Cal-Maine Foods (CALM) 10-Q 4 Jan 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 01, 2018	Jan. 02, 2019
Document Period End Date	Dec. 1, 2018
Entity Registrant Name	CAL-MAINE FOODS INC
Entity Central Index Key	16,160
Current Fiscal Year End Date	--06-01
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Document Type	10-Q
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Trading Symbol	calm
Common Stock
Entity Common Stock, Shares Outstanding		43,827,923
Class A Common Stock
Entity Common Stock, Shares Outstanding		4,800,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 01, 2018	Jun. 02, 2018
Current assets:
Cash and cash equivalents	$ 46,205	$ 48,431
Investment securities available-for-sale	252,072	282,586
Trade and other receivables, net	110,837	85,839
Inventories	176,735	168,644
Prepaid expenses and other current assets	4,499	2,020
Total current assets	590,348	587,520
Property, plant and equipment, net	434,398	425,384
Investments in unconsolidated entities	68,966	66,806
Goodwill	35,525	35,525
Other intangible assets, net	25,174	26,307
Other long-lived assets	8,816	8,905
TOTAL ASSETS	1,163,227	1,150,447
Current liabilities:
Accounts payable and accrued expenses	86,901	87,209
Dividends Payable	7,246	17,093
Current maturities of long-term debt and capital lease obligations	3,192	3,536
Total current liabilities	97,339	107,838
Long-term debt and capital lease obligations, less current maturities	713	2,554
Other noncurrent liabilities	8,294	8,318
Deferred income taxes	76,253	76,055
Total liabilities	182,599	194,765
Commitments and Contingencies - see Note 5
Stockholders’ equity:
Paid-in capital	55,079	53,323
Retained earnings	947,768	924,918
Accumulated other comprehensive loss, net of tax	(882)	(693)
Common stock in treasury at cost	(24,974)	(24,966)
Total Cal-Maine Foods, Inc. stockholders’ equity	977,742	953,333
Noncontrolling interest in consolidated entities	2,886	2,349
Total stockholders’ equity	980,628	955,682
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	1,163,227	1,150,447
Common Stock
Stockholders’ equity:
Common stock	703	703
Class A Common Stock
Stockholders’ equity:
Common stock	$ 48	$ 48

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Dec. 01, 2018	Jun. 02, 2018
Allowance for doubtful accounts	$ 442	$ 268
Common stock, shares outstanding (in shares)	48,628,000
Treasury stock, shares (in shares)	26,432,000	26,430,000
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)	43,828,000	43,831,000
Class A Common Stock
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	4,800,000	4,800,000
Common stock, shares issued (in shares)	4,800,000	4,800,000
Common stock, shares outstanding (in shares)	4,800,000	4,800,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 01, 2018	Dec. 02, 2017	Dec. 01, 2018	Dec. 02, 2017
Income Statement [Abstract]
Revenues	$ 356,040	$ 361,172	$ 696,623	$ 624,017
Cost of Goods and Services Sold	285,505	278,776	568,960	524,285
Gross profit	70,535	82,396	127,663	99,732
Selling, general, and administrative expense	42,981	42,160	87,491	83,870
Legal Fees	2,250	80,750	2,250	80,750
Gain on disposal of fixed assets	(30)	(50)	(89)	(46)
Operating income (loss)	25,334	(40,464)	38,011	(64,842)
Other income (expense):
Interest income, net	1,688	578	3,473	1,052
Royalty income	719	312	1,220	590
Equity in income (loss) of affiliates	909	276	2,338	(77)
Other, net	124	(795)	225	(1,333)
Total other income	3,440	371	7,256	232
Income (loss) before income taxes and noncontrolling interest	28,774	(40,093)	45,267	(64,610)
Income tax (benefit) expense	6,768	(14,012)	10,518	(22,352)
Net income (loss) before noncontrolling interest	22,006	(26,081)	34,749	(42,258)
Less: Net income (loss) attributable to noncontrolling interest	199	55	537	(129)
Net income (loss) attributable to Cal-Maine Foods, Inc.	$ 21,807	$ (26,136)	$ 34,212	$ (42,129)
Net income (loss) per common share attributable to Cal-Maine Foods, Inc.:
Basic (in dollars per share)	$ 0.45	$ (0.54)	$ 0.71	$ (0.87)
Diluted (in dollars per share)	$ 0.45	$ (0.54)	$ 0.71	$ (0.87)
Weighted average shares outstanding:
Basic (in shares)	48,391	48,330	48,390	48,330
Diluted (in shares)	48,534	48,330	48,525	48,330

