Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 02, 2017 | Dec. 29, 2017 | |
Document Period End Date | Dec. 2, 2017 | |
Entity Registrant Name | CAL-MAINE FOODS INC | |
Entity Central Index Key | 16,160 | |
Current Fiscal Year End Date | --06-02 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Trading Symbol | calm | |
Common Stock | ||
Entity Common Stock, Shares Outstanding | 43,774,928 | |
Class A Common Stock | ||
Entity Common Stock, Shares Outstanding | 4,800,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 02, 2017 | Jun. 03, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 19,808 | $ 17,564 |
Investment securities available-for-sale | 189,492 | 138,462 |
Trade and other receivables (less allowance for doubtful accounts of $916 and $386 at December 2, 2017 and June 3, 2017, respectively) | 111,290 | 64,509 |
Income tax receivable | 0 | 52,691 |
Inventories | 163,041 | 160,692 |
Prepaid expenses and other current assets | 2,556 | 2,288 |
Total current assets | 486,187 | 436,206 |
Property, plant and equipment, net | 443,093 | 458,184 |
Other investments | 68,821 | 69,296 |
Goodwill | 35,525 | 35,525 |
Other intangible assets, net | 27,726 | 29,149 |
Other assets | 4,779 | 4,734 |
TOTAL ASSETS | 1,066,131 | 1,033,094 |
Current liabilities: | ||
Accounts payable and accrued expenses | 89,883 | 59,853 |
Accrued legal settlement expense - see Notes 4 and 10 | 80,750 | 0 |
Current maturities of long-term debt and capital lease obligations | 4,316 | 4,826 |
Total current liabilities | 174,949 | 64,679 |
Long-term debt and capital lease obligations, less current maturities | 4,204 | 6,113 |
Other noncurrent liabilities | 7,689 | 7,527 |
Deferred income taxes | 75,335 | 110,282 |
Total liabilities | 262,177 | 188,601 |
Commitments and Contingencies - see Note 4 | ||
Stockholders’ equity: | ||
Paid-in capital | 51,670 | 49,932 |
Retained earnings | 773,917 | 816,046 |
Accumulated other comprehensive loss, net of tax | (400) | (128) |
Common stock in treasury at cost – 26,486 and 26,484 shares at December 2, 2017 and June 3, 2017, respectively | (23,940) | (23,914) |
Total Cal-Maine Foods, Inc. stockholders’ equity | 801,998 | 842,687 |
Noncontrolling interest in consolidated entities | 1,956 | 1,806 |
Total stockholders’ equity | 803,954 | 844,493 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 1,066,131 | 1,033,094 |
Common Stock | ||
Stockholders’ equity: | ||
Common stock | 703 | 703 |
Class A Common Stock | ||
Stockholders’ equity: | ||
Common stock | $ 48 | $ 48 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Dec. 02, 2017 | Jun. 03, 2017 |
Allowance for doubtful accounts | $ 916 | $ 386 |
Treasury stock, shares (in shares) | 26,486,000 | 26,484,000 |
Common Stock | ||
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 70,261,000 | 70,261,000 |
Common stock, shares outstanding (in shares) | 43,775,000 | 43,777,000 |
Class A Common Stock | ||
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 4,800,000 | 4,800,000 |
Common stock, shares issued (in shares) | 4,800,000 | 4,800,000 |
Common stock, shares outstanding (in shares) | 4,800,000 | 4,800,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 02, 2017 | Nov. 26, 2016 | Dec. 02, 2017 | Nov. 26, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 361,172 | $ 253,544 | $ 624,017 | $ 493,389 |
Cost of sales | 278,776 | 249,596 | 524,285 | 499,010 |
Gross profit (loss) | 82,396 | 3,948 | 99,732 | (5,621) |
Selling, general, and administrative expense | 42,160 | 41,991 | 83,870 | 82,247 |
Legal settlement expense - see Notes 4 and 10 | 80,750 | 0 | 80,750 | 0 |
(Gain) loss on disposal of fixed assets | (50) | 215 | (46) | 740 |
Operating loss | (40,464) | (38,258) | (64,842) | (88,608) |
Other income (expense): | ||||
Interest income, net | 578 | 781 | 1,052 | 1,872 |
Royalty income | 312 | 324 | 590 | 730 |
Equity in income (loss) of affiliates | 276 | 645 | (77) | 836 |
Other, net | (795) | (260) | (1,333) | (138) |
Total other income | 371 | 1,490 | 232 | 3,300 |
Loss before income taxes and noncontrolling interest | (40,093) | (36,768) | (64,610) | (85,308) |
Income tax benefit | (14,012) | (13,801) | (22,352) | (31,361) |
Net loss before noncontrolling interest | (26,081) | (22,967) | (42,258) | (53,947) |
Less: Net income (loss) attributable to noncontrolling interest | 55 | 43 | (129) | (1) |
Net loss attributable to Cal-Maine Foods, Inc. | $ (26,136) | $ (23,010) | $ (42,129) | $ (53,946) |
Net loss per common share attributable to Cal-Maine Foods, Inc.: | ||||
