturities | 8,125 | 9,250 |
| Other noncurrent liabilities | 6,380 | 6,321 |
| Deferred income taxes | 98,902 | 95,382 |
| Total liabilities | 188,545 | 194,404 |
| Commitments and Contingencies - see Note 4 | ||
| Stockholders' equity: | ||
| Paid-in capital | 47,254 | 46,404 |
| Retained earnings | 859,504 | 890,440 |
| Accumulated other comprehensive income (loss), net of tax | 263 | (48) |
| Common stock in treasury at cost – 26,527 and 26,524 shares at August 27, 2016 and May 28, 2016, respectively | (22,314) | (22,272) |
| Total Cal-Maine Foods, Inc. stockholders' equity | 885,458 | 915,275 |
| Noncontrolling interest in consolidated entities | 1,969 | 2,086 |
| Total stockholders' equity | 887,427 | 917,361 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 1,075,972 | 1,111,765 |
| 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 ($) shares in Thousands, $ in Thousands | Aug. 27, 2016 | May 28, 2016 |
| Allowance for doubtful accounts | $ 944 | $ 727 |
| Common stock, shares outstanding | 48,533 | |
| Treasury stock, shares | 26,527 | 26,524 |
| Common Stock [Member] | ||
| Common stock, par value per share | $ 0.01 | $ 0.01 |
| Common stock, shares authorized | 120,000 | 120,000 |
| Common stock, shares issued | 70,261 | 70,261 |
| Common stock, shares outstanding | 43,733 | 43,737 |
| Class A Common Stock [Member] | ||
| Common stock, par value per share | $ 0.01 | $ 0.01 |
| Common stock, shares authorized | 4,800 | 4,800 |
| Common stock, shares issued | 4,800 | 4,800 |
| Common stock, shares outstanding | 4,800 | 4,800 |
Condensed Consolidated Statemen
| Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
| Aug. 27, 2016 | Aug. 29, 2015 | |
| Condensed Consolidated Statements Of Operations [Abstract] | ||
| Net sales | $ 239,845 | $ 609,895 |
| Cost of sales | 249,414 | 346,824 |
| Gross profit (loss) | (9,569) | 263,071 |
| Selling, general, and administrative expense | 40,256 | 42,963 |
| Operating income (loss) | (49,825) | 220,108 |
| Other income (expense): | ||
| Interest income, net | 1,091 | 27 |
| Royalty income | 406 | 606 |
| Equity in income of affiliates | 191 | 730 |
| Other, net | (403) | (814) |
| Total other income | 1,285 | 549 |
| Income (loss) before income taxes and noncontrolling interest | (48,540) | 220,657 |
| Income tax expense (benefit) | (17,560) | 76,567 |
| Net income (loss) before noncontrolling interest | (30,980) | 144,090 |
| Less: Net income (loss) attributable to noncontrolling interest | (44) | 1,067 |
| Net income (loss) attributable to Cal-Maine Foods, Inc. | $ (30,936) | $ 143,023 |
| Net income (loss) per common share attributable to Cal-Maine Foods, Inc.: | ||
| Basic | $ (0.64) | $ 2.97 |
| Diluted | $ (0.64) | 2.95 |
| Dividends per common share | $ 0.983 | |
| Weighted average shares outstanding: | ||
| Basic | 48,249 | 48,163 |
| Diluted | 48,249 | 48,498 |
Condensed Consolidated Stateme5
| Condensed Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
| Aug. 27, 2016 | Aug. 29, 2015 | |
| Condensed Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ||
| Net income (loss) including noncontrolling interest | $ (30,980) | $ 144,090 |
| Other comprehensive income (loss), before tax: | ||
| Unrealized holding gain (loss) on available-for-sale securities, net of reclassification adjustments | 502 | (300) |
| Income tax benefit (expense) related to items of other comprehensive income | (191) | 120 |
| Other comprehensive income (loss), net of tax | 311 | (180) |
| Comprehensive income (loss) | (30,669) | 143,910 |
| Less: comprehensive income (loss) attributable to the noncontrolling interest | (44) | 1,067 |
| Comprehensive income (loss) attributable to Cal-Maine Foods, Inc. | $ (30,625) | $ 142,843 |
