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% |