Basic (in dollars per share) | $ (0.54) | $ (0.48) | $ (0.87) | $ (1.12) |
Diluted (in dollars per share) | $ (0.54) | $ (0.48) | $ (0.87) | $ (1.12) |
Weighted average shares outstanding: | ||||
Basic (in shares) | 48,330 | 48,250 | 48,330 | 48,249 |
Diluted (in shares) | 48,330 | 48,250 | 48,330 | 48,249 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 02, 2017 | Nov. 26, 2016 | Dec. 02, 2017 | Nov. 26, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss, including noncontrolling interests | $ (26,081) | $ (22,967) | $ (42,258) | $ (53,947) |
Other comprehensive loss, before tax: | ||||
Unrealized holding loss on available-for-sale securities, net of reclassification adjustments | (508) | (536) | (457) | (34) |
Income tax benefit related to items of other comprehensive loss | 204 | 204 | 185 | 13 |
Other comprehensive loss, net of tax | (304) | (332) | (272) | (21) |
Comprehensive loss | (26,385) | (23,299) | (42,530) | (53,968) |
Less: comprehensive income (loss) attributable to the noncontrolling interest | 55 | 43 | (129) | (1) |
Comprehensive loss attributable to Cal-Maine Foods, Inc. | $ (26,440) | $ (23,342) | $ (42,401) | $ (53,967) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 02, 2017 | Nov. 26, 2016 | |
Operating activities: | ||
Net loss, including noncontrolling interests | $ (42,258) | $ (53,947) |
Depreciation and amortization | 26,612 | 22,975 |
Other adjustments, net | 80,488 | (39,217) |
Net cash provided by (used in) operations | 64,842 | (70,189) |
Investing activities: | ||
Purchase of investments | (112,804) | (13,324) |
Sales of investments | 61,737 | 193,280 |
Acquisition of business | 0 | (68,643) |
Investment in joint venture | (2,800) | (10,750) |
Purchases of property, plant and equipment | (10,171) | (40,649) |
Payments received on notes receivable and from affiliates | 3,385 | 1,750 |
Net proceeds from disposal of property, plant and equipment | 220 | 163 |
Net cash provided by (used in) investing activities | (60,433) | 61,827 |
Financing activities: | ||
Purchase of common stock by treasury | (25) | (60) |
Contributions from (distributions to) noncontrolling interests | (279) | 73 |
Principal payments on long-term debt and capital lease obligations | (2,419) | (3,060) |
Net cash used in financing activities | (2,165) | (3,193) |
Net change in cash and cash equivalents | 2,244 | (11,555) |
Cash and cash equivalents at beginning of period | 17,564 | 29,046 |
Cash and cash equivalents at end of period | $ 19,808 | $ 17,491 |
Presentation of Interim Informa
Presentation of Interim Information | 6 Months Ended |
Dec. 02, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Presentation of Interim Information | 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 adjustments, considered necessary for a fair statement of the results for the interim periods presented have been included. The preparation of condensed consolidated financial statements requires us to make estimates and assumptions. These estimates and assumptions affected reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions. Operating results for the thirteen and twenty-six weeks ended December 2, 2017 are not necessarily indicative of the results that may be expected for the year ending June 2, 2018 . The condensed consolidated balance sheet at June 3, 2017 was 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 June 3, 2017 . References to “we,” “us,” “our,” or the “Company” refer to Cal-Maine Foods, Inc. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Dec. 02, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | Stock Based Compensation Total stock based compensation expense for the twenty-six weeks ended December 2, 2017 and November 26, 2016 was $1.7 million and $1.7 million , respectively. Unrecognized compensation expense as a result of non-vested shares of the 2012 Omnibus Long-Term Incentive Plan at December 2, 2017 was $4.1 million and will be recorded over a weighted average period of 1.7 years . Refer to Note 10 of our June 3, 2017 audited financial statements for further information on our stock compensation plans. At December 2, 2017 , there were 244,640 restricted shares outstanding, with a weighted average grant date fair value of $42.71 per share. The Company’s restricted share activity for the twenty-six weeks ended December 2, 2017 follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding, June 3, 2017 247,735 $ 42.76 Granted 2,500 37.40 Vested (2,110 ) 42.01 Forfeited (3,485 ) 43.00 Outstanding, December 2, 2017 244,640 $ 42.71 |