Condensed Consolidated Stateme6
| Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
| Aug. 27, 2016 | Aug. 29, 2015 | |
| Operating activities: | ||
| Net income (loss) including noncontrolling interest | $ (30,980) | $ 144,090 |
| Depreciation and amortization | 11,159 | 11,061 |
| Other adjustments, net | (25,626) | (1,036) |
| Net cash provided by (used in) operations | (45,447) | 154,115 |
| Investing activities: | ||
| Purchase of investments | (9,008) | (80,668) |
| Sales of investments | 92,833 | 43,942 |
| Investment in joint ventures | (5,500) | (18,000) |
| Purchases of property, plant and equipment | (23,895) | (15,266) |
| Payments received on notes receivable and from affiliates | 1,250 | 107 |
| Net proceeds from disposal of property, plant and equipment | 10 | 171 |
| Net cash provided by (used in) investing activities | 55,690 | (69,714) |
| Financing activities: | ||
| Purchase of common stock by treasury | (40) | |
| Distributions to noncontrolling interests | (73) | (10) |
| Principal payments on long-term debt | (1,530) | (8,310) |
| Payments of dividends | (15,380) | |
| Net cash used in financing activities | (1,643) | (23,700) |
| Net change in cash and cash equivalents | 8,600 | 60,701 |
| Cash and cash equivalents at beginning of period | 29,046 | 8,667 |
| Cash and cash equivalents at end of period | $ 37,646 | $ 69,368 |
Presentation Of Interim Informa
| Presentation Of Interim Information | 3 Months Ended |
| Aug. 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 weeks ended August 27, 2016 are not necessarily indicative of the results that may be expected for the year ending June 3, 2017 . The condensed consolidated balance sheet at May 28, 2016 has been derived from the audited consolidated financial statements at that date . It 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 28, 2016 . References to “we,” “us,” “our,” or the “Company” refer to Cal-Maine Foods, Inc. |
Stock Based Compensation
| Stock Based Compensation | 3 Months Ended |
| Aug. 27, 2016 | |
| Stock Based Compensation [Abstract] | |
| Stock Based Compensation | 2. Stock Based Compensation Total stock based compensation expense for the thirteen weeks ended August 27, 2016 and August 29, 2015 was $ 848,000 and $ 700,000 , respectively. Unrecognized compensation expense as a result of non-vested shares of the 2012 Omnibus Long-Term Incentive Plan at August 27, 2016 was $ 4.8 million and will be recorded over a weighted average period of 1.9 years. Refer to Note 11 of our May 28, 2016 audited financial statements for further information on our stock compensation plans. At August 27, 2016 , there were 283,800 restricted shares outstanding, with a weighted average grant date fair value of $35.99 per share. A summary of the Company’s restricted share activity for th e thirteen weeks ended August 27, 2016 follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding, May 28, 2016 288,900 $ 35.97 Vested (2,960) 29.41 Forfeited (2,140) 41.64 Outstanding, August 27, 2016 283,800 $ 35.99 |
Inventories
| Inventories | 3 Months Ended |
| Aug. 27, 2016 | |
| Inventories [Abstract] | |
| Inventories | 3. Inventories Inventories consisted of the following (in thousands): August 27, 2016 May 28, 2016 Flocks $ 98,355 $ 94,312 Eggs 12,072 11,519 Feed and supplies 44,194 48,968 $ 154,621 $ 154,799 |
Contingencies
| Contingencies | 3 Months Ended |
| Aug. 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 August 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 | 3 Months Ended |