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 01, 2018	Dec. 02, 2017	Dec. 01, 2018	Dec. 02, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss), including noncontrolling interests	$ 22,006	$ (26,081)	$ 34,749	$ (42,258)
Other comprehensive income, before tax:
Unrealized holding loss on available-for-sale securities, net of reclassification adjustments	(717)	(508)	(250)	(457)
Income tax benefit related to items of other comprehensive loss	175	204	61	185
Other comprehensive loss, net of tax	(542)	(304)	(189)	(272)
Comprehensive income (loss)	21,464	(26,385)	34,560	(42,530)
Less: comprehensive income (loss) attributable to the noncontrolling interest	199	55	537	(129)
Comprehensive income (loss) attributable to Cal-Maine Foods, Inc.	$ 21,265	$ (26,440)	$ 34,023	$ (42,401)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 01, 2018	Dec. 02, 2017
Operating activities:
Net income (loss), including noncontrolling interests	$ 34,749	$ (42,258)
Depreciation and amortization	27,229	26,612
Other adjustments, net	(34,290)	80,488
Net cash provided by operations	27,688	64,842
Investing activities:
Purchases of investment securities	(78,564)	(112,804)
Sales and maturities of investment securities	108,274	61,737
Investment in unconsolidated entities	(4,272)	(2,800)
Payments to Acquire Businesses, Net of Cash Acquired	17,889	0
Purchases of property, plant and equipment	(18,972)	(10,171)
Payments received from unconsolidated entities	4,456	3,385
Net proceeds from disposal of property, plant and equipment	454	220
Net cash used by investing activities	(6,513)	(60,433)
Financing activities:
Purchase of common stock by treasury	(6)	(25)
Contributions from noncontrolling interests	0	(279)
Principal payments on long-term debt and capital lease obligations	(2,185)	(2,419)
Payments of Dividends	(21,210)	0
Net cash used in financing activities	(23,401)	(2,165)
Net change in cash and cash equivalents	(2,226)	2,244
Cash and cash equivalents at beginning of period	48,431	$ 17,564
Cash and cash equivalents at end of period	$ 46,205

Presentation of Interim Informa

Presentation of Interim Information	6 Months Ended
	Dec. 01, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Presentation of Interim Information	Presentation of Interim Information The condensed consolidated balance sheet at June 2, 2018 was derived from the audited consolidated financial statements at that date. It does not include all of the information and footnotes required by generally accepted accounting principles (“GAAP”) for complete financial statements. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair statement of the results for the interim periods presented have been included. The preparation of condensed consolidated financial statements requires us to make estimates and assumptions. These estimates and assumptions affected reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions. Operating results for the thirteen and twenty-six weeks ended December 1, 2018 are not necessarily indicative of the results that may be expected for the year ending June 1, 2019 . 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 2, 2018

Acquisition

Acquisition	6 Months Ended
	Dec. 01, 2018
Business Combinations [Abstract]
Acquisition	Acquisition On October 14, 2018, the Company acquired substantially all of the assets of Featherland Egg Farms, Inc. (“Featherland”) for $17.9 million in cash. The acquired assets include commercial egg production and processing facilities with current capacity for approximately 600,000 laying hens, a feed mill, and related production and distribution facilities located near Marion, Texas. The acquired operations of Featherland are included in the accompanying financial statements as of October 14, 2018. Acquisition related costs incurred during the period were immaterial to the financial statements. Pending the finalization of the Company’s valuation, the following table presents the preliminary fair values of the assets acquired (in thousands): Inventory $ 1,433 Property, plant and equipment 16,206 Intangible assets 250 Purchase price $ 17,889

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Dec. 01, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Based Compensation	Stock Based Compensation Total stock based compensation expense for the twenty-six weeks ended December 1, 2018 and December 2, 2017 was $1.8 million and $1.7 million , respectively. Unrecognized compensation expense as a result of non-vested shares of the 2012 Omnibus Long-Term Incentive Plan at December 1, 2018 was $4.1 million , and will be recorded over a weighted average period of 1.7 years . Refer to Note 10 of our June 2, 2018 audited financial statements for further information on our stock compensation plans. At December 1, 2018 , there were 237,590 restricted shares outstanding, with a weighted average grant date fair value of $45.28 per share. The Company’s restricted share activity for the twenty-six weeks ended December 1, 2018 follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding, June 2, 2018 241,290 $ 45.30 Granted — — Vested (1,650 ) 48.48 Forfeited (2,050 ) 45.21 Outstanding, December 1, 2018 237,590 $ 45.28

Inventories

Inventories	6 Months Ended
	Dec. 01, 2018
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): December 1, 2018 June 2, 2018 Flocks $ 101,402 $ 96,594 Eggs and egg products 20,319 17,313 Feed and supplies 55,014 54,737 $ 176,735 $ 168,644 We grow and maintain flocks of layers (mature female chickens), pullets (female chickens, under 18 weeks of age), and breeders (male and female chickens used to produce fertile eggs to hatch for egg production flocks). Our total flock at December 1, 2018 , consisted of approximately 8.6 million pullets and breeders and 38.6 million

Contingencies

Contingencies	6 Months Ended
	Dec. 01, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Financial Instruments The Company maintained standby letters of credit (“LOC”) totaling $4.2 million at December 1, 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.