Inventories
Inventories | 6 Months Ended |
Dec. 02, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following (in thousands): December 2, 2017 June 3, 2017 Flocks $ 93,835 $ 98,059 Eggs and egg products 18,604 14,911 Feed and supplies 50,602 47,722 $ 163,041 $ 160,692 We grow and maintain flocks of layers (mature female chickens), pullets (female chickens, under 18 weeks of age), and breeders (male and female chickens used to produce fertile eggs to hatch for egg production flocks). Our total flock at December 2, 2017 , consisted of approximately 9.2 million pullets and breeders and 38.1 million layers. |
Contingencies
Contingencies | 6 Months Ended |
Dec. 02, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Financial Instruments The Company maintained standby letters of credit (“LOC”) totaling $4.2 million at December 2, 2017 . The LOCs are collateralized with cash which is included in the line item “Other assets” in the Condensed Consolidated Balance Sheets. The outstanding LOCs are for the benefit of certain insurance companies, and are not 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. On December 29, 2017, the Company reached an agreement on material terms of the settlement of several large direct action purchasers' antitrust claims against the Company. Pursuant to the agreement, the Company will settle the claims with a single $80.8 million payment, which is $52.8 million net of tax, or $1.09 per basic and diluted share. As a result, the Company recorded the legal settlement expense and offsetting liability to operating expense and current liabilities, respectively, in the second quarter of fiscal 2018. These legal actions are discussed in detail at Part II, Item 1, of this report. |
Net Loss per Common Share
Net Loss per Common Share | 6 Months Ended |
Dec. 02, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share | Net Loss per Common Share Basic net loss per share was calculated by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share was calculated by dividing net loss 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 thirteen and twenty-six weeks ended December 2, 2017 and November 26, 2016 , restricted shares were excluded from the calculation of diluted net loss per share because their inclusion would have been antidilutive. The computations of basic and diluted net loss per share attributable to the Company are as follows (in thousands, except per share data): 13 Weeks Ended 26 Weeks Ended December 2, 2017 November 26, 2016 December 2, 2017 November 26, 2016 Net loss attributable to Cal-Maine Foods, Inc. $ (26,136 ) $ (23,010 ) $ (42,129 ) $ (53,946 ) Basic weighted-average common shares 48,330 48,250 48,330 48,249 Dilutive potential common shares 48,330 48,250 48,330 48,249 Antidilutive securities excluded from computation of earnings per share 138 155 127 148 Net loss per common share attributable to Cal-Maine Foods, Inc.: Basic $ (0.54 ) $ (0.48 ) $ (0.87 ) $ (1.12 ) Diluted $ (0.54 ) $ (0.48 ) $ (0.87 ) $ (1.12 ) |
Accrued Dividends Payable And D
Accrued Dividends Payable And Dividends per Common Share | 6 Months Ended |
Dec. 02, 2017 | |
Earnings Per Share Reconciliation [Abstract] | |
Accrued Dividends Payable And Dividends Per Common Share | 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. 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 60th day following the last day of such quarter, except for the fourth fiscal quarter. For the fourth quarter, the Company pays dividends to shareholders of record on the 65th day after the quarter end. Dividends are payable on the 15th 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. Therefore, the Company did not pay a dividend with respect to the fourth quarter of fiscal 2016, or any quarter of fiscal 2017, and will not pay a dividend for the first or second quarters of fiscal 2018. At December 2, 2017 , the cumulative losses that must be recovered prior to paying a dividend were $116.8 million . When applicable, the amount of the accrual appears on the Condensed Consolidated Balance Sheets as “Accrued dividends payable.” |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Dec. 02, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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 disclosures 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. Fair values for debt are based on quoted market prices or published forward interest rate curves, which are level 2 inputs. The fair value and carrying value of the Company’s borrowings under its long-term