| Aug. 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. Due to the net loss in the first quarter of fiscal 2017, restricted shares in the amount of 140,551 were excluded from the calculation of diluted earnings per share because their inclusion would have been antidilutive. 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 August 27, 2016 August 29, 2015 Net income (loss) attributable to Cal-Maine Foods, Inc. $ (30,936) $ 143,023 Basic weighted-average common shares 48,249 48,163 Effect of dilutive securities: Restricted shares - 335 Dilutive potential common shares 48,249 48,498 Net income (loss) per common share attributable to Cal-Maine Foods, Inc.: Basic $ (0.64) $ 2.97 Diluted $ (0.64) $ 2.95 |
Accrued Dividends Payable And D
| Accrued Dividends Payable And Dividends Per Common Share | 3 Months Ended |
| Aug. 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. At August 27, 2016 , cumulative losses that must be recovered prior to paying a dividend were $31.3 million. When applicable, 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 August 27, 2016 August 29, 2015 Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend $ (30,936) $ 143,023 1/3 of net income attributable to Cal-Maine Foods, Inc. - 47,674 Common stock outstanding (shares) 43,733 43,698 Class A common stock outstanding (shares) 4,800 4,800 Total common stock outstanding (shares) 48,533 48,498 Dividends per common share* $ - $ 0.983 *Dividends per common share = 1/3 of Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend ÷ Total common stock outstanding (shares) |
Fair Value Measurements
| Fair Value Measurements | 3 Months Ended |
| Aug. 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 long-term debt were as follows (in thousands) : August 27, 2016 May 28, 2016 Carrying Value Fair Value Carrying Value Fair Value 5.4% – 6.4% Notes payable $ 24,040 $ 24,192 $ 25,570 $ 25,824 $ 24,040 $ 24,192 $ 25,570 $ 25,824 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 August 27, 2016 and May 28, 2016 (in thousand s ) : Total August 27, 2016 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations $ - $ 18,596 $ - $ 18,596 Municipal bonds - 68,049 - 68,049 Corporate bonds - 168,421 - 168,421 Foreign government obligations - 2,035 - 2,035 Asset backed securities - 12,101 - 12,101 Mutual funds 2,011 - - 2,011 Total assets measured at fair value $ 2,011 $ 269,202 $ - $ 271,213 Total May 28, 2016 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations $ - $ 18,814 $ - $ 18,814 Municipal bonds - 79,643 - 79,643 Corporate bonds - 240,537 - 240,537 Foreign government obligations - 2,046 - 2,046 Asset backed securities - 15,893 - 15,893 Mutual funds 5,503 - - 5,503 Total assets measured at fair value $ 5,503 $ 356,933 $ - $ 362,436 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. |
Investment Securities
| Investment Securities | 3 Months Ended |
| Aug. 27, 2016 | |
| Investment Securities [Abstract] | |
| Investment Securities | 8. Investment Securities The following represents the Company’s investment securities as of August 27, 2016 and May 28, 2016 (in thousands): August 27, 2016 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ 18,583 $ 13 $ - $ 18,596 Municipal bonds 67,806 243 - 68,049 Corporate bonds 168,145 276 - 168,421 Foreign government obligations 2,032 3 - 2,035 Asset backed securities 12,099 2 - 12,101 Total current investment securities $ 268,665 $ 537 $ - $ 269,202 Mutual funds 1,458 553 - 2,011 Total noncurrent investment securities $ 1,458 $ 553 $ - $ 2,011 May 28, 2016 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ 18,809 $ 5 $ - $ 18,814 Municipal bonds 79,481 162 - 79,643 Corporate bonds 240,593 - 56 240,537 Foreign government obligations 2,044 2 - 2,046 Asset backed securities 15,908 - 15 15,893 Mutual funds 3,565 1 - 3,566 Total current investment securities $ 360,400 $ 170 $ 71 $ 360,499 Mutual funds 1,448 489 - 1,937 Total noncurrent investment securities $ 1,448 $ 489 $ - $ 1,937 Proceeds from sales of available-for-sale securities were $ 92.8 million and $ 43.9 million during the thirteen weeks ended August 27, 2016 and August 29, 2015 , respectively. Gross realized gains on those sales during the thirteen weeks ended August 27, 2016 and August 29, 2015 were $ 108,000 and $4,000 , respectively. Gross realized losses on those sales during the thirteen weeks ended August 27, 2016 and August 29, 2015 were zero and $ 28,000 , respectively. For purposes of determining gross realized gains and losses, the cost of securities sold is based on the specific identification method. Unrealized holding gains, net of tax, on available-for-sale securities classified as current in the amount of $ 271,000 for the thirteen week s ended August 27, 2016 compared with unrealized holding losses, net of tax, of $ 125,000 for the same period of fiscal 2016. Unrealized holding gains, net of tax, on long-term available-for-sale securities of $40,000 were recorded for the thirteen weeks ended August 27, 2016 compared with unrealized holding losses, net of tax, on long-term available-for-sale securities of $55,000 for the sam e period of fiscal 2016. 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 August 27, 2016 , are as follows (in thousands): Estimated Fair Value Within one year $ 133,357 1-5 years 135,845 Total $ 269,202 |
Equity
| Equity | 3 Months Ended |
| Aug. 27, 2016 | |
| Equity [Abstract] | |
| Equity | 9. Equity The following reflects the equity activity, including our noncontrolling interest, for the thirteen weeks ended August 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 Interest Total Balance at May 28, 2016 $ 703 $ 48 $ (22,272) $ 46,404 $ (48) $ 890,440 $ 2,086 $ 917,361 Other comprehensive loss, net of tax - - - - 311 - - 311 Forfeiture of restricted stock - - (2) 2 - - - - Buyback of 920 shares to satisfy withholding obligation in connection with the vesting of restricted stock - - (40) - - - (40) Distribution to noncontrolling interest partners - - - - - - (73) (73) Restricted stock compensation - - - 848 - - - 848 Net income - - - - - (30,936) (44) (30,980) Balance at August 27, 2016 $ 703 $ 48 $ (22,314) $ 47,254 $ 263 $ 859,504 $ 1,969 $ 887,427 |
Stock Based Compensation (Table
| Stock Based Compensation (Tables) | 3 Months Ended |
| Aug. 27, 2016 | |
| Stock Based Compensation [Abstract] | |
| Summary Of Restricted Share Activity | Number of Shares Weighted Average Grant Date Fair Value Outstanding, May 28, 2016 288,900 $ 35.97 Vested (2,960) 29.41 Forfeited (2,140) 41.64 Outstanding, August 27, 2016 283,800 $ 35.99 |
Inventories (Tables)
| Inventories (Tables) | 3 Months Ended |
| Aug. 27, 2016 | |
| Inventories [Abstract] | |
| Schedule Of Inventories | August 27, 2016 May 28, 2016 Flocks $ 98,355 $ 94,312 Eggs 12,072 11,519 Feed and supplies 44,194 48,968 $ 154,621 $ 154,799 |
Net Income Per Common Share (Ta
| Net Income Per Common Share (Tables) | 3 Months Ended |
| Aug. 27, 2016 | |
| Net Income Per Common Share [Abstract] | |
| Computation Of Basic And Diluted Net Income Per Share Attributable To The Company | 13 Weeks Ended August 27, 2016 August 29, 2015 Net income (loss) attributable to Cal-Maine Foods, Inc. $ (30,936) $ 143,023 Basic weighted-average common shares 48,249 48,163 Effect of dilutive securities: Restricted shares - 335 Dilutive potential common shares 48,249 48,498 Net income (loss) per common share attributable to Cal-Maine Foods, Inc.: Basic $ (0.64) $ 2.97 Diluted $ (0.64) $ 2.95 |
Accrued Dividends Payable And19
| Accrued Dividends Payable And Dividends Per Common Share (Tables) | 3 Months Ended |
| Aug. 27, 2016 | |
| Accrued Dividends Payable And Dividends Per Common Share [Abstract] | |