Net Loss per Common Share

Net Loss per Common Share	6 Months Ended
	Dec. 01, 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 twenty-six weeks ended December 2, 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 26 Weeks Ended December 1, 2018 December 2, 2017 December 1, 2018 December 2, 2017 Net income (loss) attributable to Cal-Maine Foods, Inc. $ 21,807 $ (26,136 ) $ 34,212 $ (42,129 ) Basic weighted-average common shares 48,391 48,330 48,390 48,330 Effect of dilutive securities: Restricted shares 143 — 135 — Dilutive potential common shares 48,534 48,330 48,525 48,330 Antidilutive securities excluded from computation of earnings per share — 138 — 127 Net income (loss) per common share attributable to Cal-Maine Foods, Inc.: Basic $ 0.45 $ (0.54 ) $ 0.71 $ (0.87 ) Diluted $ 0.45 $ (0.54 ) $ 0.71 $ (0.87 )

Accrued Dividends Payable And D

Accrued Dividends Payable And Dividends per Common Share	6 Months Ended
	Dec. 01, 2018
Earnings Per Share Reconciliation [Abstract]
Accrued Dividends Payable And Dividends Per Common Share	Accrued Dividends Payable and Dividends per Common Share We accrue dividends 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. The amount of the accrual appears on the Condensed Consolidated Balance Sheets as “Accrued dividends payable.” On our condensed consolidated statement of operations, we determine dividends per common share in accordance with the computation in the following table (in thousands, except per share data): 13 Weeks Ended 26 Weeks Ended December 1, 2018 December 2, 2017 December 1, 2018 December 2, 2017 Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend $ 21,807 $ (26,136 ) $ 34,212 $ (42,129 ) 1/3 of net income attributable to Cal-Maine Foods, Inc. $ 7,246 $ — $ 11,381 $ — Common stock outstanding (shares) 43,828 43,773 Class A common stock outstanding (shares) 4,800 4,800 Total common stock outstanding (shares) 48,628 48,573 Dividends per common share* $ 0.149 $ — $ 0.234 $ —

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Dec. 01, 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): December 1, 2018 June 2, 2018 Carrying Value Fair Value Carrying Value Fair Value Note payable $ 2,756 $ 2,783 $ 4,750 $ 4,732 Long-term leases 1,149 1,001 1,340 1,171 $ 3,905 $ 3,784 $ 6,090 $ 5,903 Assets and Liabilities Measured at Fair Value on a Recurring Basis In accordance with the fair value hierarchy described above, the following table shows the fair value of financial assets and liabilities measured at fair value on a recurring basis as of December 1, 2018 and June 2, 2018 (in thousands): ໿ Total December 1, 2018 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations — $ 27,719 — $ 27,719 Municipal bonds — 46,733 — 46,733 Commercial paper — 9,833 — 9,833 Corporate bonds — 162,299 — 162,299 Certificates of deposits — 2,500 — 2,500 Asset backed securities — 2,988 — 2,988 Mutual funds 3,083 — — 3,083 Total assets measured at fair value $ 3,083 $ 252,072 — $ 255,155 ໿ Total June 2, 2018 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations $ — $ 23,817 $ — $ 23,817 Municipal bonds — 20,666 — 20,666 Certificates of deposits — 2,507 — 2,507 Commercial paper — 17,920 — 17,920 Corporate bonds — 214,083 — 214,083 Variable rate demand notes — 600 — 600 Asset backed securities — 2,993 — 2,993 Mutual funds 3,071 — — 3,071 Total assets measured at fair value $ 3,071 $ 282,586 $ — $ 285,657

