Cal-Maine Foods (CALM) 10-Q 2 Apr 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Mar. 03, 2018	Mar. 29, 2018
Document Period End Date	Mar. 3, 2018
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	Q3
Amendment Flag	false
Trading Symbol	calm
Common Stock
Entity Common Stock, Shares Outstanding		43,832,291
Class A Common Stock
Entity Common Stock, Shares Outstanding		4,800,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 03, 2018	Jun. 03, 2017
Current assets:
Cash and cash equivalents	$ 106,178	$ 17,564
Investment securities available-for-sale	177,270	138,462
Trade and other receivables, net	121,642	64,509
Income tax receivable	0	52,691
Inventories	165,363	160,692
Prepaid expenses and other current assets	2,074	2,288
Total current assets	572,527	436,206
Property, plant and equipment, net	433,482	458,184
Other investments	70,417	69,296
Goodwill	35,525	35,525
Other intangible assets, net	27,018	29,149
Other assets	4,714	4,734
TOTAL ASSETS	1,143,683	1,033,094
Current liabilities:
Accounts payable and accrued expenses	96,071	59,853
Accrued legal settlement expense - see Note 4	80,750	0
Current maturities of long-term debt and capital lease obligations	3,926	4,826
Total current liabilities	180,747	64,679
Long-term debt and capital lease obligations, less current maturities	3,351	6,113
Other noncurrent liabilities	8,038	7,527
Deferred income taxes	51,888	110,282
Total liabilities	244,024	188,601
Commitments and Contingencies - see Note 4
Stockholders’ equity:
Paid-in capital	52,436	49,932
Retained earnings	870,211	816,046
Accumulated other comprehensive loss, net of tax	(792)	(128)
Common stock in treasury at cost	(24,967)	(23,914)
Total Cal-Maine Foods, Inc. stockholders’ equity	897,639	842,687
Noncontrolling interest in consolidated entities	2,020	1,806
Total stockholders’ equity	899,659	844,493
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	1,143,683	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	Mar. 03, 2018	Jun. 03, 2017
Allowance for doubtful accounts	$ 521	$ 386
Treasury stock, shares (in shares)	26,429,000	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)	43,832,000	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		9 Months Ended
	Mar. 03, 2018	Feb. 25, 2017	Mar. 03, 2018	Feb. 25, 2017
Income Statement [Abstract]
Net sales	$ 435,820	$ 306,540	$ 1,059,837	$ 799,929
Cost of sales	315,722	267,375	840,007	766,385
Gross profit	120,098	39,165	219,830	33,544
Selling, general, and administrative expense	44,175	43,738	128,045	125,985
Legal settlement expense - see Note 4	0	0	80,750	0
(Gain) loss on disposal of fixed assets	(279)	622	(325)	1,361
Operating income (loss)	76,202	(5,195)	11,360	(93,802)
Other income (expense):
Interest income, net	992	411	2,044	2,283
Royalty income	169	381	759	1,111
Patronage dividends	8,286	7,608	8,286	7,608
Equity in income of affiliates	2,379	1,018	2,302	1,854
Other, net	29	(58)	(1,304)	(197)
Total other income	11,855	9,360	12,087	12,659
Income (loss) before income taxes and noncontrolling interest	88,057	4,165	23,447	(81,143)
Income tax (benefit) expense	(8,301)	34	(30,653)	(31,327)
Net income (loss) before noncontrolling interest	96,358	4,131	54,100	(49,816)
Less: Net income (loss) attributable to noncontrolling interest	64	(8)	(65)	(9)
Net income (loss) attributable to Cal-Maine Foods, Inc.	$ 96,294	$ 4,139	$ 54,165	$ (49,807)
Net income (loss) per common share attributable to Cal-Maine Foods, Inc.:
Basic (in dollars per share)	$ 1.99	$ 0.09	$ 1.12	$ (1.03)
Diluted (in dollars per share)	$ 1.99	$ 0.09	$ 1.12	$ (1.03)
Weighted average shares outstanding:
Basic (in shares)	48,361	48,286	48,340	48,285
Diluted (in shares)	48,476	48,417	48,460	48,285