debt were as follows (in thousands): December 2, 2017 June 3, 2017 Carrying Value Fair Value Carrying Value Fair Value 5.4% – 6.2% Notes payable $ 7,000 $ 7,006 $ 9,250 $ 9,295 Long-term leases 1,520 1,355 1,689 1,520 $ 8,520 $ 8,361 $ 10,939 $ 10,815 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 financial assets and liabilities measured at fair value on a recurring basis as of December 2, 2017 and June 3, 2017 (in thousands): Total December 2, 2017 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations — $ 20,787 — $ 20,787 Municipal bonds — 24,376 — 24,376 Commercial paper — 3,493 — 3,493 Corporate bonds — 138,807 — 138,807 Asset backed securities — 2,029 — 2,029 Mutual funds 2,647 — — 2,647 Total assets measured at fair value $ 2,647 $ 189,492 — $ 192,139 Total June 3, 2017 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations $ — $ 20,216 $ — $ 20,216 Municipal bonds — 36,873 — 36,873 Corporate bonds — 75,790 — 75,790 Asset backed securities — 5,583 — 5,583 Mutual funds 2,459 — — 2,459 Total assets measured at fair value $ 2,459 $ 138,462 $ — $ 140,921 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 classify 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 | 6 Months Ended |
Dec. 02, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following represents the Company’s investment securities as of December 2, 2017 and June 3, 2017 (in thousands): December 2, 2017 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ 20,907 $ — $ 120 $ 20,787 Municipal bonds 24,412 — 36 24,376 Corporate bonds 139,274 — 467 138,807 Commercial paper 3,494 — 1 3,493 Asset backed securities 2,033 — 4 2,029 Total current investment securities $ 190,120 $ — $ 628 $ 189,492 Mutual funds $ 1,711 $ 936 $ — $ 2,647 Total noncurrent investment securities $ 1,711 $ 936 $ — $ 2,647 June 3, 2017 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ 20,259 $ — $ 43 $ 20,216 Municipal bonds 36,839 34 — 36,873 Corporate bonds 75,769 21 — 75,790 Asset backed securities 5,583 — — 5,583 Total current investment securities $ 138,450 $ 55 $ 43 $ 138,462 Mutual funds $ 1,706 $ 753 $ — $ 2,459 Total noncurrent investment securities $ 1,706 $ 753 $ — $ 2,459 Proceeds from sales of available-for-sale securities were $61.7 million and $193.3 million during the twenty-six weeks ended December 2, 2017 and November 26, 2016 , respectively. Gross realized gains during the twenty-six weeks ended ended December 2, 2017 and November 26, 2016 were $22,000 and $221,000 , respectively. Gross realized losses during the twenty-six weeks ended December 2, 2017 and November 26, 2016 were zero 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 gains and (losses), net of taxes, for the twenty-six weeks ended December 2, 2017 and November 26, 2016 were as follows (in thousands): 26 Weeks Ended December 2, 2017 November 26, 2016 Current investments $ (420 ) $ (78 ) Noncurrent investments 148 57 Total unrealized holding gains $ (272 ) $ (21 ) 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 December 2, 2017 , are as follows (in thousands): Estimated Fair Value Within one year $ 99,175 1-5 years 90,317 Total $ 189,492 |
Equity
Equity | 6 Months Ended |
Dec. 02, 2017 | |
Equity [Abstract] | |
Equity | Equity The following reflects the equity activity, including our noncontrolling interest, for the twenty-six weeks ended December 2, 2017 (in thousands, except share amounts): 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 June 3, 2017 $ 703 $ 48 $ (23,914 ) $ 49,932 $ (128 ) $ 816,046 $ 1,806 $ 844,493 Other comprehensive loss, net of tax — — — — (272 ) — — (272 ) Grant of restricted stock — — 2 (2 ) — — — — Forfeiture of restricted stock — — (3 ) 3 — — — — Buyback of 638 shares to satisfy withholding obligation in connection with the vesting of restricted stock — — (25 ) — — — — (25 ) Contribution from noncontrolling interest partners — — — — — — 279 279 Restricted stock compensation — — — 1,737 — — — 1,737 Net loss — — — — — (42,129 ) (129 ) (42,258 ) Balance at December 2, 2017 $ 703 $ 48 $ (23,940 ) $ 51,670 $ (400 ) $ 773,917 $ 1,956 $ 803,954 |
Subsequent Event
Subsequent Event | 6 Months Ended |