Investment Securities

Investment Securities	6 Months Ended
	Dec. 01, 2018
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Investment Securities The following represents the Company’s investment securities as of December 1, 2018 and June 2, 2018 (in thousands): December 1, 2018 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ 27,899 $ — $ 180 $ 27,719 Municipal bonds 46,803 — 70 46,733 Commercial paper 9,836 — 3 9,833 Corporate bonds 163,702 — 1,403 162,299 Certificates of deposits 2,507 — 7 2,500 Asset backed securities 2,999 — 11 2,988 Total current investment securities $ 253,746 $ — $ 1,674 $ 252,072 Mutual funds $ 2,046 $ 1,037 $ — $ 3,083 Total noncurrent investment securities $ 2,046 $ 1,037 $ — $ 3,083 June 2, 2018 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ 23,991 $ — $ 174 $ 23,817 Municipal bonds 20,697 — 31 20,666 Certificates of deposits 2,510 — 3 2,507 Commercial paper 17,926 — 6 17,920 Corporate bonds 215,273 — 1,190 214,083 Variable rate demand notes 600 — — 600 Asset backed securities 3,010 — 17 2,993 Total current investment securities $ 284,007 $ — $ 1,421 $ 282,586 Mutual funds $ 2,037 $ 1,034 $ — $ 3,071 Total noncurrent investment securities $ 2,037 $ 1,034 $ — $ 3,071 Proceeds from sales and maturities of investment securities were $108.3 million and $61.7 million during the twenty-six weeks ended December 1, 2018 and December 2, 2017 , respectively. Gross realized gains for the twenty-six weeks ended December 1, 2018 and December 2, 2017 were approximately $1,000 and $16,000 , respectively. Gross realized losses for the twenty-six weeks ended December 1, 2018 and December 2, 2017 were approximately $26,000 and zero , respectively. For purposes of determining gross realized gains and losses, the cost of securities sold is based on the specific identification method. Unrealized holding losses, net of taxes, for the twenty-six weeks ended December 1, 2018 and December 2, 2017 were as follows (in thousands): 26 Weeks Ended December 1, 2018 December 2, 2017 Current investments $ (191 ) $ (420 ) Noncurrent investments 2 148 Total unrealized holding losses $ (189 ) $ (272 ) Actual maturities may differ from contractual maturities as some borrowers have the right to call or prepay obligations with or without penalties. Contractual maturities at December 1, 2018 , are as follows (in thousands): Estimated Fair Value Within one year $ 127,516 1-5 years 124,556 Total $ 252,072

Equity

Equity	6 Months Ended
	Dec. 01, 2018
Equity [Abstract]
Equity	Equity The following reflects the equity activity, including our noncontrolling interest, for the twenty-six weeks ended December 1, 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 2, 2018 $ 703 $ 48 $ (24,966 ) $ 53,323 $ (693 ) $ 924,918 $ 2,349 $ 955,682 Other comprehensive loss, net of tax — — — — (189 ) — — (189 ) Purchase of company stock - shares withheld to satisfy withholding obligations in connection with the vesting of restricted stock — — (6 ) — — — — (6 ) Forfeiture of restricted stock — — (2 ) 2 — — — — Restricted stock compensation — — — 1,754 — — — 1,754 Dividends — — — — — (11,362 ) — (11,362 ) Net income — — — — — 34,212 537 34,749 Balance at December 1, 2018 $ 703 $ 48 $ (24,974 ) $ 55,079 $ (882 ) $ 947,768 $ 2,886 $ 980,628

Revenue Recognition

Revenue Recognition	6 Months Ended
	Dec. 01, 2018
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Satisfaction of Performance Obligation The vast majority of the Company’s revenue is derived from contracts with customers based on the customer placing an order for products. Pricing for the most part is determined when the Company and the customer agree upon the specific order, which establishes the contract for that order. Revenues are recognized in an amount that reflects the net consideration we expect to receive in exchange for the goods. Our shell eggs are sold at prices related to Urner Barry Spot Egg Market Quotations, negotiated prices or formulas related to our costs of production. The Company’s sales predominantly contain a single performance obligation. We recognize revenue upon satisfaction of the performance obligation with the customer which typically occurs within days of the Company and the customer agreeing upon the order. Returns and Refunds Some of our contracts include a guaranteed sale clause, pursuant to which we credit the customer’s account for product that the customer is unable to sell before expiration. The Company provides for an estimate of returns and refunds by using historical return data and comparing to current period sales and accounts receivable. The allowance is recorded as a reduction in sales with a corresponding reduction in trade accounts receivable. Disaggregation of Revenue The following table provides revenue disaggregated by product category (in thousands): 13 Weeks Ended 26 Weeks Ended December 1, 2018 December 2, 2017 December 1, 2018 December 2, 2017 Non-specialty shell egg sales 216,324 228,709 $ 424,486 $ 374,758 Specialty shell egg sales 120,839 113,293 233,102 214,990 Co-pack specialty shell egg sales 6,636 5,839 13,003 11,919 Egg products 11,082 10,855 23,135 16,990 Other 1,159 2,476 2,897 5,360 $ 356,040 $ 361,172 $ 696,623 $ 624,017 Contract Costs The Company can incur costs to obtain or fulfill a contract with a customer. The amortization period of these costs is less than one year; therefore, they are expensed as incurred. Contract Balances The Company receives payment from customers based on specified terms that are generally less than 30 days from delivery. There are rarely contract assets or liabilities related to performance under the contract. Impact of Adoption