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 03, 2018	Feb. 25, 2017	Mar. 03, 2018	Feb. 25, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss), including noncontrolling interests	$ 96,358	$ 4,131	$ 54,100	$ (49,816)
Other comprehensive income (loss), before tax:
Unrealized holding gain (loss) on available-for-sale securities, net of reclassification adjustments	(547)	233	(1,004)	199
Income tax benefit (expense) related to items of other comprehensive loss	155	(89)	340	(75)
Other comprehensive income (loss), net of tax	(392)	144	(664)	124
Comprehensive income (loss)	95,966	4,275	53,436	(49,692)
Less: comprehensive income (loss) attributable to the noncontrolling interest	64	(8)	(65)	(9)
Comprehensive income (loss) attributable to Cal-Maine Foods, Inc.	$ 95,902	$ 4,283	$ 53,501	$ (49,683)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Mar. 03, 2018	Feb. 25, 2017
Operating activities:
Net income (loss), including noncontrolling interests	$ 54,100	$ (49,816)
Depreciation and amortization	40,331	35,724
Other adjustments, net	51,655	(43,125)
Net cash provided by (used in) operations	146,086	(57,217)
Investing activities:
Purchase of investments	(136,921)	(25,872)
Sales of investments	95,289	228,327
Acquisition of business	0	(68,643)
Investment in joint venture	(4,100)	(17,700)
Purchases of property, plant and equipment	(13,639)	(54,862)
Payments received from affiliates	5,831	5,236
Net proceeds from disposal of property, plant and equipment	579	76
Net cash provided by (used in) investing activities	(52,961)	66,562
Financing activities:
Purchase of common stock by treasury	(1,128)	(1,715)
Contributions from (distributions to) noncontrolling interests	(279)	73
Principal payments on long-term debt and capital lease obligations	(3,662)	(4,698)
Net cash used in financing activities	(4,511)	(6,486)
Net change in cash and cash equivalents	88,614	2,859
Cash and cash equivalents at beginning of period	17,564	$ 29,046
Cash and cash equivalents at end of period	$ 106,178

Presentation of Interim Informa

Presentation of Interim Information	9 Months Ended
	Mar. 03, 2018
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 thirty-nine weeks ended March 3, 2018 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	9 Months Ended
	Mar. 03, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Based Compensation	Stock Based Compensation Total stock based compensation expense for the thirty-nine weeks ended March 3, 2018 and February 25, 2017 was $2.6 million and $2.5 million , respectively. Unrecognized compensation expense as a result of non-vested shares of the 2012 Omnibus Long-Term Incentive Plan at March 3, 2018 was $6.9 million and will be recorded over a weighted average period of 2.2 years . Refer to Note 10 of our June 3, 2017 audited financial statements for further information on our stock compensation plans. At March 3, 2018 , there were 243,060 restricted shares outstanding, with a weighted average grant date fair value of $45.30 per share. The Company’s restricted share activity for the thirty-nine weeks ended March 3, 2018 follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding, June 3, 2017 247,735 $ 42.76 Granted 88,965 43.81 Vested (85,990 ) 36.76 Forfeited (7,650 ) 41.75 Outstanding, March 3, 2018 243,060 $ 45.30

Inventories

Inventories	9 Months Ended
	Mar. 03, 2018
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): March 3, 2018 June 3, 2017 Flocks $ 92,763 $ 98,059 Eggs and egg products 18,153 14,911 Feed and supplies 54,447 47,722 $ 165,363 $ 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 March 3, 2018 , consisted of approximately 9.2 million pullets and breeders and 37.8 million layers.

Contingencies

Contingencies	9 Months Ended
	Mar. 03, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Financial Instruments The Company maintained standby letters of credit (“LOC”) totaling $4.2 million at March 3, 2018 . 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. The agreement was finalized and effective January 30, 2018. Pursuant to the agreement, the Company settled the claims with a single $80.8 million payment, which is $54.8 million net of tax, or $1.13 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. The Company paid the settlement on March 23, 2018, subsequent to the end of our fiscal 2018 third quarter. 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	9 Months Ended
	Mar. 03, 2018
Earnings Per Share [Abstract]
Net Loss per Common Share	Net Income (Loss) per Common Share Basic net income (loss) per share was calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share was calculated by dividing net income (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 thirty-nine weeks ended February 25, 2017 , 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 income (loss) per share attributable to the Company are as follows (in thousands, except per share data): 13 Weeks Ended 39 Weeks Ended March 3, 2018 February 25, 2017 March 3, 2018 February 25, 2017 Net income (loss) attributable to Cal-Maine Foods, Inc. $ 96,294 $ 4,139 $ 54,165 $ (49,807 ) Basic weighted-average common shares 48,361 48,286 48,340 48,285 Dilutive potential common shares 48,476 48,417 48,460 48,285 Antidilutive securities excluded from computation of earnings per share — — — 145 Net income (loss) per common share attributable to Cal-Maine Foods, Inc.: Basic $ 1.99 $ 0.09 $ 1.12 $ (1.03 ) Diluted $ 1.99 $ 0.09 $ 1.12 $ (1.03 )