| Schedule Of Dividends Per Common Share | 13 Weeks Ended August 27, 2016 August 29, 2015 Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend $ (30,936) $ 143,023 1/3 of net income attributable to Cal-Maine Foods, Inc. - 47,674 Common stock outstanding (shares) 43,733 43,698 Class A common stock outstanding (shares) 4,800 4,800 Total common stock outstanding (shares) 48,533 48,498 Dividends per common share* $ - $ 0.983 *Dividends per common share = 1/3 of Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend ÷ Total common stock outstanding (shares) |
Fair Value Measurements (Tables
| Fair Value Measurements (Tables) | 3 Months Ended |
| Aug. 27, 2016 | |
| Fair Value Measurements [Abstract] | |
| Schedule Of Fair Value And Carrying Value Of Borrowings Under Long-Term Debt | August 27, 2016 May 28, 2016 Carrying Value Fair Value Carrying Value Fair Value 5.4% – 6.4% Notes payable $ 24,040 $ 24,192 $ 25,570 $ 25,824 $ 24,040 $ 24,192 $ 25,570 $ 25,824 |
| Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis | Total August 27, 2016 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations $ - $ 18,596 $ - $ 18,596 Municipal bonds - 68,049 - 68,049 Corporate bonds - 168,421 - 168,421 Foreign government obligations - 2,035 - 2,035 Asset backed securities - 12,101 - 12,101 Mutual funds 2,011 - - 2,011 Total assets measured at fair value $ 2,011 $ 269,202 $ - $ 271,213 Total May 28, 2016 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations $ - $ 18,814 $ - $ 18,814 Municipal bonds - 79,643 - 79,643 Corporate bonds - 240,537 - 240,537 Foreign government obligations - 2,046 - 2,046 Asset backed securities - 15,893 - 15,893 Mutual funds 5,503 - - 5,503 Total assets measured at fair value $ 5,503 $ 356,933 $ - $ 362,436 |
Investment Securities (Tables)
| Investment Securities (Tables) | 3 Months Ended |
| Aug. 27, 2016 | |
| Investment Securities [Abstract] | |
| Schedule Of Investment Securities | August 27, 2016 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ 18,583 $ 13 $ - $ 18,596 Municipal bonds 67,806 243 - 68,049 Corporate bonds 168,145 276 - 168,421 Foreign government obligations 2,032 3 - 2,035 Asset backed securities 12,099 2 - 12,101 Total current investment securities $ 268,665 $ 537 $ - $ 269,202 Mutual funds 1,458 553 - 2,011 Total noncurrent investment securities $ 1,458 $ 553 $ - $ 2,011 May 28, 2016 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ 18,809 $ 5 $ - $ 18,814 Municipal bonds 79,481 162 - 79,643 Corporate bonds 240,593 - 56 240,537 Foreign government obligations 2,044 2 - 2,046 Asset backed securities 15,908 - 15 15,893 Mutual funds 3,565 1 - 3,566 Total current investment securities $ 360,400 $ 170 $ 71 $ 360,499 Mutual funds 1,448 489 - 1,937 Total noncurrent investment securities $ 1,448 $ 489 $ - $ 1,937 |
| Schedule Of Contractual Maturities Of Investment Securities | Estimated Fair Value Within one year $ 133,357 1-5 years 135,845 Total $ 269,202 |
Equity (Tables)
| Equity (Tables) | 3 Months Ended |
| Aug. 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 Interest Total Balance at May 28, 2016 $ 703 $ 48 $ (22,272) $ 46,404 $ (48) $ 890,440 $ 2,086 $ 917,361 Other comprehensive loss, net of tax - - - - 311 - - 311 Forfeiture of restricted stock - - (2) 2 - - - - Buyback of 920 shares to satisfy withholding obligation in connection with the vesting of restricted stock - - (40) - - - (40) Distribution to noncontrolling interest partners - - - - - - (73) (73) Restricted stock compensation - - - 848 - - - 848 Net income - - - - - (30,936) (44) (30,980) Balance at August 27, 2016 $ 703 $ 48 $ (22,314) $ 47,254 $ 263 $ 859,504 $ 1,969 $ 887,427 |
Stock Based Compensation (Narra
| Stock Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