Acquisition (Tables)

Acquisition (Tables)	6 Months Ended
	Dec. 01, 2018
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Pending the finalization of the Company’s valuation, the following table presents the preliminary fair values of the assets acquired (in thousands): Inventory $ 1,433 Property, plant and equipment 16,206 Intangible assets 250 Purchase price $ 17,889

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Dec. 01, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary Of Restricted Share Activity	The Company’s restricted share activity for the twenty-six weeks ended December 1, 2018 follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding, June 2, 2018 241,290 $ 45.30 Granted — — Vested (1,650 ) 48.48 Forfeited (2,050 ) 45.21 Outstanding, December 1, 2018 237,590 $ 45.28

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Dec. 01, 2018
Inventory Disclosure [Abstract]
Schedule Of Inventories	Inventories consisted of the following (in thousands): December 1, 2018 June 2, 2018 Flocks $ 101,402 $ 96,594 Eggs and egg products 20,319 17,313 Feed and supplies 55,014 54,737 $ 176,735 $ 168,644

Net Loss per Common Share (Tabl

Net Loss per Common Share (Tables)	6 Months Ended
	Dec. 01, 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 26 Weeks Ended December 1, 2018 December 2, 2017 December 1, 2018 December 2, 2017 Net income (loss) attributable to Cal-Maine Foods, Inc. $ 21,807 $ (26,136 ) $ 34,212 $ (42,129 ) Basic weighted-average common shares 48,391 48,330 48,390 48,330 Effect of dilutive securities: Restricted shares 143 — 135 — Dilutive potential common shares 48,534 48,330 48,525 48,330 Antidilutive securities excluded from computation of earnings per share — 138 — 127 Net income (loss) per common share attributable to Cal-Maine Foods, Inc.: Basic $ 0.45 $ (0.54 ) $ 0.71 $ (0.87 ) Diluted $ 0.45 $ (0.54 ) $ 0.71 $ (0.87 )

Accrued Dividends Payable And_2

Accrued Dividends Payable And Dividends per Common Share (Tables)	6 Months Ended
	Dec. 01, 2018
Earnings Per Share Reconciliation [Abstract]
Schedule of Dividends	On our condensed consolidated statement of operations, we determine dividends per common share in accordance with the computation in the following table (in thousands, except per share data): 13 Weeks Ended 26 Weeks Ended December 1, 2018 December 2, 2017 December 1, 2018 December 2, 2017 Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend $ 21,807 $ (26,136 ) $ 34,212 $ (42,129 ) 1/3 of net income attributable to Cal-Maine Foods, Inc. $ 7,246 $ — $ 11,381 $ — Common stock outstanding (shares) 43,828 43,773 Class A common stock outstanding (shares) 4,800 4,800 Total common stock outstanding (shares) 48,628 48,573 Dividends per common share* $ 0.149 $ — $ 0.234 $ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Dec. 01, 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): December 1, 2018 June 2, 2018 Carrying Value Fair Value Carrying Value Fair Value Note payable $ 2,756 $ 2,783 $ 4,750 $ 4,732 Long-term leases 1,149 1,001 1,340 1,171 $ 3,905 $ 3,784 $ 6,090 $ 5,903
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis	In accordance with the fair value hierarchy described above, the following table shows the fair value of financial assets and liabilities measured at fair value on a recurring basis as of December 1, 2018 and June 2, 2018 (in thousands): ໿ Total December 1, 2018 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations — $ 27,719 — $ 27,719 Municipal bonds — 46,733 — 46,733 Commercial paper — 9,833 — 9,833 Corporate bonds — 162,299 — 162,299 Certificates of deposits — 2,500 — 2,500 Asset backed securities — 2,988 — 2,988 Mutual funds 3,083 — — 3,083 Total assets measured at fair value $ 3,083 $ 252,072 — $ 255,155 ໿ Total June 2, 2018 Level 1 Level 2 Level 3 Balance Assets US government and agency obligations $ — $ 23,817 $ — $ 23,817 Municipal bonds — 20,666 — 20,666 Certificates of deposits — 2,507 — 2,507 Commercial paper — 17,920 — 17,920 Corporate bonds — 214,083 — 214,083 Variable rate demand notes — 600 — 600 Asset backed securities — 2,993 — 2,993 Mutual funds 3,071 — — 3,071 Total assets measured at fair value $ 3,071 $ 282,586 $ — $ 285,657

Investment Securities (Tables)