Accrued Dividends Payable And D

Accrued Dividends Payable And Dividends per Common Share	9 Months Ended
	Mar. 03, 2018
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, second, or third quarters of fiscal 2018. At March 3, 2018 , the cumulative losses that must be recovered prior to paying a dividend were $20.5 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	9 Months Ended
	Mar. 03, 2018
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): March 3, 2018 June 3, 2017 Carrying Value Fair Value Carrying Value Fair Value 5.4% – 6.2% Notes payable $ 5,875 $ 5,855 $ 9,250 $ 9,295 Long-term leases 1,402 1,228 1,689 1,520 $ 7,277 $ 7,083 $ 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 March 3, 2018 and June 3, 2017 (in thousands): ໿ Total March 3, 2018 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations — $ 18,888 — $ 18,888 Municipal bonds — 21,165 — 21,165 Corporate bonds — 133,701 — 133,701 Certificates of deposits ` — 1,504 — 1,504 Asset backed securities — 2,012 — 2,012 Mutual funds 3,008 — — 3,008 Total assets measured at fair value $ 3,008 $ 177,270 — $ 180,278 ໿ 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	9 Months Ended
	Mar. 03, 2018
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Investment Securities The following represents the Company’s investment securities as of March 3, 2018 and June 3, 2017 (in thousands): March 3, 2018 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ 19,071 $ — $ 183 $ 18,888 Municipal bonds 21,188 — 23 21,165 Corporate bonds 134,704 — 1,003 133,701 Certificates of deposits 1,504 — — 1,504 Asset backed securities 2,027 — 15 2,012 Total current investment securities $ 178,494 $ — $ 1,224 $ 177,270 Mutual funds $ 2,023 $ 985 $ — $ 3,008 Total noncurrent investment securities $ 2,023 $ 985 $ — $ 3,008 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 $95.3 million and $228.3 million during the thirty-nine weeks ended March 3, 2018 and February 25, 2017 , respectively. Gross realized gains during the thirty-nine weeks ended ended March 3, 2018 and February 25, 2017 were $25,000 and $231,000 , respectively. Gross realized losses during the thirty-nine weeks ended March 3, 2018 and February 25, 2017 were $5,000 and $6,000 , respectively. For purposes of determining gross realized gains and losses, the cost of securities sold is based on the specific identification method. Unrealized holding gains and (losses), net of taxes, for the thirty-nine weeks ended March 3, 2018 and February 25, 2017 were as follows (in thousands): 39 Weeks Ended March 3, 2018 February 25, 2017 Current investments $ (975 ) $ (30 ) Noncurrent investments 311 154 Total unrealized holding gains (losses) $ (664 ) $ 124 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 March 3, 2018 , are as follows (in thousands): Estimated Fair Value Within one year $ 95,140 1-5 years 82,130 Total $ 177,270

Equity

Equity	9 Months Ended
	Mar. 03, 2018
Equity [Abstract]
Equity	Equity The following reflects the equity activity, including our noncontrolling interest, for the thirty-nine weeks ended March 3, 2018 (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 — — — — (664 ) — — (664 ) Grant of restricted stock — — 81 (81 ) — — — — Forfeiture of restricted stock — — (6 ) 6 — — — — Buyback of 25,575 shares to satisfy withholding obligation in connection with the vesting of restricted stock — — (1,128 ) — — — — (1,128 ) Contribution from noncontrolling interest partners — — — — — — 279 279 Restricted stock compensation — — — 2,579 — — — 2,579 Net income — — — — — 54,165 (65 ) 54,100 Balance at March 3, 2018 $ 703 $ 48 $ (24,967 ) $ 52,436 $ (792 ) $ 870,211 $ 2,020 $ 899,659

