Cal-Maine Foods (CALM) 10-Q 26 Sep 16 2017 Q1 Quarterly report Financial data

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