Investment Securities (Tables)	6 Months Ended
	Dec. 01, 2018
Investments, Debt and Equity Securities [Abstract]
Schedule Of Investment Securities	The following represents the Company’s investment securities as of December 1, 2018 and June 2, 2018 (in thousands): December 1, 2018 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ 27,899 $ — $ 180 $ 27,719 Municipal bonds 46,803 — 70 46,733 Commercial paper 9,836 — 3 9,833 Corporate bonds 163,702 — 1,403 162,299 Certificates of deposits 2,507 — 7 2,500 Asset backed securities 2,999 — 11 2,988 Total current investment securities $ 253,746 $ — $ 1,674 $ 252,072 Mutual funds $ 2,046 $ 1,037 $ — $ 3,083 Total noncurrent investment securities $ 2,046 $ 1,037 $ — $ 3,083 June 2, 2018 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value US government and agency obligations $ 23,991 $ — $ 174 $ 23,817 Municipal bonds 20,697 — 31 20,666 Certificates of deposits 2,510 — 3 2,507 Commercial paper 17,926 — 6 17,920 Corporate bonds 215,273 — 1,190 214,083 Variable rate demand notes 600 — — 600 Asset backed securities 3,010 — 17 2,993 Total current investment securities $ 284,007 $ — $ 1,421 $ 282,586 Mutual funds $ 2,037 $ 1,034 $ — $ 3,071 Total noncurrent investment securities $ 2,037 $ 1,034 $ — $ 3,071
Schedule of Unrealized Holding Gain (Loss) on Investments	Unrealized holding losses, net of taxes, for the twenty-six weeks ended December 1, 2018 and December 2, 2017 were as follows (in thousands): 26 Weeks Ended December 1, 2018 December 2, 2017 Current investments $ (191 ) $ (420 ) Noncurrent investments 2 148 Total unrealized holding losses $ (189 ) $ (272 )
Schedule Of Contractual Maturities Of Investment Securities	Contractual maturities at December 1, 2018 , are as follows (in thousands): Estimated Fair Value Within one year $ 127,516 1-5 years 124,556 Total $ 252,072

Equity (Tables)

Equity (Tables)	6 Months Ended
	Dec. 01, 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 twenty-six weeks ended December 1, 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 2, 2018 $ 703 $ 48 $ (24,966 ) $ 53,323 $ (693 ) $ 924,918 $ 2,349 $ 955,682 Other comprehensive loss, net of tax — — — — (189 ) — — (189 ) Purchase of company stock - shares withheld to satisfy withholding obligations in connection with the vesting of restricted stock — — (6 ) — — — — (6 ) Forfeiture of restricted stock — — (2 ) 2 — — — — Restricted stock compensation — — — 1,754 — — — 1,754 Dividends — — — — — (11,362 ) — (11,362 ) Net income — — — — — 34,212 537 34,749 Balance at December 1, 2018 $ 703 $ 48 $ (24,974 ) $ 55,079 $ (882 ) $ 947,768 $ 2,886 $ 980,628

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Dec. 01, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table provides revenue disaggregated by product category (in thousands): 13 Weeks Ended 26 Weeks Ended December 1, 2018 December 2, 2017 December 1, 2018 December 2, 2017 Non-specialty shell egg sales 216,324 228,709 $ 424,486 $ 374,758 Specialty shell egg sales 120,839 113,293 233,102 214,990 Co-pack specialty shell egg sales 6,636 5,839 13,003 11,919 Egg products 11,082 10,855 23,135 16,990 Other 1,159 2,476 2,897 5,360 $ 356,040 $ 361,172 $ 696,623 $ 624,017

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - Featherland Egg Farms, Inc. layer in Millions, $ in Millions	Oct. 14, 2018USD ($)layer
Business Acquisition [Line Items]
Cash paid | $	$ 17.9
Number of laying hens acquired | layer	0.6

Acquisition - Schedule of Asset

Acquisition - Schedule of Assets Acquired (Details) - Featherland Egg Farms, Inc. $ in Thousands	Oct. 14, 2018USD ($)
Business Acquisition [Line Items]
Inventory	$ 1,433
Property, plant and equipment	16,206
Intangible assets	250
Purchase price	$ 17,889

Stock Based Compensation (Narra

Stock Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Dec. 01, 2018	Dec. 02, 2017	Jun. 02, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense (benefit)	$ 1,800	$ 1,700
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 4,100
Weighted average period of unrecognized compensation expense (in years)	1 year 8 months 12 days
Number of options outstanding (in shares)	237,590
Weighted average grant date fair value (in dollars per share)	$ 45.28		$ 45.30

Stock Based Compensation (Summa

Stock Based Compensation (Summary Of Restricted Share Activity) (Details) - Restricted Shares	6 Months Ended
	Dec. 01, 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	241,290
Number of Shares, Granted (in shares) | shares	0
Number of Shares, Vested (in shares) | shares	(1,650)
Number of Shares, Forfeited (in shares) | shares	(2,050)
Number of Shares, Outstanding, Ending Balance (in shares) | shares	237,590
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	$ 45.30
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | $ / shares	0
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares	48.48
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares	45.21
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance (in dollars per share) | $ / shares	$ 45.28