Income Taxes

Income Taxes	9 Months Ended
	Mar. 03, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act of 2017 (the “Act”). The new tax legislation reduces the United States corporate tax rate from 35% to 21% effective January 1, 2018. Following the enactment of the Act, the United States Securities and Exchange Commission issued guidance in Staff Accounting Bulletin 118 which provides the Company up to a one-year measurement period, beginning on the Act’s enactment date, in which to complete the required analysis and accounting for the effects of the Act. The guidance allows the Company to record provisional adjustments related to the impacts of the Act when the accounting for the effects of the Act is incomplete, but when reasonable estimates can be made regarding the effects of the Act. Our accounting for the Act is not complete, because it required the Company to estimate the timing of settlement of the temporary differences from which our deferred taxes arose; however, we were able to make reasonable estimates, and we recorded those estimates as provisional adjustments as described in the paragraph below. The Company will complete the required analysis during its fourth quarter. If any adjustments to the provisional amounts are required, those adjustments will be recorded in the Company’s fourth quarter. Pre-tax income, less net income attributable to noncontrolling interest, was $88.0 million for the thirteen weeks ended March 3, 2018, compared to pre-tax income, less net income attributable to noncontrolling interest, of $4.2 million for last year’s comparable period. For the current thirteen-week period, income tax benefit of $8.3 million was recorded, with an effective tax rate of 31.8% , excluding the impact of any discrete items, compared to income tax expense of $34,000 , with an effective rate of 0.8% , for last year’s comparable period. Results for the current thirteen-week period were favorably impacted by a $35 million discrete tax benefit related to the Act. For the thirty-nine weeks ended March 3, 2018 , pre-tax income, less net loss attributable to noncontrolling interest, was $23.4 million , compared to pre-tax loss, less net loss attributable to noncontrolling interest, of $81.1 million for the same period of fiscal 2017. For the thirty-nine weeks ended March 3, 2018 , income tax benefit of $30.7 million was recorded, with an effective tax rate of 24.0% , excluding the impact of any discrete items, compared to an income tax benefit of $31.3 million , with an effective rate of 38.6% for last year's comparable period. Discrete items for current thirty-nine week period primarily related to a $35.0 million tax benefit in connection with the Act. The effective rate increase for the thirteen weeks ended March 3, 2018 was primarily related to the provision to return adjustments on the fiscal 2016 tax return recorded in the prior period. The effective rate decrease for the thirty-nine weeks ended March 3, 2018 was primarily related to the change in the federal statutory rate from 35% to 21%, resulting from legislation that was enacted on December 22, 2017. The rate change is administratively effective at the beginning of our fiscal year, using a blended rate for the annual period. As a result, the blended statutory tax rate for the year is 29.13% . At March 3, 2018 , accounts payable included an income tax payable of $20.7 million compared to an income tax receivable of $52.7 million at June 3, 2017 . Not included in income taxes payable of $20.7 million is the tax benefit from deduction of the $80.8 million legal settlement expense, which was recorded in the second quarter of fiscal 2018, but is not deductible for income tax purposes until paid. As noted above, the legal settlement expense was paid by the Company on March 23, 2018, subsequent to the end of our third quarter. The Company will receive a tax deduction for the legal settlement expense in the fourth quarter. The remainder of the change is primarily due to the second quarter fiscal 2018 receipt of a $45.0 million federal tax refund related to the carryback of fiscal 2017 losses. Our effective rate differs from the federal statutory income tax rate due to state income taxes and certain items included in income for financial reporting purposes that are not included in taxable income for income tax purposes, including tax exempt interest income, the domestic manufacturers deduction, and net income or loss attributable to noncontrolling interest. The enacted rate change from 35% to 21% also caused the thirteen-week and thirty-nine week effective rate to be significantly different from the Company’s historical annual effective rate. The Company’s effective tax rate for future fiscal years under current legislation is expected to be 21% plus a state tax effected rate of approximately 3% .