Dec. 02, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On December 29, 2017, the Company reached an agreement on material terms of the settlement of several large direct action purchasers' antitrust claims against the Company (See Note 4). Pursuant to the agreement, the Company will settle the claims with a single $80.8 million payment, which is $52.8 million net of tax, or $1.09 per basic and diluted share. As a result, the Company has recorded the legal settlement expense and offsetting liability to operating expense and current liabilities, respectively. |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Dec. 02, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary Of Restricted Share Activity | The Company’s restricted share activity for the twenty-six weeks ended December 2, 2017 follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding, June 3, 2017 247,735 $ 42.76 Granted 2,500 37.40 Vested (2,110 ) 42.01 Forfeited (3,485 ) 43.00 Outstanding, December 2, 2017 244,640 $ 42.71 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Dec. 02, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventories | Inventories consisted of the following (in thousands): December 2, 2017 June 3, 2017 Flocks $ 93,835 $ 98,059 Eggs and egg products 18,604 14,911 Feed and supplies 50,602 47,722 $ 163,041 $ 160,692 |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 6 Months Ended |
Dec. 02, 2017 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Net Income Per Share Attributable To The Company | The computations of basic and diluted net loss per share attributable to the Company are as follows (in thousands, except per share data): 13 Weeks Ended 26 Weeks Ended December 2, 2017 November 26, 2016 December 2, 2017 November 26, 2016 Net loss attributable to Cal-Maine Foods, Inc. $ (26,136 ) $ (23,010 ) $ (42,129 ) $ (53,946 ) Basic weighted-average common shares 48,330 48,250 48,330 48,249 Dilutive potential common shares 48,330 48,250 48,330 48,249 Antidilutive securities excluded from computation of earnings per share 138 155 127 148 Net loss per common share attributable to Cal-Maine Foods, Inc.: Basic $ (0.54 ) $ (0.48 ) $ (0.87 ) $ (1.12 ) Diluted $ (0.54 ) $ (0.48 ) $ (0.87 ) $ (1.12 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Dec. 02, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Fair Value And Carrying Value Of Borrowings Under Long-Term Debt | The fair value and carrying value of the Company’s borrowings under its long-term debt were as follows (in thousands): December 2, 2017 June 3, 2017 Carrying Value Fair Value Carrying Value Fair Value 5.4% – 6.2% Notes payable $ 7,000 $ 7,006 $ 9,250 $ 9,295 Long-term leases 1,520 1,355 1,689 1,520 $ 8,520 $ 8,361 $ 10,939 $ 10,815 |
Schedule Of 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 financial assets and liabilities measured at fair value on a recurring basis as of December 2, 2017 and June 3, 2017 (in thousands): Total December 2, 2017 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations — $ 20,787 — $ 20,787 Municipal bonds — 24,376 — 24,376 Commercial paper — 3,493 — 3,493 Corporate bonds — 138,807 — 138,807 Asset backed securities — 2,029 — 2,029 Mutual funds 2,647 — — 2,647 Total assets measured at fair value $ 2,647 $ 189,492 — $ 192,139 Total June 3, 2017 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations $ — $ 20,216 $ — $ 20,216 Municipal bonds — 36,873 — 36,873 Corporate bonds — 75,790 — 75,790 Asset backed securities — 5,583 — 5,583 Mutual funds 2,459 — — 2,459 Total assets measured at fair value $ 2,459 $ 138,462 $ — $ 140,921 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Dec. 02, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule Of Investment Securities | The following represents the Company’s investment securities as of December 2, 2017 and June 3, 2017 (in thousands): December 2, 2017 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ 20,907 $ — $ 120 $ 20,787 Municipal bonds 24,412 — 36 24,376 Corporate bonds 139,274 — 467 138,807 Commercial paper 3,494 — 1 3,493 Asset backed securities 2,033 — 4 2,029 Total current investment securities $ 190,120 $ — $ 628 $ 189,492 Mutual funds $ 1,711 $ 936 $ — $ 2,647 Total noncurrent investment securities $ 1,711 $ 936 $ — $ 2,647 June 3, 2017 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ 20,259 $ — $ 43 $ 20,216 Municipal bonds 36,839 34 — 36,873 Corporate bonds 75,769 21 — 75,790 Asset backed securities 5,583 — — 5,583 Total current investment securities $ 138,450 $ 55 $ 43 $ 138,462 Mutual funds $ 1,706 $ 753 $ — $ 2,459 Total noncurrent investment securities $ 1,706 $ 753 $ — $ 2,459 |
Schedule of Unrealized Holding Gain (Loss) on Investments | Unrealized holding gains and (losses), net of taxes, for the twenty-six weeks ended December 2, 2017 and November 26, 2016 were as follows (in thousands): 26 Weeks Ended December 2, 2017 November 26, 2016 Current investments $ (420 ) $ (78 ) Noncurrent investments 148 57 Total unrealized holding gains $ (272 ) $ (21 ) |