Inventories (Details)

Inventories (Details) $ in Thousands, pullet_and_breeder in Millions, layer in Millions	Dec. 01, 2018USD ($)layerpullet_and_breeder	Jun. 02, 2018USD ($)
Inventory Disclosure [Abstract]
Flocks	$ 101,402	$ 96,594
Eggs and egg products	20,319	17,313
Feed and supplies	55,014	54,737
Total inventories	$ 176,735	$ 168,644
Pullets and breeders | pullet_and_breeder	8.6
Layer | layer	38.6

Contingencies (Details)

Contingencies (Details) $ in Millions	Dec. 01, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
Standby letters of credit	$ 4.2

Net Loss per Common Share (Deta

Net Loss per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 01, 2018	Dec. 02, 2017	Dec. 01, 2018	Dec. 02, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) attributable to Cal-Maine Foods, Inc.	$ 21,807	$ (26,136)	$ 34,212	$ (42,129)
Basic weighted-average common shares (in shares)	48,391	48,330	48,390	48,330
Weighted Average Number Diluted Shares Outstanding Adjustment	143	0	135	0
Dilutive potential common shares (in shares)	48,534	48,330	48,525	48,330
Earnings Per Share, Basic and Diluted [Abstract]
Basic (in dollars per share)	$ 0.45	$ (0.54)	$ 0.71	$ (0.87)
Diluted (in dollars per share)	$ 0.45	$ (0.54)	$ 0.71	$ (0.87)
Restricted Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from calculation of earnings per share	0	138	0	127

Accrued Dividends Payable And_3

Accrued Dividends Payable And Dividends per Common Share (Narrative) (Details)	6 Months Ended
	Dec. 01, 2018
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
Percentage of net income loss used to compute accrued dividends	33.33%

Accrued Dividends Payable And_4

Accrued Dividends Payable And Dividends per Common Share (Schedule of Dividends) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 01, 2018	Dec. 02, 2017	Dec. 01, 2018	Dec. 02, 2017	Jun. 02, 2018
Class of Stock [Line Items]
Net income (loss) attributable to Cal-Maine Foods, Inc.	$ 21,807	$ (26,136)	$ 34,212	$ (42,129)
One third of net income attributable to parent	$ 7,246	$ 0	$ 11,381	$ 0
Common stock, shares outstanding (in shares)	48,628	48,573	48,628	48,573
Dividends per common share (in dollars per share)	$ 0.149	$ 0	$ 0.234	$ 0
Common Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	43,828	43,773	43,828	43,773
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	4,800	4,800	4,800	4,800	4,800

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Fair Value And Carrying Value Of Borrowings Under Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 01, 2018	Jun. 02, 2018
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 3,905	$ 6,090
Carrying Value | Note payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	2,756	4,750
Carrying Value | Long-term leases
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	1,149	1,340
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	3,784	5,903
Fair Value | Note payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	2,783	4,732
Fair Value | Long-term leases
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 1,001	$ 1,171

Fair Value Measurements (Sche_2

Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 01, 2018	Jun. 02, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 255,155	$ 285,657
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	3,083	3,071
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	252,072	282,586
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	27,719	23,817
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	27,719	23,817
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	46,733	20,666
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	46,733	20,666
Municipal bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0	0
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	9,833	17,920
Commercial Paper [Member] | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0	0
Commercial Paper [Member] | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	9,833	17,920
Commercial Paper [Member] | 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	162,299	214,083
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	162,299	214,083
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	2,500	2,507
Certificates of deposits | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0	0
Certificates of deposits | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	2,500	2,507
Certificates of deposits | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0	0
Variable Rate Demand Obligation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities		600
Variable Rate Demand Obligation [Member] | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities		0
Variable Rate Demand Obligation [Member] | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities		600
Variable Rate Demand Obligation [Member] | 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	2,988	2,993
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	2,988	2,993
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	3,083	3,071
Mutual funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	3,083	3,071
Mutual funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	0	0
Mutual funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities	$ 0	$ 0