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Mar. 03, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary Of Restricted Share Activity	The Company’s restricted share activity for the thirty-nine weeks ended March 3, 2018 follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding, June 3, 2017 247,735 $ 42.76 Granted 88,965 43.81 Vested (85,990 ) 36.76 Forfeited (7,650 ) 41.75 Outstanding, March 3, 2018 243,060 $ 45.30

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Mar. 03, 2018
Inventory Disclosure [Abstract]
Schedule Of Inventories	Inventories consisted of the following (in thousands): March 3, 2018 June 3, 2017 Flocks $ 92,763 $ 98,059 Eggs and egg products 18,153 14,911 Feed and supplies 54,447 47,722 $ 165,363 $ 160,692

Net Loss per Common Share (Tabl

Net Loss per Common Share (Tables)	9 Months Ended
	Mar. 03, 2018
Earnings Per Share [Abstract]
Computation Of Basic And Diluted Net Income Per Share Attributable To The Company	The computations of basic and diluted net income (loss) per share attributable to the Company are as follows (in thousands, except per share data): 13 Weeks Ended 39 Weeks Ended March 3, 2018 February 25, 2017 March 3, 2018 February 25, 2017 Net income (loss) attributable to Cal-Maine Foods, Inc. $ 96,294 $ 4,139 $ 54,165 $ (49,807 ) Basic weighted-average common shares 48,361 48,286 48,340 48,285 Dilutive potential common shares 48,476 48,417 48,460 48,285 Antidilutive securities excluded from computation of earnings per share — — — 145 Net income (loss) per common share attributable to Cal-Maine Foods, Inc.: Basic $ 1.99 $ 0.09 $ 1.12 $ (1.03 ) Diluted $ 1.99 $ 0.09 $ 1.12 $ (1.03 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Mar. 03, 2018
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): March 3, 2018 June 3, 2017 Carrying Value Fair Value Carrying Value Fair Value 5.4% – 6.2% Notes payable $ 5,875 $ 5,855 $ 9,250 $ 9,295 Long-term leases 1,402 1,228 1,689 1,520 $ 7,277 $ 7,083 $ 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 March 3, 2018 and June 3, 2017 (in thousands): ໿ Total March 3, 2018 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations — $ 18,888 — $ 18,888 Municipal bonds — 21,165 — 21,165 Corporate bonds — 133,701 — 133,701 Certificates of deposits ` — 1,504 — 1,504 Asset backed securities — 2,012 — 2,012 Mutual funds 3,008 — — 3,008 Total assets measured at fair value $ 3,008 $ 177,270 — $ 180,278 ໿ 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)	9 Months Ended
	Mar. 03, 2018
Investments, Debt and Equity Securities [Abstract]
Schedule Of Investment Securities	The following represents the Company’s investment securities as of March 3, 2018 and June 3, 2017 (in thousands): March 3, 2018 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ 19,071 $ — $ 183 $ 18,888 Municipal bonds 21,188 — 23 21,165 Corporate bonds 134,704 — 1,003 133,701 Certificates of deposits 1,504 — — 1,504 Asset backed securities 2,027 — 15 2,012 Total current investment securities $ 178,494 $ — $ 1,224 $ 177,270 Mutual funds $ 2,023 $ 985 $ — $ 3,008 Total noncurrent investment securities $ 2,023 $ 985 $ — $ 3,008 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 thirty-nine weeks ended March 3, 2018 and February 25, 2017 were as follows (in thousands): 39 Weeks Ended March 3, 2018 February 25, 2017 Current investments $ (975 ) $ (30 ) Noncurrent investments 311 154 Total unrealized holding gains (losses) $ (664 ) $ 124
Schedule Of Contractual Maturities Of Investment Securities	Contractual maturities at March 3, 2018 , are as follows (in thousands): Estimated Fair Value Within one year $ 95,140 1-5 years 82,130 Total $ 177,270

Equity (Tables)

Equity (Tables)	9 Months Ended
	Mar. 03, 2018
Equity [Abstract]
Schedule Of Statement Of Stockholders' Equity Activities, Including Noncontrolling Interest	The following reflects the equity activity, including our noncontrolling interest, for the thirty-nine weeks ended March 3, 2018 (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 — — — — (664 ) — — (664 ) Grant of restricted stock — — 81 (81 ) — — — — Forfeiture of restricted stock — — (6 ) 6 — — — — Buyback of 25,575 shares to satisfy withholding obligation in connection with the vesting of restricted stock — — (1,128 ) — — — — (1,128 ) Contribution from noncontrolling interest partners — — — — — — 279 279 Restricted stock compensation — — — 2,579 — — — 2,579 Net income — — — — — 54,165 (65 ) 54,100 Balance at March 3, 2018 $ 703 $ 48 $ (24,967 ) $ 52,436 $ (792 ) $ 870,211 $ 2,020 $ 899,659

