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 |