Investment Securities (Schedule

Investment Securities (Schedule Of Investment Securities) (Details) - USD ($) $ in Thousands	Dec. 01, 2018	Jun. 02, 2018
Current investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 253,746	$ 284,007
Unrealized Gains	0	0
Unrealized Losses	1,674	1,421
Estimated Fair Value	252,072	282,586
Noncurrent investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,046	2,037
Unrealized Gains	1,037	1,034
Unrealized Losses	0	0
Estimated Fair Value	3,083	3,071
US government and agency obligations | Current investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	27,899	23,991
Unrealized Gains	0	0
Unrealized Losses	180	174
Estimated Fair Value	27,719	23,817
Municipal bonds | Current investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	46,803	20,697
Unrealized Gains	0	0
Unrealized Losses	70	31
Estimated Fair Value	46,733	20,666
Commercial Paper [Member] | Current investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	9,836	17,926
Unrealized Gains	0	0
Unrealized Losses	3	6
Estimated Fair Value	9,833	17,920
Corporate bonds | Current investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	163,702	215,273
Unrealized Gains	0	0
Unrealized Losses	1,403	1,190
Estimated Fair Value	162,299	214,083
Certificates of deposits | Current investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,507	2,510
Unrealized Gains	0	0
Unrealized Losses	7	3
Estimated Fair Value	2,500	2,507
Variable Rate Demand Obligation [Member] | Current investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		600
Unrealized Gains		0
Unrealized Losses		0
Estimated Fair Value		600
Asset backed securities | Current investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,999	3,010
Unrealized Gains	0	0
Unrealized Losses	11	17
Estimated Fair Value	2,988	2,993
Mutual funds | Noncurrent investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,046	2,037
Unrealized Gains	1,037	1,034
Unrealized Losses	0	0
Estimated Fair Value	$ 3,083	$ 3,071

Investment Securities (Narrativ

Investment Securities (Narrative) (Details) - USD ($)	6 Months Ended
	Dec. 01, 2018	Dec. 02, 2017
Investments, Debt and Equity Securities [Abstract]
Proceeds from sale of available-for-sale securities	$ 108,300,000	$ 61,700,000
Gross realized gains on sales of available-for-sale securities	1,000	16,000
Gross realized losses on sales of available-for-sale securities	$ 26,000	$ 0

Investment Securities (Schedu_2

Investment Securities (Schedule of Unrealized Holding Gain (Loss) on Investments) (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 01, 2018	Dec. 02, 2017
Gain (Loss) on Securities [Line Items]
Unrealized holding gains, net of tax on available-for-sale securities	$ (189)	$ (272)
Current investments
Gain (Loss) on Securities [Line Items]
Unrealized holding gains, net of tax on available-for-sale securities	(191)	(420)
Noncurrent investments
Gain (Loss) on Securities [Line Items]
Unrealized holding gains, net of tax on available-for-sale securities	$ 2	$ 148

Investment Securities (Schedu_3

Investment Securities (Schedule Of Contractual Maturities Of Investment Securities) (Details) $ in Thousands	Dec. 01, 2018USD ($)
Investments, Debt and Equity Securities [Abstract]
Within one year	$ 127,516
1-5 years	124,556
Total	$ 252,072

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 01, 2018	Dec. 02, 2017	Dec. 01, 2018	Dec. 02, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning			$ 955,682
Other comprehensive loss, net of tax	$ (542)	$ (304)	(189)	$ (272)
Purchase of company stock - shares withheld to satisfy withholding obligations in connection with the vesting of restricted stock			(6)
Restricted stock compensation			1,754
Dividends				(11,362)
Net income	22,006	$ (26,081)	34,749	(42,258)
Balance ending	980,628		980,628
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning			(24,966)
Purchase of company stock - shares withheld to satisfy withholding obligations in connection with the vesting of restricted stock			(6)
Forfeiture of restricted stock			(2)
Balance ending	(24,974)		(24,974)
Paid In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning			53,323
Forfeiture of restricted stock			2
Restricted stock compensation			1,754
Balance ending	55,079		55,079
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning			(693)
Other comprehensive loss, net of tax			(189)
Balance ending	(882)		(882)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning			924,918
Dividends				$ (11,362)
Net income			34,212
Balance ending	947,768		947,768
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance beginning			2,349
Net income			537
Balance ending	2,886		2,886
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

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 01, 2018	Dec. 02, 2017	Dec. 01, 2018	Dec. 02, 2017
Disaggregation of Revenue [Line Items]
Revenues	$ 356,040	$ 361,172	$ 696,623	$ 624,017
Non-specialty shell egg sales
Disaggregation of Revenue [Line Items]
Revenues	216,324	228,709	424,486	374,758
Specialty shell egg sales
Disaggregation of Revenue [Line Items]
Revenues	120,839	113,293	233,102	214,990
Co-pack specialty shell egg sales
Disaggregation of Revenue [Line Items]
Revenues	6,636	5,839	13,003	11,919
Egg products
Disaggregation of Revenue [Line Items]
Revenues	11,082	10,855	23,135	16,990
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 1,159	$ 2,476	$ 2,897	$ 5,360