Stock Based Compensation (Narra

Stock Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Mar. 03, 2018	Feb. 25, 2017	Jun. 03, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense (benefit)	$ 2.6	$ 2.5
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 6.9
Weighted average period of unrecognized compensation expense (in years)	2 years 2 months 26 days
Number of options outstanding (in shares)	243,060
Weighted average grant date fair value (in dollars per share)	$ 45.30		$ 42.76

Stock Based Compensation (Summa

Stock Based Compensation (Summary Of Restricted Share Activity) (Details) - Restricted Shares	9 Months Ended
	Mar. 03, 2018$ / 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	88,965
Number of Shares, Vested (in shares) | shares	(85,990)
Number of Shares, Forfeited (in shares) | shares	(7,650)
Number of Shares, Outstanding, Ending Balance (in shares) | shares	243,060
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	43.81
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares	36.76
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares	41.75
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance (in dollars per share) | $ / shares	$ 45.30

Inventories (Details)

Inventories (Details) $ in Thousands, pullet_and_breeder in Millions, layer in Millions	Mar. 03, 2018USD ($)layerpullet_and_breeder	Jun. 03, 2017USD ($)
Inventory Disclosure [Abstract]
Flocks	$ 92,763	$ 98,059
Eggs and egg products	18,153	14,911
Feed and supplies	54,447	47,722
Total inventories	$ 165,363	$ 160,692
Pullets and breeders | pullet_and_breeder	9.2
Layer | layer	37.8

Contingencies (Details)

Contingencies (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 29, 2017	Mar. 03, 2018
Commitments and Contingencies Disclosure [Abstract]
Standby letters of credit		$ 4.2
Settlement payment	$ 80.8
Settlement payment, net of tax	$ 54.8
Settlement payment per basic and diluted share (in dollars per share)	$ 1.13

Net Loss per Common Share (Deta

Net Loss per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 03, 2018	Feb. 25, 2017	Mar. 03, 2018	Feb. 25, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) attributable to Cal-Maine Foods, Inc.	$ 96,294	$ 4,139	$ 54,165	$ (49,807)
Basic weighted-average common shares (in shares)	48,361	48,286	48,340	48,285
Dilutive potential common shares (in shares)	48,476	48,417	48,460	48,285
Earnings Per Share, Basic and Diluted [Abstract]
Basic (in dollars per share)	$ 1.99	$ 0.09	$ 1.12	$ (1.03)
Diluted (in dollars per share)	$ 1.99	$ 0.09	$ 1.12	$ (1.03)
Restricted Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from calculation of earnings per share	0	0	0	145

Accrued Dividends Payable And28

Accrued Dividends Payable And Dividends per Common Share (Narrative) (Details) $ in Millions	9 Months Ended
	Mar. 03, 2018USD ($)
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	$ (20.5)
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	Mar. 03, 2018	Jun. 03, 2017
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 7,277	$ 10,939
Carrying Value | 5.4% – 6.2% Notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	5,875	9,250
Carrying Value | Long-term leases
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	1,402	1,689
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	7,083	10,815
Fair Value | 5.4% – 6.2% Notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	5,855	9,295
Fair Value | Long-term leases
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 1,228	$ 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	Mar. 03, 2018	Jun. 03, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 180,278	$ 140,921
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	3,008	2,459
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	177,270	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	18,888	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	18,888	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	21,165	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	21,165	36,873
Municipal bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0	0
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	133,701	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	133,701	75,790
Corporate bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0	0
Certificates of deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	1,504
Certificates of deposits | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0
Certificates of deposits | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	1,504
Certificates of deposits | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0
Asset backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	2,012	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	2,012	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	3,008	2,459
Mutual funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	3,008	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	Mar. 03, 2018	Jun. 03, 2017
Current investments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 178,494	$ 138,450
Unrealized Gains	0	55
Unrealized Losses	1,224	43
Estimated Fair Value	177,270	138,462
Noncurrent investments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	2,023	1,706
Unrealized Gains	985	753
Unrealized Losses	0	0
Estimated Fair Value	3,008	2,459
US government and agency obligations | Current investments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	19,071	20,259
Unrealized Gains	0	0
Unrealized Losses	183	43
Estimated Fair Value	18,888	20,216
Municipal bonds | Current investments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	21,188	36,839
Unrealized Gains	0	34
Unrealized Losses	23	0
Estimated Fair Value	21,165	36,873
Corporate bonds | Current investments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	134,704	75,769
Unrealized Gains	0	21
Unrealized Losses	1,003	0
Estimated Fair Value	133,701	75,790
Certificates of deposits | Current investments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,504
Unrealized Gains	0
Unrealized Losses	0
Estimated Fair Value	1,504
Asset backed securities | Current investments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	2,027	5,583
Unrealized Gains	0	0
Unrealized Losses	15	0
Estimated Fair Value	2,012	5,583
Mutual funds | Noncurrent investments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	2,023	1,706
Unrealized Gains	985	753
Unrealized Losses	0	0
Estimated Fair Value	$ 3,008	$ 2,459