Schedule Of Contractual Maturities Of Investment Securities | Contractual maturities at December 2, 2017 , are as follows (in thousands): Estimated Fair Value Within one year $ 99,175 1-5 years 90,317 Total $ 189,492 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Dec. 02, 2017 | |
Equity [Abstract] | |
Schedule Of Statement Of Stockholders' Equity Activities, Including Noncontrolling Interest | The following reflects the equity activity, including our noncontrolling interest, for the twenty-six weeks ended December 2, 2017 (in thousands, except share amounts): 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 June 3, 2017 $ 703 $ 48 $ (23,914 ) $ 49,932 $ (128 ) $ 816,046 $ 1,806 $ 844,493 Other comprehensive loss, net of tax — — — — (272 ) — — (272 ) Grant of restricted stock — — 2 (2 ) — — — — Forfeiture of restricted stock — — (3 ) 3 — — — — Buyback of 638 shares to satisfy withholding obligation in connection with the vesting of restricted stock — — (25 ) — — — — (25 ) Contribution from noncontrolling interest partners — — — — — — 279 279 Restricted stock compensation — — — 1,737 — — — 1,737 Net loss — — — — — (42,129 ) (129 ) (42,258 ) Balance at December 2, 2017 $ 703 $ 48 $ (23,940 ) $ 51,670 $ (400 ) $ 773,917 $ 1,956 $ 803,954 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | ||
Dec. 02, 2017 | Nov. 26, 2016 | Jun. 03, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense (benefit) | $ 1.7 | $ 1.7 | |
Restricted Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 4.1 | ||
Weighted average period of unrecognized compensation expense (in years) | 1 year 8 months 23 days | ||
Number of options outstanding (in shares) | 244,640 | ||
Weighted average grant date fair value (in dollars per share) | $ 42.71 | $ 42.76 |
Stock Based Compensation (Summa
Stock Based Compensation (Summary Of Restricted Share Activity) (Details) - Restricted Shares | 6 Months Ended |
Dec. 02, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |
Number of Shares, Outstanding, Beginning Balance (in shares) | shares | 247,735 |
Number of Shares, Granted (in shares) | shares | 2,500 |
Number of Shares, Vested (in shares) | shares | (2,110) |
Number of Shares, Forfeited (in shares) | shares | (3,485) |
Number of Shares, Outstanding, Ending Balance (in shares) | shares | 244,640 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Outstanding, Beginning Balance (in dollars per share) | $ / shares | $ 42.76 |
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | $ / shares | 37.40 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares | 42.01 |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares | 43 |
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance (in dollars per share) | $ / shares | $ 42.71 |
Inventories (Details)
Inventories (Details) $ in Thousands, pullet_and_breeder in Millions, layer in Millions | Dec. 02, 2017USD ($)layerpullet_and_breeder | Jun. 03, 2017USD ($) |
Inventory Disclosure [Abstract] | ||
Flocks | $ 93,835 | $ 98,059 |
Eggs and egg products | 18,604 | 14,911 |
Feed and supplies | 50,602 | 47,722 |
Total inventories | $ 163,041 | $ 160,692 |
Pullets and breeders | pullet_and_breeder | 9.2 | |
Layer | layer | 38.1 |
Contingencies (Details)
Contingencies (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 29, 2017 | Dec. 02, 2017 |
Loss Contingencies [Line Items] | ||
Standby letters of credit | $ 4.2 | |
Subsequent Event | ||
Loss Contingencies [Line Items] | ||
Settlement payment | $ 80.8 | |
Settlement payment, net of tax | $ 52.8 | |
Settlement payment per basic and diluted share (in dollars per share) | $ 1.09 |
Net Loss per Common Share (Deta
Net Loss per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 02, 2017 | Nov. 26, 2016 | Dec. 02, 2017 | Nov. 26, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net loss attributable to Cal-Maine Foods, Inc. | $ (26,136) | $ (23,010) | $ (42,129) | $ (53,946) |
Basic weighted-average common shares (in shares) | 48,330 | 48,250 | 48,330 | 48,249 |
Dilutive potential common shares (in shares) | 48,330 | 48,250 | 48,330 | 48,249 |
Earnings Per Share, Basic and Diluted [Abstract] | ||||
Basic (in dollars per share) | $ (0.54) | $ (0.48) | $ (0.87) | $ (1.12) |
Diluted (in dollars per share) | $ (0.54) | $ (0.48) | $ (0.87) | $ (1.12) |
Restricted Shares | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from calculation of earnings per share | 138 | 155 | 127 | 148 |