| Aug. 27, 2016 | Aug. 29, 2015 | May 28, 2016 | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Weighted average grant date fair value | $ 35.99 | $ 35.97 | |
| Stock based compensation expense (benefit) | $ 848 | $ 700 | |
| Restricted Stock Units (RSUs) [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Number of options outstanding | 283,800 | ||
| Weighted average grant date fair value | $ 35.99 | ||
| Unrecognized compensation expense | $ 4,800 | ||
| Weighted average period of unrecognized compensation expense | 1 year 10 months 24 days | ||
Stock Based Compensation (Summa
| Stock Based Compensation (Summary Of Restricted Share Activity) (Details) | 3 Months Ended |
| Aug. 27, 2016$ / sharesshares | |
| Stock Based Compensation [Abstract] | |
| Number of Shares, Outstanding, May 28, 2016 | shares | 288,900 |
| Number of Shares, Vested | shares | (2,960) |
| Number of Shares, Forfeited | shares | (2,140) |
| Number of Shares, Outstanding, August 27, 2016 | shares | 283,800 |
| Weighted Average Grant Date Fair Value, Outstanding, May 28, 2016 | $ / shares | $ 35.97 |
| Weighted Average Grant Date Fair Value, Vested | $ / shares | 29.41 |
| Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 41.64 |
| Weighted Average Grant Date Fair Value, Outstanding, August 27, 2016 | $ / shares | $ 35.99 |
Inventories (Details)
| Inventories (Details) - USD ($) $ in Thousands | Aug. 27, 2016 | May 28, 2016 |
| Inventories [Abstract] | ||
| Flocks | $ 98,355 | $ 94,312 |
| Eggs | 12,072 | 11,519 |
| Feed and supplies | 44,194 | 48,968 |
| Total inventories | $ 154,621 | $ 154,799 |
Contingencies (Details)
| Contingencies (Details) $ in Millions | Aug. 27, 2016USD ($) |
| Contingencies [Abstract] | |
| Standby letters of credit | $ 3.7 |
Net Income Per Common Share (De
| Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
| Aug. 27, 2016 | Aug. 29, 2015 | |
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Net income (loss) attributable to Cal-Maine Foods, Inc. | $ (30,936) | $ 143,023 |
| Basic weighted-average common shares | 48,249 | 48,163 |
| Restricted shares | 335 | |
| Dilutive potential common shares | 48,249 | 48,498 |
| Basic | $ (0.64) | $ 2.97 |
| Diluted | $ (0.64) | $ 2.95 |
| Restricted Shares [Member] | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Antidilutive shares excluded from calculation of earnings per share | 140,551 | |
Accrued Dividends Payable And28
| Accrued Dividends Payable And Dividends Per Common Share (Narrative) (Details) $ in Millions | 3 Months Ended |
| Aug. 27, 2016USD ($) | |
| 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 |
| Cumulative loss to be recovered prior to paying dividend | $ 31.3 |
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 | ||
| Aug. 27, 2016 | Aug. 29, 2015 | May 28, 2016 | |
| Dividends Payable [Line Items] | |||
| Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend | $ (30,936) | $ 143,023 | |
| 1/3 of net income attributable to Cal-Maine Foods, Inc. | $ 47,674 | ||
| Common stock outstanding (shares) | 48,533 | 48,498 | |
| Dividends per common share | $ 0.983 | ||
| Percentage of net income attributable to Cal-Maine Foods, Inc. | 33.33% | ||
| Common Stock [Member] | |||
| Dividends Payable [Line Items] | |||
| Common stock outstanding (shares) | 43,733 | 43,698 | 43,737 |
| Class A Common Stock [Member] | |||
| Dividends Payable [Line Items] | |||
| Common stock outstanding (shares) | 4,800 | 4,800 | 4,800 |
Fair Value Measurements (Schedu
| Fair Value Measurements (Schedule Of Fair Value And Carrying Value Of Borrowings Under Long-Term Debt) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
| Aug. 27, 2016 | May 28, 2016 | |
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-term debt, Carrying Value | $ 24,040 | $ 25,570 |