Investment Securities (Narrativ

Investment Securities (Narrative) (Details) - USD ($)	9 Months Ended
	Mar. 03, 2018	Feb. 25, 2017
Investments, Debt and Equity Securities [Abstract]
Proceeds from sale of available-for-sale securities	$ 95,300,000	$ 228,300,000
Gross realized gains on sales of available-for-sale securities	25,000	231,000
Gross realized losses on sales of available-for-sale securities	$ 5,000	$ 6,000

Investment Securities (Schedu33

Investment Securities (Schedule of Unrealized Holding Gain (Loss) on Investments) (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 03, 2018	Feb. 25, 2017
Gain (Loss) on Investments [Line Items]
Unrealized holding gains, net of tax on available-for-sale securities	$ (664)	$ 124
Current investments
Gain (Loss) on Investments [Line Items]
Unrealized holding gains, net of tax on available-for-sale securities	(975)	(30)
Noncurrent investments
Gain (Loss) on Investments [Line Items]
Unrealized holding gains, net of tax on available-for-sale securities	$ 311	$ 154

Investment Securities (Schedu34

Investment Securities (Schedule Of Contractual Maturities Of Investment Securities) (Details) $ in Thousands	Mar. 03, 2018USD ($)
Investments, Debt and Equity Securities [Abstract]
Within one year	$ 95,140
1-5 years	82,130
Total	$ 177,270

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 03, 2018	Feb. 25, 2017	Mar. 03, 2018	Feb. 25, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning			$ 844,493
Other comprehensive loss, net of tax	$ (392)	$ 144	(664)	$ 124
Stock Issued During Period, Value, Restricted Stock Award, Gross			0
Forfeiture of restricted stock			0
Buyback of 25,575 shares to satisfy withholding obligation in connection with the vesting of restricted stock			(1,128)
Contribution from noncontrolling interest partners			279
Restricted stock compensation			2,579
Net income	96,358	$ 4,131	54,100	$ (49,816)
Balance ending	899,659		$ 899,659
Number of treasury stock shares acquired (in shares)			25,575
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning			$ (23,914)
Stock Issued During Period, Value, Restricted Stock Award, Gross			81
Forfeiture of restricted stock			(6)
Buyback of 25,575 shares to satisfy withholding obligation in connection with the vesting of restricted stock			(1,128)
Balance ending	(24,967)		(24,967)
Paid In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning			49,932
Stock Issued During Period, Value, Restricted Stock Award, Gross			(81)
Forfeiture of restricted stock			6
Restricted stock compensation			2,579
Balance ending	52,436		52,436
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning			(128)
Other comprehensive loss, net of tax			(664)
Balance ending	(792)		(792)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning			816,046
Net income			54,165
Balance ending	870,211		870,211
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning			1,806
Contribution from noncontrolling interest partners			279
Net income			(65)
Balance ending	2,020		2,020
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

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Dec. 29, 2017	Mar. 03, 2018	Dec. 02, 2017	Feb. 25, 2017	Mar. 03, 2018	Feb. 25, 2017	Jun. 01, 2019	Jun. 02, 2018	Jun. 03, 2017
Income Tax Contingency [Line Items]
Pre-tax income, less net income attributable to noncontrolling interest		$ 88,000		$ 4,200	$ 23,400	$ (81,100)
Income tax (benefit) expense		$ (8,301)		$ 34	$ (30,653)	$ (31,327)
Effective tax rate		31.80%		0.80%	24.00%	38.60%
Discrete tax benefit related to the Act		$ 35,000			$ 35,000
Income tax payable		20,700			20,700
Income tax receivable		$ 0			$ 0				$ 52,691
Settlement payment	$ 80,800
Federal refund received			$ 45,000
Scenario, Forecast
Income Tax Contingency [Line Items]
Federal statutory rate							21.00%	29.13%
State tax effected rate							3.00%