Accrued Dividends Payable And28
Accrued Dividends Payable And Dividends per Common Share (Narrative) (Details) $ in Millions | 6 Months Ended |
Dec. 02, 2017USD ($) | |
Earnings Per Share Reconciliation [Abstract] | |
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 | $ (116.8) |
Percentage of net income loss used to compute accrued dividends | 33.33% |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Fair Value And Carrying Value Of Borrowings Under Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 02, 2017 | Jun. 03, 2017 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 8,520 | $ 10,939 |
Carrying Value | 5.4% – 6.2% Notes payable | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 7,000 | 9,250 |
Carrying Value | Long-term leases | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 1,520 | 1,689 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 8,361 | 10,815 |
Fair Value | 5.4% – 6.2% Notes payable | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 7,006 | 9,295 |
Fair Value | Long-term leases | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 1,355 | $ 1,520 |
Minimum | 5.4% – 6.2% Notes payable | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate, stated percentage | 5.40% | |
Maximum | 5.4% – 6.2% Notes payable | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate, stated percentage | 6.20% |
Fair Value Measurements (Sche30
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 02, 2017 | Jun. 03, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 192,139 | $ 140,921 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 2,647 | 2,459 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 189,492 | 138,462 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
US government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 20,787 | 20,216 |
US government and agency obligations | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
US government and agency obligations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 20,787 | 20,216 |
US government and agency obligations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 24,376 | 36,873 |
Municipal bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Municipal bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 24,376 | 36,873 |
Municipal bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 3,493 | |
Commercial paper | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | |
Commercial paper | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 3,493 | |
Commercial paper | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 138,807 | 75,790 |
Corporate bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Corporate bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 138,807 | 75,790 |
Corporate bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Asset backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 2,029 | 5,583 |
Asset backed securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Asset backed securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 2,029 | 5,583 |
Asset backed securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 2,647 | 2,459 |
Mutual funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 2,647 | 2,459 |
Mutual funds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Mutual funds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | $ 0 | $ 0 |
Investment Securities (Schedule
Investment Securities (Schedule Of Investment Securities) (Details) - USD ($) $ in Thousands | Dec. 02, 2017 | Jun. 03, 2017 |
Current investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 190,120 | $ 138,450 |
Unrealized Gains | 0 | 55 |
Unrealized Losses | 628 | 43 |
Estimated Fair Value | 189,492 | 138,462 |
Noncurrent investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,711 | 1,706 |
Unrealized Gains | 936 | 753 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 2,647 | 2,459 |
US government and agency obligations | Current investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 20,907 | 20,259 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 120 | 43 |
Estimated Fair Value | 20,787 | 20,216 |
Municipal bonds | Current investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 24,412 | 36,839 |
Unrealized Gains | 0 | 34 |
Unrealized Losses | 36 | 0 |
Estimated Fair Value | 24,376 | 36,873 |
Corporate bonds | Current investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 139,274 | 75,769 |
Unrealized Gains | 0 | 21 |
Unrealized Losses | 467 | 0 |
Estimated Fair Value | 138,807 | 75,790 |