| Long-term debt, Fair Value | 24,192 | 25,824 |
| 5.40 – 6.40% Notes payable [Member] | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-term debt, Carrying Value | 24,040 | 25,570 |
| Long-term debt, Fair Value | $ 24,192 | $ 25,824 |
| Interest rate, minimum | 5.40% | |
| Interest rate, maximum | 6.40% |
Fair Value Measurements (Sche31
| Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Aug. 27, 2016 | May 28, 2016 |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total assets measured at fair value | $ 271,213 | $ 362,436 |
| Level 1 [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total assets measured at fair value | 2,011 | 5,503 |
| Level 2 [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total assets measured at fair value | 269,202 | 356,933 |
| Level 3 [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total assets measured at fair value | ||
| US Government And Agency Obligations [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Investment securities | 18,596 | 18,814 |
| US Government And Agency Obligations [Member] | Level 1 [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Investment securities | ||
| US Government And Agency Obligations [Member] | Level 2 [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Investment securities | 18,596 | 18,814 |
| US Government And Agency 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 | 68,049 | 79,643 |
| 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 | 68,049 | 79,643 |
| Municipal Bonds [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 | 168,421 | 240,537 |
| 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 | 168,421 | 240,537 |
| 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 | 2,035 | 2,046 |
| 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 | 2,035 | 2,046 |
| 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 | 12,101 | 15,893 |
| 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 | 12,101 | 15,893 |
| 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 | 2,011 | 5,503 |
| Mutual Funds [Member] | Level 1 [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Investment securities | 2,011 | 5,503 |
| 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 |
Investment Securities (Narrativ
| Investment Securities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
| Aug. 27, 2016 | Aug. 29, 2015 | |
| Investment Securities [Abstract] | ||
| Proceeds from sale of available-for-sale securities | $ 92,800 | $ 43,900 |
| Gross realized gains on sales of available-for-sale securities | 108 | 4 |
| Gross realized losses on sales of available-for-sale securities | 0 | 28 |
| Unrealized holding losses, net of tax on available-for-sale securities | 271 | (125) |
| Unrealized gains (losses) on long term available for sale securities in other comprehensive income | $ 40 | $ (55) |
Investment Securities (Schedule
| Investment Securities (Schedule Of Investment Securities) (Details) - USD ($) $ in Thousands | Aug. 27, 2016 | May 28, 2016 |
| Current Assets [Member] | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Amortized Cost | $ 268,665 | $ 360,400 |
| Unrealized Gains | 537 | 170 |
| Unrealized Losses | 71 | |
| Estimated Fair Value | 269,202 | 360,499 |
| Noncurrent Assets [Member] | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Amortized Cost | 1,458 | 1,448 |
| Unrealized Gains | 553 | 489 |
| Unrealized Losses | ||
| Estimated Fair Value | 2,011 | 1,937 |
| US Government And Agency Obligations [Member] | Current Assets [Member] | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Amortized Cost | 18,583 | 18,809 |
| Unrealized Gains | 13 | 5 |
| Unrealized Losses | ||
| Estimated Fair Value | 18,596 | 18,814 |