Commercial paper | Current investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,494 | |
Unrealized Gains | 0 | |
Unrealized Losses | 1 | |
Estimated Fair Value | 3,493 | |
Asset backed securities | Current investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,033 | 5,583 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 4 | 0 |
Estimated Fair Value | 2,029 | 5,583 |
Mutual funds | Noncurrent investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,711 | 1,706 |
Unrealized Gains | 936 | 753 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 2,647 | $ 2,459 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) | 6 Months Ended | |
Dec. 02, 2017 | Nov. 26, 2016 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sale of available-for-sale securities | $ 61,700,000 | $ 193,300,000 |
Gross realized gains on sales of available-for-sale securities | 22,000 | 221,000 |
Gross realized losses on sales of available-for-sale securities | $ 0 | $ 6,000 |
Investment Securities (Schedu33
Investment Securities (Schedule of Unrealized Holding Gain (Loss) on Investments) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 02, 2017 | Nov. 26, 2016 | |
Gain (Loss) on Investments [Line Items] | ||
Unrealized holding gains, net of tax on available-for-sale securities | $ (272) | $ (21) |
Current investments | ||
Gain (Loss) on Investments [Line Items] | ||
Unrealized holding gains, net of tax on available-for-sale securities | (420) | (78) |
Noncurrent investments | ||
Gain (Loss) on Investments [Line Items] | ||
Unrealized holding gains, net of tax on available-for-sale securities | $ 148 | $ 57 |
Investment Securities (Schedu34
Investment Securities (Schedule Of Contractual Maturities Of Investment Securities) (Details) $ in Thousands | Dec. 02, 2017USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Within one year | $ 99,175 |
1-5 years | 90,317 |
Total | $ 189,492 |
Equity (Details)
Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 02, 2017 | Nov. 26, 2016 | Dec. 02, 2017 | Nov. 26, 2016 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance beginning | $ 844,493 | |||
Other comprehensive loss, net of tax | $ (304) | $ (332) | (272) | $ (21) |
Stock Issued During Period, Value, Restricted Stock Award, Gross | 0 | |||
Forfeiture of restricted stock | 0 | |||
Buyback of 638 shares to satisfy withholding obligation in connection with the vesting of restricted stock | (25) | |||
Contribution from noncontrolling interest partners | 279 | |||
Restricted stock compensation | 1,737 | |||
Net loss | (26,081) | $ (22,967) | (42,258) | $ (53,947) |
Balance ending | 803,954 | $ 803,954 | ||
Number of treasury stock shares acquired (in shares) | 638 | |||
Treasury Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance beginning | $ (23,914) | |||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 2 | |||
Forfeiture of restricted stock | (3) | |||
Buyback of 638 shares to satisfy withholding obligation in connection with the vesting of restricted stock | (25) | |||
Balance ending | (23,940) | (23,940) | ||
Paid In Capital | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance beginning | 49,932 | |||
Stock Issued During Period, Value, Restricted Stock Award, Gross | (2) | |||
Forfeiture of restricted stock | 3 | |||
Restricted stock compensation | 1,737 | |||
Balance ending | 51,670 | 51,670 | ||
Accumulated Other Comprehensive Loss | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance beginning | (128) | |||
Other comprehensive loss, net of tax | (272) | |||
Balance ending | (400) | (400) | ||
Retained Earnings | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance beginning | 816,046 | |||
Net loss | (42,129) | |||
Balance ending | 773,917 | 773,917 | ||
Noncontrolling Interests | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance beginning | 1,806 | |||
Contribution from noncontrolling interest partners | 279 | |||
Net loss | (129) | |||
Balance ending | 1,956 | 1,956 | ||
Common Stock | Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance beginning | 703 | |||
Balance ending | 703 | 703 | ||
Class A Common Stock | Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance beginning | 48 | |||
Balance ending | $ 48 | $ 48 |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event $ / shares in Units, $ in Millions | Dec. 29, 2017USD ($)$ / shares |
Subsequent Event [Line Items] | |
Settlement payment | $ 80.8 |
Settlement payment, net of tax | $ 52.8 |
Settlement payment per basic and diluted share (in dollars per share) | $ / shares | $ 1.09 |