| Municipal Bonds [Member] | Current Assets [Member] | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Amortized Cost | 67,806 | 79,481 |
| Unrealized Gains | 243 | 162 |
| Unrealized Losses | ||
| Estimated Fair Value | 68,049 | 79,643 |
| Corporate Bonds [Member] | Current Assets [Member] | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Amortized Cost | 168,145 | 240,593 |
| Unrealized Gains | 276 | |
| Unrealized Losses | 56 | |
| Estimated Fair Value | 168,421 | 240,537 |
| Foreign Government Obligations [Member] | Current Assets [Member] | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Amortized Cost | 2,032 | 2,044 |
| Unrealized Gains | 3 | 2 |
| Unrealized Losses | ||
| Estimated Fair Value | 2,035 | 2,046 |
| Asset Backed Securities [Member] | Current Assets [Member] | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Amortized Cost | 12,099 | 15,908 |
| Unrealized Gains | 2 | |
| Unrealized Losses | 15 | |
| Estimated Fair Value | 12,101 | 15,893 |
| Mutual Funds [Member] | Current Assets [Member] | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Amortized Cost | 3,565 | |
| Unrealized Gains | 1 | |
| Unrealized Losses | ||
| Estimated Fair Value | 3,566 | |
| Mutual Funds [Member] | Noncurrent Assets [Member] | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Amortized Cost | 1,458 | 1,448 |
| Unrealized Gains | 553 | 489 |
| Unrealized Losses | ||
| Estimated Fair Value | $ 2,011 | $ 1,937 |
Investment Securities (Schedu34
| Investment Securities (Schedule Of Contractual Maturities Of Investment Securities) (Details) $ in Thousands | Aug. 27, 2016USD ($) |
| Investment Securities [Abstract] | |
| Within one year | $ 133,357 |
| 1-5 years | 135,845 |
| Total | $ 269,202 |
Equity (Details)
| Equity (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
| Aug. 27, 2016 | Aug. 29, 2015 | |
| Schedule of Stockholders Equity [Line Items] | ||
| Balance | $ 917,361 | |
| Other comprehensive loss, net of tax | 311 | $ (180) |
| Buyback of 920 shares to satisfy withholding obligation in connection with the vesting of restricted stock | (40) | |
| Distribution to noncontrolling interest partners | (73) | |
| Restricted stock compensation | 848 | |
| Net income | (30,980) | $ 144,090 |
| Balance | $ 887,427 | |
| Buyback of 920 shares to satisfy withholding obligation in connection with the vesting of restricted stock, shares | 920 | |
| Treasury Stock [Member] | ||
| Schedule of Stockholders Equity [Line Items] | ||
| Balance | $ (22,272) | |
| Forfeiture of restricted stock | (2) | |
| Buyback of 920 shares to satisfy withholding obligation in connection with the vesting of restricted stock | (40) | |
| Balance | (22,314) | |
| Paid In Capital [Member] | ||
| Schedule of Stockholders Equity [Line Items] | ||
| Balance | 46,404 | |
| Forfeiture of restricted stock | 2 | |
| Restricted stock compensation | 848 | |
| Balance | 47,254 | |
| Accumulated Other Comprehensive Loss [Member] | ||
| Schedule of Stockholders Equity [Line Items] | ||
| Balance | (48) | |
| Other comprehensive loss, net of tax | 311 | |
| Balance | 263 | |
| Retained Earnings [Member] | ||
| Schedule of Stockholders Equity [Line Items] | ||
| Balance | 890,440 | |
| Net income | (30,936) | |
| Balance | 859,504 | |
| Noncontrolling Interests [Member] | ||
| Schedule of Stockholders Equity [Line Items] | ||
| Balance | 2,086 | |
| Distribution to noncontrolling interest partners | (73) | |
| Net income | (44) | |
| Balance | 1,969 | |
| Common Stock [Member] | ||
| Schedule of Stockholders Equity [Line Items] | ||
| Balance | 703 | |
| Balance | 703 | |
| Class A Common Stock [Member] | ||
| Schedule of Stockholders Equity [Line Items] | ||
| Balance | 48 | |
| Balance | $ 48 | |